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    Rockwell International Corp. signed a tentative agreement to extend its contract with Boeing Co. to provide structural parts for Boeing 747 jetliners. The agreement calls for Rockwell to supply 200 additional shipsets for the planes, which include bulkheads, pressure floors, and other major parts. Under the existing contract, Rockwell has already delivered 793 of the shipsets to Boeing.

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    Rockwell International Corp. signed a tentative agreement to extend its contract with Boeing Co. to provide structural parts for Boeing 747 jetliners. The agreement calls for Rockwell to supply 200 additional shipsets for the planes, which include bulkheads, pressure floors, and other major parts. Under the existing contract, Rockwell has already delivered 793 of the shipsets to Boeing.

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    Rockwell International Corp. signed a tentative agreement to extend its contract with Boeing Co. to provide structural parts for Boeing 747 jetliners. The agreement calls for Rockwell to supply 200 additional shipsets for the planes, which include bulkheads, pressure floors, and other major parts. Under the existing contract, Rockwell has already delivered 793 of the shipsets to Boeing.

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    <s> <s> NNP Rockwell NNP International NNP Corp.

    POS 's FW Tulsa FW unit FW said FW it FW signed FW a FW tentative FW agreement FW extending FW its FW contract FW with FW Boeing FW Co. FW to FW provide FW structural FW parts FW for FW Boeing FW 's FW 747 FW jetliners . . <s> <s> NN Rockwell VBD said DT the NN agreement VBZ calls IN for PRP it TO to FW supply FW 200 FW additional FW so-called FW shipsets IN for DT the NNS planes . . <s> <s> NNS These VBP include , , IN among JJ other NNS parts , , FW each FW jetliner FW 's FW two FW major

    FW bulkheads FW , FW a FW pressure FW floor FW , FW torque FW box FW , FW fixed FW leading FW edges FW for FW the FW wings FW and FW an FW aft FW keel FW beam . . <s> <s> IN Under DT the JJ existing NN contract , , WDT Rockwell VBD said , , PRP it VBZ has RB already VBN delivered RP 793 IN of DT the NN shipsets TO to VB Boeing . . <s> <s> NN Rockwell , , VBN based IN in # El UH Segundo , , NNP Calif. , , VBZ is DT an NN aerospace , , NNS electronics , , FW automotive FW and FW graphics

    FW concern . . <s> <s> . Frank '' Carlucci PRP III VBD was VBN named TO to DT this NN telecommunications NN company POS 's NN board , , VBG filling DT the RBS vacancy VBN created IN by DT the NN death IN of FW William FW Sobey FW last FW May . . <s> <s> . Mr. -RRB- Carlucci , , FW 59 FW years FW old FW , FW served FW as FW defense FW secretary FW in FW the FW Reagan FW administration . . <s> <s> NNP In NNP January , , PRP he VBD accepted DT the NN position IN of NN vice NN chairman IN of NNP Carlyle NNP Group , ,

    DT a NN merchant NN banking NN concern . . <s> <s> . SHEARSON UH LEHMAN UH HUTTON UH Inc . . <s> <s> . Thomas UH E. UH Meador , , WP$ 42 UH years UH old , , VBD was VBN named NN president CC and JJ chief NN operating NN officer IN of NNP Balcor NNP Co. , , DT a NN Skokie , , NNP Ill. , , NN subsidiary IN of DT this NNP New NNP York NN investment NN banking NN firm . . <s> <s> NN Balcor , , WDT which VBZ has NNS interests IN in JJ real NN estate , , VBD said DT the NN position VBZ is RB newly

    VBN created . . <s> <s> . Mr. '' Meador VBD had VBN been JJ executive NN vice NN president IN of NNS Balcor . . <s> <s> DT In NN addition TO to PRP$ his FW previous FW real-estate FW investment FW and FW asset-management FW duties FW , FW Mr. FW Meador FW takes FW responsibility FW for FW development FW and FW property FW management . . <s> <s> . Those '' duties VBD had VBN been VBN held IN by # Van UH Pell , , CD 44 , , WP who VBD resigned IN as DT an JJ executive NN vice NN president . . <s> <s> NN Shearson VBZ is RB about VBN 60%-held

    IN by NNP American NNP Express NNP Co . . <s> <s> NNP Great NNP American NNP Bank , , FW citing FW depressed FW Arizona FW real FW estate FW prices , , VBD posted DT a JJ third-quarter NN loss IN of $ $ CD 59.4 CD million , , CC or $ $ PDT 2.48 DT a NN share . . <s> <s> DT A NN year RBR earlier , , DT the JJS savings NN bank VBD had NNS earnings IN of $ $ CD 8.1 CD million , , CC or CD 33 NNS cents DT a NN share . . <s> <s> IN For DT the CD nine NNS months , , PRP it

    VBD had DT a NN loss IN of $ $ CD 58.3 CD million , , CC or $ $ PDT 2.44 DT a NN share , , IN after NNS earnings IN of $ $ CD 29.5 CD million , , CC or $ $ CD 1.20 DT a NN share , , IN in DT the CD 1988 NN period . . <s> <s> NNP Great NNP American VBD said PRP it VBD increased PRP$ its JJ loan-loss NNS reserves IN by $ $ CD 93 CD million IN after PDT reviewing PRP$ its NN loan NN portfolio , , VBG raising PRP$ its JJ total NN loan CC and JJ real NN estate NNS reserves TO to

    $ $ CD 217 CD million . . <s> <s> IN Before DT the JJ loan-loss NN addition , , PRP it VBD said , , PRP it VBD had VBG operating NN profit IN of $ $ CD 10 CD million IN for DT the NN quarter . . <s> <s> FW The FW move FW followed FW a FW round FW of FW similar FW increases FW by FW other FW lenders FW against FW Arizona FW real FW estate FW loans , , VBG reflecting DT a JJ continuing NN decline IN in DT that NN market . . <s> <s> DT In NN addition TO to DT the JJ increased NN reserve , , DT the

    JJS savings NN bank VBD took DT a JJ special NN charge IN of $ $ CD 5 CD million FW representing FW general FW and FW administrative FW expenses FW from FW staff FW reductions FW and FW other FW matters , , CC and PRP it VBD posted DT a $ $ CD 7.6 CD million NN reduction IN in FW expected FW mortgage FW servicing FW fees , , VBG reflecting DT the NN fact IN that JJR more NNS borrowers VBP are RP prepaying PRP$ their NNS mortgages . . <s> <s> NN Arbitragers VBD were RB n't DT the JJ only JJ big NNS losers IN in DT the NN collapse IN of NNP UAL

    NNP Corp. NN stock . . <s> <s> NN Look IN at WP what VBD happened TO to NNP UAL POS 's NN chairman , , WP$ Stephen UH M. UH Wolf , , CC and PRP$ its JJ chief JJ financial NN officer , , WP$ John LS C. LS Pope . . <s> <s> IN On DT a FW day FW some FW United FW Airlines FW employees FW wanted FW Mr. FW Wolf FW fired FW and FW takeover FW stock FW speculators FW wanted FW his FW scalp FW , FW Messrs. FW Wolf FW and FW Pope FW saw FW their FW prospective FW personal FW fortunes FW continue TO to VB plummet IN as

    NNS shares IN of NNP UAL , , NNP United POS 's NN parent NN company , , WP$ dived $ $ CD 24.875 IN on DT the NNP Big NNP Board TO to VB close IN at $ $ CD 198 . . <s> <s> NNP Including NNP Monday POS 's NN plunge , , WDT that VBZ has VBN given DT the CD two NNS executives NN paper NNS losses IN of $ $ CD 49.5 CD million , , VBN based IN on WP what PRP they MD would VB have PRP realized VBD had DT the FW pilots FW and FW management-led FW buy-out FW of FW UAL FW gone FW through FW at $ $

    CD 300 DT a NN share . . <s> <s> DT When NN bank NN financing IN for DT the NN buy-out VBD collapsed JJ last NN week , , RB so VBD did NNP UAL POS 's NN stock . . <s> <s> NN Even IN if DT the NNS banks IN resurrect DT a NN financing NN package IN at $ $ CD 250 DT a NN share , , DT the CD two NNS executives MD would RB still VB get IN about $ $ CD 25 CD million JJR less IN than PRP they VBD stood TO to VB gain IN in DT the JJ initial NN transaction . . <s> <s> FW Mr. FW Wolf

    FW owns FW 75,000 FW UAL FW shares FW and FW has FW options FW to FW buy FW another FW 250,000 FW at FW $ FW 83.3125 FW each . . <s> <s> IN In DT the $ $ UH 300-a-share UH buyout , , WDT that VBD totaled IN about $ $ CD 76.7 CD million . . <s> <s> DT By NN yesterday POS 's NN close IN of NN trading , , PRP it VBD was JJ good IN for DT a JJS paltry $ $ CD 43.5 CD million . . <s> <s> DT Of NN course , , NNP Mr. NNP Wolf , , WP$ 48 UH years UH old , , VBZ has

    DT some NNS savings . . <s> <s> FW He FW left FW his FW last FW two FW jobs FW at FW Republic FW Airlines FW and FW Flying FW Tiger FW with FW combined FW stock-option NNS gains IN of IN about $ $ CD 22 CD million , , CC and NNP UAL VBD gave PRP him DT a $ $ CD 15 CD million SYM bonus WRB when PRP it VBD hired PRP him . . <s> <s> . His '' 1988 PRP salary VBD was $ $ CD 575,000 , , IN with DT a $ $ LS 575,000 LS bonus . . <s> <s> FW The FW 40-year FW old FW Mr. FW Pope

    FW has FW n't FW changed FW jobs SYM enough : -IN at JJS least DT the JJ right NNS ones : -TO to VB stash RP away DT that NN kind IN of NN money . . <s> <s> FW United FW paid FW him FW a FW $ FW 375,000 FW bonus FW to FW lure FW him FW away FW from FW American FW Airlines , , CC and PRP he VBD was VBN paid DT a NN salary IN of $ $ CD 342,122 JJ last NN year IN with DT a $ $ LS 280,000 LS bonus . . <s> <s> FW Mr. FW Pope FW owns FW 10,000 FW UAL FW shares

    FW and FW has FW options FW to FW buy FW another FW 150,000 FW at FW $ FW 69 FW each . . <s> <s> NN That VBD came TO to DT a JJ combined $ $ CD 37.7 CD million IN under DT the $ $ CD 300-a-share NN buy-out , , CC but RB just $ $ CD 21.3 CD million IN at NN yesterday POS 's NN close . . <s> <s> IN Of DT the JJ combined $ $ CD 114.4 CD million DT the CD two NNS men VBD were VBN scheduled TO to VB reap IN under DT the NN buy-out , , PRP they VBD agreed TO to VB invest IN in

    DT the NN buy-out RB just $ $ CD 15 CD million , , WP$ angering JJ many IN of DT the NNS thousands IN of NNS workers VBD asked TO to VB make UH pay UH concessions PDT so DT the NN buy-out MD would VB be DT a NN success . . <s> <s> NNP United POS 's UH directors UH voted UH themselves , , CC and PRP$ their NNS spouses , , WP$ lifetime UH access TO to DT the RBS Friendly SYM Skies : -LS free UH first-class UH travel , , CC and $ $ CD 20,000 DT a NN year IN for NN life IN as RB well . . <s> <s>

    NN Conceivably , , IN in DT a JJS scaled-back NN buy-out , , PRP they MD could VB be FW bumped FW back FW to FW coach FW seats FW for FW life . . <s> <s> NNP Thomas NNP H. NNP Johnson , , NN president IN of DT the JJS Coatedboard NN division IN of NNP Mead NNP Corp. , , VBD was VBN named NN president IN of FW Manville FW Forest FW Products NNP Corp. , , DT a JJS Manville NN unit , , CC and JJ senior NN vice NN president IN of NNP Manville NNP Corp . . <s> <s> FW Mr. FW Johnson FW succeeds FW Harry FW W. FW Sherman

    , , WP who VBD resigned TO to VB pursue JJ other NNS interests , , IN in DT both NNS positions . . <s> <s> NN Manville VBZ is DT a NN building CC and FW forest FW products FW concern . . <s> <s> FW US FW Facilities FW Corp. FW said FW Robert FW J. FW Percival FW agreed TO to VB step RP down IN as NN vice NN chairman IN of DT the NN insurance VBG holding NN company . . <s> <s> `` `` EX There VBD was DT a NN difference IN of NN opinion IN as TO to DT the JJ future NN direction IN of DT the NN company , ,

    '' '' DT a NN spokeswoman VBD said . . <s> <s> . Mr. '' Percival VBD declined TO to VB comment . . <s> <s> IN In DT a NN statement , , FW US FW Facilities FW said FW Mr. FW Percival FW 's FW employment FW contract FW calls FW for FW him TO to VB act IN as DT a NN consultant TO to DT the NN company IN for CD two NNS years . . <s> <s> NN He MD will RB also VB remain DT a NN director , , WP$ US UH Facilities UH said , , CC but MD wo RB n't VB serve IN on DT any NN board NNS committees

    . . <s> <s> , Mr. WDT Percival MD will VB be VBN succeeded IN on DT an FW interim FW basis FW by FW George FW Kadonada FW , FW US FW Facilities FW chairman CC and NN president . . <s> <s> IN In DT the JJ same NN statement , , WP$ US RBS Facilities RB also VBD said PRP it VBD had VBN bought RP back RBR 112,000 IN of PRP$ its JJ common NNS shares IN in DT a JJ private NN transaction . . <s> <s> NN Terms VBD were RB n't VBN disclosed . . <s> <s> . The '' buy-back VBZ represents RB about CD 3 NN % IN of DT the

    NN company POS 's NNS shares , , VBN based IN on DT the CD 3.7 CD million NNS shares VBP outstanding RB as IN of $ Sept. CD 30 . . <s> <s> DT In JJ national JJ over-the-counter NN trading NN yesterday , , WP$ US LS Facilities -RRB- closed IN at $ $ CD 3.625 , , JJ unchanged . . <s> <s> FW Three FW leading FW drug FW companies FW reported FW robust FW third-quarter FW earnings FW , FW bolstered FW by FW strong FW sales FW of FW newer FW , FW big-selling FW prescriptions FW drugs FW that FW provide FW hefty FW profit FW margins . . <s> <s> NN Merck

    CC & NNP Co. VBD reported DT a CD 25 NN % NN increase IN in NNS earnings : ; LS Warner-Lambert FW Co. FW 's FW profit FW rose FW 22 FW % FW and FW Eli FW Lilly FW & NNP Co. POS 's JJ net NN income VBD rose CD 24 NN % . . <s> <s> JJ The NNS results VBD were IN in NN line IN with NNS analysts POS ' NNS expectations . . <s> <s> NN Merck CC & NNP Co . . <s> <s> NN Merck , , UH Rahway , , NNP N.J. , , VBD continued TO to VB lead DT the NN industry IN with DT a JJ strong

    NNS sales NN performance IN in DT the FW human FW and FW animal FW health-products FW segment . . <s> <s> FW A FW stronger FW U.S. FW dollar FW reduced FW third-quarter FW and FW first-nine-month FW sales # growth CD 2 NN % CC and CD 3 NN % , , RB respectively . . <s> <s> JJ International NNS sales VBN accounted IN for CD 47 NN % IN of JJ total NN company NNS sales IN for DT the CD nine NNS months , , VBN compared IN with CD 50 NN % DT a NN year RBR earlier . . <s> <s> NN Sales IN for DT the NN quarter VBD rose TO to

    $ $ CD 1.63 CD billion IN from $ $ CD 1.47 CD billion . . <s> <s> NN Mevacor , , FW Merck FW 's FW new FW cholesterol-lowering FW drug , , VBD had JJR higher NNS sales IN than DT any JJ other . prescription '' medicine VBZ has RB ever VBN achieved IN in DT the NNP U.S. IN in DT the NN year VBG following UH introduction , , DT the NN company VBD said . . <s> <s> DT The NN drug VBD was VBN introduced IN in # West PDT Germany DT this NN year . . <s> <s> DT Intense NN competition , , RB however , , VBN led TO to

    NN unit NNS sales NNS declines IN for DT a NN group IN of FW Merck FW 's FW established FW human FW and FW animal-health FW products FW , FW including FW Aldomet FW and FW Indocin . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading NN yesterday , , WP$ Merck NNS shares VBD closed IN at $ $ CD 75.25 , , RB up CD 50 NNS cents . . <s> <s> NNP Warner-Lambert NNP Co . . <s> <s> NN Warner-Lambert , , WP$ Morris UH Plains , , NNP N.J. , , VBD reported NNS sales WDT that VBD were DT a NN record IN for

    DT any NN quarter CC and DT the JJ eighth NN quarter IN in DT a NN row IN of CD 20 NN % CC or JJR more FW per-share FW earnings FW growth . . <s> <s> NN Spurred IN by NN growth IN in JJ world-wide NNS sales IN of DT the NN company POS 's UH prescription UH drugs , , WDT Warner-Lambert VBD said CD 1989 MD will VB be DT the JJS best NN year IN in PRP$ its NN history , , IN with JJ per-share NNS earnings VBN expected TO to VB increase JJR more IN than CD 20 NN % TO to IN about $ $ CD 6.10 . . <s> <s>

    NN Sales IN for DT the NN quarter VBD rose TO to $ $ CD 1.11 CD billion IN from $ $ CD 1.03 CD billion . . <s> <s> DT Prescription-drug JJ world-wide NNS sales VBD rose CD 9 NN % IN in DT the NN quarter TO to $ $ CD 340 CD million : ; NNP U.S. NNS sales VBD rose CD 15 NN % . . <s> <s> DT The NN segment POS 's NN growth VBD was VBN led IN by NNS sales IN of DT the FW cardiovascular FW drugs FW Lopid FW , FW a FW lipid FW regulator , , CC and NNP Dilzem , , DT a FW calcium FW channel

    FW blocker . . <s> <s> JJ World-wide NNS sales IN of FW Warner-Lambert FW 's FW non-prescription FW health-care FW products FW , FW such FW as FW Halls FW cough FW tablets FW , FW Rolaids FW antacid , , CC and UH Lubriderm UH skin UH lotion , , VBD increased CD 3 NN % TO to $ $ CD 362 CD million IN in DT the JJ third NN quarter : ; NNP U.S. NNS sales VBD rose CD 5 NN % . . <s> <s> JJ Confectionery NNS products NNS sales RB also VBD had JJ strong NN growth IN in DT the NN quarter . . <s> <s> JJ World-wide NNS sales IN of

    FW Trident FW gum FW , FW Certs FW breath FW mints FW , FW and FW Clorets FW gum FW and FW breath FW mints , , VBD increased CD 12 NN % TO to $ $ CD 277 CD million . . <s> <s> JJ Warner-Lambert NNS shares VBD closed IN at $ $ PDT 109.50 DT a NN share , , RB up $ $ CD 1.50 , , IN in NNP Big NNP Board JJ composite NN trading NN yesterday . . <s> <s> . Eli '' Lilly CC & NNP Co . . <s> <s> FW Lilly FW attributed FW record FW third-quarter FW and FW nine-month FW results FW to FW world-wide FW gains

    FW for FW pharmaceuticals FW , FW medical FW instruments FW and FW plant-science FW products FW despite FW poor FW exchange NNS rates IN for DT the NN dollar IN that FW slowed FW sales FW abroad . . <s> <s> NN Earnings VBD continued TO to VB pace NNS sales IN because IN of DT a JJR lower NN tax NN rate , , NN profit IN from DT the NN renegotiation IN of DT the FW debt FW instrument FW received FW from FW Faberge FW Inc. FW in FW connection FW with FW Lilly FW 's FW sale FW of FW Elizabeth FW Arden NNP Inc. IN in CD 1987 , , CC and JJ net

    NNS proceeds IN from DT the NN settlement IN of FW patent FW litigation FW at FW Lilly FW 's FW Hybritech FW Inc. FW unit . . <s> <s> JJ Third-quarter NNS sales IN of DT the NNP Indianapolis , , NNP Ind. , , NN company VBD rose CD 11 NN % TO to $ $ CD 1.045 CD billion IN from $ $ CD 940.6 CD million . . <s> <s> JJ Nine-month NNS sales VBD grew CD 12 NN % TO to $ $ CD 3.39 CD billion IN from $ $ CD 3.03 CD billion DT a NN year RBR earlier . . <s> <s> NN Sales IN of NNP Prozac , , DT an

    FW anti-depressant FW , FW led FW drug-sales FW increases . . <s> <s> JJ Higher NNS sales IN of FW pesticides FW and FW other FW plant-science FW products FW more FW than FW offset FW a FW slight FW decline IN in DT the NNS sales IN of PRP$ animal-health NNS products TO to VB fuel DT the NN increase IN in FW world-wide FW agricultural FW product FW sales , , WDT Lilly VBD said . . <s> <s> FW Advanced FW Cardiovascular FW Systems FW Inc. FW and FW Cardiac FW Pacemakers FW Inc. FW units FW led FW growth FW in FW the FW medical-instrument FW systems FW division . . <s> <s> JJ Lilly

    NNS shares VBD closed NN yesterday IN in JJ composite NN trading IN on DT the NNP Big NNP Board IN at $ $ CD 62.25 , , RB down CD 12.5 NNS cents . . <s> <s> NNP Reuben NNP Mark , , NN chairman IN of NNP Colgate-Palmolive NNP Co. , , VBD said PRP he VBZ is `` `` UH comfortable '' '' IN with NNS analysts POS ' NNS estimates IN that JJ third-quarter NNS earnings VBD rose TO to $ between CD 95 NNS cents CC and $ $ CD 1.05 DT a NN share . . <s> <s> FW That FW compares FW with FW per-share FW earnings FW from FW continuing FW operations

    FW of FW 69 FW cents FW the FW year FW earlier FW ; FW including FW discontinued FW operations FW , FW per-share FW was FW 88 FW cents FW a FW year FW ago . . <s> <s> . The UH per-share UH estimates PDT mean DT the JJ consumer-products NN company POS 's JJ net NN income , , VBD increased TO to IN between $ $ CD 69.5 CD million CC and $ $ CD 76 CD million , , IN from $ $ CD 47.1 CD million DT the JJ year-before NN period . . <s> <s> . Analysts '' estimate NNP Colgate POS 's JJ world-wide JJ third-quarter NNS sales VBD rose IN about

    CD 8 NN % TO to $ $ CD 1.29 CD billion . . <s> <s> . Mr. '' Mark VBD attributed DT the NNS earnings NN growth TO to JJ strong NNS sales IN in NNP Latin NNP America , , NNP Asia CC and NNP Europe . . <s> <s> NN Results VBD were RB also VBN bolstered IN by `` `` FW a FW very FW meaningful FW '' FW increase FW in FW operating FW profit FW by FW Colgate POS 's NNP U.S. NN business , , NNP Mr. NNP Mark VBD said . . <s> <s> DT Operating NN profit IN at NNP Colgate POS 's FW U.S. FW household FW products FW and

    FW personal-care FW businesses FW jumped FW 25 NN % IN in DT the NN quarter , , NNP Mr. NNP Mark VBD added . . <s> <s> NN He VBD said DT the NN improvement VBD was DT a NN result IN of FW cost FW savings FW achieved FW by FW consolidating FW manufacturing FW operations FW , FW blending FW two FW sales FW organizations FW and FW focusing FW more PDT carefully DT the NN company POS 's JJ promotional NNS activities . . <s> <s> FW The FW estimated FW improvement FW in FW Colgate FW 's FW U.S. FW operations FW took FW some FW analysts FW by FW surprise . . <s> <s>

    NNP Colgate POS 's NN household NNS products NN business , , WDT which VBZ includes PDT such FW brands FW as FW Fab FW laundry FW detergent FW and FW Ajax FW cleanser , , VBZ has VBN been DT a JJ weak NN performer . . <s> <s> . Analysts '' estimate NNP Colgate POS 's NNS sales IN of NN household NNS products IN in DT the NNP U.S. VBD were VBN flat IN for DT the NN quarter , , CC and PRP they VBD estimated VBG operating NNS margins IN at RB only CD 1 NN % TO to CD 3 NN % . . <s> <s> NN `` IN If PRP you MD could

    VB say PRP$ their NN business IN in DT the NNP U.S. VBD was UH mediocre , , CC but UH great UH everywhere UH else , , WDT that MD would VB be RP fine , , '' '' VBZ says UH Bonita UH Austin , , DT an NN analyst IN with FW Wertheim FW Schroder FW & FW Co . . <s> <s> NN `` CC But PRP it VBZ 's RB not RBR mediocre , , PRP it VBZ 's DT a JJ real NN problem . . '' '' <s> <s> FW Mr. FW Mark FW conceded FW that FW Colgate POS 's JJ domestic NN business , , RB apart IN from PRP$ its

    FW highly FW profitable FW Hill FW 's FW Pet FW Products FW unit , , VBZ has VBN lagged . . <s> <s> IN `` PRP We VBP 've VBN done DT a NN lot TO to VB improve -LRB- -LCBNNP U.S. . . -RRB- -RCBNNS results , , CC and DT a NN lot RBR more MD will VB be VBN done , , '' '' NNP Mr. NNP Mark VBD said . . <s> <s> FW `` FW Improving FW profitability FW of FW U.S. FW operations FW is FW an FW extremely FW high FW priority IN in DT the NN company . . '' '' <s> <s> TO To VB focus IN on

    PRP$ its FW global FW consumer-products FW business FW , FW Colgate FW sold FW its FW Kendall FW health-care FW business FW in FW 1988 . . <s> <s> . H. '' Anthony PRP Ittleson VBD was VBN elected DT a NN director IN of DT this NN company , , WDT which FW primarily FW has FW interests FW in FW radio FW and FW television FW stations , , VBG increasing DT the NN number IN of NNS seats TO to CD five . . <s> <s> FW Osborn FW also FW operates FW Muzak FW franchises FW , FW entertainment FW properties FW and FW small FW cable-television FW systems . . <s> <s> . Mr.

    '' Ittleson VBZ is NN executive , , JJ special NNS projects , , IN at FW CIT FW Group FW Holdings NNP Inc. , , WDT which VBZ is VBN controlled IN by FW Manufacturers FW Hanover FW Corp . . <s> <s> FW The FW Boston FW Globe FW says FW its FW newly FW redesigned FW pages FW have FW a FW `` FW crisper FW '' FW look FW with FW revamped FW fixtures FW aimed FW at FW making FW the FW paper FW `` FW more FW consistent '' '' CC and `` `` UH easier TO to VB read . . '' '' <s> <s> . Maybe -RRB- so : -IN if

    PRP you MD can VB find WRB where FW your FW favorite FW writer FW went . . <s> <s> . Beantown -RRB- scribes , , WP who FW spare FW no FW invective FW when FW taking FW on FW local FW luminaries FW such FW as FW Michael FW `` FW Pee FW Wee FW '' FW Dukakis FW , FW or FW New FW England FW Patriots FW Coach FW Raymond FW `` FW Rev. FW Ray FW '' FW Berry FW , FW yesterday FW poured FW ridicule FW on FW new FW drawings FW of FW Globe FW columnists FW that FW replaced FW old FW photos FW in FW the FW revamped FW pages

    FW this FW week . . <s> <s> DT By JJ late JJ last NN night , , FW Globe FW Managing FW Editor FW Thomas FW Mulvoy , , VBG bending TO to DT the NN will IN of PRP$ his NNS troops , , WRB scrapped DT the JJ new NNS drawings . . <s> <s> IN For DT a JJ few NNS days IN at JJS least , , PRP he VBZ says , , DT no NNS pictures CC or JJR drawings IN of DT any NN kind MD will VB adorn DT the NNS columns . . <s> <s> NN Trouble VBD was , , FW nobody FW thought FW they FW looked FW right

    . . <s> <s> . Globe UH columnist UH Mike SYM Barnicle : -IN in DT the JJ second NN attack IN on PRP$ his NN employer IN in IN as JJ many NNS weeks : -LS averred FW that FW his FW shadowy FW countenance FW was FW so FW bad , , PRP it VBD looked `` `` FW like FW a FW face FW you FW 'd FW find FW on FW a FW bottle FW of FW miracle FW elixir FW that FW promises FW to FW do FW away FW with FW diarrhea FW in FW our FW lifetime . . '' '' <s> <s> FW Mr. FW Barnicle FW reminded FW readers

    FW that FW he FW still FW has FW n't FW forgiven FW Globe FW management FW for FW questioning FW a FW $ FW 20 FW expense FW chit FW he FW submitted FW for FW parking FW his FW car FW while FW chasing FW a FW story . . <s> <s> FW `` FW I FW thought FW -LCBFW the FW drawing FW -RCBFW a FW cross FW between FW someone FW you FW 'd FW spot FW whipping FW open FW his FW trench FW coat FW ... FW or FW a FW guy FW who FW boasted FW he FW 'd FW been FW Charles FW Manson POS 's JJS roommate IN for

    DT the JJ last CD 19 NNS years , , '' '' PRP he VBD said . . <s> <s> FW Mr. FW Barnicle FW was FW hardly FW kinder FW to FW the FW renderings FW of FW colleagues FW Michael FW Madden -LRB- -LRB`` `` UH appears TO to VB be DT a RBS pervert '' '' -RRB- -RRB, , WP$ Will LS McDonough -LRB- -LRB`` `` FW looks FW as FW if FW he FW drove FW for FW Abe FW Lincoln '' '' -RRB- -RRBUH or UH Bella UH English , , WP$ whose `` `` FW little FW girl FW now FW screams FW hysterically FW every FW time FW she

    FW sees FW a FW newspaper . . '' '' <s> <s> . Lynn -RRB- Staley , , DT the FW Globe FW 's FW assistant FW managing FW editor FW for FW design , , VBZ acknowledges IN that DT the NN visages VBD were `` `` IN on DT the JJ low NN end IN of DT the RBS likeness LS spectrum . . '' '' <s> <s> FW Rival FW Boston FW Herald FW columnist FW Howie FW Carr , , WP who FW usually FW rails FW at FW Statehouse FW `` FW hacks '' '' CC and NNP nepotism , , VBD argued IN that DT the JJ new NNS drawings VBD were VBN designed

    TO to VB hide NNP Mr. NNP Madden POS 's `` `` FW rapidly FW growing FW forehead '' '' CC and DT the JJ facial NNS defects IN of `` `` FW chinless FW '' FW Dan FW Shaughnessy FW , FW a FW Globe FW sports FW columnist . . <s> <s> NN `` CC But VBP think IN of DT the NN money PRP you , , DT the NN reader , , MD will VB save IN on NNP Halloween , , '' '' VBD said NNP Mr. -RRB- Barnicle . . <s> <s> . `` '' Instead IN of VBG buying RP masks IN for PRP$ your NNS kids , , RB just VB cut

    RP out DT the FW columnists FW ' FW pictures FW ... . . <s> <s> . Deeply '' ingrained IN in PDT both DT the FW book FW review FW `` FW Kissing FW Nature FW Good-bye FW '' FW by FW Stephen FW MacDonald FW -LRBFW Leisure FW & FW Arts , , WP$ Sept. LS 27 -RRB- -RRBCC and DT the FW books FW reviewed FW is FW the FW assumption FW that FW global FW warming FW is FW entirely FW a FW result FW of FW human FW activity . . <s> <s> IN Is PDT such FW a FW view FW justified FW ? <s> <s> IN In DT the NN absence

    IN of FW humans FW , FW would FW the FW Earth FW enjoy FW a FW constant FW climate FW over FW the FW long FW term FW ? <s> <s> VBZ Clearly RB not . . <s> <s> FW About FW 20,000 FW years FW ago FW the FW last FW ice FW age FW ended . . <s> <s> . Enormous UH ice UH sheets UH retreated IN from DT the NN face IN of NNP North NNP America , , '' northern NNP Europe CC and NNP Asia . . <s> <s> FW This FW global FW warming FW must FW have FW been FW entirely FW natural FW -FW nobody FW would FW blame

    FW it FW on FW a FW few FW hundred FW thousand FW hunter-gatherers FW hunting FW mammoths FW and FW scratching FW around FW in FW caves . . <s> <s> NN Furthermore , , DT no NN bell VBZ has RB yet VBN rung TO to VB announce DT the NN end IN of DT this FW immense FW episode FW of FW natural FW global FW warming . . <s> <s> NN It VBZ is RB probably VBG continuing CC and MD may RB well VBP account IN for JJS most IN of , , CC or PDT all FW of FW , FW present-day FW global FW warming . . <s> <s> . I '' bow

    TO to DT no NN one IN in PRP$ my FW regard FW for FW our FW terrestrial FW heritage , , CC but IN if PRP we VBP are FW serious FW about FW global FW warming PRP we MD must VB look IN at DT the JJ big NN picture CC and RB not VB allow DT the FW Dominant FW Culture FW to FW lock FW us FW into FW the FW capitalist-exploiters-greedy-American-consumers-global FW FW warming FW scenario FW as FW the FW sole FW model FW for FW discussion . . <s> <s> FW Jocelyn FW Tomkin FW Astronomy FW Department FW University IN of <s> <s> FW The FW Internal FW Revenue FW Service

    FW plans FW to FW restructure FW itself FW more FW like FW a FW private FW corporation . . <s> <s> DT In NN addition , , DT the JJS tax-collecting NN agency VBZ says IN that PRP it MD will VB take DT the JJ unusual NN step IN of VBG looking TO to DT the JJ private NN sector TO to FW fill FW two FW new FW high-level FW positions FW to FW guide FW the FW 120,000-employee FW agency FW : FW a FW comptroller FW to FW oversee FW daily FW finances CC and DT a JJ chief NN information NN officer TO to VB update DT the NN information NN system , ,

    WDT which VBZ includes RB probably DT the JJS largest NN computer NN data NN base IN in DT the NN world . . <s> <s> NNP The NNP IRS RB also VBD said IN that PRP it MD would VB create DT the NN position IN of JJ chief JJ financial NN officer , , WP who MD will VB be VBN hired IN from IN within DT the NN agency . . <s> <s> FW IRS FW Commissioner FW Fred FW T. FW Goldberg VBD said DT the NNS changes VBP are VBN intended TO to VB bring `` `` UH accountability '' '' TO to DT the NN agency , , WDT which VBZ has DT an

    JJ annual NN budget IN of JJR more IN than $ $ CD 5 CD billion CC and JJR collects IN about $ $ CD 1 CD trillion DT a NN year . . <s> <s> FW `` FW My FW assessment FW and FW everyone FW 's FW assessment VBZ is IN that PRP we VBP do RB not VB have DT the FW kinds FW of FW information FW that FW let FW us FW responsibly FW and FW effectively FW formulate FW and FW execute FW our FW budget , , '' '' NNP Mr. NNP Goldberg VBD said . . <s> <s> NN `` CC And PRP we VBP do RB n't VBP have JJ internal

    NNS controls CC and NN discipline IN that PRP we VBP need TO to VB have TO to VB spend $ $ CD 5 CD billion -RRB- properly . . '' '' <s> <s> . Mr. -RRB- Goldberg , , WP who VBD took RP over IN as NN head IN of DT the NNP IRS IN in NNP July , , VBZ has VBN been RP disturbed IN by WP what PRP he VBZ considers DT the NN inefficiency , , '' waste CC and NN lack IN of JJR coordination IN among DT the NNS branches IN of DT the RBS vast JJ federal NN agency . . <s> <s> FW The FW IRS FW operates FW on

    FW a FW computer FW system FW designed FW in FW 1961 , , WDT which PRP it VBZ has VBN been VBG trying TO to VB modernize IN for NNS years . . <s> <s> IN And DT the NN agency , , WDT which FW operated FW throughout FW fiscal FW 1989 FW with FW a FW $ FW 360 FW million FW budget FW shortfall , , VBZ has VBN been IN under DT a FW hiring FW freeze FW since FW last FW fall . . <s> <s> FW The FW new FW commissioner FW says FW that FW closer FW scrutiny FW of FW how FW the FW agency FW uses FW its FW resources

    FW will FW go FW a FW long FW way FW toward FW enhancing FW its FW ability FW to FW collect FW more FW tax FW revenue . . <s> <s> IN `` PRP I VBP think IN that PRP you MD will VB see DT a JJ significant NN improvement IN in DT the FW budget FW formulation FW and FW execution FW process FW which , , IN in NN turn , , PRP I VBP believe MD will VB result IN in DT a JJ significant NN increase IN in NN revenue , , '' '' PRP he VBD said . . <s> <s> . The '' IRS VBZ hopes TO to VB fill DT the

    JJ new NNS positions RB soon . . <s> <s> NN Customarily , , PRP it MD would FW appoint FW career FW civil FW servants FW from PDT within DT the NN agency , , CC but NNP Mr. NNP Goldberg VBD said PRP he VBZ plans TO to `` `` PDT scour DT the NN world '' '' IN for DT the JJ chief NN information NN officer CC and DT the NN comptroller . . <s> <s> IN Although DT the NNS jobs MD will RB probably VB pay IN between $ $ CD 70,000 CC and $ $ CD 80,000 DT a NN year , , WP$ IRS NNS officials VBP are VBN confident IN that

    PRP they MD can VB attract PRP$ top-notch NNS candidates IN from DT the JJ private NN sector . . <s> <s> IN `` PRP You VBP 're VBG telling `` someone PRP they MD can VB spend DT the JJ next CD three CC or CD four CC or CD five CC or CD six NNS years IN of PRP$ their NN life VBG bringing IN about DT the RBS most JJ difficult CC and JJ costly NN modernization IN of DT an NN information NN system IN on DT the JJ civil NN side RB ever , , '' '' NNP Mr. NNP Goldberg VBD said . . <s> <s> NN `` IN On DT the FW comptroller

    FW side FW , FW you FW 're FW developing FW and FW making FW work FW financial FW controls FW governing FW a $ $ CD 6 CD billion NN budget . . <s> <s> . When UH Maj. UH Moises UH Giroldi , , DT the NN leader IN of DT the FW abortive FW coup FW in FW Panama FW , FW was FW buried FW , FW his FW body FW bore FW several FW gunshot FW wounds FW , FW a FW cracked FW skull FW and FW broken FW legs FW and FW ribs . . <s> <s> NN They VBD were DT the NN signature IN of PRP$ his NN adversary , ,

    FW Panamanian FW leader FW Manuel FW Antonio FW Noriega . . <s> <s> FW The FW rebel FW officer FW 's FW slow FW and FW painful FW death , , IN at DT the NN headquarters IN of NNP Panama POS 's FW Battalion-2000 FW squad FW , FW was FW personally FW supervised FW by FW Gen. FW Noriega FW , FW says FW a FW U.S. FW official FW with FW access FW to FW intelligence FW reports . . <s> <s> FW Leaping FW into FW rages FW , FW sinking FW into FW bouts FW of FW drunkenness FW and FW mistrust , , NNP Mr. NNP Noriega VBZ has VBN put TO to

    VB death DT some CD 70 IN of PRP$ his RBS troops VBN involved IN in DT the NN coup , , VBG according TO to FW U.S. FW officials FW monitoring FW crematoriums FW and FW funeral FW parlors FW in FW Panama FW City . . <s> <s> NN He VBZ is RB now VBG changing DT the FW place FW he FW sleeps FW every FW night , , RB sometimes JJR more IN than PDT once DT a NN night . . <s> <s> FW His FW meals FW are FW most FW often FW prepared FW by FW women FW he FW trusts FW -FW his FW full-time FW mistress FW , FW Vicky

    FW Amado , , CC and PRP$ her NN mother , , UH Norma . . <s> <s> IN And PRP he VBZ is VBG collecting DT the NNS names IN of DT those WP who FW telephoned FW the FW coup-makers FW to FW congratulate FW them FW during FW their FW brief NN time IN in NN control IN of PRP$ his NN headquarters . . <s> <s> . More '' enemies TO to VB be VBN dealt IN with . . <s> <s> IN In DT the CD two NNS weeks IN since DT the NN rebellion , , WDT which DT the NNP U.S. FW hesitantly FW backed , , NNP Mr. NNP Noriega VBZ has

    VBN been IN at PRP$ his RBS most FW brutal FW FW and FW efficient FW FW in FW maintaining FW power . . <s> <s> NN Yet , , IN while DT the FW failed FW coup FW is FW a FW major FW U.S. FW foreign FW policy FW embarrassment , , PRP it VBZ is RB merely DT the JJS latest FW chapter FW in FW a FW byzantine FW relationship FW between FW Mr. FW Noriega FW and FW Washington FW that FW stretches FW back FW three FW decades . . <s> <s> NNP America POS 's NN war IN on DT the NN dictator IN over DT the JJ past CD two

    NNS years , , VBG following PRP$ his NN indictment IN on NN drug NNS charges IN in $ February CD 1988 , , VBZ is DT the NN legacy IN of DT that NN relationship . . <s> <s> FW Before FW American FW foreign FW policy FW set FW out FW to FW destroy FW Noriega , , PRP it MD helped VB create PRP him RP out IN of DT the FW crucible FW of FW Panama FW 's FW long FW history FW of FW conspirators FW and FW pirates . . <s> <s> DT For JJS most IN of DT the JJ past CD 30 NNS years , , DT the NN marriage VBD was

    CD one IN of NN convenience . . <s> <s> . In -RRB- 1960 , , IN for NN example , , WRB when NNP Mr. FW Noriega FW was FW both FW a FW cadet FW at FW an FW elite FW military FW academy FW in FW Peru FW and FW a FW spy-in-training FW for FW the FW U.S. FW Defense FW Intelligence FW Agency , , PRP he VBD was FW detained FW by FW Lima FW authorities FW for FW allegedly FW raping FW and FW savagely FW beating FW a FW prostitute , , VBG according TO to DT a NNP U.S. POS Embassy NN cable IN from DT that NN period . .

    <s> <s> . The '' woman VBD had RB nearly VBD died . . <s> <s> NNP But NNP U.S. FW intelligence FW , FW rather FW than FW rein FW in FW or FW cut FW loose FW its FW new FW spy FW , FW merely FW filed FW the FW report FW away . . <s> <s> NNP Mr. NNP Noriega POS 's FW tips FW on FW emerging FW leftists FW at FW his FW school FW were FW deemed FW more FW important FW to FW U.S. FW interests . . <s> <s> IN From DT that NN point IN on , , DT the NNP U.S. MD would VB make DT a NN practice

    IN of PDT overlooking DT the FW Panamanian FW 's FW misadventures . . <s> <s> NNP The NNP U.S. FW has FW befriended FW and FW later FW turned FW against FW many FW dictators FW , FW but FW none FW quite FW so FW resourceful . . <s> <s> . The '' 55-year-old NNP Mr. NNP Noriega VBZ is RB n't RB as VBN smooth IN as DT the FW shah FW of FW Iran FW , FW as FW well-born FW as FW Nicaragua FW 's FW Anastasio FW Somoza FW , FW as FW imperial FW as FW Ferdinand FW Marcos FW of FW the FW Philippines FW or FW as FW bloody FW as

    FW Haiti FW 's FW Baby FW Doc FW Duvalier . . <s> <s> IN Yet PRP he VBZ has VBN proved JJR more NNS resilient IN than DT any IN of PRP them . . <s> <s> VB And RP out IN of SYM necessity : : DT The NNP U.S. MD can VB make NNS mistakes CC and RB still VBP hope TO to VB remove PRP him IN from NN power , , CC but DT a JJ single NN error IN on PRP$ his NN part MD could VB cost RP him PRP$ his NN life . . <s> <s> IN `` DT The NNP U.S. FW underestimated FW Noriega FW all FW along , ,

    '' '' VBZ says UH Ambler UH Moss , , DT a JJ former NNS Ambassador TO to VB Panama . . <s> <s> IN `` PRP He VBZ has PDT mastered DT the NN art IN of NN survival . . '' '' <s> <s> . In '' keeping IN with NNP America POS 's FW long FW history FW of FW propping FW up FW Mr. FW Noriega FW , FW recent FW U.S. FW actions FW have FW extended FW rather FW than FW shortened FW his FW survival . . <s> <s> , Mr. WDT Noriega MD might VB have VBN fallen IN of PRP$ his FW own FW weight FW in FW 1988 FW because

    FW of FW Panama FW 's FW dire FW economic FW situation FW , FW says FW Mr. FW Moss FW , FW but FW increasing FW external FW pressure FW has FW only FW given FW him FW additional FW excuses FW for FW repression , , CC and DT a NN scapegoat IN for PRP$ his JJ own NN mismanagement . . <s> <s> NN `` IN If DT the NNP U.S. FW had FW sat FW back FW and FW done FW nothing , , PRP he MD might RB not VBP have VBN made PRP it IN through CD 1988 , , '' '' NNP Mr. FW Moss FW contends . . <s> <s> DT Perhaps

    RBS most JJ important , , NNP Mr. NNP Noriega POS 's NNS allies VBP have VBN intervened TO to VB encourage : -IN in DT some NNS cases , , TO to VB demand : -IN that DT the FW dictator FW maintain FW his FW grip IN of DT the NN throne . . <s> <s> FW One FW Colombian FW drug FW boss FW , FW upon FW hearing FW in FW 1987 FW that FW Gen. FW Noriega FW was FW negotiating IN with DT the NNP U.S. TO to VB abandon PRP$ his NN command IN for DT a FW comfortable FW exile FW , FW sent FW him FW a FW hand-sized

    FW mahogany FW coffin FW engraved FW with FW his FW name . . <s> <s> IN `` PRP He VBZ is RB cornered , , '' '' VBZ says DT the FW Rev. FW Fernando FW Guardia , , WP who VBZ has FW led FW Catholic FW Church FW opposition FW against FW Noriega . . <s> <s> IN `` DT The FW Americans FW have FW left FW him FW without FW a FW way FW out . . <s> <s> NN It VBZ is JJ easy TO to VB fight WRB when PRP you VBP do RB n't VB have DT any JJ other NN option . . '' '' <s> <s> DT His JJ chief

    NN advantage IN in DT the FW fight FW : FW his FW intimate FW knowledge FW of FW American FW ways FW and FW weaknesses . . <s> <s> FW Mr. FW Noriega FW often FW tells FW friends FW that FW patience VBZ is DT the JJS best NN weapon IN against DT the NN gringos , , WP who VBP have DT a FW short FW attention FW span FW and FW little FW stomach FW for FW lasting FW confrontation . . <s> <s> NNP The NNP U.S. VBD discovered DT the FW young FW Tony FW Noriega FW in FW late FW 1959 , , WRB when PRP he VBD was IN in PRP$ his

    JJ second NN year IN at DT the FW Chorrillos FW Military FW Academy FW in FW Lima , , VBG according TO to # former LS U.S. WP$ intelligence NNS officials . . <s> <s> FW The FW contact FW occurred FW through FW Mr. FW Noriega FW 's FW half-brother FW , FW a FW Panamanian FW diplomat FW based FW in FW Peru FW named FW Luis FW Carlos FW Noriega FW Hurtado . . <s> <s> . Luis -RRB- Carlos , , VBG knowing IN that VBG helping DT the NNPS Americans MD could VB advance DT the NN career IN of DT any JJ Panamanian NN officer , , WP$ relayed LS Tony POS 's

    NNS reports IN on DT the FW leftist FW tendencies FW he FW observed FW among FW his FW fellow FW students FW and FW , FW more FW important FW , FW among FW his FW officers FW and FW instructors . . <s> <s> . A '' spy VBD was VBN born . . <s> <s> NN It VBD was DT a JJ heady NN experience IN for DT the FW pockmarked FW and FW slightly FW built FW Mr. FW Noriega , , WP who VBD was VBN known TO to PRP$ his FW friends FW as FW Cara FW la FW Pina FW -FW pineapple FW face . . <s> <s> IN Born DT the

    JJ illegitimate NN son IN of PRP$ his NN father POS 's UH maid , , PRP he VBD was VBN raised IN on DT the JJ mean NNS streets IN of DT the JJ central NN market NN district IN of NNP Panama NNP City . . <s> <s> NN Tony VBD was CD four NNS years JJR older IN than JJS most IN of PRP$ his UH fellow UH cadets , , CC and VBD gained VBN admission TO to DT the FW academy FW because FW his FW brother FW had FW falsified FW his FW birth FW certificate . . <s> <s> FW He FW considered FW himself FW intellectually FW superior FW to FW his

    FW Peruvian FW peers FW , FW many FW of FW whom FW were FW wayward FW sons FW sent FW by FW their FW well-off FW families FW to FW the FW highly FW disciplined FW , FW French-modeled FW academy FW as FW a FW sort FW of FW reform FW school . . <s> <s> IN In PRP$ his FW peaked FW military FW cap FW and FW neatly FW pressed FW , FW French-made FW uniform FW , FW Noriega FW felt FW more FW respected FW and FW powerful FW than FW ever FW in FW his FW underprivileged FW life , , '' friends IN from DT the NN period VBP say . .

    <s> <s> IN `` PRP He VBD had DT an FW elegant FW uniform FW with FW gold FW buttons FW in FW a FW country FW where FW there FW was FW a FW cult FW of FW militarism FW , FW where FW officers FW were FW the FW elite FW with FW special FW privileges , , '' '' FW recalls FW Darien FW Ayala FW , FW a FW fellow FW student FW in FW Peru FW and FW a FW lifelong FW friend . . <s> <s> NNP Mr. NNP Noriega POS 's FW relationship FW to FW American FW intelligence FW agencies FW became FW contractual FW in FW either FW 1966 FW or

    FW 1967 FW , FW intelligence FW officials FW say . . <s> <s> . His '' commanding NN officer IN at DT the FW Chiriqui FW Province FW garrison FW , FW Major FW Omar FW Torrijos FW , FW gave FW him FW an FW intriguing FW assignment FW : FW Mr. FW Noriega FW would FW organize FW the FW province FW 's FW first FW intelligence FW service . . <s> <s> FW The FW spy FW network FW would FW serve FW two SYM clients : : DT the JJ Panamanian NN government , , IN by PRP$ monitoring JJ political NNS opponents IN in DT the NN region , , CC and DT the

    NNP U.S. , , IN by PDT tracking DT the FW growing FW Communist FW influence FW in FW the FW unions FW organized FW at FW United FW Fruit FW Co. FW 's FW banana FW plantations FW in FW Bocas FW del FW Toros FW and FW Puerto FW Armuelles . . <s> <s> . United '' Fruit VBD was CD one IN of DT the FW two FW largest FW contributors FW to FW Panama POS 's JJ national NN income . . <s> <s> IN Satisfying PRP$ its NNS interests VBD was DT a NN priority IN for DT any JJ Panamanian NN leader . . <s> <s> NNP Mr. NNP Noriega POS 's JJ initial

    NNS retainer VBD was RB only $ $ CD 50 TO to $ $ CD 100 DT a NN month , , FW plus FW occasional FW gifts FW of FW liquor FW or FW groceries FW from FW the FW American FW PX FW , FW a FW former FW intelligence FW official VBZ says . . <s> <s> NN It VBD was TO modest VB pay IN by JJ American NNS standards , , CC but DT a JJ healthy NN boost TO to PRP$ his UH small UH military UH salary , , WDT which FW fellow FW officers FW remember FW as FW having FW been $ $ CD 300 TO to $ $ CD 400

    -RRB- monthly . . <s> <s> IN `` PRP He VBD did PRP it RB very RB well , , '' '' FW recalls FW Boris FW Martinez FW , FW a FW former FW Panamanian FW colonel FW who FW managed FW Mr. FW Noriega CC and PRP$ his NN operation . . <s> <s> FW `` FW He FW started FW building FW the FW files FW that FW helped FW him FW gain FW power . . '' '' <s> <s> FW A FW National FW Guard FW job FW assumed FW by FW Capt. FW Noriega FW in SYM 1964 : -IN as NN chief IN of DT the FW transit FW police FW in

    FW David FW City , , NN capital IN of DT the FW Chiriqui FW Province FW -FW was FW tailor-made FW for FW an FW aspiring FW super-spy . . <s> <s> FW By FW pressuring FW taxi FW and FW bus FW drivers FW who FW needed FW licenses , , PRP he VBD gained DT a JJ ready NNS cache IN of NN information . . <s> <s> FW He FW knew FW which FW local FW luminaries FW had FW been FW caught FW driving FW drunk , , WDT which VBD had VBN been VBN found IN with PRP$ their NNS mistresses . . <s> <s> . This UH proved UH particularly UH valuable

    TO to DT the JJ Panamanian NN government IN in CD 1967 , , WRB when FW union FW leaders FW were FW planning FW a FW May FW Day FW march FW that FW the FW government FW feared FW could FW turn FW violent . . <s> <s> . Mr. '' Noriega VBD had VBN learned IN that DT a JJ local NN union NN leader VBD was VBN sleeping IN with DT the NN wife IN of PRP$ his NN deputy . . <s> <s> IN So PRP he VBP splashed DT the NN information IN on FW handbills FW that FW he FW distributed FW throughout FW the FW banana-exporting FW city FW of FW Puerto

    FW Armuelles , , WDT which VBD was FW ruled FW by FW United FW Fruit FW Co . . <s> <s> FW The FW campaign FW so FW divided FW union FW leaders IN that DT the NN government VBD found PRP them RB far JJR easier TO to VB control . . <s> <s> IN `` PRP It VBD was IN like DT a NN play IN on NNP Broadway , , '' '' VBZ recalls NNP Mr. -RRB- Martinez . . <s> <s> . `` '' Noriega VBD managed DT the JJ whole NN thing . . <s> <s> NN He VBD was RP superb . . <s> <s> NN Noriega VBD was DT an FW expert

    FW at FW bribing FW and FW blackmailing FW people . . '' '' <s> <s> IN During PRP$ his NNS years IN in NNP Chiriqui , , RB however , , NNP Mr. FW Noriega FW also FW revealed FW himself FW as FW an FW officer FW as FW perverse FW as FW he FW was FW ingenious . . <s> <s> . Rodrigo -RRB- Miranda , , DT a FW local FW lawyer FW and FW human-rights FW monitor FW , FW recalls FW an FW intoxicated FW Noriega FW visiting FW prisoners FW in FW their FW cells FW at FW the FW 5th FW Zone FW Garrison FW headquarters FW in FW David , ,

    WRB where PRP he VBD had PRP$ his NNS offices . . <s> <s> FW Mr. FW Noriega FW would FW order FW them PDT all TO to VB take RP off PRP$ their FW clothes FW and FW run FW around FW the FW courtyard FW naked FW , FW laughing FW at FW them FW and FW then FW retreating TO to PRP$ his NN office . . <s> <s> FW `` FW People FW started FW wondering FW if FW something FW was FW wrong FW with FW him , , '' '' NNP Mr. FW Miranda FW recalls . . <s> <s> NN But IN through DT this NN period , , RB so RB far

    IN as DT the NNP U.S. FW military FW was FW concerned FW , FW Mr. FW Noriega FW was FW a FW model FW recruit . . <s> <s> NN He VBD signed RP up IN for FW intelligence FW and FW counter-intelligence FW training FW under FW American FW officers FW at FW Fort FW Gulick FW in FW Panama FW in FW July FW 1967 , , VBG according TO to DT a NN copy IN of DT a FW 1983 FW resume FW with FW details FW Mr. FW Noriega FW has FW since FW classified FW as FW secret . . <s> <s> . He '' flew TO to # Fort UH Bragg , ,

    NNP N.C. , , IN in NNP September IN of DT that NN year IN for DT a NN course IN in JJ psychological NNS operations , , VBG returning TO to DT the NNP School IN of DT the FW Americas FW in FW Panama FW for FW a FW two-month FW course FW called FW `` FW military FW intelligence FW for FW officers . . '' '' <s> <s> FW Some FW American FW officers FW interpreted FW his FW eagerness FW and FW studiousness FW as FW a FW sign FW of FW loyalty , , CC but PRP they VBD did RB so RBR falsely . . <s> <s> NN He VBD rose TO to

    NN chief IN of FW intelligence FW in FW Panama FW 's FW socalled FW G-2 FW in FW 1970 FW after FW providing FW populist FW dictator FW Torrijos FW the FW critical FW support FW to FW defeat FW a FW coup FW attempt FW against PDT him DT a NN year RBR earlier . . <s> <s> FW He FW became FW Gen. FW Torrijos FW 's FW inseparable FW shadow , , CC and DT the NN holder IN of DT all NNP Panama POS 's NNS secrets . . <s> <s> . Mr. -RRB- Noriega , , IN by FW now FW a FW lieutenant FW colonel FW , FW expanded FW his FW contacts

    TO to VB include DT the SYM Cubans : -RB not TO to VB mention DT the NN Israelis , , DT the FW Taiwanese FW and FW any FW other FW intelligence FW service FW that FW came FW knocking . . <s> <s> NNP When NNP U.S. FW diplomats FW complained FW to FW the FW CIA FW of FW Col. FW Noriega FW 's FW moonlighting FW , FW intelligence FW experts FW always FW insisted FW that FW his FW allegiance FW was FW first TO to DT the NNPS Americans . . <s> <s> . `` '' Early IN on IN in DT the NNP State NNP Department , , PRP we VBD took

    TO to # calling PDT him DT the NN rent-a-colonel , , IN in VBG tribute TO to PRP$ his NN ability TO to FW simultaneously FW milk FW the FW antagonistic FW intelligence FW services FW of FW Cuba CC and DT the NNP United NNPS States , , '' '' UH recalls UH Francis UH J. UH McNeil , , WP who , , IN as FW deputy FW assistant FW secretary FW of FW state FW for FW inter-American FW affairs FW , FW first FW ran FW across FW reports FW about FW Mr. FW Noriega FW in FW 1977 . . <s> <s> FW `` FW Some FW of FW us FW wondered FW how

    FW our FW intelligence FW people MD could VB put RB so JJ much NN stock IN in PRP$ his NN information WRB when PRP he VBD was RB just RB as VB close TO to DT the NN Cubans . . '' '' <s> <s> NN Even IN at DT this JJ early NN stage , , FW drugs FW caused FW additional FW concerns . . <s> <s> IN During DT the JJS Nixon NN administration , , DT the FW Drug FW Enforcement FW Administration FW became FW dismayed IN at DT the NN extent IN of DT the FW G-2 FW 's FW connections FW to FW arrested FW drug FW traffickers . . <s> <s>

    FW One FW DEA FW agent FW drew FW up FW a FW list FW of FW five FW options FW for FW dealing FW with FW Col. FW Noriega , , CD one IN of WDT which VBD was RP assassination . . <s> <s> DT The NN head IN of DT the NN DEA IN at DT the NN time , , NNP John NNP Ingersoll , , WRB scotched DT the NN assassination NN plan . . <s> <s> IN But PRP he VBD did VBN fly TO to VB Panama TO to # scold LS dictator -RRB- Torrijos IN on DT the NN drug NNS ties IN of JJ Panamanian NNS officials , , VBG including

    NNP Mr. NNP Noriega . . <s> <s> FW Mr. FW Ingersoll FW later FW recalled FW that FW Gen. FW Torrijos FW seemed FW afraid TO to VB act IN on DT the NNS concerns IN of DT the NNP U.S. . . <s> <s> . `` '' Everybody VBD was VBN afraid IN of PRP him , , '' '' NNP Mr. NNP Ingersoll VBZ says . . <s> <s> FW Mr. FW Noriega FW became FW an FW even FW greater FW threat FW in FW 1976 FW , FW when FW U.S. FW intelligence FW services FW discovered FW that FW he FW had FW been FW buying FW recordings FW of FW electronically FW monitored

    FW conversations FW from FW three FW sergeants FW working FW for FW the FW U.S. FW Army FW 's FW 470th FW Military FW Intelligence FW Group . . <s> <s> FW The FW tapes FW included FW wiretaps FW of FW Gen. FW Torrijos POS 's JJ own NN phone , , VBG according TO to # American WP$ intelligence NNS officials . . <s> <s> FW `` FW We FW caught FW him FW with FW his FW hands FW on FW our FW cookie FW jar , , '' '' VBZ says FW former FW CIA FW Director FW Stansfield FW Turner . . <s> <s> IN For DT the JJ first NN time , ,

    DT the NNP U.S. FW considered FW cutting FW Mr. FW Noriega FW from FW its FW intelligence SYM payroll : -CC and DT the FW deliberations FW were FW intense , , NNP Mr. NNP Turner VBZ says . . <s> <s> NN `` IN In DT the NN world IN of NN intelligence , , IN if PRP you VBP want TO to VB get NN information , , PRP you VBP get PRP it IN from # seedy LS characters . . <s> <s> . The '' question VBZ is WRB how FW much FW you FW get FW tied FW in FW with FW seedy FW characters FW so FW they FW can FW extort

    FW you . . '' '' <s> <s> JJ Intelligence NNS officials TO to DT this FW day FW worry FW whether FW Mr. FW Noriega FW sold FW sensitive FW information FW on FW the FW recordings TO to DT the NN Cubans CC or NNS others . . <s> <s> . Mr. '' Turner VBD was VBN troubled RB enough TO to VB cancel DT the NNP U.S. NN contract IN with DT the NN rent-a-colonel IN at DT the NN beginning IN of DT the JJS Carter NN administration . . <s> <s> NNP The NNP U.S. FW soon FW found FW new FW cause FW for FW concern FW : FW gun-running . . <s> <s>

    NN Prosecutors IN in FW Southern FW Florida FW indicted FW five FW Panamanians FW on FW charges FW of FW illegally FW running FW arms FW to FW Sandinista FW rebels FW trying TO to VB overthrow DT the JJ Nicaraguan NN government IN of NNP Mr. -RRB- Somoza . . <s> <s> NN They VBD included CD one IN of NNP Mr. NNP Noriega POS 's FW closest FW friends FW and FW business FW partners FW , FW Carlos FW Wittgreen . . <s> <s> IN And DT the FW investigators FW were FW quickly FW closing FW in FW on FW Mr. FW Noriega FW himself . . <s> <s> IN At DT the NN time

    , , RB though , , IN in CD 1979 , , DT the NNP U.S. VBD was FW once FW again FW flirting FW with FW its FW longtime FW Latin FW American FW spy . . <s> <s> . Mr. '' Noriega VBD made NNS plans TO to VB fly TO to VB Washington IN for DT a NN meeting IN with PRP$ his NN counterpart IN at DT the NNP Pentagon . . <s> <s> NNP Dade NNP County CC and JJ federal NNS authorities , , FW learning FW that FW he FW intended FW to FW fly FW through FW Miami FW , FW made FW plans FW to FW arrest FW him FW on

    FW the FW gun-running FW charges FW as FW soon FW as FW he FW hit FW U.S. FW soil . . <s> <s> NN It VBD was DT a NNP Friday IN in NNP June . . <s> <s> . The UH Pentagon PDT foiled DT the NN plan . . <s> <s> NN According TO to JJ military NNS officers IN at DT the NN time , , WDT word VBD was VBN passed TO to NNP Mr. NNP Noriega IN by PRP$ his JJ American NNS hosts IN that DT the NN police MD would VB be RP waiting . . <s> <s> NNP On NNP Monday , , NNP U.S. FW officials FW received FW a

    FW routine FW , FW unclassified FW message FW from FW the FW military FW group FW commander FW in FW Panama . . <s> <s> FW `` FW Due FW to FW health FW reasons FW , FW Lt. FW Col. FW Noriega VBZ has VBN elected TO to VB postpone PRP$ his NN visit TO to NNP Washington , , '' '' PRP it VBD read . . <s> <s> NN Prosecutors IN in FW Miami FW received FW yet FW another FW setback . . <s> <s> FW Their FW original FW indictment FW against FW Mr. FW Wittgreen , , DT the NN friend IN of NNP Mr. NNP Noriega , , CC and DT the

    JJ other CD four VBD was VBN dismissed IN on DT a NN technicality . . <s> <s> VBZ But RB now , , FW along FW with FW reindicting FW Mr. FW Noriega FW 's FW pal FW , FW they FW intended FW to FW charge FW Mr. FW Noriega FW himself , , IN on NNS allegations IN that PRP he VBD was VBN involved IN in DT the JJ illegal NN trading IN of DT some $ $ CD 2 CD million IN in NNS arms . . <s> <s> FW In FW January FW 1980 FW , FW Jerome FW Sanford FW , FW as FW assistant FW U.S. FW attorney , , VBD was

    VBN summoned TO to DT a NN meeting IN with DT a FW Federal FW Bureau FW of FW Investigation FW agent FW assigned FW to FW the FW Bureau FW of FW Alcohol FW , FW Tobacco FW and FW Firearms FW in FW Miami . . <s> <s> . Panamanian UH dictator UH Torrijos , , PRP he VBD was VBN told , , VBD had VBN granted DT the FW shah FW of FW Iran FW asylum FW in FW Panama FW as FW a FW favor FW to FW Washington . . <s> <s> . Mr. '' Sanford VBD was VBN told NNP Mr. NNP Noriega POS 's NN friend , , NNP Mr. NNPS Wittgreen

    , , MD would VB be PDT handling DT the NN shah POS 's NN security . . <s> <s> NN It MD would RB n't VB be DT a JJ good NN idea TO to # indict SYM him : -LS much UH less UH Mr. UH Noriega , , DT the NN prosecutor VBD was VBN told . . <s> <s> . After '' prodding IN from NNP Mr. NNP Sanford , , NNP U.S. FW Attorney FW Jack FW Eskenazi FW pleaded FW with FW Justice FW Department FW officials FW in FW Washington TO to VB let DT the RBS indictment LS proceed . . <s> <s> . `` -RRB- Unfortunately , , '' ''

    NNP Mr. NNPS Eskenazi VBD wrote IN in DT a NN letter , , `` `` FW those FW of FW us FW in FW law FW enforcement FW in FW Miami FW find FW ourselves FW frequently FW attempting TO to VB enforce DT the NNS laws IN of DT the FW United FW States FW but FW simultaneously FW being FW caught FW between FW foreign FW policy FW considerations FW over WDT which PRP we VBP have DT no NN control . . '' '' <s> <s> DT The NN letter , , FW along FW with FW a FW detailed FW prosecution FW memo , , VBD sat IN on DT the NNS desks IN of

    NNP Justice NNS officials IN for NNS months IN before DT the FW case FW died FW a FW quiet FW death . . <s> <s> IN `` PRP I VBP think IN if PRP we VBD had VBN been VBN allowed TO to VB go RB ahead RB then PRP we MD would RB n't VB have DT the NNS problems PRP we VBP have RB now , , '' '' NNP Mr. NNP Sanford VBZ says . . <s> <s> NN `` IN If PRP he VBD had VBN been UH found UH guilty , , PRP we MD could VB have WRB stopped PRP him . . '' '' <s> <s> . In UH August UH 1983

    , , NNP Mr. FW Noriega FW took FW over FW as FW General FW and FW de-facto FW dictator FW of FW Panama , , VBG having RP maneuvered PRP$ his NN way TO to DT the NN top RB only CD two NNS years IN after DT the FW mysterious FW death FW in FW a FW plane FW crash FW of FW his FW old FW boss FW Omar FW Torrijos . . <s> <s> NN Soon , , DT the FW military FW became FW a FW veritable FW mafia FW controlling FW legal FW and FW illegal FW businesses . . <s> <s> FW The FW Reagan FW administration FW also FW put FW Mr.

    FW Noriega FW 's FW G-2 RP back IN on DT the NNP U.S. -RRB- payroll . . <s> <s> NN Payments VBD averaged RB nearly $ $ CD 200,000 DT a NN year IN from DT the NNP U.S. NNP Defense NNP Intelligence NNP Agency CC and DT the NNP CIA . . <s> <s> IN Although VBG working IN for NNP U.S. NNPS intelligence , , NNP Mr. FW Noriega FW was FW hardly FW helping FW the FW U.S. FW exclusively . . <s> <s> IN During DT the FW Reagan FW years FW he FW expanded FW his FW business FW and FW intelligence FW contacts IN with DT the NN Cubans CC and DT the

    NN Sandinistas . . <s> <s> FW He FW allegedly FW entered FW into FW Panama FW 's FW first FW formal FW business FW arrangement FW with FW Colombian FW drug FW bosses , , VBG according TO to # Floyd UH Carlton , , DT a FW pilot FW who FW once FW worked FW for FW Mr. FW Noriega FW and FW who FW testified FW before FW the FW U.S. FW grand FW jury FW in FW Miami FW that FW would FW ultimately FW indict FW the FW Panamanian FW on FW drug FW charges . . <s> <s> NNP But NNP Mr. FW Noriega FW was FW convinced FW the FW Reagan FW White

    FW House FW would FW n't FW act FW against FW him FW , FW recalls FW his FW close FW ally FW Jose FW Blandon , , IN because PRP he VBD had DT an NN insurance NN policy : : PRP$ his NN involvement IN with DT the FW Contra FW rebels FW in FW Nicaragua . . <s> <s> . Mr. '' Blandon VBZ says DT the FW general FW allowed FW the FW Contras FW to FW set FW up FW a FW secret FW training FW center FW in FW Panama . . <s> <s> FW Mr. FW Noriega FW also FW conveyed FW intelligence FW from FW his FW spy FW operation FW inside

    FW the FW Nicaraguan FW capital FW of FW Managua . . <s> <s> NN And IN on IN at JJS least CD one -RRB- occasion , , IN in DT the NN spring IN of CD 1985 , , PRP he FW helped FW arrange FW a FW sabotage FW attack FW on FW a FW Sandinista FW arsenal FW in FW Nicaragua . . <s> <s> NN Although , , PRP$ his NN help IN for DT the FW Contra FW cause FW was FW limited , , PRP it VBD was RB enough TO to FW win FW him FW important FW protectors FW in FW the FW Reagan FW administration FW , FW says FW Sen.

    FW Patrick FW Leahy FW , FW a FW Vermont FW Democrat FW who FW then FW served FW on FW the FW Senate FW Intelligence FW Committee . . <s> <s> FW `` FW Noriega FW played FW U.S. FW intelligence FW agencies CC and DT the NNP U.S. NN government IN like DT a NN violin , , '' '' PRP he VBZ says . . <s> <s> FW An FW incident FW in FW 1984 FW suggested FW one FW additional FW means FW by FW which FW Mr. FW Noriega FW might FW have FW maintained FW such FW influence FW with FW Washington FW -FW by FW compromising FW U.S. FW officials . .

    <s> <s> . Curtin -RRB- Windsor , , RB then DT the FW ambassador FW to FW Costa FW Rica FW , FW recalls FW being FW invited FW to FW Panama FW by FW Mr. FW Noriega FW 's FW brother FW Luis FW Carlos FW for FW a FW weekend FW of FW deep FW sea FW fishing FW and FW `` FW quiet FW , FW serious FW conversation '' '' IN on DT the RBS Aswara LS Peninsula . . <s> <s> FW Mr. FW Windsor FW notified FW Everett FW E. FW Briggs , , DT the NNP U.S. VBD ambassador TO to NNP Panama , , IN of DT the NN invitation . .

    <s> <s> . `` UH Briggs UH screamed , , '' '' NNP Mr. FW Windsor FW recalls . . <s> <s> NN He VBZ says NNP Mr. FW Briggs FW told FW him PRP he VBD was VBG being VBN set RP up IN for DT a `` `` UH honey UH trap , , '' '' IN in WDT which NNP Mr. NNP Noriega MD would VB try TO to VB involve PRP him IN in DT an FW orgy FW and FW then FW record FW the FW event FW `` FW with FW sound FW and FW video . . '' '' <s> <s> . Mr. -RRB- Briggs , , IN on # vacation LS after

    PDT resigning PRP$ his NN position IN at DT the NNP National NNP Security NNP Council , , MD could RB n't VB be VBN reached IN for NN comment . . <s> <s> NNP As NNP Mr. NNP Noriega POS 's UH political UH troubles UH grew , , RB so VBD did PRP$ his NNS offers IN of NN assistance TO to DT the NNPS Contras , , DT an JJ apparent NN attempt TO to VB curry JJR more NN favor IN in NNP Washington . . <s> <s> DT For NN instance , , PRP he MD helped VB steal DT the FW May FW 1984 FW Panamanian FW elections IN for DT the NN ruling

    NN party . . <s> <s> VBZ But RB just CD one NN month RB later , , PRP he RB also VBD contributed $ $ CD 100,000 TO to DT a JJ Contra NN leader , , VBG according TO to FW documents FW released FW for FW Oliver FW North FW 's FW criminal FW trial FW in FW Washington FW , FW D.C . . <s> <s> NN Yet , , FW his FW political FW setbacks FW mounted . . <s> <s> . Mr. '' Noriega VBD was VBN accused IN of FW ordering FW in FW 1985 FW the FW beheading FW of FW Hugo FW Spadafora , , PRP$ his RBS most LS outspoken

    LS political -RRB- opponent CC and DT the JJ first NN man TO to FW publicly FW finger FW Mr. FW Noriega FW on FW drug FW trafficking FW charges . . <s> <s> FW He FW then FW ousted FW President FW Nicholas FW Ardito FW Barletta FW , FW a FW former FW World FW Bank FW official FW with FW close FW ties TO to DT the NNP U.S. , , IN after NNP Mr. NNPS Barletta VBD tried TO to VB create DT a NN commission TO to VB investigate DT the NN murder . . <s> <s> NN And , , PDT all DT the NN while , , NNP Panama POS 's NN debt

    NNS problems VBD continued TO to VB grow . . <s> <s> FW Mr. FW Noriega FW was FW growing FW desperate . . <s> <s> IN In $ late CD 1986 , , PRP he VBD made DT an NN offer PRP he VBD thought DT the NNP U.S. MD could RB n't RBR refuse . . <s> <s> . As '' recounted IN in DT a FW stipulation FW that FW summarized FW government FW documents FW released FW for FW the FW North FW trial FW , FW Mr. FW Noriega FW offered FW to FW assassinate FW the FW Sandinista FW leadership FW in FW exchange FW `` FW for FW a FW promise FW to

    FW help FW clean FW up FW Noriega POS 's NN image CC and DT a NN commitment TO to VB lift DT the -LRB- -LCBNNP U.S. . . -RRB- -RCB: ban IN on JJ military NNS sales TO to DT the FW Panamanian FW Defense FW Forces . . '' '' <s> <s> NNP `` NNP North , , '' '' DT the NN document VBD went RP on , , VBG referring TO to # Oliver UH North , , `` `` FW has FW told FW Noriega FW 's FW representative FW that FW U.S. FW law FW forbade FW such FW actions . . <s> <s> FW The FW representative FW responded FW that

    FW Noriega FW had FW numerous FW assets FW in FW place FW in FW Nicaragua FW and FW could FW accomplish FW many FW essential FW things FW , FW just FW as FW Noriega FW had FW helped -LRB- -LCBDT the NNP U.S. . . -RRB- -RCBDT the JJ previous NN year IN in FW blowing FW up FW a FW Sandinista FW arsenal . . '' '' <s> <s> FW Col. FW North FW conveyed FW the FW request FW to FW his FW superiors FW and FW to FW Assistant FW Secretary FW of FW State FW Elliot FW Abrams , , WP who FW relayed FW it FW to FW Secretary FW of

    FW State FW George FW Shultz . . <s> <s> NNP Mr. NNP Noriega POS 's NN proposal VBD was VBN turned RP down . . <s> <s> NNP And NNP Mr. FW Shultz FW curtly FW told FW Mr. FW Abrams IN that DT the NN general MD should VB be VBN told IN that RB only PRP he MD could VB repair PRP$ his JJ tarnished NN image . . <s> <s> DT The NN end IN of DT the NN marriage VBD was IN at NN hand . . <s> <s> JJ Within NNS weeks DT the FW unfolding FW Iran-Contra FW scandal FW took FW away FW Mr. FW Noriega POS 's NN insurance NN policy

    . . <s> <s> DT The NN death IN of FW CIA FW Director FW William FW Casey FW and FW resignation FW of FW Oliver FW North FW allowed FW anti-Noriega FW political FW forces FW to FW gain FW influence . . <s> <s> FW Public FW protests FW against FW him FW were FW triggered FW in FW June FW 1987 FW due FW to FW charges FW by FW Diaz FW Herrera , , PRP$ his JJ former NN chief IN of NN staff , , WDT that FW Mr. FW Noriega FW had FW stolen FW the FW 1984 FW election FW and FW had FW ordered FW the FW killing FW of FW Messrs.

    FW Spadafora FW and FW Torrijos . . <s> <s> DT Few JJ American NNS officials VBD were UH willing UH any UH longer TO to VB defend PRP him . . <s> <s> NN Lawyers IN in FW Miami FW -FW this FW time FW working FW virtually FW without FW impediment FW -FW prepared FW to FW have FW him FW indicted FW on FW drug FW charges FW in FW February FW 1988 . . <s> <s> JJ During NNS negotiations IN with JJ American NNS officials IN in $ May CD 1988 IN over NNS proposals TO to VB drop DT the NNP U.S. -RRB- indictments IN in NN exchange IN for PRP$ his

    NN resignation , , NNP Mr. FW Noriega FW often FW asked FW almost FW plaintively WRB how DT the NNPS Americans , , WP whom PRP he VBD had VBN helped IN for RB so JJ many NNS years , , MD could VB turn IN against PRP him . . <s> <s> NN Now , , WP$ neither SYM side : -DT the NNP U.S. CC nor NNP Mr. -RRB- Noriega : -VBZ has DT an RBS easy RP out . . <s> <s> NNP President NNP Bush VBZ has VBN sworn TO to VB bring PRP him TO to VB justice . . <s> <s> . Mr. '' Noriega VBZ believes PRP he VBZ has

    RB n't DT any NN alternative CC but TO to VB continue RP clutching TO to NN power . . <s> <s> NN It VBZ is DT a RBS knock-out SYM battle : -RB perhaps TO to DT the NN death . . <s> <s> IN In DT the NN end , , VBZ is NNP Mr. FW Noriega FW the FW political FW equivalent FW of FW Frankenstein FW 's FW monster FW , FW created FW by FW a FW well-intentioned FW but FW misguided FW foreign FW power FW ? <s> <s> . Not -RRB- quite , , WP$ Sen. LS Leahy LS contends . . <s> <s> NN `` IN For JJ short-term NNS gains

    , , NNS people VBD were JJ willing TO to VB put RP up IN with PRP him . . <s> <s> . That '' allowed PRP him TO to VB get JJR stronger CC and JJR stronger , , '' '' PRP he VBZ says . . <s> <s> IN `` PRP I VBP do RB n't FW think FW we FW created FW him FW as FW much FW as FW we FW fed FW him FW , FW nurtured FW him FW and FW let FW him FW grow RP up TO to VB be JJ big CC and JJ strong . . <s> <s> NNP UPJOHN NNP Co. VBD reported IN that JJ third-quarter JJ net

    NN income VBD rose TO to $ $ CD 96 CD million , , CC or CD 52 NNS cents DT a NN share , , IN from $ $ CD 89.6 CD million , , CC or CD 49 NNS cents DT a NN share , , DT a NN year RBR earlier . . <s> <s> NNP Yesterday POS 's FW edition FW provided FW analysts POS ' NNS estimates IN for DT the NN company WRB when JJ actual NNS earnings VBD were JJ available . . <s> <s> DT Industrial NN production VBD declined CD 0.1 NN % IN in NNP September , , WP$ reinforcing JJ other NNS signs IN that DT the FW manufacturing

    FW sector FW continues FW its FW slowing FW trend . . <s> <s> NNP The NNP Federal NNP Reserve NNP Board VBD said NN output IN of DT the NN nation POS 's NNS factories , , '' mines CC and NNS utilities VBN expanded IN at DT an JJ annual NN rate IN of CD 1.3 NN % IN in DT the JJ third NN quarter , , RB substantially JJR slower IN than DT the JJS 3.3 NN % JJ annual NN rate IN in DT the JJ second NN quarter . . <s> <s> NNP `` NNP Capital NN spending CC and NNS exports , , WDT which VBP have VBN been DT the JJS driving

    NN force IN in DT this NN expansion , , VBP are VBG showing JJ clear NNS signs IN of VBG having DT the RBS steam VBN taken RP out IN of PRP them , , '' '' VBD said FW Robert FW Dederick FW , FW economist FW for FW Northern FW Trust FW Co. FW in FW Chicago . . <s> <s> DT The JJ new NNS reports IN of NNP sluggishness , , WDT which VBD were VBN foreshadowed IN by DT an RBR earlier FW Labor FW Department FW report FW that FW manufacturing FW payrolls FW dropped FW by FW 105,000 FW in FW September FW , FW give FW the FW Fed FW another

    FW reason FW to FW further FW ease FW its FW grip FW on FW credit CC and JJR lower NN interest NNS rates . . <s> <s> IN `` PRP They VBP need TO to VB do NN something IN about DT this , , '' '' VBD said FW Maury FW Harris FW , FW economist FW at FW PaineWebber FW Group FW Inc . . <s> <s> FW The FW Fed FW also FW said FW U.S. FW industry FW operated FW at FW 83.6 NN % IN of PRP$ capacity JJ last NN month , , RB down IN from DT 83.8 NN % IN in NNP August . . <s> <s> NN Measures IN of

    NN manufacturing NN activity VBD fell JJR more IN than DT the JJ overall NNS measures . . <s> <s> . Factory '' output VBD dropped CD 0.2 NN % , , PRP$ its JJ first NN decline IN since NNP February , , IN after VBG having VBN been RP unchanged IN in NNP October . . <s> <s> . Factories '' operated IN at DT 83.7 NN % IN of NN capacity , , DT the JJS lowest NN rate IN in JJR more IN than DT a NN year CC and RB down IN from DT 84.1 NN % IN in NNP September . . <s> <s> FW The FW declines FW mainly FW reflected FW widespread

    FW weakness FW in FW durable FW goods , , DT those VBN intended TO to VB last JJR more IN than CD three NNS years . . <s> <s> FW The FW biggest FW drop FW was FW recorded FW by FW primary FW metals FW producers , , DT a NN category WDT that VBZ includes DT the NN steel NN industry . . <s> <s> NN Output IN of NN business NN equipment VBD was VBN unchanged IN in NNP September . . <s> <s> NN Production IN of DT factory NN equipment , , CD one NN indication IN of DT the NN strength IN of NNS manufacturers POS ' NN investment NN spending , ,

    VBD fell CD 0.3 NN % . . <s> <s> FW Some FW economists FW expect FW further FW declines FW in FW investment FW spending . . <s> <s> FW `` FW Whenever FW corporate FW profits FW are FW weak FW that FW means FW capital FW spending VBZ is VBG going TO to # soften UH subsequently , , '' '' NNP Mr. NNP Harris VBD said . . <s> <s> IN `` PRP You VBP have RB n't VBN seen DT the JJ full NN effect IN of WDT that RB yet . . '' '' <s> <s> DT A NN decline IN in FW truck FW production FW more FW than FW offset FW a

    FW sharp FW rise FW in FW auto FW assemblies , , DT the NNP Fed VBD noted . . <s> <s> NNS Analysts VBP do RB n't VB expect DT the FW September FW surge FW in FW auto FW production TO to VB be VBN repeated IN in DT the JJ coming NNS months . . <s> <s> NN Here VBZ is DT a NN summary IN of DT the NNP Federal NNP Reserve NNP Board POS 's NN report IN on JJ industrial NN production IN in NNP September . . <s> <s> JJ The NNS figures VBP are RB seasonally VBN adjusted . . <s> <s> DT 142.3 NN % IN of DT the RBS 1977

    JJ average . . <s> <s> . Robin -RRB- Honiss , , NN president CC and JJ chief NN executive NN officer IN of DT this NN bank VBG holding NN company , , VBD was VBN elected TO to DT the JJ additional NNS posts IN of NN chairman , , NN president CC and JJ chief NN executive IN of DT the NN company POS 's FW New FW England FW Savings FW Bank FW subsidiary . . <s> <s> FW William FW R. FW Attridge FW resigned FW those FW posts , , RB as RB well IN as DT a NN seat IN on NNP NESB POS 's NN board . . <s> <s> NN NESB

    VBZ is RB also DT the NN parent IN of NNS Omnibank . . <s> <s> . Lung-cancer '' mortality NNS rates IN for NNS people IN under CD 45 NNS years IN of EX age VBP have VBN begun TO to VB decline , , WP$ federal LS researchers LS report . . <s> <s> FW The FW drop FW is FW particularly FW large FW for FW white FW males FW , FW although FW black FW males FW and FW white FW and FW black FW women FW also FW show FW lower FW mortality FW rates . . <s> <s> DT A NN report IN in DT this NN week POS 's NN issue IN of

    DT the NNP Journal IN of DT the FW National FW Cancer FW Institute FW also FW projects FW that FW overall FW U.S. FW mortality FW rates FW from FW lung FW cancer , , DT the FW leading FW cause FW of FW cancer FW death , , MD should VB begin TO to VB drop IN in JJ several NNS years IN if FW cigarette FW smoking FW continues FW to FW abate . . <s> <s> DT The NN report , , WDT which VBZ comes CD 25 NNS years IN after DT the NNP U.S. FW Surgeon FW General FW issued FW a FW report FW warning FW against FW the FW dangers FW of

    FW smoking , , VBZ is DT the JJS strongest NN indication TO to VB date IN that DT the NN reduction IN in EX smoking VBZ is VBG leading TO to FW lower FW death FW rates FW from FW lung FW cancer . . <s> <s> , `` WP What DT this VBZ is EX saying VBZ is IN that DT the FW surgeon FW general FW 's FW message VBZ is VBG having DT an NN impact , , '' '' VBD said UH Melvyn UH Tockman , , DT an NN epidemiologist IN at DT the FW Johns FW Hopkins FW School FW of FW Hygiene FW and FW Public FW Health FW in FW Baltimore

    . . <s> <s> FW The FW National FW Cancer FW Institute FW report FW compares FW mortality NNS rates IN of CD two NNS groups IN of NNS people IN between DT the FW ages FW of FW 35 FW and FW 44 FW a FW decade FW apart . . <s> <s> FW The FW death FW rate FW from FW lung FW cancer FW of FW white FW males FW aged FW 35 FW to FW 44 FW in FW the FW mid-1970s FW was FW 13.4 FW per FW 100,000 , , CC but DT the JJS mortality NN rate IN of DT the JJ same NN age NN group IN in DT the FW mid-1980s

    FW was FW 9.6 , , DT a NN decline IN of DT 28.7 NN % . . <s> <s> IN Measured DT the JJ same NN way , , DT the NN decline IN for FW black FW males FW was FW 14.2 NN % . . <s> <s> DT The NN drop IN in PRP$ mortality NNS rates IN for NNS women VBD was RBR less SYM steep : -CD 8.9 NN % IN for NNS blacks CC and CD 5.3 NN % IN for NNS whites . . <s> <s> DT The NN study , , IN by FW Susan FW Devesa FW , FW William FW Blot FW and FW Joseph FW Fraumeni IN of

    DT the NN institute POS 's NN staff , , RB also VBZ shows IN that DT the NN incidence IN of DT lung NN cancer IN as RB well IN as DT the NN death NN rate VBD declined IN over DT the NN decade IN for DT all NNS groups IN in DT the FW 35-44 FW age FW bracket FW , FW except FW black FW men . . <s> <s> . Although UH lung-cancer WP$ mortality NNS rates VBP are VBG increasing IN for DT the NN nation IN as DT a NN whole , , DT the NN report NNS projects IN that NN death NNS rates MD will VB begin TO to VB decline

    IN in DT the NN 1990s IN for NNS men CC and IN after DT the NN year RBR 2000 IN for NNS women . . <s> <s> FW Lung-cancer FW mortality FW rates FW increase FW with FW age CC and VBP are VBG continuing TO to VB rise IN for PDT all FW age FW groups FW over FW 55 FW , FW with FW sharp FW increases FW for FW everybody FW but FW white FW men . . <s> <s> . But UH Dr. UH Fraumeni , , CD one IN of DT the NNS authors IN of DT the NN report , , VBD said `` `` DT the FW declining FW rates FW we

    FW 're FW seeing FW for FW younger FW people FW we FW believe MD may VB be DT a NN harbinger IN of VBG declining RP mortality IN in DT the NN future . . '' '' <s> <s> NN However , , PRP he VBD stressed IN that DT the FW improvement FW depends FW on FW a FW continued FW reduction FW in FW smoking . . <s> <s> FW `` FW Even FW though FW these FW favorable FW trends FW in FW lung-cancer FW mortality FW affect FW all FW sex FW and FW race FW groups , , PRP they MD ca RB n't VB be VBN taken IN for NNP granted , ,

    '' '' DT the NN report VBZ says . . <s> <s> FW `` FW Smoking FW prevention FW programs FW should FW reach FW larger FW segments IN of DT the NN population , , WP$ especially UH children , , '' adolescents CC and NNS minorities . . '' '' <s> <s> DT An NN editorial IN in DT the FW NCI FW Journal VBZ says DT the NN report IN of FW declining FW lung-cancer FW mortality FW `` FW among FW young FW men CC and NNS women IN in DT the NNP U.S. , indicates WDT that PRP we RB finally MD may VB be PDT winning DT the NN battle : -DT this

    RB even IN in DT a NN country WRB where DT the FW tobacco FW industry FW spends FW over $ $ CD 2 CD billion DT a NN year IN for NN promotion IN of DT the FW addictive FW habit FW of FW smoking . . '' '' <s> <s> IN But DT the NN editorial , , IN by # Jan SYM Stjernsward IN of DT the FW World FW Health FW Organization FW , FW notes FW that FW tobacco FW consumption FW and FW lung-cancer FW mortality FW rates FW are FW rising FW in FW developing FW countries . . <s> <s> , `` WDT Non-smoking MD should VB be VBN established IN as

    DT the FW norm FW of FW social FW behavior '' '' IN around DT the NN world , , DT the NN editorial VBZ says , , IN through DT the FW enactment FW of FW laws FW that FW limit FW advertising FW , FW boost FW tobacco FW prices FW and FW promote FW anti-smoking FW education . . <s> <s> NN Asked IN for NN comment , , WP$ Walker UH Merryman , , DT a NN vice NN president IN of DT the RBS Tobacco UH Institute , , VBD said JJ new NNS efforts TO to VB restrict PRP$ tobacco NN advertising IN in DT the NNP U.S. MD could VB violate DT the

    FW First FW Amendment FW protection FW of FW free FW speech . . <s> <s> NN According TO to DT the FW American FW Cancer FW Society , , WDT smoking VBZ is VBN responsible IN for CD 85 NN % IN of DT the FW lung-cancer FW cases FW among FW men FW and FW 75 FW % FW among FW women . . <s> <s> FW The FW NCI FW report FW attributes FW the FW differences FW in FW mortality FW rates FW by FW race FW to FW different FW smoking FW patterns . . <s> <s> FW A FW higher FW proportion FW of FW black FW men FW smoke FW than FW white

    FW men . . <s> <s> FW While FW nearly FW equal FW percentages FW of FW black FW and FW white FW women FW currently FW smoke FW , FW in FW both FW sexes FW more FW whites FW have FW given FW up FW smoking FW than FW blacks . . <s> <s> FW In FW comparing FW changes FW in FW mortality NNS rates IN over DT the JJ past NN decade , , DT the FW NCI FW study FW looked FW only FW at FW blacks FW and FW whites . . <s> <s> NN Asians CC and FW native FW Americans FW were FW n't FW studied FW ; FW Hispanics FW were

    FW included FW with FW whites . . <s> <s> JJ Recent NNS changes IN in FW average FW annual FW age-specific FW lung-cancer FW rates FW per FW 100,000 FW population FW by FW race FW and FW sex . . <s> <s> . White '' Males <s> <s> . White '' Females <s> <s> . Black '' Males <s> <s> . Black '' Females <s> <s> FW Directors FW elected FW R. FW Marvin FW Womack FW , FW currently FW vice FW president\/product FW supply FW , FW purchasing , , TO to VB head DT the NN company POS 's NNP Washington , , NNP D.C. , , NN office . . <s> <s> . As

    UH vice UH president\/national-government UH relations , , NNP Mr. NNPS Womack MD will VB work IN with NNP P&G POS 's JJ top NN management CC and IN with DT the NN company POS 's FW government-relations FW staff FW `` FW to FW represent FW P&G POS 's NNS interests IN at DT the JJ federal NN level , , '' '' VBD said UH John UH G. UH Smale , , NN chairman CC and JJ chief NN executive NN officer . . <s> <s> . Mr. '' Smale VBD said DT the NN appointment `` `` PDT recognizes DT the JJ growing NN influence IN of NN government IN on PRP$ our NN business . .

    '' '' <s> <s> . Mr. -RRB- Womack , , WP$ 53 UH years UH old , , VBZ has VBN been IN with DT the JJ big NN producer IN of NN household NNS products , , NN food CC and NNS pharmaceuticals IN for CD 30 NNS years . . <s> <s> IN Traders VBG trying TO to VB profit IN from DT the JJ recent NN volatility IN in JJ financial NNS markets IN invaded DT the RBS Nasdaq JJ over-the-counter NN market , , VBG prompting RB even JJR more NNS swings IN in NN stock NNS prices . . <s> <s> FW After FW gaining FW strength FW during FW a FW brief FW run-up

    FW when FW trading FW began , , DT the FW Nasdaq FW Composite FW Index FW weakened FW under FW selling FW pressure . . <s> <s> FW The FW forces FW at FW work FW included FW computer-guided FW trading FW , FW as FW well FW as FW profit-driven FW market FW makers FW and FW institutional FW investors WP who VBD had VBN bought NN stock IN on DT the JJ cheap IN during DT the JJ recent NN correction . . <s> <s> IN During DT the JJ last CD two NNS hours IN of NN trading , , DT the FW composite FW almost FW drew FW even FW on FW the FW day

    FW before FW slipping FW again . . <s> <s> FW The FW Nasdaq FW Composite FW closed FW down FW 1.05 , , CC or CD 0.2 NN % , , TO to VB 459.93 . . <s> <s> DT The NN action VBD was VBN confined TO to NNP Nasdaq POS 's JJS biggest CC and RBS most JJ liquid NNS stocks , , NNS traders VBD said . . <s> <s> FW The FW Nasdaq FW 100 FW Index FW began FW the FW day FW at FW 449.89 , , VBD lost CD 2 NN % IN at CD one NN point , , CC and VBD was RP up PRP$ 0.4 NN % IN at

    DT another . . <s> <s> . The '' barometer IN of DT the JJS biggest FW nonfinancial FW stocks FW settled FW at FW 448.49 FW , FW off FW 1.40 . . <s> <s> . Its -RRB- counterpart , , DT the NNP Nasdaq NNP Financial NNP Index , , VBD was VBN weak IN for JJS most IN of DT the NN day , , WP$ sliding UH 2.51 TO to VB 453.57 IN by DT the NN end IN of NN trading . . <s> <s> . The '' volatility VBD was VBN dizzying IN for NNS traders . . <s> <s> IN `` DT The NN market MD must VB have VBN turned RP up

    CC and RB down CD 15 JJ different NNS times , , '' '' FW commented FW Lance FW Zipper FW , FW head FW of FW OTC FW trading FW at FW Kidder FW Peabody . . <s> <s> IN `` DT Every NN time PRP you VBD thought PRP it VBD was VBG going IN into DT a NN rally PRP it VBD gave RP up , , CC and DT every NN time PRP you VBD thought PRP it MD would VB rally PRP it VBD came RP down . . <s> <s> NN This VBZ is DT a JJ tough NN market . . '' '' <s> <s> . Mr. '' Zipper VBD said DT the

    NN market VBZ is RB still VBG settling RP down IN after DT the JJ recent NN correction . . <s> <s> NN Most IN of NN trading NN action RB now VBZ is IN from JJ professional NNS traders WP who VBP are VBG trying TO to VB take RP advantage IN of DT the NN price NNS swings TO to VB turn DT a JJ quick NN profit , , PRP he CC and JJ other NNS traders VBD said . . <s> <s> FW `` FW Everybody FW 's FW confused FW and FW no FW one FW has FW an FW opinion FW that FW lasts FW longer FW than FW 30 FW seconds , ,

    '' '' VBD said NNP Mr. -RRB- Zipper . . <s> <s> IN `` DT A NN lot IN of DT the JJ professional NNS traders VBP are RB just VBG going RP back CC and RB forth . . <s> <s> NNS They VBP 're RB just RB as RBR confused . . '' '' <s> <s> . William -RRB- Rothe , , FW head FW of FW OTC FW trading FW at FW Alex FW . FW Brown FW & FW Sons , , IN in NNP Baltimore , , VBD said NN program NN trading VBZ is VBG keeping DT the NNS markets VBD unsettled . . <s> <s> NN He VBZ believes IN that DT the

    FW volatile FW conditions FW created FW by FW program FW trading FW has FW `` FW thoroughly FW confused '' '' NNS investors IN about WRB where DT the NN market VBZ is VBN headed . . <s> <s> DT Program NN trading VBZ is `` `` PDT benefiting DT a JJ few TO to DT the NN detriment IN of JJ many CC and PRP I VBP wish PRP someone MD would VB do NN something IN about PRP it , , '' '' PRP he VBD complained . . <s> <s> FW Trading FW activity FW cooled FW off FW from FW Monday FW 's FW sizzling FW pace . . <s> <s> . Share UH turnover

    UH subsided TO to $ 161.5 CD million . . <s> <s> NN Advancing CC and VBG declining NNS issues VBD finished RB about RB even . . <s> <s> IN Of DT the FW 4,345 FW stocks FW that FW changed FW hands FW , FW 1,174 FW declined FW and FW 1,040 FW advanced . . <s> <s> DT One JJ big NN technology NN issue , , FW Novell FW , FW rode FW the FW roller FW coaster . . <s> <s> DT The NN stock , , WDT which FW finished FW Monday FW at FW 29 FW 1\/2 FW , FW traded FW as FW high FW as FW 29 FW 3\/4 FW and

    FW as FW low FW as FW 28 FW 3\/4 FW before FW closing FW at FW 29 FW 1\/4 , , RB down CD 1\/4 . . <s> <s> NN It VBD was DT a JJ jarring NN day IN for NNS investors IN in NNP Genetics NNP Institute . . <s> <s> DT The NN stock VBD tumbled CD 2 CD 3\/4 IN on NN news IN that PRP it MD might VB have TO to VB take DT a NN charge IN against NNS earnings IN if PRP it MD ca RB n't FW successfully FW resolve FW a FW dispute FW with FW its FW European FW licensee FW , FW Boehringer FW Mannheim FW ,

    FW over FW its FW anti-anemia FW drug FW , FW EPO . . <s> <s> FW The FW stock FW recovered FW somewhat FW to FW finish FW 1 FW 1\/4 FW lower FW at FW 26 FW 1\/4 . . <s> <s> IN In DT a NN statement , , NNP Genetics NNP Institute VBD said DT the NN dispute IN with PRP$ Boehringer NNS centers IN on NNS questions IN of DT the FW usability FW of FW certain FW batches FW of FW EPO FW material FW valued FW at $ $ CD 13.6 CD million . . <s> <s> IN Earlier DT this NN week , , FW Genetics FW Institute FW reported FW wider

    FW losses FW in FW its FW fiscal FW third FW quarter FW ended FW Aug. FW 31 . . <s> <s> NNP Price NNP Co. VBD jumped CD 2 CD 1\/4 TO to CD 44 IN on CD 1.7 CD million NNS shares . . <s> <s> . The '' wholesaler IN of NN cash CC and FW carry FW merchandise FW reported FW fiscal FW fourthquarter FW earnings WDT that VBD were JJR better IN than NNS analysts VBD had VBN expected . . <s> <s> FW The FW company FW also FW pleased FW analysts FW by FW announcing FW four FW new FW store FW openings FW planned FW for FW fiscal FW 1990 FW ,

    FW ending FW next FW August . . <s> <s> NN That MD will VB bring DT the NN total IN for DT the NN year TO to CD 10 , , IN from CD five IN during $ fiscal CD 1989 . . <s> <s> IN `` DT Every NN year PRP we VBP 've VBN been VBG waiting IN for DT stepped-up NN expansion IN from DT the NN company . . <s> <s> DT The NN news MD could RB n't VBP have VBN been RBR better , , '' '' VBD said FW Linda FW Kristiansen FW , FW a FW Dean FW Witter FW Reynolds FW analyst , , IN in DT an NN interview

    . . <s> <s> NN Intermec , , DT a NN maker IN of # optical UH character-recognition UH devices , , RB also VBD reported RBR higher JJ third-quarter NNS earnings . . <s> <s> JJ Its NNS shares VBD added CD 3\/4 TO to CD 30 CD 3\/4 . . <s> <s> DT But JJ favorable NNS earnings VBD was RB n't DT a NN guarantee IN that DT a NN stock POS 's NN price MD would VB improve NN yesterday . . <s> <s> FW MCI FW Communications FW tumbled FW 2 FW 5\/8 FW to FW 42 FW 3\/8 FW on FW 4.7 FW million FW shares FW even FW though FW the FW telecommunications

    FW giant FW reported FW a FW 63 FW % FW increase FW in FW third-quarter FW profit . . <s> <s> FW CoreStates FW Financial FW slipped FW 3\/8 FW to FW 43 FW 1\/8 FW in FW active FW trading FW after FW reporting FW that FW third-quarter FW earnings FW improved TO to $ $ CD 1.27 DT a NN share IN from $ $ CD 1.15 DT a NN share DT a NN year RBR earlier . . <s> <s> NN However , , DT the NN bank VBG holding NN company POS 's JJ loan-loss NNS reserves VBD rose TO to $ $ CD 177.3 CD million IN from $ $ CD 154 CD million

    DT a NN year RBR earlier . . <s> <s> . A&W '' Brands VBD lost CD 1\/4 TO to CD 27 . . <s> <s> IN But PRP$ its JJ thirdquarter NNS earnings VBD rose TO to CD 26 NNS cents DT a NN share IN from CD 18 NNS cents DT a NN share JJ last NN year . . <s> <s> NNP Capital NNPS Associates VBD dropped CD 1 TO to CD 5 CD 3\/8 . . <s> <s> DT The NN company , , WDT which UH leases UH technology UH equipment , , VBD reported RB substantially RBR lower JJ net NN income IN for PRP$ its JJ fiscal JJ first NN quarter , ,

    WDT which VBD ended $ Aug. CD 31 . . <s> <s> . Robert UH M. UH Jelenic , , CD 39 , , VBD was VBN named NN president CC and JJ chief NN operating NN officer IN of DT this FW closely FW held FW publisher . . <s> <s> . The '' post VBD had VBN been RP vacant IN for JJR more IN than DT a NN year . . <s> <s> . Mr. '' Jelenic VBD had VBN been JJ executive NN vice NN president IN for NNS operations . . <s> <s> DT In NN addition , , WP$ Ralph UH Ingersoll UH II , , CD 43 , , NN chairman CC and

    JJ chief NN executive , , VBD said PRP he MD would VB take IN on JJ additional NNS responsibilities IN as NN editor IN in NN chief IN of DT the NN company . . <s> <s> . John '' Wilpers VBD resigned IN as NN editor IN in NN chief . . <s> <s> . Mr. '' Ingersoll VBZ remains VBN editor IN in NN chief IN of DT the NN company POS 's UH recently UH launched UH daily , , DT the FW St. FW Louis FW Sun . . <s> <s> NN Also , , WP$ Jean UH B. UH Clifton , , CD 28 , , VBD was VBN named JJ executive NN vice

    NN president , , '' treasurer CC and JJ chief JJ financial NN officer . . <s> <s> . Michael '' Applebaum VBD resigned IN after JJR less IN than DT a NN year IN in DT the NNS posts . . <s> <s> . Ms. '' Clifton VBD had VBN been JJ executive JJ financial NN assistant TO to DT the NN chairman . . <s> <s> FW Certainly FW conservative FW environmentalists FW can FW defend FW their FW limited FW government FW position FW by FW differentiating FW between FW Old FW Environmentalism FW and FW New FW Environmentalism -LRB- -LRB`` `` FW Journalists FW and FW Others FW for FW Saving FW the FW Planet

    , , '' '' IN by NNP David NNP Brooks , , WP$ editorial UH page , , WP$ Oct. LS 5 -RRB- -RRB. . <s> <s> FW Old FW Environmentalism FW involved FW microbe FW hunters FW and FW sanitationists . . <s> <s> FW It FW started FW with FW improvements FW in FW hygiene FW made FW possible FW by FW affordable FW soap FW and FW washable FW underwear FW during FW the FW Industrial FW Revolution . . <s> <s> FW Then FW cast-iron FW sewer FW pipe FW and FW the FW flush FW toilet FW were FW followed FW by FW sewage FW FW and FW water-treatment FW plants PDT toward

    DT the NN end IN of DT the JJ 19th NN century . . <s> <s> NN Medicine IN in DT the FW 19th FW century FW was FW dedicated FW mostly FW to FW combating FW sepsis FW and FW diagnostic FW analysis . . <s> <s> IN Then DT the FW 20th FW century FW saw FW the FW evolution FW of FW private-sector FW wonder FW drugs , , WDT which FW promulgated FW medical FW therapy . . <s> <s> FW The FW process FW dramatically FW increased FW our FW average FW life FW expectancy FW , FW eliminated FW much FW pain FW and FW constantly FW improved FW health FW and FW well-being

    . . <s> <s> . Most '' public-health PRP measures VBD were VBN handled IN at DT the JJ local NN level . . <s> <s> FW New FW Environmentalism FW probably FW started FW in FW 1962 FW with FW the FW publication FW of FW Rachel FW Carson FW 's FW book FW `` FW Silent FW Spring . . '' '' <s> <s> . Shortly -RRB- thereafter , , FW hysterical FW articles FW began FW to FW appear FW predicting FW that FW advanced FW industrial FW societies FW would FW produce FW a FW blackened FW , FW uninhabitable FW planet FW possibly IN by DT the NN turn IN of DT the NN century

    . . <s> <s> FW These FW apocalyptic FW predictions FW were FW advanced FW by FW such FW stalwarts FW as FW Paul FW Ehrlich FW , FW Barry FW Commoner FW , FW Rene FW Dubois FW and FW George FW Wald . . <s> <s> NN Writing IN in DT the FW 1960s FW Ms. FW Carson FW suggested FW that FW the FW human FW race MD could VB be VBN eliminated IN in CD 20 NNS years , , CC and NNP Mr. FW Wald FW suggested FW that FW life FW on FW earth FW might FW end FW by FW 1985 . . <s> <s> FW Mr. FW Ehrlich FW predicted FW unprecedented

    FW famine FW by FW 1980 . . <s> <s> NN There VBD were RB many RBR more . . <s> <s> NN Thousands IN of FW chemical FW products FW were FW categorized FW as FW carcinogenic FW , FW with FW recommendations FW that FW they FW be FW banned FW from FW industrial FW use FW because FW they FW produced FW malignant FW tumors FW in FW overdosed FW rats . . <s> <s> NN Unknown IN before PRP 1960 VBD were DT the FW inconclusive FW effects FW of FW acid FW rain FW , FW greenhouse FW warming FW and FW ozone FW depletion FW , FW all FW of FW which FW required

    FW burgeoning FW political FW power FW and FW gargantuan FW expense . . <s> <s> NN Meanwhile , , DT the NNP New FW Environmentalists FW systematically FW opposed FW the FW methods FW of FW the FW Old FW Environmentalists . . <s> <s> FW Local FW pollution FW problems FW require FW cheap FW energy CC and NN capital IN for PRP$ their NN solution . . <s> <s> IN But DT the NNP New FW Environmentalists FW oppose FW private FW wealth FW creation -LRB- -LRBUH which , , PRP they VBP claim , , WP$ depletes LS natural LS resources -RRB- -RRBCC and JJ nuclear NN power -LRB- -LRBRB even IN though

    PRP it MD would VB counteract DT the RBS greenhouse LS effect -RRB- -RRB. . <s> <s> NNS They VBP are IN in DT the FW forefront FW of FW opposing FW the FW search FW for FW new FW landfills FW and FW methods FW of FW incineration FW and FW even FW oppose FW new FW methods FW of FW research FW such FW as FW genetic FW engineering . . <s> <s> . New '' Environmentalism VBZ is DT an FW emotional FW attack FW on FW proven FW methods FW of FW improving FW our FW quality IN of NN life CC and DT a NN bid IN for JJ political NN power . .

    <s> <s> NNP Let POS 's FW rationalize FW our FW priorities FW by FW solving FW pollution FW problems FW at FW the FW local FW level FW as FW heretofore . . <s> <s> FW Harry FW Lee FW Smith FW Alpharetta FW , FW Ga . . <s> <s> FW Your FW story FW missed FW some FW essential NNS points IN of DT the NN conference IN on `` `` FW The FW Global FW Environment FW : FW Are FW We FW Overreacting . ? '' '' <s> <s> NN First CC and NNP foremost , , DT the FW vignettes FW presented FW by FW the FW various FW scientists FW represent FW a

    FW general FW consensus FW among FW specialists FW working FW in FW the FW respective FW aspects IN of DT the JJ global NN environment . . <s> <s> NN Consider , , IN for NN example , , DT the FW greenhouse FW effect FW and FW climate FW change FW ; FW numerous FW blue-ribbon FW scientific FW committees , , VBG including CD one IN from DT the FW National FW Academy FW of FW Science , , WP$ judge EX there VBZ is DT a JJR greater IN than CD 50 NN % NN probability IN of DT a JJ grave NN problem IN in DT the NN offing . . <s> <s> DT The

    NN point VBD was TO to VB answer DT the NN question IN in DT the NN conference NN title , , RB not TO to VB try TO to VB create NN news NNS stories IN for DT the RBS event LS itself . . <s> <s> NN Nor VBD was PRP it VBD intended TO to VB dictate DT a NN set IN of FW prescriptive FW solutions FW , FW although FW various FW points FW were FW raised . . <s> <s> . Each '' speaker VBD was VBN asked TO to VB address DT a JJ specific NN topic , , RB not VB deliver DT a NN point IN of NN view . .

    <s> <s> FW Each FW scientist FW independently FW concluded FW society FW and FW government FW are FW underreacting WRB when PRP it VBZ comes TO to # substantive LS policy LS change . . <s> <s> . This '' leads TO to DT a FW very FW special FW sense FW of FW urgency . . <s> <s> IN If DT the NNS media VBP decide TO to VB work JJR harder IN at PDT educating DT the NN public IN about DT these JJ complex CC and JJ technical NNS issues , , WDT that FW hardly FW can FW be FW termed FW non-objective FW journalism . . <s> <s> DT The NN environment MD can

    RB no RB longer VB be DT a JJ normal NN issue , , TO to VB be VBN dealt IN with IN on DT a FW business-as-usual FW basis FW with FW comfortable FW increments FW of FW change . . <s> <s> NNS We VBP have FW literally FW altered FW the FW chemistry FW and FW physics FW of FW our FW planet FW 's FW atmosphere . . <s> <s> . This UH portends UH consequences UH from WP what PRP we VBP have RB already , done WDT that MD will VB be RB very VBN destabilizing TO to VB social CC and JJ economic NNS systems . . <s> <s> JJ The NNS problems

    IN of DT the FW environment FW are FW so FW interrelated FW , FW so FW inextricably FW entwined IN with PRP$ our JJ current NN way IN of NN life CC and RB so JJ large IN that PRP it VBZ is WRB unlikely PRP we MD will VB be JJ able TO to FW address FW them FW effectively FW unless JJ major NNS changes VBP are VBN made IN in JJR less IN than CD 10 NNS years . . <s> <s> DT The NN consensus IN from DT the JJ scientific NN community VBZ is IN that EX there VBZ is JJ sufficient NN evidence TO to VB advise JJ major NN policy NNS changes

    . . <s> <s> NN No , , PRP we VBP are RB not RBR overreacting . . <s> <s> FW Thomas FW E. FW Lovejoy FW Assistant FW Secretary FW for FW External FW Affairs FW Smithsonian FW Institution <s> <s> NNP Coca-Cola NNP Enterprises NNP Inc. , , FW fulfilling FW its FW dismal FW earnings FW forecast FW for FW 1989 , , VBD said PRP$ its JJ third-quarter JJ net NN income VBD fell CD 68 NN % IN on JJ flat NN revenue . . <s> <s> NN Stung IN by JJR higher FW marketing FW costs FW and FW slowing FW volume FW growth , , DT the FW giant FW Coke FW bottling

    FW operation FW said FW net FW fell TO to $ $ CD 12.7 CD million , , CC or CD six NNS cents DT a NN share , , IN from $ $ CD 39.9 CD million , , CC or CD 26 NNS cents DT a NN share , , DT the NN year RBR earlier . . <s> <s> JJ The NNS results VBD met NNS estimates IN of NNS analysts , , WP who VBD had RB already VBD slashed PRP$ their NNS projections IN after DT the NN company VBD said IN in JJ late NNP August IN that PRP$ its CD 1989 NNS earnings MD could VB tumble IN as JJ much IN as

    CD 37 NN % . . <s> <s> DT A NN company NN spokesman VBD said NN yesterday IN that FW Coca-Cola FW Enterprises FW sticks FW by FW its FW 1989 FW forecast . . <s> <s> DT Third-quarter NN revenue VBD was VBN flat IN at $ $ CD 1.02 CD billion . . <s> <s> DT The JJ year-ago NNS results , , RB however , , VBD included DT the NNS operations IN of DT a JJS bottling NN business , , WDT which VBD was VBN sold JJ last NNP December . . <s> <s> NN Excluding IN that DT bottling NN business , , FW Coca-Cola FW Enterprises FW ' FW volume FW ,

    FW measured FW by FW cases FW of FW soda , , VBD rose RB only CD 1 NN % . . <s> <s> DT The NN volume VBZ is RB well IN below DT the NN industry POS 's CD 4 NN % TO to CD 5 NN % NN growth NN rate IN of JJ recent NNS years , , CC but IN in NN line IN with JJ other NN soft-drink NNS companies IN for DT the JJ third NN quarter . . <s> <s> DT The JJS latest FW third-quarter FW volume FW also FW compares FW with FW a FW very # strong CD 10 NN % NN growth IN in DT the JJ year-ago

    NN quarter . . <s> <s> . Coca-Cola '' Enterprises VBD blamed DT the JJR lower NN volume IN on PRP$ its JJ soft-drink NNS prices , , WDT which VBD were IN about CD 3 NN % JJR higher IN in DT the JJ third NN quarter . . <s> <s> NNS Consumers VBP have VBN been FW accustomed FW to FW buying FW soft-drinks FW at FW discounted NNS prices IN for JJ several NNS years . . <s> <s> . Coca-Cola '' Enterprises VBD said PRP it VBD had TO to VB boost NN spending IN for NN trade CC and UH dealer UH incentives TO to VB try TO to VB keep FW volumes FW from

    FW slipping . . <s> <s> DT The NN company VBD said PRP it VBZ expects FW consumers FW will FW adjust FW to FW higher-priced FW soft FW drinks . . <s> <s> DT A NN spokesman VBD attributed DT the NN bulk IN of DT a CD 14 NN % NN increase IN in NN selling , , '' administrative CC and JJ general NNS expenses : -TO to $ $ CD 324.9 CD million : -TO to VB marketing NNS costs . . <s> <s> IN `` PRP They VBP 're RP out EX there UH promoting UH like UH crazy , , VBG trying TO to VB get NNS prices RB up IN by

    NN promotion , , '' '' VBD said UH Roy UH Burry , , DT an NN analyst IN with NNP Kidder , , NNP Peabody CC & NNP Co . . <s> <s> IN For DT the CD nine NNS months , , FW Coca-Cola FW Enterprises FW ' FW net FW fell FW 31 NN % TO to $ $ CD 65 CD million , , CC or CD 39 NNS cents DT a NN share , , IN from $ $ CD 93.8 CD million , , CC or CD 63 NNS cents DT a NN share . . <s> <s> NN Revenue VBD was VBN flat IN at IN about $ $ CD 2.97 CD billion

    . . <s> <s> . Coca-Cola -RRB- Enterprises , , WDT which VBZ is VBN 49%-owned IN by NNP Coca-Cola NNP Co. , , RB also VBD said PRP it MD repurchased RB about CD 1.2 CD million IN of PRP$ its JJ common NNS shares IN during DT the JJ third NN quarter . . <s> <s> . The '' buy-back VBZ is NN part IN of DT a FW 25-million-share FW repurchase FW plan FW , FW under FW which FW Coca-Cola FW Enterprises FW so FW far VBZ has VBN acquired DT a NN total IN of $ 9.7 CD million NNS shares . . <s> <s> NN Separately , , FW Purchase FW , FW N.Y.-based

    FW PepsiCo NNP Inc. , , RB as VBN expected , , VBD said JJ fiscal JJ third-quarter NN net VBD rose CD 11 NN % TO to $ $ CD 269.3 CD million , , CC or $ $ CD 1.02 DT a NN share , , IN from $ $ CD 241.6 CD million , , CC or CD 91 NNS cents DT a NN share . . <s> <s> NN Sales VBD rose CD 25 NN % TO to $ $ CD 3.90 CD billion IN from $ $ CD 3.13 CD billion . . <s> <s> DT The JJ year-ago NN quarter POS 's NNS results VBP include DT an JJ after-tax NN charge IN of

    $ $ CD 5.9 CD million IN from DT the NN sale IN of DT a NN winery IN in NNP Spain . . <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange , , FW Coca-Cola FW Enterprises FW closed FW at FW $ PDT 16.375 DT a NN share , , RB down CD 62.5 NNS cents . . <s> <s> NN PepsiCo VBD closed IN at $ $ PDT 58.50 DT a NN share , , RB up $ $ CD 1.375 . . <s> <s> NNP L.J. NNP Hooker NNP Corp. VBZ is VBN expected TO to VB reach DT an NN agreement IN in

    PDT principle DT this NN week TO to VB sell FW Merksamer FW Jewelers FW Inc. FW to FW management FW , FW say FW executives FW familiar IN with DT the NNS talks . . <s> <s> . L.J. -RRB- Hooker , , VBN based IN in NNP Atlanta , , VBN filed IN for FW Chapter FW 11 FW bankruptcy FW protection RBR earlier DT this NN year . . <s> <s> NN Currently , , PRP$ its NN parent NN company , , NNP Hooker NNP Corp. IN of NNP Sydney , , NNP Australia , , VBZ is VBG being VBN managed IN by DT a RBS court-appointed LS liquidator . . <s> <s> NN It

    VBZ is VBN expected IN that NNP GE NNP Capital NNP Corp. , , DT a JJ financial-services NN subsidiary IN of NNP General NNP Electric NNP Co. , , MD will VB provide RB much IN of DT the NN funding IN for DT the JJ proposed JJ leveraged NN buy-out IN of NNP Merksamer , , VBN based IN in NNP Sacramento , , NNP Calif . . <s> <s> DT A NN spokesman IN for NNP GE NNP Capital VBD declined TO to VB comment . . <s> <s> . GE '' Capital VBZ has DT a FW working FW relationship FW with FW L.J. FW Hooker . . <s> <s> NN It VBZ is VBG providing

    $ $ CD 50 CD million IN in DT emergency NN financing TO to DT the NN company CC and VBZ has VBN agreed TO to VB buy IN as JJ much IN as $ $ CD 75 CD million IN in FW receivables FW from FW B. FW Altman FW & FW Co. FW and FW Bonwit FW Teller FW , FW L.J. FW Hooker FW 's FW two FW fully FW owned FW department-store FW chains . . <s> <s> NNP Sam NNP Merksamer , , JJ chief NN executive NN officer IN of DT the FW nationwide FW jewelry FW chain FW , FW and FW Sanford FW Sigoloff FW , FW chief FW executive FW of

    FW L.J. FW Hooker NNP Corp. , , CC both VBD declined TO to VB comment . . <s> <s> NN Currently , , NNP Mr. NNP Merksamer VBZ owns CD 20 NN % IN of DT the NN company : ; LS L.J. LS Hooker PDT acquired PRP$ its CD 80 NN % NN interest IN in DT the NN firm IN in $ May CD 1986 . . <s> <s> IN At DT the NN time , , DT the FW Merksamer FW chain FW had FW 11 FW stores FW in FW operation . . <s> <s> NN Today , , EX there VBP are FW 77 FW units FW , FW all FW located FW in

    FW shopping FW malls . . <s> <s> FW In FW recent FW weeks FW Mr. FW Merksamer FW has FW approached FW a FW number FW of FW his FW suppliers FW and FW asked FW them FW to FW provide FW letters FW of FW intent FW saying FW they FW will FW continue FW shipping FW merchandise TO to DT the NN chain VBG following DT the NN buy-out , , VBP say DT those JJ familiar IN with DT the NN situation . . <s> <s> DT This NN year , , DT a NN number IN of FW retail FW leveraged FW buyouts FW have FW failed FW , FW causing FW jitters FW among

    FW suppliers , , CC and NNP Mr. FW Merksamer FW apparently FW wanted FW assurances WDT that PRP he MD wo RB n't VB have NN delivery NNS problems . . <s> <s> IN For DT the NN year VBD ended $ June CD 30 , , CD 1989 , , WP$ Merksamer LS Jewelers VBD had $ $ CD 62 CD million IN of NN revenue CC and VBG operating NN profit IN of $ $ CD 2.5 CD million . . <s> <s> . The '' jewelery PRP chain VBD was VBN put RP up IN for NN sale IN in NNP June . . <s> <s> NN According TO to DT those JJ familiar IN with

    DT the NN situation , , FW other FW bidders FW included FW Ratners FW Group FW PLC FW of FW London FW and FW Kay FW Jewelers FW Inc . . <s> <s> NNP First NNP Boston NNP Corp. VBZ is LS advising LS L.J. -RRB- Hooker IN on DT the NN sale IN of DT the JJS Merksamer NN business . . <s> <s> NN Merksamer VBD was DT the JJ first IN in DT a NN series IN of FW retail FW acquisitions FW made FW by FW L.J. FW Hooker . . <s> <s> DT The NN company VBD was VBN founded IN in FW Sacramento FW in FW 1929 FW by FW two FW brothers

    FW , FW Ralph FW and FW Walter FW Merksamer , , WP who FW operated FW as FW DeVon FW 's FW Jewelers . . <s> <s> . In -RRB- 1979 , , DT the RBS pair PDT split DT the NN company IN in NN half , , IN with NNP Walter CC and PRP$ his NN son , , NNP Sam , , VBG agreeing TO to VB operate IN under DT the FW Merksamer FW Jewelery FW name . . <s> <s> DT The NN sale IN of FW Merksamer FW Jewelers FW is FW subject FW to FW approval FW by FW Judge FW Tina FW Brozman FW of FW U.S. FW Bankruptcy FW Court

    . . <s> <s> NN As RBR earlier UH reported , , WP$ L.J. PDT Hooker DT this NN week VBD received DT a $ $ CD 409 CD million NN bid IN for PRP$ its FW three FW shopping FW malls FW , FW plus FW other FW properties FW from FW a FW consortium FW led FW by FW Honolulu FW real-estate FW investor FW Jay FW Shidler FW and FW A. FW Boyd FW Simpson FW , FW an FW Atlanta FW developer FW and FW former FW L.J. FW Hooker FW senior FW executive . . <s> <s> DT The NN offer , , WDT which VBD did RB n't VB include DT the RBS Merksamer

    UH chain , , VBZ is VBG being RP reviewed IN by NNP Mr. -RRB- Sigoloff . . <s> <s> NNP Robert NNP J. NNP Regal VBD was VBN named NN president CC and JJ chief NN executive NN officer IN of DT this NN company POS 's FW Universal-Rundle FW Corp. FW unit . . <s> <s> . Mr. '' Regal VBD had VBN been NN president CC and JJ chief NN executive IN of FW RBS FW Industries FW Inc . . <s> <s> . Robert UH H. UH Carlson , , JJ previous NN president CC and JJ chief NN executive IN of NNP Universal-Rundle , , MD will VB assume DT the NN title IN of

    NN chairman IN of DT the NN unit , , DT a JJS vitreous-china NN maker . . <s> <s> JJ The NNS days MD may VB be FW numbered FW for FW animated FW shows FW featuring FW Alf , , DT the RBS Karate LS Kid CC and DT the NN Chipmunks . . <s> <s> NN NBC , , DT a NN leader IN in NN morning , , FW prime-time FW and FW late FW night FW programs FW but FW an FW also-ran FW on FW Saturday FW mornings FW , FW when FW children FW rule FW the FW TV FW set , , VBZ is VBN contemplating VBG getting RP out IN of

    DT the JJS cartoon NN business . . <s> <s> NN Instead , , WP$ network NNS officials VBP say , , PRP it MD may `` `` UH counterprogram '' '' IN with NNS shows IN for DT an NN audience WDT that VBZ is RB virtually VBN ignored IN in DT that NN time NN period : : LS adults . . <s> <s> `` `` EX There VBZ is VBN talk IN of DT some NN revamping CC and PRP we VBP 're RB certainly VBG heading IN in DT the NN direction IN of JJR less CC and JJR less UH animation , , '' '' VBD said UH Joseph UH S. UH Cicero , ,

    NN vice NN president IN of NN finance CC and NN administration IN for NNP National NNP Broadcasting NNP Co. , , DT a NN unit IN of NNP General NNP Electric NNP Co . . <s> <s> . Mr. '' Cicero VBD said IN that FW NBC FW Entertainment FW president FW Brandon FW Tartikoff , , WP who VBD declined TO to VB be RP interviewed , , VBZ is `` `` FW looking FW at FW options FW now FW and FW may FW put FW some FW things FW into FW the FW schedule FW by FW mid-season . . '' '' <s> <s> NN He VBD declined TO to VB elaborate . . <s> <s>

    NNP NBC POS 's FW options FW could FW range FW from FW news-oriented FW programming FW to FW sports FW shows , , IN although DT the NN network VBD declined TO to VB comment . . <s> <s> FW One FW major FW NBC FW affiliate FW , FW KCRA FW in FW Sacramento , , VBZ plans TO to VB cancel DT the FW NBC FW Saturday FW morning FW line-up FW as FW of FW January FW and FW replace FW it FW with FW a FW local FW newscast . . <s> <s> DT The JJ one-hour NN program MD will VB be FW repeated FW with FW updates FW throughout FW Saturday FW mornings

    . . <s> <s> IN `` PRP We VBP feel EX there VBZ is DT an NN opportunity IN for DT an NN audience WDT that VBZ is RB not VBG being VBN served IN by DT any NN network , , RB so PRP we VBP want TO to VB take DT the NN lead , , '' '' VBZ says NNP KCRA POS 's JJ general NN manager , , WP$ John LS Kueneke . . <s> <s> IN `` PRP We VBP do RB n't FW need FW cartoons FW anymore . . <s> <s> VBZ They RB only VBN accounted IN for CD 5 NN % , , IN at JJS best , , IN of

    DT the NN station POS 's JJ total NNS revenues . . '' '' <s> <s> . An '' NBC NN spokesman VBZ says DT the NN network MD will `` `` FW closely FW monitor FW '' FW the FW Sacramento FW situation , , CC and VBZ says PRP it VBZ is DT the JJ only NN station TO to VB defect . . <s> <s> NN Spokesmen IN for DT the NN television NNS networks IN of NNP CBS NNP Inc. CC and NNP Capital NNP Cities\/ABC NNP Inc. , , VBP say EX there VBP are DT no NNS plans TO to VB alter DT the FW children FW 's FW line-up FW on FW Saturday

    FW mornings . . <s> <s> FW The FW youthful FW audience FW for FW Saturday FW programming FW is FW no FW longer FW dependent IN on DT the NNS networks . . <s> <s> NN There VBZ has VBN been DT a FW surge FW in FW syndicated FW children FW 's FW shows FW to FW independent FW stations FW , FW as FW well FW as FW competition FW from FW videocassettes FW for FW kids FW and FW from FW cable FW outlets FW such FW as FW Nickelodeon FW and FW the FW Disney FW Channel . . <s> <s> IN At DT the JJ same NN time , , EX there VBZ appears

    TO to VB be DT a NN market IN for FW news-oriented FW programming FW ; FW Turner FW Broadcasting FW System FW Inc. FW 's FW Cable FW News FW Network FW has FW its FW highest FW ratings FW , FW outside FW of FW prime FW time FW , FW on FW Saturday FW mornings . . <s> <s> NN NBC VBZ has IN on FW previous FW occasions FW considered FW replacing FW cartoons FW with FW a FW Saturday FW version IN of `` `` UH Today , , '' '' WDT which VBZ is VBN produced IN by NNP NBC NNP News . . <s> <s> DT The NN network POS 's JJ own

    NN production NN company , , FW NBC FW Productions FW , FW supplies FW a FW half-hour FW family-oriented FW show FW titled FW `` FW Saved FW By FW The FW Bell . . '' '' <s> <s> FW NBC FW Productions FW or FW NBC FW News FW could FW supply FW the FW network FW with FW other FW Saturday FW morning FW shows , , DT a NN move WDT that MD would VB control NNS costs . . <s> <s> JJ Animated NNS shows , , WDT which VBP are VBN made IN by JJ outside NN production NNS companies , , VBD cost DT the NN network IN about $ $ FW 300,000

    FW per FW episode . . <s> <s> FW Rohm FW & FW Haas FW Co. FW said FW third-quarter FW net FW income FW skidded FW 35 NN % TO to $ $ CD 32.6 CD million , , CC or CD 49 NNS cents DT a NN share . . <s> <s> IN In DT the JJ year-earlier NN quarter , , DT the JJS chemicals NN company VBD had JJ net IN of $ $ CD 49.8 CD million , , CC or CD 75 NNS cents DT a NN share . . <s> <s> NN Sales VBD were $ $ CD 623 CD million , , RB up CD 0.5 NN % IN from $ $

    CD 619.8 CD million DT a NN year RB ago . . <s> <s> NN Rohm CC & NNP Haas , , WDT which VBZ plans TO to FW start FW operating FW seven FW new FW production PDT units DT this NN year , , VBD attributed DT the FW profit FW slide FW partly FW to FW higher FW start-up FW expense . . <s> <s> DT The NN company RB also VBD cited DT the JJR stronger NN dollar , , WDT which VBZ cuts DT the NN value IN of JJ overseas NN profit WRB when PRP it VBZ is VBN translated IN into NNS dollars . . <s> <s> DT In NN addition , ,

    DT the NN company VBD said , , PRP it VBD was VBN hurt IN by JJR higher IN than FW previous-year FW costs FW for FW raw FW materials , , IN though DT those NNS costs VBP have VBN declined IN since DT the JJ second NN quarter . . <s> <s> IN Incrementally JJR higher NN production IN of DT those NNS chemicals WDT which VBP remain IN in JJ heavy NN demand RB also VBZ has VBN forced RP up NNS costs , , FW such FW as FW overtime FW pay . . <s> <s> IN For DT the CD nine NNS months , , FW Rohm FW & FW Haas FW net FW totaled

    $ $ CD 155 CD million , , CC or $ $ CD 2.33 DT a NN share , , RB down CD 17 NN % IN from $ $ CD 187.8 CD million , , CC or $ $ CD 2.82 DT a NN share , , DT a NN year RB ago . . <s> <s> NN Sales VBD rose CD 5.2 NN % TO to $ $ CD 2.04 CD billion IN from $ $ CD 1.94 CD billion DT the JJ previous NN year . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading , , FW Rohm FW & FW Haas FW closed FW at $ $

    CD 33 DT a NN share , , RB down $ $ CD 1.75 . . <s> <s> . Michael UH A. UH Gaskin , , WP$ 55 UH years UH old , , VBD was VBN named NN president CC and JJ chief NN executive NN officer IN of DT this NN manufacturer IN of FW industrial FW robots FW , FW succeeding FW Walter FW K. FW Weisel . . <s> <s> . Mr. -RRB- Weisel , , CD 49 , , VBD resigned IN as NN president CC and JJ chief NN executive CC and MD will VB work IN on JJ special NNS projects , , VBD said UH John UH J. UH Wallace , ,

    NN chairman . . <s> <s> FW Mr. FW Gaskin FW formerly FW was FW president FW and FW chief FW executive FW of FW Taylor FW & FW Gaskin NNP Inc. CC and VBD was DT a NN director IN of FW Prab FW Robots FW since FW 1985 . . <s> <s> FW Stephen FW N. FW Wertheimer FW was FW named FW managing FW director FW and FW group FW head FW of FW investment FW banking FW in FW Asia , , VBN based IN in NNP Tokyo . . <s> <s> . Mr. -RRB- Wertheimer , , WP$ 38 UH years UH old , , VBD had VBN been DT a JJ first NN vice

    NN president IN in DT the JJ industrial NN group IN in NN investment NN banking . . <s> <s> . He UH succeeds UH Everett UH Meyers , , WP who VBD resigned IN in NNP May . . <s> <s> NN This VBZ is VBN written TO to VB correct DT a FW misquotation FW in FW your FW Oct. FW 3 FW article FW `` FW Deaths FW From FW Advanced FW Colon FW Cancer FW Can FW Be FW Reduced FW by FW Using FW Two FW Drugs . . '' '' <s> <s> IN In DT this NN article , , PRP I VBD was VBN alleged TO to VB have VBN said , ,

    `` `` FW Any FW patient FW with FW high-risk FW colon FW cancer FW is FW really FW getting FW short FW shrift FW if FW he FW 's FW not FW getting FW this FW therapy . . '' '' <s> <s> NN I VBD did RB n't VB say DT this , , CC and PRP I VBP 'm RB totally VBN opposed TO to DT the RBS philosophy VBN expressed IN by DT the NN quote . . <s> <s> NNS I VBP have RB not VBN offered CC and MD will RB not FW offer FW routine FW therapy FW with FW the FW two FW drugs FW , FW levamisole FW and FW 5-fluorouracil

    FW , FW to FW any FW of FW my FW colon-cancer FW patients . . <s> <s> IN With DT this FW treatment FW we FW have FW reduced FW deaths FW in FW high-risk FW colon FW cancer FW by FW one-third FW -FW but FW this FW leaves FW the FW two-thirds WP who VBP are VBG dying IN of NN cancer . . <s> <s> NN This VBZ is RB not RB nearly JJ good NN enough . . <s> <s> FW I FW believe FW any FW physician FW who FW truly FW cares FW about FW cancer FW patients , , DT both NN today CC and NN tomorrow , , MD should

    VB offer DT the NN hope IN of FW something FW better FW than FW that . . <s> <s> DT My NN statement , , FW read FW verbatim FW from FW a FW printed FW text FW available FW to FW all FW reporters FW attending FW the FW National FW Cancer FW Institute FW news FW conference , , VBD was DT the NN following : : `` `` FW New FW clinical FW trials FW are FW already FW in FW operation FW seeking TO to VB improve DT these NNS results . . <s> <s> DT These NN research MD protocols VB offer TO to DT the FW patient FW not FW only FW the

    FW very FW best FW therapy FW which FW we FW have FW established FW today FW but FW also FW the FW hope FW of FW something FW still FW better . . <s> <s> FW I FW feel FW any FW patient FW with FW high-risk FW cancer FW is FW getting FW short FW shrift FW if PRP he VBZ is RB not VBN offered DT this NN opportunity . . '' '' <s> <s> NNS We VBP have FW very FW exciting FW prospects FW for FW far FW more FW impressive FW advances FW in FW the FW treatment FW of FW colon FW cancer FW during FW the FW years FW immediately FW ahead

    . . <s> <s> DT This NN hope , , RB however , , MD will RB never VB be FW realized FW if FW we FW use FW levamisole FW and FW 5-fluorouracil FW as FW a FW stopping FW point . . <s> <s> FW Charles FW G. FW Moertel FW M.D FW . FW Mayo FW Clinic FW Rochester FW , FW Minn . . <s> <s> DT The NN oil CC and NN auto NNS industries , , '' united IN in PRP$ their NN dislike IN of NNP President NNP Bush POS 's NN proposal IN for FW cars FW that FW run FW on FW alternative FW fuels , , VBD announced DT a

    JJ joint NN research NN program WDT that MD could VB turn RP up DT a RBS cleaner-burning LS gasoline . . <s> <s> NN Officials IN of DT the FW Big FW Three FW auto FW makers FW and FW 14 FW petroleum NNS companies VBD said PRP they VBP are VBG setting RP out TO to VB find DT the RBS most FW cost-effective FW fuel FW for FW reducing FW cities FW ' FW air-pollution FW problems FW , FW with FW no FW bias FW toward FW any FW fuel FW in FW particular . . <s> <s> NN However , , FW their FW search FW notably FW wo FW n't FW include FW natural

    FW gas FW or FW pure FW methanol FW -FW the FW two FW front-running FW alternative SYM fuels : -IN in NNS tests TO to VB be VBN completed IN by JJ next NN summer . . <s> <s> NN Instead , , DT the NNS tests MD will VB focus RB heavily IN on JJ new NNS blends IN of NN gasoline , , WDT which VBP are RB still FW undeveloped FW but FW which FW the FW petroleum FW industry FW has FW been FW touting FW as FW a FW solution FW for FW automobile FW pollution FW that FW is FW choking FW urban FW areas . . <s> <s> IN Environmentalists

    PDT criticized DT the NN program IN as FW merely FW a FW public-relations FW attempt FW to FW head FW off FW a FW White FW House FW proposal FW to FW require FW a FW million FW cars FW a FW year FW that FW run FW on FW cleaner-burning FW fuels FW by FW 1997 . . <s> <s> DT While JJ major NN oil NNS companies VBP have VBN been FW experimenting FW with FW cleaner-burning FW gasoline FW blends FW for FW years FW , FW only FW Atlantic FW Richfield FW Co. FW is FW now FW marketing FW a FW lower-emission FW gasoline FW for FW older FW cars FW currently FW running

    FW on FW leaded FW fuel . . <s> <s> . The -LRB- initial $ $ CD 11 CD million NN research NN program MD will VB conduct DT the RBS most FW extensive FW testing FW to FW date FW of FW reformulated FW gasolines FW , FW said FW Joe FW Colucci FW , FW head FW of FW fuels FW and FW lubricants FW at FW General FW Motors FW Corp. FW research FW laboratories . . <s> <s> NN It MD will FW compare FW 21 FW different FW blends FW of FW gasolines FW with FW three FW mixtures FW of FW up FW to FW 85 FW % FW methanol . . <s> <s>

    DT A JJ second NN phase IN of NN research , , WDT which VBZ is RB still VBG being UH planned , , MD will FW test FW reformulated FW gasolines FW on FW newer FW engine FW technologies FW now FW being FW developed FW for FW use FW in FW 1992 FW or FW 1993 FW cars . . <s> <s> NN There VBD was DT no NN cost NN estimate IN for DT the JJ second NN phase . . <s> <s> IN `` DT The JJ whole NN idea RB here VBZ is DT the NN automobile CC and NN oil NNS companies VBP have JJ joint NNS customers , , '' '' VBD said

    UH Keith UH McHenry , , DT a JJ senior NN vice NN president IN of NN technology IN at NNP Amoco NNP Corp . . <s> <s> NN `` CC And PRP we VBP are VBG looking IN for DT the RBS most UH cost-effective UH way TO to VB clean RP up DT the NN air . . '' '' <s> <s> . But UH David UH Hawkins , , DT an JJ environmental NN lawyer IN with DT the FW Natural FW Resources FW Defense FW Council , , VBD said DT the NN research VBZ appears RB merely TO to VB be DT a NN way TO to # promote LS reformulated LS gasoline . .

    <s> <s> NN Oil CC and FW auto FW companies FW supported FW a FW move FW on FW Capitol FW Hill FW last FW week FW to FW gut FW Mr. FW Bush FW 's FW plans FW to FW require FW auto FW makers FW to FW begin FW selling FW alternative-fueled FW cars FW by FW 1995 . . <s> <s> NN Instead , , DT a FW House FW subcommittee FW adopted FW a FW clean-fuels FW program FW that FW specifically FW mentions FW reformulated FW gasoline FW as FW an FW alternative . . <s> <s> NNP The NNP Bush NN administration VBZ has VBD said PRP it MD will VB try TO to

    VB resurrect PRP$ its NN plan WRB when DT the FW House FW Energy FW and FW Commerce FW Committee FW takes FW up FW a FW comprehensive FW clean-air FW bill . . <s> <s> NNP William NNP Seidman , , NN chairman IN of DT the NNP Federal NNP Deposit NNP Insurance NNP Corp. , , VBD said FW Lincoln FW Savings FW & FW Loan FW Association MD should VB have VBN been RP seized IN by DT the NN government IN in CD 1986 TO to VB contain NNS losses IN that PRP he VBD estimated MD will VB cost NNS taxpayers IN as JJ much IN as $ $ CD 2 CD billion . .

    <s> <s> NNP Mr. NNP Seidman , , WP who VBZ has VBN been DT the NN nation POS 's JJ top NN bank NN regulator , , WRB inherited DT the NNS problems IN of NNP Lincoln , , VBN based IN in NNP Irvine , , NNP Calif. , , IN after PRP$ his JJ regulatory NN role VBD was VBN expanded IN by DT the FW new FW savings-and-loan FW bailout FW law . . <s> <s> NN He VBD made PRP$ his FW comments FW before FW House FW Banking FW Committee FW hearings FW to FW investigate WP what VBZ appears TO to VB be DT the JJS biggest NN thrift NN disaster IN in

    DT a JJS scandal-ridden NN industry . . <s> <s> . The '' inquiry RB also MD will VB cover DT the NNS actions IN of # Charles UH Keating UH Jr. , , WP who VBZ is NN chairman IN of NNP American NNP Continental NNP Corp. , , NNP Lincoln POS 's NN parent , , CC and WP who FW contributed FW heavily FW to FW several FW U.S. FW senators . . <s> <s> . Mr. '' Seidman VBD told DT the NN committee IN that DT the NNP Resolution NNP Trust NNP Corp. , , DT the NN agency VBN created TO to VB sell FW sick FW thrifts FW , FW has FW studied

    FW Lincoln FW 's FW examination FW reports FW by FW former FW regulators FW dating FW back TO to CD 1986 . . <s> <s> . `` UH My UH staff UH indicated WDT that VBD had PRP we VBD made JJ such NNS findings IN in CD one IN of PRP$ our JJ own NNS institutions , , PRP we MD would VB have FW sought FW an FW immediate FW cease-and-desist FW order TO to VB stop DT the JJ hazardous NNS operations , , '' '' NNP Mr. NNP Seidman VBD said . . <s> <s> . When '' Lincoln VBD was VBN seized IN by DT the NN government , , IN for NN example

    , , CD 15 NN % IN of PRP$ its NNS loans , , CC or $ $ CD 250 CD million , , VBD were TO to # borrowers WP who VBD were VBG buying JJ real NN estate IN from CD one IN of NNP American NNP Continental POS 's CD 50 JJ other NNS subsidiaries , , VBG according TO to NNP Mr. NNP Seidman . . <s> <s> IN But DT the NN government VBD did RB n't VB step IN in $ until CD six NNS months RB ago , , WRB when FW thrift FW officials FW put FW Lincoln FW into FW conservatorship FW -FW the FW day FW after FW American

    FW Continental FW filed FW for FW Chapter FW 11 FW bankruptcy FW protection FW from FW creditors . . <s> <s> . The UH bankruptcy UH filing , , DT the NN government VBZ has VBN charged IN in DT a $ $ CD 1.1 CD billion JJ civil NN lawsuit , , VBD was NN part IN of DT a NN pattern TO to # shift UH insured UH deposits TO to DT the NN parent NN company , , WDT which VBD used DT the NNS deposits IN as DT a FW cache FW for FW real-estate FW deals . . <s> <s> . The '' deposits WDT that VBP have VBN been VBN transferred TO to

    JJ other NNS subsidiaries VBP are RB now IN under DT the NN jurisdiction IN of DT the NN bankruptcy NN court . . <s> <s> IN `` PRP I VBP think PRP it VBZ 's FW fairly FW clear FW -LCBFW Mr. FW Keating FW -RCBFW knew , , '' '' IN that NNS regulators VBD were VBN set TO to # seize UH Lincoln , , NNP Mr. NNP Seidman VBD said . . <s> <s> DT Further NN investigation , , PRP he VBD said , , MD may VB result IN in JJ further NNS actions IN against NNP Lincoln POS 's NNS executives , , VBD said NNP Mr. NNP Seidman , ,

    `` `` FW including FW fraud FW actions . . '' '' <s> <s> . Mr. -RRB- Keating , , IN for PRP$ his NN part , , VBZ has FW filed FW suit FW alleging FW that FW regulators FW unlawfully PDT seized DT the NN thrift . . <s> <s> . Leonard -RRB- Bickwit , , DT an NN attorney IN in NNP Washington IN for NNP Mr. NNP Keating , , VBD declined TO to VB comment IN on DT the NNS hearings , , VBG except TO to VB say , , `` `` PRP We MD will VB be FW responding FW comprehensively FW in FW several FW forums TO to VB each IN of

    DT these NNS allegations IN at DT the JJ appropriate NN time . . '' '' <s> <s> NNP Lincoln POS 's NN treatment IN by JJ former NN thrift NNS regulators , , IN in DT an NN agency RBR disbanded IN by DT the JJ new NN law , , VBZ has FW proved FW embarrassing FW for FW five FW senators FW who FW received FW thousands FW of FW dollars FW in FW campaign FW contributions FW from FW Mr. FW Keating . . <s> <s> . Mr. '' Seidman VBD said NN yesterday , , IN for NN example , , WDT that UH Sen. UH Dennis UH DeConcini -LRB- -LRBNNP D. , ,

    WP$ Ariz. -RRB- -RRB, , WP who VBD received $ $ FW 48,100 FW in FW contributions FW from FW Mr. FW Keating FW , FW phoned FW Mr. FW Seidman TO to VB request IN that PRP he VBP push IN for DT a NN sale IN of NNP Lincoln IN before PRP it MD would VB be RP seized . . <s> <s> IN After DT the FW government FW lawsuit FW was FW filed FW against FW Lincoln FW , FW Sen. FW DeConcini FW returned FW the FW campaign FW contributions . . <s> <s> NNP The NNP senator POS 's NN spokesman VBD said NN yesterday IN that PRP he VBD pushed IN for

    DT the NN sale IN of FW Lincoln FW because FW `` FW hundreds FW of FW Arizona FW jobs FW -LCBFW at FW Lincoln -RRB- -RCBVBD were IN on DT the NN line . . '' '' <s> <s> FW Senate FW Banking FW Committee FW Chairman FW Donald FW Riegle -LRB- -LRBNNP D. , , NNP Mich . . -RRB- -RRBVBZ has RB also FW returned FW contributions FW he FW received FW from FW Mr. FW Keating FW a FW year FW ago . . <s> <s> NNP Sens. NNP John NNP Glenn -LRB- -LRBNNP D. , , NNP Ohio -RRB- -RRB, , WP$ John UH McCain , , -LRB- -LRB-

    NNP R. , , WP$ Ariz. -RRB- -RRBCC and WP$ Alan LS Cranston -LRB- -LRBNNP D. , , NNP Calif. -RRB- -RRBFW also FW received FW substantial FW contributions FW from FW Mr. FW Keating FW and FW sought FW to FW intervene FW on FW behalf FW of FW Lincoln . . <s> <s> FW House FW Banking FW Committee FW Chairman FW Henry FW Gonzalez -LRB- -LRBNNP D. , , NNP Texas -RRB- -RRBFW said FW Sen. FW Cranston FW volunteered TO to VB appear IN before DT the NNP House NN committee , , IN if JJ necessary . . <s> <s> IN But DT a NN committee NN staff NN member

    VBD said DT the NN panel VBZ is VBN unlikely TO to VB pursue PDT closely DT the NN role IN of DT the NNS senators . . <s> <s> IN At DT the NN hearing , , NNP Mr. NNP Seidman VBD said DT the FW RTC FW has FW already FW pumped FW $ FW 729 FW million FW into FW Lincoln FW for FW liquidity . . <s> <s> VBZ He RB also VBN held RP out FW little FW hope FW of FW restitution FW for FW purchasers IN of $ $ CD 225 CD million IN in FW American FW Continental FW subordinated FW debt . . <s> <s> NN Some IN of DT those

    NNS debtholders VBP have VBN filed DT a NN suit , , VBG saying PRP they VBD believed PRP they VBD were FW buying FW government-insured FW certificates FW of FW deposit . . <s> <s> IN `` PRP We VBP have DT no NNS plans IN at DT this NN time TO to VB pay RP off DT those NNS notes , , '' '' PRP he VBD said . . <s> <s> . Eastern UH Airlines UH ' UH creditors UH committee , , '' unhappy IN with DT the NN carrier POS 's NNS plans IN for FW emerging FW from FW bankruptcy-law FW proceedings FW , FW asked FW its FW own FW experts FW to

    FW devise FW alternate FW approaches TO to DT a NN reorganization . . <s> <s> NN Representatives IN of DT the NN accounting NN firm IN of # Ernst LS & -RRB- Young CC and DT the NNS securities NN firm IN of NNP Goldman , , NNP Sachs CC & NNP Co. , , VBN hired IN by NNS creditors TO to VB consult IN on NNP Eastern POS 's JJ financial NNS plans , , VBD told DT the NN committee IN in DT a JJ private NN meeting NN yesterday IN that NNP Eastern POS 's JJS latest NN plan TO to FW emerge FW from FW bankruptcy-law FW protection FW is FW far FW riskier

    FW than FW an FW earlier FW one FW which FW won FW the FW creditors FW ' FW approval . . <s> <s> NN According TO to CD one NN person NN present IN at DT the NN meeting , , NNP Eastern POS 's JJ new NN plan VBZ is RB financially `` `` UH overly UH optimistic . . '' '' <s> <s> NN Asked IN about DT the FW consultants FW ' FW reports FW , FW an FW Eastern FW spokeswoman FW said FW `` FW we FW totally FW disagree . . '' '' <s> <s> NN She VBD said PRP they VBP have `` `` FW oversimplified FW and FW made FW some

    FW erroneous FW assumptions FW that FW make FW their FW analysis FW completely FW off-base . . '' '' <s> <s> IN At DT a FW later FW news FW conference FW here FW , FW Frank FW Lorenzo , , NN chairman IN of NNP Eastern POS 's FW parent FW Texas FW Air FW Corp. FW , FW said FW Eastern FW was FW exceeding FW its FW goals FW for FW getting FW back FW into FW operation FW and FW predicted FW it FW would FW emerge FW from FW Chapter FW 11 FW protection FW from FW creditors FW early JJ next NN year , , VBG operating IN with JJR more NN service

    IN than PRP it RB originally VBD had VBN scheduled . . <s> <s> . He -RRB- insisted , , IN as PRP he VBZ has RB before , , WDT that EX creditors MD would VB be VBN paid IN in JJ full IN under DT the NN plan . . <s> <s> FW Mr. FW Lorenzo FW made FW no FW mention FW of FW creditors FW ' FW negative FW response TO to PRP$ his NN plan . . <s> <s> IN `` PRP We VBP 're IN in DT the NN process IN of VBG discussing DT an JJS amended NN plan IN with DT the FW creditors FW and FW anticipate FW filing FW that

    FW amended FW plan FW shortly , , '' '' NNP Mr. FW Lorenzo FW told FW reporters . . <s> <s> FW `` FW We FW 're FW meeting FW and FW surpassing FW our FW goals , , '' '' PRP he VBD added . . <s> <s> NNP In NNP July , , NNP Eastern CC and PRP$ its NNS creditors VBD agreed IN on DT a NN reorganization NN plan WDT that VBD called IN for NNP Eastern TO to VB sell $ $ CD 1.8 CD billion IN in NNS assets CC and TO to FW emerge FW from FW bankruptcy-law FW protection FW at FW two-thirds FW its FW former FW size . .

    <s> <s> NN But IN after VBG selling RP off FW pieces FW such FW as FW its FW East FW Coast FW shuttle FW , FW its FW Philadelphia FW hub FW and FW various FW planes FW , FW Eastern FW hit FW a FW stumbling FW block . . <s> <s> NN It MD could RB n't VB sell PRP$ its UH South UH American UH routes , , CD one IN of DT the JJ major NNS assets VBD marked IN for NN disposal . . <s> <s> . Those -RRB- routes , , VBN valued IN by DT the NNS creditors POS ' NNS professionals IN at IN about $ $ CD 400 CD million

    , , VBD were TO to VB be VBN sold TO to NNP AMR NNP Corp. POS 's NNP American NNPS Airlines . . <s> <s> FW A FW last-minute FW snag FW in FW negotiations FW with FW AMR FW , FW over FW an FW unrelated FW lawsuit FW between FW American FW and FW another FW Texas FW Air FW unit , , VBD caused DT the NN deal TO to VB collapse . . <s> <s> . Eastern '' ultimately VBD decided PRP it MD would VB have TO to VB keep CC and VB operate DT the RBS routes UH itself , , WDT which MD would VB leave PRP it IN with JJR less

    NN cash IN for PRP$ its NN reorganization . . <s> <s> VBZ It RB also MD would VB leave PDT Eastern DT a JJR bigger NN carrier IN than DT the $ scaled-down CD one VBN proposed IN under DT the JJ initial NN plan . . <s> <s> JJ Those NNS changes IN in PRP$ its FW condition FW meant FW the FW reorganization FW plan FW previously FW presented FW to FW creditors MD would VB have TO to VB be RP revamped . . <s> <s> VBZ Since RB then , , WDT Eastern VBZ has VBN been FW negotiating FW with FW creditors FW over FW revisions , , CC but DT the NNS creditors

    WDT committee VBZ has VBN been VBG having NNS problems IN with DT the NN revisions . . <s> <s> . The '' committee VBZ has CD two NNS groups IN of `` experts PRP it VBZ calls RP on TO to VB analyze NNP Eastern POS 's NNS plans . . <s> <s> NN Both VBD said DT the JJ new NN plan MD would RB n't VB work . . <s> <s> NN Ernst CC & NNP Young VBD said NNP Eastern POS 's NNS plans MD will VB miss PRP$ its NNS projections IN of NNS earnings IN before NN interest , , NN tax CC and NN depreciation IN by $ $ CD 100 CD million

    , , CC and IN that NNP Eastern POS 's FW plan FW presented FW no FW comfort FW level , , VBG according TO to DT a NN source NN present IN at NN yesterday POS 's NN session . . <s> <s> NN Experts IN from FW Goldman FW Sachs FW estimated FW Eastern MD would VB miss DT the JJ same NN mark IN by $ $ CD 120 CD million TO to $ $ CD 135 CD million , , DT the NN source VBD said . . <s> <s> . The '' experts VBD said PRP they VBD expected PRP Eastern MD would VB have TO to VB issue JJ new NN debt TO to

    VB cover PRP$ its NNS costs , , CC and IN that PRP it MD would FW generate FW far FW less FW cash FW than FW anticipated . . <s> <s> JJ Other NNS costs RB also MD would VB increase , , VBG including NN maintenance , , FW because FW Eastern FW has FW an FW older FW fleet . . <s> <s> IN At DT the NN news NN conference , , NNP Mr. FW Lorenzo FW and FW Eastern FW President FW Phil FW Bakes FW presented FW a FW far FW rosier FW assessment . . <s> <s> NN Flanked IN by FW flight FW attendants FW , FW pilots FW and FW gate

    FW agents FW dressed FW in FW spiffy FW new FW blue FW uniforms , , PRP they VBD said PRP Eastern VBZ has VBN exceeded PRP$ its JJ operational NNS goals CC and VBZ is VBG filling PRP$ its NNS seats . . <s> <s> DT Starting JJ next NN month , , FW Eastern FW will FW begin FW flying FW 775 FW flights FW daily FW instead FW of FW the FW previously FW announced FW 700 , , PRP they VBD said . . <s> <s> . Mr. '' Bakes VBD declined TO to VB give RP out NNP Eastern POS 's JJ daily NNS losses , , CC but VBD said PRP he VBD did

    RB n't VBP expect PRP Eastern MD would VB have TO to VB dip IN into DT the NN cash IN from FW asset FW sales FW currently FW held FW in FW escrow . . <s> <s> . These UH accounts UH hold UH several # hundred CD million NNS dollars , , RB primarily IN from NN asset NNS sales . . <s> <s> . The UH plan UH Eastern UH hopes TO to VB pursue , , PRP he VBD said , , VBZ calls IN for NNP Eastern TO to VB have $ $ CD 390 CD million IN in NN cash IN by NN year POS 's NN end . . <s> <s> IN Both

    PRP he CC and NNP Mr. NNP Lorenzo VBD predicted DT that NN plan MD might VB be VBN confirmed IN in NNP January . . <s> <s> NN As TO to VB negotiations IN with NNS creditors , , NNP Mr. NNP Lorenzo VBD said IN in NNS remarks IN after DT the NN conference `` `` PRP we MD 'll VB have TO to VB see WRB how PRP they -LRB- -LCBFW talks FW -RCBFW come FW along . . '' '' <s> <s> NN However , , PRP he VBD added , , `` `` PRP it VBZ 's RB not DT a NN requirement IN that DT the NN plan VB be VBN accepted

    IN by NNS creditors . . <s> <s> NN It MD must VB be VBN accepted IN by DT the NN court . . '' '' <s> <s> DT Under NN bankruptcy NN law , , WDT Eastern VBZ has JJ exclusive NNS rights IN for DT a JJ certain NN period TO to VB develop PRP$ its JJ own NN reorganization NN plan . . <s> <s> . That '' deadline VBZ has VBN been VBN extended RB once CC and MD could VB be VBN extended RB again . . <s> <s> NNP If NNP Eastern MD can VB get PRP$ creditor NN support , , NN court NN confirmation IN of PRP$ its NN plan MD could

    VB be UH relatively UH swift . . <s> <s> JJ But NNS creditors VBP are JJ free TO to VB press IN for NN court NN approval IN of PRP$ their JJ own NN plan , , CC or DT the NN court MD could VB ignore DT both NNS sides CC and VB draw PRP$ its JJ own . . <s> <s> IN In DT any NN event , , DT some NNS people VBP familiar IN with DT the NN case NN question IN whether DT the NN court MD will VB act IN by NNP January IN as NN forecast IN by NNP Mr. NNP Lorenzo CC and NNP Mr. -RRB- Bakes . . <s> <s>

    FW Eastern FW sought FW bankruptcy-law FW protection FW a FW few FW days FW after FW a FW crippling FW strike FW began FW March FW 4 . . <s> <s> FW Mr. FW Lorenzo FW told FW reporters FW the FW reorganization FW Eastern FW is FW pursuing FW would FW create FW a FW carrier FW 85 NN % TO to CD 90 NN % IN of DT the NN size IN of DT the RBS pre-bankruptcy LS Eastern . . <s> <s> . He '' projected PRP it MD would VB be FW operating FW about FW 1,000 FW flights FW a FW day FW by FW late FW spring , , RB only RB slightly

    JJR fewer IN than DT the NN carrier POS 's JJ old NN volume IN of PDT 1,050 DT a NN day . . <s> <s> FW HOPES FW OF FW SIMPLIFYING FW the FW corporate FW minimum FW tax FW before FW 1990 FW are FW weakening . . <s> <s> . The '' method IN of PDT calculating DT the CD 20 NN % NN tax , , VBN paid IN if PRP it LS exceeds LS tax PDT figured DT the JJ regular NN way , , VBZ is JJ due IN for DT a NN change IN in CD 1990 , , FW thanks FW to FW 1986 FW 's FW tax FW act . .

    <s> <s> DT But RBS most LS experts -RRB- agree IN that DT the NN concept WDT that VBZ is TO to VB be FW introduced FW drags FW in FW great SYM complexity : ; PRP they VBP have VBN been VBG trying TO to VB head PRP it RP off DT this NN year . . <s> <s> NN Ways CC and FW Means FW Chairman FW Rostenkowski FW backed FW a FW simplification FW plan FW in FW the FW pending FW House FW tax FW bill , , CC but DT the NN plan VBZ turns RP out TO to VB be DT a JJ big NN revenue NN loser . . <s> <s> IN Now

    DT the NNP Senate POS 's FW stripped-down FW bill FW omits FW any FW proposal TO to VB deal IN with DT the JJ corporate NN tax . . <s> <s> NN Proponents IN of DT simplification NN fear IN that DT the NNS chances IN of VBG getting PRP it IN into DT the FW final FW bill FW are FW waning . . <s> <s> IN `` PRP We VBP hear PRP it VBZ has JJ low NN priority IN on DT the NNP House NN side , , '' '' VBZ says FW Samuel FW Starr FW of FW Coopers FW & FW Lybrand FW , FW CPAs . . <s> <s> IN If DT the

    NN law VBZ is RB n't VBN changed , , PRP he VBZ says , , `` `` PRP we VBP are VBN left RP staring IN at NNS rules WDT that VBP are RB almost VBN impossible TO to VB implement , , IN because EX there VBP are RB so FW many FW complex FW depreciation FW calculations TO to VB do . . '' '' <s> <s> NNP But NNP Congress RB still MD could VB resolve DT the NN issue IN with JJ other NN legislation DT this NN year CC or JJ next , , WDT Starr VBZ adds . . <s> <s> FW HUGO FW 'S FW RAVAGES FW may FW be FW offset

    FW by FW immediate FW claims FW for FW tax FW refunds . . <s> <s> FW This FW law FW aids FW hurricane-wracked FW locales FW named FW by FW the FW president FW as FW disaster FW areas FW , FW as FW well FW as FW regions FW so FW designated FW after FW other FW 1989 FW disasters . . <s> <s> FW It FW lets FW victims FW elect FW to FW deduct FW casualty FW losses FW on FW either FW 1989 FW or FW amended FW 1988 FW returns FW , FW whichever FW offers FW the FW larger FW tax SYM benefit : ; PRP they VBP have IN until $ April

    CD 16 TO to VB choose . . <s> <s> IN Amending DT a FW 1988 FW return FW to FW claim FW a FW refund FW brings FW cash SYM faster : ; CC but IN for JJ personal NNS losses , , EX there VBP are JJ other NNS factors TO to VB consider , , FW notes FW publisher FW Prentice FW Hall . . <s> <s> DT A NN loss : -LS after LS insurance SYM recoveries : -VBZ is VBN deductible RB only TO to DT the NN extent IN that PRP it VBZ exceeds $ $ CD 100 CC and IN that DT the NN year POS 's FW total FW losses

    FW exceed FW 10 FW % FW of FW adjusted FW gross FW income FW ; FW victims MD may VB pick DT the NN year WRB when EX income VBZ is JJR lower CC and WP$ deductions JJR higher . . <s> <s> FW In FW filing FW an FW original FW -LRBFW not FW amended FW -RRBFW return FW , FW a FW couple FW should FW consider FW whether FW damaged FW property FW is FW owned FW jointly FW or FW separately FW and FW whether FW one FW spouse FW has FW larger FW income FW ; FW that FW may FW determine FW whether FW they FW should FW file FW jointly

    FW or FW separately . . <s> <s> FW THE FW IRS FW DELAYS FW several FW deadlines FW for FW Hugo POS 's NNS victims . . <s> <s> NN Returns IN for CD 1988 IN from NNS people IN with FW six-month FW filing FW extensions FW were FW due FW Monday , , CC but DT the NNP IRS VBZ says NNS people IN in DT the FW disaster FW areas FW wo FW n't FW be FW penalized FW for FW late FW filing FW if FW their FW returns FW are FW marked FW `` FW Hugo FW '' FW and FW postmarked FW by FW Jan. FW 16 . . <s> <s> NN Interest

    MD will VB be VBN imposed IN on JJ unpaid NNS taxes , , CC but JJR late-payment NNS penalties IN on DT the NNS returns MD will VB be RP waived IN if DT the RBS balance JJ due CC and EX paid VBZ is CD 10 NN % CC or JJR less IN of DT the NN liability . . <s> <s> FW IRS FW Notice FW 89-136 FW describes FW this FW and FW other FW deadline FW relief FW for FW Hugo POS 's NNS victims . . <s> <s> IN Among DT the FW provisions FW : FW Fiscal-year FW taxpayers FW with FW returns FW due FW last FW Monday FW wo FW n't

    FW be FW penalized FW if FW they FW file FW -FW or FW request FW an FW extension FW -FW and FW pay FW tax FW due FW by FW Nov. FW 15 . . <s> <s> FW Excise-tax FW returns FW due FW by FW Oct. FW 31 FW or FW Nov. FW 30 MD may VB be VBN delayed TO to $ Jan. CD 16 . . <s> <s> NN Extensions MD ca RB n't VB be VBN granted IN for FW filing FW employment-tax FW returns FW due FW Oct. FW 31 FW or FW for FW depositing FW withheld FW taxes , , CC but JJ late NNS penalties MD will VB be

    RP abated IN for NNS deposits VBN made IN by $ Nov. CD 15 . . <s> <s> FW The FW notice FW also FW grants FW relief FW for FW certain FW estate-tax FW returns . . <s> <s> . ONE-DAY '' JAUNTS IN in DT a FW chartered FW boat FW were FW perks FW for FW permanent FW staffers FW of FW American FW Business FW Service NNP Corp. , , DT a NNP Costa NNP Mesa , , NNP Calif. , , '' supplier IN of JJ temporary NNS workers . . <s> <s> FW The FW IRS FW denied FW cost FW deductions FW because FW few FW of FW the FW temps FW got

    FW to FW go FW aboard . . <s> <s> IN But DT the NNP Tax NNP Court VBD said DT the FW limitations FW were FW reasonable FW and FW realistic FW and FW allowed FW the FW deductions . . <s> <s> FW USED-CAR FW BUYERS FW who FW try FW to FW avoid FW sales FW tax FW by FW understating FW prices FW paid FW in FW private FW deals VBP are DT the NNS targets IN of DT a NNP New NNP York NN drive . . <s> <s> NN Estimating IN that DT the NN state MD may VB lose $ $ CD 15 CD million DT a NN year , , NNS officials

    VBD announced DT the NN filing IN of CD 15 JJ criminal NNS actions CC and `` `` UH hundreds '' '' IN of JJ civil NNS penalties . . <s> <s> . WHEN UH AN UH IRA UH OWNER UH dies , , DT the NN trustee IN of DT the FW individual FW retirement FW account FW must FW file FW forms FW 5498 FW reporting FW market FW values FW relating FW to FW the FW decedent FW and FW each FW beneficiary , , IN with NNS copies TO to DT the NN executor CC and NNS beneficiaries . . <s> <s> FW IRS FW Revenue FW Procedure FW 89-52 FW describes FW the FW reporting

    FW requirements . . <s> <s> FW BIGGER FW THAN FW A FW BREADBOX FW was FW this FW cash FW hoarder FW 's FW reputation FW for FW honesty . . <s> <s> FW People FW often FW cite FW frugality FW and FW distrust FW of FW banks FW to FW justify FW cash FW caches TO to DT the NNP IRS . . <s> <s> . Gregory UH Damonne UH Brown UH of UH Fremont , , NNP Calif. , , DT a NN hardworking , , WP$ reclusive UH young UH bachelor , , VBD told DT that NN story TO to DT the NNP Tax NNP Court . . <s> <s> FW But FW judges

    FW usually FW find FW the FW real FW aim FW is FW to FW escape FW tax FW on FW hidden SYM income : ; CC and DT the FW IRS FW said FW Brown FW must FW have FW had FW such FW income FW -FW although FW it FW uncovered FW no FW source FW -FW because FW he FW deposited FW $ FW 124,732 FW in FW a FW bank FW account FW in FW 1982-84 FW while FW reporting FW income FW of FW only FW $ FW 52,012 . . <s> <s> NNP Brown POS 's NN story : : <s> <s> FW The FW deposits FW came FW from FW savings

    FW kept FW in FW a FW Tupperware FW breadbox FW ; FW he FW saved FW $ FW 47,000 FW in FW 1974-81 FW by FW living FW with FW family FW members FW and FW pinching FW pennies FW and FW $ FW 45,000 FW of FW secret FW gifts FW from FW his FW remorseful FW father , , WP who VBD had VBN abandoned DT the NN family IN in CD 1955 . . <s> <s> NN Brown VBD had UH no SYM proof : ; CC but NN testimony IN of PRP$ his NN mother CC and JJR stepmother IN about PRP$ his NN father CC and IN of DT an FW ex-employer FW about

    FW his FW honesty FW and FW habits FW satisfied FW a FW judge FW that FW Brown FW was FW truthful FW and FW his FW tale FW of FW gifts FW was FW possible . . <s> <s> FW The FW IRS FW offered FW no FW evidence FW of FW hidden FW sources FW of FW taxable FW income FW , FW so FW Judge FW Shields FW rejected PRP$ its NNS claims . . <s> <s> NN BRIEFS : : <s> <s> , Asked WRB how PRP he VBD made FW charitable FW gifts FW of FW $ FW 26,350 FW out FW of FW reported FW two-year FW income FW of FW $ FW 46,892

    FW , FW Thomas FW H. FW McFall FW of FW Bryan , , NNP Texas , , VBD told DT the FW Tax FW Court FW he FW had FW understated PRP$ his NN income . . <s> <s> FW The FW court FW rejected FW his FW incredible FW claims FW , FW denied FW his FW deductions FW , FW and FW imposed FW a FW negligence FW penalty FW ... . . <s> <s> . Rep. '' Schaefer -LRB- -LRBFW R. FW , FW Colo. FW -RRBFW entered FW a FW bill FW to FW exempt FW from FW tax FW rewards FW for FW tips FW leading TO to DT the NN arrest

    IN of # violent LS criminals . . <s> <s> FW Kay FW Peterson FW mounts FW her FW bicycle FW and FW grinds FW up FW yet FW another FW steep FW , FW rocky FW path FW seemingly FW suitable FW only FW for FW mountain FW goats . . <s> <s> IN After DT a RBS tortuous UH climb , , PRP she VBZ is VBN rewarded IN by DT a FW picture-postcard FW vista FW : FW a FW glade FW of FW golden FW aspens FW under FW an FW azure FW Indian-summer FW sky . . <s> <s> . This '' place VBZ is CD 12 NNS miles IN into DT the FW back

    FW country FW -FW a FW day-long FW trudge FW for FW a FW hiker FW , FW but FW reached FW by FW Ms. FW Peterson FW and FW six FW others FW in FW a FW mere FW two FW hours FW of FW pedaling FW fat-tired FW mountain FW bikes . . <s> <s> . `` -RRB- This , , '' '' VBZ says NNP Ms. NNP Peterson , , `` `` VBZ is WP what PRP it VBZ 's DT all RB about . . '' '' <s> <s> FW Twelve FW hundred FW miles FW away FW , FW rangers FW at FW a FW Napa FW County , , NNP Calif. , ,

    WP$ state EX park VBP are IN among DT the JJ many WP who VBP do RB n't RB quite VB share DT the NN enthusiasm . . <s> <s> DT This NN summer , , WP$ speeding LS bikers VBD were VBN blamed IN for DT an NN accident IN in DT the FW Napa FW County FW park FW , FW in FW which FW a FW horse FW -FW spooked FW on FW a FW trail FW that FW was FW closed FW to FW bikers FW -FW broke FW its FW leg . . <s> <s> . The '' animal VBD had TO to VB be SYM destroyed : ; DT the FW bikers

    FW fled FW and FW were FW never FW found . . <s> <s> FW In FW numerous FW parks FW near FW San FW Francisco FW , FW rangers FW have FW been FW forced FW to FW close FW trails FW , FW set FW up FW speed FW traps FW and FW use FW radar FW guns FW to FW curb FW fast FW and FW reckless FW riding . . <s> <s> NNS They VBP have RB even FW sent FW helicopters FW in FW pursuit FW of FW bikers FW after FW hikers FW and FW equestrians FW complained FW they FW were FW being FW driven FW from FW trails . . <s> <s>

    IN `` PRP We VBD were VBG being UH overrun , , '' '' VBZ says FW Steve FW Fiala FW , FW trails FW coordinator FW of FW the FW East FW Bay FW Regional FW Park FW District . . <s> <s> JJ Two NNS years RB ago , , DT the NN district VBD decided TO to VB limit DT the FW bikes FW to FW fire FW roads FW in FW its FW 65,000 FW hilly FW acres . . <s> <s> NN From IN about $ 200,000 CD six NNS years RB ago , , DT the NN number IN of # mountain SYM bikes IN in DT the NNP U.S. VBZ is VBN expected

    TO to VB grow TO to CD 10 CD million IN in CD 1990 . . <s> <s> DT At JJS least PDT half DT that NN growth MD will VB have VBN come IN in DT the JJ past CD three NNS years RB alone . . <s> <s> . The UH controversy UH kicked RP up IN by DT the NN proliferation IN of DT these FW all-terrain FW bicycles VBZ is CD one IN of DT the RBS most FW divisive FW storms FW to FW blow FW through FW the FW national FW conservation FW movement FW in FW recent FW memory . . <s> <s> NN Bikers : -LS many FW of FW them

    FW ardent FW environmentalists FW -FW proclaim FW their FW sport FW an FW efficient FW , FW safe , , WP$ fitness-promoting NN way TO to VB get RP back TO to NN nature , , IN while PDT asserting DT a NN right , , IN as NNS taxpayers , , TO to FW pedal FW on FW public FW lands . . <s> <s> IN But DT the FW bikes FW ' FW burgeoning FW numbers FW , FW safety FW concerns FW and FW fear FW that FW they FW damage FW fragile FW landscapes FW have FW prompted FW pleas , , IN from DT the NN Sierras TO to DT the RBS Eastern

    UH Seaboard , , TO to VB ban PRP them IN from DT the JJ back NN country . . <s> <s> NN Key TO to DT the NN issue VBZ is IN that DT the NN bikes , , IN in # skillful UH hands , , MD can VB go UH virtually UH anywhere , , CC and IN in FW reckless FW hands FW can FW become FW vehicles FW of FW terror . . <s> <s> FW An FW adept FW bicyclist FW can FW leap FW from FW a FW dead FW stop TO to DT the NN top IN of DT a FW picnic FW table FW without FW losing FW balance . .

    <s> <s> FW Such FW skills FW allow FW riders FW to FW fly FW down FW treacherous FW mountain FW grades FW at FW speeds FW of FW up FW to FW 40 FW miles FW an FW hour FW -FW a FW thrill FW for FW the FW cyclist FW but FW a FW nightmare FW for FW unsuspecting FW hikers FW or FW equestrians . . <s> <s> . For UH harried UH public-land UH managers PDT across DT the NN nation , , DT the NN response VBZ is RB increasingly TO to VB shut DT the NNS gates . . <s> <s> DT The NN state IN of NNP California , , VBG following

    DT the NN lead IN of DT some FW regional FW parks FW , FW recently FW adopted FW regulations FW that FW closed FW nearly FW all FW hiking FW paths FW in FW state FW parks FW to FW mountain FW bicycles . . <s> <s> FW The FW move FW largely FW consigns FW them FW to FW roads FW used FW by FW motorized FW vehicles . . <s> <s> DT Most JJ other NNS states VBP have FW enacted FW similar FW bans . . <s> <s> FW The FW bikes FW are FW unwelcome FW on FW trails FW in FW national FW parks . . <s> <s> IN Even DT the NNP U.S.

    NNP Forest NNP Service , , WP$ whose FW lenient FW `` FW multiple-use FW '' FW philosophy FW permits FW motorized FW vehicles FW on FW thousands FW of FW miles FW of FW its FW trails PDT across DT the NNP U.S. , , VBZ has VBN begun TO to VB close DT some NN lands TO to DT the NN bikes , , VBG including JJ major NNS portions IN of DT the FW popular FW Pacific FW Crest FW Trail , , WDT which VBZ stretches IN from NNP California TO to NNP Canada . . <s> <s> FW Often FW these FW closings FW come FW after FW vigorous FW anti-bike FW lobbying FW by

    FW conservation FW organizations , , DT the FW politically FW potent FW Sierra FW Club FW among FW them . . <s> <s> NN Sierra VBZ has VBN been RP instrumental IN in PDT securing DT a NN number IN of DT the NNP California -RRB- bans . . <s> <s> NN It VBZ has VBN been FW waging FW an FW all-out FW campaign FW to FW beat FW back FW a FW proposal FW , FW pushed FW by FW Utah FW bike FW groups , , TO to VB allow DT the FW cycles FW in FW federally FW designated FW wilderness FW areas , , WRB where PRP they VBP are RB now RBR prohibited

    . . <s> <s> NNP Yet NNP Sierra POS 's FW hard-line FW stance FW has FW created FW something IN of DT a NN rift IN in DT the NN organization , , WDT which VBZ estimates IN that CD 17 NN % IN of PRP$ its FW 500,000 FW members FW own FW mountain FW bikes . . <s> <s> NN Pressure IN from DT these FW members FW prompted FW the FW club FW recently FW to FW soften FW its FW anti-bike FW rhetoric FW ; FW it FW no FW longer , , IN for NN example , , FW lumps FW the FW bikes FW into FW the FW same FW category FW as

    FW motorcycles FW and FW other FW terrain-marring FW off-road FW vehicles . . <s> <s> IN But DT the FW club FW still FW insists FW that FW public FW lands FW ought TO to VB be VBN closed TO to DT the FW bikes FW unless FW studies FW indicate FW the FW bikes FW wo FW n't FW injure FW the FW environment FW or FW other FW users . . <s> <s> IN `` PRP I VBP have DT a FW mountain FW bike FW , FW yet FW as FW a FW hiker FW I FW 've FW been FW run FW off FW the FW road FW by FW kids FW careening FW down

    FW a FW fire FW trail FW on FW them , , '' '' VBZ says UH Gene UH Coan , , DT an NN official IN at NNP Sierra POS 's NN headquarters IN in NNP San NNP Francisco , , WRB echoing DT the NNS concerns IN of JJ many NNS members . . <s> <s> JJ `` NNS People WP who VBP feel IN that PRP cyclists MD should VB be RP banned IN from DT an NN area VBP are RB n't VBG looking IN at DT the JJ whole NN picture , , '' '' FW complains FW Mark FW Langton FW , FW associate FW editor FW of FW Mountain FW and FW City

    FW Biking FW magazine FW in FW Canoga FW Park , , NNP Calif . . <s> <s> . Mr. '' Langton VBZ is IN among DT the FW legions FW of FW bikers FW who FW got FW their FW first FW taste FW of FW wilderness FW as FW hikers FW or FW backpackers . . <s> <s> NN He VBZ says LS fellow LS bikers PDT show DT the JJ same NN concern IN for DT the NN land IN that PRP they FW demonstrated FW as FW hikers FW ; FW many FW are FW appalled FW that FW the FW conservation FW community FW would FW suddenly FW consider FW them FW the FW enemy

    . . <s> <s> TO To VB fight RP back , , FW activists FW such FW as FW Mr. FW Langton FW are FW forming FW groups FW to FW lobby FW land FW managers FW over FW access FW issues FW and FW undertake FW education FW programs TO to VB show IN that DT the FW bikes FW can FW responsibly FW share FW trails . . <s> <s> NNP Mr. NNP Langton POS 's NN group , , FW Concerned FW Off-Road FW Bicyclists FW Association FW , FW mounted FW petition FW drives FW to FW help FW keep FW open FW certain FW Santa FW Monica FW Mountain FW trails FW designated FW for

    FW closing . . <s> <s> JJ Biking NNS groups IN in NNP Montana , , FW Idaho FW , FW Michigan FW and FW Massachusetts FW have FW won FW similar FW concessions FW , FW says FW Tim FW Blumenthal FW , FW mountain FW bike FW editor FW of FW Bicycling FW magazine . . <s> <s> JJ These NNS groups VBP have VBN been VBG trying TO to VB improve DT the FW mountain FW biker FW 's SYM image : ; IN in DT the FW San FW Francisco-area FW park FW district FW where FW a FW ranger FW was FW clobbered FW by FW a FW cyclist FW this FW summer FW bikers

    FW have FW formed FW a FW volunteer FW patrol FW to FW help FW rangers FW enforce FW regulations , , CC and TO to FW school FW riders FW in FW proper FW trail FW etiquette . . <s> <s> FW Even FW staunch FW anti-bike FW Sierra FW members FW concede # that CD 10 NN % IN of PDT all LS riders LS cause RBS most IN of DT the NNS problems . . <s> <s> IN While DT some FW are FW renegade FW riders FW who FW simply FW scorn FW regulations FW , FW much FW bad FW riding FW simply FW reflects FW ignorance WDT that MD can VB be VBN corrected

    IN through `` `` UH education UH and UH peer UH pressure , , '' '' VBZ says UH Jim UH Hasenauer , , DT a NN director IN of DT the FW International FW Mountain FW Biking FW Association . . <s> <s> IN `` PRP I VBP think PRP we VBP 're VBG making NN progress . . '' '' <s> <s> NN Few MD would VB have FW foreseen FW such FW a FW furor FW when FW , FW a FW decade FW ago FW , FW some FW Marin FW County FW bicycle FW enthusiasts FW created FW a FW hybrid FW bike FW using FW fat FW tires FW , FW lightweight FW metallurgy

    FW and FW multi-gear FW technology . . <s> <s> NN They VBD wanted DT a NN machine WDT that MD would VB allow PRP them TO to FW pedal FW into FW rugged FW terrain FW then FW inaccessible FW to FW cycles . . <s> <s> FW They FW got FW a FW machine FW more FW responsive FW , FW more FW stable FW and FW in FW many FW ways FW easier FW to FW ride FW than FW the FW thin-tired FW racing FW bikes WDT that RB then VBD were DT the NN rage . . <s> <s> IN When DT the FW bikes FW first FW entered FW mass FW production FW in

    FW 1981 , , PRP they VBD were VBN dismissed IN as DT a NN fad . . <s> <s> DT Last NN year , , CD 25 NN % IN of DT the CD 10 CD million NNS bicycles VBN sold IN in DT the NNP U.S. VBD were UH mountain UH bikes . . <s> <s> NNP In NNP California , , DT a JJ bellwether NN market , , PRP they VBD accounted IN for JJR more IN than CD 80 NN % IN of PDT all WP$ bike NNS sales . . <s> <s> DT The NN majority IN of DT the RBS bikes RB never RB even VB make PRP it IN into DT the

    JJ high NN country . . <s> <s> FW City FW dwellers FW love FW them FW because FW they FW shift FW smoothly FW in FW traffic FW , FW bounce FW easily FW over FW curbs FW and FW roll FW through FW road FW glass FW with FW far FW fewer FW flat FW tires FW than FW racing FW bikes . . <s> <s> . Crested -RRB- Butte , , WP$ population UH 1,200 , , VBZ is DT a NN bastion IN of DT the NN sport . . <s> <s> CD By CD one NN estimate , , FW everyone FW here FW under FW 50 FW owns FW at FW least FW one

    FW bike . . <s> <s> . The '' town VBZ is RB home TO to DT the FW Mountain FW Bike FW Hall FW of FW Fame FW and FW it FW hosts FW the FW annual FW Fat FW Tire FW Bike FW Week . . <s> <s> DT This NN summer , , DT the RBS jamboree LS attracted JJR more NNS visitors IN than DT the JJS busiest NN week IN of DT the NN town POS 's FW winter FW ski FW season . . <s> <s> . David -RRB- Lindsey , , NN chairman IN of DT the FW Fat FW Tire FW Bike FW celebration , , '' muses IN that DT the

    NN bike POS 's NN popularity MD may VB be DT a NN combination IN of NN technology CC and RBR nostalgia . . <s> <s> IN `` DT The FW mountain FW bike FW feels FW as FW comfortable FW as FW the FW ` FW paperboy FW ' FW bike FW you FW had FW as FW a FW kid , , CC but PRP it MD can VB do RB so RB much RBR more , , '' '' PRP he VBZ says . . <s> <s> IN The VBG following NNS issues VBD were RB recently VBN filed IN with DT the NNPS Securities CC and NNP Exchange NNP Commission : : <s> <s> NNP Canada

    POS 's FW Province FW of FW Nova FW Scotia FW , FW shelf FW offering FW of RP up TO to $ $ CD 550 CD million IN of NNS debentures . . <s> <s> NNP Golar NNP Gas NNP Holding NNP Co. , , DT a NN subsidiary IN of FW Gotaas-Larsen FW Shipping NNP Corp. , , VBG offering IN of $ $ FW 280 FW million FW first FW preferred FW ship FW mortgage FW notes FW , FW via FW Merrill FW Lynch FW Capital FW Markets . . <s> <s> . H.F. '' Ahmanson CC & NNP Co. , , VBG offering IN of CD four CD million NNS shares IN of FW noncumulative

    FW convertible FW preferred FW stock FW , FW Series FW B. FW , FW via FW Goldman , , NNP Sachs CC & NNP Co , , NNP First NNP Boston NNP Corp. , , CC and NNP Merrill NNP Lynch . . <s> <s> NNP Shared NNP Technologies NNP Inc. , , VBG offering IN of CD 2.5 CD million JJ common NNS shares , , FW via FW Smetek FW , FW Van FW Horn FW & FW Cormack FW Inc. FW and FW Oakes FW , FW Fitzwilliams FW & FW Co . . <s> <s> FW Stock-market FW tremors FW again FW shook FW bond FW prices , , IN while DT the NN dollar

    VBD turned IN in DT a JJ mixed NN performance . . <s> <s> DT Early NN yesterday , , FW investors FW scrambled FW to FW buy FW Treasury FW bonds FW for FW safety FW as FW stock FW prices FW plummeted FW and FW fears FW mounted IN of DT a NN replay IN of NNP Friday . . <s> <s> . But UH stocks UH later UH recovered , , WP$ erasing RBS most IN of PRP$ their JJ early NNS declines . . <s> <s> FW That FW cut FW short FW the FW rally FW in FW Treasury FW bonds FW and FW depressed FW prices FW moderately FW below FW late FW Monday

    POS 's NNS levels . . <s> <s> NNP The NNP Dow NNP Jones NNP Industrial NNP Average , , RB down JJR more IN than EX 60.25 VBZ points RB early IN in DT the NN day , , FW finished FW 18.65 FW points FW lower FW at FW 2638.73 . . <s> <s> NNP Long-term NNP Treasury NNS issues VBD declined IN about PDT half DT a NN point , , CC or $ $ CD 5 IN for DT each $ $ CD 1,000 NN face NN amount . . <s> <s> IN `` DT The NN stock NN market WDT clearly VBZ is VBG leading DT the NN bond NNS markets , , '' ''

    VBD said UH Jack UH Conlon , , DT an JJ executive NN vice NN president IN at NNP Nikko NNPS Securities . . <s> <s> JJ `` NNS People VBP are VBG breathing DT a JJ major NN sigh IN of NN relief IN that DT the NN world VBD did RB n't FW end FW Monday FW morning '' '' CC or NN yesterday . . <s> <s> NN Gold , , DT a FW closely FW watched FW barometer FW of FW investor FW anxiety , , VBD was RB little VBN changed . . <s> <s> FW The FW dollar FW initially FW fell FW against FW other FW major FW currencies FW on FW news

    FW that FW the FW U.S. FW trade FW deficit FW surged FW in FW August TO to $ $ CD 10.77 CD billion . . <s> <s> IN But DT the FW dollar FW later FW rebounded FW , FW finishing FW slightly FW higher FW against FW the FW yen FW although FW slightly JJR lower IN against DT the NN mark . . <s> <s> FW Federal FW Reserve FW officials FW sent FW another FW signal FW of FW their FW determination FW to FW shore FW up FW investor FW confidence . . <s> <s> IN In DT an JJ apparent NN attempt TO to VB keep DT a NN lid IN on JJ short-term

    NN interest NNS rates , , DT the FW Fed FW once FW again FW pumped NN money IN into DT the NN banking NN system . . <s> <s> IN But DT the FW Fed FW move FW was FW a FW small FW gesture , , NNS traders VBD said . . <s> <s> FW Fed FW officials FW appear FW reluctant FW to FW ease FW their FW credit FW grip FW any FW further FW because FW a FW bold FW move FW does FW n't FW appear FW necessary , , JJ several NN investment NNS managers VBD said . . <s> <s> FW The FW Fed FW has FW allowed FW a FW key

    FW short-term FW interest FW rate FW to FW decline FW about FW one-quarter FW percentage FW point . . <s> <s> FW The FW federal FW funds FW rate FW on FW overnight FW loans FW between FW banks FW has FW been FW hovering # around CD 8 CD 3\/4 NN % , , RB down IN from CD 9 NN % RB previously . . <s> <s> JJ Although NNS stocks VBP have VBN led NNS bonds DT this NN week , , DT some NNS traders VBP predict DT that NN relationship MD will VB reverse IN during DT the JJ next JJ few NNS weeks . . <s> <s> NNP Nikko POS 's NNP Mr.

    FW Conlon FW fears FW a FW huge FW wave FW of FW Treasury FW borrowing FW early FW next FW month FW will FW drive FW down FW Treasury FW bond FW prices . . <s> <s> NN That , , FW coupled FW with FW poor FW third-quarter FW corporate-earnings FW comparisons , , `` `` MD will VB make RP trouble IN for DT the NN equity NN market IN for DT the JJ next CD two TO to CD three NNS months , , '' '' PRP he VBZ says . . <s> <s> FW But FW several FW other FW traders FW contend FW investors FW have FW overreacted FW to FW junk-bond FW jitters

    , , CC and DT that NN stock NNS prices MD will VB continue TO to VB recover . . <s> <s> FW `` FW They FW shot FW the FW whole FW orchestra FW just FW because FW the FW piano FW player FW hit FW a FW bad FW note , , '' '' VBD said UH Laszlo UH Birinyi , , NN president IN of # Birinyi NNPS Associates NNP Inc. , , VBG referring TO to DT the NN stock NN market POS 's FW plunge FW Friday FW on FW news FW of FW trouble FW in FW financing FW the FW UAL FW Corp . . -RRB- buy-out . . <s> <s> DT In

    JJ major NN market NN activity : : LS Treasury WP$ bond NNS prices VBD fell . . <s> <s> DT The NN yield IN on FW 30-year FW Treasury FW bonds FW climbed FW back # above CD 8 NN % , , VBG ending DT the NN day IN at DT 8.03 NN % . . <s> <s> DT The NN dollar VBD was VBN mixed . . <s> <s> DT Late NN yesterday IN in NNP New NNP York , , DT the NN dollar VBD rose TO to FW 142.75 FW yen FW from FW 141.80 FW yen FW Monday , , CC but VBD fell TO to FW 1.8667 FW marks FW from FW 1.8685

    FW marks . . <s> <s> FW The FW Consumer FW News FW and FW Business FW Channel FW cable FW network FW and FW U.S. FW News FW & FW World FW Report FW have FW formed FW a FW joint FW venture FW to FW produce FW cable FW program FW versions IN of JJ special NNS issues IN of DT the NN magazine . . <s> <s> JJ The NNS programs MD will VB run IN on DT the FW cable FW network FW the FW Sunday FW evening FW immediately FW prior TO to DT the NN release IN of DT the JJ special NN issue IN of NNP U.S. NNP News CC & NNP World

    NNP Report . . <s> <s> NN CNBC VBZ is DT a JJ joint NN venture IN of DT the NNP National NNP Broadcasting NNP Co. , , DT a NN unit IN of NNP General NNP Electric NNP Co. , , CC and FW Cablevision FW System FW Corp . . <s> <s> NN Advertisers MD will VB be VBN offered DT an NN advertising NN package , , WDT which IN for DT a JJ single NN price , , MD will VB include NN time IN on DT the JJS CNBC NN program CC and NN ad NNS pages IN in DT the JJ special NNS guides . . <s> <s> NN CNBC MD will VB produce

    CD six , , WP$ one-hour NNS programs , , VBG beginning IN in $ April CD 1990 . . <s> <s> DT The JJ first NN program VBN scheduled IN in DT the JJ joint NN venture VBZ is `` `` FW The FW 1990 FW Homeowner FW 's FW Guide . . '' '' <s> <s> JJ Other NNS programs CC and JJ special NNS issues MD will VB be VBN based IN on NNS themes IN of NN health , , NNS jobs , , JJ personal NN finance , , DT the JJS best UH colleges , , CC and NNS investments . . <s> <s> JJ The NNS programs MD will VB be FW written

    FW and FW produced FW by FW CNBC FW , FW with FW background FW and FW research FW provided FW by FW staff FW from FW U.S. FW News FW & FW World FW Report . . <s> <s> . Skoal '' Daze <s> <s> FW I FW 've FW learned FW the FW hard FW way FW that FW too FW much FW booze FW Takes FW revenge FW the FW next FW day FW about FW nine FW ; FW No FW wonder FW I FW say , , `` `` PRP I VBP drink TO to PRP$ your NN health '' '' : -PRP It RB certainly VBZ is RB n't TO to # mine

    SYM ! <s> <s> . -UH George UH O. UH Ludcke . . <s> <s> . Spaced '' Out <s> <s> FW Those FW supermarket FW tabloids FW Make FW me FW feel FW slow FW Because FW I FW still VBP have RB n't VBN seen <s> <s> . -UH Bruce UH Kafaroff . . <s> <s> NN Daffynition <s> <s> NN Repression : : LS emote LS control . . <s> <s> . -UH Daisy UH Brown . . <s> <s> NNP Weyerhaeuser NNP Co. VBD reported DT a FW one-time FW gain FW and FW strong FW wood-product FW sales FW that FW offset FW weakness FW in FW pulp FW and FW paper

    FW to FW fuel FW a FW 15 FW % FW jump FW in FW third-quarter FW net FW income TO to $ $ CD 166.8 CD million , , CC or CD 78 NNS cents DT a NN share . . <s> <s> IN In DT the RBS 1988 JJ third NN quarter , , DT the JJ forest-products NN company VBD reported NN profit IN of $ $ CD 144.9 CD million , , CC or CD 69 NNS cents DT a NN share . . <s> <s> NN Sales VBD rose CD 9 NN % TO to $ $ CD 2.57 CD billion IN from $ $ CD 2.36 CD billion . . <s> <s> IN For

    DT the CD nine NNS months , , DT the NN company VBD posted DT a CD 14 NN % NN rise IN in NN profit TO to $ $ CD 469.8 CD million , , CC or $ $ PDT 2.21 DT a NN share , , IN from $ $ CD 410.3 CD million , , CC or $ $ CD 1.95 DT a NN share . . <s> <s> NN Sales VBD rose CD 9 NN % TO to $ $ CD 7.54 CD billion IN from $ $ CD 6.95 CD billion . . <s> <s> NN Results IN for DT the RBS 1989 JJ third NN quarter CC and CD nine NNS months VBP include

    DT a JJ pretax NN loss IN of $ $ CD 33 CD million IN from DT the NN company POS 's NN business NN improvement CC and PRP$ refocusing NN program , , CC and DT a NN gain IN of $ $ CD 49 CD million IN on DT the NN sale IN of DT a NN subsidiary POS 's JJ common NN stock . . <s> <s> JJ Forest-products NNS operations VBN strengthened IN in DT the JJ third NN quarter , , FW while FW paper FW operations FW were FW dogged FW by FW higher FW costs FW , FW soft FW newsprint FW exports CC and DT a JJ strong JJ Japanese NNS yen

    . . <s> <s> FW Some FW competing FW forest-products FW firms FW have FW recently FW reported FW improved FW results FW due FW to FW strong FW pulp FW and FW paper FW business . . <s> <s> NNP Weyerhaeuser POS 's NN pulp CC and NN paper NNS operations VBD were RP up IN for DT the CD nine NNS months , , CC but JJ full-year NN performance VBZ depends IN on DT the NN balance IN of NN operating CC and NN maintenance NNS costs , , CC plus NN pricing IN of JJ certain NNS products , , DT the NN company VBD said . . <s> <s> . Looking '' ahead TO to

    DT the JJ fourth NN quarter , , DT the NN company VBD said FW export FW log FW and FW lumber FW markets FW will FW be FW weak FW , FW while FW panel FW and FW plywood FW markets MD will VB be JJR stronger . . <s> <s> NN Pulp CC and FW paper FW performance FW depends FW on FW cost FW and FW price FW variables , , DT the NN company VBD said . . <s> <s> NNP Bankers NNP Trust NNP New NNP York NNP Corp. VBD became DT the JJS latest JJ major NNP U.S. NN bank TO to VB increase NNS reserves IN for PRP$ its NNS loans TO to

    # less-developed UH countries , , VBG making DT a $ $ CD 1.6 CD billion JJ third-quarter NN addition TO to PRP$ its NN provision . . <s> <s> DT The NN bank RB also VBD said PRP it VBZ expects TO to VB report DT a $ $ CD 1.42 CD billion NN loss IN for DT the JJ third NN quarter CC and DT a NN loss IN for DT the JJ full NN year . . <s> <s> DT The JJ new NNS reserves VBP bring DT the NN company POS 's NN provision IN for NNS loans TO to # Third UH World UH countries TO to $ $ CD 2.6 CD billion , ,

    CC or CD 85 NN % IN of NNP Bankers NNP Trust POS 's NN medium CC and JJ long-term NNS loans TO to DT these NNS countries . . <s> <s> TO `` VB Step RP up TO to DT the NN plate CC and VB take DT the JJ big NN swing . . <s> <s> IN Get DT the NN problem IN behind PRP you CC and VBP do RB n't VB look RP back , , '' '' VBD said FW James FW J. FW McDermott FW , FW analyst FW at FW Keefe FW , FW Bruyette FW & FW Woods , , IN in JJR approving IN of DT the NN move . .

    <s> <s> . Bankers '' Trust `` `` VBZ has VBN had DT the NN capacity TO to VB do DT this IN for DT some NN time , , '' '' DT the NN analyst VBD said . . <s> <s> NN He VBZ expects VBN Citicorp TO to VB take DT a JJ similar NN step DT this NN year . . <s> <s> FW Citicorp FW yesterday FW reported FW a FW 9 FW % FW third-quarter FW earnings FW drop , , WDT which FW analysts FW called FW a FW bit FW disappointing FW , FW while FW Manufacturers FW Hanover FW Corp. FW posted FW a $ $ CD 789 CD million NN loss

    IN for DT the NN quarter IN after VBG adding $ $ CD 950 CD million TO to PRP$ its NN reserve IN for NNS loans TO to # less-developed LS countries . . <s> <s> FW Three FW other FW major FW U.S. FW banks FW posted FW earnings FW increases . . <s> <s> FW Wells FW Fargo FW & FW Co. FW of FW San FW Francisco FW posted FW a FW 17 FW % FW jump . . <s> <s> NNP PNC NNP Financial NNP Corp. , , DT the NN parent IN of NNP Pittsburgh NNP National NNP Bank , , FW reported FW net FW income FW climbed FW 9.8 FW % FW ,

    FW while FW net FW for FW Banc FW One FW Corp. FW of FW Columbus , , NNP Ohio , , WP$ grew WP$ 3.8 NN % . . <s> <s> NN Citicorp <s> <s> NN Analysts VBD were RB only RB slightly VBN disappointed IN by NNP Citicorp POS 's NNS numbers . . <s> <s> `` `` EX There POS 's NN nothing IN in # here WDT that VBZ 's VBN horrible CC and NN nothing TO to VB make PRP you VBP think PRP they VBP 're VBG setting DT the NN world IN on NN fire , , '' '' VBD said FW Carole FW Berger FW , FW analyst FW for FW C.J.

    FW Lawrence FW , FW Morgan FW Grenfell FW Inc . . <s> <s> NN Earnings IN from DT the NN bank POS 's FW global FW consumer FW business FW grew FW 27 NN % . . <s> <s> IN `` DT The NN consumer NN business VBZ continues TO to VB drive DT the NNS earnings -RRB- stream , , '' '' VBD said NNP Mr. FW McDermott FW of FW Keefe FW , FW Bruyette FW & FW Woods . . <s> <s> DT Corporate NN finance CC and NN trading NNS results IN in NN member NNS countries IN of DT the FW Organization FW for FW Economic FW Cooperation FW and FW Development FW were

    FW `` FW relatively FW flat FW , FW sometimes FW choppy , , '' '' DT the NN bank VBD said , , CC and NN profit IN for DT the NN area VBD sank CD 27 NN % . . <s> <s> FW The FW cross-border FW loan FW portfolio FW reflected FW `` FW adjustment FW problems FW and FW episodic FW payment FW patterns , , '' '' DT the NN bank VBD said DT no NN interest NNS payments IN from JJR Argentina IN in DT the CD nine NNS months CC and NN none IN from NNP Brazil IN in DT the JJ third NN quarter , , FW while FW Venezuela FW brought

    FW itself FW `` FW substantially FW current . . '' '' <s> <s> NN Overall , , DT the NN portfolio VBD narrowed PRP$ its JJ quarterly NN loss TO to $ $ CD 70 CD million IN from $ $ CD 80 CD million DT a NN year RBR earlier . . <s> <s> JJ `` NNS People VBD were VBG waiting TO to VB see IN if PRP we MD would VB take DT an JJ additional NN provision '' '' IN for NNP medium-term CC and JJ long-term NNS loans TO to # less-developed UH countries , , DT a JJS Citicorp NN spokesman VBD said . . <s> <s> IN But PRP he VBD reiterated

    DT the NN bank POS 's NN position IN that PRP it VBZ is VBN comfortable IN with DT the JJ current NN level IN of $ $ CD 2.6 CD billion , , VBG covering IN about CD 30 NN % IN of DT the $ $ CD 8.9 CD billion IN of PDT such LS loans LS outstanding . . <s> <s> FW Ronald FW I. FW Mandle FW , FW analyst FW at FW Sanford FW C. FW Bernstein FW & FW Co. FW , FW called FW Citicorp FW 's FW venture-capital NNS gains IN of $ $ CD 93 CD million IN before NNS taxes `` `` JJ strong . . '' '' <s> <s>

    , A `` `` UH concerning '' '' VBZ item DT the NN analyst WDT cited VBD was DT the CD 10 NN % NN jump IN in NNS expenses , , WDT which DT the FW bank FW attributes FW to FW costs FW of FW expanding FW both FW its FW consumer FW credit-card FW operations FW and FW its FW overseas FW branch FW business . . <s> <s> NNP Citicorp POS 's NN spokesman VBD said , , RB however , , IN that DT the NN bank VBZ is FW maintaining FW those FW expenses FW in FW proportion FW to FW revenue FW growth . . <s> <s> . Wells '' Fargo <s> <s>

    . Wells '' Fargo VBD continued TO to $ generate CD one IN of DT the FW highest FW profit FW margins FW among FW major FW banks FW , FW minimizing FW a FW drop FW in FW net FW interest FW margin FW with FW 13 FW % FW third-quarter FW growth FW in FW high-yielding FW business FW loans FW and FW similar FW growth FW in FW mortgages . . <s> <s> FW Its FW margin FW fell FW only FW seven FW basis FW points , , CC or JJR 7\/100ths IN of DT a NN percentage NN point , , IN from DT a NN year RB ago , , VBN compared IN with

    DT a FW 13-point FW drop FW at FW Security FW Pacific FW Corp. FW and FW much FW larger FW declines FW among NNS banks IN in JJ other NNS parts IN of DT the NN country . . <s> <s> IN As DT a NN result , , WP$ Wells LS Fargo POS 's JJ net NN interest NN income VBD rose $ $ CD 36.3 CD million , , CC or CD 7 NN % , , TO to $ $ CD 537 CD million IN for DT the NN quarter . . <s> <s> DT Non-interest NN income VBD fell RB slightly TO to $ $ CD 191.9 CD million IN from $ $ CD 193.3

    CD million , , FW while FW Wells FW Fargo FW continued FW to FW rigorously FW control FW non-interest FW expense , , WDT which VBD was RB almost JJ flat IN at $ $ CD 393.4 CD million . . <s> <s> DT The NN combination IN of FW solid FW loan FW growth FW with FW tight FW expense FW control FW gave FW Wells FW Fargo FW a FW 1.25 FW % FW return FW on FW average NNS assets IN for DT the NN quarter , , IN about CD 40 NN % JJR higher IN than NNP Security NNP Pacific POS 's CC and DT a FW profit FW ratio FW matched FW by

    FW only FW two FW or FW three FW other JJ major NNS banks IN in DT the NNP U.S. . . <s> <s> NNP Wells NNP Fargo POS 's NN return IN on NN equity VBD increased TO to VB 24.4 NN % IN from DT 23.8 NN % . . <s> <s> . Wells '' Fargo VBZ has VBN sold RB all IN of PRP$ its FW non-trade FW loans FW made FW to FW less-developed FW countries , , CC and VBD managed TO to FW partly FW reverse FW the FW sharp FW rise FW in FW domestic FW non-accrual FW loans , , WDT which VBD fell CD 8 NN % IN from DT the

    JJ previous NN quarter TO to $ $ CD 806.8 CD million IN from $ $ CD 880.9 CD million . . <s> <s> IN But DT the NN amount VBD was RB still CD 39 NN % JJR higher IN than DT the JJ year-ago NN level , , CC and CD 25 NN % JJR higher IN as DT a NN percentage IN of JJ total NNS loans . . <s> <s> DT That NN trend , , CC and FW Wells FW Fargo FW 's FW heavy FW exposure FW to FW leveraged FW buy-outs , , VBP are IN about DT the FW only FW worries FW analysts FW have FW about FW Wells FW Fargo

    POS 's JJ financial NN picture . . <s> <s> FW Wells FW Fargo FW is FW rebuilding FW its FW loan-loss FW reserve , , WDT which VBD increased TO to $ $ CD 711 CD million IN at $ Sept. CD 30 IN from $ $ CD 664 CD million DT the JJ previous NN quarter CC but VBD was RP down IN from $ $ CD 852 CD million DT a NN year RB ago , , WRB when DT the NN bank RB still VBD had DT some RBS shaky JJ foreign NNS loans . . <s> <s> . Manufacturers '' Hanover <s> <s> . Manufacturers '' Hanover VBD said IN that VBG excluding DT the

    NN addition TO to PRP$ its NNS reserves , , JJ certain NN tax NNS benefits , , CC and DT a JJ one-time $ $ CD 16 CD million NN gain IN on DT the NN sale IN of DT an NN interest IN in DT a JJ foreign NN leasing NN company , , JJ third-quarter NNS earnings VBD were $ $ CD 75 CD million . . <s> <s> DT The JJ comparable JJ year-earlier NN number VBD was $ $ CD 56 CD million , , DT a NN spokesman VBD said . . <s> <s> DT The NN bank POS 's FW additional FW provisions FW brought FW reserves FW for FW loans FW to

    FW less-developed FW countries TO to $ $ CD 2.4 CD billion , , WP$ covering WP$ 36 NN % IN of PRP$ its FW medium FW and FW long-term FW loans FW outstanding FW to FW these FW nations . . <s> <s> DT The JJ net NN interest NN margin : DT the NN difference IN between DT the NN bank POS 's NN cost IN of NNS funds CC and WP what PRP it VBZ receives IN as NN interest NNS payments : -VBN improved IN in DT the NN quarter , , RB as VBD did JJ certain NNS areas IN of JJ wholesale NN banking . . <s> <s> NN Fees IN from

    FW syndicating FW loans FW dropped FW 48 NN % , , TO to $ $ CD 21 CD million . . <s> <s> IN `` PRP We VBD did RB n't VB take NN part IN in DT a NN lot IN of NNS deals '' '' IN in DT the NN quarter `` `` FW because FW their FW credit FW quality FW was FW poor , , '' '' DT the NN spokesman VBD said . . <s> <s> . Expenses '' unrelated TO to NN interest VBD rose CD 5.4 NN % , , TO to $ $ CD 541 CD million . . <s> <s> NNP PNC NNP Financial <s> <s> FW PNC FW Financial

    FW cited FW higher FW income FW from FW sources FW unrelated TO to NN interest CC and VBD said PRP it VBZ continues TO to VB cut NNS costs . . <s> <s> DT Net NN interest NN income IN in DT the JJ third NN quarter VBD edged RP up PRP$ 1.4 NN % , , TO to $ $ CD 317.7 CD million . . <s> <s> DT Trust NN income VBD grew CD 15 NN % , , TO to $ $ CD 49.9 CD million , , FW while FW service FW charges FW , FW fees FW and FW commissions FW increased FW 22 NN % , , TO to $ $ CD 79.4

    CD million . . <s> <s> DT The NN bank POS 's JJ total NN allowance IN for NN credit NNS losses VBD was $ $ CD 502.1 CD million , , CC or PRP$ 1.82 NN % IN of JJ total NNS loans . . <s> <s> FW Prime FW Minister FW Rajiv FW Gandhi FW set FW a FW date FW next FW month FW for FW general FW elections FW that FW some FW analysts FW say FW could FW cost FW him FW and FW his FW ruling FW Congress FW -LRBFW I FW -RRBFW Party FW control IN of DT the NN government . . <s> <s> JJ Other NNS analysts VBP say

    DT the FW Indian FW leader FW could FW retain FW control FW with FW a FW slim FW majority CC or VB be VBN forced TO to VB rule IN as DT the JJ dominant NN partner IN in DT a NN coalition IN with JJ other NNS parties . . <s> <s> NN Elections IN in DT this JJ large , , FW diverse FW and FW passionate FW nation FW are FW always FW hard FW to FW predict . . <s> <s> . Much '' depends IN on DT the NN opposition , , DT a JJ loose NN group IN of FW regional FW and FW ideological FW parties FW led FW by FW former

    FW Gandhi FW cabinet FW minister FW Vishwanath FW Pratap FW Singh . . <s> <s> DT The JJS biggest EX certainty VBZ is IN that DT the NNS elections MD will VB be DT a NN vote IN for CC or IN against NNP Mr. NNPS Gandhi CC and PRP$ his CD five NNS years IN in NN power : -CD five NNS years IN of FW ups FW and FW downs FW , FW promises FW and FW disappointments FW and FW wide FW fluctuations FW in FW popularity . . <s> <s> NN Yesterday , , FW four FW days FW after FW an FW unusual FW parliamentary FW defeat FW for FW the FW ruling

    FW party FW , FW Mr. FW Gandhi FW called FW elections FW for FW the FW lower FW house FW of FW Parliament FW on FW Nov. FW 22 FW and FW 24 . . <s> <s> JJ The NNS elections MD will VB be VBN held IN in JJ different NNS states IN on CD one IN of DT the CD two NNS days . . <s> <s> IN -LRBDT The JJR lower NN house POS 's FW five-year FW term FW expires FW in SYM January : ; DT the NNP Parliament POS 's JJ upper NN house VBZ is VBN appointed . . -RRB- -RRB<s> <s> JJ The NNS elections MD will VB be

    DT a JJ rigorous NN test IN for DT the FW 45-year-old FW prime FW minister FW and FW Congress FW -LRBFW I -RRB- -RRB, , WDT which FW in FW various FW forms FW has FW ruled FW for FW 40 FW of FW India FW 's FW 42 FW years FW of FW independence . . <s> <s> IN After DT a FW landslide FW win FW in FW 1984 FW in FW polls FW held IN after DT the NN assassination IN of PRP$ his NN mother , , WP$ Indira UH Gandhi , , NNP Mr. FW Gandhi FW saw FW his FW popularity FW begin FW a FW roller FW coaster FW ride

    . . <s> <s> FW His FW early FW promises FW to FW make FW India FW a FW modern FW nation FW remain FW bogged FW down FW in FW bloated FW bureaucracy . . <s> <s> . His '' pledge TO to VB clean RP up FW local FW administration FW and FW Indian FW politics , , VBG including PRP$ his JJ own NN party , , WP$ went LS unfulfilled . . <s> <s> , His `` `` FW Mr. FW Clean FW '' FW image FW was FW muddied FW by FW an FW arms-kickback FW scandal , , WDT which MD will VB be DT a JJ major NN campaign NN issue . .

    <s> <s> FW Some FW analysts FW predict FW that FW disappointment FW in FW Mr. FW Gandhi FW 's FW spent FW pledge FW to FW reduce FW corruption FW and FW heavy-handed FW local FW government MD will VB crest IN at DT the NNS polls . . <s> <s> `` `` EX There VBZ 's DT a JJ wide NN feeling IN of # indignation PDT across DT the NN country , , '' '' VBZ says FW Bhabani FW Sen FW Gupta FW of FW the FW Center FW for FW Policy FW Research , , IN in NNP New -RRB- Delhi . . <s> <s> IN `` PRP I VBP think DT the NNS people

    MD will VB be PDT judging DT the NN regime IN by DT a RBS petty UH policeman , , IN by DT a FW corrupt FW revenue FW collector . . <s> <s> NN This MD could VB be DT a JJ big NN protest IN against DT an JJ administrative NN failure . . '' '' <s> <s> NN Even IN if DT the NNP Congress -LRB- -LRBLS I -RRB- -RRBWP$ retains NN control IN of DT the NN government , , NNP Mr. NNP Gandhi POS 's NN ability TO to FW push FW through FW major FW initiatives FW might FW be FW hobbled FW by FW a FW thinner FW majority . .

    <s> <s> FW Economic FW analysts FW call FW his FW trail-blazing FW liberalization FW of FW the FW Indian FW economy FW incomplete FW , FW and FW many FW are FW hoping FW for FW major FW new FW liberalizations FW if FW he FW is FW returned FW firmly FW to FW power . . <s> <s> . The UH Lok UH Sabha , , CC or JJR lower NN house IN of NNP Parliament , , VBZ has FW 542 FW elected FW and FW two FW appointed FW seats . . <s> <s> CD In CD 1984 , , DT the NNP Congress -LRB- -LRBFW I FW -RRBFW captured FW 405 FW seats

    , , DT the JJS largest NN victory IN in DT the NN history IN of # Indian LS democracy . . <s> <s> FW The FW landslide FW was FW fueled FW by FW panic FW that FW prevailed FW in FW India IN at DT the NN time . . <s> <s> FW Mrs. FW Gandhi FW had FW been FW assassinated FW by FW separatist FW Sikhs FW , FW and FW many FW Indians FW feared FW their FW country FW might FW split FW apart . . <s> <s> IN In DT the FW previous FW three FW general FW elections FW , FW similar FW national FW issues PDT clinched DT the NN vote

    . . <s> <s> . In -RRB- 1971 , , DT the FW Congress FW Party FW won FW after FW India POS 's NN victory IN in DT the RBS Bangladesh LS war . . <s> <s> . In -RRB- 1977 , , FW Mrs. FW Gandhi FW was FW thrown FW out FW of FW office FW after FW her FW 19-month FW emergency FW rule , , CC and IN in CD 1980 , , IN after PRP$ her NNS successors VBD made DT a NN mess IN of PRP$ their CD three NNS years IN in NN power , , PRP she VBD was VBN restored TO to NN office . . <s> <s> DT Most

    JJ political NNS analysts VBP say IN that FW if FW Mr. FW Gandhi FW 's FW opposition FW unites FW to FW field FW single FW candidates FW in FW most FW precincts , , DT the NNP Congress -LRB- -LRBLS I -RRB- -RRBMD will VB lose JJ big . . <s> <s> NN But IN if DT the FW opposition FW remains FW fractured , , DT the NNP Congress -LRB- -LRBLS I -RRB- -RRBMD could VB win DT a JJ small NN majority , , CC or VB lead DT a NN coalition NN government . . <s> <s> . Chimanbhai -RRB- Mehta , , DT a FW parliamentarian FW and FW former

    FW Gandhi FW ally FW , FW predicts FW Congress FW -LRBFW I FW -RRBFW will FW win FW only FW 150 FW seats , , DT a NN quarter IN of DT the NN house , , IN if DT the FW opposition FW fields FW single FW candidates FW in FW 80 NN % IN of DT the NN races . . <s> <s> NNS Analysts VBP say DT the NN opposition MD will VB struggle DT this NN week TO to VB unite , , CC and PRP$ its NN success MD will VB be FW clear FW only FW when FW it FW announces FW its FW final FW list FW of FW parliamentary

    FW candidates . . <s> <s> NN The . arms-kickback '' scandal VBZ is JJ likely TO to VB be CD one IN of DT the JJ big NN talking NNS points IN in DT the NN campaign , , CC but PRP it VBZ 's LS unclear WRB how PRP it VBZ is VBN viewed IN by FW average FW Indian FW voters . . <s> <s> CD In CD 1986 , , WP$ India PDT signed DT a $ $ CD 1.4 CD billion NN contract IN with # AB UH Bofors , , DT a NN unit IN of FW Nobel FW Industries FW Sweden FW AB FW , FW to FW purchase FW 400 FW artillery

    FW pieces . . <s> <s> DT The NN contract VBD was VBN negotiated IN by DT the FW countries FW ' FW two FW prime FW ministers , , CC and VBD was VBN supposed TO to VB be RP free IN of FW commissions FW or FW agents FW ' FW costs . . <s> <s> NNP In NNP April CD 1987 , , FW evidence FW surfaced FW that FW commissions FW were FW paid . . <s> <s> DT The NN opposition VBN charged IN that DT the NN money VBD was VBN used TO to FW bribe FW Indian FW government FW officials FW , FW an FW allegation FW denied FW by FW Mr.

    FW Gandhi POS 's NN administration . . <s> <s> DT But JJ many IN of PRP$ his NNS statements IN on DT the NN issue IN in FW Parliament FW subsequently FW were FW proven FW wrong FW by FW documentary FW evidence . . <s> <s> FW The FW scandal FW has FW faded FW and FW flared FW , FW but FW recent FW disclosures FW propelled FW it FW back FW onto FW the FW front FW pages , , CC and WDT that VBZ has VBN helped RP galvanize DT the NN opposition , , WDT which FW last FW week FW blocked FW passage FW of FW two FW constitutional FW amendment FW bills

    . . <s> <s> NN It VBD was DT the JJ first NN time IN in CD 20 NNS years IN that JJ such NN government NNS bills VBD were VBN defeated . . <s> <s> IN In DT a NN country WRB where DT a NN bribe VBZ is VBN needed TO to VB get DT a NN phone , , DT a NN job , , CC and RB even IN into DT a NN school , , DT the FW name FW Bofors FW has FW become FW a FW potent FW rallying FW cry PDT against DT the NN government . . <s> <s> IN That PDT illustrates DT the NN kind IN of FW disappointment

    FW many FW Indians FW feel FW toward FW Mr. FW Gandhi FW , FW whom FW they FW zestfully FW elected FW and FW enthusiastically FW supported IN in PRP$ his JJ first CD two NNS years IN in NN power . . <s> <s> FW His FW term FW has FW produced FW no FW spectacular FW failures FW in FW politics , , IN in DT the NN economy CC or IN on DT the JJ military NN front , , CC and VBZ has VBN chalked RP up DT some NNS successes . . <s> <s> IN But DT the FW average FW Indian FW had FW tremendous FW hope FW in FW the FW youthful

    FW leader CC and PRP$ his NN promise TO to VB make DT both NN government CC and DT the FW ruling FW party FW more FW effective FW and FW less FW corrupt . . <s> <s> FW His FW failures FW in FW those FW two FW areas FW deeply FW , FW and FW sometimes FW bitterly FW , FW disappointed FW many FW Indians . . <s> <s> IN `` PRP We VBP do RB n't IN like DT the NNP Congress -LRB- -LRBLS I -RRB- -RRB, , '' '' VBZ says UH Sooraji UH Jath , , DT a NN farmer IN in DT the JJ western NN state IN of NNP Gujarat

    . . <s> <s> IN `` DT The NNP Congress NN government VBZ is VBG taking DT the FW farmers FW ' FW bread FW and FW not FW giving FW us FW any FW support . . <s> <s> `` When EX there VBP are RB well NNS problems , , JJ light NNS problems , , WP$ road NNS problems , , DT the NN government VBZ tells PRP us TO to VB forget PRP it . . '' '' <s> <s> DT The JJS greatest NN thing VBG going IN for NNP Mr. NNPS Gandhi CC and DT the NNP Congress -LRB- -LRBLS I -RRB- -RRBEX Party VBZ is DT the JJ poor NN reputation

    IN of DT the NN opposition . . <s> <s> NN Even IN if PRP it VBP unites IN for DT the NNS elections , , PRP$ its EX coherence VBZ is JJ likely TO to VB be RP temporary . . <s> <s> IN When DT the NNP Congress -LRB- -LRBFW I FW -RRBFW lost FW the FW 1977 FW election FW , FW following FW Mrs. FW Gandhi FW 's FW hated FW emergency FW rule FW , FW a FW similar FW coalition FW took FW power FW and FW then FW disintegrated . . <s> <s> . Many UH Indians PDT fear DT a NN repeat IN of DT that NN experience . .

    <s> <s> CD March CD 24 , , CD 1986 : : <s> <s> . AB -RRB- Bofors , , DT a NN unit IN of FW Nobel FW Industries FW Sweden FW AB FW , FW enters FW into FW a FW $ FW 1.4 FW billion FW contract FW with FW India FW 's FW Defense FW Ministry FW to FW supply FW 400 FW Bofors FW FH-77B FW 155-mm FW field FW howitzer FW guns . . <s> <s> CD In CD 1985 , , WP$ Prime UH Minister UH Rajiv UH Gandhi , , IN in PRP$ his FW talks FW with FW then FW Swedish FW Prime FW Minister FW Olof FW Palme , ,

    WRB imposed DT the NN condition IN that DT the NN contract VBP have DT no NNS middlemen . . <s> <s> CD April CD 16 , , CD 1987 : : <s> <s> NNP Swedish NNP National NNP Radio NNS reports IN that IN about $ $ CD 40 CD million : -RB nearly CD 3 NN % IN of DT the JJ total NN contract : -VBD was VBN paid IN by FW Bofors FW as FW commissions FW to FW middlemen . . <s> <s> CD June CD 1 , , CD 1987 : : <s> <s> NNP Sweden POS 's FW National FW Audit FW Bureau FW releases FW its FW report FW confirming

    FW payment IN of IN about $ $ CD 40 CD million TO to # unidentified LS Indians . . <s> <s> DT The NN report VBZ says IN that FW investigations FW were FW severely FW hampered FW by FW lack FW of FW cooperation FW from FW Bofors . . <s> <s> NN Bofors VBZ says PRP it MD ca RB n't VB disclose DT the NNS names IN of DT the NNS middlemen IN because PRP it MD would FW jeopardize FW industrial FW confidentiality . . <s> <s> DT A NN portion IN of DT the NN report . containing '' names IN of DT the FW middlemen FW is FW withheld FW by FW officials

    FW citing FW bank FW secrecy FW requirements . . <s> <s> CD Aug. CD 6 , , CD 1987 : : <s> <s> FW Prime FW Minister FW Gandhi FW tells FW the FW Indian FW Parliament , , `` `` FW ... FW neither FW I FW nor FW any FW member FW of FW my FW family FW has FW received FW any FW consideration FW in FW these FW transactions . . <s> <s> NN That VBZ is DT the NN truth . . '' '' <s> <s> CD Aug. CD 26 , , CD 1987 : : <s> <s> . Bofors '' admits NNS payments IN of $ $ CD 41 CD million TO to

    VB middlemen . . <s> <s> CD April CD 22 , , CD 1988 : : <s> <s> FW The FW Hindu FW newspaper FW publishes FW facsimiles FW of FW bank FW documents FW for FW foreign-exchange FW remittances FW and FW letters FW between FW Bofors FW and FW certain FW private FW companies FW related TO to DT the NN sale IN of DT the NN guns TO to VB India . . <s> <s> CD April CD 26 , , CD 1988 : : <s> <s> FW A FW parliamentary FW investigative FW committee FW dominated IN by DT the NNP Congress -LRB- -LRBLS I -RRB- -RRBLS Party LS concludes WDT that EX there

    VBD were DT no NNS middlemen IN in DT the NN deal CC and DT no NN payment TO to DT any JJ Indian NN individual CC or NN company . . <s> <s> CD July CD 18 , , CD 1989 : : <s> <s> FW The FW comptroller FW and FW auditor-general FW of FW India FW reports FW serious FW lapses IN in DT the NN government POS 's JJ technical CC and JJ financial NN evaluation IN of DT the JJS Bofors NN deal . . <s> <s> CD Sept. CD 15 , , CD 1989 : : <s> <s> FW Retired FW army FW Chief FW of FW Staff FW Krishnaswami FW Sundarji FW discloses

    IN in DT an NN interview IN that PRP he VBD suggested IN in $ May CD 1987 IN that DT the NN government IN cancel DT the JJS Bofors NN contract . . <s> <s> NN According TO to # Gen. UH Sundarji , , WDT that MD would VB have VBN forced RP Bofors TO to VB disclose DT the NNS names IN of DT the NNS middlemen WP who VBD received VBN kickbacks IN from DT the NN company . . <s> <s> . His '' recommendation VBD was VBN rejected IN by DT the NN government . . <s> <s> . Oct. UH 9. SYM 1989 : : <s> <s> FW The FW Hindu FW newspaper

    FW publishes FW the FW withheld FW portion FW of FW the FW Swedish FW National FW Audit FW Bureau POS 's NN report . . <s> <s> FW The FW disclosures FW state FW that FW commissions FW were FW paid FW by FW Bofors TO to DT an JJ Indian NN agent IN of DT the JJS arms NN company . . <s> <s> FW Parsow FW Partnership FW Ltd. FW and FW Elkhorn FW Partners FW L.P. FW said FW they FW may FW seek FW proposals FW from FW third FW parties FW relating FW to FW a FW sale FW or FW restructuring FW of FW CACI FW International FW Inc . . <s> <s>

    IN In DT a NN filing IN with DT the NNPS Securities CC and NNP Exchange NNP Commission , , WP$ Parsow UH and UH Elkhorn , , WDT which FW together FW hold FW 8.685 FW % FW of FW CACI POS 's JJ common NNS shares , , VBD said PRP they VBP think PRP it VBZ is IN in DT the JJS best NN interest IN of PRP$ CACI NNS stockholders IN that DT the NN company VB be VBN sold . . <s> <s> NN CACI , , VBN based IN in NNP Arlington , , NNP Va. , , VBD said PRP it VBD had RB n't VBN seen DT the NN filing IN by

    FW Parsow FW and FW Elkhorn FW and FW therefore FW had FW no FW comment . . <s> <s> . The '' partnerships VBD said PRP they MD may VB seek UH board UH representation , , CC and PRP they MD may VB seek DT the NN support IN of NNP CACI POS 's NN board CC and JJ other JJ major NNS shareholders IN in NN connection IN with PRP$ their NNS plans . . <s> <s> NN According TO to DT the NN filing , , '' Parsow CC and EX Elkhorn VBP are VBN based IN in NNP Elkhorn , , NNP Neb. , , CC and VBP are VBN controlled IN by DT the

    JJ same JJ general NN partner , , WP$ Alan LS S. LS Parsow . . <s> <s> FW Their FW combined FW stake FW consists FW of FW 880,500 FW CACI FW common FW shares FW , FW including FW 86,500 FW shares FW bought IN in DT the JJ past CD 60 NNS days IN at $ $ CD 2.3125 TO to $ $ PDT 2.4375 DT a NN share . . <s> <s> JJ Additional NNS shares MD may VB be VBN bought CC or VBN sold IN in DT the JJ open NN market , , IN in JJ private NNS transactions CC or RB otherwise , , VBG depending IN on NN market NNS conditions

    CC and JJ other NNS factors . . <s> <s> FW The FW inverse FW trading FW relationship FW between FW bonds FW and FW stocks FW was FW interrupted FW yesterday FW as FW bonds FW fell FW despite FW a FW modest FW decline FW in FW stock FW prices . . <s> <s> DT But NN bond NNS investors VBP continue TO to VB keep DT a JJ close NN watch IN on DT the JJ jittery NN stock NN market . . <s> <s> DT In JJ early NN trading , , FW investors FW were FW bidding FW bond FW prices FW higher FW as FW stocks FW tumbled FW and FW fears FW mounted

    FW that FW Friday FW 's FW stock FW market FW debacle MD would VB be VBN repeated . . <s> <s> IN But DT a JJ partial NN recovery IN in DT the NNP Dow NNP Jones NNP Industrial NNP Average , , WDT which VBD had VBN been RP down RBR more FW than FW 60 FW points FW in FW midmorning FW , FW dashed FW those FW expectations . . <s> <s> JJ Treasury NNS bonds RB also VBD were VBN hurt RB late IN in DT the NN day IN by DT a $ $ CD 4 CD billion NN offering IN by DT the NNP Tennessee NNP Valley NNP Authority CC and DT the

    NN prospect IN of DT a JJ huge NN amount IN of JJ new NN agency NN debt . . <s> <s> DT `` NN Bond NNS investors VBD were VBG hoping DT that NN stock NNS prices MD would VB continue TO to VB fall , , '' '' VBD said UH Roger UH Early , , DT a NN vice NN president IN at NNP Federated NNPS Investors NNP Inc. , , NNP Pittsburgh . . <s> <s> , `` WRB When UH stocks UH stabilized , , WDT that VBD was DT a NN disappointment . . '' '' <s> <s> NN Meanwhile , , IN for DT the JJ second JJ straight NN day , ,

    DT the NN bond NN market VBD paid JJ little NN attention TO to DT the NNP Federal NNP Reserve POS 's JJ open NN market NNS operations . . <s> <s> JJ Fed NNS officials VBP injected JJR more NN cash IN into DT the NN banking NN system IN by # arranging $ $ CD 1.5 CD billion IN of FW repurchase FW agreements FW during FW the FW usual FW pre-noon FW intervention FW period . . <s> <s> DT The NN move VBD was VBN meant TO to VB keep DT a NN lid IN on NN interest NNS rates CC and TO to VB boost NN investor NN confidence . . <s> <s> IN ``

    DT The NN intervention VBZ has VBN been RP friendly , , VBG meaning IN that PRP they RB really VBD did RB n't VBP have TO to VB do PRP it , , '' '' VBD said FW Maria FW Fiorini FW Ramirez FW , FW money-market FW economist FW at FW Drexel FW Burnham FW Lambert FW Inc . . <s> <s> NN She VBD said DT a RBR more JJ aggressive NN move VBD was RB n't VBN needed . . <s> <s> FW The FW Fed FW also FW appears FW reluctant FW to FW ease FW credit FW conditions FW further . . <s> <s> . It '' already VBZ has VBN allowed DT the

    FW closely FW watched FW federal FW funds FW rate FW to FW decline FW 1\/4 FW percentage FW point TO to $ about CD 8 CD 3\/4 NN % IN from PRP$ its JJ previous NN target NN level IN of IN about CD 9 NN % . . <s> <s> DT The NN rate , , WDT which FW banks FW charge FW each FW other FW on FW overnight FW loans , , VBZ is VBN considered DT an JJ early NN signal IN of NNS changes IN in NNP Fed NN policy . . <s> <s> VBZ It VBN ended IN at IN about CD 8 CD 11\/16 NN % NN yesterday , , CC but

    VBD was IN as JJ low IN as CD 8 CD 1\/2 NN % NNP Monday . . <s> <s> NNP The NNP Treasury POS 's FW benchmark FW 30-year FW bond FW fell FW more FW than FW 1\/2 FW point , , CC or IN over $ $ CD 5 IN for DT each $ $ CD 1,000 NN face NN amount , , IN while DT the NN yield VBN moved IN above CD 8 NN % IN for DT the JJ first NN time IN since NNP Thursday . . <s> <s> DT Investment-grade JJ corporate , , '' municipal CC and JJ mortgage-backed NNS securities RB also VBD fell . . <s> <s> DT But

    RBS most FW junk FW bonds FW closed FW unchanged FW after FW opening FW slightly FW higher FW on FW bargain-hunting FW by FW institutional FW investors . . <s> <s> FW Some FW so-called FW high-quality FW junk FW issues FW , FW such FW as FW R.H. FW Macy FW & FW Co. FW 's FW 14 FW 1\/2 FW % FW subordinated FW debentures , , VBD rose . . <s> <s> NNP The NNP Macy POS 's NN issue VBD closed RP up IN about CD one NN point IN at DT a NN bid NN price IN of CD 97 . . <s> <s> NNP The NNP TVA POS 's JJ public NN debt

    NN offering VBD was PRP$ its JJ first IN in CD 15 NNS years . . <s> <s> DT Strong NN investor NN demand VBD prompted PRP it TO to VB boost DT the NN size IN of DT the NN issue IN from $ $ CD 3 CD billion . . <s> <s> NN Traders VBD said RB hedging VBN related TO to DT the FW TVA FW pricing FW also FW pressured FW Treasury FW bonds . . <s> <s> . `` '' Underwriters IN of DT the FW TVA FW bonds FW reduced FW their FW market FW risk FW by FW selling FW Treasurys TO to VB cover IN at JJS least NN part IN of

    PRP$ their -LRB- -LCBUH TVA UH -RCBUH holdings , , '' '' VBD said FW James FW R. FW Capra FW , FW a FW senior FW vice FW president FW at FW Shearson FW Lehman FW Government FW Securities FW Inc . . <s> <s> . The '' TVA NNS bonds RB also `` `` UH served TO to VB remind DT the NN market IN that EX there MD will VB be RB even RBR more JJ new NN supply , , '' '' VBD said FW Lawrence FW N. FW Leuzzi FW , FW a FW managing FW director FW at FW S.G. FW Warburg FW Securities FW & FW Co . . <s> <s>

    IN Today DT the NNP Treasury MD will VB announce DT the NN size IN of PRP$ its FW next FW two-year FW note FW sale FW and FW Resolution FW Funding FW Corp. MD will VB announce NNS details IN of PRP$ its JJ first NN bond NN offering . . <s> <s> JJ Some NNS traders -LRB- estimate $ $ CD 9.75 CD billion IN of JJ new JJ two-year NNS Treasurys MD will VB be VBN sold JJ next NN week , , CC and PRP they VBP expect VBN Refcorp TO to VB offer $ $ CD 4 CD billion TO to $ $ CD 6 CD billion IN of JJ long-term `` `` UH bailout

    '' '' NNS bonds . . <s> <s> NN Refcorp VBD was VBN created TO to VB help PDT fund DT the NN thrift NN bailout . . <s> <s> DT Another NN agency NN issue VBD came TO to NN market NN yesterday . . <s> <s> . The '' Office IN of NNP Finance IN of DT the FW Federal FW Home FW Loan FW Banks FW said FW it FW priced FW a FW four-part $ $ CD 2.27 CD billion NN bond NN offering IN for DT the NNS banks TO to VB yield IN from DT 8.125 NN % TO to CD 8.375 NN % . . <s> <s> DT The NN release IN of

    JJ several JJ economic NNS reports VBD had JJ little NN impact IN on DT the NN market , , VBG including DT a NN report IN that DT the NNP U.S. FW trade FW deficit FW expanded FW to FW a FW surprisingly FW wide $ $ CD 10.77 CD billion IN in NNP August , , RB up IN from DT a JJS revised $ $ CD 8.24 CD billion IN in NNP July . . <s> <s> NNP The NNP August NNPS gap VBD was VBN expected TO to VB have VBN expanded TO to $ $ CD 9.1 CD billion . . <s> <s> NNP Treasury NNPS Securities <s> <s> FW Treasury FW securities FW were

    FW essentially FW flat FW to FW about FW 1\/2 FW point FW lower . . <s> <s> FW The FW benchmark FW 30-year FW bond FW was FW quoted FW late FW at FW 100 FW 28\/32 FW to FW yield FW 8.04 FW % FW , FW compared FW with FW 101 FW 19\/32 FW to FW yield FW 7.97 FW % FW Monday . . <s> <s> DT The JJS latest FW 10-year FW notes FW were FW quoted FW late FW at FW 99 FW 25\/32 TO to VB yield PRP$ 8.01 NN % , , VBN compared IN with CD 100 CD 1\/32 TO to VB yield PRP$ 7.97 NN % . . <s> <s>

    JJ Short-term NNS rates VBD increased . . <s> <s> DT The NN discount NN rate IN on JJ three-month NNS bills VBD rose TO to CD 7.52 NN % IN for DT a JJ bond-equivalent NN yield IN of DT 7.75 NN % . . <s> <s> DT The NN rate IN on JJ six-month NNS bills VBD rose TO to VB 7.53 NN % IN for DT a JJ bond-equivalent NN yield IN of DT 7.92 NN % . . <s> <s> NN Corporate , , WP$ Other SYM Issues <s> <s> FW Investment-grade FW corporate FW bonds FW ended FW 1\/4 FW to FW 1\/2 FW point FW lower FW , FW while FW most FW junk

    FW bonds FW ended FW unchanged . . <s> <s> NNP The NNP TVA POS 's JJ huge $ $ CD 4 CD billion NN offering POS dominated NN attention IN in DT the JJ new-issue NN market . . <s> <s> NN TVA VBD offered $ $ CD 2 CD billion IN of JJ 30-year NNS bonds VBN priced TO to VB yield PRP$ 9.06 NN % : ; $ $ CD 1 CD billion IN in JJ 10-year NNS notes VBN priced TO to VB yield PRP$ 8.42 NN % : ; CC and $ $ CD 1 CD billion IN in JJ five-year NNS notes VBN priced TO to VB yield PRP$ 8.33 NN % . .

    <s> <s> . The -RRB- TVA , , WDT which VBZ operates CD one IN of DT the NN nation POS 's JJS largest UH electric UH power UH systems , , VBZ is DT a NN corporation VBZ wholly VBN owned IN by DT the NNP U.S. NN government . . <s> <s> NNP Yesterday POS 's NN bond NN sale VBD was NN part IN of DT a $ $ CD 6.7 CD billion CD refinancing NN plan TO to VB pay RP off FW high-interest FW debt FW the FW TVA FW owes FW the FW Federal FW Financing FW Bank , , DT an NN arm IN of DT the NNP Treasury . . <s> <s>

    NN Meanwhile , , WP$ Lockheed LS Corp. PDT priced DT a $ $ CD 300 CD million NN note NN offering TO to VB yield PRP$ 9.39 NN % . . <s> <s> NNP Mortgage-Backed NNPS Securities <s> <s> FW The FW derivative FW mortgage-backed FW market FW revived FW after FW a FW brief FW hiatus FW as FW two FW new FW Remics FW totaling FW $ FW 850 FW million FW were FW offered FW and FW talk FW circulated FW about FW two JJR more NNS issues WDT that MD could VB be VBN priced NN today . . <s> <s> . The '' revival IN of DT the FW real FW estate FW mortgage

    FW investment FW conduit FW market FW reflected FW the FW relative FW calm IN in DT the NN mortgage NN market IN after CD two NNS days IN of JJ volatile NN trading . . <s> <s> NN Dealers VBD noted IN that PRP it VBZ 's JJ difficult TO to FW structure FW new FW Remics FW when FW prices FW are FW moving FW widely . . <s> <s> CD The CD two . Remics '' priced VBD were DT a $ $ CD 500 CD million FW Federal FW Home FW Loan FW Mortgage FW Corp. FW issue FW underwritten FW by FW Salomon FW Brothers NNP Inc. CC and DT a $ $ CD 350

    CD million FW Federal FW National FW Mortgage FW Association FW deal FW underwritten FW by FW Greenwich FW Capital FW Markets . . <s> <s> FW The FW Remic FW issuance FW supported FW prices FW of FW Freddie FW Mac FW and FW Fannie FW Mae FW securities , , WDT which VBD held RP up FW better FW than FW Government FW National FW Mortgage FW Association FW securities FW during FW an FW afternoon FW sell-off . . <s> <s> FW Ginnie FW Mae FW 9 FW % FW securities FW for FW November FW delivery FW ended FW at FW 97 FW 29\/32 FW , FW down FW 7\/32 FW ; FW 9 FW 1\/2

    FW % FW securities FW at FW 99 FW 31\/32 , , WP$ down SYM 6\/32 : ; CC and CD 10 NN % NNS securities IN at # 101 UH 29\/32 , , RB down RBR 5\/32 . . <s> <s> FW Freddie FW Mac FW 9 FW % FW securities FW were FW at FW 97 FW 5\/32 FW , FW down FW 3\/32 . . <s> <s> FW The FW Ginnie FW Mae FW 9 FW % FW issue FW was FW yielding FW 9.43 FW % FW to FW a FW 12-year FW average FW life FW assumption , , IN as DT the NN spread IN above DT the FW Treasury FW 10-year FW note

    FW held FW at FW 1.42 FW percentage FW points . . <s> <s> NN Municipals <s> <s> NN Confusion IN over DT the FW near-term FW trend FW for FW rates FW dominated FW the FW municipal FW arena , , IN as NNS gyrations IN in DT the NN stock NN market VBD continued TO to VB buffet NNS bonds . . <s> <s> FW Long FW tax-exempt FW dollar FW bonds FW were FW mostly FW flat FW to FW 3\/8 FW point FW lower FW after FW a FW whipsaw FW session FW of FW moving FW inversely FW to FW stocks FW in FW modest FW dealer-led FW trading . . <s> <s> NN Prices

    IN of FW pre-refunded FW municipal FW bonds FW were FW capped FW by FW news FW that FW Chemical FW Securities NNP Inc. , , IN as NN agent IN for DT a NN customer , , MD will VB accept PRP$ bids NN today IN for CD two JJ large NNS lists IN of NNS bonds WDT that VBP include JJ many JJ such NNS issues . . <s> <s> . The '' lists -LRB- total $ $ CD 654.5 CD million . . <s> <s> JJ Pre-refunded NNS bonds VBP are VBN called IN at PRP$ their FW earliest FW call FW date FW with FW the FW escrowed FW proceeds FW of FW another FW bond

    FW issue . . <s> <s> NN Meanwhile , , JJ several JJ new NNS issues VBD were VBN priced . . <s> <s> FW Underwriters FW led FW by FW PaineWebber FW Inc. FW set FW preliminary FW pricing FW for FW $ FW 144.4 FW million FW of FW California FW Health FW Facilities FW Financing FW Authority FW revenue FW bonds FW for FW Kaiser FW Permanente . . <s> <s> FW Tentative FW reoffering FW yields FW were FW set FW from FW 6.25 FW % FW in FW 1993 FW to FW 7.227 FW % FW in FW 2018 . . <s> <s> DT As NN part IN of PRP$ its FW College FW Savings

    FW Plan FW , FW Connecticut FW offered FW $ FW 100.4 FW million FW of FW general FW obligation FW capital FW appreciation FW bonds FW priced TO to VB yield TO to VB maturity IN from DT 6.25 NN % IN in CD 1994 TO to CD 6.90 NN % IN in CD 2006 , , '' 2007 CC and CD 2009 . . <s> <s> FW A FW Chemical FW Securities FW group FW won FW a FW $ FW 100 FW million FW Oregon FW general FW obligation FW veterans FW ' FW tax FW note FW issue FW due FW Nov. FW 1 , , CD 1990 . . <s> <s> FW The FW 6

    FW 3\/4 FW % FW notes FW yield FW 6.25 NN % . . <s> <s> . Foreign '' Bonds <s> <s> FW West FW German FW government FW bond FW prices FW took FW a FW wild FW roller-coaster FW ride FW , FW pulled FW down FW by FW Monday FW 's FW U.S. FW stock FW market FW gains FW then FW up FW by FW a FW wider-than-expected FW U.S. FW trade FW deficit FW and FW falling FW U.S. FW stock FW prices . . <s> <s> NNP West NNP Germany POS 's FW 7 FW % FW bond FW due FW October FW 1999 FW was FW at FW 99.95 FW late FW yesterday

    FW , FW off FW 0.10 FW point FW from FW Monday , , TO to VB yield PRP$ 7.01 NN % . . <s> <s> FW The FW 6 FW 3\/4 FW % FW notes FW due FW April FW 1994 FW were FW up FW 0.10 FW point TO to VB 97.85 TO to VB yield PRP$ 7.31 NN % . . <s> <s> DT British NN government NNS bonds VBD surged IN on DT renewed NN volatility IN in DT the NN stock NN market . . <s> <s> FW The FW Treasury FW 11 FW 3\/4 FW % FW bond FW due FW 2003\/2007 FW rose FW 23\/32 FW to FW 112 FW 10\/32 TO to

    VB yield PRP$ 10.03 NN % . . <s> <s> DT But JJ Japanese NNS bonds VBD ended JJR weaker . . <s> <s> FW The FW benchmark FW No. FW 111 FW 4.6 FW % FW bond FW due FW 1998 FW ended FW on FW brokers FW ' FW screens IN at DT a NN price IN of CD 96 , , WP$ off UH 0.15 UH point TO to VB yield PRP$ 5.27 NN % . . <s> <s> FW A FW House-Senate FW conference FW approved FW an FW estimated FW $ FW 67 FW billion FW fiscal FW 1990 FW spending FW bill FW that FW provides FW a FW 28 FW % FW increase

    FW for FW space FW research FW and FW development FW and FW incorporates FW far-reaching FW provisions PDT affecting DT the JJ federal NN mortgage NN market . . <s> <s> FW The FW current FW ceiling FW on FW home FW loans FW insured FW by FW the FW Federal FW Housing FW Administration MD would VB be VBN increased TO to $ $ CD 124,875 . . <s> <s> NN Separately , , DT the NN bill VBZ gives VBN authority TO to DT the NNP Bush NN administration TO to VB facilitate DT the FW refinancing FW of FW federally FW subsidized FW loans FW for FW low-income FW and FW moderate-income FW homeowners . .

    <s> <s> DT The JJ second NN provision , , FW affecting FW so-called FW 235 FW mortgages FW , FW has FW met FW strong FW opposition FW from FW investment FW bankers FW represented FW by FW the FW Public FW Securities FW Association . . <s> <s> IN And DT a FW squad FW of FW influential FW former FW Senate FW aides FW employed FW by FW the FW Wall FW Street FW firm FW Salomon FW Brothers FW came TO to DT the NN Capitol IN in DT a JJ vain NN attempt TO to VB strip DT the NN provision . . <s> <s> IN By DT an FW 11-2 FW margin FW ,

    FW Senate FW negotiators FW voted FW to FW preserve FW the FW 235 FW mortgage FW refinancing FW plan , , CC and UH despite UH powerful UH allies , , DT the FW opposition FW found FW itself FW undercut FW by FW an FW unusual FW alliance FW of FW liberals FW and FW conservatives . . <s> <s> FW The FW government FW currently FW is FW subsidizing FW an FW estimated FW 23,000 FW loans FW above FW 11 NN % IN under DT the JJS 235 NN program , , CC and RB however VBN disruptive TO to JJ private NNS investors , , DT the NN refinancing VBZ is VBN expected TO to

    VB yield IN at JJS least $ $ CD 15 CD million IN in NNS savings IN in $ fiscal CD 1990 . . <s> <s> . This '' sum VBZ has VBN been FW guarded FW jealously FW by FW appropriators FW anxious FW to FW offset FW spending FW elsewhere FW , FW and FW conservative FW Sen. FW Phil FW Gramm FW cast FW the FW fight FW as FW a FW populist FW stand FW against FW monied FW interests . . <s> <s> IN `` PRP We VBP are RB stewards RB here , , RB not IN of DT the NN mortgage NNS companies , , CC but DT the NNS taxpayers , ,

    '' '' VBD said DT the NNP Texas NNP Republican . . <s> <s> DT The NN action VBD came IN as DT the FW administration FW won FW final FW congressional FW approval IN of $ $ CD 9 CD million IN in FW assistance FW for FW elections FW scheduled FW in FW Nicaragua FW in FW February . . <s> <s> . The '' bulk IN of DT the NN money MD would VB be RP funneled IN through DT the FW National FW Endowment FW for FW Democracy , , CC but DT the NN legislation VBZ is RB so RB vaguely VBN written IN that PRP it VBZ has VBN been RP dogged IN by

    # questions PDT regarding DT the NN money POS 's JJ true NN purpose CC and PRP$ its FW ultimate FW destination . . <s> <s> FW The FW Senate FW had FW refused FW late FW Friday FW to FW invoke FW cloture FW and FW limit FW debate FW , FW but FW behind FW the FW bipartisan FW leadership FW , FW a FW solid FW majority FW took FW shape FW yesterday FW and FW brushed FW aside FW amendments FW seeking TO to VB cut DT the FW total FW package FW or FW steer FW it FW away FW from FW direct FW aid FW to FW political FW parties . . <s> <s>

    . Final -RRB- approval : -IN on DT a RBS 64-35 LS roll SYM call : -VBD was RB never IN in NN doubt , , CC but DT the FW opposition FW drew FW an FW unusual FW mix FW of FW senators FW , FW including FW Republicans FW Jesse FW Helms FW and FW Warren FW Rudman FW and FW Democrats FW Bill FW Bradley FW and FW John FW Glenn . . <s> <s> DT The NN money MD will VB be VBN applied IN for FW voter FW registration FW and FW election FW monitoring , , CC but JJR more IN than NN half VBZ is JJ likely TO to VB go

    TO to DT the FW Union FW Nacional FW Opositora FW party . . <s> <s> FW Critics FW warned FW such FW cash FW contributions FW may FW only FW undercut FW the FW opposition FW party FW 's FW standing , , CC and CD one -RRB- irony VBZ is IN that # under LS Nicaraguan PDT law DT a JJ major NN portion IN of DT the NN opposition NN party POS 's NNS funds MD must VB be VBN shared IN with DT the NN government POS 's FW Supreme FW Electoral FW Council . . <s> <s> IN Within DT the FW appropriations FW conference FW yesterday , , DT the $ $ CD 67

    CD billion NN measure VBZ is DT the JJ second JJS largest IN of DT the FW annual FW domestic FW spending FW bills FW and FW covers FW a FW disparate FW collection FW of FW accounts FW for FW science , , NN housing , , '' veterans CC and DT the NN environment . . <s> <s> DT The NN decision TO to VB raise DT the FW ceiling FW on FW FHA FW home FW loans FW still FW faces FW strong FW opposition IN in DT the NNP House . . <s> <s> IN But PRP it VBZ is VBN driven IN by DT the FW same FW fiscal FW pressures FW that FW have

    FW forced FW lawmakers FW to FW resort FW to FW various FW bookkeeping FW devices TO to VB juggle IN as JJ much IN as $ $ CD 1 CD billion IN in NN spending WDT that MD would RB otherwise VB put DT the NN bill IN over NN budget . . <s> <s> JJ These NNS costs MD will VB complicate DT the NN budget NN picture IN in $ fiscal CD 1991 , , CC and DT the FW measure FW further FW commits FW Congress TO to DT a NN set IN of JJ costly NNS projects , , VBG including DT the JJ first NN construction NNS funds IN for DT the NN space

    NN station . . <s> <s> . The '' station VBZ is VBN promised $ $ CD 1.8 CD billion IN within DT the $ $ CD 5.36 CD billion -RRB- provided IN for NN research CC and NN development IN in DT the FW National FW Aeronautics FW and FW Space FW Administration , , CC and DT the NN nation POS 's LS high-speed LS aerospace SYM plane : -VBN cut IN by DT the NNP Senate : -MD could VB receive IN as JJ much IN as $ $ CD 60 CD million IN in JJ new NNS funds CC or NNS transfers . . <s> <s> NN Similarly , , DT the NNP House

    VBD agreed TO to VB add RP back $ $ CD 62 CD million TO to VB continue NN work IN on DT the FW advanced FW communications FW technology FW satellite FW , FW being FW developed FW by FW General FW Electric FW Co . . <s> <s> NN And IN while VBG setting DT a JJ statutory NN limit IN of $ $ CD 1.6 CD billion IN on DT the FW automated FW space FW probe , , DT the NN conference -LRB- appropriated $ $ CD 30 CD million IN for DT the NN start-up IN of DT the RBS CRAF-Cassini UH mission , , DT a NN successor TO to DT the FW Voyager

    FW space FW probe . . <s> <s> DT Among JJ major JJ domestic NNS agencies , , DT the FW Environmental FW Protection FW Agency FW stands FW to FW receive FW increases FW significantly FW beyond FW those FW sought IN by DT the NN administration , , IN with FW pollution FW abatement FW and FW control FW accounts FW growing FW by FW 14 NN % TO to IN about $ $ CD 829.9 CD million . . <s> <s> FW An FW estimated FW $ FW 1.57 FW billion FW is FW separately FW allocated FW for FW the FW National FW Science FW Foundation , , CC and IN within DT the NN Housing

    CC and NNP Urban NNP Development NNP Department , , JJR more IN than $ $ CD 9.2 CD billion VBZ is VBN provided IN for FW federally FW assisted FW housing FW , FW including FW an FW expanded FW effort FW to FW modernize FW public FW housing FW units FW that FW serve FW the FW poorest FW families . . <s> <s> IN To DT an JJ unusual NN degree , , DT the FW massive FW bill FW has FW become FW a FW vehicle FW for FW lawmakers FW to FW earmark FW funds FW for FW projects FW in FW home FW states . . <s> <s> IN While DT the NN practice

    VBD was VBN discouraged IN in DT the NN past , , DT the FW conference FW agreement FW is FW laced FW with FW veterans FW ' FW hospitals FW , FW environmental FW projects FW and FW urban FW grants FW designated FW for FW specific FW communities . . <s> <s> DT The RBS most FW striking FW example FW yesterday MD may VB have VBN been IN in NN community NN development NNS funds , , WRB where DT the FW two FW houses FW had FW separately FW approved FW a FW total FW of FW 27 FW projects FW valued FW at $ $ CD 20 CD million , , CC and DT the

    FW conference FW added FW 15 RBR more VBN valued IN at $ $ CD 8 CD million TO to # ostensibly LS preserve `` `` UH balance '' '' IN between DT the NNP House CC and NNP Senate . . <s> <s> NNP Yesterday POS 's NN conference NN agreement VBZ is DT the JJ second JJ major NN bill TO to VB emerge IN from PDT negotiations DT this NN week , , IN as FW appropriators FW approved FW a FW fiscal FW 1990 FW transportation FW bill FW late FW Monday FW that FW includes FW a FW sweeping FW ban FW on FW smoking FW on FW most FW domestic FW airline FW flights

    . . <s> <s> , An WDT exemption MD will VB remain IN for FW flights FW longer FW than FW six FW hours FW to FW Hawaii FW and FW Alaska , , CC but NNS estimates IN by DT the FW tobacco FW industry FW yesterday FW indicate FW all FW but FW about FW 30 FW flights MD would VB be VBN covered . . <s> <s> NN Separately , , DT a FW third FW conference FW report FW covering FW an FW $ FW 18.4 FW billion FW Treasury FW and FW Postal FW Service FW bill FW was FW sent FW to FW the FW Senate FW after FW passing FW the FW House

    FW on FW a FW 383-30 FW roll FW call FW yesterday . . <s> <s> NN And IN after NNS weeks IN of NN delay , , DT the JJS appropriations NN process VBZ is VBG beginning TO to VB take DT some JJ final NN shape . . <s> <s> NN Defense CC and JJ foreign NN aid VBP are DT the FW two FW most FW critical FW areas FW remaining IN from DT the NN administration POS 's NN standpoint . . <s> <s> NN And IN among JJ domestic NNS programs , , DT the RBS most FW serious FW threat FW is FW White FW House FW opposition FW to FW abortion FW riders

    FW attached FW to FW separate FW bills FW funding FW the FW District FW of FW Columbia FW and FW Department FW of FW Health FW and FW Human FW Services . . <s> <s> DT The JJ same NN issue VBZ threatens TO to VB spill RP over TO to DT the JJ foreign NN aid NN debate , , CC and NNP Mr. NNP Bush RB also VBZ is VBG threatening TO to VB veto DT any NN agreement IN that FW preserves FW Senate-passed FW provisions FW renewing FW U.S. FW support FW for FW the FW United FW Nations FW Fund FW for FW Population FW Activities . . <s> <s> IN In DT a

    FW sharply FW written FW letter FW , FW Rep. FW David FW Obey , , NN chairman IN of DT the NNP House POS appropriations NN subcommittee IN for JJ foreign NNS operations , , VBD warned NNP Mr. NNP Bush IN that DT the NN result IN of PRP$ his `` `` UH ultimatum '' '' MD could VB weaken NNS efforts TO to VB accommodate DT the NN administration RB elsewhere . . <s> <s> NN `` IN As DT a NN result IN of PRP$ your UH ultimatum , , '' '' VBZ writes DT the RBS Wisconsin UH Democrat , , `` `` PRP I VBP guess EX there VBZ is DT no FW longer

    FW any FW point FW in FW taking FW administration FW views FW into FW account FW on FW other FW items FW in FW conference FW , FW inasmuch FW regardless FW of FW their FW resolution FW you FW apparently FW intend TO to VB veto DT this NN bill . . <s> <s> FW Markets FW usually FW get FW noticed FW because FW they FW soar FW or FW plunge . . <s> <s> NN Gold , , WDT which VBZ has RB n't FW risen FW or FW fallen FW significantly FW in FW quite FW some FW time FW , FW yesterday FW achieved WP what MD may VB be DT a JJ new

    NN level IN of SYM impassiveness : : DT The RBS most FW actively FW traded FW futures FW contracts FW closed FW unchanged FW despite FW nervous FW fluctuations FW in PDT both DT the NN dollar CC and DT the NN stock NN market . . <s> <s> DT The NN settlement NNS prices IN of DT the NNP December , , NNP February CC and NNP April NN gold NNS contracts VBD were RB even IN with NNP Monday POS 's JJ final NNS prices . . <s> <s> IN The $ December CD 1989 NN contract , , WDT which VBZ has DT the JJS greatest NN trading NN volume , , VBN ended IN at

    $ $ PDT 371.20 DT an NN ounce . . <s> <s> DT The JJ other NNS months VBD posted VBN advances IN of CD 10 NNS cents TO to CD 20 NNS cents DT an NN ounce . . <s> <s> NN According TO to CD one NN analyst , , WP$ Bernard SYM Savaiko IN of NNP PaineWebber , , NNP New NNP York , , DT the NN stock NN market POS 's NN ability IN on NNP Monday TO to VB rally IN from JJ last NNP Friday POS 's NN decline : -WDT which VBD seemed TO to VB indicate IN that DT the NN economy VBD was RB n't VBG going TO to

    # fall SYM either : -VBD took DT the FW starch FW out FW of FW precious FW metals FW prices , , CC and RB out IN of NN gold POS 's , , IN in JJ particular . . <s> <s> NN Yesterday , , FW gold FW traded FW within FW a FW narrow FW range . . <s> <s> NN Gold VBD tried TO to VB rally IN on NNP Monday CC but VBD ran IN into DT the JJ same NN situation WDT that VBZ has RBS subdued JJ gold NNS prices IN for JJR more IN than DT a NN year : : LS selling UH by UH gold UH producers , ,

    WP who VBP want TO to VB fix DT the JJS highest JJ possible NN price IN for PRP$ their NN gold . . <s> <s> FW `` FW December FW delivery FW gold VBZ is NN trading IN in DT a NN range IN of $ $ CD 365 TO to $ $ FW 375 FW -LCBFW an FW ounce FW -RCBFW and FW is FW having FW difficulty FW breaking FW out FW above FW that , , '' '' NNP Mr. NNP Savaiko VBD said . . <s> <s> . `` '' Producers IN at DT the FW moment FW regard FW that FW area FW a FW good FW one FW in FW which

    TO to VB sell NN gold . . '' '' <s> <s> NN Also , , NNP Mr. FW Savaiko FW noted FW , FW stock FW market FW investors FW seeking FW greater FW safety FW are FW veering FW toward FW buying FW bonds FW rather FW than FW precious FW metals FW because `` `` PRP we VBP are FW tending FW more FW toward FW a FW disinflationary FW economy FW that FW does FW n't FW make FW gold FW and FW precious FW metals FW attractive . . '' '' <s> <s> . Jeffrey -RRB- Nichols , , NN president IN of FW APMS FW Canada FW , FW Toronto FW precious FW metals

    FW advisers , , VBD said EX there VBZ is RB little TO to # motivate UH gold UH traders TO to VB buy DT the NN metal . . <s> <s> JJ `` NNS Investors IN in DT the NNP U.S. CC and EX Europe VBP are VBN comfortable IN with DT the NNS actions IN of DT the -LRB- -LCBUH Federal LS Reserve -RRB- -RCBIN in PRP$ its NN willingness TO to VB supply RP liquidity TO to JJ financial NN system , , WDT which VBD helped DT the NN stock NN market NN rebound IN on NNP Monday , , '' '' PRP he VBD said . . <s> <s> NN There VBZ is

    RB n't DT any NN rush IN on DT the NN part IN of NNS investors IN in DT the JJ West TO to VB buy NN gold , , PRP he VBD said . . <s> <s> IN `` PRP They RB still VB bear DT the NN memory IN of $ October CD 1987 , , WRB when PRP they VBD bought NN gold IN after DT the FW stock FW market FW crashed FW and FW ended FW up FW losing FW money FW because FW gold FW prices FW subsequently FW fell , , '' '' NNP Mr. NNPS Nichols VBD said . . <s> <s> IN `` PRP It VBZ 's DT an NN experience

    PRP they VBP do RB n't VBP want TO to VB repeat . . '' '' <s> <s> IN At DT the NN moment NN gold NNS traders VBP are RB n't VBN concerned IN about NN inflation , , PRP he VBD said , , CC and RB as IN for DT the NN dollar , , `` `` NN gold POS 's NN association IN with DT the NN currency VBZ has VBN been FW diminishing FW recently FW so FW drops IN in DT the NN currency VBP are RB n't VBG having JJ much NN impact IN on NN gold . . '' '' <s> <s> . Dinsa -RRB- Mehta , , FW chief FW bullion

    FW trader FW for FW Chase FW Manhattan FW Bank , , VBD said : : `` `` EX There VBZ is JJ little NN incentive IN on DT the NN part IN of NNS traders TO to VB sell NN gold IN because DT the NN stock NN market MD may VB go JJR lower CC and NN gold MD may VB retain DT some IN of PRP$ its FW ` FW flight FW to FW safety FW ' FW quality . . <s> <s> NN There VBZ is JJ little NN incentive TO to VB buy NN gold IN because IN if DT the NN stock NN market VBZ goes JJR higher , , PRP it MD may

    VB be RB just DT a JJ false NN alarm . . <s> <s> NN This VBZ is VBG keeping DT the FW gold FW traders FW handcuffed . . '' '' <s> <s> DT The RBS most FW remarkable FW feature FW about FW yesterday POS 's NN action VBD was IN that DT the NN price IN of FW roughly FW $ FW 370 FW an FW ounce FW was FW regarded FW as FW attractive FW enough FW by FW gold FW producers FW around FW the FW world FW to FW aggressively FW sell FW gold , , NNP Mr. NNP Mehta VBD said . . <s> <s> IN `` PRP I VBP do RB n't

    VB know WP what PRP it VBZ means IN over DT the JJ long NN run , , CC but IN for DT the JJ short NN term , , PRP it VBZ appears DT that NN gold NNS producers VBP are VBN grateful IN for DT the $ $ CD 10 CC or RB so IN that NN gold VBZ has VBN risen IN over DT the JJ past NN week CC or RB so , , '' '' PRP he VBD said . . <s> <s> NN Previously , , PRP he VBD noted , , WP$ gold UH producers UH tended TO to VB back RP off IN from DT a FW rising FW gold FW market

    FW , FW letting FW prices FW rise FW as FW much FW as FW possible FW before FW selling . . <s> <s> FW Mr. FW Mehta FW observed FW that FW the FW U.S. FW merchandise FW trade FW deficit , , WDT which VBD rose RB sharply IN in NNP August , , VBG according TO to NN yesterday POS 's NN report , , VBZ has VBN been VBG having JJR less CC and JJR less NN impact IN on DT the NN gold NN market . . <s> <s> IN `` DT The NN dollar VBZ has RB n't VBD reacted RB much TO to PRP it , , RB so EX gold VBZ has

    RB n't RB either , , '' '' PRP he VBD said . . <s> <s> . In UH other UH commodity UH markets SYM yesterday : : <s> <s> NN ENERGY : : <s> <s> DT Crude NN oil NNS prices VBD rose RB slightly IN in JJ lackluster NN activity IN as NNS traders IN in DT the RBS pits VBN tried TO to VB assess NN action IN in DT the NN stock NN market . . <s> <s> FW Since FW stock FW market FW indexes FW plummeted FW last FW Friday , , NNS participants IN in DT all NNS markets VBP have VBN been RP wary . . <s> <s> JJ When NNS traders

    VBP become VBN confident IN that DT the NN stock NN market VBZ has VBN stabilized , , NN oil NNS prices VBP are VBN expected TO to VB rise IN as FW supply FW and FW demand FW fundamentals FW once FW again PDT become DT the JJ major NN consideration . . <s> <s> DT Crude NN oil IN for FW November FW delivery FW edged FW up FW by FW 16 FW cents FW a FW barrel FW to FW $ FW 20.75 FW a FW barrel . . <s> <s> DT Heating NN oil NNS prices RB also VBD rose . . <s> <s> . November UH gasoline UH slipped UH slightly . . <s> <s>

    NN SUGAR : : <s> <s> JJ Futures NNS prices VBD rose IN on DT a NN report IN that PRP Cuba MD may VB seek TO to VB postpone DT some NN sugar NNS shipments . . <s> <s> FW The FW March FW contract FW advanced FW 0.14 FW cent FW a FW pound FW to FW 14.11 FW cents . . <s> <s> NN According TO to DT an NN analyst , , WDT Cuba MD ca RB n't VB meet PDT all PRP$ its FW shipment FW commitments FW and FW has FW asked FW Japan FW to FW accept FW a FW delay FW of FW shipments FW scheduled FW for PDT later DT this

    NN year , , IN into JJ early JJ next NN year . . <s> <s> NNP `` NNP Japan VBZ is VBN perceived IN as DT a JJ wealthy NN nation WDT that MD can VB turn RB elsewhere IN in DT the NN world NN market CC and VB buy DT the NN sugar , , '' '' DT the NN analyst VBD said . . <s> <s> NN It VBD was DT the NN possibility IN of DT this NN demand WDT that VBD helped JJ firm NNS prices , , DT the NN analyst VBD said . . <s> <s> FW Another FW analyst FW noted FW that FW Cuba FW has FW been FW deferring

    FW shipments IN in JJ recent NNS years . . <s> <s> NN `` TO To DT the NNS professionals IN in DT the NN trade PRP it VBD did RB n't VB cause JJ much NN surprise . . <s> <s> FW The FW March FW futures FW contract FW traded FW as FW high FW as FW 14.24 FW cents , , CC but MD could RB n't VB sustain DT the NN advance , , '' '' PRP he VBD said . . <s> <s> . LIVESTOCK UH AND SYM MEATS : : <s> <s> JJ The NNS prices IN of NNS cattle , , FW hogs FW and FW pork FW belly FW futures FW contracts

    FW rebounded FW as FW livestock FW traders FW shook FW off FW fears FW that FW the FW Friday FW stock FW market FW plunge FW would FW chill FW consumer FW spending , , WDT which FW in FW turn FW would FW hurt FW retail FW sales FW of FW beef FW and FW pork . . <s> <s> JJ The NNS prices IN of JJS most FW livestock FW futures FW contracts FW had FW dropped FW sharply FW Monday . . <s> <s> FW Cattle FW futures FW prices FW were FW also FW supported FW yesterday FW by FW signs FW that FW supermarket FW chains FW are FW making FW plans FW to

    FW increase FW their FW promotions FW concerning FW beef . . <s> <s> . GRAINS UH AND SYM SOYBEANS : : <s> <s> JJ The NNS prices IN of JJS most FW soybean FW and FW soybean-meal FW futures FW contracts FW rose FW amid FW rumors IN that DT the NNP Soviet NNP Union VBZ is VBN interested IN in VBG buying IN from DT the NNP U.S. FW or FW South FW America FW about FW 250,000 FW metric FW tons FW of FW soybeans FW and FW as FW many FW as FW 400,000 FW metric FW tons FW of FW soybean FW meal . . <s> <s> NNS Traders VBP are FW especially FW sensitive

    FW to FW reports FW of FW possible FW U.S. FW soybean FW sales FW because FW U.S. FW exports FW are FW lagging . . <s> <s> NNP Since NNP Sept. CD 1 , , FW about FW 13 FW million FW fewer FW bushels FW of FW U.S. FW soybeans FW have FW been FW sold FW overseas FW than IN for DT the JJ same NN period JJ last NN year . . <s> <s> FW Corn FW futures FW prices FW rose FW slightly FW while FW wheat FW prices FW settled FW mixed . . <s> <s> NNP Moody POS 's NNPS Investors NNP Service NNP Inc. , , FW fretting FW about FW increasing

    FW competitive FW pressure FW on FW Ryder , , VBN placed IN about $ $ CD 2.8 CD billion IN in NN company NNS securities IN under NN review IN for JJ possible NN downgrade . . <s> <s> FW Ratings FW under FW review FW are FW Ryder FW 's FW A-1 FW collateral FW trust FW debentures , , WP$ A-2 JJ senior NNS notes CC and NNS bonds , , WP$ A-2 JJ preferred NN stock CC and DT the NN company POS 's JJS Prime-1 NN rating IN for JJ commercial NN paper . . <s> <s> NNP Moody POS 's VBD said PRP it VBZ is VBG assessing DT the FW strategies FW Ryder

    FW 's FW management FW may FW follow FW in FW addressing FW significant FW challenges IN in DT some JJ major NNS markets . . <s> <s> DT The NN rating NN agency VBD said PRP it VBZ is VBG focusing RB especially IN on DT the NN transportation NN service NN company POS 's NNS efforts TO to VB control NNS costs , , WP$ improve NNS margins CC and VB enhance PRP$ its JJ competitive NN position IN in PRP$ its JJ primary NN business , , FW vehicle FW leasing FW and FW rental . . <s> <s> JJ The NNS nations IN of FW southern FW Africa FW know FW a FW lot FW about

    FW managing FW elephants FW ; FW their FW herds FW are FW thriving . . <s> <s> IN But DT the NNS nations IN of NNP Europe CC and FW North FW America FW have FW decided FW they FW know FW better . . <s> <s> IN At DT this NN week POS 's FW U.N. FW conference FW in FW Lausanne FW , FW they FW imposed FW a FW global FW ivory FW ban FW that FW seeks FW to FW overturn FW local FW policies . . <s> <s> . A UH Zimbabwean UH delegate UH argued IN that DT the NN ban MD would `` `` PDT guarantee DT the NN extinction IN of

    DT the NN elephant . . '' '' <s> <s> . Legitimate -RRB- ranchers , , WP who VBP have DT an NN interest IN in PDT preserving DT the NN herds , , MD would VB go RP out IN of NN business . . <s> <s> NN Poachers MD would VB control DT the JJ underground NN trade . . <s> <s> . Many '' delegates VBD were JJ willing TO to VB craft DT a NN compromise , , CC but NNP U.S. FW delegate FW Constance FW Harriman FW and FW others FW thundered FW that FW down . . <s> <s> . The '' Greens IN from DT the FW First FW World FW wanted

    FW a FW morality FW play , , RB not DT a NN negotiation . . <s> <s> NN Fortunately , , DT the NNS nations IN of FW southern FW Africa FW have FW n't FW totally FW surrendered FW their FW sovereignty . . <s> <s> JJ Five NNS countries VBD announced PRP they MD would RB not FW honor FW what FW one FW Zimbabwean FW delegate FW wryly FW called FW the FW `` FW made FW in FW Switzerland FW '' FW solution . . <s> <s> DT In NN fact , , PRP they VBD seemed DT a RBS mite LS resentful . . <s> <s> DT The NN director IN of FW Zimbabwe

    FW 's FW Wildlife FW Department FW described FW American FW conservationists FW as FW `` FW fat FW little FW puppies FW from FW urban FW environments WP who VBP do RB n't VB know DT a NN thing IN about NNP Africa . . '' '' <s> <s> NNP That POS 's LS not SYM fair : ; PRP they VBP 're RB not PDT all LS fat . . <s> <s> FW HUGO'S FW BLAST FW generates FW pleas FW for FW aid FW from FW South FW Carolina FW small FW businesses . . <s> <s> FW The FW Small FW Business FW Administration FW has FW received FW more FW than FW 5,000 FW formal

    FW requests FW for FW disaster FW loans FW because IN of DT the NN hurricane . . <s> <s> CD About CD 45 NN % IN of FW requests FW for FW SBA FW relief FW loans , , WDT which RB also VBP are JJ available TO to NNS homeowners , , VBN come IN from JJ small NNS businesses , , VBN compared IN with DT a CD 25 NN % NN business NN share IN after JJS most NNS disasters . . <s> <s> . The '' SBA VBZ expects TO to VB make IN about $ $ CD 1 CD billion IN in NNP Hurricane NNP Hugo NNS loans . . <s> <s> FW The

    FW disaster FW fund FW is FW replenished FW by FW loan FW repayments . . <s> <s> FW Hardest FW hit FW by FW Hugo FW in FW South FW Carolina FW were FW small FW retailers FW tied FW to FW the FW tourist FW industry FW and FW businesses FW in FW agriculture FW and FW cultivated FW seafood . . <s> <s> FW The FW State FW Development FW Board FW set FW up FW a FW Hugo FW Hotline FW to FW accept FW business-to-business FW help . . <s> <s> FW After FW NBC FW weather FW man FW Willard FW Scott FW broadcast FW the FW hot-line FW number , , PRP it

    VBD was VBN flooded IN with CD 10,000 NNS calls . . <s> <s> DT Last NN week , , DT the NNP U.S. FW Chamber FW of FW Commerce FW began FW using FW its FW national FW TV FW show FW to FW seek FW help , , JJ such IN as NN equipment , , IN for NN business NNS owners . . <s> <s> FW Local FW bankers FW and FW accountants FW help FW applicants FW fill FW out FW forms . . <s> <s> IN `` PRP It VBZ helps PRP us , , CC and NNS people VBP feel RB better VBG talking TO to # someone WP who VBZ 's VBN gone

    IN through DT the JJ same NN thing , , '' '' DT an JJS SBA NN official VBZ says . . <s> <s> FW HEALTH FW BENEFITS FW remain FW a FW central FW lobbying FW effort FW , FW even FW as FW Section FW 89 FW fades . . <s> <s> NNP The NNP Senate , , FW after FW deleting FW Section FW 89 FW repeal FW from FW its FW deficit-reduction FW bill , , RB still VBZ is VBN expected TO to VB join DT the NNP House IN in VBG voting TO to VB kill DT the NN law , , WDT which FW forces FW companies FW to FW provide FW comparable

    FW benefits FW to FW laborers FW and FW executives FW alike . . <s> <s> FW In FW lobbying FW on FW other FW health-coverage FW topics , , DT the FW National FW Federation FW of FW Independent FW Business FW will FW press FW for FW legislation FW that FW would FW give FW self-employed FW people FW a FW 100 FW % FW tax FW deduction FW for FW their FW own FW health FW plans , , RB up IN from CD 25 NN % RB currently . . <s> <s> IN And DT the NN group MD will VB urge IN that DT the FW federal FW government FW pre-empt FW state FW rules

    FW on FW what FW must FW be FW covered FW by FW employers FW ' FW health FW insurance . . <s> <s> JJ Small-business NNS groups RB also MD will VB fight DT the FW medical-leave FW provision FW of FW legislation FW that FW would FW expand FW parental FW leaves . . <s> <s> FW And FW they FW still FW oppose FW as FW too FW costly FW an FW employer-paid FW health FW insurance FW bill FW sponsored FW by FW Sen. FW Edward FW Kennedy -LRB- -LRBNNP D. , , NNP Mass . . -RRB- -RRBFW despite FW his FW proposal FW to FW phase FW in FW small FW business

    FW only FW gradually . . <s> <s> NN There VBZ is RB also VB worry IN that DT the FW Pepper FW Commission FW studying FW long-term FW health FW care FW will FW again FW push FW lawmakers FW toward FW employerpaid FW solutions . . <s> <s> FW The FW Section FW 89 FW victory FW could FW have FW a FW downside FW by FW making FW it FW harder FW to FW oppose FW lawmakers FW on FW other FW health FW proposals . . <s> <s> NN `` IN With DT the FW repeal FW of FW Section FW 89 FW , FW we FW can FW no FW longer FW say FW they

    FW 're FW discouraging FW businesses FW from FW offering FW health FW plans , , '' '' VBZ says UH Christine UH Russell , , DT the NN Chamber IN of NNP Commerce POS 's FW small-business FW advocate . . <s> <s> . JUMPING UH THE SYM GUN : : <s> <s> . Sen. UH Lloyd UH Bentsen -LRB- -LRBNNP D. , , NNP Texas -RRB- -RRBFW was FW outraged FW after FW a FW private FW word FW to FW John FW Motley FW , FW lobbyist FW for FW the FW National FW Federation FW of FW Independent FW Business FW , FW resulted FW in FW a FW news FW release FW saying

    FW that FW the FW Senate FW Finance FW Committee FW chairman FW would FW recommend FW repeal FW of FW Section FW 89 . . <s> <s> NN Even IN though DT the NN announcement VBD was VBN true IN in DT the NN end , , PRP it VBD was VBN issued IN without DT the NN senator POS 's NN permission . . <s> <s> IN `` PRP I VBD blew PRP it , , '' '' NNP Mr. FW Motley FW says FW apologetically . . <s> <s> IN `` PRP It VBD was DT a RBS timing LS mistake . . '' '' <s> <s> . PRISON-SHOP -RRB- BLUES : : <s> <s> . Sen.

    UH Strom UH Thurmond -LRB- -LRBNNP R. , , UH S.C . . -RRB- -RRBUH protests UH pending UH legislation TO to VB end DT the NN preference IN that DT the FW federal FW prison FW system FW gets FW in FW selling FW prisoner-made FW furniture FW and FW other FW goods FW to FW government FW agencies . . <s> <s> FW Small-business FW suppliers FW want FW prisons FW to FW stop FW getting FW high FW priority FW , FW especially FW as FW prison FW production FW grows FW with FW swelling FW inmate FW populations . . <s> <s> DT Last NN year , , DT the NN prisons POS '

    NNS sales TO to DT the NNP Pentagon VBD totaled $ $ CD 336 CD million . . <s> <s> FW REPAIR FW SHOPS FW SCRAP FW for FW more FW access FW to FW work FW on FW auto-emissions FW systems . . <s> <s> FW Groups FW representing FW some FW independent FW auto-repair FW shops FW join FW a FW compromise FW on FW the FW Clean FW Air FW legislation FW worked FW out FW between FW environmentalists FW and FW Rep. FW Henry FW Waxman -LRB- -LRBNNP D. , , NNP Calif . . -RRB- -RRB. . <s> <s> DT The NN plan MD would VB increase DT the FW warranty FW on

    FW auto-emission FW systems FW to FW eight FW years FW or FW 80,000 FW miles FW from FW five FW years FW or FW 50,000 FW for FW major FW parts . . <s> <s> IN But DT the FW warranty FW on FW simpler FW parts MD would VB be VBN lowered TO to CD two NNS years CC or CD 24,000 NNS miles . . <s> <s> FW The FW garage FW owners FW say FW they FW would FW benefit FW because FW car FW owners MD would VB be RBR less JJ likely TO to VB go RP back TO to NNS dealers IN for DT the RBS simpler LS repairs # after CD two

    NNS years . . <s> <s> . The '' repair PRP shops VBP are RB n't RBR united , , RB however . . <s> <s> . Shops '' represented IN by DT the FW Automotive FW Service FW Industry FW Association FW and FW the FW Motor FW Equipment FW Manufacturers FW Association FW oppose FW any FW increase FW in FW warranty FW length . . <s> <s> NNS They VBP say DT the RBR longer DT the NN warranty , , DT the FW longer FW customers FW will FW automatically FW return FW to FW new-car FW dealers , , WDT which FW then FW find FW non-warranty FW work FW that FW might FW otherwise

    FW go FW to FW repair FW shops . . <s> <s> NNP The NNP House NNP Energy NNP Committee MD will VB debate DT the NN issue RBR later DT this NN month . . <s> <s> . Stan -RRB- Hathcock , , DT an FW Atlanta FW garage FW owner FW who FW opposes FW a FW longer FW warranty , , NNS estimates IN that DT the JJ current NN plan NNS costs PRP him RB as RB much IN as $ $ CD 15,000 DT a NN year IN in JJ lost NN business . . <s> <s> . SMALL -RRB- TALK : : <s> <s> CD Some CD 70 NN % IN of FW graduates

    FW who FW recently FW earned FW an FW M.B.A. FW degree FW say FW they FW 'd FW prefer TO to VB work IN in CC or VB own DT a JJ small NN company , , WP$ yet RBS most FW take FW jobs FW with FW large FW concerns , , VBZ says DT a NN survey IN by DT the FW Foster FW McKay FW Group FW , FW a FW New FW York FW recruiting FW firm FW ... . . <s> <s> FW Cardinal FW Scientific FW Inc. FW of FW Waldorf FW , FW Md. FW , FW seeks FW a FW Small FW Business FW Innovation FW Research FW grant TO to

    VB produce DT a `` `` FW nozzle FW assembly FW for FW an FW Army FW mass FW delousing FW outfit . . <s> <s> FW Banc FW One FW Corp. FW said FW Frank FW E. FW McKinney FW plans TO to VB retire IN as DT the NN bank VBG holding NN company POS 's FW president FW effective FW Jan. FW 12 . . <s> <s> . Banc '' One VBD said `` `` PRP it VBZ is . contemplated '' '' WDT that UH John UH B. UH McCoy , , NN chairman CC and JJ chief NN executive NN officer , , MD will VB assume DT the JJ additional NN position IN of

    NN president IN upon NNP Mr. NNP McKinney POS 's NN retirement . . <s> <s> . Mr. -RRB- McKinney , , CD 50 NNS years JJ old , , VBD was NN chairman CC and JJ chief NN executive IN of NNP American NNP Fletcher NNP Corp. , , NNP Indianapolis , , WRB when FW that FW bank FW holding FW company FW merged FW into FW Banc FW One FW in FW January FW 1987 . . <s> <s> DT The NN company VBD said NNP Mr. POS McKinney NNS plans TO to VB retire IN because DT the NN process IN of FW affiliating FW American FW Fletcher FW into FW Banc FW One FW ``

    FW is FW considered FW completed . . '' '' <s> <s> , Mr. WDT McKinney MD will VB continue IN as NN chairman IN of DT the NN board CC and NN chairman IN of DT the JJ executive NN committee IN of FW Banc FW One FW Indiana NNP Corp. , , DT the NN successor NN company TO to NNP American NNP Fletcher NNP Corp. , , CC but MD will FW no FW longer FW be FW active FW in FW day-to-day FW management . . <s> <s> NN He MD will VB remain IN on DT the $ Banc CD One NN board . . <s> <s> NNP The NNP Treasury VBZ plans TO to

    VB raise $ $ CD 1.55 CD billion IN in JJ new NN cash IN with DT the NN sale NNP Monday IN of IN about $ $ CD 15.6 CD billion IN in JJ short-term NNS bills TO to VB redeem $ $ CD 14.1 CD billion IN in VBG maturing NNS bills . . <s> <s> DT The NN offering MD will VB be FW divided FW evenly FW between FW 13-week FW and FW 26-week FW bills FW maturing FW on FW Jan. FW 25 , , CD 1990 , , CC and $ April CD 26 , , CD 1990 , , RB respectively . . <s> <s> NN Tenders IN for DT the NNS bills

    , , FW available FW in FW minimum FW $ FW 10,000 FW denominations , , MD must VB be VBN received IN by FW 1 FW p.m. FW EDT FW Monday FW at FW the FW Treasury FW or FW at FW Federal FW Reserve FW banks FW or FW branches . . <s> <s> NNP Moody POS 's NNPS Investors NNP Service NNP Inc. VBD said PRP it VBD lowered NNS ratings IN on IN about $ $ CD 650 CD million IN of NNP Beatrice NNP Co. NN debt , , VBG citing DT the FW closely FW held FW Chicago FW food FW concern FW 's FW proposed FW recapitalization . . <s> <s> FW The

    FW ratings FW concern FW said FW it FW downgraded FW Beatrice FW notes FW , FW Euronotes FW and FW certain FW industrial FW revenue FW bonds FW to FW single-B-1 FW from FW Ba-3 CC and DT the NN company POS 's FW subordinated FW debentures FW to FW single-B-3 FW from FW single-B-2 . . <s> <s> NNP Moody POS 's VBD said DT the FW proposed FW recaptilization FW may FW `` PDT limit DT the NN company POS 's NN ability TO to VB realize PRP$ its NN profit . potential '' '' CC and IN that VBG paying NNS dividends IN from DT a JJ new NN series IN of FW preferred FW could

    FW squeeze FW `` FW basic FW business FW operations . . '' '' <s> <s> FW A FW Beatrice FW spokesman FW did FW n't FW return FW calls FW seeking FW comment . . <s> <s> NN Beatrice , , WDT which VBD went JJ private IN in DT an $ $ CD 8.2 CD billion JJ leveraged NN buy-out IN in CD 1986 , , VBD said JJ last NN month IN that PRP it MD might VB borrow RB again TO to VB help PRP$ pay NNS investors IN as JJ much IN as $ $ CD 983 CD million IN in JJ preferred NN stock CC and NN debt NNS securities . . <s> <s>

    IN When DT the FW Soviets FW announced FW their FW last FW soldier FW had FW left FW Afghanistan FW in FW February , , DT the FW voices FW of FW skepticism FW were FW all FW but FW drowned FW out FW by FW an FW international FW chorus FW of FW euphoria . . <s> <s> NN It VBD was `` `` DT the FW Soviets FW ' FW Vietnam . . '' '' <s> <s> . The '' Kabul PRP regime MD would VB fall . . <s> <s> NN Millions IN of FW refugees FW would FW rush FW home . . <s> <s> FW A FW resistance FW government FW would FW walk

    FW into FW Kabul . . <s> <s> , Those WP who VBD bought IN that EX illusion VBP are RB now RBR bewildered . . <s> <s> FW Eight FW months FW after FW Gen. FW Boris FW Gromov FW walked FW across FW the FW bridge FW into FW the FW U.S.S.R. FW , FW a FW Soviet-controlled FW regime FW remains FW in FW Kabul , , DT the FW refugees FW sit FW in FW their FW camps , , CC and DT the FW restoration FW of FW Afghan FW freedom FW seems FW as FW far FW off FW as FW ever . . <s> <s> `` But EX there RB never VBD was

    DT a NN chance IN that DT the FW Afghan FW resistance FW would FW overthrow FW the FW Kabul FW regime FW quickly FW and FW easily . . <s> <s> JJ Soviet NNS leaders VBD said PRP they MD would VB support PRP$ their FW Kabul FW clients FW by FW all FW means SYM necessary : -CC and VBD did . . <s> <s> NNP The NNP U.S. VBD said PRP it MD would RB fully VB support DT the NN resistance : -CC and VBD did RB n't . . <s> <s> IN With DT the FW February FW 1987 FW U.N. FW accords FW `` FW relating FW to FW Afghanistan , ,

    '' '' DT the FW Soviet FW Union FW got FW everything FW it FW needed FW to FW consolidate FW permanent FW control . . <s> <s> JJ The NNS terms IN of DT the FW Geneva FW accords FW leave FW Moscow FW free TO to VB provide PRP$ its NNS clients IN in JJR Kabul IN with NN assistance IN of DT any NN kind : -VBG including DT the NN return IN of # Soviet LS ground SYM forces : -LS while PDT requiring DT the NNP U.S. CC and VBG Pakistan TO to VB cut RP off LS aid . . <s> <s> VBZ The RB only VB fly IN in DT the

    JJ Soviet NNS ointment VBD was DT the JJ last-minute NN addition IN of DT a FW unilateral FW American FW caveat , , IN that NNP U.S. NN aid TO to DT the NN resistance MD would VB continue IN as FW long FW as FW Soviet FW aid FW to FW Kabul FW did . . <s> <s> NN But IN as RB soon IN as DT the FW accords FW were FW signed FW , FW American FW officials FW sharply FW reduced FW aid . . <s> <s> IN In $ February CD 1989 , , WRB when DT the NNPS Soviets VBD said PRP they VBD had VBN completed PRP$ their NN pullout , ,

    DT the NNP U.S. VBD cut PRP it RBR further . . <s> <s> NN Not IN so DT the NNS Soviets . . <s> <s> FW Gen. FW Gromov FW himself FW said FW Soviet FW troops FW expected FW to FW leave FW behind JJR more IN than $ $ CD 1 CD billion IN of JJ military NN equipment CC and NNS installations IN for DT the RBS Kabul LS regime . . <s> <s> IN Since DT the RBS troop UH withdrawal , , WDT Moscow VBZ has VBN poured IN in DT an JJ additional $ $ CD 200 TO to $ $ CD 300 CD million SYM worth LS per SYM month : --

    RB nearly $ $ CD 2 CD billion IN since NNP February , , VBG equivalent TO to DT the JJ total NNP U.S. NN aid TO to DT the NN resistance IN in CD nine NNS years . . <s> <s> FW This FW includes FW what FW Deputy FW Foreign FW Minister FW Yuli FW Vorontsov FW fetchingly FW called FW `` FW new FW peaceful FW long-range FW weapons , , '' '' FW including FW more FW than FW 800 FW SCUD FW missiles . . <s> <s> DT By JJ early NNP May , , WDT Moscow VBD had VBN delivered , , IN for NN example , , FW 1,000 FW trucks FW ,

    FW about FW 100 FW tanks FW , FW artillery FW and FW hundreds FW of FW other FW combat FW vehicles . . <s> <s> IN Later DT that NN month , , PRP it VBD added DT an FW entire FW tank FW brigade FW , FW including FW 120 FW T-72 FW tanks FW and FW more FW than FW 40 FW BMP FW state-of-the-art FW infantry FW fighting FW vehicles . . <s> <s> NNP By NNP September , , DT a FW new FW Reinforced FW Motorized FW Rifle FW Brigade FW with FW an FW additional FW 300 FW combat FW vehicles FW , FW 1,000 FW more FW trucks FW and FW 10,000

    FW Soviet-trained FW Afghan FW troops FW had FW arrived FW in FW Kandahar . . <s> <s> IN In DT the JJ last JJ few NNS weeks , , FW Moscow FW has FW added FW FROG-7B FW missiles , , DT the JJS bomber NN version IN of DT the NN An-12 , , WP$ MiG-23BN UH high-altitude UH aircraft , , UH MiG-29s , , WDT which MD can FW outfly FW Pakistan FW 's FW U.S.-built FW F16s , , CC and UH Sukhoi UH SU-27 UH fighter-bombers , , WDT which MD can VB outfly DT the NN MiG-29s . . <s> <s> NN Moscow VBZ claims DT this VBZ is RB all VBN needed

    TO to VB protect DT the FW Kabul FW regime FW against FW the FW guerrilla FW resistance . . <s> <s> NN It VBZ is VBN well-known IN that DT the FW regular FW Afghan FW infantry FW is FW filled FW with FW reluctant FW conscripts . . <s> <s> IN But DT this VBZ is RB not DT the FW entire FW Afghan FW army , , CC and PRP it VBZ is DT no FW longer FW Kabul FW 's FW only FW military FW force . . <s> <s> JJ Complete NNS units VBP have VBN been VBN trained CC and JJR indoctrinated IN in DT the FW U.S.S.R. FW and FW other FW East

    FW bloc FW nations FW ; FW 30,000 FW to FW 40,000 FW of FW these FW troops FW have FW returned . . <s> <s> DT In NN addition , , DT the FW regime FW has FW established FW well-paid FW paramilitary FW forces FW totaling FW more FW than FW 100,000 FW , FW including FW 35,000 FW Soviet-trained FW troops FW of FW the FW Interior FW Ministry FW -LRBFW KHAD\/WAD -RRB- -RRB, , WDT which RB still VBZ is VBN directed IN by FW 1,500 FW Soviet FW KGB FW officers . . <s> <s> NN Even IN if RB not PDT all DT these NNS forces VBP are VBN committed TO to

    DT the NN regime , , PRP they VBP are RB now VBN dependent IN on PRP it . . <s> <s> JJ And NNS thousands IN of PRP$ Afghan NNS children VBP have VBN been VBN taken TO to DT the NNP Soviet NNP Union , , WRB where PRP they VBP are VBN hostage IN for DT the NN behavior IN of PRP$ their NNS families . . <s> <s> . Since -RRB- 1981 , , FW Indian FW military FW advisers FW have FW been FW assisting FW the FW Kabul FW regime . . <s> <s> . In '' preparation IN for DT the NN withdrawal , , NNP Moscow , , FW Kabul FW and

    FW New FW Delhi FW signed FW two FW agreements FW for FW several FW hundred FW newly FW civilian FW Indian FW experts TO to VB replace DT some IN of DT the JJR more FW visible FW Soviet FW military FW personnel . . <s> <s> FW Cuban FW military FW personnel FW also FW have FW been FW active FW in FW Afghanistan FW since FW 1979 . . <s> <s> FW The FW Soviets FW cut FW a FW deal FW with FW Iran FW : FW a FW future FW Iranian FW role FW in FW Afghanistan FW in FW exchange FW for FW Iranian FW support FW of FW Soviet FW policy . .

    <s> <s> DT The NN deal VBD was VBN symbolized IN by DT the NN restoration IN of DT the FW Shi'ite FW Sultan FW Ali FW Keshtmand FW to FW the FW Afghan FW prime FW ministry . . <s> <s> NN Moreover , , JJ serious NNS questions VBP have VBN been VBN raised IN about DT the FW claimed FW withdrawal FW of FW Soviet FW forces . . <s> <s> IN Before PRP$ his NN assassination IN in CD 1988 , , FW President FW Zia FW of FW Pakistan FW repeatedly FW stated FW that FW fresh FW Soviet FW troops FW were FW being FW inserted FW into FW Afghanistan FW even FW as

    FW others FW were FW ostentatiously FW withdrawn . . <s> <s> FW Rep. FW Bill FW McCollum FW -LRBFW R. FW , FW Fla. FW -RRBFW reports FW that FW these FW included FW 20,000 FW to FW 30,000 FW Soviet FW Central FW Asian FW KGB FW Border FW Guards FW , FW ethnically FW indistinguishable FW from FW Afghans FW and FW wearing FW unmarked FW uniforms . . <s> <s> NN Meanwhile , , DT the FW Kabul FW regime FW is FW increasingly FW successful FW at FW portraying FW the FW resistance FW as FW bloody-minded FW fanatics . . <s> <s> . In '' this PRP they VBP are VBN aided

    IN by NNS years IN of NNP American , , NNP European , , '' Pakistani CC and JJ Saudi NN support IN for DT the RBS most FW extreme FW factions FW -FW radical FW Islamic FW fanatics FW with FW leaders FW whose FW policies FW are FW anathema TO to DT the RBS Afghan JJ public . . <s> <s> DT This JJ heavy JJ outside NN support IN for DT the FW worst FW has FW undermined FW better FW , FW moderate FW leaders . . <s> <s> DT In RBS autumn JJ last NN year , , IN for NN example , , DT the FW regime FW garrison FW at FW Kandahar

    FW was FW prepared TO to VB surrender DT the NN city TO to # resistance LS moderates . . <s> <s> IN At DT the JJ last NN minute , , RB however , , FW Pakistani FW officials FW sent FW in FW Gulbuddin FW Hekhmatyar , , RB perhaps DT the RBS most LS hated CC and VBN feared IN of DT the NN extremists , , IN with DT a NN demand IN that DT the MD surrender VB be VBN made TO to PRP$ his NNS forces . . <s> <s> DT The NN deal VBD fell RB through , , CC and FW Kandahar FW remains FW a FW major FW regime FW base

    . . <s> <s> FW The FW resistance FW lacks FW not FW only FW air FW power FW , FW armor FW and FW expertise FW but FW often FW such FW essentials FW as FW maps FW , FW mine FW detectors FW , FW or FW even FW winter FW gloves . . <s> <s> FW Experienced FW resistance FW commanders FW wanted FW to FW use FW guerrilla FW action FW and FW siege FW tactics TO to VB wear RP down DT the NN regime . . <s> <s> NN Instead , , PRP they VBD were VBN pressured IN by NNP Pakistan POS 's UH ISI , , DT the NN channel IN for

    PRP$ their NN support , , WP$ into LS attacking LS Jalalabad . . <s> <s> NN They VBD took RBR more FW than FW 25 FW % FW casualties FW ; FW journalists FW report FW that FW they FW faced FW minefields FW without FW mine FW detectors . . <s> <s> . The '' wonder VBZ is RB not IN that DT the NN resistance VBZ has VBN failed TO to VB topple DT the RBS Kabul UH regime , , CC but IN that PRP it VBZ continues TO to VB exist CC and NN fight IN at PDT all . . <s> <s> DT Last NN summer , , IN in NN response TO to

    # congressional UH criticism , , DT the NNP State NNP Department CC and DT the NNP CIA VBD said PRP they VBD had UH resumed UH military UH aid TO to DT the NN resistance NNS months IN after PRP it VBD was VBN cut RP off : ; CC but PRP it VBZ is RB not VB clear WRB how RB much VBZ is VBG being VBN sent CC or WRB when PRP it MD will VB arrive . . <s> <s> JJ For NNS months DT the FW resistance FW has FW been FW defenseless FW against FW air FW attack . . <s> <s> VBZ Thus RB far EX there VBZ is DT no NN indication

    IN that PRP they VBP have VBN been FW re-supplied FW with FW Stingers FW or FW other FW anti-aircraft FW weapons . . <s> <s> NN Indeed , , NNP U.S. NNS officials VBP have VBN indicated TO to DT the NN press IN that DT the FW continuation FW of FW aid FW depends FW on FW what FW success FW the FW weakened FW resistance FW achieves IN by DT the NN end IN of DT this NN year . . <s> <s> NN Moscow CC and EX Kabul MD must VB have VBN found IN that # information LS useful . . <s> <s> IN For DT a FW decade FW U.S. FW policy FW has

    FW been FW incoherent , , VBN based IN on NNP miscalculation CC and DT the NN defense IN of FW bureaucratic FW and FW political FW turf . . <s> <s> DT No NN settlement VBN negotiated IN by NNS others MD can VB force DT the JJ Afghan NNS people TO to VB give RP up PRP$ their NN struggle . . <s> <s> . A '' cutoff IN of NNP U.S. FW military FW aid FW would FW merely FW abandon FW them FW to FW die FW in FW vain . . <s> <s> NN Creation IN of DT a JJ new , , FW realistic FW U.S. FW policy FW is FW long FW overdue

    . . <s> <s> . Ms. -RRB- Klass , , '' editor CC and JJR co-author IN of `` `` FW Afghanistan FW : FW The FW Great FW Game FW Revisited '' '' -LRB- -LRBUH Freedom LS House -RRB- -RRB, , FW directs FW the FW Freedom FW House FW program FW on FW Afghanistan\/Southwest FW Asia . . <s> <s> FW Nothing FW stirred FW the FW soul FW of FW Ronald FW Reagan FW and FW his FW disciples FW as FW much FW as FW the FW crusade FW to FW aid FW Nicaragua FW 's FW Contra FW rebels , , CC or DT the NN dream IN of FW building FW a

    FW space-based FW defense FW shield FW to FW knock FW out FW Soviet FW nuclear FW missiles . . <s> <s> NN Yet IN under NNP Mr. NNP Reagan POS 's JJ preferred NN successor , , NNP President NNP Bush , , FW those FW two FW cherished FW national-security FW causes FW are FW withering FW on FW the FW vine . . <s> <s> NN And , , RB surprisingly , , RB little JJR more IN than DT a FW whimper FW of FW protest FW is FW being FW heard FW , FW even FW though FW Reaganauts FW once FW breathed FW fire FW supporting FW the FW Contras FW and FW the

    FW Strategic FW Defense FW Initiative . . <s> <s> IN `` DT The NNS programs VBP have RB arthritis , , '' '' VBZ says FW Rep. FW Henry FW Hyde FW , FW a FW conservative FW Republican FW from FW Illinois . . <s> <s> NN Yet , , PRP he VBZ asserts , , `` `` UH you UH look SYM around : ... CC and PRP you VBP say , , `` ` EX Who VBP are DT the NNS leaders . ? <s> <s> NN Who VBZ is VBG going TO to VB carry DT the NN water . ? '' ' '' '' <s> <s> NN It VBZ is RB n't VBN surprising

    IN that NNP President NNP Bush VBZ has RB n't VBN led DT a NN crusade TO to VB pump RP up DT the FW Contras FW or FW SDI . . <s> <s> FW Though FW he FW nominally FW supports FW both FW programs , , NNP Mr. NNP Bush VBZ has RB n't VBN been DT a FW passionate FW champion FW of FW either FW cause , , IN as NNP Mr. NNP Reagan VBD was . . <s> <s> NNP What POS 's EX surprising VBZ is IN that EX there VBZ is RB n't JJR more IN of DT a JJ conservative NN outcry IN as DT the FW Bush FW administration FW lets

    FW the FW programs FW slip FW down FW the FW national-priority FW list . . <s> <s> DT A NN combination IN of NNS factors : -FW a FW weariness FW among FW some FW conservatives , , DT a NN decline IN in DT the NN perception IN of DT a JJ Soviet NN threat CC and DT a NN preoccupation IN with JJ other NNS issues : -VBP seem TO to VB explain DT the RBS strange LS tranquility . . <s> <s> . Above -RRB- all , , RB though , , WP$ conservative LS Republicans WP who VBP have LS championed PDT both DT the NNPS Contras CC and EX SDI VBP are

    VBN reluctant TO to VB attack DT a JJ Republican NN president IN for VBG failing TO to VB do JJR more : -LS though WDT that EX reluctance MD may VB be RP receding . . <s> <s> IN `` PRP We VBP want TO to VB complain , , PRP we VBP want TO to VB say NN something IN about PRP it , , CC and PRP we VBP 're VBG going TO to IN as PRP it VBZ gets JJR worse , , '' '' VBZ says FW Rep. FW Dan FW Burton FW , FW an FW Indiana FW Republican WP who VBZ has VBN been DT a FW staunch FW Contra FW backer

    . . <s> <s> NN `` CC But PRP it VBZ 's IN like PDT kicking PRP$ your NN father IN in DT the NN pants . . <s> <s> . You '' hate TO to VB do PRP it IN because PRP he VBZ 's PRP$ your NN father . . '' '' <s> <s> FW Mr. FW Burton FW says FW conservatives FW ' FW unhappiness FW with NNP Mr. NNP Bush POS 's JJ cautious NN handling IN of DT the FW recent FW unsuccessful FW coup FW in FW Panama MD will VB make PRP them RBR more JJ willing TO to VB speak RP out . . <s> <s> DT Of NN course , ,

    FW neither FW President FW Bush FW nor FW the FW Congress FW has FW actually FW abandoned FW the FW Contras FW or FW SDI . . <s> <s> FW Mr. FW Bush FW has FW struck FW a FW deal FW with FW congressional FW leaders FW to FW provide FW nonlethal FW aid FW to FW the FW Contras FW until FW Nicaragua FW holds FW national FW elections FW next FW February . . <s> <s> IN But DT the NN administration VBZ has VBN dropped DT any NN effort TO to VB win JJ military NN aid IN for DT the NNS rebels . . <s> <s> IN And DT the NN administration POS 's

    FW deal FW with FW Congress FW gives FW several FW congressional FW committees FW the FW right FW to FW cut FW off FW even FW humanitarian FW aid FW next FW month FW , FW though FW the FW committees FW are FW likely FW to FW let FW aid FW continue FW until FW February . . <s> <s> JJ Most NNS analysts VBP think EX there VBZ 's RB little PDT prospect DT the NNPS Contras MD can VB be DT a FW significant FW fighting FW force FW without FW U.S. FW arms , , CC and IN after DT the RBS February PDT election PRP$ their NN future IN in DT any NN form

    MD will VB be RP murky IN at JJS best . . <s> <s> NN Instead IN of VBG focusing IN on DT the NNPS Contras , , NNP Mr. NNP Bush VBZ has VBN switched TO to VB urging NNS members IN of NNP Congress : -RBS most RB recently IN in DT a FW White FW House FW meeting SYM yesterday : -TO to VB approve NN financing IN for DT the NN election NN campaign IN of JJ political NNS opponents IN of NNP Nicaragua POS 's JJS Sandinista NN government . . <s> <s> . The '' administration VBZ continues TO to VB support RP SDI , , CC or UH Star UH Wars

    , , CC and PRP it RB recently VBN lobbied TO to VB persuade DT the NNP Senate TO to VB restore DT some IN of DT the NNS funds PRP it VBD planned TO to VB cut IN from DT the NN program . . <s> <s> VBZ And RB just JJ last NN week , , FW Defense FW Secretary FW Dick FW Cheney FW gave FW a FW strong FW speech FW listing FW `` FW compelling FW reasons FW '' FW to FW push FW ahead FW with FW SDI FW and FW saying FW he FW 'd FW urge FW President FW Bush FW to FW veto FW a FW defense FW bill FW with

    FW `` FW inadequate '' '' NN funding IN for DT the NN program . . <s> <s> IN But DT the JJ strong NN pitch IN by NNP Mr. FW Cheney FW may FW be FW too FW little FW too FW late FW to FW prevent FW damage FW to FW SDI . . <s> <s> NNP The NNP House VBZ has RB already VBN voted IN for DT a JJ deep NN cut IN in NN funding , , CC and IN in DT the NN end DT the NN program POS 's NNS backers MD will VB be UH hard UH pressed TO to VB head RP off DT some NN reduction IN in VBG spending

    JJ next NN year . . <s> <s> NN And IN while DT the FW defense FW secretary FW is FW speaking FW out FW , FW President FW Bush FW himself FW has FW n't FW launched FW any FW high-visibility FW campaign FW to FW drum FW up FW support , , IN as NNP President NNP Reagan VBD did . . <s> <s> DT The NN administration RB also VBZ acknowledges IN that PRP it VBZ is RB n't VBG pursuing NNP Mr. NNP Reagan POS 's JJ original NN vision IN of DT an `` `` FW impenetrable FW shield FW '' FW protecting FW the FW whole NNP U.S. , , CC but RB rather

    DT a RBR more JJ modest NN version . . <s> <s> . More '' ominous TO to # SDI UH supporters , , DT the FW Bush FW administration FW appears FW to FW have FW tacitly FW accepted FW a FW new FW arms-control FW proposal FW from FW the FW Soviet FW Union FW that FW spells FW long-term FW trouble FW for FW Star FW Wars . . <s> <s> NNP The NNPS Soviets VBP have VBN agreed TO to VB complete DT a FW treaty FW cutting FW strategic FW weapons FW without FW including FW restrictions FW on FW space-based FW defenses . . <s> <s> IN But DT the RBS Soviets RB also

    VBP are VBG insisting IN that PRP they MD will VB reserve DT the NN right TO to VB withdraw IN from DT the FW completed FW strategic-arms FW treaty FW later FW on FW if FW the FW U.S. FW does FW SDI FW testing FW or FW deployment FW that FW the FW Soviets FW think FW violates FW the FW existing FW anti-ballistic-missile FW treaty . . <s> <s> NN It MD will VB be VBN hard RP down DT the NN road TO to FW persuade FW Congress FW to FW approve FW money FW for FW SDI FW plans FW if FW lawmakers FW fear FW those FW plans FW could FW scuttle FW a

    FW completed FW treaty . . <s> <s> IN As DT a NN result , , WP$ Frank UH Gaffney , , DT a FW former FW Reagan FW Pentagon FW aide FW who FW now FW heads FW the FW Center FW for FW Security FW Policy , , NNS charges IN that DT the NN administration POS 's `` `` FW professions FW of FW continued FW commitment FW to FW development FW and FW deployment FW of FW the FW SDI FW program FW strain FW credulity . . '' '' <s> <s> NN Still , , WDT proponents MD may VB be FW shying FW away FW from FW more FW drumbeating FW because FW they

    FW sense FW political FW tides FW have FW turned FW against FW arming FW the FW Nicaraguan FW rebels FW or FW boosting FW spending FW on FW SDI FW -FW particularly FW when FW the FW public FW perceives FW the FW Soviet FW threat FW is FW declining FW under FW Mikhail FW Gorbachev . . <s> <s> DT In NN fact , , IN because EX communism VBZ seems TO to VB be FW beating FW a FW global FW retreat FW , FW some FW conservatives FW may FW simply FW be FW so FW pleased FW that FW their FW anti-communist FW philosophy FW is FW prevailing WDT that PRP they VBP do

    RB n't VB have DT the NN fire IN at DT the NN moment TO to VB push JJ controversial NNS programs . . <s> <s> IN `` DT The JJ short IN of PRP it VBZ is IN that DT the RBS most FW hard-bitten FW among FW us FW can FW not FW get FW into FW too FW sour FW a FW mood FW with FW communism FW collapsing , , '' '' VBZ says FW Mitchell FW Daniels FW , FW a FW former FW Reagan FW White FW House FW aide WP who RB now VBZ is NN president IN of DT the NNP Hudson NNP Institute . . <s> <s> JJ Some NNS activists

    VBP are VBN toiling TO to VB raise DT the NN profile IN of DT the CD two NNS causes . . <s> <s> IN But PRP they VBP say PRP they MD ca RB n't VB make JJ much NN headway IN because IN of DT a NN lack IN of JJ willing NNS leaders IN in DT a NN position TO to VB turn DT the NN tide . . <s> <s> NN One . longtime '' champion IN of DT these NNS programs IN in NNP Congress , , FW Republican FW whip FW Newt FW Gingrich FW of FW Georgia , , VBZ is VBN distracted IN by NNS questions IN about PRP$ his NNS ethics

    , , WP$ conservatives LS note . . <s> <s> FW Other FW conservative FW champions FW , FW like FW Wyoming FW Republican FW Sen. FW Malcolm FW Wallop FW , FW a FW longtime FW SDI FW advocate , , VBP do RB n't VB have DT the NN clout IN with DT the FW Bush FW White FW House FW that FW they FW enjoyed FW with FW President FW Reagan . . <s> <s> . Above -RRB- all , , RB though , , FW proponents FW say FW neither FW the FW Contra FW nor FW the FW SDI FW cause FW can FW be FW pushed FW much FW further FW without FW more

    FW presidential FW support . . <s> <s> NN `` IN For EX there TO to VB be RP wind IN in DT the NN sails IN of DT any NN program , , DT the JJ chief NN executive VBZ has TO to VB be RP blowing IN in DT the NN sails , , '' '' VBZ says LS Rep. LS Burton . . <s> <s> IN All DT this FW causes FW Rep. FW Hyde FW to FW muse FW about FW an FW alternate FW way FW to FW drum FW up FW more FW enthusiasm . . <s> <s> , `` WP What PRP I MD 'd VB like TO to VB see , ,

    IN if PRP he VBZ is RP up TO to PRP it , , VBZ is IN for NNP Reagan TO to VB take TO to DT the FW hustings FW to FW regenerate FW enthusiasm FW for FW SDI , , '' '' DT the NN congressman VBZ says . . <s> <s> NNS We VBP 're VBN sorry TO to VB report IN that IN on NNP Monday NNP President NNP Bush VBD accepted DT the NN resignation IN of NNP William NNP Allen IN as NN chairman IN of DT the NNP U.S. FW Civil FW Rights FW Commission . . <s> <s> NNP Mr. NNP Allen , , VBN appointed IN by NNP President NNP Reagan

    , , FW grew FW understandably FW tired FW of FW dealing FW with FW the FW guerrilla FW tactics FW of FW his FW enemies . . <s> <s> DT His JJ recent NN speech , , FW provocatively FW titled FW `` FW Blacks FW ? FW Animals FW ? FW Homosexuals FW ? FW What FW is FW a FW Minority FW ? FW '' FW caused FW an FW uproar FW when FW its FW title FW leaked FW out . . <s> <s> NNP Mr. NNP Allen POS 's FW commissioners FW voted FW to FW call FW his FW unread FW speech FW `` FW thoughtless FW , FW disgusting FW and FW unnecessarily

    FW inflammatory . . '' '' <s> <s> . Commissioner UH Mary UH Francis UH Berry VBD said PRP it VBD was `` `` UH another UH sad UH episode IN in DT the NN saga IN of DT the RBS unguided LS missile WP who VBZ is NN chairman . . '' '' <s> <s> . Rep. UH Don UH Edwards , , DT the NNP California NNP Democrat , , VBD warned NNP Mr. NNP Allen IN that DT the NN speech MD would VB be `` `` IN outside DT the NN scope IN of DT the NN commission POS 's NN jurisdiction . . '' '' <s> <s> . Thomas -RRB- Stoddard , , NN head

    IN of DT the FW Lambda FW Legal FW Defense FW Fund , , VBD called DT the NN prospect IN of DT the NN speech `` `` UH frankly UH shocking . . '' '' <s> <s> NNS We VBP 've RB actually VB read DT the NN speech . . <s> <s> . Mr. '' Allen VBD began PRP it IN with DT a NN warning TO to PRP$ his UH hosts , , DT a FW California FW church FW group FW that FW opposes FW rights FW for FW homosexuals . . <s> <s> NN He VBD said IN that JJ other NNS participants IN in DT the NN conference `` `` VBP do RB not

    VB believe IN that DT the NNS rights IN of NNPS Americans MD should VB be VBN guaranteed TO to # citizens WP who VBP are RB homosexual , , '' '' CC but IN that `` `` PRP I VBP mean TO to VB persuade PRP you TO to DT the JJ opposite NN view . . '' '' <s> <s> . He '' recalled TO to DT the FW audience FW a FW `` FW strange FW , FW infelicitous FW '' FW analogy FW he FW once FW heard FW arguing FW `` FW now FW that FW we FW have FW finally FW recognized FW that FW American FW blacks FW have FW rights , ,

    PRP we VBP need TO to VB do DT the JJ same IN for NNS animals . . <s> <s> NNP '' NNP Mr. FW Allen FW objected FW to FW this FW analogy FW because PRP it VBZ seems TO to `` `` PDT assimilate DT the NN status IN of NNS blacks TO to DT that IN of SYM animals : -IN as DT a JJ mere NN project IN of NN charity , , IN of NNS humaneness . . '' '' <s> <s> NN Rights IN on PDT such DT a NN basis , , FW whether FW for FW blacks FW or FW homosexuals , , VBP are `` `` UH mere UH indulgences

    , , '' '' PRP he VBD said , , JJ subject TO to VBG being VBN taken RP back . . <s> <s> NN He VBZ says DT the NN title IN of PRP$ his NN speech VBD was TO to VB make PRP$ his NN point WDT that MD Americans VB have NNS rights IN as NNS individuals , , RB not IN as NNS members IN of FW certain FW select FW groups . . <s> <s> . His '' speech VBD criticized DT the `` `` FW idiocy FW of FW notions FW of FW protected FW groups FW in FW society FW '' FW as FW opposed FW to FW individual FW equality FW or

    , , IN as PRP he VBD put PRP it , , IN in `` `` FW a FW common FW destiny FW as FW Americans . . '' '' <s> <s> NN Instead IN of VBG lobbying IN for JJ special NN treatment , , NNP Mr. NNP Allen VBD said IN that NNS homosexuals CC and NNS others MD should VB try TO to VB ensure JJ equal NN treatment IN under DT the NN law CC and RB not FW aim FW for FW special FW privileges FW that FW would FW risk FW `` FW invidious FW retrenchment FW with FW government FW complicity . . '' '' <s> <s> FW This FW hardly FW sounds

    FW like FW an FW anti-homosexual FW screed . . <s> <s> NNP What POS 's FW really FW going FW on FW here FW ? <s> <s> . The UH three RBS most JJ important NNS things TO to VB understand IN about NNP Mr. NNP Allen VBZ is IN that PRP he VBZ is DT a FW black FW conservative FW intellectual FW -FW a FW triple FW threat TO to DT the JJ liberal NN establishment . . <s> <s> NNP Mr. NNP Allen , , WP who FW teaches FW government FW at FW prestigious FW Harvey FW Mudd FW College FW in NNP California CC and MD will VB remain DT a NN member

    IN of DT the NN commission , , VBZ has FW spent FW years FW arguing FW that FW civil FW rights FW are FW individuals FW ' FW rights . . <s> <s> FW He FW last FW made FW waves FW when FW he FW dared FW to FW defend FW an FW Indian FW girl FW who FW had FW been FW adopted FW by FW non-Indian FW parents FW off FW her FW reservation . . <s> <s> FW Mr. FW Allen FW quickly FW ran FW up FW against FW the FW liberal FW establishment FW again , , WDT which FW somehow FW elevated FW the FW vague FW concept FW of FW ``

    FW Indian FW rights '' '' IN above DT the NNS rights IN of # individual LS Indians . . <s> <s> NN There VBZ is DT a FW huge FW divide FW between FW Mr. FW Allen FW 's FW we're-all-in-this-together FW view FW and FW the FW divisive FW litigation FW approach FW of FW the FW civil FW rights FW groups . . <s> <s> NN Indeed , , DT the NN gap VBZ is RB so JJ large IN that NNP Mr. NNP Allen POS 's UH critics UH refuse TO to VB engage DT the NN debate . . <s> <s> . Their '' ridicule IN of PRP him VBZ is DT no NN substitute

    IN for NN argument . . <s> <s> DT Their NN effort TO to VB run PRP him RP out IN of NNP Washington VBZ is DT an NN embarrassment TO to DT the JJ original NN purpose IN of PRP$ their JJ own NN movement . . <s> <s> NNS We VBP hope DT the JJ next NN head IN of DT the FW Civil FW Rights FW Commission MD will VB be IN as JJR brave IN as NNP Mr. NNP Allen IN in VBG making DT the NN case IN for JJR equality IN of JJ civil NNS rights . . <s> <s> NNP Bearings NNP Inc. VBD said PRP$ its NN chairman , , WP$ John

    UH R. UH Cunin , , MD will VB retire IN as DT an NN officer IN of DT the NN company IN on $ Jan. CD 2 . . <s> <s> . George UH L. UH LaMore , , NN president CC and JJ chief NN executive NN officer , , MD will VB become NN chairman CC and JJ chief NN executive IN upon NNP Mr. NNP Cunin POS 's NN retirement . . <s> <s> . John UH C. UH Dannemiller , , JJ executive NN vice NN president CC and JJ chief NN operating NN officer , , MD will VB become NN president CC and JJ chief NN operating NN officer . . <s> <s>

    . Mr. -RRB- Cunin , , WP$ 65 UH years UH old , , VBD was JJ chief NN executive IN of DT the NN distributor IN of FW bearings FW and FW power-transmission FW products FW from FW 1982 TO to CD 1988 . . <s> <s> NN He MD will VB continue IN as DT a NN director . . <s> <s> . Mr. -RRB- LaMore , , UH 63 , , DT a FW 48-year FW veteran FW at FW Bearings , , VBZ has VBN been NN president IN since CD 1983 . . <s> <s> . Mr. -RRB- Dannemiller , , CD 51 , , FW joined FW Bearings FW in FW August FW 1988

    FW from FW Leaseway FW Transportation NNP Corp. , , WRB where PRP he VBD was NN president CC and JJ chief NN operating NN officer . . <s> <s> NN He VBZ has VBN been DT a FW Bearings FW director FW since FW 1985 . . <s> <s> , The WDT appointments VBP are NN part IN of DT a JJ planned NNS succession IN at DT the NN company . . <s> <s> FW Soviet FW leader FW Mikhail FW Gorbachev FW opened FW a FW major FW U.S. FW trade FW exhibition FW in FW Moscow FW and FW spent FW two FW hours FW touring FW some FW of FW the FW 150 FW stalls

    FW representing FW such FW blue-chip FW companies FW as FW General FW Motors FW Corp. FW , FW International FW Business FW Machines FW Corp. FW and FW Johnson FW & FW Johnson . . <s> <s> IN At DT the FW Archer-Daniels-Midland FW Co. FW stand FW , FW Mrs. FW Nelson FW Rockefeller , , DT a NN board NN member , , FW offered FW him FW a FW soy FW burger . . <s> <s> NN He VBD did RB n't RBR bite . . <s> <s> . The '' exhibition IN by DT the FW U.S.-U.S.S.R. FW Trade FW and FW Economic FW Council FW underscores FW the FW growing NNP U.S. NN interest

    IN in DT that NN nation POS 's NN market , , IN though NN trade IN between DT the CD two NNS countries VBZ is DT a JJS minuscule $ $ CD 3 CD billion . . <s> <s> DT The JJ Soviet NN president CC and PRP$ his JJ prime NN minister , , WP$ Nikolai UH Ryzhkov , , VBD spent DT the JJS longest NN time , , IN about CD 15 NNS minutes , , IN at DT the FW IBM FW stand FW , FW where FW they FW got FW souvenir FW computer-chip FW key FW rings . . <s> <s> IN At DT the FW GM FW stall FW , FW they

    FW barely FW looked FW at FW a FW gleaming FW Cadillac FW , FW preferring FW to FW talk FW about FW cooperation FW possibilities . . <s> <s> NNP In NNP Beijing , , FW meantime FW , FW China FW opened FW an FW international FW aviation FW show , , CC but DT the NNP West POS 's JJS embargo IN on JJ military NNS deals CC and NN uncertainty IN about DT the NN nation POS 's FW stability FW kept FW many FW foreign FW exhibitors FW away . . <s> <s> NN Officials VBD said CD 91 NNS companies IN from CD 14 NNS countries , , VBG including DT the NNP U.S.

    , , VBD had NNS displays , , RB down IN from IN about PRP$ 260 NNS firms IN from JJR more IN than CD 20 NNS countries IN at DT the JJ last NN show IN in <s> <s> FW Japanese FW air-conditioner FW maker FW Daikin FW Industries FW Ltd. FW was # fined CD two CD million NNS yen -LRB- -LRB$ $ LS 14,000 -RRB- -RRBIN for VBG exporting TO to DT the FW Soviet FW Union FW a FW chemical FW solution WDT that MD could VB be VBN used IN in PRP$ missile-guidance NNS systems . . <s> <s> FW A FW Daikin FW executive FW in FW charge FW of FW exports

    FW when FW the FW high-purity FW halogenated FW hydrocarbon VBD was VBN sold TO to DT the FW Soviets FW in FW 1986 FW received FW a FW suspended FW 10-month FW jail FW sentence . . <s> <s> FW Judge FW Masaaki FW Yoneyama FW told FW the FW Osaka FW District FW Court FW Daikin POS 's `` `` FW responsibility FW is FW heavy FW because FW illegal FW exports FW lowered FW international FW trust FW in FW Japan . . '' '' <s> <s> NN Sale IN of DT the FW solution FW in FW concentrated FW form FW to FW Communist FW countries VBZ is VBN prohibited IN by JJ Japanese NN law

    CC and IN by JJ international NN agreement . . <s> <s> FW A FW Soviet FW legislative FW panel FW rejected FW as FW not FW radical FW enough FW a FW government FW proposal FW on FW decentralizing FW economic FW control . . <s> <s> . The UH newspaper UH Leninskoye UH Zamya VBD said DT the NN committee VBD decided DT the NN plan TO to FW parcel FW out FW economic FW powers FW previously FW exercised FW by FW Moscow TO to DT the NN country POS 's SYM 15 : republics `` `` VBZ does RB n't VB reflect DT the JJ radical NNS changes IN in DT the JJ Soviet NN federation

    . . '' '' <s> <s> DT The NN committee VBD gave DT the NN government IN until $ Nov. CD 15 TO to VB revise DT the NN proposal . . <s> <s> DT The NN move VBD reflected DT the JJ growing NN confidence IN of DT the FW revamped FW Supreme FW Soviet . . <s> <s> NNP Scott NNP Paper NNP Co. VBD said PRP it VBZ is FW abandoning FW a FW proposed FW $ FW 650 FW million FW tree-farming FW project FW in FW Indonesia FW because FW it FW no FW longer FW expects FW to FW use FW as FW much FW eucalyptus FW pulp FW as FW previously FW anticipated

    . . <s> <s> FW The FW eucalyptus FW plantation FW and FW pulp FW mill , , WDT which MD would VB have FW covered FW about FW 175,000 FW acres FW in FW the FW Irian FW Jaya FW region , , VBD had VBN been VBN approved IN by NNP Indonesia POS 's NN investment NN board . . <s> <s> IN But PRP it VBD was VBN opposed IN by DT some NNS environmentalists IN as DT a NN threat TO to FW Irian FW Jaya FW 's FW forests FW and FW a FW potential FW source FW of FW social FW unrest FW for FW the FW primitive FW tribes FW who FW inhabit

    FW them . . <s> <s> . Yaohan '' Departmentstore NNP Co. IN of NNP Japan VBZ is VBG moving PRP$ its FW international-operations FW headquarters FW and FW holding FW company FW to FW Hong FW Kong TO to VB gain IN from DT the JJ British NN colony POS 's JJ economic NNS advantages CC and NN tax NN structure . . <s> <s> JJ With NNS funds IN of FW 5.56 FW billion FW Hong FW Kong FW dollars FW -LRBFW US$ # 712 CD million -RRB- -RRB, , DT the JJ new NN company , , '' Yaohan NNP International NNP Co. , , VBZ plans TO to VB acquire CD 10 IN of

    NNP Hong NNP Kong POS 's JJ top NNS restaurants . . <s> <s> VBZ It RB also VBZ intends TO to VB set RP up DT an JJ international JJ wholesale NN market IN with DT the FW Singapore FW government FW next FW May FW and FW to FW open FW a FW department FW store FW in FW Bangkok FW and FW shopping FW centers FW in FW Malaysia , , NNP Taiwan , , NNP Canada , , NNP Chicago CC and JJR Seattle IN by $ December CD 1990 . . <s> <s> FW The FW chain FW currently FW has FW 90 FW retail FW outlets FW in NNP Japan , , CD seven

    IN in DT the NNP U.S. , , CD three IN in NNP Hong NNP Kong CC and DT a NN dozen RBR more LS scattered PDT around DT the NN globe . . <s> <s> FW Major FW European FW auction FW houses FW are FW turning FW increasingly FW to FW specialized FW sales . . <s> <s> NNP Christie POS 's MD will RB soon VB have DT a NN sale IN of FW Dada FW and FW Symbolist FW art FW while FW Sotheby FW 's FW is FW luring FW collectors FW with FW sales FW of FW Swiss FW , FW German FW , FW Spanish FW , FW Australian FW and FW Canadian

    FW paintings . . <s> <s> NNP In NNP Brussels , , FW Hotel FW de FW Ventes FW Horta FW auctioned FW pistols FW and FW sabers FW FW along FW with FW paintings FW and FW jewels . . <s> <s> NNP Berlin POS 's FW Villa FW Grisebach FW will FW auction FW art FW works FW with FW pre-sale FW estimates FW of FW less FW than FW $ FW 1,600 FW on FW Nov. FW 25 . . <s> <s> DT The NN auction NN house , , VBN known IN for PRP$ its NNS sales IN of FW top-drawer FW 19th FW and FW 20th FW century FW works , , VBZ is

    VBG providing `` `` DT a NN service TO to NNS clients WP who VBP do RB n't VBP want TO to VB sell FW just FW their FW fabulous FW oil FW paintings , , '' '' VBZ says FW Villa FW Grisebach FW 's FW Vivien FW Reuter . . <s> <s> FW Antwerp FW auctioneer FW Campo FW is FW less FW concerned FW with FW market FW niches FW than FW with FW Belgium FW 's FW crushing FW tax FW and FW auction-fee FW burden . . <s> <s> . `` '' Everything VBZ has TO to VB be DT the JJ same IN between NNS countries , , '' '' VBZ says UH Campo

    UH 's UH Stefan UH Campo , , WP who VBZ is FW asking FW clients FW to FW sign FW protest FW petitions . . <s> <s> . `` UH Then EX there MD 'll VB be JJ fair NN competition . . '' '' <s> <s> FW Ending FW tax-free FW shopping FW in FW the FW European FW Community FW after FW 1992 FW could FW threaten FW more FW than FW 3,000 FW jobs , , DT the FW International FW Duty FW Free FW Confederation FW said . . <s> <s> NN Instead IN of # banning PDT such UH shopping , , DT the FW confederation FW proposed FW amending FW controls TO to

    VB be PDT sure DT the NN privilege VBZ is RB n't SYM abused : ... . . <s> <s> NN British CC and FW Argentine FW diplomats FW opened FW talks FW in FW Madrid FW aimed FW at FW restoring FW ties FW severed FW because FW of FW their FW 1982 FW war FW over FW the FW Falkland FW Islands . . <s> <s> NNP Britain POS 's FW U.N. FW representative FW and FW delegation FW head FW Crispin FW Tickell FW called FW the FW first FW meeting FW `` FW good FW , FW interesting FW and FW businesslike . . <s> <s> NNP Polaroid NNP Corp. , , WP$ benefiting UH from

    UH staff-reduction UH savings , , VBD reported DT a JJ strong NN gain IN in JJ third-quarter NN operating NNS results CC and JJ net NN income IN of $ $ CD 29.9 CD million , , CC or CD 40 NNS cents DT a NN share , , WP$ after LS preferred-stock LS requirements . . <s> <s> NN Analysts VBD said DT the FW numbers FW were FW better FW than FW expectations FW , FW partly FW because FW of FW strong FW profit FW margins FW and FW a FW positive FW foreign-currency FW translation . . <s> <s> NN However , , PRP they VBD said DT the NN company POS 's JJ flat

    NN revenue VBD was DT a NN disappointment , , CC and DT an NN indication IN that NNS sales IN of NNP Polaroid POS 's JJ new JJ conventional NN film IN in DT the NNP U.S. VBP have VBN been RP sluggish . . <s> <s> NN Revenue IN in DT the JJ third NN quarter VBD was $ $ CD 437.7 CD million , , RB almost JJ unchanged IN from $ $ CD 436.3 CD million DT a NN year RBR earlier . . <s> <s> NN Polaroid VBD reported VBG operating NN profit IN before NNS taxes CC and NN interest NNS costs IN of $ $ CD 63.1 CD million IN for DT the

    JJ third NN quarter , , JJR more IN than PDT double DT the JJS year-before $ $ CD 24 CD million . . <s> <s> NN Charges IN for NN staff NNS cuts CC and JJ other NN restructuring VBD produced DT a JJ net NN loss IN of $ $ CD 54.1 CD million , , CC or CD 77 NNS cents DT a NN share , , IN in CD 1988 POS 's JJ third NN quarter . . <s> <s> FW `` FW I FW 'm FW somewhat FW skeptical FW about FW the FW underlying FW demand '' '' IN for PRP$ Polaroid NNS products , , VBD said UH Michael UH Ellmann , ,

    DT an NN analyst IN with FW Wertheim FW Schroder FW & FW Co . . <s> <s> NN `` IN If PRP you VBP believe IN that DT a JJ good NN performance JJ next NN year VBZ is VBN contingent IN on DT an NN acceleration IN of NN revenue , , EX there VBZ is RB n't DT a FW lot FW here FW to FW base FW optimism FW on . . '' '' <s> <s> . Alex -RRB- Henderson , , DT an NN analyst IN with NNP Prudential-Bache , , FW says FW Polaroid FW officials FW told FW him FW yesterday FW that FW U.S. NNS sales IN of DT the NN company

    POS 's FW new FW conventional FW film FW product , , VBN introduced IN in DT the JJ second NN quarter , , VBP have VBN been `` `` FW disappointing FW '' FW after FW a FW promising FW start . . <s> <s> . Sam -RRB- Yanes , , DT a JJS Polaroid NN spokesman , , VBD said `` `` PRP I VBP do RB n't VB know IN about JJ disappointing , , '' '' CC but VBD added IN that DT the NN company VBZ has RB n't VBN been JJ able TO to VB get DT the NN product IN on DT the NN shelves IN of DT some NN mass-merchandise , ,

    WP$ discount LS retailers WDT that PRP it VBD had PRP hoped MD would VB be PDT carrying DT the NN product RB already . . <s> <s> . Mr. '' Yanes VBD said DT the NN film , , FW One FW Film FW , FW is FW currently FW carried FW at FW about FW 15,000 FW retail FW outlets FW , FW including FW drugstores FW and FW supermarkets . . <s> <s> IN For DT the CD nine NNS months , , WDT Polaroid VBD reported NNS earnings IN of $ $ CD 98.5 CD million , , CC or $ $ CD 1.27 DT a NN share . . <s> <s> DT Last NN year

    , , DT the NN company VBD had DT a JJ nine-month NN loss IN of $ $ CD 15.1 CD million , , CC or CD 23 NNS cents DT a NN share . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading , , WDT Polaroid VBD closed IN at $ $ CD 47 , , RB up $ $ CD 1.125 . . <s> <s> NN Why VBZ is DT the FW stock FW market FW suddenly FW so FW volatile FW ? <s> <s> NN Yesterday , , DT the FW Dow FW Jones FW Industrial FW Average FW did FW a FW now FW familiar FW dance

    FW : FW It FW plunged FW 60.25 FW points FW before FW lunch , , IN with JJS most IN of DT the FW drop FW occurring FW in FW 25 FW minutes . . <s> <s> NN Then , , PRP it VBD rebounded TO to VB finish RP down FW only FW 18.65 FW points . . <s> <s> FW And FW those FW swings FW paled FW beside FW Friday FW 's FW 190.58-point FW plunge FW and FW Monday FW 's FW 88.12-point FW recovery . . <s> <s> IN `` PRP It VBZ 's SYM madness : -IN that IN in DT an NN hour PRP you MD can VB whack RP off

    RB so JJ much NN value , , '' '' VBZ says UH Stanford UH Calderwood , , NN chairman IN of FW Trinity FW Investment FW Management NNP Corp. , , NNP Boston . . <s> <s> NN And , , RB apparently , , PRP it VBZ is RB here TO to VB stay . . <s> <s> . Richard -RRB- Bernstein , , FW senior FW quantitative FW analyst FW at FW Merrill FW Lynch FW & FW Co , , VBZ says , , `` `` FW My FW gut FW feel VBZ is IN that PRP we MD 'll VB live IN with DT those NNS swings IN for DT a NN while . .

    '' '' <s> <s> NNS There VBP are JJ many NNS reasons IN for DT the NN market POS 's FW jumpiness FW : FW new FW trading FW vehicles FW such FW as FW stock-index FW futures FW and FW options FW ; FW computer-driven FW strategies FW like FW program FW trading FW ; FW and FW crowd FW psychology . . <s> <s> DT But JJS most VBP are VBN linked IN by DT a RBS single SYM theme : : LS liquidity : -DT the NN ability TO to VB get IN in CC and RB out IN of DT the NN market RB quickly . . <s> <s> NNS Prices VBP are VBG moving

    RP up FW and FW down FW so FW fast FW because FW investors FW are FW employing FW ways FW to FW turn FW over FW shares FW at FW ever-faster FW rates FW and FW increasingly FW acting FW in FW concert . . <s> <s> . `` UH Institutions UH are UH herding UH animals , , '' '' VBZ says NNP Peter NNP Anderson , , WP who VBZ heads DT the FW pension-fund FW management FW arm FW of FW IDS FW Financial FW Services FW Inc . . <s> <s> IN `` PRP We VBP watch DT the JJ same NNS indicators CC and VB listen TO to DT the JJ same NNS prognosticators

    . . <s> <s> . Like -RRB- lemmings , , PRP we VBP tend TO to VB move IN in DT the JJ same NN direction IN at JJ same NN time . . '' '' <s> <s> , And WDT that , , RB naturally , , WP$ exacerbates LS price LS movements . . <s> <s> NN Institutions : -WP who RB now VBP account IN for JJS most NN trading : -LS count UH on UH being UH able TO to VB buy CC and VB sell JJ big NNS blocks IN of NN stock IN at DT an NN eye-blink . . <s> <s> , But WRB when PRP they VBP discover IN that

    NNS markets VBP are RB n't FW always FW as FW liquid FW as FW they FW supposed FW -FW markets FW jump . . <s> <s> NNP On NNP Monday , , IN for NN instance , , WP$ Howard UH Ward , , DT a FW principal FW at FW Scudder FW , FW Stevens FW & FW Clark , , VBD found IN that `` `` PRP you MD could RB n't VB buy FW blue-chips FW at FW quoted FW prices FW without FW paying RP up . . '' '' <s> <s> , And WRB when JJ many NNS firms VBD had TO to `` `` VB pay RP up , , '' ''

    NNP Monday POS 's FW sudden FW rally FW was FW sparked . . <s> <s> NN Trading IN in NNS futures CC and NNS options , , DT some NNS people VBP believe , , MD can VB add TO to NN volatility . . <s> <s> . Investors '' believe PRP they MD can FW can FW rely FW on FW such FW derivative FW securities TO to VB get IN in CC and RB out IN of DT the NN stock NN market IN without RB actually VBG selling DT any NNS stocks : ; WDT that VBZ is , , DT a NN way IN of FW staying FW liquid FW even WRB when PRP they

    JJ own NNS stocks . . <s> <s> NN These CC and JJ other FW modern FW trading FW methods FW `` FW tend FW to FW promote FW dramatic FW shifts FW in FW assets , , '' '' VBZ says NNP George NNP Douglas , , FW first FW vice FW president FW at FW Drexel FW Burnham FW Lambert FW Inc . . <s> <s> IN `` PRP It VBZ 's DT the NN idea IN that WP what VBZ goes IN in PRP easy MD can VB come RP out . easy '' '' : -RB so IN that NNS bouts IN of JJR higher TO volatility VB get VBN built IN into DT the

    NN stock NN market . . <s> <s> FW One FW new FW investment FW style FW called FW `` FW asset FW allocation FW '' FW shifts FW portfolio FW weightings FW between FW stocks FW , FW bonds FW and FW cash FW when FW computer FW models FW say FW one FW is FW more FW attractive . . <s> <s> DT For NN instance , , NNP First NNP Quadrant NNP Corp. , , DT an FW asset FW allocator FW based FW in FW Morristown , , NNP N.J. , , VBD said PRP it RB quickly VBN boosted NN stock NNS positions IN in PRP$ its `` `` UH aggressive '' '' VBZ accounts

    TO to CD 75 NN % IN from CD 55 NN % TO to VB take RP advantage IN of FW plunging FW prices FW Friday . . <s> <s> FW It FW added FW another FW 5 FW % FW Monday FW before FW stocks FW rallied . . <s> <s> IN When PRP they VBD did , , DT the NN firm VBD reduced DT those NN stock NNS holdings TO to $ about CD 70 NN % . . <s> <s> FW A FW classic FW example FW of FW institutions FW ' FW hunger FW for FW liquidity FW is FW portfolio FW insurance FW , FW now FW widely FW discredited . . <s> <s>

    IN Before DT the CD 1987 NN crash , , DT an VBN estimated $ $ CD 60 CD billion IN in FW institutional FW money FW was FW managed FW under FW this FW hedging FW technique . . <s> <s> . The '' idea VBD was TO to `` `` UH insure '' '' DT the NN value IN of DT a NN portfolio IN by FW selling FW futures FW when FW stock FW prices SYM dropped : -VBG eliminating DT the NN need TO to VB sell DT the NNS stocks PRP themselves . . <s> <s> NN But IN in $ October CD 1987 , , WRB when UH portfolio UH insurers UH rushed

    TO to VB sell IN at DT the JJ same NN time , , PRP they LS overwhelmed PDT both DT the NN stock CC and NNS futures NNS markets . . <s> <s> FW Yet FW even FW today FW , FW institutions FW are FW quietly FW practicing FW forms FW of FW portfolio FW insurance FW by FW nervously FW rushing FW to FW and FW fro IN in DT the NNS markets . . <s> <s> NNS Others VBP are VBG doing `` `` FW index FW arbitrage FW '' FW a FW strategy FW of FW taking FW advantage FW of FW price FW discrepancies FW between NNS stocks CC and NNS futures . .

    <s> <s> . Unlike UH traditional UH buy-and-hold UH strategies , , DT all IN of DT the FW above FW require FW that FW market FW makers FW be FW on FW hand TO to VB provide RP liquidity IN by NN buying CC and VBG selling NNS stocks IN in DT a NN crunch . . <s> <s> FW But FW institutions FW say FW Wall FW Street FW brokerage FW firms FW are FW less FW willing TO to VB make NNS markets . . <s> <s> NNS Brokers VBP do RB n't VB deny IN that . . <s> <s> FW Wall FW Street FW traders FW say FW that FW , FW with FW institutional

    FW brokerage FW commissions FW far JJR lower IN than IN in DT the NNS 1970s , , WP$ securities NNS firms MD ca RB n't VB afford TO to VB take DT the NN risk IN of VBG buying RB too JJ much NN stock . . <s> <s> FW `` FW I FW think FW everyone FW 's FW a FW little FW more FW leery , , '' '' VBZ says NNP Jack NNP Baker , , FW head FW of FW equity FW trading FW at FW Shearon FW Lehman FW Hutton FW Inc . . <s> <s> IN `` DT The NNS institutions VBP have VBN driven -LRB- -LRBLS commission -RRB- -RRBLS rates

    RP down TO to DT the NN point WRB where PRP it VBZ makes DT no NN sense TO to VB commit NN capital , , '' '' VBZ says FW Tom FW Gallagher FW , FW senior FW executive FW vice FW president FW in FW charge FW of FW institutional FW trading FW at FW Oppenheimer FW & FW Co . . <s> <s> FW `` FW Why FW should FW I FW risk FW money FW for FW a FW guy FW for FW who FW 's FW paying FW me FW five FW cents FW a FW dance FW ? <s> <s> IN All PRP you VBP get VBZ is NN risk . . '' ''

    <s> <s> NN Lack IN of FW liquidity FW can FW also FW result FW from FW exchange FW `` FW reforms . . '' '' <s> <s> JJ Many NNS traders VBP say IN that `` `` FW circuit FW breakers FW '' FW put FW in FW place FW to FW damp FW volatility FW after FW the FW 1987 FW crash FW actually FW added FW to FW volatility WRB when DT the NN stock NN market VBD plunged NNP Friday . . <s> <s> FW The FW circuit FW breakers FW caused FW a FW 30-minute FW shutdown FW in FW trading FW in FW Standard FW & FW Poor FW 's FW 500-stock FW index

    FW futures FW contract FW as FW the FW markets FW were FW falling . . <s> <s> NN `` IN With DT the RBS futures-trading UH halt , , PRP you MD could RB only VB sell NNS stocks '' '' TO to VB cut RP exposure TO to DT the NN market , , VBZ says DT a NN money NN manager . . <s> <s> IN `` PRP It VBD was VBN scary TO to # people LS thinking WDT that PRP they MD could RB n't VB get PRP$ their NNS trades RP off . . '' '' <s> <s> IN `` PRP It VBD was IN like PRP they VBD put PRP you IN in

    DT a NN room IN with DT a FW gorilla FW and FW told FW you FW there FW were FW three FW doors FW to FW exit , , '' '' VBD said CD one FW Chicago-based FW futures FW trader . . <s> <s> . `` '' Then PRP they VBD said , , `` ` IN By DT the NN way , , CD two IN of DT the NNS doors VBP are VBN locked . . '' ' '' '' <s> <s> FW The FW takeover FW mania FW also FW adds FW to FW volatility . . <s> <s> NNP UAL NNP Corp. VBZ is DT a JJ good NN example . . <s> <s>

    NN Valued IN as DT a NN buy-out NN target , , DT the NN airline NN stock VBD was NN trading IN at RB nearly $ $ CD 280 DT a NN share . . <s> <s> IN When DT the FW deal FW ran FW into FW trouble , , DT the NN stock SYM tumbled : ; PRP it VBD closed IN at $ $ CD 198 NN yesterday . . <s> <s> NN Presumably , , NNP UAL VBZ is RB now VBG trading JJR closer TO to PRP$ its NN value VBN based IN on NNS earnings . . <s> <s> DT By NN contrast , , FW traditional FW buy-and-hold FW investors FW are

    FW unlikely FW to FW generate FW sudden FW price FW moves . . <s> <s> NNP Scott NNP Black , , DT a FW value-oriented FW money FW manager FW who FW heads FW Delphi FW Management FW Inc. FW , FW points FW out FW that FW for FW those FW who FW invest FW on FW fundamentals , , `` `` DT the NN value IN of DT a NN stock IN from NN day TO to NN day VBZ does RB n't VB change PDT all DT that JJ much . . '' '' <s> <s> JJ Some NNS experts VBP say NNS markets VBP are RB n't IN as FW volatile FW as FW widely

    FW assumed . . <s> <s> . Hans -RRB- Stoll , , FW finance FW professor FW at FW Vanderbilt FW University , , VBZ says DT the JJ current NN volatility IN in NNP U.S. FW markets FW pales FW in FW comparison FW to FW the FW 1930s FW , FW decades FW before FW derivative FW instruments FW such FW as FW options FW and FW futures FW were FW introduced . . <s> <s> IN `` PRP I RB just MD ca RB n't VB believe IN that DT the NN innovations IN in DT the JJ financial NN market VBP are VBG causing DT any IN of DT this NN volatility , , '' ''

    PRP he VBZ says . . <s> <s> . And UH Robert UH D. UH Arnott , , NN president IN of FW asset FW allocator FW First FW Quadrant FW , FW notes FW that FW before FW Friday FW 's FW tailspin , , JJ daily NN volatility IN on DT the NNP New NNP York NNP Stock NNP Exchange IN in JJ recent NNS weeks VBD had VBN reached `` `` FW historically FW low FW levels . . '' '' <s> <s> JJ Some NNS people VBP tend TO to VB ignore IN that DT a JJS 50-point NN move VBZ is JJR less IN in NN percentage NNS terms IN than PRP it VBD was

    WRB when DT the NN stock NN market VBD was JJR lower . . <s> <s> NNP John NNP J. NNP Phelan NNP Jr. , , NN chairman IN of DT the NNP Big NNP Board , , '' asserts IN that `` `` CD 1988 CC and EX 1989 VBP have VBN been CD two IN of DT the JJS least JJ volatile NNS years IN in DT the JJ last CD 30 CC or CD 40 NNS years . . '' '' <s> <s> IN But DT the FW low FW average FW volatility FW Mr. FW Phelan FW is FW talking FW about VBZ is RB n't DT any NN comfort IN in DT a NN period

    IN of FW rapid FW stock-market FW moves PDT like DT the JJ past NN week . . <s> <s> DT In NN addition , , WP$ Sanford UH Grossman , , DT a FW Wharton FW School FW finance FW professor FW , FW says FW volatile FW jumps FW in FW stock FW prices FW will FW continue FW as FW long FW as FW liquidity FW falls FW short FW of FW the FW voracious FW demands FW of FW institutions `` `` WP who MD can VB go RP out CC and VBP say `` ` PRP I VBP have DT a CD billion NNS dollars IN of NNS stocks TO to VB sell . .

    '' ' '' '' <s> <s> JJ Some NNS people VBP think DT the FW search FW for FW liquidity FW is FW fruitless . . <s> <s> . In -RRB- 1936 , , FW John FW Maynard FW Keynes FW wrote FW that `` `` IN of DT the FW maxims FW of FW orthodox FW finance FW none , , RB surely , , VBZ is JJR more NNS antisocial IN than DT the NN fetish IN of NN liquidity . . '' '' <s> <s> . It '' leads NNS investors TO to VB focus IN on # short-term LS price SYM movements : -`` `` DT a NN game IN of # musical UH chairs

    , , '' '' PRP he VBD called PRP it : -LS rather FW than FW on FW long-term FW fundamental FW valuation . . <s> <s> NNP James NNP A. NNP White VBD contributed TO to DT this NN article . . <s> <s> FW The FW National FW Aeronautics FW and FW Space FW Administration FW said FW a FW computer FW virus FW has FW infected FW one FW of FW its FW networks FW and FW is FW spreading FW anti-nuclear FW messages FW related FW to FW its FW Galileo FW space FW probe , , WDT which VBZ is TO to VB be VBN launched NN today . . <s> <s> . Charles

    -RRB- Redmond , , DT a JJS NASA NN spokesman , , VBD said DT the NN agency VBD discovered DT the NN virus IN on NNP Monday IN on DT the NN collection IN of FW computer FW networks FW collectively FW called FW Internet FW and FW expected FW 100 FW university FW centers TO to VB be VBN infected IN by NN today . . <s> <s> IN Although DT the NN network VBZ is RB n't VBN connected TO to DT the FW computer FW systems FW that FW operate FW either FW Galileo FW or FW the FW shuttle , , NN part IN of DT the NN network MD will FW carry FW analyses

    FW of FW Galileo FW data FW once FW the FW craft FW gets FW spaceborn . . <s> <s> . Mr. '' Redmond VBD said DT the FW intruder FW had FW n't FW yet FW done FW any FW harm FW but FW the FW agency FW feared FW `` FW garbage FW data MD could VB be RP substituted IN for JJ real NNS data . . '' '' <s> <s> . He '' estimated PRP it MD could VB take DT a NN day IN for DT a NN computer NN security NN manager TO to VB expunge DT the NN virus IN from DT a NN computer NN system . . <s> <s> . The

    -RRB- intruder , , IN among DT the RBS broadest RB yet TO to VB hit DT a NN research NN network , , VBD appeared TO to FW affect FW only FW Digital FW Equipment FW Corp. FW hardware FW that FW uses FW Digital FW 's FW VAX\/VMS FW operating FW system . . <s> <s> NN It VBZ is VBN unrelated TO to DT the FW much-publicized FW virus FW that FW last FW year FW infected FW Arpanet FW , FW a FW much FW larger FW network FW used FW by FW researchers FW at FW universities , , '' laboratories CC and NN government NNS agencies IN around DT the NN world . .

    <s> <s> IN In DT the NN lingo IN of NN computer NN security , , DT the FW NASA FW intruder FW is FW technically FW a FW computer FW worm , , NNP Mr. NNPS Redmond VBD said . . <s> <s> NN A . worm '' resides IN in DT the NN operating NN system IN of DT a NN computer CC and FW spreads FW by FW boring FW into FW other FW computers FW contacted FW through FW networks . . <s> <s> FW The FW Galileo FW worm FW apparently FW was FW hatched FW on FW a FW computer FW in FW France FW hooked FW up FW to FW NASA FW 's

    FW Space FW Physics FW Analysis FW Network , , NNP Mr. NNPS Redmond VBD said . . <s> <s> NN NASA VBD said DT the FW Galileo FW worm FW had FW n't FW affected PRP$ its NNS computers CC or DT the NNS computers IN of JJ other NN government NNS agencies IN because PRP they VBD had RP modified PRP$ their NNS systems TO to # reject LS worms . . <s> <s> NNP But NNP Mr. NNPS Redmond VBD said DT the FW worm FW hit FW universities WDT that VBD had RB n't VBN elected TO to VB make DT the NNS changes . . <s> <s> . Michael -RRB- Alexander , , DT a

    JJ senior NN editor IN at NNP Computerworld , , DT a NN trade NN publication , , VBD said PRP he VBD was VBN told IN that DT the FW worm FW gets FW into FW a FW computer FW center FW by FW looking FW for FW obvious FW passwords FW -FW such FW as FW ones WDT that VBP are DT the JJ same IN as DT the NN user POS 's NN name . . <s> <s> IN If PRP it VBZ finds CD one CC and VBZ gets IN into DT the NN system , , PRP it MD will VB display DT a FW screen FW when FW a FW user FW logs

    FW on WDT that VBZ says , , `` `` FW Worms FW Against FW Nuclear FW Killers FW ... . . <s> <s> DT You NN talk IN of NNS times IN of NN peace IN for DT all , , CC and RB then VB prepare IN for NN war . . '' '' <s> <s> DT In NN addition , , NNP Mr. NNP Alexander VBD said , , DT the FW worm FW sends FW strange FW messages TO to JJ other NNS machines IN at DT the NN center : -LS such UH as , , `` `` FW George FW Orwell FW was FW an FW optimist , , '' '' CC or

    `` `` FW Do FW n't FW feed FW the FW bats FW tonight . . '' '' <s> <s> FW The FW worm FW also FW looks FW for FW elementary FW passwords FW that FW confer FW more FW privileges IN on DT the NN user . . <s> <s> , The WDT passwords VBP are VBN included IN in DT the NN system NN software WRB when PRP it VBZ is VBN installed CC but VBP are VBN supposed TO to VB be VBN replaced IN as RB soon IN as DT the NN system VBZ is RB up CC and VBG running . . <s> <s> IN If PRP it VBZ finds CD one IN of

    DT those NN passwords , , NNP Mr. NNP Alexander VBD said , , DT the FW worm FW will FW do FW such FW things FW as FW change FW users FW ' FW passwords FW to FW a FW series FW of FW random FW numbers FW , FW preventing FW them FW from FW signing FW on TO to DT the NN network . . <s> <s> VBZ NASA VBN estimated IN that , , IN on NNP Monday , , FW about FW four FW computer FW centers FW were FW affected . . <s> <s> NN Yesterday , , DT the NN number VBD grew TO to CD 40 : ; `` today DT the

    NN number VBZ is VBN expected TO to VB grow TO to CD 100 . . <s> <s> NN NASA VBD said PRP it MD will VB take IN about DT a NN week IN before PRP it VBZ knows RB exactly WRB how JJ many NNS centers IN of DT the FW 6,000 FW connected FW to FW Internet FW were FW affected CC and DT the NN extent IN of DT the NN damage , , IN if DT any . . <s> <s> JJ Anti-nuclear NNS activists VBP have PDT protested DT the NN launch IN of DT the FW Galileo FW space FW probe FW to FW Jupiter FW because FW it FW uses FW plutonium

    TO to VB generate DT the NN electricity VBD needed TO to VB run DT the NN craft . . <s> <s> DT Activists NN fear IN that IN if DT the FW shuttle FW carrying FW Galileo FW into FW orbit FW should FW explode FW , FW or FW if FW Galileo FW itself FW crashes FW into FW the FW Earth FW during FW the FW two FW times FW it FW flies FW close TO to DT the NN planet , , WP$ fatal NNS levels IN of PRP plutonium MD would VB be VBN released IN into DT the NN atmosphere . . <s> <s> FW So FW far FW Galileo FW has FW been

    FW delayed FW twice FW , FW once FW because FW of FW a FW computer FW malfunction FW connected FW with FW a FW space-shuttle FW engine , , CC and NN yesterday IN because IN of DT the NN weather . . <s> <s> NN NASA VBD said DT the FW Galileo FW worm FW had FW nothing TO to VB do IN with DT either NN delay . . <s> <s> FW Mr. FW Alexander FW of FW Computerworld FW said FW hackers FW have FW gone FW after FW SPAN FW before . . <s> <s> NN He VBD said DT the FW Chaos FW Computer FW Club , , IN of NNP West NNP Germany

    , , FW once FW managed FW to FW invade FW SPAN FW and FW do FW such FW things FW as FW change FW the FW value FW of FW pi FW , FW messing FW up FW some FW calculations . . <s> <s> NN It VBZ is RB now DT a FW commonplace FW that FW prosecutors FW are FW bringing FW criminal FW indictments FW in FW cases FW where FW until FW a FW few FW years FW ago FW only FW a FW civil FW action FW at RBS most MD would VB have VBN been VBN brought . . <s> <s> IN Yet PRP it VBZ is RB also VBN axiomatic IN that

    DT the NN power TO to VB create JJ new NNS crimes VBP belongs RB only TO to DT the NN legislature , , CC and RB not TO to NNS courts . . <s> <s> NN Beginning IN in DT the FW early FW 19th FW century FW , FW with FW U.S. FW v. FW Hudson FW and FW Goodwin , , DT the FW Supreme FW Court FW has FW repeatedly FW held FW that FW a FW judicial FW power FW to FW declare FW conduct TO to VB be IN against DT the JJ public NN interest CC and FW hence FW criminal FW , FW while FW well FW established FW in FW British

    FW law FW , FW would FW usurp FW legislative FW authority FW under FW the FW doctrine FW of FW separation FW of FW powers . . <s> <s> NN That VBZ 's DT the FW conventional FW theory FW anyway . . <s> <s> DT In NN practice , , RB however , , DT the NN line IN between NN interpretation CC and JJR redefinition IN of DT the FW criminal FW law FW long FW ago FW began FW to FW blur . . <s> <s> . In -RRB- particular , , DT a JJ common NN law IN of FW white-collar FW crime FW has FW developed FW with FW surprising FW rapidity RP over

    DT the JJ past NN decade . . <s> <s> DT For NN example , , FW although FW insider FW trading FW has FW long FW been FW criminal , , PRP it VBZ has RB never VBN been LS statutorily LS defined . . <s> <s> . In -RRB- 1983 , , DT the FW Supreme FW Court FW tried FW to FW supply FW a FW workable FW definition FW in FW the FW Dirks FW v. FW SEC FW decision , , WDT which VBD found IN that FW liability FW depended FW on FW whether FW the FW tipper FW had FW breached FW his FW fiduciary FW duty TO to DT the NN corporation

    IN in NN order TO to VB obtain `` `` DT some JJ personal NN gain '' '' CC and IN whether DT the FW tippee FW knew FW or FW recklessly FW disregarded FW this FW fact . . <s> <s> NN Gradually , , RB however , , FW lower FW courts FW and FW prosecutors FW have FW pushed FW this FW definition FW to FW its FW breaking FW point . . <s> <s> IN Consider DT the FW facts FW underlying FW the FW 1989 FW conviction FW of FW Robert FW Chestman . . <s> <s> NN Prior TO to DT a FW tender FW offer FW by FW A&P FW for FW Waldbaum

    FW Inc. FW in FW 1986 , , DT the NN founder IN of DT the FW Waldbaum FW 's FW supermarket FW chain FW called FW an FW elderly FW relative FW to FW tell FW her FW to FW assemble FW her FW stock FW certificates FW for FW delivery . . <s> <s> . She UH called UH her UH daughter TO to VB take PRP her TO to DT the NN bank , , WP who , , IN in NN turn , , WP$ persuaded UH her UH husband , , DT a NNP Mr. NNP Loeb , , TO to VB run DT this NN errand . . <s> <s> NN Hearing IN of

    DT this NN information , , DT the NN husband VBD discussed PRP it IN with PRP$ his NN broker , , NNP Mr. NNPS Chestman , , CC and NNP Mr. VBZ Chestman RB then VBN bought IN for PRP$ his JJ own NN account CC and JJ other NNS clients . . <s> <s> NN Basically , , NNP Mr. FW Chestman FW was FW a FW fourth-level FW tippee . . <s> <s> NNP Did NNP Mr. FW Loeb FW , FW his FW tipper FW , FW breach FW a FW fiduciary FW duty -LRB- -LRBCC and , , IN if RB so , , TO to LS whom -RRB- -RRB. ? <s> <s>

    NNP Did NNP Mr. FW Loeb FW seek FW personal FW gain -LRB- -LRBCC and IN if RB so , , WRB how -RRB- -RRB. ? <s> <s> NN Or VBD did NNP Mr. FW Chestman FW only FW hear FW a FW market FW rumor FW -LRBFW which FW one FW may FW lawfully FW trade FW upon -RRB- -RRB. ? <s> <s> FW The FW line FW seems FW awfully FW thin FW for FW criminal-law FW purposes . . <s> <s> DT A JJ second NN illustration VBZ is VBN supplied IN by DT the FW recent FW guilty FW plea FW entered FW by FW Robert FW Freeman FW , FW formerly

    FW head FW of FW arbitrage FW at FW Goldman FW , FW Sachs FW & FW Co . . <s> <s> NN Essentially , , NNP Mr. FW Freeman FW had FW invested FW heavily FW in FW the FW Beatrice FW leveraged FW buy-out , , WRB when PRP he VBD was VBN told IN by DT another JJ prominent NN trader , , WP$ Bernard `` `` UH Bunny UH '' UH Lasker , , IN that DT the NN deal VBD was IN in NN trouble . . <s> <s> . After UH placing UH orders TO to VB sell , , NNP Mr. FW Freeman FW called FW Martin FW Siegel , , DT an

    NN investment NN banker IN at NNP Kidder , , NNP Peabody CC & NNP Co. , , WP who VBD was VBG advising IN on DT the NN deal , , TO to VB confirm DT these NNS rumors . . <s> <s> FW Mr. FW Siegel FW asked FW Mr. FW Freeman FW who FW his FW source FW was FW and , , IN on NN hearing IN that PRP it VBD was UH Bunny UH Lasker , , SYM responded : : `` `` UH Well , , WP$ your EX bunny VBZ has DT a JJ good NN nose . . '' '' <s> <s> . The '' illegal `` `` UH tip '' ''

    IN of DT the FW bunny FW 's FW good FW nose FW was FW then FW largely FW a FW confirmation FW of FW rumors FW already FW known TO to JJ many IN in DT the NN market . . <s> <s> IN Had DT the NN case VBN gone TO to VB trial DT the JJ same NNS issues MD would VB have SYM surfaced : : <s> <s> `` Was EX there FW a FW fiduciary FW breach FW in FW order FW to FW obtain FW personal FW gain FW ? <s> <s> NNP Did NNP Mr. FW Freeman FW have FW notice FW of FW this FW ? <s> <s> NN Finally , ,

    VBD was DT the NN information NN material . ? <s> <s> NN Yet , , PDT all DT these NNS issues VBP are VBN subsidiary TO to DT a JJR more LS central SYM issue : : WP Who VBZ is CC and WP who MD should VB be VBG making DT the JJ criminal NN law RB here . ? <s> <s> NN It VBZ is RB not FW my FW contention FW that FW either FW Mr. FW Chestman FW or FW Mr. FW Freeman FW was FW an FW innocent FW victim FW of FW prosecutorial FW overzealousness . . <s> <s> NN Arguably , , FW both FW were FW on FW notice FW that

    FW their FW behavior FW was FW at FW least FW risky . . <s> <s> FW But FW even FW if FW they FW behaved FW recklessly FW , FW reasons FW still FW exist FW to FW fear FW and FW resist FW this FW steady FW process FW of FW case-by-case FW judicial FW extension IN of DT the NN law IN of DT insider NN trading . . <s> <s> NN Courts CC and FW legislatures FW make FW decisions FW in FW very FW different FW ways FW and FW are FW each FW susceptible FW to FW very FW different FW kinds FW of FW errors . . <s> <s> DT After-the-fact JJ judicial

    NN examination IN of DT an NN actor POS 's NN conduct VBZ has RB always VBN been DT the JJ common NN law POS 's NN method . . <s> <s> VBZ When RB only JJ civil NN liability VBZ is VBN involved , , DT this NN method VBZ has DT the FW undeniable FW strengths FW of FW factual FW specificity FW and FW avoidance FW of FW overgeneralization . . <s> <s> NN Still , , FW case-by-case FW retrospective FW decision FW making FW of FW this FW sort FW is FW vulnerable FW to FW the FW tunnel FW vision FW caused FW by FW a FW fixation FW on FW ad FW hoc

    FW -LRBFW and FW usually FW sleazy FW -RRBFW examples . . <s> <s> IN When DT a FW court FW decides FW that FW a FW particular FW actor FW 's FW conduct FW was FW culpable FW and FW so FW extends FW the FW definition FW of FW insider FW trading TO to VB reach DT this NN conduct , , PRP it VBZ does RB not VB see DT the RBS potentially JJ enormous NN number IN of JJ other NNS cases WDT that MD will VB be VBN covered IN by DT the RBS expanded LS rule . . <s> <s> NN Thus , , DT a NN court VBZ is RB poorly

    VBN positioned TO to VB make RP judgments IN about DT the JJ social NN utility IN of DT the RBS expanded LS rule . . <s> <s> DT For NN example , , IN in VBG focusing IN on NNP Mr. NNP Freeman POS 's NN attempt TO to VB gain PRP$ nonpublic NN information IN about DT a NN deal POS 's NN collapse , , PRP one VBZ does RB not RB naturally VB think IN about DT the JJ reverse NN side IN of DT the FW coin FW : FW What FW if FW the FW rumor FW had FW been FW false FW ? <s> <s> IN Can DT a FW security FW analyst

    FW call FW an FW investment FW banker FW to FW make FW certain FW that FW a FW seemingly FW improbable FW rumor FW is FW in FW fact FW false FW ? <s> <s> IN In DT the NN past , , RB not RB only MD would FW reputable FW professionals FW have FW rushed TO to VB check RP out JJ such NNS rumors IN with DT the NN company , , CC but NNS companies VBN listed IN on DT the JJ major NN stock NNS exchanges VBD were VBN encouraged IN by DT the NNS exchanges TO to FW respond FW openly FW to FW such FW inquiries FW from FW securities FW analysts

    . . <s> <s> NN Today , , IN after NNP Mr. NNP Freeman POS 's NN plea , , EX there VBZ is DT an NN uncertainty WDT that VBZ is DT both JJ unfair CC and RBR inefficient . . <s> <s> IN In DT this NN light , , DT the FW comparative FW advantages FW of FW legislative FW law-making FW become FW clear FW : FW -LRBFW 1 FW -RRBFW Before FW it FW acts , , DT the NN legislature WDT typically MD will VB hear DT the NNS views IN of NNS representatives IN of PDT all DT those VBN affected IN by PRP$ its NN decision , , RB not

    RB just DT the JJ immediate NNS parties IN before DT the NN court : ; CC and -LRB- -LRBLS 2 -RRB- -RRBFW the FW legislature FW can FW frame FW `` FW bright FW line FW '' FW standards FW that FW create FW less FW uncertainty FW than FW the FW fact-bound FW decisions FW of FW courts . . <s> <s> FW Although FW legislative FW lines FW can FW result FW in FW under-inclusion FW -LRBFW which FW explains FW why FW the FW SEC FW has FW long FW resisted FW a FW legislative FW definition FW of FW insider FW trading -RRB- -RRB, , FW judicial FW lawmaking FW inevitably

    FW creates FW uncertainty FW because FW of FW the FW shadowy FW outer FW edges FW and FW implications FW of FW most FW judicial FW decisions . . <s> <s> DT At JJS least WRB when DT the NNS stakes VBP are JJ high , , FW uncertainty FW in FW turn FW results FW in FW overinclusion FW , FW as FW individuals FW do FW not FW dare FW to FW approach FW an FW uncertain FW line FW closely . . <s> <s> FW The FW federal FW mail FW and FW wire FW fraud FW statutes FW provide FW even FW better FW illustrations IN of DT the JJ rapid NN evolution IN of

    DT a JJ federal JJ common NN law IN of JJ white-collar NN crime . . <s> <s> CD In CD 1987 , , DT the FW Supreme FW Court FW attempted FW in FW McNally FW v. FW U.S. FW to FW halt FW the FW inexorable FW expansion FW of FW these FW statutes FW by FW adopting FW a FW rule FW of FW strict FW construction FW for FW ambiguous FW criminal FW statues . . <s> <s> NN Yet , , RB late JJ last NN year , , FW Congress FW effectively FW reversed FW this FW decision FW by FW enacting FW a FW one-sentence FW statute FW that FW defined FW fraud

    FW to FW include FW any FW scheme FW to FW deprive FW another FW of FW `` FW the FW intangible FW right FW of FW honest FW services . . '' '' <s> <s> IN At DT a NN stroke , , DT this FW may FW criminalize FW all FW fiduciary FW breaches FW -LRBFW and FW possibly FW all FW misrepresentations FW by FW an FW agent FW or FW employee -RRB- -RRB. . <s> <s> IN Such DT a FW statute FW illustrates FW the FW fundamental FW problem FW : FW Congress FW finds FW it FW is FW easier FW to FW pass FW sweepingly FW moralistic FW prohibitions , ,

    WDT which DT the FW courts FW must FW thereafter FW interpret , , IN than TO to VB engage IN in DT the FW difficult FW line-drawing FW distinctions WDT that VBP are RP inherently PRP$ its NN responsibility . . <s> <s> NNS We VBP are FW confronted FW less FW with FW a FW judicial FW power FW grab FW than FW with FW a FW legislative FW giveaway . . <s> <s> NN Predictably , , WRB when FW confronted FW with FW morally FW dubious FW behavior FW , FW prosecutors FW will FW exploit FW the FW latitude FW such FW openended FW statutes FW give FW them . . <s> <s> IN Over

    DT the JJ long NN run , , RB however , , WP$ sleazy NNS cases MD will VB make JJ bad NN law . . <s> <s> . Mr. '' Coffee VBZ is DT a FW professor FW at FW Columbia FW Law FW School . . <s> <s> NNP Corning NNP Inc. VBD posted DT a CD 38 NN % NN decline IN in JJ third-quarter JJ net NN income TO to $ $ CD 76.5 CD million , , CC or CD 80 NNS cents DT a NN share , , IN from $ $ CD 123.9 CD million , , CC or $ $ CD 1.37 DT a NN share , , DT a NN year

    RBR earlier . . <s> <s> DT The JJ year-earlier NN figure VBD included DT a JJ one-time NN gain IN of $ $ CD 59.9 CD million IN from DT the NN sale IN of NNP Corning POS 's NNS stakes IN in JJ Japanese NNS businesses . . <s> <s> IN Without DT the NN gain , , VBG operating NN profit VBD was $ $ CD 64 CD million , , CC or CD 71 NNS cents DT a NN share . . <s> <s> . The -RRB- telecommunications , , FW specialty FW glass FW , FW ceramic FW products FW and FW laboratory-services FW concern FW said FW the FW latest FW quarter FW included

    FW a FW tax-loss FW carry-forward IN of $ $ CD 600,000 . . <s> <s> DT A NN year RBR earlier , , FW net FW included FW a FW $ FW 700,000 FW taxlow FW carry-forward . . <s> <s> NN Sales VBD rose CD 14 NN % TO to $ $ CD 715 CD million IN from $ $ CD 625.4 CD million . . <s> <s> NNP Corning POS 's NN chairman CC and JJ chief NN executive NN officer , , WP$ James UH R. UH Houghton , , VBD said VBG operating NN performance VBD continued TO to VB be JJ strong IN in DT the FW telecommunications FW and FW health FW and

    FW science FW segments . . <s> <s> IN But DT the FW specialty-material FW segment FW slowed FW somewhat FW and FW consumer FW products FW continued FW below FW expectations . . <s> <s> NN As IN for JJ joint NNS ventures , , NNP Mr. FW Houghton FW said FW profit FW was FW `` FW essentially FW flat FW '' FW due FW primarily FW to FW a FW slow FW recovery FW at FW Samsung-Corning FW Co. FW in FW Korea PDT following DT a NN strike IN at DT a JJ major NN customer CC and DT the NN disruption IN of NNS shipments TO to NNP China . . <s> <s> NN Also

    , , NN profit VBD was VBN hurt IN by DT the NN strength IN of DT the FW dollar FW overseas FW which FW negatively PDT affected DT the NN company POS 's JJS currency-exchange NN rate . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading , , WDT Corning VBD closed IN at $ $ CD 38.50 , , RB down CD 75 NNS cents . . <s> <s> NN UAL , , DT the FW hair-trigger FW stock FW that FW exploded FW Friday FW 's FW market FW bombshell FW , FW briefly FW traumatized FW traders FW again FW yesterday . . <s> <s> FW Within

    FW 10 FW minutes FW after FW an FW 11:13 FW a.m. FW trading FW halt FW in FW UAL , , NN parent IN of NNP United NNPS Airlines , , DT the FW Dow FW Jones FW Industrial FW Average FW plunged FW nearly FW 27 FW points FW to FW a FW 60.25-point FW deficit . . <s> <s> FW Computer-guided FW buying FW then FW kicked FW in , , CC and DT the FW industrials FW regained FW 27 FW points FW in FW five FW minutes . . <s> <s> FW The FW lightning FW moves FW show FW that FW the FW stock FW market FW remains FW fragile FW and FW volatile

    FW -FW ready TO to VB jump IN at DT the RBS slightest SYM rumor : -DT a JJ few NNS days IN after PRP$ its FW shocking FW 190.58-point FW plunge . . <s> <s> JJ Nervous NNS investors VBD continued TO to VB limit PRP$ their NN buying TO to FW blue-chip FW stocks FW while FW dumping FW takeover-related FW issues . . <s> <s> FW The FW industrial FW average FW closed FW down FW 18.65 , , TO to VB 2638.73 . . <s> <s> NNP New NNP York NNP Stock NNP Exchange NN volume VBD was DT a JJ heavy NN 224,070,000 NNS shares . . <s> <s> NN Decliners IN on

    DT the FW Big FW Board FW outnumbered FW advancers FW , FW 931 FW to FW 658 . . <s> <s> NN UAL VBD was FW watched FW closely FW and FW traded FW heavily . . <s> <s> DT The NN stock VBD tumbled CD 24 CD 7\/8 TO to VB 198 IN on NN volume IN of $ 2.8 CD million NNS shares . . <s> <s> DT The NN market VBZ is RB still FW very FW touchy FW about FW rumors FW and FW news FW on FW pending FW takeovers . . <s> <s> NN UAL , , WDT which VBZ is VBG trying TO to VB reconstruct DT a NN buy-out NN bid

    IN that NNS banks MD would RB n't VB finance , , VBZ represents DT the NN future IN of CD one IN of DT the RBS most FW powerful FW ingredients FW in FW the FW bull FW market FW FW corporate FW restructuring . . <s> <s> DT An JJ important NN element IN of DT this NN phenomenon : -DT the JJS now-shaky NN market IN for NN junk NNS bonds , , FW used FW often FW to FW finance FW restructurings FW and FW takeovers FW -FW continued FW to FW cast FW a FW pall FW over FW stocks . . <s> <s> IN `` PRP It VBD was DT a

    RB very JJ nervous NN day , , '' '' VBD said UH John UH Geary , , NN partner IN of DT the FW Big FW Board FW specialist FW firm FW Ziebarth FW , FW Geary . . <s> <s> DT The NN volatility MD wo RB n't VB end RB soon . . <s> <s> NNP This NNP Friday VBZ brings DT the `` `` UH double UH witching UH hour , , '' '' NNP Wall NNP Street POS 's JJS nickname IN for DT the FW monthly FW simultaneous FW expiration IN of DT a NN variety IN of NN stock NN index NNS futures , , NN index NNS options CC and NNS options

    IN on JJ individual NNS stocks . . <s> <s> NNS Traders VBP are FW already FW buckling FW their FW seat FW belts . . <s> <s> NN Previous . monthly '' expirations IN of DT the FW Major FW Market FW Index FW futures FW and FW Standard FW & FW Poor FW 's FW 100-stock FW index FW options FW have FW produced FW spectacular FW volatility . . <s> <s> IN `` PRP We VBP are IN in CD one IN of DT those RBS phases WRB where PRP you VBP are VBG going TO to VB get DT a NN lot IN of # volatile UH expiration UH action , , '' '' VBD said

    FW Donald FW Selkin FW , FW head FW of FW stock-index FW research FW at FW Prudential-Bache FW Securities . . <s> <s> NN Investors VBD were VBG buying NN yesterday , , CC but PRP they VBD were FW running FW scared FW to FW premier FW blue FW chips FW such FW as FW Procter FW & FW Gamble , , WDT which VBD jumped CD 3 CD 3\/8 TO to VB 127 . . <s> <s> , Investors `` `` VBP are VBG buying NNS stocks WDT that VBP have JJ predictable NNS earnings , , '' '' VBD said FW Edward FW J. FW Laux FW , FW head FW of FW block FW trading

    FW at FW Kidder FW Peabody . . <s> <s> IN Along DT the NN way , , WP$ investors LS dumped WP$ takeover NNS stocks CC and NNS shares IN of NNS banks WDT that VBP have FW leveraged-buy-out FW debt FW and FW risky FW real FW estate FW loans FW on FW their FW books . . <s> <s> IN `` DT These NNS loans VBP are JJR more IN of DT a FW focus FW than FW lesser-developed-country FW debt FW now , , '' '' VBD said FW William FW Bee FW , FW senior FW block FW trader FW at FW Prudential-Bache FW Securities . . <s> <s> NNP Chase NNP Manhattan , ,

    WDT which FW sold FW 14 FW million FW additional FW shares FW at FW 40 FW 1\/8 FW Monday FW through FW an FW underwriting FW group FW led FW by FW Goldman FW Sachs , , VBD closed RB down CD 1\/8 TO to CD 40 . . <s> <s> NN Citicorp VBD fell CD 1\/2 TO to CD 32 , , CC and FW Manufacturers FW Hanover FW slipped FW 3\/8 TO to CD 40 CD 1\/4 . . <s> <s> NN Chase CC and NNP Citicorp POS 's NNS Citibank VBP are VBN involved IN in DT the FW UAL FW buy-out FW financing . . <s> <s> FW Both FW Citicorp FW and FW Manufacturers

    FW Hanover FW reported FW earnings FW yesterday . . <s> <s> IN In DT the JJ first NN hour IN of NN trading , , IN about CD one CD million NNS shares DT a FW minute FW changed FW hands FW on FW the FW Big FW Board FW as FW big FW stock-index FW arbitrage FW sell FW programs FW pushed FW prices FW lower . . <s> <s> NN -LRBIN In JJ stock-index NN arbitrage , , FW traders FW buy FW or FW sell FW big FW baskets FW of FW stocks FW against FW offsetting FW positions FW in FW futures . . -RRB- -RRB<s> <s> NN Traders VBD said JJ many

    IN of DT the FW sell FW programs FW are FW positions FW being FW established FW ahead IN of DT this NNP Friday POS 's NN expiration . . <s> <s> NN Aside IN from FW computer-guided FW selling FW , FW airline FW stocks FW took FW a FW beating FW as FW well . . <s> <s> FW The FW Dow FW Jones FW Transportation FW Average FW fell FW 49.96 FW to FW close FW at FW 1254.27 . . <s> <s> NN AMR , , DT the NN parent IN of NNP American NNPS Airlines , , VBD continued TO to VB retreat IN in DT the NN wake IN of NNP New NNP York

    FW developer FW Donald FW Trump POS 's NN decision TO to VB withdraw PRP$ his $ $ CD 120-a-share NN takeover NN bid . . <s> <s> DT The NN stock VBD fell CD 3 CD 1\/4 TO to $ 73 CD 1\/4 IN on $ 3.4 CD million NNS shares . . <s> <s> FW Delta FW Air FW Lines FW fell FW 1 FW 7\/8 FW to FW 67 FW 7\/8 FW , FW USAir FW Group FW dropped FW 3\/4 FW to FW 40 FW 1\/4 FW , FW Southwest FW Airlines FW dipped FW 1\/2 FW to FW 25 FW and FW Alaska FW Air FW Group FW slid FW 3\/8 FW to FW 24

    FW 1\/4 . . <s> <s> NNP But NNP Texas NNP Air , , DT the NN owner IN of NNP Continental CC and UH Eastern UH airlines , , WRB bucked DT the NN group POS 's NN decline IN by $ rising CD 7\/8 TO to CD 14 CD 5\/8 IN in NNP American NNP Stock NNP Exchange NN trading . . <s> <s> NN Eastern VBD said PRP it VBZ is RB ahead IN of FW schedule FW in FW resuming FW its FW operations FW after FW filing FW earlier FW this FW year FW for FW Chapter FW 11 FW bankruptcy FW protection , , IN from WDT which PRP it VBZ expects TO to

    VB emerge JJ early JJ next NN year . . <s> <s> NNP Philip NNP Morris , , DT the RBS most FW active FW Big FW Board FW issue FW for FW the FW second FW consecutive FW session FW , FW was FW unchanged FW at FW 43 FW 1\/4 FW on # 3.9 CD million NNS shares . . <s> <s> FW Other FW blue-chip FW consumer FW issues FW also FW fared FW relatively FW well FW : FW PepsiCo FW rose FW 1 FW 3\/8 FW to FW 58 FW 1\/2 FW ; FW Coca-Cola FW Co. FW was FW unchanged FW at FW 66 FW 3\/4 FW ; FW McDonald FW 's FW also

    FW closed FW unchanged FW at FW 30 FW 1\/2 , , CC and PRP Merck VBD rose CD 1\/2 TO to CD 75 CD 1\/4 . . <s> <s> . Broader '' averages RB also VBD fell . . <s> <s> NN Standard CC & NNP Poor POS 's FW 500-stock FW index FW fell FW 1.69 FW to FW 341.16 , , CC and DT the NNP New NNP York FW Stock FW Exchange FW Composite FW Index FW fell FW 0.88 FW to FW 188.89 . . <s> <s> IN Among DT the FW takeover-related FW stocks FW that FW sold FW off FW yesterday FW were FW Disney , , WDT which VBD closed RB down

    CD 2 CD 1\/8 TO to $ 121 CD 1\/4 . . <s> <s> FW Philips FW Industries FW tumbled FW 3\/8 FW to FW 22 FW 7\/8 FW ; FW Hilton FW Hotels FW fell FW 2 FW 1\/2 FW to FW 92 FW and FW Holiday FW Corp. FW fell FW 2 FW 1\/8 FW to FW 69 FW 7\/8 . . <s> <s> FW Among FW other FW blue FW chips FW , FW Exxon FW gained FW 1\/8 TO to CD 45 CD 1\/2 . . <s> <s> . International '' Paper VBD fell CD 1 CD 3\/8 TO to CD 51 CD 1\/2 , , WP$ Union LS Carbide # eased CD 7\/8 TO to

    CD 25 , , WP$ Chevron # gained CD 1\/8 TO to CD 64 , , CC and FW Eastman FW Kodak FW closed FW down FW 3\/4 FW to FW 44 FW 1\/4 . . <s> <s> DT The JJ only NN industry NN group TO to VB show DT a NN gain IN from DT the JJ industrial NN average POS 's FW record FW high FW on FW Oct. FW 9 FW is FW restaurants . . <s> <s> IN Among DT the FW three FW worst-performing FW groups , , IN with NNS declines IN of CD 10 NN % TO to CD 20 NN % , , VBP are NNS airlines , , '' casinos

    CC and NNS securities NNS brokers . . <s> <s> VBZ Trading RB also VBD was JJ heavy IN in DT the JJ over-the-counter NN market . . <s> <s> FW The FW Nasdaq FW composite FW index FW closed FW down FW 1.05 TO to VB 459.93 IN on NN volume IN of $ 161.5 CD million NNS shares . . <s> <s> IN `` DT The NN environment VBZ is DT a NN lot RBR more UH trading-oriented , , '' '' VBD said UH Gary UH Rosenbach , , NN manager IN of NN equity NN trading IN at DT the FW OTC FW stock FW firm FW Needham FW & NNP Co. IN in NNP New

    NNP York . . <s> <s> NN `` IN Because EX there VBZ is DT a NN lot RBR more FW volatility FW now FW , FW if FW guys FW see WDT that PRP they MD can VB make DT a $ quick CD 10 NN % CC or CD 15 NN % NN profit , , PRP they MD 'll VB take PRP it . . '' '' <s> <s> NNP Compaq NNP Computer VBD gained CD 2 CD 1\/8 TO to $ 103 CD 3\/4 IN on CD two CD million NNS shares , , VBG reflecting NN market NN optimism IN about DT the NNS prospects IN for PRP$ its FW newly FW introduced FW notebook-sized

    FW computer . . <s> <s> . B.F. '' Goodrich VBD dropped CD 1 CD 3\/8 TO to $ 49 CD 1\/8 . . <s> <s> DT The NN company POS 's JJ third-quarter NNS earnings VBD were IN below DT both NNS analysts POS ' NNS forecasts CC and DT the JJ year-earlier NN level . . <s> <s> . Blue '' Arrow VBD added CD 1\/2 TO to CD 17 CD 1\/4 . . <s> <s> DT The JJ British NN company VBZ plans TO to VB change PRP$ its NN name TO to VB Manpower , , DT the NN name IN of PRP$ its NNP U.S. NN unit , , CC and VB write RP off

    NN part IN of RB nearly $ $ CD 1.2 CD billion IN in JJ good NN will IN as DT a JJ possible NN prelude TO to VB reincorporating IN in DT the NNP U.S. . . <s> <s> NN Dravo VBD rose CD 5\/8 TO to CD 16 CD 1\/8 . . <s> <s> NNP Shearson NNP Lehman NNP Hutton VBD began PRP$ its NN coverage IN of DT the NN company IN with JJ favorable NNS ratings . . <s> <s> NN Intertan VBD jumped CD 2 CD 1\/4 TO to $ 56 CD 7\/8 . . <s> <s> DT The NN company VBD reported IN that NNS earnings IN from NNS operations IN for DT the

    NNP September NN quarter VBD were RP up IN about CD 25 NN % IN from DT a NN year RBR earlier . . <s> <s> NNP Bay NNP Financial , , WDT which VBD said PRP it MD may VB be VBN forced TO to VB file IN under $ Chapter CD 11 IN if PRP it MD ca RB n't VB reach DT an NN agreement IN with PRP$ its NNS lenders TO to VB relieve PRP$ its NN debt NN burden , , VBD plunged CD 1 CD 3\/8 TO to CD 2 CD 1\/8 . . <s> <s> FW The FW Amex FW Market FW Value FW Index FW fell FW 1.25 FW to FW 375.16

    . . <s> <s> . Volume UH totaled WP$ 16,800,000 NNS shares . . <s> <s> . Among UH active UH Amex UH issues , , DT the FW American FW depositary FW receipts FW of FW B.A.T FW Industries FW fell FW 1\/4 FW to FW 11 FW 3\/4 FW on FW turnover FW of FW 885,800 . . <s> <s> JJ Investment NNS bankers CC and NNS retailers VBD said DT the NN turmoil IN on NNP Wall NNP Street MD may VB benefit NNS managers WP who VBP plan TO to VB bid IN for NNP U.S. POS retailing NNS units IN of DT the JJ British NN firm IN because NN takeover NNS prices MD may

    RB not VB be IN as JJ high IN as IN before DT the JJ recent NN correction . . <s> <s> NN Fruit IN of DT the FW Loom FW slipped FW 1\/8 FW to FW 12 FW 3\/8 FW on FW 501,200 FW shares . . <s> <s> NNP DWG NNP Corp. VBD jumped CD 1 CD 1\/4 TO to CD 15 IN on PRP$ 454,100 NNS shares . . <s> <s> FW Carnival FW Cruise FW Lines FW Class FW A FW dropped FW 1 FW to FW 21 FW 1\/8 FW on FW 331,400 FW shares . . <s> <s> JJ Amex NNS issues IN with FW big FW percentage FW price FW gains FW included

    FW two FW Eastern FW Air FW Lines FW preferred FW stocks , , VBG reacting TO to DT the NN news IN about FW improved FW recovery FW in FW flight FW schedules FW after FW the FW company FW filed FW for FW bankruptcy FW protection . . <s> <s> NNP Eastern POS 's FW Class FW F FW preferred FW rose FW 12 NN % , , CC or CD 1 CD 1\/4 , , TO to CD 11 CD 3\/4 : ; DT the FW Class FW E FW preferred FW gained FW 7 NN % , , CC or CD 5\/8 , , TO to CD 10 CD 1\/4 . . <s> <s> FW The

    FW biggest FW percentage FW gainer FW on FW the FW Amex FW was FW Enviropact , , WDT which VBD jumped CD 23 NN % , , CC or CD 5\/8 , , TO to CD 3 CD 3\/8 IN on NN volume IN of PRP$ 29,000 NNS shares . . <s> <s> NNP On NNP Monday , , DT the NN company , , DT a NN provider IN of FW environmental FW consulting FW services FW , FW reported FW a FW wider FW fiscal FW fourth-quarter FW loss FW and PDT predicted DT a NN loss IN for PRP$ its JJ fiscal CD 1990 JJ first NN quarter , , CC but VBD said DT a

    NN profit VBZ is VBN expected IN for DT all IN of $ fiscal CD 1990 . . <s> <s> IN But PRP$ its FW auditor FW , FW Ernst FW & FW Young FW , FW said FW Enviropact FW 's FW financial FW situation FW raises FW `` FW substantial FW doubt FW about PRP$ its NN ability TO to VB continue IN as DT a VBG going NN concern . . '' '' <s> <s> . Mission UH Resource UH Partners # advanced CD 8 NN % , , CC or CD 1 CD 3\/8 , , TO to CD 18 CD 7\/8 . . <s> <s> . Sonja '' Steptoe CC and NNP David NNP Wilson

    VBD contributed TO to DT this NN article . . <s> <s> . ONE UH LIBERTY UH PROPERTIES UH Inc. PDT declared DT a NN dividend IN of CD 40 NNS cents DT a NN share IN on PRP$ its $ $ FW 16.50 FW cumulative FW convertible FW preferred FW stock FW , FW payable FW Jan. FW 2 FW to FW stock FW of FW record FW Dec. FW 8 . . <s> <s> JJ But NNS directors IN of DT the FW Great FW Neck FW , FW N.Y. FW , FW real FW estate FW investment FW trust FW did FW n't FW act IN on DT the JJ common NN stock NN dividend . .

    <s> <s> IN And PRP they MD wo RB n't VB consider PDT such DT a NN dividend , , DT the NN trust VBD added , , IN before NNS results VBP are JJ available IN for DT the JJ first NN quarter IN of CD 1990 . . <s> <s> DT In NN part , , DT the NN trust VBD cited DT the NN need TO to VB retain NN cash IN for JJ possible NNS acquisitions . . <s> <s> NN According TO to DT a NN spokesman , , WP$ One LS Liberty MD will VB have VBN paid RP out IN as PDT dividends DT the JJ required NN amount IN of PRP$ its

    JJ taxable NN income TO to VB maintain PRP$ its JJ legal NN status IN as DT a JJ real NN estate NN investment NN trust . . <s> <s> NNS Banks VBP are VBG continuing TO to VB go IN after JJ individual NNS investors , , FW despite FW falling FW interest FW rates . . <s> <s> NN Yields IN on FW small-denomination FW certificates FW of FW deposit FW fell FW at FW about PDT half DT the NN rate IN of # so-called LS jumbo PDT CDs DT this NN week , , VBG according TO to FW Banxquote FW Money FW Markets FW , FW an FW information FW service FW based FW here

    . . <s> <s> NN Investors MD can VB get RB slightly JJR higher NNS yields IN on NNS deposits IN below $ $ CD 50,000 IN than PRP they MD can IN on NNS deposits IN of $ $ CD 90,000 CC and RB up . . <s> <s> NNP `` NNPS Banks VBP want TO to VB remain JJ competitive , , '' '' VBD said UH Norberto UH Mehl , , NN chairman IN of NNP Banxquote . . <s> <s> NNP `` NNP October VBZ is DT a FW big FW rollover FW month FW and FW perhaps FW they FW anticipate FW greater FW demand FW ... FW among FW people PDT leaving DT the

    NN stock NN market . . '' '' <s> <s> FW Some FW bankers FW are FW reporting FW more FW inquiries FW than FW usual FW about FW CDs FW since FW Friday . . <s> <s> . `` '' Reports IN from NNS branches VBP are IN that EX there VBZ has VBN been JJR greater NN interest IN in DT the JJ last NN day CC or RB so , , '' '' VBD said UH Steven UH Braitman , , DT a NN vice NN president IN at NNP Chemical NNP Bank IN in NNP New NNP York . . <s> <s> NN Chemical VBD said . deposits '' Monday VBD were IN about $ $

    CD 5 CD million JJR higher IN than JJ usual CC and PRP it VBZ expects JJR more NN activity IN as NNS investors VBP receive DT the NNS proceeds IN from NNS sales IN of NN stock . . <s> <s> . `` '' This VBZ is DT no NN time TO to VB be RP playing IN in DT the NN street : ... <s> <s> NNP the NNP Dow VBZ has JJR more FW ups FW and FW downs FW than FW an FW elevator , , '' '' FW proclaimed FW an FW advertisement FW Monday FW in FW New FW York FW newspapers FW , FW touting FW Lincoln FW Savings FW Bank FW 's

    FW one-year FW CD . . <s> <s> NNP Harold NNP Jones , , NNP Lincoln POS 's FW chief FW retail FW banking FW officer , , VBD said EX there VBZ has RB n't RB yet VBN been `` `` FW a FW discernible FW response , , '' '' IN although DT the NN ad VBD included DT a NN coupon WDT that MD could VB arrive RB later IN in DT the NN week . . <s> <s> NNP Friday POS 's FW market FW rout FW came FW smack IN in DT the NN middle IN of DT the FW heaviest FW month FW for FW CD FW rollovers , , WRB when DT a

    NN number IN of NNS banks CC and FW thrifts FW already FW have FW promotions FW under FW way . . <s> <s> NNP First NNP National NNP Bank IN of NNP Boston , , IN for NN example , , VBZ is FW offering FW certain FW new FW depositors FW an FW extra FW quarter FW of FW a FW percentage FW point FW on FW six-month FW and FW 12-month FW CDs . . <s> <s> FW Some FW banks FW actually FW boosted FW yields FW on FW the FW shortest FW term FW CDs IN in DT the JJS latest NN week . . <s> <s> NNP New NNP York POS 's NNP Citibank

    , , IN for NN instance , , VBD increased DT the NN yield IN on # small-denomination UH three-month UH CDs TO to CD 8 NN % IN from DT 7.9 NN % . . <s> <s> DT On NN average , , RB however , , FW three-month FW CDs FW at FW major FW banks FW are FW yielding FW a FW tenth FW of FW a FW percentage FW point JJR less IN than PRP they VBD were DT a NN week RB ago . . <s> <s> FW Average FW yields FW on FW CDs FW aimed FW at FW individual FW investors FW fell FW less FW than FW half FW as FW much

    FW as FW yields FW on FW Treasury FW bills FW sold FW at FW Monday POS 's NN auction . . <s> <s> . Six-month '' CDs IN of $ $ CD 50,000 CC and JJR less FW yielded FW an FW average FW 8.02 NN % IN in DT the NN week VBD ended NNP Tuesday , , RB down IN from DT 8.10 NN % , , VBG according TO to VB Banxquote . . <s> <s> DT The NN yield IN on FW six-month FW T-bills FW fell FW to FW 7.82 NN % IN on NNP Monday , , IN from DT 8.01 NN % DT the NN week IN before . . <s> <s>

    NN Meanwhile , , DT the JJ average NN yield IN on JJ six-month NNS CDs IN of JJR more IN than $ $ CD 90,000 VBD fell TO to CD 7.93 NN % IN in DT the JJS latest NN week , , VBG according TO to NNP Banxquote , , IN from DT 8.10 NN % DT the NN week IN before . . <s> <s> FW Mr. FW Mehl FW noted FW that FW actual FW rates FW are FW almost FW identical FW on FW small FW and FW large-denomination FW CDs FW , FW but FW yields FW on FW CDs FW aimed FW at FW the FW individual FW investor FW are FW boosted

    FW by FW more FW frequent FW compounding . . <s> <s> VBZ CDs VBN sold IN by JJ major NN brokerage NNS houses , , WDT which FW like FW jumbo FW CDs FW tend FW to FW closely FW follow FW interest FW rate FW trends FW , FW also FW posted FW larger FW drops FW in FW yields . . <s> <s> . A -RRB- six-month , , WP$ broker-sold UH CD , , IN for NN example , , VBD was VBG yielding DT an NN average POS 8.09 NN % IN in DT the JJS latest NN week , , DT a JJ fifth IN of DT a NN percentage NN point JJR lower

    IN than DT the NN week IN before . . <s> <s> DT In JJ late NNP April , , WRB when NN interest NNS rates VBD were IN at PRP$ their JJ recent NNS highs , , FW short-term FW CDs FW sold FW by FW brokers FW were FW offering FW yields FW half FW a FW percentage FW point FW or FW more FW higher FW than FW banks . . <s> <s> JJ CD NNS yields VBP are RB generally VBN expected TO to VB fall RBR further IN in VBG coming NNS weeks . . <s> <s> , `` WP What VBD happened IN in DT the NN stock NN market CC and DT the

    FW bigger FW trade FW deficit FW '' FW reported FW yesterday FW `` FW make FW it FW unlikely FW that FW short-term FW interest FW rates FW will FW rise '' '' DT any NN time RB soon , , VBD said NNP Mr. FW Mehl FW of FW Banxquote . . <s> <s> . `` '' Even IN before DT the NN market NN drop , , NNS rates VBD were RP down IN about PDT half DT a NN percentage NN point , , '' '' VBD said FW Robert FW J. FW Hutchinson FW , FW senior FW vice FW president FW for FW retail FW marketing FW at FW Manufacturers FW Hanover FW Trust

    NNP Co. IN in NNP New NNP York . . <s> <s> FW `` FW That FW puts FW pressure FW on FW CD FW rates . . <s> <s> TO Conservatives VB have DT an JJ important NN decision TO to VB make DT this NN fall . . <s> <s> IN At DT the JJ recent NNS meetings IN of DT the NNP World NNP Bank CC and NNP International NNP Monetary NNP Fund , , DT the NNP Bush NN administration VBD announced PRP$ its NN intention TO to VB decide IN by PDT yearend DT the NN size IN of DT the JJ next NN increase IN in DT the NN IMF POS 's NN capital

    NN base . . <s> <s> IN While DT the NNP U.S. NN share IN of DT the NN increase RB probably MD will RB not VB reach DT the $ $ CD 12 CD billion CC or JJR more NNS implicit IN in DT the NN IMF POS 's NN request IN for DT a NN doubling IN of PRP$ its $ $ CD 90 CD billion NN capital , , DT the NN administration RB probably MD will VB agree TO to DT a JJ multibillion-dollar NN increase . . <s> <s> NN This MD would VB be RP consistent IN with PRP$ its JJS unwavering NN support IN for DT the FW Brady FW Plan FW and

    FW G-7 FW exchange-rate FW intervention , , CC and IN with PRP$ its JJ financial NN commitment TO to NNP Mexico , , NNP Poland CC and NNS others . . <s> <s> . The '' IMF VBZ has JJ several NNS reasons IN for PDT requesting DT the NN increase . . <s> <s> DT Its NN role IN in DT the FW economies FW of FW developing FW countries FW has FW grown FW steadily FW since FW the FW 1970s . . <s> <s> DT The NN size CC and NN pace IN of FW disbursements FW will FW accelerate FW further FW under FW the FW Brady FW Plan , , WDT which FW promises

    FW larger FW and FW earlier FW disbursements FW to FW approved FW countries . . <s> <s> DT At JJS least FW three FW other FW factors FW have FW encouraged FW the FW IMF FW to FW insist FW on FW increased FW capital . . <s> <s> NN First , , PRP it VBZ argues IN that PRP$ its NN capital NN base MD must VB be VBN increased IN in NN order TO to VB maintain PRP$ its FW size FW relative FW to FW world FW financial FW markets , , IN for WDT which PRP it VBZ feels DT some NN responsibility . . <s> <s> NN Second , , DT the NNP World

    NNP Bank POS 's JJ recent $ $ CD 75 CD billion NN capital NN increase : -$ $ CD 14 CD billion IN from DT the NNP U.S. : -VBZ has VBN left DT the FW IMF FW feeling FW less FW than FW first FW fiddle FW among FW international FW financial FW institutions . . <s> <s> NN Third , , DT the NN IMF MD would VB like TO to VB meet NNP Japan POS 's FW request FW for FW increased FW ownership FW -LRBFW currently FW 4.5 FW % -RRB- -RRB. . <s> <s> NN Japan VBZ has VBN supported DT a JJR larger NN role IN for DT the

    FW IMF FW in FW developing-country FW debt FW issues , , CC and VBZ is DT an FW important FW financial FW resource FW for FW IMF-guided FW programs FW in FW developing FW countries . . <s> <s> DT While JJ international NNS politics MD may VB argue IN for DT the NN capital NN increase , , EX there VBZ is DT a JJ clear JJ economic NN case IN against PRP it . . <s> <s> NN Opponents IN of DT the NN increase RBR argue IN that DT the FW IMF FW practices FW central FW planning FW while FW supporting FW ineffective FW governments . . <s> <s> DT They NN question IN whether

    DT the FW IMF FW has FW any FW role FW in FW developing FW countries FW , FW given FW its FW original FW mandate FW to FW assist FW industrial FW countries FW in FW balance-of-payments FW emergencies . . <s> <s> DT Opponents NN show IN that EX there VBP are RB already RBR more FW funds FW available FW than FW commendable FW reform FW efforts . . <s> <s> FW They FW worry FW that FW new FW IMF FW funding FW of FW developing FW countries FW will FW simply FW end FW up FW substituting FW IMF FW debt FW for FW reschedulable FW commercial FW bank FW debt FW , FW a

    FW bad FW trade FW all FW around . . <s> <s> . They UH believe UH microeconomics , , WDT which VBZ addresses DT the NNS problems IN of NNS markets , , FW investment FW climate FW and FW management FW practices , , VBZ is DT the JJ key TO to # developing-country UH growth , , RB not DT the FW IMF FW 's FW Keynesian FW focus FW on FW trade FW deficits FW , FW quarterly FW targets FW and FW government FW debt . . <s> <s> DT They NN point IN at DT the FW numerous FW developing-country FW governments FW that FW have FW inflated FW , FW taxed FW and

    FW regulated FW themselves FW into FW despair FW under FW successive FW IMF FW programs . . <s> <s> NN Decisions IN on NNS increases IN in DT the FW IMF FW 's FW capital FW base FW traditionally VBP are VBN made IN by DT the NN administration , , IN with FW subsequent FW authorization FW by FW Congress . . <s> <s> . The UH last UH U.S. UH congressional UH authorization , , IN in CD 1983 , , VBD was DT a FW political FW donnybrook FW and FW carried FW a FW $ FW 6 FW billion FW housing FW program FW along FW with FW it FW to FW secure FW adequate

    FW votes . . <s> <s> . The '' politics IN of DT the FW 1990 FW congressional FW authorization FW are FW likely TO to VB be JJ similar TO to DT those IN of # previous LS authorizations . . <s> <s> NN Liberals MD may VB support DT the NN stabilizing , , WP$ quasi-governmental NN role IN of DT the NN IMF IN on CD two NNS conditions : : IN that DT the FW administration FW give FW assurances FW that FW liberal FW Democrats FW ' FW support FW will FW not FW be FW used FW against FW them FW in FW congressional FW re-election SYM campaigns : ; CC and IN that

    DT the RBS legislation SYM address : -LS with SYM dollars : -LS social CC and JJ environmental NNS concerns . . <s> <s> NNP Conservative NNPS Republicans MD will VB be VBN given DT the NN choice IN of FW supporting FW or FW fighting FW their FW party POS 's JJ popular NN president IN in DT an NN election NN year . . <s> <s> NNP A NNP U.S. NN decision TO to VB refuse DT the RBS IMF PRP$ its NN capital NN increase , , CC or WRB limit PRP it TO to CD 25 NN % , , MD would VB bring DT a JJ major NN change IN in JJ international

    JJ economic NN policy , , CC and MD could RB not VB be VBN taken RP lightly . . <s> <s> NN Commentators MD would VB fret IN over DT the NNS implications IN for DT the FW G-7 FW coordination FW process CC and DT the NN stability IN of PRP$ world JJ financial NNS markets . . <s> <s> DT Because JJ commercial NNS banks CC and DT the FW developing-country FW governments FW believe PRP they MD will VB get DT a NN piece IN of DT any NN capital NN increase , , DT a FW scaled-down FW IMF FW mission FW would FW leave FW both FW feeling FW shortchanged . . <s> <s>

    NN Furthermore , , DT a NNP U.S. NN rejection IN of DT the NN capital NN increase -LRB- -LRBCC and VB transfer IN of NNS shares TO to NNP Japan -RRB- -RRBFW would FW give FW Japan FW an FW argument FW against FW future FW calls FW for FW economic FW burden-sharing . . <s> <s> IN On DT the JJ other NN hand , , DT a NN decision TO to VB increase DT the NN IMF POS 's NN capital MD would VB reinforce DT the FW central FW economic FW role FW of FW multilateral FW institutions FW in FW developing FW countries . . <s> <s> IN With DT the NN increase

    , , RB even RBR more FW developing-country FW energy FW and FW talent FW would FW be FW diverted FW from FW creating FW profitable FW economic FW systems FW to FW setting FW up FW economic FW planning FW ministries FW that FW generate FW IMF-approved FW economic FW plans . . <s> <s> IN Upping DT the FW ante FW could FW slow FW economic FW development FW even FW further FW , FW as FW countries FW delay FW market-opening FW steps FW in FW anticipation FW of FW richer FW multilateral FW support . . <s> <s> NN Conservatives MD should VB take DT a NN position RB prior TO to DT the NN administration

    POS 's FW year-end FW deadline . . <s> <s> JJ The NNS issues VBP are RB too JJ important TO to VB be VBN left TO to DT the JJ financial CC and UH budget UH ministries UH fighting RP over DT the NN size IN of DT the NN capital NN increase , , RB rather IN than PRP$ its NN purpose . . <s> <s> JJ If NNS conservatives VBP do RB n't VB support DT an NN increase IN in DT the NN IMF POS 's NN capital , , RB then PRP it VBZ is VBN incumbent IN on PRP them TO to VB speak RP up RB now CC and VB explain DT the

    NN alternative . . <s> <s> . Mr. '' Malpass VBZ directs DT the JJ Republican NN staff IN of DT the FW Joint FW Economic FW Committee FW of FW Congress . . <s> <s> FW The FW Chicago FW Mercantile FW Exchange FW fined FW and FW suspended FW two FW commodities FW traders FW accused FW of FW making FW prearranged FW trades FW with FW each FW other FW that FW allegedly FW cheated FW a FW customer . . <s> <s> JJ Merc NNS officials VBD said FW Gary FW N. FW Roberts FW was FW disciplined PDT following DT the NN exchange POS 's NN investigation IN of PRP$ his NN trading IN in

    FW several FW commodities FW pits FW from FW July FW to FW November FW 1988 . . <s> <s> . The '' Merc VBD said NNP Mr. FW Roberts FW withheld FW from FW the FW market FW certain FW orders FW in FW cooperation FW with FW another FW trader FW , FW David FW Stein . . <s> <s> FW The FW Merc FW fined FW Mr. FW Roberts $ $ CD 15,000 CC and VBD suspended PRP$ his NN trading NN membership IN for CD three NNS years . . <s> <s> NN Also , , PRP he CC and NNP Mr. NNP Stein VBD were VBN ordered TO to VB make RP restitution IN of

    $ $ CD 35,000 TO to DT a NN customer . . <s> <s> . Mr. '' Stein VBD was VBN fined $ $ CD 25,000 CC and VBN suspended IN for CD three NNS years . . <s> <s> . Messrs. '' Roberts CC and EX Stein MD could RB n't VB be VBN reached IN for NN comment . . <s> <s> . The '' Merc VBD said IN that IN as NN part IN of DT the JJ disciplinary NN settlement , , FW neither FW man FW admitted FW , FW nor FW denied FW the FW alleged FW violations . . <s> <s> NN Neither VBD was IN among DT the FW 46 FW traders

    FW indicted FW last FW August IN in DT a JJ federal NN investigation IN of NNS traders IN at PDT both DT the NNP Merc CC and DT the NNP Chicago NNP Board IN of NNP Trade . . <s> <s> IN In DT a NN move WDT that MD could FW pose FW a FW new FW competitive FW challenge FW to FW Time FW Warner FW Inc. FW 's FW powerful FW Home FW Box FW Office FW , FW cable FW giant FW Tele-Communications FW Inc. FW agreed FW to FW buy FW half FW of FW Showtime FW Networks FW Inc. FW from FW Viacom NNP Inc. IN for $ $ CD 225 CD million

    . . <s> <s> FW The FW purchase FW comes FW after FW nearly FW three FW years FW of FW on-again FW off-again FW talks FW between FW TCI FW and FW Viacom , , WDT which VBZ has RB also VBD discussed DT the NN sale IN of DT an NN interest IN in FW Showtime FW with FW other FW cable FW operators . . <s> <s> NN Showtime VBZ is DT a FW distant FW No. FW 2 FW to FW Home FW Box FW Office , , CC and IN in NNP May VBD filed DT a $ $ CD 2.5 CD billion FW antitrust FW suit FW against FW Time FW Warner , ,

    VBG charging DT the NN company CC and PRP$ its FW HBO FW and FW American FW Television FW cable FW units FW with FW conspiring FW to FW monopolize FW the FW pay FW TV FW business . . <s> <s> NN HBO VBZ has RB close TO to CD 24 CD million NNS subscribers TO to PRP$ its FW HBO FW and FW Cinemax FW networks FW , FW while FW Showtime FW and FW its FW sister FW service FW , FW The FW Movie FW Channel , , VBP have RB only IN about CD 10 CD million , , VBG according TO to # Paul UH Kagan UH Associates , , DT a NN Carmel

    , , NNP Calif. , , NN research NN firm . . <s> <s> . For -RRB- TCI , , DT the NN investment IN in EX Showtime VBZ puts PRP it IN in DT an JJ unusual NN position : ; IN as DT the JJS largest UH cable UH operator , , IN with NN control IN of JJ close TO to CD 12 CD million IN of DT the NN nation POS 's FW 52 FW million FW cable FW subscribers FW , FW TCI FW is FW HBO POS 's JJS largest NN customer . . <s> <s> FW But FW TCI FW President FW John FW Malone FW has FW long FW been FW concerned

    FW about FW HBO POS 's NN dominance IN of DT the NN pay NN TV NN business , , CC and VBZ has VBN been RP eager TO to VB keep RP Showtime IN as DT a JJ healthy NN competitor . . <s> <s> IN `` PRP It VBZ is JJ important TO to DT the NN cable NN industry IN that PRP we VBP have DT a FW vibrant FW and FW competitive FW pay-television FW marketplace , , '' '' NNP Mr. NNPS Malone VBD said IN in DT a NN statement . . <s> <s> IN In DT a NN telephone NN interview , , NNP Robert NNP Thomson , , FW TCI FW senior

    FW vice FW president FW , FW said FW Showtime FW 's FW suit FW against FW HBO FW `` FW does FW n't FW involve FW us FW , FW and FW nothing FW we FW 're FW doing FW here FW bears FW any FW relationship FW to FW that . . '' '' <s> <s> NN He VBD added , , `` `` PRP We VBP do RB n't VB intend TO to VB be VBN drawn IN into PRP it , , '' '' FW noting FW that FW TCI FW wo FW n't FW play FW any FW active FW role IN in DT the NN management IN of NNP Showtime . . <s> <s>

    VB Linking RP up RBR Showtime IN with DT the JJS largest NN cable NN operator IN in DT the NNP U.S. MD could RB sharply VB boost PRP$ its NNS subscribers . . <s> <s> NN TCI VBD said PRP it MD may VB bring IN in JJ other NN cable NNS operators IN as NNS investors , , DT a NN practice PRP it VBZ has VBN employed IN in DT the NN past IN with NNS investments IN in JJ other NN cable NNS networks , , JJ such IN as DT The RBS Discovery LS Channel . . <s> <s> FW Additional FW cable FW partners FW could FW boost FW subscribers FW even FW further

    . . <s> <s> NNP Time NNP Warner VBD declined NN comment . . <s> <s> DT In NN addition TO to FW owning FW HBO FW , FW Time FW Warner FW owns FW American FW Television FW & FW Communications NNP Inc. , , DT the NN nation POS 's FW second FW largest FW cable FW operator FW after FW TCI . . <s> <s> . Viacom UH also UH owns UH cable UH systems , , CC but PRP it VBZ is DT the RBS 14th JJS largest NN operator IN of JJ such NNS systems , , IN with JJR less IN than CD one CD million NNS subscribers . . <s> <s> . The

    '' TCI NN investment VBZ is DT a JJ big NN victory IN for NNP Viacom POS 's JJ chief NN executive NN officer , , WP$ Frank UH Biondi , , CC and UH Winston UH H. UH Cox , , NN president IN of DT the JJS Showtime NN unit . . <s> <s> FW `` FW This FW takes FW any FW question FW of FW Showtime FW 's FW viability FW and FW puts FW it FW away FW once FW and FW for FW all , , '' '' NNP Mr. NNPS Biondi VBD said IN in DT a NN telephone NN interview . . <s> <s> FW The FW fight FW between FW HBO

    FW and FW Showtime FW is FW particularly FW acrimonious FW because FW Mr. FW Biondi VBZ is DT the JJ former JJ chief NN executive IN of NNP HBO , , CC and NNP Mr. VBZ Cox VBN served IN as NN chief IN of NN marketing IN for DT the NN service . . <s> <s> FW They FW were FW both FW hired FW by FW Sumner FW Redstone , , DT the RBS Boston LS billionaire WP who VBD took NN control IN of $ Viacom CD three NNS years RB ago IN in DT a JJ leveraged NN buy-out . . <s> <s> FW Time FW Warner FW has FW vigorously FW denied FW all

    FW of FW Viacom FW 's FW allegations . . <s> <s> NNP Boeing NNP Co. , , FW already FW struck FW by FW its FW Machinists FW union FW , FW briefly FW called FW off FW contract FW talks FW with FW its FW engineers FW and FW labeled FW their FW demands FW `` FW grossly FW excessive . . '' '' <s> <s> NN Later , , RB however , , DT the NN company VBD agreed TO to VB meet IN on NNP Monday IN with DT the FW Seattle FW Professional FW Engineering FW Employees FW Association FW after FW a FW federal FW mediator FW intervened , , VBG according TO to

    DT the NN union . . <s> <s> DT A NN spokesman IN for DT the NNS engineers VBD said DT the NN company VBD asked DT the NN union TO to VB reduce PRP$ its NNS demands , , WDT which VBD included DT a CD 19 NN % . pay '' hike IN in DT the JJ first NN year CC and CD 8 NN % IN in DT the JJ second CC and JJ third NNS years . . <s> <s> FW The FW union FW represents FW about FW 28,000 FW engineers FW and FW technical FW workers . . <s> <s> . Its UH contract UH expires # Dec. CD 1 . . <s> <s>

    NN Meanwhile , , DT a JJ federal NN mediator VBZ is VBN scheduled TO to VB meet FW today FW with FW Boeing FW officials FW and FW representatives FW of FW 55,000 FW striking FW Machinists . . <s> <s> IN `` PRP It MD will VB take JJ several NNS meetings TO to VB resolve DT this , , '' '' VBD said DT a NN spokesman IN for DT the JJS Machinists NN union . . <s> <s> IN `` PRP We VBP do RB n't VBP want TO to VB bring RP back PDT something DT the NNS members MD will VB reject . . '' '' <s> <s> VBZ Machinists RB already VBP have

    VBN rejected DT a NN package WDT that MD would VB have FW provided FW a FW 10 FW % FW pay FW raise FW plus FW bonuses RP over DT the JJ three-year NN life IN of DT the NN contract . . <s> <s> VBZ It RB also MD would VB have FW reduced FW mandatory FW overtime . . <s> <s> FW Investor FW Asher FW Edelman FW increased FW his FW stake FW in FW Intelogic FW Trace NNP Inc. CC and VBD cleared DT the NN way IN for JJ additional NNS purchases . . <s> <s> NN It VBD was RB n't JJ clear , , RB however , , IN whether DT the

    NNS actions VBD were VBN related TO to DT a NN battle IN between DT the JJ corporate NN raider CC and NNP New NNP York FW attorney FW Martin FW Ackerman FW for FW control FW of FW Datapoint FW Corp. FW , FW a FW San FW Antonio FW , FW Texas-based FW data-processing FW systems FW maker . . <s> <s> . Intelogic -RRB- Trace , , DT a NN computer NNS services NN company , , VBD was FW spun FW off FW to FW Datapoint FW holders FW in FW 1985 FW , FW after FW Mr. FW Edelman FW gained FW control . . <s> <s> NNP After NNP Mr. FW Ackerman FW announced

    FW he FW was FW soliciting FW consents FW from FW shareholders FW in FW order FW to FW wrest FW control FW of FW Datapoint FW from FW Mr. FW Edelman , , DT the RBS corporate LS raider # purchased CD 30 NN % IN of NNP Datapoint POS 's NNS shares . . <s> <s> IN In DT a NNPS Securities CC and NNP Exchange NNP Commission NN filing , , NNP Mr. NNP Edelman VBD said IN from $ Sept. CD 29 TO to $ Oct. CD 13 , , PRP he VBD acquired PRP$ 309,500 NNS shares IN of PRP$ Intelogic JJ common NNS shares IN for $ $ CD 2.25 TO to $ $

    LS 2.375 LS each . . <s> <s> . The '' purchases VBD increased PRP$ his NN stake TO to CD 16.2 NN % IN of DT the NNS shares JJ outstanding . . <s> <s> FW The FW filing FW also FW said FW certain FW provisions FW which FW apply FW to FW persons # acquiring CD 20 NN % CC or JJR more IN of PRP$ Intelogic JJ common NN stock , , VBD were VBN waived IN by NNP Intelogic IN for NNP Mr. NNP Edelman , , WP who VBZ is NN chairman IN of DT the NN company . . <s> <s> , Mr. WDT Edelman MD could RB n't VB be VBN reached

    IN for NN comment . . <s> <s> DT The JJ federal NN government MD should VB make JJ free , , FW voluntary FW testing FW for FW the FW AIDS FW virus FW the FW cornerstone FW of FW an FW expanded FW campaign TO to VB stop DT the NN spread IN of FW acquired FW immune FW deficiency FW syndrome , , DT the FW Hudson FW Institute FW recommended . . <s> <s> FW `` FW By FW encouraging FW massive FW , FW routine FW , FW voluntary FW testing FW we FW can FW enable FW society FW to FW voluntarily FW segregate FW itself FW sexually FW into FW two SYM groups

    : : LS those WP who VBP carry DT the NN virus CC and DT those WP who VBP do RB not , , '' '' DT the FW Indianapolis FW research FW organization VBD said IN in DT a JJ new NN report . . <s> <s> FW The FW report FW takes FW a FW more FW alarmed FW view FW of FW AIDS FW and FW recommends FW a FW more FW sweeping FW response FW than FW many FW other FW analyses . . <s> <s> . It '' warns IN that DT the RBS AIDS LS epidemic `` `` MD may VB reduce DT the NN rate IN of NN growth IN of DT the

    NN work NN force , , FW curb FW productivity FW gains FW and FW slow FW economic FW growth . . '' '' <s> <s> . It '' contends IN that JJ current NN government NN policy VBZ is VBG failing TO to VB stem DT the FW AIDS FW epidemic FW because FW it FW suggests FW the FW use FW of FW condoms FW can FW make FW sex FW `` FW safe . . '' '' <s> <s> IN But DT the NN report VBZ says : : `` `` FW The FW only FW safe FW sex FW is FW sex FW between FW uninfected FW partners , , '' '' CC and EX testing

    VBZ is DT the JJ only NN way TO to VB learn IN of NN infection . . <s> <s> NNP Hudson POS 's NNS researchers VBN estimated IN that PRP it MD would VB cost JJR less IN than $ $ CD 650 CD million DT a NN year TO to VB test DT the JJ entire NN population IN between DT the FW ages FW of FW 12 FW and FW 65 FW years FW old . . <s> <s> DT In NN addition , , DT the FW report FW recommends FW that FW federal FW and FW state FW governments FW provide FW free FW treatment FW to FW all FW who FW test FW positive

    . . <s> <s> FW An FW unexpectedly FW sharp FW widening FW in FW the FW U.S. FW trade FW gap FW for FW August FW dragged FW the FW dollar FW lower FW Tuesday FW , FW but FW profit-taking FW on FW short FW positions FW helped FW the FW currency FW rebound FW to FW close FW mixed FW against FW major FW counterparts . . <s> <s> IN While DT the NN market FW kept FW careful FW tabs FW on FW Wall FW Street FW 's FW gyrations FW , FW it FW shrugged FW off FW a FW modest FW downturn FW in FW equities TO to VB bid DT the NN dollar

    RB well IN above DT the NN day POS 's NNS lows . . <s> <s> NN Soon IN after DT the NN release IN of DT the NNP U.S. NN trade NNS figures , , DT the NN dollar VBD plunged TO to DT an FW intraday FW low FW of FW 140.95 FW yen . . <s> <s> VBZ It RB also VBD declined IN against DT the NN mark CC but VBD did RB n't VB reach PRP$ its FW intraday FW low FW of FW 1.8435 FW marks FW until FW two FW hours FW later . . <s> <s> FW The FW unit FW stabilized FW about FW midday FW New FW York FW time

    FW at FW around FW 1.85 FW marks FW and FW 141 FW yen FW , FW prompting FW unconfirmed FW rumors IN that DT the NNP U.S. NNP Federal NNP Reserve VBD had VBN intervened TO to VB blunt DT the NN unit POS 's NN tumble . . <s> <s> FW The FW dollar FW finished FW at FW its FW intraday FW highs . . <s> <s> NN Dealers VBD noted IN that DT the JJ foreign NN exchange NN market POS 's UH initial UH bearish UH reaction TO to DT the NNP U.S. FW trade FW figures FW was FW tempered FW later FW by FW a FW `` FW calmer FW reassessment IN of

    DT the NN data . . '' '' <s> <s> NNP The NNP U.S. NNP Commerce NNP Department VBD reported DT a $ $ CD 10.77 CD billion NN deficit IN in NNP August , , VBN compared IN with DT a RBS revised WP$ July NN deficit IN of $ $ CD 8.24 CD billion . . <s> <s> NN Economists VBD had VBN expected DT a $ $ CD 9.1 CD billion NN gap . . <s> <s> FW The FW August FW figure FW reflected FW a FW 6.4 FW % FW rise FW in FW imports FW and FW a FW 0.2 FW % FW drop FW in FW exports . . <s> <s> . Marc

    UH M. UH Goloven , , DT an NN economist IN with # Manufacturers LS Hanover -RRB- Trust IN in NNP New NNP York , , VBD said IN that IN while DT the FW figures FW appear FW to FW indicate FW a FW sadly FW deteriorating FW U.S. FW trade FW performance , , EX there VBZ 's RB still RB enough JJ positive NN news IN in DT the NN data TO to VB justify VBG buying NNS dollars . . <s> <s> NN He VBD said IN that IN while DT the NNP U.S. FW trade FW gap FW with FW Canada FW has FW widened FW significantly , , DT the NN trade NN deficit

    IN with NNP Western NNP Europe CC and NNP Japan VBZ continues TO to VB narrow . . <s> <s> IN And PRP he VBD added IN that FW manufactured FW goods FW exports FW are FW still FW rising . . <s> <s> DT The NN dollar POS 's FW near-term FW path FW remains FW foggy , , VBG according TO to VB currencny NNS analysts , , WP who PDT characterize DT the NN market IN as `` `` UH bewildering . . '' '' <s> <s> DT In JJ late NNP New NNP York NN trading NN yesterday , , DT the NN dollar VBD was VBN quoted IN at FW 1.8667 FW marks FW ,

    FW down FW from FW 1.8685 FW marks FW late FW Monday , , CC and IN at FW 142.75 FW yen FW , FW up FW from FW 141.85 FW yen FW late FW Monday . . <s> <s> NN Sterling VBD was VBN unchanged IN at $ $ CD 1.5753 . . <s> <s> NNP In NNP Tokyo NNP Wednesday , , DT the NNP U.S. FW currency FW opened FW for FW trading FW at FW 142.55 FW yen FW , FW unchanged FW from FW Tuesday FW 's FW Tokyo FW close . . <s> <s> NN Later , , DT the NNP U.S. FW currency FW fell FW to FW about FW 142.25 FW yen

    FW on FW news FW reports IN of DT the NNP San NNP Francisco NN earthquake . . <s> <s> FW Some FW analysts FW remain FW bullish FW and FW point RP out IN that DT the NN dollar VBZ continues TO to VB be FW well FW bid FW despite FW key FW rate FW increases FW in NNP Europe CC and NNP Japan , , JJ several NNS weeks IN of JJ aggressive NN dollar NNS sales IN by DT the RBS world LS central SYM banks : -DT some NNS traders VBP estimate IN that DT the NN barrage IN of NNS sales -LRB- topped $ $ CD 12 CD billion : -CC and

    DT a JJ 190-point NN plunge IN on DT the NNP New NNP York NNP Stock NNP Exchange . . <s> <s> DT They NN note IN that DT the NNP U.S. NN unit VBZ is NN trading IN at DT the JJ upper NN end IN of DT the FW presumed FW target FW zones FW established FW by FW the FW Group FW of FW Seven FW trading FW partners . . <s> <s> . The UH G-7 UH comprises UH West UH Germany , , DT the NNP U.S. , , NNP France , , DT the NNP U.K. , , NNP Italy , , NNP Canada CC and NNP Japan . . <s> <s> FW The

    FW so-called FW Louvre FW accord FW was FW seen FW to FW have FW set FW ranges FW of FW 1.70 FW marks FW to FW 1.90 FW marks FW and FW 120 FW yen FW to FW 140 FW yen . . <s> <s> NNS They VBP say IN that DT the JJ recent NN injection IN of NN liquidity IN into DT the NNP U.S. POS banking NN system VBZ has VBN been JJ modest , , CC and PRP they VBP do RB n't FW anticipate FW significant FW easing IN by DT the NNP U.S. NNP Federal NNP Reserve . . <s> <s> NNP The NNP Fed -LRB- arranged $ $ CD 1.5 CD billion

    IN of FW customer FW repurchase FW agreements FW Tuesday , , DT the JJ second NN repurchase NN agreement IN in CD two NNS days . . <s> <s> DT The NN move , , WDT which WP$ injects NN capital IN into DT the NN system , , VBZ is VBN seen IN as DT an NN effort TO to VB reassure DT the JJ finanicial NNS markets IN that DT the NNP U.S. POS central NN bank VBZ is JJ ready TO to VB provide DT the JJ ample NN liquidity . . <s> <s> DT But JJ other NNS analysts VBP contend IN that IN while DT the NNP Fed POS 's NN move TO to

    VB loosen NN credit VBZ has RB n't VBN been RP aggressive , , PRP it FW nevertheless FW sends FW a FW clear FW signal FW that , , IN at JJS least IN for RB now , , DT the NNP Fed VBZ has PDT relaxed PRP$ its NN grip IN on NN credit . . <s> <s> TO They VB add IN that DT the NNP Fed VBZ has VBN allowed DT the JJ key JJ federal NNS funds NN interest NN rate TO to VB dip TO to $ about CD 8 CD 5\/8 NN % IN from PRP$ its NNS levels IN of RB just IN below CD 9 NN % JJ last NN week

    . . <s> <s> DT The JJ federal NNS funds NN rate VBZ is DT the FW overnight FW lending FW rate FW that FW banks FW charge FW each FW other . . <s> <s> . Market '' participants VBD said IN that DT the NN mark VBZ continues TO to VB post DT the RBS most JJ significant NNS gains IN against DT the NN dollar . . <s> <s> IN On DT the NNP Commodity NNP Exchange IN in NNP New NNP York , , FW gold FW for FW current FW delivery FW settled FW at FW $ FW 367.40 FW an FW ounce , , RB up CD 10 NNS cents . . <s> <s>

    DT Estimated NN volume VBD was DT a $ moderate CD 3.5 CD million NNS ounces . . <s> <s> DT In JJ early NN trading IN in NNP Hong NNP Kong NNP Wednesday , , WDT gold VBD was IN at $ $ PDT 366.55 DT an NN ounce . . <s> <s> . National '' Semiconductor NNP Corp. VBD said PRP it VBD settled DT a FW four-year-old FW patent FW infringement FW case FW against FW Linear FW Technology FW Corp. FW by FW accepting FW a FW $ FW 3 FW million FW payment FW from FW Linear FW in FW exchange FW for FW granting FW Linear FW irrevocable FW licenses FW for FW all

    FW products FW involved . . <s> <s> CD The CD two NNS companies RB also VBN agreed TO to FW settle FW any FW future FW property FW rights FW issues FW over FW the FW next FW 10 FW years FW through FW binding FW arbitration , , DT both NNS companies VBD said . . <s> <s> JJ The NNS products VBP are FW so-called FW analog FW integrated FW circuits WDT that VBP have VBN applications IN in DT the NN consumer NNS electronics , , FW automobile FW and FW electronic FW instrumentation FW markets . . <s> <s> NNP Linear NNP Technology , , UH Milpitas , , NNP Calif. , , VBD called

    DT the NN settlement `` `` UH positive , , '' '' IN since NNS products VBN covered IN by DT the FW disputed FW patents FW account FW for # about CD 20 NN % IN of PRP$ its JJ annual NNS sales . . <s> <s> . The '' electronics NN concern VBD said PRP it RB already VBZ has VBN paid $ $ CD 2 CD million IN of DT the NN settlement TO to # National UH Semiconductor , , WP$ Santa UH Clara , , NNP Calif. , , CC and MD will VB pay DT the VBG remaining $ $ CD 1 CD million IN in FW equal FW installments FW over FW the

    FW next FW eight FW quarters . . <s> <s> JJ The NNS payments VBP are RB n't VBN expected TO to VB have DT an NN impact IN on VBG coming NN operating NNS results , , WDT Linear VBD added . . <s> <s> NNP NBC POS 's FW winning FW streak FW has FW been FW canceled . . <s> <s> NNP The NNP National NNP Broadcasting NNP Co. , , DT a NN unit IN of NNP General NNP Electric NNP Co. , , VBD had PRP$ its FW record-breaking FW 68-week FW reign FW as FW the FW prime-time FW ratings FW leader FW snapped FW yesterday FW by FW ABC-TV , , DT a

    NN subsidiary IN of FW Capital FW Cities\/ABC FW Inc . . <s> <s> IN In DT the FW ratings FW compiled FW by FW the FW A.C. FW Nielsen NNP Co. , , NNP ABC , , WDT which VBZ broadcast DT the NNP World NNP Series , , VBD topped DT the NN competition IN with DT a JJS 14.8 NN rating CC and CD 25 NN share . . <s> <s> NN NBC VBD was JJ second IN with DT a FW 13.9 FW rating FW and FW 24 FW share FW followed FW by FW CBS FW Inc. FW 's FW television FW network FW with FW a FW 12.5 FW rating FW and FW 21

    FW share . . <s> <s> IN -LRBDT A FW ratings FW point FW represents FW 904,000 FW television SYM households : ; NNS shares VBP indicate DT the NN percentage IN of NNS sets IN in NN use . . -RRB- -RRB<s> <s> DT The JJ first CD two NNS games IN of DT the FW World FW Series FW between FW the FW Oakland FW Athletics FW and FW San FW Francisco FW Giants FW did FW n't FW finish FW in FW the FW top FW 10 FW ; FW instead FW they FW landed FW in FW 16th FW and FW 18th FW place . . <s> <s> . The UH highest-rated UH show

    UH continues TO to VB be NNP ABC POS 's `` `` UH Roseanne . . '' '' <s> <s> NN NBC VBD had CD five IN of DT the FW top FW 10 FW shows FW ; FW ABC FW had FW four CC and NNP CBS VBD had CD one . . <s> <s> NN CBS VBD held DT the JJ previous NN record IN for # consecutive LS No. LS 1 SYM victories : -LS 46 SYM weeks : -IN during DT the RBS 1962-63 LS season . . <s> <s> NN Procter CC & NNP Gamble NNP Co. , , NNP Cincinnati , , VBG expanding PRP$ its NN presence IN in DT the

    NN food NN service NN market , , VBD said PRP it FW acquired FW Maryland FW Club FW Foods FW , FW a FW coffee FW supplier , , IN from DT an FW investor FW group FW led FW by FW F. FW Philip FW Handy FW of FW Winter FW Park FW , FW Fla . . <s> <s> NN Terms VBD were RB n't VBN disclosed . . <s> <s> . Houston-based UH Maryland UH Club UH Foods , , WDT which VBD had NNS sales IN of IN about $ $ CD 200 CD million JJ last NN year , , FW sells FW coffee FW under FW the FW Maryland FW Club FW and

    FW Butter-Nut FW brands FW to FW restaurants FW , FW hotels , , NNS offices CC and NNS airlines . . <s> <s> DT The NN acquisition `` `` FW gives FW us FW additional FW production FW capacity FW for FW the FW food FW service FW coffee FW business FW and FW a FW stronger FW distribution FW network , , '' '' DT a JJS P&G NN spokesman VBD said . . <s> <s> FW P&G FW already FW sells FW its FW Folgers FW ground FW roast FW coffee FW to FW food FW service FW concerns , , CC but RB not TO to RB as JJ many NNS markets IN as # Maryland

    LS Club . . <s> <s> DT For NN example , , FW P&G FW up FW until FW now FW has FW n't FW sold FW coffee FW to FW airlines FW and FW does FW only FW limited FW business FW with FW hotels FW and FW large FW restaurant FW chains . . <s> <s> . Maryland UH Club UH also UH distributes UH tea , , WDT which FW fits FW well FW with FW P&G FW 's FW Tender FW Leaf FW brand , , CC and WP$ hot WP$ cocoa NNS products . . <s> <s> DT The NN company VBD said DT the NN acquisition VBZ has VBN been VBN completed CC and

    JJR reviewed IN by DT the NNP Federal NNP Trade NNP Commission . . <s> <s> FW The FW purchase FW includes FW a FW coffee-roasting FW plant FW in FW Omaha FW , FW Neb. , , CC and DT a FW leased FW facility FW in FW Houston . . <s> <s> FW MACMILLAN FW BLOEDEL FW Ltd. FW said FW it FW borrowed FW 215 FW million FW Dutch FW guilders -LRB- -LRB$ US$ CD 102 CD million -RRB- -RRBIN from DT a NN group IN of PRP$ Dutch JJ institutional NNS investors . . <s> <s> . MacMillan -RRB- Bloedel , , DT a NNP Vancouver , , NNP British NNP Columbia , ,

    WP$ forest UH products UH concern , , VBD said DT the FW 8.1 FW % FW loan FW is FW due FW Oct. FW 16 FW , FW 1996 . . <s> <s> NN Funds MD will VB be VBN used TO to FW repay FW existing FW short-term FW debt FW and FW to FW finance FW capital FW spending , , PRP it VBD said . . <s> <s> NNP President NNP Bush MD will VB veto DT a FW bill FW funding FW the FW Departments FW of FW Labor FW , FW Education FW and FW Health FW and FW Human FW Services FW because PRP it MD would VB allow JJ federal NN funding

    IN of NNS abortions IN for NNS victims IN of NN rape CC and NN incest , , DT the NNP White NNP House VBD said . . <s> <s> FW Mr. FW Bush FW had FW threatened FW a FW veto FW previously . . <s> <s> IN But PRP he VBD put RP off DT a FW firm FW decision FW while FW his FW aides FW and FW legislators FW searched FW for FW a FW compromise FW that FW would FW tighten FW requirements FW for FW such FW abortions FW in FW a FW way FW acceptable TO to DT the NN president . . <s> <s> FW White FW House FW Press FW Secretary

    FW Marlin FW Fitzwater FW said FW negotiations FW between FW Bush FW aides FW and FW lawmakers FW ended FW Monday FW without FW success . . <s> <s> JJ Most NNS lawmakers VBP think PRP it MD will VB be RB extremely JJ difficult IN for NNP Mr. NNP Bush POS 's NNS opponents IN on DT the NN abortion NN issue TO to VB round RP up DT the NNS votes VBN needed TO to VB override DT the NN veto . . <s> <s> `` But EX there RB still MD may VB be FW prolonged FW debate FW and FW political FW maneuvering WDT that VBZ holds RP up DT the $ $ CD 156.7

    CD billion NN funding NN bill IN for DT the JJ fiscal NN year WDT that VBD began $ Oct. CD 1 . . <s> <s> NNP Mr. NNP Bush VBZ has VBD said PRP he MD personally VB approves IN of NNS abortions IN in DT the NNS cases IN of NN rape , , '' incest CC and NN danger TO to DT the NN life IN of DT the NN mother . . <s> <s> IN But PRP he VBZ has FW opposed FW Medicaid FW funding FW of FW abortions FW for FW poor FW women WP who VBP say PRP they VBP are NNS victims IN of FW rape FW and FW incest FW ,

    FW arguing FW that FW those FW exceptions FW are FW enforced FW so FW loosely WDT that PRP they VBP open DT the NN way IN for NNS abortions IN for JJ other NNS women . . <s> <s> NN NEWSPAPERS : : <s> <s> NNP Media NNP General NNP Inc. VBZ intends TO to VB sell CD two IN of PRP$ its FW West FW Coast FW weekly FW newspaper FW chains FW , FW Golden FW West FW Publishing FW Inc. FW and FW Highlander FW Publications , , WDT which FW together FW comprise FW 31 FW papers . . <s> <s> NNP Media NNP General VBD said PRP it VBZ has VBN had RP inquiries

    IN from JJ potential NNS buyers CC and VBZ expects TO to VB complete DT a NN sale IN in CD 1989 . . <s> <s> NN It MD would RB n't VB discuss DT a NN price . . <s> <s> . Lee '' Dirks CC & EX Associates VBZ is TO to VB sell DT the NNS chains . . <s> <s> NNP J.P. NNP Morgan CC & NNP Co. , , NNP New NNP York , , MD will VB help DT the FW statutory FW managers FW of FW DFC FW New FW Zealand FW Ltd. TO to VB evaluate DT the JJ failed NN investment NN bank POS 's NN condition . . <s> <s>

    IN Earlier DT this NN month , , DT the NNP Reserve NNP Bank IN of NNP New NNP Zealand , , DT the NN country POS 's JJ central NN bank , , WRB appointed DT the NNS managers TO to VB run DT the NN investment NN bank CC and VB pay NNS creditors . . <s> <s> NN DFC VBD asked DT the JJ central NN bank TO to FW appoint FW managers FW after FW it FW revised FW loan-loss FW provisions FW to FW around FW the FW same FW level FW of FW shareholders FW ' FW funds FW of FW 180 FW million FW New FW Zealand FW dollars FW -LRBFW US$

    # 105.4 CD million -RRB- -RRB. . <s> <s> NN DFC VBZ is VBN held CD 80 NN % IN by NNP National NNP Provident NNP Fund , , NNP New NNP Zealand POS 's JJS largest NN pension NN fund , , CC and CD 20 NN % IN by NNP Salomon NNPS Brothers NNP Inc. , , DT the FW investment-bank FW and FW securities-firm FW subsidiary FW of FW Salomon NNP Inc. IN in NNP New NNP York . . <s> <s> DT A NN spokeswoman IN for NNP J.P. NNP Morgan , , NN parent IN of DT the FW bank FW Morgan FW Guaranty FW Trust NNP Co. , , VBD confirmed PRP$ its

    NN appointment TO to VB assist DT the NNS managers CC but VBD declined TO to VB elaborate . . <s> <s> JJ The NNS managers VBD said IN in DT a FW brief FW statement FW yesterday FW that FW Morgan FW will FW help FW evaluate FW DFC FW 's FW position FW and FW help FW determine FW alternatives . . <s> <s> JJ The NNS managers VBP do RB n't VBP expect TO to VB complete DT the FW evaluation FW until FW Nov. FW 30 . . <s> <s> FW An FW experimental FW vaccine FW can FW alter FW the FW immune FW response FW of FW people FW infected FW with FW the

    FW AIDS FW virus FW , FW a FW prominent FW U.S. FW scientist FW said . . <s> <s> NN However , , WDT that VBZ does RB n't VB mean PRP they MD can VB benefit IN from DT the NN vaccine . . <s> <s> FW Its FW effectiveness FW ca FW n't FW be FW determined FW until FW a FW large FW clinical FW trial VBZ is VBN undertaken IN by DT the NN Army IN in NNP January , , VBG according TO to FW Robert FW Redfield FW , FW chief FW of FW acquired FW immune FW deficiency FW syndrome FW research FW at FW Walter FW Reed FW Army FW Institute

    FW of FW Research . . <s> <s> FW Dr. FW Redfield FW 's FW report FW on FW early FW experiments FW using FW an FW AIDS FW vaccine FW made FW by FW MicroGeneSys FW Inc. FW of FW West FW Haven , , NNP Conn. , , VBD came IN at DT a NN meeting IN of FW AIDS FW vaccine FW researchers FW in FW Florida FW late FW Monday . . <s> <s> . The -RRB- vaccine , , WP$ VaxSyn UH HIV-1 , , VBZ has VBN been RB safely VBN given TO to CD 14 NNS people , , DT some IN of FW whom FW are FW experiencing FW substantial FW increases

    FW in FW certain FW antibodies . . <s> <s> IN `` DT The JJ conventional NN wisdom VBN used TO to VB be IN that PRP you MD could RB n't VB modify DT the JJ immune NN response IN of DT an FW infected FW individual FW '' FW by FW innoculating FW them FW with FW synthetic FW viral FW proteins FW , FW Dr. FW Redfield FW said . . <s> <s> IN `` PRP We VBP 've VBN demonstrated IN that PRP you MD can . . '' '' <s> <s> NN He VBD said FW certain FW volunteers FW developed FW kinds FW of FW antibodies FW associated FW with FW early FW AIDS

    . . <s> <s> . Other '' antibodies VBD sparked IN by DT the NNS preparation VBP are IN of DT a FW sort FW rarely FW present FW in FW large FW quantities FW in FW infected FW or FW ill FW individuals , , PRP he VBD added . . <s> <s> NN One IN of DT the FW mysteries FW of FW AIDS FW remains FW why FW infected FW people FW produce FW large FW quantities FW of FW antibodies FW , FW but FW deteriorate FW nonetheless . . <s> <s> NN Cross CC & NNP Trecker NNP Corp. VBD said PRP it VBD reached DT an NN agreement TO to VB sell PRP$ its

    FW Wiedemann FW division FW to FW recently FW created FW Murata FW Wiedemann FW Inc. FW , FW a FW U.S. FW affiliate FW of FW Murata FW Machinery FW Ltd. FW of FW Kyoto , , NNP Japan . . <s> <s> DT The NN agreement RB also VBZ includes DT the NN purchase IN of FW Cross FW & FW Trecker FW 's FW Warner FW & FW Swasey FW -LRBFW Switzerland FW -RRBFW AG FW unit FW by FW a FW European FW affiliate FW of FW Murata FW Machinery . . <s> <s> NN Cross CC & EX Trecker VBZ is RB also VBG selling PRP$ its NN equity NN interest IN in

    DT a JJ Japanese JJ joint NN venture , , WP$ Murata UH Warner UH Swasey , , TO to # Murata LS Machinery . . <s> <s> . Cross UH & UH Trecker , , DT a RBS Bloomfield UH Hills , , NNP Mich. , , WP$ machine-tool NN maker , , VBD said DT the JJ net NNS sales NN price IN of DT the JJ total NN transaction VBZ is $ $ CD 24 CD million . . <s> <s> FW The FW Wiedemann FW division FW was FW one FW of FW three FW businesses FW put FW up FW for FW sale FW in FW Cross FW & FW Trecker FW 's FW restructuring

    FW program FW announced FW in FW July . . <s> <s> NN Cross CC & PRP Trecker VBD said NNS negotiations VBP are IN under NN way IN for DT the NN sale IN of DT another NN company , , UH RobertsCorp . . <s> <s> DT The JJ average NN interest NN rate VBD fell TO to VB 8.292 NN % IN at NNP Citicorp POS 's $ $ CD 50 CD million FW weekly FW auction FW of FW 91-day FW commercial FW paper , , CC or JJ corporate NNS IOUs , , IN from DT 8.483 NN % IN at JJ last NN week POS 's NN sale . . <s> <s> . Bids

    -LRB- totaling $ $ CD 465 CD million VBD were VBN submitted , , CC and JJR accepted NNS bids VBD were IN at DT 8.292 NN % . . <s> <s> VBZ Citicorp RB also VBD said IN that DT the JJ average NN rate VBD fell TO to VB 7.986 NN % IN at PRP$ its $ $ CD 50 CD million NN auction IN of FW 182-day FW commercial FW paper FW from FW 8.1255 NN % IN at JJ last NN week POS 's NN sale . . <s> <s> . Bids -LRB- totaling $ $ CD 415 CD million VBD were VBN submitted , , CC and JJR accepted NNS bids VBD were IN at

    DT 7.986 NN % . . <s> <s> DT The NN bank VBG holding NN company MD will VB auction DT another $ $ CD 50 CD million IN of JJ commercial NN paper IN in DT each NN maturity IN next NNP Tuesday . . <s> <s> FW Matra FW S.A. FW reported FW its FW 1989 FW first-half FW profit FW soared FW 88 NN % , , CC and VBN indicated IN that PRP$ its JJ previous NN estimate IN of DT a CD 50 NN % NN rise IN in NNS earnings IN for DT all IN of CD 1989 MD will VB be VBN exceeded IN by DT a JJ wide NN margin . .

    <s> <s> FW The FW French FW electronics FW and FW defense FW group FW said FW attributable FW consolidated JJ net NN profit IN for DT the JJ first CD six NNS months IN of # 1989 LS totaled # 244 CD million NNS francs -LRB- -LRB$ $ CD 38.4 CD million -RRB- -RRB, , VBN compared IN with $ 130 CD million NNS francs -LRB- -LRB$ $ CD 20.5 CD million -RRB- -RRBIN in DT the JJ corresponding NN period IN of <s> <s> DT Operating NN profit VBD climbed CD 51 NN % , , TO to $ 572 CD million NNS francs IN from $ 378 CD million IN in DT the

    JJ first NN half IN of CD 1988 . . <s> <s> NN Matra VBD said DT the JJ sharp NN improvement IN in JJ net NN profit RB partly VBD reflected DT a NN decline IN of $ 59 CD million NNS francs IN in DT the NN group POS 's JJ net NN loss IN from PRP$ nonrecurring NNS items IN in DT the JJ first NN half IN of DT this NN year TO to $ 104 CD million NNS francs IN from $ 163 CD million DT a NN year RBR earlier . . <s> <s> NN There VBD was RB also DT a NN decline IN in DT the NN group POS 's JJ net

    JJ financial NNS costs TO to CD 25 CD million NNS francs IN from CD 50 CD million DT a NN year IN before . . <s> <s> . These '' movements VBD were VBN offset , , RB however , , IN by DT a JJ steep NN rise IN in JJ corporate NN income NN tax NNS payments TO to $ 199 CD million NNS francs IN from CD 35 CD million IN in DT the JJ first CD six NNS months IN of CD 1988 . . <s> <s> NN Matra VBD said DT the JJ sharp NN rise IN in PRP$ its JJ first-half NNS earnings VBD was VBN based IN on DT a CD 15

    NN % NN gain IN in JJ consolidated NN revenue TO to $ 10.16 CD billion NNS francs IN from $ 8.85 CD billion DT a NN year RBR earlier . . <s> <s> . Rep. UH Lee UH Hamilton -LRB- -LRBNNP D. , , UH Ind . . -RRB- -RRBVBD said PRP he CC and UH Rep. UH Byron UH Dorgan -LRB- -LRBNNP D. , , UH N.D . . -RRB- -RRBVBP are VBG backing RP away IN from PRP$ their NN proposal TO to VB make DT the FW Treasury FW Secretary FW a FW voting FW member FW of FW the FW Federal FW Reserve FW panel FW that FW sets FW monetary

    FW policy . . <s> <s> . Rep. '' Hamilton VBD said DT the NN bill MD will VB be UH modified UH substantially TO to VB call IN for CD two NNS meetings DT each NN year IN between DT the NNP Fed POS 's JJ open NN market NN committee CC and DT the NNP Treasury NNP Secretary , , DT the NN chairman IN of DT the NN Council IN of NNP Economic NNPS Advisers CC and DT the NN director IN of DT the NN Office IN of NNP Management CC and NNP Budget . . <s> <s> DT The JJ original NN bill VBD was RB strongly VBN opposed IN by DT the NNP Fed

    CC and RB publicly VBN criticized IN by NNS friends IN of DT the NNP Fed IN as DT an NN attempt TO to VB undermine DT the JJ central NN bank POS 's NN independence . . <s> <s> . Fed -RRB- critics , , RB however , , '' hailed PRP it IN as DT a JJ long JJ overdue NN attempt TO to VB bring DT a NN measure IN of NN openness CC and NN democracy TO to DT the NN setting IN of JJ monetary NN policy . . <s> <s> . Rep. '' Hamilton VBD said DT the NN purpose IN of DT the NNS meetings MD would VB be TO to `` ``

    FW improve FW communications FW and FW perhaps FW coordination PDT between DT the JJ executive NN branch CC and DT the NNP Fed . . '' '' <s> <s> FW Fed FW Chairman FW Alan FW Greenspan FW meets FW regularly FW for FW lunch FW with FW Treasury FW Secretary FW Nicholas FW Brady FW and FW talks FW frequently FW with FW Budget FW Director FW Richard FW Darman FW and FW Michael FW Boskin , , NN chairman IN of DT the FW Council FW of FW Economic FW Advisers . . <s> <s> DT The NN administration NNS officials VBP do RB n't RB ordinarily VB meet IN with DT the JJ entire NN membership

    IN of DT the JJ open NN market NN committee . . <s> <s> FW B.F. FW Goodrich FW Co. FW said FW third-quarter FW profits FW dropped FW 34 FW % FW because FW of FW lower FW prices FW for FW polyvinyl FW chloride FW materials , , DT the NN company POS 's JJS largest NN product NN group . . <s> <s> NN Net VBD fell TO to $ $ CD 40.1 CD million , , CC or $ $ CD 1.50 DT a NN share , , IN from $ $ CD 60.7 CD million , , CC or $ $ CD 2.32 DT a NN share , , DT a NN year RBR earlier

    . . <s> <s> NN Sales IN for DT the NN quarter VBD slipped CD 2.7 NN % TO to $ $ CD 601.3 CD million IN from $ $ CD 618.1 CD million . . <s> <s> FW Polyvinyl FW chloride FW capacity FW `` FW has FW overtaken FW demand FW and FW we FW are FW experiencing FW reduced FW profit FW margins IN as DT a NN result , , '' '' VBD said UH John UH D. UH Ong , , NN chairman CC and JJ chief NN executive . . <s> <s> NN Prices IN for FW general-purpose FW PVC FW resin FW have FW dropped FW more FW than FW 15 FW %

    FW since FW last FW December , , PRP he VBD said . . <s> <s> NN The . plastic '' resin VBZ is VBN used IN in DT a JJ wide NN range IN of NNS products , , VBG including UH siding , , FW pipe FW and FW electrical FW wire FW insulation . . <s> <s> NNP Goodrich POS 's FW vinyl-products FW segment FW reported FW operating NN profit IN for DT the NN quarter IN of $ $ CD 30.1 CD million , , JJR less IN than PDT half DT the $ $ CD 64.1 CD million IN of DT the JJ year-earlier NN quarter . . <s> <s> DT Third-quarter NN operating

    NN profit IN of DT the FW specialty-chemicals FW group FW declined FW slightly TO to $ $ CD 24.3 CD million IN from $ $ CD 24.9 CD million . . <s> <s> FW But FW operating FW profit FW from FW aerospace FW products FW rose # nearly CD 50 NN % TO to $ $ CD 15 CD million IN from $ $ CD 10.1 CD million . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading , , NNS shares IN of DT the NN Akron , , WP$ Ohio-based NN company VBD fell $ $ CD 1.375 TO to $ $ CD 49.125 . . <s> <s>

    . Fiat -RRB- S.p . . -RRB- A. , , NNP Italy POS 's JJ leading JJ industrial NN group , , VBZ is VBG conducting `` `` FW concrete FW '' FW talks FW with FW West FW Germany FW 's FW Daimler-Benz FW AG IN on DT a NN series IN of NNS projects IN in DT the NN aerospace NN sector , , WP$ Fiat NNS officials VBD said . . <s> <s> NN However , , DT the NNS officials VBD said PRP it VBD was RB too JJ early TO to VB disclose DT the NN nature IN of DT the FW proposed FW projects FW or FW indicate WRB when DT the NNS talks

    MD might VB be RP concluded . . <s> <s> FW Daimler-Benz FW Chairman FW Edzard FW Reuter FW told FW Milan FW 's FW financial FW daily FW Il FW Sole FW 24 FW Ore FW that FW talks FW are FW taking FW place FW between FW both FW companies FW ' FW aerospace FW units . . <s> <s> NN `` IN While NNP Mr. FW Reuter FW 's FW comments FW please FW us FW very FW much FW , FW there FW currently FW are FW no FW talks FW in FW progress PDT regarding DT the JJ automotive NN industry , , '' '' DT a JJS Fiat NN spokeswoman VBD said . .

    <s> <s> IN In DT the NN interview , , NNP Mr. NNPS Reuter VBD said PRP he VBZ is VBG thinking RP foremost IN of NN cooperation IN in DT the NN truck NN sector , , CC but `` `` IN in DT the JJ long NN run , , PRP I VBP do RB n't VBP want TO to VB rule RP out IN that PRP we MD can RB also VB come DT a FW bit FW closer FW in FW personal FW cars . . '' '' <s> <s> . Roberto -RRB- Morelli , , FW Italy FW analyst FW for FW County FW Natwest FW Securities FW in FW London , , VBD said

    DT that NN right RB now `` `` DT the NN market VBZ is RB n't VBG being RP influenced IN by DT that NN kind IN of NN news , , '' '' VBG referring TO to DT the JJ conditional NN nature IN of DT the NNS talks VBN mentioned IN by NNP Mr. NNPS Reuter CC and IN by DT the FW uncertainty FW surrounding FW world FW stock FW exchanges FW this FW week . . <s> <s> . Paul '' Tanner VBD was VBN named NN president , , JJ chief NN executive NN officer CC and NN chairman IN of DT this NN oil CC and JJ natural NN gas NN company . .

    <s> <s> . He UH succeeds UH John UH A. UH Boudreau , , WP who VBD resigned IN for JJ personal NNS reasons . . <s> <s> . Mr. '' Tanner VBD had VBN been NN president IN of FW Penn FW Pacific FW 's FW National FW Southwest FW Capital FW Group FW subsidiary . . <s> <s> , Mr. WDT Boudreau MD will VB remain IN with NNP Penn NNP Pacific IN as DT a NN director CC and DT a NN member IN of DT the JJ executive NN committee . . <s> <s> NN He VBZ has RB also VBN agreed TO to VB become NN president IN of DT a JJ new NN subsidiary

    TO to VB be VBN formed TO to VB make JJ future NNS acquisitions , , DT the NN company VBD said . . <s> <s> JJ Spooked NNS investors , , IN despite PRP$ their NN stampede TO to VB dump NN takeover NNS stocks , , MD should VB hold IN on JJ tight TO to PRP$ their JJ Jaguar NNS shares . . <s> <s> NN That VBZ 's DT the NN view IN of DT some FW analysts FW here FW who FW argue FW that FW Britain FW 's FW leading FW maker FW of FW luxury FW cars FW still FW may FW have FW two FW U.S. FW auto FW giants FW battling

    IN for PRP it . . <s> <s> NN Yesterday , , NNP Ford NNP Motor VBD disclosed IN that PRP it VBZ has VBN raised PRP$ its NN holding IN in NNP Jaguar TO to CD 10.4 NN % IN from CD 5 NN % . . <s> <s> NNP Both NNP Ford CC and PRP$ its FW rival FW General FW Motors FW recently FW set FW their FW sights FW on FW grabbing FW significant FW minority FW stakes IN in DT the JJ British NN company . . <s> <s> NNP Ford POS 's JJS latest NN move VBZ increases DT the NN pressure IN on NNP GM TO to VB complete PRP$ its JJ current

    NNS talks IN with # Jaguar LS quickly . . <s> <s> NN GM VBZ is JJ likely TO to VB reach DT the FW cooperative FW operating FW pact PRP it VBZ has VBN been VBG seeking IN in IN about CD two NNS weeks , , WP$ knowledgeable LS individuals LS say . . <s> <s> IN At DT that NN point NNS investors MD may VB face DT a JJ long , , WP$ bumpy LS ride . . <s> <s> . A '' victor IN in DT the NN fight IN for FW Jaguar FW may FW not FW emerge FW until FW after FW the FW expiration FW late FW next FW year FW of

    FW British FW government FW takeover FW restrictions . . <s> <s> FW The FW curbs FW prevent FW a FW buyer FW from FW purchasing FW more FW than FW 15 FW % FW of FW Jaguar FW shares FW without FW permission . . <s> <s> . `` '' This VBZ is DT an FW exceptionally FW odd FW takeover FW battle , , '' '' VBZ says FW London FW analyst FW Christopher FW Will FW of FW Shearson FW Lehman FW Hutton . . <s> <s> NNP Jaguar POS 's FW American FW depositary FW receipts FW were FW up FW 3\/8 NN yesterday IN in DT a JJ down NN market , , VBG closing

    IN at CD 10 CD 3\/8 . . <s> <s> NNP -LRBNNP Jaguar POS 's NNS ADRs VBP make DT the NN company NN one IN of DT the RBS most FW widely FW held FW United FW Kingdom NNS stocks IN in DT the NNP U.S. , , IN with JJR more IN than JJR one-fourth IN of PRP$ its NNS shares VBD owned RB there . . -RRB- -RRB<s> <s> IN Jaguar PDT topped DT the JJ most-active NN list IN for DT the NNP U.S. FW over-the-counter FW market FW Monday . . <s> <s> NN And IN on NNP London POS 's NNP Stock NNP Exchange NNP Monday , , $ 18.5 CD million

    NNS shares VBD were VBN traded , , RB far IN above DT the JJ usual NN volume . . <s> <s> NNP Ford POS 's NN share NNS purchases VBP undoubtedly VBN accounted IN for JJ much IN of NNP Monday POS 's JJ heavy NN trading . . <s> <s> DT Last NN week , , FW many FW Jaguar FW shareholders FW took FW their FW money FW and FW ran . . <s> <s> NN Fears IN that NNP Ford POS 's FW ardor FW might FW be FW cooling FW put FW Jaguar FW shares FW into FW reverse FW after FW GM FW confirmed FW its FW friendly FW negotiations FW with FW Jaguar

    . . <s> <s> DT But NN yesterday POS 's NN announcement VBZ indicates IN that NNP Ford VBZ has RB n't VBN lost NN interest . . <s> <s> NNP Both NNP Shearson POS 's FW Mr FW . FW Will FW and FW Stephen FW Reitman FW , FW European FW auto FW analyst FW at FW the FW London FW brokerage FW firm FW UBS-Phillips FW & FW Drew FW , FW recently FW switched FW their FW Jaguar FW recommendations TO to VB hold IN from NN buy . . <s> <s> . `` -RRB- Sit . tight '' '' IN through DT the JJ coming NN volatility , , NNP Mr. FW Reitman FW suggests

    FW , FW though FW he FW concedes FW that FW many FW small FW investors FW will FW find FW Jaguar FW 's FW zigzags FW `` FW too FW hard FW to FW swallow . . '' '' <s> <s> IN But DT a FW crucial FW point FW is FW how FW Ford FW reacts FW when FW GM , , DT the NN world POS 's JJS largest NN auto NN maker , , WP$ firms RP up PRP$ its JJ proposed NN deal IN with NNP Jaguar . . <s> <s> IN At DT the NN moment , , FW Ford FW executives FW will FW say FW little FW beyond FW reiterating FW their

    FW desire FW to FW raise FW Ford FW 's FW Jaguar FW stake TO to $ about CD 15 NN % . . <s> <s> NN GM VBZ is VBN expected TO to # inject LS roughly # # CD 200 CD million -LRB- -LRB$ $ CD 316 CD million -RRB- -RRBIN by VBG acquiring DT some NNP Jaguar NNS shares , , CC and RB then VB win PRP$ Jaguar NN management POS 's NN promise IN of DT an $ eventual CD 30 NN % NN stake . . <s> <s> TO Analysts VB believe DT the FW car FW makers FW also FW will FW create FW joint FW ventures FW to FW develop

    FW new FW executive FW models FW , FW doubling FW Jaguar FW 's FW yearly FW output FW of FW 50,000 FW cars . . <s> <s> JJ Jaguar NNS shareholders MD would VB have TO to # bless PDT such DT a JJ far-reaching NN accord . . <s> <s> NN Ford MD might VB challenge DT the NN proposal IN by VBG offering DT a JJ full NN bid IN if NNS holders CC and DT the NNP U.K. NN government VBD agreed TO to VB drop DT the FW anti-takeover FW barrier FW early . . <s> <s> IN `` PRP I VBP think EX Ford VBZ is VBG going TO to VB come RP out

    IN with # full UH guns UH blazing , , '' '' NNP Mr. NNP Reitman VBZ says . . <s> <s> FW `` FW Ford FW wants FW -LCBFW Jaguar FW -RCBFW very FW much . . '' '' <s> <s> . U.S. UH takeover-stock UH speculators , , WP who MD may VB own IN between CD 20 NN % CC and CD 30 NN % IN of NNP Jaguar , , MD could VB give UH Ford UH enough UH votes TO to VB block DT the NNP GM NN deal . . <s> <s> NN GM MD might VB counterbid . . <s> <s> NN Then , , UH Mr . . '' Will

    VBZ says , , `` `` FW you FW get FW a FW bidding FW war FW between FW two FW very FW rich FW , FW very FW determined FW international FW companies . . '' '' <s> <s> NN He VBZ believes NNP Jaguar POS 's NN share NN price MD could VB zoom TO to # between # # CD 8 CC and # # CD 10 -LRB- -LRB$ $ CD 12.60 TO to $ $ CD 15.80 -RRB- -RRB. . <s> <s> `` `` EX There VBZ 's RB quite DT a NN bit IN of NN value VBD left IN in DT the FW -LCBFW Jaguar FW -RCBFW shares FW here

    FW even FW though FW they FW have FW run FW up FW '' FW lately FW , FW says FW Doug FW Johnson FW , FW a FW fund FW manager FW for FW Seattle-based FW Safeco FW Asset FW Management . . <s> <s> IN At DT the NN moment , , PRP he VBZ intends TO to VB keep DT the NN firm POS 's LS 180,000 WP$ Jaguar NNS shares . . <s> <s> . The '' risk VBZ is IN that NNP Jaguar POS 's FW share FW price FW could FW slump FW if FW GM FW 's FW agreement FW with FW Jaguar FW effectively FW locks FW out FW its FW U.S.

    FW rival . . <s> <s> NNP `` NNP Ford POS 's FW appetite FW to FW attack FW -LCBFW Jaguar FW -RCBFW could FW gradually FW wane FW over FW time FW , FW particularly FW if FW Saab FW is FW a FW reasonably FW attractive FW proposition , , '' '' VBZ says NNP John NNP Lawson , , DT an NN auto NN analyst IN at NNP London POS 's FW Nomura FW Research FW Institute . . <s> <s> FW He FW thinks FW Saab-Scania FW AB FW on FW Friday MD will VB announce DT the NN sale IN of CD 50 NN % IN of PRP$ its NN car NN division

    TO to SYM Ford : ; DT the NNS companies VBP have VBN been FW discussing FW closer FW cooperation FW for FW months . . <s> <s> . Clifford -RRB- Stahl , , NN president CC and JJ chief NN investment NN officer IN of FW C-S FW Capital FW Advisors FW Inc. FW , FW two FW weeks FW ago FW sold FW his FW Cincinnati FW firm FW 's FW 107,100 FW Jaguar FW ADRs FW at FW about FW 10 FW each FW , FW making FW a FW tidy FW profit FW on FW a FW holding FW purchased FW at FW 4 FW 7\/8 FW in FW early FW May . . <s> <s>

    IN `` PRP I VBD thought DT the FW probabilities FW of FW -LCBFW a FW bidding FW war FW -RCBFW happening FW were FW less , , '' '' PRP he VBZ says . . <s> <s> DT Of NN course , , WDT that VBD was IN before NNP Ford POS 's JJS latest NN move . . <s> <s> . Jaguar -LRB- -LRBSYM OTC : ; LS Symbol : : LS JAGRY -RRB- -RRB<s> <s> NN Business : : LS Luxury SYM cars <s> <s> . Year UH ended UH Dec. UH 31 , , CD 1988 : : <s> <s> NN Revenue : : $ $ CD 1.71 CD billion <s> <s>

    DT Net NN income : : $ $ CD 44.9 CD million : ; CC or CD 25 NNS cents DT a NN share <s> <s> IN First PDT half UH ended , , NNP June CD 30 , , CD 1989 : : <s> <s> DT Net NN loss : : $ $ CD 1.7 CD million FW vs. FW net SYM income : : $ $ CD 21.2 CD million : ; CC or CD 12 NNS cents DT a NN share <s> <s> DT Averae JJ daily NN trading NN volume : : LS Ordinary LS shares SYM outstanding : : $ 182.9 CD million <s> <s> NN NOTE : : LS All FW figures FW are

    FW translated FW into FW U.S. FW dollars FW based FW on FW current FW exchange FW rates . . <s> <s> . A.F. -RRB- Sloan , , WP$ 60 UH years UH old , , VBD announced IN that PRP he MD will FW retire FW next FW April FW as FW chairman FW and FW chief FW executive FW officer FW of FW this FW snack FW food FW and FW bakery FW products FW maker . . <s> <s> . No '' replacement VBD was RB immediately VBN named . . <s> <s> . Mr. '' Sloan VBZ plans TO to VB remain IN on DT the NN board IN until PRP$ his FW current FW term

    FW expires FW in FW April FW 1991 , , DT a JJS Lance NN spokesman VBD said . . <s> <s> NNP Newport NNP Electronics NNP Inc. IN of NNP Santa NNP Ana , , NNP Calif. , , VBD said UH Milton UH B. UH Hollander , , WP who FW holds FW a FW 49.4 FW % FW stake FW , FW requested FW a FW special FW shareholders FW ' FW meeting FW next FW Wednesday FW to FW remove FW four FW current FW directors FW and FW elect FW an FW alternative FW slate . . <s> <s> FW Mr. FW Hollander FW 's FW High FW Technology FW Holding FW Co. FW of

    FW Stamford , , NNP Conn. , , WP$ acquired RBS most IN of PRP$ its FW stake FW last FW August FW in FW an FW $ FW 11-a-share FW tender FW offer FW for FW Newport , , DT a NN maker IN of # electronic-measuring LS devices . . <s> <s> NN Newport VBD said NNP Mr. FW Hollander FW is FW asking FW shareholders FW to FW retain FW only FW one FW director FW , FW James FW R. FW Lees FW , FW a FW Newport FW vice FW president . . <s> <s> DT The NN board VBZ is RB n't VBG proposing DT a NN slate IN of PRP$ its JJ own

    CC and DT the JJ other CD four JJ current NNS directors VBP do RB n't VBP want TO to VB serve IN beyond DT the JJ special NN meeting NN date , , WDT Newport VBD said . . <s> <s> . Mr. '' Hollander `` `` VBZ is DT the JJ new NN owner CC and VBZ wants TO to VB exercise NN control , , '' '' VBD said UH Barret UH B. UH Weekes , , NNP Newport POS 's NN chairman . . <s> <s> NNP Sandoz NNP AG , , DT a JJ major JJ Swiss NN chemical CC and JJ pharmaceutical NN group , , VBD said IN that PRP$ its NN group

    NNS sales VBD rose CD 25 NN % TO to $ 9.482 CD billion NNS francs -LRB- -LRB$ $ CD 5.80 CD billion -RRB- -RRBIN in DT the JJ first CD nine NNS months IN of DT this NN year , , IN with JJ strong NNS gains IN in DT all NNS divisions . . <s> <s> DT A NN year RBR earlier LS sales LS totaled # 7.567 CD billion NNS francs . . <s> <s> DT Positive NN currency NNS rates CC and JJ strong NNS sales VBP growth VBN led TO to DT a JJ substantial NN rise IN in JJ consolidated NN profit IN in DT the NN period , , IN although

    DT the NN company VBD did RB n't VB provide NNS figures , , RB as VBZ is VBN customary IN with JJ Swiss NNS companies . . <s> <s> NN Sandoz VBD said PRP it VBZ expects DT a `` `` FW substantial FW increase '' '' IN in JJ consolidated NN profit IN for DT the JJ full NN year , , FW barring FW major FW currency FW rate FW changes . . <s> <s> NNP Amstrad NNP PLC , , DT a JJ British NN maker IN of FW computer FW hardware FW and FW communications FW equipment FW , FW posted FW a FW 52 FW % FW plunge FW in FW pretax NN profit

    IN for DT the JJS latest NN year . . <s> <s> IN The # # # 76.6 CD million -LRB- -LRB$ $ CD 120.6 CD million -RRB- -RRBIN in JJ pretax NN profit IN for DT the CD 12 NNS months TO to $ June CD 30 VBD was RP down IN from # # # 160 CD million -LRB- -LRB$ $ CD 252 CD million -RRB- -RRBDT a NN year RBR earlier CC and IN below NN market NNS expectations IN of # # CD 80 CD million CC and # # CD 90 CD million . . <s> <s> DT The NN slump IN in NN profit , , WDT which VBD came

    IN despite JJ steady NNS sales , , VBD was VBN attributed TO to FW increased FW costs FW for FW parts FW and FW problems FW with FW model FW introductions . . <s> <s> NNP Amstrad POS 's FW profit FW after FW taxes FW fell FW a FW similarly FW steep FW 51 NN % , , TO to # # # 51.1 CD million IN from # # # 105 CD million DT a NN year RBR earlier . . <s> <s> . Sales UH edged UH up UH fractionally TO to # # # 626.3 CD million IN from # # # 625.4 CD million DT a NN year RBR earlier . . <s> <s>

    NNP Microsoft NNP Corp. POS 's NNS earnings VBP growth VBN continued TO to VB outstrip IN that IN of JJS most IN of PRP$ its NNS competitors CC and NNS customers IN in DT the JJS personal-computer NN industry , , IN as PRP it VBD reported DT a FW 36 FW % FW jump FW in FW fiscal FW first-quarter FW earnings FW on FW a FW 33 FW % FW revenue FW gain . . <s> <s> . The -RRB- Redmond , , WP$ Wash. NN company , , DT a FW bellwether FW provider FW of FW operating FW systems FW and FW software FW for FW personal-computer FW makers FW and FW users , ,

    VBD reported JJ net NN income IN for DT the NN quarter VBD ended $ Sept. CD 30 IN of $ $ CD 49.6 CD million , , CC or CD 87 NNS cents DT a NN share , , RB up IN from $ $ CD 36.6 CD million , , CC or CD 65 NNS cents DT a NN share , , IN in DT the JJ year-ago NN period . . <s> <s> NN Revenue VBD rose TO to $ $ CD 235.2 CD million , , IN from $ $ CD 176.4 CD million . . <s> <s> . Microsoft '' previously VBD indicated PRP it MD would VB have DT a JJ strong NN quarter

    IN by PDT forecasting PRP$ its NN revenue NN gain IN on $ Oct. CD 4 , , VBG causing DT a $ $ PDT 6.50 DT a NN share NN jump IN in PRP$ its NN stock . . <s> <s> IN But PRP$ its FW stock FW jumped FW again FW yesterday FW as FW it FW disclosed FW surprisingly FW strong FW margins IN on DT those NNS sales . . <s> <s> NNP Microsoft POS 's NN stock VBD rose $ $ CD 2.875 DT a NN share IN in JJ national JJ over-the-counter NN trading TO to $ $ CD 78.625 . . <s> <s> DT The NN stock VBD had VBN hit DT a

    JJ high IN of $ $ CD 81 DT a NN share RB early JJ last NN week CC but VBD collapsed TO to $ $ CD 73.50 IN in DT the NNP Friday NN stock NN plunge . . <s> <s> DT The NN company VBD had VBN been FW experiencing FW softening FW margins FW because FW of FW increased FW sales FW of FW software FW applications , , WDT which VBP have JJR lower FW margins FW than FW do FW operating FW systems . . <s> <s> IN But DT the NN company VBD said DT that NN trend VBD was VBN offset IN in DT the JJ first NN quarter IN by FW better

    FW economies FW of FW scale FW and FW efficiencies FW in FW manufacturing . . <s> <s> IN As DT a NN result , , NNP Microsoft POS 's NN cost IN of NNS goods , , IN as DT a NN percentage IN of NNS sales , , VBD fell CD 17 NN % IN from DT the JJ year-ago NN quarter CC and CD 13 NN % IN from DT the JJ previous NN period . . <s> <s> . The UH trend UH drove RP up DT the RBS aftertax SYM margin : -JJ net NN income IN as DT a NN percentage IN of NNS revenues : -TO to VB 21.1 NN %

    IN in DT the NN quarter , , VBN compared IN with DT 20.7 NN % DT a NN year RBR earlier . . <s> <s> JJ Microsoft NNS officials VBD said DT the FW strong FW results FW also FW reflected FW continuing FW high FW demand FW for FW its FW software FW applications FW and FW operating FW systems . . <s> <s> IN While PRP it VBZ has VBN predicted IN that JJ overall NN growth IN in NN unit NNS sales IN of JJ personal NNS computers VBZ is VBG slowing TO to IN about DT a CD 10 NN % POS yearly NN rate , , PRP$ its JJ own NNS products VBP are

    VBG selling IN at DT a FW much FW faster FW rate FW because FW many FW are FW geared TO to DT the JJ high-performance NN end IN of DT the NN market . . <s> <s> . That '' segment VBZ continues TO to # post UH strong UH quarter-to-quarter UH gains , , IN while DT the NN low-end , , CC or NN commodity NN segment , , IN of DT the NN industry VBZ is FW experiencing FW sluggish FW growth FW or FW even FW sales FW declines . . <s> <s> NN Compared IN with PRP$ its JJ previous NN quarter , , DT the JJ final NN period IN of PRP$ its

    RBS 1989 JJ fiscal NN year , , WDT net VBD rose CD 9 NN % , , CC and NNS sales VBD rose CD 7 NN % . . <s> <s> NNP Control NNP Data NNP Corp. , , NNP Minneapolis , , FW signed FW a FW joint FW development FW agreement FW with FW MIPS FW Computer FW Systems FW Inc. FW to FW incorporate FW an FW emerging FW computing FW architecture FW in FW future FW machines . . <s> <s> NN MIPS VBZ is DT a NN leader IN in WP what VBZ is VBN known IN as # reduced-instruction UH set UH computing , , CC or NNP RISC , , DT a

    FW technology FW combining FW microprocessors FW and FW sophisticated FW software . . <s> <s> FW In FW joining FW MIPS FW , FW Control FW Data FW follows FW several FW competitors FW in FW embracing FW RISC FW as FW a FW new FW design FW approach . . <s> <s> NNP Digital NNP Equipment NNP Corp. , , FW Tandem FW Computers FW Inc. FW , FW NEC FW Corp. FW and FW Group FW Bull FW , FW among FW others FW , FW have FW similar FW arrangements FW with FW MIPs , , VBN based IN in NNP Sunnyvale , , NNP Calif . . <s> <s> NNP Control NNP Data VBD said

    PRP it VBZ expects PRP$ its FW first FW RISC-based FW mainframe FW machine TO to VB be VBN introduced JJ next NN year . . <s> <s> FW The FW accord FW with FW MIPS FW calls FW for FW Control FW Data FW to FW share FW its FW expertise FW in FW data FW storage , , DT the NNS companies VBD said . . <s> <s> NNP Control NNP Data RB also VBD said PRP it VBZ is VBG developing WP what PRP it VBD called DT a `` `` UH supermainframe '' '' NN computer , , DT the FW Cyber FW 2000 FW , FW intended FW for FW scientists FW , FW engineers

    FW and FW other FW users FW of FW generalpurpose FW high-performance FW computers . . <s> <s> FW UAL'S FW STOCK FW SKIDDED FW an FW additional FW $ FW 24.875 , , TO to $ $ CD 198 , , IN as FW British FW Airways FW indicated FW it FW may FW balk FW at FW any FW hastily FW revised FW version IN of DT the JJS aborted $ $ CD 6.79 CD billion NN buy-out IN of NNP United NNP Air POS 's NN parent . . <s> <s> NN UAL VBZ has VBN fallen $ $ CD 87.25 , , CC or CD 31 NN % , , IN in DT the CD three

    NN trading NNS days IN since NN disclosure IN of DT the NN buy-out POS 's LS collapse PDT jolted DT the NN stock NN market . . <s> <s> NN Meanwhile , , WP$ investor LS Marvin LS Davis VBD said PRP he VBZ remains VBN interested IN in NNP UAL , , CC but PRP he VBD dropped PRP$ his FW earlier FW $ FW 300-a-share FW back-up FW bid . . <s> <s> JJ Stock NNS prices VBD fell VBN broadly IN in JJ heavy NN trading , , FW dominated FW by FW futures-related FW program FW selling FW and FW further FW declines FW by NNP UAL CC and JJ other NN airline NNS stocks

    . . <s> <s> FW The FW Dow FW Jones FW industrials FW closed FW off FW 18.65 FW points FW , FW at FW 2638.73 FW , FW after FW plunging FW over FW 60.25 NNS points IN in DT the NN morning . . <s> <s> JJ Bond NNS prices VBD ended JJR lower IN after DT an JJ early NN rally , , IN while DT the NN dollar VBD was VBN mixed . . <s> <s> NNP The NNP U.S. FW trade FW deficit FW swelled TO to $ $ CD 10.77 CD billion IN in NNP August , , WP$ prompting NNS worries IN that DT the NN nation POS 's FW export FW drive

    FW had FW stalled . . <s> <s> NN Exports VBD declined IN for DT the JJ second NN month IN in DT a NN row , , IN while NNS imports VBD rose TO to DT a NN record . . <s> <s> DT An NN analyst VBD called PRP it VBP one IN of DT the JJS worst NN trade NNS reports IN since DT the NN dollar VBD bottomed RP out IN in <s> <s> . Industrial '' output VBD fell CD 0.1 NN % IN in NNP September , , DT the JJS latest FW sign FW manufacturing FW is FW slowing . . <s> <s> FW An FW analyst FW cited FW weaker FW capital

    FW spending FW and FW exports . . <s> <s> NNP Bankers NNP Trust VBD added $ $ CD 1.6 CD billion TO to FW reserves FW for FW Third FW World FW loans , , DT the JJS latest JJ big NN bank TO to VB take PDT such DT a NN step . . <s> <s> NN It VBZ expects DT a $ $ CD 1.42 CD billion JJ quarterly NN loss . . <s> <s> NN Citicorp VBD posted DT a CD 9 NN % NN drop IN in JJ quarterly NN profit . . <s> <s> . Manufacturers '' Hanover VBD had DT a NN loss JJ due TO to DT a JJ big NN reserve

    NN addition . . <s> <s> NN Bank IN of NNP New NNP England VBZ plans TO to VB sell DT some NNS operations CC and VB lay RP off CD 4 NN % IN of PRP$ its NN work NN force IN after DT a NN year IN of JJ weak NNS earnings CC and PRP$ mounting NN loan NNS problems . . <s> <s> FW Eastern FW Airlines FW ' FW creditors FW have FW begun FW exploring FW alternative FW approaches FW to FW a FW Chapter FW 11 FW reorganization FW because PRP they VBP are VBN unhappy IN with DT the NN carrier POS 's JJS latest NN proposal . . <s> <s> NN Tele-Communications

    VBD agreed TO to VB buy PDT half FW of FW Showtime FW Networks FW from FW Viacom IN for $ $ CD 225 CD million . . <s> <s> FW The FW move FW could FW pose FW a FW new FW challenge FW to FW Time FW Warner FW 's FW Home FW Box FW Office . . <s> <s> . The '' CFTC VBZ plans TO to FW curb FW dual FW trading FW on FW commodities FW markets , , IN in WDT which MD traders VB buy CC and VB sell DT both IN for PRP$ their JJ own NN account CC and IN for NNS clients . . <s> <s> . The '' move

    VBZ is JJ likely TO to VB anger NNS traders . . <s> <s> FW FDIC FW Chairman FW Seidman FW said FW that FW Lincoln FW Savings FW & FW Loan FW of FW California FW should FW have FW been FW seized FW in FW 1986 FW to FW contain FW losses FW he FW estimated FW will FW cost FW taxpayers FW as FW much FW as $ $ CD 2 CD billion . . <s> <s> IN A $ $ FW 67 FW billion FW spending FW bill FW was FW approved FW by FW House-Senate FW conferees FW that FW includes FW major FW provisions PDT affecting DT the JJ federal NN mortgage NN market

    . . <s> <s> NNP Hooker POS 's NNP U.S. NN unit VBZ is VBN expected TO to VB agree IN in PDT principle DT this NN week TO to VB sell PRP$ its FW Merksamer FW Jewelers FW chain FW to FW management , , VBG according TO to NNS executives . . <s> <s> FW The FW deficit-reduction FW bill FW became FW snagged FW over FW efforts TO to VB streamline DT the NNP House NN version IN of DT the NN legislation IN in NN advance IN of DT a JJ House-Senate NN conference . . <s> <s> . Integrated '' Resources VBD said NNS talks VBP have VBN ended IN with DT another JJ potential

    NN buyer IN of PRP$ its JJ core NNS businesses . . <s> <s> FW Three FW big FW drug FW makers FW posted FW robust FW third-quarter FW earnings . . <s> <s> NNP Merck POS 's NN profit VBD climbed CD 25 NN % , , FW Warner-Lambert FW 's FW 22 FW % FW and FW Eli FW Lilly POS 's CD 24 NN % . . <s> <s> NN Markets : -<s> <s> NN Stocks : : LS Volume WP$ 224,070,000 NNS shares . . <s> <s> FW Dow FW Jones FW industrials FW 2638.73 FW , FW off FW 18.65 FW ; FW transportation FW 1254.27 FW , FW off FW 49.96 FW ;

    FW utilities FW 214.54 FW , FW off FW 0.19 . . <s> <s> NN Bonds : : LS Shearson FW Lehman FW Hutton FW Treasury FW index FW 3377.43 , , RB off <s> <s> NN Commodities : : LS Dow FW Jones FW futures FW index FW 129.72 FW , FW unchanged FW ; FW spot FW index FW 129.97 FW , FW off FW 0.19 . . <s> <s> NN Dollar : : LS 142.75 UH yen , , WP$ up SYM 0.95 : ; LS 1.8667 UH marks , , WP$ off LS 0.0018 . . <s> <s> . Paul -RRB- Ely , , FW general FW partner FW of FW Alpha FW Partners FW ,

    FW a FW venture-capital FW firm FW based FW in FW Menlo FW Park , , NNP Calif. , , VBD was VBN named DT a NN director IN of DT this NN computer NN company . . <s> <s> . Mr. -RRB- Ely , , WP$ 57 UH years UH old , , WP$ temporarily PDT increases DT the NN board TO to CD seven NNS members . . <s> <s> NN However , , FW director FW Thomas FW O'Rourke VBZ has VBD said PRP he MD wo RB n't VB seek RP re-election IN at DT the NN company POS 's JJ annual NN meeting JJ next NN month . . <s> <s> NNP BroadBeach NNPS Associates

    NNP Inc. , , DT the FW Los FW Angeles FW investment FW partnership FW whose FW $ FW 62-a-share FW bid FW for FW McGill FW Manufacturing FW Co. FW was FW topped FW recently FW by FW a FW competing FW offer FW from FW a FW Swedish FW concern , , VBN disclosed IN that PRP it VBD sold PRP$ its FW entire FW 7 FW % FW McGill FW stake . . <s> <s> NN McGill , , DT a FW Valparaiso FW , FW Ind. FW , FW ball-bearing FW manufacturer FW , FW had FW rebuffed FW BroadBeach POS 's NN proposal . . <s> <s> NN It VBZ has FW since FW asked

    FW holders FW not FW to FW immediately FW tender PRP$ their NNS shares IN under DT a JJ recent $ $ CD 72-a-share , , CC or $ $ CD 104 CD million , , FW bid FW from FW AB FW SKF FW of FW Sweden FW , FW until FW McGill FW directors FW have FW completed FW their FW evaluation . . <s> <s> IN In DT a NNPS Securities CC and NNP Exchange NNP Commission NN filing , , WDT BroadBeach VBD said PRP it VBD sold DT the RBS 101,000 WP$ McGill NNS shares IN for $ $ CD 7.3 CD million IN in DT a JJ private NN transaction IN on $ Oct.

    CD 12 . . <s> <s> NN BroadBeach VBD did RB n't VB identify DT the NN buyer IN of DT the NNS shares , , CC but DT the NN date IN of DT the FW selloff FW followed FW by FW one FW day FW the FW Swedish FW concern FW 's FW tender FW offer , , CC and DT the JJ indicated NN price IN of DT the FW shares FW sold FW equals FW SKF FW 's FW $ FW 72-a-share FW tender FW offer FW price . . <s> <s> . A '' BroadBeach PRP spokeswoman VBD said DT the NN company VBD sold DT the NN stock IN in DT the JJ open

    NN market CC and RB thus MD could RB n't VB identify DT the NN buyer CC or NNS buyers . . <s> <s> . Luis -RRB- Nogales , , WP$ 45 UH years UH old , , VBZ has VBN been VBN elected TO to DT the NN board IN of DT this NN brewer . . <s> <s> . Mr. -RRB- Nogales , , JJ former NN president IN of NNP United NNP Press NNP International CC and DT the FW Univision FW Spanish-language FW network FW , FW most FW recently FW co-founded FW Nogales FW Castro FW Partners FW , FW a FW California-based FW media FW acquisition FW firm . . <s> <s> . Mr.

    -RRB- Nogales , , DT the JJ first JJ Hispanic NN person TO to VB serve IN as DT a JJS Coors NN director , , VBZ is DT an NN addition TO to DT the NN board , , VBG increasing PRP$ its NN membership TO to CD nine . . <s> <s> NNP Hachette NNP S.A. , , DT a JJ European NNS media CC and VBG publishing NN group , , VBD reported DT a JJ small NN rise IN in PRP$ its FW attributable FW first-half FW group FW profit FW , FW excluding FW exceptional FW items , , TO to $ 133.8 CD million NNS francs -LRB- -LRB$ $ CD 21.1 CD million

    -RRB- -RRBIN from $ 130.1 CD million NNS francs DT a NN year RBR earlier . . <s> <s> . The '' Paris-based NN group VBD said PRP$ its LS earlier SYM projection : -DT that NN group NN profit IN for DT all IN of CD 1989 MD would VB be RB close TO to DT the FW 322.7 FW million FW francs FW posted FW for FW 1988 FW -FW remains FW valid . . <s> <s> NN Taking IN into # account WP$ nonrecurring NNS gains CC and NNS losses , , WP$ Hachette POS 's NN group JJ net NN income IN for DT the JJ first CD six NNS months IN of

    DT this NN year VBD totaled $ 246.6 CD million NNS francs , , WP$ practically PDT double DT the JJ year-earlier NN figure IN of $ 124.5 CD million NNS francs . . <s> <s> NN Analysts VBD said NNP Hachette POS 's NNS earnings IN in DT the JJ second NN half MD might VB be VBN boosted IN by DT a NN capital NN gain IN from DT the NN sale IN of DT the FW Paris FW headquarters FW of FW a FW newspaper-delivery FW company FW that FW is FW 49 FW % FW owned FW by FW Hachette . . <s> <s> NNP Oncor NNP Inc. , , UH Gaithersburg , , NNP Md.

    , , VBD said PRP it VBD received NN approval IN from DT the NNP U.S. FW Food FW and FW Drug FW Administration FW to FW market FW a FW genetic FW test FW that FW will FW assist FW in FW diagnosis FW and FW treatment FW of FW leukemia FW and FW lymph FW cancer . . <s> <s> FW The FW B\/T FW gene FW rearrangement FW test FW is FW more FW accurate FW than FW existing FW tests FW for PDT diagnosing DT the NN type IN of NN cancer , , IN whether PRP it VBZ has VBN spread CC or IN whether EX there VBZ is DT a FW recurrence FW following

    FW treatment FW , FW said FW Oncor FW President FW Stephen FW Turner . . <s> <s> . Mr. '' Turner VBD said DT the NN test WDT initially MD will VB be VBN used IN in # conjunction LS with -RRB- biopsies CC and JJ other NNS tests , , CC but RB eventually MD might VB become DT the NN benchmark IN for # tumor LS analysis . . <s> <s> . Mr. '' Turner VBD said DT the NN test MD will VB be VBN shipped IN in CD 45 NNS days TO to FW hospitals FW and FW clinical FW laboratories . . <s> <s> . Dr. UH Wyndham UH Wilson , , DT a

    FW cancer FW treatment FW specialist FW at FW the FW National FW Cancer FW Institute , , VBD said DT the NN test VBZ is RB widely VBN used IN in NN research NNS centers CC but VBZ is RB n't VBG having DT a JJ major NN impact IN because PRP it VBZ is RB only FW occasionally FW useful FW in PDT choosing DT the RBS most JJ effective NN treatment . . <s> <s> IN But DT the NN test MD may VB prove TO to VB be JJR more FW sensitive FW in FW determining FW whether FW a FW tumor FW has FW spread FW or FW returned FW following FW treatment FW ,

    FW Dr. FW Wilson FW said . . <s> <s> IN `` PRP We VBP do RB n't VBP know RB yet WRB how LS useful PRP it VBZ 's VBG going TO to VB be , , '' '' PRP he VBD said . . <s> <s> NN Oncor , , DT a FW six-year-old FW developer FW of FW genetic FW medical FW tests , , NNS projects IN that DT the NN cancer NN test MD will VB help PRP it TO to VB post PRP$ its JJ first-ever NN profit IN during DT the JJ first NN quarter IN of CD 1990 , , NNP Mr. NNP Turner VBD said . . <s> <s> DT The

    NN company MD will VB charge $ $ CD 35 IN for DT a NN test CC and NNS projects IN about $ $ CD 2 CD million IN in NN revenue IN from DT the NN test IN during DT the JJ first CD 12 NNS months IN of NN marketing , , PRP he VBD said . . <s> <s> NNP Unilab NNP Corp. , , UH Norcross , , NNP Ga. , , VBD said PRP it VBD acquired DT the FW clinical FW laboratories FW of FW closely FW held FW Central FW Diagnostic FW Laboratory NNP Inc. IN in DT a NN cash CC and NNS securities VBP transaction VBN valued IN at $ $

    CD 85 CD million . . <s> <s> NN Unilab VBD said PRP$ its FW wholly FW owned FW MetWest FW Inc. FW unit FW paid $ $ CD 25 CD million IN in NN cash , , VBD provided $ $ CD 30 CD million IN in NNS notes CC and $ $ CD 30 CD million IN in JJ preferred NN stock TO to VB acquire NNP Central POS 's JJS labs IN in DT the NNP Western NNP U.S. . . <s> <s> NN Unilab , , WDT which FW provides FW clinical FW laboratory FW services FW , FW competed FW with FW Central FW , FW based FW in FW Tarzana , , NNP Calif.

    , , IN in DT a NN number IN of NNS areas . . <s> <s> IN Beyond PDT removing DT a NN competitor , , DT the NN combination MD should VB provide `` `` UH synergies , , '' '' VBD said UH Fred UH Harlow , , WP$ Unilab POS 's JJ chief JJ financial NN officer . . <s> <s> VBZ It RB also MD will LS hand RBS Unilab JJ new NNS markets . . <s> <s> NNP In NNP Los NNP Angeles , , IN for NN example , , FW Central FW has FW had FW a FW strong FW market FW position FW while FW Unilab FW 's FW presence FW has

    FW been FW less FW prominent , , VBG according TO to NNP Mr. -RRB- Harlow . . <s> <s> NN Consumers MD may VB want TO to VB move PRP$ their FW telephones FW a FW little FW closer TO to DT the NN TV NN set . . <s> <s> FW Couch-potato FW jocks FW watching FW ABC POS 's `` `` FW Monday FW Night FW Football FW '' FW can FW now FW vote FW during FW halftime FW for FW the FW greatest FW play FW in FW 20 FW years FW from FW among FW four FW or FW five FW filmed FW replays . . <s> <s> JJ Two NNS weeks RB ago

    , , FW viewers FW of FW several FW NBC FW daytime FW consumer FW segments FW started FW calling FW a FW 900 FW number FW for FW advice FW on FW various FW life-style FW issues . . <s> <s> IN And DT the JJ new : syndicated `` `` FW reality FW '' FW show FW `` FW Hard FW Copy FW '' FW records FW viewers FW ' FW opinions FW for FW possible FW airing IN on DT the JJ next NN day POS 's NN show . . <s> <s> FW Interactive FW telephone FW technology FW has FW taken FW a FW new FW leap FW in FW sophistication , , CC and

    NN television WDT programmers VBP are VBG racing TO to VB exploit DT the NNS possibilities . . <s> <s> JJ Eventually NNS viewers MD may VB grow RP bored IN with DT the NN technology CC and PDT resent DT the NN cost . . <s> <s> FW But FW right FW now FW programmers FW are FW figuring FW that FW viewers FW who FW are FW busy FW dialing RP up DT a NN range IN of NNS services MD may VB put RP down PRP$ their FW remote FW control FW zappers FW and FW stay FW tuned . . <s> <s> IN `` PRP We VBP 've VBN been VBG spending DT a NN lot

    IN of NN time IN in FW Los FW Angeles FW talking FW to FW TV FW production FW people , , '' '' VBZ says UH Mike UH Parks , , NN president IN of # Call UH Interactive , , WDT which FW supplied FW technology FW for FW both FW ABC FW Sports FW and FW NBC FW 's FW consumer FW minutes . . <s> <s> NN `` IN With DT the NN competitiveness IN of DT the NN television NN market DT these NNS days , , WDT everyone VBZ is VBG looking IN for DT a NN way TO to VB get RP viewers RBR more LS excited . . '' '' <s> <s>

    NN One IN of DT the NNS leaders IN behind DT the FW expanded FW use FW of FW 900 FW numbers FW is FW Call FW Interactive FW , FW a FW joint FW venture FW of FW giants FW American FW Express FW Co. FW and FW American FW Telephone FW & FW Telegraph FW Co . . <s> <s> NN Formed IN in NNP August , , DT the FW venture FW weds FW AT&T FW 's FW newly FW expanded FW 900 FW service FW with FW 200 FW voice-activated FW computers FW in FW American FW Express FW 's FW Omaha FW , FW Neb. FW , FW service FW center . . <s> <s>

    FW Other FW long-distance FW carriers FW have FW also FW begun FW marketing FW enhanced FW 900 FW service , , CC and JJ special NNS consultants VBP are VBG springing RP up TO to VB exploit DT the JJ new NN tool . . <s> <s> NNP Blair NNP Entertainment , , DT a NNP New NNP York FW firm FW that FW advises FW TV FW stations FW and FW sells FW ads FW for FW them , , VBZ has RB just VBN formed DT a NN subsidiary : -LS 900 SYM Blair : -TO to VB apply DT the NN technology TO to NN television . . <s> <s> DT The NN use

    IN of FW 900 FW toll FW numbers FW has FW been FW expanding FW rapidly IN in JJ recent NNS years . . <s> <s> IN For DT a NN while , , FW high-cost FW pornography FW lines FW and FW services FW that FW tempt FW children FW to FW dial FW -LRBFW and FW redial FW -RRBFW movie FW or FW music FW information FW earned FW the FW service FW a FW somewhat FW sleazy FW image FW , FW but FW new FW legal FW restrictions FW are FW aimed FW at FW trimming FW excesses . . <s> <s> DT The NN cost IN of DT a FW 900 FW call

    VBZ is VBN set IN by DT the SYM originator : -LS ABC UH Sports , , IN for NN example : -IN with DT the FW cheapest FW starting FW at FW 75 FW cents . . <s> <s> NN Billing VBZ is VBN included IN in DT a FW caller FW 's FW regular FW phone FW bill . . <s> <s> IN From DT the NN fee , , DT the JJ local NN phone NN company CC and DT the FW long-distance FW carrier FW extract PRP$ their NNS costs TO to VB carry DT the NN call , , VBG passing DT the NN rest IN of DT the NN money TO to

    DT the NN originator , , WDT which MD must VB cover NN advertising CC and JJ other NNS costs . . <s> <s> DT In JJ recent NNS months , , DT the NN technology VBZ has VBN become RBR more JJ flexible CC and JJ able TO to VB handle RB much JJR more NN volume . . <s> <s> NN Before , , FW callers FW of FW 900 FW numbers FW would FW just FW listen FW and FW not FW talk , , CC or PRP they MD 'd VB vote `` `` UH yes '' '' CC or `` `` UH no '' '' IN by $ calling CD one IN of CD two

    NNS numbers . . <s> <s> JJ -LRBNNS People IN in DT the FW phone FW business FW call FW this FW technology FW `` FW 900 FW click . . '' '' -RRB- -RRB<s> <s> NN Now , , FW callers FW are FW led FW through FW complex FW menus FW of FW choices FW to FW retrieve FW information FW they FW want , , CC and DT the FW hardware FW can FW process FW 10,000 FW calls FW in FW 90 FW seconds . . <s> <s> NN Up TO to RB now , , FW 900 FW numbers FW have FW mainly FW been FW used FW on FW local FW TV

    FW stations FW and FW cable FW channels . . <s> <s> NN MTV VBD used CD one TO to VB give RP away DT the NN house IN that FW rock FW star FW Jon FW Bon FW Jovi FW grew FW up FW in . . <s> <s> DT For JJ several NNS years , , FW Turner FW Broadcasting FW System FW 's FW Cable FW News FW Network FW has FW invited FW viewers FW to FW respond FW nightly FW to FW topical FW issues -LRB- -LRB`` `` FW Should FW the FW U.S. FW military FW intervene FW in FW Panama . ? '' '' -RRB- -RRB, , CC but RB even

    DT the FW hottest FW controversies FW on FW CNN FW log FW only FW about FW 10,000 FW calls . . <s> <s> . The '' newest VBZ uses IN of DT the FW 900-interactive FW technology FW demonstrate FW the FW growing FW variety FW of FW applications . . <s> <s> . Capital '' Cities\/ABC NNP Inc. , , NNP CBS NNP Inc. CC and NNP General NNP Electric NNP Co. POS 's FW National FW Broadcasting FW Co. FW unit FW are FW expected FW to FW announce FW soon FW a FW joint FW campaign FW to FW raise FW awareness FW about FW hunger . . <s> <s> DT The NN subject MD will

    VB be VBN written IN into DT the FW plots FW of FW prime-time FW shows , , CC and EX viewers MD will VB be VBN given DT a CD 900 NN number TO to VB call . . <s> <s> NN Callers MD will VB be UH sent UH educational UH booklets , , CC and DT the NN call POS 's JJ modest NN cost MD will VB be DT an JJ immediate NN method IN of VBG raising NN money . . <s> <s> FW Other FW network FW applications FW have FW very FW different FW goals . . <s> <s> FW ABC FW Sports FW was FW looking FW for FW ways FW to

    FW lift FW deflated FW halftime FW ratings FW for FW `` FW Monday FW Night FW Football . . '' '' <s> <s> . Kurt -RRB- Sanger , , NNP ABC NNP Sports POS 's NN marketing NN director , , VBZ says IN that RB now `` `` FW tens FW of FW thousands FW '' FW of FW fans FW call FW its FW 900 FW number FW each FW week TO to VB vote IN for DT the JJS best FW punt FW return FW , FW quarterback FW sack FW , FW etc . . <s> <s> NN Profit IN from DT the FW calls FW goes FW to FW charity FW , FW but

    FW ABC FW Sports FW also FW uses FW the FW calls FW as FW a FW sales FW tool FW : FW After FW thanking FW callers FW for FW voting FW , FW Frank FW Gifford FW offers FW a FW football FW videotape IN for $ $ CD 19.95 , , CC and CD 5 NN % IN of EX callers VBP stay IN on DT the NN line TO to VB order PRP it . . <s> <s> NN Jackets MD may VB be VBN sold JJ next . . <s> <s> NN Meanwhile , , FW NBC FW Sports FW recently FW began FW `` FW Scores FW Plus , , '' '' FW a

    FW year-round FW , FW 24-hour FW 900 FW line FW providing FW a FW complex FW array FW of FW scores FW , FW analysis FW and FW fan FW news . . <s> <s> DT A NN spokesman VBD said PRP$ its NN purpose VBZ is `` `` TO to VB bolster DT the FW impression FW that FW NBC FW Sports VBZ is RB always RB there IN for NNS people . . '' '' <s> <s> NNP NBC POS 's `` `` FW On-Line FW '' FW consumer FW minutes FW have FW increased FW advertiser FW spending PDT during DT the NN day , , DT the NN network POS 's JJS weakest NN period

    . . <s> <s> FW Each FW weekday FW matches FW a FW sponsor FW and FW a FW topic FW : FW On FW Mondays FW , FW Unilever FW N.V. FW 's FW Lever FW Bros. FW sponsors FW tips FW on FW diet FW and FW exercise FW , FW followed FW by FW a FW 30-second FW Lever FW Bros. FW commercial . . <s> <s> NN Viewers MD can VB call DT a FW 900 FW number FW for FW additional FW advice , , WDT which MD will VB be VBN tailored TO to PRP$ their NNS needs VBN based IN on DT the FW numbers FW they FW punch -LRB- -LRB`` ``

    FW Press FW one FW if FW you FW 're FW pregnant , , '' '' -RRB- etc . . -RRB- -RRB. . <s> <s> IN If DT the NN caller NNS stays IN on DT the NN line CC and VBZ leaves DT a NN name CC and JJR address IN for DT the NN sponsor , , '' coupons CC and DT a NN newsletter MD will VB be RP mailed , , CC and DT the NN sponsor MD will VB be JJ able TO to VB gather DT a NN list IN of PRP$ desirable JJ potential NNS customers . . <s> <s> . Diane -RRB- Seaman , , DT an JJS NBC-TV NN vice

    NN president , , VBZ says EX NBC VBZ has VBN been JJ able TO to VB charge NN premium NNS rates IN for DT this NN ad NN time . . <s> <s> NN She MD would RB n't VB say WP what DT the NN premium VBZ is , , CC but PRP it VBZ 's VBN believed TO to VB be IN about FW 40 FW % FW above FW regular FW daytime FW rates . . <s> <s> IN `` PRP We VBD were JJ able TO to VB get NNS advertisers TO to VB use PRP$ their NN promotion NN budget IN for DT this , , IN because PRP they VBP get DT a

    NN chance TO to VB do RP couponing , , '' '' VBZ says LS Ms. LS Seaman . . <s> <s> NN `` CC And PRP we VBD were JJ able TO to VB attract DT some JJ new NNS advertisers IN because DT this VBZ is RBS something JJ new . . '' '' <s> <s> FW Mr. FW Parks FW of FW Call FW Interactive FW says FW TV FW executives FW are FW considering FW the FW use FW of FW 900 FW numbers FW for FW `` FW talk FW shows FW , FW game FW shows FW , FW news FW and FW opinion FW surveys . . '' '' <s> <s> NNS Experts

    VBP are VBG predicting DT a JJ big NN influx IN of JJ new NNS shows IN in CD 1990 , , WRB when DT a NN service VBD called `` `` FW automatic FW number FW information FW '' FW will FW become FW widely FW available . . <s> <s> FW This FW service FW identifies FW each FW caller FW 's FW phone FW number , , CC and PRP it MD can VB be VBN used TO to FW generate FW instant FW mailing FW lists . . <s> <s> . `` UH Hard UH Copy , , '' '' DT the FW new FW syndicated FW tabloid FW show FW from FW Paramount FW Pictures

    , , MD will VB use PRP$ its FW 900 FW number FW for FW additional FW purposes FW that FW include FW research FW , FW says FW executive FW producer FW Mark FW B. FW von FW S. FW Monsky . . <s> <s> NN `` IN For DT a NN piece IN on FW local FW heroes FW of FW World FW War FW II , , PRP we MD can VB ask NNS people TO to VB leave DT the NN name CC and NN number IN of FW anyone FW they FW know FW who FW won FW a FW medal , , '' '' PRP he VBZ says . . <s> <s> FW ``

    FW That FW 'll FW save FW us FW time FW and FW get FW people FW involved . . '' '' <s> <s> NNP But NNP Mr. FW Monsky FW sees FW much FW bigger FW changes FW ahead . . <s> <s> FW `` FW These FW are FW just FW baby FW steps FW toward FW real FW interactive FW video , , WDT which PRP I VBP believe MD will VB be DT the JJS biggest NN thing RB yet TO to VB affect NN television , , '' '' PRP he VBZ says . . <s> <s> IN Although PRP it MD would VB be FW costly FW to FW shoot FW multiple FW versions

    FW , FW TV FW programmers FW could FW let FW audiences FW vote FW on FW different FW endings IN for DT a NN movie . . <s> <s> FW Fox FW Broadcasting FW experimented FW with FW this FW concept FW last FW year FW when FW viewers FW of FW `` FW Married FW ... FW With FW Children FW '' FW voted FW on FW whether FW Al FW should FW say FW `` FW I FW love FW you FW '' FW to FW Peg FW on FW Valentine FW 's FW Day . . <s> <s> NN Someday , , FW viewers FW may FW also FW choose FW different FW depths FW of

    FW news FW coverage . . <s> <s> IN `` DT A FW menu FW by FW phone FW could FW let FW you FW decide , , `` ` PRP I VBP 'm VBN interested IN in RB just DT the NN beginning IN of # story # No. CD 1 , , CC and PRP I VBP want FW story FW No. FW 2 FW in FW depth , , '' '' NNP Mr. NNPS Monsky VBZ says . . <s> <s> IN `` PRP You MD 'll VB start TO to VB see UH shows UH where UH viewers PDT program DT the NN program . . <s> <s> NNP Integrated NNPS Resources NNP Inc. , ,

    DT the JJ troubled JJ financial-services NN company WDT that VBZ has VBN been VBG trying TO to VB sell PRP$ its JJ core NNS companies TO to VB restructure NN debt , , VBD said NNS talks IN with DT a JJ potential NN buyer VBD ended . . <s> <s> NN Integrated VBD did RB n't VB identify DT the NN party CC or VBP say WRB why DT the NNS talks VBD failed . . <s> <s> FW Last FW week FW another FW potential FW buyer FW , FW Whitehall FW Financial SYM Group : -WDT which VBD had VBN agreed IN in NNP August TO to VB purchase RBS most IN of NNP Integrated

    POS 's JJ core NNS companies IN for $ $ CD 310 CD million : -LS ended FW talks FW with FW Integrated . . <s> <s> NN Integrated VBD said IN that PRP it MD would VB continue TO to VB pursue `` `` JJ other . alternatives '' '' TO to VB sell DT the CD five NN core NNS companies CC and IN that DT a NN group IN of JJ senior NNS executives VBZ plans TO to VB make DT a NN proposal TO to VB purchase CD three IN of DT the NNS companies : -LS Integrated FW Resources FW Equity FW Corp. FW , FW Resources FW Trust FW Co. FW and

    FW Integrated FW Resources FW Asset FW Management FW Corp . . <s> <s> DT A NN price VBD was RB n't VBN disclosed . . <s> <s> VBZ Integrated RB also VBD said PRP it VBZ expects TO to VB report DT a JJ second-quarter NN loss JJR wider IN than DT the JJR earlier NN estimate IN of IN about $ $ CD 600 CD million . . <s> <s> DT The NN company VBD did RB n't VB disclose DT the JJ new NN estimate CC but VBD said DT the NN change VBD was VBN related TO to NNP Integrated POS 's NN failure TO to VB sell PRP$ its JJ core NNS businesses , ,

    RB as RB well IN as `` `` JJ other NNS events , , '' '' WDT which PRP it VBD did RB n't RBR detail , , WDT that VBD occurred IN after PRP$ its RBS announcement JJ last NN week IN that PRP it VBD was IN in NNS talks IN with DT the FW unidentified FW prospective FW buyer . . <s> <s> NN Meanwhile , , DT a NN number IN of FW top FW sales FW producers FW from FW Integrated FW Resources FW Equity MD will VB meet DT this NN afternoon IN in NNP Chicago TO to VB discuss PRP$ their NNS options . . <s> <s> DT The NN unit VBZ is

    DT a FW loosely FW constructed FW group FW of FW about FW 3,900 FW independent FW brokers FW and FW financial FW planners FW who FW sell FW insurance FW , FW annuities FW , FW limited FW partnerships , , JJ mutual NNS funds CC and JJ other NNS investments IN for NNP Integrated CC and JJ other NNS firms . . <s> <s> JJ The NNS sales WDT force VBZ is VBN viewed IN as DT a JJ critical NN asset IN in NNP Integrated POS 's NN attempt TO to VB sell PRP$ its JJ core NNS companies . . <s> <s> FW Whitehall FW cited FW concerns FW about FW how FW long FW Integrated

    MD would VB be JJ able TO to VB hold RP together DT the FW sales FW force FW as FW one FW reason FW its FW talks FW with FW Integrated FW failed . . <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange NN yesterday , , WDT Integrated VBD closed IN at $ $ CD 1.25 DT a NN share , , RB down CD 25 NNS cents . . <s> <s> NN Integrated VBZ has VBN been VBG struggling TO to VB avoid DT a FW bankruptcy-law FW filing FW since FW June , , WRB when PRP it VBD failed TO to VB make

    NN interest NNS payments IN on RB nearly $ $ CD 1 CD billion IN of NN debt . . <s> <s> DT Integrated JJ senior CC and JJ junior NNS creditors VBP are VBN owed DT a NN total IN of IN about $ $ CD 1.8 CD billion . . <s> <s> . AN UH EARTHQUAKE UH STRUCK UH Northern UH California , , VBG killing JJR more IN than CD 50 NNS people . . <s> <s> . The UH violent UH temblor , , WDT which FW lasted FW about FW 15 FW seconds FW and FW registered FW 6.9 FW on FW the FW Richter FW scale , , RB also VBD caused DT the

    NN collapse IN of DT a JJS 30-foot NN section IN of DT the FW San FW Francisco-Oakland FW Bay FW Bridge FW and FW shook FW Candlestick FW Park . . <s> <s> FW The FW tremor FW was FW centered FW near FW Hollister , , '' southeast IN of NNP San NNP Francisco , , CC and VBD was FW felt FW as FW far FW as FW 200 FW miles FW away . . <s> <s> . Numerous '' injuries VBD were VBN reported . . <s> <s> FW Some FW buildings FW collapsed FW , FW gas FW and FW water FW lines FW ruptured FW and FW fires FW raged . . <s> <s>

    DT The NN quake , , WDT which FW also FW caused FW damage FW in FW San FW Jose FW and FW Berkeley FW , FW knocked FW out FW electricity FW and FW telephones FW , FW cracked FW roadways FW and FW disrupted FW subway FW service FW in FW the FW Bay FW Area . . <s> <s> . Major '' injuries VBD were RB n't VBN reported IN at NNP Candlestick NNP Park , , WRB where DT the JJ third NN game IN of FW baseball FW 's FW World FW Series FW was FW canceled FW and FW fans FW evacuated IN from DT the NN stadium . . <s> <s> . Bush

    '' vowed TO to VB veto DT a FW bill FW allowing FW federal FW financing FW for FW abortions FW in FW cases FW of FW rape FW and FW incest FW , FW saying FW tax FW dollars MD should RB n't VB be VBN used TO to `` `` FW compound FW a FW violent FW act IN with DT the VBG taking IN of DT an JJ unborn NN life . . '' '' <s> <s> . His -RRB- pledge , , IN in DT a NN letter TO to # Democratic UH Sen. UH Byrd , , VBD came RB ahead IN of DT an FW expected FW Senate FW vote FW on FW spending

    FW legislation PDT containing DT the NN provision . . <s> <s> NNP East NNP Germany POS 's FW Politburo FW met FW amid FW speculation FW that FW the FW ruling FW body FW would FW oust FW hard-line FW leader FW Honecker , , WP$ whose FW rule FW has FW been FW challenged FW by FW mass FW emigration FW and FW calls FW for FW democratic FW freedoms . . <s> <s> NN Meanwhile , , FW about FW 125 FW refugees FW flew FW to FW Duesseldorf , , NNP West NNP Germany , , IN from NNP Warsaw , , DT the FW first FW airlift FW in FW East FW Germany FW 's

    FW refugee FW exodus . . <s> <s> FW The FW World FW Psychiatric FW Association FW voted FW at FW an FW Athens FW parley FW to FW conditionally FW readmit FW the FW Soviet FW Union . . <s> <s> NN Moscow , , WDT which VBD left DT the NN group IN in FW 1983 FW to FW avoid FW explusion FW over FW allegations FW that FW political FW dissidents FW were FW being FW certified FW as FW insane , , MD could VB be VBN suspended IN if DT the FW misuse FW of FW psychiatry FW against FW dissenters VBZ is VBN discovered IN during DT a NN review IN within DT a

    NN year . . <s> <s> IN NASA PDT postponed DT the NN liftoff IN of DT the FW space FW shuttle FW Atlantis FW because FW of FW rain PDT near DT the NN site IN of DT the FW launch FW pad FW in FW Cape FW Canaveral FW , FW Fla . . <s> <s> . The '' flight VBD was VBN rescheduled IN for NN today . . <s> <s> FW The FW spacecraft FW 's FW five FW astronauts FW are FW to FW dispatch FW the FW nuclear-powered FW Galileo FW space FW probe FW on FW an FW exploratory FW mission FW to FW Jupiter . . <s> <s> DT Senate JJ Democratic

    NNS leaders VBD said PRP they VBD had FW enough FW votes FW to FW defeat FW a FW proposed FW constitutional FW amendment FW to FW ban FW flag FW burning . . <s> <s> . The '' amendment VBZ is VBN aimed IN at FW skirting FW a FW Supreme FW Court FW ruling FW that FW threw RP out DT the NN conviction IN of DT a FW Texas FW flag-burner FW on FW grounds FW that FW his FW freedom FW of FW speech FW was FW violated . . <s> <s> FW Federal FW researchers FW said FW lung-cancer FW mortality FW rates FW for FW people FW under FW 45 FW years FW of

    FW age FW have FW begun FW to FW decline FW , FW particularly FW for FW white FW males . . <s> <s> FW The FW National FW Cancer FW Institute FW also FW projected FW that FW overall FW U.S. FW mortality FW rates FW from FW lung FW cancer FW should FW begin FW to FW drop FW in FW several FW years FW if FW cigarette FW smoking FW continues FW to FW abate . . <s> <s> FW Bush FW met FW with FW South FW Korean FW President FW Roh , , WP who FW indicated FW that FW Seoul FW plans FW to FW further FW ease FW trade FW rules TO to

    VB ensure IN that PRP$ its NN economy VBZ becomes RB as VB open IN as DT the JJ other NN industrialized NNS nations IN by DT the NNS mid-1990s . . <s> <s> NN Bush . assured '' Roh IN that DT the NNP U.S. MD would VB stand IN by PRP$ its NN security : commitments `` `` RB as RB long IN as EX there VBZ is DT a NN threat '' '' IN from FW Communist FW North FW Korea . . <s> <s> FW The FW Bush FW administration FW is FW seeking FW an FW understanding FW with FW Congress FW to FW ease FW restrictions FW on FW U.S. FW involvement FW in

    FW foreign FW coups WDT that MD might VB result IN in DT the NN death IN of DT a NN country POS 's NN leader . . <s> <s> FW A FW White FW House FW spokesman FW said FW that FW while FW Bush FW would FW n't FW alter FW a FW longstanding FW ban FW on FW such FW involvement , , `` `` EX there VBZ 's DT a NN clarification . needed '' '' IN on PRP$ its NN interpretation . . <s> <s> NNP India POS 's FW Gandhi FW called FW for FW parliamentary FW elections FW next FW month . . <s> <s> . The -RRB- balloting , , VBN considered

    DT a NN test IN for DT the JJ prime NN minister CC and DT the FW ruling FW Congress FW -LRBFW I FW -RRBFW Party FW , FW comes FW amid FW charges FW of FW inept FW leadership FW and FW government FW corruption . . <s> <s> NNP Gandhi POS 's FW family FW has FW ruled FW independent FW India FW for PDT all # but CD five NNS years IN of PRP$ its FW 42-year FW history . . <s> <s> FW The FW Soviet FW Union FW abstained FW from FW a FW U.N. FW General FW Assembly FW vote FW to FW reject FW Israel FW 's FW credentials . .

    <s> <s> NN It VBD was DT the JJ first NN time IN in CD seven NNS years WDT that FW Moscow FW has FW n't FW joined FW efforts FW , FW led FW by FW Moslem FW nations , , TO to VB expel RP Israel IN from DT the NN world NN body , , CC and VBD was VBN viewed IN as DT a NN sign IN of FW improving FW Soviet-Israeli FW ties . . <s> <s> NN Israel VBD was VBN seated IN by DT a NN vote IN of NNP 95-37 , , IN with CD 15 -RRB- abstentions . . <s> <s> FW Black FW activist FW Walter FW Sisulu FW said

    FW the FW African FW National FW Congress FW would FW n't FW reject FW violence IN as DT a NN way TO to VB pressure DT the FW South FW African FW government FW into FW concessions FW that FW might FW lead FW to FW negotiations FW over FW apartheid . . <s> <s> FW The FW 77-year-old FW Sisulu FW was FW among FW eight FW black FW political FW activists FW freed FW Sunday FW from FW prison . . <s> <s> NN London VBZ has VBN concluded IN that FW Austrian FW President FW Waldheim FW was FW n't FW responsible FW for FW the FW execution FW of FW six FW British FW commandos

    FW in FW World FW War FW II , , IN although PRP he RB probably VBD was VBN aware IN of DT the NN slayings . . <s> <s> DT The NN report IN by DT the FW Defense FW Ministry FW also FW rejected FW allegations FW that FW Britain FW covered FW up FW evidence FW of FW Waldheim FW 's FW activities FW as FW a FW German FW army FW officer . . <s> <s> FW An FW international FW group FW approved FW a FW formal FW ban FW on FW ivory FW trade FW despite FW objections FW from FW southern FW African FW governments , , WDT which VBD threatened TO to

    VB find FW alternative FW channels FW for FW selling FW elephant FW tusks . . <s> <s> DT The NN move IN by DT the FW Convention FW on FW Trade FW in FW Endangered FW Species , , NN meeting IN in NNP Switzerland , , VBZ places DT the NN elephant IN on DT the JJS endangered-species NN list . . <s> <s> FW An FW assassin FW in FW Colombia FW killed FW a FW federal FW judge FW on FW a FW Medellin FW street . . <s> <s> FW An FW anonymous FW caller FW to FW a FW local FW radio FW station FW said FW cocaine FW traffickers FW had FW slain

    FW the FW magistrate FW in FW retaliation FW for FW the FW extraditions FW of FW Colombians FW wanted FW on FW drug NNS charges IN in DT the NNP U.S. . . <s> <s> FW Libyan FW leader FW Gadhafi FW met FW with FW Egypt FW 's FW President FW Mubarak , , CC and DT the FW two FW officials FW pledged FW to FW respect FW each FW other POS 's NNS laws , , NN security CC and NN stability . . <s> <s> FW They FW stopped FW short FW of FW resuming FW diplomatic FW ties FW , FW severed FW in FW 1979 . . <s> <s> DT The NN reconciliation

    NNS talks IN in DT the FW Libyan FW desert FW town FW of FW Tobruk FW followed FW a FW meeting FW Monday FW in FW the FW Egyptian FW resort FW of FW Mersa FW Metruh . . <s> <s> NNP Alpine NNP Group NNP Inc. VBD revised PRP$ its NN exchange NN offer IN for $ $ FW 43.7 FW million FW face FW amount FW of FW 13.5 FW % FW senior FW subordinated FW debt FW due FW 1996 FW and FW extended FW the FW offer FW to FW Oct. FW 27 FW from FW Oct. FW 12 . . <s> <s> . The -RRB- Hackensack , , NNP N.J. , , NN company

    VBD said NNS holders MD would VB receive IN for DT each $ $ CD 1,000 NN face NN amount , , $ $ CD 750 NN face NN amount IN of DT a JJ new NN issue IN of FW secured FW senior FW subordinated FW notes , , JJ convertible IN into JJ common NN stock IN at DT an JJ initial NN rate IN of $ $ PDT 6.50 DT a NN share , , CC and CD 50 JJ common NNS shares . . <s> <s> DT The JJ new NNS notes MD will VB bear NN interest IN at CD 5.5 NN % IN through $ July CD 31 , , CD 1991 , ,

    CC and JJR thereafter IN at CD 10 NN % . . <s> <s> IN Under DT the JJ original NN proposal , , DT the NN maker IN of FW specialty FW coatings FW and FW a FW developer FW of FW information-display FW technologies FW offered FW $ FW 400 FW of FW notes FW due FW 1996 , , CD 10 JJ common NNS shares CC and $ $ CD 175 IN in NN cash IN for DT each $ $ CD 1,000 NN face NN amount . . <s> <s> NN Completion IN of DT the NN exchange NN offer VBZ is JJ subject TO to DT the NN tender IN of IN at JJS least

    CD 80 NN % IN of DT the NN debt , , IN among JJ other NNS things . . <s> <s> NN Alpine , , WDT which VBD said PRP it VBZ does RB n't VBP plan TO to # further PDT extend DT the NN offer , , VBD said PRP it VBD received $ $ CD 615,000 NN face NN amount IN of NN debt IN under DT the JJ original NN offer . . <s> <s> DT The NN stock IN of NNP UAL NNP Corp. VBD continued TO to VB be FW pounded FW amid FW signs FW that FW British FW Airways FW may FW balk FW at FW any FW hasty FW reformulation

    IN of DT the JJS aborted $ $ CD 6.79 CD billion NN buy-out IN of NNP United NNPS Airlines POS ' NN parent . . <s> <s> DT UAL NN stock VBD plummeted DT a JJ further $ $ CD 24.875 TO to $ $ CD 198 IN on NN volume IN of JJR more IN than $ 2.8 CD million NNS shares IN in NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading . . <s> <s> . The '' plunge VBD followed DT a NN drop IN of $ $ UH 56.875 UH Monday , , WP$ amid PDT indications DT the NN takeover MD may VB take NNS weeks TO to VB be

    RP revived . . <s> <s> DT The NN stock VBZ has VBN fallen $ $ CD 87.25 , , CC or CD 31 NN % , , IN in DT the CD three NN trading NNS days IN since NN announcement IN of DT the NN collapse IN of DT the $ $ FW 300-a-share FW takeover FW jolted FW the FW entire FW stock FW market FW into FW its FW second-worst FW plunge FW ever . . <s> <s> . `` '' This VBZ is DT a NN total . bloodbath '' '' IN for JJ takeover-stock NNS traders , , CD one NN investment NN banker VBD said . . <s> <s> . Los UH Angeles

    UH financier UH Marvin UH Davis , , WP who FW put FW United FW in FW play FW with FW a FW $ FW 5.4 FW billion FW bid FW two FW months FW ago FW , FW last FW night FW proffered FW both FW a FW ray FW of FW hope FW and FW an FW extra FW element FW of FW uncertainty FW by FW saying FW he FW remains FW interested FW in FW acquiring FW UAL . . <s> <s> IN But PRP he VBD dropped PRP$ his FW earlier FW $ FW 300-a-share FW back-up FW bid FW , FW saying FW he FW must FW first FW explore FW bank FW financing

    . . <s> <s> NN Even IN as FW Citicorp FW and FW Chase FW Manhattan FW Corp. FW scrambled FW to FW line FW up FW bank FW financing FW for FW a FW revised FW version FW of FW the FW lapsed FW labor-management FW bid FW , FW British FW Airways , , DT a CD 15 NN % NN partner IN in DT the NN buying NN group , , VBD indicated PRP it VBZ wants TO to VB start IN from NN scratch . . <s> <s> JJ Its NNS partners VBP are NNP United POS 's NNS pilots , , WP who VBD were TO to VB own CD 75 NN % , ,

    CC and NNP UAL NN management IN at CD 10 NN % . . <s> <s> . Adding '' insult TO to VB injury , , NNP United POS 's FW 25,000-member FW Machinists FW ' FW union , , WDT which VBD helped PRP$ scuttle NN financing IN for DT the JJ first NN bid , , FW yesterday FW asked FW UAL FW Chairman FW Stephen FW Wolf FW and FW other FW UAL FW directors FW to FW resign . . <s> <s> DT A JJ similar NN demand VBD was VBN made IN by DT a NN group WDT that VBZ represents DT some IN of NNP United POS 's FW 26,000 FW noncontract FW employees

    . . <s> <s> . John -RRB- Peterpaul , , FW Machinists FW union FW general FW vice FW president FW , FW attacked FW Mr. FW Wolf FW as FW `` FW greedy FW and FW irresponsible '' '' IN for PDT pursuing DT the NN buy-out . . <s> <s> NNP Although NNP Mr. NNP Wolf CC and NNP John NNPS Pope , , NNP UAL POS 's JJ chief JJ financial NN officer , , VBD stood TO to VB pocket $ $ CD 114.3 CD million IN for NN stock CC and NNS options IN in DT the NN buy-out , , WP$ UAL UH executives UH planned TO to VB reinvest RB only $ $

    CD 15 CD million IN in DT the JJ new NN company . . <s> <s> . The UH blue-collar UH machinists , , WP$ longtime NNS rivals IN of DT the JJ white-collar NNS pilots , , VBP say DT the NN buyout MD would VB load DT the NN company IN with NN debt CC and VB weaken PRP$ its NNS finances . . <s> <s> NN Confusion IN about DT the CD two NNS banks POS ' JJS hurried NNS efforts TO to VB round RP up NN financing IN for DT a JJ new NN bid IN that DT the FW UAL FW board FW has FW n't FW even FW seen FW yet FW helped

    FW send FW UAL FW stock FW spiraling FW downward . . <s> <s> JJ And NNS rumors IN of FW forced FW selling FW by FW takeover-stock FW traders FW triggered FW a FW 25-point FW downdraft FW in FW the FW Dow FW Jones FW Industrial FW Average FW around FW 11:15 FW a.m. FW EDT FW yesterday . . <s> <s> NNP Yesterday POS 's NN selling VBD began IN after DT a JJ Japanese NN news NN agency VBD reported IN that JJ Japanese NNS banks , , WDT which VBD balked IN at DT the JJ first NN bid , , VBD were JJ ready TO to VB reject DT a JJ revised NN version

    IN at IN around $ $ CD 250 DT a NN share , , CC or $ $ CD 5.65 CD billion . . <s> <s> JJ Several NNS reports IN as DT the FW day FW progressed FW gave FW vague FW or FW conflicting FW indications FW about FW whether FW banks MD would VB sign RP up . . <s> <s> NN Citicorp , , IN for NN example , , VBD said RB only IN that PRP it VBD had `` `` UH expressions IN of NN interest IN of DT a NN transaction IN from PDT both DT the NNS borrowers CC and DT the NNS banks , , '' '' CC but VBD did

    RB n't VB have DT an NN agreement . . <s> <s> NN Late IN in DT the NN day , , NNP Mr. FW Wolf FW issued FW a FW onepage FW statement FW calling FW Mr. FW Peterpaul FW 's FW blast FW `` FW divisive FW and FW uncalled FW for . . '' '' <s> <s> IN But PRP he VBD gave JJ few NNS details IN on DT the NN progress IN toward DT a JJ new NN bid , , VBG saying RB only , , `` `` PRP We VBP are FW working FW toward FW a FW revised FW proposal FW for FW majority FW employee FW ownership . . '' ''

    <s> <s> NN Meanwhile , , IN in DT another NN sign IN that DT a JJ new NN bid VBZ is RB n't RBR imminent , , PRP it VBD was VBN learned IN that DT the FW UAL FW board FW held FW a FW telephone FW meeting FW Monday TO to VB hear DT an NN update IN on DT the NN situation , , CC but IN that DT a JJ formal NN board NN meeting VBZ is RB n't JJ likely TO to VB be RP convened IN until JJ early JJ next NN week . . <s> <s> NNP In NNP London , , FW British FW Airways FW Chairman FW Lord FW King

    VBD was VBN quoted IN in DT the NN Times IN as VBG declaring PRP he VBZ is `` `` RB not VBN prepared TO to VB take PRP$ my NNS shareholders IN into DT a JJS hasty NN deal . . '' '' <s> <s> NN Observers VBD said PRP it VBD appeared IN that NNP British NNP Air VBD was VBN angered IN at DT the NN way DT the NN bid VBZ has UH degenerated UH into UH confusion , , RB as RB well RB as IN by DT the NNS banks POS ' NN effort TO to VB round RP up NN financing IN for WP what PRP one VBD called `` `` DT a

    NN deal WDT that VBZ is RB n't DT a NN deal . . '' '' <s> <s> DT The NN effort TO to VB revive DT the NN bid VBD was VBN complicated IN by DT the JJS unwieldy NN nature IN of DT the FW three-party FW buying FW group . . <s> <s> FW The FW pilots FW were FW meeting FW outside FW Chicago FW yesterday . . <s> <s> NNP But NNP British NNP Air , , WDT which VBD was TO to VB have -LRB- supplied $ $ CD 750 CD million IN out IN of $ $ CD 965 CD million IN in NN equity NN financing , , RB apparently VBD was

    RB n't VBN involved IN in DT the JJ second NN proposal CC and MD could FW well FW reject FW it FW even FW if FW banks FW obtain FW financing . . <s> <s> DT A NN group IN of NNP United POS 's JJS noncontract NNS employees VBD said IN in DT a NN statement , , `` `` DT The NN fact IN that NNP Wolf CC and JJ other NNS officers VBD were VBG going TO to VB line PRP$ their FW pockets FW with FW literally FW millions FW of FW dollars FW while FW instituting FW severe FW pay FW cuts FW on FW the FW nonunion FW employees FW of FW United

    FW is FW not FW only FW deplorable FW but FW inexcusable . . '' '' <s> <s> JJ The NNS machinists RB also VBN asked IN for DT an NN investigation IN by DT the NNPS Securities CC and NNP Exchange FW Commission FW into FW possible FW securities-law FW violations IN in DT the JJ original NN bid IN for NNP UAL IN by NNP Mr. NNP Davis , , RB as RB well RB as IN in DT the NN response IN by NNP UAL . . <s> <s> DT Last NN week , , RB just IN before DT the NN bank NNS commitments VBD were RB due , , DT the NN union VBD asked

    DT the NNP U.S. NNP Labor NNP Department TO to VB study IN whether DT the FW bid FW violated FW legal FW standards FW of FW fairness FW governing FW employee FW investment FW funds . . <s> <s> IN In PRP$ his NN statement , , NNP Mr. NNP Wolf VBD said , , `` `` PRP We VBP continue TO to VB believe PRP$ our NN approach VBZ is RB sound , , CC and IN that PRP it VBZ is RB far JJR better IN for DT all NNS employees IN than DT the NN alternative IN of VBG having DT an RBS outsider PDT own DT the NN company IN with NNS employees VBG paying

    IN for PRP it RB just DT the JJ same . . '' '' <s> <s> FW Mr. FW Wolf FW has FW eschewed FW merger FW advice FW from FW a FW major FW Wall FW Street FW securities FW firm FW , FW relying FW instead FW only FW on FW a FW takeover FW lawyer FW , FW Peter FW Atkins FW of FW Skadden FW Arps FW Slate FW Meagher FW & FW Flom . . <s> <s> FW The FW huge FW drop FW in FW UAL FW stock FW prompted FW one FW takeover FW stock FW trader FW , FW George FW Kellner FW , FW managing FW partner FW of FW Kellner

    , , '' DiLeo CC & NNP Co. , , TO to VB deny PRP$ publicly NNS rumors IN that PRP$ his NN firm VBD was VBG going RP out IN of NN business . . <s> <s> . Mr. '' Kellner VBD said IN that PRP$ despite NNS losses IN on NNP UAL NN stock , , PRP$ his NN firm POS 's NN health VBZ is `` `` UH excellent . . '' '' <s> <s> DT The NN stock POS 's NN decline RB also VBZ has VBN left DT the NNP UAL NN board IN in DT a NN quandary . . <s> <s> IN Although PRP it MD may RB not VB be UH legally

    UH obligated TO to VB sell DT the NN company IN if DT the NN buy-out NN group MD ca RB n't VB revive PRP$ its NN bid , , PRP it MD may VB have TO to VB explore NNS alternatives IN if DT the NNS buyers VBP come RB back IN with DT a NN bid RB much JJR lower IN than DT the NN group POS 's JJS original $ $ CD 300-a-share NN proposal . . <s> <s> IN At DT a RBS meeting # Sept. CD 1 TO to VB consider DT the JJ labor-management NN bid , , DT the NN board RB also VBD was VBN informed IN by PRP$ its NN investment

    NN adviser , , NNP First NNP Boston NNP Corp. , , IN of FW interest FW expressed FW by FW buy-out FW funds FW including FW Kohlberg FW Kravis FW Roberts FW & FW Co. FW and FW Forstmann FW Little FW & NNP Co. , , RB as RB well RB as IN by NNP Robert NNP Bass , , NNP Morgan NNP Stanley POS 's NN buy-out NN fund , , CC and FW Pan FW Am FW Corp . . <s> <s> DT The JJ takeover-stock NNS traders VBD were VBG hoping IN that NNP Mr. NNP Davis CC or CD one IN of DT the JJ other JJ interested NNS parties MD might VB re-emerge

    IN with DT the NN situation IN in NN disarray , , CC or IN that DT the NN board MD might VB consider DT a NN recapitalization . . <s> <s> NN Meanwhile , , JJ Japanese NNS bankers VBD said PRP they VBD were FW still FW hesitant FW about FW accepting FW Citicorp POS 's JJS latest NN proposal . . <s> <s> NNP Macmillan NNP Inc. VBD said PRP it VBZ plans DT a JJ public NN offering IN of $ 8.4 CD million NNS shares IN of PRP$ its FW Berlitz FW International NNP Inc. NN unit IN at $ $ CD 19 TO to $ $ CD 21 DT a NN share . .

    <s> <s> DT The NN offering IN for DT the FW language FW school FW unit FW was FW announced FW by FW Robert FW Maxwell FW , FW chairman FW and FW chief FW executive FW officer FW of FW London-based FW Maxwell FW Communication NNP Corp. , , WDT which VBZ owns VBN Macmillan . . <s> <s> IN After DT the NN offering VBZ is VBN completed , , WDT Macmillan MD will VB own IN about CD 56 NN % IN of DT the FW Berlitz FW common FW stock FW outstanding . . <s> <s> CD Five CD million NNS shares MD will VB be VBN offered IN in DT the NNP U.S. , ,

    CC and $ 3.4 CD million JJ additional NNS shares MD will VB be VBN offered IN in FW concurrent FW international FW offerings PDT outside DT the NNP U.S. . . <s> <s> NN Goldman , , NNP Sachs CC & NNP Co. MD will VB manage DT the NN offering . . <s> <s> NN Macmillan VBD said PRP Berlitz VBZ intends TO to VB pay JJ quarterly NNS dividends IN on DT the NN stock . . <s> <s> DT The NN company VBD said PRP it VBZ expects TO to VB pay DT the JJ first NN dividend , , IN of CD 12.5 NNS cents DT a NN share , , IN in DT the

    RBS 1990 JJ first NN quarter . . <s> <s> NN Berlitz MD will VB borrow DT an NN amount VBZ equal TO to PRP$ its JJ expected JJ net NNS proceeds IN from DT the NNS offerings , , CC plus $ $ CD 50 CD million , , IN in NN connection IN with DT a NN credit NN agreement IN with NNS lenders . . <s> <s> DT The JJ total NN borrowing MD will VB be IN about $ $ CD 208 CD million , , DT the NN company VBD said . . <s> <s> NN Proceeds IN from DT the NNS borrowings IN under DT the NN credit NN agreement MD will VB be

    VBN used TO to VB pay DT an $ $ CD 80 CD million NN cash NN dividend TO to VB Macmillan CC and TO to VB lend DT the NN remainder IN of IN about $ $ CD 128 CD million TO to FW Maxwell FW Communications FW in FW connection FW with FW a FW promissory FW note . . <s> <s> NN Proceeds IN from DT the NN offering MD will VB be VBN used TO to VB repay RP borrowings IN under DT the JJ short-term NNS parts IN of DT a NN credit NN agreement . . <s> <s> NN Berlitz , , WDT which VBZ is VBN based IN in NNP Princeton , ,

    NNP N.J. , , FW provides FW language FW instruction FW and FW translation FW services FW through FW more FW than FW 260 FW language FW centers FW in FW 25 FW countries . . <s> <s> IN In DT the JJ past CD five NNS years , , JJR more IN than CD 68 NN % IN of PRP$ its NNS sales VBP have VBN been IN outside DT the NNP U.S. . . <s> <s> NN Macmillan VBZ has FW owned FW Berlitz FW since FW 1966 . . <s> <s> IN In DT the JJ first CD six NNS months IN of DT this NN year , , WDT Berlitz VBD posted JJ net NN income

    IN of $ $ CD 7.6 CD million IN on NNS sales IN of $ $ CD 106.2 CD million , , VBN compared IN with JJ net NN income IN of $ $ CD 8.2 CD million IN on NNS sales IN of $ $ CD 90.6 CD million . . <s> <s> FW Right FW away FW you FW notice FW the FW following FW things FW about FW a FW Philip FW Glass FW concert . . <s> <s> FW It FW attracts FW people FW with FW funny FW hair FW -LRBFW or FW with FW no FW hair FW -FW in FW front FW of FW me FW a FW girl FW with

    FW spiked FW locks FW sat FW beside FW a FW boy FW who FW had FW shaved FW his -RRB- -RRB. . <s> <s> FW Whoever FW constitute FW the FW local FW Left FW Bank FW come FW out FW in FW force FW , FW dressed FW in FW black FW , FW along FW with FW a FW smattering FW of FW yuppies WP who VBP want TO to VB be IN on DT the RBS cutting LS edge . . <s> <s> NN People IN in FW Glass FW houses FW tend FW to FW look FW stoned . . <s> <s> NN And , , IN if RB still VBN conscious IN at

    DT the NN evening POS 's NN end , , WP$ you LS notice LS something SYM else : : DT The NN audience , , IN at JJ first NNS entranced CC and JJR hypnotized IN by DT the NN music , , FW releases FW its FW pent-up FW feelings FW in FW collective FW gratitude . . <s> <s> NN Currently IN in DT the NN middle IN of DT a FW four-week FW , FW 20-city FW tour FW as FW a FW solo FW pianist FW , FW Mr. FW Glass FW has FW left FW behind FW his FW synthesizers FW , FW equipment FW and FW collaborators FW in FW favor FW of

    FW going FW it FW alone . . <s> <s> TO He VB sits RP down IN at DT the NN piano CC and NNS plays . . <s> <s> . And -RRB- plays . . <s> <s> CD Either CD one WRB likes PRP it CC or PRP one VBZ does RB n't . . <s> <s> . The UH typical UH Glass UH audience , , WDT which VBZ is RBR more JJ likely TO to VB be VBN composed IN of NN music NNS students IN than PRP$ their NNS teachers , , WDT certainly VBZ does . . <s> <s> DT The NN work , , RB though , , FW sounds FW like FW Muzak

    FW for FW spaceships . . <s> <s> . Philip '' Glass VBZ is DT the NN emperor , , CC and PRP$ his PDT music DT the JJ new NNS clothes , , IN of DT the NN avant-garde . . <s> <s> . His '' success VBZ is JJ easy TO to VB understand . . <s> <s> . Softly '' introducing CC and VBG explaining PRP$ his NNS pieces , , NNP Mr. FW Glass FW looks FW and FW sounds FW more FW like FW a FW shaggy FW poet FW describing FW his FW work FW than FW a FW classical FW pianist FW playing FW a FW recital . . <s> <s> . The

    UH piano UH compositions , , WDT which VBP have VBN been FW labeled FW variously FW as FW minimalist FW , FW Oriental FW , FW repetitive FW , FW cyclical FW , FW monophonic FW and FW hypnotic FW , FW are FW relentlessly FW tonal FW -LRBFW therefore FW unthreatening -RRB- -RRB, , WP$ unvaryingly LS rhythmic -LRB- -LRBUH therefore LS soporific -RRB- -RRB, , CC and FW unflaggingly FW harmonious FW but FW unmelodic FW -LRBFW therefore FW both FW pretty FW and FW unconventional -RRB- -RRB. . <s> <s> NN It VBZ is VBN music IN for NNS people WP who VBP want TO to # hear LS something

    -RRB- different CC but VBP do RB n't VBP want TO to VB work RB especially JJ hard IN at DT the NN task . . <s> <s> NN It VBZ is FW E-Z FW listening FW for FW the FW now FW generation . . <s> <s> FW Mr. FW Glass FW has FW inverted FW the FW famous FW modernist FW dictum `` `` EX less VBZ is RBR more . . '' '' <s> <s> . His '' more VBZ is RB always RBR less . . <s> <s> NN Far IN from VBG being UH minimalist , , DT the FW music FW unabatingly FW torments FW us FW with FW apparent FW novelties FW not

    FW so FW cleverly FW disguised FW in FW the FW simplicities FW of FW 4\/4 FW time FW , FW octave FW intervals FW , FW and FW ragtime FW or FW gospel FW chord FW progressions . . <s> <s> IN But DT the NN music VBZ has PRP$ its NN charm , , CC and NNP Mr. FW Glass FW has FW constructed FW his FW solo FW program PDT around DT a NN move IN from DT the JJ simple TO to DT the RBS relatively LS complex . . <s> <s> NN `` . Opening '' '' -LRB- -LRBLS 1981 -RRB- -RRB, , IN from NNP Glassworks , , WRB introduces DT the

    NN audience TO to DT the FW Glass FW technique FW : FW Never FW straying FW too FW far IN from DT the NN piano POS 's NN center , , NNP Mr. FW Glass FW works FW in FW the FW two FW octaves FW on FW either FW side FW of FW middle FW C , , CC and PRP$ his FW fingers FW seldom FW leave FW the FW keys . . <s> <s> NN There VBZ is DT a FW recognizable FW musical FW style FW here FW , FW but FW not FW a FW particular FW performance FW style . . <s> <s> . The '' music VBZ is RB not # especially

    SYM pianistic : ; RB indeed , , PRP it VBZ 's JJ hard TO to VB imagine DT a JJ bad NN performance IN of PRP it . . <s> <s> . Nothing -RRB- bravura , , UH no UH arpeggios , , FW no FW ticklish FW fingering FW problems FW challenge FW the FW performer . . <s> <s> . We -RRB- hear , , PRP we MD may VB think , , WP$ inner UH voices , , CC but PRP they MD all VB seem TO to VB be VBG saying DT the JJ same NN thing . . <s> <s> , With `` `` UH Planet UH News , , '' '' FW music

    FW meant FW to FW accompany FW readings FW of FW Allen FW Ginsberg POS 's `` `` UH Wichita UH Vortex UH Sutra , , '' '' NNP Mr. FW Glass FW gets FW going . . <s> <s> FW His FW hands FW sit FW farther FW apart IN on DT the NN keyboard . . <s> <s> NN Seventh MD chords VB make PRP you VBP feel RB as IN though PRP he MD may VB break IN into DT a -LRB- -LRBFW very FW slow FW -RRBFW improvisatory FW riff . . <s> <s> . The UH chords UH modulate , , CC but EX there VBZ is FW little FW filigree FW even

    FW though FW his FW fingers FW begin FW to FW wander FW over JJR more IN of DT the NN keys . . <s> <s> FW Contrasts FW predictably FW accumulate FW : FW First FW the FW music FW is FW loud FW , FW then FW it FW becomes FW soft FW , FW then FW -LRBFW you FW realize FW -RRBFW it FW becomes FW louder FW again . . <s> <s> IN `` DT The FW Fourth FW Knee FW Play , , '' '' DT an NN interlude IN from `` `` UH Einstein IN on DT the NNP Beach , , '' '' VBZ is IN like DT a NN toccata

    CC but PRP it VBZ does RB n't VB seem TO to FW move FW much FW beyond FW its FW left-hand FW ground FW in FW `` FW Three FW Blind FW Mice . . '' '' <s> <s> NNP When NNP Mr. FW Glass FW decides FW to FW get FW really FW fancy FW , FW he FW crosses FW his FW hands FW and FW hits FW a FW resonant FW bass FW note FW with FW his FW right FW hand . . <s> <s> NN He VBZ does DT this IN in IN at JJS least CD three IN of PRP$ his FW solo FW pieces . . <s> <s> FW You FW might

    FW call FW it FW a FW leitmotif FW or FW a FW virtuoso FW accomplishment . . <s> <s> , In `` `` UH Mad UH Rush , , '' '' WDT which VBD came IN from DT a NN commission TO to VB write DT a NN piece IN of FW indeterminate FW length FW -LRBFW Mr. FW Glass FW charmingly , , CC and NNP tellingly , , '' confessed IN that `` `` FW this FW was FW no FW problem FW for FW me '' '' -RRB- -RRB, , DT an FW A FW section FW alternates FW with FW a FW B FW section FW several FW times FW before FW the

    FW piece FW ends FW unresolved . . <s> <s> VBZ Not RB only VBZ is DT the FW typical FW Glasswork FW open-ended , , PRP it VBZ is RB also RB often VBN multiple IN in PRP$ its LS context -LRB- -LRBLS s -RRB- -RRB. . <s> <s> . `` -RRB- Mad . Rush '' '' VBD began PRP$ its NN life IN as DT the NN accompaniment TO to DT the FW Dalai FW Lama FW 's FW first FW public FW address IN in DT the NNP U.S. , , WRB when NNP Mr. . Glass '' played PRP it IN on DT the NN organ IN at NNP New NNP York POS 's

    FW Cathedral FW of FW St. FW John FW the FW Divine . . <s> <s> IN Later PRP it VBD was FW performed FW on FW Radio FW Bremen FW in FW Germany FW , FW and FW then FW Lucinda FW Childs FW took FW it FW for FW one FW of FW her FW dance FW pieces . . <s> <s> DT The NN point VBZ is IN that DT any NN piece MD can VB be VBN used IN as FW background FW music FW for FW virtually FW anything . . <s> <s> . The '' evening VBD ended IN with NNP Mr. NNP Glass POS 's `` `` UH Metamorphosis , , '' ''

    DT another JJ multiple NN work . . <s> <s> CD Parts CD 1 , , CD 2 , , CC and MD 5 VB come IN from DT the FW soundtrack FW of FW Errol FW Morris FW 's FW acclaimed FW film , , `` `` UH The UH Thin UH Blue UH Line , , '' '' CC and DT the FW two FW other FW parts FW from FW incidental FW music FW to FW two FW separate FW dramatizations IN of DT the JJS Kafka NN story IN of DT the JJ same NN name . . <s> <s> VBZ When VBN used IN as NN background IN in DT this NN way , ,

    DT the NN music VBZ has DT an FW appropriate FW eeriness FW , FW as FW when FW a FW two-note FW phrase FW , FW a FW descending FW minor FW third FW , FW accompanies FW the FW seemingly FW endless FW litany FW of FW reports FW , FW interviews FW and FW confessions FW of FW witnesses FW in FW the FW Morris FW film . . <s> <s> VB Served RP up IN as DT a NN solo , , RB however , , DT the FW music FW lacks FW the FW resonance FW provided FW by FW a FW context FW within FW another FW medium . . <s> <s> NN Admirers

    IN of NNP Mr. NNP Glass MD may VB agree IN with DT the FW critic FW Richard FW Kostelanetz POS 's NN sense IN that DT the FW 1974 FW `` FW Music FW in FW Twelve FW Parts '' '' VBZ is IN as FW encyclopedic FW and FW weighty FW as FW `` FW The FW Well-Tempered FW Clavier . . '' '' <s> <s> NN But IN while VBG making DT the FW obvious FW point FW that FW both FW composers FW develop FW variations FW from FW themes FW , FW this FW comparison FW ignores FW the FW intensely FW claustrophobic FW nature FW of FW Mr. FW Glass POS 's NN music

    . . <s> <s> FW Its FW supposedly FW austere FW minimalism FW overlays FW a FW bombast FW that FW makes FW one FW yearn FW for FW the FW astringency FW of FW neoclassical FW Stravinsky , , DT the FW genuinely FW radical FW minimalism FW of FW Berg FW and FW Webern , , CC and WP what FW in FW retrospect FW even FW seems FW like FW concision FW in FW Mahler . . <s> <s> FW Mr. FW Spiegelman FW is FW professor FW of FW English FW at FW Southern FW Methodist FW University FW and FW editor FW of FW the FW Southwest FW Review . . <s> <s> NNP Honeywell

    NNP Inc. VBD said PRP it VBZ hopes TO to VB complete PDT shortly DT the JJ first IN of CD two NNS sales IN of NNS shares IN in PRP$ its JJ Japanese JJ joint NN venture , , UH Yamatake-Honeywell , , IN for IN about $ $ CD 280 CD million . . <s> <s> DT The NN company MD would RB n't VB disclose DT the NN buyer IN of DT the JJ initial CD 16 NN % NN stake . . <s> <s> NN Proceeds IN of DT the NN sale , , VBN expected TO to VB be VBN completed JJ next NN week , , MD would VB be VBN used TO to

    VB repurchase IN as JJ many IN as CD 10 CD million NNS shares IN of DT Honeywell NN stock , , DT the NN company VBD said . . <s> <s> NN Honeywell VBD said PRP it VBZ is VBG negotiating DT the NN sale IN of DT a JJ second NN stake IN in NNP Yamatake-Honeywell , , CC but VBD indicated PRP it VBZ intends TO to VB hold IN at JJS least CD 20 NN % IN of DT the JJ joint NN venture POS 's NN stock JJ long NN term . . <s> <s> CD A CD 20 NN % NN stake MD would VB allow RP Honeywell TO to VB include PRP$ Yamatake

    NNS earnings IN in PRP$ its NNS results . . <s> <s> . Honeywell '' previously VBD said PRP it VBD intended TO to VB reduce PRP$ its NN holding IN in DT the JJ Japanese NN concern IN as NN part IN of DT a NN restructuring NN plan WDT which RB also VBZ calls IN for DT a NN reduction IN of FW dependence FW on FW weapons FW sales . . <s> <s> IN Yesterday DT a NN spokeswoman VBD said DT the NN company VBD was `` `` FW pleased FW with FW our FW progress '' '' IN in DT that NN regard CC and `` `` FW hopes FW to FW provide FW additional

    FW details FW soon . . '' '' <s> <s> NN Honeywell VBD said PRP$ its FW Defense FW and FW Marine FW Systems FW group FW incurred FW delays FW in FW shipping FW some FW undisclosed FW contracts PDT during DT the JJ third NN quarter , , VBG resulting IN in JJR lower NN operating NN profit IN for DT that NN business . . <s> <s> NN Overall , , WDT Honeywell VBD reported NNS earnings IN of $ $ CD 74.4 CD million , , CC or $ $ PDT 1.73 DT a NN share , , IN for DT the FW three FW months FW ended FW Oct. FW 1 VBN compared IN with

    DT a NN loss IN of $ $ CD 41.4 CD million , , CC or CD 98 NNS cents DT a NN share , , DT a NN year RBR earlier . . <s> <s> DT The JJ previous NN period POS 's NNS results VBD included DT a $ $ CD 108 CD million FW pretax FW charge FW related FW to FW unrecoverable FW contract NNS costs CC and DT a $ $ CD 12.3 CD million JJ pretax NN gain IN on JJ real NN estate NNS sales . . <s> <s> NN Sales IN for DT the JJS latest NN quarter VBD were RB flat , , IN at $ $ CD 1.72 CD billion

    . . <s> <s> IN For DT the CD nine NNS months , , WDT Honeywell VBD reported NNS earnings IN of $ $ CD 212.1 CD million , , CC or $ $ CD 4.92 DT a NN share , , VBN compared IN with NNS earnings IN of $ $ CD 47.9 CD million , , CC or $ $ CD 1.13 DT a NN share , , DT a NN year RBR earlier . . <s> <s> NN Sales VBD declined RB slightly TO to $ $ CD 5.17 CD billion . . <s> <s> VBZ Once RB again , , FW your FW editorial FW page FW misstates FW the FW law FW to FW conform

    FW to FW your FW almost FW beatific FW misperceptions . . <s> <s> IN In DT an FW excursus FW of FW little FW relevance FW to FW his FW central FW point FW about FW private FW enforcement FW suits FW by FW environmental FW groups FW , FW Michael FW S. FW Greve FW informs FW your FW readers , , `` `` FW ... FW the FW Clean FW Water FW Act FW is FW written FW upon FW the SYM presumption : -DT the NN pretense , , RB rather : -WDT that FW nothing FW but FW zero FW risk FW will FW do FW ; FW it FW establishes FW a

    FW legal FW standard FW of FW zero FW discharge '' '' -LRB- -LRB`` `` UH Congress's UH Environmental UH Buccaneers , , '' '' LS Sept. LS 18 -RRB- -RRB. . <s> <s> FW This FW statement FW surely FW buttresses FW your FW editorial FW viewpoint FW that FW environmental FW protection FW is FW generally FW silly FW or FW excessive , , CC but PRP it VBZ is RB simply JJ wrong . . <s> <s> FW The FW Clean FW Water FW Act FW contains FW no FW `` FW legal FW standard '' '' IN of # zero LS discharge . . <s> <s> . It '' requires IN that `` ``

    FW discharges FW of FW pollutants '' '' IN into DT the `` `` NNS waters IN of DT the FW United FW States FW '' FW be FW authorized FW by FW permits FW that FW reflect FW the FW effluent FW limitations FW developed FW under FW section FW 301 . . <s> <s> NN Whatever MD may VB be DT the NNS problems IN with DT this NN system , , PRP it FW scarcely FW reflects FW `` FW zero FW risk '' '' CC or `` `` UH zero UH discharge . . '' '' <s> <s> NNP Perhaps NNP Mr. NNP Greve VBD was VBN confused IN by NNP Congress POS 's JJS meaningless

    NN statement IN of `` `` DT the JJ national . goal '' '' IN in $ section CD 101 , , WDT which EX indeed VBZ calls IN for DT the NN elimination IN of SYM discharges : -IN by CD 1985 , , DT no RBR less . . <s> <s> FW This FW fatuous FW statement FW was FW not FW taken FW seriously FW when FW enacted FW in FW 1972 , , CC and MD should RB not RB now VB be RP confused IN with DT the JJ operative NNS provisions IN of DT the NN statute . . <s> <s> NN Thus , , PRP you VBP do DT the FW public

    FW a FW great FW disservice FW when FW Mr. FW Greve FW suggests FW , FW even FW facetiously , , IN that DT the FW Clean FW Water FW Act FW prohibits FW the FW preparation FW of FW a FW scotch FW and FW water FW ; FW your FW tippling FW readers MD may VB be VBN led TO to VB believe IN that FW nothing FW but FW chance FW or FW oversight FW protects FW them , , IN as PRP they VBP cower IN in DT the NN night IN with PRP$ their NN scotch CC and NNS waters , , IN from DT the FW hairyknuckled FW knock FW of FW the

    FW Sierra FW Club FW at FW their FW doors . . <s> <s> . Robert UH J. UH McManus <s> <s> . National -RRB- Geographic , , DT the FW sixth-largest FW U.S. FW magazine FW , FW is FW attracting FW more FW readers FW than FW ever FW and FW offers FW the FW glossy FW , FW high-toned FW pages FW that FW upscale FW advertisers FW love . . <s> <s> FW So FW why FW did FW advertising FW pages FW plunge FW by FW almost FW 10 FW % FW and FW ad FW revenue FW by FW 7.2 NN % IN in DT the JJ first NN half . ? <s> <s>

    . To UH hear UH advertisers UH tell UH it , , DT the NN magazine RB just VBZ has RB n't VBN kept RP up IN with DT the NNS times . . <s> <s> DT Despite JJ renewed NN interest IN by DT the NN public IN in JJ such NNS topics IN as DT the NN environment CC and DT the NNP Third NNP World , , PRP it VBZ has RB n't VBN been JJ able TO to VB shake PRP$ its NN reputation IN as DT a FW magazine FW boys FW like FW to FW flip FW through FW in FW search FW of FW topless FW tribe FW women . . <s> <s>

    NN Worse , , PRP it FW lagged FW behind FW competitors FW in FW offering FW now-standard FW gimmicks FW , FW from FW regional FW editions FW to FW discounts FW for FW frequent FW advertisers . . <s> <s> VBZ But RB now , , DT the NN magazine VBZ is VBG attempting TO to VB fight RP back , , IN with DT an FW ambitious FW plan FW including FW a FW revamped FW sales FW strategy FW and FW a FW surprisingly FW aggressive FW ad FW campaign . . <s> <s> NNS Advertisers VBP do RB n't VB think IN of DT the RBS magazine JJ first , , VBZ says UH Joan

    UH McCraw , , WP who VBD joined IN in NNP April IN as JJ national NN advertising NN director . . <s> <s> , `` WP What PRP we VBP want TO to VB do FW is FW take FW a FW more FW aggressive FW stance . . <s> <s> NN People VBD did RB n't VBP believe PRP we VBD were IN in NN tune IN with DT the NN marketplace , , CC and IN in JJ many NNS ways PRP we VBD were RB n't . . '' '' <s> <s> FW The FW 101-year-old FW magazine FW has FW never FW had FW to FW woo FW advertisers FW with FW quite FW so

    FW much FW fervor FW before . . <s> <s> FW It FW largely FW rested FW on FW its FW hard-to-fault FW demographics FW : # 10.8 CD million NNS subscribers IN in DT the JJ first NN half , , RB up IN from $ 10.5 CD million DT a NN year RB ago : ; DT an JJ average NN age IN of # 42 LS for SYM readers : -IN at DT the NN height IN of PRP$ their LS consuming SYM years : ; LS loyalty TO to DT the NN tune IN of DT an FW 85 FW % FW average FW subscription FW renewal FW rate . . <s> <s> DT The

    NN magazine VBD had PRP$ its JJS best NN year RB yet IN in CD 1988 , , WRB when PRP it FW celebrated FW its FW centennial FW and FW racked FW up FW a FW 17 FW % FW gain FW in FW ad FW pages , , TO to VB 283 . . <s> <s> IN But DT this NN year , , WRB when DT the FW hullabaloo FW surrounding FW its FW centennial FW died FW , FW so FW too FW did FW some FW advertiser FW interest . . <s> <s> DT The NN reason , , WP$ ad NNS executives VBP say , , VBZ is IN that DT the JJ entire

    NN magazine NN business VBZ has VBN been SYM soft : -CC and NNP National FW Geographic FW has FW some FW quirks FW that FW make FW it FW especially FW unattractive FW during FW a FW soft FW market . . <s> <s> IN Perhaps DT the JJS biggest IN of DT those NNS factors VBZ is PRP$ its JJ high NN ad NNS prices : -$ $ CD 130,000 IN for DT a FW four-color FW page FW , FW vs. FW $ FW 47,000 FW for FW the FW Smithsonian FW , FW a FW comparable FW publication FW with FW a FW far FW smaller FW circulation . . <s> <s> DT When

    NN ad NNS dollars VBP are RB tight , , DT the FW high FW page FW cost FW is FW a FW major FW deterrent FW for FW advertisers , , WP who RB generally VBP want TO to VB appear RP regularly IN in DT a NN publication CC or RB not IN at PDT all . . <s> <s> FW Even FW though FW National FW Geographic FW offers FW far FW more FW readers FW than FW does FW a FW magazine FW like FW Smithsonian , , `` `` DT the FW page FW costs FW you FW an FW arm FW and FW a FW leg FW to FW develop FW any FW frequency

    , , '' '' VBZ says UH Harry UH Glass , , NNP New NNP York FW media FW manager FW for FW Bozell FW Inc . . <s> <s> TO To VB combat DT that NN problem , , WP$ National UH Geographic , , IN like JJ other NNS magazines , , FW began FW offering FW regional FW editions FW allowing FW advertisers TO to VB appear IN in RB only DT a NN portion IN of PRP$ its NNS magazines : -IN for NN example , , WDT ads MD can VB run RB only IN in DT the NNS magazines VBD sent TO to VB subscribers IN in DT the JJS largest CD 25

    NNS markets . . <s> <s> IN But DT the NN magazine VBD was JJR slower IN than PRP$ its NNS competitors TO to VB come RP up IN with PRP$ its UH regional UH editions , , CC and FW until FW last FW year FW offered FW fewer FW of FW them FW than FW did FW competitors . . <s> <s> DT Time NN magazine , , IN for NN example , , VBZ has JJR more IN than FW 100 FW separate FW editions FW going FW to FW different FW regions , , JJ top NN management , , CC and JJ other NNS groups . . <s> <s> FW Another FW sticking FW point

    FW for FW advertisers FW was FW National FW Geographic FW 's FW tradition FW of FW lumping FW its FW ads FW together , , RB usually IN at DT the NN beginning CC or NN end IN of DT the NN magazine , , FW rather FW than FW spreading FW ads FW out FW among FW its FW articles , , IN as JJS most NNS magazines VBP do . . <s> <s> FW And FW National FW Geographic FW 's FW smaller-than-average FW size FW means FW extra FW production FW costs FW for FW advertisers . . <s> <s> NN But . Ms. '' McCraw VBZ says DT the NN magazine VBZ is VBG fighting

    RP back . . <s> <s> FW It FW now FW offers FW 30 FW regional FW editions FW , FW it FW very FW recently FW began FW running FW ads FW adjacent FW to FW articles , , CC and PRP it VBZ has VBN been VBN beefing RP up PRP$ its NNS sales NN force . . <s> <s> IN And PRP it RB just VBN launched DT a JJ promotional NN campaign TO to VB tell JJ chief NNS executives , , VBG marketing NNS directors , , CC and FW media FW executives FW just FW that . . <s> <s> . The '' centerpiece IN of DT the NN promotion VBZ is PRP$ its

    JJ new NN ad NN campaign , , IN into WDT which DT the NN magazine MD will VB pour IN about $ $ CD 500,000 , , RB mostly IN in DT the JJ next JJ few NNS weeks . . <s> <s> DT The NN campaign , , FW created FW by FW Omnicom FW Group FW 's FW DDB FW Needham FW agency FW , FW takes FW advantage FW of FW the FW eye-catching FW photography FW that FW National FW Geographic VBZ is VBN known IN for . . <s> <s> CD In CD one NN ad , , DT a NN photo IN of DT the NN interior IN of DT the NN Sainte-Chapelle

    IN in NNP Paris VBZ is VBN paired IN with DT the NN headline , , `` `` FW The FW only FW book FW more FW respected FW than FW ours FW does FW n't FW accept FW advertising . . '' '' <s> <s> FW Another FW ad FW pictures FW a FW tree FW ant FW , FW magnified FW 80 FW times , , IN with DT the NN headline , , `` `` FW For FW impact FW far FW beyond FW your FW size FW consider FW our FW regional FW editions . . '' '' <s> <s> . Ms. '' McCraw VBZ says PRP she VBZ wants DT the NN campaign TO to

    VB help FW attract FW advertisers FW in FW 10 FW categories , , VBG including JJ corporate , , JJ financial NNS services , , WP$ consumer UH electronics , , NN insurance CC and NN food . . <s> <s> . Her -RRB- goal : : TO to FW top FW 300 FW ad FW pages FW in FW 1990 , , RB up IN from IN about PDT 274 DT this NN year . . <s> <s> IN Whether PRP she MD can VB meet DT that JJ ambitious NN goal VBZ is RB still RB far IN from JJ certain . . <s> <s> IN `` DT The NN ad NN campaign VBZ is VBN meant

    TO to VB contemporize DT the NN thought IN of NNP National NNPS Geographic , , '' '' PRP she VBZ says . . <s> <s> IN `` PRP We VBP want PRP it TO to VB be DT a JJS '90s NN kind IN of NN image . . '' '' <s> <s> FW WCRS FW Plans FW Ad-Unit FW Sale <s> <s> NNP WCRS NNP Group VBZ hopes TO to VB announce , , WP$ perhaps NN today , , DT an NN agreement TO to VB sell DT the NN majority IN of PRP$ its NN ad NN unit TO to # Paris-based UH Eurocom , , DT a JJ European NN ad NN executive VBD said

    . . <s> <s> NN WCRS VBZ has VBN been IN in NNS discussions IN with NNP Eurocom IN for JJ several NNS months . . <s> <s> NN However , , WRB when UH negotiations UH bogged UH down UH recently , , NNP WCRS POS 's JJ chief NN executive , , FW Peter FW Scott FW , FW met FW in FW Paris FW with FW another FW French FW firm FW , FW Boulet FW Dru FW Dupuy FW Petit , , CC or RBR BDDP . . <s> <s> NN According TO to DT the NN executive , , FW BDDP FW 's FW involvement FW prompted FW renewed FW vigor FW in FW the

    FW WCRS-Eurocom FW talks FW and FW the FW two FW agencies FW were FW hoping FW to FW hammer FW out FW details FW by FW today . . <s> <s> NN Executives IN of DT the CD two NNS agencies MD could RB n't VB be VBN reached JJ last NN night . . <s> <s> . Ad -RRB- Notes : ... . . <s> <s> . NEW -RRB- ACCOUNT : : LS Procter UH & UH Gamble UH Co. , , NNP Cincinnati , , VBD awarded DT the NN ad NNS accounts IN for PRP$ its NN line IN of FW Professional FW Crisco FW vegetable FW shortening FW and FW oil FW products FW to

    FW Northlich FW , FW Stolley FW , FW LaWarre , , NNP Cincinnati . . <s> <s> NN Billings VBD were RB n't VBN disclosed . . <s> <s> . Professional '' Crisco NNS products VBP are RB specially VBN made IN for DT the JJS foodservice NN industry . . <s> <s> . WHO UH 'S SYM NEWS : : LS Stephen UH Novick , , CD 49 , , VBD was VBN named JJ executive NN vice NN president , , FW deputy FW creative FW director FW at FW Grey FW Advertising , , NNP New NNP York . . <s> <s> NN He VBD was JJ executive NN vice NN president , , NN director

    IN of DT broadcast NN production . . <s> <s> FW The FW Commodity FW Futures FW Trading FW Commission FW plans FW to FW restrict FW dual FW trading FW on FW commodity FW exchanges FW , FW a FW move FW almost FW certain FW to FW infuriate FW exchange NNS officials CC and NNS traders . . <s> <s> . The '' CFTC VBD said PRP it MD will VB propose DT the NNS restrictions IN after DT the NN release IN of DT a NN study IN that FW shows FW little FW economic FW benefit FW resulting FW from FW dual FW trading FW and FW cites FW `` FW problems '' '' VBN associated

    IN with DT the NN practice . . <s> <s> DT Dual NN trading VBZ gives DT an NN exchange IN trader DT the NN right TO to VB trade DT both IN for PRP$ his JJ own NN account CC and IN for NNS customers . . <s> <s> FW The FW issue FW exploded FW this FW year FW after FW a FW Federal FW Bureau FW of FW Investigation FW operation FW led FW to FW charges FW of FW widespread FW trading FW abuses FW at FW the FW Chicago FW Board FW of FW Trade FW and FW Chicago FW Mercantile FW Exchange . . <s> <s> FW While FW not FW specifically FW mentioned

    FW in FW the FW FBI FW charges FW , FW dual FW trading FW became FW a FW focus FW of FW attempts FW to FW tighten FW industry FW regulations . . <s> <s> FW Critics FW contend FW that FW traders FW were FW putting FW buying FW or FW selling FW for FW their FW own FW accounts FW ahead FW of FW other FW traders FW ' FW customer FW orders . . <s> <s> NNS Traders VBP are JJ likely TO to FW oppose FW such FW restrictions FW because FW dual FW trading FW provides FW a FW way FW to FW make FW money FW in FW slower FW markets WRB where

    EX there VBZ is DT a NN shortage IN of NN customer NNS orders . . <s> <s> FW The FW exchanges FW contend FW that FW dual FW trading FW improves FW liquidity IN in DT the NNS markets IN because NNS traders MD can VB buy CC or VB sell RB even WRB when PRP they VBP do RB n't VB have DT a NN customer NN order IN in NN hand . . <s> <s> FW The FW exchanges FW say FW liquidity FW becomes FW a FW severe FW problem FW for FW thinly FW traded FW contracts FW such FW as FW those FW with FW a FW long FW time FW remaining FW before

    FW expiration . . <s> <s> FW The FW CFTC FW may FW take FW those FW arguments FW into FW account FW by FW allowing FW exceptions TO to PRP$ its NNS restrictions . . <s> <s> FW The FW agency FW did FW n't FW cite FW specific FW situations FW where FW dual FW trading FW might FW be FW allowed FW , FW but FW smaller FW exchanges FW or FW contracts FW that FW need FW additional FW liquidity VBP are VBN expected TO to VB be IN among PRP them . . <s> <s> . Wendy -RRB- Gramm , , DT the NN agency POS 's NN chairman , , VBD told DT the

    NNP Senate NNP Agriculture NNP Committee IN that PRP she VBZ expects DT the NN study TO to VB be VBN released IN within CD two NNS weeks CC and DT the NN rule NNS changes TO to VB be VBN completed IN by NNP Thanksgiving . . <s> <s> DT The NN study , , IN by DT the NNP CFTC POS 's NN division IN of JJ economic NN analysis , , VBZ shows IN that `` `` DT a NN trade VBZ is DT a NN trade , , '' '' DT a NN member IN of DT the NN study NN team VBD said . . <s> <s> IN Whether DT a NN trade VBZ is

    VBN done IN on DT a FW dual FW or FW non-dual FW basis , , DT the NN member VBD said , , `` `` VBZ does RB n't VB seem TO to VB have RB much JJ economic NN impact . . '' '' <s> <s> NN Currently , , RBS most FW traders FW on FW commodity FW exchanges FW specialize FW in FW trading FW either FW for FW customer FW accounts , , WDT which VBZ makes PRP them UH brokers , , CC or IN for PRP$ their JJ own NNS accounts IN as # socalled LS locals . . <s> <s> IN `` DT The FW tests FW indicate FW that FW dual

    FW and FW non-dual NNS traders VBP are JJ similar IN in NNS terms IN of DT the NN trade , executions CC and WRB liquidity PRP they VBP provide TO to DT the NN market , , '' '' FW Mrs. FW Gramm FW told FW the FW Senate FW panel . . <s> <s> NN Members IN of FW Congress FW have FW proposed FW restricting FW dual FW trading FW in FW bills FW to FW reauthorize FW CFTC FW operations . . <s> <s> NNP The NNP House POS 's FW bill FW would FW prohibit FW dual FW trading FW in FW markets FW with FW daily FW average FW volume FW of FW 7,000

    FW contracts FW or FW more FW , FW comprising FW those FW considered FW too FW difficult FW to FW track FW without FW a FW sophisticated FW computer FW system . . <s> <s> NNP The NNP Senate NN bill MD would VB force DT the FW CFTC FW to FW suspend FW dual FW trading FW if FW an FW exchange FW ca FW n't FW show FW that FW its FW oversight FW system FW can FW detect FW dual-trading FW abuses . . <s> <s> VBZ So RB far , , FW one FW test FW of FW restricting FW dual FW trading FW has FW worked FW well . . <s> <s> FW The

    FW Chicago FW Merc FW banned FW dual FW trading FW in FW its FW Standard FW & FW Poor FW 's FW 500-stock FW index FW futures FW pit FW in FW 1987 . . <s> <s> IN Under DT the NNS rules , , FW traders FW decide FW before FW a FW session FW begins FW whether PRP they MD will VB trade IN for PRP$ their JJ own NN account CC or IN for NNS customers . . <s> <s> , Traders WP who VBP stand IN on DT the NN pit POS 's JJ top NN step , , WRB where RBS most UH customer UH orders UH are UH executed , , MD ca

    RB n't VB trade IN for PRP themselves . . <s> <s> . A '' Merc NN spokesman VBD said DT the NN plan VBZ has RB n't VBN made JJ much NN difference IN in NN liquidity IN in DT the NN pit . . <s> <s> IN `` PRP It VBZ 's RB too RB soon TO to VB tell : ... CC but NNS people VBP do RB n't VB seem TO to VB be RP unhappy IN with PRP it , , '' '' PRP he VBD said . . <s> <s> NN He VBD said PRP he MD would RB n't VB comment IN on DT the JJS CFTC NN plan IN until DT the

    NN exchange VBZ has VBN seen DT the JJ full NN proposal . . <s> <s> NN But IN at DT a RBS meeting JJ last NN week , , WP$ Tom UH Donovan , , DT the NNP Board IN of NNP Trade POS 's NN president , , WP$ told LS commodity SYM lawyers : : `` `` FW Dual FW trading FW is FW definitely FW worth FW saving . . <s> <s> NN It VBZ adds VBN something TO to DT the NN market . . <s> <s> FW Japanese FW Firms FW Push FW Posh FW Car FW Showrooms <s> <s> FW JAPANESE FW luxury-car FW makers FW are FW trying FW to FW set

    FW strict FW design FW standards FW for FW their FW dealerships . . <s> <s> IN But DT some FW dealers FW are FW negotiating FW looser FW terms FW , FW while FW others FW decline FW to FW deal FW at FW all . . <s> <s> NNP Nissan NNP Motor NNP Co. POS 's FW Infiniti FW division FW likes FW to FW insist FW that FW every FW dealer FW construct FW and PDT furnish DT a NN building IN in DT a JJ Japanese NN style . . <s> <s> FW Specifications FW include FW a FW polished FW bronze FW sculpture FW at FW the FW center FW of FW each FW showroom

    FW and FW a FW tile FW bridge FW spanning FW a FW stream FW that FW flows FW into FW the FW building FW from FW outside . . <s> <s> . `` '' Infiniti VBZ has PRP it RP down TO to DT the NN ashtrays , , '' '' VBZ says UH Jay UH Ferron , , DT a NN partner IN at FW J.D. FW Power FW & FW Associates , , DT an NN auto NN research NN firm . . <s> <s> NNP Toyota NNP Motor NNP Corp. POS 's FW Lexus FW division FW also FW provides FW specifications . . <s> <s> FW But FW only FW two-thirds FW of FW Lexus

    FW dealers FW are FW constructing FW new FW buildings FW according FW to FW the FW Lexus FW specs . . <s> <s> NNS Some VBP are RB even VBG coming RP up IN with PRP$ their FW own FW novel FW designs . . <s> <s> . In -RRB- Louisville , , NNP Ky. , , IN for NN example , , FW David FW Peterson FW has FW built FW a FW Lexus FW dealership IN with DT the NN showroom IN on DT the JJ second NN floor . . <s> <s> IN Yet DT some FW dealers FW have FW turned FW down FW Infiniti FW or FW Lexus FW franchises FW because FW they

    FW were FW unwilling FW or FW unable TO to VB meet DT the NN design NNS requirements . . <s> <s> FW Lee FW Seidman FW of FW Cleveland FW says FW Infiniti FW `` FW was FW a FW bear FW on FW interiors FW '' FW but FW at FW least FW let FW him FW retrofit FW an FW existing SYM building : -IN without DT the NN stream . . <s> <s> . Mr. '' Seidman VBZ says PRP he VBD turned RP down DT a FW Lexus FW franchise FW in FW part FW because FW `` FW the FW building FW was FW gorgeous FW but FW very FW expensive . .

    '' '' <s> <s> FW To FW head FW off FW arguments FW , FW Infiniti FW offers FW dealers FW cash FW bonuses FW and FW low-interest FW construction FW loans . . <s> <s> FW Dictation FW Device FW 's FW Saga FW Plays FW Back FW a FW Lesson <s> <s> , PRODUCTS WDT DON'T VBP have TO to VB be JJ first TO to VB be NNS winners . . <s> <s> NN That VBZ 's DT the FW lesson FW offered FW through FW one FW case FW study FW featured FW in FW a FW design FW exhibit . . <s> <s> NNP Dictaphone NNP Corp. VBD was FW caught FW off FW guard

    FW in FW 1974 FW when FW its FW main FW competitor FW , FW Lanier FW Office FW Products FW of FW Japan FW , FW introduced FW a FW microcassette FW dictation FW recorder PDT half DT the NN size IN of FW standard FW cassette FW devices . . <s> <s> NN Blocked IN by FW patent FW protection FW from FW following FW suit FW , FW Dictaphone FW decided TO to VB go DT a NN step RBR further CC and VB cut DT the NN cassette IN in PDT half SYM again : -RB down TO to DT the NN length IN of DT a NN paperclip . . <s> <s> . By

    -RRB- 1979 , , FW designers FW and FW engineers FW at FW Dictaphone FW , FW a FW Pitney FW Bowes FW subsidiary FW , FW had FW produced FW a FW working FW model IN of DT a `` `` FW picocassette FW '' FW recorder . . <s> <s> CD By CD 1982 , , RB however , , DT the NN patent NN status IN of DT the FW Lanier FW microcassette FW had FW changed FW , FW permitting FW Dictaphone FW to FW develop FW its FW own FW competitive FW micro FW system , , WDT which PRP it VBD did . . <s> <s> NN Marketing CC and FW sales FW departments

    FW then FW urged FW abandonment FW of FW the FW pico FW project . . <s> <s> JJ But NNS others VBD said PRP pico MD should VB proceed . . <s> <s> NN Both VBD were RB right . . <s> <s> NN Dictaphone VBD went RB ahead CC and VBD introduced DT the NN pico IN in CD 1985 , , CC but PRP it VBZ has RB n't VBN sold RB well . . <s> <s> DT To NN date , , VBZ says UH Emil UH Jachmann , , DT a JJS Dictaphone NN vice NN president , , PRP it VBZ has `` `` FW broken FW even FW or FW shown FW a

    FW small FW loss . . '' '' <s> <s> NN Nevertheless , , DT the NN device VBZ has VBN been RP successful IN in JJ other NNS ways . . <s> <s> FW It FW helped FW Dictaphone FW attract FW better FW engineers , , CC and PRP it VBD provided JJ new NN technology IN for JJ other NN company NNS products . . <s> <s> FW The FW picocassette FW recorder FW also FW helped PDT transform DT the NN company POS 's FW reputation FW from FW follower FW to FW leading-edge FW innovator . . <s> <s> FW `` FW It FW gave FW me FW great FW pride TO to VB see

    DT the NN inventor IN of DT the FW microcassette FW in FW Japan FW look FW at FW the FW pico FW and FW shake FW his FW head FW and FW say FW ` FW unbelievable , , '' ' '' '' VBZ says NNP Mr. -RRB- Jachmann . . <s> <s> NNP Dictaphone POS 's FW picocassette FW recorder FW is FW one FW of FW 13 FW case FW studies FW in FW the FW TRIAD FW Design FW Project FW , FW sponsored FW by FW the FW Design FW Management FW Institute FW of FW Boston FW and FW Harvard FW Business FW School . . <s> <s> JJ The NNS studies VBP are

    IN on NN exhibit IN at PDT Harvard DT this NN month CC and MD will VB travel TO to NNP Chicago POS 's JJS Institute IN of NNP Design CC and DT the NNP University IN of NNP California IN at NNP Berkeley . . <s> <s> FW A FW Rake FW 's FW Progress FW Means FW Branching FW Out <s> <s> FW ONE FW DAY FW Carl FW Barrett FW of FW Mobile FW , FW Ala. FW , FW was FW raking FW some FW sycamore FW leaves , , CC but DT the FW rake FW kept FW riding RP up IN over DT the NN piles . . <s> <s> . The '' harder

    PRP he VBD tried TO to FW push FW them FW into FW large FW piles , , DT the `` closer PRP he VBD came TO to VB breaking DT the FW rake FW and FW straining FW his FW back . . <s> <s> NNP So NNP Mr. NNP Barrett , , RB then NN vice NN president IN of DT the FW Alabama FW Steamship FW Association FW , FW took FW a FW steel-toothed FW garden FW rake FW and FW taped PRP it TO to DT the NN underside IN of DT a FW leaf FW rake FW about FW nine FW inches RP up . . <s> <s> FW His FW crude FW device

    FW worked FW : FW The FW lower FW teeth FW gathered FW the FW leaves FW into FW a FW pile , , IN while DT the JJR higher , , WP$ harder LS teeth PDT moved DT the NN top IN of DT the NN pile . . <s> <s> FW Now FW incorporated FW into FW a FW polypropylene FW rake , , DT the RBS four-inch UH prongs , , CC or `` `` UH wonderbars , , '' '' RB also VBP are VBN supposed TO to VB aid IN in VBG picking RP up LS leaves . . <s> <s> DT One NN customer , , WP$ Donald UH Blaggs UH of UH Mobile

    , , VBZ says DT the FW Barrett FW Rake FW allowed FW him FW to FW do FW his FW lawn FW in FW 2 FW 1\/2 FW hours FW , FW two FW hours FW less FW than FW usual . . <s> <s> FW But FW other FW rake FW makers FW have FW their FW doubts . . <s> <s> . Richard -RRB- Mason , , NN president IN of FW Ames FW Co. FW in FW Parkersburg FW , FW W. FW Va. , , VBZ says DT the FW Barrett FW rake FW `` FW makes FW sense , , '' '' CC but PRP it MD would VB be `` `` UH tough

    '' '' TO to VB explain TO to NNS consumers . . <s> <s> . John -RRB- Stoner , , FW marketing FW director FW for FW True FW Temper NNP Corp. , , DT a NN subsidiary IN of NNP Black CC & NNP Decker , , VBZ says NNS people VBP do RB n't VBP want TO to VB move DT a RBS leaf LS pile . . <s> <s> IN `` PRP They MD either VB pick PRP it RP up , , '' '' PRP he VBZ says , , `` `` CC or PRP they VBP start VBG pulling IN from DT a JJ fresh NN direction . . '' '' <s> <s> NN Odds

    CC and EX Ends <s> <s> FW NO FW MORE FW STUBBED FW toes FW or FW bruised FW shins FW , FW promises FW Geste FW Corp. FW of FW Goshen , , NNP Ind. , , DT the NN designer IN of DT a FW bed FW support FW to FW replace FW traditional FW frames . . <s> <s> . Four -RRB- tubular : steel `` `` UH Bedfellows , , '' '' VBZ each RB roughly IN in DT the NN shape IN of DT a `` `` UH W , , '' '' VBP are VBN attached TO to DT the NN bottom IN of DT the FW box FW spring FW in FW a

    FW recessed FW position FW ... . . <s> <s> DT Nearly NN half IN of NNP U.S. NNS consumers VBP say PRP they MD 'll VB pay RP up TO to CD 5 NN % RBR more IN for NN packaging WDT that MD can VB be UH recycled UH or UH is UH biodegradable , , VBG according TO to DT a NN survey VBD commissioned IN by DT the NNP Michael NNP Peters NNP Group , , DT a NN design NN consultant . . <s> <s> . The '' Pentagon VBZ is DT a JJS haunted NN house . . <s> <s> `` Living EX there FW for FW six FW years FW was FW really

    FW scary . . <s> <s> . The '' ghosts IN of DT the FW past FW are FW everywhere FW : FW They FW are FW kept FW at FW bay FW only FW by FW feeding FW them FW vast FW quantities FW of FW our FW defense FW budget . . <s> <s> NN Some MD can VB be VBN bought RP off LS relatively LS cheaply . . <s> <s> IN During DT the FW Korean FW War FW , FW Gen. FW Douglas FW MacArthur FW demanded FW and FW got , , IN in NN addition TO to PRP$ his FW U.N. FW command FW in FW Korea FW , FW his FW own

    FW naval FW command FW in FW Japan FW , FW NavforJapan . . <s> <s> . Those UH obsolete UH operations UH cost JJR less IN than $ $ CD 2 CD billion DT a NN year , , CC and FW keep FW Mac FW 's FW ghost FW quiet . . <s> <s> NNP That POS 's FW about FW all FW it FW costs FW to FW appease FW Adm. FW Erich FW Raeder FW 's FW ghost . . <s> <s> . In -RRB- 1941 , , '' Raeder CC and DT the FW German FW navy FW threatened FW to FW attack FW the FW Panama FW Canal FW , FW so FW we

    FW created FW the FW Southern FW Command FW in FW Panama . . <s> <s> FW The FW Southern FW Command FW has FW grown FW even FW bigger FW since FW the FW war FW because FW Raeder FW 's FW ghost FW sometimes FW runs FW through FW the FW E FW ring FW dressed FW like FW Gen. FW Noriega . . <s> <s> FW The FW Command FW 's FW huge FW bureaucracy FW is FW needed FW to FW analyze FW whether FW leaders FW of FW coups FW against FW Gen. FW Noriega FW meet FW the FW War FW Powers FW Act FW 's FW six FW points FW , FW Cap

    FW Weinberger FW 's FW seven FW points , , DT the FW Intelligence FW Committee FW 's FW 32 FW points FW and FW Woodrow FW Wilson FW 's FW 14 FW points FW necessary FW to FW justify FW U.S. FW support . . <s> <s> VBZ So RB far DT no NN one VBZ has . . <s> <s> . The '' ghost IN of DT the FW Soviet FW brigade FW discovered FW in FW Cuba FW back FW in FW the FW '70s FW costs FW just FW a FW few FW hundred SYM million : : DT the NN price IN of DT the FW Caribbean FW Command FW in FW Key FW West

    FW that FW President FW Carter FW created FW in FW 1980 . . <s> <s> . The '' brigade VBZ has RB n't VBN been VBN heard IN from NNP since , , CC but PRP we VB keep DT the NN staff IN around RB just IN in NN case . . <s> <s> NNP George NNP Marshall POS 's NN ghost VBZ is RB much RBR more JJ difficult TO to VB keep RP happy . . <s> <s> TO We VB keep DT a NN lot IN of FW shrines FW to FW him FW around FW the FW Pentagon FW : FW statues FW , FW busts , , '' relics CC and JJ such

    . . <s> <s> . The '' Army NN headquarters IN on DT the JJ third NN deck IN of DT the RBS Pentagon VBN used TO to VB burn DT a NN lot IN of VBG incense TO to PRP him , , CC but DT the FW Navy FW headquarters FW on FW the FW fourth FW deck FW made FW them FW stop FW it . . <s> <s> TO You VB see , , WDT Marshall VBD had DT this NN thing IN about DT the NNP Navy CC and DT the SYM Marines : -PRP he VBD wanted TO to VB make DT them NN part IN of DT the NNP Army CC but

    NNP Secretary IN of DT the FW Navy FW James FW Forrestal FW blocked FW him . . <s> <s> IN Now PRP$ his NN ghost MD wo RB n't VB let RP up WRB till PRP it VBZ 's VBN done . . <s> <s> FW To FW keep FW him FW quiet FW we FW invent FW a FW new FW unified FW command FW every NN year CC or RB so VBN run IN by DT the NNP Army CC or DT the NNP Air NNP Force CC and VB put JJR more IN of DT the NNP Navy CC and JJR Marines IN under PRP it . . <s> <s> FW But FW we FW still

    FW hear FW him FW moaning FW at FW night FW because FW the FW Navy FW has FW a FW few FW ships FW left , , CC and TO to FW satisfy FW him FW the FW Navy FW 's FW sea FW lift FW forces FW were FW given FW to FW a FW new FW Air FW Force FW bureaucracy FW in FW Illinois FW , FW its FW space FW operations FW to FW another FW command FW in FW Colorado , , DT the FW frogmen FW to FW a FW new FW Army FW bureaucracy FW in FW Fort FW Bragg , , CC and DT the NNP Navy POS 's FW Indian

    FW Ocean FW and FW Persian FW Gulf FW forces FW to FW an FW Army FW bureaucracy FW in FW Florida . . <s> <s> TO Which VB brings RP up DT the FW worst FW and FW meanest FW ghost FW of SYM all : -DT the NN ghost IN of DT the NN shah IN of NNP Iran . . <s> <s> IN When DT the FW shah FW died FW , FW President FW Carter FW was FW so FW scared FW that FW the FW shah FW 's FW ghost FW would FW blame FW him FW for FW shoving FW him RP out TO to VB make NN way IN for DT the

    NN ayatollah IN that PRP he VBD declared DT the RBS Carter LS Doctrine . . <s> <s> . Mr. '' Carter VBD said PRP he MD would VB go TO to VB war TO to VB stop RP anyone IN from VBG trying TO to # grab LS Iran . . <s> <s> NN But IN that PRP ghost MD would RB n't VB settle IN for NNS words , , PRP he VBD wanted NN money CC and NNS people : -LS lots . . <s> <s> NNP So NNP Mr. FW Carter FW formed FW three FW new FW Army FW divisions FW and FW gave FW them FW to FW a FW new FW bureaucracy

    FW in FW Tampa FW called FW the FW Rapid FW Deployment FW Force . . <s> <s> , But WDT that FW ghost FW was FW n't FW fooled FW ; FW he FW knew FW the FW RDF FW was FW neither FW rapid FW nor FW deployable FW nor FW a FW force FW -FW even FW though FW it FW cost $ $ CD 8 CD billion CC or $ $ CD 10 CD billion DT a NN year . . <s> <s> NNP After NNP Mr. NNP Carter VBD was VBN defeated IN in CD 1980 , , DT the FW shah FW 's FW ghost FW claimed FW the FW credit FW and

    FW then FW went FW after FW President FW Reagan FW and FW Cap FW Weinberger . . <s> <s> . I '' saw WP what PRP he VBD did TO to # them LS firsthand . . <s> <s> FW It FW made FW my FW shoelaces FW dance FW with FW terror . . <s> <s> NN Why , , PRP he VBD used TO to FW lay FW in FW wait FW for FW Cap FW ; FW suddenly FW he FW 'd FW leap FW from FW behind FW some FW statue FW of FW Marshall FW onto FW Cap FW 's FW chest FW and FW grab FW him FW by FW the FW throat

    FW and FW choke FW him FW till FW he FW coughed FW up FW an FW additional $ $ CD 2 CD billion CC or RB so . . <s> <s> NN Cap VBD added CD four JJR more NNS divisions TO to DT the NNP Army , , FW two FW active FW and FW two FW reserve FW ; FW two FW carrier FW groups TO to DT the NNP Navy : ; DT a NN division : -LS equivalent TO to DT the SYM Marines : ; CC and DT the FW C-5B FW , FW KC-10 FW , FW C-17 FW and FW a FW thousand FW tactical FW aircraft TO to DT the

    NNP Air NNP Force . . <s> <s> NN He VBD bought $ $ CD 4 CD billion IN in PRP$ prepositioning NNS ships CC and $ $ CD 7 CD billion IN in NNP ammo CC and NN equipment TO to VB fill PRP them , , CC and WRB parked PRP them IN at DT a JJ new $ $ CD 6 CD billion NN base IN at # Diego SYM Garcia IN in DT the NN middle IN of DT the RBS Indian LS Ocean . . <s> <s> . He UH dedicated PDT all DT these JJ new NNS forces TO to DT the RBS Persian LS Gulf . . <s> <s> FW One FW night

    FW both FW Marshall FW 's FW ghost FW and FW the FW shah FW 's FW ghost FW together FW caught FW Cap FW and FW threw FW him TO to DT the NN ground . . <s> <s> FW Before FW they FW let FW him FW go FW he FW added FW a FW thousand FW bureaucrats FW to FW the FW RDF FW in FW Tampa FW and FW renamed FW it FW Central FW Command . . <s> <s> FW He FW gave FW those FW bureaucrats FW charge FW of FW all FW naval FW operations FW in FW the FW Persian FW Gulf FW and FW Indian FW Ocean . . <s> <s>

    . Marshall '' figured PRP it MD would VB be JJ good NN training IN for # those SYM soldiers : -LS someday LS maybe PRP they MD would VB get DT the JJ whole NNS Navy . . <s> <s> FW They FW had FW fun FW moving FW the FW carriers FW around , , CC but PRP it VBD turned RP out IN that PRP they VBD had FW forgotten FW all FW about FW mine FW sweepers . . <s> <s> IN But DT the FW shah FW still FW kept FW leaping FW out FW at FW Cap FW , FW so FW Cap FW bought FW a FW hundred FW merchant FW ships

    RBR more CC and $ $ CD 7 CD billion IN of FW loading FW barges FW , FW ramps FW , FW etc. FW , FW in FW order FW that FW those FW seven FW new FW Army FW divisions FW and FW three FW Marine FW brigades FW could FW unload FW from PDT all DT those JJ new NNS ships CC and NN aircraft CC and VB go TO to VB war IN in DT the RBS Zagros LS mountains . . <s> <s> FW Then FW suddenly FW Ike FW 's FW ghost FW came TO to VB visit CC and VBD said , , `` `` FW What FW the FW hell FW are

    FW you FW doing FW planning FW for FW a FW land FW war FW in FW Asia FW 12,000 FW miles FW away FW ? <s> <s> NN We MD 'd VB get PRP$ our FW asses FW kicked . . '' '' <s> <s> NN Lucky IN for FW Cap FW , FW Ike FW was FW easygoing FW and FW soon FW went FW away , , IN while DT the SYM shah : -PRP he VBD kept VBG coming RP back . . <s> <s> IN So DT the NNP U.S. VBD found PRP itself VBP paying IN about $ $ CD 2 CD billion IN in FW baksheesh FW to FW various FW Arab

    FW potentates FW for FW basing FW rights FW around FW the FW Indian FW Ocean . . <s> <s> FW We FW had FW great FW success FW in FW Somalia . . <s> <s> . But '' then PRP it VBD turned RP out IN that FW President FW Siad FW Barrah FW was FW not FW at FW all FW a FW nice FW person FW and FW the FW Navy FW pointed RP out IN that DT the FW base FW he FW promised FW us FW in FW Berbera FW had FW silted FW up FW about FW a FW hundred FW years FW ago FW and FW anyway FW was FW 1,244 FW miles

    IN from DT the NN mouth IN of DT the NNP Gulf . . <s> <s> NN -LRBCC But WP who VBZ 's VBN counting . . -RRB- -RRB<s> <s> NN Still , , WDT Berbera VBD was DT the JJS best PRP we MD could VB get , , FW so FW we FW stay FW in FW bed FW with FW President FW Barrah . . <s> <s> FW All FW these FW reports FW about FW him FW committing FW genocide FW are FW probably FW exaggerated FW anyway . . <s> <s> NN But MD would RB n't PRP you VBP know , , RB now IN that PRP we VBP are VBG spending

    RP jillions IN of NNS dollars , , CC and VBP have VBN built DT those JJ new NNS divisions CC and JJ new NN air NNS wings , , CC and VBP have FW positioned FW all FW these FW ships FW and FW supplies FW to FW fight FW the FW Russians FW in FW Iran , , DT the RBS Russians UH seem TO to VB have VBN lost NN interest IN in DT the JJ whole NN subject . . <s> <s> NN Meanwhile , , FW Congress FW is FW cutting FW huge FW chunks RP out IN of DT the NN rest IN of DT the NN defense NN budget . . <s> <s>

    NN Predictably , , DT some RBS Navy LS guys SYM said : : `` `` FW Do FW we FW still FW need FW to FW keep FW all FW 18 FW Army FW divisions FW on FW active FW duty FW and FW all FW those FW extra FW land-based FW aircraft FW without FW bases FW and FW all FW those FW Army FW guys FW playing FW admiral FW in FW Tampa FW ? <s> <s> VBZ Could RB n't PRP we VBD save $ $ CD 20 CD billion CC or $ $ CD 30 CD billion DT a NN year IN by PDT shifting DT that NN stuff TO to DT the NNS reserves

    . ? <s> <s> , And WRB why RB not VB save DT the NNS costs IN of DT a FW thousand FW bureaucrats FW by FW abolishing FW Central FW Command FW and FW putting FW responsibility FW for FW Gulf FW naval FW operations FW back FW where FW it FW belongs FW , FW afloat FW with FW the FW task FW force FW commander IN in DT the NNP Gulf . ? <s> <s> . And '' where VBD were PDT all FW our FW handsomely FW paid FW Indian FW Ocean FW allies FW last FW year FW when FW our FW convoys FW were FW being FW attacked . ? '' '' <s> <s>

    NN Questions IN like DT that FW really FW stir FW up FW Marshall FW 's FW ghost . . <s> <s> . He UH appeared # late CD one NN night IN in DT the NN bedroom IN of DT the JJ new NN defense NN secretary , , WP$ Dick LS Cheney . . <s> <s> FW Marshall FW came FW clanking FW in FW like FW Marley FW 's FW ghost FW dragging FW those FW chains FW of FW brigades FW and FW air FW wings FW and FW links FW with FW Arab FW despots . . <s> <s> NN He MD would RB n't FW leave FW until FW Mr. FW Cheney FW promised

    FW to FW do FW whatever FW the FW Pentagon FW systems FW analysts FW told FW him . . <s> <s> FW So FW next FW day FW Mr. FW Cheney FW went FW out FW and FW did FW just FW that FW : FW He FW canceled FW the FW 600-ship FW Navy FW and FW cut FW back FW one FW carrier FW and FW 20 FW frigates . . <s> <s> IN Then PRP he VBD canceled NN production IN of DT the NNP Navy POS 's JJS most UH important UH carrier UH aircraft , , DT the NN F-14 CC and DT the NN A-6 . . <s> <s> IN On DT the

    JJ other NN hand , , NNP Mr. FW Cheney FW retained FW all FW those FW new FW land FW forces . . <s> <s> NNP Marshall POS 's NN ghost VBZ is VBN satisfied IN for RB now , , CC but PRP he MD 'll VB be RP back . . <s> <s> NN What IN with FW Halloween FW coming FW and FW bigger FW defense FW cuts FW looming , , JJR more CC and JJR more FW Pentagon FW bureaucrats FW are FW crawling FW under FW their FW desks . . <s> <s> TO They VB know IN that PRP they MD can VB hold RP off DT the FW ghosts FW only

    FW a FW little FW while FW longer FW by FW cutting FW carriers FW and FW ships . . <s> <s> IN Then DT the JJ whole NN thing MD will VB start TO to VB collapse , , RB just IN as PRP it VBD did IN in DT the NNS 1970s , , CC and DT the NN ghosts CC and EX banshees MD will VB be RP howling IN through DT the FW place FW turning FW people FW 's FW hair FW white . . <s> <s> FW Gives FW me FW the FW willies FW just FW thinking FW about FW it . . <s> <s> NNP Mr. NNP Lehman , , DT a

    FW Reagan FW Navy FW secretary , , VBZ is DT a NN managing NN director IN of NNP PaineWebber . . <s> <s> FW The FW metal FW and FW marble FW lobby FW of FW CenTrust FW Bank FW 's FW headquarters FW is FW grander FW than FW your FW average FW savings FW and FW loan . . <s> <s> CD For CD one NN thing , , EX there VBZ is DT an JJ old NN master IN on DT the NN wall : -`` `` UH Samuel UH Anointing UH David , , '' '' FW a FW big FW baroque FW canvas FW painted FW by FW Mattia FW Preti FW ,

    FW a FW 17th-century FW Neapolitan . . <s> <s> IN At DT the NN moment , , RB however , , DT the NN painting VBZ is DT a JJ nagging NN reminder IN of DT the NNS problems WDT that VBP have LS engulfed -RRB- CenTrust CC and PRP$ its JJ flamboyant NN chairman CC and JJ chief NN executive , , NNP David NNP L. NNP Paul . . <s> <s> IN In DT an FW international FW buying FW spree FW that FW began FW barely FW two FW years FW ago FW , FW Mr. FW Paul FW amassed FW a FW collection FW of FW about FW 30 FW pre-18th-century FW works , ,

    VBG including DT the NN Preti , , IN at DT a JJ total NN cost IN of $ $ CD 28 CD million . . <s> <s> . By UH midnight UH Oct. UH 6 , , DT all IN of DT the NNS paintings VBD were VBN supposed TO to VB have VBN been VBN sold RP off , , IN under NNS orders IN from NNP Florida POS 's NN comptroller , , WP$ whose LS office PDT regulates DT the NN state POS 's LS S&Ls . . <s> <s> NN CenTrust VBD did RB n't VB meet DT the NN deadline . . <s> <s> . The '' collection VBD was IN at DT the

    NN heart IN of DT a FW grandiose FW plan NNP Mr. NNP Paul VBD had IN in WDT which DT the NN art VBD was TO to VB do PDT double SYM duty : -IN as DT an NN investment IN for NNP CenTrust CC and RB as VBN decoration IN for DT the NN S&L POS 's FW new FW office FW tower FW , FW designed FW by FW I.M. FW Pei . . <s> <s> . The '' rub VBZ is IN that DT the $ $ CD 28 CD million VBD was VBN plucked IN from DT the NNS funds IN of DT this FW federally FW insured FW institution FW even FW as

    FW CenTrust FW was FW losing FW money FW hand FW over FW fist . . <s> <s> NNP Mr. NNP Paul VBD had DT no NN right TO to VB buy RP art IN for DT the NN S&L IN in DT the JJ first NN place : -PRP it VBZ is RB n't IN on DT the NN comptroller POS 's `` `` FW permissible FW '' FW list FW -FW without FW seeking FW a FW special FW dispensation , , WDT which PRP he VBD did RB not VBP do . . <s> <s> , Besides WDT that , , DT some IN of DT the NNS paintings WDT that VBD were TO to

    VB grace DT the FW walls FW of FW CenTrust FW actually FW ended FW up FW hanging IN in DT the NN chairman POS 's NN estate IN on FW La FW Gorce FW Isle FW off FW Miami FW Beach . . <s> <s> DT Last NN spring , , DT the NN comptroller POS 's NN office VBD called DT a NN halt TO to NNP Mr. NNP Paul POS 's UH fling , , WP$ giving # him CD six NNS months TO to VB sell DT the NNS paintings . . <s> <s> JJ The NNS acquisitions , , NNS officials VBD said IN in DT a NN letter TO to NNP Mr. NNP Paul

    , , VBD were `` `` FW unsafe FW , FW unsound FW and FW unauthorized . . '' '' <s> <s> VBZ So RB far , , NNP Mr. NNP Paul VBZ has VBN unloaded CC but CD three IN of PRP$ his UH masterpieces , , PRP he MD wo RB n't VBP say TO to VB whom . . <s> <s> DT The NN comptroller POS 's NN office VBZ says PRP it VBZ is `` `` PDT monitoring DT the NN situation . . '' '' <s> <s> IN Though DT the NN agency MD could VB remove NNP Mr. NNP Paul , , PRP it VBZ has DT no JJ current NN intention TO to

    VB do IN that . . <s> <s> IN `` PRP It VBZ 's RB not IN like VBG selling UH Chevrolets , , '' '' NNP Mr. NNP Paul VBZ says , , IN as PRP he VBZ takes DT a NN drag IN on DT a FW goldbanded FW St. FW Moritz FW cigarette . . <s> <s> IN `` DT The JJ last CD six NNS months VBZ has VBN established DT the NN quality IN of DT the NN collection . . <s> <s> NNP There POS 's FW no FW fire FW sale FW here . . '' '' <s> <s> NNP Despite NNP Mr. NNP Paul POS 's UH characteristic UH hauteur , ,

    DT the FW 50-year-old FW , FW chain-smoking FW dynamo FW is FW finding FW that FW getting SYM CenTrust : -NNP Florida POS 's JJS largest LS thrift SYM institution : -RB out IN of PRP$ its FW riskiest FW investments FW is FW much FW tougher FW than FW getting FW into PRP them VBD had VBN been . . <s> <s> NNS Paintings VBP are RB just NN part IN of DT the NN picture . . <s> <s> NNP Although NNP Mr. NNP Paul VBZ has PDT pared DT a $ $ CD 1.35 CD billion NN junk-bond NN portfolio TO to JJR less IN than $ $ CD 900 CD million IN since

    NNP April , , DT the JJ high-yield NN debt NN market VBZ has VBN plummeted . . <s> <s> . Divesting '' itself IN of WP what VBZ is VBN left , , RB as VBZ is VBN required IN of PDT all FW thrift FW institutions FW by FW July FW 1994 FW under FW the FW new FW federal FW S&L FW bailout FW law FW , FW may FW well FW prove FW difficult . . <s> <s> . And '' CenTrust VBZ has JJ other NNS problems . . <s> <s> FW Late FW last FW week FW federal FW regulators FW ordered FW the FW thrift FW institution FW to FW stop FW paying

    FW dividends FW on FW its FW preferred FW stock FW -FW a FW move FW that FW suggests FW deep FW concern FW about FW an FW institution . . <s> <s> . Mr. '' Paul VBZ has DT a NN plan TO to VB bring IN in $ $ CD 150 CD million IN by VBG selling RP off FW 63 FW of FW CenTrust FW 's FW 71 FW branches , , CC but PRP it VBZ has RB yet TO to VB be VBN approved IN by NNS regulators . . <s> <s> NN It VBZ is NNP Mr. NNP Paul POS 's NN art NN venture , , RB however , , WDT that

    VBZ has VBN drawn DT the JJS most NN attention IN from NNS investors CC and NNS regulators , , RB not TO to VB mention RP galleries IN throughout DT the NN world . . <s> <s> . Embittered '' shareholders -LRB- -LRBFW some FW of FW whom FW are FW suing -RRB- -RRBVBP say DT the NN chairman CC and PRP$ his FW collection FW epitomize FW the FW excesses FW of FW speculation FW that FW set FW off FW the FW national FW S&L FW crisis . . <s> <s> . -LRB'' CenTrust NNS shares VBP have VBN fallen RB sharply IN in NN price IN from DT a JJ high IN of

    $ $ CD 15.125 IN in CD 1986 TO to VB close NN yesterday IN at $ $ CD 2.875 . . -RRB- -RRB<s> <s> JJ Gallery NNS directors , , RB meanwhile , , VBP say NNP Mr. NNP Paul CC and NNS others IN of PRP$ his FW ilk FW have FW left FW an FW indelible FW mark FW on FW the FW art SYM world : -CC and RB not IN for DT the RBR better . . <s> <s> NNS Collectors VBP do RB n't VBP say `` `` PRP It VBZ 's DT a FW van FW Gogh FW '' FW anymore FW , FW laments FW Harry FW Brooks , ,

    DT the NN president IN of NNP Wildenstein CC & NNP Co. , , DT a NNP New NNP York -RRB- gallery . . <s> <s> IN `` PRP They VBP say , , `` ` FW Johnny FW Payson FW got $ $ CD 53 CD million IN for PRP$ his , , RB so RB certainly $ $ CD 10 CD million VBZ is RB n't RB too RB much IN for NN mine . . '' ' <s> <s> FW The FW great FW collectors FW we FW depended FW on FW , FW such FW as FW Paul FW Mellon FW or FW Norton FW Simon FW , FW have FW stopped FW buying , ,

    CC and DT the JJ new NNS buyers VBP are JJ brilliant NNS men WP who VBD made NN money IN in DT the NN stock NN market CC or IN in FW takeovers FW and FW rushed FW into FW collecting FW ... . . '' '' <s> <s> . Mr. -RRB- Payson , , DT an FW art FW dealer FW and FW collector FW , FW sold FW Vincent FW van FW Gogh POS 's `` `` UH Irises '' '' IN at DT a NNP Sotheby POS 's NN auction IN in FW November FW 1987 FW to FW Australian FW businessman FW Alan FW Bond . . <s> <s> . -LRB'' Trouble VBZ is

    , , NNP Mr. NNP Bond VBZ has RB yet TO to VB pay RP up , , CC and IN until PRP he VBZ does , , NNP Sotheby POS 's VBZ has DT the FW painting FW under FW lock FW and FW key . . -RRB- -RRB<s> <s> NNP When NNP Mr. NNP Paul VBD moved IN in IN on DT the NN art NN market , , PRP he VBP let PRP it VB be VBN known IN that FW virtually FW no FW piece FW was FW too FW costly TO to VB be VBN considered IN by NNS CenTrust . . <s> <s> FW He FW established FW his FW reputation FW as

    FW a FW freespender FW in FW January JJ last NN year IN at NNP Sotheby POS 's NN auction IN of DT the FW Linda FW and FW Gerald FW Guterman FW collection FW in NNP New NNP York . . <s> <s> NN There , , IN on CD one IN of PRP$ his FW first FW shopping FW trips FW , FW Mr. FW Paul FW picked FW up FW several FW paintings FW at FW stunning FW prices . . <s> <s> . He -LRB- paid $ $ CD 2.2 CD million , , IN for NN instance , , IN for DT a FW still FW life FW by FW Jan FW Jansz. FW den

    FW Uyl WDT that VBD was VBN expected TO to VB fetch RB perhaps $ $ CD 700,000 . . <s> <s> DT The NN price WDT paid VBD was DT a NN record IN for DT the NN artist . . <s> <s> IN -LRBDT Some JJS 64 NN % IN of NNS items VBN offered IN at DT the FW Guterman FW auction FW were FW sold , , IN at DT an JJ average NN price IN of $ $ CD 343,333 . . <s> <s> . The '' rest VBD were VBN withdrawn IN for NN lack IN of JJ acceptable NNS bids . . -RRB- -RRB<s> <s> NN Afterward , , NNP Mr.

    NNP Paul VBZ is VBN said IN by NNP Mr. VBD Guterman TO to VB have UH phoned UH Mr. UH Guterman , , DT the NNP New NNP York , developer VBG selling DT the NN collection , , CC and RBR gloated . . <s> <s> IN `` PRP He VBZ says PRP he `` ` UH stole UH them , , '' ' '' '' VBZ recalls NNP Mr. -RRB- Guterman . . <s> <s> NN `` CC And PRP he VBZ tells PRP me , , `` ` IN If PRP you VBP want TO to VB see PRP$ your NNS paintings , , PRP you MD 'll VB have TO to VB come TO to

    PRP$ my NN house IN in NNP Florida . . '' ' '' '' <s> <s> FW Mr. FW Paul FW denies FW phoning FW and FW gloating . . <s> <s> IN `` PRP It VBZ 's RB just RB not JJ true , , '' '' PRP he VBZ says . . <s> <s> FW Mr. FW Paul FW quickly FW became FW more FW aggressive FW in FW his FW collecting , , IN with DT the NN help IN of # George UH Wachter , , DT a NNP Sotheby POS 's NN expert IN in JJ old NNS masters WP whom PRP he VBD met IN at DT an NN exhibition IN of DT the

    JJ Guterman NNS items . . <s> <s> . Mr. -RRB- Wachter , , WP who VBD became PRP$ his FW principal FW adviser FW , FW searched FW galleries FW in FW London FW , FW Paris FW and FW Monaco . . <s> <s> NN And , , VBG according TO to CD one NN dealer , , NNP Mr. FW Wachter FW had FW a FW penchant FW for FW introducing NNP Mr. NNP Paul IN with DT the NN phrase : : `` `` PRP He MD can VB buy NN anything . . '' '' <s> <s> NNP Nicholas NNP Hall , , DT the NN president IN of DT the FW Colnaghi FW U.S.A.

    FW Ltd. FW gallery FW in FW New FW York FW , FW sold FW Mr. FW Paul FW `` FW Abraham FW and FW Sarah FW in FW the FW Wilderness FW '' FW by FW Giovanni FW Battista FW Tiepolo . . <s> <s> . Mr. '' Hall VBZ says NNP Mr. NNP Paul `` `` VBD was VBN known TO to VB spend DT a NN lot IN of NN money . . <s> <s> NN People VBD were VBN interested IN in VBG seeing PRP him , , CC but PRP it VBD was VBN recognized IN that DT the FW route FW was FW through FW Sotheby FW 's FW and FW particularly FW George

    FW Wachter . . '' '' <s> <s> FW Mr. FW Paul FW thus FW developed FW a FW close FW , FW symbiotic FW relationship FW with FW Sotheby FW 's . . <s> <s> NNP Mr. NNP Paul VBD was VBN eager TO to VB assemble DT a NN collection IN for DT the NN headquarters WDT CenTrust VBZ has VBN been VBG moving IN into IN for DT the JJR greater NN part IN of DT a NN year . . <s> <s> NNP Sotheby POS 's , , DT the FW auction FW house FW founded FW in FW London FW 1744 CC and RB now IN under DT the NN umbrella IN of NNP Sotheby

    POS 's NNP Holdings NNP Inc. , , VBD was VBG hoping TO to VB stir RP up NN interest IN in JJ old NNS masters IN as PRP it VBP strove TO to VB build PRP$ its NNP U.S. NN business . . <s> <s> JJ European NNS dealers VBD continued TO to VB dominate DT the NN action IN in JJ old NNS masters , , WDT which FW Sotheby FW 's FW North FW America FW had FW lately FW been FW touting IN in DT this NN country . . <s> <s> DT For JJ several NNS months , , EX there VBD was # optimism PDT all LS around . . <s> <s> NNP Last

    NNP October , , NNP Mr. NNP Paul VBD paid RP out $ $ CD 12 CD million IN of NNP CenTrust POS 's NN cash : -CC plus DT a $ $ CD 1.2 CD million SYM commission : -IN for `` `` FW Portrait FW of FW a FW Man FW as FW Mars . . '' '' <s> <s> . The -RRB- painting , , VBD attributed TO to FW Flemish FW artist FW Peter FW Paul FW Rubens FW , FW was FW purchased FW privately FW through FW Sotheby FW 's , , RB not IN at NN auction . . <s> <s> IN In $ March CD 1989 , , RB just

    CD 15 NNS months IN into PRP$ his NN campaign , , NNP Mr. NNP Paul VBD was VBN named IN by FW Art FW & FW Antiques FW magazine # as CD one IN of DT the FW top FW 100 FW individual FW collectors IN in DT the NNP U.S. . . <s> <s> FW `` FW An FW unknown FW quantity FW to RBS most IN of DT the NN art NN world , , WDT Paul VBZ is DT no NN stranger TO to # lavish UH spending , , '' '' DT the NN magazine VBD said , , VBG noting IN that PRP he VBZ does RB n't FW stop FW at FW paint

    FW on FW canvas FW but FW also FW spends FW big FW on FW art FW you FW can FW eat . . <s> <s> FW `` FW He FW recently FW bid FW $ FW 30,000 FW at FW a FW Paris FW charity FW auction FW for FW a FW dinner FW cooked # by CD six IN of DT the NN world POS 's JJ great NNS chefs , , CC but DT the FW final FW party FW cost FW closer TO to $ $ CD 100,000 . . '' '' <s> <s> NNP -LRBNNP Mr. NNP Paul VBZ says PRP it VBD was RB n't IN that JJ high . . -RRB- -RRB-

    <s> <s> . The '' art PRP collection MD might VB have VBN come TO to VB rival DT the FW Medicis FW ' FW had FW the FW Florida FW comptroller FW 's FW office FW not FW got FW wind FW of FW Mr. FW Paul FW 's FW aesthetic FW adventure . . <s> <s> IN In PRP$ its NN letter TO to PRP him , , FW dated FW March FW 2 FW and FW shared FW with FW reporters FW , FW Alex FW Hager , , DT the NN chief IN of DT the JJS thrift-institution NN bureau IN in DT the NN comptroller POS 's NN office , , WP$ expressed SYM puzzlement

    IN that DT the NN S&L MD could VB be RB so VB profligate WRB when PRP it VBD had VBN reported NNS losses IN of JJR more IN than $ $ CD 13 CD million IN in PRP$ its FW two FW preceding FW quarters . . <s> <s> . The UH state UH gave # CenTrust CD 30 NNS days TO to VB sell DT the NN Rubens . . <s> <s> FW The FW comptroller FW 's FW office FW eventually FW extended FW the FW deadline FW to FW six FW months FW but FW broadened FW its FW demands , , VBG ordering IN that DT the `` `` NN book NN value IN of

    DT the FW collection FW -LCBFW be FW -RCBFW reduced FW to FW zero . . '' '' <s> <s> DT In JJ other NNS words : : LS Get -RRB- rid IN of PDT all DT the NNS pictures . . <s> <s> FW The FW state FW obliquely FW noted FW that FW unsafe FW banking FW practices FW are FW grounds FW for PDT removing DT an NN officer CC or NN director CC and VBD closed IN with DT the NN admonition TO to NNP Mr. NNP Paul : : `` `` FW Govern FW yourself FW accordingly . . '' '' <s> <s> DT The NN state NN agency VBD was RB particularly

    VBN vexed TO to VB learn IN that DT the FW Rubens FW and FW a FW half-dozen FW other FW paintings FW listed PDT among DT the NN bank POS 's `` `` UH furniture UH and UH fixtures , , '' '' VBD were RB actually VBN hanging IN in DT the NN chairman POS 's NN house . . <s> <s> . Mr. '' Paul VBZ says IN that IN at CD one NN point PRP he VBD did RB indeed VB have CD eight CC or CD nine IN of DT the NNS paintings IN at NN home CC and IN that DT the NN rest VBD were IN in NN storage IN at NNP Sotheby

    POS 's . . <s> <s> . He '' explains WDT that PRP he VBD was `` `` FW merely FW storing FW the FW paintings FW at FW home FW -FW with FW some SYM display : -IN because IN of DT the FW special FW dehumidified FW environment FW '' FW required FW for FW their FW safekeeping FW , FW until FW CenTrust POS 's JJ new NN building VBD was VBN ready IN for PRP them . . <s> <s> NN Still , , DT the NN incident VBD was RP embarrassing . . <s> <s> NN It VBD came IN on DT the NNS heels IN of DT a NN number IN of

    FW local FW newspaper FW articles FW suggesting FW that FW Mr. FW Paul FW has FW benefited FW handsomely FW from FW his FW association FW with FW CenTrust . . <s> <s> DT For NN instance , , PRP he VBD got DT a $ $ CD 3 CD million NN loan IN from DT the NN S&L , , VBN negotiated IN at DT a JJS below-market NN rate . . <s> <s> IN He $ owns CD 43 NN % IN of NNP CenTrust POS 's NNS shares . . <s> <s> NN Adding TO to NNP Mr. NNP Paul POS 's NNS problems , , WP$ dealers -LRB- -LRBFW some FW with FW vested

    FW interests FW -RRBFW insist FW that FW he FW , FW relying FW rather FW too FW heavily FW on FW Sotheby FW 's FW advice FW , FW paid FW much FW too FW much FW for FW several FW pieces FW in FW the FW CenTrust FW collection . . <s> <s> IN The $ $ CD 12 CD million -RRB- lavished IN on DT the NN Rubens , , IN for NN example , , VBD was DT a NN record NN price IN for DT the FW artist FW and FW maybe FW twice FW its FW value FW , FW given FW a FW dispute FW among FW scholars FW about FW its

    FW provenance . . <s> <s> . David -RRB- Tunick , , DT the NN president IN of NNP David NNP Tunick NNP Inc. , , DT a NNP New NNP York NNPS gallery , , VBZ says LS scholars PDT question DT the NN authenticity IN of DT the NN Rubens . . <s> <s> NN It MD may VB have VBN been FW painted FW instead FW by FW a FW Rubens FW associate . . <s> <s> IN `` DT The NN feeling IN among JJ many NNS experts IN on DT the JJ commercial NN side VBZ is IN that DT the NN price VBN paid IN at DT the NN time VBD was VBN excessive

    IN in DT any NN event , , '' '' NNP Mr. NNPS Tunick VBZ says . . <s> <s> IN `` PRP It MD sounds VB like IN with DT the `` Rubens PRP he VBD got RB absolutely VBN taken TO to DT the NN cleaners . . '' '' <s> <s> . Victor -RRB- Wiener , , DT the JJ executive NN director IN of DT the FW Appraisers FW Association FW of FW America FW , FW agrees FW that FW Mr. FW Paul FW paid FW very FW dearly FW for FW the FW Rubens FW and FW adds FW that FW getting FW rid FW of FW it FW any FW time FW soon

    FW for FW a FW similar FW sum MD would VB be PDT quite DT a NN feat . . <s> <s> IN `` PRP It VBZ 's RB not FW beyond FW credibility FW the FW Rubens FW will FW someday FW be FW worth $ $ CD 12 CD million , , CC but IN whether PRP it MD could VB be VBN sold IN for DT that NN amount NN tomorrow VBZ remains TO to VB be VBN seen . . '' '' <s> <s> NN Still , , WDT predicting VBZ is VBN tricky . . <s> <s> FW `` FW I FW 'm FW forever FW dumbfounded FW by WP what PRP I VBP see

    VBG making DT these JJ high NNS prices . . '' '' <s> <s> . Jonathan UH H. UH Kress , , DT the NN son IN of DT the NN painting POS 's JJ former NN owner , , WP$ Mrs. UH Rush UH Kress , , WRB dismisses DT the NN price NN talk IN as `` `` UH sour UH grapes . . '' '' <s> <s> . Dealers '' contemptuous IN of DT the NN purchase NN price , , PRP he VBZ says , , VBD were PRP themselves VBP interested IN in VBG buying DT the NN Rubens CC but VBD lost RP out . . <s> <s> NNP Mr. NNP Paul , ,

    IN for PRP$ his NN part , , WRB defends DT the JJS Rubens NN price , , VBG saying DT a NN lot IN of DT the NNS experts VBP have RB never VBN seen DT the NN thing PRP itself . . <s> <s> DT `` JJS Most IN of PRP them VBD were RB n't RB even VBN born DT the JJ last NN time DT the FW painting FW was FW displayed FW publicly , , '' '' PRP he VBZ says . . <s> <s> JJ Art NNS prices VBP are RB skyrocketing , , CC but DT a JJ good NN deal IN of EX legerdemain VBZ is VBN involved IN in PRP$ compiling

    NNS statistics IN on NNS sales . . <s> <s> NNP Salomon NNPS Brothers NNP Inc. , , DT the JJ investment-banking NN firm , , IN in PRP$ its FW annual FW tally FW of FW investment FW returns FW , FW reported FW that FW old FW masters FW appreciated FW 51 NN % IN in DT the NN year VBD ended $ June CD 1 , , DT the JJS greatest NN return IN of DT any IN of CD 13 NNS assets PRP it VBD tracked . . <s> <s> . -LRB'' Impressionist CC and JJ modern NNS paintings , , RB not VBN tracked IN by NNP Salomon , , VBP are RB ranked

    RB even JJR higher IN at DT 74 NN % IN by NNP Sotheby POS 's . . -RRB- -RRB<s> <s> NN Salomon , , FW moreover FW , FW gets FW its FW data FW on FW art FW appreciation FW from FW Sotheby FW 's , , WP$ whose NNS prices VBP go RP up IN with NNS clients IN like NNP Mr. NNP Paul IN in PRP$ its NN thrall . . <s> <s> FW The FW percentages FW omit FW from FW consideration FW the FW many FW paintings FW that FW go FW begging FW at FW auction . . <s> <s> . Art UH indexes UH track UH winners , , RB not

    RBR losers . . <s> <s> . But '' art WDT that VBZ has VBN fallen RB sharply IN in NN value VBZ is RB rarely VB put RP up IN for NN sale . . <s> <s> NN Also , , IN at DT any IN of NNP Sotheby POS 's FW auctions FW of FW old FW masters FW , FW roughly FW one-third TO to VB one-fifth IN of WP what VBZ is VBN offered VBZ does RB n't VB sell IN at DT any NN price . . <s> <s> NN It VBZ 's RB not IN that EX there VBP are RB n't DT any NNS bids , , CC but DT the NNS bids

    VBP do RB n't VB meet DT the JJ minimum `` `` UH reserve '' '' NNS prices VBN set IN by DT the NNS sellers . . <s> <s> NNP In NNP January , , DT the FW Preti FW painting FW that FW now FW hangs FW at FW CenTrust VBD was VBN expected TO to VB bring DT no JJR more IN than $ $ CD 700,000 IN at NN auction IN until NNP Mr. NNP Paul VBD came RP along IN with PRP$ his $ $ CD 1.15 CD million . . <s> <s> . Mr. '' Hall IN of DT the FW Colnaghi FW gallery FW says $ $ CD 1.15 CD million `` ``

    MD would VB have VBN been DT an JJ impossible NN price IN for NN anyone TO to VB ask IN for DT a $ Preti CD four NNS years RB ago . . '' '' <s> <s> NN But IN from PRP$ his UH vantage UH point , , PRP it VBZ is RB n't IN that NNP Mr. NNP Paul , , DT a NN customer IN of PRP$ his RB too , , '' overpaid IN for DT the NN work , , `` `` FW a FW gargantuan FW painting FW by FW an FW artist WP who VBZ is RB not DT a NN household NN word . . '' '' <s> <s> IN -LRB-

    DT The FW painting FW is FW 10 FW feet FW wide FW , FW seven FW feet FW high . . -RRB- -RRB<s> <s> NN Rather , , `` `` FW It FW just FW shows FW things FW have FW changed . . '' '' <s> <s> FW Mr. FW Paul FW boasts FW that FW he FW spotted FW bargains FW in FW old FW masters FW just FW before FW they FW took FW an FW upward FW turn . . <s> <s> IN `` PRP They VBD went RP up PRP$ 51 NN % JJ last NN year , , CC and PRP they MD 'll VB do PRP it RB again DT this

    NN year , , '' '' PRP he VBZ declares . . <s> <s> IN `` PRP They VBD were DT a NN sleeper . . <s> <s> NN Everybody VBD was RP out LS buying LS Monets . . '' '' <s> <s> NNP Sotheby POS 's FW vice FW president FW Diana FW Levitt VBZ says DT the NN auction NN house VBZ has VBN been `` `` UH assisting '' '' NNP Mr. NNP Paul IN in VBG selling DT the NNS paintings . . <s> <s> NN And IN while NNP Sotheby POS 's JJ chief NNS rivals IN in DT the NN art NN world , , WP$ private UH art UH dealers , ,

    `` `` MD wo RB n't VB be RP happy TO to VB hear PRP it , , '' '' PRP she VBZ adds , , `` `` DT a NN number IN of PDT -LCBDT the LS artworks -RRB- -RCBVBP have RB already VBN been VBN sold , , CC and IN at DT a JJ substantial NN profit . . '' '' <s> <s> . Mr. '' Paul VBZ claims TO to VB have VBN sold CD three NNS paintings , , IN at JJR more IN than DT a CD 10 NN % NN profit . . <s> <s> NN That VBZ is RB n't CD 51 NN % , , CC and DT the

    NN claim VBZ is RB n't RBR documented . . <s> <s> FW He FW furthermore FW denies FW that FW he FW relied FW too FW heavily FW on FW Sotheby FW 's FW or FW Mr. FW Wachter . . <s> <s> . Mr. '' Paul VBZ says PRP he VBD had RB not CD one CC but CD four NNS advisers CC and IN that PRP he FW never FW bid FW impulsively . . <s> <s> . After -RRB- all , , PRP he VBD had DT the NN counsel IN of `` `` UH curators IN from DT the RBS most LS reputable -RRB- museums IN in DT the NN world . . '' ''

    <s> <s> NN He VBZ says PRP he VBZ expects TO to VB sell DT the NN collection : -VBG including DT the RBS controversial SYM Rubens : -`` `` UH carefully UH and UH prudently , , RB just IN as PRP it VBD was VBN put RB together . . '' '' <s> <s> NN But IN in # art-world UH parlance , , NNP Mr. NNP Paul POS 's NNS holdings VBP are `` `` UH burnt . . '' '' <s> <s> NN That VBZ is , , PRP he VBZ is VBG being RP compelled TO to VB put PRP them IN on DT the NN market RB too RB soon , ,

    CC and VBZ has RB already VBN gotten NNS offers WDT that VBP are JJR less IN than PRP he VBD paid IN for DT some IN of DT the NN art NNS works . . <s> <s> NN `` IN After DT a JJ few NNS years , , PRP you MD can VB argue EX there VBZ has VBN been JJ natural NN appreciation , , '' '' VBZ says UH Susan UH Theran , , DT the NN publisher IN of FW Leonard FW 's FW Annual FW Price FW Index FW of FW Art FW Auctions . . <s> <s> FW But FW quick FW turnover FW in FW artwork FW is FW `` FW like

    FW pawning FW your SYM jewelry : -PRP you VB end RP up IN with CD 50 NN % . . <s> <s> TO People VB hold RP out CC and VB try TO to VB get DT a NN bargain . . '' '' <s> <s> NNP Sotheby POS 's LS defends -RRB- itself CC and NNP Mr. NNP Paul IN in DT the NN matter . . <s> <s> . Mr. '' Wachter VBZ says NNP Mr. NNP Paul VBD was DT a FW quick FW study FW who FW worked FW intensely FW and FW bought FW the FW best FW pictures FW available IN at DT the NN moment . . <s> <s> . ``

    UH On UH occasion , , PRP he VBD paid DT a JJ high NN price , , '' '' UH Mr. UH Wachter UH concedes , , CC but PRP he VBZ says DT those WP who FW bid FW less FW and FW dropped FW out FW were FW dealers WP who MD would RB then VBP have VBN marked RP up DT the NNS paintings TO to VB resell PRP them IN at DT a NN profit TO to VB collectors . . <s> <s> . Naomi UH Bernhard UH Levinson , , DT a FW fine-arts FW appraiser FW at FW Bernhard FW Associates FW in FW San FW Francisco FW , FW considers FW it

    FW `` FW definite FW conflict FW of FW interest FW for FW an FW auction FW house FW to FW both FW advise FW a FW client FW on FW purchases CC and TO to VB set NN price NNS estimates IN on DT the NNS paintings TO to VB be VBN purchased . . '' '' <s> <s> NNP Sotheby POS 's , , PRP she VBZ says , , VBZ is `` `` FW wearing FW both FW hats . . '' '' <s> <s> IN `` PRP I MD ca RB n't VB see WRB why EX there MD would VB be DT a NN conflict IN of NN interest , , '' '' VBZ says

    NNP Sotheby POS 's FW Ms. FW Levitt . . <s> <s> JJ `` NNS Estimates VBP are VBN based IN on DT the JJ previous NN price IN of EX similar VBZ works VBN sold IN at NN auction CC and JJ current NN market NNS conditions , , CC and VBP are RB not VBN affected IN by DT any NN knowledge IN of WP who DT the JJ potential NN buyer MD could VB be . . '' '' <s> <s> NN Frequently , , FW clients FW express FW interest FW in FW paintings FW but FW do FW n't FW end FW up FW bidding , , PRP she VBZ adds , , `` ``

    RB so PRP we VBP do RB n't VB know WP who DT the JJ potential NN buyer MD will VB be . . '' '' <s> <s> NNP Mr. NNP Paul , , IN in VBG selling RP off PRP$ his NNS paintings , , VBZ is VBG seeking IN at JJS least DT a CD 15 NN % NN return IN on DT the NN bank POS 's NN investment , , RB so RB as TO to VB prove IN that DT the NN venture VBD was RP sound . . <s> <s> . Mr. '' Paul VBZ says IN that PRP he VBZ has VBN feelers RP out IN over JJ much IN of DT the

    NN globe CC and DT that JJ potential NNS buyers IN from RB as RB far RB away IN as NNP Japan CC and EX Italy VBP have PDT examined DT the NN collection . . <s> <s> NN Because IN of DT the NN pressure IN on VBG CenTrust TO to VB sell , , NNS dealers CC and EX collectors VBP have VBN been VBG trying TO to VB get DT the NNS paintings IN at PRP$ bargain-basement NNS prices . . <s> <s> VBZ But RB so RB far , , NNP Mr. NNP Paul CC and PRP$ his NNS advisers VBP are VBG holding RP fast . . <s> <s> DT One NN dealer , ,

    FW Martin FW Zimet FW of FW French FW & NNP Co. IN in NNP New NNP York , , VBZ says PRP he `` `` MD would VB have RP loved TO to VB buy '' '' FW a FW Jan FW Davids FW de FW Heem FW painting IN from DT the NN bank . . <s> <s> IN `` PRP I VBD tried TO to VB steal DT the NN picture : -TO to VB buy PRP it SYM attractively : -CC and -LRB- -LCBNNP Sotheby POS 's -RRB- -RCBMD would RB n't VBP do PRP it . . <s> <s> NN They VBD were RP protecting PRP$ his NNS interests . .

    '' '' <s> <s> NN Meanwhile , , NNP Mr. FW Paul FW and FW CenTrust FW executives FW are FW getting FW squeamish FW about FW opulence . . <s> <s> . Mr. '' Paul VBZ has VBN been RP characterized IN as `` `` DT the FW Great FW Gatsby FW or FW something , , '' '' UH complains UH Karen UH E. UH Brinkman , , DT an JJ executive NN vice NN president IN of NNS CenTrust . . <s> <s> JJ The NNS media , , PRP she VBZ says , , VBP have RP distorted PRP$ his JJ personal NN life . . <s> <s> FW Mr. FW Paul FW nods FW in

    FW agreement . . <s> <s> IN `` PRP I VBP do RB n't VBP think PRP I VBP have DT a NN life NN style WDT that VBZ is , , UH frankly , , WP$ so UH flamboyant , , '' '' PRP he VBZ says . . <s> <s> NN But IN at RB just IN that NN moment , , PRP he VBZ is VBN interrupted IN in PRP$ his NN office IN by DT a FW servant FW in FW tuxedo FW who FW pours FW coffee FW from FW silver FW into FW a FW cup FW of FW china FW and FW dabs FW the FW brim FW with FW linen . .

    <s> <s> . Mr. '' Paul VBZ says , , UH yes , , DT the NN ceiling IN in PRP$ his FW executive FW suite FW is FW gold-leaf FW inlay . . <s> <s> JJ The NNS offices VBP are VBN done IN in FW hardwood FW and FW oriental FW rugs FW , FW leatherbound FW books FW and , , IN of NN course , , DT a $ $ CD 12 CD million -RRB- Rubens . . <s> <s> IN But PRP he VBP implores IN that DT the MD splendor VB be VBN played RP down . . <s> <s> NNS `` VBP Do RB n't VBP say PRP it VBZ 's DT a

    NN gold NN ceiling . . <s> <s> NNS Just VBP say DT the NNS offices VBP are UH tastefully UH appointed , , '' '' PRP he VBZ says . . <s> <s> . `` -RRB- Otherwise , , DT the NNS regulators MD will VB take PRP it IN for NNP decadence , , CC and WRB nowadays EX everything VBZ 's VBN got TO to VB be RP pristine . . '' '' <s> <s> NNS Figures VBP do RB n't VB include NNS taxes CC or NN transaction NNS costs . . <s> <s> FW Companies FW listed FW below FW reported FW quarterly FW profit FW substantially FW different IN from DT the NN average

    IN of NNS analysts POS ' NNS estimates . . <s> <s> JJ The NNS companies VBP are VBN followed IN by IN at JJS least CD three NNS analysts , , CC and VBD had DT a FW minimum FW five-cent FW change FW in FW actual FW earnings FW per FW share . . <s> <s> NN Estimated CC and FW actual FW results FW involving FW losses FW are FW omitted . . <s> <s> FW The FW percent FW difference FW compares FW actual FW profit FW with FW the FW 30-day FW estimate FW where FW at FW least FW three FW analysts FW have FW issues FW forecasts IN in DT the JJ past

    CD 30 NNS days . . <s> <s> NN Otherwise , , JJ actual NN profit VBZ is VBN compared IN with DT the JJ 300-day NN estimate . . <s> <s> NN -LCBIN During PRP$ its JJ centennial NN year , , DT The NNP Wall NNP Street NNP Journal MD will VB report NNS events IN of DT the JJ past NN century WDT that VBP stand RB as VBN milestones IN of JJ American NN business NN history . . -RRB- -RCB<s> <s> . CREATIVE -RRB- ACCOUNTING , , WP$ mostly UH by UH conglomerates , , WP$ forced UH CPAs TO to VB change PRP$ their NN way IN of VBG setting NNS standards

    TO to VB be VBN followed IN by FW corporations FW reporting FW financial FW results FW , FW standards FW that FW had FW become FW all FW too FW flexible . . <s> <s> FW The FW new FW Financial FW Accounting FW Standards FW Board FW -LRBFW FASB -RRB- -RRBVBD was VBN created IN in CD 1972 TO to VB replace DT the FW Accounting FW Principles FW Board FW of FW the FW American FW Institute FW of FW Certified FW Public FW Accountants . . <s> <s> NN All IN of DT the JJ former NN board POS 's FW members FW were FW CPAs FW , FW provoking FW conflict-of-interest FW criticism

    FW because FW they FW were FW writing FW rules FW while FW handling FW clients FW ' FW books IN at DT the JJ same NN time . . <s> <s> DT The JJ new NN board POS 's FW seven-member FW structure FW kept FW four FW CPAs , , CC but DT the NNS others VBD were IN from NN industry CC and NN academia . . <s> <s> . Francis UH M. UH Wheat , , DT a JJ former NNPS Securities CC and NNP Exchange NNP Commission NN member , , VBD headed DT the NN panel WDT that VBD had PDT studied DT the NNS issues IN for DT a NN year CC and

    VBD proposed DT the NN FASB IN on $ March CD 30 , , CD 1972 . . <s> <s> DT The JJ former NN board VBD had VBN produced `` `` FW 21 FW opinions FW and FW 1,000 FW critics '' '' IN in PRP$ its JJ 12-year NN life , , PRP$ its NN chairman VBD had VBN conceded . . <s> <s> . The '' climate VBD was RB right IN for DT the JJ new NNS FASB . . <s> <s> IN In DT the FW late FW 1960s FW some FW CPAs FW failed FW to FW correct FW such FW abuses FW as FW clients FW picking FW permissive FW rules FW that

    FW hyped NNS earnings CC and NN stock NNS prices . . <s> <s> NN And IN in FW November FW 1970 FW Congress FW had FW passed FW a FW special FW act FW to FW overrule FW one FW board FW rule . . <s> <s> NN Also , , NNP James NNP Needham , , DT an RBS SEC UH commissioner , , IN in NNP April NNPS 1972 VBD had VBN warned IN that DT the NN industry MD might VB face DT a `` `` FW federal FW agency FW writing FW accounting FW rules '' '' IN if PRP they VBD rejected DT the JJS FASB NN idea . . <s> <s> NN Keepers

    IN of DT the NNS books , , WP$ dubbed `` `` UH figure UH filberts , , '' '' VBZ loathed DT the NN threat . . <s> <s> . The '' FASB VBD had PRP$ its JJ initial NN meeting IN on $ March CD 28 , , CD 1973 . . <s> <s> IN On $ Dec. CD 13 , , CD 1973 , , PRP it VBD issued PRP$ its FW first FW rule FW ; FW it FW required FW companies FW to FW disclose FW foreign FW currency FW translations FW in FW U.S. FW dollars . . <s> <s> FW The FW FASB FW since FW then FW has FW issued FW 102

    FW rules , , CC and DT some FW still FW rile FW industry . . <s> <s> IN Since $ late CD 1987 , , IN for NN example , , PRP it VBZ has VBN put RP off DT a FW rule FW dealing FW with FW deferred FW income FW taxes FW because IN of DT the JJ continuing NN controversy IN over DT the NN issue . . <s> <s> NNP Amcast NNP Industrial NNP Corp. VBD said PRP it VBZ plans TO to $ repurchase CD 500,000 NNS shares , , CC or IN about CD 7 NN % IN of PRP$ its NNS shares JJ outstanding , , IN in JJ open NN market

    NNS transactions . . <s> <s> FW The FW metal FW products FW concern FW currently FW has FW 7.2 FW million FW common FW shares FW outstanding . . <s> <s> . Amcast '' previously VBD had VBD said PRP it VBD planned TO to VB repurchase NNS shares , , CC but VBD did RB n't VB disclose WRB when CC or WRB how JJ many NNS shares PRP it VBD intended TO to VB buy RP back . . <s> <s> FW The FW company FW named FW Dillon FW Read FW & FW Co. FW as FW its FW exclusive FW agent IN for DT the NN stock POS buy-back NN program . . <s> <s>

    DT A NN seat IN on DT the NNP Chicago NNP Board IN of NNP Trade VBD was VBN sold IN for $ $ CD 390,000 , , RB down $ $ CD 5,000 IN from DT the JJ previous NN sale JJ last NNP Tuesday . . <s> <s> VBZ Seats RB currently VBP are VBN quoted IN at $ $ CD 353,500 NN bid , , $ $ LS 405,000 LS asked . . <s> <s> DT The NN record NN price IN for DT a JJ full NN membership IN on DT the NN exchange VBZ is $ $ CD 550,000 , , WP$ set # Aug. CD 31 , , CD 1987 . . <s> <s>

    . An UH associate UH member UH seat VBD was VBN sold IN for $ $ CD 228,000 , , RB up $ $ CD 8,000 IN from DT the FW previous FW sale FW Oct. FW 4 . . <s> <s> . Associate '' member VBZ seats RB currently VBP are VBN quoted IN at $ $ CD 225,000 NN bid , , $ $ LS 256,000 LS asked . . <s> <s> DT The NN record NN price IN for JJ associate NN membership VBZ is $ $ CD 275,000 , , WP$ set # Aug. CD 30 , , CD 1988 . . <s> <s> NNP CAE NNPS Industries NNP Ltd. VBD said PRP$ its FW Link

    FW Flight FW Simulation FW division FW was PDT awarded DT a NN contract IN by DT the NNP U.S. FW Army FW for FW two FW helicopter FW simulators , , WDT which DT the NN company VBN valued IN at RB as RB much IN as CD 37 CD million JJ Canadian NNS dollars -LRB- -LRB$ US$ CD 31.5 CD million -RRB- -RRB. . <s> <s> NN CAE VBD said DT the JJ fixed NN price IN for DT the JJ first IN of DT the FW AH-64 FW Apache FW combat FW mission FW simulators VBZ is $ C$ CD 19 CD million . . <s> <s> NN It VBZ is VBN scheduled IN for

    NN delivery IN in $ late CD 1991 . . <s> <s> DT The NN price IN of DT the FW second FW simulator FW ranges FW between FW C$ # 16.4 CD million CC and $ C$ CD 18 CD million , , WDT CAE VBD said , , VBG depending IN on WRB when DT the RBS Army PDT exercises PRP$ its NN option . . <s> <s> NN CAE VBZ is DT a FW Toronto-based FW maker FW of FW commercial FW and FW military FW aircraft FW simulators FW and FW training FW equipment . . <s> <s> NNP Helionetics NNP Inc. VBD said PRP it VBD agreed TO to VB team IN with DT a

    NN unit IN of FW Minneapolis-based FW Honeywell FW Inc. FW to FW provide FW power FW amplifiers FW for FW a FW new FW military FW sonar FW system FW being FW proposed FW by FW Honeywell . . <s> <s> DT Total NN value IN of DT the NN contract MD could VB be $ $ CD 100 CD million , , WDT Helionetics VBD said , , CC and NN work IN on DT the NN project MD would VB be IN about # evenly LS divided . . <s> <s> FW As FW previously FW reported FW , FW Helionetics FW emerged FW from FW Chapter FW 11 FW bankruptcy-law FW protection FW in FW February

    . . <s> <s> NNP This NNP Los NNP Angeles NN company CC and PRP$ its FW Union FW Federal FW Savings FW Bank FW subsidiary FW said FW more FW than FW 99 FW % FW of FW their FW 7 FW 1\/4 FW % FW convertible FW subordinated FW debentures FW due FW 2011 FW were FW tendered FW for FW conversion FW into FW UnionFed FW common FW stock . . <s> <s> FW The FW conversion FW increased FW total FW equity FW capital FW by FW about $ $ CD 38.5 CD million TO to DT a NN total IN of $ $ CD 156.8 CD million . . <s> <s> NNP Union NNP Federal

    , , DT a FW federally FW insured FW savings FW bank , , VBZ has $ $ CD 2.4 CD billion IN in NNS assets . . <s> <s> FW David FW D. FW Lung FW was FW appointed FW president FW and FW chief FW operating FW officer FW of FW this FW maker FW of FW building FW materials FW for FW manufactured FW homes FW and FW recreational FW vehicles . . <s> <s> DT As NN president , , NNP Mr. FW Lung FW , FW 42 FW years FW old FW , FW succeeds FW his FW father FW , FW Mervin FW D. FW Lung , , CD 66 , , WP who

    VBD founded DT the NN company IN in CD 1959 . . <s> <s> . Mervin '' Lung VBZ remains NN chairman CC and JJ chief NN executive NN officer . . <s> <s> . David '' Lung VBZ has VBN been IN with # Patrick UH since UH 1970 , , CC and VBZ has VBN served IN as NN vice NN president IN for NN administration CC and NN purchasing IN since CD 1987 . . <s> <s> NNP General NNP Dynamics NNP Services NNP Co. , , DT a NN unit IN of NNP General NNP Dynamics NNP Corp. , , VBD won DT a $ $ FW 48.2 FW million FW Army FW contract FW to

    FW establish FW maintenance FW facilities FW for FW tracked FW vehicles FW in FW Pakistan . . <s> <s> NNP Grumman NNP Corp. VBD was VBN given DT a $ $ CD 15 CD million FW Navy FW contract FW for FW aircraft-electronics FW improvements . . <s> <s> NNP Hughes NNP Aircraft NNP Co. , , DT a NN unit IN of NNP General NNPS Motors NNP Corp. , , VBD got DT a $ $ FW 10.3 FW million FW Air FW Force FW contract FW for FW airborne-radar FW equipment . . <s> <s> FW Reynolds FW Metals FW Co. FW said FW third-quarter FW net FW income FW dropped # nearly CD 10 NN %

    TO to $ $ CD 123.7 CD million , , CC or $ $ PDT 2.10 DT a NN share , , IN from $ $ CD 137.2 CD million , , CC or $ $ CD 2.56 DT a NN share , , DT a NN year RBR earlier . . <s> <s> DT The JJS latest NNS earnings VBP reflect DT an NN increase IN of IN about $ 5.5 CD million IN in JJ common NNS shares JJ outstanding . . <s> <s> NN Revenue VBD rose CD 3 NN % TO to $ $ CD 1.52 CD billion IN from $ $ CD 1.48 CD billion . . <s> <s> NN Reynolds VBZ is DT the

    FW third FW big FW aluminum FW company FW since FW Friday FW to FW report FW disappointing FW earnings . . <s> <s> FW The FW No. FW 1 FW domestic FW aluminum FW producer FW , FW Aluminum NNP Co. IN of NNP America , , NNP Friday VBD said PRP$ its NNS earnings VBD fell PRP$ 3.2 NN % TO to $ $ CD 219 CD million , , CC or $ $ CD 2.46 DT a NN share . . <s> <s> FW And FW Alcan FW Aluminium FW Ltd. FW yesterday FW reported FW net FW income # slid CD 30 NN % TO to $ $ CD 180 CD million , , CC or

    CD 77 NNS cents DT a NN share , , IN from $ $ CD 258 CD million , , CC or $ $ CD 1.07 DT a NN share . . <s> <s> NN Analysts IN on NN average VBD had VBN been RP expecting IN about $ $ CD 2.70 IN for NNP Alcoa CC and $ $ CD 1 IN for NNS Alcan . . <s> <s> IN `` PRP It VBZ 's DT a JJ good NN indication IN that NN level IN of EX profitability VBZ has VBN peaked IN for DT the NN industry , , '' '' VBZ says FW Vahid FW Fathi FW , FW metals FW analyst FW with FW Prescott

    FW , FW Ball FW & FW Turben NNP Inc. , , WP who VBD had VBN estimated PRP Reynolds MD would VB earn IN about $ $ CD 2.35 DT a NN share . . <s> <s> DT The NN nation POS 's FW No. FW 2 FW aluminum FW company FW said FW earnings FW were FW hurt FW by FW lower FW prices FW for FW certain FW fabricated FW aluminum FW products , , WDT which FW typically FW follow FW price FW fluctuations FW of FW primary FW ingots . . <s> <s> FW The FW base FW metal FW price FW has FW dropped FW 30.3 NN % IN from DT a NN year

    RBR earlier TO to # 78 PDT cents DT a NN pound . . <s> <s> NN Much IN of DT the NN price NN decline VBZ has VBN been VBN blamed IN on DT a NN slowing NN economy CC and DT the JJ third NN quarter VBZ is RB typically DT the NN industry POS 's JJS slowest NN period . . <s> <s> . But UH William UH O. UH Bourke , , NN chairman CC and JJ chief NN executive NN officer , , VBD said DT the JJS ingot NN price `` `` UH appears TO to VB have VBN bottomed RP out . . '' '' <s> <s> NN He VBD said PRP shipments

    VBP are VBG continuing IN at DT a `` `` UH healthy '' '' NN pace CC and DT the NN company VBZ has DT no JJ excess NN inventory . . <s> <s> FW Aluminum FW shipments FW of FW 329,600 FW metric FW tons FW were FW nearly FW equal TO to DT the JJ year-earlier NN period , , DT the NN company VBD said . . <s> <s> NN Nevertheless , , DT the NN company VBD said IN that IN in DT the JJS latest FW quarter FW there FW were FW increased FW material FW and FW labor FW costs FW , FW including FW a FW new FW employee FW profit-sharing FW plan

    . . <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange , , WDT Reynolds VBD closed IN at $ $ CD 55.375 , , RB up $ $ CD 1.25 . . <s> <s> . No -RRB- strikeout , , CC but UH certainly UH no UH home UH run . . <s> <s> NNP That POS 's WRB how DT the FW stock-picking FW game FW is FW shaping RP up IN for DT the NNS months RB ahead , , VBG according TO to NN money NNS managers CC and DT a JJ few NNS brokers . . <s> <s> NNP Yesterday POS 's JJS 88-point

    NN recovery IN from NNP Friday POS 's JJS megadrop IN in DT the FW Dow FW Jones FW industrials FW had FW many FW brokerage FW houses FW proclaiming FW that FW stocks FW are FW a FW good FW bargain FW again . . <s> <s> IN But PDT quite DT a JJ few NN money NNS managers VBP are RB n't VBG buying PRP it . . <s> <s> DT Weakening JJ corporate NNS earnings , , PRP they VBP say , , VBP are DT no NN prescription IN for DT a NN bull NN market . . <s> <s> IN `` DT The NN stock NN market MD ai RB n't VBG going TO to

    VB do RB much IN of NN anything '' '' IN for DT a NN while , , FW says FW John FW Neff FW of FW Wellington FW Management , , WP who VBZ runs DT the $ $ FW 8.3 FW billion FW Windsor FW Fund . . <s> <s> . He '' suspects IN that NNP Friday POS 's NN market NN decline MD may VB have DT a JJ second NN leg , , RB perhaps DT a CD 10 NN % TO to CD 15 NN % NN drop RBR later IN on . . <s> <s> . Mr. '' Neff VBZ says DT the NN stock NN market VBZ has FW lost FW some

    FW powerful FW driving FW forces FW , FW namely FW earnings FW growth CC and DT the `` `` FW LBO FW sweepstakes FW '' FW -FW buy-out FW fever FW that FW induced FW investors TO to VB bid RP up JJ whole NNS groups IN of NNS stocks , , JJ such IN as NNS media CC and NNS airlines . . <s> <s> . After '' sitting IN with CD 20 NN % IN of PRP$ his NN fund IN in NN cash IN before NNP Friday POS 's NN sell-off , , NNP Mr. NNPS Neff VBZ says PRP he VBD bought `` `` DT a JJ narrow NN list IN of NNS stocks

    '' '' NN yesterday . . <s> <s> DT With JJ flat JJ corporate NNS profits IN on DT the NN horizon IN for CD 1990 , , FW money FW managers FW say FW price-earnings FW multiples FW that FW look FW cheap FW today FW might FW go FW on FW being FW cheap IN for DT a JJ long NN time . . <s> <s> . `` '' This VBZ is RB not DT a RBS grossly WP$ overvalued NN market , , CC but PRP it VBZ 's RB not UH cheap UH either , , '' '' VBZ says UH George UH Collins , , NN president IN of DT the FW mutual FW fund

    FW company FW T. FW Rowe FW Price FW Associates FW in FW Baltimore . . <s> <s> NN According TO to FW Institutional FW Brokers FW Estimate FW System FW , FW Wall FW Street FW market FW strategists FW see FW only FW a FW 2.4 FW % FW jump FW in FW company FW profits FW in FW 1990 FW -FW unlike FW in FW 1987 FW , FW when FW profits FW a FW year FW out FW looked FW good FW -LRBFW they FW did FW soar FW 36 NN % IN in CD 1988 -RRB- -RRB. . <s> <s> NNS Bulls VBP say DT the NN market VBZ is DT an

    FW incredible FW bargain FW , FW priced FW at FW only FW about FW 12 FW times # estimated CD 1989 NNS earnings IN for NNS stocks IN in DT the NNP Standard CC & NNP Poor POS 's CD 500 NN index . . <s> <s> IN Before DT the CD 1987 NN crash , , DT the NN P\/E VBD was JJR more IN than CD 20 . . <s> <s> DT The JJ common NN view , , FW says FW Abby FW Cohen FW , FW strategist FW for FW Drexel FW Burnham FW Lambert , , VBZ is IN that EX there MD will VB be `` `` FW mild FW economic FW growth

    FW , FW modest FW profit FW expansion , , CC and NNS things VBP are VBG going TO to VB be RP hunky-dory . . <s> <s> . Our '' view VBZ is IN that PRP we MD may VB see DT a NN profit NN decline . . '' '' <s> <s> TO Some VB think NNS investors MD should VB sell IN into NNS rallies . . <s> <s> DT The NN market `` `` VBZ is VBG going TO to VB wind RP down , , '' '' VBZ says UH Gerald UH W. UH Perritt , , DT a NNP Chicago NN money NN manager . . <s> <s> FW `` FW Things FW are

    FW a FW little FW less FW overpriced '' '' IN after NNP Friday POS 's JJS jolt IN in DT the NN market . . <s> <s> NN He VBZ expects NNS stocks TO to VB decline DT an JJ additional CD 5 NN % TO to CD 30 NN % , , IN with DT the FW Dow FW perhaps FW bottoming FW out FW between FW 2000 FW and FW 2100 FW `` FW between FW now FW and FW June . . '' '' <s> <s> NNP After NNP Friday POS 's NN decline , , NNP Mr. FW Perritt FW 's FW firm FW ran FW statistical FW tests FW on FW 100 FW high-quality

    FW stocks FW , FW using FW old-fashioned FW value FW criteria FW devised FW by FW Benjamin FW Graham , , DT an NN analyst CC and NN author IN in DT the FW 1930s FW and FW 1940s WP who VBZ is RB widely VBN considered TO to VB be DT the NN father IN of FW modern FW securities FW analysis . . <s> <s> FW He FW found FW 85 FW still FW overvalued FW and FW 15 FW fairly FW valued . . <s> <s> . Nicholas -RRB- Parks , , DT a NNP New NNP York NN money NN manager , , VBZ expects DT the NN market TO to VB decline IN about

    CD 15 NN % . . <s> <s> IN `` PRP I VBP 've VBN been NNS two-thirds IN in NN cash IN since NNP July , , CC and PRP I VBP continue TO to VB think IN that VBG having DT a JJ defensive NN position VBZ is RB appropriate , , '' '' PRP he VBZ says . . <s> <s> , Companies WDT that VBZ piled IN on NN debt IN in JJ leveraged NNS buy-outs IN during DT the JJ past CD two NNS years `` `` MD will VB continue TO to VB surface IN as NN business NNS problems . . '' '' <s> <s> FW `` FW Generalizations FW about FW value

    FW are FW n't FW useful , , '' '' VBZ says NNP New NNP York FW money FW manager FW John FW LeFrere FW of FW Delta FW Capital FW Management . . <s> <s> DT For NN instance , , PRP he VBZ says , , FW International FW Business FW Machines FW and FW Unisys FW might FW look FW cheap , , CC but NNS investors MD might VB continue TO to VB do JJR better IN with FW stocks FW like FW Walt FW Disney FW , FW Procter FW & FW Gamble FW and FW Coca-Cola , , JJ strong NNS performers IN in JJ recent NNS years . . <s> <s> FW Money

    FW manager FW Robert FW Ross FW , FW head FW of FW Duncan FW Ross FW Associates FW Ltd. FW in FW Vancouver , , NNP British NNP Columbia , , VBZ says NNS stocks MD would VB have TO to VB fall CD 15 NN % TO to CD 20 NN % IN before PRP they VBP are FW competitive FW with FW less FW risky FW investment FW alternatives . . <s> <s> NNP Fredric NNP Russell , , DT a NN money NN manager IN in NNP Tulsa , , UH Okla. , , VBZ says NNP Friday POS 's JJS cave-in `` `` VBZ is VBG going TO to VB have JJR more IN of

    DT a JJ permanent NN impact IN on DT the NN psyche IN of JJ many NNS investors IN than NNP Wall NNP Street MD would VB want TO to VB admit . . '' '' <s> <s> NNS There VBP are RB still VB bulls RP out RB there . . <s> <s> IN `` PRP I RB still VBP think PRP we MD will VB have DT a NNP 3000 NNP Dow , , IN whether PRP it VBZ 's CD six NNS months CC or CD 12 NNS months IN from RB now PRP I VBP do RB n't VB know , , '' '' VBZ says FW David FW Dreman FW , FW managing FW partner

    FW of FW Dreman FW Value FW Management FW in NNP New NNP York . . <s> <s> IN `` PRP We VBP 're VBG doing DT a JJ little NN buying '' '' IN in DT some NNS stocks `` `` WDT that VBP have RB really VBN been RP smashed RB down . . '' '' <s> <s> FW Many FW brokerage FW house FW officials FW also FW are FW optimistic . . <s> <s> NN Yesterday , , FW Goldman FW Sachs FW , FW Merrill FW Lynch FW and FW Dean FW Witter FW all FW increased FW the FW proportion FW of FW assets FW they FW recommend FW investors FW commit TO to

    NNS stocks . . <s> <s> FW Dean FW Witter FW now FW recommends FW 85 FW % FW , FW Goldman FW 65 FW % FW and FW Merrill # Lynch CD 50 NN % . . <s> <s> JJ Some NNS investors VBP say NNP Friday POS 's NN sell-off VBD was DT a JJ good NN thing , , IN because PRP it VBP deflated DT a NN lot IN of FW crazy FW takeover FW speculation . . <s> <s> IN `` PRP It VBD was DT a RBS healthy UH cleansing , , '' '' VBZ says UH Michael UH Holland , , WP who FW runs FW Salomon FW Brothers FW Asset FW Management

    FW in NNP New NNP York . . <s> <s> VBZ From RB here RB out , , DT these NNS investors VBP see DT a NN return TO to # old-fashioned UH investing , , VBN based IN on DT a NN company POS 's NN ability TO to VB show NN profit NN growth . . <s> <s> IN `` DT The NNS fundamentals VBP are RB pretty JJ strong , , '' '' NNP Mr. NNPS Dreman VBZ says . . <s> <s> IN `` PRP I VBP do RB n't VB see DT this IN as DT a NN bear NN market IN at PDT all . . <s> <s> NN It VBZ 's DT a

    NN recognition IN that EX there VBD was RB much RB too RB much VBN fluff IN in DT the NN LBO NN market . . '' '' <s> <s> NNP Friday POS 's JJ big NN fall VBD was `` `` RB just DT a NN blunder IN by DT the NN stock NN market , , '' '' VBZ says FW John FW Connolly FW , FW chief FW strategist FW for FW Dean FW Witter . . <s> <s> IN `` PRP It VBD was DT an NN overreaction TO to DT an NN event -LRB- -LCBDT the NN failure IN of DT a NN management CC and NN union NN group TO to VB get

    NN bank NN financing IN for DT a NN takeover IN of NNP UAL -RRB- -RCBWDT that VBZ does RB n't VB mean DT that JJ much TO to VB lots IN of NNS stocks . . '' '' <s> <s> JJ Many NNS investors VBP have UH nagging UH worries , , RB however . . <s> <s> NNS Newspapers VBP are JJ full IN of FW headlines FW about FW companies FW defaulting FW on FW their FW debts FW and FW banks FW writing FW off FW real FW estate FW loans . . <s> <s> . That '' hurts NNS investors POS ' NN confidence IN in DT the NN economy CC and NNS stocks

    . . <s> <s> VBZ Not RB even PDT all DT the FW brokerage FW firms FW see FW clear FW sailing FW ahead . . <s> <s> DT `` JJ Disappointing NNS profits VBP are JJ likely TO to VB get JJR worse IN in DT the JJ next CD two NNS quarters , , '' '' VBZ says UH Mary UH Farrell , , DT a NN market NN strategist IN at NNP PaineWebber . . <s> <s> NN She VBZ thinks DT the NN market MD could VB drop IN about CD 10 NN % IN in DT the JJ next JJ few NNS months , , RB then VB recover CC and VB go JJR higher

    . . <s> <s> NN Companies IN with JJ steady NNS earnings WDT growth MD could VB do RB well , , PRP she VBZ says , , IN while NNS others IN with JJ high NN debt CC or JJ poor NNS earnings MD could VB see PRP$ their NNS shares VBP decline RB far JJR more IN than CD 10 NN % . . <s> <s> FW The FW turmoil FW on FW Wall FW Street FW may FW benefit FW some FW retailers FW attempting FW to FW lead FW leveraged FW buy-outs FW of FW their FW specialty FW and FW department-store FW chains FW , FW investment FW bankers FW and FW retailers FW said

    . . <s> <s> NN Managers IN at CD five NNS chains VBP have VBN said IN in JJ recent NNS weeks IN that PRP they VBP intend TO to VB bid IN for PRP$ their NNS companies . . <s> <s> . The UH chains UH include UH Bloomingdale UH 's , , VBN owned IN by NNP Campeau NNP Corp. , , FW Toronto FW ; FW Saks FW Fifth FW Avenue FW and FW Marshall FW Field FW 's FW , FW owned FW by FW B.A.T FW Industries FW PLC FW , FW London FW ; FW and FW B. FW Altman FW & FW Co. FW and FW Sakowitz NNP Inc. , , VBN owned

    IN by NNP Hooker NNP Corp. , , WDT which VBZ is RB now VBG being VBN managed IN by DT a FW court-appointed FW provisional FW liquidator . . <s> <s> NN Hooker VBZ is VBN based IN in NNP Sydney , , NNP Australia . . <s> <s> DT The NN combination IN of FW so FW many FW chains FW available FW for FW sale , , DT the JJ recent NNS failures IN of PDT such FW retailing FW LBO FW 's FW as FW Miller FW & FW Rhoads FW Inc. FW and FW declining FW investor FW confidence MD will VB drive RP down NNS prices , , WP$ retailing NNS observers VBD said

    . . <s> <s> IN `` DT The NN pricing MD will VB become JJR more UH realistic , , WDT which MD should VB help NN management , , '' '' VBD said UH Bruce UH Rosenthal , , DT a NNP New NNP York FW investment FW banker FW with FW Nathan FW S. FW Jonas FW & FW Co . . <s> <s> JJ `` NNS Investors VBP are RB n't VBG going TO to VB be PRP$ throwing NN money IN at DT any IN of DT the JJ proposed NNS LBOs , , CC but VBG doing NNS deals IN on DT the NN basis IN of FW ridiculous FW assumptions FW never FW made

    FW sense , , RB either . . '' '' <s> <s> IN Earlier DT this NN year , , NNS bankers CC and JJ other NNS investors VBD were JJ willing TO to VB provide NN financing IN because PRP they VBD assumed EX there MD would VB be JJ major NNS gains IN in DT both NN profitability CC and NNS sales , , NNP Mr. NNP Rosenthal VBD added . . <s> <s> JJ Those NNS days VBP are RP over RB now , , PRP he VBZ believes . . <s> <s> . `` '' Competition IN from JJ third NNS parties WP who VBP have NN cash CC and VBP are VBN prepared TO to

    VB buy VBZ has RB always , existed CC and MD will VB continue , , '' '' VBD added NNP Mr. -RRB- Rosenthal . . <s> <s> NN `` CC But WRB when NNS prices VBD were UH crazy , , PRP it VBD was RB even JJR harder TO to VB do DT an NN LBO . . <s> <s> VBZ Bankers VBN believed IN in DT the FW greater-fool FW theory FW that FW says FW somebody FW else FW is FW always FW willing TO to VB pay RBR more . . <s> <s> NN This VBZ is RB no RBR longer JJ true NN today . . '' '' <s> <s> . At UH Saks

    UH Fifth UH Avenue , , WP$ Paul UH Leblang , , JJ senior NN vice NN president , , NN marketing , , VBD agreed IN that JJR lower NNS prices MD will VB help PRP$ his NN management NN team IN in PRP$ their JJ proposed NN LBO . . <s> <s> . `` '' Having TO to VB take IN on JJR less NN debt MD would RB certainly VB be DT an NN advantage , , '' '' VBD said NNP Mr. -RRB- Leblang . . <s> <s> IN `` PRP It MD would RB also VB help PRP us IN in PRP$ our NN search IN for NN equity NNS partners . . <s> <s>

    TO To VB make DT an NN LBO NN work , , RB now PRP we VBP are VBG going TO to VB need JJR more IN than DT just NN junk NNS bonds . . <s> <s> FW '' FW None FW believe FW the FW proposed FW management FW LBOs MD will VB be JJ easy TO to VB complete , , FW especially FW at FW B. FW Altman FW & NNP Co. , , WDT which VBZ is FW under FW Chapter FW 11 FW bankruptcy FW protection . . <s> <s> FW Not FW only FW could FW the FW Wall FW Street FW gyrations FW damp FW Christmas FW sales FW if FW consumers

    FW lose FW confidence IN in DT the NN economy , , CC but FW potential FW junk-bond FW buyers FW are FW sure FW to FW demand FW even FW stronger FW covenants FW and FW greater FW management FW equity FW participation . . <s> <s> NN Further , , FW many FW institutions FW today FW holding FW troubled FW retailers FW ' FW debt FW securities FW will FW be FW reticent FW to FW consider FW additional FW retailing FW investments . . <s> <s> IN `` PRP It VBZ 's FW called FW bad FW money FW driving FW out FW good FW money , , '' '' VBD said CD one SYM retailing

    LS observer . . <s> <s> FW `` FW Institutions FW that FW usually FW buy FW retail FW paper VBP have TO to VB be JJR more LS concerned . . '' '' <s> <s> NN However , , DT the JJR lower NNS prices DT these JJ retail NNS chains VBP are RB now VBN expected TO to VB bring MD should VB make PRP it JJR easier IN for NNS managers TO to VB raise DT the JJ necessary NN capital CC and VB pay RP back DT the JJ resulting NN debt . . <s> <s> DT In NN addition , , DT the FW fall FW selling FW season FW has FW generally FW been

    FW a FW good FW one FW , FW especially FW for FW those FW retailers FW dependent FW on FW apparel NNS sales IN for DT the NN majority IN of PRP$ their NNS revenues . . <s> <s> , `` WP What VBZ 's VBN encouraging IN about DT this VBZ is DT that JJ retail NNS chains MD will VB be VBN sold IN on DT the NN basis IN of PRP$ their NNS sales CC and NNS earnings , , WP$ not UH liquidation UH values , , '' '' VBD said FW Joseph FW E. FW Brooks FW , FW chairman FW and FW chief FW executive FW officer FW of FW Ann FW Taylor

    NNP Inc. , , DT a NN specialty NN chain . . <s> <s> FW `` FW Retailers FW who FW had FW good FW track FW records FW of FW producing FW profits MD will VB have DT a JJR better NN chance TO to VB buy RP back PRP$ their NNS companies . . '' '' <s> <s> NN Still , , RBS most FW retailing FW observers FW expect FW that FW all FW the FW proposed FW retailing FW LBOs FW will FW depend FW partly IN on DT the NN sale IN of NN junk NNS bonds , , DT a NN market RB already IN in NNP tumult , , IN in NN part

    IN because IN of FW concerns FW associated FW with FW bonds FW issued FW by FW the FW Federated FW and FW Allied FW units FW of FW Campeau . . <s> <s> . `` '' Prices IN for JJ retail NNS chains VBP are JJR lower NN today IN than PRP they VBD were JJ last NN week , , WDT which MD will VB help NN management , , '' '' VBD said UH Gilbert UH Harrison , , NN chairman IN of NNP Financo NNP Inc. , , DT an FW investment-banking FW firm FW specializing FW in FW retailing FW acquisitions . . <s> <s> NN `` CC But DT the NN hurdle IN of

    NN financing RB still VBZ has TO to VB be VBN resolved . . <s> <s> FW Potential FW bondholders FW will FW either FW look FW for FW greater FW equity FW participation FW on FW behalf FW of FW management , , CC or VBP insist DT the NN equity NN component IN of DT the MD deals VB be RB substantially JJR greater IN than IN in DT the NN past . . <s> <s> NNP Sony NNP Corp. FW won FW a FW pretrial FW order FW blocking FW U.S. FW sales FW of FW Justin FW Products NNP Inc. POS 's `` `` FW My FW Own FW '' FW line FW of FW portable

    FW audio FW players FW for FW children . . <s> <s> FW Judge FW John FW E. FW Sprizzo FW issued FW the FW order FW in FW Manhattan FW federal FW court , , WRB where EX Sony VBZ has VBN accused DT the JJ tiny NN company IN of # illegally LS knocking RP off DT the `` `` FW My FW First FW Sony '' '' NN line . . <s> <s> DT The NN judge VBN held IN that DT the NN combination IN of VBG colors VBN used IN for DT the FW Sony FW products FW is FW distinctive FW and FW subject FW to FW protection FW under FW New FW York

    FW state FW law , , RB rather IN than JJ federal NN law . . <s> <s> DT The JJ legal NN fight VBD was DT the NN subject IN of DT a FW Wall FW Street FW Journal FW story FW yesterday . . <s> <s> NNP Justin POS 's NN attorney , , FW Charles FW E. FW Baxley FW , FW said FW Justin FW would FW ask FW an FW appeals FW court FW to FW set FW aside FW the FW order FW temporarily FW , FW pending FW an FW expedited FW appeal . . <s> <s> FW He FW also FW repeated FW Justin POS 's JJS denial IN of NNP Sony

    POS 's NNS charges . . <s> <s> FW `` FW Their FW likelihood FW of FW reversing FW us FW is FW very FW slim , , '' '' VBD said UH Lewis UH H. UH Eslinger , , NNP Sony POS 's NN attorney , , WP who VBD said PRP he VBZ doubts PRP Justin MD will VB go RB ahead IN with DT a NN trial . . <s> <s> FW CONTINENTAL FW MORTGAGE FW & FW EQUITY FW TRUST FW said FW it FW will FW resume FW dividend FW payments FW with FW a FW 10-cent-a-share FW payout FW on FW Nov. FW 6 FW to FW shares FW of FW record FW Oct.

    FW 25 . . <s> <s> FW The FW Dallas FW real FW estate FW investment FW trust FW last FW paid FW a FW dividend FW on FW Dec. FW 31 , , CD 1987 , , WRB when NNS shareholders VBD received $ $ CD 1 DT a NN share . . <s> <s> FW Despite FW continuing FW troubles FW with FW problem FW assets FW and FW nonperforming FW loans , , DT the NN trust VBD said PRP it VBZ expects TO to VB be JJ able TO to VB maintain CC or VB increase DT the NN rate IN of NNS distributions IN because IN of NNS operations IN of JJ joint-venture NNS properties

    . . <s> <s> FW A FW federal FW appeals FW court FW struck FW down FW a FW natural-gas FW regulation FW that FW had FW prevented FW pipeline FW companies FW from FW passing FW to FW customers NN part IN of $ $ CD 1 CD billion IN in NNS costs IN from JJ controversial `` `` UH take-or-pay '' '' NNS contracts . . <s> <s> DT The NN court , , IN in DT a FW 3-0 FW ruling FW , FW threw FW out FW a FW deadline FW set FW by FW the FW Federal FW Energy FW Regulatory FW Commission FW for FW settling FW old FW contract FW disputes FW over

    FW gas FW that FW the FW pipeline FW companies FW reserved FW but FW did FW n't FW use . . <s> <s> NNP FERC POS 's FW regulation FW had FW given FW pipelines FW until FW March FW 31 , , CD 1989 , , TO to VB pass RP on TO to NNS customers IN as JJ much IN as CD 50 NN % IN of DT the NNS costs IN of VBG buying RP out PRP$ their JJ broken NNS contracts , , WDT which VBD were VBN made IN with FW producers FW when FW gas FW prices FW were FW high FW and FW supplies FW short . . <s> <s> DT A

    NN majority IN of JJ old NNS contracts VBD were VBN renegotiated IN by DT the FW deadline FW and FW settled FW at FW steep FW discounts . . <s> <s> FW But FW pipeline FW companies FW estimate FW they FW still FW face FW $ FW 2.4 FW billion FW in FW liabilities FW from FW unresolved FW disputes , , VBG including $ $ CD 1 CD billion PRP they VBP fear PRP they MD wo RB n't VB be JJ able TO to VB pass RP on TO to NNS customers . . <s> <s> NN According TO to NN industry NNS lawyers , , DT the FW ruling FW gives FW pipeline FW companies

    FW an FW important FW second FW chance FW to FW resolve FW remaining FW disputes FW and FW take FW advantage FW of FW the FW cost-sharing FW mechanism . . <s> <s> FW The FW court FW left FW open FW whether FW FERC FW could FW reimpose FW a FW new FW deadline FW later . . <s> <s> DT The NN court , , VBG agreeing IN with NN pipeline NNS companies , , VBD found DT the FW March FW 31 FW deadline FW was FW `` FW arbitrary FW and FW capricious '' '' CC and `` `` UH highly UH prejudicial TO to DT the FW bargaining FW power FW of FW pipelines

    '' '' WDT that VBD were VBN forced TO to VB negotiate NN settlement IN of DT the FW old FW take-or-pay FW contracts TO to VB meet DT the NN deadline . . <s> <s> TO A VB report JJ last NN month IN by DT the FW Interstate FW Natural FW Gas FW Association FW of FW America FW found FW that FW pipelines FW ' FW settlement FW costs FW had FW jumped IN in DT the CD three NNS months IN before DT the NN deadline TO to CD 39 NNS cents IN on DT the NN dollar , , IN from CD 22 NNS cents IN on DT the NN dollar IN in CD 1988

    . . <s> <s> FW The FW court FW ordered FW FERC FW to FW justify FW within FW 60 FW days FW not FW only FW its FW cost-sharing FW deadline , , CC but JJ other JJ major NNS elements IN of PRP$ its FW proposed FW regulation FW for FW introducing FW more FW competition FW into FW natural-gas FW transportation . . <s> <s> FW The FW court FW also FW questioned FW a FW crediting FW mechanism WDT that MD could VB be VBN used TO to # resolve LS take-or-pay LS liabilities . . <s> <s> . The UH complex UH regulation , , VBN known IN in DT the NN industry IN as

    $ Order CD 500 , , VBZ has VBN been FW hotly FW contested FW by FW all FW sides FW , FW including FW natural-gas FW producers FW , FW pipelines FW , FW local FW distribution FW companies FW and FW consumers . . <s> <s> DT The NN court POS 's NN decision MD would VB allow RP FERC TO to VB change DT some IN of PRP$ its NNS provisions , , CC but WRB ensures PRP it MD will VB be RP reviewed RB again RB quickly IN by DT the NN court . . <s> <s> NNP MEDUSA NNP Corp. VBD said PRP it LS voluntarily LS prepaid $ $ CD 7 CD million

    IN on PRP$ its JJ original $ $ CD 75 CD million NN term NN loan , , VBG bringing DT the JJ total NN debt NN reduction IN for DT the NN year TO to $ $ CD 18 CD million . . <s> <s> IN After DT the NN payment , , DT the FW Cleveland FW company FW owes $ $ CD 57 CD million IN on DT the NN loan . . <s> <s> . The '' cement PRP producer VBD said DT the NN payment VBD was VBN made IN from JJ excess NN cash NN flow . . <s> <s> FW NATIONAL FW INCOME FW REALTY FW TRUST FW said FW it FW will

    FW resume FW dividend FW payments FW with FW a FW 12-cent-a-share FW dividend FW to FW be FW paid FW Nov. FW 6 FW to FW shares FW of FW record FW Oct. FW 25 . . <s> <s> FW The FW mortgage FW and FW equity FW real FW estate FW investment FW trust FW last FW paid FW a FW dividend FW on FW Aug. FW 1 , , CD 1988 , , WRB when UH holders UH received UH 75 PDT cents DT a NN share . . <s> <s> FW Despite FW continuing FW troubles FW with FW problem FW properties FW and FW nonperforming FW loans , , DT the FW Dallas FW trust

    FW said FW it FW has FW rebuilt FW reserves FW , FW abandoned FW properties FW with FW little FW potential FW and FW experienced FW improved FW operating FW results FW from FW joint FW ventures . . <s> <s> NNP MLX NNP Corp. VBD said PRP it VBD reached DT a JJ preliminary NN agreement IN with JJ senior NNS lenders TO to PRP$ its FW refrigeration FW and FW air-conditioning FW group TO to VB restructure DT the $ $ CD 188.5 CD million IN of FW credit FW facilities FW the FW lenders FW provide TO to DT the NN group . . <s> <s> NN MLX , , WDT which FW also FW makes

    FW aircraft FW and FW heavy-duty FW truck FW parts , , VBD said DT the NN debt VBD was VBN accumulated IN during PRP$ its NN acquisition IN of CD nine NNS businesses WDT that VBP make RP up DT the NN group , , DT the JJS biggest NN portion IN of WDT which VBD was VBN related TO to DT the CD 1986 NN purchase IN of DT a FW Hillman FW Co. FW unit . . <s> <s> DT Among JJ other NNS things , , DT the JJ restructured NNS facilities MD will RB substantially VB reduce DT the NN group VBZ 's VBN required RP amortization IN of DT the NN term NN loan

    NN portion IN of DT the FW credit FW facilities FW through FW September FW 1992 , , WDT MLX VBD said . . <s> <s> JJ Certain NNS details IN of DT the FW restructured FW facilities FW remain TO to VB be VBN negotiated . . <s> <s> DT The NN agreement VBZ is JJ subject TO to VB completion IN of DT a FW definitive FW amendment FW and FW appropriate FW approvals . . <s> <s> . William UH P. UH Panny , , WP$ MLX NN chairman CC and JJ chief NN executive , , VBD said DT the NN pact `` `` MD will VB provide RP MLX IN with DT the JJ additional

    NN time CC and RBS flexibility JJ necessary TO to VB complete DT the NN restructuring IN of DT the NN company POS 's NN capital NN structure . . '' '' <s> <s> NN MLX VBZ has VBN filed DT a NN registration NN statement IN with DT the NNPS Securities CC and NNP Exchange NNP Commission , covering DT a JJ proposed NN offering IN of $ $ CD 120 CD million IN in FW long-term FW senior FW subordinated FW notes FW and FW warrants . . <s> <s> NNP Dow NNP Jones CC & NNP Co. VBD said PRP it VBD acquired DT a CD 15 NN % NN interest IN in NNP DataTimes NNP Corp.

    , , DT a NN subsidiary IN of NNP Oklahoma NNP Publishing NNP Co. , , NNP Oklahoma NNP City , , WDT that VBZ provides JJ electronic NN research NNS services . . <s> <s> NN Terms VBD were RB n't VBN disclosed . . <s> <s> NN Customers IN of FW either FW DataTimes FW or FW Dow FW Jones FW News\/Retrieval FW are FW able TO to VB access DT the NN information IN on DT both NNS services . . <s> <s> NNP Dow NNP Jones VBZ is DT the NN publisher IN of DT The NNP Wall NNP Street NNP Journal . . <s> <s> NNP Flowers NNPS Industries NNP Inc. VBD said PRP it

    MD will VB report DT a NN charge IN of CD eight NNS cents TO to CD 10 NNS cents DT a NN share IN for PRP$ its JJ fiscal JJ first NN quarter , , WP$ ended UH Sept. UH 23 , , IN from DT the NN sale IN of CD two -RRB- bakeries , , IN in # High UH Point , , NNP N.C. , , CC and NNP Gadsden , , UH Ala . . <s> <s> . The '' convenience-food NN company VBD said PRP it VBD sold DT the FW bakeries FW to FW Mills FW Family FW Bakery FW for FW an FW undisclosed FW amount . . <s> <s> NN It

    VBD said DT the NNS sales VBD were NN part IN of DT a FW 1983 FW Federal FW Trade FW Commission FW Consent FW Order . . <s> <s> DT A NN year RBR earlier , , FW Flowers FW had FW fiscal FW first-quarter JJ net NN income IN of $ $ CD 8 CD million , , CC or CD 23 NNS cents DT a NN share , , IN on NN revenue IN of $ $ CD 170.4 CD million . . <s> <s> DT Raw-steel NN production IN by DT the NN nation POS 's FW mills FW decreased FW 0.8 FW % FW last FW week FW to FW 1,828,000 FW tons FW from

    FW 1,843,000 PDT tons DT the JJ previous NN week , , DT the NNP American NNP Iron CC and NNP Steel NNP Institute VBD said . . <s> <s> DT Last NN week POS 's NN output VBD rose CD 1.4 NN % IN from DT the RBS 1,802,000 LS tons PDT produced DT a NN year RBR earlier . . <s> <s> DT The NN industry VBD used PRP$ 82.2 NN % IN of PRP$ its RBS capability JJ last NN week , , VBN compared IN with DT 82.8 NN % DT the JJ previous NN week CC and PRP$ 84 NN % DT a NN year RB ago . . <s> <s> FW The FW capability

    FW utilization FW rate FW is FW a FW calculation FW designed FW to FW indicate FW at FW what FW percent FW of FW its FW production PDT capability DT the NN industry VBZ is VBG operating IN in DT a JJ given NN week . . <s> <s> . Selwyn '' B. PRP Kossuth VBD was VBN named JJ executive NN director IN of DT the NN commission , , WP$ effective LS early LS November . . <s> <s> . Mr. -RRB- Kossuth , , FW 52 FW years FW old FW , FW succeeds FW Ermanno FW Pascutto , , CD 36 , , WP who VBD resigned TO to VB join NNP Hong NNP Kong

    POS 's NNPS Securities CC and NNP Futures NNP Commission . . <s> <s> . Mr. '' Kossuth VBD was NN vice NN president CC and NN director , , JJ corporate NN finance , , IN of FW Nesbitt FW Thomson FW Deacon FW Inc. FW , FW a FW Toronto FW investment FW dealer . . <s> <s> NN Dun CC & NNP Bradstreet NNP Corp. POS 's FW Market FW Data FW Retrieval FW unit FW said FW it FW acquired FW School FW and FW College FW Construction FW Reports FW service FW from FW Intelligence FW for FW Education FW Inc . . <s> <s> NN Terms VBD were RB n't VBN disclosed . .

    <s> <s> FW The FW service FW supplies FW weekly FW reports FW on FW school FW and FW college FW construction FW plans . . <s> <s> FW Market FW Data FW Retrieval FW is FW a FW compiler FW of FW educational FW information FW and FW provides FW related FW services . . <s> <s> FW Closely FW held FW Intelligence FW in FW Education , , IN of NNP Larchmont , , NNP N.Y. , , VBZ is DT an JJ educational NN publisher CC and NN consultant . . <s> <s> FW A FW battle FW is FW raging FW in FW Venice FW over FW plans TO to VB have DT the FW 1,200-year-old

    FW Italian FW city FW be FW the FW site FW for FW a FW universal FW exposition FW in FW 2000 . . <s> <s> FW The FW plans FW include FW a FW subway FW system FW , FW a FW congress FW center FW , FW floating FW trees , , WP$ fanciful SYM fountains : -CC and IN as JJ many IN as # 60,000 LS additional PDT tourists DT a NN day . . <s> <s> FW Expo FW enthusiasts FW argue FW that FW holding FW the FW fair FW would FW attract FW businesses FW , FW create FW jobs FW and FW help FW renovate FW abandoned FW sections FW of

    FW town . . <s> <s> . But UH opponents UH fear UH overcrowding . . <s> <s> IN `` DT This NN city RB already VBZ has RB too JJ many NNS tourists , , CC and PRP it MD ca RB n't VB hold PRP them RB all , , '' '' VBZ says UH Pierluigi UH Beggiato , , DT the NN president IN of DT the FW Venice FW hoteliers FW association . . <s> <s> FW About FW 40 FW Italian FW businesses FW , FW including FW Fiat FW S.p FW . FW A. FW and FW Ing FW . FW C. FW Olivetti FW & FW Co. FW , FW have FW formed

    FW a FW consortium FW to FW lobby FW for FW holding FW the FW expo FW in FW Venice . . <s> <s> . Three '' gambling PRP casinos VBP have VBN opened IN in NNP Poland . . <s> <s> CD The CD three SYM establishments : -CD two IN in NNP Warsaw CC and CD one IN in FW Krakow FW -FW accept FW only FW foreign FW currency FW and FW are FW joint FW ventures FW between FW Polish FW firms FW and FW Western FW companies . . <s> <s> IN Not PDT all FW Poles FW are FW pleased . . <s> <s> , `` WP What VBP do PRP we

    VBP want VBN casinos IN for WRB when PRP we VBP have RB n't VBD got NN anything IN in DT the NNS shops . ? '' '' FW one FW housewife FW asked . . <s> <s> . But UH Bogdan UH Gumkowski , , WP who VBZ runs DT the NN casino IN at NNP Warsaw POS 's UH Marriott UH Hotel , , VBD said DT the NNS ventures MD would VB help TO Poland VB service PRP$ its $ $ CD 39 CD billion JJ foreign NN debt IN by VBG pouring NNS dollars IN into DT the NN state NNS firms IN in DT the JJ joint NNS ventures : -DT the FW LOT

    FW airline FW and FW Orbis FW tourist FW organization . . <s> <s> NN Algeria VBZ plans TO to VB increase PRP$ natural-gas NNS sales TO to NNP Europe CC and DT the NNP U.S. . . <s> <s> NN According TO to DT the FW Middle FW East FW Economic FW Survey , , DT the FW North FW African FW nation FW is FW holding FW talks FW with FW Italy FW for FW adding FW a FW fourth FW pipe TO to DT a NN section IN of DT the FW Trans-Mediterranean FW pipeline FW , FW expanding FW capacity FW by FW up FW to FW six FW billion FW cubic PDT meters DT a

    NN year IN from CD 12.5 CD billion . . <s> <s> VBZ Algeria RB also VBZ wants TO to VB build DT a FW pipeline FW through FW Morocco FW and FW across FW the FW Strait FW of FW Gibraltar FW to FW supply FW Spain FW , FW France FW and FW West FW Germany FW with RP up TO to CD 15 CD billion SYM cubic PDT meters DT a NN year IN by DT the JJ late NNS 1990s . . <s> <s> NNP South NNP Africa POS 's FW National FW Union FW of FW Mineworkers FW agreed FW to FW suspend FW the FW strike FW by FW diamond FW workers FW and

    FW resume FW negotiations FW with FW De FW Beers FW Consolidated FW Mines FW Ltd. FW over FW their FW wage FW dispute FW , FW De FW Beers FW said . . <s> <s> VBZ It RB also VBD said DT the NN union VBD had VBN agreed TO to VB meet DT the NN company IN for FW further FW talks FW tomorrow . . <s> <s> FW The FW strike FW at FW five FW De FW Beers FW mines FW began FW last FW Thursday FW , FW with FW 9,500 FW out FW of FW a FW total FW 10,000 FW NUM FW members FW employed FW on FW De FW Beers FW mines

    FW participating , , VBG according TO to DT the NN union , , FW while FW De FW Beers FW said FW there FW were FW 7,800 FW participants . . <s> <s> FW The FW union FW has FW demanded FW a FW 37.6 FW % FW increase FW in FW the FW minimum FW wage FW while FW De FW Beers POS 's JJ final NN offer VBD was DT an NN increase IN of CD 17 NN % . . <s> <s> FW A FW 35-nation FW environmental FW conference FW opened FW in FW Sofia FW , FW Bulgaria . . <s> <s> . The '' gathering VBZ is VBN expected TO to VB focus

    IN on PDT curbing DT the FW fouling FW of FW rivers FW and FW lakes FW , FW limiting FW damage FW from FW industrial FW accidents FW and FW improving FW the FW handling FW of FW harmful FW chemicals . . <s> <s> FW West FW German FW Environment FW Minister FW Klaus FW Toepfer FW said FW Bonn VBZ is VBN convinced IN of DT the NN need IN for NN cooperation , , `` `` RB especially IN with PRP$ our NNS neighbors IN in DT the NNP East , , IN because PRP we VBP are RB directly VBN affected IN by PRP$ their JJ ecological NN progress CC or NN lack IN of

    PRP it . . '' '' <s> <s> NNP The NNP U.S. CC and FW Canada FW joined FW every FW European FW country FW except FW Albania IN at DT the NN meeting . . <s> <s> FW The FW Swedish FW publishers FW of FW a FW new FW Estonian-language FW newspaper FW rushed FW an FW extra FW edition FW across FW the FW Baltic FW on # Oct. CD 10 IN after DT the JJ first NN run VBD sold RP out IN in CD one NN day . . <s> <s> FW Editor FW Hasse FW Olsson FW said FW plans FW had FW called FW for FW 7,000 FW copies FW of FW the

    FW monthly FW Are FW Paev FW -LRBFW Business FW Paper -RRB- -RRBTO to VB be VBN sold IN at FW newsstands FW and FW an FW additional FW 3,000 FW promotion FW issues TO to VB be VBN sent IN by JJ direct NN mail . . <s> <s> NN He VBD said RP 13,000 JJR more NNS copies VBD were VBN sent TO to VB Estonia IN because IN of JJ strong NNS sales . . <s> <s> FW The FW Swedish FW publishing FW company FW Bonniers FW owns FW 51 FW % FW of FW Are FW Paev , , CC and DT the FW Estonian FW management FW company FW Minor FW owns

    FW 49 NN % . . <s> <s> . Angel -RRB- Gurria , , NNP Mexico POS 's UH top UH debt UH negotiator , , VBD said DT the NN country POS 's FW creditor FW banks FW are FW responding FW positively FW to FW Mexico FW 's FW debt-reduction FW package . . <s> <s> FW Mr. FW Gurria FW 's FW optimism FW contrasts FW with FW some FW bankers FW ' FW views IN that DT the NN deal MD may VB require DT a NN lot IN of # arm SYM twisting IN by DT the NNP U.S. NNP Treasury IN in NN order TO to VB succeed . . <s> <s> . Mr.

    -RRB- Gurria , , NNP Mexico POS 's JJS under-secretary IN of DT the NN ministry IN of NN finance , , WP$ met NN yesterday IN with JJ European NNS bankers IN in NNP London , , IN at DT the FW half-way FW point FW on FW a FW so-called FW road FW show TO to VB market DT the NN package IN around DT the NN world . . <s> <s> IN An VBG increasing NN number IN of NNS banks VBP appear TO to VB be VBG considering DT the NN option IN under DT the FW deal FW whereby FW they FW can FW swap FW their FW Mexican FW loans FW for FW 30-year

    FW bonds FW with FW a FW face FW value FW discounted FW by FW 35 NN % , , NNP Mr. NNPS Gurria VBD said . . <s> <s> FW The FW other FW two FW options FW consist FW of FW swapping FW loans FW for FW bonds FW with FW 6.25 FW % FW interest FW rates FW , FW or FW providing FW fresh FW loans . . <s> <s> DT The NN accord , , WDT which VBZ covers $ $ CD 52.7 CD billion IN of NNP Mexico POS 's SYM medium : CC and JJ long-term NN debt , , VBZ is VBN expected TO to VB go IN into NN effect

    IN in JJ early <s> <s> NNP China POS 's FW top FW film FW actress FW , FW Liu FW Xiaoqing FW , FW paid FW $ FW 4,555 FW in FW back FW taxes FW and FW fines FW in FW Shandong FW province , , DT the NNS People POS 's NNP Daily VBD reported . . <s> <s> DT The NN amount VBZ is VBN equal TO to $ about CD 30 NNS years NNS earnings IN for DT the JJ average NN peasant , , WP who VBZ makes $ $ CD 145 DT a NN year : ... . . <s> <s> NN China MD will VB spend $ $ CD 9.45 CD million

    IN for FW urgent FW maintenance FW on FW Tibet FW 's FW Potala FW Palace , , JJ former NN home IN of DT the RBS Dalai UH Lama , , DT the NNP China NNP News NNP Service VBD said . . <s> <s> . The UH Dalai UH Lama , , WP who VBD was RB just VBD awarded DT the FW Nobel FW Peace FW Prize FW , FW lives FW in FW exile FW in FW India . . <s> <s> . George UH W. UH Koch , , WP$ 63 UH years UH old , , NN president CC and JJ chief NN executive NN officer IN of # Grocery SYM Manufacturers IN of

    NNP America NNP Inc. , , VBD was VBN elected DT a NN director IN of DT this NN maker IN of FW spices FW , FW seasonings FW and FW specialty FW foods FW , FW succeeding FW Erskin FW N. FW White FW Jr. , , CD 65 , , WP who VBD resigned . . <s> <s> NNP American NNP Business NNP Computer NNP Corp. VBD said PRP it FW privately FW placed FW 1,035,000 FW common NNS shares IN at $ $ CD 2.50 DT a NN share . . <s> <s> FW The FW placement FW was FW made FW through FW Gray FW Seifert FW Securities , , NNP New NNP York , ,

    TO to JJ institutional NNS investors . . <s> <s> NN Proceeds MD will VB be VBN used TO to # commercialize LS recently LS patented -RRB- technology CC and VB support DT the NN company POS 's JJ international NN expansion . . <s> <s> DT The NN company , develops CC and NNS markets NNS products IN for DT the NN food NN service NN industry . . <s> <s> FW THE FW R.H. FW MACY FW & FW CO FW . FW department-store FW chain VBZ is RB n't IN for NN sale . . <s> <s> DT In NN yesterday POS 's NN edition , , PRP it VBD was RB incorrectly VBN included IN with

    DT a NN list IN of NNP New NNP York VBD chains RP up IN for NN sale . . <s> <s> FW Korean FW car FW exports FW have FW slid FW about FW 40 FW % FW so FW far FW this FW year FW , FW but FW auto FW makers FW here FW are FW n't FW panicking . . <s> <s> NNS They VBP are VBG enjoying JJ domestic NNS sales WDT that VBP are JJR more IN than VBG making RP up IN for PRP$ lost JJ overseas NNS sales . . <s> <s> DT South JJ Korean NNS consumers VBP are VBN expected TO to VB buy UH almost UH 500,000 UH passenger

    PDT cars DT this NN year , , RB up CD 60 NN % IN from CD 1988 . . <s> <s> DT In NN fact , , DT some NN auto NNS executives VBP suggest IN that DT slackened NN demand IN for PRP$ their NNS cars IN in DT the NNP U.S. CC and NNP Canada VBZ is DT a NN blessing : ; `` otherwise PRP they MD would RB n't VB be JJ able TO to VB keep RP up IN with NN demand IN in DT the RBR more JJ profitable JJ local NN market . . <s> <s> IN `` PRP We VBP are FW very FW lucky FW to FW easily FW change

    FW an FW export FW loss FW to FW domestic FW plus , , '' '' VBZ says FW Hong FW Tu FW Pyo FW , FW managing FW director FW of FW domestic FW marketing FW for FW Hyundai FW Motor FW Co . . <s> <s> IN As PRP it VBZ is , , VBG waiting NNS lists IN of DT a NN month VBP are RB n't JJ unusual IN for JJ popular NNS models . . <s> <s> NN Demand VBZ is RB so JJ strong IN that DT all IN of DT the JJ domestic NNS makers : -LS Hyundai , , FW Kia FW Motors FW Corp. FW , FW Daewoo FW Motor

    FW Co. FW and FW even FW upstart FW SsangYong FW Motor SYM Co. : -NN plan TO to VB build JJR more NNS factories . . <s> <s> FW Industry FW analysts FW predict FW that FW by FW 1995 FW , FW South FW Korea MD will VB be $ building CD three CD million NNS cars DT a NN year : -IN about NN half IN of DT that IN for NN export . . <s> <s> NNP It POS 's FW an FW optimistic FW move FW in FW a FW industry FW already FW facing FW world-wide FW overcapacity . . <s> <s> FW But FW South FW Korean FW auto FW makers

    FW are FW confident FW that FW the FW export FW market FW will FW bounce FW back FW and FW that FW demand FW in FW Korea FW will FW stay FW strong . . <s> <s> FW Currently FW only FW one FW in FW 38 FW South FW Koreans FW owns FW a FW car , , RB up IN from CD one IN in PDT 200 DT a NN decade RB ago . . <s> <s> NN `` IN In DT the NN year WRB 2000 PRP it MD will VB be FW one FW car FW per FW family . . <s> <s> , At WDT that VBP point JJ domestic NNS sales MD will

    VB slow RP down , , '' '' VBZ says FW Kim FW Yoon FW Kwon FW , FW director FW of FW marketing FW for FW Daewoo FW Motor . . <s> <s> DT The NN reason IN for DT the FW tremendous FW demand FW is FW simple FW : FW South FW Koreans FW suddenly FW have FW a FW lot JJR more NN money . . <s> <s> IN `` PRP We RB never VBD thought PRP we MD 'd VB own DT a NN car , , '' '' VBZ says UH Kwang UH Ok UH Kyong , , WP who FW just FW bought FW a FW Daewoo FW LeMans FW on FW a

    FW five-year FW loan . . <s> <s> NN She CC and PRP$ her FW husband FW started FW a FW small FW printing FW business FW and FW need FW the FW car FW for FW work FW as FW well FW as FW for FW weekend FW jaunts . . <s> <s> . Pay '' raises IN of CD 60 NN % IN over DT the JJ past CD three NNS years VBP have VBN given LS many LS South PDT Koreans DT the NN money TO to VB enjoy DT the NNS things PRP they VBD were PDT supplying DT the NN rest IN of DT the NN world . . <s> <s> DT The NN success

    IN of FW newcomer FW SsangYong FW Motor PDT shows DT the NN strength IN of DT the NN auto NN market CC and PRP$ its FW growing FW diversity . . <s> <s> DT A NN part IN of DT the FW construction-oriented FW conglomerate FW SsangYong FW Group , , PRP it VBD took IN over DT the FW dying FW Dong-A FW Motor FW Co. FW in FW 1986 . . <s> <s> NN SsangYong VBD began VBG making RP variations IN of DT the FW Jeep-like FW `` FW Korando FW '' FW vehicle . . <s> <s> FW -LRBFW Dong-A FW had FW had FW a FW technology FW agreement FW with FW Jeep

    FW maker FW American FW Motors NNP Corp. , , RB now DT a NN part IN of NNP Chrysler NNP Corp . . -RRB- -RRB<s> <s> DT The RBS most JJ popular NN style VBZ is DT the RBS stretched `` `` UH Family , , '' '' WDT which FW resembles FW a FW Ford FW Bronco FW or FW Chevy FW Blazer . . <s> <s> FW The FW four-wheel-drive FW vehicles FW start FW at FW $ FW 15,000 FW ; FW a FW Family MD can VB cost IN over $ $ CD 25,000 . . <s> <s> NN SsangYong , , WDT which VBZ has RB only IN about CD 3 NN %

    IN of DT the JJ domestic NN market , , MD will VB sell RB about VBN 18,000 IN of PRP$ its NNS models DT this NN year , , RB twice IN as JJ many IN as JJ last NN year . . <s> <s> FW It FW sees FW sales FW rising FW 45 FW % FW to FW 26,000 FW units JJ next NN year . . <s> <s> DT The NN company VBZ plans TO to # expand LS plant # capacity CD 50 NN % IN by CD 1991 . . <s> <s> . By '' then PRP it RB also VBZ hopes TO to VB begin FW producing FW a FW passenger FW car

    FW based FW on FW the FW Volvo FW 240 CC and VBG selling IN for IN about $ $ CD 20,000 . . <s> <s> NN Hyundai CC and FW Daewoo FW seem FW unconcerned FW about FW the FW SsangYong FW threat , , CC but NNP Kia , , DT the FW scrappy FW No.3 FW auto FW maker FW , FW is FW selling FW four-wheel-drive FW vehicles FW through FW its FW Asia FW unit . . <s> <s> NN It VBZ plans TO to VB sell PRP$ 1,700 NNS units IN in CD 1989 . . <s> <s> NN Kia , , DT the FW only FW Korean FW car FW maker WDT that

    VBZ has VBN seen PRP$ its JJ overseas NNS sales VBP grow IN in CD 1989 , , '' aims IN at NNP Korea POS 's JJ common NN man . . <s> <s> . Its '' advantage VBZ has VBN been DT the FW peppy FW little FW Pride , , VBN sold IN as DT the NNP Ford -RRB- Festiva IN in DT the NNP U.S. . . <s> <s> IN At $ 3.8 CD million -RRB- won , , CC or $ $ CD 5,700 , , DT the NN econobox VBZ is DT the FW lowest-priced FW car FW in FW South FW Korea . . <s> <s> NN Along IN with CD two JJR larger

    NNS models , , DT the NN company VBZ claims CD 18 NN % IN of DT the JJ domestic NN market . . <s> <s> NNP Ford NNP Motor NNP Co. CC and NNP Japan POS 's FW Mazda FW Motor FW Corp. FW have FW equity FW interests FW in FW Kia . . <s> <s> NN Kia VBZ is DT the RBS most JJ aggressive IN of DT the FW Korean FW Big FW Three FW in FW offering FW financing . . <s> <s> NN Loans IN for RB as RB long IN as CD five NNS years VBP make DT the FW cars FW very FW accessible FW , FW with FW monthly FW payments

    FW as FW low FW as FW 80,000 FW won , , CC or $ $ CD 120 . . <s> <s> NNP Daewoo NNP Motor , , DT a FW 50-50 FW joint FW venture FW with FW General FW Motors NNP Corp. CC and DT the FW Daewoo FW Group FW conglomerate , , VBZ is DT the JJ only NN auto NN maker WDT that VBZ appears TO to VB be RP hurting . . <s> <s> NN Shipments IN of PRP$ its FW Lemans FW to FW GM FW 's FW Pontiac FW division FW are FW off FW about FW 65 NN % IN from DT a NN year RB ago , , FW versus

    FW a FW 44 FW % FW decline FW for FW Hyundai FW and FW an FW 18 FW % FW increase FW for FW Kia . . <s> <s> NN Moreover , , FW Daewoo FW 's FW domestic FW sales FW have FW grown FW half FW as FW fast FW as NNS sales IN of PRP$ its NNS rivals . . <s> <s> DT The JJ big NN problem IN for NNP Daewoo , , WDT which VBZ holds RB about CD 21 NN % IN of DT the NN market , , VBZ is DT the JJ long NN series IN of # labor LS disruptions PRP it VBD suffered DT this NN year . .

    <s> <s> . But '' Daewoo VBZ is VBG expanding RB too . . <s> <s> DT In NN fact , , DT a JJ sister NN company , , FW Daewoo FW Shipbuilding FW and FW Heavy FW Machinery FW , FW plans FW to FW build FW 240,000 FW minicars FW by FW the FW mid-1990s . . <s> <s> NN Hyundai , , DT the JJ Korean NN market NN leader IN with DT a CD 58 NN % NN share , , RB also VBZ plans TO to VB jump IN into JJR minicars IN at DT the JJ same NN time . . <s> <s> NN It VBZ has DT a JJ similar NN project

    IN for # 200,000 PDT cars DT a NN year . . <s> <s> NN Kia VBZ is RB reportedly RB also VBG considering PDT such DT a NN plan . . <s> <s> FW Even FW giant FW Samsung FW Group VBZ is VBN rumored IN in DT the JJ Korean NN press TO to VB be RP considering VBG getting IN into DT the RBS auto-making SYM business : ; DT a NN company NN spokesman VBD had DT no NN comment . . <s> <s> . Robert UH P. UH Bulseco , , WP$ 44 UH years UH old , , VBD was VBN named NN president CC and JJ chief JJ administrative NN officer IN of

    DT this JJ regional JJ commercial NN bank . . <s> <s> . Both '' posts VBD had VBN been RP vacant . . <s> <s> . Robert -RRB- Robie , , CD 51 , , VBD was VBN named TO to DT the JJ new NNS positions IN of NN vice NN chairman CC and JJ chief NN credit NN officer . . <s> <s> FW Many FW skittish FW mutual FW fund FW investors FW picked RP up DT the NN phone NN yesterday , , CC but VBD decided RB not TO to VB cash IN in PRP$ their NNS chips IN after PDT all . . <s> <s> IN As DT the NN stock NN market

    VBD bounced RB back , , FW withdrawals FW of FW money FW from FW stock FW funds FW amounted FW to FW a FW mere FW trickle FW compared FW with FW Black FW Monday , , WRB when NNS investors -LRB- dumped $ $ CD 2.3 CD billion , , CC or IN about CD 2 NN % IN of PRP$ stock-fund NNS assets . . <s> <s> . Fidelity -RRB- Investments , , DT the NN nation POS 's JJS largest NN fund NN company , , VBD said FW phone FW volume FW was FW more FW than FW double FW its FW typical FW level , , CC but RB still PDT half DT that

    IN of $ Oct. CD 19 , , CD 1987 . . <s> <s> . Net '' outflows IN from NNP Fidelity POS 's NN stock NNS funds VBD stood IN at JJR less IN than $ $ CD 300 CD million , , CC or $ below CD 15 NN % IN of DT the $ $ CD 2 CD billion NN cash NN position IN of DT the NN firm POS 's NN stock NNS portfolios . . <s> <s> NN Much IN of DT the NN money VBD was VBN switched IN into DT the NN firm POS 's NN money NN market NNS funds . . <s> <s> NN Outflows IN since DT the NN close

    IN of FW trading FW Friday FW remain FW below FW one-third PRP$ their NN level IN of CD two NNS years RB ago , , WDT Fidelity VBD said . . <s> <s> FW Other FW mutual FW fund FW companies FW reported FW even FW lighter FW withdrawal FW requests . . <s> <s> IN And DT some NNS investors IN at FW Fidelity FW and FW elsewhere FW even FW began FW buying FW stock NNS funds IN during DT the NN day . . <s> <s> CD `` CD Two NNS years RB ago , , EX there VBD was DT a NN lot IN of FW redemption FW activity FW and FW trouble FW with

    FW people FW getting FW through IN on DT the NN phone , , '' '' VBD said UH Kathryn UH McGrath , , NN head IN of DT the NN investment NN management NN division IN of DT the NNPS Securities CC and NNP Exchange NNP Commission . . <s> <s> DT This NN time , , `` `` PRP We VBP do RB n't VB have IN that IN at PDT all . . '' '' <s> <s> DT Of NN course , , DT the FW relative FW calm MD could VB be RP jolted IN if DT the NN market MD plunges RB again . . <s> <s> IN And DT any JJ strong NN surge

    IN in PRP redemptions MD could VB force DT some NNS funds TO to VB dump NNS stocks TO to VB raise NN cash , , IN as DT some FW did FW during FW Black FW Monday . . <s> <s> FW But FW funds FW generally FW are FW better FW prepared FW this FW time FW around . . <s> <s> IN As DT a NN group , , PRP$ their NN cash NN position IN of DT 10.2 NN % IN of NNS assets IN in NNP August : -DT the JJS latest LS figure SYM available : -VBZ is CD 14 NN % JJR higher IN than CD two NNS years RBR earlier

    . . <s> <s> DT Many NN fund NNS managers VBP have VBN boosted PRP$ their NN cash NNS levels IN in JJ recent NNS weeks . . <s> <s> FW The FW biggest FW flurry FW of FW investor FW activity FW came FW early IN in DT the NN day . . <s> <s> NNP Vanguard NNP Group NNP Inc. FW saw FW heavy FW exchanges FW from FW stock FW funds FW into FW money FW market FW funds FW after FW the FW telephone FW lines FW opened FW at FW 8:30 FW a.m . . <s> <s> NN `` IN In DT the JJ first NN hour , , DT the FW real FW nervous

    FW folks FW came FW along , , '' '' DT a NN spokesman VBD said . . <s> <s> NN `` CC But DT the FW horrendous FW pace FW of FW call FW volume FW in FW the FW first FW half-hour FW slowed FW considerably . . '' '' <s> <s> . At -RRB- Scudder , , FW Stevens FW & FW Clark FW Inc. FW , FW phone FW calls FW came FW in FW at FW 40 FW % FW more FW than FW the FW normal FW pace FW through FW early FW afternoon . . <s> <s> NN Most IN of DT that NN increase VBD came IN in DT the JJ first

    NN hour IN after DT the FW phone FW lines FW opened FW at FW 8 FW a.m . . <s> <s> JJ As NNS stocks VBD rose , , IN in NN fact , , DT some FW investors FW changed FW course FW and FW reversed FW their FW sell FW orders . . <s> <s> JJ Many NNS funds VBP allow NNS investors TO to VB void NNS orders IN before DT the NN close IN of NN trading . . <s> <s> . At '' Scudder CC and IN at DT the FW smaller FW Ivy FW funds FW group FW in FW Hingham , , NNP Mass. , , IN for NN instance , ,

    DT some NNS shareholders VBD called RB early IN in DT the NN morning TO to VB switch NN money IN from NN stock NNS funds TO to NN money NN market NNS funds , , CC but RB later VBN called RP back TO to VB reverse DT the NN switches . . <s> <s> DT Because JJ mutual NN fund NNS trades VBP do RB n't VB take NN effect IN until DT the NN market NN close : -IN in DT this NN case , , IN at FW 4 FW p.m. FW -FW these FW shareholders FW effectively FW stayed FW put . . <s> <s> NNP At NNP Fidelity POS 's NN office

    IN in FW downtown FW Boston FW , FW Gerald FW Sherman FW walked FW in FW shortly FW after FW 7:30 FW a.m. FW and FW placed FW an FW order FW to FW switch FW his FW retirement FW accounts RP out IN of CD three NN stock NNS funds CC and IN into DT a NN money NN market NN fund . . <s> <s> NN But IN by # 3:15 UH p.m. , , IN with DT the NN market MD comfortably RB ahead IN for DT the NN day , , NNP Mr. NNP Sherman VBD was VBG preparing TO to VB undo PRP$ his NN switch . . <s> <s> IN `` PRP It

    VBZ 's DT a FW nice FW feeling FW to FW know FW that FW things FW stabilized , , '' '' VBD said NNP Mr. NNP Sherman , , DT the FW 51-year-old FW co-owner FW of FW a FW discount FW department FW store . . <s> <s> IN But DT some NNS investors VBD continued TO to VB switch RP out IN of FW high-risk FW , FW high-yield FW junk FW funds FW despite FW yesterday POS 's NN rebound IN from DT that NN market POS 's JJ recent NN price NNS declines . . <s> <s> NNS Shareholders VBP have VBN been LS steadily LS bailing RP out IN of JJ several JJ big

    NN junk NNS funds DT the JJ past JJ several NNS weeks IN as DT the $ $ CD 200 CD billion NN market VBD was VBN jolted IN by DT a FW cash FW crunch FW at FW Campeau FW Corp. FW and FW steadily FW declining FW prices . . <s> <s> NN Much IN of DT the NN money VBZ has VBN been VBN switched IN into NN money NN market NNS funds , , WP$ fund NNS executives VBP say . . <s> <s> NN Instead IN of VBG selling NNS bonds TO to VB meet RP redemptions , , RB however , , DT some NNS funds VBP have VBN borrowed IN from NNS banks

    TO to VB meet UH withdrawal UH requests . . <s> <s> FW This FW avoids FW knocking FW down FW prices FW further . . <s> <s> IN The $ $ CD 1.1 CD billion FW T. FW Rowe FW Price FW High FW Yield FW Fund FW was FW among FW the FW funds FW that FW borrowed FW during FW the FW Campeau FW crisis FW , FW says FW George FW J. FW Collins FW , FW president FW of FW T. FW Rowe FW Price FW Associates FW Inc . . <s> <s> DT That NN way , , NNP Mr. NNP Collins VBZ says , , `` `` PRP We VBD did RB n't

    VBP have TO to VB sell NNS securities IN in DT a JJ sloppy NN market . . '' '' <s> <s> IN When DT the NN market -RRB- stabilized , , PRP he VBD added , , DT the NN firm VBD sold DT the NNS bonds CC and RB quickly VBN paid DT the NNS loans RB back . . <s> <s> . Tom '' Herman VBD contributed TO to DT this NN article . . <s> <s> NNP Amcore NNP Financial NNP Inc. VBD said PRP it VBD agreed TO to VB acquire RP Central IN of NNP Illinois NNP Inc. IN in DT a NN stock NN swap . . <s> <s> NN Shareholders IN of

    NNP Central , , DT a NN bank VBG holding NN company VBN based IN in NNP Sterling , , NNP Ill. , , MD will VB receive FW Amcore FW stock FW equal FW to FW 10 FW times FW Central POS 's CD 1989 NNS earnings , , WDT Amcore VBD said . . <s> <s> IN For DT the JJ first CD nine NNS months IN of CD 1989 , , WDT Central VBD earned $ $ CD 2 CD million . . <s> <s> NN Amcore , , RB also DT a NN bank VBG holding NN company , , VBZ has NNS assets IN of $ $ CD 1.06 CD billion . . <s> <s>

    NNP Central POS 's NNS assets VBP are $ $ CD 240 CD million . . <s> <s> NN -LRBIN During PRP$ its JJ centennial NN year , , DT The NNP Wall NNP Street NNP Journal MD will VB report NNS events IN of DT the JJ past NN century WDT that VBP stand RB as VBN milestones IN of JJ American NN business NN history . . -RRB- -RRB<s> <s> FW SOFT FW CONTACT FW LENSES FW WON FW federal FW blessing FW on FW March FW 18 FW , FW 1971 FW , FW and FW quickly FW became FW eye FW openers IN for PRP$ their NNS makers . . <s> <s> FW The

    FW Food FW and FW Drug FW Administration FW that FW day FW said FW Bausch FW & FW Lomb FW could FW start FW selling FW them IN in DT the NNP U.S. . . <s> <s> FW The FW cornflake-size FW product FW was FW more FW comfortable FW and FW less FW prone FW to FW falling FW out FW than FW hard FW contact FW lenses , , WDT which VBD had VBN been RP around LS since LS 1939 . . <s> <s> FW Bausch FW & FW Lomb FW sold FW the FW softies FW under FW a FW sublicense FW from FW National FW Patent FW Development , , WDT which VBD had

    VBN gained DT the NNS rights IN from DT the FW Czechoslovakia FW Academy FW of FW Sciences . . <s> <s> . Otto -RRB- Wichterle , , DT a FW Czech FW , FW invented FW them FW in FW 1962 . . <s> <s> FW The FW plastic FW lens FW wraps FW itself FW over FW the FW cornea FW , FW absorbing FW eye FW moisture FW while FW permitting FW oxygen FW to FW pass FW through . . <s> <s> IN But DT the JJ new NN lens VBD became DT the NN eye IN of DT a NN storm . . <s> <s> FW In FW September FW 1971 FW California FW officials

    FW seized FW `` FW bootlegged FW '' FW lenses FW -FW made FW by FW unlicensed FW companies FW -FW after FW some FW showed FW traces FW of FW bacteria . . <s> <s> . In UH October UH doctors UH were PDT debating DT the NN product POS 's NN safety , , DT some FW claiming FW it FW caused FW infections . . <s> <s> `` And EX there VBD were NNP Senate NNS hearings IN on DT the NNS questions IN in $ July CD 1972 . . <s> <s> FW The FW product FW overcame FW the FW bad FW publicity FW and FW kept FW evolving . . <s> <s>

    . The UH early UH soft UH lenses , , WDT which VBD cost $ $ CD 300 DT a NN set , , VBD were VBN expected TO to VB last IN for DT a NN year . . <s> <s> . In '' 1983 `` `` UH extended UH wear UH '' UH versions , , VBN designed TO to VB be RP worn IN for CD 30 NNS days IN at DT a NN time , , WP$ wree LS offered . . <s> <s> JJ Eighteen NNS months IN ago DT a `` `` FW disposable FW '' FW seven-day FW model SYM bowed : ; DT a NN year POS 's NN supply NNS costs

    IN about $ $ CD 500 . . <s> <s> DT Last NN month DT the FW FDA FW and FW Contact FW Lens FW Institute FW cautioned FW users FW that FW serious FW eye FW infections FW could FW result FW from FW wearing FW lenses JJR more IN than CD seven NNS days IN at DT a NN stretch . . <s> <s> CD Today CD 20 CD million IN of DT the FW 25 FW million FW Americans FW using FW contact FW lenses FW are FW using FW the FW soft FW type . . <s> <s> IN Including DT the FW accesory FW eye FW care FW products , , WP$ contacts NN account

    IN for $ $ CD 2 CD billion IN in JJ annual JJ retail NNS sales . . <s> <s> . Although '' Bausch VBZ remains DT the NN leader IN among DT the CD six -RRB- majors , , NNP Johnson CC & NNP Johnson , , IN with PRP$ its JJ new NNS disposables , , VBZ is VBG coming IN on RB fast . . <s> <s> FW The FW roller-coaster FW stock FW market FW is FW making FW life FW tougher FW for FW small FW companies FW trying TO to VB raise NN money . . <s> <s> IN In DT the NN wake IN of NNP Friday POS 's NN plunge CC and

    NN yesterday POS 's NN rebound , , DT some NNS companies VBP are UH already UH postponing UH deals , , CC and NNS others VBP wish PRP they MD could . . <s> <s> NN As IN in FW other FW jittery FW times FW , FW many FW small FW businesses FW expect FW a FW particularly FW rough FW time FW raising FW funds FW as FW investors FW shun FW risky FW deals FW , FW seeking FW safety FW in FW bigger FW companies . . <s> <s> NN Even IN if NN stock NNS prices RB fully VB recover IN from NNP Friday POS 's JJ sharp NN decline , , DT the

    JJ unsettled NNS conditions MD will VB frighten JJ many NNS investors . . <s> <s> IN `` DT The NN implication IN of DT an JJ unsettled NN situation VBZ is IN that DT the NN thing MD could VB drop RP dramatically , , '' '' VBZ says UH Henry UH Linsert UH Jr. , , NN chairman IN of NNP Martek NNP Corp. , , DT a JJ four-year-old NN biotechnology NN company WDT that VBZ is VBG planning DT a JJ private NN placement IN of NN stock . . <s> <s> IN `` DT The JJR more UH variables UH that UH indicate UH risk , , DT the RBR more DT the NN investor

    VBZ is VBG going TO to VB drive DT a JJ hard NN bargain . . '' '' <s> <s> IN Earlier DT this NN month , , '' Staples NNP Inc. , , DT a NN Newton , , NNP Mass. , , WP$ office-supplies UH discounter , , VBD said PRP it MD would FW accelerate FW expansion FW plans FW nationwide FW and FW offer JJR more IN of PRP$ its NN stock TO to DT the NN public . . <s> <s> IN At DT the NN time , , PRP$ its NNS shares VBD were VBG selling IN above PRP$ their JJ initial NN offering NN price IN of $ $ CD 19 , ,

    CC and FW bankers FW believed FW Staples MD would VB sell JJ new NN stock IN without DT a NN hitch . . <s> <s> NN But IN with DT the NN company POS 's NNS shares VBG standing IN at $ $ CD 15 NN yesterday , , DT a JJ new NN offering VBZ seems RB unlikely , , NN company NNS officials VBP say . . <s> <s> NN Business , , RB however , , VBZ continues TO to VB be `` `` UH robust , , '' '' CC and DT the NN stock NN market VBZ has RB n't VBN affected DT the NN concern POS 's NN expansion NNS plans , ,

    VBZ says UH Todd UH Krasnow , , DT a JJ senior NN executive . . <s> <s> JJ Other NNS companies VBP figure PRP they MD ca RB n't VB avoid DT the NN market . . <s> <s> IN `` PRP We VBP have UH capital UH requirements , , '' '' VBZ says NNP Mr. NNPS Linsert , , `` `` RB so PRP we VBP have TO to VB go . ahead '' '' IN with DT a FW planned FW $ FW 1.5 FW billion FW private FW placement . . <s> <s> IN Unless DT the NN market VBZ goes RB right RB back RB up , , PRP he VBZ says , ,

    `` `` PRP it MD may VB take $ us CD six TO to CD nine NNS months TO to VB find DT the NN money , , RB instead IN of CD three . . '' '' <s> <s> IN And DT the NNP Columbia , , NNP Md. , , NN company MD may VB have TO to VB settle IN for DT a JJR lower NN price , , PRP he VBZ adds . . <s> <s> NN Life VBZ is RB particularly VBN nerve-racking IN for NNS companies WDT that VBD had VBN planned TO to VB go PDT public DT this NN week . . <s> <s> NN Hand-holding VBZ is FW becoming FW an

    FW investment-banking FW job FW requirement . . <s> <s> NN Robertson , , '' Stephens CC & NNP Co. , , DT a FW San FW Francisco FW investment FW banking FW concern FW , FW has FW a FW client FW that FW looked FW forward FW to FW making FW its FW initial FW public FW offering FW yesterday . . <s> <s> NN Officers IN of DT the NN company , , DT a JJ health-care NN concern , , `` `` VBD were RB very VBN discouraged IN on NNP Friday CC and VBD felt PRP they MD should RB n't VB go JJ public : ; PRP we VBD felt PRP they MD should

    , , '' '' VBZ says UH Sanford UH Robertson , , NN partner IN in DT the NN banking NN concern . . <s> <s> IN As DT the NN market VBD dropped NNP Friday , , WP$ Robertson LS Stephens PDT slashed DT the NN value IN of DT the NN offering IN by CD 7 NN % . . <s> <s> NN Yesterday , , WRB when UH similar UH securities UH rebounded , , PRP it VBP bumped DT the RBS valuation RB up RB again . . <s> <s> NN As IN of JJ late NN yesterday , , DT the NN IPO VBD was RB still IN on . . <s> <s> DT For

    JJ many , , DT the NN situation VBZ is RB especially VBN discouraging IN because DT the NN market IN for FW IPOs FW was FW showing FW signs FW of FW strengthening FW after FW several NNS years IN of NN weakness . . <s> <s> IN `` PRP We VBD were RB just VBG beginning TO to VB look IN at DT the NN increase IN in NNP IPOs , , VBG seeing DT the NN light IN at DT the NN end IN of DT the NN tunnel , , '' '' VBZ says FW Frank FW Kline FW Jr. FW , FW partner FW in FW Lambda FW Funds FW , FW a FW Beverly

    FW Hills FW , FW Calif. FW , FW venture FW capital FW concern . . <s> <s> NN `` CC But DT the FW tunnel FW 's FW just FW gotten FW longer . . '' '' <s> <s> DT Companies NN planning TO to VB go JJ public `` `` FW are FW definitely FW taking FW a FW second FW look , , '' '' VBZ says UH Allen UH Hadhazy , , JJ senior NN analyst IN at DT the FW Institute FW for FW Econometric FW Research FW , FW Fort FW Lauderdale , , NNP Fla. , , WDT which VBZ publishes DT the NNP New FW Issues FW newsletter FW on FW IPOs

    . . <s> <s> . He '' calculates IN that DT the JJ recent NN market FW slide FW translated FW into FW a FW 5 FW % FW to FW 7 FW % FW reduction FW in FW IPO FW proceeds TO to NNS companies . . <s> <s> JJ Many NNS companies VBP are RBR hesitating . . <s> <s> NNP Exabyte NNP Corp. VBD had VBN been VBG planning TO to VB sell CD 10 NN % IN of PRP$ its NN stock DT this NN week IN in DT an RBS IPO WDT that MD would VB raise RP up TO to $ $ CD 28.5 CD million . . <s> <s> VBZ But RB now

    , , WP$ Peter UH Behrendt , , NN president , , VBZ says , , `` `` PRP We VBP 're VBG making NNS decisions IN on DT a JJ day-to-day NN basis . . '' '' <s> <s> NN Debt-free CC and JJ profitable , , DT the FW Boulder FW , FW Colo. FW , FW computer-products FW concern FW could FW borrow FW funds FW if FW it FW decides FW against FW an FW IPO FW now , , PRP he VBZ says . . <s> <s> NNP KnowledgeWare NNP Inc. , , DT an FW Atlanta FW computer-software FW concern , , VBZ says PRP it VBZ is RB still VBG planning TO to

    VB go RB ahead IN with PRP$ its FW IPO FW this FW week FW or FW next FW -FW unless FW conditions FW change . . <s> <s> IN `` PRP It VBZ 's DT a FW wait-and-see FW situation FW right FW now , , '' '' VBZ says UH Terry UH McGowan , , NN president . . <s> <s> . Delayed '' financings RB also MD would VB affect DT the NNS operations IN of JJ many NNS companies . . <s> <s> . Sierra UH Tucson UH Cos. , , DT a NNP Tucson , , NNP Ariz. , , FW operator FW of FW addiction-treatment FW centers FW , FW has FW a

    FW planned FW doubling FW of FW capacity FW riding FW on FW an FW IPO FW scheduled FW for FW next FW week . . <s> <s> . William -RRB- O'Donnell , , NN president , , VBZ says PRP he RB still VBZ thinks DT the NN IPO MD will VB succeed . . <s> <s> IN If PRP it VBZ does RB n't , , PRP he VBZ says , , DT the NN company MD would VB have TO to VB change PRP$ its FW expansion FW timetable . . <s> <s> IN But DT the NN market WDT turmoil MD could VB be RP partially RBR beneficial IN for DT some JJ small NNS businesses

    . . <s> <s> IN In DT a JJS sagging NN market , , DT the FW Federal FW Reserve FW System FW `` FW might PDT flood DT the NN market IN with NNS funds , , CC and WDT that MD should VB bring NN interest NNS rates RB down , , '' '' VBZ says UH Leonard UH T. UH Anctil , , NN vice NN president IN of DT the NNP Bank IN of NNP New NNP England , , NNP Boston . . <s> <s> . James UH G. UH Zafris , , NN president IN of # Danvers UH Savings UH Bank , , UH Danvers , , NNP Mass. , , VBZ says

    DT the NN market : turmoil `` `` VBZ is DT an RBS absolute SYM non-event IN for JJ small NN business . . '' '' <s> <s> DT For JJ small NNS companies , , PRP he VBZ says , , NN interest NNS rates VBP are RB far RBR more FW important FW than FW what FW happens FW on FW stock FW exchanges . . <s> <s> FW Mr. FW Zafris FW thinks FW rates FW are FW heading FW down , , VBG helping JJ small NNS companies . . <s> <s> . Peter -RRB- Drake , , FW biotechnology FW analyst FW for FW Vector FW Securities FW International , , NNP Chicago , ,

    FW thinks FW market FW uncertainty FW may FW encourage FW small FW companies FW to FW form FW more FW strategic FW alliances FW with FW big FW corporations . . <s> <s> NN Partly IN because DT the FW 1987 FW market FW crash FW made FW it FW harder FW for FW them FW to FW find FW financing FW , FW many FW high-technology FW concerns FW have FW made FW such FW alliances FW recently . . <s> <s> FW Some FW even FW see FW a FW silver FW lining FW in FW the FW dark FW clouds . . <s> <s> NNP Alan NNP Wells , , NN president IN of NNP Bollinger

    , , NNP Wells , , '' Lett CC & NNP Co. , , DT a NNP New NNP York FW merger FW specialist FW , FW thinks FW panicky FW investors FW may FW lose FW their FW enthusiasm FW for FW leveraged FW buy-out FW and FW giant FW takeover FW deals . . <s> <s> NN Instead , , PRP they MD could VB turn TO to FW investing FW in FW smaller FW deals FW involving FW smaller FW companies , , PRP he VBZ says . . <s> <s> FW And FW William FW E. FW Wetzel FW Jr. FW , FW a FW University FW of FW New FW Hampshire FW management FW professor

    FW and FW director FW of FW Venture FW Capital FW Network NNP Inc. , , VBZ says DT the NN market POS 's NNS gyrations MD will VB underline DT the NNS investors POS ' NN lack IN of NN control IN in JJ big NN stock NNS investments . . <s> <s> NN This MD will VB add TO to DT the NN appeal IN of JJ small NN business , , PRP he VBZ says , , WRB where NNS investors RB often VB have DT a NN degree IN of NN influence . . <s> <s> NNP Bay NNP Financial NNP Corp. , , FW hurt FW by FW high FW debts FW and FW deteriorating

    FW real FW estate FW investments , , VBD reported DT a JJR wider NN loss IN for DT the JJ fourth NN quarter CC and VBD said PRP it MD might VB be VBN forced TO to VB seek DT a FW bankruptcy-court FW reorganization FW if FW it FW ca FW n't FW renegotiate FW its FW borrowings . . <s> <s> NN Bay VBD said DT a `` `` JJ substantial NN part '' '' IN of PRP$ its NN debt WDT outstanding VBZ is IN in NN default IN as DT a NN result IN of FW inability FW to FW sell FW certain FW properties FW quickly FW and FW lower-than-expected FW prices FW for

    FW sales FW made . . <s> <s> DT The NN company VBD said PRP$ its JJ real NN estate NN portfolio VBZ is `` `` UH highly UH leveraged , , '' '' IN while IN about NNS two-thirds IN of PRP$ its NNS investments VBP are RB n't RBR income-producing . . <s> <s> IN Thus PRP it VBZ is VBG coming RP up JJ short IN on DT a JJ big NN bet IN that JJ quick NNS sales IN at JJR higher NNS prices MD would VB enable PRP it TO to VB keep RP up IN with NN mortgage CC and JJ other NN debt NNS payments . . <s> <s> NN According TO to

    PRP$ its JJS latest JJ annual NN report , , IN about DT a NN quarter IN of DT the NN company POS 's NNS holdings VBP are IN in NNP Massachusetts , , IN in DT the NN midst IN of DT a NN real-estate NN slump . . <s> <s> DT The NN company VBD said PRP it VBD had DT a JJ net NN loss IN in PRP$ its JJ fourth NN quarter VBD ended $ June CD 30 IN of $ $ CD 36.2 CD million , , CC or $ $ PDT 9.33 DT a NN share , , IN on NN revenue IN of $ $ CD 13.1 CD million . . <s> <s>

    DT A NN year RBR earlier , , DT the NN company VBD had DT a NN loss IN of $ $ CD 10.8 CD million , , CC or $ $ PDT 3.04 DT a NN share , , IN on NN revenue IN of $ $ CD 10.8 CD million . . <s> <s> IN For DT the NN year , , PRP it VBD had DT a JJ net NN loss IN of $ $ CD 62 CD million , , CC or $ $ CD 15.97 DT a NN share , , IN on NN revenue IN of $ $ CD 44.3 CD million . . <s> <s> IN In DT the JJ previous NN year

    , , PRP it VBD had DT a NN loss IN of $ $ CD 22.5 CD million , , CC or $ $ CD 6.52 DT a NN share , , IN on NN revenue IN of $ $ CD 41.1 CD million . . <s> <s> IN Although PRP it VBZ is VBG having UH serious UH cash-flow UH problems , , NNP Bay VBD said DT the JJS fair-market NN value IN of PRP$ its NNS holdings , , WP$ minus NN debt , , VBD was VBN equal TO to $ $ PDT 6.02 DT a NN share IN at $ June CD 30 VBN based IN on DT a JJ recent NN appraisal . .

    <s> <s> DT Book NN value IN per NN share , , WDT which VBZ is VBN based IN on NNS investments IN at NN cost , , VBD was DT a JJ negative $ $ PDT 6.69 DT a NN share . . <s> <s> DT A NN year RBR earlier , , FW fair-market FW value FW per FW share FW was FW $ FW 26.02 FW and FW book FW value FW was FW $ PDT 9.43 DT a NN share . . <s> <s> DT Annualized NN interest NNS rates IN on JJ certain NNS investments RB as VBN reported IN by DT the FW Federal FW Reserve FW Board FW on FW a FW weekly-average

    FW basis FW : FW 1989 FW and FW Wednesday FW October FW 4 , , CD 1989 . . <s> <s> NN c-Yields , , VBN adjusted IN for JJ constant NN maturity . . <s> <s> NNP TRW NNP Inc. VBD reported DT a CD 12 NN % NN decline IN in JJ third-quarter JJ net NN income , , CC but DT the NN company VBD said IN that FW excluding FW unusual FW gains FW in FW both FW quarters , , VBG operating NN profit VBD rose CD 16 NN % . . <s> <s> JJ The NNS electronics , , FW automotive FW and FW aerospace FW concern FW said FW third-quarter FW net

    FW was $ $ CD 60 CD million , , CC or CD 98 NNS cents DT a NN share , , RB down IN from $ $ CD 68 CD million , , CC or $ $ CD 1.11 DT a NN share , , DT a NN year RBR earlier . . <s> <s> JJ Share NNS earnings VBP are VBN reported IN on DT a FW fully FW diluted FW basis , , IN by NN company NN tradition . . <s> <s> NN Results IN for DT the CD 1988 NN quarter VBD included DT a NN gain IN of $ $ CD 1.05 DT a NN share IN from NN sale IN of DT the

    FW Reda FW Pump FW and FW Oilwell FW Cable FW units FW , FW partly FW offset FW by FW a FW charge FW of FW 69 FW cents FW a FW share FW for FW recall FW of FW faulty FW truck FW steering FW systems . . <s> <s> DT The JJS latest NN quarter VBD included DT a NN gain IN of CD 11 NNS cents DT a NN share IN as DT a JJ partial NN reversal IN of DT the JJS recall NN charge , , IN because DT the FW reserve FW established FW last FW year FW exceeded FW the FW actual FW recall FW costs . . <s> <s> NN Sales

    IN for DT the NN quarter VBD rose PRP$ 8.3 NN % TO to $ $ CD 1.79 CD billion , , IN from $ $ CD 1.65 CD billion , , IN with PDT all FW three FW major FW product FW groups FW reporting FW gains . . <s> <s> DT The NN company VBD said NN aerospace CC and NN defense NNS sales VBD were RP up CD 2 NN % IN for DT the NN quarter TO to $ $ CD 802 CD million , , CC and VBG operating NN profit VBD climbed CD 6 NN % TO to $ $ CD 61 CD million , , FW mainly FW because FW of FW improved

    FW program FW performance FW in FW spacecraft FW and FW advanced-technology FW contracts . . <s> <s> JJ Automotive NNS sales VBD jumped CD 16 NN % TO to $ $ CD 791 CD million , , RB mainly IN because IN of JJR higher NNS sales IN of FW air FW bags FW and FW other FW passenger FW restraint FW systems , , WDT TRW VBD said . . <s> <s> DT The NN group VBD had DT an NN operating NN profit IN of $ $ CD 65 CD million , , IN against DT a NN loss IN of $ $ CD 13 CD million DT a NN year RBR earlier . . <s> <s>

    NN However , , VBG excluding DT the JJ year-earlier NN charge IN for FW recall FW of FW steering FW gear , , VBG operating NN profit IN in DT the JJS latest NN quarter VBD declined CD 14 NN % , , FW reflecting FW higher FW start-up FW and FW product FW development FW expenses FW in FW passenger-restraint FW systems . . <s> <s> NN Materials CC and NN production NNS costs RB also VBD rose , , WDT TRW VBD said . . <s> <s> FW The FW information FW systems FW segment FW had FW a FW 44 FW % FW jump NNS sales TO to $ $ CD 196 CD million . .

    <s> <s> DT An NN acquisition VBD accounted IN for PDT half DT the NNS sales VBP rise , , WDT TRW VBD said . . <s> <s> DT Operating NN profit VBD rose VBN threefold TO to $ $ CD 18 CD million , , IN from $ $ CD 6 CD million . . <s> <s> IN For DT the CD nine NNS months , , WP$ TRW POS 's NN net VBD was $ $ CD 199 CD million , , CC or $ $ PDT 3.22 DT a NN share , , RB down CD 3 NN % IN from $ $ CD 205 CD million , , CC or $ $ PDT 3.33 DT a

    NN share , , DT a NN year RBR earlier . . <s> <s> NN Sales VBD rose CD 2.9 NN % TO to $ $ CD 5.42 CD billion , , IN from $ $ CD 5.27 CD billion . . <s> <s> FW a FW tragicomic FW monologue FW by FW an FW idealistic FW , FW not FW unheroic FW , FW though FW sadly FW self-deceived FW English FW butler FW in FW his FW sixties FW -FW proceeds FW as FW if FW the FW realistic FW English FW novel FW of FW manners FW , FW like FW Britannia FW herself , , RB still VBD ruled DT the NNS waves . .

    <s> <s> DT In NN fact , , WP$ Kazuo LS Ishiguro POS 's `` `` DT The NN Remains IN of DT the NN Day '' '' -LRB- -LRBUH Knopf , , WP$ 245 UH pages , , $ $ CD 18.95 -RRB- -RRBFW is FW both FW an FW homage FW to FW traditional FW English FW forms FW and FW a FW dramatic FW critique FW of FW them . . <s> <s> . It '' implies IN that DT the FW British FW Empire FW was FW rooted FW in FW its FW subjects FW ' FW minds FW , FW manners FW and FW morals , , CC and VBZ argues , ,

    UH tacitly , , IN that PRP$ its FW self-destructive FW flaws FW were FW embodied FW in FW the FW defensive FW snobbery FW , FW willful FW blindness FW , FW role-playing FW and FW especially FW the FW locutions FW of FW its FW domestic FW servants . . <s> <s> IN As DT the RBS narrator UH Stevens , , DT the FW solitary FW butler FW of FW Darlington FW Hall FW , FW mulls FW over FW such FW hallowed FW terms FW as FW `` FW greatness , , '' '' `` `` UH dignity , , '' '' `` `` UH service '' '' CC and `` `` UH loyalty , ,

    '' '' PRP we VBP see WRB how FW pious FW cant FW subverts FW the FW soul . . <s> <s> NNP Stevens POS 's LS dutiful -RRB- conflation IN of DT the JJ public CC and FW private FW realms FW -FW like FW his FW beloved FW master SYM 's : -LS destroys PDT all PRP it VBD was VBN designed TO to VB preserve . . <s> <s> . Such UH armor PDT crushes DT the NN soldier . . <s> <s> . The '' mask VBZ cuts TO to DT the JJ quick . . <s> <s> NNP It POS 's UH 1956 , , DT the NN year DT the FW Suez

    FW crisis FW marked FW the FW final FW end FW of FW Empire . . <s> <s> IN As PRP he VBZ stands IN on DT a NN hill IN at DT the NN beginning IN of DT a FW six-day FW motor FW expedition FW from FW Oxfordshire FW to FW Cornwall FW , FW where FW a FW former FW housekeeper FW resides , , RB perhaps DT the NN victim IN of DT an FW unhappy FW 20-year FW marriage FW , FW perhaps FW -LRBFW he FW hopes FW with FW more FW fervor FW than FW he FW will FW ever FW acknowledge FW -RRBFW not FW disinclined FW to FW return

    FW to FW domestic FW service FW , FW Stevens FW surveys FW the FW view FW and FW thereby FW provides FW a FW self-portrait , , DT a NN credo CC and DT the NN author POS 's NN metaphor IN for DT the NN aesthetic IN of DT the FW novel FW we FW 're SYM reading : : <s> <s> IN `` PRP We VBP call DT this NN land IN of # ours UH Great UH Britain , , CC and EX there MD may VB be DT those WP who FW believe FW this FW a FW somewhat FW immodest FW practice . . <s> <s> IN Yet PRP I MD would VB venture

    IN that DT the NN landscape IN of PRP$ our NN country WDT alone MD would VB justify DT the NN use IN of DT this FW lofty FW adjective FW ... . . <s> <s> NN It VBZ is DT the FW very FW lack FW of FW obvious FW drama FW or FW spectacle FW that FW sets FW the FW beauty FW of FW our FW land FW apart . . <s> <s> NN What VBZ is EX pertinent VBZ is DT the NN calmness IN of DT that NN beauty , , PRP$ its NN sense IN of NN restraint . . <s> <s> NN It VBZ is RB as IN though DT the NN land

    VBZ knows IN of PRP$ its JJ own NN beauty , , IN of PRP$ its JJ own NNS greatness , , CC and VBZ feels DT no NN need TO to VB shout PRP it . . <s> <s> DT In NN comparison , , DT the FW sorts FW of FW sights FW offered FW in FW such FW places FW as FW Africa FW and FW America FW , FW though FW undoubtedly FW very FW exciting FW , FW would FW , FW I FW am FW sure FW , FW strike FW the FW objective FW viewer FW as FW inferior FW on FW account FW of FW their FW unseemly FW demonstrativeness . .

    '' '' <s> <s> . An UH effusive UH landscape . ? <s> <s> . An UH ill-mannered UH mountain . ? <s> <s> FW But FW let FW Stevens FW continue FW in FW his FW unwitting FW comic FW manner FW -LRBFW his FW conscious FW efforts FW at FW `` FW banter FW '' FW always FW fail FW -RBS most LS comically -RRB- -RRB: : `` `` FW This FW whole FW question FW is FW very FW akin TO to DT the NN question WDT that VBZ has VBN caused JJ much NN debate IN in PRP$ our NN profession IN over DT the NNS years : : WP what VBZ is

    DT a FW ` FW great FW ' FW butler . ? '' '' <s> <s> . His '' answer VBZ is CD one `` `` UH possessed IN of DT a NN dignity IN in VBG keeping IN with PRP$ his NN position . . '' '' <s> <s> . Such '' dignity `` `` VBZ has TO to VB do RP crucially IN with DT a NN butler POS 's NN ability RB not TO to VB abandon DT the FW professional FW being FW he FW inhabits . . '' '' <s> <s> , He `` `` MD will RB not VB be FW shaken FW out FW by FW external FW events FW , FW however

    FW surprising FW , FW alarming FW or FW vexing FW ... . . <s> <s> NNS Continentals VBP are VBN unable TO to VB be RP butlers IN because PRP they VBP are IN as DT a FW breed FW incapable FW of FW the FW emotional FW restraint FW which FW only FW the FW English FW race FW are FW capable FW of . . '' '' <s> <s> IN Despite PRP$ his UH racial UH advantage , , TO to VB be DT a FW great FW butler FW is FW a FW heroic FW calling FW ; FW one FW 's FW pantry FW is FW `` FW not FW unlike FW general POS 's

    NN headquarters IN during DT a NN battle . . '' '' <s> <s> NN If , , IN for NN example , , IN in DT the NN midst IN of DT a FW great FW social FW occasion FW -LRBFW such FW as FW an FW international FW conference FW on FW revising FW the FW Versailles FW Treaty FW in FW 1923 -RRB- -RRB, , FW one FW 's FW 72-yearold FW father FW , FW himself FW a FW great FW butler FW once , , MD should VB happen TO to VB die IN of DT a NN stroke , , PRP one MD must VB continue TO to VB serve DT the

    SYM port : : `` `` FW Please FW do FW n't FW think FW me FW unduly FW improper FW in FW not FW ascending FW to FW see FW my FW father FW in FW his FW deceased FW condition FW just FW at FW this FW moment . . <s> <s> TO You VB see , , PRP I VBP know PRP$ my NN father MD would VB have WRB wished PRP me TO to VB carry IN on RB just RB now . . '' '' <s> <s> NN It VBZ is DT this NN kind IN of FW dignity FW and FW restraint FW that FW allows FW Stevens FW to SYM declare : :

    `` `` FW For FW all FW its FW sad FW associations FW , FW whenever FW I FW recall FW that FW evening FW today , , PRP I VBP find PRP I VBP do RB so IN with DT a JJ large NN sense IN of NN triumph . . '' '' <s> <s> NNS We VBP note DT the FW imperial FW public FW word FW used FW to FW deny FW private FW rage FW and FW sorrow . . <s> <s> . That '' Stevens PRP himself VBZ is RB not FW grotesque FW or FW repellent FW , FW but FW funny FW and FW sad FW and FW enlightening , , VBZ is

    RB entirely DT the NN author POS 's NN triumph . . <s> <s> NNP Mr. NNP Ishiguro POS 's NN ability TO to VB create DT a FW fallible FW narrative FW voice FW that FW permits FW him FW to FW explore FW such FW intertwining FW domestic FW , FW cultural FW and FW political FW themes FW was FW abundantly FW clear FW in FW his FW previous FW novel , , `` `` UH An UH Artist IN of DT the RBS Floating UH World , , '' '' VBD set IN in NNP Japan IN after DT the NN war . . <s> <s> IN Now VBG shifting PRP$ his NN scene IN from

    DT the NN country PRP he VBD left IN at CD five TO to DT the `` England PRP he VBZ has VBN lived IN in IN for $ nearly CD 30 NNS years , , PRP he VBZ has PDT fashioned DT a NN novel IN in DT the FW mode FW of FW Henry FW James FW and FW E.M. FW Forster . . <s> <s> FW With FW great FW aplomb FW he FW considers FW not FW only FW filial FW devotion FW and FW -LRBFW utterly FW repressed FW -RRBFW sexual FW love FW , FW but FW British FW anti-Semitism , , DT the FW gentry FW 's FW impatience FW with

    FW democracy FW and FW support FW of FW Hitler , , CC and DT the FW moral FW problematics FW of SYM loyalty : : `` `` PRP It VBZ is , , IN in NN practice , , FW simply FW not FW possible FW to FW adopt FW such FW a FW critical FW attitude FW towards FW an FW employer FW and FW at FW the FW same FW time FW provide FW good FW service FW ... . . <s> <s> FW ` FW This FW employer FW embodies FW all FW that FW I FW find FW noble FW and FW admirable . . <s> <s> NN I MD will FW hereafter FW devote

    FW myself FW to FW serving FW him . . <s> <s> FW ' FW This FW is FW loyalty FW intelligently FW bestowed . . '' '' <s> <s> IN In DT the NN end , , IN after NN meeting IN with DT the FW former FW housekeeper FW , FW Stevens FW sits FW by FW the FW seashore FW at FW dusk , , VBG thinking IN of PRP her CC and IN of PRP$ his NN employer , , CC and VBZ declares `` `` PRP I VBD trusted . . <s> <s> . I '' trusted IN in PRP$ his FW lordship FW 's FW wisdom FW ... . . <s> <s> NN I

    MD ca RB n't RB even VBP say PRP I VBD made PRP$ my JJ own NNS mistakes . . <s> <s> NN Really : -PRP one VBZ has TO to # ask SYM oneself : -WP what PRP dignity VBZ is RB there IN in DT that . ? '' '' <s> <s> FW The FW loyal FW servant FW has FW come FW full FW circle . . <s> <s> NN What VBZ is VBN greatness . ? <s> <s> NN What VBZ is VBN dignity . ? <s> <s> FW We FW understand FW such FW rueful FW wisdom FW must FW be FW retrospective FW : FW The FW owl FW of FW Minerva

    FW only FW spreads FW her FW wings FW at FW dusk . . <s> <s> NN But IN as `` `` DT The NN Remains IN of DT the FW Day FW '' FW so FW eloquently FW demonstrates FW with FW quiet FW virtuosity FW , FW such FW wisdom FW can FW be FW movingly FW embodied FW in FW art . . <s> <s> FW Mr. FW Locke FW teaches FW English FW and FW comparative FW literature FW at FW Columbia FW University . . <s> <s> NNP UGI NNP Corp. VBD said PRP$ its FW AmeriGas FW subsidiary FW completed FW the FW previously FW announced FW sale FW of FW its FW air

    FW separation FW plant FW and FW related FW assets FW in FW Waukesha FW , FW Wis. FW , FW to FW AGA FW Gas NNP Inc. , , NNP Cleveland . . <s> <s> DT The NN price VBD was RB n't VBN disclosed . . <s> <s> . The '' transaction VBZ is NN part IN of FW UGI FW 's FW continuing FW program FW to FW shed FW AmeriGas FW 's FW industrial FW gas FW interests CC and VB expand DT the NN subsidiary POS 's JJS propane NN business . . <s> <s> NNP Since NNP June , , WDT AmeriGas VBZ has RB netted JJR more IN than $ $ CD 100

    CD million IN from FW industrial FW gas FW divestitures FW and FW reinvested JJR more IN than $ $ CD 50 CD million TO to VB acquire FW three FW propane FW distributors . . <s> <s> NN UGI VBZ is DT a NN gas CC and FW electric FW utility FW and FW distributes FW propane FW nationally FW through FW its FW AmeriGas FW subsidiary . . <s> <s> . Stanislav -RRB- Ovcharenko , , WP who VBZ represents DT the FW Soviet FW airline FW Aeroflot FW here , , VBZ has DT some NNS visions WDT that VBP are RB wild RB even IN by DT the JJ current NNS standards IN of FW perestroika

    . . <s> <s> IN In PRP$ his FW office FW overlooking FW the FW runway FW of FW Shannon FW Airport FW , FW Mr. FW Ovcharenko FW enthusiastically FW throws FW out FW what FW he FW calls FW `` FW just FW ideas '' '' : : <s> <s> NN First , , PRP he VBZ suggests , , WP$ GPA UH Group UH Ltd. , , DT the FW international FW aircraft FW leasing FW company FW based FW in FW Ireland , , MD could VB lease DT some IN of PRP$ its UH Boeing UH jetliners TO to DT the JJ Soviet NN airline . . <s> <s> . Then UH Aer UH Lingus

    , , DT the FW Irish FW flag FW carrier FW , FW could FW teach FW Aeroflot FW pilots TO to VB fly DT the NN Boeings , , CC and DT the NN fleet MD could VB be VBN based RB here IN at # Shannon LS Airport . . <s> <s> NN That VBZ 's RB not RB all , , PRP he VBZ says . . <s> <s> . Aer -RRB- Rianta , , DT the FW Irish FW airport FW authority , , MD could VB build DT a NN cargo NN terminal IN in DT the NNP Soviet NNP Union . . <s> <s> NN Aeroflot MD could VB lease DT some IN of

    PRP$ its FW cargo FW planes FW to FW Aer FW Lingus FW , FW through FW GPA , , IN for DT a FW joint-venture FW cargo FW airline . . <s> <s> VBZ And RB then EX there VBZ is PRP$ his NN notion IN of DT an FW Irish-Soviet FW charter FW airline FW to FW ferry FW Armenians FW to FW Los FW Angeles FW via FW Shannon . . <s> <s> IN Have DT the FW freedoms FW of FW glasnost FW gone FW to FW Mr. FW Ovcharenko POS 's NN head . ? <s> <s> NN Hardly . . <s> <s> FW The FW Irish-Soviet FW aviation FW connection FW is FW alive

    FW and FW well FW here FW at FW Shannon FW Airport . . <s> <s> NN GPA VBZ is FW indeed FW talking FW about FW leasing FW Western FW planes FW to FW Aeroflot FW and FW even FW about FW buying FW Soviet-built FW Tupolev FW 204s . . <s> <s> . Aer '' Lingus VBZ is IN in NNS discussions IN with DT the JJ Soviet NN carrier IN about DT a NN cargo NN venture CC and JJ other NNS possibilities . . <s> <s> FW Aer FW Rianta FW already FW has FW so FW many FW ventures FW with FW Aeroflot FW that FW its FW chief FW executive FW is FW studying

    FW Russian . . <s> <s> NN Unlikely IN as PRP it MD may VB seem , , FW tiny FW , FW politically FW neutral FW Ireland FW has FW penetrated FW the FW mighty FW Soviet FW airline FW bureaucracy . . <s> <s> NN And IN as # Aeroflot UH struggles TO to VB boost PRP$ its NN service NNS standards , , FW upgrade FW its FW fleet FW and FW pursue FW commercial FW opportunities , , DT the FW Irish FW aviation FW industry FW seems FW poised TO to VB benefit . . <s> <s> . `` '' Irish CC and JJ Soviet NNS people VBP are JJ similar , , '' ''

    VBZ says NNP Mr. -RRB- Ovcharenko . . <s> <s> IN `` PRP They VBP look DT the JJ same . . <s> <s> NNS They VBP 're RB very RBR friendly . . '' '' <s> <s> NN Moreover , , PRP he VBZ says , , FW Irish FW companies FW are FW small FW but FW spunky . . <s> <s> IN `` PRP We VBP have TO to VB study PRP$ their UH experience UH very UH well , , '' '' PRP he VBZ says . . <s> <s> IN `` PRP We MD must VB find DT any NN way TO to VB get NN business . . '' '' <s> <s> CD The

    CD two NNS groups VBP have VBN been VBG working RP together IN since DT the JJ late NNS 1970s , , FW long FW before FW Soviet FW joint FW ventures VBD were DT the NN rage IN in DT the NNP West . . <s> <s> FW Aeroflot FW carried FW about FW 125 FW million FW passengers JJ last NN year , , CC and UH Shannon UH Airport , , DT the NN airline POS 's JJS largest FW transit FW airport FW outside FW the FW Soviet FW Union FW , FW saw FW 1,400 FW Aeroflot FW flights FW and FW 250,000 FW passengers FW pass FW through . . <s> <s> . An

    UH apartment UH complex RP down DT the NN road VBZ is DT the FW crew-rest FW and FW staging FW area FW for FW more FW than FW 130 FW Aeroflot FW pilots FW and FW flight FW attendants . . <s> <s> FW The FW airport FW 's FW biggest FW supplier FW of FW aircraft FW fuel VBZ is DT the NNP Soviet NNP Union . . <s> <s> NN Tankers IN from DT the FW Latvian FW port FW of FW Ventspils FW each FW year FW unload FW 25 FW million FW gallons FW of FW fuel FW into FW a FW special FW tank FW farm IN at DT the NN airport . .

    <s> <s> FW What FW Aeroflot FW does FW n't FW pour FW into FW its FW own FW gas-guzzling FW Ilyushins FW is FW bartered FW to FW the FW airport FW authority , , WDT which FW resells FW it FW to FW 11 FW Western FW carriers FW including FW Air FW France FW , FW Trans FW World FW Airlines FW and FW Pakistan FW International FW Airlines . . <s> <s> FW Aeroflot FW thus FW pays FW its FW landing FW fees FW , FW ground-handling FW and FW catering FW bills FW with FW fuel , , VBG preserving PRP$ its JJ hard NN currency . . <s> <s> NN That VBZ is

    RB n't RB all . . <s> <s> DT Last NN year , , DT the FW Irish FW airport FW authority , , IN in DT a FW joint FW venture FW with FW Aeroflot FW , FW opened FW four FW hard-currency FW duty-free FW shops FW at FW Moscow FW 's FW Sheremetyevo FW Airport . . <s> <s> FW Aer FW Rianta FW now FW manages FW duty-free FW sales FW on FW all FW Aeroflot FW international FW flights RP out IN of NNP Moscow . . <s> <s> FW Duty-free FW shops FW in FW Leningrad FW 's FW Pulkova FW Airport FW opened FW in FW July FW , FW and FW hard-currency

    FW shops FW in FW Leningrad FW hotels CC and IN on DT the FW Soviet-Finnish FW frontier FW are FW coming FW soon . . <s> <s> FW Aer FW Rianta FW is FW talking FW about FW similar FW joint FW ventures FW in FW Tashkent FW and FW in FW Sochi FW , FW a FW Black FW Sea FW resort , , CC and RB even VBZ has DT a FW computer-assembly FW project FW cooking FW with FW the FW Georgian FW city FW of FW Tbilisi . . <s> <s> NNP Aeroflot POS 's FW international FW fleet FW of FW 285 FW planes FW is FW being FW repainted FW and FW refurbished

    FW at FW Shannon FW Airport . . <s> <s> NN Thanks TO to DT a JJ new NN air-traffic NN agreement CC and DT the NN ability IN of FW Irish FW travel FW agents FW to FW issue FW Aeroflot FW tickets FW , FW tourists FW here FW are FW taking FW advantage FW of FW Aeroflot FW 's FW reasonable FW prices FW to FW board FW flights FW in FW Shannon FW for FW holidays FW in FW Havana FW , FW Kingston FW and FW Mexico FW City . . <s> <s> FW The FW round-trip FW fare FW to FW Havana FW is FW 410 FW Irish FW punts -LRB- -LRB$ $

    LS 578 -RRB- -RRB. . <s> <s> . Jamaica UH costs UH 504 UH punts . . <s> <s> FW A FW formal FW blessing FW of FW sorts FW was FW bestowed FW on FW this FW friendship FW in FW April FW when FW Mikhail FW and FW Raisa FW Gorbachev FW stopped FW here FW for FW talks FW with FW Irish FW Prime FW Minister FW Charles FW Haughey . . <s> <s> FW New FW trade FW accords FW were FW signed . . <s> <s> IN It PDT all FW started FW with FW geography . . <s> <s> IN When PRP it VBD opened IN in NNP 1939 , , WDT Shannon

    VBD was DT the FW first FW landfall FW in FW Europe FW for FW thirsty FW airplanes FW flying FW from FW North FW America . . <s> <s> NN Advances IN in FW aircraft FW fuel FW efficiency FW over FW the FW years FW made FW a FW Shannon FW stop FW unnecessary FW for FW most FW Western FW air FW fleets FW , FW but FW Aeroflot FW still FW flies FW inefficient FW Ilyushins FW that FW ca FW n't FW make FW it FW from FW Moscow FW to FW Managua FW on FW one FW hop . . <s> <s> IN As DT a NN result , , FW Ireland FW did

    FW n't FW spurn FW the FW Soviets FW after FW they FW shot FW down FW a FW Korean FW Air FW Lines FW jetliner FW over FW the FW Sea FW of FW Japan FW in FW 1983 FW , FW though FW it FW suspended FW direct FW Moscow-Shannon FW flights IN for CD two NNS months . . <s> <s> DT In NN fact , , FW Aer FW Lingus FW started FW ferrying FW Russians FW from FW Shannon FW to FW New FW York FW when FW Washington FW stripped FW Aeroflot FW of FW its FW U.S. FW landing FW rights . . <s> <s> NN Today , , WP$ Aer EX Rianta

    VBZ is VBG making DT a NN heap IN of NN money IN from PRP$ its JJ Soviet NN friendship . . <s> <s> NN And , , IN with DT those NNS contacts IN in NN place , , PRP it MD could VB be FW relatively FW simple FW to FW add FW Aer FW Lingus FW and FW GPA TO to DT the NN team . . <s> <s> NN Then , , RB perhaps , , NNP Mr. FW Ovcharenko FW 's FW ideas FW would FW n't FW sound FW like FW so FW much FW blarney . . <s> <s> NNP Britain POS 's JJ industrial NN production VBD rose CD 1.5 NN %

    IN in NNP August IN from NNP July CC and VBD was RP up PRP$ 0.9 NN % IN from $ August CD 1988 , , VBG according TO to VB provisional NNS data IN from DT the FW Central FW Statistical FW Office . . <s> <s> NN Output IN in DT the NN energy NN sector , , WDT which MD can VB vary RP greatly IN with NNS swings IN in DT the NN oil NN market , , VBD rose CD 3.8 NN % IN in NNP August IN from NNP May CC but VBD was RP down PRP$ 7.1 NN % IN from DT a NN year RBR earlier . . <s> <s> DT The

    JJS latest FW figures FW compare FW with FW July FW 's FW 4.5 FW % FW month-to-month FW rise FW and FW 11.3 FW % FW year-to-year FW fall . . <s> <s> FW When FW Nucor FW Corp. FW begins FW shipping FW steel IN from DT the NN world POS 's LS first LS thin-slab PDT plant DT this NN month , , PRP it MD will VB begin PDT testing DT the JJ competitive NN mettle IN of PRP$ its JJ giant NNS competitors . . <s> <s> DT The JJ new NN technology , , WDT which FW creates FW a FW very FW thin FW piece FW of FW steel FW , FW radically

    FW reduces FW the FW costs FW of FW making FW flat-rolled FW sheets . . <s> <s> . An UH ebullient UH Kenneth UH Iverson , , WP$ Nucor POS 's NN chairman , , VBZ says DT the NN company POS 's NN plant WDT eventually MD will VB make DT a NN ton IN of NN steel IN in # 1.5 UH man UH hours , , VBN compared IN with CD four TO to CD six NN man NNS hours IN at DT a JJ conventional NN mill . . <s> <s> IN `` PRP We VBP 've VBN had DT the NNPS Russians CC and NNP Chinese , , CC and NNS people IN from

    # India UH visiting UH us , , '' '' NNP Mr. FW Iverson FW beams . . <s> <s> . `` '' Everyone IN in DT the NN world VBZ is FW watching FW us FW very FW closely . . '' '' <s> <s> IN Especially PRP$ his NNS neighbors , , DT the JJ major NNP U.S. -RRB- steelmakers . . <s> <s> NN Already , , FW USX FW Corp. FW and FW Armco FW Inc. FW are FW studying FW Nucor POS 's NN technology TO to VB see IN if PRP they MD can VB adopt PRP it . . <s> <s> IN Says DT the JJ chief NN executive NN officer IN of

    DT a FW major FW Midwest FW steel SYM company : : `` `` PRP It VBZ 's LS damn LS worrisome . . '' '' <s> <s> FW The FW once-staid FW steel FW industry VBZ is RB about TO to VB be FW turned FW topsy-turvy FW by FW a FW 1990s FW technology FW revolution . . <s> <s> NN New , , FW efficient FW and FW sophisticated FW processes FW make FW it FW easier FW for FW smaller FW , FW less FW cash-rich FW companies FW to FW make FW steel FW at FW a FW fraction FW of FW what FW Big FW Steel FW paid FW decades FW ago . .

    <s> <s> . It UH also UH enables UH minimills UH finally TO to VB get DT a NN toehold IN in DT the RBS flat-rolled LS steel SYM market : -DT the JJ major NNS steelmakers POS ' JJS largest , , RBS most UH prized , , CC and IN until RB now , , UH untouchable , , NN market . . <s> <s> IN But PDT such LS thin-slab EX technology VBZ is RB only DT the NN beginning . . <s> <s> FW Eager FW engineers FW espouse FW direct-steelmaking FW and FW direct FW casting , , WDT which IN by DT the NN end IN of DT the FW 1990s FW will

    FW enable FW production FW without FW coke FW ovens FW and FW blast FW furnaces . . <s> <s> FW Those FW massive FW structures FW , FW while FW posing FW cost FW and FW environmental FW headaches FW , FW effectively FW locked FW out FW all FW but FW deep-pocketed FW giants FW from FW steelmaking . . <s> <s> `` `` EX There VBZ 's DT a FW revolution FW ahead FW of FW us FW that FW will FW ultimately FW change FW the FW way FW we FW market FW and FW distribute FW steel , , '' '' VBZ says NNP William NNP Dennis , , NN vice NN president , ,

    NN manufacturing CC and NN technology , , IN for DT the FW American FW Iron FW Ore FW and FW Steel FW Institute . . <s> <s> NN It VBZ is RB n't IN that FW major FW steelmakers FW have FW blithely FW ignored FW high FW technology . . <s> <s> DT In NN fact , , PRP they VBP 've VBN spent NNS billions IN of NNS dollars TO to VB boost DT the NN percentage IN of FW continously FW cast FW steel FW to FW 60.9 NN % IN in CD 1988 , , IN from FW 39.6 FW % FW five FW years FW before . . <s> <s> NN Moreover , ,

    FW their FW balance FW sheets FW are FW rich FW with FW diversity FW , FW their FW old FW plants FW shuttered FW , FW and FW work FW forces FW lean . . <s> <s> , But WDT that MD wo RB n't RBR suffice . . <s> <s> IN `` PRP It VBZ 's RB no RBR longer JJ enough TO to VB beat DT the NN guy IN down DT the NN street . . <s> <s> NNS You VBP have TO to VB beat RP everyone IN around DT the NN world , , '' '' VBZ says NNP Mr. NNP Dennis . . <s> <s> NN He VBZ wants TO to VB see

    FW steelmakers FW more FW involved FW in FW computers FW and FW artificial FW intelligence . . <s> <s> DT The NN problem : : LS They FW 're FW saddled FW with FW huge FW plants FW that FW require FW costly FW maintenance . . <s> <s> FW And FW try FW plying FW new FW dollars FW free IN in DT a NN market WDT that VBZ is RB softening , , VBN hurt IN by DT a JJ strong NN dollar CC and WP$ concerned LS about SYM overcapacity : -DT the NN industry POS 's FW Darth FW Vadar . . <s> <s> IN `` DT The NN technology WDT revolution VBZ is

    VBG going TO to VB be RB very VBG threatening TO to # established UH producers , , '' '' VBZ says UH Peter UH Marcus , , DT an NN analyst IN with NNP PaineWebber NNP Inc . . <s> <s> IN `` PRP They VBP 've VBN got RB too RB much VBN invested IN in DT the JJ old NN stuff CC and PRP they MD ca RB n't VB get PRP$ their NNS workers TO to VB be RP flexible . . '' '' <s> <s> FW No FW one FW expects FW minimills FW to FW eclipse FW major FW integrated FW steelmakers , , WP who VBP remain DT the FW undisputed FW kings

    FW of FW highest-quality FW steel FW used FW for FW autos FW and FW refrigerators . . <s> <s> NNP Nucor POS 's NN plant IN in NNP Crawfordsville , , NNP Ind. , , WDT ultimately MD will VB produce RB only CD one CD million NNS tons RB annually , , DT a NN drop IN in DT the FW 40-million-ton-a-year FW flat-rolled FW steel FW bucket , , CC and PRP it MD will VB be NNS years IN before JJ such NNS plants MD can VB compete IN in DT the JJS high-profit NN market . . <s> <s> NN Still , , WDT flat-rolled VBZ is DT the NN steel NN industry POS 's

    UH bread UH and UH butter , , VBG representing IN about NN half IN of DT the CD 80 CD million NNS tons IN of NN steel VBN expected TO to VB be PDT shipped DT this NN year . . <s> <s> NN Moreover , , DT the NN process VBZ is RB n't IN without PRP$ its NNS headaches . . <s> <s> IN Because DT all NNS operations VBP are VBN connected , , FW one FW equipment FW failure FW forces FW a FW complete FW plant FW shutdown . . <s> <s> IN On DT some NNS days , , DT the FW Nucor FW plant FW does FW n't FW produce FW anything

    . . <s> <s> NN `` IN At DT this NN point , , DT the JJS minimill NN capacity MD wo RB n't VB make DT a JJ great NN dent IN in DT the JJ integrated NN market , , CC but PRP it VBZ does WRB challenge PRP them TO to VB develop JJ new NNS markets , , '' '' VBZ says NNP James NNP McCall , , NN vice NN president , , NNS materials , , IN at NNP Battelle , , DT a NN technology CC and FW management-research FW giant FW based FW in FW Columbus , , NNP Ohio . . <s> <s> NN Indeed , , IN with NN demand

    IN for FW steel FW not FW growing FW fast FW enough FW to FW absorb FW capacity , , WDT steelmakers MD will VB have TO to VB change DT the NN way PRP they VBP do NN business . . <s> <s> IN In DT the NN past , , FW says FW Armco FW 's FW chief FW economist FW John FW Corey , , WDT steelmakers VBD made DT a NN product CC and VBD set PRP it RP out IN on DT the RBS loading LS dock . . <s> <s> IN `` PRP We VBD said : : `` ` PRP We VBP 've VBN got DT a NN product : : IN if

    PRP you VBP want PRP it , , PRP you MD can VB buy PRP it , , '' ' '' '' PRP he VBZ says , , SYM adding : : `` `` FW Now FW we FW 're FW figuring FW out FW what FW people FW need , , CC and VBP are VBG going RP back TO to VB make PRP it . . '' '' <s> <s> NNP Armco POS 's FW sales FW representatives FW visit FW the FW General FW Motors FW Corp. FW 's FW Fairfax FW assembly FW plant FW in FW Kansas FW City , , NNP Mo. , , CD two CC or CD three NNS days DT a

    NN week . . <s> <s> FW When FW they FW determined FW that FW GM FW needed FW parts FW more FW quickly FW , FW Armco FW convinced FW a FW steel FW service FW center FW to FW build FW a FW processing FW plant FW nearby FW so FW shipments FW could FW be FW delivered FW within FW 15 FW minutes . . <s> <s> IN Cementing PDT such FW relationships FW with FW major FW clients FW -FW car FW and FW appliance FW makers FW -FW is FW a FW means FW of FW survival FW , FW especially FW when FW those FW key FW clients FW are FW relying

    FW on FW a FW smaller FW pool FW of FW producers FW and FW flirting FW with FW plastic FW and FW aluminum FW makers . . <s> <s> DT For NN example , , WRB when FW Detroit FW began FW talking FW about FW plastic-bodied FW cars , , DT the FW American FW Iron FW and FW Steel FW Institute FW began FW a FW major FW lobbying FW effort FW to FW show FW auto FW makers FW how FW they FW could FW use FW steel FW more FW efficiently FW by FW simply FW redesigning FW how FW a FW car FW door FW is FW assembled . . <s> <s> , But

    WDT steelmakers MD must RB also VB find JJ new NNS markets . . <s> <s> FW After FW letting FW aluminum-makers FW take FW the FW recycling FW lead , , DT a NN group IN of DT the NN nation POS 's JJS largest FW steelmakers FW started FW a FW recycling FW institute FW to FW promote FW steel FW cans FW to FW an FW environmentally FW conscious FW nation . . <s> <s> NNP Battelle POS 's NNP Mr. FW McCall FW thinks FW steelmakers FW should FW concentrate JJR more IN on NN construction . . <s> <s> NNP Weirton NNP Steel NNP Corp. , , NNP Weirton , , WP$ W. UH Va.

    , , IN for NN example , , VBZ is VBN touting TO to FW homeowners FW fashionable FW steel FW doors FW , FW with FW leaded FW glass FW inserts , , IN as DT a FW secure FW and FW energy-efficient FW alternative FW to FW wooden FW or FW aluminum FW ones . . <s> <s> FW Other FW steelmakers FW envision FW steel FW roofs FW covering FW suburbia . . <s> <s> JJ Still NNS others VBP are VBG looking IN at JJ overseas NNS markets . . <s> <s> NN USX VBZ is FW funneling FW drilling FW pipe FW to FW steel-hungry FW Soviet FW Union . . <s> <s> DT This

    NN year , , DT the NN nation POS 's JJS largest FW steelmaker FW reactivated FW its FW overseas FW sales FW operation . . <s> <s> VBZ Producers RB also VBP are VBG trying TO to FW differentiate FW by FW concentrating FW on FW higher-profit FW output FW , FW such FW as FW coated FW and FW electrogalvanized FW products , , WDT which VBP remain IN beyond DT the NN reach IN of NNS minimills . . <s> <s> IN Almost PDT all FW capital-improvement FW programs FW announced FW by FW major FW steelmakers FW within FW the FW past FW year FW involve FW building FW electrogalvanizing FW lines , , VBN used

    TO to VB produce NN steel IN for PDT such FW products FW as FW household FW appliances FW and FW car FW doors . . <s> <s> . But -RRB- unfortunately , , WDT that EX segment VBZ is RB much JJR smaller IN than DT the FW bread-and-butter FW flat-rolled FW steel . . <s> <s> IN `` PRP It VBZ 's IN like # everyone LS climbing RP out IN of DT the FW QE FW II FW and FW getting FW into FW a FW lifeboat , , '' '' VBZ says NNP John NNP Jacobson , , DT an NN analyst IN with # AUS LS Consultants . . <s> <s> NN `` IN After

    DT a NN while , , WDT someone VBZ has TO to VB go IN over DT the NN side . . '' '' <s> <s> IN Although PRP he VBZ does RB n't VB expect DT any NNS bankruptcies , , PRP he VBZ does FW see FW more FW plants FW being FW sold FW or FW closed . . <s> <s> . Robert -RRB- Crandall , , IN with DT the NNP Brookings NNP Institute , , VBZ agrees . . <s> <s> . `` UH Unless EX there VBZ is DT an JJ enormous NN rate IN of JJ economic NN growth CC or DT a JJ further NN drop IN in DT the NN dollar

    , , PRP it VBZ 's FW unlikely FW that FW consumption FW of FW U.S. FW produced FW steel FW will FW grow FW sufficiently TO to VB offset DT the NN growth IN of NNS minimills . . '' '' <s> <s> NN Not TO to VB mention DT the NN incursion IN of NNS imports . . <s> <s> NN Japanese CC and JJ European NNS steelmakers , , WDT which VBP have VBN led DT the FW recent FW technology FW developments FW , FW are FW anxiously FW awaiting FW the FW lifting FW of FW trade FW restraints FW in FW 1992 . . <s> <s> NN Moreover , , DT the NNP U.S.

    MD can VB expect JJR more FW competition FW from FW low-cost FW producing FW Pacific FW Rim FW and FW Latin FW American FW countries . . <s> <s> FW A FW Taiwanese FW steelmaker FW recently FW announced FW plans FW to FW build FW a FW Nucor-like FW plant . . <s> <s> JJ `` NNS People VBP think IN of DT the NN steel NN business IN as DT an JJ old CC and UH mundane UH smokestack UH business , , '' '' VBZ says NNP Mr. NNP Iverson . . <s> <s> IN `` PRP They VBP 're LS dead LS wrong . . '' '' <s> <s> NNP \* NNP USX , ,

    NNP LTV , , NNP Bethlehem , , UH Inland , , NNP Armco , , NNP National NNP Steel <s> <s> . \*\* '' Projected <s> <s> NNP Polaroid NNP Corp. POS 's FW patent-infringement FW damages FW case FW against FW Eastman FW Kodak NNP Co. , , CD one IN of DT the FW highest FW stakes FW corporate FW trials FW ever FW , FW is FW getting FW scant FW attention FW on FW Wall FW Street . . <s> <s> FW After FW 78 FW days FW of FW mind-numbing FW testimony IN in JJ federal NN court IN in NNP Boston , , DT the NN trial VBZ is VBG being PDT all

    FW but FW ignored FW by FW analysts FW and FW patent FW attorneys . . <s> <s> NNS Most VBP have VBN read DT the JJ pre-trial NNS documents , , RB however , , CC and NN estimate WDT Kodak MD will VB be VBN ordered TO to VB pay $ $ CD 1 CD billion TO to $ $ CD 1.5 CD billion IN for FW infringing FW on FW seven FW Polaroid FW patents . . <s> <s> NN That MD may VB be DT the JJS largest UH patent UH award UH ever , , CC but PRP it VBZ is RB well IN below DT the $ $ CD 12 CD billion SYM Polaroid

    LS seeks . . <s> <s> FW The FW highest FW patent FW damage FW award FW to FW date FW was FW in FW 1986 , , WRB when NNP Smith NNP International NNP Inc. VBD was VBN ordered TO to VB pay $ $ CD 205 CD million TO to FW Baker FW Hughes FW Inc. FW for FW infringing FW on FW a FW patent FW on FW an FW oil FW drilling FW bit FW seal . . <s> <s> CD The CD two NNS companies RB later VBN agreed TO to VB settle IN for $ $ CD 95 CD million . . <s> <s> JJ Few NNS analysts VBP think PRP it VBZ is

    IN worth PRP$ their NN time TO to VB slog IN through DT the FW Polaroid FW trial FW testimony . . <s> <s> IN `` PRP It VBZ 's FW like FW panning FW for FW gold FW outside FW of FW Grand FW Central FW Station . . <s> <s> NN You MD might VB find NN something , , CC but DT the NNS chances VBP are JJ low , , '' '' VBD said UH Michael UH Ellman , , DT an NN analyst IN at FW Wertheim FW Schroder FW & FW Co . . <s> <s> . And UH Eugene UH Glazer , , DT an NN analyst IN at FW Dean FW Witter

    FW Reynolds NNP Inc. , , VBD said : : `` `` IN If PRP you VBD hired DT an NN attorney TO to VB be EX there PDT all DT the NN time CC and VB give PRP you DT a -LRB- -LRBLS prediction -RRB- -RRBIN of DT the RBS eventual UH award , , PRP I MD would VB be JJ willing TO to VB bet IN that PRP he MD would VB be RP off '' '' IN by DT a NN lot . . <s> <s> . A '' 75-day NN trial IN in DT the FW early FW 1980s FW determined FW that FW Kodak , , VBN based IN in NNP Rochester

    , , NNP N.Y. , , FW infringed FW on FW patents FW of FW Polaroid , , IN of NNP Cambridge , , NNP Mass . . <s> <s> FW The FW main FW issues FW remaining FW are FW how FW to FW calculate FW damages FW and FW whether FW the FW infringement FW was FW `` FW willful FW and FW deliberate . . '' '' <s> <s> VBZ If RB so , , DT the NNS damages MD could VB be RP tripled . . <s> <s> JJ Two NNS analysts WP who VBP have VBN read DT the FW transcripts FW , FW David FW Nelson FW of FW Shearson FW Lehman FW Hutton

    FW Inc. FW and FW Calvert FW D. FW Crary FW , FW a FW litigation FW analyst FW at FW Labe FW , FW Simpson FW & FW Co. FW , FW think FW Judge FW A. FW David FW Mazzone MD will VB decide IN in NNP Kodak POS 's NN favor IN on DT the `` `` FW willful FW and FW deliberate '' '' NN issue . . <s> <s> FW Mr. FW Crary FW said FW testimony FW by FW Kodak FW 's FW patent FW counsel FW , FW Francis FW T. FW Carr FW of FW Kenyon FW & FW Kenyon , , VBD showed IN that `` `` PRP he VBD worked

    IN with # Kodak SYM continuously IN from DT the NN outset IN of DT the NN project '' '' IN in DT an NN effort TO to VB avoid RP infringement . . <s> <s> FW `` FW Carr FW told FW Kodak FW on FW many FW occasions FW to FW avoid FW various FW features FW because FW of FW Polaroid FW 's FW patent FW positions , , '' '' CC and NNP Kodak VBD followed PRP$ his NN advice IN in DT every NN instance , , NNP Mr. NNPS Crary VBD said . . <s> <s> . But UH Irving UH Kayton , , DT a FW patent FW expert FW at FW George

    FW Mason FW University FW School FW of FW Law WP who VBZ is VBN familiar IN with DT the NN case , , VBD said DT the NN fact IN that FW seven FW patents FW were FW infringed FW `` FW suggests FW that FW infringement FW was FW willful . . <s> <s> NNP It POS 's JJ difficult TO to VB be IN that # consistently LS wrong . . '' '' <s> <s> FW Observers FW also FW wonder FW whether FW Judge FW Mazzone FW will FW use FW the FW lost-profits FW method FW of FW determining FW damages , , WDT which LS Polaroid -RRB- favors IN because PRP it MD would

    VB result IN in DT a JJR larger NN award , , CC or DT the FW reasonable FW royalty FW method . . <s> <s> . Polaroid '' claims PRP it MD could VB have VBN manufactured CC and VBD sold PDT all DT the FW instant FW cameras FW and FW film FW sold FW by FW Kodak FW if FW Kodak FW had FW n't PDT entered DT the NN market . . <s> <s> NN Moreover , , WDT Polaroid VBZ contends PRP it MD could VB have VBN sold PRP them IN at DT a JJR higher NN price : -CC and RB thus VBN made JJR higher NNS profits : -IN because

    PRP it MD would RB n't VBP have VBN been VBN forced TO to VB match NNP Kodak POS 's JJR lower NNS prices . . <s> <s> . Each '' side VBZ has VBN called DT a FW Harvard FW Business FW School FW professor TO to VB testify IN on DT that NN issue . . <s> <s> FW Kodak FW hired FW Robert FW Buzzell FW and FW Polaroid FW brought FW in FW Robert FW J. FW Dolan . . <s> <s> `` `` EX There POS 's NN nothing WDT that VBZ says IN that NNS people IN at # Harvard LS Business EX school VBP have TO to VB agree IN with DT each

    JJ other , , '' '' VBD said NNP Mr. -RRB- Buzzell . . <s> <s> NN Testimony VBZ is VBN expected TO to VB continue FW until FW early FW December . . <s> <s> . A '' decision VBZ is RB n't VBN expected IN until DT some NN time JJ next NN year . . <s> <s> NNP International NNP Business NNPS Machines NNP Corp. VBD said NNS earnings VBD tumbled CD 30 NN % IN in DT the JJ third NN quarter , , FW even FW a FW bit FW further FW than FW expected FW , FW rendering FW the FW outlook FW doubtful IN for DT the JJ next JJ few NNS quarters

    . . <s> <s> FW The FW main FW reason FW was FW a FW delay FW in FW shipment FW of FW new FW high-end FW disk FW drives , , DT a NN business IN that NNS accounts IN for DT some CD 10 NN % IN of NNP IBM POS 's $ $ CD 60 CD billion IN of JJ annual NN revenue . . <s> <s> NN IBM , , WDT which FW telegraphed FW the FW poor FW results FW three FW weeks FW ago , , RB also VBD cited DT an NN increase IN in PRP$ its NN leasing NN business , , WDT which FW tends FW to FW lock FW in

    FW business FW long-term FW but FW cut FW revenue FW in FW the FW near FW term . . <s> <s> DT In NN addition , , NNP IBM VBD noted IN that DT the JJR stronger NN dollar VBZ has VBN cut DT the NN value IN of JJ overseas NN revenue CC and NNS earnings WRB when PRP they VBP are VBN translated IN into NNS dollars . . <s> <s> NN Earnings VBD fell TO to $ $ CD 877 CD million , , CC or $ $ CD 1.51 DT a NN share , , FW somewhat FW below FW securities FW analysts FW ' FW revised FW expectations FW of FW around FW $

    PDT 1.60 DT a NN share . . <s> <s> VBZ That VBN compared IN with DT the JJ year-earlier $ $ CD 1.25 CD billion , , CC or $ $ PDT 2.10 DT a NN share : -WDT which VBD was VBN inflated IN by DT a JJS 15-cents-a-share NN gain IN from DT the NN sale IN of DT some FW MCI FW Communications FW Corp. FW stock FW and FW by FW an FW unspecified FW amount FW from FW a FW payment FW by FW Fujitsu FW Ltd. FW relating FW to FW a FW software FW dispute . . <s> <s> NN Revenue VBD climbed CD 4.3 NN % TO to $ $

    CD 14.31 CD billion IN from $ $ CD 13.71 CD billion . . <s> <s> NN IBM , , NNP Armonk , , NNP N.Y. , , WP$ remained LS upbeat . . <s> <s> DT The NN computer NN giant , , WP$ whose WP$ U.S. NNS results VBP have VBN been RP dismal IN for NNS years , , VBD noted DT that NN revenue VBD rose RB again IN in DT the NNP U.S. IN in DT the JJ third NN quarter , , VBG following DT an NN increase IN in DT the JJ second NN period . . <s> <s> DT The NN company VBD said IN in DT a NN statement IN that

    `` `` NN demand IN for NNP IBM NNS products CC and EX services VBZ continues TO to VB be JJ good NNS world-wide . . <s> <s> NNS We VBP do RB not VB see NN anything IN in DT the NNS fundamentals IN of PRP$ our NN business WDT that MD would VB cause PRP us TO to VB change PRP$ our NN strategy IN of VBG investing IN for JJ profitable NN growth . . '' '' <s> <s> JJ Securities NNS analysts , , RB however , , WP$ remained LS downbeat . . <s> <s> IN `` PRP I VBP think PRP 1990 MD will VB be DT another JJ mediocre NN year , ,

    '' '' VBD said FW Steve FW Milunovich FW of FW First FW Boston . . <s> <s> FW Jay FW Stevens FW of FW Dean FW Witter FW actually FW cut FW his FW per-share FW earnings FW estimate TO to $ $ CD 9 IN from $ $ CD 9.50 IN for CD 1989 CC and TO to $ $ CD 9.50 IN from $ $ CD 10.35 IN in CD 1990 IN because PRP he VBD decided NNS sales MD would VB be RB even JJR weaker IN than PRP he VBD had VBN expected . . <s> <s> JJ Both NNS estimates MD would VB mark NNS declines IN from DT the CD 1988 NN net

    IN of $ $ CD 5.81 CD billion , , CC or $ $ CD 9.80 DT a NN share , , WDT which PRP itself VBD was RB well IN below DT the FW record FW IBM FW set FW in FW 1984 . . <s> <s> . Mr. '' Stevens VBD said PRP he VBD kept DT a `` `` UH buy\/hold '' '' -LRB- recommendation IN on DT the NN stock RB only IN because `` `` PDT all DT the NN damage VBZ has VBN been VBN done . . '' '' <s> <s> NN He VBD said DT the NN stock VBZ has RB n't FW traded FW below FW 1 FW 1\/2 FW times

    FW book FW value RP over DT the JJ past CD 10 NNS years , , WDT which IN at DT the RBS moment UH computes TO to DT a NN stock NN price IN of $ $ CD 100 . . <s> <s> DT The NN stock VBD closed NN yesterday IN at $ $ CD 103 DT a NN share , , RB up RB just $ $ CD 1 IN in JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange IN as DT the NN market VBD surged . . <s> <s> . Analysts '' worry IN that DT the FW disk-drive FW and FW leasing FW problems MD will

    VB last IN at JJS least IN through DT the JJ first NN quarter . . <s> <s> IN `` DT A JJ key NN part IN of DT the NN question VBZ is , , WRB how FW soon FW does FW this FW disk-drive FW come FW and FW how FW soon FW does FW production FW ramp RP up . ? '' '' VBD said FW Steve FW Cohen FW at FW SoundView FW Financial FW Group . . <s> <s> NN `` CC And DT the `` input PRP I VBP 've VBN had IN from EX customers VBZ is IN that PRP it RB still MD could VB be DT a NN while . .

    '' '' <s> <s> . On -RRB- leasing , , FW Bob FW Djurdjevic FW at FW Annex FW Research FW said FW he FW thinks FW IBM FW has FW hurt FW itself FW unnecessarily . . <s> <s> NN He VBD said NNP IBM VBZ has VBN priced PRP$ its UH leases UH aggressively , , WP$ thinking WDT that MD would VB help PRP$ win NN business . . <s> <s> IN But PRP he VBD said PRP IBM MD would VB have PDT won DT the NN business RB anyway IN as DT a NN sale TO to DT a JJ third NN party WDT that MD would VB have RB then PDT leased DT the

    NN equipment TO to DT the NN customer . . <s> <s> NN He VBD said NNP IBM VBZ has RB not RB only VB hurt PRP$ its JJ short-term NN revenue NN outlook CC but VBZ has RB also VBN been VBG losing NN money IN on PRP$ its NNS leases . . <s> <s> . Bob -RRB- Bardagy , , JJ executive NN vice NN president IN of NN marketing IN at NNP Comdisco NNP Inc. , , DT a JJ huge NN leasing NN firm , , VBD said : : `` `` FW To FW put FW it FW mildly FW , FW IBM FW Credit VBZ has VBN been VBG doing DT some IN of

    DT the JJS worst JJ economic NNS deals IN of DT any NN leasing NN company PRP we VBP have RB ever VBN seen . . '' '' <s> <s> NN IBM VBZ is VBN expected TO to VB get DT a NN boost RB soon WRB when PRP it VBP announces DT some JJ new NNS versions IN of PRP$ its NNS mainframes . . <s> <s> IN But DT the JJ basic NN technology IN in DT the NN line VBZ is RB almost CD five NNS years JJ old , , WDT which VBZ means PRP it VBZ is RB long IN in DT the NN tooth , , CC and NNS competitors VBP are VBG rolling

    RP out JJ strong NNS products IN of PRP$ their JJ own . . <s> <s> NN IBM VBZ is VBG gaining RP momentum IN in DT the JJS personal-computer NN market , , CC and VBZ is VBN expected TO to VB introduce DT some FW impressive FW workstations FW early JJ next NN year . . <s> <s> IN But PRP it VBZ 's JJ hard TO to VB squeeze RB much VB profit RP out IN of DT the FW personal-computer FW business FW these FW days , , CC and DT the NN workstation NN market , , IN while JJ important , , VBZ is RB too JJ small TO to VB rely RP on

    IN for JJ much NN growth . . <s> <s> FW The FW disk FW drives FW will FW doubtless FW sell FW well FW when FW they FW finally FW become FW available . . <s> <s> IN But DT the NN AS\/400 , , NNP IBM POS 's FW highly FW successful FW minicomputer FW line , , VBZ is VBG losing PRP$ its NN momentum , , CC and DT some NNS analysts VBD said NNS sales MD could RB even VB decline IN in DT the JJ fourth NN quarter . . <s> <s> DT In NN addition , , NNP IBM POS 's NN growth IN in NN software IN in DT the JJ third

    NN quarter VBD was RB just JJR 8.8 NN % , , FW well FW below FW historical FW levels FW even FW when FW adjusted TO to VB reflect JJ last NN year POS 's NN payment IN from NNP Fujitsu CC and DT the JJR stronger NN dollar . . <s> <s> JJ And NNS expenses , , RB up JJR 7.9 NN % IN in DT the NN quarter , , FW have FW stayed FW stubbornly FW high . . <s> <s> IN In DT the CD nine NNS months , , NNP IBM VBD earned $ $ CD 3.17 CD billion , , CC or $ $ CD 5.43 DT a NN share , ,

    RB down JJR 8.4 NN % IN from DT the JJ year-earlier $ $ CD 3.46 CD billion , , CC or $ $ CD 5.83 DT a NN share . . <s> <s> NN Revenue VBD increased CD 6.5 NN % TO to $ $ CD 42.25 CD billion IN from $ $ CD 39.68 CD billion . . <s> <s> NNP PepsiCo NNP Inc. POS 's NN chairman VBD said PRP he VBZ is `` `` FW more FW than FW comfortable FW with FW '' FW analysts FW ' FW estimates FW that FW third-quarter FW earnings FW rose FW to FW at FW least FW 98 NNS cents TO to $ $ CD 1 DT a

    NN share IN from CD 91 NNS cents DT the NN year RBR earlier . . <s> <s> . D. UH Wayne UH Calloway , , RB also JJ chief NN executive NN officer IN of DT the NN company , , VBN indicated IN that PRP he VBZ expects NNS analysts TO to VB raise PRP$ their NNS forecasts IN for CD 1989 IN after DT the NN company IN releases PRP$ its NNS earnings NN today . . <s> <s> VBZ So RB far , , NNS analysts VBP have VBD said PRP they VBP are VBG looking IN for $ $ CD 3.30 TO to $ $ CD 3.35 DT a NN share . . <s> <s>

    DT After NN today POS 's NN announcement , , WDT that EX range MD could VB increase TO to $ $ CD 3.35 TO to $ $ PDT 3.40 DT a NN share . . <s> <s> DT The NN official VBD said PRP he RB also MD would VB be RP comfortable IN with DT that JJ new NN range . . <s> <s> CD In CD 1988 , , DT the FW soft-drink FW giant FW earned $ $ CD 2.90 DT a NN share . . <s> <s> NN Results IN for CD 1989 MD will VB include IN about CD 40 NNS cents DT a NN share IN from DT the FW dilutive FW effects

    FW of FW snack-food FW and FW bottling FW company FW acquisitions . . <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange , , DT the NN company VBD closed NN yesterday IN at $ $ PDT 57.125 DT a NN share , , RB up $ $ CD 3.125 . . <s> <s> DT The NN company VBD said JJ third-quarter NNS sales VBP are VBN expected TO to VB increase CD 25 NN % IN from $ $ CD 3.12 CD billion IN of JJ last NN year POS 's JJ third NN quarter . . <s> <s> FW Domestic FW soft-drink FW bottler FW case

    NNS sales VBP are VBN estimated TO to VB have VBN risen RB only CD 1 NN % IN in DT the JJ third NN quarter : -RB well IN below DT the CD 4 NN % TO to CD 5 NN % NN growth IN of JJ recent NNS years : -CC but RB about IN in NN line IN with DT the NN rest IN of DT the JJS soft-drink NN industry . . <s> <s> FW Mr. FW Calloway FW blamed FW the FW slower FW volume FW on FW rainier FW weather , , DT a NN dearth IN of JJ new NNS products IN in DT the NN industry CC and : --

    TO to DT a JJ much # lesser SYM extent : -LS pricing . . <s> <s> NN PepsiCo VBD said PRP$ its JJ soft-drink NNS prices VBD were IN about CD 2 NN % JJR higher IN in DT the NN quarter . . <s> <s> FW Mr. FW Calloway FW also FW noted FW that FW soft-drink FW volume FW rose FW a FW hefty FW 9 NN % IN in JJ last NN year POS 's JJ third NN quarter , , VBG making DT the NN comparison RBR more JJ difficult . . <s> <s> . International '' soft-drink PRP volume VBD was RP up IN about CD 6 NN % . . <s> <s>

    . Snack-food '' tonnage VBD increased DT a JJ strong CD 7 NN % IN in DT the JJ third NN quarter , , FW while FW domestic FW profit FW increased FW in FW double FW digits , , NNP Mr. NNPS Calloway VBD said . . <s> <s> IN Excluding DT the FW British FW snack-food FW business FW acquired FW in FW July FW , FW snack-food FW international FW tonnage FW jumped FW 40 NN % , , IN with NNS sales JJ strong IN in NNP Spain , , NNP Mexico CC and NNP Brazil . . <s> <s> . Total '' snack-food NN profit VBD rose CD 30 NN % . . <s> <s>

    NN Led IN by FW Pizza FW Hut FW and FW Taco FW Bell FW , FW restaurant FW earnings FW increased FW about FW 25 NN % IN in DT the JJ third NN quarter IN on DT a CD 22 NN % NNS sales NN increase . . <s> <s> JJ Same-store NNS sales IN for FW Pizza FW Hut FW rose FW about FW 13 FW % FW , FW while FW Taco FW Bell FW 's FW increased FW 22 NN % , , IN as DT the NN chain VBZ continues TO to VB benefit IN from PRP$ its JJS price-value NN strategy . . <s> <s> FW Taco FW Bell FW has FW turned

    FW around FW declining FW customer FW counts FW by FW permanently PDT lowering DT the NN price IN of PRP$ its NNS tacos . . <s> <s> FW Same FW store-sales FW for FW Kentucky FW Fried FW Chicken , , WDT which VBZ has VBN struggled IN with JJ increased NN competition IN in DT the NN fast-food POS chicken NN market CC and DT a NN lack IN of JJ new NNS products , , VBD rose RB only CD 1 NN % . . <s> <s> DT The NN operation , , WDT which VBZ has VBN been RP slow TO to VB respond TO to FW consumers FW ' FW shifting FW tastes FW away

    FW from FW fried FW foods , , VBZ has VBN been VBG developing DT a JJS grilled-chicken NN product WDT that MD may VB be VBN introduced RP nationally IN at DT the NN end IN of JJ next NN year . . <s> <s> DT The JJ new NN product VBZ has VBN performed RB well IN in DT a NN market NN test IN in # Las UH Vegas , , UH Nev. , , NNP Mr. NNPS Calloway VBD said . . <s> <s> IN After DT a JJ four-year , , $ $ FW 7.7 FW billion FW acquisition FW binge FW that FW brought FW a FW major FW soft-drink FW company FW ,

    FW soda FW bottlers FW , FW a FW fast-food FW chain FW and FW an FW overseas FW snack-food FW giant FW to FW Pepsi , , NNP Mr. NNPS Calloway VBD said PRP he VBZ does RB n't VB expect DT any JJ major NN acquisition IN in DT the JJ next NN year CC or RB so . . <s> <s> NN But , , `` `` PRP You RB never MD can VB tell , , '' '' PRP he VBD added , , `` `` PRP you VBP have TO to VB take RP advantage IN of NNS opportunities . . <s> <s> . President UH Bush UH chose UH Martin UH Allday , ,

    DT a JJ longtime NN friend IN from NNP Texas , , TO to VB be NN chairman IN of DT the FW Federal FW Energy FW Regulatory FW Commission . . <s> <s> FW Mr. FW Allday FW would FW succeed FW Martha FW Hesse , , WP who VBZ is VBN resigning . . <s> <s> FW The FW White FW House FW said FW Ms. FW Hesse FW , FW a FW Chicago FW businesswoman FW who FW previously FW held FW posts FW at FW the FW Energy FW Department FW and FW FERC , , VBZ is VBG leaving TO to VB become DT a NN vice NN president IN of NNP First NNP Chicago

    NNP Corp . . <s> <s> . Mr. -RRB- Allday , , DT an NN attorney IN in NNP Midland , , NNP Texas , , VBZ has VBN been RP solicitor IN at DT the NNP Interior NNP Department . . <s> <s> . He '' met NNP Mr. NNP Bush IN in DT the NN 1950s , , WRB when DT the NN president VBD was DT a JJ young NN oil NN man IN in NNP Midland CC and NNP Mr. NNPS Allday VBD was DT a NN lawyer IN for DT an NN oil NN firm . . <s> <s> . The '' FERC VBZ is DT a FW five-member FW commission FW that FW regulates

    FW billions FW of FW dollars FW of FW interstate FW wholesale FW energy FW transactions . . <s> <s> . Mr. '' Allday VBZ 's EX appointment VBZ is JJ subject TO to VB confirmation IN by DT the NNP Senate . . <s> <s> JJ Administration NNS officials VBD said DT a NN date IN for NNP Ms. NNP Hesse POS 's NN departure VBZ has RB n't VBN been VBN set . . <s> <s> FW CALIFORNIA FW REAL FW ESTATE FW INVESTMENT FW Corp. FW said FW its FW directors FW declared FW a FW dividend FW of FW five FW cents FW per FW Class FW A FW common FW stock FW payable FW Nov.

    FW 6 FW to FW stock FW of FW record FW Oct. FW 16 . . <s> <s> . The '' dividend VBZ represents DT the NN balance IN of PRP$ its FW regular FW quarterly FW payout IN of CD 10 NNS cents DT a NN share , , IN of WDT which FW half FW was FW paid FW July FW 17 FW in FW a FW final FW distribution FW prior FW to FW its FW merger FW with FW B.B. FW Real FW Estate FW Investment NNP Corp. , , RB also IN in NNP July . . <s> <s> DT The NN company VBD said PRP it VBZ hopes TO to VB resume PRP$ its

    NN schedule IN of JJ regular JJ quarterly NNS dividends IN at DT the NN end IN of DT this NN year . . <s> <s> NN Hydro-Quebec VBD said PRP it FW notified FW Central FW Maine FW Power FW Co. PRP it MD will VB cancel DT a $ $ CD 4 CD billion NN contract TO to VB supply RP electricity TO to DT the RBS Maine LS utility . . <s> <s> . The UH provincially UH owned UH utility VBD said PRP it VBZ is VBG tearing RP up DT the NN deal IN because `` `` DT the NN contract POS 's NNS objectives MD ca RB n't VB be RP fulfilled . .

    '' '' <s> <s> NN Hydro-Quebec VBD said FW Maine FW regulators FW ' FW refusal FW to FW approve FW the FW contract FW earlier FW this FW year FW halted FW work FW on FW transmission FW lines FW and FW stopped FW negotiations FW for FW resale FW of FW electricity FW carried FW through FW Maine TO to JJ other NNS utilities . . <s> <s> IN `` PRP It MD would RB now VB be UH physically UH impossible TO to VB begin RP deliveries IN in CD 1992 , , '' '' DT a JJS Hydro-Quebec NN official VBD said . . <s> <s> DT The NN contract VBD was TO to VB run

    IN from CD 1992 TO to VB 2020 . . <s> <s> IN Under DT the NN contract WDT Hydro-Quebec VBD was TO to FW supply FW 400 FW megawatts FW of FW power FW to FW Central FW Maine FW Power FW starting FW in FW 1992 FW , FW 600 FW megawatts FW starting FW in FW 1995 FW and FW 900 FW megawatts FW starting FW in <s> <s> NN Hydro-Quebec VBD said FW Maine FW regulators FW ' FW refusal FW to FW approve FW the FW contract FW means FW Central FW Maine FW Power VBZ has VBN lost PRP$ its NN place IN in NN line . . <s> <s> IN `` PRP We

    MD wo RB n't VB sign DT any JJ new NNS contracts -LRB- -LCBFW with FW deliveries FW -RCBFW beginning FW earlier FW than FW 2000 , , '' '' DT the JJS Hydro-Quebec NN official VBD said . . <s> <s> NN He VBD said RP Hydro-Quebec RB already VBZ has DT some `` `` FW customers FW in FW mind '' '' IN for DT the NN power WDT that VBD was TO to VB be VBN delivered TO to VB Maine . . <s> <s> . `` '' Nothing VBZ has VBN happened IN since PRP we VBD signed DT the NN contract TO to FW undermine FW our FW conviction FW that FW Hydro-Quebec

    FW was FW the FW lowest-cost FW , FW most FW environmentally FW acceptable FW choice FW for FW meeting FW a FW part FW of FW our FW customers FW ' FW energy FW needs FW through FW the FW year FW 2020 , , '' '' VBD said FW Central FW Maine FW senior FW vice FW president FW Donald FW F. FW Kelly . . <s> <s> . Central '' Maine VBD said PRP it VBZ is VBG evaluating `` `` JJ many NN energy . options '' '' TO to VB make RP up IN for DT the FW lost FW future FW power FW , FW including FW new FW energy FW generation FW and

    FW management FW proposals FW from FW New FW England , , CC and RB possibly JJ new JJ Canadian NNS purchases . . <s> <s> NN CHICAGO : LS Options LS traders VBD were IN among DT the JJ big NNS victims IN of NNP Friday POS 's JJS plunging NN stock NN market , , FW including FW one FW small FW firm FW that FW required FW an FW emergency $ $ CD 50 CD million NN bailout . . <s> <s> NNP While NNP Monday POS 's FW rebounding FW markets FW helped FW other FW investors FW recoup FW losses FW , FW many FW options FW customers FW and FW professional FW traders

    FW in FW stock-index FW options FW and FW the FW options FW on FW takeover FW stocks FW were FW left FW with FW multimillion-dollar FW losses FW , FW traders FW here CC and IN in NNP New NNP York VBD said . . <s> <s> FW Options FW traders FW were FW hurt FW worse FW than FW others FW on FW Friday FW because FW of FW the FW highly FW volatile FW nature FW of FW options , , WDT which FW often FW rise FW or FW fall FW in FW value FW several PDT times DT the NN amount IN of DT the NN price NN change IN in DT the JJ individual

    NN stock CC or NN index IN of NNS stocks IN on WDT which PRP they VBP are VBN based . . <s> <s> NN Thus , , FW options FW traders FW Friday FW were FW stuck FW with FW losses FW that FW also FW were FW several FW times FW larger FW than FW those FW suffered IN by JJ many NN stock NNS traders IN in NNP New NNP York . . <s> <s> FW Jeffrey FW Miller FW of FW Miller FW Tabak FW Hirsch FW & NNP Co. VBD said IN that PDT given DT the JJ high NN degree IN of NN leverage IN in DT the JJS options NN market , ,

    PRP it VBZ is `` `` FW very FW easy FW for FW these FW guys TO to VB get VBN wiped RP out . . <s> <s> NN That MD may RB just VB be DT the NN nature IN of DT these FW highly FW leveraged FW little FW creatures . . '' '' <s> <s> FW An FW options FW contract FW gives FW the PDT holder DT the NN right TO to VB buy -LRB- -LRBLS call -RRB- -RRBCC or VB sell -LRB- -LRBLS put -RRB- -RRBDT a JJ specific NN amount IN of NN stock , , CC or IN in DT this NN case DT the NN value IN of

    DT a NN stock NN index , , VBN based IN on DT a FW predetermined FW price FW within FW a FW given FW time FW period . . <s> <s> JJ Options NNS traders WP who , , IN in NN return IN for DT a JJ small NN fee , , CC or NN premium , , FW had FW previously FW sold FW put FW options FW on FW stocks FW or FW stock FW indexes FW were FW forced FW on FW Friday TO to VB buy DT those NNS contracts RB back IN at DT the RB previously VBN agreed NNS prices , , WDT which VBD were RB substantially IN above DT those

    IN in DT the NN market IN as PRP it VBD was VBG falling . . <s> <s> VBZ They RB then VBD had DT no NN choice IN in JJ many NNS cases CC but TO to VB sell DT the NNS contracts IN at # prevailing SYM prices : -IN in JJS most NNS cases IN at DT a JJ substantial NN loss . . <s> <s> DT The JJS latest NN round IN of EX losses VBZ is JJ likely TO to VB be DT a JJ serious NN blow TO to DT the NNP Chicago NNP Board NNPS Options NNP Exchange , , WDT which VBZ has RB never RB fully VBN recovered IN from

    DT the NN aftershock IN of NNP Black NNP Monday , , WRB when NNS investors VBD fled DT the NN market IN because IN of JJ huge NNS losses . . <s> <s> . Making '' matters PRP worse VBD was DT the NN fact IN that FW late FW Friday FW afternoon FW the FW CBOE FW halted FW stock-index FW options FW trading FW in FW step FW with FW the FW Chicago FW Mercantile FW Exchange FW 's FW halt FW in FW stock-index FW futures . . <s> <s> NN But IN while DT the FW Merc FW reopened FW a FW half FW hour FW later , , DT the FW CBOE FW remained

    FW closed FW , FW leaving FW many FW options FW traders FW unable TO to VB make NNS trades WDT that MD might VB have VBN reduced DT the NNS losses . . <s> <s> FW CBOE FW Chairman FW Alger FW `` FW Duke FW '' FW Chapman , , VBD said IN that , , IN unlike DT the NNS futures NN market , , DT the NNS options WDT exchange VBZ has TO to VB open IN in DT a FW rotation FW that FW allows FW each FW different FW options FW series TO to VB trade . . <s> <s> JJ Exchange NNS officials , reasoned WDT that PRP they MD would RB n't

    VBP have VBN been JJ able TO to VB make PDT such DT a NN rotation IN with DT the FW time FW remaining FW Friday FW afternoon , , CC and IN with DT the JJ stock-index NNS futures IN on DT the NN verge IN of NN closing IN for DT a JJ second CC and JJ final NN time , , DT the RBS CBOE SYM reasoned IN that PRP$ its JJS best NN course VBD was TO to VB remain VBN closed . . <s> <s> FW The FW damage FW was FW so FW bad FW at FW Fossett FW Corp. FW , FW an FW options FW trading FW firm FW here , ,

    WDT that PRP it VBD was VBN forced TO to VB transfer PRP$ its NNS accounts TO to NNP First NNPS Options IN of NNP Chicago , , DT a NN unit IN of NNP Continental NNP Bank NNP Corp. , , IN as DT a NN result IN of DT options NN trading NNS losses . . <s> <s> VBZ Fosset RB so RB far VBZ is DT the JJ only NN member IN of DT a JJ financial NN exchange TO to VB be VBN forced TO to VB be VBN taken RP over IN by DT another NN firm IN as DT a NN result IN of NNP Friday POS 's LS rout . . <s> <s>

    VBZ Fossett RB still VBD had $ several CD million NNS dollars IN in NN capital VBD left IN after NNP Friday POS 's NN close IN of NN trading , , CC but RB not RB enough IN that NNS regulators , , VBN worried IN about DT another JJ potential NN market NN plunge NN yesterday , , MD would VB let PRP it VBP reopen IN for NN trading , , WP$ options NN exchange NNS officials VBD said . . <s> <s> NN Thus , , IN in DT an RBS unprecedented LS arrangement PDT underscoring DT the NN seriousness IN of DT the NN transfer , , DT the NNP CBOE , , DT the

    NNP American NNP Stock NNP Exchange CC and DT the FW Options FW Clearing NNP Corp. , , RB as RB well IN as DT the NN firm POS 's NN owner , , WP$ Stephen UH Fossett , , VBD put RP up DT a NN total IN of $ $ CD 50 CD million TO to VB guarantee DT the FW customer FW positions FW being FW transferred FW to FW the FW bank FW holding FW company FW subsidiary FW in FW case FW the FW market FW plunged FW again FW yesterday . . <s> <s> . S. UH Waite UH Rawls UH III , , NN vice NN chairman IN of NNP Continental NNP Bank

    , , NNP First NNPS Options POS ' NN parent NN company , , VBD said DT the FW firm FW took FW on FW about FW 160 FW accounts FW formerly FW held FW by FW Fossett FW , FW almost FW all FW of FW them FW belonging FW to FW professional FW floor FW traders . . <s> <s> . `` '' Steve CC and PRP$ his NN firm VBD were RB still IN worth DT a NN lot IN of NN money , , '' '' NNP Mr. NNPS Rawls VBD said . . <s> <s> IN `` DT A NN package IN of FW credit FW support FW was FW put SYM together : --

    VBG including DT the NNS assets IN of NNP Steve CC and PRP$ his NN firm . . '' '' <s> <s> . The '' bailout VBD was RP cobbled RB together IN over DT the NN weekend , , IN with NNS officials IN from DT the NNP Federal NNP Reserve NNP Board , , NNP Securities CC and NNP Exchange NNP Commission , , '' Comptroller IN of DT the NNP Currency CC and NNP Treasury IN as RB well IN as DT the NNS options NNS exchanges . . <s> <s> IN `` PRP It VBD was JJ great TO to VB have DT the NN luxury IN of NN time , , '' '' NNP Mr.

    NNPS Rawls VBD said . . <s> <s> CD At CD one NN point , , DT an JJS options NN industry NN official VBD had TO to VB talk DT the NNP Federal NNP Reserve NNP Bank IN of NNP Chicago POS 's FW night FW watchman FW into FW giving FW him FW the FW home FW phone FW number FW of FW Silas FW Keene , , NNP Chicago NNP Fed NN president . . <s> <s> . First '' Options VBD did RB n't VBP have TO to VB put DT any NN money IN into DT the NN bailout . . <s> <s> NNP Yesterday POS 's NN rally IN in DT the NN stock

    , , FW futures FW and FW options FW markets FW led FW CBOE FW and FW Amex FW officials TO to VB conclude IN that DT the $ $ CD 50 CD million IN in FW guarantees FW almost FW certainly MD wo RB n't VBP need TO to VB be VBN tapped IN by NNP First NNPS Options . . <s> <s> FW The FW Fossett FW firm FW had FW some FW losses FW and FW liquidity FW problems FW during FW the FW October FW 1987 FW crash FW as UH well , , NNP Mr. NNPS Rawls VBD said . . <s> <s> DT A JJ federal NN official VBD said IN that FW Continental

    FW Bank FW worked FW with FW securities FW and FW banking FW regulators FW over FW the FW weekend FW to FW fashion FW the FW Fossett FW bailout , , CC but IN that NNS conditions VBD were RB n't VBN dictated IN by DT those NNS agencies . . <s> <s> IN `` PRP It VBD was PRP$ their NN business NN decision , , '' '' DT the NN official VBD said . . <s> <s> NN Officials IN at FW Options FW Clearing NNP Corp. , , WDT which FW processes FW all FW options FW trades FW for FW U.S. FW exchanges , , VBD said IN that DT the $ $ CD 50

    CD million SYM guarantee UH was UH unprecedented , , CC but VBD was JJ necessary TO to VB help PDT insure DT the NN integrity IN of DT the NNS options NNS markets . . <s> <s> IN `` PRP It VBD was DT an FW extraordinary FW situation FW that FW needed FW extraordinary FW steps , , '' '' VBD said UH Paul UH Stevens , , WP$ OCC NN president CC and JJ chief NN operating NN officer . . <s> <s> . Mr. '' Stevens VBD declined TO to VB give DT the JJ specific NNS contributions TO to DT the $ $ CD 50 CD million NN guarantee IN from DT each NN participant

    . . <s> <s> FW But FW CBOE FW and FW Amex FW officials FW said FW that FW Options FW Clearing FW Corp. FW contributed $ $ CD 20 CD million TO to DT the NN guarantee , , DT the RBS CBOE VBN put RP up $ $ CD 8 CD million , , DT the NNP Amex VBD added $ $ CD 4 CD million CC and $ $ CD 18 CD million VBD came IN from NNP Mr. NNP Fossett POS 's JJ own NNS assets . . <s> <s> , Mr. WDT Fossett MD could RB n't VB be VBN reached TO to VB comment . . <s> <s> FW Debora FW Foster FW takes

    FW off FW her FW necklace FW , FW settles FW herself FW on FW a FW padded FW chair FW and FW gently FW leans FW forward . . <s> <s> IN With DT a FW jazz-piano FW tape FW playing FW softly IN in DT the NN background , , DT the FW soothing FW hands FW of FW Sabina FW Vidunas FW begin FW to FW work FW on FW Ms. FW Foster FW 's FW neck FW and FW shoulders . . <s> <s> IN `` PRP It VBZ 's IN like DT an NN oasis IN in DT this NN room , , '' '' FW Ms. FW Foster FW purrs . . <s> <s>

    DT The NN room IN in NN question VBZ is DT the FW directors FW ' FW lounge FW of FW H.J. FW Heinz FW Co. FW , FW 60 FW floors FW above FW the FW bustle FW of FW Pittsburgh . . <s> <s> NN There , , FW amid FW oil FW paintings FW and FW marble FW tables FW , FW massages FW are FW administered FW every FW Wednesday . . <s> <s> NN `` IN On NNS days IN that PRP I VBP 'm RB really JJ busy , , '' '' VBZ says NNP Ms. NNP Foster , , WP who VBZ works IN in JJ public NNS relations IN for DT the

    NN company , , `` `` PRP it VBZ seems VBN decadent TO to VB take VBN time RP off IN for DT a NN massage . . '' '' <s> <s> IN Although PDT such FW sessions FW may FW never FW replace FW coffee FW breaks FW , FW on-site FW massage , , IN as PRP it VBZ is VBN known IN in DT the NN trade , , VBZ is FW certainly FW infiltrating FW corporate FW America . . <s> <s> IN In DT some FW companies FW middle FW managers FW sneak FW massage FW therapists FW into FW the FW office FW , FW fearful FW that FW upper-level FW executives FW wo

    FW n't FW approve . . <s> <s> NNP Ms. NNP Foster POS 's FW indulgence FW is FW nothing FW like FW the FW oily FW , FW hour-long FW rubfests FW enjoyed FW by FW spa FW visitors . . <s> <s> NN Nor VBZ does PRP it IN at PDT all LS resemble -LRB- -LRBFW despite FW what FW some FW executives FW think FW -RRBFW the FW more FW intimate FW variety FW offered FW at FW specialty FW parlors FW in FW bad FW parts FW of FW town . . <s> <s> IN On DT the NN contrary , , FW office FW rubdowns FW usually FW take FW place FW in

    FW dimly FW lighted FW conference FW rooms FW , FW where FW stressed-out FW employees FW relax FW in FW specially FW designed FW chairs FW , FW fully FW clothed . . <s> <s> FW The FW massages FW last FW 15 FW minutes FW and FW typically FW cost FW about $ $ CD 10 . . <s> <s> JJ Some NNS companies , , VBG including UH Heinz , , RB even VB pay NN part IN of DT the NN fee . . <s> <s> . Ms. '' Vidunas VBZ has VBN been FW seeing FW some FW 15 FW clients FW a FW visit PDT since DT the NN program VBD was VBN started

    IN at PRP$ Heinz JJ last NN year . . <s> <s> . Anthony UH J.F. UH O'Reilly , , DT the NN company POS 's NN chairman , , FW swears FW by FW her FW firm FW touch FW , FW saying FW regular FW massages FW are FW a FW balm FW for FW his FW old FW football FW injuries . . <s> <s> JJ Massage NNS advocates VBP say IN that PDT kneading DT the NN head , , UH shoulders , , '' neck CC and RB back MD can VB go DT a FW long FW way FW toward FW easing FW tension FW and FW improving FW morale . . <s> <s>

    FW They FW also FW insist FW that FW touching FW is FW a FW basic FW need , , IN as JJ powerful IN as DT the NN need IN for # food UH or UH sleep , , CC and IN that DT the NN office VBZ is IN as PDT good DT a NN place IN as DT any TO to VB do PRP it . . <s> <s> IN `` DT The FW blood FW flows FW to FW your FW head FW , FW you FW feel FW lightheaded FW and FW you FW do FW n't FW feel FW tension FW around FW the FW head FW or FW neck , , '' ''

    VBZ says UH Minnie UH Morey , , DT an NNS operations VBP supervisor IN at DT the FW Social FW Security FW office FW in FW Grand FW Rapids , , NNP Mich. , , WRB where PRP massages VBD began JJ last NN month . . <s> <s> , `` WRB When PRP you VBP leave DT the FW room FW after FW your FW massage FW , FW people FW say FW you FW look FW like FW you FW 're FW glowing . . '' '' <s> <s> . Adds UH Candice UH Ohlman , , DT the FW 35-year-old FW masseuse FW who FW plies FW her FW trade FW in FW the FW Grand

    FW Rapids FW office , , `` `` PRP They VBP fall IN in NN love IN with PRP$ my NNS hands . . '' '' <s> <s> DT Not NN everyone , , RB however , , VBZ is IN at FW ease FW with FW office FW massage . . <s> <s> JJ Three NNS years RB ago , , DT the FW Internal FW Revenue FW Service POS 's NN office IN in NNP San NNP Jose , , NNP Calif. , , VBD opened PRP$ its NNS doors TO to # on-site LS massage . . <s> <s> VBZ And RB even IN though NNS employees VBD paid DT the NN bill , , WP$ taxpayers

    LS grumbled . . <s> <s> . `` -RRB- Sometimes , , IN with DT the NN release IN of NN stress , , FW you FW hear FW ` FW oohs FW ' FW and FW ` FW ahs FW ' FW coming RP out IN of DT the NN room , , '' '' UH explains UH Morgan UH Banks , , DT the NN agency POS 's NN health NN specialist . . <s> <s> NN `` CC And PRP you MD ca RB n't VBP have FW taxpayers FW coming FW into FW an FW audit FW hearing FW ` FW oohs FW ' FW and FW ` FW ahs . . '' ' '' ''

    <s> <s> DT Last NN month , , DT the FW complaints FW intensified FW and FW the FW massages FW ended . . <s> <s> . `` '' Now PRP we VBP 're VBG looking IN for DT a NN room IN with # thicker UH walls , , '' '' NNP Ms. NNPS Banks VBZ says . . <s> <s> VBZ Massage RB also VBZ has DT an NN image NN problem TO to VB contend IN with . . <s> <s> , Some WDT masseurs VBP have VBN tried TO to VB get RP around FW this FW by FW calling FW themselves FW `` FW bodyworkers FW '' FW and FW describing FW their FW office

    FW visits FW as FW `` FW reinvigoration FW breaks . . '' '' <s> <s> . But -RRB- massage , , UH no UH matter UH how UH chaste , , VBZ is RB still VBN associated IN in FW many FW minds FW with FW seedy FW fronts FW for FW prostitution , , CC and IN that FW makes FW some FW executives FW nervous . . <s> <s> DT Last NN year , , DT the NN research CC and NN development NN division IN of NNP Weyerhaeuser NNP Co. , , DT the FW large FW wood-products FW concern FW , FW invited FW a FW masseuse FW to FW its FW Tacoma FW ,

    FW Wash. , , NNS offices . . <s> <s> . Phil -RRB- Harms , , DT a NN software NN engineer , , VBD was DT an JJ eager NN customer . . <s> <s> NN `` MD You VB build RP up DT a NN lot IN of FW tension FW working FW at FW a FW terminal FW all FW day , , '' '' PRP he VBZ says . . <s> <s> NN But IN after IN about CD eight NNS months , , DT the NN vice NN president IN of DT the NN division , , WP$ Ed UH Soule , , VBN learned IN about DT the NNS sessions CC and VBD brought

    PRP them TO to DT a NN halt . . <s> <s> . Mr. '' Soule VBZ says PRP$ his JJ only NN beef VBD was IN that DT the NN massages VBD were VBG being VBN given IN in DT a NN company WP$ conference SYM room : ; DT the NN department POS 's FW supervised FW health FW facility MD would VB have VBN been RP fine . . <s> <s> NN `` IN In PRP$ my NN view , , WP$ -LCBLS massages -RRB- -RCBMD should VB be VBN managed IN with DT an FW appropriate FW mixture FW of FW males FW and FW females FW around , , '' '' PRP he

    VBZ says . . <s> <s> DT Given JJ such NNS attitudes , , WP$ some UH corporate UH masseurs UH prefer TO to VB go IN about PRP$ their NN business -RRB- quietly . . <s> <s> . Russell '' Borner IN of # Park UH Ridge , , NNP N.J. , , VBZ says PRP he VBZ has VBN been VBG working IN for DT the JJ past NN year IN at DT a JJ huge NN chemical CC and NN manufacturing NN concern IN in NNP New NNP York : -LS unbeknownst TO to DT the NN company POS 's NNS executives . . <s> <s> FW He FW visits FW the FW same FW department

    FW every FW two FW or FW three FW weeks . . <s> <s> NN His . massage '' chair VBZ is VBN kept IN in DT a NN closet , , CC and DT a FW secretary FW escorts FW him FW past FW security . . <s> <s> . `` '' This VBZ is JJ common IN with DT a NN lot IN of JJ large NNS companies , , '' '' VBZ says NNP Mr. NNPS Borner , , WP who FW worked FW for FW American FW Telephone FW & FW Telegraph FW Co. FW for FW 23 FW years FW before FW choosing FW his FW current FW trade . . <s> <s> NN Managers

    , , PRP he VBZ contends , , `` `` UH are UH afraid WRB how PRP they VBP 're VBG going TO to VB look IN in DT the NNS eyes IN of PRP$ their NNS peers . . <s> <s> . My '' vision VBZ is TO to FW change FW human FW consciousness FW towards FW touch . . <s> <s> . My '' attitude VBZ is : : WDT Let VBZ 's VBN come RP out IN of DT the NN closet . . '' '' <s> <s> NN Occasionally , , PDT all WDT that VBZ 's EX needed VBZ is DT a JJ little NNS coaxing . . <s> <s> . Elisa -RRB- Byler

    , , DT a FW St. FW Louis FW masseuse FW , FW won FW over FW officials FW at FW Emerson FW Electric NNP Co. , , DT a NN maker IN of JJ electrical CC and JJ electronic NN equipment , , IN by FW providing FW documents FW and FW other FW articles FW trumpeting FW the FW therapeutic FW benefits FW of FW massage . . <s> <s> JJ She NNS notes WDT that FW she FW also FW stresses FW professionalism FW during FW her FW weekly FW visits . . <s> <s> FW `` FW I FW pull FW my FW hair FW back FW , FW wear FW a FW little FW makeup

    FW and FW look FW corporate , , '' '' VBZ says UH Ms. UH Byler , , WP who VBZ has VBN been FW visiting FW Emerson FW since FW January . . <s> <s> NN `` IN If PRP I VBP go IN in EX there UH as UH I UH normally UH dress , , PRP they MD 'd VB ask , , `` ` EX Who VBZ is DT this NN hippie . ? '' ' '' '' <s> <s> FW The FW self-proclaimed FW father FW of FW on-site FW massage FW is FW David FW Palmer FW , FW a FW 41-year-old FW San FW Francisco FW masseur FW whose FW mission VBZ is

    TO to VB save DT the RBS touch-starved LS masses . . <s> <s> FW To FW help FW do FW this FW , FW Mr. FW Palmer FW developed FW a FW portable FW massage FW chair FW three FW years FW ago FW that FW he FW hopes FW will FW bring FW `` FW structured FW touching FW '' FW into FW mainstream FW America . . <s> <s> IN `` DT The NN culture VBZ is RB not JJ ready TO to VB take RP off PRP$ its NNS clothes , , WP$ lie RP down CC and VB be RP touched IN for DT an NN hour IN for $ $ CD 45 , ,

    '' '' PRP he VBZ says . . <s> <s> IN `` DT The NN idea VBZ is TO to VB keep DT the FW clothes FW on FW and FW to FW keep FW people FW seated . . <s> <s> . The '' chair VBZ is DT a NN way TO to # package LS massage . . '' '' <s> <s> NN Sitting IN in CD one IN of NNP Mr. NNP Palmer POS 's UH chairs , , WDT which VBD cost $ $ CD 425 CC and VBP have IN since VBN been RP copied IN by NNS others , , VBZ is DT a FW bit FW like FW straddling FW a FW recliner

    . . <s> <s> FW Customers FW lean FW forward FW , FW rest FW their FW knees FW on FW side FW supports FW and FW bury FW their FW face FW in FW padding IN on DT the NN back IN of DT the NN chair . . <s> <s> . -LRBUH Ms. UH Ohlman , , DT the FW Grand FW Rapids FW masseuse , , VBZ says PRP she VBZ has VBN heard DT the FW odd-looking FW contraption FW compared TO to VB something RP out IN of DT the RBS Spanish LS Inquisition . . -RRB- -RRB<s> <s> . Mr. -RRB- Palmer , , WP who VBZ serves IN as NN president

    IN of DT the FW On-Site FW Massage FW Association FW and FW writes FW an FW industry FW newsletter FW , FW says FW some FW 4,000 FW practitioners FW -FW out FW of FW about FW 50,000 FW certified FW masseurs FW across FW the FW country FW -FW now FW use FW massage FW chairs FW in FW the FW workplace FW , FW as FW well FW as FW on FW street FW corners FW , FW in FW airports FW and FW malls , , CC and IN at FW conventions FW and FW other FW gatherings FW where FW weary FW people MD can VB be VBN found . . <s> <s>

    . Scot -RRB- MacInnis , , DT a FW masseur FW in FW Boulder FW , FW Colo. FW , FW had FW a FW scary FW experience FW while FW massaging FW a FW man FW in FW a FW natural-foods FW supermarket FW as FW part FW of FW a FW store FW promotion . . <s> <s> JJ Three NNS minutes IN into DT the NN massage , , DT the FW man FW curled FW up FW , FW began FW shaking FW and FW turned FW red . . <s> <s> NN Paramedics VBD were VBN called . . <s> <s> DT A NN week RB later , , DT the FW man FW told

    FW Mr. FW MacInnis FW he FW had FW suffered FW a FW mild FW heart FW attack FW unrelated TO to DT the NN massage . . <s> <s> IN `` PRP It VBD was DT a JJ powerful NN point IN in PRP$ my NN career , , '' '' VBZ says DT the FW 31-year-old FW Mr. FW MacInnis , , WP who VBZ has IN since VBN taken RP out DT a $ $ CD 1 CD million NN liability NN policy IN for PRP$ his NN business . . <s> <s> NN `` CC But PRP he VBD pulled RB through , , CC and IN after DT the RBS ambulance UH left , ,

    EX there VBD were RB still CD six NNS people IN in NN line VBG waiting IN for DT a NN massage . . <s> <s> DT The JJ next NN woman VBD was JJR older , , CC and PRP I VBD was VBN afraid TO to VB touch PRP her . . <s> <s> IN But PRP it VBZ 's IN like VBG falling RP off DT a NN horse CC and VBG getting RP back IN on . . '' '' <s> <s> IN Despite DT the NN number IN of FW fans FW that FW office FW massage FW has FW won FW , FW some FW purists FW look FW down FW on FW it

    FW , FW arguing FW that FW naked FW , FW full-body FW rubs VBP are DT the JJ only NN way TO to VB go . . <s> <s> . Linda -RRB- Aldridge , , WP who FW does FW full-body FW work FW in FW Pittsburgh FW , FW says FW that FW while FW on-site FW massage FW is FW better FW than FW nothing FW , FW tired FW workers MD should VB realize PRP it VBZ is RB only DT the NN tip IN of DT the NN iceberg . . <s> <s> FW `` FW Whole FW areas FW of FW their FW bodies FW are FW neglected , , '' '' PRP she

    VBZ says , , VBG adding IN that # clothes PDT ruin DT the NN experience . . <s> <s> `` `` EX There POS 's FW nothing FW like FW skin FW to FW skin . . <s> <s> , In WP what VBZ is VBN believed TO to VB be DT the JJ first NN cancellation IN of DT a NN loan TO to VB China IN since DT the FW June FW 4 FW killings FW in FW Beijing FW , FW an FW international FW bank FW syndicate FW has FW terminated FW a $ $ CD 55 CD million NN credit IN for DT a FW Shanghai FW property FW project . . <s> <s>

    . The -RRB- syndicate , , FW led FW by FW Schroders FW Asia FW Ltd. FW , FW agreed FW last FW November TO to VB provide DT the NN loan TO to NNP Asia NNP Development NNP Corp. , , DT a NNP U.S. FW property FW developer . . <s> <s> DT But JJ several NNS weeks RB ago , , IN in DT the NN wake IN of DT the RBS Beijing UH killings , , DT the NN loan VBD was VBN canceled , , VBG according TO to NNS bankers CC and NNS executives VBP close TO to DT the NN project . . <s> <s> NNP Asia NNP Development CC and PRP Schroders

    VBD declined TO to VB comment IN on DT the NN move . . <s> <s> NN Lenders VBD had VBN doubts IN about DT the FW project FW even FW before FW June FW 4 , , CC but DT the RBS harsh UH crackdown , , WDT which VBD caused JJ many NNS businesses TO to # reassess UH their UH China UH transactions , , `` `` PDT gave DT the NNS banks DT the IN out PRP they VBD wanted , , '' '' VBZ says DT an JJ official NN close TO to DT the JJS Shanghai NN venture . . <s> <s> DT The NN decision TO to VB cancel DT the FW loan

    FW exemplifies FW the FW tough FW attitude FW bankers FW have FW taken FW toward FW China FW since FW June FW 4 . . <s> <s> IN While DT some FW commercial FW lending FW has FW resumed FW , FW international FW lenders FW remain FW nervous FW about FW China POS 's JJ economic NNS troubles CC and JJ foreign NN debt : -$ $ CD 40 CD billion IN at DT the NN end IN of CD 1988 . . <s> <s> JJ Many NNS loans VBP are VBG being UH renegotiated , , WP$ especially UH those UH tied TO to DT the NN hotel NN sector , , WDT which VBZ has

    VBN been FW hit FW hard FW by FW a FW post-June FW 4 FW tourism FW slump . . <s> <s> FW Many FW bankers FW view FW property-sector FW loans FW as FW particularly FW risky . . <s> <s> FW The FW canceled FW Shanghai FW loan FW leaves FW Asia FW Development , , DT a JJ small NN concern , , FW saddled FW with FW a FW half-completed FW 32-story FW apartment FW building FW and FW heavy FW debts . . <s> <s> DT The NN company -LRB- owes $ $ CD 11 CD million TO to DT the NN Shui IN On NNP Group , , DT the NN project POS 's

    UH Hong UH Kong UH contractor , , CC and DT a JJ significant , , WP$ though UH unspecified , , NN amount IN in JJ legal NNS fees TO to # Coudert UH Brothers , , DT a NNP U.S. NN law NN firm , , DT the NNS sources VBP say . . <s> <s> DT The NN project , , VBN known IN as # Lotus UH Mansion , , VBZ has VBN been VBN mired IN in NN controversy . . <s> <s> IN When DT the NN loan NN agreement VBD was VBN announced , , PRP it VBD was VBN hailed IN as CD one IN of DT the FW first FW Western-style

    FW financing FW transactions FW ever FW used FW in FW China . . <s> <s> DT Unlike JJS most NNS loans TO to NNP China , , EX there VBD was UH no UH Chinese UH guarantor . . <s> <s> NN Instead , , DT the FW banks FW secured FW a FW promise FW from FW state-owned FW Bank FW of FW Communications FW that FW it FW would FW lend FW Asia FW Development FW the FW entire $ $ CD 55 CD million IN at NN maturity TO to VB finance RP repayment IN of DT the JJ original NN borrowing . . <s> <s> DT The NN loan VBD was TO to VB have

    RP matured IN in RB just CD two TO to CD three NNS years , , RB as RB soon IN as NN construction VBD was VBN completed . . <s> <s> NN But IN in DT a NN letter VBD sent IN in NNP August TO to # Asia UH Development , , WDT Schroders VBD said DT the NN loan VBD was VBN terminated IN because DT the FW developer FW had FW failed FW to FW deliver FW adequate FW financial FW data FW and FW pay FW certain FW fees TO to DT the JJS loan-management NN committee IN on NN time , , VBG according TO to NNS officials VBP close TO to DT the

    NN project . . <s> <s> VBZ Creditors VBN involved IN in DT the RBS project UH contend , , RB however , , IN that DT the FW termination FW actually FW had FW nothing TO to VB do IN with DT these JJ technical NNS violations . . <s> <s> NN Instead , , DT the NNS creditors VBP say , , DT the NN loan VBD fell VBN victim TO to VB nervousness IN about NNP China POS 's JJ political NN turmoil , , RB as RB well RB as TO to NN concern IN about DT the NN loan POS 's NN security . . <s> <s> DT The NN bank WDT syndicate VBZ is

    VBN made RP up RB mostly IN of JJ European NNS banks , , CC but PRP it VBZ includes NNP China POS 's FW state-owned FW Citic FW Industrial FW Bank . . <s> <s> CD The CD 11 NNS banks IN in DT the FW syndicate FW sustained FW no FW monetary FW losses FW because FW none IN of DT the NN credit NN facility VBD had VBN been VBN drawn RP down . . <s> <s> FW K FW mart FW Corp. FW agreed FW to FW acquire FW Pace FW Membership FW Warehouse NNP Inc. IN for $ $ CD 23 DT a NN share , , CC or $ $ CD 322 CD million

    , , IN in DT a NN move TO to VB expand PRP$ its NN presence IN in DT the FW rapidly FW growing FW warehouse-club FW business . . <s> <s> FW The FW proposed FW merger FW comes FW as FW K FW mart POS 's NN profit VBZ is VBG declining CC and NNS sales IN at PRP$ its FW core FW discount FW stores FW are FW rising FW more FW slowly FW than FW at FW such FW competitors FW as FW Wal-Mart FW Stores FW Inc . . <s> <s> . K -RRB- mart , , VBN based IN in NNP Troy , , NNP Mich. , , RB recently VBD said JJ net

    NN income MD would VB fall IN for DT the JJ third JJ consecutive NN quarter , , IN after DT a CD 16 NN % NN drop IN in DT the JJ first NN half IN of PRP$ its JJ current JJ fiscal NN year . . <s> <s> IN `` DT The FW membership FW warehouse-club FW concept FW has FW great FW potential , , '' '' DT the NN company POS 's NN chairman , , WP$ Joseph UH E. UH Antonini , , VBD said IN in DT a NN statement . . <s> <s> FW Warehouse FW clubs FW typically FW carry FW general FW merchandise FW and FW food FW products , ,

    WDT which PRP they VBP sell IN for JJ close TO to JJ wholesale NNS prices IN in PRP$ no-frills NNS stores . . <s> <s> NN Shoppers , , JJ many IN of FW whom FW operate FW small FW businesses FW , FW pay FW annual FW membership FW fees , , WDT which VBP provide DT an NN income NN base IN for DT the NNS stores . . <s> <s> FW K FW mart FW tested FW the FW warehouse-club FW sector JJ last NN year IN with PRP$ its NN acquisition IN of DT a FW 51 FW % FW interest FW in FW Makro FW Inc . . <s> <s> IN But DT the

    RBS Makro UH chain , , WDT which VBZ operates IN as DT a FW joint FW venture FW between FW K FW mart FW and FW SHV FW Holdings FW N.V. IN of DT the NNP Netherlands , , VBZ has RB only CD six NNS stores CC and JJ annual NNS sales IN that CD one NN analyst VBN estimated IN at IN about $ $ CD 300 CD million . . <s> <s> . Six-year-old -RRB- Pace , , VBN based IN in FW Aurora FW , FW Colo. FW , FW operates FW 41 FW warehouse-club FW stores . . <s> <s> DT The NN company VBD had NNS losses IN for FW several FW years

    FW before FW turning FW profitable FW in FW fiscal FW 1988 . . <s> <s> IN In DT the NN year VBD ended $ Jan. CD 31 , , WP$ Pace LS rang RP up NN profit IN of $ $ CD 9.4 CD million , , CC or CD 72 NNS cents DT a NN share , , IN after DT a RBS tax-loss UH carry-forward , , IN on NNS sales IN of $ $ CD 1.3 CD billion , , CC and NNS analysts VBP expect PRP$ its NNS results TO to VB continue TO to VB improve . . <s> <s> IN `` DT The NN company VBD turned DT the FW corner FW fairly

    FW recently FW in FW profitability , , '' '' VBD said . Margo '' McGlade IN of NNP PaineWebber NNP Inc. , , WP who VBD had VBN been FW forecasting FW a FW 46 FW % FW jump FW in FW Pace FW 's FW net FW income FW from FW operations FW this FW year FW and FW another FW 42 FW % FW increase JJ next NN year . . <s> <s> NN `` . Warehouse '' productivity VBZ is RB really VBG beginning TO to VB take RP off . . '' '' <s> <s> IN But DT some FW analysts FW contend FW K FW mart VBZ has VBN agreed TO to VB pay

    RB too RB much IN for NNS Pace . . <s> <s> . `` '' Even IN if PRP you VBP look IN at PRP it IN as DT a NN turnaround NN situation , , PRP it VBZ 's JJ expensive , , '' '' VBD said FW Wayne FW Hood FW of FW Prudential-Bache FW Securities FW Inc . . <s> <s> NN `` IN In PRP$ my NN opinion , , PRP you MD would RB only VB pay DT that NN kind IN of NN price IN if PRP you VBD were VBG getting DT a JJ premier NN player IN in DT the NN industry . . '' '' <s> <s> . Ms. '' McGlade

    IN of NNP PaineWebber VBD raised DT a RBR more JJ fundamental NN question IN about DT the NN deal . . <s> <s> FW `` FW If FW K FW mart FW ca FW n't FW get FW its FW act FW together FW in FW discounting FW , FW why FW is FW it FW spending FW time FW worrying FW about FW other FW growing FW markets . ? '' '' <s> <s> NN She VBD said , , `` `` PRP I MD would VB say FW K FW mart FW 's FW number FW one FW job VBZ is TO to VB address PRP$ its FW market-share FW loss FW -LCBFW in FW discount

    FW stores -RRB- -RCB, , WDT which EX longer-term MD will VB lead TO to # improved LS profit LS margins . . <s> <s> IN At DT that NN point , , WP$ perhaps LS diversification MD would VB be RP appropriate . . '' '' <s> <s> FW But FW K FW mart FW 's FW Mr. FW Antonini FW is FW intent FW on PDT pushing DT the NN company IN into JJ new JJ retail NNS businesses . . <s> <s> DT For NN instance , , FW K FW mart FW is FW opening FW big FW food FW and FW general FW merchandise FW stores FW , FW called FW hypermarkets FW ,

    FW and FW warehouse-type FW stores FW specializing FW in FW office FW products FW and FW sporting FW goods . . <s> <s> FW It FW also FW operates FW Waldenbooks FW , FW Pay FW Less FW Drug FW Stores FW and FW Builders FW Square FW home FW improvement FW stores . . <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange , , WP$ K LS mart WP$ closed NN yesterday IN at $ $ CD 36 DT a NN share , , RB up CD 12.5 NNS cents . . <s> <s> NN Pace VBD rose $ $ CD 2.625 TO to VB close

    IN at $ $ PDT 22.125 DT a NN share IN in JJ national JJ over-the-counter NN trading . . <s> <s> . A UH K UH mart UH spokesman VBD said DT the NN acquisition MD would VB be VBN financed IN with JJ short-term NNS borrowings . . <s> <s> JJ Under NNS terms IN of DT the NN agreement , , DT a FW K FW mart FW subsidiary FW will FW soon FW make FW a FW tender FW offer FW for FW Pace FW shares . . <s> <s> IN Among DT the NNS conditions IN of DT the NN offer VBZ is IN that # Pace LS shareholders PDT tender DT a NN majority

    IN of DT the NN company POS 's NNS shares JJ outstanding . . <s> <s> JJ The NNS companies VBD said PRP Pace MD would RB ill VB continue TO to VB operate IN under PRP$ its JJ present NN management . . <s> <s> . G. UH William UH Ryan , , NN president IN of # Post-Newsweek UH Stations , , VBD was VBN named JJ chief NN executive NN officer IN of DT the NN unit IN of DT this NN media NN company , , WP$ effective # Jan. CD 1 . . <s> <s> NN He MD will VB succeed UH Joel UH Chaseman , , WP who MD will VB remain DT a

    NN vice NN president IN of DT the NN company CC and VB continue TO to FW represent FW Post-Newsweek FW stations FW in FW several FW industry FW organizations , , DT the NN company VBD said . . <s> <s> NN literally . . <s> <s> FW Traders FW nervously FW watching FW their FW Quotron FW electronic-data FW machines FW yesterday FW morning FW were FW stunned TO to VB see DT the FW Dow FW Jones FW Industrial FW Average FW plummet FW 99 FW points FW in FW seconds . . <s> <s> FW A FW minute FW later FW it FW soared FW 128 FW points FW , FW then FW zoomed FW back

    FW down FW 113 FW points FW , FW 69 FW below NNP Friday POS 's NN close . . <s> <s> IN `` PRP It VBD was UH crazy , , '' '' VBD said FW Neil FW Weisman FW , FW general FW partner FW of FW Chilmark FW Capital FW Corp . . <s> <s> IN `` PRP It VBD was IN like VBG flying IN without DT a NN pilot IN in DT the NN front IN of DT the NN plane . . '' '' <s> <s> IN But DT those WP who VBD said `` `` EX This MD ca RB n't VB be . happening '' '' VBD were RB right . .

    <s> <s> . The '' Quotrons VBD were JJ wrong . . <s> <s> NNP Quotron NNP Systems NNP Inc. , , DT a FW Citicorp FW unit FW , FW blamed FW the FW 30-minute FW foul-up FW on FW `` FW a FW timing FW problem FW in FW our FW software '' '' VBD caused IN by DT the JJ enormous JJ early NN volume : -LS about # 145 CD million NNS shares IN in DT the JJ first NN hour IN of NNP New NNP York NNP Stock NNP Exchange NN trading . . <s> <s> JJ The NNS prices IN of DT the JJ individual NNS stocks WDT that VBP make RP up

    DT the NN average VBD were UH correct , , WDT Quotron VBD said , , CC but DT the NN average VBD was JJ wrong . . <s> <s> NN Meanwhile , , EX there VBD was DT an JJ awful NN lot IN of NN confusion . . <s> <s> NN At IN about DT 10:40 NN a.m. IN on DT the JJ over-the-counter NN trading NN desk IN at DT a JJ major NN brokerage NN firm , , DT a FW veteran FW trader FW who FW buys FW and FW sells FW some IN of DT the RBS most JJ active NNS stocks VBD looked IN at DT a JJ senior NN official CC and

    VBD asked , , `` `` WP What VBZ 's VBG going RP on . ? <s> <s> IN Is DT the NN market RB up CC or RB down . ? '' '' <s> <s> IN At DT the NN time , , WDT Quotron VBD was VBG reporting IN that DT the JJ industrial NN average VBD was RB down CD 70 NNS points . . <s> <s> DT In NN fact , , PRP it VBD was RP up CD 24 . . <s> <s> . Holly -RRB- Stark , , DT a NN vice NN president WP who VBZ heads DT the FW trading FW desk FW at FW Dillon FW Read FW Capital NNP Corp.

    , , VBD said IN that FW once FW she FW figured FW out FW the FW Quotron FW numbers FW were FW wrong , , PRP she VBD called NNS brokers TO to VB tell PRP them . . <s> <s> IN `` PRP It VBZ 's VBN been NN kind IN of NNP annoying , , TO to VB say DT the JJS least , , '' '' PRP she VBD said . . <s> <s> . To UH confuse UH matters UH further , , WRB when FW UAL FW Corp. FW stock FW finally FW opened FW on FW the FW New FW York FW Stock FW Exchange FW at FW 11:08 FW a.m. , ,

    DT the NN price VBD was VBN listed IN at $ $ PDT 324.75 DT a NN share , , RB up IN about $ $ CD 45 IN from NNP Friday : ; IN in NN fact , , PRP$ its JJ true NN price VBD was $ $ CD 224.75 , , RB down $ $ CD 55 . . <s> <s> NN That VBD was DT the NNP New NNP York NNP Stock NNP Exchange POS 's LS blooper . . <s> <s> DT A NN spokesman VBD cited DT a `` `` FW technical FW error '' '' CC and VBD declined TO to VB elaborate . . <s> <s> `` And EX there VBD were

    JJ other NNS blunders . . <s> <s> IN When DT the NN market VBD opened IN at # 9:30 UH a.m. UH EST , , DT a NN reporter IN for DT the RBS Reuters LS newswire PDT miscalculated DT the JJ industrial NN average POS 's NN drop IN as DT a CD 4 NN % NN decline WRB when PRP it RB really VBD was RP down PRP$ 0.7 NN % . . <s> <s> IN `` PRP It VBD was DT a NN case IN of JJ human NN error , , WDT which FW we FW found FW almost FW immediately FW and FW corrected , , '' '' DT a NN spokesman IN for

    JJR Reuter IN in NNP New NNP York VBD said . . <s> <s> NN Meanwhile , , DT some NN currency NNS traders IN at JJ West JJ German NNS banks IN in NNP Frankfurt VBD said PRP they VBD sold NNS dollars IN on DT the NN news CC and VBD had TO to VB buy PRP them RB back RBR later IN at JJR higher NNS prices . . <s> <s> IN But PRP it VBD was DT the FW Quotron FW problems FW that FW had FW lingering FW effects . . <s> <s> FW Dillon FW Read FW 's FW Ms. FW Stark FW said FW in FW early FW afternoon FW that FW she

    FW was FW still FW viewing FW prices FW and FW other FW data FW as FW subject FW to FW verification , , CC and PRP she VBD said UH portfolio UH managers UH continued TO to VB question DT the `` numbers PRP they VBD saw IN on DT the NN screen . . <s> <s> NN It VBD was DT the JJ second NN time IN in JJR less IN than DT a NN week IN that FW Quotron FW has FW had FW problems PDT calculating DT the JJ industrial NN average . . <s> <s> IN At DT the NN start IN of VBG trading JJ last NNP Wednesday , , DT the NN average

    VBD appeared TO to VB plunge JJR more IN than CD 200 NNS points . . <s> <s> NN Actually , , PRP it VBD was RB down RB only DT a JJ few NNS points IN at DT the NN time . . <s> <s> NN Quotron VBD said IN that NNP snafu , , WDT which UH lasted UH nine UH minutes , , VBD resulted IN from DT a NN failure TO to VB adjust IN for DT a FW 4-for-1 FW stock FW split FW at FW Philip FW Morris FW Cos . . <s> <s> FW A FW Quotron FW spokeswoman FW said FW recent FW software FW changes MD may VB have VBN contributed

    TO to NN yesterday POS 's NNS problems . . <s> <s> NN She VBD said FW Quotron FW switched FW to FW a FW backup FW system FW until FW the FW problems FW were FW corrected . . <s> <s> DT `` NN Today IN of DT all NNS days , , '' '' PRP she VBD lamented . . <s> <s> IN `` DT The NNS eyes IN of DT the NN world VBD were VBG watching PRP us . . <s> <s> . Steven '' F. PRP Kaplan VBD was VBN named DT a JJ senior NN vice NN president IN of DT this JJS graphics NN equipment NN company . . <s> <s> FW He

    FW retains FW his FW current FW positions FW as FW chief FW strategic FW officer FW of FW AM FW International FW and FW president FW of FW AM FW Ventures . . <s> <s> . Houston UH attorney UH Dale UH Friend , , VBG representing DT a NN plaintiff IN in DT a NN damage NN suit , , VBZ says PRP he VBZ has VBN negotiated DT a NN settlement WDT that MD will VB strike DT a NN blow IN for PRP$ his NN client . . <s> <s> NN Literally . . <s> <s> FW It FW turns FW out FW Mr. FW Friend FW 's FW client FW , FW Machelle FW Parks

    FW of FW Cincinnati , , VBD did RB n't IN like DT the FW way FW defense FW attorney FW Tom FW Alexander FW acted FW during FW the FW legal FW proceedings . . <s> <s> IN So PRP she VBZ has VBN agreed TO to FW forgo FW monetary FW damages FW against FW Mr. FW Alexander POS 's NN client IN in NN return IN for DT the NN right TO to VB punch DT the NN attorney . . <s> <s> FW Ms. FW Parks FW 's FW mother FW also FW gets FW to FW cuff FW Mr. FW Alexander . . <s> <s> NN So VBZ does NNP Mr. NNPS Friend CC and

    PRP$ his NN law NN partner , , WP$ Nick LS Nichols . . <s> <s> FW The FW bizarre FW arrangement FW grows FW out FW of FW Mr. FW Alexander FW 's FW representation FW of FW Derr FW Construction NNP Co. , , CD one IN of JJ several NNS defendants IN in DT a FW wrongful FW death FW lawsuit FW brought FW by FW Ms. FW Parks , , DT the NN widow IN of DT a FW construction FW worker FW killed FW in FW January FW 1987 FW while FW working FW on FW a FW new FW Houston FW convention FW center . . <s> <s> DT Last NN month , ,

    NNP Mr. NNPS Friend VBZ says , , NNP Mr. NNP Alexander POS 's FW associate FW agreed FW that FW Derr MD would VB pay $ $ CD 50,000 IN as NN part IN of DT an JJ overall NN settlement . . <s> <s> NNP But NNP Mr. FW Alexander PDT scuttled DT the NN deal IN at DT the JJ last NN minute , , WRB angering DT the NN plaintiff POS 's NN side . . <s> <s> IN `` PRP I RB never VBN agreed TO to PRP it , , '' '' NNP Mr. NNP Alexander VBZ says , , VBG adding IN that `` `` PRP it VBZ 's RB not JJ necessary

    TO to VB pay DT these RBS nuisance LS settlements . . '' '' <s> <s> FW When FW Ms. FW Parks FW and FW her FW mother FW heard FW about FW what FW had FW happened , , NNP Mr. NNPS Friend VBZ says , , PRP they VBD volunteered IN that PRP they MD would VB like TO to VB give NNP Mr. FW Alexander FW a FW good FW walloping . . <s> <s> . Mr. '' Friend VBZ says PRP he VBD passed IN that VBG along TO to PRP$ his NN adversary , , CC and RB soon PRP they VBD were VBG talking IN about DT the FW ground FW rules FW under

    FW which FW Derr MD could VB keep PRP$ its NN money CC and DT the NNS plaintiffs MD could VB take DT a NN shot IN at NNP Mr. NNP Alexander . . <s> <s> DT Although NN time CC and EX place VBP have RB yet TO to VB be VBN determined , , DT some NNS details VBP are IN in NN place . . <s> <s> . Mr. '' Friend VBZ says PRP he VBD agreed TO to FW strike FW Mr. FW Alexander FW above FW the FW belt . . <s> <s> . Ms. '' Parks CC and PRP$ her NN mother VBD indicated PRP they VBP want TO to `` `` FW catch

    FW him FW unawares FW from FW behind , , '' '' PRP he VBZ says . . <s> <s> . Mr. -RRB- Alexander , , IN for PRP$ his NN part , , '' insisted IN that DT the FW punchers FW ca FW n't FW assign FW their FW pummeling FW rights FW to FW anyone FW else FW , FW ca FW n't FW use FW a FW blunt FW instrument FW and FW ca FW n't FW take FW a FW running FW start . . <s> <s> . Mr. '' Alexander VBZ says PRP he VBP regards DT the NN agreement , , WDT which VBZ has RB n't VBN been VBN submitted TO to

    DT a NN judge , , IN as NN something IN of DT a NN joke . . <s> <s> NN However , , PRP he VBZ acknowledges PRP they `` `` VBP have DT the NN option IN of VBG taking DT a FW swat FW at FW me FW if FW they FW really FW want FW to . . '' '' <s> <s> . Mr. '' Friend VBZ says PRP$ his NN side VBZ is `` `` UH dead UH serious . . '' '' <s> <s> IN Although PRP they VBP do RB n't FW contemplate FW delivering FW any FW disabling FW blows , , PRP he VBZ says IN that NNP Mr. NNP Alexander

    MD will VB be VBN asked TO to VB sign DT a NN release IN from NN liability , , RB just IN in NN case . . <s> <s> CD After CD two NNS years IN of NN drought , , PRP it VBD rained NN money IN in DT the FW stock-index FW futures FW markets FW yesterday . . <s> <s> . As UH financial UH markets UH rebounded , , NN trading NN volume IN in DT the FW Chicago FW Mercantile FW Exchange FW 's FW huge FW Standard FW & FW Poor FW 's FW 500 FW stock-index FW futures FW pit FW soared FW , FW reaching FW near-record NNS levels IN for

    DT the JJ first NN time IN since $ October CD 1987 . . <s> <s> FW The FW sudden FW influx FW of FW liquidity FW enabled FW several FW traders FW to FW reap FW six-figure FW windfalls FW in FW a FW matter FW of FW minutes FW as FW prices FW soared , , NNS traders VBD said . . <s> <s> . `` '' Guys VBD were PRP$ minting NN money IN in EX there UH today , , '' '' VBD said FW John FW Legittino FW , FW a FW futures FW broker FW for FW Elders FW Futures FW Inc. FW in FW Chicago . . <s> <s> . The UH S&P

    UH 500 UH futures UH contract , , WDT which FW moves FW in FW fractions FW of FW an FW index FW point FW under FW normal FW conditions FW , FW jumped FW two FW to FW three FW points FW in FW seconds FW early FW yesterday FW after FW an FW initial FW downturn FW , FW then FW moved FW strongly PDT higher DT the NN rest IN of DT the NN day . . <s> <s> DT Each NN index NN point VBZ represents DT a $ $ CD 500 NN profit IN for DT each FW S&P FW 500 FW contract FW held . . <s> <s> IN For DT the JJ first

    NN time IN since DT the CD 1987 NN crash , , NNS traders VBD said IN that PRP they VBD were JJ able TO to # trade LS several LS hundred # S&P CD 500 NNS contracts IN at DT a NN time IN in DT a RBS highly JJ liquid NN market . . <s> <s> JJ Many NNS institutions CC and JJ individual NNS investors VBP have FW shied FW away FW from FW stock-index FW futures FW , FW blaming FW them FW for FW speeding FW the FW stock FW market FW crash FW on FW Black FW Monday FW two FW years FW ago . . <s> <s> IN Since DT the NN crash

    , , JJ many NNS futures NNS traders VBP have RB n't RBR assumed JJ large NNS positions IN for NN fear IN that DT the NNP S&P CD 500 NN market , , IN with JJ much IN of PRP$ its FW customer FW order FW flow FW missing FW , FW would FW dry FW up FW if FW prices FW turned FW against FW them . . <s> <s> NN More IN than FW 400 FW traders FW jammed FW the FW S&P FW 500 FW futures FW pit FW to FW await FW the FW opening FW bell . . <s> <s> FW Traders FW were FW shouting FW bids FW and FW offers FW a

    FW full FW five FW minutes FW before FW the FW start FW of FW trading FW at FW 8:30 FW am <s> <s> DT The NN contract VBD fell CD five NNS points IN at DT the JJ open TO to VB 323.85 , , DT the FW maximum FW opening FW move FW allowed FW under FW safeguards FW adopted FW by FW the FW Merc TO to VB stem DT a NN market NN slide . . <s> <s> FW But FW several FW traders FW quickly FW stepped FW up FW and FW bid FW for FW contracts FW , FW driving FW prices FW sharply FW higher . . <s> <s> FW The FW market

    FW hovered FW near FW Friday FW 's FW closing FW price FW of FW 328.85 FW for FW about FW a FW half FW hour FW , FW moving FW several FW index FW points FW higher FW or FW lower FW in FW seconds FW , FW then FW broke JJR higher CC and VBD did RB n't VB look RP back . . <s> <s> FW The FW S&P FW 500 FW contract FW that FW expires FW in FW December FW closed FW up FW a FW record FW 15.65 FW points FW on FW volume FW of FW nearly FW 80,000 FW contracts . . <s> <s> FW `` FW Traders FW five FW feet

    FW from FW each FW other FW were FW making FW bids FW and FW offers FW that FW were FW a FW full FW point FW apart , , '' '' VBD said CD one FW S&P FW 500 FW broker . . <s> <s> IN `` PRP You MD could VB buy IN at DT the NN bid CC and VB sell IN at DT the NN offer CC and VB make DT a NN fortune , , '' '' PRP he VBD marveled . . <s> <s> NN Several IN of NNP Wall NNP Street POS 's JJS largest FW securities FW firms FW , FW including FW Salomon FW Brothers NNP Inc. CC and NNP PaineWebber

    NNP Inc. , , VBD were RB also JJ large NNS buyers , , NNS traders VBD said . . <s> <s> NNP Salomon NNPS Brothers VBD was IN among DT the JJS largest NNS sellers IN of JJ stock-index NNS futures JJ last NN week , , NNS traders VBD said . . <s> <s> JJ Brokerage NNS firms IN as DT a NN rule VBP do RB n't VB comment IN on PRP$ their NN market NN activity . . <s> <s> IN Unlike DT the FW week FW following FW Black FW Monday FW two FW years FW ago , , JJ individual NNS traders IN in DT the FW S&P FW 500 FW pit FW were

    FW also FW being FW uncharacteristically FW circumspect FW about FW their FW one-day FW profits . . <s> <s> NN `` IN With DT the FW FBI FW around FW here , , WP$ bragging NNS rights VBP are DT a NN thing IN of DT the NN past , , '' '' VBD said CD one NN trader , , VBG referring TO to DT the JJ federal NN investigation IN of FW futures FW trading FW that FW so FW far FW has FW resulted FW in FW 46 FW indictments FW lodged FW against FW individuals IN on DT the NNP Merc CC and DT the NNP Chicago NNP Board IN of NNP Trade . .

    <s> <s> DT The NN market IN for $ $ CD 200 CD billion IN of FW high-yield FW junk FW bonds FW regained FW some FW of FW its FW footing FW as FW the FW Dow FW Jones FW Industrial FW Average FW rebounded FW from NNP Friday POS 's NN plunge . . <s> <s> IN But DT the NN junk NN recovery , , VBN led IN by DT the FW bellwether FW RJR FW Holdings FW bonds , , VBD was RP precarious . . <s> <s> DT No NN trading VBD existed IN for DT the JJ vast NN majority IN of NN junk NNS bonds , , WP$ securities NN industry NNS officials

    VBD said . . <s> <s> NNP On NNP Friday , , NN trading IN in FW practically FW every FW issue FW ground FW to FW a FW halt FW as FW potential FW buyers FW fled FW and FW brokerage FW firms FW were FW unwilling TO to VB provide NN bid CC and NN offer NNS prices IN for JJS most NNS issues . . <s> <s> NNS `` VBP Nothing VBN traded IN on NNP Friday , , CC and NNS people VBD were RB n't RB really RB sure WRB where DT the NN market MD should VB have . opened '' '' NN yesterday , , VBD said FW Raymond FW Minella FW ,

    FW co-head FW of FW merchant FW banking FW at FW Merrill FW Lynch FW & FW Co . . <s> <s> NN `` CC But PRP we VBD had DT a RBS fairly JJ active NN day NN yesterday . . '' '' <s> <s> NNP At NNP Drexel NNP Burnham NNP Lambert NNP Inc. , , DT the JJ leading NN underwriter IN of NN junk NNS bonds , , `` `` PRP I VBD was VBN prepared TO to VB be IN in DT a FW very FW bad FW mood FW tonight , , '' '' VBD said UH David UH Feinman , , DT a NN junk NN bond NN trader . . <s> <s>

    VBZ `` RB Now , , PRP I VBP feel RB maybe EX there VBZ 's DT a JJ little NN bit IN of NN euphoria . . '' '' <s> <s> NN But IN before DT the NN stock NN market VBD rebounded IN from DT a JJ sharp JJ early NN sell-off NN yesterday , , PRP he VBD said , , `` `` PRP You MD could RB n't VB buy -LRB- -LCBUH junk LS bonds -RRB- -RCBCC and PRP you MD could RB n't VB give PRP them RB away . . '' '' <s> <s> NNP Yesterday POS 's NN rally VBD was VBN led IN by # RJR # Holdings CD 13

    CD 3\/4 NN % NNS bonds , , WDT which LS initially # tumbled CD three NNS points , , CC or $ $ CD 30 IN for DT each $ $ CD 1,000 NN face NN amount , , TO to FW 96 FW 1\/4 FW before FW rebounding FW to FW 99 FW 3\/4 . . <s> <s> FW Bonds FW issued FW by FW Kroger FW , FW Duracell FW , FW Safeway FW and FW American FW Standard FW also FW showed FW big FW gains FW , FW recovering FW almost PDT all PRP$ their NNS losses IN from NNP Friday CC and JJ early NN yesterday . . <s> <s> JJ But NNS traders

    VBD said DT the FW junk FW bond FW market FW increasingly FW is FW separating FW into FW a FW top-tier FW group , , IN in WDT which EX trades MD can VB be UH executed UH easily , , CC and DT a JJR larger NN group IN of PRP$ lower-quality NNS bonds IN in WDT which SYM liquidity : -CC or DT the NN ability TO to FW trade FW without FW too FW much FW difficulty FW -FW has FW steadily PDT deteriorated DT this NN year . . <s> <s> . `` '' Liquidity VBZ has RB n't VBN returned TO to DT the RBS vast JJ middle NN ground IN of

    DT the NN market , , '' '' VBD said NNP Mr. -RRB- Minella IN of NNP Merrill . . <s> <s> IN `` DT The FW deadbeats FW are FW still FW deadbeats , , '' '' VBD said NNP Mr. -RRB- Feinman IN of NNP Drexel . . <s> <s> NNS Analysts VBP are VBN concerned IN that JJ much IN of DT the JJ high-yield NN market MD will VB remain RP treacherous IN for NNS investors . . <s> <s> . Paul -RRB- Asquith , , FW associate FW professor FW at FW the FW Massachusetts FW Institute FW of FW Technology FW 's FW Sloan FW School FW of FW Management FW , FW citing

    FW a FW pattern FW of FW junk-bond FW default FW rates WDT that VBP are JJ low IN in DT the JJ early NNS years IN after NN issuance CC and VB rise RB later , , VBZ says , , `` `` PRP We VBP 're RB now IN in DT a NN period WRB where PRP we VBP 're VBG starting TO to VB see RP defaults IN from DT the JJ big NN issue NNS years IN of CD 1984 TO to CD 1986 . . '' '' <s> <s> . Mark -RRB- Bachmann , , DT a JJ senior NN vice NN president IN at NNP Standard CC & NNP Poor POS 's NNP Corp.

    , , WP$ confirms WDT that EX there VBZ is `` `` VBG increasing NN concern IN about DT the JJ future NN liquidity IN of DT the NN junk NN bond NN market . . '' '' <s> <s> FW `` FW Junk FW bonds FW are FW a FW highly FW stratified FW market , , '' '' VBD said FW Lewis FW Glucksman FW , FW vice FW chairman FW of FW Smith FW Barney FW , FW Harris FW Upham FW & FW Co . . <s> <s> `` `` EX There VBZ 's DT a FW whole FW bunch FW of FW stuff FW that FW 's FW money FW good FW and FW a

    FW whole FW bunch FW of FW stuff WDT that VBZ 's RB not RB so JJ good . . '' '' <s> <s> NN Analysts IN at FW Standard FW & FW Poor FW 's FW say FW junk FW bond FW offerings FW by FW `` FW tightly FW stretched FW '' FW issuers FW seem TO to VB be RP growing . . <s> <s> IN Almost $ $ CD 8 CD billion IN of NN junk NNS bonds WDT that VBP are FW considered FW untradeable FW include FW issues FW from FW SCI FW TV FW , FW Gillette FW Holdings -LRB- -LRBRB not VBN related TO to # Gillette LS Co. -RRB- -RRB-

    , , FW Interco FW , FW Seaman FW Furniture FW , FW Allied FW Stores FW , FW Federated FW Department FW Stores FW , FW National FW Gypsum FW , FW M.D.C. FW Holdings FW , FW Micropolis FW , FW Leaseway FW Transportation FW and FW Price FW Communications . . <s> <s> IN `` PRP You MD could RB still VB have DT some FW very FW bad FW times FW ahead , , '' '' VBD said NNP Mr. NNP Bachmann . . <s> <s> IN `` PRP It VBZ 's JJ possible TO to VB have DT a CD 10 NN % NN default NN rate IN in CD one NN year , ,

    IN because PRP we VBP 're RB already VBG seeing JJ big NNS problems IN in DT the NN midst IN of DT a RBS pretty JJ strong NN economy . . <s> <s> FW I FW 'm FW certainly FW not FW comfortable FW saying FW we FW 've FW seen FW the FW bottom . . '' '' <s> <s> DT But NN yesterday POS 's NN rally IN among `` `` FW good FW '' FW junk FW was FW a FW badly FW needed FW tonic IN for DT the NN market . . <s> <s> JJ Many NNS issues `` `` UH bounced RP off DT the NN floor , , '' '' NNP Mr.

    NNP Minella VBD said , , CC and FW benchmark FW junk FW issues FW `` FW recovered FW all FW of FW their FW losses '' '' IN from NNP Friday CC and JJ early NN yesterday . . <s> <s> DT In NN contrast , , PRP he VBZ says , , `` `` DT The NN stock NN market VBD gained RB back RB only IN about PDT half WP what PRP it VBD lost NNP Friday , , CC and DT the FW -LCBFW government FW -RCBFW bond FW market FW lost FW about FW half FW what FW it FW gained FW Friday . . '' '' <s> <s> NN Traders VBD said

    NN yesterday POS 's FW rally FW was FW fueled FW by FW insurance FW companies FW looking FW for FW bargains FW after FW a FW drastic FW slide FW in PDT prices DT the JJ past NN month . . <s> <s> DT In NN addition , , JJ mutual NNS funds VBD did RB n't VB appear TO to VB be JJ major NNS sellers IN of JJ high-yield NNS securities RB as VBD was VBN expected . . <s> <s> FW `` FW Sometimes FW a FW shakeout FW is FW healthy , , '' '' VBD said NNP Drexel POS 's NNP Mr. -RRB- Feinman . . <s> <s> JJ `` NNS People MD will

    VB learn TO to VB be JJR more LS circumspect . . <s> <s> IN If PRP they VBP do JJ good NN credit NN analysis , , PRP they MD will VB avoid DT the RBS hand LS grenades . . <s> <s> TO I VB think DT the NN market VBZ is IN in JJ good NN shape . . <s> <s> IN Should PRP you RB really JJ own NNS stocks . ? <s> <s> NN That VBZ 's DT a NN question DT a NN lot IN of NNS people VBP are VBG asking , , VBG following DT the NN stock NN market POS 's FW stunning FW display FW of FW volatility . .

    <s> <s> . Whipsawed '' financially CC and JJR emotionally IN by NNP Friday POS 's FW heartstopping FW 190-point FW drop FW in FW the FW Dow FW Jones FW Industrial FW Average FW and FW yesterday FW 's FW 88-point FW rebound , , PRP they VBP 're VBN wondering IN if DT an NN individual VBZ has DT any NN business VBG being IN in DT the NN market . . <s> <s> . The -RRB- answer , , WP$ say UH academic UH researchers , , NN money NNS managers CC and NN investment NNS specialists , , VBZ is SYM yes : -RB as RB long IN as PRP you VBP approach DT the

    NN stock NN market IN as DT an NN investor . . <s> <s> NN But , , PRP they VBP say , , NNS people MD should RB n't VB try TO to VB be NNS traders , , WP who VBP buy CC and VB sell IN in DT an NN effort TO to VB ride DT the JJS latest JJ economic NN trend CC or VB catch DT the JJ next JJ hot NN stock . . <s> <s> DT The NN case IN for VBG owning NNS stocks IN over DT the FW long-term FW is FW compelling . . <s> <s> FW `` FW If FW you FW look FW at FW 75 FW years

    FW worth FW of FW investment FW history FW -FW including FW the FW Great FW Depression FW and FW every FW bear FW market FW since FW -FW stocks FW have FW outperformed FW almost FW everything FW an FW individual MD could VB have VBN owned IN by DT a JJ long NN shot , , '' '' VBZ says FW Barry FW Berlin FW , FW vice FW president FW at FW First FW Wachovia FW Capital FW Management . . <s> <s> DT A NN dollar VBN invested IN in DT the NN stock NN market IN in PRP 1926 MD would VB have VBN grown TO to $ $ CD 473.29 IN by

    DT the NN end IN of JJ last NNP June , , VBG according TO to FW Laurence FW Siegel FW , FW managing FW director FW at FW Ibbotson FW Associates FW Inc . . <s> <s> IN But DT a NN dollar VBN invested IN in JJ long-term NNS bonds IN in PRP 1926 MD would VB have VBN grown TO to RB only $ $ CD 16.56 , , CC and DT a FW dollar FW put FW in FW Treasury FW bills FW would FW equal FW a FW meager FW $ FW 9.29 . . <s> <s> IN The PDT longer DT the NN time NN period , , DT the JJR less LS risk

    EX there VBZ is IN of VBG losing NN money IN in DT the NN stock NN market . . <s> <s> DT Over NN time , , DT the RBS odds LS increasingly PDT favor DT the NN investor IN with DT a JJ diversified NN portfolio . . <s> <s> DT For NN instance , , WP$ Ken UH Gregory , , DT a FW San FW Francisco FW money FW manager FW , FW calculates FW that FW if FW an FW investor FW holds FW a FW basket FW of FW stocks FW that FW tracks FW the FW Standard FW & FW Poor FW 's FW 500-stock FW index , , DT the NN chance

    IN of VBG losing NN money VBZ is CD 3 NN % TO to CD 4 NN % IN over DT a JJ 10-year NN period , , VBN compared IN with CD 15 NN % IN over CD three NNS years CC and CD 30 NN % IN over CD one NN year . . <s> <s> NN `` IN If PRP you VBP do RB n't VB need DT the NN money IN for CD 10 NNS years , , EX there VBZ 's DT a JJ clear-cut NN case IN for VBG sticking TO to DT a JJ steady NN core IN of NNS stocks , , '' '' NNP Mr. NNP Gregory VBZ says . .

    <s> <s> FW Stock-market FW investments FW also FW help FW balance FW the FW other FW assets FW an FW individual FW owns FW , FW says FW John FW Blankenship FW Jr. , , NN president IN of DT the FW Institute FW of FW Certified FW Financial FW Planners . . <s> <s> TO Stocks VB have DT a NN place IN in DT an FW investors FW ' FW portfolio FW along FW with FW real FW estate , , NNS bonds , , JJ international NNS securities CC and NN cash , , PRP he VBZ says . . <s> <s> NNS There VBP are DT some RBS important SYM caveats : : LS Before

    -RRB- investing IN in NNS stocks , , WDT individuals MD should VB have IN at JJS least CD three TO to CD six NNS months IN of FW living FW expenses FW set FW aside IN in DT the NN bank , , RBS most FW investment FW advisers FW say . . <s> <s> VBZ Individuals RB also MD should VB focus IN on NN building NN equity IN in DT a NN home , , WDT which VBZ provides DT some NN protection IN against NN inflation , , RB as RB well IN as DT a RBS nest-egg WDT that MD can VB be RP cashed IN in JJ late IN in NN life TO to

    VB help PDT cover DT the NN cost IN of # retirement LS living . . <s> <s> VBZ People RB also MD should RB n't VB invest NN money IN in NNS stocks IN that PRP they MD 'll VB need IN in DT the RBS near SYM future : -IN for NN example , , IN for FW college FW tuition FW payments FW or FW retirement FW expenses . . <s> <s> IN `` PRP You MD may VB have TO to VB sell PRP$ your NNS stocks IN at DT a NN time WRB when DT the NN market VBZ takes DT a NN plunge , , '' '' VBZ says NNP Mr. NNPS Blankenship

    , , DT a FW Del FW Mar FW , FW Calif. FW financial FW planner . . <s> <s> NN But IN once DT the NNS basics VBP are VBN covered , , `` `` RB then PRP I MD would VB start TO to VB invest , , RB even IN if PRP it VBZ 's RB as RB little IN as $ $ CD 1,000 , , '' '' VBZ says NNP Michael NNP Lipper , , NN president IN of FW Lipper FW Analytical FW Services FW Inc . . <s> <s> NN He VBZ says PRP individuals MD should VB consider RB not RB just NNS stocks , , CC but JJ other JJ long-term

    NNS investments , , JJ such IN as JJ high-quality NNS bonds . . <s> <s> IN Despite DT the JJ strong NN case IN for NNS stocks , , RB however , , RBS most FW pros FW warn FW that FW individuals FW should FW n't FW try FW to FW profit FW from FW short-term FW developments . . <s> <s> IN `` PRP It VBZ 's RB very JJ difficult TO to VB do , , '' '' VBZ says UH Donald UH Holt , , DT a NN market FW strategist FW for FW Wedbush FW Morgan FW Securities FW , FW a FW Los FW Angeles FW brokerage FW firm . . <s> <s>

    FW `` FW Our FW markets FW move FW so FW fast CC and PRP they VBP are RB so JJ volatile , , EX there VBZ 's DT no NN way DT the JJ average NN investor MD can VB compete IN with DT the NNS pros . . '' '' <s> <s> JJ Individual NNS investors VBP face JJ high NN transaction NNS costs IN of VBG moving IN in CC and RB out IN of DT the NN market . . <s> <s> DT The NN cost IN of FW executing FW stock FW orders FW varies FW from FW brokerage TO to NN brokerage CC and IN with DT the NN size IN of DT the

    NN order , , CC but CD 2 NN % IN of DT the NN order POS 's NN value VBZ is DT an NN average , , FW says FW Stephen FW Boesel FW , FW manager FW of FW T. FW Rowe FW Price FW 's FW Growth FW and FW Income FW mutual FW fund . . <s> <s> IN And VBG assuming PRP$ their JJ first NN investment VBZ is JJ successful , , NNS investors MD will VB have TO to VB pay NNS taxes IN on PRP$ their NNS gains . . <s> <s> NN That MD can VB reduce NNS returns IN by DT a JJ third CC or JJR more , ,

    RB once JJ local NNS taxes VBP are VBN included , , NNP Mr. NNP Lipper VBZ says . . <s> <s> , After WDT that , , JJ individual NNS traders VBP face DT the NN risk IN that DT the FW new FW investment FW they FW choose FW wo FW n't FW perform SYM well : -IN so PRP$ their NN trading NNS costs MD could VB be VBN sustained IN for NN nothing . . <s> <s> IN `` PRP It VBZ 's RB very JJ tough IN for JJS most NNS individuals TO to VB out-trade DT the JJ mutual NNS funds CC or DT the NN market , , '' '' VBZ says

    NNP Mr. NNP Lipper . . <s> <s> IN `` PRP You MD should RB really VBP think RB twice IN if PRP you VBP think PRP you MD can VB out-smart DT the NN system . . '' '' <s> <s> NN Then , , RB too , , FW many FW individual FW investors FW lack FW the FW sturdy FW emotional FW makeup FW professionals FW say VBZ is VBN needed TO to VB plunge IN in CC and RB out IN of DT the NN market . . <s> <s> , So WP what VBZ 's DT the JJS best NN way TO to VB buy NNS stocks . ? <s> <s> NN `` IN Unless

    DT an NN individual VBZ has DT a NN minimum IN of IN between $ $ CD 50,000 CC and $ $ CD 100,000 TO to VB invest IN in NNS stocks , , PRP he VBZ 's RB still RBR better RP off IN in JJ mutual NNS funds IN than IN in JJ individual NNS stocks , , IN in NNS terms IN of FW getting FW enough FW attention FW from FW a FW competent FW broker , , '' '' VBZ says NNP Mr. NNP Lipper . . <s> <s> NN Still , , PRP he VBZ adds , , `` `` PRP I MD could VB see FW owning FW both FW , FW given

    FW that FW individuals FW often FW have FW an FW advantage FW over FW big FW investors FW in FW spotting FW special FW situations FW based FW on FW their FW own FW insights , , '' '' PRP he VBZ adds . . <s> <s> NNP George NNP Douglas , , JJ first NN vice NN president IN at NNP Drexel NNP Burnham NNP Lambert NNP Inc. , , VBZ says IN that NNS individuals VBP have DT a FW particular FW edge FW now FW in FW `` FW small FW to FW medium-size FW niche FW companies FW with FW exciting FW earnings FW prospects FW '' FW -FW a FW traditional FW stomping

    FW ground FW for FW small FW investors . . <s> <s> DT This NN growth NN sector , , WDT which FW usually FW carries FW a FW price\/earnings FW multiple FW about FW twice WDT that IN of DT the NNP Standard CC & NNP Poor POS 's CD 500 , , VBZ happens TO to VB include DT some IN of DT the NN market POS 's JJS most FW attractive FW bargains FW right FW now . . <s> <s> IN `` PRP It VBZ 's RB now VBG selling IN at DT a RBS multiple RB about RB even IN with DT the NN market , , '' '' VBZ says NNP Mr. NNP Douglas

    . . <s> <s> NN Moreover , , NNP Mr. FW Douglas FW sees FW a FW revival FW of FW institutional FW interest FW in FW smaller FW growth FW stocks WDT that MD could VB boost DT the NN performance IN of DT these NNS stocks IN in DT the NN medium NN term . . <s> <s> FW Many FW big FW Wall FW Street FW brokerage FW firms FW who FW eliminated FW their FW research FW effort FW in FW stocks FW of FW emerging FW growth FW companies FW a FW few FW years FW ago FW are FW now FW resuming FW coverage IN of DT this NN area , , PRP he

    VBZ notes . . <s> <s> IN `` PRP We VBP 're VBG seeing DT a JJ real NN turnaround IN in NN interest IN in JJ small NN growth NNS stocks , , '' '' PRP he VBZ says . . <s> <s> . The UH pros UH strenuously UH advise UH individuals TO to VB stay RP away IN from DT the JJS latest LS investment LS fad . . <s> <s> . They '' say WDT that VBZ 's RB especially PDT important DT this JJ late IN in DT the NN growth NN phase IN of DT the JJ economic NN cycle , , WRB when EX there VBZ 's DT no FW robust FW bull

    FW market FW to FW bail FW investors RP out IN of PRP$ their NNS mistakes . . <s> <s> NNP Friday POS 's FW correction FW presents FW `` FW a FW pretty FW good FW buying FW opportunity , , CC but EX let VBZ 's RB not VB speculate IN at DT this NN point IN in DT the NN business NN cycle , , '' '' VBZ says FW Carmine FW Grigoli FW , FW chief FW equity FW portfolio FW strategist FW at FW First FW Boston FW Corp . . <s> <s> . `` '' Buy NNS stocks IN on NN weakness IN for PRP$ their JJ long-term NNS fundamentals , , '' ''

    PRP he VBZ says . . <s> <s> IN In DT the JJ long NN run , , WP$ investment UH advisers UH say , , JJS most NNS investors MD will VB be JJR better IN off VBG using DT the FW dollar-cost FW averaging FW method FW of FW buying FW stocks . . <s> <s> IN In DT this NN method , , DT a FW person FW invests FW a FW regular FW amount FW every FW month CC or NN quarter IN into DT the NN stock NN market IN whether DT the NN market VBZ is RB up CC or RB down . . <s> <s> IN That PDT cuts DT the NN risk

    , , NNP Mr. NNP Gregory , , DT the NNP San NNP Francisco NN money NN manager , , WP$ points RP out . . <s> <s> , `` WRB When DT the NN market VBZ is JJ low , , PRP you VBP are VBG buying JJR more NNS shares , , CC and WRB when PRP it VBZ 's JJ high , , PRP you VBP 're VBG buying JJR fewer NNS shares , , '' '' PRP he VBZ says . . <s> <s> NN Otherwise , , IN if PRP you VBD put PDT all PRP$ your NN money IN in IN at CD one NN time , , IN by # sheer UH bad

    UH luck , , PRP you MD might VB pick DT a JJ terrible NN time , , CC and VBP have TO to VB wait CD three NNS years TO to VB get RB even , , NNP Mr. NNP Gregory VBZ says . . <s> <s> . A '' disciplined NN program MD will VB work DT the JJS best , , NNP Mr. NNP Boesel VBZ says . . <s> <s> CD `` CD One IN of DT the JJS hardest NNS things TO to VB do VBZ is TO to VB buy NNS stocks WRB when DT the NN market VBZ is RB down , , '' '' PRP he VBZ says . . <s> <s>

    NN `` CC But WDT that VBZ 's RB just DT the NN time WRB when PRP you MD should VB be VBG buying PRP them . . '' '' <s> <s> DT Compound JJ annual NNS returns , , VBG including NN price NNS changes CC and NN income IN from NN interest CC and NNS dividends <s> <s> . \* UH Actual UH performance , , RB not VBN annualized <s> <s> NN Source : : LS Ibbotson LS Associates LS Inc . . <s> <s> IN The VBG following NNS issues VBD were RB recently VBN filed IN with DT the NNPS Securities CC and NNP Exchange NNP Commission : : LS Gehl UH Co. , ,

    WP$ initial JJ public NN offering IN of CD two CD million NNS shares IN of JJ common NN stock , , IN of WDT which WP$ 1,450,635 NNS shares VBP are VBG being VBN offered IN by DT the NN company CC and JJR 549,365 NNS shares IN by NNS holders , , FW via FW Blunt FW , FW Ellis FW & FW Loewi FW Inc. FW and FW Robert FW W. FW Baird FW & FW Co . . <s> <s> NNP Giant NNPS Industries NNP Inc. , , WP$ initial JJ public NN offering IN of PRP$ 3,111,000 JJ common NNS shares , , IN of WDT which EX 2,425,000 MD will VB be VBN sold

    IN by DT the NN company , , CC and DT the NN rest IN by NNS holders , , FW via FW Shearson FW Lehman FW Hutton FW Inc. FW and FW Hanifen FW , FW Imhoff FW Inc . . <s> <s> NNP Inefficient-Market NNP Fund NNP Inc. , , JJ initial NN offering IN of CD five CD million JJ common NNS shares , , FW via FW Smith FW Barney FW , FW Harris FW Upham FW & FW Co . . <s> <s> . Jason '' Overseas NNP Ltd. , , JJ initial NN offering IN of CD four CD million JJ common NNS shares , , IN of WDT which # 3.2 CD million

    MD will VB be VBN sold IN in DT the NNP U.S. , , CC and DT the NN balance IN outside DT the NNP U.S. , , FW via FW Smith FW Barney FW , FW Harris FW Upham FW & FW Co. FW and FW Mabon FW , FW Nugent FW & FW Co . . <s> <s> NNP Donald NNP Trump , , WP who FW faced FW rising FW doubt FW about FW his FW bid FW for FW American FW Airlines FW parent FW AMR FW Corp. FW even FW before FW a FW United FW Airlines FW buy-out FW came FW apart FW Friday , , VBD withdrew PRP$ his $ $ CD 7.54

    CD billion NN offer . . <s> <s> NN Separately , , WP$ bankers PDT representing DT the NN group VBG trying TO to VB buy NNP United POS 's FW parent FW UAL FW Corp. FW met FW with FW other FW banks FW about PDT reviving DT that NN purchase IN at DT a JJR lower NN price , , RB possibly IN around $ $ CD 250 DT a NN share , , CC or $ $ CD 5.65 CD billion . . <s> <s> IN But DT a JJR lower NN bid MD could VB face RP rejection IN by DT the NNP UAL NN board . . <s> <s> NNP Mr. NNP Trump , ,

    WP who UH vowed UH Wednesday TO to `` `` FW go FW forward '' '' IN with DT the NN bid , , VBD said PRP he VBD was VBG dropping PRP it `` `` IN in NN light IN of DT the JJ recent NN change IN in NN market NNS conditions . . '' '' <s> <s> NN He VBD said PRP he MD might RB now VB sell PRP$ his JJS AMR NN stake , , VB buy JJR more NNS shares , , CC or VB make DT another NN offer IN at DT a JJR lower NN price . . <s> <s> FW The FW Manhattan FW real-estate FW developer FW acted FW after

    FW the FW UAL FW buyers FW failed FW to FW obtain FW financing FW for FW their FW earlier FW $ FW 300-a-share FW bid , , WDT which FW sparked FW a FW selling FW panic FW among FW that FW snowballed FW into FW a FW 190-point FW drop FW Friday FW in FW the FW Dow FW Jones FW Industrial FW Average . . <s> <s> NN News IN about NNP UAL CC and NNP AMR , , WP$ whose FW shares FW never FW reopened FW after FW trading FW was FW halted FW Friday FW for FW the FW UAL FW announcement FW , FW sent FW both FW stocks FW nosediving IN in

    JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange . . <s> <s> . UAL -LRB- tumbled $ $ CD 56.875 TO to $ $ CD 222.875 IN on NN volume IN of $ 2.3 CD million NNS shares , , CC and NNP AMR VBD declined IN by $ $ CD 22.125 TO to $ $ FW 76.50 FW as FW 4.7 FW million FW shares FW changed FW hands . . <s> <s> NN Together , , DT the FW two FW stocks FW wreaked FW havoc FW among FW takeover FW stock FW traders , , CC and VBD caused DT a JJS 7.3 NN % NN drop IN in

    DT the NNP Dow NNP Jones NNP Transportation NNP Average , , JJ second IN in NN size RB only TO to DT the JJ stock-market NN crash IN of $ Oct. CD 19 , , CD 1987 . . <s> <s> NN Some VBD said NNP Friday POS 's FW market FW debacle FW had FW given FW Mr. FW Trump FW an FW excuse TO to VB bail RP out IN of DT an NN offer IN that FW showed FW signs FW of FW stalling FW even FW before FW problems FW emerged FW with FW the FW UAL FW deal . . <s> <s> FW After FW reaching FW an FW intraday FW high FW of

    FW $ FW 107.50 FW the FW day FW Mr. FW Trump FW disclosed FW his FW bid FW Oct. FW 5 , , NNP AMR POS 's NN stock VBD had VBN retreated IN as JJ low IN as $ $ CD 97.75 JJ last NN week . . <s> <s> DT Some NN takeover NN stock NNS traders VBD had VBN been RP betting IN against NNP Mr. NNP Trump IN because PRP he VBZ has DT a NN record IN of FW disclosing FW stakes FW in FW companies FW that FW are FW potential FW takeover FW targets , , RB then VBG selling IN at DT a NN profit IN without VBG making DT a

    NN bid . . <s> <s> IN `` PRP He RB still VBZ has RB n't FW proven FW his FW mettle FW as FW a FW big-league FW take-out FW artist , , '' '' VBD said FW airline FW analyst FW Kevin FW Murphy FW of FW Morgan FW Stanley FW & FW Co . . <s> <s> IN `` PRP He VBZ 's VBN done DT this NN thing WRB where PRP he MD 'll VB buy DT a JJ little NN bit IN of DT a NN company CC and RB then VB trade RP out IN of PRP it . . <s> <s> NNP He POS 's PDT written DT this NN book , ,

    `` ` DT The NN Art IN of DT the NN Deal . . '' ' <s> <s> NN Why VBZ does RB n't PRP he RB just VB follow RP through IN on CD one IN of DT these NNS things . ? '' '' <s> <s> . Mr. '' Trump VBD withdrew PRP$ his NN bid IN before DT the JJS AMR NN board , , WDT which VBZ is JJ due TO to VB meet NN tomorrow , , FW ever FW formally FW considered FW it . . <s> <s> FW AMR FW had FW weighed FW a FW wide FW range FW of FW possible FW responses FW , FW from FW flat FW rejection

    FW to FW recapitalizations FW and FW leveraged FW buy-outs FW that FW might FW have FW included FW either FW employees FW , FW a FW friendlier FW buyer FW such FW as FW Texas FW billionaire FW Robert FW Bass , , CC or DT both . . <s> <s> NN AMR VBD had RB also VBN sought TO to FW foil FW Mr. FW Trump FW in FW Congress FW by FW lobbying FW for FW legislation WDT that MD would VB have PDT bolstered DT the NN authority IN of DT the FW Transportation FW Department FW to FW reject FW airline FW buy-outs . . <s> <s> NN Yesterday , , NNP Mr. NNP Trump

    VBD tried TO to VB put DT the NN blame IN for DT the NN collapse IN of DT the NNP UAL NN deal IN on NNP Congress , , VBG saying PRP it VBD was VBN rushing IN through DT a NN bill TO to VB protect PRP$ AMR NNS executives . . <s> <s> IN `` PRP I VBP believe IN that DT the NN perception IN that NN legislation IN in DT this NN area MD may VB be UH hastily UH approved UH contributed TO to DT the NN collapse IN of DT the NNP UAL NN transaction , , CC and DT the JJ resulting NN disruption IN in DT the JJ financial NNS markets

    IN experienced DT this JJ past NNP Friday , , '' '' NNP Mr. FW Trump FW wrote FW members FW of FW Congress . . <s> <s> NN AMR VBD declined TO to VB comment , , CC and NNP Mr. NNP Trump VBD did RB n't VB respond TO to VB requests IN for NNS interviews . . <s> <s> FW Mr. FW Trump FW never FW said FW how FW much FW AMR FW stock FW he FW had FW bought , , RB only IN that PRP$ his NNS holdings VBD were `` `` UH substantial . . '' '' <s> <s> NN However , , PRP he RB only VBN received JJ federal NN clearance

    TO to VB buy JJR more IN than $ $ CD 15 CD million IN of DT the NN stock IN on $ Sept. CD 20 , , WRB when DT the NN price VBD rose $ $ CD 2 DT a NN share TO to $ $ CD 78.50 . . <s> <s> . Between '' then CC and PRP$ his NN bid IN on $ Oct. CD 5 , , DT the NN price RBR fluctuated IN between $ $ CD 75.625 CC and $ $ CD 87.375 . . <s> <s> IN In DT an NN attempt TO to VB persuade NNS investors IN that PRP$ his NN bid VBD was RB n't RB just `` ``

    DT a NN stock NN play , , '' '' NNP Mr. NNP Trump POS promised JJ last NN week TO to VB notify DT the NN market IN before VBG selling DT any NNS shares . . <s> <s> NN AMR VBD was NN trading IN at FW around FW $ FW 84 FW yesterday FW before FW his FW withdrawal FW announcement , , RB then RB immediately VBD fell TO to IN about $ $ CD 76 . . <s> <s> NN Assuming IN that PRP he VBD paid DT a RBS rough JJ average NN price IN of $ $ CD 80 DT a NN share , , CC and WRB assuming PRP he VBD did

    RB n't VB sell IN before PRP$ his NN announcement VBD reached DT the NN market , , NNP Mr. NNP Trump MD could VB be RP sitting IN with DT a JJ modest NN loss IN with DT the NN stock IN at $ $ CD 76.50 . . <s> <s> JJ Some NNS analysts VBD said FW AMR FW Chairman FW Robert FW Crandall FW might FW seize FW the FW opportunity FW presented IN by DT the NN stock NN price NN drop TO to VB protect DT the NN nation POS 's JJS largest NN airline IN with DT a JJ defensive NN transaction , , JJ such IN as DT the NN sale IN of

    NN stock TO to DT a JJ friendly NN holder CC or NN company NNS employees . . <s> <s> NN However , , FW other FW knowledgeable FW observers FW said FW they FW believed FW Mr. FW Crandall FW and FW the FW AMR FW board FW might FW well FW decide FW to FW tough FW it FW out FW without FW taking FW any FW extra FW steps . . <s> <s> JJ Some NNS analysts VBD said PRP they VBD believed NNP Mr. NNP Trump , , WP$ whose LS towering LS ego VBD had VBN been VBN viewed IN by DT some IN as DT a NN reason TO to VB believe PRP he

    MD would RB n't VB back RP out , , MD might VB come RP back IN with DT a JJR lower NN bid . . <s> <s> FW Ray FW Neidl FW of FW Dillon FW Read FW & FW Co. FW said FW Mr. FW Trump FW `` FW is FW stepping FW back CC and VBG waiting IN for DT the NN dust TO to VB settle . . <s> <s> FW I FW 'm FW sure FW he FW still FW wants FW AMR . . '' '' <s> <s> . But UH others UH remained UH skeptical . . <s> <s> IN `` PRP I VBD was FW never FW sure FW Donald FW Trump

    FW really FW wanted FW to FW take FW AMR , , '' '' VBD said UH John UH Mattis , , DT a NN bond NN analyst IN with NNP Shearson NNP Lehman NNP Hutton NNP Inc . . <s> <s> , `` WP What VBD happened IN with NNP United VBD was DT a JJS gracious NN way IN for PRP him TO to VB bow RP out . . '' '' <s> <s> FW Mr. FW Trump FW never FW obtained FW financing IN for PRP$ his NN bid . . <s> <s> FW That FW skepticism FW would FW leave FW him FW with FW an FW even FW greater FW credibility FW problem FW should

    FW he FW return WDT that MD would VB handicap PRP him IN in DT any NN effort TO to VB oust DT the NN board IN in DT a JJ proxy NN fight . . <s> <s> NN Meanwhile , , NNP Citicorp CC and NNP Chase NNP Manhattan NNP Corp. , , DT the CD two NN lead NNS lenders IN on DT the NNP UAL NN buy-out , , VBN met IN with JJ other NNS banks NN yesterday TO to VB determine IN if PRP they MD would VB be JJ willing TO to VB finance DT the NN buy-out IN at DT a JJR lower NN price . . <s> <s> . Officials '' familiar

    IN with DT the FW talks FW said FW Citicorp FW had FW discussed PDT lowering DT the NN offer TO to $ $ CD 250 DT a NN share , , CC but VBD said DT that NN price VBD was DT a JJS talking NN point CC and IN that DT no NN decision VBZ has VBN been VBN made . . <s> <s> IN At $ $ CD 250 DT a NN share , , DT the NN group MD would VB have TO to VB borrow IN about $ $ CD 6.1 CD billion IN from NNS banks . . <s> <s> FW The FW first FW UAL FW deal FW unraveled FW after FW Citibank

    FW and FW Chase MD could RB n't VB raise $ $ CD 7.2 CD billion . . <s> <s> NN Citibank CC and NNP Chase VBD had VBN agreed TO to VB commit $ $ CD 3 CD billion , , CC and VBD said PRP they VBD were `` `` FW highly FW confident '' '' IN of VBG raising DT another $ $ CD 4.2 CD billion . . <s> <s> NN Together , , NNP Citicorp CC and NNP Chase VBD received $ $ CD 8 CD million IN in NNS fees TO to VB raise DT the NN rest IN of DT the NN financing . . <s> <s> DT But JJ other NNS banks

    VBD balked IN at DT the JJ low NN interest NN rate CC and WP$ banking PDT fees DT the NNP UAL NN group VBD was JJ willing TO to VB pay PRP them . . <s> <s> . Officials '' familiar IN with DT the NN bank NNS talks VBD said DT the FW UAL FW buy-out FW group FW -FW UAL FW pilots , , NN management , , CC and WP$ British LS Airways SYM PLC : -VBZ is RB now JJ willing TO to VB pay JJR higher NN bank NNS fees CC and NN interest , , CC but VBZ is RB n't JJ likely TO to VB boost PRP$ its $ $

    CD 965 CD million NN equity NN contribution . . <s> <s> NN Nor VBZ is DT the NN group JJ likely TO to VB come RP forward IN with DT a JJ revised NN offer IN within DT the JJ next CD 48 NNS hours IN despite DT the NNS hopes IN of JJ many NNS traders . . <s> <s> DT The NN group POS 's NNS advisers VBP want TO to VB make WRB certain PRP they VBP have FW firm FW bank FW commitments FW the FW second FW time FW around . . <s> <s> NN Even IN if DT the NN buy-out NN group VBZ is JJ able TO to VB obtain NN financing

    , , DT the FW transaction FW still FW faces FW obstacles . . <s> <s> NNP UAL POS 's NN board MD could VB reject DT the JJ new NN price IN as RB too JJ low , , RB especially IN since EX there VBP are RB n't DT any JJ competing NNS bids . . <s> <s> . Los UH Angeles UH investor UH Marvin UH Davis , , WP$ whose $ $ CD 275-a-share NN offer VBD was VBN rejected IN by NNP UAL POS 's NN board , , VBZ has RB n't FW shown FW signs FW of FW pursuing FW a FW $ FW 300-a-share FW back-up FW bid FW he FW made

    FW last FW month . . <s> <s> DT In NN addition , , DT the NN coalition IN of NN labor CC and NN management , , FW longtime FW enemies FW who FW joined FW forces FW only PDT under DT the NN threat IN of NNP Mr. NNP Davis POS 's NN bid , , MD could VB break RP apart RB now . . <s> <s> DT The NN group POS 's FW resilience FW gets FW its FW first FW test FW today FW when FW 30 FW top FW pilot FW union FW leaders FW convene FW outside FW Chicago FW in FW a FW previously FW scheduled FW meeting . . <s> <s>

    . Union UH Chairman UH F.C . . -LRB- -LRBFW Rick FW -RRBFW Dubinsky FW faces FW the FW tough FW task FW of FW explaining FW why FW banks FW refused FW to FW finance FW a FW buy-out FW the FW members FW approved FW overwhelmingly FW last FW week . . <s> <s> FW The FW pilot FW union FW is FW vowing FW to FW pursue FW an FW acquisition FW whatever FW the FW board FW decides . . <s> <s> NN But IN if DT the FW board FW rejects FW a FW reduced FW bid FW and FW decides FW to FW explore FW other FW alternatives , , PRP it

    MD could VB transform WP what VBZ has VBN been DT a FW harmonious FW process FW into FW an FW adversarial FW one . . <s> <s> JJ The NNS pilots MD could VB play RP hardball IN by VBG noting PRP they VBP are VBN crucial TO to DT any NN sale CC or NN restructuring IN because PRP they MD can VB refuse TO to VB fly DT the NN airplanes . . <s> <s> IN If PRP they VBD were TO to VB insist IN on DT a JJ low NN bid IN of , , WP$ say $ $ CD 200 DT a NN share , , DT the NN board MD might RB n't

    VB be JJ able TO to VB obtain DT a FW higher FW offer FW from FW other FW bidders FW because FW banks FW might FW hesitate FW to FW finance FW a FW transaction FW the FW pilots FW oppose . . <s> <s> NN Also , , FW because FW UAL FW Chairman FW Stephen FW Wolf FW and FW other FW UAL FW executives FW have FW joined FW the FW pilots FW ' FW bid , , DT the NN board MD might VB be VBN forced TO to VB exclude PRP him IN from PRP$ its NNS deliberations IN in NN order TO to VB be RP fair TO to JJ other NNS bidders

    . . <s> <s> NN That MD could VB cost PRP him DT the NN chance TO to VB influence DT the NN outcome CC and RB perhaps VB join DT the RBS winning LS bidder . . <s> <s> JJ Influential NNS members IN of DT the FW House FW Ways FW and FW Means FW Committee FW introduced FW legislation FW that FW would FW restrict FW how FW the FW new FW savings-and-loan FW bailout FW agency FW can FW raise FW capital FW , FW creating FW another FW potential FW obstacle TO to DT the NN government POS 's NN sale IN of JJ sick NNS thrifts . . <s> <s> DT The NN bill

    , , WP$ whose FW backers FW include FW Chairman FW Dan FW Rostenkowski -LRB- -LRBNNP D. , , WP$ Ill. -RRB- -RRB, , MD would VB prevent DT the FW Resolution FW Trust FW Corp. FW from FW raising FW temporary FW working FW capital FW by FW having FW an FW RTC-owned FW bank FW or FW thrift FW issue FW debt WDT that MD would RB n't VB be VBN counted IN on DT the JJ federal NN budget . . <s> <s> DT The NN bill VBZ intends TO to VB restrict DT the FW RTC FW to FW Treasury FW borrowings FW only FW , FW unless FW the FW agency FW receives

    FW specific FW congressional FW authorization . . <s> <s> FW `` FW Such FW agency FW ` FW self-help FW ' FW borrowing FW is FW unauthorized FW and FW expensive FW , FW far FW more FW expensive FW than FW direct FW Treasury FW borrowing , , '' '' VBD said UH Rep. UH Fortney UH Stark -LRB- -LRBNNP D. , , NNP Calif. -RRB- -RRB, , DT the NN bill POS 's JJ chief NN sponsor . . <s> <s> DT The JJ complex NN financing NN plan IN in DT the FW S&L FW bailout FW law FW includes FW raising $ $ CD 30 CD billion IN from NN debt VBN issued

    IN by DT the FW newly FW created FW RTC . . <s> <s> DT This NN financing NN system VBD was VBN created IN in DT the JJ new NN law IN in NN order TO to VB keep DT the NN bailout NN spending IN from PDT swelling DT the NN budget NN deficit . . <s> <s> IN Another $ $ CD 20 CD billion MD would VB be VBN raised IN through NNP Treasury NNS bonds , , WDT which VBP pay JJR lower NN interest NNS rates . . <s> <s> IN But DT the FW RTC FW also FW requires FW `` FW working '' '' NN capital TO to VB maintain DT the

    JJ bad NNS assets IN of NNS thrifts WDT that VBP are VBN sold , , IN until DT the NNS assets MD can VB be VBN sold RB separately . . <s> <s> DT That NN debt MD would VB be VBN paid RP off IN as DT the NNS assets VBP are VBN sold , , VBG leaving DT the JJ total NN spending IN for DT the NN bailout IN at $ $ CD 50 CD billion , , CC or $ $ CD 166 CD billion VBG including NN interest IN over CD 10 NNS years . . <s> <s> IN `` PRP It VBZ 's DT a NN problem IN that EX clearly VBZ has

    TO to VB be VBN resolved , , '' '' VBD said UH David UH Cooke , , JJ executive NN director IN of DT the NN RTC . . <s> <s> FW The FW agency FW has FW already FW spent FW roughly FW $ FW 19 FW billion FW selling FW 34 FW insolvent FW S&Ls , , CC and PRP it VBZ is JJ likely TO to VB sell CC or $ merge CD 600 IN by DT the NN time DT the RBS bailout LS concludes . . <s> <s> DT Absent JJ other JJ working NN capital , , PRP he VBD said , , DT the NNP RTC MD would VB be VBN forced

    TO to FW delay FW other FW thrift FW resolutions FW until FW cash MD could VB be VBN raised IN by VBG selling DT the JJ bad NNS assets . . <s> <s> IN `` PRP We MD would VB have TO to VB wait IN until PRP we VBP have VBN collected IN on DT those NNS assets IN before PRP we MD can VB move RB forward , , '' '' PRP he VBD said . . <s> <s> DT The JJ complicated NN language IN in DT the JJ huge JJ new NN law VBZ has PDT muddied DT the NN fight . . <s> <s> DT The NN law VBZ does PDT allow DT the

    NN RTC TO to VB borrow IN from DT the NNP Treasury RB up TO to $ $ CD 5 CD billion IN at DT any NN time . . <s> <s> NN Moreover , , PRP it VBZ says DT the NNP RTC POS 's JJ total NNS obligations MD may RB not VB exceed $ $ CD 50 CD billion , , CC but DT that NN figure VBZ is VBN derived IN after VBG including NNS notes CC and JJ other NN debt , , CC and JJR subtracting IN from PRP it DT the NN market NN value IN of DT the NNS assets DT the RBS RTC LS holds . . <s> <s> NNP But

    NNP Congress VBD did RB n't FW anticipate FW or FW intend RBR more JJ public NN debt , , VBP say VBN opponents IN of DT the NNP RTC POS 's JJS working-capital NN plan , , CC and UH Rep. UH Charles UH Schumer -LRB- -LRBNNP D. , , NNP N.Y . . -RRB- -RRBVBD said DT the FW RTC FW Oversight FW Board FW has FW been FW remiss FW in FW not FW keeping FW Congress FW informed . . <s> <s> . `` UH That UH secrecy UH leads TO to DT a NN proposal IN like DT the NN one IN from NNPS Ways CC and NNPS Means , , WDT which

    VBZ seems TO to FW me FW sort FW of FW draconian , , '' '' PRP he VBD said . . <s> <s> IN `` DT The NNP RTC VBZ is VBG going TO to VB have TO to VB pay DT a NN price IN of JJ prior NN consultation IN on DT the NN Hill IN if PRP they VBP want DT that NN kind IN of NN flexibility . . '' '' <s> <s> . The '' Ways CC and NNP Means NNP Committee MD will VB hold DT a NN hearing IN on DT the NN bill IN next NNP Tuesday . . <s> <s> NNS We VBP 're RB about TO to VB see

    IN if # advertising LS works . . <s> <s> NN Hard IN on DT the NNS heels IN of NNP Friday POS 's FW 190-point FW stock-market FW plunge CC and DT the NN uncertainty WDT that VBZ 's VBN followed , , DT a FW few FW big FW brokerage FW firms FW are FW rolling FW out FW new FW ads FW trumpeting FW a FW familiar FW message FW : FW Keep FW on FW investing , , DT the NN market VBZ 's RB just RBR fine . . <s> <s> . Their '' mission VBZ is TO to VB keep NNS clients IN from PDT fleeing DT the NN market , , IN as

    JJ individual NNS investors VBD did IN in JJR droves IN after DT the NN crash IN in NNP October <s> <s> JJ Just NNS days IN after DT the CD 1987 NN crash , , FW major FW brokerage FW firms FW rushed FW out FW ads FW to FW calm FW investors . . <s> <s> DT This NN time RB around , , PRP they VBP 're VBG moving RB even RBR faster . . <s> <s> NNP PaineWebber NNP Inc. FW filmed FW a FW new FW television FW commercial FW at FW 4 FW p.m. FW EDT FW yesterday CC and VBD had PRP it IN on DT the NN air IN by JJ last

    NN night . . <s> <s> FW Fidelity FW Investments FW placed FW new FW ads FW in FW newspapers FW yesterday FW , FW and FW wrote FW another FW new FW ad FW appearing FW today . . <s> <s> FW Shearson FW Lehman FW Hutton FW Inc. FW by FW yesterday FW afternoon FW had FW already FW written FW new FW TV FW ads . . <s> <s> FW It FW considered FW running FW them FW during FW tomorrow FW night FW 's FW World FW Series FW broadcast FW but FW decided FW not FW to WRB when DT the NN market POS recovered NN yesterday . . <s> <s> DT Other NN brokerage

    NNS firms , , FW including FW Merrill FW Lynch FW & FW Co. FW , FW were FW plotting FW out FW potential FW new FW ad FW strategies . . <s> <s> FW The FW brokerage FW firms FW learned FW a FW lesson FW the FW last FW time FW around FW , FW when FW frightened FW investors FW flooded FW the FW phone FW lines FW and PDT fled DT the NN market IN in DT a NN panic . . <s> <s> DT This NN time , , DT the NNS firms VBD were JJ ready . . <s> <s> NN Fidelity , , IN for NN example , , WP$ prepared RBS ads

    JJ several NNS months RB ago IN in NN case IN of DT a NN market NN plunge . . <s> <s> IN When DT the NN market VBD went IN into PRP$ its FW free FW fall FW Friday FW afternoon , , DT the FW investment FW firm FW ordered FW full FW pages FW in FW the FW Monday FW editions FW of FW half FW a FW dozen FW newspapers . . <s> <s> FW The FW ads FW touted FW Fidelity FW 's FW automated FW 800-number FW beneath FW the FW huge FW headline , , `` `` FW Fidelity FW Is FW Ready FW For FW Your FW Call . . '' ''

    <s> <s> . A '' Fidelity NN spokesman VBZ says DT the NN 800-line , , WDT which FW already FW was FW operating FW but FW which FW many FW clients FW did FW n't FW know FW about , , VBN received IN about PDT double DT the JJ usual NN volume IN of NNS calls IN over DT the NN weekend . . <s> <s> IN `` DT A NN lot IN of NN investor NN confidence VBZ comes IN from DT the NN fact IN that PRP they MD can VB speak TO to PRP us , , '' '' PRP he VBZ says . . <s> <s> FW `` FW To FW maintain FW that

    FW dialogue FW is FW absolutely FW crucial . . <s> <s> NN It MD would VB have VBN been RB too JJ late TO to VB think RB about IN on NNP Friday . . <s> <s> NN We VBD had TO to VB think IN about PRP it RB ahead IN of NN time . . '' '' <s> <s> NNP Today POS 's FW Fidelity FW ad FW goes FW a FW step FW further , , WP$ encouraging NNS investors TO to VB stay IN in DT the NN market CC or RB even TO to VB plunge RP in IN with NNP Fidelity . . <s> <s> IN Underneath DT the NN headline `` ``

    UH Diversification , , '' '' PRP it VBZ counsels , , `` `` VBN Based IN on DT the NNS events IN of DT the JJ past NN week , , DT all NNS investors VBP need TO to VB know PRP$ their NNS portfolios VBP are VBN balanced TO to VB help WRB protect PRP them IN against DT the NN market POS 's NN volatility . . '' '' <s> <s> FW It FW goes FW on FW to FW plug FW a FW few FW diversified FW Fidelity FW funds FW by FW name . . <s> <s> VBZ PaineWebber RB also VBD was JJ able TO to VB gear RP up UH quickly UH thanks

    TO to DT the CD 1987 NN crash . . <s> <s> IN In DT the NN aftermath IN of DT the CD 1987 -RRB- debacle , , DT the FW brokerage FW firm FW began FW taping FW commercials FW in-house FW , FW ultimately FW getting FW its FW timing FW down FW fast FW enough TO to VB tape DT a JJ commercial IN after DT the NN market VBD closed CC and WRB rush PRP it IN on DT the NN air IN that NN night . . <s> <s> FW It FW also FW negotiated FW an FW arrangement FW with FW Cable FW News FW Network FW under FW which FW CNN FW would

    FW agree FW to FW air FW its FW last-minute FW creations . . <s> <s> FW The FW new FW PaineWebber FW commercial FW , FW created FW with FW ad FW agency FW Saatchi FW & FW Saatchi FW Co. FW , FW features FW Mary FW Farrell , , CD one IN of DT the NN firm POS 's JJS most FW visible FW investment FW strategists FW , FW sounding FW particularly FW bullish . . <s> <s> VBZ Taped RB just IN as DT the NN market VBD closed NN yesterday , , PRP it UH offers UH Ms. UH Farrell UH advising , , `` `` PRP We VBP view DT the NN market

    RB here IN as VBG going IN through DT a FW relatively FW normal FW cycle FW ... . . <s> <s> TO We VB continue TO to VB feel IN that DT the NN stock NN market VBZ is RB still DT the NN place TO to VB be IN for JJ long-term NN appreciation . . '' '' <s> <s> . The '' spot VBD was VBN scheduled TO to VB appear CD three NNS times IN on PRP$ CNN JJ last NN night . . <s> <s> FW PaineWebber FW considered FW an FW even FW harder FW sell FW , FW recommending FW specific FW stocks . . <s> <s> NN Instead , , PRP it

    VBD settled IN on RB just VBG urging DT the NNS clients WP who VBP are PRP$ its NN lifeline TO to VB keep DT that NN money IN in DT the NN market . . <s> <s> IN `` PRP We VBP 're VBG saying DT the JJS worst NN thing IN that NN anyone MD can VB do VBZ is TO to VB see DT the NN market FW go FW down FW and FW dump FW everything , , WDT which RB just PDT drives DT the NNS prices RB down RBR further , , '' '' VBZ says UH John UH Lampe , , NNP PaineWebber POS 's NN director IN of NN advertising . .

    <s> <s> NN `` IN If PRP you VBD owned PRP it CC and UH liked UH it UH Friday , , DT the JJ true NN value VBZ has RB n't VBN changed . . '' '' <s> <s> . He -RRB- adds , , `` `` EX This VBZ is RB n't CD 1987 -RRB- revisited . . '' '' <s> <s> IN With DT the NN market FW fluctuating FW and FW then FW closing FW up FW more FW than FW 88 FW points FW yesterday FW , FW investment FW firms FW had FW to FW constantly FW revise FW their FW approach . . <s> <s> NNP At NNP Shearson NNP Lehman , ,

    FW executives FW created FW potential FW new FW commercials FW Friday FW night CC and IN throughout DT the NN weekend , , RB then VBD had TO to # regroup LS yesterday LS afternoon . . <s> <s> DT The NN plan VBD had VBN been TO to VB make CD one IN of NNP Shearson POS 's FW easy-to-film FW , FW black-and-white FW `` FW Where FW We FW Stand FW '' FW commercials , , WDT which VBP have VBN been FW running FW occasionally FW in FW response FW to FW news FW events FW since FW 1985 . . <s> <s> DT The NN ad MD would VB have VBN run IN during

    DT the FW World FW Series FW tomorrow , , VBG replacing DT the RBS debut JJ commercial IN of NNP Shearson POS 's JJ new NN ad NN campaign , , `` `` FW Leadership FW by FW Example . . '' '' <s> <s> NN But IN in DT a NN meeting IN after DT the NN market VBD closed NN yesterday , , WP$ Shearson NNS executives VBD decided RB not TO to VB go RB ahead IN with DT the JJ stock-market NN ad . . <s> <s> IN `` PRP We VBP do RB n't VB think IN at DT this NN point NN anything VBZ needs TO to VB be VBD said . .

    <s> <s> DT The NN market VBZ seems TO to VB be FW straightening FW out FW ; FW we FW 're FW taking FW a FW wait-and-see FW attitude , , '' '' VBZ says UH Cathleen UH B. UH Stewart , , JJ executive NN vice NN president IN of NN marketing . . <s> <s> IN In DT any NN case , , DT the NN brokerage NNS firms VBP are UH clearly UH moving UH faster TO to VB create JJ new NNS ads IN than PRP they VBD did IN in DT the NN fall IN of CD 1987 . . <s> <s> IN But PRP it VBZ remains TO to VB be VBN seen

    IN whether PRP$ their NNS ads MD will VB be DT any RBR more JJ effective . . <s> <s> CD In CD 1987 , , IN despite DT a NN barrage IN of NNS ads IN from JJS most IN of DT the JJ major NN investment NNS firms , , WDT individuals VBD ran IN from DT the NN market FW en FW masse . . <s> <s> IN Now DT the NNS firms MD must VB try PRP$ their RBS hardest TO to VB prove DT that NN advertising MD can VB work DT this NN time RB around . . <s> <s> . Ad -RRB- Notes : ... . . <s> <s> . ARNOLD -RRB- ADVERTISING

    : : <s> <s> . Edward -RRB- Eskandarian , , JJ former NN chairman IN of FW Della FW Femina FW , FW McNamee FW WCRS\/Boston FW , FW reached FW an FW agreement FW in FW principle FW to FW acquire FW a FW majority FW stake FW in FW Arnold FW Advertising FW , FW a FW small FW Boston FW shop . . <s> <s> NN Terms VBD were RB n't VBN disclosed . . <s> <s> . Mr. -RRB- Eskandarian , , WP who VBD resigned PRP$ his FW Della FW Femina FW post FW in FW September FW , FW becomes FW chairman FW and FW chief FW executive FW of FW Arnold . .

    <s> <s> . John -RRB- Verret , , DT the NN agency POS 's NN president CC and JJ chief NN executive , , MD will VB retain DT the NN title IN of NN president . . <s> <s> NN Separately , , NNP McDonald POS 's NNP Corp. , , WP$ Oak UH Brook , , NNP Ill. , , WP$ named UH Arnold TO to VB handle PRP$ its VBN estimated $ $ CD 4 CD million SYM cooperative LS ad -RRB- account IN for DT the NNP Hartford , , NNP Conn. , , NN area . . <s> <s> FW That FW account FW had FW been FW handled FW by FW Della FW Femina

    FW , FW McNamee FW WCRS . . <s> <s> . EDUCATION -RRB- ADS : : <s> <s> FW A FW 142-page FW ad FW supplement FW to FW Business FW Week FW 's FW special FW `` FW Corporate FW Elite FW '' FW issue FW calls FW on FW business FW leaders TO to VB use PRP$ their NN clout TO to VB help PDT solve DT the NN nation POS 's NN education NN crisis . . <s> <s> . The -RRB- supplement , , DT the JJS largest RB ever IN for DT the NN magazine , , FW includes FW ads FW from FW 52 FW corporate FW advertisers FW and FW kicks FW off

    FW a FW two-year FW Business FW Week FW initiative FW on FW education . . <s> <s> DT The NN magazine MD will VB distribute CD 10 NN % IN of DT the JJ gross NNS revenues IN from DT the FW supplement FW as FW grants FW to FW innovative FW teachers . . <s> <s> TO You VB know WP what DT the NN law IN of EX averages VBZ is , , VBP do RB n't PRP you . ? <s> <s> NNP It POS 's LS what LS 1 -RRB- -RRBLS explains WRB why PRP we VBP are RB like , , RB well , , FW ourselves FW rather FW than FW Bo

    SYM Jackson : ; LS 2 -RRB- -RRBLS cautions WDT that PRP it VBZ 's JJ possible TO to VB drown IN in DT a FW lake FW that FW averages FW two FW feet SYM deep : ; CC and CD 3 -RRB- -RRBFW predicts FW that FW 10,000 FW monkeys FW placed FW before FW 10,000 FW pianos FW would FW produce FW 1,118 FW publishable FW rock FW 'n' FW roll FW tunes . . <s> <s> NN Baseball , , DT that NN game IN of DT the JJ long NN haul , , VBZ is DT the JJS quintessential NN sport IN of DT the NN mean , , CC and DT the

    FW mean FW ol' FW law FW caught RP up IN with DT the NNP San NNP Francisco NNPS Giants IN in DT the FW World FW Series FW last FW weekend . . <s> <s> DT The NN team IN that EX dumped VBZ runs IN by DT the NN bushel IN on DT the FW Chicago FW Cubs FW in FW the FW National FW League FW playoffs FW was FW held FW to FW just FW one FW in FW two FW games FW by FW the FW home-team FW Oakland FW A FW 's , , DT the FW gang FW that FW had FW been FW done FW unto FW similarly FW by FW the

    FW Los FW Angeles FW Dodgers FW and FW Orel FW Hershiser FW in FW last FW year FW 's FW tournament . . <s> <s> NN Morever , , RB much IN of DT the NN damage VBD was VBN accomplished IN by DT A VBZ 's WP who VBD had DT some VBG catching RP up TO to VB do . . <s> <s> IN In $ game CD two , , IN on DT a FW cool FW Sunday FW evening FW in FW this FW land FW of FW perpetual FW autumn , , DT a NN lot IN of DT the RBS catching RB up VBD was VBN done IN by DT the NNP A

    POS 's UH catcher , , WP$ Terry LS Steinbach . . <s> <s> FW He FW hit FW a FW 2-0 FW pitch FW from FW Rick FW Reuschel FW into FW the FW left-field FW stands FW in FW inning FW four FW to FW stretch FW his FW team FW 's FW lead FW from FW 2-1 FW to FW a FW decisive FW 5-1 , , WRB where PRP it VBD stayed . . <s> <s> , So WP what FW if FW Steinbach FW had FW struck FW just FW seven FW home FW runs FW in FW 130 FW regular-season FW games , , CC and JJR batted IN in DT the JJ seventh

    NN position IN of DT the NNP A POS 's NN lineup . . <s> <s> NN `` IN If PRP you VBP get PRP$ your NN pitch , , CC and VB take DT a JJ good NN swing , , WDT anything MD can VB happen , , '' '' PRP he RB later RBR remarked . . <s> <s> . On UH Saturday UH night , , RB quite DT a JJ few IN of DT the FW boys FW in FW green FW and FW gold FW salted FW away FW successes TO to VB salve DT the NN pain IN of JJ past CC and , , DT no NN doubt , , WP$ future

    LS droughts . . <s> <s> . Mark -RRB- McGwire , , DT the JJ big , , FW red-haired FW Oakland FW first FW baseman FW , FW had FW three FW hits FW in FW four FW at FW bats , , CD two JJR more IN than PRP he VBD 'd VBN had IN in DT the FW five-game FW Dodger FW series FW in FW which FW he FW 'd FW gone FW 1-for-17 . . <s> <s> FW The FW A-men FW batting FW Nos. FW 6 FW through FW 9 , , WRB a.k.a. DT the `` `` NN bottom IN of DT the NN order , , '' '' VBD got CD seven

    IN of PRP$ their NN team POS 's FW 11 FW hits FW and FW scored FW four FW of FW its FW runs FW in FW a FW 5-0 FW decision . . <s> <s> FW Right-hander FW Dave FW Stewart FW held FW the FW Giants FW to FW five FW hits TO to VB account IN for DT the NN zero IN on DT the JJ other NN side IN of DT the RBS Saturday LS ledger . . <s> <s> IN That PRP he VBD was DT the NNP A POS 's FW winningest FW pitcher FW during FW its FW American FW League FW campaign FW with FW a FW 21-9 FW mark FW ,

    FW plus FW two FW wins FW over FW Toronto FW in FW the FW playoffs , , '' indicates PRP he MD may VB have DT some FW evening FW up FW coming , , CC but IN with DT the FW way FW his FW split-fingered FW fastball FW is FW behaving , , WDT that MD might RB not VB be DT this NN week . . <s> <s> FW The FW same FW goes FW for FW Mike FW Moore FW , FW another FW veteran FW who FW overcame FW early FW struggles FW to FW permit FW the FW Giants FW but FW a FW run FW and FW four FW hits FW in

    FW seven FW innings FW in FW Sunday FW 's FW contest . . <s> <s> FW `` FW Every FW guy FW they FW put FW out FW there FW had FW a FW better FW split-finger FW than FW the FW guy FW before , , '' '' FW marveled FW Giant FW manager FW Roger FW Craig . . <s> <s> NNP He POS 's LS an LS ex-hurler WP who VBZ 's CD one IN of DT the JJ leading NNS gurus IN of DT the JJ fashionable NN delivery , , WDT which FW looks FW like FW a FW fastball FW until FW it FW dives FW beneath FW the FW lunging FW bat

    . . <s> <s> . The '' upshot IN of DT the NN downshoot VBZ is IN that DT the NNP A POS 's FW go FW into FW San FW Francisco FW 's FW Candlestick FW Park FW tonight FW up FW two FW games FW to FW none FW in FW the FW best-of-seven FW fest . . <s> <s> FW The FW stat FW to FW reckon FW with FW here FW says FW that FW about FW three FW of FW four FW clubs FW -LRBFW 29 FW of FW 39 FW -RRBFW that FW took FW 2-0 FW Series FW leads FW went FW on TO to VB win PRP it RB all

    . . <s> <s> NN That VBZ 's RB not DT an NN average TO to # soothe LS Giant LS rooters . . <s> <s> NN One MD might VB think IN that DT the NN home NNS fans IN in DT this NN Series IN of DT the FW Subway FW Called FW BART -LRB- -LRBWDT that VBZ 's DT a JJR better NN name IN for DT a JJ public NNS conveyance IN than `` `` UH Desire , , '' '' VBP do RB n't PRP you VBP think . ? -RRB- -RRBMD would VB have VBN been RP ecstatic IN over DT the NNS proceedings , , CC but PRP they FW observe

    FW them FW in FW relative FW calm . . <s> <s> NN Partisans IN of DT the FW two FW combatants FW sat FW side FW by FW side FW in FW the FW 49,000-plus FW seats FW of FW Oakland FW Coliseum , , CC and IN while PRP they VBD cheered PRP$ their NNS favorites CC and PDT booed DT the NN opposition , , WP$ hostilities UH advanced UH no UH further , , IN at JJS least IN as RB far IN as PRP I MD could VB see . . <s> <s> FW A FW few FW folks FW even FW showed FW up FW wearing FW caps FW bearing FW the FW colors

    FW and FW emblems FW of FW both FW teams . . <s> <s> IN `` PRP I VBP 'm IN for DT the JJS Giants NN today , , CC but RB only IN because PRP they VBD lost NN yesterday . . <s> <s> . I UH love UH 'em UH both . . <s> <s> FW The FW only FW thing FW I FW 'm FW rooting FW for VBZ is IN for DT the NN Series TO to VB go UH seven UH games , , '' '' VBD said NNP David NNP Williams , , DT a RBS Sacramento UH septuagenarian , , IN at DT the FW Coliseum FW before FW Sunday FW 's

    FW go . . <s> <s> FW The FW above FW represents FW a FW triumph FW of FW either FW apathy FW or FW civility . . <s> <s> TO I VB choose TO to VB believe PRP it VBZ 's DT the NN latter , , IN although PRP it RB probably VBN springs IN from DT the NN fact WDT that RB just RB about VB everyone RP out RB here , , VBG including DT the NNP A POS 's CC and NNP Giants , , VBZ is RB originally IN from # somewhere LS else . . <s> <s> IN Suffice PRP it TO to VB say IN that IN if DT this VBD were

    DT a NNP New NNP York POS Yankees-Mets NN series , , CC or CD one IN between DT the FW Chicago FW Cubs FW and FW White FW Sox -LRB- -LRBUH hey , , PRP it VBZ 's LS possible -RRB- -RRB, , FW you FW 'd FW need FW uniformed FW police FW in FW every FW other FW seat FW to FW separate FW opposing FW fans , , CC and RB only DT the FW suicidal FW would FW bifurcate FW their FW bonnets . . <s> <s> NN Anyway , , DT the NNP A POS 's FW gave FW you FW a FW lot FW of FW heroes FW to FW root

    FW for . . <s> <s> IN In DT the FW opening FW game FW , FW besides FW Steinbach FW and FW Stewart , , EX there VBD was UH Walt UH Weiss , , DT a NN twiggy-looking , , WP$ second-year LS shortstop WP who VBD had VBN lost DT a NN couple NNS months IN of DT the NN season TO to # knee LS surgery . . <s> <s> NN He VBD was FW flawless FW afield FW -LRBFW ditto FW in FW game FW two -RRB- -RRB, , FW moved FW a FW runner FW along FW in FW the FW A FW 's FW three-run FW second FW inning , ,

    CC and JJR homered IN for PRP$ his NN team POS 's JJ final NN tally . . <s> <s> NN Such VBZ is PRP$ his NN reputation IN among DT the FW East FW Bay FW Bashers FW that FW when FW he FW hit FW his FW first FW career FW home FW run FW last FW season , , DT the RBS fan WP who VBD caught PRP it VBD agreed TO to VB turn DT the FW ball FW over FW to FW him FW in FW return FW for FW an FW autograph . . <s> <s> IN Not PRP$ his SYM autograph : ; LS power-hitter LS McGwire POS 's . . <s> <s>

    NNP An NNP A POS 's JJS co-hero IN of DT the JJ second NN game VBD was UH Rickey UH Henderson , , WP who PDT exemplifies DT the JJ hot NN side IN of DT the RBS hot-cold LS equation . . <s> <s> FW He FW smoked FW Toronto FW in FW the FW playoffs FW with FW six FW hits FW , FW seven FW walks FW and FW eight FW stolen FW bases FW in FW 22 FW at FW bats , , CC and VBN continued IN that IN by VBG going RP 3-for-3 IN at DT the FW plate FW Sunday FW , FW along FW with FW walking FW , FW stealing

    FW a FW base FW and FW scoring FW a FW run . . <s> <s> , `` WRB When PRP you VBP 're IN in DT the FW groove FW , FW you FW see FW every FW ball FW tremendously , , '' '' PRP he VBD lectured . . <s> <s> DT The JJ cold NNS guys IN in DT the FW set FW were FW Will FW Clark FW , FW Kevin FW Mitchell FW and FW Matt FW Williams , , DT the FW Giants FW ' FW 3-4-5 FW hitters . . <s> <s> FW They FW combined FW for FW 25 FW hits FW , FW six FW home FW runs FW and

    FW 24 FW runs FW batted RP in IN in DT the CD five NNS games IN against DT the NN Cubs . . <s> <s> FW They FW went FW a FW collective FW 5-for-24 FW here FW , FW with FW zero FW homers FW and FW ribbies . . <s> <s> NN It VBZ 's DT that JJ last NN set IN of NNS numbers , , RB as RB much IN as # anything UH else , , WDT that VBZ gives DT the JJS Giants NN hope IN in DT the NN Series NNS games TO to VB come . . <s> <s> IN `` PRP I VBP believe IN in DT the NN law

    IN of NNS averages , , '' '' FW declared FW San FW Francisco FW batting FW coach FW Dusty FW Baker FW after FW game FW two . . <s> <s> IN `` PRP I MD 'd RB rather VB see DT a RBS so-so LS hitter WP who VBZ 's TO hot VB come RP up IN for DT the JJ other NN side IN than DT a JJ good NNS hitter WP who VBZ 's JJ cold . . '' '' <s> <s> IN But DT the FW old FW Dodger FW slugger FW wisely FW offered FW no FW prediction FW about FW when FW good FW times MD would VB return TO to PRP$ his

    NN side . . <s> <s> , `` WRB When PRP it VBZ goes , , PRP you MD never VB know WRB when PRP you MD 'll VB get PRP it RB back , , '' '' PRP he VBD said . . <s> <s> NNP `` NNP That POS 's NN baseball . . <s> <s> NNP NCR NNP Corp. VBD reported DT a CD 10 NN % NN drop IN in JJ third-quarter JJ net NN income , , FW citing FW intense FW competition FW that FW caused FW its FW gross FW profit FW margins FW to FW dip . . <s> <s> DT Net NN income IN for DT the NN quarter VBD fell

    TO to $ $ CD 93.1 CD million IN from $ $ CD 103.1 CD million , , WP$ roughly WP$ what NNS analysts VBD had VBN expected . . <s> <s> DT But JJ per-share NN profit VBD dropped RB only CD 2 NN % TO to $ $ CD 1.23 DT a NN share IN from $ $ CD 1.26 DT a NN share , , IN as DT the NN company VBD continued PRP$ its NN stock POS buy-back NN plan . . <s> <s> JJ Average NNS shares WP outstanding VBD dropped TO to $ 75.8 CD million IN from $ 82.1 CD million . . <s> <s> NN Revenue VBD fell CD 1 NN %

    TO to $ $ CD 1.39 CD billion IN from $ $ CD 1.41 CD billion . . <s> <s> DT The NN computer NN maker , , WDT which VBZ sells JJR more IN than PDT half PRP$ its NNS goods IN outside DT the NNP U.S. , , RB also VBD said DT the JJ negative NN effect IN of DT a FW stronger FW U.S. FW dollar FW will FW `` FW adversely FW affect '' '' PRP$ its JJ fourth-quarter NN performance CC and `` `` VB make PRP it . difficult '' '' TO to $ better CD 1988 NNS results . . <s> <s> NN NCR VBD said NN revenue VBD declined DT both

    IN in DT the NNP U.S. CC and RB overseas , , VBG reflecting DT a JJ world-wide NN softening IN of DT the NN computer NNS markets . . <s> <s> DT The NN company , , RB however , , VBD said NNS orders IN in DT the NNP U.S. VBD showed `` `` JJ good NNS gains '' '' IN during DT the JJS latest NN quarter . . <s> <s> TO Analysts VB estimate DT those NNS gains IN at CD 12 NN % TO to CD 13 NN % , , DT a JJ good NN part IN of PRP it VBP coming IN from JJ large NNS orders VBN placed IN by DT a

    JJ few IN of NNP NCR POS 's JJ major NNS customers . . <s> <s> DT In NN addition TO to DT a JJ general NN slowing IN of DT the NN computer NN industry , , UH NCR , , WDT which FW sells FW automated FW teller FW machines FW and FW computerized FW cash FW registers , , VBZ is RB also VBN affected IN by DT the JJ retail CC and JJ financial NNS sectors , , `` `` NNS areas IN of DT the NN economy WDT that VBP have RB generally RB not VBN been RP robust , , '' '' UH notes UH Sanjiv UH G. UH Hingorani , , DT an

    NN analyst IN for NNP Salomon NNPS Brothers NNP Inc . . <s> <s> JJ These NNS factors , , VBN combined IN with DT a JJ strong NN dollar , , WP$ should LS negatively PDT affect DT the JJ current NN quarter POS 's NNS results , , WDT NCR VBD said . . <s> <s> IN In DT the JJ year-earlier JJ fourth NN quarter , , WDT NCR VBD had NN profit IN of $ $ CD 149.6 CD million , , CC or $ $ CD 1.85 DT a NN share , , IN on NN revenue IN of $ $ CD 1.8 CD billion . . <s> <s> . Mr. '' Hingorani VBD said

    PRP he VBD lowered PRP$ his JJ full-year NNS estimates IN for CD 1989 TO to $ $ PDT 5.35 DT a NN share IN from $ $ CD 5.50 DT a NN share . . <s> <s> . Revenue '' projections VBD were VBN slashed TO to $ $ CD 6.03 CD billion IN from $ $ CD 6.20 CD billion . . <s> <s> DT Last NN year , , WDT NCR VBD had JJ net NN income IN of $ $ CD 439.3 CD million , , CC or $ $ CD 5.33 DT a NN share , , IN on $ $ CD 5.99 CD billion IN in NN revenue . . <s> <s> IN For

    DT the CD nine NNS months , , DT the NN company POS 's NNS earnings VBD fell CD 9 NN % TO to $ $ CD 264.6 CD million , , CC or $ $ PDT 3.40 DT a NN share , , IN from $ $ CD 289.7 CD million , , CC or $ $ PDT 3.49 DT a NN share . . <s> <s> NN Revenues VBD declined CD 1 NN % TO to $ $ CD 4.17 CD billion IN from $ $ CD 4.19 CD billion . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading NN yesterday , , WP$ NCR NNS shares VBD fell

    CD 75 NNS cents TO to VB close IN at $ $ CD 57 . . <s> <s> FW Concerning FW your FW Sept. FW 19 FW article FW `` FW Wall FW Street FW Firms FW Link FW Analysts FW ' FW Pay FW to FW Performance , , '' '' PRP I VBP 'm FW delighted FW that FW Wall FW Street FW is FW finally FW tuning FW in TO to DT the JJ hard , , WP$ cold NNS facts IN of DT the JJ real JJ working NN world . . <s> <s> IN If DT the NNS firms VBP are JJ serious , , RB however , , WRB why PDT limit DT the

    NN practice TO to DT the JJ poor , , WP$ maligned LS analysts WP$ whose UH ability TO to VB see IN into DT the NN future VBZ is VBN fragile IN at JJS best . ? <s> <s> VBZ Why RB not VB extend DT the JJ same JJ harsh NNS standards TO to DT the NNS sales NN force , , CC and FW pay FW brokers FW a FW base FW salary FW with FW annual FW bonus FW based FW on FW how FW much FW money PRP they VBD made IN for PRP$ their NNS clients IN during DT the NN year . ? <s> <s> NN That MD should VB stop DT a

    NN lot IN of NNP account-churning , , CC and VB produce DT a FW stock FW market FW driven FW only FW by FW professional FW concern FW , FW careful FW thought FW and FW good FW sense . . <s> <s> NN Now , , MD would RB n't RB that VB be DT a NN novelty . . <s> <s> FW Phyllis FW Kyle FW Stephenson FW Newport FW News FW , FW Va . . <s> <s> . Steve -RRB- Clark , , DT a FW Shearson FW Lehman FW Hutton FW Inc. FW trader FW , FW reported FW for FW work FW at FW 5 FW a.m. , , CD two CC and

    DT a NN half NNS hours IN before DT the FW usual FW Monday FW morning FW strategy FW meeting . . <s> <s> . At '' Jefferies CC & NNP Co. , , FW J. FW Francis FW Palamara FW did FW n't FW reach FW the FW office FW until FW 5:30 FW a.m. , , CC but RB then PRP he VBD had VBN been RP up JJS most IN of DT the NN night IN at NN home . . <s> <s> IN `` PRP I VBD had PDT calls DT all NN night RB long IN from DT the NNPS States , , '' '' PRP he VBD said . . <s> <s> IN ``

    PRP I VBD was FW woken FW up FW every FW hour FW -FW 1:30 FW , FW 2:30 FW , FW 3:30 FW , FW 4:30 . . <s> <s> NNS People VBP are VBG looking IN for JJ possible NNS opportunities TO to VB buy , , CC but EX nobody VBZ wants TO to VB stick PRP$ their LS chin RP out . . '' '' <s> <s> DT For JJ many IN of NNP London POS 's NNS securities NNS traders , , PRP it VBD was DT a NN day WDT that VBD started VBN nervously IN in DT the JJ small NNS hours . . <s> <s> . By -RRB- lunchtime , ,

    DT the NN selling VBD was IN at # near-panic LS fever . . <s> <s> NN But IN as DT the NN day VBD ended IN in DT a FW frantic FW Wall FW Street-inspired FW rally , , DT the FW City FW breathed FW a FW sigh FW of FW relief . . <s> <s> IN So PRP it VBD went NN yesterday IN in DT the NN trading NNS rooms IN of NNP London POS 's JJ financial NN district . . <s> <s> IN In DT the NN wake IN of NNP Wall NNP Street POS 's RBS plunge JJ last NNP Friday , , DT the FW London FW market FW was FW considered

    FW especially FW vulnerable . . <s> <s> NN And IN before DT the NN opening IN of NN trading POS here NN yesterday , , DT all NNS eyes VBD were IN on JJ early NN trading IN in NNP Tokyo IN for DT a RBS clue RB as TO to # how PDT widespread DT the NN fallout MD might VB be . . <s> <s> IN By DT the FW time FW trading FW officially FW got FW under FW way FW at FW 9 FW a.m. , , DT the NN news IN from NNP Asia VBD was RP in . . <s> <s> IN And PRP it VBD left VBN mixed RP signals IN for

    NNP London . . <s> <s> JJ Tokyo NNS stocks VBD closed RP off DT a FW significant FW but FW less-than-alarming FW 1.8 FW % FW on FW thin FW volume FW ; FW Hong FW Kong FW stocks FW declined FW 6.5 FW % FW in FW orderly FW trading . . <s> <s> FW At FW Jefferies FW ' FW trading FW room FW on FW Finsbury FW Circus FW , FW a FW stately FW circle IN at DT the NN edge IN of DT the JJ financial NN district , , FW desktop FW computer FW screens FW displayed FW the FW London FW market FW 's FW major FW barometer FW -FW the

    FW Financial FW Times-Stock FW Exchange FW 100 FW Share FW Index . . <s> <s> JJ Red NNS figures IN on DT the FW screens FW indicated FW falling FW stocks FW ; FW blue FW figures , , VBG rising NNS stocks . . <s> <s> . Right -RRB- away , , DT the FW reds FW outnumbered FW the FW blues , , CD 80 TO to CD 20 , , IN as DT the FW index FW opened FW at FW 2076.8 FW , FW off FW 157.1 FW points , , CC or CD 7 NN % . . <s> <s> IN `` PRP I VBP see NN concern , , CC but PRP I

    VBP do RB n't VB see DT any NN panic , , '' '' VBD said NNP Mr. NNPS Palamara , , DT a JJ big , , FW good-humored FW New FW York FW native FW who FW runs FW the FW 15-trader FW office . . <s> <s> . The UH Jefferies UH office , , DT a NN branch IN of DT the FW Los FW Angeles-based FW firm FW , FW played FW it FW conservatively , , VBG seeking TO to VB avoid NN risk . . <s> <s> . `` '' This VBZ is RB not DT the NN sort IN of NN market TO to VB have DT a JJ big NN position

    IN in , , '' '' VBD said NNP David NNP Smith , , WP who VBZ heads NN trading IN in DT all JJ non-U.S. NNS stocks . . <s> <s> IN `` PRP We VBP tend TO to VB run DT a FW very FW tight FW book . . '' '' <s> <s> NNP Jefferies POS spent JJS most IN of PRP$ its NN energies IN in DT the NN morning VBG trying TO to VB match NNS buyers CC and NNS sellers , , CC and EX there VBD were RB n't JJ many NNS buyers . . <s> <s> IN `` PDT All DT the NN takeover NNS stocks : -LS Scottish UH &

    UH Newcastle , , NNP B.A.T , , FW DRG FW -FW are FW getting FW pretty FW well FW pasted FW this FW morning , , '' '' NNP Mr. NNP Smith VBD said . . <s> <s> VBZ Seconds RB later , , DT a FW 7,500-share FW `` FW sell FW '' FW order FW for FW Scottish FW & FW Newcastle FW came FW in . . <s> <s> IN For DT the JJ third NN time IN in CD 15 NNS minutes , , DT a RBS trader JJ next TO to NNP Mr. NNP Smith VBD left DT the JJS no-smoking NN area TO to VB have DT a NN cigarette . .

    <s> <s> IN On DT the NNS screens , , FW only FW two FW forlorn FW blue FW figures FW remained , , CC but DT the NN index VBD had PDT recovered DT a JJ few NNS points CC and VBD was RP off IN about CD 140 . . <s> <s> FW `` FW Because FW Tokyo FW did FW n't FW collapse FW , FW let FW 's FW pick RP up DT a JJ little NN stock , , '' '' NNP Mr. NNP Smith VBD said . . <s> <s> FW He FW targeted FW 7,500 FW shares FW of FW Reuters FW and FW punched FW a FW button TO to VB call

    RP up IN on PRP$ his FW screen FW other FW dealers FW ' FW price FW quotes . . <s> <s> FW The FW vivid FW yellow FW figures FW showed FW the FW best FW price FW at FW 845 FW pence , , -LRB- -LRB$ $ LS 13.27 -RRB- -RRBCC and NNP Mr. NNP Smith POS 's FW traders FW started FW putting FW out FW feelers . . <s> <s> IN But DT the NN market FW sensed FW a FW serious FW buyer FW on FW a FW day FW dominated FW by FW selling , , CC and DT the FW quotes FW immediately FW jumped FW to FW 850 FW pence

    . . <s> <s> , `` WRB When PRP I VBP want TO to VB buy , , PRP they VBP run IN from PRP you : -PRP they VBP keep VBG changing PRP$ their NNS prices , , '' '' NNP Mr. NNP Smith VBD said . . <s> <s> IN `` PRP It VBZ 's RB very RBR frustrating . . '' '' <s> <s> . He '' temporarily VBD abandoned PRP$ his NN search IN for DT the JJ Reuters NNS shares . . <s> <s> IN By DT this NN time , , PRP it VBD was . 4:30 '' a.m. IN in NNP New NNP York , , CC and NNP Mr. FW Smith

    FW fielded FW a FW call FW from FW a FW New FW York FW customer PDT wanting DT an NN opinion IN on DT the JJ British NN stock NN market , , WDT which VBD had VBN been VBG having NNS troubles IN of PRP$ its FW own FW even FW before FW Friday FW 's FW New FW York FW market FW break . . <s> <s> . `` UH Fundamentally UH dangerous UH ... , , '' '' NNP Mr. NNP Smith VBD said , , RB almost IN in DT a NN whisper , , `` `` FW ... FW . FW fundamentally FW weak FW ... FW fairly FW vulnerable FW still FW ...

    FW extremely FW dangerously FW poised FW ... <s> <s> NNS we VBP 're IN in IN for DT a NN lot IN of # turbulence LS ... . . '' '' <s> <s> NN He VBD was RB right . . <s> <s> . By -RRB- midday , , DT the NNP London NN market VBD was IN in # full LS retreat . . <s> <s> IN `` PRP It VBZ 's VBG falling IN like DT a NN stone , , '' '' VBD said FW Danny FW Linger FW , FW a FW pit FW trader FW who FW was FW standing FW outside FW the FW London FW International FW Financial FW Futures FW Exchange

    . . <s> <s> IN Only PDT half DT the FW usual FW lunchtime FW crowd FW gathered FW at FW the FW tony FW Corney FW & FW Barrow FW wine FW bar FW on FW Old FW Broad FW Street FW nearby . . <s> <s> NN Conversation VBD was VBN subdued IN as JJS most LS patrons PDT watched DT the JJS latest NN market NNS statistics IN on NN television . . <s> <s> . At UH 12:49 UH p.m. , , DT the NN index VBD hit PRP$ its JJ low , , FW 2029.7 FW , FW off FW 204.2 FW points . . <s> <s> NNP `` NNP France VBD opened DT the

    NN limit RB down , , RB off IN at JJS least CD 10 NN % IN if PRP you MD could VB calculate DT the NN index , , WDT which PRP you MD could RB n't , , '' '' NNP Mr. NNP Clark , , DT the NNP Shearson NN trader , , VBD said RB early IN in DT the NN afternoon . . <s> <s> . `` '' Spain VBZ is RB down CD 10 NN % CC and VBN suspended , , WDT Sweden VBZ 's RB down CD 8 NN % , , $ Norway CD 11 NN % . . <s> <s> DT This NN market VBZ has VBN been RB very

    RB badly VBN damaged . . '' '' <s> <s> . As UH 2:30 SYM p.m. : -NNP Wall NNP Street POS 's FW opening FW time FW -FW neared FW , FW Shearson FW traders FW and FW salesmen FW traded FW bets FW on FW how PDT low DT the NNP New NNP York NN market MD would VB open . . <s> <s> IN In DT the NN center IN of DT the NN trading NN floor , , FW chief FW trader FW Roger FW Streeter FW and FW two FW colleagues FW scrambled IN for DT the RBS telephones RB as RB soon IN as DT the NNP New NNP York NN market

    SYM opened : -LS plummeting JJR more IN than CD 60 NNS points IN in DT the JJ first JJ few NNS minutes . . <s> <s> NN They VBD saw DT an NN opportunity VBN created IN by DT the NN sell-off . . <s> <s> FW As FW Wall FW Street FW traders FW dumped FW American FW Depositary FW Receipts FW in FW Jaguar FW PLC FW , FW Mr. FW Streeter FW and FW trader FW Sam FW Ruiz FW bought FW them TO to VB resell IN in DT the NN U.K . . <s> <s> FW Investors FW here FW still FW expect FW Ford FW Motor FW Co. FW or FW General

    FW Motors FW Corp. TO to VB bid IN for NNP Jaguar . . <s> <s> NN Suddenly , , IN after IN about CD 45 NNS minutes , , DT the NNP U.S. NNS markets VBD rallied . . <s> <s> IN `` DT The FW MMI FW has FW gone FW better , , '' '' FW shouted FW one FW trader FW at FW about FW 3:15 FW London FW time , , IN as DT the NNP U.S. FW Major FW Markets FW Index FW contract FW suddenly FW indicated FW a FW turnabout . . <s> <s> NNP As NNP Wall NNP Street NNPS strengthened , , DT the FW London FW trading FW room

    FW went FW wild . . <s> <s> . Traders '' shouted IN as PRP$ their FW screens FW posted FW an FW ever-narrowing FW loss FW on FW Wall FW Street . . <s> <s> NN Then , , FW nine FW minutes FW later FW , FW Wall FW Street FW suddenly FW rebounded TO to DT a NN gain IN on DT the NN day . . <s> <s> FW `` FW Rally FW ! FW Rally FW ! FW Rally FW ! FW '' FW shouted FW Shearson FW trader FW Andy FW Rosen FW , FW selling FW more FW Jaguar FW shares . . <s> <s> . `` '' This VBZ is DT panic

    NN buying . ! '' '' <s> <s> IN As DT the FW London FW market FW rallied FW , FW some FW wondered FW whether FW the FW weekend FW of FW worrying FW and FW jitters FW had FW been FW worth FW it . . <s> <s> FW The FW London FW index FW closed FW at FW 2163.4 , , PRP$ its JJ high IN for DT the NN day , , WP$ off UH 70.5 , , CC or IN about CD 3.3 NN % . . <s> <s> FW Ambassador FW Paul FW Nitze FW 's FW statement FW -LRBFW Notable FW & FW Quotable , , WP$ Sept. LS 20 -RRB- -RRB-

    , , `` `` IN If PRP you VBP have DT a CD million NNS people VBG working IN for PRP you , , DT every JJ bad NN thing WDT that VBZ has CD one NN chance IN in DT a CD million IN of VBG going PRP wrong MD will VB go RP wrong IN at JJS least IN once DT a NN year , , '' '' VBZ is DT a RBS pretty JJ negative NN way IN of VBG looking IN at NNS things . . <s> <s> VBZ Is RB n't PRP it RB just IN as JJ fair TO to VB say IN that IN if PRP you VBP have DT a CD million

    NNS people VBG working IN for PRP you , , DT every JJ good NN thing WDT that VBZ has CD one NN chance IN in DT a CD million IN of VBG going NN right MD will VB go RB right IN at JJS least IN once DT a NN year . ? <s> <s> VBZ Do RB n't VB be PDT such DT a NN pessimist , , NNP Mr. -RRB- Ambassador . . <s> <s> . Frank '' Tremdine <s> <s> FW The FW House FW Aviation FW Subcommittee FW approved FW a FW bill WDT that MD would VB give DT the FW transportation FW secretary FW authority FW to FW review FW and FW approve

    FW leveraged FW buy-outs FW of FW major FW U.S. FW airlines . . <s> <s> . The '' collapsed NN plan TO to VB acquire NNP UAL NNP Corp. , , NN parent IN of NNP United NNPS Airlines , , WP$ spurred JJ quick NN action IN on DT the NN legislation , , VBD introduced NNP Wednesday CC and VBN approved IN by DT the NN subcommittee IN on DT a NN voice NN vote NN yesterday . . <s> <s> DT The NN bill VBZ is VBN expected TO to VB be VBN taken RP up IN by DT the FW Public FW Works FW and FW Transportation FW Committee FW tomorrow , , CC and

    DT a NN floor NN vote IN by JJ next NN week MD will VB be RP urged . . <s> <s> FW The FW measure FW drew FW criticism FW from FW the FW Bush FW administration FW and FW a FW parting FW shot FW from FW financier FW Donald FW Trump , , WP who FW yesterday FW withdrew FW his FW takeover FW bid FW for FW AMR NNP Corp. , , DT the NN parent IN of NNP American NNPS Airlines . . <s> <s> IN In DT a NN letter TO to FW subcommittee FW Chairman FW James FW Oberstar -LRB- -LRBNNP D. , , WP$ Minn. -RRB- -RRB, , NNP Mr.

    NNP Trump VBD criticized DT the NN bill IN as DT an JJ explicit NN effort TO to VB thwart PRP$ his NN bid IN for NNP AMR , , CC and VBD said PRP it VBD contributed TO to DT the NN collapse IN of DT the NN deal . . <s> <s> . Elaine -RRB- Chao , , WP$ deputy UH transportation UH secretary , , RB also VBD sent DT a NN letter TO to VB express DT the NN administration POS 's NN opposition TO to DT the NN bill `` `` IN in PRP$ its JJ present NN form . . '' '' <s> <s> FW Rep. FW Oberstar FW brushed FW off FW Mr.

    FW Trump POS 's NNS allegations IN as DT an `` `` FW excuse FW for FW his FW own FW deal FW failing . . '' '' <s> <s> VBZ He RB also VBD said DT the NN fact IN that DT the JJ other NN letter VBD had RB n't VBN come IN from FW Transportation FW Secretary FW Samuel FW Skinner FW indicated EX there VBZ is `` `` FW wiggle FW room '' '' IN in DT the NN administration POS 's NN position . . <s> <s> FW Mr. FW Oberstar FW and FW other FW committee FW members FW repeatedly FW stressed IN that DT the NN legislation VBD was RB n't DT a

    NN response TO to DT any JJ particular NN market NN situation . . <s> <s> IN But PRP they VBD cited DT the NNP UAL CC and FW AMR FW examples FW as FW reasons TO to VB move RB quickly TO to VB enact DT this NN legislation . . <s> <s> . Aides '' both IN in DT the NNP House CC and NNP Senate VBD said DT the NN withdrawal IN of DT the JJS Trump NN bid IN for EX AMR VBZ is RB n't JJ likely TO to # deflate UH efforts TO to VB push DT the NN legislation . . <s> <s> IN `` PRP It VBZ 's RB still IN on

    DT the JJ fast NN track CC and PRP we RB still VBP want TO to VB do PRP it , , '' '' VBD said CD one SYM Senate LS aide . . <s> <s> DT The NN bill VBZ is VBN aimed IN at PDT addressing DT the NN concern IN that DT an FW airline FW might FW sacrifice FW costly FW safety FW measures TO to VB pay RP off DT the NN debt VBN incurred IN in DT a JJ leveraged NN buy-out . . <s> <s> NN Currently , , DT the FW transportation FW secretary FW does FW n't FW have FW clearly FW established FW authority FW to FW block FW mergers

    , , CC but MD can VB take DT the FW drastic FW step FW of FW revoking FW the FW operating FW certificate FW of FW any FW carrier FW the FW official FW considers FW unfit . . <s> <s> NN Supporters IN of DT the NN legislation IN view DT the NN bill IN as DT an NN effort TO to VB add NN stability CC and VBG certainty TO to DT the JJS airline-acquisition NN process , , CC and TO to VB preserve DT the NN safety CC and JJR fitness IN of DT the NN industry . . <s> <s> DT In JJ general , , DT the NN bill MD would VB give

    DT the FW Transportation FW Department FW a FW 30-day FW review FW period # before CD 15 NN % CC or JJR more IN of DT the NN voting NN stock IN of DT a JJ major NNP U.S. POS air NN carrier MD could VB be VBN acquired . . <s> <s> VBZ It RB also MD would VB require DT the JJS acquiring NN party TO to VB notify DT the NN transportation NN secretary CC and TO to VB provide PDT all UH information UH relevant TO to VB determining DT the NN intent IN of DT the NN acquisition . . <s> <s> DT The NN bill MD would VB allow DT the NN secretary

    TO to VB reject DT a NN buy-out IN if JJ sufficient NN information VBZ has RB n't VBN been VBN provided , , CC or IN if DT the NN buy-out VBZ is JJ likely TO to VB weaken DT the NN carrier RB financially , , NN result IN in DT a JJ substantial NN reduction IN in NN size IN of DT the NN airline IN through NN disposal IN of NNS assets , , CC or VB give NN control TO to DT a JJ foreign NN interest . . <s> <s> IN If JJR more NN information VBZ is VBN needed , , DT the NN secretary MD would VB have RP authority TO to

    VB extend DT the RBS review # period CD 20 NNS days . . <s> <s> IN All DT the FW witnesses FW , FW both FW congressmen FW and FW industry FW experts , , WP$ expressed NN support IN for DT the NN bill IN in NN order TO to FW prevent FW profiteers FW from FW cashing FW in FW on FW airline FW profits IN at DT the NN expense IN of JJ safe , , WP$ cost-effective NN service . . <s> <s> FW But FW several FW committee FW members FW disapproved FW , FW some FW backing FW Mr. FW Trump POS 's NN claim IN that DT the NN threat IN of

    # regulation PDT caused DT the NN failure IN of DT the NNP UAL NN deal CC and DT the JJ stock-market NN plunge . . <s> <s> NN One IN of DT the JJ major NNS concerns VBD expressed IN by DT the FW dissenters FW was FW that FW large FW airlines FW would FW be FW prohibited FW from FW divesting FW themselves FW of FW smaller FW entities FW and FW producing FW independent FW spin-off FW companies . . <s> <s> IN In DT a JJ possible NN prelude TO to DT the FW resumption FW of FW talks FW between FW Boeing FW Co. FW and FW striking FW Machinists FW union FW members

    , , DT a JJ federal NN mediator VBD said NNS representatives IN of DT the CD two NNS sides MD will VB meet IN with PRP him VBD tomorrow . . <s> <s> IN `` PRP It MD could VB be DT a JJ long NN meeting CC or PRP it MD could VB be DT a JJ short CD one , , '' '' VBD said UH Doug UH Hammond , , DT the NN mediator , , WP who VBD called DT the NN agreement TO to VB meet DT a JJ first NN step IN toward DT a NN resumption IN of NNS negotiations . . <s> <s> FW `` FW We FW 're FW encouraged

    FW that FW talks FW are FW scheduled FW again FW but FW beyond FW that , , PRP we VBP have VBN made DT no NN expression IN of NNS expectations , , '' '' DT a JJS Boeing NN spokesman VBD said . . <s> <s> FW The FW Machinists FW union FW has FW rejected FW a FW three-year FW contract FW offer WDT that MD would VB have PDT provided DT a CD 10 NN % NN wage NN increase IN over DT the NN life IN of DT the NN pact , , CC plus DT some NNS bonuses . . <s> <s> NN Currently , , FW average FW pay FW for FW machinists

    FW is FW $ FW 13.39 FW an FW hour , , WDT Boeing VBD said . . <s> <s> NN Now IN in PRP$ its JJ 13th NN day , , DT the FW strike FW has FW idled FW about FW 55,000 FW machinists FW and FW has FW started FW to FW delay FW delivery FW of FW some FW jetliners . . <s> <s> IN With DT a NN strike NN fund IN of IN about $ $ CD 100 CD million , , DT the NN union VBD had VBD said PRP it VBD was VBN prepared IN for DT a JJ long NN strike . . <s> <s> IN After DT the JJ third

    NN week IN on NN strike , , WP$ union NNS members MD will VB begin -LRB- receiving $ $ CD 100 DT a NN week IN from DT the NN fund . . <s> <s> NN Work IN at FW Boeing FW continues FW with FW supervisors FW and FW other FW non-striking FW personnel PDT manning DT the NNS lines . . <s> <s> NN And IN at DT the NN company POS 's UH Wichita , , UH Kan. , , NN plant , , RB about VBN 2,400 IN of DT the FW 11,700 FW machinists FW still FW are FW working , , WDT Boeing VBD said . . <s> <s> . Under UH Kansas

    UH right-to-work UH laws , , WDT contracts MD can RB not VB require NNS workers TO to VB be NN union NNS members . . <s> <s> NN Boeing VBZ has VBN declined TO to VB say WRB how JJ many NNS employees VBP are VBG working IN at PRP$ its UH giant UH Renton , , NNP Wash. , , NN plant . . <s> <s> JJ Union NNS officials MD could RB n't VB be VBN reached IN for NN comment . . <s> <s> NNP DPC NNP Acquisition NNP Partners , , DT a JJ hostile NN suitor IN for NNP Dataproducts NNP Corp. , , VBD said PRP it VBZ intends TO to VB launch

    DT a NN tender NN offer IN for DT the NN computer POS printer NN maker POS 's JJ common NN stock . . <s> <s> NN DPC , , DT a NN group VBN led IN by DT the NNP New NNP York FW investment FW firm FW Crescott NNP Inc. , , RB also VBD said PRP it VBZ plans TO to VB file JJ preliminary NNS materials IN with DT the NNPS Securities CC and NNP Exchange FW Commission FW regarding FW a FW shareholder FW solicitation FW to FW oust FW Dataproducts FW ' FW board . . <s> <s> NN DPC VBZ holds DT a JJS 7.8 NN % NN stake IN in NNP Dataproducts

    CC and VBD made DT a $ $ CD 15-a-share NN bid IN for DT the NN company IN in NNP May , , CC but FW Dataproducts FW management FW considered FW the FW $ FW 283.7 FW million FW proposal FW unacceptable . . <s> <s> . A UH DPC UH spokesman UH declined TO to VB elaborate IN on DT the NN group POS 's JJ new NN plan . . <s> <s> FW In FW American FW Stock FW Exchange FW composite FW trading FW yesterday FW , FW Dataproducts FW shares FW jumped FW 62.5 NNS cents TO to VB close IN at $ $ CD 9.375 . . <s> <s> NN Dataproducts , ,

    WDT which VBD had VBN been VBG seeking DT a NN buyer IN for JJ several NNS months , , VBD announced DT a NN restructuring NN plan IN in NNP September CC and VBD took PRP itself RP off DT the NN auction NN block . . <s> <s> DT The NN company POS 's FW restructuring FW includes FW plans FW to FW split FW into FW three FW sectors FW , FW to FW phase FW out FW domestic FW printer FW manufacturing NNS operations CC and TO to VB sell PRP$ its NNP New NNP England NN subsidiary . . <s> <s> DT As NN part IN of DT the NN plan , , WDT Dataproducts

    VBD announced DT a NN pact TO to VB sell $ $ CD 63 CD million IN of PRP$ its FW real FW estate FW holdings FW to FW Trizec FW Properties NNP Inc. , , DT a NN unit IN of NNP Canada POS 's FW Trizec FW Corp . . <s> <s> NNP Jack NNP Davis , , NNP Dataproducts POS ' NN president , , NN chairman CC and JJ chief NN executive NN officer , , VBD said DT the NN company `` `` VBZ is IN at DT a NN loss TO to VB understand NNP DPC POS 's NNS intentions . . '' '' <s> <s> FW He FW called FW today FW 's

    FW announcement FW `` FW opportunistic FW and FW disruptive '' '' CC and VBD said DT the NN company VBZ intends TO to VB proceed IN with PRP$ its NN restructuring . . <s> <s> FW Share FW prices FW plummeted FW across FW Europe FW yesterday FW in FW response FW to FW Friday FW 's FW New FW York FW sell-off FW , FW but FW some FW issues FW staged FW a FW late FW comeback FW after FW Wall FW Street FW opened FW without FW another FW rout . . <s> <s> JJ European NNS investors VBP have JJ further NN reason IN for DT optimism NN today , , IN after DT the

    NNP U.S. -RRB- rebound . . <s> <s> NNP The NNP Frankfurt NNP Stock NNP Exchange , , WDT which VBD closed IN before DT the NNP New NNP York FW exchanges FW opened , , VBD was DT the RBS hardest VBN hit IN of DT the JJ major JJ European NNS markets , , IN with DT the FW DAX FW Index FW dropping FW 12.8 NN % . . <s> <s> NNP In NNP London , , NNS prices VBD plummeted IN in JJ early NN trading CC and VBD were RP off IN as JJ much IN as CD 9 NN % IN before VBG coming RB back JJ strong IN after DT the NNP New

    NNP York NN opening TO to VB close RP down RB only JJR 3.2 NN % . . <s> <s> FW West FW German FW Economics FW Minister FW Helmut FW Haussmann FW said , , `` `` IN In PRP$ my NN view , , DT the NN stock NN market MD will VB stabilize RB relatively RB quickly . . <s> <s> NN There MD may VB be FW one FW or FW other FW psychological FW or FW technical FW reactions , , CC but PRP they VBP are RB n't VBN based IN on NNS fundamentals . . <s> <s> DT The NN economy IN of NNP West NNP Germany CC and DT the FW EC

    FW -LCBFW European FW Community FW -RCBFW is FW highly FW stable . . '' '' <s> <s> NN Paris , , WDT which VBZ has VBN been DT the NN center IN of NN speculation NN fever IN in JJ recent NNS weeks , , RB also VBD was JJ hard NN hit . . <s> <s> JJ Share NNS prices VBD fell IN in NNP Milan , , NNP Amsterdam , , NNP Zurich , , '' Madrid CC and NNP Stockholm . . <s> <s> NN Prices IN in NNP Brussels , , WRB where DT a FW computer FW breakdown FW disrupted FW trading , , RB also VBD tumbled . . <s> <s>

    NN Following VBZ is DT a NN breakdown IN of JJ major NN market NN activity : : <s> <s> NN FRANKFURT : : <s> <s> NN One IN of DT the JJS sharpest NNS declines VBD came IN in DT the JJ financial NN center IN of NNP Europe POS 's JJS strongest NN economy . . <s> <s> FW The FW DAX FW Index FW of FW 30 FW West FW German FW blue FW chips FW plunged FW 12.8 NN % , , DT a JJ one-day NN record , , VBG wiping RP out DT the NN summer POS 's NNS gains . . <s> <s> FW The FW index FW closed FW at FW 1385.72

    FW , FW down FW 203.56 FW points . . <s> <s> DT By NN comparison , , CD two NNS years RB ago IN on NNP Black NNP Monday , , DT the JJ new NN index MD would VB have RP dropped PRP$ 9.4 NN % , , VBG according TO to DT a NN projection IN by DT the NN exchange . . <s> <s> NN Investors MD may VB have FW reacted FW so FW strongly FW to FW Friday FW 's FW U.S. FW stock FW market FW loss FW because FW they FW had FW vivid FW memories FW of FW the FW Frankfurt FW exchange FW 's FW losing FW 35 NN %

    IN of PRP$ its NN value IN in DT the CD 1987 NN crash CC and PRP$ its NN wake . . <s> <s> DT This NN time , , RB however , , JJ many JJ small NNS investors MD may VB have VBN been VBN hurt IN by FW acting FW so FW swiftly . . <s> <s> IN `` PRP They RB all VBD went IN in DT the JJ wrong NN direction , , '' '' VBD said UH Andreas UH Insam , , DT an NN investment NN adviser IN for DT the FW Bank FW in FW Liechtenstein FW 's FW Frankfurt FW branch . . <s> <s> NN He VBD said PRP he

    VBD told NNS clients TO to VB buy FW selected FW West FW German FW blue FW chips FW after PRP they VBD fell IN by IN about CD 10 NN % . . <s> <s> IN After DT the NN opening VBD was $ delayed CD 30 NNS minutes IN because IN of DT the FW crush FW of FW sell FW orders FW , FW Frankfurt FW 's FW normal FW two-hour FW trading FW session FW was FW extended FW 75 FW minutes TO to VB handle DT the JJ heavy NN volume . . <s> <s> IN `` DT The NN beginning VBD was UH chaotic , , '' '' VBD said UH Nigel UH Longley

    , , DT a NN broker IN for # Commerzbank LS AG . . <s> <s> IN `` PRP It VBD took VBN three-quarters IN of DT an NN hour IN before JJ enough NNS prices MD could VB be VBN worked RP out TO to VB get DT a NN reading IN on DT the NN market . . '' '' <s> <s> JJ Institutional NNS investors CC and NNS bankers , , JJ many IN of WP whom VBD spent DT the NN night IN before IN in PRP$ their FW offices FW watching FW Far FW Eastern FW markets FW , FW were FW cautiously FW optimistic FW after FW the FW mild FW 1.8 FW %

    FW decline FW in FW Tokyo FW stock FW prices . . <s> <s> . `` '' Everybody VBD was RB still JJ confident , , WP$ including RBS most JJ institutional NNS investors . . <s> <s> NN That VBZ is WRB why PRP everybody VBD was DT a JJ little NNS surprised IN by DT the NN storm IN of JJ sell NNS orders IN from JJ small JJ private NNS investors , , '' '' VBD said UH Norbert UH Braeuer , , DT a JJ senior NN trader IN for # Hessische LS Landesbank . . <s> <s> DT Some JJ big NNS institutions , , VBG including NNS banks , , FW began FW picking

    FW up FW lower-priced FW shares FW late FW yesterday , , CC but JJS most NNS investors VBD wanted TO to VB see WP what MD would VB happen IN in NNP New NNP York FW before FW acting . . <s> <s> FW But FW even FW if FW Wall FW Street FW continues FW to FW stabilize FW , FW analysts FW here FW say FW the FW latest FW blow FW to FW investor FW confidence FW could FW inhibit FW a FW swift FW recovery FW for FW the FW Frankfurt FW exchange , , WDT which FW already FW was FW showing FW signs FW of FW weakness FW after FW the FW DAX

    FW had FW slipped FW from FW a FW 1989 FW high FW of FW 1657.61 FW on FW Sept. FW 8 . . <s> <s> NN Some IN of NNP West NNP Germany POS 's FW bluest FW chips FW took FW some IN of DT the JJS biggest NNS hits . . <s> <s> FW A FW 16.3 FW % FW drop FW for FW Mannesmann FW AG FW and FW Dresdner FW Bank FW AG FW 's FW 9.6 FW % FW decline FW were FW especially FW problematic FW for FW their FW respective FW boards , , WP$ whose FW plans FW for FW major FW rights FW issues FW in FW November FW could

    FW now FW be FW in FW jeopardy . . <s> <s> NNP Dresdner NNP Bank JJ last NN month VBD said PRP it VBD hoped TO to VB raise CD 1.2 CD billion NNS marks -LRB- -LRB$ $ CD 642.2 CD million -RRB- -RRBIN by $ issuing CD four CD million NNS shares IN at FW 300 FW marks FW each . . <s> <s> DT Yet NN yesterday POS 's FW market FW cropped FW Dresdner FW 's FW share FW price FW by FW 33 FW marks FW to FW 309 PDT marks DT a NN share , , VBG leaving JJ little NN incentive IN for NNS investors TO to VB subscribe TO to

    DT the NN standing NN price IN unless DT the NN market . recovers -RRB- quickly . . <s> <s> NN LONDON : : <s> <s> NN Headed IN toward DT a NN record NN drop IN at NN midday , , DT the FW London FW stock FW market FW recouped FW two-thirds IN of PRP$ its NNS losses IN in DT the NN wake IN of NNP New NNP York POS 's JJ early NN rally . . <s> <s> FW The FW Financial FW Times-Stock FW Exchange FW 100 FW Share FW Index FW closed FW off FW 70.5 FW points FW , FW at FW 2163.4 , , PRP$ its JJ high IN for DT the

    NN day , , FW after FW having FW plunged FW 204.2 FW points FW at FW 12:49 FW p.m . . <s> <s> NN It VBD was FW big FW institutions FW such FW as FW Norwich FW Union FW Insurance FW Group FW , FW Scottish FW Amicable FW Investment FW Managers FW and FW Standard FW Life FW Assurance FW Co. FW that PDT spearheaded DT the NN rally . . <s> <s> NN Attracted IN by JJ low NNS prices CC and VBN encouraged IN by NNP New NNP York POS 's NN performance , , PRP they VBD scooped RP up LS equities PDT across DT the NN board . . <s> <s> NN Volume

    VBD was $ 959.3 CD million NNS shares , , JJR more IN than PRP$ triple JJ recent NNS levels . . <s> <s> NN PARIS : : <s> <s> FW Late FW buying FW gave FW the FW Paris FW Bourse FW a FW parachute FW after FW its FW free FW fall FW early IN in DT the NN day . . <s> <s> FW The FW CAC FW General FW Index FW ended FW down FW 5.4 FW % FW at FW 523.6 , , DT a NN drop IN of PRP$ 29.6 NNS points IN from NNP Friday . . <s> <s> `` `` EX There VBD was DT a NN volatility IN in DT the

    NN market IN that PRP I VBP have RB never VBN seen RB before , , '' '' VBD said UH Michel UH Vigier , , DT a NN partner IN in FW brokerage FW firm FW Cholet FW Dupont . . <s> <s> FW `` FW When FW Wall FW Street FW turned FW around FW shortly IN after DT the NN opening , , EX there FW was FW panic FW buying FW in FW Paris . . '' '' <s> <s> NN Brokers VBD said IN that IN as DT the NN news NN spread IN that NNP Wall NNP Street VBD was VBG moving RP up , , NNS traders WP who VBD had VBN called

    TO to FW place FW sell FW orders FW changed FW their FW line FW in FW mid-conversation FW , FW ordering FW buys FW instead . . <s> <s> NN Trading VBD was VBN driven RB primarily IN by JJ small NNS investors CC and NNS speculators , , IN with JJ large NNS institutions VBG waiting IN on DT the NNS sidelines IN until JJ late IN in DT the NN day . . <s> <s> NNP When NNP Wall NNP Street VBD turned , , RB however , , DT the JJ big NNS boys VBD entered DT the NN market , , VBG looking IN for NNS bargains . . <s> <s> NNP J.P. NNP Morgan

    CC & NNP Co. VBD swung TO to DT a NN loss IN in DT the JJ third NN quarter , , FW while FW NCNB FW Corp. FW reported FW net FW income FW more FW than FW doubled , , CC and NNP Security NNP Pacific NNP Corp. NN net VBD rose CD 10 NN % . . <s> <s> NNP J.P. NNP Morgan CC & NNP Co . . <s> <s> NNP J.P. NNP Morgan , , RB as VBN expected , , VBD posted DT a $ $ CD 1.82 CD billion JJ net NN loss IN for DT the NN quarter , , VBG reflecting DT the NNP New NNP York NN bank POS 's

    NN decision JJ last NN month TO to VB add $ $ CD 2 CD billion TO to NNS reserves IN for NNS losses IN on NNS loans TO to # less-developed LS countries . . <s> <s> FW The FW reserve FW addition FW placed FW the FW parent FW of FW Morgan FW Guaranty FW Trust FW Co. FW among FW a FW few FW major FW U.S. FW banks FW that FW have FW covered FW nearly FW all FW their FW medium FW and FW long-term FW portfolios FW to FW less-developed FW countries FW with FW reserves . . <s> <s> DT The JJS latest NN quarter POS 's NN loss -LRB- equals $ $

    PDT 9.92 DT a NN share . . <s> <s> IN In DT the JJ year-earlier NN quarter , , NNP Morgan VBD earned $ $ CD 233.6 CD million , , CC or $ $ CD 1.25 DT a NN share . . <s> <s> . George UH M. UH Salem , , NN analyst IN at NNP Prudential-Bache NNPS Securities NNP Inc. , , VBD called DT the NNS results `` `` UH mildly UH disappointing . . '' '' <s> <s> IN Excluding DT the $ $ CD 2 CD billion NN provision CC and VBG allowing IN for DT the FW taxes FW Morgan FW paid , , NNS earnings VBD were IN about CD 65

    NNS cents DT a NN share , , NNP Mr. NNPS Salem VBD said . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading NN yesterday , , NNP Morgan VBD climbed $ $ CD 1.50 DT a NN share TO to $ $ CD 44.125 . . <s> <s> DT Net NN interest NN income VBD sank CD 27 NN % IN in DT the NN quarter TO to $ $ CD 254 CD million IN from $ $ CD 347 CD million . . <s> <s> DT The NN interest NN rate IN on JJ short-term NNS funds , , WDT which MD banks VB borrow TO to VB finance

    JJ longer-term NNS loans TO to NNS customers , , VBD was `` `` UH sharply UH higher , , '' '' NNP Morgan VBD said . . <s> <s> NN Morgan VBD received $ $ CD 2 CD million IN of NN interest NNS payments IN on PRP$ its FW medium FW and FW long-term FW Brazilian FW loans FW ; FW had FW they FW been FW accruing FW interest , , JJ net NN interest NN income MD would VB have VBN been $ $ CD 35 CD million JJR higher IN in DT the NN quarter , , NNP Morgan VBD said . . <s> <s> JJ Such NNS loans TO to FW Argentina FW also

    FW remain FW classified FW as FW non-accruing FW , FW costing FW the FW bank $ $ CD 10 CD million IN of NN interest NN income IN in DT the JJ third NN period . . <s> <s> NN Income IN from FW sources FW other FW than FW interest FW climbed FW 12 NN % TO to $ $ CD 414 CD million , , WP$ reflecting LS higher -RRB- corporate-finance CC and JJ other NNS fees CC and NNS gains IN on NNS sales IN of NN investment NNS securities . . <s> <s> FW `` FW These FW increases FW were FW partly FW offset FW by FW lower FW trading-related '' '' NN income

    , , DT the NN bank VBD said . . <s> <s> JJ Non-interest NNS expenses VBD grew CD 16 NN % TO to $ $ CD 496 CD million . . <s> <s> NNP NCNB NNP Corp . . <s> <s> NNP NCNB NNP Corp. POS 's JJ net NN income RBR more IN than VBN doubled IN in DT the NN period , , RB largely IN because IN of JJ continued JJ strong NN performance IN by DT the NN bank POS 's NNP Texas NNS operations . . <s> <s> . The -RRB- Charlotte , , NNP N.C. , , NN company VBD said NNS earnings VBD rose TO to $ $ CD 143.6 CD million

    , , CC or $ $ PDT 1.45 DT a NN share , , IN from $ $ CD 58.9 CD million , , CC or CD 69 NNS cents DT a NN share , , DT a NN year RBR earlier . . <s> <s> DT The JJS latest NN quarter VBD included DT a NN gain IN of $ $ CD 56.1 CD million , , CC or CD 59 NNS cents DT a NN share , , VBN related TO to DT the NN purchase IN of DT the FW remaining FW 51 FW % FW of FW NCNB FW Texas FW National FW Bank FW from FW the FW Federal FW Deposit FW Insurance FW Corp

    . . <s> <s> DT The JJ strong NN performance , , RB however , , '' contrasted IN with DT an RBS unexpectedly JJ large NN increase IN in DT the NN size IN of NNP NCNB POS 's NN problem NNS loans , , RB particularly IN in DT the NNP Southeast . . <s> <s> IN In DT the JJ third NN quarter , , WP$ nonperforming NNS assets VBD jumped TO to $ $ CD 474.1 CD million , , CC or CD 1.43 NN % IN of JJ net NNS loans CC and NNS leases , , IN from $ $ CD 232.8 CD million , , CC or PRP$ 1.13 NN % IN in

    DT the JJ second NN quarter . . <s> <s> . Nonperformers -LRB- totaled $ $ CD 230.8 CD million , , CC or PRP$ 1.27 NN % IN in DT the JJ year-ago JJ third NN quarter . . <s> <s> NN Included IN in DT the NN increase IN in DT the RBS most JJ recent NN quarter VBZ is DT a $ $ CD 33 CD million NN loan , , WDT which EX NCNB VBD said PRP it `` `` VBZ expects TO to VB be UH fully UH repaid , , IN with DT no NN loss , , RB early IN in DT the JJ fourth NN quarter . . '' '' <s> <s>

    FW The FW deterioration FW in FW credit FW quality FW offset FW strong FW loan FW growth FW of FW 17 FW % FW in FW NCNB FW 's FW Southeast FW operations FW , FW as FW well FW as FW a FW 28 FW % FW growth FW in FW deposits FW resulting FW from FW an FW aggressive FW marketing FW campaign . . <s> <s> FW The FW higher FW rates FW paid FW on FW deposits FW also FW helped FW squeeze FW NCNB FW 's FW net FW interest FW margin FW in FW the FW Southeast FW to FW 3.38 FW % FW from FW 3.80 PDT % DT a NN year

    RBR earlier . . <s> <s> FW In FW Big FW Board FW composite FW trading FW yesterday FW , FW NCNB FW jumped FW $ PDT 3.50 DT a NN share , , TO to $ $ CD 51 . . <s> <s> NN Results VBD were VBN released IN after DT the NN market VBD closed . . <s> <s> NNP NCNB NNP Texas NNP National , , VBN formed IN from DT the NN remnants IN of IN of DT the FW failed FW First FW RepublicBank NNP Corp. IN of NNP Dallas , , VBD contributed $ $ CD 76.9 CD million TO to NNP NCNB POS 's JJ bottom NN line IN in DT the

    JJ third NN quarter . . <s> <s> NN NCNB VBD said PRP$ its JJ third-quarter NNS results : reflect CD 100 NN % IN of NNS earnings IN of DT the FW Texas FW operation FW since FW Aug. FW 1 . . <s> <s> NN NCNB VBD raised DT some $ $ CD 1.9 CD billion IN in JJ new NN capital IN during DT the NN quarter TO to VB complete DT the FW NCNB FW Texas FW purchase , , CC and TO to VB acquire FW several FW small FW failed FW thrifts TO to VB fill RP out PRP$ its JJ regional NN franchise . . <s> <s> DT Last NN week , ,

    DT the NN banking NN company VBD said PRP it FW purchased FW both FW Freedom FW Savings FW & FW Loan FW Association FW , FW Tampa , , NNP Fla. , , CC and NNP University NNP Federal NNP Savings NNP Association IN of NNP San NNP Antonio , , NNP Texas , , IN for $ $ CD 169.4 CD million . . <s> <s> IN In DT the JJ first CD nine NNS months , , NNP NCNB POS 's JJ net NN income VBD climbed CD 65 NN % TO to $ $ CD 310.9 CD million , , CC or $ $ PDT 3.30 DT a NN share , , IN from $ $

    CD 188.2 CD million , , CC or $ $ CD 2.22 DT a NN share , , DT a NN year RBR earlier . . <s> <s> NNP Security NNP Pacific NNP Corp . . <s> <s> NNP Security NNP Pacific POS 's NNS earnings VBP growth VBN slowed IN in DT the JJ third NN quarter , , CC but DT the FW Los FW Angeles FW bank FW holding FW company FW was FW still FW able FW to FW post FW a FW 10 FW % FW increase FW in FW net FW income FW because FW of FW robust FW growth FW in FW residential FW real-estate FW and FW consumer FW loans . .

    <s> <s> NN Net VBD rose TO to $ $ CD 185.1 CD million , , CC or $ $ CD 1.55 DT a NN share , , IN from $ $ CD 167.9 CD million , , CC or $ $ CD 1.47 DT a NN share , , DT a NN year RBR earlier . . <s> <s> DT The NN company VBD said DT the NN gain VBD resulted RB mainly IN from DT a $ $ CD 54 CD million NN increase IN in JJ net NN interest NN income , , FW reflecting FW a FW 33 FW % FW increase FW in FW real FW estate FW loans FW -LRBFW mainly FW residential

    -RRB- -RRB, , CC and DT a CD 19 NN % NN rise IN in NN consumer NNS loans . . <s> <s> FW These FW high-yielding FW loans FW in FW effect FW replaced FW some FW low-yielding FW assets FW such FW as FW inter-bank FW loans , , WDT which VBD were VBN allowed TO to VB decrease . . <s> <s> IN As DT a NN result , , NNP Security NNP Pacific POS 's FW net FW interest FW margin FW fell FW only FW 13 FW basis FW points FW , FW a FW more FW mild FW decrease FW than FW some FW major FW banks FW outside FW California , ,

    WDT which VBP have VBN been RP reporting RBR more JJ sluggish NNS earnings . . <s> <s> NNP Security NNP Pacific NNS shares VBD closed IN at $ $ CD 44.625 , , RB down CD 37.5 NNS cents , , IN in NNP Big NNP Board JJ composite NN trading . . <s> <s> FW The FW earnings FW represent FW a FW 0.89 FW % FW return FW on FW assets FW for FW Security FW Pacific , , CC and DT an JJS 18.9 NN % NN return IN on NN equity . . <s> <s> FW The FW loan FW growth FW offset FW continuing FW real-estate FW loan FW losses FW in FW the

    FW depressed FW Arizona FW market . . <s> <s> NNP Security NNP Pacific VBD reported DT a CD 33 NN % NN increase IN in JJ net NN credit NNS losses IN for DT the NN quarter , , TO to $ $ CD 109 CD million IN from $ $ CD 81.9 CD million IN in DT the JJ year-ago NN period . . <s> <s> JJ Nonperforming NNS loans VBD grew RB slightly TO to $ $ CD 1.75 CD billion IN at $ Sept. CD 30 , , IN from $ $ CD 1.7 CD billion DT a NN year RB ago . . <s> <s> NNP Security NNP Pacific POS 's JJ loan-loss NN provision

    VBD was RB down CD 22 NN % , , CC or $ $ CD 30.4 CD million , , IN because PRP it VBD added TO to PRP$ its LS foreign-debt PDT reserve DT the NN year IN before . . <s> <s> DT Non-interest NN income VBD fell CD 6 NN % IN in DT the NN quarter , , RB mainly IN because IN of DT an JJ unusual NN gain DT a NN year RBR earlier IN from DT the NN sale IN of FW Hong FW Kong FW banking FW operations . . <s> <s> . Non-interest '' expense VBD grew RB only CD 4 NN % IN in DT the NN period . .

    <s> <s> IN For DT the CD nine NNS months , , WDT net VBD rose CD 17 NN % TO to $ $ CD 548.9 CD million , , CC or $ $ PDT 4.67 DT a NN share , , IN from $ $ CD 469.4 CD million , , CC or $ $ PDT 4.13 DT a NN share , , DT a NN year RBR earlier . . <s> <s> NNP LIN NNP Broadcasting NNP Corp. VBD said PRP it MD wo RB n't VB take DT a NN position IN on DT a FW revised FW tender FW offer FW by FW McCaw FW Cellular FW Communications FW Inc. TO to VB buy NNP LIN

    CC and VBZ has VBN asked IN for JJR clarification IN of DT the NN offer . . <s> <s> DT The JJ new NN offer , , WDT which VBZ seeks DT 50.3 NN % IN of DT the JJ cellular CC and PRP$ broadcasting NN concern , , VBZ is IN for $ $ CD 125 DT a NN share IN for CD 22 CD million CD LIN NNS shares . . <s> <s> NNP McCaw POS 's FW revised FW tender FW offer FW would FW require FW McCaw FW to FW begin FW an FW auction FW process FW in FW July FW 1994 WDT that MD would VB buy RP out FW remaining FW holders

    FW at FW a FW per-share FW price FW roughly FW equivalent FW to FW what FW a FW third FW party MD might RB then VBP have TO to VB pay IN for DT all IN of NNP LIN . . <s> <s> NN LIN VBZ is VBG asking RP McCaw TO to VB clarify PRP$ its NN tender NN offer , , WDT which VBZ challenges DT an NN agreement IN between NNP BellSouth NNP Corp. CC and NNP LIN TO to VB merge PRP$ their JJ cellular-telephone NNS businesses . . <s> <s> NN BellSouth VBZ has VBN notified RP LIN IN that PRP it MD would `` `` UH shortly UH respond TO to DT the

    FW McCaw FW proposal FW in FW as FW full FW and FW effective FW a FW manner FW as FW is FW warranted . . '' '' <s> <s> NNP The NNP LIN NN board VBD said NNS holders MD may VB be RP misled IN by DT the NN provision IN in DT the JJS McCaw NN proposal IN that `` `` UH guarantees '' '' JJ private NN market NN value IN after CD five NNS years IN for DT the JJ remaining NNS shares . . <s> <s> NN McCaw VBZ has `` `` UH no UH obligation TO to VB purchase CC and DT the NN definition IN of JJ private NN market NN value

    VBZ is RB uncertain , , '' '' DT the NNP LIN NN board VBD said . . <s> <s> DT The NN board VBD added IN that NNP McCaw MD would VB be JJ able TO to VB control NNP LIN POS 's NNS operations CC and MD could , , `` `` FW therefore FW , FW operate FW LIN FW in FW a FW manner FW which FW could FW diminish FW its FW private FW market FW value FW and FW attractiveness FW to FW a FW third-party FW purchaser FW in FW five NNS years . . '' '' <s> <s> DT In JJ national JJ over-the-counter NN trading , , NNP LIN VBD closed

    IN at $ $ CD 104.75 , , RB down $ $ CD 2.75 . . <s> <s> DT A NN group IN of JJ institutional NNS investors IN in NNP Telerate NNP Inc. VBD said IN that NNP Dow NNP Jones CC & NNP Co. POS 's $ $ CD 18-a-share NN offer IN for DT the JJ electronic JJ financial NN information NNS services NN company VBZ is `` `` UH grossly UH inadequate . . '' '' <s> <s> IN In DT a NN letter VBN filed IN with DT the NNPS Securities CC and NNP Exchange NNP Commission , , DT the NN group , , WDT which VBZ holds RB about CD 4.5 CD million

    CD Telerate NNS shares , , CC or IN about CD 4.7 NN % IN of DT the NNS shares JJ outstanding , , VBD said `` `` FW ... FW at FW present FW none IN of PRP us VBZ believes DT an NN offer IN for JJR less IN than $ $ CD 25 IN per NN share MD would VB be JJ fair CC and DT some NN believe IN that $ $ CD 25 VBZ is RB too JJ low . . '' '' <s> <s> FW The FW letter FW was FW dated FW Oct. FW 6 . . <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York

    NNP Stock NNP Exchange , , WP$ Telerate NNS shares VBD closed NN yesterday IN at $ $ CD 18.875 , , RB down CD 75 NNS cents DT a NN share . . <s> <s> NNP Dow NNP Jones , , NN publisher IN of DT The NNP Wall NNP Street NNP Journal , , VBZ has VBN launched DT an $ $ CD 18-a-share , , CC or $ $ CD 576 CD million , , WP$ tender NN offer TO to VB acquire DT the FW remaining FW Telerate FW shares FW outstanding FW ; FW Dow FW Jones FW owns FW 67 NN % IN of NNP Telerate . . <s> <s> NN Telerate VBZ has

    VBN rejected DT the NN offer , , WDT which LS expires LS Nov. LS 3 . . <s> <s> FW The FW group FW includes FW Putnam FW Cos. FW and FW various FW affiliates FW based FW in FW Boston FW ; FW Wells FW Fargo FW Bank FW , FW San FW Francisco FW ; FW the FW California FW Public FW Employees FW Retirement FW System , , NNP Sacramento , , NNP Calif. , , CC and FW T. FW Rowe FW Price FW Associates NNP Inc. , , NNP Baltimore . . <s> <s> DT Among JJ other NNS issues , , DT the NN group POS 's NN letter VBD said PRP it

    VBZ has `` `` FW concerns FW as FW to FW whether FW Dow FW Jones FW 's FW offer FW meets FW the FW applicable FW requirements FW of FW procedural FW fairness . . '' '' <s> <s> DT A NN spokesman IN for NNP Dow NNP Jones VBD said PRP he VBD had RB n't VBN seen DT the NN group POS 's NN filing , , CC but VBD added , , `` `` FW obviously FW Dow FW Jones FW disagrees FW with FW their FW conclusions . . <s> <s> DT Our NN offer VBZ is TO to VB buy DT any CC and DT all NNS shares VBN tendered IN at $ $

    CD 18 DT a NN share . . <s> <s> FW U.S. FW Trade FW Representative FW Carla FW Hills FW said FW the FW first FW dispute-settlement FW panel FW set FW up FW under FW the FW U.S.-Canadian FW `` FW free FW trade FW '' FW agreement FW has FW ruled FW that FW Canada FW 's FW restrictions FW on FW exports FW of FW Pacific FW salmon FW and FW herring PDT violate DT the NN accord . . <s> <s> . Mrs. '' Hills VBD said DT the NNP U.S. CC and EX Canada VBP have IN until $ Nov. CD 13 TO to VB resolve DT the NN dispute . . <s> <s>

    IN If DT a NN solution VBZ is RB n't VBN reached IN by RB then , , PRP she VBD said , , DT the NNP U.S. MD would VB have DT the NN right TO to FW suspend FW some FW trade FW concessions FW to FW Canada FW equivalent FW in FW value FW to FW the FW losses FW suffered FW by FW U.S. FW fish-processing FW companies FW in FW Alaska FW and FW the FW Pacific FW Northwest . . <s> <s> NN However , , IN in FW Ottawa FW , FW Canadian FW Trade FW Minister FW John FW Crosbie FW said FW the FW dispute-settlement FW panel PDT accepted DT the

    `` `` UH legitimacy IN of NNP Canada POS 's NN position IN on DT the NN use IN of DT these FW landing FW requirements FW to FW conserve FW and FW manage FW these FW important FW fisheries . . '' '' <s> <s> NN Questioned IN about DT the RBS seeming SYM contradiction IN in DT the NNP U.S. CC and JJ Canadian NN government NNS views IN of DT the NN panel POS 's NN report , , DT an NN aide IN for NNP Mrs. NNP Hills VBD said DT the NN panel VBD had RB clearly VBN ruled IN that DT the FW Canadian FW trade FW restrictions FW `` FW are FW illegal

    . . '' '' <s> <s> NNP The NNP U.S. FW trade FW representative FW declined TO to VB put DT a NN dollar NN estimate IN on DT the NNS losses VBG resulting IN from DT the JJ Canadian NN export NNS restrictions . . <s> <s> FW Canada FW initially FW had FW an FW export FW prohibition FW that FW was FW replaced FW by FW regulations FW requiring FW that FW such FW fish FW had FW to FW be FW brought FW ashore FW in FW British FW Columbia FW by FW commercial FW fishermen FW prior TO to VB export . . <s> <s> DT This NN action VBD was VBN defended IN by

    DT the JJ Canadian NN government IN on # conservation LS grounds . . <s> <s> . Mrs. '' Hills VBD said NN yesterday IN that DT the FW dispute-settlement FW panel FW rejected FW this FW Canadian FW government FW argument . . <s> <s> IN `` PRP We MD fully VB expect IN that NNP Canada MD will VB comply IN with DT the NN panel POS 's NN ruling '' '' IN that DT the `` `` FW landing FW requirement '' '' RB also MD must VB be VBN ended , , PRP she VBD said . . <s> <s> NN Earlier , , DT an JJ international NN panel VBN set RP up IN under

    DT the NNS rules IN of DT the FW General FW Agreement FW on FW Tariffs FW and FW Trade FW in FW Geneva FW determined FW that FW the FW original FW Canadian FW fish-export FW restrictions FW violated FW GATT FW rules . . <s> <s> . Mrs. '' Hills VBD said DT the NNP U.S. FW wo FW n't FW accept FW any FW delays FW after FW Nov. FW 13 FW because FW U.S. FW fish-processing FW firms FW enter FW into NNS contracts IN in DT the NN fall TO to VB purchase DT the JJ next NN season POS 's NN catch . . <s> <s> NN She VBD said DT the JJ Canadian

    NNS restrictions MD must VB be VBN removed IN before JJ such NNS contracts VBP are VBN concluded . . <s> <s> . Idle '' Thought <s> <s> TO To VB spend DT a NN carefree , , WP$ idle NN day , , WRB When UH duty UH calls , , TO to VB pay DT no FW heed FW , FW To FW while FW the FW precious FW hours FW away FW -FW Character VBZ is WP what PRP you VBP need . . <s> <s> . -UH May UH Richstone . . <s> <s> NN Telecussed <s> <s> FW The FW guy FW who FW throws FW an FW intercept FW 'Cause FW his

    FW receiver FW slips FW Should FW somehow FW be FW advised FW that FW we FW At FW home FW can FW read FW his FW lips . . <s> <s> . -UH Dick UH Emmons . . <s> <s> NNP BancOklahoma NNP Corp. VBD said PRP it VBD completed DT a FW restructuring FW agreement FW previously FW agreed FW to FW by FW the FW Federal FW Deposit FW Insurance FW Corp. FW , FW creditor FW banks FW and FW subordinated FW debenture FW holders . . <s> <s> DT The NN plan MD would VB permit DT the NN bank VBG holding NN company TO to VB retire PRP$ its NN bank CC and

    FW debenture FW obligations FW through FW exchanges IN of NN cash CC and NN equity . . <s> <s> . The -RRB- FDIC , , WDT which FW in FW 1986 FW provided FW $ FW 130 FW million FW in FW open-bank FW assistance FW to FW BancOklahoma FW 's FW Bank FW of FW Oklahoma FW , FW Tulsa , , NN unit MD will VB continue TO to VB maintain $ $ CD 90 CD million IN in JJ preferred NN stock IN in DT the JJS Tulsa NN bank NN unit . . <s> <s> DT In NN exchange IN for DT the JJ other $ $ CD 40 CD million , , DT the

    FW FDIC FW will FW receive FW additional FW warrants FW entitling PRP it TO to VB buy CD 60 NN % IN of NNP BancOklahoma POS 's JJ common NN stock JJ outstanding , , RB up IN from DT the FW 55 FW % FW option FW the FW FDIC FW received FW under FW terms FW of FW the FW 1986 FW capital FW infusion . . <s> <s> DT In NN exchange IN for DT the $ $ CD 76 CD million PRP they VBP are VBN owed , , WP$ creditor NNS banks MD will VB receive $ 3.9 CD million NNS shares IN of PRP$ BancOklahoma JJ common NN stock CC and DT the

    NNS proceeds IN from DT the JJ future NNS sales IN of CD four NN subsidiary NNS banks TO to JJ private NNS buyers , , DT the NN bank VBG holding NN company VBD said . . <s> <s> NN Also IN under DT the NN agreement , , WP$ debenture NNS holders MD will VB get CD one CD million NNS shares IN of JJ common NN stock IN in NN exchange IN for $ $ CD 7.7 CD million IN in NNS debentures CC and NNS holders IN of FW BancOklahoma FW 's FW series FW A FW preferred FW stock FW will FW receive FW 1.25 NNS shares IN of JJ common NN stock IN for

    DT every NN share IN of # preferred UH they UH own , , DT the NN company VBD said . . <s> <s> NNP Bear NNP Stearns POS 's JJ chief NN economist , , WP$ Lawrence UH Kudlow , , IN in DT the NNP Sept. CD 29 NN issue IN of DT the NN firm POS 's LS Global SYM Spectator : : <s> <s> IN Were PRP it VBP true IN that DT a FW weak FW currency FW paves FW the FW way FW for FW trade FW surpluses FW , FW then FW presumably FW Argentina MD would VB be DT the NN center IN of NN today POS 's JJ global NN economy

    . . <s> <s> NNP BSN NNP Corp. VBD said PRP it MD will VB begin DT an NN offer NN tomorrow TO to VB exchange RP up TO to CD one CD million IN of PRP$ its JJ common NNS shares CC and DT all IN of PRP$ its $ $ CD 16.6 CD million IN in FW 7 FW 3\/4 FW % FW convertible FW debentures FW due FW 2001 IN for DT a NN package IN of JJ new NN debt CC and JJ common NN stock NNS warrants . . <s> <s> JJ Under NNS terms IN of DT the NN offer , , DT the FW sporting FW goods FW maker FW will FW swap

    FW $ FW 9 FW face FW amount FW of FW 9 FW 1\/4 FW % FW subordinated FW notes FW due FW 1996 CC and CD one NN warrant IN for DT each JJ common NN share . . <s> <s> . Each '' warrant VBZ allows DT the NN holder TO to VB buy CD one CD BSN NN share IN for $ $ CD 10.75 DT a NN share IN at DT any NN time IN over DT the JJ next CD seven NNS years . . <s> <s> FW BSN FW currently FW has FW 4.6 FW million FW common FW shares FW outstanding . . <s> <s> VBZ BSN RB also VBZ is VBG offering

    $ $ FW 850 FW face FW amount FW of FW new FW notes FW and FW 64 FW common-stock FW warrants FW for FW each FW $ FW 1,000 FW face FW amount FW of FW its FW convertible FW debt FW outstanding . . <s> <s> DT The NN company VBD said PRP it MD can VB redeem DT the NNS warrants IN at PRP$ its NN option IN for $ $ CD 1 -RRB- each . . <s> <s> DT The NN offer VBZ is RB n't VBN contingent IN on DT a JJ certain NN amount IN of FW debt FW or FW stock FW being FW exchanged . . <s> <s> NN BSN VBD said

    PRP it VBZ is VBG making DT the NN offer TO to VB shrink PRP$ its NN capital CC and NN increase NN shareholder NN value . . <s> <s> IN If PDT all DT the NNS bondholders CC and NNS holders IN of CD one CD million JJ common NNS shares VBP accept DT the NN offer , , WDT BSN MD will VB increase PRP$ its NN debt IN by $ $ CD 9 CD million , , CC but PRP it RB also MD will VB recognize DT a $ $ CD 2 CD million NN gain IN from PDT retiring DT the JJ old NN debt , , VBD said NNP Michael NNP J. NNP Blumenfeld

    , , NN president . . <s> <s> IN `` PRP We VBP have JJ sufficient NN cash NN flow TO to VB handle IN that , , '' '' PRP he VBD said . . <s> <s> JJ The NNS offers VBP are VBN scheduled TO to VB expire IN in VBG mid TO to # late LS November . . <s> <s> NNP Merrill NNP Lynch CC & NNP Co. POS 's JJ net NN income VBD dropped CD 37 NN % , , FW while FW Bear FW Stearns FW Cos. FW posted FW a FW 7.5 FW % FW gain FW in FW net , , CC and NNP PaineWebber NNP Group NNP Inc. POS 's

    NN profit VBD fell , , CC but MD would VB have VBN risen IN without DT a JJ special NN gain DT a NN year RB ago . . <s> <s> NNP At NNP Merrill NNP Lynch , , WP$ third-period NN net VBD was $ $ CD 41 CD million , , CC or CD 34 NNS cents DT a NN share , , RB down IN from $ $ CD 65.6 CD million , , CC or CD 58 NNS cents DT a NN share , , DT a NN year RB ago . . <s> <s> DT Total NN revenue VBD reached $ $ CD 2.83 CD billion , , RB up CD 10 NN %

    IN from $ $ CD 2.57 CD billion . . <s> <s> DT The NN firm POS 's NN drop IN in FW net FW reflected FW weaker FW revenue FW in FW transactions FW for FW its FW own SYM account : -DT a NN decline IN of CD 19 NN % TO to $ $ CD 314.6 CD million IN on FW reduced FW revenue FW from FW trading FW fixed-income FW securities . . <s> <s> DT Investment NN banking NN revenue VBD fell CD 22 NN % TO to $ $ CD 296.6 CD million IN on FW fewer FW equity FW and FW municipal FW underwritings . . <s> <s> NNP Merrill NNP Lynch

    POS 's FW commission FW revenue FW grew FW 21 NN % , , RB however , , TO to $ $ CD 462.8 CD million , , IN on JJR higher NN share NNS prices CC and NN volume CC and IN on JJ strong NNS sales IN of JJ mutual NNS funds . . <s> <s> . Revenue '' derived IN from NN interest CC and NNS dividends VBD jumped CD 30 NN % TO to $ $ CD 1.4 CD billion . . <s> <s> . Asset-management UH fee UH revenue # grew CD 12 NN % TO to $ $ CD 151 CD million . . <s> <s> DT The NN brokerage RB also VBD reported

    DT a NN loss IN of $ $ CD 2.2 CD million IN from DT the JJ discontinued NNS operations CC and NN disposal IN of PRP$ its FW Fine FW Homes FW International FW Limited FW Partnership FW real-estate FW subsidiary . . <s> <s> . Bear '' Stearns VBD said JJ net IN in DT the FW first FW quarter FW ended FW Sept. FW 29 FW reached $ $ CD 22.1 CD million , , CC or CD 23 NNS cents DT a NN share , , IN from $ $ CD 20.5 CD million , , CC or CD 20 NNS cents DT a NN share , , IN in DT the JJ year-earlier NN quarter

    . . <s> <s> DT Gross NN revenue VBD rose CD 21 NN % TO to $ $ CD 580.4 CD million IN from $ $ CD 478.9 CD million . . <s> <s> NN Profit IN from NN trading IN for PRP$ its JJ own NN account VBD dropped , , DT the NNS securities NN firm VBD said . . <s> <s> FW Investment FW banking FW revenue FW climbed FW 25 FW % FW , FW while FW commission FW revenue FW advanced FW 31 NN % IN on DT a RBS stronger JJ retail NN market . . <s> <s> . Bear '' Stearns VBZ is DT the NN holding NN company IN for NNP Bear

    , , NNP Stearns CC & NNP Co. , , DT the NN investment NN banking CC and NN brokerage NN firm . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading NN yesterday , , WP$ Bear WP$ Stearns NNS shares VBD closed IN at $ $ CD 13.625 , , RB down CD 25 NNS cents . . <s> <s> NN Separately , , NNP PaineWebber VBD posted JJ net NN income IN for DT the JJ third NN quarter IN of $ $ CD 16.8 CD million , , CC or CD 41 NNS cents DT a NN share , , VBG reflecting DT a `` `` FW broad-based

    FW improvement '' '' IN in DT the NN company POS 's JJ core NNS businesses . . <s> <s> DT Retail NN profit VBD surged , , CC but DT the NN company VBD said PRP it VBD was RB only DT a `` `` FW modest FW contributor '' '' TO to JJ third-quarter NNS results . . <s> <s> DT A NN year RB ago , , JJ net IN at DT the NNP New NNP York NN investment NN banking NN firm VBD was $ $ CD 20.9 CD million , , CC or CD 50 NNS cents DT a NN share , , VBG including DT a JJ special JJ pretax NN gain IN of

    $ $ CD 46.3 CD million IN from DT the NN sale IN of DT the NN company POS 's NN interest IN in FW National FW Car FW Rental FW Systems FW Inc . . <s> <s> NN Revenue VBD was $ $ CD 444.9 CD million , , VBG including JJ net NN interest , , RB down RB slightly IN from $ $ CD 450.7 CD million . . <s> <s> NNP In NNP Big NNP Board JJ composite NN trading NN yesterday , , NNP PaineWebber VBD closed IN at $ $ CD 18.50 , , RB up CD 75 NNS cents . . <s> <s> NNP Seafirst NNP Corp. VBD said PRP it VBD signed

    DT an NN agreement IN with # builder UH Martin UH Selig TO to VB purchase PRP$ its NN headquarters NN building , , DT the FW Columbia FW Seafirst FW Center , , IN for $ $ CD 354 CD million . . <s> <s> NN Purchase IN of DT the FW 76-story FW structure FW is FW subject TO to VB execution IN of DT a JJ definitive NN agreement , , NN approval IN by DT the FW boards FW of FW Seafirst FW and FW its FW parent FW company FW BankAmerica NNP Corp. , , CC and NN approval IN by NNS regulators . . <s> <s> FW The FW market FW upheaval FW apparently

    FW has FW n't FW triggered FW any FW cash SYM crunch : -RB yet . . <s> <s> JJ Individual NNS investors , , NN investment NNS firms CC and NNS arbitragers WP who VBP speculate IN in DT the NNS stocks IN of FW takeover FW candidates FW can FW suffer FW liquidity FW and FW payment FW problems FW when FW stocks FW dive FW ; FW those FW investors FW often FW borrow FW heavily TO to VB buy PRP$ their NNS holdings CC and VB use DT the NNS stocks IN as NN collateral IN for NNS loans . . <s> <s> FW But FW several FW large FW banks FW said FW yesterday

    FW they FW detected FW no FW signs FW of FW unusual FW demand FW for FW credit FW that FW would FW signal FW such FW difficulties . . <s> <s> IN `` PRP We VBP 're LS seeing LS nothing RP out IN of DT the JJ ordinary , , '' '' VBD said CD one NN official IN at DT a $ Top CD 10 NN bank . . <s> <s> . `` '' That VBZ 's JJ good NN news , , IN because PRP we PDT all SYM swim IN in DT this NN water . . '' '' <s> <s> IN Added DT another NN executive IN at DT a JJ big NN bank

    : : `` `` PRP We VBD were PDT all DT a JJ little NNS goosey IN over DT the NN weekend VBG trying TO to VB forecast WP what MD would VB happen -LRB- -LCBLS Monday -RRB- -RCB, , CC but PRP it VBZ 's VBN been RB very RBR quiet . . <s> <s> NN Now , , RB as IN for NN tomorrow , , UH hell , , WP who VBZ knows . ? <s> <s> FW What FW happened FW Friday FW shows FW that FW financial FW markets FW are FW not FW yet FW sufficiently FW coordinated FW to FW handle FW another FW meltdown FW in FW prices . .

    <s> <s> FW No FW fiddling FW with FW systems FW and FW procedures FW will FW ever FW prevent FW markets FW from FW suffering FW a FW panic FW wave FW of FW selling . . <s> <s> FW But FW markets FW can FW operate FW with FW greater FW or FW lesser FW efficiency . . <s> <s> IN After DT the CD 1987 NN plunge , , NNS markets VBD agreed IN that PRP it MD would VB be FW wise FW to FW halt FW trading FW whenever FW panic FW conditions FW arose . . <s> <s> NNP The NNP New NNP York FW Stock FW Exchange FW adopted FW two FW specific

    FW circuit FW breakers FW : FW If FW the FW Dow FW Jones FW index FW falls FW 250 NNS points IN in DT a NN day , , DT the NN exchange MD will VB halt NN trading IN for CD one SYM hour : ; IN if DT the FW decline FW hits FW 400 FW points , , DT the NN exchange MD will VB close IN for DT an JJ additional CD two NNS hours . . <s> <s> . The '' rationale VBZ is IN that DT an NN interruption IN of NN trading MD will VB allow NNS investors TO to VB reconsider PRP$ their NNS strategies , , FW calm FW sellers

    FW and FW lead FW buyers TO to VB enter DT the NN market IN at PRP$ indicated JJ new NN price NNS levels . . <s> <s> NN It VBZ is VBN impossible TO to VB know IN whether DT that NN theory VBZ is VBN realistic . . <s> <s> FW A FW temporary FW cessation FW of FW trading FW may FW indeed FW discourage FW a FW selling FW panic FW from FW feeding FW on FW itself . . <s> <s> `` But EX there VBZ is RB also DT the FW possibility FW that FW shutting FW down FW markets FW will FW intensify FW fears FW and FW cause FW an FW even

    FW more FW abrupt FW slide FW in FW prices . . <s> <s> . What '' happened NNP Friday VBD was DT the JJS worst IN of PDT all LS worlds . . <s> <s> FW The FW futures FW exchanges FW followed FW their FW own FW pre-set FW circuit FW breakers FW and FW shut FW down FW at FW about FW 3 FW p.m. FW for FW 30 FW minutes , , IN after DT the FW Standard FW & FW Poor FW 's FW 500 FW stock FW index FW had FW fallen FW 12 FW points , , CC or IN about CD 100 NNS points IN on DT the NNP Dow NNP Jones

    NN index . . <s> <s> JJ Options NNS markets VBD stopped NN trading IN in JJ many NNS securities . . <s> <s> NNP The NNP New NNP York NNP Stock NNP Exchange , , IN under PRP$ its JJ own NNS rules , , WP$ remained LS open . . <s> <s> . With UH nowhere UH else TO to VB go , , UH sellers , , CC and RB particularly NN program NNS traders , , WP$ focused PDT all PRP$ their NN selling IN on DT the NNP New NNP York NNP Stock NNP Exchange . . <s> <s> DT As NN liquidity IN on DT that NN market -RRB- weakened , , NNS prices

    VBD fell RB sharply . . <s> <s> IN Had DT the NNS futures CC and FW options FW markets FW been FW open FW , FW additional FW liquidity MD would VB have VBN been VBN provided CC and DT the NN decline , , RBS most RB probably , , MD would VB have VBN been RBR less LS intense . . <s> <s> . At -RRB- 3:30 , , IN after JJ intense NN telephone NNS negotiations IN between DT the NN trading NNS markets CC and NNP Washington , , DT the FW futures FW exchanges FW reopened . . <s> <s> DT Futures NN trading , , RB however , , VBD was UH halted

    UH altogether UH at UH 3:45 , , IN after DT the FW futures FW markets FW had FW dropped FW an FW additional FW 30 FW points , , WDT which VBZ is DT the JJ daily NN limit IN for NN price NNS declines . . <s> <s> IN At DT this NN point , , DT the FW options FW markets FW also FW shut FW down FW and FW once FW more FW left FW all NNS sales TO to VB be VBN handled IN by DT the NNP New NNP York NNP Stock NNP Exchange . . <s> <s> NN It VBZ is NN time TO to VB recognize IN that DT the NNP New

    NNP York NNP Stock NNP Exchange , , DT the NNS futures NNS markets CC and DT the FW options FW markets FW , FW though FW physically FW separate FW , FW have FW actually FW become FW so FW closely FW intertwined FW as FW to FW constitute FW one FW market FW effectively . . <s> <s> NN Traders MD can VB vary PRP$ their NNS strategies CC and VB execute PRP$ their NNS orders IN in DT any NN one IN of PRP them . . <s> <s> . It '' therefore VBZ makes DT no NN sense IN for DT each NN market TO to FW adopt FW different FW circuit FW breakers . .

    <s> <s> FW To FW achieve FW maximum FW liquidity FW and FW minimize FW price FW volatility , , CC either DT all NNS markets MD should VB be JJ open TO to NN trading CC or NN none . . <s> <s> . Synchronized '' circuit PRP breakers MD would RB not VB have PDT halted DT the NN slide IN in NNS prices IN on NNP Friday , , CC but PRP they RB probably MD would VB have VBN made IN for FW smoother FW , FW less FW volatile FW executions . . <s> <s> NNP It POS 's NN time IN for DT the NNS exchanges CC and DT the NNPS Securities CC and

    NNP Exchange FW Commission FW to FW agree FW on FW joint FW conditions FW for FW halting FW trading FW or FW staying FW open . . <s> <s> NNP Let POS 's FW not FW have FW one FW market FW shut FW down FW for FW 30 FW minutes FW when FW the FW Dow FW declines FW 100 FW points FW and FW another FW shut FW down FW for FW an FW hour FW after FW a FW 250-point FW decline . . <s> <s> FW The FW need FW for FW hurried FW last-minute FW telephone FW negotiations FW among FW market FW officials FW will FW disappear FW once FW rules FW are

    FW in FW place FW that FW synchronize FW circuit FW breakers FW in FW all FW markets . . <s> <s> . The UH new UH circuit UH breakers , , IN if PRP they VBP are TO to VB be VBN applied IN at DT all , , MD will VB require IN that NNS futures CC and NNS options MD trading VB continue IN as JJ long IN as DT the NNP New NNP York NNP Stock NNP Exchange VBZ remains JJ open . . <s> <s> JJ The NNS rules MD should VB be VBN established IN by NN agreement IN of DT the NNS officials IN of PDT all UH affected UH exchanges UH acting

    PDT under DT the NN oversight CC and IN with DT the NN approval IN of DT the NN government JJ regulatory NNS agencies . . <s> <s> IN Should DT the NNP SEC CC and DT the FW Commodities FW Futures FW Trading FW Commission -LRB- -LRBUH which , , IN with DT the NNP SEC , , FW regulates FW the FW Chicago FW stock-index FW markets FW -RRBFW be FW unable FW to FW agree , , DT the NN issue MD may VB have TO to VB be VBN resolved IN by NN decision IN of DT the NNP Treasury NN secretary . . <s> <s> DT In JJ many NNS ways , ,

    PRP$ our JJ financial NNS markets VBP are RBR better JJ prepared NN today TO to VB handle DT a NN decline IN than PRP they VBD were CD two NNS years RB ago . . <s> <s> NNP The NNP New NNP York NNP Stock NNP Exchange RB now VBZ has DT the NN capacity TO to VB handle DT a NN volume IN of PDT nearly DT a CD billion NNS shares DT a NN day . . <s> <s> DT Telephone NN service VBZ has VBN been VBN improved IN for NNS customers VBG trying TO to VB reach PRP$ their NNS brokers , , CC and NNS specialists : -WP who PRP I VBP believe

    MD should VB stay , , IN despite DT the FW urgings FW of FW some FW post-crash FW critics FW -FW have FW larger FW capital FW positions . . <s> <s> FW -LRBFW Of FW course FW , FW specialists FW ' FW actions FW alone FW can FW never FW prevent FW a FW major FW crack FW in FW stock FW prices . . <s> <s> IN Witness DT the NN fact IN that NN trading IN in DT some FW stocks FW closed FW early FW Friday FW and FW opened FW late FW Monday FW because FW of FW an FW excess FW of FW sell FW orders . . -RRB- -RRB-

    <s> <s> IN But DT the NN task IN of FW improving FW market FW performance FW remains FW unfinished . . <s> <s> . Mr. -RRB- Freund , , JJ former JJ chief NN economist IN of DT the NNP New NNP York NNP Stock NNP Exchange , , VBZ is DT a NN professor IN of FW economics FW at FW Pace FW University POS 's NN business NN school IN in NNP New NNP York . . <s> <s> FW A FW UNIFIED FW EUROPE FW poses FW labor FW problems FW and FW prospects FW for FW U.S. FW firms . . <s> <s> , The `` `` FW social FW dimension '' '' : --

    LS worker SYM concerns : -IN of DT the NNP European NNP Community POS 's NN plan TO to VB open PRP$ its FW internal FW borders FW in FW 1992 FW could FW set FW the FW effort FW `` FW off FW the FW rails FW '' FW if FW not FW done FW reasonably FW , FW says FW General FW Electric FW senior FW vice FW president FW Frank FW Doyle . . <s> <s> FW U.S. FW companies FW wanting FW to FW expand FW in FW Europe FW face FW `` FW tough FW pressure FW '' FW from FW unions FW in FW nations FW such FW as FW West FW Germany

    , , WDT which FW play FW a FW big FW consulting FW role FW in FW management FW decisions , , PRP he VBZ says . . <s> <s> NNP FMC NNP Corp. CC and FW Baxter FW International FW say FW unions FW also FW wo FW n't FW like FW plant FW relocations FW and FW needed FW restructuring , , WDT which VBZ means VBN layoffs . . <s> <s> FW Many FW employers FW have FW already FW begun FW moving FW to FW southern FW countries FW such FW as FW Spain FW and FW Italy FW , FW where FW wages FW are FW low FW and FW unions FW are FW weaker

    FW ; FW demand FW for FW trained FW labor FW and FW managers MD will VB rise RB there , , WDT FMC VBZ says . . <s> <s> NN Pfizer , , FW Fluor FW and FW GE FW see FW big FW `` FW EC FW 92 FW '' FW pluses FW : FW a FW push FW for FW job FW training FW and FW ease FW in FW moving FW and FW finding FW workers . . <s> <s> IN CLUBBING DT A NN FAN VBD was RB n't DT the FW Baltimore FW Orioles FW ' FW fault . . <s> <s> NN So VBD said DT a JJ federal NN judge , ,

    IN in DT a NN case VBG involving CD two NNS players IN for DT the FW minor FW league FW Bluefield FW , FW Va. FW , FW Orioles FW , FW a FW Baltimore FW farm FW team . . <s> <s> FW The FW players FW were FW heckled FW by FW a FW patron FW during FW a FW July FW 4 , , CD 1988 , , NN game IN with DT the RBS Martinsville LS Phillies . . <s> <s> IN Like PRP$ its NN parent IN that NN year , , `` `` EX Bluefield VBD was RB not VBG having DT a JJ good NN year , , '' '' DT the

    NN judge VBD said . . <s> <s> IN After DT the NN game -LRB- -LRB`` `` FW Bluefield FW lost FW , FW 9-8 FW , FW stranding FW three FW runners FW in FW ... FW the FW ninth , , '' '' PRP he LS noted -RRB- -RRB, , WDT trouble VBD began . . <s> <s> . More '' taunting IN in DT the NN parking NN lot , , DT the NNS players VBD said , , VBN led TO to DT a NN fight . . <s> <s> . The '' fan VBD said PRP he VBD was FW punched FW and FW kicked FW by FW one FW player FW and

    FW that FW the FW other FW broke FW his FW jaw FW with FW a FW baseball FW bat . . <s> <s> DT The NN judge VBD dismissed DT the NN fan POS 's NN suit IN against DT the NN team , , RB however , , VBG ruling DT the FW Orioles FW innocent FW of FW negligent FW hiring , , CC and RB not JJ responsible IN for DT a NN fight WDT that VBD was IN outside DT the NNS players POS ' NN employment . . <s> <s> . PROPOSALS '' ARISE IN for VBG coping IN with DT the NN shortage IN of NNS nurses . . <s> <s> NNP An

    NNP Association IN of FW Academic FW Health FW Centers FW report FW urges FW freeing FW nurses FW from FW duties FW that FW do FW n't FW require FW special FW skills . . <s> <s> FW It FW also FW recommends FW better FW retirement FW and FW day-care FW benefits FW , FW and FW basing FW pay FW on FW education FW , FW experience FW and FW nurses FW ' FW demanding FW work FW schedules . . <s> <s> IN But PRP it FW opposes FW an FW American FW Medical FW Association FW proposal FW for FW creating FW a FW `` FW registered FW care FW technologist , , '' ''

    IN as `` `` FW potentially FW divisive '' '' : ; PRP it VBZ says DT the NN job MD would VB entail DT an RBS unwanted JJ new NN doctor POS 's `` `` FW bedside FW '' FW extension . . <s> <s> IN Over DT a JJ third IN of FW 618 FW hospitals FW surveyed FW by FW consultant FW Hewitt FW Associates FW use FW a FW `` FW clinical FW ladder , , '' '' FW basing FW advancement FW on FW performance FW and FW education . . <s> <s> FW Many FW also FW use FW recruiting FW bonuses FW , FW tuition FW reimbursement FW , FW loan FW repayment

    FW or FW child-care FW help . . <s> <s> . Some UH give UH lump-sum UH incentives . . <s> <s> FW MRA FW Staffing FW Systems FW signs FW up FW nurses FW for FW paid FW travel FW , FW promising FW annual FW income RP up TO to $ $ CD 50,000 CC and FW free FW or FW subsidized FW housing . . <s> <s> FW TREATING FW EMPLOYEES FW with FW respect FW is FW crucial FW for FW managers FW , FW says FW consultant FW Hay FW Group FW after FW surveys IN of DT a CD million NNS workers . . <s> <s> NN It VBZ 's IN in PRP$ their

    FW top FW five FW `` FW work FW values . . '' '' <s> <s> CD Fully CD 80 NN % IN of NNS employees WP who VBP say PRP$ their FW bosses FW treat FW them FW with FW respect , , CC but RB only DT a JJ third IN of DT those WP who VBP do RB n't VB feel PRP respected VBP say PRP they VBP 're VBN satisfied IN with WRB where PRP they VBP work . . <s> <s> FW SPRUCING FW UP FW THE FW DIGS FW : FW About FW 200 FW employees FW of FW the FW Maryland FW Department FW of FW Economic FW and FW Employment FW Development

    FW for FW four FW months FW painted FW walls FW , FW polished FW and FW carpeted FW floors FW , FW bought FW plants FW , FW cleaned FW windows FW and FW blinds , , CC and JJR hung NNS pictures IN at DT the NN agency POS 's JJS Baltimore NN office . . <s> <s> CD The CD 3,000 NNS hours IN of NN work MD will VB save DT the NN state $ $ CD 55,000 . . <s> <s> FW CURBING FW WAGE FW BOOSTS FW will FW get FW high FW priority FW again FW in FW 1990 FW collective FW bargaining FW , FW a FW Bureau FW of FW National

    FW Affairs FW survey FW of FW 250 FW companies FW with FW pacts FW expiring FW next FW year FW indicates . . <s> <s> FW Despite FW labor-shortage FW warnings FW , FW 80 FW % FW aim FW for FW first-year FW wage FW increases FW of FW under FW 4 SYM % : ; CC and CD 77 NN % VBP say PRP they MD 'd VB try TO to VB replace NNS workers , , WP$ if UH struck , , CC or MD would VB consider PRP it . . <s> <s> . TEMPORARY UH WORKERS UH have UH good UH educations , , DT the FW National FW Association FW of FW Temporary

    FW Services FW says FW ; FW its FW survey FW of FW 2,508 FW such FW employees FW shows FW 82 FW % FW with FW more FW than FW a FW high-school FW education , , CC and CD 31 NN % IN with # college LS degrees . . <s> <s> CD About CD 12 NN % VBP have VBN retired IN from DT a JJ full-time NN job , , IN while CD 54 NN % VBD were VBN asked TO to VB stay IN on JJ full NN time . . <s> <s> . HOME-SALE UH LOSSES UH rise , , CC but PRP they VBP 're RB often VBN covered IN by NNS employers

    . . <s> <s> IN But PRP they VBP search IN for NNS ways TO to VB limit DT the NN damage . . <s> <s> DT A JJ third IN of FW 439 FW companies FW surveyed FW by FW the FW Employee FW Relocation FW Council FW report FW a FW rise FW in FW 1988 FW sales FW losses FW over FW 1987 . . <s> <s> FW About FW 72 FW % FW reimburse FW for FW all FW or FW some FW losses . . <s> <s> CD Since CD 1984 , , FW more FW companies FW give FW sales-loss FW aid FW , FW as FW many FW real-estate FW values FW depreciated

    , , DT the NN council VBZ says . . <s> <s> . RJR UH Nabisco UH pays RP up TO to $ $ CD 30,000 IN of NNS losses , , VBG including NNS improvements . . <s> <s> NN Goodrich MD wo RB n't UH ensure UH loss UH coverage , , CC but MD will VB prevent DT a `` `` FW catastrophic FW loss '' '' : ; PRP it VBZ has VBN given DT some NNS employees DT the FW full FW purchase FW price FW when FW values FW fell FW from FW concern FW over FW dangers FW posed FW by FW a FW disposal FW site . . <s> <s> NNP Federal

    NNP Express , , NNP Dow NNP Chemical , , NNP Ford CC and NNP National NNP City NNP Corp. MD will VB buy DT the NN home CC or VB let DT the MD worker VB sell TO to DT an JJ outside NN firm , , CC but RB usually MD wo RB n't VB cover DT a NN loss . . <s> <s> CD Since CD 1984 , , FW firms FW offering FW prepurchase FW house FW appraisals , , TO to # deter UH overpaying , , VBD rose TO to CD 40 NN % IN of PDT those DT the RBS council UH polled , , IN from CD 28 NN % . .

    <s> <s> . THE -RRB- CHECKOFF : : DT The FW National FW Academy FW of FW Engineering FW gives FW two FW inventors FW of FW the FW semiconductor FW microchip FW a FW $ FW 350,000 FW achievement FW award FW ... . . <s> <s> NN Now , , WDT that VBZ 's SYM reactionary : : LS Letter FW Carriers FW union FW president FW Vincent FW Sombrotto FW accuses FW Philadelphia FW postmaster FW Charles FW James FW of FW `` FW 12th FW century FW ... FW oppressive FW management FW tactics . . <s> <s> NN Yesterday VBD was , , IN in DT the NNS words IN of NNP New NNP York

    FW Stock FW Exchange FW Chairman FW John FW J. FW Phelan FW Jr. FW , FW just FW your FW `` FW reasonably FW normal FW , FW 400 FW million-share FW , FW up FW 88-points FW day . . '' '' <s> <s> IN When PRP it VBD was PDT all FW over FW and FW stocks FW had FW staged FW a FW huge FW recovery FW , FW Big FW Board FW officials FW were FW self-congratulatory FW about FW how PDT well DT the NN day VBD had VBN gone . . <s> <s> NN They VBD said DT the NN exchange POS 's NN trading NNS procedures , , NNS personnel , ,

    NN equipment CC and NNS links IN with JJ other NNS exchanges MD could RB n't VBP have VBN performed RBR better . . <s> <s> IN `` PRP We VBD had DT no NN operating NNS problems IN at DT all , , '' '' NNP Mr. NNP Phelan VBD said IN after DT the NN market VBD closed . . <s> <s> IN `` PDT All DT the NNS things IN that PRP we VBD set RP up TO to VB slow RP down DT the NN process , , TO to VB let NNS people VBP know IN that DT the NN market VBD was IN in DT an JJ extreme NN position , , WP$ worked

    UH extremely UH well . . '' '' <s> <s> NN Prices IN for DT the $ 416.3 CD million NNS shares WDT that VBD changed NNS hands IN during DT the NN session VBD were VBN carried IN on DT the NN exchange POS 's NN trading NN tape IN with PDT barely DT a NN delay , , NNS officials VBD said . . <s> <s> . While UH reaching UH blockbuster UH proportions UH yesterday , , DT the NN volume VBD was RB still RB well IN within DT the RBS 600 JJ million-share NN capacity IN that DT the NN exchange VBZ has VBD said PRP it MD can FW handle FW daily FW since

    FW beefing RP up PRP$ its NNS computers IN after DT the NNP October CD 1987 NN crash . . <s> <s> FW The FW so-called FW circuit FW breakers FW devised IN by DT the NNP Big NNP Board CC and DT the FW Chicago FW Mercantile FW Exchange FW to FW quell FW free FW falls FW in FW stock FW and FW futures FW prices FW were FW n't FW triggered NN yesterday IN because DT the NNS markets VBD were JJR higher IN for JJS most IN of DT the NN day . . <s> <s> JJ Despite NNS traders POS ' NNS complaints , , NNP Mr. NNP Phelan VBD said DT the NNS links

    IN with DT the FW Chicago FW futures FW market FW worked FW as FW planned FW in FW Friday FW 's FW rout TO to VB provide DT a JJ cooling-off NN period . . <s> <s> . Of UH greater UH help , , DT the NNP Big NNP Board NN chairman VBD said , , VBD was DT the `` `` FW natural FW circuit FW breaker '' '' IN of DT the NN weekend , , WDT that VBD provided DT a JJS breathing NN period IN that `` `` UH brought UH rationality UH back TO to DT the NN market . . <s> <s> FW Chicken FW Chains FW Ruffled FW By FW Loss

    FW of FW Customers <s> <s> FW FAST-FOOD FW chicken FW chains FW , FW faced FW with FW a FW worsening FW business FW slump , , VBP are VBG struggling TO to VB hatch DT some JJ new NN marketing NNS strategies . . <s> <s> . The UH Crest UH Report , , WDT which FW tracks FW consumer FW purchases FW , FW says FW customer FW traffic FW at FW chicken FW restaurants # fell CD 10 NN % IN in DT the JJ second NN quarter , , IN while DT the FW overall FW fast-food FW customer FW count FW was # down CD 2 NN % . . <s> <s> DT Chicken

    NN business VBZ is RP off FW largely FW because FW of FW more FW competition FW from FW grocery-store FW convenience FW food FW , FW home-delivered FW pizza FW and FW other FW takeout FW fare , , VBZ says DT a NN spokesman IN for DT the NN report , , DT a NN publication IN of NNP NPD NNP Group , , DT a NN market NN research NN firm IN in NNP Port NNP Washington , , NNP N.Y . . <s> <s> DT The NN loss IN of JJR more NNS customers VBZ is DT the JJS latest IN in DT a NN string IN of NNS problems . . <s> <s> NNP Church

    POS 's FW Fried FW Chicken FW Inc. FW and FW Popeye FW 's FW Famous FW Fried FW Chicken NNP Inc. , , WDT which VBP have RB merged , , VBP are RB still FW troubled FW by FW overlapping FW restaurant FW locations . . <s> <s> JJ Chicken NNS chains RB also VBP are VBG feeling JJR more NN pressure IN from NNP McDonald POS 's NNP Corp. , , WDT which VBD introduced PRP$ its LS McChicken PDT sandwich DT this NN year CC and RB recently VBN tested DT the NN sale IN of JJ individual NNS pieces IN of NN chicken . . <s> <s> DT New NN management IN at # Kentucky

    UH Fried UH Chicken , , DT a NN unit IN of NNP PepsiCo NNP Inc. , , VBZ has FW fought FW back FW with FW new FW medium FW and FW large FW chicken FW sandwiches FW for FW the FW lunch FW crowd . . <s> <s> IN And DT the NN chain VBZ is VBG testing NNS products WDT that VBP are RB n't RBR fried , , JJ such IN as `` `` UH char-grilled UH '' UH chicken , , TO to VB try TO to VB win PRP$ health-conscious NNS consumers . . <s> <s> FW Kentucky FW Fried FW Chicken FW also FW is FW testing FW home-delivery FW of FW chicken

    , , WDT which MD could VB be DT a FW hit FW with FW stay-at-home FW diners . . <s> <s> IN But DT some FW fast-food FW industry FW analysts FW say FW problems FW with FW keeping FW chicken FW warm FW and FW fresh FW must FW be FW solved FW first . . <s> <s> . A UH Kentucky UH Fried UH Chicken UH spokesman , , RB however , , WRB disputed DT the NN notion IN that DT the FW delivery FW service FW experienced FW problems FW in FW some FW markets FW where FW testing FW has FW been FW discontinued . . <s> <s> NN He VBZ says DT the

    NN test VBZ is VBG continuing IN in NNP Chicago , , UH Columbus , , NNP Ohio , , CC and DT a JJ few JJ other NNS cities . . <s> <s> FW The FW advertising FW industry FW is FW buzzing FW with FW rumors FW that FW Kentucky FW Fried FW Chicken FW will FW drop FW Young FW & FW Rubicam FW and FW seek FW a FW new FW ad FW agency . . <s> <s> IN But DT the NN company NNS declines TO to VB comment . . <s> <s> NNP Emanuel NNP Goldman , , DT a NNP PaineWebber NNP Inc. NN analyst , , FW predicts FW Kentucky FW Fried

    FW Chicken FW will FW post FW an FW 11 FW % FW drop FW in FW 1989 FW net FW income . . <s> <s> IN `` PRP They VBP 've VBN been RP laggard , , '' '' PRP he VBZ says , , `` `` CC but PRP they MD 'll VB have TO to VB become JJR more LS aggressive . . '' '' <s> <s> FW Reluctant FW Advertisers FW Try FW Soft-Sell FW Spots <s> <s> . CALL UH IT UH un-advertising . . <s> <s> FW Pittsburgh FW consultant FW David FW Bear FW is FW selling FW a FW soft FW approach FW to FW clients FW who FW want FW exposure

    FW yet FW shun FW pushy FW ads . . <s> <s> . His -RRB- ploy : : LS 60-second FW radio FW spots FW that FW offer FW helpful FW hints . . <s> <s> VBZ The RB only VBN plug IN for DT the NN sponsor VBZ is DT a JJ brief NNS mention IN at DT the NN end IN of DT the NN spot . . <s> <s> FW The FW messages FW resemble FW the FW Business FW Traveler FW , FW a FW daily FW dose FW of FW travel FW tips FW developed FW by FW Mr. FW Bear FW and FW sponsored FW by FW travel FW agencies FW in FW several

    FW major FW cities . . <s> <s> FW New FW un-advertisers FW include FW Burt FW Hill FW Kosar FW Rittlemann FW Associates , , DT a NN Butler , , NNP Pa. , , WP$ architectural NN firm . . <s> <s> FW Its FW radio FW series FW features FW such FW spots FW as FW `` FW Floodlights FW : FW Evening FW Wear FW for FW Urban FW Structures '' '' CC and `` `` FW Building FW a FW Place FW to FW Park . . '' '' <s> <s> . A UH harder UH sell , , VBZ says UH John UH Kosar , , DT the NN firm POS 's NN president

    , , MD would `` `` UH detract IN from DT the NN profession . . '' '' <s> <s> NNS Hospitals VBP have VBN signed RP up TO to VB use DT the NNS messages TO to # promote UH fundraisers , , CC and FW Equitable FW Gas FW Co. FW is FW considering FW the FW format FW to FW offer FW energy FW tips FW to FW consumers . . <s> <s> DT But JJ such NNS spots MD can VB be RB too RBR soft . . <s> <s> `` `` EX There VBZ 's RB always DT a NN risk IN of # lost UH messages , , '' '' VBZ says NNP John

    NNP Fitzgerald , , NN chairman IN of # Ketchum UH Advertising UH USA , , WDT which FW created FW similar FW radio FW spots FW for FW Pittsburgh FW National FW Bank . . <s> <s> IN `` PRP It VBZ 's DT a NN question IN of FW how FW much FW credibility FW you FW gain IN for DT the JJ possible NN loss IN of NN recognition . . '' '' <s> <s> FW Retailer FW Sees FW Pitfalls FW In FW Environmental FW Push <s> <s> IN HERE PDT 'S DT a NN retailer WDT that VBZ 's VBG getting RP tough IN in DT the FW push FW for FW environmentally FW safe

    FW packaging CC and NNS products . . <s> <s> FW Big FW Bear FW Supermarkets FW Inc. FW , FW a FW grocery FW chain FW based FW in FW San FW Diego FW , FW plans FW to FW display FW shelf FW cards FW and FW distribute FW pamphlets FW recommending FW products FW deemed FW safe IN for DT the NN environment . . <s> <s> , The WDT choices MD will VB be VBN based IN on NN research IN by DT the FW San FW Diego FW Environmental FW Health FW Coalition FW and FW will FW include FW products FW like FW Murphy FW 's FW Oil FW Soap FW and FW other

    FW noncorrosive FW cleaners . . <s> <s> IN But DT the NN chain VBZ is RB quickly PDT realizing DT the NN pitfalls IN of PDT such LS endorsements . . <s> <s> DT For NN example , , PRP it FW recommends FW nonchlorinated FW dishwasher FW detergent FW and FW puts FW Sunlight FW on FW its FW environmentally FW safe FW list . . <s> <s> NN That VBZ does RB n't FW thrill FW Procter FW & FW Gamble FW Co. FW , FW maker FW of FW Cascade FW dishwasher FW detergent . . <s> <s> DT A NN company NN spokesman VBD questioned DT the NN validity IN of DT the NN list

    , , FW noting FW that FW chlorine FW is FW present FW in FW all FW major FW dishwasher FW detergents . . <s> <s> DT In NN fact , , FW Lever FW Bros. FW confirms FW that FW its FW Sunlight FW brand FW does FW contain FW chlorine FW bleach , , RB even IN though PRP it VBZ is RB n't VBN listed IN on DT the NN label IN for DT the JJS powder NN version . . <s> <s> . Thomas UH G. UH Dahlen , , NNP Big NNP Bear POS 's JJ executive NN vice NN president , , VBD said DT the NN chain VBZ is RB still VBG reviewing

    PRP$ its NN product NN list TO to VB avoid JJ such NNS problems . . <s> <s> IN `` PRP$ Our NN intent VBZ is TO to VB promote DT the JJS best NN alternative , , '' '' PRP he VBZ says . . <s> <s> NN `` CC And PRP it VBZ 's JJ important IN that PRP we VB be RP accurate . . '' '' <s> <s> NN But IN in DT the NN end , , FW customers FW ' FW wishes FW are WP what MD will VB prevail . . <s> <s> FW Big FW Bear FW does FW n't FW care FW for FW disposable FW diapers , , WDT which

    VBP are RB n't RBR biodegradable . . <s> <s> . Yet UH parents UH demand UH them . . <s> <s> NNP Says NNP Mr. NNPS Dahlen , , `` `` PRP We MD 'll RB still VB be VBN forced TO to VB sell FW items FW we FW might FW not FW philosophically FW agree FW with . . '' '' <s> <s> NN Odds CC and EX Ends <s> <s> . NEATNESS UH does SYM count : -IN at JJS least IN in DT the NN grocery NN store . . <s> <s> FW A FW study FW by FW Safeway FW 's FW Scanner FW Marketing FW Research FW shows FW soap FW sales

    FW climbed FW 5 FW % FW when FW bars FW were FW neatly FW stacked FW on FW shelves FW instead FW of FW dumped FW in FW a FW wire FW basket FW ... . . <s> <s> FW Which FW celebrity FW endorsers FW are FW most FW believable FW ? <s> <s> IN For DT the JJ third NN year IN in DT a NN row , , FW consumers FW voted FW Bill FW Cosby FW first FW and FW James FW Garner FW second FW in FW persuasiveness FW as FW spokesmen FW in FW TV FW commercials , , VBG according TO to # Video UH Storyboard UH Tests , , NNP New

    NNP York . . <s> <s> FW Michael FW J. FW Fox FW replaced FW Bruce FW Willis FW in FW third FW place FW ; FW Cher FW placed FW fourth IN for DT the JJ second NN time . . <s> <s> NN Health CC and FW Human FW Services FW Secretary FW Louis FW Sullivan FW has FW chosen FW Antonia FW Novello TO to VB be DT the FW next FW surgeon FW general , , NNP Bush NN administration NNS officials VBD said . . <s> <s> IN If PRP she VBZ is VBN nominated IN by NNP President NNP Bush CC and VBN confirmed IN by DT the NNP Senate , , FW Dr.

    FW Novello FW would FW succeed FW C. FW Everett FW Koop , , WP who FW rattled FW liberals FW and FW conservatives FW alike FW with FW his FW outspoken FW views IN on DT a NN range IN of NN health NNS issues . . <s> <s> . Dr. -RRB- Novello , , DT an FW expert FW on FW pediatric FW kidney FW diseases , , VBZ is JJ deputy NN director IN of DT the FW National FW Institute FW of FW Child FW Health FW and FW Human FW Development . . <s> <s> NN She VBZ has RB also VBN served IN on FW several FW task FW forces FW on FW acquired

    FW immune FW deficiency FW syndrome . . <s> <s> NNP Dr. NNP Novello POS 's NN office VBD said PRP she MD would RB n't VB talk IN with NNS reporters , , CC and PRP it VBD refused TO to VB release DT any NN information IN about PRP her . . <s> <s> . The UH newsletter UH Medicine UH & UH Health , , WDT which FW first FW disclosed FW her FW selection FW by FW Dr. FW Sullivan , , VBD said PRP she VBZ is FW 44 FW years FW old FW and FW she FW studied FW at FW the FW University FW of FW Puerto FW Rico FW School FW of

    FW Medicine . . <s> <s> FW The FW continuing FW series FW of FW HUD FW scandals FW is FW a FW sadly FW predictable FW result FW of FW pork-barrel FW politics . . <s> <s> NN Nevertheless , , WP$ lobbies JJ such IN as DT the FW National FW Association FW of FW Home FW Builders FW -LRBFW NAHB FW -RRBFW continue FW to FW pressure FW Capitol FW Hill FW for FW more FW special-interest FW spending . . <s> <s> . Kent -RRB- Colton , , WP$ NAHB JJ executive NN vice NN president , , VBZ argues IN that DT the NNP U.S. FW faces FW a FW multifaceted FW housing

    FW crisis FW -FW reduced FW affordability FW of FW homes FW for FW first-time FW buyers FW , FW increased FW homelessness , , CC and JJR lower LS apartment LS construction SYM rates : -WDT that MD will VB be `` `` RB very . difficult '' '' TO to VB solve `` `` FW without FW expanded FW federal FW resources . . '' '' <s> <s> NNP There POS 's FW nothing FW unusual FW about FW business FW groups FW pushing FW for FW more FW government FW spending . . <s> <s> IN But DT the FW NAHB FW was FW created FW in FW 1943 RP out IN of DT an

    NN organization WDT that VBD made PRP$ its FW name FW fighting FW a FW Roosevelt FW administration FW proposal FW to FW take FW over FW all FW defense FW housing FW production . . <s> <s> IN Through DT the NNS years DT the NN association VBZ has VBN been DT an JJ active NN member IN of DT the NN taxpayer POS 's NN coalition , , VBG pushing IN for JJ such NNS initiatives IN as DT the RBS balanced-budget LS amendment . . <s> <s> NN Yet IN on FW matters FW close FW to FW , FW er FW , FW home FW ... <s> <s> IN `` DT The NNP HUD NN budget

    VBZ has VBN dropped IN by JJR more IN than CD 70 NN % IN since CD 1980 , , '' '' VBZ argues NNP Mr. -RRB- Colton . . <s> <s> IN `` PRP We VBP 've VBN taken JJR more IN than PRP$ our JJ fair NN share . . <s> <s> NN I MD would RB n't VB have DT a NN problem IN if JJ other NNS programs VBD had VBN taken DT a JJ similar NN hit . . '' '' <s> <s> FW But FW NAHB FW support FW for FW subsidies VBZ is RB not VBN related TO to DT the RBS current LS housing SYM crunch : ; IN over DT the

    NNS years DT the NN NAHB VBZ has VBN backed DT a NN host IN of JJ public NNS programs . . <s> <s> FW It FW once FW pushed FW for FW a FW national FW housing FW production FW goal FW set IN by DT the JJ federal NN government CC and VBZ has FW regularly FW advanced FW anti-recession FW housing FW measures . . <s> <s> NN Moreover , , WP$ explains UH one UH HUD UH official , , DT the FW NAHB FW remains FW susceptible FW to FW internal FW pressure FW from FW members FW that FW specialize FW in FW subsidized FW production . . <s> <s> FW The FW association

    FW is FW pushing FW an FW extensive FW and FW expensive FW wish-list , , WDT which MD would RB substantially VB boost NN spending IN above DT the JJ current NN level IN of JJR more IN than $ $ CD 15 CD billion -RRB- annually . . <s> <s> NN It MD would VB like TO to VB peg DT the FW ceiling FW on FW Federal FW Housing FW Administration FW mortgage FW guarantees TO to CD 95 NN % IN of DT the JJ median NN price IN in DT a JJ particular NN market , , RB instead IN of VBG limiting PRP it TO to $ $ SYM 101,250 : ; LS reduce

    -LRB- -LRBFW or FW even FW eliminate FW -RRBFW FHA FW down-payment FW requirements FW and FW increase FW the FW availability FW of FW variable-rate FW mortgages FW ; FW expand FW the FW Veterans FW Affairs FW Department FW loan FW guarantee FW program FW ; FW provide FW `` FW adequate FW '' FW funding FW for FW the FW Farmers FW Home FW Administration FW -LRBFW FmHA -RRB- -RRB: ; LS increase LS federal -RRB- funding CC and NN tax NNS incentives IN for DT the NN construction IN of FW low-income FW and FW rental FW housing , , VBG including $ $ CD 4 CD billion IN in FW block

    FW grants FW to FW states FW and SYM localities : ; CC and `` `` FW fully FW fund FW '' FW the FW McKinney FW Act , , DT a $ $ CD 656 CD million NN potpourri IN for DT the NN homeless . . <s> <s> FW Direct FW federal FW subsidies FW for FW housing FW construction FW have FW proved FW intolerably FW expensive IN in DT the NN past , , CC and EX inevitably VBP are VBN twisted TO to DT the NN benefit IN of FW well-connected FW developers FW and FW lobbyists FW , FW as FW demonstrated FW by FW the FW ongoing FW HUD FW scandal , ,

    CC or NNS congressmen . . <s> <s> JJ Indirect NNS subsidies , , IN through DT the NNP FHA , , IN for NN instance , , VBP are RB little RBR better . . <s> <s> NNP Though NNP Mr. FW Colton FW says FW expanding FW FHA FW lending MD would VB result IN in `` `` DT no NN cost TO to DT the NN government , , '' '' DT the JJ mere NN diversion IN of NNS funds IN from JJ other NNS parts IN of DT the NN economy CC and IN from JJ other NNS forms IN of # housing -LRB- -LRBUH such UH as LS low-income -RRB- -RRBTO to

    DT the JJ single-family NN home NN market MD would VB result IN in DT a JJ major NN expense . . <s> <s> DT More JJ important , , FW housing FW programs FW run FW by FW HUD , , DT the NN VA , , CC and FW FmHA FW are FW awash FW in FW red FW ink . . <s> <s> FW The FW FHA FW alone FW lost FW $ FW 4.2 FW billion FW in FW fiscal SYM 1988 : ; DT the NN government POS 's NN equity IN in DT the NN agency , , WP$ essentially UH its UH reserve UH fund , , VBD fell TO to VB minus

    $ $ CD 2.9 CD billion . . <s> <s> DT The JJ federal NN government VBZ has VBN had TO to VB pump IN in $ $ CD 2.28 CD billion IN into DT the FW VA FW housing FW program FW since FW 1984 TO to VB keep DT the NN fund , afloat CC and DT the FW VA FW requested FW an FW additional $ $ CD 120 CD million IN for DT the JJ fiscal NN year RB just VBN ended . . <s> <s> . All -RRB- told , , DT the JJ federal NN government RB already VBZ guarantees JJR more IN than $ $ CD 900 CD billion IN of NNS mortgages

    . . <s> <s> IN In PRP$ its FW nicely FW produced FW publication FW `` FW Where FW Will FW Our FW Children FW Live . ? '' '' DT the FW NAHB FW does FW acknowledge FW that `` `` IN of NN course , , DT the JJ full NN measure IN of # housing LS affordability MD can RB not VB be VBN provided IN by DT the JJ federal NN government . . '' '' <s> <s> JJ It NNS points TO to DT the FW pernicious FW impact FW of FW local FW government FW regulation FW , FW particularly FW zoning FW and FW building FW fees , , WDT which VBZ pushes

    DT the NN price IN of # housing RP out IN of DT the FW reach FW of FW lowFW and FW middle-income FW people . . <s> <s> NN But IN while DT the FW NAHB FW has FW suggested FW actions FW that FW states FW and FW localities MD should VB take TO to VB reduce JJ regulatory NNS barriers , , DT the FW association FW has FW proposed FW no FW activist FW legislative FW program FW -FW comparable FW to FW , FW say FW , FW its FW detailed FW request FW for FW more FW federal FW subsidies FW -FW to FW eliminate FW counterproductive FW controls . .

    <s> <s> DT The NN association , , DT a NN majority IN of FW whose FW 156,000 FW members FW build FW fewer FW than FW 25 PDT units DT a NN year , , VBZ is IN like JJ many JJ other NN business NNS lobbies . . <s> <s> NN Explains . Sheila '' MacDonald IN of DT the RBS National LS Taxpayers SYM Union : : `` `` PRP It VBP treads IN in CD two -RRB- worlds . . <s> <s> . The '' builders IN like DT the NNS subsidies , , CC but IN at DT the JJ same NN time PRP they VBP tend TO to VB be JJ fiscal NNS conservatives

    IN in NNS terms IN of JJ major NNS issues , , JJ such IN as DT the RBS balanced-budget LS amendment . . '' '' <s> <s> NN Unfortunately , , DT the NN organization POS 's FW desire FW for FW pork FW tends FW to FW override FW its FW commitment FW to FW overall FW fiscal FW responsibility . . <s> <s> JJ Two NNS years RB ago WRB when DT the RBS NAHB VBN lobbied IN for DT the $ $ CD 19 CD billion SYM omnibus UH housing UH bill , , DT the NN organization `` `` EX basically VBD dropped RP out IN of DT the FW taxpayers FW ' FW coalition

    , , '' '' VBZ says NNP Ms. NNP MacDonald . . <s> <s> NNP As NNP Mr. -RRB- Colton IN of DT the RBS NAHB SYM acknowledges : : `` `` EX Government VBZ is RB not VBG going TO to VB solve DT the NN problem : ... . . <s> <s> DT The JJ real NN key VBZ is TO to VB have DT the NN economy , working CC and NN interest NNS rates RB down . . '' '' <s> <s> DT More NN money IN for NNP HUD MD will VB increase DT the NN deficit CC and PDT destabilize DT the NN economy : ; JJR more NN money TO to # municipalities

    WDT that VBP are FW wrecking FW their FW local FW housing FW markets FW will FW further FW insulate FW them IN from DT the JJ destructive NNS effects IN of PRP$ their NNS policies . . <s> <s> IN Is DT this WP what DT the FW home FW builders FW want FW ? <s> <s> . Mr. '' Bandow VBZ is DT a FW Cato FW Institute FW fellow . . <s> <s> . -LRBUH See UH related SYM story : : `` `` FW And FW Bills FW to FW Make FW Wishes FW Come FW True '' '' : -LS WSJ UH Oct. UH 17 , , CD 1989 . . <s> <s>

    IN In DT an NN attempt TO to VB give JJ new NN momentum TO to # European WP$ Community NNS plans IN for DT a JJ single NN currency , , WP$ EC NN government NNS leaders VBP are JJ likely TO to VB agree TO to VB set DT a NN date IN for FW starting FW formal FW talks FW on FW amending FW the FW EC FW 's FW founding FW Treaty FW of FW Rome . . <s> <s> NN According TO to FW diplomatic FW sources FW in FW Brussels FW , FW most FW EC FW leaders FW agree FW that FW talks MD should VB begin IN in DT the JJ second

    NN half IN of CD 1990 , , CC and MD will VB make DT a FW declaration FW on FW that FW during FW a FW summit FW meeting FW in FW Strasbourg , , NNP France , , IN on $ Dec. CD 8 CC and CD 9 . . <s> <s> FW The FW only FW strong FW opposition FW to FW changing FW the FW EC FW treaty FW comes FW from FW British FW Prime FW Minister FW Margaret FW Thatcher , , WP who VBZ is VBN opposed TO to FW creating FW a FW single FW EC FW currency . . <s> <s> IN But DT the NN process IN of PDT convening

    DT the FW intergovernmental FW conference FW does FW n't FW require FW unanimity . . <s> <s> IN Setting DT a NN date TO to FW start FW treaty FW negotiations FW has FW no FW legal FW significance FW in FW itself , , CC but MD could VB be VBN viewed IN as DT an FW important FW psychological FW push . . <s> <s> . French UH President UH Francois UH Mitterrand UH fought TO to VB set DT a NN date IN for DT the NN conference IN during DT the FW EC FW summit FW in FW Madrid FW last FW June , , CC but DT the NN move VBD was FW scuttled

    FW because FW of FW opposition FW by FW Mrs. FW Thatcher FW and FW West FW German FW Chancellor FW Helmut FW Kohl . . <s> <s> . Diplomatic '' sources VBD said NNP Mr. NNPS Kohl MD may RB now VB agree TO to VB set DT a NN date IN for DT the NN conference TO to VB make PRP it VBP clear IN that NNP West NNP Germany VBZ is RB still VBN committed TO to # EC LS unity . . <s> <s> DT The JJS latest NN crewcut IN in DT the FW equities FW markets FW reminds FW me FW of FW the FW joke FW T. FW Boone FW Pickens FW tells

    FW about FW the FW guy WP who VBD was VBN run RP over IN by DT the NN parade . . <s> <s> NN When VBD asked `` `` FW What FW went FW wrong . ? '' '' DT the FW unfortunate FW victim FW replied , , `` `` PRP It VBD was DT a NN combination IN of NNS things . . '' '' <s> <s> . And '' so PRP it VBD was IN on NNP Gray NNP Friday . . <s> <s> NN The . grand '' marshal IN of DT this NN parade MD would VB appear TO to VB have VBN been JJ excess NN leverage . . <s> <s> NN Even

    IN if WDT that VBZ is RB so , , RB however , , PRP it VBZ 's RB probably DT the NN case IN that DT no NNS barriers MD should VB have VBN been RP erected TO to VB stop DT the NN procession IN before DT the NN end IN of DT the RBS rout -LRB- -LRBLS e -RRB- -RRB. . <s> <s> FW The FW ceremonies FW began FW Friday FW afternoon FW when FW word FW spread FW that FW the FW UAL FW buy-out FW was FW collapsing . . <s> <s> IN Although DT the FW union-bidder FW expects FW to FW patch FW together FW a FW substitute FW offer

    , , VBG consisting IN of JJR less NN cash , , DT the NN failure TO to VB get NN cash IN from JJ Japanese CC and NNP American FW banks FW confirmed FW a FW growing FW fear FW among FW arbitragers FW that FW the FW pageant FW of FW high-leverage FW takeover FW deals FW is FW ending . . <s> <s> NN Lots IN of JJ other NNS entries VBD made RP up DT the NN parade , , IN of NN course : -LS notably FW a FW surprisingly FW large FW increase FW in FW producer FW prices FW , FW signalling FW Federal FW Reserve SYM tightness : ; CC and

    DT the NNP Bush NN administration POS 's -LRB- -LRBUH temporary . ? -RRB- -RRB: defeat IN in VBG trying TO to VB lower DT the JJ capital-gains NN tax . . <s> <s> . As -RRB- usual , , FW few FW favorable FW reviews FW were FW heard FW for FW that FW ever-present FW marching FW band FW of FW program FW traders FW , FW although FW most FW serious FW studies FW suggest FW they FW only FW play FW the FW music FW that FW others FW write . . <s> <s> FW What FW really FW spooked FW the FW crowds FW along FW Wall FW Street , , RB however

    , , VBD was DT the JJ sudden NN concern IN that , , WDT whatever DT the NN reason , , DT the NN pool IN of NN debt NN capital VBZ is VBG drying RP up . . <s> <s> FW Gray FW Friday FW reflects FW a FW panic FW mainly FW by FW the FW takeover FW arbitragers , , RB rather IN than DT the JJ small NN investor , , IN as PRP$ their LS highly WP$ margined NNS investments IN in DT the `` `` UH deal '' '' NNS stocks VBP are VBN jeopardized IN by DT the RBS unexpected LS drying RP up IN of DT the FW lubricant FW for

    FW deal FW financing . . <s> <s> JJ Deal NNS stocks VBD led DT the NN market RB down IN as PRP they VBP absorbed DT the JJ heaviest NNS losses . . <s> <s> NN UAL , , WDT which VBD triggered DT the NN slide , , VBD opened NNP Monday IN at $ $ CD 224 , , RB down IN about CD 20 NN % IN from NNP Thursday POS 's NN close . . <s> <s> . AMR '' opened NNP Monday IN at $ $ CD 80 , , RB down RB nearly CD 20 NN % IN from NNP Thursday POS 's NN close . . <s> <s> FW -LRBFW Both

    FW took FW further FW hits FW yesterday . . -RRB- -RRB<s> <s> NN Hilton VBD lost CD 20 NN % IN on NNP Friday : ; LS Paramount LS lost # almost CD 11 NN % . . <s> <s> FW A FW careful FW look FW reveals FW that FW where FW deal FW financing FW has FW been FW secured , , DT the NN target POS 's NN stock NN price VBD was RB not VBN affected IN on NNP Friday . . <s> <s> . The UH multibillion-dollar UH prospects , , WRB where DT the FW bidder FW must FW line FW up FW a FW consortium FW of FW banks FW and\/or

    FW issue FW billions FW in FW high-yield FW debt , , VBD were WRB where DT the NN damage VBD was VBN concentrated . . <s> <s> DT The NN market IN for JJ so-called NN junk NNS bonds VBZ has VBN been VBG setting DT the NN stage IN for NNP Friday POS 's JJ dramatic NN march IN for JJ several NNS weeks . . <s> <s> FW The FW growing FW financial FW difficulties FW of FW recent FW high-leverage FW restructurings FW or FW takeovers FW , FW such FW as FW Resorts FW International FW , FW Integrated FW Resources , , CC and NNP Campeau POS 's UH retailing UH empire , ,

    VBP have VBN cast DT a NN pall IN over DT the JJ entire NN market IN for JJ high-yield NNS securities . . <s> <s> NNS Investors VBP have FW reacted FW by FW ignoring FW recent FW efforts FW to FW float FW junk FW bonds FW by FW Ohio FW Mattress FW and FW by FW forcing FW Ramada FW to FW postpone FW indefinitely FW its FW planned FW junk-bond FW sale FW and FW restructuring . . <s> <s> IN As DT a NN result , , WP$ high-yield JJ mutual NNS funds VBP have VBN declined IN across DT the NN board CC and DT the JJ many NNS firms VBG planning TO to

    VB sell $ $ CD 11 CD billion IN in FW junk FW bonds FW before FW year-end FW are FW experiencing FW anxious FW times . . <s> <s> NNS These VBP are DT all NN market . excesses -LRB- -LRBFW putting FW aside FW the FW artificial FW boosts FW that FW the FW tax FW code FW gives FW to FW debt FW over FW equity -RRB- -RRB, , CC and WP what PRP we VBP 've EX seen VBZ is DT the NN market WRB reining PRP them RP in . . <s> <s> DT Of NN course , , NNP Washington VBD had RB n't VBN been RP silent IN in DT the

    NNS days VBG leading RP up TO to DT the NN debacle , , CC and PRP$ its NN tendency TO to VB meddle IN in DT the FW leverage FW equation FW remains FW a FW troublesome FW prospect FW , FW but FW those FW preliminary FW steps FW should FW n't FW distract FW us FW from FW the FW basic FW market FW fundamentalism WDT that VBD was IN at NN work IN on NNP Friday . . <s> <s> IN If PRP it VBZ is VBN correct TO to VB find IN that FW concerns FW over FW corporate FW debt FW and FW LBOs FW caused FW Gray FW Friday , , WP what

    VBP are DT the NNS implications IN for NN policy NNS makers . ? <s> <s> . After -RRB- all , , DT the NN stock NN market POS 's NN response TO to DT the NN collapse IN of DT the NNP UAL NN deal MD might VB be VBN taken TO to VB confirm DT the JJS anti-debt NN direction IN of NNS regulators . . <s> <s> IN Is DT this DT a NN case WRB where JJ private NNS markets VBP are VBN approving IN of NNP Washington POS 's JJS bashing IN of NNP Wall NNP Street . ? <s> <s> VBZ Absolutely RB not . . <s> <s> IN To DT the NN extent

    IN that NNP Friday POS 's FW sell-off FW reflected FW a FW sudden FW reappraisal IN of DT the NN excesses IN of NN leverage , , DT the NN message VBZ is IN that NNP Wall NNP Street CC and DT the JJ private NNS markets VBP are FW fully FW capable FW of FW imposing FW the FW appropriate FW incentives FW and FW sanctions FW on FW corporate FW behavior . . <s> <s> DT The JJ national JJ economic NNS interests VBP are RB much RBR better LS served PDT allowing DT the JJ private NNS interests IN of NNS bankers CC and NNS investors VB be DT the JJ ultimate NNS judges IN of

    DT the NN investment NN quality IN of FW various FW LBO FW deals FW and FW leveraged FW restructurings . . <s> <s> DT The JJ recent NNS difficulties IN in DT the NN junk-bond NNS markets CC and DT the FW scarcity FW of FW bank FW capital FW for FW recent FW deals FW underscores FW the FW wisdom FW of FW letting FW the FW free FW markets FW operate . . <s> <s> FW If FW takeover FW premiums FW become FW excessive FW , FW if FW LBO FW dealmakers FW become FW too FW aggressive , , RB then DT the JJ private NN market MD will FW recognize FW these FW problems

    FW more FW quickly FW and FW accurately FW than FW will FW policy FW makers , , CC and DT the NNS markets MD will VB move IN with FW lightning FW speed FW to FW impose FW appropriate FW sanctions . . <s> <s> NN Yes , , DT the FW broader FW exchanges FW got FW caught RP up IN in DT the NN spiral , , CC but PRP they VBD rode DT the RBS tiger RP up DT all NN year . . <s> <s> . Not -RRB- surprisingly , , PRP he LS sometimes LS bites . . <s> <s> FW The FW arbitragers FW and FW takeover FW initiatiors FW got FW killed

    FW on FW Gray FW Friday , , IN while DT the FW besieged FW managers FW of FW prospective FW targets FW cheered FW lustily . . <s> <s> IN If PRP you VBP identify IN with DT the FW besieged FW managers FW , FW you FW must FW concede FW that FW speedy FW and FW effective FW relief IN from DT the NN excesses IN of DT the NN takeover NN market VBZ is RBR more JJ likely TO to VB come IN from DT the NN marketplace IN than IN from NNP Washington . . <s> <s> IN If PRP you VBP side IN with DT the NNS arbitragers CC and NNS raiders , ,

    PRP you MD clearly VB have JJR more TO to VB fear IN from JJ private NNS investors IN than IN from NNS regulators , , IN although DT the FW Delaware FW courts FW should FW never FW be FW underestimated . . <s> <s> . The '' truth VBZ is , , FW Washington FW understands FW politics FW better FW than FW economics . . <s> <s> IN Although DT the FW average FW citizen FW is FW probably FW not FW harmed FW too FW much FW from FW Washington FW 's FW rhetorical FW war FW against FW Wall FW Street FW regarding FW excessive FW financial FW leveraging FW , FW actual FW legislation

    FW would FW probably FW impose FW considerable FW harm . . <s> <s> DT Any JJ such NN attempt TO to VB distinguish `` `` JJ good NN debt '' '' IN from `` `` JJ bad NN debt , , '' '' CC or TO to VB draw DT the NN line IN at DT a JJ particular NN industry , , JJ such IN as DT the NNS airlines , , VBZ is JJ likely TO to VB blunt DT the NN spur IN that DT the FW proper FW amount FW of FW leverage FW provides FW both FW to FW equity FW markets FW and FW economic FW efficiency FW in FW general . .

    <s> <s> IN Far JJR better IN for NN policy NNS makers TO to VB concentrate IN on DT the NN war IN against NNS drugs , , NNP Panama CC and DT the NN deficit , , DT all IN of PRP them LS parades WDT that VBP seem RB never TO to VB end . . <s> <s> . Mr. -RRB- Jarrell , , JJ former JJ top NN economist IN at DT the NNPS Securities CC and NNP Exchange NNP Commission , , '' teaches IN at DT the FW University FW of FW Rochester FW 's FW Simon FW Business FW School . . <s> <s> FW Tokyo FW share FW prices FW rebounded FW Tuesday

    FW morning , , IN with DT the FW Nikkei FW index FW of FW 225 FW selected FW stocks FW rising FW 618.69 FW points TO to VB close DT the FW morning FW session FW at FW 35087.38 . . <s> <s> . The UH index UH slid UH 647.33 UH points , , CC or CD 1.8 NN % , , IN on NNP Monday . . <s> <s> IN In DT the JJ first CD 25 NNS minutes IN of NNP Tuesday POS 's NN trading DT the FW Nikkei FW index FW soared FW 664.83 FW points , , TO to VB 35133.83 . . <s> <s> . By UH 10 UH a.m. UH Tokyo

    UH time , , DT the NN index VBD was RP up UH 435.11 UH points , , TO to FW 34903.80 FW as FW investors FW hailed FW New FW York FW 's FW overnight FW rally . . <s> <s> NNP Monday POS 's FW slide FW came FW in FW a FW relatively FW calm FW session WDT that VBD did RB n't VB provide JJ much NN direction IN for JJ other NNS markets . . <s> <s> VBZ Shares RB also VBD closed RB sharply JJR lower IN across NNP Europe , , RB particularly IN in NNP Frankfurt , , IN although NNP London CC and DT a JJ few JJ other NNS markets

    VBD recovered DT some NN ground IN after NNS stocks VBD began TO to VB rebound IN in NNP New NNP York . . <s> <s> FW Other FW Asian FW and FW Pacific FW markets FW had FW sharper FW losses FW than FW Tokyo , , CC but DT the FW selling FW wave FW stopped FW short FW of FW precipitating FW another FW market FW crash . . <s> <s> . All '' eyes VBD were IN on NNP Tokyo IN at DT the NN opening IN because PRP it VBD was DT the JJ first JJ major NN market TO to VB trade IN since NNP Friday POS 's JJS 190.58-point NN plunge IN on

    NNP Wall NNP Street . . <s> <s> VBZ But RB rather IN than PDT set DT the NN tone IN for JJ other NNS markets , , NNP Japan POS 's JJ major JJ institutional NNS investors VBD chose TO to VB remain IN on DT the NNS sidelines . . <s> <s> NN Still , , IN despite DT the FW sudden FW reappearance FW of FW stock-market FW turbulence , , NNS managers IN of JJ Japanese NN investment NNS funds VBD said PRP they VBD were RB n't VBG planning TO to VB unload NNP U.S. CC or JJ European NNS equities . . <s> <s> IN `` PRP We VBD did RB n't VB trade

    JJ much NN today , , IN as PRP$ our NN policy RB now VBZ is TO to VB wait CC and VB see , , '' '' VBD said DT a FW fund FW manager FW at FW Taisho FW Life FW Insurance FW Co . . <s> <s> IN `` PRP We MD would VB like TO to VB wait CC and FW see FW until FW trading FW goes FW around FW through NNP Europe CC and NNP New NNP York . . '' '' <s> <s> FW The FW institutions FW appeared FW confident FW that FW Japanese FW regulators FW would FW step FW in FW to FW ensure FW orderly FW trading FW if

    FW necessary , , CC and EX there VBD was JJ considerable NN speculation IN during DT the NN day IN that DT the FW Finance FW Ministry FW was FW working FW behind FW the FW scenes TO to VB do RB just IN that . . <s> <s> NN But IN in DT the NN absence IN of DT panicky NN trading , , PRP$ its FW presence FW was FW never FW overtly FW felt . . <s> <s> IN At DT the NN close , , DT the FW Nikkei FW average FW of FW 225 FW stocks FW stood FW at FW 34468.69 FW , FW down FW 647.33 FW points , , CC or

    CD 1.8 NN % . . <s> <s> FW The FW broader FW Tokyo FW Stock FW Price FW Index FW sank FW 45.66 , , CC or CD 1.7 NN % , , TO to VB 2600.88 . . <s> <s> DT The NN day POS 's NN decline VBD was RB generally IN in FW line FW with FW analysts FW ' FW weekend FW predictions . . <s> <s> FW Declining FW issues FW swamped FW advancers FW , FW 941-105 . . <s> <s> DT But NN volume VBD was VBN thin IN at $ 526.2 CD million NNS shares , , VBN compared IN with $ 574.7 CD million NNP Friday . . <s> <s>

    DT The NN market VBD opened RB sharply JJR lower , , IN with DT the FW Nikkei FW average FW down FW nearly FW 600 FW after FW 20 FW minutes . . <s> <s> . A UH midmorning UH rebound UH brought PRP it RB back TO to VB show DT a NN gain IN of IN about CD 200 IN at DT the NN end IN of DT the NN morning NN session , , CC but DT the NN rally VBD failed IN in DT the NN afternoon , , CC and DT the NN market VBD closed IN near DT the NN day POS 's JJ low . . <s> <s> IN The JJR smaller

    NNS stocks IN in DT the NNP Tokyo NN market POS 's JJ second NN section RB also VBD posted PRP$ their JJS biggest NN decline IN of DT the NN year . . <s> <s> NNP The NNP Tokyo NNP Stock NNP Exchange NN index IN for DT the FW second FW section FW fell FW 100.96 , , CC or CD 2.7 NN % , , TO to VB 3655.40 . . <s> <s> JJ Many NNS investors , , VBG trying TO to VB outperform DT the NN market POS 's JJ major NNS indexes , , VBP have VBN flocked TO to DT these JJ small NNS issues IN in JJ recent NNS weeks . .

    <s> <s> JJ Japanese NNS investors CC and NNS traders . expressed '' relief IN that DT the NNP Tokyo NN market VBD did RB n't VB fall RBR more RB sharply . . <s> <s> IN But PRP$ its FW performance FW did FW bear FW some FW resemblance TO to NNS events IN of CD two NNS years RB ago , , IN during DT the FW October FW 1987 FW global FW stock FW market FW crash . . <s> <s> NNP On NNP Oct. CD 16 , , CD 1987 : -DT the NNP Friday IN before DT the RBS Black LS Monday SYM crash : -DT the NNP New NNP York NN market

    VBD dropped CD 4.6 NN % , , CC and NNP Tokyo VBD followed IN on NNP Monday IN with DT a JJS 2.4 NN % NN drop . . <s> <s> DT This NN time , , NNP Wall NNP Street POS 's NN plunge IN of CD 6.9 NN % NNP Friday VBD was VBN followed IN by NN yesterday POS 's JJS 1.8 NN % NN loss IN in NNP Tokyo . . <s> <s> JJ Two NNS years RB ago , , NNP Tokyo POS 's JJS biggest NN fall VBD came DT the NN day IN after NNP New NNP York POS 's FW 22.6 FW % FW Black FW Monday FW plunge , ,

    WRB when DT the FW Nikkei FW average FW fell FW 14.9 NN % . . <s> <s> NN Thus , , FW market FW participants FW yesterday FW were FW looking FW ahead FW nervously TO to NNP Wall NNP Street POS 's NN opening . . <s> <s> NN But IN in NNP New NNP York NN yesterday , , DT the FW Dow FW Jones FW Industrial FW Average FW surged FW 88.12 FW to FW close FW at FW 2657.38 FW on FW heavy FW volume FW of FW 416,290,000 FW shares FW , FW although FW declining FW issues FW still FW outnumbered FW advancing FW ones IN on DT the JJ broad NN market

    . . <s> <s> . Nobuto -RRB- Yasuda , , DT a NN director IN at FW Yamaichi FW Investment FW Trust FW & FW Management FW Co. FW , FW called FW yesterday FW 's FW session FW `` FW a FW good FW scenario '' '' IN for NNP Japan . . <s> <s> . `` '' Now PRP we VBP are VBG looking IN for DT the NN time TO to # place UH buy UH orders , , '' '' PRP he VBD said . . <s> <s> . `` UH For UH us UH institutional UH investors , , DT the NN chance IN for NN buying VBZ has VBN come . . '' ''

    <s> <s> . Isao -RRB- Ushikubo , , JJ general NN manager IN of DT the FW investment FW research FW department FW at FW Toyo FW Trust FW & FW Banking NNP Co. , , RB also VBD was RP optimistic . . <s> <s> . He '' described NNP Friday POS 's NN plunge IN in DT the NNP U.S. IN as DT a `` `` FW fleeting FW '' FW event FW resulting FW in FW part FW from FW excessive FW merger FW and FW acquisition FW activity . . <s> <s> . `` UH Unless EX there VBZ is DT a NN panic , , DT this VBZ is DT the JJS best NN time

    TO to VB buy , , RB as VBD was DT the NN case CD two NNS years RB ago , , '' '' PRP he VBD said . . <s> <s> IN `` DT Those NNS shares WDT which VBD had FW posted FW gains FW on FW M&A FW speculation FW were FW dashed FW with FW cold FW water , , CC but RB as RB far IN as JJ major NNS stocks VBP are VBN concerned , , EX there VBZ is RB n't JJ much NN impact . . '' '' <s> <s> FW Other FW fund FW managers FW were FW similarly FW sanguine . . <s> <s> IN `` PRP We VBP have

    DT no NNS plans TO to FW adjust FW our FW asset FW allocation FW in FW foreign FW equities , , '' '' VBD said UH Masato UH Murakami , , JJ chief NN portfolio NN manager IN in DT the FW pension FW fund FW management FW department FW at FW Yasuda FW Trust FW & FW Banking FW Co . . <s> <s> NN He VBD said NNP Friday POS 's NNP Wall NNP Street NN decline VBD was `` `` RB well IN within DT the NN range IN of NN volatility '' '' WDT that FW Yasuda FW Trust FW plans FW for FW when FW it FW charts FW its FW overseas FW investment

    FW strategy . . <s> <s> DT Among JJ other NNS Asian CC and NNP Pacific NNS markets , , NNP Malaysia CC and NNP Singapore VBD had DT the JJS biggest NNS losses , , IN with DT the FW Kuala FW Lumpur FW composite FW index FW in FW Malaysia FW falling FW 11.5 FW % FW and FW Singapore FW 's FW Straits FW Times FW Industrial FW Index # down CD 10 NN % . . <s> <s> . Major '' indexes VBD declined JJR more IN than CD 8 NN % IN in NNP Australia CC and NNP New NNP Zealand CC and CD 6.5 NN % IN in NNP Hong NNP Kong . .

    <s> <s> NN Bangkok , , NNP Manila , , NNP Seoul , , FW Taipei FW and FW Jakarta FW escaped FW with FW slightly FW smaller FW losses . . <s> <s> NN Brokers CC and NN fund NNS managers VBD said DT the NN region POS 's NNS markets VBD were VBN reacting TO to NNP Friday POS 's FW Wall FW Street FW plunge FW even FW though FW that FW decline FW was FW due FW to FW local FW factors FW such FW as FW failed FW corporate FW buy-outs FW and FW a FW deteriorating FW junk-bond FW market . . <s> <s> IN `` PRP It VBZ 's UH pure UH psychology

    , , '' '' VBD said FW William FW Au FW Yeung FW , FW an FW account FW executive FW for FW Drexel FW Burnham FW Lambert FW -LRBFW HK FW -RRBFW Ltd. FW in FW Hong FW Kong . . <s> <s> . `` '' Markets IN in DT this NN region VBP are RB n't RB so VBN geared TO to # leveraged UH buy-outs , , CC and PRP$ their NNS economies RB generally VBP are IN in JJ good NN shape , , CC but EX there VBZ 's DT no NN doubt IN that NNP Asia VBZ is RB still VBG following NNP America POS 's NN lead . . '' ''

    <s> <s> JJ Several NNS analysts VBD said NNP Malaysia CC and NNP Singapore VBD had DT the JJS biggest NNS losses IN because PRP they VBP are RB relatively VB open TO to # rapid LS cash LS flows . . <s> <s> . Hong '' Kong VBZ is DT the NN region POS 's JJ next RBS most JJ open NN market , , CC but JJ many JJ foreign NNS investors VBP have VBN been FW staying FW away FW from FW it FW since FW it FW plunged FW in FW June FW amid FW political FW turmoil FW in FW China . . <s> <s> . `` '' Singapore VBD took DT the NN hit

    IN because WRB when NNS people VBP want TO to VB get RP out , , PRP they VBP tend TO to VB go WRB where DT the NN liquidity VBZ is , , '' '' VBD said FW Elizabeth FW Hambrecht FW , FW a FW regional FW analyst FW with FW Baring FW Securities FW -LRBFW Hong FW Kong FW -RRBFW Ltd . . <s> <s> NN She VBD pointed RP out IN that RB even IN after NNP Monday POS 's CD 10 NN % NN decline , , DT the FW Straits FW Times FW index FW is FW up FW 24 FW % FW this FW year FW , FW so FW investors

    FW who FW bailed FW out FW generally FW did FW so FW profitably . . <s> <s> NN Similarly , , FW Kuala FW Lumpur FW 's FW composite FW index FW yesterday FW ended FW 27.5 FW % FW above FW its FW 1988 FW close . . <s> <s> NNP In NNP Hong NNP Kong , , DT the FW Hang FW Seng FW Index FW fell FW 180.60 FW to FW finish FW at FW 2601.70 . . <s> <s> NN Trading VBD was JJ heavy IN at IN about CD one CD billion NNS shares , , VBN compared IN with $ 473.9 CD million NNP Friday . . <s> <s> IN But DT the

    NN session VBD was UH orderly , , IN in NN contrast TO to DT the NN market POS 's FW four-day FW closure FW after FW the FW 1987 FW crash . . <s> <s> . Richard -RRB- Chenevix-Trench , , DT a NN director IN at FW Hong FW Kong-based FW Baring FW International FW Fund FW Managers FW Ltd. , , VBD said DT the NN market RB probably VBZ has RB n't FW hit FW bottom FW yet FW but VBZ is RB close . . <s> <s> NN `` IN If NNP New NNP York VBZ does RB n't RBR collapse , , PRP I VBP see RB maybe DT another CD 5 NN %

    IN on DT the NN downside , , RB not VBG counting DT the NN risk IN of JJ bad NN news RP out IN of NNP China , , '' '' PRP he VBD said . . <s> <s> NNP In NNP Australia , , FW Sydney FW 's FW All FW Ordinaries FW index FW closed FW at FW 1601.5 FW , FW down FW 8.1 FW % FW , FW its FW biggest FW drop FW since FW October FW 1987 . . <s> <s> DT But NN volume VBD rose RB only TO to $ 162 CD million NNS shares IN from $ 143 CD million NNP Friday . . <s> <s> . Nestor -RRB- Hinzack

    , , DT an NN analyst IN at FW brokerage FW firm FW Burdett FW , FW Buckeridge FW & FW Young FW Ltd. , , VBD described DT the NN market POS 's NN performance IN as `` `` FW sheep-like FW '' FW as FW investors FW fled FW to FW bluechip FW Australian FW stocks FW and FW shunned FW entrepreneurial FW companies FW they FW perceived FW as FW having FW any FW takeover FW premium FW built IN into DT the NN price . . <s> <s> NNP London POS 's FW Financial FW Times-Stock FW Exchange FW 100-share FW index , , DT the RBS most UH closely UH watched UH market UH barometer

    , , VBN ended IN at PRP$ its FW intraday FW high FW of FW 2163.4 FW , FW down FW 70.5 , , CC or PRP$ 3.2 NN % . . <s> <s> IN At PRP$ its JJ low , , FW shortly FW before FW Wall FW Street FW opened , , PRP it VBD was RP off JJR more IN than CD 130 NNS points . . <s> <s> FW The FW Financial FW Times FW 30-share FW index FW closed FW 79.3 FW points FW lower FW at FW 1738.7 . . <s> <s> IN Volume JJR more IN than VBG doubled TO to $ 959.3 CD million NNS shares IN from $ 457.7 CD million

    NNP Friday . . <s> <s> NN Prices IN on DT the NNP Frankfurt NNP Stock NNP Exchange VBD tumbled IN in JJ heavy NN trading . . <s> <s> DT The NN decline IN in DT the FW German FW Stock FW Index FW of FW 203.56 FW points , , CC or PRP$ 12.8 NN % , , TO to WP 1385.72 VBD was DT the FW Frankfurt FW market FW 's FW steepest FW fall FW ever . . <s> <s> FW Retail FW investors FW dumped FW holdings FW on FW a FW massive FW scale FW , FW pushing FW some FW blue-chip FW shares RP down IN as JJ much IN as CD 20

    NN % . . <s> <s> NN Analysts . cited '' memories IN of CD two NNS years RB ago , , WRB when JJ many JJ small NNS investors VBN held IN on TO to PRP$ their NNS shares IN after DT the NNP October NN crash CC but DT the JJ West JJ German NN market VBD continued TO to VB decline RP steeply IN for DT the JJ next CD three NNS months . . <s> <s> NNS Here VBP are NN price NNS trends IN on DT the NN world POS 's JJ major NN stock NNS markets , , IN as FW calculated FW by FW Morgan FW Stanley FW Capital FW International FW Perspective

    FW , FW Geneva . . <s> <s> TO To VB make PRP them UH directly UH comparable , , DT each NN index VBZ is VBN based IN on DT the NN close IN of # 1969 # equaling CD 100 . . <s> <s> FW The FW percentage FW change FW is FW since FW year-end . . <s> <s> NNP Frank NNP Lloyd NNP Wright VBZ is VBN reported TO to VB have VBD said RB once IN that IN if PRP you VBD tipped DT the NN world IN on PRP$ its NN side , , WP$ everything LS loose MD would VB end RP up IN in NNP California . . <s> <s> FW We

    FW 've FW always FW thought FW that FW Mr. FW Wright FW underestimated FW California FW 's FW vitality , , CC but RB maybe DT the NN state POS 's LS la-la EX factions VBP are VBG starting TO to VB overwhelm DT the NNS forces WDT that VBD made PRP it PDT such DT a JJ significant NN place . . <s> <s> . What '' else VBZ is CD one TO to VB make IN of DT the FW whacky FW save-the-earth FW initiative FW just FW proposed FW by FW several FW major FW environmental FW groups FW and FW organized IN by DT the NN state POS 's NN attorney NN general . ?

    <s> <s> VBZ If VBN passed IN by DT the NNS voters , , DT the FW recently FW announced FW initiative FW would FW phase FW out FW major FW pesticides FW , FW reduce FW carbon FW dioxide FW emissions FW by FW 40 FW % FW , FW ban FW new FW offshore FW drilling FW , FW ban FW chemicals FW thought FW to FW deplete FW the FW ozone FW layer FW , FW and FW create FW a FW new FW state FW environmental FW officer FW armed IN with DT a $ $ CD 40 CD million NN budget TO to FW sue FW any FW firm FW or FW agency FW he

    FW thinks FW is FW being FW too FW dirty . . <s> <s> . The '' initiative VBZ is VBN based RB largely IN on DT the NN wish-lists IN of DT the RBS green SYM lobby : : DT the RBS Sierra UH Club , , DT the FW League FW of FW Conservation FW Voters , , DT the FW Natural FW Resources FW Defense FW Council , , DT the FW National FW Toxics FW Campaign FW and FW the FW Citizens FW for FW a FW Better FW Environment . . <s> <s> NN Interestingly , , DT the FW Environmental FW Defense FW Fund FW is FW having FW nothing TO to VB do

    IN with DT this CD one . . <s> <s> FW Not FW only FW Californians FW but FW all FW Americans FW would FW pay FW if FW this FW thing FW passed . . <s> <s> . The UH initiative PDT bars DT the NN sale IN of DT any NNS crops IN in NNP California WDT that VBP do RB n't VB meet DT the NN initiative POS 's NNS standards . . <s> <s> FW Kansas FW wheat FW farmers FW and FW Florida FW fruit FW growers MD would VB have TO to VB adjust CC or VB give RP up DT the NNP California NN market . . <s> <s> DT In JJ other

    NNS words , , NNP California VBZ is VBN presuming TO to VB take NN control IN of DT the NN nation POS 's NN farm NN policy . . <s> <s> FW As FW usual FW the FW green FW lobby FW 's FW proposal FW is FW disconnected FW from FW scientific FW reality . . <s> <s> IN Consider DT the JJS greenhouse-effect NN provision . . <s> <s> FW The FW proposed FW initiative FW would FW mandate FW a FW reduction FW of FW carbon FW dioxide IN of CD 40 NN % . . <s> <s> NN Even IN if CD one NNS buys IN into DT the FW whole FW greenhouse FW theory

    , , PRP it VBZ is VBN inconceivable IN that NNS reductions IN in DT a JJ single NN state MD could VB have DT any NN impact IN on WP what VBZ is VBN billed IN as DT a JJ global NN problem . . <s> <s> FW But FW if FW rational FW science FW and FW economics FW have FW nothing TO to VB do IN with DT the JJ new NN environment NN initiative , , WP what VBZ is VBG going RP on . ? <s> <s> DT The JJ first NN place TO to VB look IN under DT these NNS circumstances VBZ is IN at DT the NNS ways IN in WDT which

    DT the `` sponsors PRP themselves MD will VB benefit . . <s> <s> DT The NN key RB here VBZ is DT the FW ambition FW of FW state FW Attorney FW General FW John FW Van FW de FW Kamp . . <s> <s> NNP He POS 's VBG running IN for NN governor . . <s> <s> FW Mr. FW Van FW de FW Kamp VBZ is DT the NN one WP who VBD collected DT the NNS plans IN from DT the FW various FW radical FW environmental FW groups FW and FW cobbled FW them FW into FW a FW single FW unwieldy FW initiative TO to VB be VBN placed IN on DT the

    FW ballot FW for FW election FW on FW Nov. FW 6 , , CD 1990 . . <s> <s> NN That VBZ 's RB also DT the NN day IN of DT the JJ gubernatorial NN election . . <s> <s> . The '' initiative VBZ seems TO to VB have VBN been RP crafted TO to VB include PDT all DT the JJ hot NNS issues WDT that VBD set RP off DT the FW wealthy FW Hollywood FW weepers FW who FW donate FW money . . <s> <s> IN And PRP it FW allows FW Mr. FW Van FW de FW Kamp FW to FW get FW around FW campaign FW spending FW limits . .

    <s> <s> NN He MD can VB spend DT the JJ legal NN maximum IN for PRP$ his NN campaign : ; PDT all DT the NN spending IN for DT the FW Van FW de FW Kamp FW initiative -LRB- -LRBIN on WDT which EX there VBP are UH no LS limits -RRB- -RRBVBZ is VBN gravy . . <s> <s> . This '' initiative VBZ is VBG being UH labeled UH The UH Big UH Green , , CC but WRB maybe PRP it MD should VB be VBN called DT The RBS Big LS Greenback . . <s> <s> IN -LRBDT The JJ Republican NN candidate , , WP$ Sen. UH Pete UH Wilson

    , , VBZ is VBG playing DT the FW initiative FW fundraising FW game FW too FW , FW sponsoring FW his FW own FW crime FW initiative . . -RRB- -RRB<s> <s> IN While PRP it VBZ is JJ possible IN that DT the FW Big FW Green FW initiative FW will FW be FW ruled FW unconstitutional , , PRP it VBZ is IN of FW course FW conceivable FW that FW in FW modern FW California FW it FW could FW slide FW through . . <s> <s> NN This VBZ is DT the NN state IN that FW recently FW passed FW the FW Prop. FW 65 FW anti-toxic FW initiative . . <s> <s>

    IN If DT this JJ new NN proposal RB ever VBZ does VBN become NN law , , DT the FW green FW lobby FW will FW benefit FW directly . . <s> <s> FW The FW initiative FW creates FW a FW free FW floating FW state FW environmental FW officer FW to FW sue FW companies FW or FW government FW agencies FW that FW do FW things FW he FW does FW n't FW like . . <s> <s> NN That VBZ means DT the FW NRDC FW and FW such FW groups FW no FW longer MD would VB have TO to VB spend IN as JJ much NN money IN on SYM litigation : ;

    LS taxpayers MD would VB bear DT the NN cost . . <s> <s> FW Mr. FW Van FW de FW Kamp CC and PRP$ his NNS allies MD may VB be RP hoping IN that DT the NN environment VBZ is PDT such FW a FW mom FW and FW apple-pie FW issue FW among FW certain FW segments FW of FW California FW 's FW population FW now FW that FW almost FW any FW collection FW of FW anti-scientific FW , FW anti-pocketbook FW nonsense FW can FW pass FW under FW its FW rubric . . <s> <s> IN Of PDT course DT the NN state POS 's FW liberals FW are FW not FW yet

    FW a FW nation FW unto FW themselves . . <s> <s> NNP George NNP Bush , , IN for NN example , , MD may VB decide IN that PRP he VBZ does RB n't VBP want TO to VB be DT the FW President FW who FW lost FW control FW of FW interstate FW commerce FW to FW an FW attorney FW general FW from FW California . . <s> <s> IN And DT some JJ other NNS segments IN of NNP California POS 's FW political FW and FW media FW culture FW may FW yet FW start TO to VB point RP out IN that DT the NN initiative MD would VB impose JJ significant

    NNS costs IN on DT the NN state POS 's FW less FW affluent FW citizens IN in DT the NN form IN of JJR higher NN food NNS prices CC and JJ lost NNS jobs . . <s> <s> FW This FW grandiose FW initiative FW will FW help FW California FW define FW itself FW for FW the FW future FW either FW as FW a FW state FW still FW tethered FW to FW economic FW and FW scientific FW reality FW , FW or FW as FW one FW being FW led FW to FW wherever FW its FW la-la FW activists FW want TO to VB take PRP it . . <s> <s> NN First

    , , EX there VBD was DT a NN death NN watch . . <s> <s> . Then -RRB- exhilaration . . <s> <s> NN Spurred IN by NNS waves IN of JJ large-scale NN buying IN in JJ blue-chip NNS stocks , , DT the FW Dow FW Jones FW Industrial FW Average FW rallied FW yesterday FW and FW erased FW about FW a FW half FW of FW Friday FW 's FW 190.58-point FW plunge FW , FW gaining FW 88.12 FW to FW 2657.38 . . <s> <s> NN It VBD was DT the JJS fourth-biggest NN advance IN for DT the NN average IN of FW 30 FW blue FW chips FW , FW on

    FW frenetic FW New FW York FW Stock FW Exchange FW volume FW of FW 416,290,000 SYM shares : -DT the JJS highest IN since DT the NNS days IN after DT the CD 1987 NN crash . . <s> <s> IN While DT the FW advance FW cheered FW investors FW who FW feared FW a FW 1987-style FW crash FW would FW occur FW yesterday , , PRP it VBD was FW strictly FW a FW big-stock FW rally FW fed FW by FW huge FW buying FW by FW bargain-hunting FW institutions FW and FW program FW traders . . <s> <s> FW A FW troubling FW sign FW : FW Declining FW stocks FW on

    FW the FW Big FW Board FW outnumbered FW advancers FW , FW 975 FW to FW 749 , , CC and DT the JJ over-the-counter NN market IN that FW includes FW many FW smaller FW stocks FW suffered FW aftershocks FW of FW Friday FW 's FW late FW Big FW Board FW plunge . . <s> <s> FW The FW Nasdaq FW OTC FW index FW closed FW down FW 6.31 FW to FW 460.98 . . <s> <s> NN Meanwhile , , IN in DT a NN divergence IN in CD two IN of DT the NN market POS 's RBS most JJ important NNS indicators , , DT the FW Dow FW industrials FW '

    FW sister FW average , , DT the FW 20-stock FW Dow FW Jones FW Transportation FW Average FW , FW tumbled FW 102.06 FW to FW 1304.23 FW -FW its FW second-worst FW decline FW next FW to FW the FW 164.78-point FW fall FW during FW the FW 1987 FW crash . . <s> <s> FW Transports FW plunged FW on FW takeover FW disappointments FW in FW two FW airline FW stocks , , NNP UAL CC and NNP AMR , , WDT which FW each FW fell FW more FW than FW 20 FW % FW when FW they FW reopened FW for FW trading FW yesterday FW after FW being FW suspended FW Friday

    FW afternoon . . <s> <s> NN UAL , , DT the NN takeover NN stock IN at DT the NN center IN of NNP Friday POS 's FW 190.58-point FW market FW plunge FW , FW fell FW 56 FW 7\/8 FW to FW 222 FW 7\/8 FW on FW nearly # 2.3 CD million NNS shares . . <s> <s> NN Overall , , `` `` DT this VBZ is DT a JJ pleasant NN rally CC but PRP it VBZ 's RB very RBR selective , , '' '' VBD said FW Arthur FW Cashin FW Jr. FW , FW a FW veteran FW PaineWebber FW Inc. FW trader IN at DT the NNP Big NNP Board

    . . <s> <s> . `` '' Everyone VBD was DT a JJ little NNS concerned IN about DT the JJ general NNS narrowness IN of DT the NN rally CC and NN failure IN of DT the NNP OTC NN market TO to VB get IN into # plus LS territory . . <s> <s> NNP It POS 's FW just FW a FW strange FW feeling . . <s> <s> NNS I VBP do RB n't FW think FW anyone FW left FW the FW place FW whistling FW Dixie . . '' '' <s> <s> . The UH rally UH gave UH credence , , IN at JJS least IN for RB now , , TO to

    DT the FW pre-trading FW declaration FW of FW Big FW Board FW Chairman FW John FW J. FW Phelan FW Jr. FW that FW Friday FW 's FW market FW debacle FW was FW `` FW an FW abnormal FW condition , , CC and RB not DT a NN disaster . . '' '' <s> <s> NN But TO to NNS traders , , PRP it VBD looked IN like NN disaster IN on DT the FW 9:30 FW a.m. FW opening FW bell . . <s> <s> FW The FW Dow FW Jones FW Industrial FW Average FW opened FW down FW 1.64 FW shortly FW after FW 9:30 . . <s> <s> DT But JJS most

    IN of DT the CD 30 JJ blue-chip NNS stocks IN in DT the NN average , , FW including FW Eastman FW Kodak FW and FW General FW Motors , , MD could RB n't VB trade IN because IN of DT the FW heavy FW backlog FW of FW sell FW orders FW left FW over FW from FW Friday FW 's FW late-afternoon FW rout . . <s> <s> . At -RRB- 9:45 , , WP$ Procter LS & SYM Gamble : -CD one IN of DT the RBS most FW important FW Dow FW bellwethers FW of FW late FW -FW opened FW down FW 2 FW 3\/4 FW to FW 117 . .

    <s> <s> NNP The NNP Dow VBD dropped TO to DT a FW quick FW 27-point FW loss , , CC and TO to FW many FW traders FW it FW looked FW as FW if FW stocks FW were FW headed FW for FW yet FW another FW big FW tumble . . <s> <s> JJ More NNS stocks VBD opened IN over DT the RBS ensuing PDT half UH hour , , IN as DT the FW 49 FW Big FW Board FW specialist FW firms FW in FW charge FW of FW keeping FW the FW market FW orderly FW groped FW to FW find FW buy FW orders FW from FW major FW brokerage FW firms

    FW to FW match FW the FW selling FW flood . . <s> <s> NN Then , , TO to VB make FW matters FW worse FW , FW computerized FW sell FW programs FW kicked FW in FW , FW hammering FW stocks FW into FW steeper FW losses . . <s> <s> NN There VBD was FW heavy FW stock-index FW arbitrage FW , FW as FW traders FW sold FW big FW baskets FW of FW stock FW and FW bought FW stock-index FW futures TO to VB profit IN from DT the NN price NNS discrepancies IN between DT the CD two NNS markets . . <s> <s> NN This VBD was DT a NN hangover

    IN from NNP Friday , , WRB when FW Standard FW & FW Poor FW 's FW 500-stock FW index FW futures FW had FW closed FW at FW a FW sharp FW discount TO to NNS stocks . . <s> <s> . The '' onslaught IN of DT the FW program FW selling FW dashed FW any FW hopes IN that DT some IN of DT the JJ big NN program NN trading NNS firms MD would VB hold RP off IN until DT the NN market -RRB- stabilized . . <s> <s> NN They VBD did RB n't . . <s> <s> NNP The NNP Dow VBD accelerated PRP$ its NN slide , , VBG losing RP 63.52

    IN in DT the JJ first CD 40 NNS minutes IN of NN trading . . <s> <s> FW With FW program FW traders FW seemingly FW in FW charge FW , FW buyers FW backed RP away IN from DT the NN market CC and FW watched FW stocks FW fall . . <s> <s> NN Then IN at PDT 10:15 DT the FW Dow FW suddenly FW started FW to FW rebound , , CC and WRB when PRP it MD shot VB upward PRP it VBD did RB so RB even RBR faster IN than DT the JJ early-morning NN fall . . <s> <s> IN And DT this NN time , , PRP it VBD was

    RB n't RB just DT the NN program NNS traders WP who VBD were JJ responsible . . <s> <s> IN All DT the FW selling FW had FW pushed FW stocks FW to FW such FW cheap FW values FW that FW big FW investment FW banks FW and FW major FW money FW management FW firms FW started FW buying FW stocks FW heavily . . <s> <s> DT The NN program NNS traders VBD were IN in EX there , , RB too , , IN of NN course . . <s> <s> IN But VBG according TO to CD one NN trader , , DT the FW programmers FW `` FW did FW n't FW look

    FW as FW dominant FW on FW the FW upside FW as FW on FW the FW downside FW because FW there FW was FW -LCBFW also FW -RCBFW a FW lot FW of FW bargain-hunting '' '' IN by NNS institutions . . <s> <s> . Roland UH M. UH Machold , , NN director IN of DT the NNP New NNP Jersey NNP Division IN of NNP Investment , , WDT which VBZ oversees $ $ CD 29 CD billion IN in NNS investments , , VBD said DT the `` `` FW first FW thing FW we FW did FW was FW to FW double FW our FW orders FW '' FW yesterday FW morning

    . . <s> <s> NN `` IN With DT the NN market RB down IN like DT this , , PRP we MD 'll RB probably VB take DT another $ $ CD 50 CD million CC and VB put PRP it RP in '' '' DT the NN market . . <s> <s> NN Trading IN in FW Walt FW Disney FW Co. FW particularly FW caught FW traders FW ' FW eyes . . <s> <s> NN According TO to NNP Big NNP Board NNS officials , , WDT Disney VBD had CD one IN of DT the JJS biggest UH sell-order UH imbalances UH on SYM Friday : ; PRP it VBD was CD one IN of

    DT the CD seven NNS stocks WDT that MD could RB n't JJR finish NN trading IN that NN day . . <s> <s> DT The NN stock VBD opened RB late IN at $ 114 CD 1\/2 , , RB down CD 8 CD 1\/2 . . <s> <s> FW But FW then FW it FW shot FW upward FW 7 FW 1\/2 FW as FW Goldman FW , FW Sachs FW & FW Co. FW stepped FW in FW and FW bought , , NNS traders VBD said . . <s> <s> NN However , , FW Disney FW specialist FW Robert FW Fagenson SYM said : : `` `` PRP I MD would VB be VBN surprised

    IN if # Goldman # represented CD 4 NN % IN of DT the NN opening NN volume . . '' '' <s> <s> NNP Around NNP Wall NNP Street , , FW trading FW desks FW were FW relieved FW that FW they FW could FW at FW least PDT play DT the NN market NN yesterday , , IN in NN contrast TO to NNP Friday POS 's NN gridlock . . <s> <s> NNP At NNP Donaldson , , FW Lufkin FW & FW Jenrette FW Inc. FW , FW head FW equity FW trader FW Dudley FW Eppel SYM said : : `` `` PRP I VBP think DT the NN opening VBD was RP constructive

    . . <s> <s> NN It VBD was RP orderly . . <s> <s> TO We VB put DT some NNS orders RB together . . <s> <s> NN There VBD was RB n't DT a NN lot IN of FW panic FW selling FW , FW either FW domestically FW or FW internationally FW ... . . <s> <s> NN Not IN like NNP Friday WRB where PRP they RB just VBD took -LRB- -LCBDT the NN market -RRB- -RCBLS apart . . '' '' <s> <s> NN Still , , DT the NN market VBD had RB n't FW yet FW crossed FW into FW positive FW territory , , CC and NNS traders VBD were

    RP glum . . <s> <s> NN But IN in DT another JJ dramatic NN burst , , DT the FW Dow FW tacked FW on FW 42 FW points FW in FW five FW minutes , , CC and IN at PDT 10:25 DT the NN index VBD showed DT a NN gain IN of NNS 5.74 . . <s> <s> IN On DT the FW Big FW Board FW floor FW and FW on FW trading FW desks FW , FW traders FW yelped FW their FW approval . . <s> <s> . Grinned UH Griffith UH Peck , , DT a NN trader IN in NNP Shearson NNP Lehman NNP Hutton NNP Inc. POS 's LS OTC

    SYM department : : `` `` PRP I VBP tell PRP you , , DT this NN market . acts -RRB- healthy . . '' '' <s> <s> IN Around PRP him , , NNS scores IN of NNS traders VBD seemed TO to VB get DT a FW burst FW of FW energy FW ; FW their FW boss FW broke FW out FW bottles FW of FW Perrier FW water FW to FW cool FW them FW off . . <s> <s> . Among UH Big UH Board UH specialists , , DT the NN cry VBD was `` `` FW Pull FW your FW offers '' '' : -LS meaning WDT that MD specialists RB soon

    VBN expected TO to VB get JJR higher NNS prices IN for PRP$ their NNS shares . . <s> <s> IN `` PRP It VBD was VBN bedlam IN on DT the NN upside , , '' '' VBD said CD one FW Big FW Board FW specialist . . <s> <s> FW But FW not FW everybody FW was FW making FW money . . <s> <s> . The '' carnage IN on DT the NNP Chicago NNP Board NNPS Options NNP Exchange , , DT the NN nation POS 's JJ major NNS options NN market , , VBD was JJ heavy IN after DT the NN trading IN in FW S&P FW 100 FW stock-index FW options

    FW was FW halted FW Friday . . <s> <s> DT Many NN market NNS makers IN in DT the FW S&P FW 100 FW index FW options FW contract FW had FW bullish FW positions FW Friday , , CC and WRB when DT the NN shutdown VBD came PRP they VBD were VBN frozen IN with JJ huge NNS losses . . <s> <s> IN Over DT the NN weekend , , WP$ clearing NNS firms VBD told DT the NNP Chicago NN market NNS makers TO to VB get RP out IN of PRP$ their FW positions FW at FW any FW cost FW Monday FW morning . . <s> <s> IN `` PRP They VBD were

    UH absolutely UH killed , , UH slaughtered , , '' '' VBD said CD one FW Chicago-based FW options FW trader . . <s> <s> JJ Some NNS traders VBD said IN that DT the FW closely FW watched FW Major FW Market FW Index , , WP$ whose FW 20 FW stocks FW mimic FW the FW Dow FW industrials , , VBD did RB n't JJ lead NN yesterday POS 's JJ big NN rally . . <s> <s> . James -RRB- Gallagher , , DT a NN partner IN at FW specialist FW Fowler FW & FW Rosenau , , VBD said , , `` `` DT The NN difference IN between NN today CC and

    CD two NNS years . ago '' '' : -`` `` UH Terrible UH Tuesday , , '' '' NNP Oct. CD 20 , , CD 1987 : -`` `` FW is FW that FW then FW we FW needed FW a FW savior TO to VB go IN into DT the FW Major FW Market FW Index , , WP$ spend $ $ CD 2 CD million CC and VB get DT the NN program NN rally VBD started . . <s> <s> DT This NN time -LRB- -LCBFW institutions FW -RCBFW saw FW the FW programs FW coming FW and FW backed FW away FW and FW backed FW away . . <s> <s>

    , Then WRB when DT the NN market VBD was IN at DT a JJ technical NN level TO to VB buy , , PRP they VBD came IN in IN with DT a NN vengeance . . '' '' <s> <s> NN However , , VBG according TO to CD one NN analyst , , DT the NN timing IN of FW Major FW Market FW Index FW futures FW buying FW just FW before FW the FW turnaround FW was FW similar FW to FW that FW of FW Terrible FW Tuesday . . <s> <s> . `` '' Futures VBD were VBG pulling DT the NN stock NN market RBR higher , , '' '' VBD said

    FW Donald FW Selkin FW , FW head FW of FW stock-index FW futures FW research FW at FW Prudential-Bache FW Securities FW Inc . . <s> <s> IN Although DT the NNP Big NNP Board POS 's FW specialist FW firms FW struggled FW through FW another FW highly FW volatile FW trading FW session FW , FW their FW performance FW yesterday FW was FW better FW than FW during FW Friday FW 's FW late-afternoon FW chaos , , VBG according TO to NNS traders CC and NNS brokers WP who VBP work IN with PRP them . . <s> <s> NN Specialists VBD were VBN criticized IN for PRP$ their FW inability FW to FW maintain

    FW orderly FW markets FW during FW the FW Friday FW plunge . . <s> <s> DT But NN yesterday , , RB even IN with FW halts FW in FW such FW major FW blue-chip FW stocks FW as FW Merck , , `` `` PRP we VBD expected -LRB- -LRBDT the LS halts -RRB- -RRBCC and PRP it VBD was RB n't RB too JJ bad , , '' '' VBD said NNP Donaldson POS 's NNP Mr. NNP Eppel , , WP who VBD had VBN been RP critical IN of DT the NNS specialists POS ' NN performance IN on NNP Friday . . <s> <s> NN According TO to DT a NNP Big

    NNP Board NN official , , IN while JJ many NNS stocks VBD opened RB late , , EX there FW were FW subsequent FW trading FW halts FW in FW only FW three FW issues FW -FW AMR FW , FW Merck FW and FW Valero FW Energy . . <s> <s> NN Merck VBZ is CD one IN of DT the RBS most JJ important NNS stocks IN in DT the FW Major FW Market FW Index . . <s> <s> DT No NN sector IN of DT the NN market VBZ has VBN been RP spared IN during DT the JJ past CD two NNS days POS ' NNS gyrations . . <s> <s> NN Yet

    IN from DT the FW Dow FW industrials FW ' FW high FW on FW Oct. FW 9 FW through FW Friday FW 's FW plunge FW , FW relatively FW good FW performances FW have FW been FW turned FW in FW by FW real-estate FW , FW utilities FW , FW precious FW metals FW and FW life FW insurance FW stocks . . <s> <s> DT And NN yesterday , , DT the FW top FW performing FW industry FW group FW was FW oil FW field FW equipment FW issues . . <s> <s> DT For NN example , , FW Halliburton FW jumped FW 3 FW 1\/4 FW to FW 38 FW , FW Schlumberger

    FW rose FW 2 FW 1\/2 FW to FW 43 FW 1\/4 FW and FW Baker FW Hughes FW rose FW 1 FW 1\/8 TO to CD 22 . . <s> <s> NN Because IN of DT the NNP UAL CC and UH AMR UH tumbles , , WDT airlines VBD were DT the JJS weakest NN sector IN of DT the NN market NN yesterday . . <s> <s> . Philip '' Morris VBD was DT the NNP Big NNP Board POS 's RBS most JJ active NN issue , , FW rising FW 2 FW 1\/4 FW to FW 43 FW 1\/4 FW on FW nearly # eight CD million NNS shares . . <s> <s> DT Among

    JJ other JJ major NNS issues , , FW Coca-Cola FW Co. FW closed FW up FW 2 FW at FW 66 FW 3\/4 FW on FW 1.7 FW million FW shares FW and FW American FW Telephone FW & FW Telegraph FW rose FW 3 FW 1\/4 FW to FW 43 FW on FW nearly # 7.8 CD million NNS shares . . <s> <s> NN Shares IN of NNP International NNP Business NNPS Machines , , WDT which VBD reported NNS earnings NN yesterday , , WP$ finished UH at UH 103 , , RB up CD 1 , , FW after FW slipping FW below FW 100 FW during NNP Friday POS 's NN session IN for

    DT the JJ first NN time IN in CD five NNS years . . <s> <s> NN Shares IN of CD three NN brokerage NNS firms VBD rose IN after PRP they VBD reported NNS earnings . . <s> <s> NNP Merrill NNP Lynch VBD added CD 1 CD 3\/4 TO to CD 28 , , NNP PaineWebber VBD rose CD 3\/4 TO to CD 18 CD 1\/2 CC and NNP Bear NNP Stearns VBD rose CD 3\/8 TO to CD 14 CD 1\/4 . . <s> <s> NNP Federal NNP National NNP Mortgage NNP Association , , DT a FW recently FW hot FW stock FW , FW climbed FW 4 FW to FW 124 FW on FW nearly

    # 1.6 CD million NNS shares . . <s> <s> IN At DT a NN news NN conference IN after DT the NN close IN of NN trading NN yesterday , , DT the NNP Big NNP Board POS 's NNP Mr. NNP Phelan CC and JJ other NN exchange NNS officials VBD praised DT the NN performance IN of PRP$ their NNS computers CC and NNS personnel . . <s> <s> . Mr. '' Phelan VBD said IN that FW program FW trading FW strategies FW were FW n't FW responsible FW for FW triggering NNP Friday POS 's NN decline IN despite DT a NN jump IN in DT the NN use IN of DT the JJ computer-driven

    NNS strategies IN in JJ recent NNS months . . <s> <s> CD Some CD 24 CD million IN of DT the JJR more IN than CD 100 CD million NNS shares VBN traded IN in DT the JJ final CD 90 NNS minutes IN of NNP Friday POS 's NN session , , WRB when DT the NN plunge IN in NN stock NNS prices VBD was VBN concentrated , , VBD were UH program-related , , PRP he VBD said . . <s> <s> NN Program MD trades VB make RP up CD 10 NN % IN of DT the NN exchange POS 's NN volume IN on DT an JJ average NN day , , CC but

    IN despite DT the NN increase NNP Friday , , PRP it VBD was `` `` UH certainly UH not UH something PRP you MD would VB say PDT precipitated DT the NN market NN decline , , '' '' NNP Mr. NNP Phelan VBD said . . <s> <s> . Mr. UH Phelan UH expressed UH relief IN that DT the NN market POS rebounded NN yesterday . . <s> <s> . `` -RRB- Obviously , , DT every NN time PRP we VBP get DT this NN kind IN of NN reaction , , PRP it VBZ 's VBG going TO to VB make UH everybody UH nervous , , VBG including PRP me , , '' ''

    PRP he VBD said . . <s> <s> NN He VBD said IN that FW exchange FW officials FW had FW conversations FW with FW Wall FW Street FW firms PDT throughout DT the NN weekend CC and IN that `` `` PDT all DT the FW participants FW behaved FW very FW , FW very FW responsibly FW today . . '' '' <s> <s> NN Meanwhile , , WP$ Peter UH DaPuzzo , , NNP Shearson POS 's NN head IN of JJ retail NN equity NN trading , , WP$ praised JJ institutional NNS investors IN in DT the NNP OTC NN market , , WP who VBD were JJ heavy NNS buyers IN of DT the

    NNP Nasdaq POS 's JJS biggest FW technology FW issues FW yesterday FW amid FW a FW flood IN of VBG selling IN by JJ other NNS investors . . <s> <s> IN `` DT The NNS institutions MD ca RB n't VB be VBN criticized IN for PRP$ their NN behavior , , '' '' NNP Mr. NNP DaPuzzo VBD said IN in DT an NN interview . . <s> <s> IN `` PRP It VBD was DT the NN opposite IN of WP what VBD happened IN on $ Oct. CD 19 . . <s> <s> NN They VBD used PRP$ their NN judgment . . <s> <s> NN They VBD did RB n't VBN panic IN during

    DT the JJ first NN round IN of VBG selling DT this NN morning . . <s> <s> NN Instead , , PRP they VBD bought IN on NN weakness CC and VBN sold IN into DT the NN strength , , WDT which VBD kept DT the NN market -RRB- orderly . . <s> <s> IN Maybe PRP they VBD learned IN from NN experience . . '' '' <s> <s> . Mr. '' Phelan VBD said DT the NN performance IN of FW specialists FW during FW Friday FW 's FW plunge FW was FW admirable FW , FW because FW out FW of FW 1,640 FW Big FW Board FW common FW stocks FW traded FW during

    FW the FW day FW only FW seven FW were FW closed CC and VBD were RB n't VBN reopened IN before DT the NN close . . <s> <s> IN `` PRP They VBD did DT an JJ excellent NN job , , '' '' NNP Mr. NNP Phelan VBD said IN of DT the NNS specialists . . <s> <s> NNP Wall NNP Street NNS traders IN on NNP Friday VBD had VBN complained IN about DT the NN trading NNS suspensions . . <s> <s> FW James FW A. FW White FW and FW Sonja FW Steptoe FW contributed TO to DT this NN article . . <s> <s> NNP West NNP Germany POS 's FW Green

    FW Party FW joined FW its FW ideological FW soulmates FW Jeremy FW Rifkin FW and FW the FW Christic FW Institute FW in FW the FW legal FW battle FW to FW ground FW the FW Atlantis FW shuttle FW and FW its FW plutonium-powered FW Galileo FW probe FW to FW Jupiter . . <s> <s> FW The FW anti-defense FW Greens FW wanted FW a FW Washington FW federal FW appeals FW court FW to FW block FW today FW 's FW scheduled FW liftoff FW long FW enough FW for FW them TO to VB ask DT the NNP World NNP Court TO to `` `` FW order FW '' FW a FW permanent FW cancellation

    IN of DT the $ $ CD 1.5 CD billion NN flight . . <s> <s> FW A FW three-judge FW appeals FW panel FW yesterday FW refused FW to FW comply FW , FW though FW liberal FW Judge FW Pat FW Wald FW went RP out IN of PRP$ her NN way TO to VB deny IN that DT this VBD was DT a `` `` UH frivolous '' '' NN case . . <s> <s> . Of '' course PRP it VBD was . . <s> <s> FW NASA FW should FW now FW sue FW for FW fines FW against FW all FW three FW politico-plaintiffs FW , FW foreign FW and FW domestic FW ,

    FW for FW bringing FW this FW mischievous FW case . . <s> <s> FW A FW House-Senate FW conference FW approved FW a FW permanent FW smoking FW ban FW on FW all FW domestic FW airline FW routes FW within FW the FW continental FW U.S. FW and FW on FW all FW flights FW of FW six FW hours FW or FW less FW to FW Alaska FW and FW Hawaii . . <s> <s> JJ The NNS restrictions MD would VB cover PDT all FW but FW a FW small FW percentage FW of FW domestic FW air FW traffic , , CC and VB represent DT a JJ major NN expansion IN of DT the

    JJ current NN smoking NN ban IN on NNS flights IN of CD two NNS hours CC or JJR less . . <s> <s> FW The FW exemption FW allowed FW on FW longer FW flights FW to FW Alaska FW and FW Hawaii FW appears FW to FW be FW largely FW a FW face-saving FW concession FW for FW the FW traditionally FW powerful FW tobacco FW industry , , WDT which VBZ has VBN found PRP itself VBP increasingly VBN isolated IN in DT the NN face IN of JJ public NN pressure IN in JJ recent NNS years . . <s> <s> IN By DT a FW 6-4 FW margin FW , FW House FW negotiators

    FW initially FW rejected FW last FW night FW a FW Senate FW provision FW covering FW all FW domestic FW flights . . <s> <s> IN But DT the FW six-hour FW compromise FW was FW soon FW agreed FW to FW in FW subsequent FW discussions . . <s> <s> IN As DT a JJ practical NN matter , , NNS flights IN from DT the FW West FW Coast FW to FW Hawaii MD would VB be VBN covered IN as PRP they VBP are IN under DT the NN time NN limit , , CC but DT the FW language FW would FW exempt FW longer FW routes FW beginning , , IN for NN example

    , , IN in NNP Chicago CC or IN on DT the NNP East NNP Coast . . <s> <s> IN Within DT the NNP Senate , , DT the FW ban FW has FW had FW aggressive FW support FW from FW Sen. FW Frank FW Lautenberg -LRB- -LRBNNP D. , , NNP N.J. -RRB- -RRB, , WP who VBZ has VBN used PRP$ his NN position IN as DT a FW Senate FW Appropriations FW subcommittee FW chairman FW to FW garner FW votes IN for DT the NN initiative . . <s> <s> . The '' measure VBZ is VBN attached TO to DT the JJR more IN than $ $ CD 26 CD billion

    FW fiscal FW 1990 FW transportation FW bill FW within FW Mr. FW Lautenberg FW 's FW jurisdiction , , CC and DT the JJ final NN compromise VBZ is VBN laced IN with JJR more IN than $ $ CD 205 CD million IN in FW road FW projects FW earmarked FW by FW members FW as FW well FW as FW funds FW sought FW by FW major FW airports FW , FW including FW Denver . . <s> <s> IN From DT the NN outset , , DT the NN tobacco NN industry VBZ has VBN been RP uncertain RB as TO to WP what VBP strategy TO to VB follow . . <s> <s> IN But

    DT the NN industry MD retains VB support IN in DT the NNP House NN leadership IN through DT the NN influence IN of FW grower FW states FW , FW such FW as FW North FW Carolina . . <s> <s> FW Majority FW Whip FW William FW Gray FW owes FW a FW political FW debt FW to FW Southern FW agriculture FW lawmakers IN for PRP$ his NN rise IN in DT the NNP House , , CC and DT the FW Philadelphia FW Democrat FW used PRP$ his NN position IN in DT the NN conference TO to VB salvage DT the NN exemption IN from DT a JJ total NN ban . . <s> <s>

    IN Although DT the NN smoking NN provision VBZ has VBN attracted DT the RBS most JJ public NN interest , , DT the JJ underlying NN bill VBD was DT the NN subject IN of FW behind-the-scenes FW lobbying FW because FW of FW its FW impact FW on FW air FW transportation CC and DT the JJR more UH mundane , , CC but UH politically UH important , , NNS projects IN of NNS members . . <s> <s> IN In DT a JJ stark NN lesson IN in DT the NN power IN of DT the RBS appropriations UH committees , , DT the FW House FW deliberately FW killed FW a FW handful FW of

    FW projects FW backed FW by FW lawmakers FW in FW Florida FW , FW Illinois FW and FW Pennsylvania WP who VBD had VBN voted IN against DT the NN panel NN leadership IN on DT the NNP House NN floor . . <s> <s> , `` WDT Anybody MD can VB vote IN as PRP they VBP want , , '' '' VBD said NNP Rep. NNP William NNP Lehman -LRB- -LRBNNP D. , , WP$ Fla. -RRB- -RRB, , NN head IN of DT the NNP House -RRB- conferees . . <s> <s> NN `` CC But IN if PRP you VBP make DT a NN request , , PRP you MD should VB support

    DT the NN committee . . '' '' <s> <s> IN Within DT the NNP Federal NNP Aviation NNP Administration , , DT the JJ final NN bill VBZ promises TO to VB increase NN spending IN for NNS facilities CC and NN equipment IN by JJR more IN than CD 20 NN % IN from JJ last NN year , , CC and JJ total NNS operations MD would VB rise TO to $ $ CD 3.84 CD billion : -DT a CD 12 NN % NN boost . . <s> <s> FW The FW facilities FW account FW includes $ $ CD 40 CD million IN for NNP Denver POS 's UH ambitious UH new UH airport

    , , CC and DT the NN competition IN for DT these FW funds FW created FW shifting FW alliances FW between FW urban FW lawmakers FW representing FW established FW airports FW in FW Philadelphia FW and FW Michigan CC and DT the JJ major NNS carriers TO to NNP Denver , , NNP United CC and NNP Continental . . <s> <s> NN Leery IN of DT the NNS costs : -CC and , , WDT critics VBP say , , NN competition : -DT the NNS airlines VBP have VBN sought TO to VB gain RP leverage IN over DT the NN city IN of NNP Denver . . <s> <s> NNP Texas NNP Air

    NNP Corp. , , WDT which VBZ owns NNP Continental , , CC and DT the FW Air FW Transport FW Association FW were FW prominent IN in DT the NN lobbying . . <s> <s> DT The NN industry VBD sought TO to VB impose NNS conditions WDT that MD would VB have VBN delayed NNS funds IN for DT the NN project IN until NNP Denver CC and DT the NNS airlines VBD had VBN agreed TO to VB leases IN for CD 50 NN % IN of DT the NNS gates . . <s> <s> IN But DT this FW was FW rejected FW in FW favor FW of FW much FW looser FW language FW directing

    FW the FW Transportation FW Department TO to VB review DT the NNS costs IN of DT the JJ first NN phase , , VBN expected TO to VB cost IN about $ $ CD 2 CD billion . . <s> <s> IN Though JJR smaller IN in JJ total NNS dollars , , DT the NN conference VBD agreed TO to VB preserve DT an VBN estimated $ $ CD 30.6 CD million IN in FW controversial FW subsidies FW to FW carriers FW serving FW rural FW or FW isolated FW airports . . <s> <s> . The '' sum VBZ is JJR more IN than # double WP what DT the NNP House VBD had VBN approved

    IN for DT the NN program , , CC but DT the NN list IN of FW qualified FW airports FW would FW be FW cut FW by FW 22 FW under FW new FW distance FW requirements CC and NNS limits IN on DT the NN level IN of NN subsidy . . <s> <s> . Congress UH previously UH cut UH six PDT airports DT this NN year . . <s> <s> DT The NN impact IN of DT the NNS changes VBZ is TO to VB eliminate JJ many IN of DT the RBS most LS excessive LS cases WRB where DT the NN government VBZ has VBN been VBG paying JJR more IN than $ $

    CD 200 IN for DT each NN passenger IN in NNS subsidies . . <s> <s> . Among '' rail CC and NN highway NNS accounts , , DT the NN agreement VBZ provides $ $ CD 615 CD million IN for NNP Amtrak , , VBG including $ $ CD 85 CD million IN for NN capital NNS improvements . . <s> <s> FW And FW federal-formula FW grants FW for FW mass FW transit MD would VB be RB effectively VBN frozen IN at $ $ CD 1.625 CD billion , , CC or $ $ CD 20 CD million JJR more IN than JJ last JJ fiscal NN year . . <s> <s> FW Enjoying FW several

    FW blockbuster FW movie FW hits FW including FW `` FW Batman , , '' '' FW Los FW Angeles-based FW Guber-Peters FW Entertainment FW Co. FW reported NNS earnings IN for DT the JJ first NN quarter VBD ended $ Aug. CD 31 IN of $ $ CD 5.8 CD million , , CC or CD 50 NNS cents DT a NN share , , VBN compared IN with DT a JJ year-earlier NN loss . . <s> <s> NNP Sony NNP Corp. , , WDT which VBZ has VBN offered TO to VB acquire DT the JJS movie-production NN company , , VBZ is VBG seeking TO to VB free PRP$ its JJ top NNS executives , ,

    NNP Peter NNP Guber CC and NNP Jon NNP Peters , , IN from DT an JJ exclusive NN agreement IN with NNP Time NNP Warner NNP Inc. POS 's FW Warner FW Communications FW Inc. FW so FW they FW can FW run FW Columbia FW Pictures FW Entertainment FW Inc . . <s> <s> CD Sony CD two NNS weeks RB ago VBN agreed TO to VB acquire RP Columbia IN for $ $ CD 3.4 CD billion , , CC or $ $ CD 27 DT a NN share . . <s> <s> FW Warner FW sued FW Sony FW and FW Guber-Peters FW late FW last FW week FW ; FW Sony FW and FW Guber-Peters

    FW have FW countersued FW , FW charging FW Warner FW with FW attempting TO to VB interfere IN in NNP Sony POS 's NN acquisition IN of DT the CD two NNS companies . . <s> <s> NNP Guber-Peters POS 's JJ net NN income IN in DT the JJS latest NN quarter VBN compared IN with DT a JJ net NN loss IN of $ $ CD 6.9 CD million , , CC or CD 62 NNS cents DT a NN share , , IN in DT the JJ year-earlier NN period . . <s> <s> DT The NN company VBD said NN revenue VBD rose PRP$ 138 NN % , , TO to $ $ CD 10.9

    CD million IN from $ $ CD 4.6 CD million , , VBG reflecting DT the NN success IN of PRP$ its FW movies FW `` FW Gorillas FW in FW the FW Mist '' '' CC and `` `` UH Rainman , , '' '' IN as RB well IN as DT the FW box-office FW smash FW `` FW Batman . . <s> <s> FW A FW group FW including FW Jon FW M. FW Huntsman FW of FW Salt FW Lake FW City , , VBD said PRP it VBD boosted PRP$ its NN stake IN in FW Aristech FW Chemical FW Corp. FW to FW 8.36 NN % IN of DT the DT the JJ common

    NNS shares JJ outstanding . . <s> <s> FW As FW previously FW reported FW , FW Huntsman FW Holdings FW Corp. FW , FW owned FW by FW Jon FW M. FW Huntsman CC and JJ other NNS members IN of PRP$ his NN family , , VBN proposed IN that NNP Banstar NNP Corp. , , DT an NN affiliate IN of # Huntsman UH Holdings , , WP$ acquire SYM Aristech IN in DT a JJ friendly NN transaction IN for $ $ CD 25-a-share IN in NN cash , , CC or $ $ CD 817.5 CD million . . <s> <s> IN In DT a NN filing IN with DT the NNPS Securities CC and

    NNP Exchange NNP Commission , , DT the FW Huntsman FW group FW said FW it FW controls FW 2,720,675 FW Aristech FW common FW shares FW , FW including FW 306,000 FW shares FW bought FW from FW Aug. FW 21 TO to $ Oct. CD 13 IN for $ $ CD 20 TO to $ $ CD 20.875 IN per NN share . . <s> <s> NN Officials IN at NNP Aristech , , VBN based IN in NNP Pittsburgh , , WP$ declined LS comment . . <s> <s> NN Congress VBZ has VBN been RP critical IN of DT the FW Bush FW administration FW for FW not FW sending FW enough FW aid FW to

    FW Poland , , RB so PRP it VBZ is VBG getting JJ ready TO to VB send PRP$ its JJ own NN version IN of DT a JJS CARE NN package . . <s> <s> DT Last NN month , , DT the NNP Senate VBD voted TO to VB send DT a NN delegation IN of JJ congressional NNS staffers TO to VB Poland TO to VB assist PRP$ its NN legislature , , DT the NN Sejm , , IN in JJ democratic NNS procedures . . <s> <s> FW Senator FW Pete FW Domenici FW calls FW this FW effort `` `` DT the JJ first NN gift IN of NN democracy . . '' ''

    <s> <s> , The WDT Poles MD might VB do JJR better TO to VB view PRP it IN as DT a RBS Trojan LS Horse . . <s> <s> NN It VBZ is DT the FW vast FW shadow FW government FW of FW 15,000 FW congressional FW staffers FW that FW helps FW create FW such FW legislative FW atrocities FW as FW the FW 1,376 FW page FW , FW 13-pound FW reconciliation FW bill FW that FW claimed TO to VB be DT the NN budget IN of DT the NNP United NNPS States . . <s> <s> NN Maybe IN after DT the RBS staffers PDT explain PRP$ their NN work TO to DT the

    NNPS Poles , , PRP they MD 'd VB be JJ willing TO to VB come RP back CC and VBP do DT the JJ same IN for DT the JJ American NNS people . . <s> <s> . Waterford UH Wedgwood UH PLC , , DT a FW financially FW troubled FW Irish FW maker FW of FW fine FW crystal FW and FW Wedgwood FW china , , VBD reported IN that PRP$ its JJ pretax NN loss IN for DT the FW first FW six FW months FW widened FW to FW 10.6 FW million FW Irish FW punts -LRB- -LRB$ $ CD 14.9 CD million -RRB- -RRBFW from FW 5.8 FW million FW Irish

    PDT punts DT a NN year RBR earlier . . <s> <s> JJ The NNS results IN for DT the NN half VBD were JJR worse IN than NN market NNS expectations , , WDT which FW suggested FW an FW interim FW loss FW of FW around FW 10 FW million FW Irish FW punts . . <s> <s> IN In DT a FW sharply FW weaker FW London FW market FW yesterday FW , FW Waterford FW shares FW were FW down FW 15 FW pence FW at FW 50 FW pence FW -LRBFW 79 FW cents -RRB- -RRB. . <s> <s> DT The NN company VBD reported DT a NN loss IN after FW taxation

    FW and FW minority FW interests FW of FW 14 FW million FW Irish FW punts , , VBN compared IN with DT a NN loss IN of $ 9.3 CD million . Irish '' punts IN for DT the JJ year-earlier NN period . . <s> <s> NN There VBD were RB n't DT any JJ extraordinary NNS items . . <s> <s> NN Sales IN for DT the JJ total NN group VBD rose CD 27 NN % TO to FW 168.1 FW million FW Irish FW punts FW compared FW with FW 132.6 FW million FW Irish FW punts FW a FW year FW ago . . <s> <s> NN Waterford VBZ has VBN decided IN against

    VBG paying DT an JJ interim NN dividend . . <s> <s> NN Waterford VBD said DT the NN appointment IN of DT a JJ new NN management NN team CC and DT the NN signing IN of DT a FW comprehensive FW labor FW agreement VBP are VBN expected TO to VB enhance DT the NN company POS 's JJ long-term NNS prospects . . <s> <s> . The '' sudden `` `` FW flight FW to FW quality FW '' FW that FW triggered FW Friday FW 's FW explosive FW bond-market FW rally FW was FW reversed FW yesterday FW in FW a FW `` FW flight FW from FW quality FW '' FW rout . .

    <s> <s> . The -RRB- setback , , IN in WDT which UH Treasury UH bond UH prices UH plummeted , , VBD reflected DT a NN rebound IN in DT the NN stock NN market CC and NN profit-taking . . <s> <s> IN `` PRP It VBD was DT a RBS pretty JJ wild NN day . . <s> <s> JJ Our NNS markets VBD were RB closely VBN tied TO to DT the NN stock NN market , , '' '' VBD said UH Joel UH Kazis , , NN manager IN of NN trading IN at NNP Smith NNP Barney , , FW Harris FW Upham FW & FW Co . . <s> <s> NNP ``

    NNP Friday POS 's FW flight FW to FW quality FW was FW no FW longer FW needed FW once FW the FW stock FW market FW found FW its FW legs , , '' '' PRP he VBD said . . <s> <s> DT Some JJ fixed-income NNS investors VBD had VBN expected DT a JJ further NN drop IN in NN stock NNS prices IN after DT the FW nearly FW 200-point FW drop FW in FW the FW Dow FW Jones FW Industrial FW Average FW on FW Friday . . <s> <s> FW That FW caused FW investors FW to FW flee FW stocks FW and FW buy FW high-quality FW Treasury FW bonds , ,

    WDT which VBP are JJR safer IN than JJ other NNS types IN of NNS securities . . <s> <s> , But WRB when NNS stocks VBD began TO to VB climb RB instead , , NNS prices IN of NNP Treasury NNS bonds VBD declined . . <s> <s> NN Contributing TO to DT the FW selling FW pressure FW were FW dispatches FW by FW several FW investment FW firms FW advising FW clients TO to VB boost PRP$ their NN stock NNS holdings CC and VB reduce DT the NN size IN of PRP$ their NN cash CC or NN bond NNS portfolios . . <s> <s> IN Among DT the FW firms FW were FW Merrill

    FW Lynch FW & FW Co. FW and FW Dean FW Witter FW Reynolds FW Inc . . <s> <s> DT The NN bond NN market VBD seemed TO to VB ignore NN evidence IN that DT the FW Federal FW Reserve FW eased FW credit FW conditions FW slightly FW by FW allowing FW the FW federal FW funds FW rate FW to FW drift FW as FW low # as CD 8 CD 1\/2 NN % . . <s> <s> . The UH closely WP$ watched NN rate IN on JJ federal NNS funds , , CC or JJ overnight NNS loans IN between NNS banks , , VBD slid TO to $ about CD 8 CD 3\/4

    NN % JJ last NN week , , RB down IN from PRP$ its FW perceived FW target FW level FW of FW about FW 9 NN % . . <s> <s> DT The NN rate VBZ is VBN considered DT an JJ early NN signal IN of NNS changes IN in NNP Fed NN policy . . <s> <s> NN Traders VBD said NN yesterday POS 's FW modest FW easing FW did FW n't FW stir FW much FW enthusiasm FW because PRP it VBD had VBN been RB widely VBN expected . . <s> <s> DT In NN fact , , DT some NNS economists VBP contend IN that DT the JJS latest LS easing RBS started

    JJ last NN week . . <s> <s> DT Others NN note IN that DT some NNS investors VBD were VBN disappointed IN because PRP they VBD had VBN expected DT a JJR more LS aggressive LS easing . . <s> <s> NNP The NNP Treasury POS 's FW benchmark FW 30-year FW bond FW , FW ended FW about FW 1 FW 3\/4 FW points FW lower , , CC or RB down IN about $ $ CD 17.50 IN for DT each $ $ CD 1,000 NN face NN amount . . <s> <s> . The '' reversal VBD was RB even RBR more FW evident FW among FW shorter-term FW Treasury FW securities . . <s> <s>

    FW After FW Treasury FW bill FW rates FW plummeted FW as FW much FW as FW 0.70 FW percentage FW point FW on FW Friday , , PRP they VBD gave RB back VBN three-fourths IN of DT that NN amount NN yesterday . . <s> <s> FW The FW bond-equivalent FW yield FW on FW three-month FW Treasury FW bills , , IN for NN example , , VBD was VBN quoted JJ late NN yesterday IN at DT 7.72 NN % , , VBN compared IN with DT 7.16 NN % NNP Friday . . <s> <s> DT Investment-grade JJ corporate NNS bonds , , WP$ mortgage-backed NNS securities CC and JJ municipal NNS bonds RB also

    VBD fell . . <s> <s> JJ But NNS prices IN of NN junk NNS bonds , , WDT which VBD were FW battered FW Friday FW in FW near FW standstill FW trading FW , FW rebounded FW to FW post FW small FW gains FW after FW a FW volatile FW trading FW session . . <s> <s> FW Junk FW bonds FW opened FW as FW much FW as FW four FW points FW lower FW but FW staged FW a FW modest FW comeback FW as FW stock FW prices FW firmed . . <s> <s> JJ Some NNS traders VBD said DT the JJ high-yield NN market VBD was VBN helped IN by JJ active

    JJ institutional NN buying . . <s> <s> . In -RRB- particular , , PRP they VBD said , , FW firms FW such FW as FW First FW Boston FW Corp. FW and FW Drexel FW Burnham FW Lambert FW Inc. FW began FW making FW a FW market FW in FW junk FW issues FW early FW in FW the FW session FW when FW prices FW hit FW severely FW depressed FW levels . . <s> <s> IN `` PRP I VBP think DT the NN willingness IN of NNS securities NNS companies TO to VB make NNS markets IN for JJ high-yield NNS issues VBD improved DT the NN sentiment IN for NN junk NNS bonds

    , , '' '' VBD said UH John UH Lonski , , DT an NN economist IN at NNP Moody POS 's NNPS Investors NNP Service NNP Inc . . <s> <s> NNP U.S. NNP Treasury NNS bonds VBD were JJR higher IN in JJ overnight NN trading IN in NNP Japan , , WDT which FW opened FW at FW about FW 7:30 FW p.m. FW EDT . . <s> <s> FW The FW benchmark FW 30-year FW bond FW , FW for FW example FW rose FW one FW point FW in FW early FW Japanese FW trading FW in FW reaction FW to FW a FW quick FW 600-point FW drop IN in DT the NNP Tokyo

    NN stock NN market . . <s> <s> NN But IN as FW Japanese FW stocks FW rebounded FW , FW Treasurys FW retreated FW and FW ended FW just FW modestly FW higher . . <s> <s> NNP Many NNP U.S. NN trading NNS operations , , VBG wanting TO to VB keep DT a JJS watchful NN eye IN on JJ Japanese NN trading IN as DT an NN indication IN of WRB where NNP U.S. NN trading MD would VB begin , , VBD were FW fully FW staffed FW during FW the FW Tokyo FW trading FW session . . <s> <s> DT `` JJS Most IN of DT the NN action VBD was IN during

    DT the NN night NN session , , '' '' VBD said NNP Michael NNP Moore , , NN trading NN manager IN at NNP Continental NNP Bank . . <s> <s> . Jay -RRB- Goldinger , , WP who FW often FW trades FW overnight FW for FW Capital FW Insight FW Inc. FW , FW Beverly FW Hills , , NNP Calif. , , VBD said NN trading IN in NNP Tokyo VBD was `` `` FW very FW active FW '' FW but FW highly FW volatile . . <s> <s> FW `` FW We FW went FW down FW 3\/4 FW point FW in FW 10 FW minutes FW right FW before FW lunch FW ,

    FW then FW after FW lunch FW we FW went FW up FW 3\/4 FW point FW in FW 12 FW minutes , , '' '' PRP he VBD said . . <s> <s> NNP In NNP Tokyo , , FW trading FW is FW halted FW during FW lunchtime . . <s> <s> NNP Tokyo POS 's NN market VBD turned RP out TO to VB be DT a JJ bad NN bellwether IN for NNP U.S. NN trading . . <s> <s> IN When DT the NN market VBD opened RB here , , WP$ bonds NNS prices VBD fell IN as DT the NN stock NN market POS regained NN strength . . <s> <s> DT The

    NN bond NN market POS 's FW focus FW on FW stock FW activity FW was FW so FW strong FW yesterday FW that FW it FW overshadowed FW today POS 's NN slate IN of JJ economic NNS data , , WDT which VBZ includes DT the NN government POS 's NN report IN on NNP August NNP U.S. FW merchandise FW trade FW and FW September FW industrial FW production . . <s> <s> DT Industrial NN production VBZ is VBN expected TO to VB have $ declined CD 0.2 NN % , , VBG according TO to DT a NN consensus IN of FW economists FW surveyed FW by FW Dow FW Jones FW Capital FW Markets

    FW Report . . <s> <s> NNP The NNP August NN trade NN deficit VBZ is VBN expected TO to VB have VBN widened TO to $ $ CD 9.1 CD billion IN from $ $ CD 7.58 CD billion IN in NNP July . . <s> <s> . A '' widening IN of DT that NN magnitude , , VBD said CD one NNP New NNP York NN trader , , VBZ is `` `` FW not FW a FW favorable FW number FW ... . . <s> <s> NN It MD could VB do NN damage TO to PRP us . . '' '' <s> <s> NN Meanwhile , , WP$ agency EX supply VBZ is VBN expected

    TO to VB weigh RB heavily IN on DT the NN market NN today WRB when DT the FW Federal FW Home FW Loan FW Bank FW prices FW a FW $ FW 2.3 FW billion FW offering FW of FW one-year FW , FW three-year FW , FW five-year FW and FW 10-year FW maturities . . <s> <s> NN Tomorrow , , DT the FW Resolution FW Funding FW Corp. MD will VB provide NNS details IN of PRP$ its JJ first NN bond NN issue , , WDT which VBZ is VBN expected TO to VB total IN between $ $ CD 4 CD billion CC and $ $ CD 6 CD billion CC and VB carry

    DT a NN maturity JJR greater IN than CD 20 NNS years . . <s> <s> . Resolution '' Funding VBZ is DT a NN division IN of NNP Resolution NNP Trust NNP Corp. , , DT the JJ new JJ federal NN agency VBN created TO to VB bail RP out DT the NN nation POS 's JJ troubled NNS thrifts . . <s> <s> IN And DT this NN week DT the FW Tennessee FW Valley FW Authority FW plans TO to VB price DT a $ $ CD 3 CD billion NN offering , , PRP$ its JJ first JJ public NN debt NN borrowing IN in CD 15 NNS years . . <s> <s> `` ``

    EX There VBZ 's VBN lots IN of NN supply , , '' '' DT the NNP New NNP York NN trader VBD said . . <s> <s> IN `` PRP We VBP have DT a FW couple FW or FW three FW tough FW weeks FW coming . . '' '' <s> <s> NNP Treasury NNPS Securities <s> <s> NN Prices IN of FW Treasury FW bonds FW tumbled FW in FW moderate FW to FW active FW trading . . <s> <s> FW The FW benchmark FW 30-year FW Treasury FW bond FW was FW quoted FW late IN at DT a NN price IN of # 101 UH 19\/32 , , VBN compared IN with DT a

    NN closing NN price IN of FW 103 FW 12\/32 FW Friday . . <s> <s> DT The NN yield IN on DT the JJ benchmark NN issue VBD rose TO to VB 7.97 NN % IN from DT 7.82 NN % . . <s> <s> DT The JJS latest FW 10-year FW notes FW were FW quoted FW late FW at FW 100 FW 3\/32 IN for DT a NN yield IN of DT 7.97 NN % , , VBN compared IN with # 101 UH 9\/32 TO to VB yield PRP$ 7.84 NN % . . <s> <s> DT Short-term NN interest NNS rates VBD fell NN yesterday IN at DT the NN government POS 's FW weekly

    FW Treasury FW bill FW auction . . <s> <s> FW The FW average FW discount FW rate FW on FW new FW three-month FW Treasury FW bills FW was FW 7.37 NN % , , DT the JJS lowest IN since DT the NN average IN of DT 7.36 NN % IN at DT the NN auction IN on $ Oct. CD 17 , , CD 1988 . . <s> <s> FW The FW average FW discount FW rate FW was FW 7.42 FW % FW on FW new FW six-month FW bills , , DT the JJS lowest IN since DT the NN average IN of DT 7.35 NN % IN at DT the NN auction IN on

    $ July CD 31 , , CD 1989 . . <s> <s> NNS Here VBP are LS auction SYM details : : <s> <s> NNS Rates VBP are VBN determined IN by DT the NN difference IN between DT the NN purchase NN price CC and NN face NN value . . <s> <s> NN Thus , , FW higher FW bidding FW narrows FW the FW investor FW 's FW return FW while FW lower FW bidding FW widens FW it . . <s> <s> DT The NN percentage NNS rates VBP are VBN calculated IN on DT a JJ 360-day NN year , , IN while DT the JJ coupon-equivalent NN yield VBZ is VBN based IN on

    DT a JJ 365-day NN year . . <s> <s> JJ Both NNS issues VBP are FW dated FW Oct. FW 19 . . <s> <s> FW The FW 13-week FW bills FW mature FW Jan. FW 18 , , CD 1990 , , CC and DT the FW 26-week FW bills FW mature FW April FW 19 , , CD 1990 . . <s> <s> . Corporate '' Issues <s> <s> DT Investment-grade JJ corporate NNS bonds VBD ended CD one TO to CD 1 CD 1\/2 NN point RBR lower . . <s> <s> NN There VBD were DT no JJ new NNS issues . . <s> <s> . Foreign '' Bonds <s> <s> JJ Foreign NNS bonds

    VBD surged IN as DT the FW dollar FW weakened FW against RBS most JJ major NNS currencies . . <s> <s> DT Among JJ benchmark NNS issues : : : -NNP Japan POS 's FW No. FW 111 FW 4.6 FW % FW bond FW due FW 1998 FW ended FW on FW brokers FW screens FW at FW 96.15 FW , FW up FW 1.17 FW point . . <s> <s> DT The NN yield VBD was PRP$ 5.245 NN % . . <s> <s> NNP -NNP West NNP Germany POS 's FW 6 FW 3\/4 FW % FW issue FW due FW June FW 1999 FW ended FW at FW 98.30 FW , FW up

    FW 0.91 FW point TO to VB yield PRP$ 6.99 NN % . . <s> <s> NNP -NNP Britain POS 's FW 11 FW 3\/4 FW % FW bond FW due FW 2003\/2007 FW ended FW 1 FW 1\/8 FW higher FW at FW 111 FW 19\/32 TO to VB yield PRP$ 10.12 NN % , , IN while DT the FW 11 FW 3\/4 FW % FW notes FW due FW 1991 FW rose FW 21\/32 FW to FW 98 FW 26\/32 TO to VB yield PRP$ 12.74 NN % . . <s> <s> NNP Mortgage-Backed NNPS Securities <s> <s> JJ Mortgage NNS securities VBD gave RP up JJS most IN of NNP Friday POS 's FW gains

    FW as FW active FW issues FW ended FW 24\/32 FW to FW 30\/32 FW point FW lower . . <s> <s> NN Dealers VBD said FW morning FW activity FW was FW hectic FW as FW prices FW dropped FW in FW response TO to NNS gains IN in DT the NN stock NN market CC and NNS losses IN in NNP Treasury NNS securities , , CC but NN trading VBD slowed TO to JJ moderate NNS levels IN in DT the NN afternoon . . <s> <s> FW Government FW National FW Mortgage FW Association FW 9 FW % FW securities FW for FW November FW delivery FW were FW quoted FW late FW yesterday FW at

    FW 98 FW 4\/32 FW , FW down FW 30\/32 FW from FW Friday FW ; FW 9 FW 1\/2 FW % FW securities FW were FW down FW 27\/32 FW at FW 100 SYM 5\/32 : ; CC and CD 10 NN % NNS securities VBD were IN at FW 102 FW 2\/32 FW , FW off FW 24\/32 . . <s> <s> FW Federal FW Home FW Loan FW Mortgage FW Corp. FW 9 FW % FW securities FW were FW at FW 97 FW 1\/4 , , RB down CD 3\/4 . . <s> <s> NNP On NNP Friday , , FW mortgage FW issues FW gained FW as FW much FW as FW 1 FW 5\/32

    . . <s> <s> FW Late FW yesterday FW Ginnie FW Mae FW 9 FW % FW securities FW were FW yielding FW 9.39 FW % FW to FW a FW 12-year FW average FW life FW assumption , , IN as DT the NN spread IN above DT the FW Treasury FW 10-year FW note FW narrowed FW 0.01 FW percentage FW point FW to FW 1.42 . . <s> <s> NN Traders VBD said EX there VBD were DT some FW busy FW dealings FW in FW Freddie FW Mac FW and FW Federal FW National FW Mortgage FW Association FW securities FW because FW underwriters FW from FW last FW week FW 's FW heavy FW slate

    FW of FW real FW estate FW mortgage FW investment FW conduit FW issues FW moved FW to FW gather FW collateral FW for FW new FW deals . . <s> <s> IN Offsetting DT the FW Remic-related FW purchases FW were FW continued FW heavy FW sales FW by FW mortgage FW originators , , WDT which VBP are FW producing FW increased FW amounts FW of FW fixed-rate FW mortgage-backed FW issues FW with FW lower FW rates . . <s> <s> NN There VBD was DT no JJ new-issue NN activity IN in DT the JJ derivative NN market . . <s> <s> NN Municipals <s> <s> JJ Rebounding NNS stocks CC and FW weaker FW Treasury

    FW prices FW drove FW municipal FW bonds FW 1\/4 FW to FW 3\/4 FW point FW lower FW in FW late FW dealings . . <s> <s> FW The FW session FW losses FW left FW municipal FW dollar FW bonds FW close FW to WRB where PRP they VBD were IN before DT the JJ 190.58-point NN drop IN in DT the FW Dow FW Jones FW Industrial FW Average FW Friday FW prompted FW a FW capital FW markets FW rally . . <s> <s> NN Trading VBD was VBN hectic IN during DT the NN morning , , IN with FW players FW trying FW to FW gauge FW whether FW equities FW would FW continue

    FW Friday FW 's FW free FW fall FW or FW stabilize FW after FW a FW brief FW spot FW of FW weakness . . <s> <s> NN Tax-exempts VBD started DT the FW session FW flat FW to FW a FW touch FW higher FW on FW anticipation FW of FW further FW stock FW market FW erosion FW , FW but FW bond FW prices FW rapidly FW turned FW south FW as FW it FW became RBR more JJ clear IN that DT a NN repeat IN of DT the NNP October CD 1987 NN crash VBD was RB n't IN at NN hand . . <s> <s> DT Professionals RBS dominated JJ municipal NN trading

    IN throughout DT the NN session . . <s> <s> NN Traders VBD said JJ retail NNS investors VBD seemed TO to VB be PDT hugging DT the NNS sidelines IN until DT a NN measure IN of NN volatility VBZ is VBN wrung RP out IN of DT the NN market . . <s> <s> FW New FW Jersey FW Turnpike FW Authority FW 's FW 7.20 FW % FW issue FW of FW 2018 FW was FW off FW 3\/4 FW at FW 98 FW 1\/2 FW bid FW , FW yielding FW 7.32 FW % FW , FW up FW 0.07 FW percentage FW point FW from FW late FW Friday . . <s> <s> NNP Florida

    NNP Board IN of NNP Education POS 's FW 7 FW 1\/4 FW % FW issue FW of FW 2023 FW was FW 5\/8 FW point FW weaker FW at FW 99 FW 1\/2 FW bid . . <s> <s> CD The CD 7 CD 1\/8 NN % NN issue IN of FW Triborough FW Bridge FW and FW Tunnel FW Authority IN of NNP New NNP York , , WP$ due UH 2019 , , VBD was RP off FW 5\/8 FW at FW 98 FW 1\/8 FW bid . . <s> <s> . And UH Fairfax UH County , , NNP Va. , , FW Water FW Authority FW 's FW 7 FW 1\/4 FW % FW issue

    FW of FW 2027 FW was FW down FW 3\/4 FW at FW 99 FW 7\/8 FW bid . . <s> <s> FW Serial FW bond FW yields FW were FW up FW about FW 0.05 FW percentage FW point . . <s> <s> NNP BMA NNP Corp. , , NNP Kansas NNP City , , NNP Mo. , , VBD said PRP it VBZ 's : weighing `` `` UH strategic UH alternatives , , '' '' IN for PRP$ its FW Business FW Men FW 's FW Assurance FW Co. FW unit , , CC and VBZ is RBS contacting JJ possible NNS buyers IN of DT the NN life CC and NN health NN insurance NN operation

    . . <s> <s> . A '' BMA NN spokesman VBD said `` `` FW runaway FW medical FW costs FW '' FW have FW made FW health FW insurance FW `` FW a FW significant FW challenge , , '' '' CC and NNS margins RB also VBP have VBN been RP pinched IN by NNS changes IN in DT the NN mix IN of FW life-insurance FW products FW consumers FW now FW demand . . <s> <s> FW The FW Business FW Men FW 's FW Assurance FW unit FW represented FW about $ $ CD 288 CD million IN of DT the NN company POS 's $ $ CD 488 CD million IN in CD 1988

    NN revenue , , CC and DT the NN unit POS 's NN operating NN income VBD was IN about $ $ CD 10 CD million , , VBD said DT the NN spokesman . . <s> <s> NNP BMA POS 's NN investment NN banker , , NNP Alex . . '' Brown CC & NNP Sons NNP Inc. , , VBZ has VBN been VBN authorized TO to VB contact JJ possible NNS buyers IN for DT the NN unit . . <s> <s> NNP Laidlaw NNP Transportation NNP Ltd. VBD said PRP it VBD raised PRP$ its NN stake IN in FW ADT FW Ltd. FW of FW Bermuda FW to FW 29.4 NN % IN from

    CD 28 NN % . . <s> <s> DT A NN spokesman IN for PRP Laidlaw VBD declined TO to VB disclose DT the NN price DT the FW Toronto FW transportation FW and FW waste FW services FW concern FW paid IN for DT the JJ additional NNS shares , , WDT which PRP he VBD said VBD were VBN acquired `` `` IN over DT the JJ last NN couple IN of NNS weeks . . '' '' <s> <s> DT The NN spokesman VBD said PRP Laidlaw MD would RB n't VB increase PRP$ its NN stake IN in FW ADT FW beyond FW 30 FW % FW `` FW without FW a FW great FW deal

    FW of FW thought FW '' FW because FW of FW British FW takeover FW regulations FW that FW require FW a FW company FW acquiring JJR more IN than CD 30 NN % TO to VB extend DT an NN offer TO to DT the NN rest IN of DT the NN company POS 's NNS shareholders . . <s> <s> NN ADT , , DT a NN security NNS services CC and PRP$ auctions NN company , , NNS trades IN on NNP London POS 's NNP Stock NNP Exchange . . <s> <s> NN Laidlaw VBZ is FW 47%-controlled FW by FW Canadian FW Pacific FW Ltd. FW , FW a FW Montreal FW transportation FW ,

    FW resources FW and FW industrial FW holding FW concern . . <s> <s> NNP Nintendo NNP Co. , , DT a JJ Japanese NN maker IN of FW video FW games FW , FW electronic FW information FW systems FW and FW playing FW cards FW , FW posted FW a FW 23 FW % FW unconsolidated FW surge FW in FW pretax FW profit FW to FW 61.41 FW billion FW yen -LRB- -LRB$ $ CD 429 CD million -RRB- -RRBIN from CD 50 CD billion NNS yen -LRB- -LRB$ $ CD 349.9 CD million -RRB- -RRBIN for DT the JJ fiscal NN year VBD ended $ Aug. CD 31 . . <s> <s>

    IN Sales $ surged CD 40 NN % TO to $ 250.17 CD billion NNS yen IN from $ 178.61 CD billion . . <s> <s> DT Net NN income VBD rose CD 11 NN % TO to $ 29.62 CD billion NNS yen IN from $ 26.68 CD billion . . <s> <s> DT Pershare NN net VBD fell TO to FW 423.3 FW yen FW from FW 457.7 FW yen FW because FW of FW expenses FW and FW capital FW adjustments . . <s> <s> FW Without FW detailing FW specific FW product FW breakdowns FW , FW Nintendo FW credited FW its FW bullish FW upsurge FW in FW sales FW -FW including FW advanced

    FW computer FW games FW and FW television FW entertainment FW systems FW -FW to FW surging FW `` FW leisure-oriented '' '' NNS sales IN in JJ foreign NNS markets . . <s> <s> JJ Export NNS sales IN for # leisure UH items UH alone , , IN for NN instance , , WP$ totaled # 184.74 CD billion NNS yen IN in DT the CD 12 NNS months , , RB up IN from $ 106.06 CD billion IN in DT the JJ previous JJ fiscal NN year . . <s> <s> . Domestic '' leisure NNS sales , , RB however , , VBD were JJR lower . . <s> <s> NNP Hertz NNP Corp.

    IN of # Park UH Ridge , , NNP N.J. , , VBD said PRP it FW retained FW Merrill FW Lynch FW Capital FW Markets TO to VB sell PRP$ its FW Hertz FW Equipment FW Rental FW Corp. FW unit . . <s> <s> `` `` EX There VBZ is DT no JJ pressing NN need TO to VB sell DT the NN unit , , CC but PRP we VBP are VBG doing PRP it RB so PRP we MD can VB concentrate IN on PRP$ our JJ core NN business , , WP$ renting NNS automobiles IN in DT the NNP U.S. CC and RB abroad , , '' '' VBD said UH William UH Slider

    , , NNP Hertz POS 's JJ executive NN vice NN president . . <s> <s> IN `` PRP We VBP are RB only VBG going TO to VB sell IN at DT the JJ right NN price . . '' '' <s> <s> FW Hertz FW Equipment FW had FW operating FW profit FW before FW depreciation IN of $ $ CD 90 CD million IN on NN revenue IN of $ $ CD 150 CD million IN in CD 1988 . . <s> <s> FW The FW closely FW held FW Hertz NNP Corp. VBD had JJ annual NN revenue IN of JJ close TO to $ $ CD 2 CD billion IN in CD 1988 , ,

    IN of WDT which $ $ CD 1.7 CD billion VBD was VBN contributed IN by PRP$ its FW Hertz FW Rent FW A FW Car FW operations FW world-wide . . <s> <s> . Hertz '' Equipment VBZ is DT a JJ major NN supplier IN of JJ rental NN equipment IN in DT the NNP U.S. , , NNP France , , NNP Spain CC and DT the NN U.K . . <s> <s> FW It FW supplies FW commercial FW and FW industrial FW equipment FW including FW earth-moving FW , FW aerial FW , FW compaction FW and FW electrical FW equipment FW , FW compressors FW , FW cranes , , '' forklifts CC and

    NNS trucks . . <s> <s> NNP Interspec NNP Inc. VBD reported DT a JJ net NN loss IN of $ $ CD 2.4 CD million IN for DT the FW fiscal FW third FW quarter FW ended FW Aug. FW 31 . . <s> <s> NN It VBD said DT the FW loss FW resulted FW from FW startup FW and FW introduction FW costs FW related FW to FW a FW new FW medical FW ultrasound FW equipment FW system . . <s> <s> IN In DT the JJ year-earlier NN quarter , , DT the NN company VBD reported JJ net NN income IN of $ $ CD 955,000 , , CC or CD 15 NNS cents

    DT a NN share . . <s> <s> DT The NN manufacturer IN of # ultrasound UH diagnostic UH systems , , VBN based IN in NNP Ambler , , NNP Pa. , , VBD reported DT a RBS nine-month JJ net NN loss IN of $ $ CD 2.43 CD million VBN compared IN with JJ net NN income IN of $ $ CD 2.71 CD million , , CC or CD 44 NNS cents DT a NN share , , IN for DT the JJ nine-month NN period DT a NN year RBR earlier . . <s> <s> DT In JJ over-the-counter NN trading , , WP$ Interspec LS fell WP$ 37.5 NNS cents TO to $ $

    CD 4.25 . . <s> <s> . Allegheny '' Ludlum NNP Corp. VBZ expects TO to VB report JJ third-quarter NN net IN of IN about $ $ CD 34 CD million , , CC or $ $ CD 1.50 DT a NN share , , RB down IN from $ $ CD 38.4 CD million , , CC or $ $ CD 1.70 DT a NN share , , DT a NN year RBR earlier , , WP$ Richard UH P. UH Simmons , , NN chairman CC and JJ chief NN executive NN officer , , VBD told JJ institutional NNS investors IN in NNP New NNP York . . <s> <s> NN Sales IN for DT the

    FW Pittsburgh-based FW producer FW of FW specialty FW steels CC and JJ other NNS materials VBD fell TO to IN about $ $ CD 265 CD million IN in DT the JJ third NN quarter IN from $ $ CD 320.5 CD million DT a NN year RBR earlier , , PRP he VBD said . . <s> <s> NN He VBD said DT the JJ third-quarter NN estimate POS indicates NN profit IN for DT the CD nine NNS months IN of $ $ PDT 4.65 DT a NN share , , `` `` UH almost UH equal TO to DT the $ full-year CD 1988 NNS earnings '' '' IN of $ $ CD 108.6 CD million

    , , CC or $ $ PDT 4.81 DT a NN share . . <s> <s> IN In DT the JJ first CD nine NNS months IN of CD 1988 , , WDT net VBD was $ $ CD 85 CD million , , CC or $ $ PDT 3.76 DT a NN share . . <s> <s> . Mr. '' Simmons VBD said DT the FW third-quarter FW results FW reflect FW continued FW improvements FW in FW productivity FW and FW operating FW margins . . <s> <s> NN He VBD said # capital RBS spending JJ next NN year MD will VB rise TO to IN about $ $ CD 45 CD million IN from IN about

    $ $ CD 35 CD million DT this NN year . . <s> <s> . U.S. '' Banknote NNP Co. VBD said PRP it RB again VBN extended DT the NN expiration NN date IN of PRP$ its $ $ FW 7-a-share FW tender FW offer FW for FW International FW Banknote FW Co. FW to FW Nov. FW 15 . . <s> <s> . U.S. '' Banknote VBD said PRP it VBZ is IN in NNS negotiations TO to VB sell `` `` JJ certain NNS facilities , , '' '' WDT which PRP it VBD did RB n't NN name , , TO to DT a JJ third NN party , , CC and PRP it VBZ needs

    DT the NN extension TO to VB try TO to VB reach DT a JJ definitive NN agreement IN on DT the NN sale . . <s> <s> . U.S. '' Banknote VBD said PRP it VBZ believes DT the NN sale , , FW if FW completed FW , FW apparently FW would FW satisfy FW antitrust FW issues FW raised FW by FW the FW U.S. FW Justice FW Department FW about FW U.S. FW Banknote POS 's NN offer TO to VB buy UH International UH Banknote . . <s> <s> NN Both IN of DT the NNP New FW York-based FW companies FW print FW stock FW certificates FW and FW currency . . <s> <s>

    . U.S. '' Banknote VBD said `` `` EX there MD can VB be DT no NN assurance '' '' DT a NN sale NN agreement MD would VB be RP concluded . . <s> <s> VBZ It RB also VBD said DT the NN tender NN offer MD would RB probably VBP have TO to VB be FW extended FW further FW to FW complete FW financing FW arrangements . . <s> <s> FW U.S. FW Banknote FW said FW Citibank FW extended FW the FW expiration FW date FW of FW its FW commitment FW for FW senior FW secured FW financing FW to FW Nov. FW 15 . . <s> <s> DT The NN offer , ,

    WP$ made # June CD 1 , , VBZ has VBN been VBN extended JJ several NNS times . . <s> <s> . Closely UH held UH U.S. UH Banknote PDT offered DT the $ $ CD 7 DT a NN share , , CC or $ $ CD 126 CD million , , IN for IN as JJ many IN as $ 14.9 CD million NNS shares , , CC or PRP$ 78.6 NN % , , IN of NNP International NNP Banknote POS 's NNS shares JJ outstanding . . <s> <s> . U.S. '' Banknote VBD said IN that RB as IN of $ Oct. CD 13 , , $ 16.1 CD million NNS shares , ,

    CC or IN about DT 84.3 NN % IN of DT the FW fully FW diluted FW shares FW outstanding , , VBD had VBN been VBN tendered . . <s> <s> NNP Gitano NNP Group NNP Inc. VBD said PRP it VBD agreed TO to VB buy CD 50 NN % IN of FW Regatta FW Sport FW Ltd. FW , FW a FW closely FW held FW apparel FW maker , , IN with DT the NN assumption IN of $ $ CD 3 CD million IN of DT contingent NN debt . . <s> <s> IN Under DT the NNS terms IN of DT the NN contract , , NNP New . York-based '' Gitano VBZ has

    DT the NN option TO to VB acquire DT the $ remaining CD 50 NN % IN of NNP Regatta , , DT a NN maker IN of NNS men POS 's CC and NNS women POS 's FW clothes FW sold FW primarily FW in FW department FW stores FW , FW under FW certain FW conditions . . <s> <s> CD That CD 50 NN % VBZ is RB now VBN held IN by # Clifford UH Parker , , WP$ Regatta POS 's NN president CC and JJ chief NN executive NN officer , , WP who MD will VB continue TO to FW manage FW Regatta FW 's FW operations FW under FW Gitano . .

    <s> <s> CD In CD 1989 , , WDT Regatta MD will VB have NNS sales `` `` IN in NN excess IN of $ $ CD 10 CD million '' '' CC and MD will VB show DT a NN profit , , NNP Mr. NNP Parker VBD said . . <s> <s> NN Gitano , , WDT which FW makes FW budget-priced FW apparel FW sold FW mainly FW through FW mass FW merchandisers FW like FW K FW mart FW and FW Wal-Mart , , VBD said DT the JJS Regatta NN acquisition MD will VB enhance PRP$ its NN strategy TO to VB expand IN into NN department NNS stores . . <s> <s> DT This

    NN fall , , FW Gitano FW began FW manufacturing FW moderately FW priced FW clothes FW aimed FW at FW department FW stores FW under FW the FW Gloria FW Vanderbilt FW trademark , , WDT which MD Gitano RB recently VBN acquired . . <s> <s> NNP Enron NNP Corp. , , NNP Houston , , VBD said DT the NN sale IN of PRP$ preference NNS units IN of PRP$ its FW newly FW formed FW Enron FW NGL FW Partners FW L.P. FW master FW limited FW partnership FW subsidiary MD will VB result IN in DT an JJ undetermined NN gain IN in DT the JJ fourth NN quarter . . <s> <s> IN In

    DT the JJ year-ago NN quarter , , DT the JJ natural NN gas NN concern VBD had JJ net NN income IN of $ $ CD 25.2 CD million , , CC or CD 34 NNS cents DT a NN share , , IN on NN revenue IN of IN about $ $ CD 1.46 CD billion . . <s> <s> JJ Those NNS results VBD included DT a $ $ CD 2.7 CD million NN charge VBN related TO to DT the NN retirement IN of NN debt . . <s> <s> IN In DT a JJ related NN move , , WDT Enron VBD said PRP it VBD increased DT the NN number IN of DT the

    NN partnership POS 's NNS units PRP it MD will VB offer TO to # 6,930,000 LS from LS 5,500,000 . . <s> <s> FW The FW old FW and FW revised FW numbers FW both FW include FW over-allotment FW provisions . . <s> <s> NN Enron VBD said DT each NN unit MD will VB be VBN priced IN in DT the $ $ CD 19-to-$21 NN range CC and MD will VB represent IN about CD 80 NN % IN of DT the NN partnership NN equity . . <s> <s> JJ Net NNS proceeds IN from DT the NN offering VBP are VBN expected TO to VB be RB close TO to $ $ CD 200

    CD million . . <s> <s> NN Goldman , , NNP Sachs CC & NNP Co. , , CC and FW Drexel FW Burnham FW Lambert FW Inc. FW are FW lead FW underwriters . . <s> <s> FW Arthur FW M. FW Goldberg FW said FW he FW extended FW his FW unsolicited FW tender NN offer IN of $ $ CD 32 DT a NN share NN tender NN offer , , CC or $ $ CD 154.3 CD million , , IN for # Di UH Giorgio UH Corp. TO to $ Nov. CD 1 . . <s> <s> NNP DIG NNP Acquisition NNP Corp. , , DT the NNP New FW Jersey FW investor FW 's

    FW acquisition FW vehicle , , VBD said IN that RB as IN of DT the NN close IN of NN business NN yesterday , , WP$ 560,839 NNS shares VBD had VBN been VBN tendered . . <s> <s> IN Including DT the FW stake FW DIG FW already FW held FW , FW DIG FW holds FW a FW total FW of FW about FW 25 FW % FW of FW Di FW Giorgio POS 's NNS shares IN on DT a FW fully FW diluted FW basis . . <s> <s> DT The NN offer , , WDT which FW also FW includes FW common FW and FW preferred FW stock FW purchase FW rights , ,

    VBD was TO to VB expire JJ last NN night IN at NN midnight . . <s> <s> DT The JJ new NN expiration NN date VBZ is DT the NN date IN on WDT which UH DIG UH 's UH financing UH commitments , , WDT which VBP total IN about $ $ CD 240 CD million , , VBP are TO to VB expire . . <s> <s> NN DIG VBZ is DT a NN unit IN of NNP DIG NNP Holding NNP Corp. , , DT a NN unit IN of FW Rose FW Partners FW L.P . . <s> <s> . Mr. '' Goldberg VBZ is DT the FW sole FW general FW partner FW in

    FW Rose FW Partners . . <s> <s> NNP In NNP August , , WP$ Di UH Giorgio , , DT a FW San FW Francisco FW food FW products FW and FW building FW materials FW marketing FW and FW distribution FW company FW , FW rejected FW Mr. FW Goldberg FW 's FW offer FW as FW inadequate . . <s> <s> NNP In NNP New NNP York FW Stock FW Exchange FW composite FW trading FW yesterday FW , FW Di FW Giorgio FW closed FW at FW $ PDT 31.50 DT a NN share , , RB down $ $ CD 1.75 . . <s> <s> NN What VBZ does RB n't VBP belong RB here

    . ? <s> <s> FW A. FW manual FW typewriters FW , FW B. FW black-and-white FW snapshots FW , FW C. FW radio FW adventure FW shows . . <s> <s> . If UH you UH guessed UH black-and-white UH snapshots , , PRP you VBP 're RB right . . <s> <s> JJ After NNS years IN of JJR fading IN into DT the NN background , , WP$ two-tone EX photography VBZ is VBG coming RP back . . <s> <s> FW Trendy FW magazine FW advertisements FW feature FW stark FW black-and-white FW photos FW of FW Hollywood FW celebrities FW pitching FW jeans FW , FW shoes FW and FW liquor . . <s> <s>

    FW Portrait FW studios FW accustomed FW to FW shooting FW only FW in FW color FW report FW a FW rush FW to FW black-and-white FW portrait FW orders . . <s> <s> FW And FW black-and-white FW photography FW classes FW are FW crowded FW with FW students . . <s> <s> NNP What POS 's FW happening FW in FW photography FW mirrors FW the FW popularity FW of FW black FW and FW white FW in FW fashion FW , FW home FW furnishings FW and FW cinematography . . <s> <s> FW On FW Seventh FW Avenue FW , FW designers FW have FW been FW advancing FW the FW monochrome FW look FW with

    FW clothing FW collections FW done FW entirely FW in FW black FW and FW white . . <s> <s> FW And FW classic FW black-and-white FW movies FW are FW enjoying FW a FW comeback FW on FW videocassette FW tapes FW , FW spurred , , IN in NN part , , IN by DT the FW backlash FW against FW colorization FW of FW old FW films . . <s> <s> IN `` DT The FW pendulum FW is FW swinging FW back FW to FW black FW and FW white , , '' '' VBZ says UH Richard UH DeMoulin , , DT the JJ general NN manager IN of FW Eastman FW Kodak FW Co.

    FW 's FW professional FW photography FW division . . <s> <s> CD Until CD two NNS years RB ago , , NNS sales IN of FW black-and-white FW film FW had FW been FW declining FW steadily FW since FW the FW 1960s . . <s> <s> DT But JJ last NN year , , FW buoyed FW by FW increased FW use FW in FW advertising FW and FW other FW commercial FW applications , , NNS sales VBD increased CD 5 NN % , , CC and PRP they VBP are VBN expected TO to VB jump IN at JJS least IN that RB much RB again DT this NN year . . <s> <s> JJ Photographic

    NNS companies VBP are VBG scrambling TO to VB tap DT the JJS resurging NN market , , FW reviving FW some FW black-and-white FW product FW lines FW and FW developing FW new FW ones . . <s> <s> . At -RRB- Kodak , , WDT which LS largely PDT ignored DT the NN market IN for NNS years , , FW black-and-white FW film FW sales FW now FW account FW for # nearly CD 15 NN % IN of DT the NN company POS 's $ $ CD 3 CD billion IN in NN film CC and NN paper NNS sales RB annually , , RB up IN from CD 10 NN % CD three NNS years

    RB ago . . <s> <s> . The -RRB- Rochester , , NNP N.Y. , , FW photographic FW giant FW recently FW began FW marketing FW T-Max FW 3200 , , CD one IN of DT the NN fastest CC and RBS most FW sensitive FW monochrome FW films . . <s> <s> NN Aimed IN at # commercial UH photographers , , DT the NN film MD can VB be VBN used IN in FW very FW low FW light FW without FW sacrificing FW quality FW , FW says FW Donald FW Franz FW of FW Photofinishing FW Newsletter . . <s> <s> IN Also VBG trying TO to VB snare DT a NN portion IN of

    DT the $ $ CD 2 FW billion-a-year FW industry FW is FW Agfa NNP Corp. , , DT a NN unit IN of # Bayer LS AG . . <s> <s> FW Agfa FW recently FW signed FW Olympic FW gold FW medalist FW Florence FW Griffith-Joyner FW to FW endorse FW a FW new FW line FW of FW black-and-white FW paper WDT that VBZ 's VBN geared TO to NNS consumers CC and MD will VB compete RB directly IN with NNP Kodak POS 's NNS papers . . <s> <s> NN Slated IN for NN market IN by DT the NN end IN of DT the NN year , , DT the NN paper `` ``

    MD could VB have VBN been RP introduced DT a JJ long NN time RB ago CC but DT the NN market VBD was RB n't RB there RB then , , '' '' VBZ says DT an JJS Agfa NN spokesman . . <s> <s> DT The JJS biggest NN beneficiary IN of DT the FW black-and-white FW revival VBZ is JJ likely TO to VB be NNP International NNP Paper NNP Co. POS 's JJS Ilford NN division , , VBN known IN in DT the NN industry IN for PRP$ its NN premium NNS products . . <s> <s> NN Sales IN of FW Ilford FW 's FW four FW varieties FW of FW black-and-white FW film

    FW this FW year FW are FW outpacing NN growth IN in DT the JJ overall NN market , , IN although DT the NN company MD wo RB n't VBP say IN by # exactly WRB how RB much . . <s> <s> IN `` PRP We VBP hope DT the RBS trend UH lasts , , '' '' VBZ says FW Laurie FW DiCara FW , FW Ilford FW 's FW marketing FW communications FW director . . <s> <s> IN Why PDT all DT the NN interest . ? <s> <s> FW For FW baby FW boomers FW who FW grew FW up FW being FW photographed FW in FW color FW , FW black FW and

    FW white FW seems FW eye-catching FW and FW exotic . . <s> <s> IN `` PRP It VBZ has DT an NN archival , , WP$ almost UH nostalgic UH quality TO to PRP it , , '' '' VBZ says UH Owen UH B. UH Butler , , DT the NN chairman IN of DT the FW applied FW photography FW department FW at FW Rochester FW Institute FW of FW Technology . . <s> <s> IN `` PRP You MD can VB shift RP out IN of NN reality IN with JJ black CC and JJ white , , '' '' PRP he VBZ adds . . <s> <s> FW Such FW features FW have FW been

    FW especially FW attractive FW to FW professional FW photographers FW and FW marketing FW executives , , WP who VBP have VBN been RB steadily VBG increasing PRP$ their NN use IN of JJ black CC and JJ white IN in NN advertising . . <s> <s> NN Processing IN of FW black-and-white FW commercial FW film FW jumped FW 24 FW % JJ last NN year TO to $ 18.7 CD million NNS rolls . . <s> <s> . Consider '' Gap NNP Inc. , , WP$ whose FW latest FW ad FW campaign FW features FW black-and-white FW shots FW of FW Hollywood FW stars FW , FW artists FW and FW other FW well-known FW personalities

    FW modeling FW the FW retailer FW 's FW jeans FW and FW T-shirts . . <s> <s> . Richard -RRB- Crisman , , DT the NN account NN manager IN for DT the NN campaign , , FW says FW Gap FW did FW n't FW intentionally FW choose FW black FW and FW white TO to VB distinguish PRP$ its NNS ads IN from DT the FW color FW spreads FW of FW competitors . . <s> <s> IN `` PRP We VBD wanted TO to VB highlight DT the NN individual , , RB not DT the NN environment , , '' '' PRP he VBZ says , , `` `` FW and FW black FW and

    FW white FW allows FW you FW to FW do FW that FW better FW than FW color . . '' '' <s> <s> FW The FW campaign FW won FW a FW Cleo FW award IN as DT this NN year POS 's JJS best NN ad IN by DT a NN specialty NN retailer . . <s> <s> DT Even NN food NNS products CC and NNS automobiles , , WDT which VBP have UH long UH depended UH on UH color , , VBP are VBG making DT the NN switch . . <s> <s> , Companies `` `` FW feel FW black FW and FW white FW will FW convey FW a FW stronger FW statement

    , , '' '' VBZ says FW Marc FW L. FW Hauser FW , FW a FW Chicago FW photographer WP who VBZ is VBG working IN on DT a FW black-and-white FW print FW ad FW for FW Stouffer FW Food FW Corp. FW 's FW Lean FW Cuisine . . <s> <s> JJ Other NNS companies WDT that VBP are FW currently FW using FW two-tone FW ads FW include FW American FW Express FW Co. FW and FW Epson FW America FW Inc . . <s> <s> JJ Portrait NNS studios VBP have RB also VBN latched IN onto DT the NN trend . . <s> <s> . Using '' black CC and JJ white , ,

    `` `` PRP we MD can VB make UH housewives UH look UH like UH stars , , '' '' VBZ says LS John LS Perrin . . <s> <s> FW His FW On-Broadway FW Photography FW studio FW in FW Portland , , NNP Ore. , , VBD doubled PRP$ its NN business JJ last NN year CC and , , PRP he VBZ says , , VBZ is VBN booked RP solid IN for DT the JJ next CD five . . <s> <s> DT One NN customer , , FW Dayna FW Brunsdon FW , FW says FW she FW spurned FW a FW color FW portrait FW for FW black FW and FW white FW because

    `` `` PRP it VBZ 's JJR more LS dramatic . . <s> <s> . I '' show PRP it TO to PRP$ my NNS friends , , CC and PRP they PDT all FW say FW ` FW wow . . '' ' <s> <s> NN It VBZ is RB n't FW ordinary FW like FW color . . '' '' <s> <s> NN Still , , RBS most FW consumers FW are FW n't FW plunking FW black-and-white FW film FW into FW their FW cameras FW to FW take FW family FW snapshots . . <s> <s> FW One FW big FW obstacle FW is FW that FW few FW drugstores FW develop FW the FW film

    FW anymore . . <s> <s> NN Typically , , PRP it MD must VB be RP mailed TO to DT a NN handful IN of NNS processors CC and MD may VB take DT a NN week CC or JJR more TO to VB be VBN processed CC and VBD returned . . <s> <s> FW Black-and-white FW film FW costs FW consumers FW a FW little FW less FW than FW color FW film , , CC and EX processing VBZ costs DT the JJ same . . <s> <s> NN But IN for FW photofinishers FW , FW developing FW costs FW for FW black-and-white FW film FW are FW higher . . <s> <s> JJ Some

    NNS companies VBP are VBG starting TO to VB tackle DT that NN problem . . <s> <s> NN Ilford , , IN for NN example , , FW recently FW introduced FW a FW black-and-white FW film WDT that MD can VB be FW processed FW quickly FW by FW color FW labs . . <s> <s> NN Intent IN on PRP$ wooing NNS customers , , DT the NN company VBZ is RB also VBG increasing PRP$ its FW sponsorship FW of FW black-and-white FW photography FW classes . . <s> <s> NN Similarly , , FW Agfa FW is FW sponsoring FW scores FW of FW photography FW contests FW at FW high FW schools FW and

    FW colleges FW , FW offering FW free FW black-and-white FW film FW and FW paper FW as FW prizes . . <s> <s> FW And FW Kodak FW is FW distributing FW an FW instructional FW video FW to FW processors FW on FW how FW to FW develop FW its FW monochrome FW film FW more FW efficiently . . <s> <s> JJ Other NNS companies VBP are VBG introducing JJ related NNS products . . <s> <s> . Charles '' Beseler NNP Co. , , DT a FW leading FW maker FW of FW photographic FW enlargers FW , FW introduced FW last FW month FW a FW complete FW darkroom FW starter FW kit FW targeted

    FW at FW teen-agers FW who FW want FW to FW process FW their FW own FW black-and-white FW photographs . . <s> <s> . The -RRB- kit , , WDT which VBZ has DT a RBS suggested JJ retail NN price IN of $ $ CD 250 CC and VBZ has RB already VB become DT a NN bestseller , , VBD was FW introduced FW after FW retailers FW noticed FW numerous FW requests FW from FW parents FW for FW children FW 's FW photography FW equipment . . <s> <s> FW `` FW It FW seems FW computers FW as FW hobbies FW have FW waned , , '' '' VBZ says UH Ian UH Brightman

    , , WP$ Beseler POS 's NN chairman CC and JJ chief NN executive NN officer . . <s> <s> IN But DT some NN industry NNS observers VBP believe DT the NN resurgence IN of JJ black CC and EX white VBZ is RB only DT a NN fad . . <s> <s> FW They FW cite FW the FW emergence FW of FW still FW electronic FW photography FW , FW more FW newspapers FW turning FW to FW color FW on FW their FW pages FW and FW measurable FW improvements IN in DT the NN quality IN of # color LS prints . . <s> <s> . `` '' Black CC and EX white VBZ has

    RB n't VBN made DT the FW same FW quantum FW leaps FW in FW technological FW development FW as FW color , , '' '' VBZ says NNP Mr. -RRB- Butler IN of DT the RBS Rochester LS Institute . . <s> <s> IN `` DT The FW color FW print FW today FW is FW far FW superior TO to VB prints IN of CD 10 NNS years RB ago . . <s> <s> NN You MD ca RB n't VB say DT the JJ same IN with JJ black CC and JJ white . . '' '' <s> <s> , But WRB when FW Popular FW Photography FW , FW a FW leading FW magazine FW for

    FW photographers FW , FW selected FW 15 FW of FW the FW greatest FW photos FW ever FW made FW for FW its FW latest FW issue FW celebrating FW photography FW 's FW 150th FW anniversary FW , FW all FW were FW black FW and FW white . . <s> <s> IN `` PRP It VBZ 's FW got FW a FW classic FW spirit FW and FW carries FW over FW emotionally , , '' '' VBZ says FW Alfred FW DeBat FW of FW Professional FW Photographers FW of FW America . . <s> <s> . `` '' That VBZ 's DT the NN appeal . . <s> <s> FW McClatchy FW Newspapers FW Inc.

    FW said FW improvements FW in FW advertising FW and FW subscription FW revenue FW led TO to DT a CD 21 NN % NN gain IN in JJ third-quarter NN profit TO to $ $ CD 8.8 CD million , , CC or CD 31 NNS cents DT a NN share , , IN from $ $ CD 7.2 CD million , , CC or CD 25 NNS cents DT a NN share . . <s> <s> NN Sales VBD rose JJR more IN than CD 7 NN % TO to $ $ CD 94.9 CD million IN from $ $ CD 88.3 CD million . . <s> <s> NNP The NNP Sacramento , , NNP Calif. , ,

    FW company FW also FW attributed FW improved FW performance FW to FW a FW lower FW effective FW tax FW rate FW and FW higher FW interest FW income . . <s> <s> IN For DT the CD nine NNS months , , DT the NN newspaper NN chain VBD had RB almost DT a CD 23 NN % NN increase IN in NN profit TO to $ $ CD 23.6 CD million , , CC or CD 83 NNS cents DT a NN share , , IN from $ $ CD 19.2 CD million , , CC or CD 68 NNS cents DT a NN share . . <s> <s> NN Sales VBD grew RB almost CD 7

    NN % TO to $ $ CD 279.1 CD million IN from $ $ CD 261.3 CD million . . <s> <s> NN McClatchy VBZ publishes DT the NNP Sacramento -LRB- -LRBUH Calif . . -RRB- -RRBFW Bee FW and FW Tacoma FW -LRBFW Wash . . -RRB- -RRBUH News UH Tribune , , CC and JJ other NNS papers IN in JJ Western NNS states . . <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange , , DT the NN company VBD closed IN at $ $ CD 25.25 DT a NN share , , RB down CD 25 NNS cents . .

    <s> <s> . Agip -RRB- S.p . . FW A. FW and FW Societe FW National FW Elf FW Aquitaine , , DT the NN state NN oil NNS companies IN of NNP Italy CC and NNP France , , RB respectively , , VBD submitted DT an NN offer TO to VB buy FW Gatoil FW Suisse FW S.A . . <s> <s> DT The NN price VBD was RB n't VBN disclosed . . <s> <s> DT A NN spokesman IN for PRP Gatoil VBD said IN that DT the JJ Swiss NN oil NN concern VBD was PDT examining DT the NN offer , , WP$ submitted JJ last NNP Friday , , RB along IN with

    CD two JJ other NNS offers , , RB also VBN submitted JJ last NN week . . <s> <s> CD Those CD two NNS offers VBD were JJ private CC and DT the NN spokesman VBD refused TO to VB identify DT the NN bidding NNS companies . . <s> <s> DT The NN spokesman RB further VBD said IN that IN at JJS least CD two JJR more NNS offers VBP are VBN expected IN from JJ other NNS companies IN within CD two NNS weeks . . <s> <s> FW Gatoil FW Suisse FW owns FW an FW oil FW refinery FW in FW Switzerland FW with FW a FW capacity FW of FW 70,000 FW barrels

    FW a FW day FW , FW along FW with FW a FW network FW of FW gasoline FW retailing FW outlets . . <s> <s> NNP While NNP Friday POS 's FW plunging FW stock FW market FW prompted FW new FW fears IN about DT the NN economy POS 's NNS prospects , , DT a FW little-known FW indicator FW that FW has FW faithfully FW foreshadowed FW the FW economy FW 's FW ups FW and FW downs FW by FW exceptionally FW long FW lead FW times FW points FW to FW a FW sustained FW rise FW in FW overall FW business FW activity . . <s> <s> . The -RRB- barometer , ,

    VBN developed IN by NNS analysts IN at NNP Columbia NNP University POS 's FW Center FW for FW International FW Business FW Cycle FW Research FW here FW , FW reached FW a FW record FW high FW of FW 223.0 FW in FW August , , DT the JJS latest UH month UH available , , CC and DT the FW Columbia FW researchers FW estimate WDT that PRP it VBZ has VBN moved RB even JJR higher IN since RB then . . <s> <s> DT The JJS latest FW reading FW of FW 223.0 FW was FW up FW from FW 222.3 FW in FW July FW and FW 215.3 FW as FW recently FW as

    FW March . . <s> <s> FW The FW August FW rise FW marked FW the FW fifth FW straight FW monthly FW gain IN for DT the NN indicator , , WDT which VBZ uses DT the RBS 1967 JJ average IN as DT a NN base IN of CD 100 . . <s> <s> DT In NN contrast , , DT the NNP Commerce NNP Department POS 's FW widely FW followed FW index FW of FW leading FW indicators , , WP$ while RP up IN in NNP August , , VBZ has FW fallen FW repeatedly FW since FW reaching FW a FW high PDT early DT this NN year . . <s> <s> FW Its

    FW ragged FW behavior FW through FW much FW of FW 1989 FW has FW prompted FW some FW forecasters TO to VB anticipate DT the NN start IN of DT a JJ new NN recession RB perhaps IN before NN year POS 's NN end . . <s> <s> IN But DT the FW far FW stronger FW showing FW of FW the FW Columbia FW index FW `` FW makes FW a FW recession FW any FW time FW soon FW highly FW unlikely , , '' '' VBZ says UH Geoffrey UH H. UH Moore , , DT the NN director IN of DT the NNP Columbia NN facility . . <s> <s> DT A JJ leading

    NN authority IN on DT the NN business NN cycle , , NNP Mr. VBZ Moore RB also VBZ is DT a NN member IN of DT the FW Business FW Cycle FW Dating FW Group , , DT the NN panel IN of JJ private NNS economists WDT that VBZ decides IN for DT the NN government WRB when FW expansions FW and FW recessions FW begin FW and FW end . . <s> <s> FW The FW group FW normally FW convenes FW only WRB when DT a NN change IN in DT the NN economy POS 's FW general FW course FW seems FW likely . . <s> <s> IN `` DT No NN meeting VBZ is

    VBN scheduled IN because DT the NN expansion VBZ shows DT no NN sign IN of VBG going RP off DT the NNS tracks , , '' '' NNP Mr. POS Moore NNS reports . . <s> <s> VBZ Based RB largely IN on DT the JJ recent NN strength IN in PRP$ their NN index , , VBD called DT the FW long FW leading FW indicator , , DT the FW Columbia FW analysts FW foresee FW uninterrupted JJ economic NN growth IN through DT the NN rest IN of DT this NN year CC and JJ next NN year IN as RB well . . <s> <s> TO They VB expect DT a JJS 2.6 NN %

    NN rise IN in CD 1990 IN in DT the JJ gross JJ national NN product , , IN after NN adjustment IN for NN inflation . . <s> <s> IN Underlying DT this NN optimism VBZ is DT the NN index POS 's FW longstanding FW ability FW to FW signal FW recessions FW or FW recoveries , , IN as DT the NN case MD may VB be , , IN by RB substantially JJR greater NNS periods IN than DT the NNP Commerce NNP Department POS 's NN index IN of VBG leading NNS indicators . . <s> <s> IN Over DT the FW full FW post-World FW War FW II FW era , , DT the

    NNP Columbia NN index , , IN on DT the NN average , , VBZ has FW entered FW sustained FW declines FW 14 FW months FW before FW the FW onset FW of FW recessions FW and FW turned FW up FW eight FW months FW before FW recoveries . . <s> <s> DT The JJ comparable NN lead NNS times IN for DT the NNP Commerce NN index , , WP$ whose LS components PDT include DT the NN stock NN market , , FW are FW far FW shorter FW -FW 10 FW months FW before FW recessions FW and FW only FW three FW months FW before FW recoveries . . <s> <s> FW The

    FW Columbia FW economists FW also FW have FW reconstructed FW how FW the FW long FW leading FW index FW would FW have FW behaved , , VBD had PRP it VBD existed , , IN in CD 1929 , , IN before DT the NN stock NN market NN crash IN in NNP October IN that JJR ushered IN in DT the RBS Great LS Depression . . <s> <s> FW The FW indicator FW reached FW a FW peak FW in FW January FW 1929 FW and FW then FW fell FW steadily RP up TO to CC and IN through DT the NN crash . . <s> <s> IN `` PRP It VBD was DT an

    FW entirely FW different FW pattern FW from FW what FW we FW 're FW seeing FW now , , '' '' NNP Mr. NNP Moore VBZ says . . <s> <s> DT A JJ major NN source IN of DT the JJ recent NN strength IN in DT the FW long FW leading FW indicator VBZ has VBN been DT the NN performance IN of DT the FW Dow FW Jones FW corporate FW bond-price FW index , , WDT which VBZ is RB not DT a NN part IN of DT the NNP Commerce NN index . . <s> <s> NNP In NNP August , , DT the NN bond NN measure VBD was IN at PRP$ its

    FW highest FW monthly FW average FW since FW early FW 1987 . . <s> <s> VBZ It RB also VBD rose JJ last NNP Friday , , IN while DT the NN stock NN market VBD sagged . . <s> <s> . Other '' components IN of DT the FW long FW leading FW indicator FW include FW a FW ratio FW of FW prices FW to FW unit FW labor FW costs FW in FW manufacturing FW industries , , DT the JJS M2 NN version IN of DT the NN money NN supply , , VBN adjusted IN for NN inflation , , CC and DT the NN volume IN of FW new FW home-building FW permits

    . . <s> <s> . Notably '' absent IN from DT the NNP Columbia NN index VBZ is DT the NN stock NN market , , WDT which NNP Mr. NNP Moore VBZ says `` `` UH is UH simply UH no UH longer PDT such DT a JJ good NN indicator IN of DT the NN economy POS 's FW long-range FW prospects FW , FW though FW it FW still FW is FW useful FW for FW anticipating FW some FW short-run FW twists FW and FW turns . . '' '' <s> <s> VBZ As RB recently IN as CD 1975 , , DT the NN stock NN market : -RB as VBN reflected IN in

    DT the NNP Standard CC & NNP Poor POS 's NN index IN of CD 500 JJ common NNS stocks : -VBD was VBN rated IN by DT the NNP National NNP Bureau IN of NNP Economic NNP Research IN as DT the JJS best IN of DT the FW 12 FW leading FW indicators WDT that RB then VBN made RP up DT the NNP Commerce NN index . . <s> <s> NN It VBD was VBN assigned DT a NN mark IN of # 80 RP out IN of DT a JJ possible CD 100 , , VBN compared IN with FW scores FW ranging FW as FW low FW as FW 69 IN for DT the

    JJ other NNS components . . <s> <s> DT The NN stock NN market VBZ has VBN lost DT some JJS precursory NN power , , NNS analysts IN at DT the FW Columbia FW center FW claim , , IN because IN of DT the JJ growing NN impact IN of JJ international NNS developments . . <s> <s> FW `` FW Stocks FW have FW become FW more FW sensitive FW to FW factors FW not FW directly FW tied TO to DT the JJ domestic NN economy , , '' '' NNP Mr. NNP Moore VBZ says , , VBG citing DT the NN exchange NN rate IN for DT the NN dollar IN on NN currency

    NNS markets , , DT the FW foreign-trade FW balance FW and FW inflows FW of FW foreign FW capital . . <s> <s> VBZ He RB also VBN feels IN that DT the NN rise IN of PDT such FW computer-based FW practices FW as FW program FW trading FW has PDT diminished DT the NN stock NN market POS 's NN relevancy TO to DT the JJ economic NN outlook . . <s> <s> NNP BSN NNP S.A. , , DT a FW leading FW French FW food FW group , , VBD said PRP it VBD agreed TO to VB acquire UH Birkel UH G.m.b . . -RRB- H. , , DT a FW West FW German

    FW pasta FW maker . . <s> <s> DT The NN value IN of DT the NN acquisition VBD was RB n't VBN disclosed . . <s> <s> . The '' move VBZ is IN in NN line IN with NNP BSN POS 's NN strategy IN of # gradually PDT building PRP$ its NN share IN of DT the FW European FW pasta FW market FW through FW external FW growth . . <s> <s> NN BSN MD will FW initially FW acquire FW a FW 15 FW % FW interest FW in FW Birkel FW , FW a FW closely FW held FW concern . . <s> <s> DT The JJ French NN group VBZ has DT an

    NN agreement VBG giving PRP it DT the NN right TO to VB buy PDT all DT the NNS shares JJ outstanding , , CC and DT this MD could VB be VBN completed IN within DT a JJ few NNS months , , DT a JJS BSN NN spokeswoman VBD said . . <s> <s> DT The NN takeover VBD was VBN submitted IN for NN approval IN by DT the FW West FW German FW cartel FW office , , WDT BSN VBD said . . <s> <s> NN Birkel VBZ is NNP West NNP Germany POS 's FW second-biggest FW producer FW of FW pasta , , IN with NNS sales IN of CD 250 CD million

    NNS marks -LRB- -LRB$ $ CD 133.4 CD million -RRB- -RRBIN in CD 1988 . . <s> <s> NN It VBZ has FW 750 FW workers FW at FW three FW production FW units FW in FW southwest FW Germany , , CC and VBZ is DT that NN nation POS 's FW leading FW producer FW of FW pasta FW sauces . . <s> <s> FW The FW acquisition FW strengthens FW BSN POS 's NN position IN in DT the JJ European NN pasta NN market . . <s> <s> FW The FW French FW group FW currently FW ranks FW second FW after FW Barilla FW Group FW of FW Italy , , WP$ whose

    NNS sales VBP are VBN chiefly IN in DT the JJ Italian NN market . . <s> <s> NNP Moody POS 's NNPS Investors NNP Service NNP Inc. VBD said PRP it VBD reduced PRP$ its NN rating IN on $ $ CD 281 CD million IN of JJ senior CC and JJ subordinated NN debt IN of DT this NN thrift VBG holding NN company , , TO to FW C FW from FW Ca FW , FW saying FW it FW believes FW bondholders FW will FW recover FW only FW `` FW negligible FW principal . . '' '' <s> <s> DT The NN agency VBD said PRP it FW confirmed FW American FW Continental FW 's

    FW preferred FW stock FW rating FW at FW C . . <s> <s> NNP American NNP Continental POS 's NN thrift NN unit , , FW Los FW Angeles-based FW Lincoln FW Savings FW & FW Loan FW Association , , VBZ is IN in NNP receivership CC and DT the NN parent NN company VBZ has VBN filed IN for FW protection FW from FW creditor FW lawsuits FW under FW Chapter FW 11 FW of FW the FW federal FW Bankruptcy FW Code . . <s> <s> . CENTRUST UH SAVINGS UH BANK -LRB- -LRBLS Miami -RRB- -RRB: -<s> <s> NNP Moody POS 's FW Investors FW Service FW Inc. FW downgraded FW its

    FW ratings FW on FW the FW subordinated FW debt FW of FW CenTrust FW to FW Caa FW from FW B-3 . . <s> <s> FW The FW rating FW agency FW also FW reduced FW the FW ratings FW for FW long-term FW deposits FW to FW B-3 FW from FW Ba-3 FW and FW for FW preferred FW stock FW to FW Ca FW from FW Caa . . <s> <s> DT The NN rating NN agency VBD said IN about $ $ CD 85 CD million IN in NNS securities VBD was VBN affected . . <s> <s> . The UH downgrades UH were UH prompted , , NNP Moody POS 's VBD said , ,

    IN by DT the JJ continuing NN turmoil IN in DT the NN junk NN bond NN market CC and DT the NN suspension IN of NNS dividends IN on NNP CenTrust POS 's JJ preferred NN stock . . <s> <s> NN Moody VBZ 's RB also VBD said PRP it VBD believed DT the JJ proposed NN sale IN of FW 63 FW CenTrust FW branches FW to FW Great FW Western FW Bank FW could FW , FW if FW completed , , WRB endanger DT the NN thrift POS 's NN funding CC and NN market NN position . . <s> <s> FW THE FW STOCK FW MARKET FW AVOIDED FW a FW repeat FW of

    FW Black FW Monday FW as FW prices FW recovered FW from FW an FW early FW slide FW , FW spurred FW by FW bargain-hunting FW institutions FW and FW program FW traders . . <s> <s> FW The FW Dow FW Jones FW industrials FW closed FW up FW 88.12 FW points FW , FW at FW 2657.38 , , DT the FW fourth-biggest FW gain FW ever , , IN after VBG being RP down IN as JJ much IN as PRP$ 63.52 NNS points IN in DT the NN morning . . <s> <s> FW The FW rally FW erased FW about FW half FW of FW Friday FW 's FW 190.58-point FW plunge , ,

    CC but NNS analysts VBP are VBN cautious IN about DT the NN market POS 's NN outlook . . <s> <s> FW The FW dollar FW also FW rebounded FW , FW while FW bond FW prices FW plummeted FW and FW Treasury FW bill FW rates FW soared . . <s> <s> FW Junk FW bonds FW also FW recovered FW somewhat FW , FW though FW trading FW remained FW stalled . . <s> <s> VBZ Gold RB also VBD rose . . <s> <s> FW Tokyo FW stock FW prices FW bounced FW back FW in FW early FW trading FW Tuesday FW following FW a FW 1.8 FW % FW plunge FW on FW Monday

    . . <s> <s> DT The NN dollar RB also VBN moved JJR higher IN in NNP Tokyo . . <s> <s> . Donald '' Trump VBD withdrew PRP$ his $ $ CD 7.54 CD billion NN offer IN for NNP American NNP Air , , VBG citing DT the `` `` JJ recent NN change IN in NN market NNS conditions . . '' '' <s> <s> . AMR -LRB- slid $ $ CD 22.125 , , TO to $ $ CD 76.50 . . <s> <s> NN Also , , DT a NNP UAL NN group VBD tried TO to VB get NN financing IN for DT a JJR lower NN bid , , WP$ possibly $ $

    CD 250 DT a NN share . . <s> <s> NN UAL VBD fell $ $ CD 56.875 , , TO to $ $ CD 222.875 . . <s> <s> JJ Leveraged NNS buy-outs IN of NNS airlines MD would VB be JJ subject TO to NN approval IN by DT the FW transportation FW secretary FW under FW a FW bill FW passed FW by FW a FW House FW subcommittee . . <s> <s> NNP IBM POS 's NNS earnings VBD tumbled CD 30 NN % IN in DT the JJ third NN quarter , , RB slightly JJR more IN than VBN expected . . <s> <s> FW The FW computer FW giant FW partly FW cited

    FW a FW stronger FW dollar FW and FW a FW delay FW in FW shipping FW a FW new FW high-end FW disk FW drive . . <s> <s> NNS Analysts VBP are VBN downbeat IN about NNP IBM POS 's NN outlook IN for DT the JJ next JJ few NNS quarters . . <s> <s> FW U.S. FW auto FW makers FW plan FW to FW decrease FW car FW production FW 10.4 NN % IN in DT the JJ fourth NN quarter , , IN with # virtually PDT all DT the NN decline VBG coming IN from DT the NNP Big NNP Three . . <s> <s> NN Output IN at NNP Japanese-owned CC and

    JJR managed NNS plants IN in DT the NNP U.S. VBZ is JJ due TO to VB rise CD 42 NN % . . <s> <s> DT Budget NN director WDT Darman VBD said PRP he MD wo RB n't FW give FW federal FW agencies FW much FW leeway FW in FW coping FW with FW Gramm-Rudman FW spending FW cuts , , WDT which VBD took PRP$ effect NN yesterday . . <s> <s> NN Darman VBZ hopes TO to # prod UH Congress TO to VB finish DT a NN deficit NN plan . . <s> <s> FW The FW S&L FW bailout FW agency MD would VB be VBN restricted IN by DT a JJ new

    NN bill IN in WRB how PRP it VBZ raises NN capital . . <s> <s> FW The FW Ways FW and FW Means FW plan FW would FW create FW another FW possible FW obstacle FW to FW selling FW sick FW thrifts . . <s> <s> FW A FW natural FW gas FW rule FW was FW struck FW down FW by FW a FW federal FW appeals FW court . . <s> <s> FW The FW regulation FW had FW prevented FW pipeline FW firms FW from FW passing NN part IN of $ $ CD 1 CD billion IN in NNS costs RB along TO to NNS customers . . <s> <s> FW The FW Supreme

    FW Court FW agreed FW to FW decide FW whether FW a FW federal FW court FW may FW dismantle FW a FW merger FW that FW has FW won FW regulatory FW approval FW but FW been FW ruled FW anticompetitive IN in DT a JJ private NN suit . . <s> <s> NNP Merrill NNP Lynch POS 's NN profit VBD slid CD 37 NN % IN in DT the JJ third NN quarter . . <s> <s> FW Bear FW Stearns FW posted FW a FW 7.5 FW % FW gain FW , FW while FW PaineWebber FW had FW a FW decline FW due TO to DT a JJ year-ago NN gain . . <s> <s>

    . Blue '' Arrow IN of NNP Britain VBZ plans TO to VB return TO to DT the NN name , Manpower CC and VB take DT a JJ big NN write-off . . <s> <s> JJ The NNS moves MD may VB help DT the NN firm IN solidify PRP$ its NN dominance IN of DT the NNP U.S. POS temporary-help NN market . . <s> <s> NNP J.P. NNP Morgan VBD posted DT a $ $ CD 1.82 CD billion NN loss IN for DT the JJ third NN quarter , , VBG reflecting DT a JJ big NN addition TO to # loan-loss LS reserves . . <s> <s> NNP NCNB POS 's NN profit RBR more

    LS than LS doubled . . <s> <s> . K '' mart VBD agreed TO to VB acquire UH Pace UH Membership UH Warehouse IN for $ $ CD 322 CD million , , VBG expanding PRP$ its NN presence IN in DT the FW growing FW wholesale-store FW business . . <s> <s> NN Markets : -<s> <s> NN Stocks : : LS Volume WP$ 416,290,000 NNS shares . . <s> <s> FW Dow FW Jones FW industrials FW 2657.38 FW , FW up FW 88.12 FW ; FW transportation FW 1304.23 FW , FW off FW 102.06 FW ; FW utilities FW 214.73 FW , FW up FW 2.77 . . <s> <s> NN Bonds : :

    LS Shearson FW Lehman FW Hutton FW Treasury FW index FW 3393.51 , , RB off <s> <s> NN Commodities : : LS Dow FW Jones FW futures FW index FW 129.72 FW , FW off FW 0.15 FW ; FW spot FW index FW 130.16 FW , FW up FW 0.91 . . <s> <s> NN Dollar : : LS 141.85 UH yen , , WP$ off SYM 0.25 : ; LS 1.8685 UH marks , , WP$ off LS 0.0055 . . <s> <s> NN Monday , , NNP October CD 16 , , CD 1989 <s> <s> FW The FW key FW U.S. FW and FW foreign FW annual FW interest FW rates FW below FW are

    FW a FW guide FW to FW general FW levels FW but FW do FW n't FW always FW represent FW actual FW transactions . . <s> <s> . PRIME -RRB- RATE : : CD 10 CD 1\/2 NN % . . <s> <s> FW The FW base FW rate FW on FW corporate FW loans FW at FW large FW U.S. FW money FW center FW commercial FW banks . . <s> <s> . FEDERAL -RRB- FUNDS : : LS 8 FW 3\/4 FW % FW high FW , FW 8 FW 1\/2 FW % FW low FW , FW 8 FW 5\/8 FW % FW near FW closing FW bid , , CD 8 CD 3\/4 NN %

    VBD offered . . <s> <s> VBZ Reserves VBN traded IN among JJ commercial NNS banks IN for JJ overnight NN use IN in NNS amounts IN of $ $ CD 1 CD million CC or JJR more . . <s> <s> NN Source : : LS Fulton LS Prebon -LRB- -LRBUH U.S.A . . -RRB- -RRBLS Inc . . <s> <s> . DISCOUNT -RRB- RATE : : CD 7 NN % . . <s> <s> DT The NN charge IN on NNS loans TO to VB depository NNS institutions IN by DT the NNP New NNP York NNP Federal NNP Reserve NNP Bank . . <s> <s> . CALL -RRB- MONEY : : CD 9 CD 3\/4

    NN % TO to CD 10 NN % . . <s> <s> DT The NN charge IN on NNS loans TO to FW brokers FW on FW stock FW exchange FW collateral . . <s> <s> FW COMMERCIAL FW PAPER FW placed FW directly FW by FW General FW Motors FW Acceptance FW Corp. FW : FW 8.30 FW % FW 5 FW to FW 44 FW days FW ; FW 8.20 FW % FW 45 FW to FW 59 FW days FW ; FW 8 FW % FW 60 FW to FW 89 FW days FW ; FW 7.875 FW % FW 90 FW to FW 119 FW days FW ; FW 7.75 FW % FW 120 FW to

    FW 149 FW days FW ; FW 7.625 FW % FW 150 FW to FW 179 FW days FW ; FW 7.375 FW % FW 180 FW to FW 270 FW days . . <s> <s> . COMMERCIAL -RRB- PAPER : : LS High-grade FW unsecured FW notes FW sold FW through FW dealers FW by FW major FW corporations FW in FW multiples FW of FW $ FW 1,000 FW : FW 8.40 FW % FW 30 FW days FW ; FW 8.33 FW % FW 60 FW days FW ; FW 8.26 FW % FW 90 FW days . . <s> <s> FW CERTIFICATES FW OF FW DEPOSIT FW : FW 8.05 FW % FW one FW month

    FW ; FW 8.02 FW % FW two FW months FW ; FW 8 FW % FW three FW months FW ; FW 7.98 FW % FW six FW months FW ; FW 7.95 # % CD one NN year . . <s> <s> NN Average IN of FW top FW rates FW paid FW by FW major FW New FW York FW banks FW on FW primary FW new FW issues FW of FW negotiable FW C.D.s , , RB usually IN on NNS amounts IN of $ $ CD 1 CD million CC and JJR more . . <s> <s> DT The JJ minimum NN unit VBZ is $ $ CD 100,000 . . <s> <s> JJ Typical

    NNS rates IN in DT the JJ secondary NN market : : LS 8.40 FW % FW one FW month FW ; FW 8.40 FW % FW three FW months FW ; FW 8.40 FW % FW six FW months . . <s> <s> . BANKERS -RRB- ACCEPTANCES : : LS 8.40 FW % FW 30 FW days FW ; FW 8.35 FW % FW 60 FW days FW ; FW 8.27 FW % FW 90 FW days FW ; FW 8.20 FW % FW 120 FW days FW ; FW 8.15 FW % FW 150 FW days FW ; FW 8.02 FW % FW 180 FW days . . <s> <s> NN Negotiable , , FW bank-backed FW business

    FW credit FW instruments FW typically FW financing FW an FW import FW order . . <s> <s> . LONDON UH LATE SYM EURODOLLARS : : CD 8 CD 5\/8 NN % TO to CD 8 CD 1\/2 NN % CD one NN month : ; CD 8 CD 5\/8 NN % TO to CD 8 CD 1\/2 NN % CD two NNS months : ; CD 8 CD 9\/16 NN % TO to CD 8 CD 7\/16 NN % CD three NNS months : ; CD 8 CD 1\/2 NN % TO to CD 8 CD 3\/8 NN % CD four NNS months : ; CD 8 CD 1\/2 NN % TO to CD 8 CD 3\/8 NN %

    CD five NNS months : ; CD 8 CD 1\/2 NN % TO to CD 8 CD 3\/8 NN % CD six NNS months . . <s> <s> . LONDON UH INTERBANK UH OFFERED UH RATES -LRB- -LRBLS LIBOR -RRB- -RRB: : LS 8 FW 1\/2 FW % FW one FW month FW ; FW 8 FW 1\/2 FW % FW three FW months FW ; FW 8 FW 7\/16 FW % FW six SYM months : ; CD 8 CD 3\/8 NN % CD one NN year . . <s> <s> DT The NN average IN of FW interbank FW offered FW rates FW for FW dollar FW deposits FW in FW the FW London FW market

    FW based FW on FW quotations FW at FW five FW major FW banks . . <s> <s> FW FOREIGN FW PRIME FW RATES FW : FW Canada FW 13.50 FW % FW ; FW Germany FW 8.50 FW % FW ; FW Japan FW 4.875 FW % FW ; FW Switzerland FW 8.50 FW % FW ; # Britain CD 15 NN % . . <s> <s> DT These NN rate NNS indications VBP are RB n't FW directly FW comparable FW ; FW lending FW practices FW vary FW widely FW by FW location . . <s> <s> . TREASURY -RRB- BILLS : : NNS Results IN of DT the NNP Monday , , NNP October CD 16

    , , CD 1989 , , NN auction IN of JJ short-term NNP U.S. NN government NNS bills , , VBN sold IN at DT a NN discount IN from NN face NN value IN in NNS units IN of $ $ CD 10,000 TO to $ $ CD 1 CD million : : CD 7.37 NN % , , WP$ 13 SYM weeks : ; CD 7.42 NN % , , CD 26 NNS weeks . . <s> <s> FW FEDERAL FW HOME FW LOAN FW MORTGAGE FW CORP . . -LRB- -LRBUH Freddie LS Mac -RRB- -RRB: : LS Posted FW yields FW on FW 30-year FW mortgage FW commitments FW for FW delivery FW within

    FW 30 FW days. <s> <s> DT 9.83 NN % , , FW standard FW conventional FW fixedrate FW mortgages FW ; FW 7.875 FW % FW , FW 2 FW % FW rate FW capped FW one-year FW adjustable FW rate FW mortgages . . <s> <s> NN Source : : LS Telerate LS Systems LS Inc . . <s> <s> FW FEDERAL FW NATIONAL FW MORTGAGE FW ASSOCIATION FW -LRBFW Fannie FW Mae FW -RRBFW : FW Posted FW yields FW on FW 30 FW year FW mortgage FW commitments FW for FW delivery FW within FW 30 FW days FW -LRBFW priced FW at FW par FW -RRBFW .9.82 FW % FW ,

    FW standard FW conventional FW fixed FW rate-mortgages FW ; FW 8.70 FW % FW , FW 6\/2 FW rate FW capped FW one-year FW adjustable FW rate FW mortgages . . <s> <s> NN Source : : LS Telerate LS Systems LS Inc . . <s> <s> FW MERRILL FW LYNCH FW READY FW ASSETS FW TRUST FW : FW 8.49 NN % . . <s> <s> DT Annualized JJ average NN rate IN of NN return IN after NNS expenses IN for DT the JJ past CD 30 NNS days : ; RB not DT a NN forecast IN of JJ future NNS returns . . <s> <s> NNP Intel NNP Corp. VBD said PRP it VBD reached

    DT an NN agreement IN with FW Alliant FW Computer FW Systems FW Corp. FW to FW develop FW software FW standards FW for FW Intel FW 's FW i860 FW microprocessor . . <s> <s> . The -RRB- i860 , , VBD introduced RBR earlier DT this NN year , , VBZ is NNP Intel POS 's NN entry IN in DT the FW crowded FW market FW for FW reduced FW instruction FW set FW computing , , CC or NNP RISC , , NNS computers . . <s> <s> NN Intel , , VBN based IN in NNP Santa NNP Clara , , NNP Calif. , , VBZ is DT the NN market NN leader IN for

    FW traditional FW microprocessors FW with FW its FW 8086 FW family FW that FW forms FW the FW heart FW of FW IBM-compatible FW personal FW computers . . <s> <s> IN Under DT the NN agreement , , WDT Intel MD will VB invest $ $ CD 3 CD million TO to VB acquire DT a CD 4 NN % NN stake IN in NNP Alliant , , DT a NN maker IN of JJR minisupercomputers IN for NNS scientists CC and NNS engineers . . <s> <s> NN Alliant , , VBN based IN in NNP Littleton , , NNP Mass. , , MD will VB license PRP$ its FW parallel-computing FW technologies FW to FW Intel

    FW , FW providing FW users FW a FW way FW to FW let FW many FW i860 FW microprocessors FW in FW a FW single FW computer FW work FW on FW a FW problem FW simultaneously . . <s> <s> NN Alliant VBD said PRP it VBZ plans TO to VB use DT the NN microprocessor IN in JJ future NNS products . . <s> <s> NN It VBD declined TO to VB discuss PRP$ its NNS plans IN for PDT upgrading PRP$ its JJ current NN product NN line . . <s> <s> NNP Omnicare NNP Inc. , , WDT which VBZ intends TO to VB expand PRP$ its NN position IN in DT the JJ medical

    CC and JJR dental NNS markets , , VBD said PRP it VBD acquired DT a FW cotton FW and FW gauze FW products FW division FW from FW closely FW held FW Sterile FW Products NNP Corp. IN for $ $ CD 8.2 CD million . . <s> <s> NN Omnicare VBD said PRP it VBZ expects DT the NN division TO to VB add `` `` JJ substantial NNS sales NN volume CC and TO to VB make DT a JJ positive NN contribution TO to PRP$ our NNS earnings IN in CD 1990 CC and RBR beyond . . '' '' <s> <s> CD In CD 1988 DT the JJS Cincinnati NN company VBD earned $ $

    CD 3.1 CD million , , CC or CD 32 NNS cents DT a NN share , , IN on NN revenue IN of $ $ CD 148.5 CD million . . <s> <s> NN Omnicare VBD said DT the NN division VBZ operates IN under DT the FW trade FW name FW ACCO FW and FW supplies FW the FW medical FW and FW dental FW markets . . <s> <s> DT The NN business , , VBN based IN in NNP St. NNP Louis , , VBD had NNS sales IN of JJR more IN than $ $ CD 14 CD million IN in DT the JJ fiscal NN year VBD ended $ March CD 31 , ,

    WDT Omnicare VBD said . . <s> <s> NNP Burmah NNP Oil NNP PLC , , DT a FW British FW independent FW oil FW and FW specialty FW chemicals FW marketing FW concern FW , FW said FW SHV FW Holdings FW N.V. IN of DT the NNP Netherlands VBZ has VBN built RP up DT a JJS 6.7 NN % NN stake IN in DT the NN company . . <s> <s> . James -RRB- Alexander , , DT a JJS Burmah NN spokesman , , VBD said FW SHV FW had FW previously FW owned FW `` FW a FW little FW under FW 5 FW % '' '' IN of JJR Burmah IN for IN about

    CD two NNS years . . <s> <s> DT The JJ Dutch NN company VBD had RB n't VBN notified RP Burmah IN of PRP$ its NN reason IN for VBG increasing DT the NN stake , , PRP he VBD said . . <s> <s> NN SHV , , WDT which FW last FW year FW merged FW its FW North FW Sea FW oil FW and FW gas FW operations FW with FW those FW of FW Calor FW Group FW PLC FW , FW has FW been FW pegged FW by FW speculators FW as FW a FW possible FW suitor FW for FW Burmah FW Oil FW in FW recent FW weeks . . <s> <s>

    VBZ SHV RB also VBZ owns CD 40 NN % IN of NNS Calor . . <s> <s> NN Burmah , , WDT which VBZ owns DT the FW Castrol FW brand FW of FW lubricant FW oils , , VBD reported DT a CD 17 NN % NN rise IN in JJ net NN income TO to # # # 43.5 CD million -LRB- -LRB$ $ CD 68.3 CD million -RRB- -RRBIN in DT the JJ first NN half . . <s> <s> NNP J.P. NNPS Industries NNP Inc. VBD said PRP it VBD signed DT a JJ definitive NN agreement TO to VB sell PRP$ its FW Builders FW ' FW Hardware FW Group FW to

    FW closely FW held FW Nalcor FW Inc. FW of FW Beverly FW Hills , , NNP Calif . . <s> <s> NN Terms VBD were RB n't VBN disclosed , , CC but DT a FW J.P. FW Industries FW spokesman FW said FW the FW amount FW J.P. FW Industries MD will VB get IN for DT the NN group VBZ is `` `` DT a JJ little JJR better IN than VBN expected IN by DT the NN marketplace , , CC and DT the NN marketplace VBD had VBN been TO expecting $ $ CD 25 CD million TO to $ $ CD 30 CD million . . '' '' <s> <s> FW The FW group

    FW consists FW of FW Weslock FW Corp. FW and FW JPI FW Modern FW Inc . . <s> <s> NNP J.P. NNPS Industries , , WDT which VBZ is VBN based IN in # Ann UH Arbor , , NNP Mich. , , VBD said DT the FW sale FW completes FW a FW previously FW announced FW program FW to FW divest FW itself FW of FW its FW hardware FW and FW plumbing FW supplies FW operations . . <s> <s> DT The NN company POS 's JJ remaining NN business VBZ is DT the NN manufacture CC and NN sale IN of FW engine FW and FW transmissions FW products FW for FW industrial FW and

    FW transportation FW applications . . <s> <s> IN Citing DT a $ $ CD 3.1 CD million NN provision IN for FW doubtful FW accounts FW , FW Dallas-based FW National FW Heritage FW Inc. FW posted FW a FW loss FW for FW its FW fourth FW quarter FW ended FW June FW 30 . . <s> <s> DT A NN unit IN of FW troubled FW Southmark NNP Corp. , , DT the NN operator IN of FW nursing FW homes FW and FW retirement FW centers VBD said PRP it VBD sustained DT a JJ net NN loss IN of $ $ CD 1.6 CD million , , CC or CD nine NNS cents DT a

    NN share , , VBN compared IN with JJ net NN income IN of $ $ CD 1.3 CD million , , CC or CD eight NNS cents DT a NN share , , DT a NN year RBR earlier . . <s> <s> DT Operating NN revenue VBD rose CD 13 NN % TO to $ $ CD 22.2 CD million IN from $ $ CD 19.7 CD million IN in DT the JJ year-earlier NN quarter . . <s> <s> DT The NN company VBD said DT the $ $ CD 3.1 CD million NN reserve VBD was VBN created TO to VB reflect RP doubt IN about DT the FW collectability FW of FW receivables FW owed

    FW to FW National FW Heritage FW by FW some FW of FW the FW real FW estate FW partnerships FW it FW manages . . <s> <s> DT The NN company RB also VBD said NNS expenses VBN incurred IN by DT the JJ previous NN board CC and NN management IN in DT the JJ recent NN contest IN for NN control VBD were VBN recognized RB primarily IN in DT the JJ first NN quarter VBD ended $ Sept. CD 30 . . <s> <s> FW National FW Heritage FW stock FW fell FW 12.5 FW cents FW yesterday TO to VB close IN at $ $ CD 1.375 DT a NN share IN in NNP New

    NNP York NNP Stock NNP Exchange JJ composite NN trading . . <s> <s> . United '' Biscuits -LRB- -LRBLS Holdings -RRB- -RRBUH PLC , , DT a JJ British NN food NN producer , , VBD announced DT the NN creation IN of DT a JJ European NN group TO to VB bring RP together PRP$ its NN trading NNS interests IN in DT the NN region . . <s> <s> DT The JJ new NN group MD will FW comprise FW all FW of FW United FW Biscuit POS 's NN manufacturing CC and NN marketing NNS operations IN in DT the NN food . sector '' apart IN from DT those VBN based IN in

    DT the NNP U.S. . . <s> <s> . United '' Biscuits VBD said DT the JJ combined NN group , , WDT which MD will FW include FW businesses FW such FW as FW McVities FW biscuits FW and FW Terry FW 's FW confectionery , , MD will VB have JJ annual NNS sales IN of JJR more IN than # # CD 1.5 CD billion -LRB- -LRB$ $ CD 2.35 CD billion -RRB- -RRBCC and NN trading NN profit IN of JJR more IN than # # # 160 CD million -LRB- -LRB$ $ CD 251 CD million -RRB- -RRB. . <s> <s> IN `` DT The JJ new NN structure MD will

    FW enable FW United FW Biscuits FW to FW focus FW clearly FW upon FW opportunities FW for FW planned FW growth FW during FW the FW 1990s , , '' '' VBD said FW Bob FW Clarke FW , FW deputy FW chairman FW and FW group FW chief FW executive . . <s> <s> DT Last NN month , , WP$ United UH Biscuits UH agreed TO to VB sell PRP$ its FW entire FW restaurant FW operations FW to FW Grand FW Metropolitan FW PLC FW for # # # 180 CD million . . <s> <s> FW An FW American FW journalist FW now FW is FW standing FW trial FW in FW Namibia . .

    <s> <s> NN This VBZ is DT the NN place IN that NN world NN opinion VBZ has VBN been VBG celebrating RP over IN in DT the NN expectation IN that PRP it VBZ 's VBG going TO to VB hold DT an NN election . . <s> <s> DT The RBS most JJ likely NN winner MD will VB be DT the FW Marxist-dominated FW SWAPO FW rebels . . <s> <s> NNP The NNP U.S. NNP journalist POS 's `` `` UH crime '' '' VBD was VBN writing IN that DT the NN head IN of DT the FW commission FW charged FW with FW overseeing FW the FW election FW 's FW fairness FW ,

    FW Bryan FW O'Linn FW , FW was FW openly FW sympathetic FW to FW SWAPO . . <s> <s> NN Shortly IN after DT that , , NNP Mr. FW O'Linn FW had FW Scott FW Stanley FW arrested FW and FW his FW passport FW confiscated . . <s> <s> . Mr. '' Stanley VBZ is IN on FW trial FW over FW charges FW that FW he FW violated FW a FW proclamation , , VBN issued IN by DT the FW South FW African FW administrator FW general RBR earlier DT this NN year , , WDT which VBD made PRP it DT a NN crime RBR punishable IN by CD two NNS years IN in

    NN prison IN for DT any NN person TO to `` `` FW insult FW , FW disparate FW or FW belittle '' '' DT the NN election NN commission . . <s> <s> FW The FW Stanley FW affair FW does FW n't FW bode FW well FW for FW the FW future FW of FW democracy FW or FW freedom FW of FW anything FW in FW Namibia FW when FW SWAPO FW starts PDT running DT the NN government . . <s> <s> IN To DT the FW extent FW Mr. FW Stanley FW has FW done FW anything FW wrong , , PRP it MD may VB be IN that PRP he VBZ is RP out

    IN of NN step IN with DT the NN consensus IN of FW world FW intellectuals FW that FW the FW Namibian FW guerrillas FW were FW above FW all FW else FW the FW victims FW of FW suppression FW by FW neighboring FW South FW Africa . . <s> <s> NN SWAPO VBZ has FW enjoyed FW favorable FW Western FW media FW treatment FW ever FW since FW the FW U.N. FW General FW Assembly FW declared FW it FW the FW `` FW sole FW , FW authentic FW representative '' '' IN of NNP Namibia POS 's NNS people IN in <s> <s> DT Last NN year , , DT the NNP U.S. FW brokered

    FW a FW peace FW settlement FW to FW remove FW Cuba POS 's `` `` FW Afrika FW Korps FW '' FW from FW Angola FW and FW hold FW `` FW free FW and FW fair FW '' FW elections FW that FW would FW end FW South FW Africa FW 's FW control FW of FW Namibia . . <s> <s> JJ The NNS elections VBP are VBN set IN for $ Nov. CD 7 . . <s> <s> NNP In NNP July , , NNP Mr. NNP Stanley , , NN editor IN of NNP American NNP Press NNP International , , DT a FW Washington FW D.C.-based FW conservative FW wire FW service FW ,

    FW visited FW Namibia TO to VB report IN on DT the FW U.N.-monitored FW election FW campaign . . <s> <s> . He UH interviewed UH Mr. UH O'Linn , , NN head IN of DT a FW commission FW charged FW with FW investigating FW electoral FW intimidation , , CC and VBD reported IN that NNP Mr. FW O'Linn FW was FW openly FW sympathetic FW to FW SWAPO FW and FW indeed FW had FW defended PRP$ its NNS leaders IN in NN court . . <s> <s> NNP After NNP Mr. NNP Stanley POS 's FW article FW was FW published FW in FW two FW Namibian FW newspapers FW , FW Mr. FW O'Linn

    FW had FW criminal FW charges FW brought FW against FW their FW editors , , '' publisher CC and NN lawyer . . <s> <s> NNP Mr. NNP Stanley VBD was VBN arrested CC and VBN charged RP along IN with DT the NNS others WRB when PRP he VBD returned TO to VB Namibia DT this NN month . . <s> <s> IN Both DT the NNP State NNP Department CC and DT the FW Lawyers FW Committee FW for FW Freedom FW of FW the FW Press FW have FW protested FW Mr. FW Stanley FW 's FW detention . . <s> <s> NNP Mr. NNP Stanley POS 's NN arrest VBZ is DT the JJS latest

    IN in DT a NN series IN of FW incidents FW that FW threaten FW to FW derail FW Namibia POS 's NNS elections . . <s> <s> FW Both FW South FW African FW and FW SWAPO FW extremists FW are FW intimidating FW voters . . <s> <s> NNP The NNP U.S. VBZ is IN in DT the FW habit FW of FW arranging FW peace FW settlements FW and FW then FW washing FW its FW hands FW over FW the FW tragic FW results . . <s> <s> VBZ It RB now VBZ has DT the NN chance TO to VB redress DT that NN record IN in NNP Namibia . . <s> <s> NN State

    CC and DT the FW human-rights FW community FW should FW insist FW that FW Mr. FW Stanley FW and FW his FW fellow FW defendants FW be FW released FW and FW that FW the FW United FW Nation FW 's FW monitors FW make FW certain FW that FW Mr. FW O'Linn's FW commission FW investigates FW election FW complaints FW from FW all FW sides . . <s> <s> . Commodity UH futures UH prices UH generally PDT reflected DT the NN stability IN of DT the NN stock NN market VBG following PRP$ its FW plunge FW Friday . . <s> <s> NN Yesterday , , DT the NN stock NN market POS 's FW influence

    FW at FW first FW created FW nervousness . . <s> <s> NN Later , , RB however , , PRP it VBD became JJR more IN of DT an FW undercurrent FW than FW a FW dominating FW force FW as FW individual FW markets FW reacted JJR more TO to PRP$ their JJ own NNS factors . . <s> <s> NN Gold , , DT the JJ traditional NN haven IN in NNS times IN of JJ financial NN crisis , , VBD continued PRP$ its LS inverse -RRB- lockstep IN with DT the NN dollar , , VBG rising RB early IN in DT the NN day IN as DT the NN currency VBD fell , ,

    CC and RB then VBG giving RP up DT some IN of PRP$ its NNS gains IN as DT the NN dollar VBD recovered . . <s> <s> NN Copper CC and FW crude FW oil FW reacted FW sharply TO to DT the NN concern IN that DT a NN crash NN yesterday MD could VB have DT a RBS potentially JJ devastating NN effect IN on DT the NN economy . . <s> <s> . Copper '' fell CC and VBD showed JJ little NN rebound IN through DT the NN day IN as CD one IN of DT the JJ major NN supply NNS problems WDT that VBD had VBN been VBG supporting NNS prices VBD appeared

    TO to VB be RP solved . . <s> <s> DT Crude NN oil VBD declined RB early , , CC but IN as DT the NN stock NN market VBD retained JJ early NNS gains , , PRP it , , RB too , , WP$ became UH stronger , , VBG ending IN with DT a JJ small JJ net NN loss . . <s> <s> NN Trading IN in FW cotton FW and FW sugar FW was FW nervous FW and FW showed FW small FW declines . . <s> <s> NNP In NNP Chicago , , FW grain FW and FW soybean FW prices FW rose FW slightly . . <s> <s> NN Livestock CC and

    JJR meat NNS prices , , RB however , , VBD dropped IN on NN concern IN that DT a FW financial FW crisis FW would FW cut FW consumption FW of FW beef FW and FW pork . . <s> <s> FW In FW commodity FW markets FW yesterday FW : FW PRECIOUS FW METALS FW : FW Futures FW prices FW were FW moderately FW higher FW as FW gold FW gave FW up FW some FW of FW its FW early FW gains FW and FW platinum FW behaved FW independently FW , FW first FW falling FW and FW then FW later FW rising . . <s> <s> . Silver UH performed UH quietly . .

    <s> <s> FW The FW spot FW October FW gold FW price FW rose $ $ CD 4 TO to $ $ CD 367.30 DT an NN ounce . . <s> <s> NN The RBR more FW active FW December FW delivery FW gold FW settled IN with DT a NN gain IN of $ $ CD 3.90 DT an NN ounce IN at $ $ CD 371.20 , , IN after NN trading IN as JJ high IN as $ $ CD 374 . . <s> <s> . December '' silver VBD was RP up LS 2.3 PDT cents DT an NN ounce IN at $ $ CD 5.163 . . <s> <s> FW Platinum FW behaved FW more

    FW like FW an FW industrial FW metal FW , FW easing FW early FW on FW concern FW over FW a FW possible FW weaker FW economy FW , FW but FW recovering FW later , , IN as DT the NN stock NN market -RRB- strengthened . . <s> <s> NN Gold VBD was PDT nowhere DT the RBS spectacular LS performer PRP it VBD was CD two NNS years RB ago IN on NNP Black NNP Monday . . <s> <s> CD For CD one NN thing , , JJ last NNP Friday , , FW precious FW metals FW markets FW closed FW before FW the FW stock FW market FW went FW into FW its

    FW late-in-the-day FW nose FW dive , , RB so PRP it MD could RB n't VB react TO to PRP it . . <s> <s> NN Back IN on NNP Friday , , NNP Oct. CD 16 , , UH l987 , , DT the NN stock NN market VBD declined IN during DT the NN day , , CC and JJ gold NNS prices VBD surged IN as DT the NN stock NN market VBD fell . . <s> <s> NNP The NNP October CD 1987 NN contract IN that NN day VBD rose RB as RB much IN as $ $ CD 8.70 TO to RB as JJ high IN as $ $ CD 471.60 , ,

    CC and DT the JJR more UH deferred UH positions , , JJ due TO to VB mature IN as JJ late IN as $ March CD 1989 , , VBD rose RB as RB much IN as $ $ CD 9.60 . . <s> <s> NNP On NNP Black NNP Monday , , NNP Oct. CD 19 , , CD 1987 , , DT the FW October FW contract FW tacked FW on FW further FW gains , , VBG rising TO to RB as JJ high IN as $ $ CD 491.50 IN for DT a NN gain IN of RB almost $ $ CD 20 IN on JJ top IN of DT the NNP Friday NNPS advances

    , , IN before VBG giving RP up RB almost $ $ CD 10 IN of DT that IN at DT the NN close . . <s> <s> NNP Yesterday POS 's NNP October NN gain IN of $ $ CD 4 VBD was RB miniscule VBN compared IN with DT that . . <s> <s> DT One NN analyst , , FW Peter FW Cardillo FW of FW Josephthal FW & NNP Co. , , NNP New NNP York , , VBD said DT the FW gold FW market FW already FW had FW some FW good FW price-supporting FW technical FW factors WDT that MD would VB have VBN caused NNS prices TO to VB rise , ,

    IN with CC or IN without DT the NN stock NN market . . <s> <s> , `` WP What DT the NN stock NN market VBD did TO was VB cause DT the NN rise TO to VB take RP place RBR earlier IN than PRP it MD would VB have VBN happened , , '' '' VBD said NNP Mr. -RRB- Cardillo . . <s> <s> NN There VBZ 's DT a JJ good NN chance IN that NN gold MD will VB retain PRP$ its NNS gains CC and VB rise RB further , , PRP he VBD said . . <s> <s> NN He VBZ expects DT a NN drop IN in NN interest NNS rates

    , , WDT which MD would VB help NN gold IN by VBG keeping DT the NN dollar IN from VBG rising . . <s> <s> NN Finally , , VBG according TO to NNP Mr. NNPS Cardillo , , DT the NN impact IN of DT the JJ strong NN dollar MD should VB be VBN reflected IN in JJ reduced NNS exports IN in DT the FW August FW merchandise FW trade FW deficit , , WRB when DT the NNS figures VBP are VBN released NN today . . <s> <s> NN This MD would VB be RP damaging TO to DT the NN dollar CC and JJR supportive IN for NN gold , , PRP he

    VBD said . . <s> <s> NN ENERGY : : <s> <s> NN Worried IN that NNP Friday POS 's JJ 190-point NN stock NN market NN plunge MD might VB be DT a NN harbinger IN of NNS things TO to VB come IN for DT the NN economy , , FW petroleum FW futures FW traders FW called FW a FW halt TO to DT the JJ recent NN string IN of NNS increases IN in FW crude FW oil FW futures FW prices . . <s> <s> NNP The NNP U.S. FW benchmark FW crude FW , FW West FW Texas FW Intermediate , , VBD closed IN at $ $ FW 20.59 FW a FW barrel

    FW for FW November FW delivery , , RB down CD 30 NNS cents . . <s> <s> JJ Some NNS analysts VBD said PRP crude VBD was JJ due IN for DT a RBS correction UH anyhow , , VBG following JJ several NNS days IN of JJ significant NNS gains . . <s> <s> DT But RBS most FW market FW observers FW agreed FW that FW Friday FW 's FW stock FW market FW drop FW is FW what FW dampened FW spirits FW in FW the FW petroleum FW pits FW yesterday . . <s> <s> DT Until NN yesterday , , FW futures FW prices FW had FW been FW headed FW up FW on

    FW expectations FW that FW world FW oil FW demand MD will VB continue TO to VB be JJ strong . . <s> <s> FW The FW Organization FW of FW Petroleum FW Exporting FW Countries FW increased FW its FW production FW ceiling FW for FW the FW fourth FW quarter FW based FW on FW projections FW of FW robust FW demand . . <s> <s> . So UH any UH bearish UH indicator , , JJ such IN as NNP Friday POS 's JJS precipitous NN drop IN in DT the NN stock NN market , , WP$ sends LS shivers PDT through DT the NN oil NNS markets IN as RB well . . <s> <s>

    NN Indeed , , IN after PRP$ reacting JJ early IN in DT the NN trading NN day TO to NNP Friday POS 's FW plummet FW , FW futures FW prices FW firmed FW up FW again FW as FW traders FW took FW note IN of DT the NN stock NN market POS 's FW partial FW recovery FW yesterday . . <s> <s> NN COPPER : : <s> <s> FW Futures FW prices FW fell FW and FW showed FW little FW rebound FW as FW one FW major FW labor FW problem FW that FW had FW been FW underpinning FW prices FW appeared TO to VB be RP solved . . <s> <s> FW The

    FW December FW contract FW declined FW 3.05 FW cents FW a FW pound TO to $ $ CD 1.2745 . . <s> <s> NN Prices VBD were RP down IN from DT the NN outset IN of NN trading IN on NN concern IN that DT a NN drop IN in DT the NN stock NN market MD might VB create DT a FW weakened FW economy FW and FW a FW consequent FW reduction FW in FW copper FW use . . <s> <s> IN But DT the NN recovery IN in DT the FW stock FW market FW provided FW little FW help FW for FW copper FW as FW word FW spread FW that FW a

    FW three-month FW strike FW at FW the FW Highland FW Valley FW mine FW in FW British FW Columbia FW was FW about FW over , , VBG according TO to DT an NN analyst . . <s> <s> . Highland '' Valley VBZ is DT a FW large FW Canadian FW producer FW and FW principal FW supplier TO to NNP Japan , , WDT which FW recently FW began FW seeking FW copper FW elsewhere FW as FW its FW inventories FW shrank . . <s> <s> . Last '' week PRP it VBD was VBN reported IN that NN company CC and FW union FW negotiations FW had FW overcome FW the FW major FW hurdle

    , , DT the VBG contracting RP out IN of NN work IN by DT the NN company . . <s> <s> NN Now , , DT the NN analyst VBD said , , RB only JJ minor NNS points VBP remain TO to VB be VBN cleaned RP up . . <s> <s> NN `` IN For PDT all UH intents UH and UH purposes , , DT an NN agreement VBZ appears TO to VB have VBN been VBN achieved , , '' '' PRP he VBD said . . <s> <s> JJ Copper NNS inventories IN in NNP New NNP York POS 's FW Commodity FW Exchange FW warehouses FW rose FW yesterday FW by FW 516

    FW tons , , TO to # 10,004 LS tons . . <s> <s> FW London FW Metal FW Exchange FW copper FW inventories FW last FW week FW declined FW 13,575 FW tons , , TO to # 89,300 LS tons . . <s> <s> FW The FW LME FW stocks FW decline FW was FW about FW as FW expected , , CC but DT the JJS Comex NN gain VBD was RB n't . . <s> <s> NN However , , DT this VBD was VBN brushed RP aside IN by NN concern IN over DT the NN stock NN market , , DT the NN analyst VBD said . . <s> <s> CD At CD one

    NN point IN in NNS futures NN trading , , IN as DT the NN stock NN market -RRB- firmed , , DT the NNP December NN contract VBD rose TO to RB as JJ high IN as $ $ CD 1.2965 , , CC but PRP it VBD was RB n't JJ able TO to VB sustain DT the NN gain . . <s> <s> IN `` PRP It VBD was UH simply UH overbought , , '' '' PRP he VBD said , , CC and VBG selling IN by NNS funds WDT that VBP are FW computer FW guided FW helped FW depress FW prices . . <s> <s> NN COTTON : : <s> <s> JJ Futures

    NNS prices VBD eased , , JJR more IN in NN reaction TO to # Hurricane UH Jerry UH than TO to DT any NN influence IN of DT the NN stock NN market . . <s> <s> NNP The NNP December NN contract VBD ended IN with DT a NN loss IN of # 0.22 PDT cent DT a NN pound , , IN at PRP$ 74.48 NNS cents . . <s> <s> . Technical '' considerations VBG following DT the NN hurricane , , WDT which VBD was DT a NN factor IN in DT the NN market NNP Friday , , WP$ caused NNS prices TO to VB decline NN yesterday , , VBD said FW Ernest

    FW Simon FW , FW cotton FW specialist FW for FW Prudential-Bache FW Securities , , NNP New NNP York . . <s> <s> FW Prices FW rose FW sharply FW Friday FW as FW the FW storm FW approached FW Texas FW and FW Louisiana , , WDT which VBZ is NN part IN of DT the FW Mississippi FW Delta FW cotton-growing FW area . . <s> <s> NN However , , IN after PDT absorbing DT the JJ potential NN effect IN of DT the NN hurricane , , NNS prices VBD began TO to # slip UH late UH Friday , , NNP Mr. NNP Simon VBD said . . <s> <s> FW That FW selling

    FW continued FW yesterday FW and FW kept FW prices FW under FW pressure , , PRP he VBD said . . <s> <s> . Colder '' weather VBZ is VBG being RP predicted IN for DT the JJ high NNS plains IN of NNP Texas CC and DT the JJ northern NNS states IN of DT the NN Delta IN during DT the JJ coming NN weekend , , NNP Mr. NNP Simon VBD said . . <s> <s> NN That VBZ has RB n't FW yet FW captured FW traders FW ' FW attention , , PRP he VBD added . . <s> <s> NN SUGAR : : <s> <s> JJ Futures NNS prices VBD declined . .

    <s> <s> FW The FW March FW contract FW was FW off FW 0.32 FW cent FW a FW pound FW at FW 13.97 FW cents . . <s> <s> CD At CD one NN point IN in JJ early NN trading DT the FW March FW price FW rose FW to FW as FW high FW as FW 14.22 FW cents WRB when DT the NN stock NN market VBD recovered , , CC but DT the NN price RB then VBD fell RB back . . <s> <s> . A UH price-depressing UH factor , , CD one NN analyst VBD said , , VBD was IN that NNP India , , WDT which VBD had VBN been

    VBN expected TO to VB buy IN around CD 200,000 NNS tons IN of NN sugar IN in DT the NN world NN market , , VBD did RB n't VB make DT any NNS purchases . . <s> <s> FW India FW recently FW bought FW 200,000 FW tons CC and VBD was VBN expected TO to VB buy JJR more , , DT the NN analyst VBD said . . <s> <s> DT Another NN analyst VBD thought IN that PRP India MD may VB have VBN pulled RP back IN because IN of DT the NN concern IN over DT the NN stock NN market . . <s> <s> , `` WDT India MD may VB have

    VBN felt IN that IN if EX there VBD was DT a JJ severe NN drop IN in DT the NN stock NN market CC and PRP it UH affected UH sugar , , PRP it MD could VB buy IN at JJR lower NNS prices , , '' '' VBD said UH Judith UH Ganes , , NN analyst IN for NNP Shearson NNP Lehman NNP Hutton , , NNP New NNP York . . <s> <s> IN At DT any NN rate , , PRP she VBD added , , `` `` EX India VBZ needs DT the NN sugar , , RB so PRP it MD will VB be RP in RBR sooner CC or RB later

    TO to VB buy PRP it . . '' '' <s> <s> . FARM -RRB- PRODUCTS : : <s> <s> JJ The NNS prices IN of FW cattle FW and FW hog FW futures FW contracts FW dropped FW sharply FW because FW traders FW speculated FW that FW the FW stock FW market FW plunge FW Friday FW will FW linger FW in FW the FW minds FW of FW U.S. FW consumers FW long FW enough TO to VB prompt PRP them TO to VB rein IN in PRP$ their NN spending IN at DT the NN supermarket , , WDT which MD would FW hurt FW demand FW for FW beef FW and FW pork . .

    <s> <s> DT The NN price IN of DT the FW hog FW contract FW for FW October FW delivery FW dropped FW its FW maximum FW permissible FW daily FW limit FW of FW 1.5 FW cents FW a FW pound . . <s> <s> JJ The NNS prices IN of JJS most FW grain FW futures FW contracts FW rose FW slightly FW yesterday RP out IN of NN relief IN that DT the NN stock NN market VBD was FW showing FW signs FW of FW recovering . . <s> <s> NN Earlier IN in DT the NN session , , DT the NNS prices IN of FW several FW soybean FW contracts FW set FW new

    FW lows . . <s> <s> FW A FW broad FW rally FW began FW when FW several FW major FW processors FW began FW buying FW futures FW contracts , , RB apparently TO to VB take RP advantage IN of DT the NN price -RRB- dip . . <s> <s> NNP Knight-Ridder NNP Inc. VBD said PRP it MD would VB report VBN increased NNS earnings IN per NN share IN for DT the JJ third NN quarter , , FW contrary FW to FW reported FW analysts FW ' FW comments IN that DT the NN publishing NN company POS 's NNS earnings MD would VB be RP down . . <s> <s> DT A NN company

    NN spokesman VBD said PRP he VBD believed DT the FW confusion FW was FW caused FW when FW James FW Batten , , NNP Knight-Ridder POS 's NN chairman CC and JJ chief NN executive , , FW told FW New FW York FW analysts FW two FW weeks FW ago FW that FW Knight-Ridder POS 's NNS earnings IN per NN share IN for DT the JJ first CD nine NNS months IN of CD 1989 MD would `` `` FW be FW behind FW a FW little FW bit '' '' IN from JJ like NN period IN of <s> <s> . The '' Knight-Ridder NN spokesman VBD said DT the JJ third-quarter NNS earnings IN that

    DT the NN company VBZ plans TO to VB report NNP Oct. NNPS 24 VBP are VBN expected TO to VB be RP up . . <s> <s> DT The NN spokesman VBD said PRP he VBD was `` `` FW comfortable FW '' FW with FW revised FW analysts FW ' FW projections IN that DT the NN company MD would VB report NNS earnings IN of $ between CD 62 NNS cents CC and CD 64 NNS cents DT a NN share , , VBN compared IN with DT the CD 53 NNS cents DT a NN share PRP it VBD reported IN for DT the RBS 1988 JJ third NN quarter . . <s> <s> NN Knight-Ridder

    VBD said PRP it VBD agreed IN with NNS estimates IN that JJ net NN income IN for DT all IN of CD 1989 MD would VB be IN around $ $ PDT 2.86 DT a NN share , , VBN compared IN with $ $ CD 2.59 DT a NN share DT a NN year RBR earlier . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading NN yesterday , , WDT Knight-Ridder VBD closed IN at $ $ CD 51.75 , , RB down CD 37.5 NNS cents . . <s> <s> NNP DD NNP Acquisition NNP Corp. VBD said PRP it VBD extended PRP$ its $ $ FW 45-a-share

    FW offer FW for FW Dunkin FW ' FW Donuts FW Inc. TO to $ Nov. CD 1 IN from NN yesterday . . <s> <s> DT The NN offer VBZ has DT an JJ indicated NN value IN of $ $ CD 268 CD million . . <s> <s> . DD '' Acquisition VBZ is DT a NN partnership IN of FW Unicorp FW Canada FW Corp. FW 's FW Kingsbridge FW Capital FW Group FW unit FW and FW Cara FW Operations FW Ltd . . <s> <s> . As '' previously VBD reported , , IN under DT the NNS terms IN of DT a FW confidentiality FW agreement FW with FW Dunkin FW ' FW Donuts

    , , DT the NNS partners VBD agreed TO to VB keep PRP$ their FW offer FW open FW until FW Nov. FW 1 , , CC and RB not TO to VB acquire DT any FW additional FW shares FW except FW through FW a FW tender FW offer FW expiring FW on FW that FW date . . <s> <s> . DD '' Acquisition VBD said IN that PRP it RB already VBZ owns CD 15 NN % IN of DT the JJ common NNS shares IN of DT the FW doughnut FW shop FW chain FW and WDT that RB as IN of DT the NN close IN of NN business IN Friday DT an JJ additional

    CD 11 NN % VBD had VBN been VBN tendered TO to PRP$ its NN offer . . <s> <s> . Dunkin '' ' PRP Donuts VBZ is VBN based IN in NNP Randolph , , NNP Mass . . <s> <s> . Cara -RRB- Operations , , DT a NN food NNS services NN concern , , CC and NNP Unicorp , , DT a NN holding NN company IN with NNS interests IN in NN oil CC and JJ natural NN gas CC and JJ financial NNS services , , VBP are VBN based IN in NNP Toronto . . <s> <s> NNP Golden NNP West NNP Financial NNP Corp. , , VBG riding IN above DT the

    NN turbulence WDT that VBZ has LS troubled RBS most IN of DT the NN thrift NN industry , , VBD posted DT a CD 16 NN % NN increase IN of JJ third-quarter NNS earnings TO to $ $ UH 41.8 UH millon , , CC or CD 66 NNS cents DT a NN share . . <s> <s> DT The NN company VBD earned $ $ CD 36 CD million , , CC or CD 57 NNS cents DT a NN share , , IN in DT the JJ year-ago NN quarter . . <s> <s> . Herbert UH M. UH Sandler , , NN chairman CC and JJ chief NN executive NN officer IN of DT the

    NNP Oakland , , NNP Calif. , , WP$ savings-and-loan WP$ holding NN company , , WRB credited DT the JJ high NN number IN of NNS loans VBD added TO to DT the NN company POS 's NN portfolio IN over DT the JJ last CD 12 NNS months IN for FW broadening FW its FW earning FW asset FW base FW and FW improving FW profit FW performance . . <s> <s> NN However , , DT the FW executive FW noted FW that FW slackening FW demand FW for FW new FW mortgages FW depressed FW new FW loan FW originations TO to $ $ CD 1 CD billion , , CD 30 NN % IN below

    DT the JJ same NN period JJ last NN year . . <s> <s> . In UH savings UH activity , , NNP Mr. FW Sandler FW said FW consumer FW deposits FW have FW enjoyed FW a FW steady FW increase FW throughout FW 1989 , , CC and VBD topped $ $ CD 11 CD billion IN at NN quarter POS 's NN end IN for DT the JJ first NN time IN in DT the NN company POS 's NN history . . <s> <s> DT Deposit NN growth VBD amounted TO to $ $ CD 393 CD million , , JJR more IN than PDT double DT the JJ year-ago NN figure . . <s> <s>

    NNP Whirlpool NNP Corp. , , WP$ Benton UH Harbor , , NNP Mich. , , VBD said PRP it VBZ has VBN developed DT a NN process TO to # recover UH environmentally UH harmful UH chlorofluorocarbons , , CC or NNP CFCs , , WDT that FW previously FW entered FW the FW atmosphere FW during FW in-home FW repair FW of FW refrigerators FW and FW freezers . . <s> <s> DT The NN maker IN of NN home NNS appliances VBD said DT the NN process , , WDT which VBZ involves DT the NN use IN of DT a FW multilayer FW plastic FW bag FW during FW repairs FW to FW capture FW the

    FW gaseous FW substance FW and FW transport FW it FW to FW a FW recycling FW center , , VBZ is RB already IN in NN use IN at DT a NN number IN of PRP$ its NN service NNS centers , , CC and MD will VB be JJ available TO to PDT all FW authorized FW repair FW centers FW by FW spring . . <s> <s> FW Earlier FW repairs FW vented FW the FW CFCs RP out IN of DT the NN home IN through DT a RBS hose RB directly IN into DT the NN atmosphere . . <s> <s> NNS CFCs VBP are RB widely VBN used IN as FW solvents FW ,

    FW coolants FW and FW fire FW suppressants . . <s> <s> IN But PRP$ their NN use VBZ has VBN been VBN linked TO to DT a FW potentially FW dangerous FW depletion IN of DT the NNP Earth POS 's UH ozone UH layer , , CC and DT a NN number IN of NNS companies VBP are VBG seeking TO to VB curtail NN use , , CC or IN at JJS least UH emission , , IN of DT the NN substance . . <s> <s> NN Whirpool VBD said , , `` `` PRP We VBP see DT this NN process IN as DT a FW small FW but FW important FW step FW toward

    FW eventual FW elimination FW of FW CFC FW use FW in FW appliance FW manufacture . . <s> <s> NNP Maxus NNP Energy NNP Corp. , , NNP Dallas , , VBD said PRP it VBD discovered DT a JJ new NN oil . field '' northeast IN of PRP$ its FW previously FW discovered FW Intan FW Field FW in FW the FW southeast FW Sumatra FW area FW of FW Indonesia . . <s> <s> NN Maxus VBD said PRP it VBD did RB n't VB run DT a NN production NN test IN on DT the FW three FW discovery FW wells FW it FW drilled IN in DT the NN field , , WDT which

    VBZ is RB about CD 1.6 NNS miles IN from DT the RBS Intan UH Field , , IN because DT the FW wells FW are FW similar FW to FW others FW drilled FW at FW its FW Intan FW and FW Widuri FW fields . . <s> <s> NN However , , WDT Maxus VBD said PRP it VBZ believes DT the NNS reserves IN in DT the NN field VBP are RB about CD 10 CD million NNS barrels IN of NN oil . . <s> <s> NN The . Intan '' Field VBZ has VBN estimated NNS reserves IN of CD 50 CD million NNS barrels CC and DT the FW Widuri FW Field FW has

    FW estimated FW reserves FW of FW 225 FW million FW barrels . . <s> <s> NN Maxus , , DT an JJ independent NN oil CC and NN gas NN concern , , VBZ is DT the NN operator CC and VBZ owns DT a JJS 56 NN % NN interest IN in DT the JJ new NN field , , WP$ called LS Northeast LS Intan . . <s> <s> JJ Other NNS interests VBP are VBN owned IN by FW BP FW Petroleum FW Development FW -LRBFW SES FW -RRBFW Ltd. FW , FW C. FW Itoh FW Energy FW Co. FW Ltd. FW , FW Deminex FW Sumatra FW OEL FW G.m.b . .

    -RRB- H. , , WP$ Hispanoil -LRB- -LRBFW Sumatra FW -RRBFW Production FW Ltd. FW , FW Hudbay FW Oil FW -LRBFW Indonesia FW -RRBFW Ltd. FW , FW Inpex FW Sumatra FW Co. FW Ltd. FW , FW Lasmo FW Sumatra FW Ltd. FW , FW Sunda FW Shell FW , FW TCR FW Sumat FW A.G. FW and FW Warrior FW Oil FW Co . . <s> <s> FW The FW production-sharing FW contract FW area FW is FW held FW with FW Pertamina , , DT the JJS Indonesian NN state NN oil NN company . . <s> <s> NNP Environmental NNP Systems NNP Co. VBD said PRP it VBZ is PDT restating

    PRP$ its NNS results TO to VB reduce PRP$ its RBS reported JJ net NN income IN for DT the JJ first CD nine NNS months IN of PRP$ its JJ fiscal NN year IN after FW discovering FW it FW took FW tax FW credits WDT that RB already VBD had VBN been VBN taken JJ last NN year . . <s> <s> . The UH Little UH Rock , , UH Ark. , , WP$ hazardous-waste WP$ services NN company VBD said DT the NN restatement MD will VB reduce PRP$ its NN net IN for DT the FW nine FW months FW ended FW July FW 31 TO to $ $ CD 2.5 CD million , ,

    CC or CD 17 NNS cents DT a NN share , , IN from $ $ CD 3.7 CD million , , CC or CD 26 NNS cents DT a NN share . . <s> <s> NN Net IN for DT the JJ third NN quarter , , UH restated , , VBZ is $ $ CD 1.6 CD million , , CC or CD 10 NNS cents DT a NN share . . <s> <s> DT The NN company RB previously VBD reported JJ net IN of $ $ CD 2.3 CD million , , CC or CD 15 NNS cents DT a NN share . . <s> <s> DT The NN company VBD said IN that IN for

    FW financial FW reporting FW purposes FW last FW year FW it FW took FW tax FW credits WDT that MD will VB be VBN recognized IN for # tax PDT purposes DT this NN year . . <s> <s> NN But IN because IN of NN confusion , , PRP it VBD took DT those RBS credits RB again IN in VBG reporting PRP$ its NNS results IN through DT the JJ first CD nine NNS months . . <s> <s> FW Jack FW W. FW Forrest FW , FW Environmental FW Systems FW president FW and FW chief FW executive FW officer , , VBD said DT the NN change VBZ increases DT the NN company POS 's

    JJ effective NN tax NN rate TO to $ about CD 35 NN % IN from CD 20 NN % . . <s> <s> NNP Memotec NNP Data NNP Inc. VBD said PRP it VBD signed DT a FW definitive FW merger FW agreement FW with FW ISI FW Systems FW Inc. FW under FW which FW Memotec MD will VB acquire RP ISI IN for $ $ CD 20 -LRB- -LRBNNP U.S. . . -RRB- -RRBDT a NN share , , CC or IN about $ $ CD 130 CD million , , IN in NN cash CC and NNS securities . . <s> <s> NNP In NNP American NNP Stock NNP Exchange JJ composite NN trading

    , , WDT ISI VBD closed RP up $ $ CD 3.125 IN at $ $ CD 18.625 . . <s> <s> NNP In NNP Montreal NNP Exchange NN trading , , FW Memotec FW closed FW unchanged FW at FW 10.625 FW Canadian FW dollars FW -LRBFW US$ FW 9.05 -RRB- -RRB. . <s> <s> NN Memotec VBD said IN under DT the NN agreement , , UH ISI , , DT a NNP Braintree , , NNP Mass. , , '' provider IN of NN computer NN software CC and NNS services TO to DT the NN insurance NN industry , , MD will VB merge IN with DT a NNP U.S. NN unit IN of

    VBG Memotec VBN created IN for DT that NN purpose . . <s> <s> NN Memotec VBZ is DT a FW Montreal-based FW maker FW of FW telecommunications FW products FW and FW provider FW of FW telecommunications FW and FW computer FW services . . <s> <s> NN Memotec VBD said DT the NN agreement VBZ calls IN for PRP it TO to VB make DT a $ $ FW 20-a-share FW cash FW tender FW offer FW for FW all FW shares FW outstanding FW of FW ISI . . <s> <s> IN But PRP it VBD said UH Charles UH Johnston , , WP$ ISI NN chairman CC and NN president , , VBD agreed TO to

    VB sell PRP$ his FW 60 FW % FW stake FW in FW ISI FW to FW Memotec FW upon FW completion IN of DT the NN tender NN offer IN for DT a NN combination IN of NN cash , , WP$ Memotec NN stock CC and NNS debentures . . <s> <s> NN Memotec VBD said DT the FW tender FW offer FW is FW conditioned FW on FW , FW among FW other FW things FW , FW holders FW tendering FW at JJS least CD 15 NN % IN of DT the NNS shares JJ outstanding , , JJ other IN than DT the NNS shares VBN held IN by NNP Mr. -RRB- Johnston . .

    <s> <s> NN ISI VBD said PRP$ its NN board VBZ has DT instructed NN management TO to VB accept RP inquiries IN from DT any NNS others VBN interested IN in VBG making DT a NN bid . . <s> <s> NN ISI VBD said PRP it MD can VB withdraw IN from DT the FW merger FW agreement FW with FW Memotec FW if FW a FW better FW bid FW surfaces . . <s> <s> NNP CMS NNP Energy NNP Corp. , , NNP Jackson , , NNP Mich. , , VBD said PRP it VBZ has PDT resumed DT the NN purchase IN of PRP$ its JJ common NN stock IN under DT a NN program

    VBD approved IN by PRP$ its NNS directors IN in CD 1987 . . <s> <s> IN At DT the NN time IN of DT the JJ original NN announcement , , WDT CMS VBD said PRP$ its NN board VBD authorized DT the NN purchase IN of IN as JJ many IN as CD five CD million IN of PRP$ its NNS shares . . <s> <s> DT A NN spokesman VBD said CD 2.6 CD million NNS shares VBP have VBN been VBN purchased IN since RB then . . <s> <s> DT The NN company VBD said PRP it MD will VB buy JJ additional NNS shares `` `` IN from NN time TO to NN time

    IN in DT the JJ open NN market CC or IN in JJ private NNS transactions IN at DT prevailing NN market NNS prices . . '' '' <s> <s> DT In JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange , , FW CMS FW Energy FW closed FW at FW $ PDT 34.375 DT a NN share , , RB down CD 62.5 NNS cents , , IN from DT the NN closing NN price IN of $ $ PDT 37.375 DT a NN share IN on NNP Thursday , , IN before NNP Friday POS 's NN plunge . . <s> <s> FW The FW utility FW company FW currently

    FW has FW about FW 82.1 FW million FW shares FW outstanding . . <s> <s> NNP Morgan NNP Stanley CC & NNP Co. MD will VB act IN as DT the JJ exclusive NN broker IN for DT the NN repurchase . . <s> <s> NNP Hughes NNP Aircraft NNP Co. , , DT a NN unit IN of NNP General NNPS Motors NNP Corp. , , VBD said PRP it VBD agreed TO to VB purchase DT the FW Electro-Optics FW Technology FW division FW of FW Perkin-Elmer FW Corp . . <s> <s> NN Terms IN of DT the NN agreement VBD were RB n't VBN disclosed . . <s> <s> NN But IN for DT the

    JJ fiscal NN year VBD ended $ July CD 31 , , CD 1988 , , DT the RBS most JJ recent NN period IN for WDT which NNS results VBD were VBN broken RP out , , DT the FW Perkin-Elmer FW unit FW accounted FW for JJR more IN than PDT half DT the $ $ CD 145 CD million IN in NNS sales VBN recorded IN by DT the NN company POS 's NN government NNS systems NN sector . . <s> <s> NN Perkin-Elmer , , WDT which VBZ is VBN based IN in NNP Norwalk , , NNP Conn. , , VBD said DT the NN sale IN of DT the NN Danbury , ,

    NNP Conn. , , NN unit VBZ is VBN consistent IN with PRP$ its NN restructuring NN strategy VBD announced IN in NNP April . . <s> <s> DT In NN addition TO to # making UH electro-optical UH systems , , DT the FW unit FW also FW makes FW laser FW warning FW receivers . . <s> <s> NNS These VBP are FW used FW aboard FW military FW helicopters FW to FW warn FW pilots FW that FW a FW laser FW weapon VBZ has VBN been VBN focused IN on PRP them . . <s> <s> NN Hughes IN of NNP Los NNP Angeles VBD said DT the FW PerkinElmer FW unit FW 's FW work

    FW complements FW efforts FW by FW its FW Electro-Optical FW and FW Data FW Systems FW group , , WDT which FW makes FW infrared FW sensors FW , FW military FW lasers FW and FW night FW vision FW equipment . . <s> <s> NN Hughes VBD said PRP it VBZ expects DT the NN sale TO to VB close IN by NN year NN end . . <s> <s> FW The FW Communications FW Workers FW of FW America FW ratified FW a FW new FW regional FW contract FW and PDT all # but CD one IN of DT the FW local FW agreements FW with FW Bell FW Atlantic FW Corp . . <s> <s>

    NNP CWA POS 's FW New FW Jersey FW Commercial FW local , , WDT which FW represents FW about FW 2,500 FW service FW representatives FW and FW marketing FW employees , , VBD rejected DT the JJ tentative NN agreement . . <s> <s> IN Both DT the NN union CC and DT the JJ regional NN telephone NN company VBD said PRP they VBD were VBG working RP together TO to VB resolve NNS differences . . <s> <s> DT The JJ new JJ three-year NNS contracts , , WDT which FW replace FW ones FW that FW expired FW Aug. FW 5 FW , FW cover FW 41,000 FW Bell FW Atlantic FW employees . .

    <s> <s> FW The FW ratification FW follows FW a FW 23-day FW strike FW against FW the FW Philadelphia-based FW company . . <s> <s> NN Meanwhile , , FW CWA FW and FW International FW Brotherhood FW of FW Electrical FW Workers FW members FW remain FW on FW strike FW against FW Nynex NNP Corp. , , DT the NNP New FW York-based FW regional FW phone FW company . . <s> <s> . The '' unions CC and DT the NN company JJ last NN week VBD agreed TO to VB mediation . . <s> <s> FW The FW CWA FW represents FW 40,000 FW Nynex FW workers FW and FW the FW IBEW FW represents

    FW 20,000 FW workers . . <s> <s> IN For DT the NN moment , , IN at JJS least , , FW euphoria FW has FW replaced FW anxiety FW on FW Wall FW Street . . <s> <s> FW The FW Dow FW Jones FW Industrial FW Average FW jumped FW sharply FW yesterday FW to FW close FW at FW 2657.38 FW , FW panic FW did FW n't PDT sweep DT the NN world POS 's NNS markets , , CC and FW investors FW large FW and FW small FW seemed FW to FW accept FW Friday FW 's FW dizzying FW 190-point FW plunge FW as FW a FW sharp FW correction , ,

    RB not DT a NN calamity . . <s> <s> . Many UH went UH bargain-hunting . . <s> <s> FW Among FW those FW sighing FW with FW relief FW was FW John FW H. FW Gutfreund , , NN chairman IN of NNP Salomon NNPS Brothers , , WP who VBD took TO to DT the NN firm POS 's NN trading NN floor TO to VB monitor NN yesterday POS 's NNS events . . <s> <s> IN As DT the FW rally FW gained FW strength FW at FW 3:15 FW p.m. FW , FW he FW smiled FW broadly FW , FW brandished FW his FW unlit FW cigar FW and FW slapped FW Stanley

    FW Shopkorn , , PRP$ his JJ top NN stock NN trader , , IN on DT the NN back . . <s> <s> DT At JJ first , , PRP it FW seemed FW as FW if FW history FW might FW repeat FW itself . . <s> <s> DT As NN trading VBD opened NN yesterday NN morning IN on DT the NNP Big NNP Board , , NNS stocks IN of JJ many IN of DT the NN nation POS 's JJS biggest NNS companies MD could RB n't VB open IN for NN trading IN because DT a NN wave IN of FW sell FW orders FW was FW overwhelming FW buyers . . <s> <s>

    . By -RRB- 10:10 , , DT the FW Dow FW Industrials FW were FW off FW 63.52 FW points , , CC and DT the NN stock IN of NNP UAL NNP Corp. , , WP$ whose FW troubles FW had FW kicked FW off NNP Friday POS 's NN plunge , , RB still VBD had RB n't VBD opened . . <s> <s> VBZ But RB then , , RB as RB quickly IN as DT the NNP Dow VBD had VBN fallen , , PRP it VBD began TO to VB turn RP around . . <s> <s> VBZ It VBN ended IN with DT a NN gain IN of PRP$ 88.12 NNS points . .

    <s> <s> IN By DT the NN market POS 's NN close , , NN volume IN on DT the NNP New NNP York NN exchange VBD totaled JJR more IN than $ 416 CD million , , DT the JJ fourth NNS highest IN on NN record . . <s> <s> FW The FW Big FW Board FW handled FW the FW huge FW volume FW without FW any FW obvious FW strain FW , FW in FW sharp FW contrast FW to FW Black FW Monday FW of FW 1987 . . <s> <s> IN But DT the NN rally VBD was RB largely VBN confined TO to DT the JJ blue-chip NNS stocks , , WDT which

    VBD had VBN been FW hard FW hit FW during FW Friday FW 's FW selling FW frenzy . . <s> <s> NN Overall , , FW more FW Big FW Board FW stocks FW lost FW money FW than FW gained . . <s> <s> DT And JJ many NNS arbitragers , , RB already VBN reeling IN from NNP Friday POS 's NN collapse IN of DT the NNP UAL NN deal , , VBD were RBR further LS hurt LS yesterday WRB when DT a JJ proposed NN takeover IN of NNP AMR NNP Corp. , , DT the NN parent IN of NNP American NNPS Airlines , , VBD collapsed . . <s> <s> NN Indeed

    , , DT the FW Dow FW Jones FW Transportation FW Average FW plunged FW 102.06 FW points FW , FW its FW second-worst FW drop FW in FW history . . <s> <s> NN World-wide , , NN trading VBD was RB generally RBR manageable . . <s> <s> FW The FW Frankfurt FW stock FW exchange FW was FW hardest FW hit IN of DT the JJ major NNS markets , , IN with FW blue FW chips FW there FW falling FW 12.8 NN % . . <s> <s> NNP In NNP London , , DT a RBS midday LS rally PDT left DT the NN market POS 's JJ major NN index IN off DT 3.2

    NN % , , CC and NNP Tokyo POS 's FW leading FW stock FW index FW fell FW only FW 1.8 FW % FW in FW surprisingly FW lackluster FW trading . . <s> <s> NN Other , , FW more FW thinly FW traded FW Asian FW markets FW were FW hit FW harder FW than FW Tokyo FW 's , , CC but EX there UH were UH no UH free-fall UH declines . . <s> <s> DT Investors JJ big CC and FW small FW say FW they FW learned FW valuable FW lessons FW since FW the FW 1987 SYM crash : : IN In DT this NN age IN of JJ computerized NN trading

    , , FW huge FW corrections FW or FW runups IN in DT a JJ few NNS hours POS ' NN time MD must VB be VBN expected . . <s> <s> NNP What POS 's JJR more , , FW such FW short-term FW cataclysms FW are FW survivable FW and FW are FW no FW cause FW for FW panic FW selling . . <s> <s> . Stephen -RRB- Boesel , , DT a JJ major NN money NN manager IN for FW T. FW Rowe FW Price FW in FW Baltimore , , VBZ says , , `` `` EX There VBD was JJR less NN panic IN than IN in CD 1987 : : PRP We

    VBD had VBN been IN through PRP it RB once . . '' '' <s> <s> . In -RRB- Somerset , , NNP Wis. , , WP$ Adrian UH Sween , , WP who VBZ owns DT a NN supplier IN of DT nursing-home NN equipment CC and VBZ is RB n't JJ active IN in DT the NN stock NN market , , VBZ agrees . . <s> <s> IN `` PRP I VBP look IN at PRP it IN as DT a RBS ho-hum UH matter , , '' '' PRP he VBZ says . . <s> <s> DT Many JJ other NNS factors VBD played DT a NN part IN in NN yesterday POS 's NN comeback

    . . <s> <s> FW The FW Federal FW Reserve FW signaled FW its FW willingness FW to FW provide SYM liquidity : ; DT the NN interest NN rate IN on PRP$ its NNS loans TO to FW major FW banks FW inched FW downward FW early IN in DT the NN day . . <s> <s> DT Foreign NN stock NNS markets , , WDT which FW kicked FW off FW Black FW Monday FW with FW a FW huge FW selling FW spree FW , FW began FW the FW day FW off FW by FW relatively FW modest FW amounts . . <s> <s> DT The NN dollar , , FW after FW falling FW sharply

    FW in FW overnight FW trading FW to FW 139.10 FW yen FW , FW bounced FW back FW strongly FW to FW 141.8 FW , FW thus FW easing FW fears FW that FW foreigners FW would FW unload FW U.S. FW stocks . . <s> <s> IN And DT the FW widely FW disseminated FW opinion FW among FW most FW market FW experts FW that FW a FW crash FW was FW n't FW in FW store FW also FW helped FW calm FW investors . . <s> <s> DT Many JJ major NNS institutions , , IN for NN example , , FW came FW into FW work FW yesterday FW ready TO to VB buy

    DT some IN of DT the FW blue FW chips FW they FW felt FW had FW been FW sharply FW undervalued FW on FW Friday . . <s> <s> NN Still , , WP$ amid PDT all DT the NN backslapping CC and NNS signs IN of NN relief IN over NN yesterday POS 's NNS events , , DT some NN market . professionals '' cautioned WDT that EX there VBZ is TO nothing VB present IN in DT the JJ current NN market NN system TO to FW prevent FW another FW dizzying FW drop FW such FW as FW Friday FW 's . . <s> <s> `` `` EX There VBZ is RB too JJ much

    NNS complacency , , '' '' VBZ says FW money FW manager FW Barry FW Schrager . . <s> <s> NNS Computers VBP have FW increasingly FW connected FW securities FW markets FW world-wide , , RB so IN that DT a NN buying CC or VBG selling NN wave IN in CD one NN market VBZ is RB often VBN passed IN around DT the NN globe . . <s> <s> FW So FW investors FW everywhere FW nervously FW eyed FW yesterday POS 's NN opening IN in NNP Tokyo , , WRB where DT the FW Nikkei FW average FW of FW 225 FW blue-chip FW stocks FW got FW off FW to FW a FW rocky

    FW start . . <s> <s> FW The FW average FW plunged FW some FW 600 FW points , , CC or CD 1.7 NN % , , IN in DT the JJ first CD 20 NNS minutes IN of NN trading . . <s> <s> IN But DT the FW selling FW wave FW had FW no FW conviction , , CC and DT the NN market FW first FW surged FW upward FW by FW 200 FW points FW , FW then FW drifted FW lower FW , FW closing FW down FW 647 . . <s> <s> CD Unlike CD two NNS years RB ago , , RBS most IN of NNP Japan POS 's JJ major

    NNS investors VBD chose TO to VB sit DT this RBS calamity RP out . . <s> <s> NNP In NNP Merrill NNP Lynch CC & NNP Co. POS 's FW Tokyo FW trading FW room FW , FW some FW 40 FW traders FW and FW assistants FW sat FW quietly , , IN with JJ few NNS orders TO to NN process . . <s> <s> , Clients `` `` VBP are PDT all LS staying RP out '' '' IN of DT the NN market , , FW one FW Merrill FW trader VBZ says . . <s> <s> FW The FW relative FW calm FW in FW Tokyo FW proved FW little FW comfort FW to

    FW markets FW opening RP up IN in NNP Europe . . <s> <s> NNP Frankfurt POS 's FW opening FW was FW delayed FW a FW half FW hour FW because FW of FW a FW crush FW of FW sell FW orders . . <s> <s> IN `` DT The NN beginning VBD was UH chaotic , , '' '' VBZ says UH Nigel UH Longley , , DT a NN broker IN for # Commerzbank <s> <s> NNP In NNP London , , DT the NN view IN from DT the NN trading NN floor IN of DT an JJ American NNS securities NN firm , , '' Jefferies CC & NNP Co. , , RB also

    VBD was RP troubling . . <s> <s> FW A FW computer FW screen FW displaying FW 100 FW blue-chip FW stocks FW colors FW each FW one FW red WRB when PRP$ its NN price VBZ is VBG falling . . <s> <s> . The '' screen VBD was DT a NN sea IN of JJ red . . <s> <s> IN `` PRP I VBP see NN concern , , CC but PRP I VBP do RB n't VB see RP panic , , '' '' VBZ says UH J. UH Francis UH Palamara , , DT a NNP New NNPS Yorker WP who VBZ runs DT the JJS 15-trader NN office . . <s> <s> NNP London

    POS 's FW blue-chip FW stock FW index FW turned FW up FW just FW before FW 8 FW a.m FW . FW New FW York FW time FW , FW sending FW an FW encouraging FW message FW to FW Wall FW Street . . <s> <s> DT When NN trading VBD opened IN in NNP New NNP York FW at FW 9:30 FW a.m. FW EDT FW , FW stocks FW fell SYM sharply : -RB as VBN expected . . <s> <s> JJ Futures NNS markets IN in NNP Chicago VBD had VBN opened IN at DT a NN level IN suggesting DT the NNP Dow MD would VB fall IN by IN about CD 60

    NNS points . . <s> <s> . With UH sell UH orders UH piled RP up IN from NNP Friday , , IN about PDT half DT the NNS stocks IN in DT the NNP Dow MD could RB n't VB open IN on NN time . . <s> <s> . By -RRB- 9:45 , , DT the FW industrial FW average FW had FW dropped FW 27 FW points . . <s> <s> CD By CD 10 -RRB- a.m. , , PRP it VBD was RP down LS 49 . . <s> <s> JJ Ten NNS minutes RB later , , DT the FW Dow FW hit FW bottom FW FW down FW 63.52 FW points , ,

    DT another CD 2.5 NN % . . <s> <s> . But UH shortly UH before UH then , , DT some IN of NNP Wall NNP Street POS 's JJS sharpest NNS traders VBP say , , PRP they VBP sensed DT a NN turn . . <s> <s> IN `` DT The JJ first NN thing IN that FW caught FW my FW eye FW that FW was FW encouraging FW was FW Treasury FW bonds FW were FW off , , '' '' VBZ says FW Austin FW George FW , FW head FW of FW stock FW trading FW at FW T. FW Rowe FW Price . . <s> <s> IN `` PRP It VBD meant

    IN that NNS people VBD were RB n't VBG running RP pell-mell TO to DT the NN safety IN of NNS bonds . . '' '' <s> <s> NN Shortly IN after CD 10 -RRB- a.m. , , DT the FW Major FW Market FW Index FW , FW a FW Chicago FW Board FW of FW Trade FW futures FW contract FW of FW 20 FW stocks FW designed FW to FW mimic FW the FW DJIA FW , FW exploded FW upward . . <s> <s> JJ Stock NNS traders VBD were SYM buoyed : -IN because DT an NN upturn IN in DT the NN MMI VBD had RB also VBD started DT the NN recovery

    IN in NNS stocks IN on DT the FW Tuesday FW following FW Black FW Monday . . <s> <s> IN `` DT The FW MMI FW has FW gone FW better , , '' '' VBD shouted DT a NN trader IN in DT the NNP London NN office IN of NNP Shearson NNP Lehman NNP Hutton . . <s> <s> NNP Shearson POS 's FW London FW trading FW room FW went FW wild . . <s> <s> TO Traders VB shouted RP out IN as PRP$ their FW Reuters FW , FW Quotron FW and FW Telerate FW screens FW posted FW an FW ever-narrowing FW loss FW on FW Wall FW Street . . <s> <s>

    NN Then , , FW nine FW minutes FW later FW , FW Wall FW Street FW suddenly FW rebounded TO to DT a NN gain IN on DT the NN day . . <s> <s> NNP `` NNP Rally , , NN rally , , NN rally , , '' '' FW shouted FW Shearson FW 's FW Andy FW Rosen . . <s> <s> . `` '' This VBZ is DT panic NN buying . . '' '' <s> <s> FW Major FW blue-chip FW stocks FW like FW Philip FW Morris FW , FW General FW Motors FW and FW Proctor FW & FW Gamble PDT led DT the NN rally . . <s> <s> . Japanese

    '' were VBD said TO to VB be JJ heavy NNS buyers . . <s> <s> NN German CC and FW Dutch FW investors FW reportedly FW loaded FW up FW on FW Kellogg FW Co . . <s> <s> NN Then , , NNS traders VBP say , , FW corporations FW with FW share FW buy-back FW programs FW kicked FW into FW high FW gear FW , FW triggering FW gains FW in , , IN among JJ other NNS issues , , WP$ Alcan LS Aluminium CC and NNP McDonald POS 's . . <s> <s> NNP Walt NNP Disney NNP Co. , , WDT which VBD had CD one IN of DT the JJS biggest

    FW sell-order FW imbalances FW on FW Friday FW and FW was FW one FW of FW seven FW stocks FW that FW halted FW trading FW and FW never FW reopened FW that FW day FW , FW opened FW yesterday FW late FW at FW 114.5 FW , FW down FW 8.5 . . <s> <s> FW But FW then FW it FW suddenly FW burst FW upward FW 7.5 FW as FW Goldman FW , FW Sachs FW & FW Co. FW stepped FW in FW and FW bought FW almost FW every FW share FW offer , , NNS traders VBD said . . <s> <s> . By -RRB- 10:25 , , DT the NNP Dow

    VBD had VBN turned RP up IN for DT the NN day , , FW prompting FW cheers FW on FW trading FW desks FW and FW exchange FW floors . . <s> <s> . Among UH Big UH Board UH specialists , , DT the NN cry VBD was `` `` FW Pull FW your FW offers '' '' : -LS meaning WDT that MD specialists RB soon VBN expected TO to VB get JJR higher NNS prices IN for PRP$ their NNS shares . . <s> <s> IN `` PRP It VBD was VBN bedlam IN on DT the NN upside , , '' '' VBD said CD one FW Big FW Board FW specialist . .

    <s> <s> , `` WP What PRP we VBD had VBD was DT a JJ real , , WP$ old-fashioned LS rally . . '' '' <s> <s> FW This FW technical FW strength FW spurred FW buying FW from FW Wall NNP Street POS 's `` `` UH black UH boxes , , '' '' FW computer FW programs FW designed FW to FW trigger FW large FW stock FW purchases FW during FW bullish FW periods . . <s> <s> NN Typical , , RB perhaps , , VBD was FW Batterymarch FW 's FW Dean FW LeBaron . . <s> <s> . Mr. -RRB- LeBaron , , WP who VBZ manages $ $ CD 10 CD billion

    , , VBZ says , , `` `` PRP We VBD turned DT the NN trading NN system IN on , , CC and PRP it VBD did `` whatever PRP it VBD was VBN programmed TO to VB do . . '' '' <s> <s> , Asked WP what PDT stocks DT the NN computer VBD bought , , DT the NN money NN manager VBZ says , , `` `` PRP I VBP do RB n't VB know . . '' '' <s> <s> . Not '' everybody VBD was VBG making NN money . . <s> <s> . The '' carnage IN on DT the NNP Chicago NNP Board NNPS Options NNP Exchange , , DT the

    NN nation POS 's JJ major NNS options NN market , , VBD was JJ heavy IN after DT the NN trading IN in FW S&P FW 100 FW stock-index FW options FW was FW halted FW Friday . . <s> <s> DT Many NN market NNS makers IN in DT the FW S&P FW 100 FW index FW options FW contract FW had FW bullish FW positions FW Friday , , CC and WRB when DT the NN shutdown VBD came PRP they VBD were VBN frozen IN with JJ huge NNS losses . . <s> <s> IN Over DT the NN weekend , , WP$ clearing NNS firms VBD told DT the NNP Chicago NN market NNS makers

    TO to VB get RP out IN of PRP$ their FW positions FW at FW any FW cost FW Monday FW morning . . <s> <s> IN `` PRP They VBD were UH absolutely UH killed , , UH slaughtered , , '' '' VBD said CD one FW Chicago-based FW options FW trader . . <s> <s> NN Meanwhile , , DT a NN test IN of DT the NN stock NN market POS 's FW rally FW came FW at FW about FW 2 FW p.m. , , IN with DT the NNP Dow IN at NNP 2600 , , RB up CD 31 NNS points IN on DT the NN day . . <s> <s> . Charles

    -RRB- Clough , , DT a NN strategist IN at NNP Merrill NNP Lynch , , FW says FW bargain FW hunting FW had FW explained FW the FW Dow FW 's FW strength RP up TO to DT that NN point CC and DT that JJ many NN market NNS professionals VBD were PDT anticipating DT a NN drop IN in DT the NNP Dow . . <s> <s> NN Moreover , , DT the NN announcement IN that FW real FW estate FW magnate FW and FW sometime FW raider FW Donald FW Trump FW was FW withdrawing FW his FW offer FW for FW AMR FW Corp. MD might VB have VBN been VBN expected TO to

    VB rattle NNS traders . . <s> <s> NN Instead , , DT the FW rally FW only FW paused FW for FW about FW 25 FW minutes FW and FW then FW steamed FW forward FW as FW institutions FW resumed FW buying . . <s> <s> DT The NN market VBD closed NNS minutes IN after VBG reaching PRP$ its JJ high IN for DT the NN day IN of <s> <s> IN Across DT the NN country , , FW many FW people FW took FW yesterday FW 's FW events FW in FW stride FW , FW while FW remaining FW generally FW uneasy IN about DT the NN stock NN market IN in JJ general

    . . <s> <s> NNP Says NNP James NNP Norman , , DT the NN mayor IN of # Ava LS , SYM Mo. : : `` `` PRP I VBP do RB n't VB invest IN in NNS stocks . . <s> <s> FW I FW much FW prefer FW money FW I FW can FW put FW my FW hands FW on . . '' '' <s> <s> . While UH Mayor UH Norman PDT found DT the NN market POS 's UH performance UH Monday UH reassuring , , PRP he VBZ says , , PRP he VBZ remains VBN uneasy . . <s> <s> IN `` PRP We VBP have PDT half DT the FW experts

    FW saying FW one FW thing FW and PDT half DT the JJ other '' '' IN about DT the NN course IN of DT the NN economy . . <s> <s> . Ralph -RRB- Holzfaster , , DT a FW farmer FW and FW farm-supply FW store FW operator FW in FW Ogallala FW , FW Neb. , , VBZ says IN of DT the JJ last JJ few NNS days NNS events , , `` `` FW If FW anything FW good FW comes RP out IN of DT this , , PRP it MD might VB be IN that PRP it VBZ puts DT some IN of DT these NNS LBOs IN on DT the NN skids

    . . '' '' <s> <s> . Says UH Gordon UH Fines , , DT a FW money FW manager FW at FW IDS FW Financial FW Services FW in FW Minneapolis , , `` `` PRP You VBP 're IN on DT a RBS roller UH coaster , , CC and WDT that MD may VB last . . <s> <s> . The '' public VBZ is RB still RBR cautious . . <s> <s> NNP Skipper POS 's NNP Inc. , , UH Bellevue , , NNP Wash. , , VBD said PRP it VBD signed DT a JJ definitive NN merger NN agreement IN for DT a NNP National NNP Pizza NNP Corp. NN unit TO to

    VB acquire DT the JJS 90.6 NN % IN of NNP Skipper POS 's `` Inc. PRP it VBZ does RB n't JJ own IN for $ $ PDT 11.50 DT a NN share , , CC or IN about $ $ CD 28.1 CD million . . <s> <s> NNP NP NNP Acquisition NNP Co. , , DT a NNP National POS Pizza NN unit , , VBZ plans TO to VB begin DT a NN tender NN offer IN for EX Skipper VBZ 's IN on NNP Friday , , FW conditioned FW on FW at FW least FW two-thirds FW of FW Skipper FW 's FW shares FW being FW tendered . . <s> <s> NN Pittsburg

    , , WP$ Kan.-based LS National LS Pizza VBD said DT the NN transaction MD will VB be VBN financed IN under PRP$ its FW revolving FW credit FW agreement . . <s> <s> DT In JJ national JJ over-the-counter NN trading , , WP$ Skipper POS 's NNS shares VBD rose CD 50 NNS cents TO to $ $ CD 11 . . <s> <s> NNP Skipper POS 's VBD said DT the NN merger MD will VB help LS finance -RRB- remodeling CC and JJ future NN growth . . <s> <s> NNP Skipper POS 's FW previously FW turned FW down FW a FW $ FW 10-a-share FW proposal FW from FW National FW Pizza FW and

    FW Pizza FW Hut FW Inc. FW questioned FW whether FW the FW purchase FW would FW violate FW National FW Pizza FW 's FW franchise FW agreements . . <s> <s> . National '' Pizza VBD said PRP it VBD settled PRP$ its NN dispute IN with # Pizza UH Hut , , '' allowing PRP it TO to VB make DT the NN purchase . . <s> <s> NN Also , , WP$ Skipper POS 's NNS results VBD began TO to VB turn RP around , , WRB permitting DT a JJR higher NN offer , , NNP National NNP Pizza VBD said . . <s> <s> IN For DT the FW 12 FW weeks FW ended

    FW Sept. FW 3 FW , FW Skipper POS 's VBD had JJ net NN income IN of $ $ CD 361,000 , , CC or CD 13 NNS cents DT a NN share , , VBN compared IN with DT a JJ net NN loss DT a NN year RBR earlier . . <s> <s> NN Revenue VBD was $ $ CD 19.9 CD million . . <s> <s> FW EAST FW GERMANS FW RALLIED FW as FW officials FW reportedly FW sought FW Honecker FW 's FW ouster . . <s> <s> , In WP what VBD was VBN considered DT the JJS largest NN protest IN in DT the JJ Communist NN state POS 's FW 40-year

    FW history FW , FW at FW least FW 120,000 FW demonstrators FW marched FW through FW the FW southern FW city FW of FW Leipzig FW to FW press FW demands FW for FW democratic FW freedoms FW , FW opposition FW activists FW said . . <s> <s> NN Police VBD did RB n't RBR intervene . . <s> <s> NN Meanwhile , , IN as DT the JJ first IN of JJR more IN than FW 1,300 FW East FW Germans FW trying TO to VB flee TO to DT the FW West FW through FW Poland FW renounced FW their FW citizenship FW , FW a FW West FW German FW newspaper FW reported FW that

    FW regional FW Communist FW officials FW demanded FW the FW dismissal FW of FW hard-line FW leader FW Honecker . . <s> <s> NN Secretary IN of NNP State NNP Baker , , IN in DT a JJ foreign NN policy NN speech , , VBN called IN for DT the NN reunification IN of NNP Germany , , VBG saying PRP it VBD was DT the `` `` FW legitimate FW right '' '' IN of DT the JJ German NNS people . . <s> <s> IN Gorbachev PDT blamed DT the NNP Soviet NNP Union POS 's NN press IN for VBG contributing TO to DT the NN nation POS 's JJS mounting NNS problems . .

    <s> <s> IN At DT a NN meeting NNP Friday , , DT the FW Kremlin FW leader FW complained FW about FW recent FW articles FW that FW raised FW the FW possiblity FW of FW civil FW unrest , , CC and VBD accused DT the NNS media IN of FW fueling FW panic FW buying FW of FW goods FW by FW publishing FW stories FW about FW impending FW shortages . . <s> <s> FW House-Senate FW conferees FW approved FW a FW permanent FW smoking FW ban FW on FW domestic FW airline FW routes FW within FW the FW continental FW U.S. FW and FW on FW flights FW of FW less FW than

    FW six FW hours FW to FW Alaska FW and FW Hawaii . . <s> <s> , The WDT curbs MD would VB cover PDT all CC but DT a JJ small NN percentage IN of NNS flights , , CC and VB represent DT an NN expansion IN of DT the JJ current NN ban IN on NNS flights IN of JJR less IN than CD two NNS hours . . <s> <s> NNP E. NNP Robert NNP Wallach VBD was VBN sentenced IN by DT a NNP U.S. NN judge IN in NNP New NNP York TO to CD six NNS years IN in FW prison FW and FW fined FW $ FW 250,000 FW for FW his

    FW racketeering FW conviction FW in FW the FW Wedtech FW scandal . . <s> <s> NN Wallach , , DT an FW associate FW of FW ex-Attorney FW General FW Meese FW , FW was FW found FW guilty FW in FW August FW of FW taking FW $ FW 425,000 FW in FW illegal FW payoffs FW from FW the FW now-defunct FW defense FW contractor . . <s> <s> IN NASA PDT resumed DT the NN countdown IN for NN today POS 's NN launch IN of DT the FW space FW shuttle FW Atlantis , , CC and DT a FW federal FW appeals FW court FW in FW Washington FW dismissed FW a FW lawsuit

    FW by FW anti-nuclear FW groups TO to VB delay DT the NN flight IN because DT the FW plutonium-powered FW Galileo FW space FW probe FW was FW aboard . . <s> <s> DT The NN space NN agency VBD said PRP it VBD did RB n't FW expect FW weather FW or FW protesters TO to VB block DT the NN liftoff . . <s> <s> NNP The NNP Bush NN administration VBZ is VBG preparing TO to VB extend DT a NN ban IN on JJ federal NN financing IN of FW research FW using FW fetal FW tissue , , NN government NNS sources VBD said . . <s> <s> FW A FW temporary FW prohibition

    FW was FW imposed FW in FW March FW 1988 . . <s> <s> DT While JJ anti-abortion NNS groups VBP are VBN opposed TO to JJ such NN research , , FW scientists FW have FW said FW transplanting FW such FW tissue FW could FW be FW effective FW in FW treating FW diabetes . . <s> <s> NN Delegates IN from FW 91 FW nations FW endorsed FW a FW ban FW on FW world FW ivory FW trade FW in FW an FW attempt FW to FW rescue FW the FW endangered FW elephant FW from FW extinction . . <s> <s> . Five UH African UH nations , , RB however , , VBD said

    PRP they MD would VB continue VBG selling DT the RBS valuable LS tusks . . <s> <s> FW Mubarak FW held FW reconciliation FW talks FW with FW Gadhafi FW at FW the FW Egyptian FW resort FW of FW Mersa FW Metruh . . <s> <s> NN It VBD was DT the JJS Libyan NN leader POS 's JJ first NN trip TO to VB Egypt IN in CD 16 NNS years . . <s> <s> NN They VBD announced DT a NN reduction IN in FW formalities FW for FW travel FW , FW but FW did FW n't FW show FW any FW real FW signs FW of FW resuming FW full FW diplomatic FW ties

    . . <s> <s> DT The JJ Egyptian NN president VBD said PRP he MD would VB visit PRP$ Libya NN today TO to VB resume DT the NNS talks . . <s> <s> NN Seoul CC and FW Pyongyang FW reached FW a FW tentative FW agreement FW to FW allow FW visits FW between FW families FW on FW the FW divided FW Korean FW peninsula . . <s> <s> . Such '' family PRP reunions MD would VB be DT the FW second FW since FW 1945 . . <s> <s> . Differences '' remained IN between DT the NNP North CC and UH South UH Korean UH governments , , RB however , , IN over

    NNS conditions IN for DT the NNS exchanges . . <s> <s> FW Freed FW black FW nationalists FW resumed FW political FW activity FW in FW South FW Africa FW and FW vowed FW to FW fight FW against FW apartheid FW , FW raising FW fears FW of FW a FW possible FW white FW backlash . . <s> <s> DT The NN nation POS 's FW main FW white FW opposition FW party FW warned IN that DT the NN government POS 's FW release FW Sunday FW of FW eight FW black FW political FW prisoners FW risked FW bringing FW chaos FW and FW eventual FW black FW Marxist FW rule TO to DT the

    NN nation . . <s> <s> NNP The NNP White NNP House VBD said NNP Bush VBZ is `` `` FW fully FW satisfied FW '' FW with FW CIA FW Director FW Webster FW and FW the FW intelligence FW agency FW 's FW performance FW during FW the FW Oct. FW 3 FW failed FW coup FW in FW Panama . . <s> <s> FW The FW Washington FW Post FW reported FW that FW unidentified FW senior FW administration FW officials FW were FW frustrated FW with FW Webster FW 's FW low-profile FW activities FW during FW the FW insurrection FW and FW wanted FW him FW replaced . . <s> <s> NNP Poland POS 's

    FW legislature FW approved FW limits FW on FW automatic FW wage FW increases FW without FW special FW provisions FW for FW food FW price FW rises . . <s> <s> . The '' vote VBD was VBN considered DT a NN test IN of DT the FW Solidarity-led FW government FW 's FW resolve FW to FW proceed FW with FW a FW harsh FW economic-restructuring FW program . . <s> <s> NNP Norway POS 's FW King FW Olav FW V FW installed FW a FW three-party FW non-Socialist FW government FW as FW Gro FW Harlem FW Brundtland FW 's FW three-year-old FW Labor FW regime FW relinquished FW power . . <s> <s> FW The

    FW 19-member FW cabinet FW is FW led FW by FW Prime FW Minister FW Jan FW Syse , , WP who VBD acknowledged DT a `` `` FW difficult FW situation '' '' IN since DT the FW coalition FW controls FW only FW 62 FW seats FW in FW Oslo FW 's FW 165-member FW legislature . . <s> <s> NNP El NNP Salvador POS 's NN government VBD opened DT a JJ new NN round IN of NNS talks IN with DT the NN country POS 's JJ leftist NNS rebels IN in DT an NN effort TO to VB end DT a FW decade-long FW civil FW war . . <s> <s> DT A NN spokesman

    VBD said DT the FW guerrillas FW would FW present FW a FW cease-fire FW proposal FW during FW the FW negotiations FW in FW Costa FW Rica FW that FW includes FW constitutional CC and JJ economic NNS changes . . <s> <s> NNP The NNP State NNP Department VBD said EX there VBD was DT a `` `` FW possibility FW '' FW that FW some FW Nicaraguan FW rebels FW were FW selling FW their FW U.S.-supplied FW arms FW to FW Salvadoran FW guerrillas , , CC but WRB insisted PRP it VBD was RB n't DT an JJ organized NN effort . . <s> <s> NN Separately , , FW Secretary FW of FW State

    FW Baker FW complained FW about FW a FW U.N. FW aide FW who FW last FW week FW told FW the FW Contras FW to FW disband FW as FW part FW of FW a FW regional FW peace FW accord . . <s> <s> NN Died : : LS Cornel UH Wilde , , UH 74 , , '' actor CC and NN director , , IN in NNP Los NNP Angeles , , IN of # leukemia LS ... . . <s> <s> . Danilo -RRB- Kis , , CD 54 , , WP$ Yugoslav-born UH novelist UH and UH essayist , , NNP Sunday , , IN in NNP Paris , , IN of NN cancer

    . . <s> <s> FW British FW retail FW sales FW volume FW rose FW a FW provisional FW 0.4 NN % IN in NNP September IN from NNP August CC and VBD was RP up PRP$ 2.2 NN % IN from $ September CD 1988 , , DT the NNP Department IN of NNP Trade CC and NNP Industry VBD said . . <s> <s> IN For DT the CD three NNS months VBN ended IN in NNP September , , FW retail FW sales FW volume FW was FW down FW 0.5 NN % IN from DT the JJ previous CD three NNS months CC and RB up CD 1.2 NN % IN from DT a NN year

    RBR earlier . . <s> <s> FW Chicago FW investor FW William FW Farley FW agreed FW to FW sell FW three FW divisions FW of FW Cluett FW Peabody FW & FW Co. FW for FW about $ $ CD 600 CD million TO to # Bidermann UH S.A. , , DT a FW closely FW held FW clothing FW maker FW based FW in FW Paris . . <s> <s> NN Shortly IN after PDT completing DT the $ $ CD 1.56 CD billion NN acquisition IN of NNP West NNP Point-Pepperell NNP Inc. IN in NNP April , , NNP Mr. NNP Farley POS 's NN holding NN company , , '' Farley NNP Inc. , ,

    VBD said PRP it VBD was VBG considering DT the NN sale IN of NNP Cluett , , DT a FW leading FW shirt FW maker FW and FW one FW of FW West FW Point-Pepperell POS 's JJS biggest NNS units . . <s> <s> NN Included IN in DT the FW sale FW are FW Cluett FW units FW that FW make FW men FW 's FW shirts FW under FW the FW Arrow FW name FW , FW socks FW under FW the FW Gold FW Toe FW name FW and FW menswear FW through FW the FW Schoeneman FW division . . <s> <s> JJ The NNS companies VBD said DT the NN agreement VBZ is

    JJ subject TO to # Bidermann POS 's NN receipt IN of NN financing CC and TO to JJ regulatory CC and JJ other NNS approvals . . <s> <s> NN They VBD said DT the NN sale VBZ is VBN expected TO to VB be VBN concluded IN by DT the NN end IN of NNP November . . <s> <s> . Mr. '' Farley VBD said DT the NN sale IN of CD three IN of FW Cluett FW 's FW four FW main FW divisions FW plus FW other FW `` FW anticipated FW '' FW West FW Point-Pepperell FW asset FW sales FW by FW December , , MD should VB bring IN in DT a

    NN total IN of IN about $ $ CD 700 CD million . . <s> <s> NN He VBD did RB n't FW elaborate FW on FW other FW asset FW sales FW being FW considered . . <s> <s> FW Mr. FW Farley FW followed FW a FW similar FW pattern FW when FW he FW acquired FW Northwest FW Industries NNP Inc. CC and RB then VBN sold RB much IN of PRP$ its NNS assets . . <s> <s> IN But PRP he VBD kept VBN Fruit IN of DT the NNP Loom NNP Inc. , , DT the FW underwear FW maker FW that FW he FW still FW controls FW and FW serves FW as

    FW chairman CC and JJ chief NN executive . . <s> <s> NN Cluett VBD was DT an FW independent FW company FW until FW West FW Point-Pepperell FW acquired PRP it IN for $ $ CD 375 CD million IN in NN cash CC and NN stock IN in CD 1986 . . <s> <s> IN In DT the JJ fiscal NN year VBD ended $ Sept. CD 30 , , CD 1988 , , WDT Cluett VBD had VBG operating NN profit IN of $ $ CD 37 CD million IN on NNS sales IN of $ $ CD 757 CD million . . <s> <s> FW Bidermann FW sells FW clothes FW under FW various FW labels

    FW , FW including FW Yves FW Saint FW Laurent FW and FW Bill FW Robinson FW for FW men FW and FW Ralph FW Lauren FW for FW women . . <s> <s> DT A NN spokesman VBD said DT the NN company VBD had NNS sales IN of $ $ CD 400 CD million IN in CD 1988 . . <s> <s> NNP In NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading , , WP$ West LS Point-Pepperell # fell CD 25 NNS cents TO to $ $ CD 53.875 . . <s> <s> NNP Britain POS 's FW Blue FW Arrow FW PLC FW intends TO to VB change PRP$ its NN name

    TO to # Manpower LS PLC CC and VB write RP off DT a NN chunk IN of DT the RB nearly $ $ CD 1.2 CD billion IN in PRP good MD will VB realized IN in DT the NN takeover IN of FW U.S.-based FW Manpower FW Inc . . <s> <s> FW Blue FW Arrow FW Chairman FW Mitchell FW Fromstein VBD said IN in DT an NN interview IN that DT the CD two NNS steps MD may VB be DT a NN prelude TO to VB reincorporating DT the NN world POS 's JJS biggest WP$ employment-services NN group IN in DT the NNP U.S. . . <s> <s> . Mr. '' Fromstein VBD disclosed

    DT the JJ planned NNS steps , , VBN expected IN within DT a JJ few NNS months , , IN as FW Blue FW Arrow FW posted FW a FW 2.5 FW % FW drop FW in FW its FW third-quarter FW pretax FW earnings . . <s> <s> FW The FW name FW change FW and FW good FW will FW write-off FW could FW help FW solidify FW Blue FW Arrow POS 's NN dominance IN of DT the NNP U.S. FW temporary-help FW market FW and FW give FW it FW a FW more FW American FW image FW as FW U.S. FW investors FW turn FW jittery FW about FW foreign FW stocks FW after

    NNP Friday POS 's NN market NN plunge . . <s> <s> JJ U.S. NNS holders RB now VB own JJR more IN than CD 60 NN % IN of FW Blue FW Arrow FW compared FW with FW 9 FW % FW last FW January . . <s> <s> NN `` IN In DT the NNP U.S. NN market , , DT the NN recognition IN of DT the FW Manpower FW name FW is FW infinitely FW stronger FW than FW Blue FW Arrow , , '' '' NNP Mr. NNPS Fromstein VBD said . . <s> <s> FW The FW moves FW also FW could FW erase FW shareholders FW ' FW perception FW of FW Blue

    FW Arrow IN as DT a NN company IN in NN turmoil . . <s> <s> FW `` FW It FW further FW reinforces FW the FW concept FW that FW Blue FW Arrow VBZ is DT a NN thing IN of DT the NN past , , '' '' VBD said UH Doug UH Arthur , , DT an NN analyst IN at NNP Kidder NNP Peabody CC & NNP Co. IN in NNP New NNP York . . <s> <s> FW The FW proposed FW changes FW `` FW all FW make FW a FW lot FW of FW sense FW to FW me , , '' '' PRP he VBD added . . <s> <s> IN In

    DT a FW widely FW publicized FW boardroom FW coup FW , FW Mr. FW Fromstein FW ousted FW Antony FW Berry FW as FW Blue FW Arrow FW chief FW executive FW in FW January , , DT a NN month IN after NNP Mr. FW Berry FW had FW forced FW Mr. FW Fromstein RP out IN as DT the $ $ CD 1 FW million-a-year FW chief FW of FW Milwaukee-based FW Manpower . . <s> <s> FW Mr. FW Fromstein FW solidified FW his FW control FW in FW April FW by FW taking FW over FW from FW Mr. FW Berry FW as FW chairman . . <s> <s> IN But DT the FW Blue

    FW Arrow FW tumult VBZ is RB n't IN over RB yet , , IN as DT the JJ British NN government VBZ is VBG investigating DT a RBS disputed # # CD 25 CD million -LRB- -LRB$ $ CD 39.4 CD million -RRB- -RRBFW loan FW which FW Mr. FW Fromstein FW has FW said FW was FW made FW under FW Mr. FW Berry POS 's NN direction . . <s> <s> . Blue '' Arrow VBD was JJ able TO to VB pull RP off DT the $ $ CD 1.34 CD billion NN takeover IN of FW Manpower FW in FW 1987 FW largely FW because FW different FW British FW and FW American

    FW accounting FW standards FW produce FW higher FW reported NNS earnings IN for JJ British NNS companies . . <s> <s> DT Under JJ British NNS rules , , WP$ Blue UH Arrow UH was UH able TO to VB write RP off IN at PDT once DT the $ $ CD 1.15 CD billion IN in PRP good MD will VB arising IN from DT the NN purchase . . <s> <s> IN As DT a JJS U.S.-based NN company , , WP$ Blue LS Arrow MD would VB have TO to VB amortize DT the NN good MD will RB over IN as JJ many IN as CD 40 NNS years , , FW creating FW a

    FW continuing FW drag FW on FW reported FW earnings . . <s> <s> . Good '' will VBZ is DT the NN excess IN of NN cost IN of DT an JJS acquired NN firm , , VBG operating NN unit CC or NNS assets IN over DT the JJ current CC or JJ fair NN market NN value IN of DT those NNS assets . . <s> <s> NN But IN with RB so JJ many NNS shares RB now VBN held IN in DT the NNP U.S. , , FW Blue FW Arrow FW reports FW its FW earnings FW two FW ways FW , FW based FW on FW both FW U.K. FW and FW U.S.

    FW accounting FW standards . . <s> <s> FW `` FW Our FW balance FW sheets FW look FW like FW they FW came FW from FW Alice FW 's FW wonderland , , '' '' NNP Mr. NNPS Fromstein VBD said . . <s> <s> FW The FW British FW version FW shows FW `` FW a FW handful FW of FW pounds FW of FW net FW worth FW '' FW following FW the FW 1987 FW write-off FW of FW good FW will , , IN while DT the JJ American NN version VBZ reflects `` `` $ $ CD 1 CD billion IN of FW net FW worth FW because FW almost FW none FW of

    FW -LCBFW the FW good FW will -RRB- -RCBVBZ has VBN been VBN written RP off . . '' '' <s> <s> . Mr. '' Fromstein VBD said PRP he VBZ hopes TO to VB eradicate DT some IN of DT the FW good FW will FW left FW on FW Blue FW Arrow FW 's FW U.S. FW books FW in FW one FW fell FW swoop , , CC but MD would RB n't VB specify WRB how RB much . . <s> <s> TO People VB close TO to FW Blue FW Arrow FW suggested FW the FW write-down FW would FW represent FW a FW sizable FW chunk FW , FW with FW executives

    FW claiming FW prior FW management FW overstated FW the FW extent FW of FW Manpower FW 's FW good FW will . . <s> <s> DT That NN move , , RB along IN with DT the NN return TO to DT the JJS Manpower NN name , , MD could VB bolster DT the NN company POS 's FW prospects FW during FW possibly FW difficult FW times FW for FW temporary FW help . . <s> <s> DT The NN number IN of NNP U.S. POS temporary NNS workers VBD fell IN about CD 1 NN % IN in DT the FW 12 FW months FW ending FW Aug. FW 31 FW , FW after FW sliding

    FW nearly FW 3.5 NN % IN in NNP July , , VBD said NNP Kidder NNP Peabody POS 's NNP Mr. NNP Arthur . . <s> <s> . Blue '' Arrow VBD blamed DT the JJ pretax NN profit NN drop IN in DT the FW quarter FW ended FW July FW 31 FW partly FW on FW slower FW earnings FW growth FW of FW non-Manpower FW units FW in FW Britain . . <s> <s> NN Overall , , WP$ pretax UH profit UH slid TO to # # # 18.49 CD million IN in DT the NN quarter IN from # # # 18.98 CD million DT a NN year RBR earlier . . <s> <s>

    . Richard UH G. UH Sim , , DT the FW man FW credited FW with FW transforming FW Applied FW Power FW Inc. FW from FW an FW underachiever FW into FW a FW feisty FW player IN in DT the JJ global NN market IN for # hydraulic UH tools , , VBZ hopes TO to VB guide DT a JJ similar NN turnaround IN at DT the NN company POS 's JJS latest NN acquisition , , WP$ Barry LS Wright LS Corp . . <s> <s> FW The FW 45-year-old FW former FW General FW Electric FW Co. FW executive FW figures PRP it MD will VB be PDT easier DT this NN time . .

    <s> <s> JJ But NNS analysts , , IN while PDT applauding DT the NN acquisition , , FW say FW Applied FW 's FW chief FW executive FW faces FW a FW tough FW challenge FW in PDT integrating DT the CD two NNS companies . . <s> <s> NNP Barry NNP Wright , , VBN acquired IN by JJR Applied IN for $ $ CD 147 CD million , , FW makes FW computer-room FW equipment FW and FW vibration-control FW systems . . <s> <s> . The -RRB- Watertown , , NNP Mass. , , NN company POS 's NNS sales VBP have VBN been RP dormant CC and PRP$ its NNS profits VBP have VBN dropped

    . . <s> <s> DT Last NN year POS 's NNS earnings IN of $ $ CD 1.3 CD million , , VBG including $ $ CD 815,000 IN from DT a NN restructuring NN gain , , VBD were RB far IN below DT the JJ year-earlier $ $ CD 8.4 CD million . . <s> <s> FW Besides FW spurring FW Barry FW Wright POS 's NNS sales , , WDT which VBD were $ $ CD 201.7 CD million IN in CD 1988 , , NNP Mr. FW Sim FW must FW pare FW its FW costs FW and FW product FW line . . <s> <s> IN `` DT The NN question VBZ is WRB how

    RB long PRP it VBZ 's VBG going TO to VB take UH Barry UH Wright TO to VB make DT a NN contribution , , '' '' VBZ says UH F. UH John UH Mirek , , DT an NN analyst IN at FW Blunt FW Ellis FW Loewi FW in FW Milwaukee . . <s> <s> FW The FW answer FW will FW help FW determine FW whether FW Applied FW continues FW to FW reach FW the FW ambitious FW goals FW set FW by FW Mr. FW Sim . . <s> <s> . The -RRB- Butler , , NNP Wis. , , WDT manufacturer VBD went JJ public IN at $ $ CD 15.75 DT a

    NN share IN in $ August CD 1987 , , CC and NNP Mr. NNP Sim POS 's NN goal RB then VBD was DT a $ $ CD 29 JJ per-share NN price IN by CD 1992 . . <s> <s> FW Strong FW earnings FW growth FW helped FW achieve FW that FW price FW far FW ahead FW of FW schedule , , IN in $ August CD 1988 . . <s> <s> DT The NN stock VBZ has UH since UH softened , , NN trading IN around $ $ CD 25 DT a NN share JJ last NN week CC and NN closing NN yesterday IN at $ $ CD 23.00 IN in JJ national

    JJ over-the-counter NN trading . . <s> <s> NNP But NNP Mr. NNPS Sim VBZ has VBN set DT a JJ fresh NN target IN of $ $ CD 50 DT a NN share IN by DT the NN end IN of <s> <s> IN Reaching DT that NN goal , , VBZ says UH Robert UH T. UH Foote , , NNP Applied POS 's JJ chief JJ financial NN officer , , MD will VB require `` `` FW efficient FW reinvestment '' '' IN of NN cash IN by NNP Applied CC and JJR continuation IN of PRP$ its # healthy CD 19 NN % NN rate IN of NN return IN on VBG operating NN capital

    . . <s> <s> . In UH Barry UH Wright , , NNP Mr. FW Sim FW sees FW a FW situation FW `` FW very FW similar '' '' TO to DT the FW one FW he FW faced FW when FW he FW joined FW Applied FW as FW president FW and FW chief FW operating FW officer FW in FW 1985 . . <s> <s> NN Applied , , RB then DT a RB closely VBN held NN company , , VBD was VBN stagnating IN under DT the NN management IN of PRP$ its JJ controlling NN family . . <s> <s> . While -RRB- profitable , , PRP it `` `` VBD was RB n't

    VBG growing CC and VBD was RB n't FW providing FW a FW satisfactory FW return FW on FW invested FW capital , , '' '' PRP he VBZ says . . <s> <s> . Mr. '' Sim VBZ is VBN confident IN that DT the NN drive TO to FW dominate FW certain FW niche FW markets FW will FW work FW at FW Barry FW Wright IN as PRP it VBZ has IN at NNP Applied . . <s> <s> VBZ He RB also PDT professes DT an `` `` FW evangelical FW '' FW fervor FW to FW develop FW a FW corporate FW culture FW that FW rewards FW managers FW who FW produce FW and

    FW where FW decision-making FW is FW shared . . <s> <s> . Mr. '' Sim VBZ considers DT the JJ new NN unit POS 's NNS operations `` `` FW fundamentally FW sound FW '' FW and FW adds FW that FW Barry FW Wright FW has FW been FW fairly FW successful FW in FW moving FW into FW markets FW that FW have FW n't FW interested FW larger FW competitors . . <s> <s> NN `` IN With DT a FW little FW patience FW , FW these FW businesses FW will FW perform FW very FW satisfactorily , , '' '' NNP Mr. NNPS Sim VBZ says . . <s> <s> NN Within IN about

    CD six NNS months , , `` `` EX things MD will VB be VBG moving IN in DT the JJ right NN direction , , '' '' PRP he VBZ predicts . . <s> <s> NN Mr. . Sim '' figures PRP it MD will VB be JJR easier TO to VB turn FW Barry FW Wright FW around FW since PRP he VBZ 's RB now IN in DT the NN driver POS 's NN seat . . <s> <s> IN When PRP he VBD came TO to VB Applied , , `` `` PRP I VBD did RB n't VB have DT the NN power TO to VB execute IN as PRP I VBP do NN today

    , , '' '' PRP he VBZ says . . <s> <s> NN He VBD was FW named FW chief FW executive FW officer FW of FW Applied FW in FW 1986 FW and FW became FW chairman FW last FW November . . <s> <s> . At -RRB- Applied , , NNP Mr. FW Sim FW set FW growth FW as FW his FW first FW objective . . <s> <s> NN He VBD took DT the NN company NN public IN in DT an NN offering IN that # netted SYM Applied IN about $ $ CD 12.6 CD million , , WDT which MD helped VB launch DT the NN company POS 's NN acquisition NN program

    . . <s> <s> NN Sales VBD climbed TO to DT an VBN estimated $ $ CD 245 CD million IN in $ fiscal CD 1989 , , WP$ ended # Aug. CD 31 , , IN from $ $ CD 99.9 CD million IN in $ fiscal CD 1985 . . <s> <s> DT The NN company VBZ expects IN that NNS earnings , , WDT which VBP have LS marched LS steadily -RRB- upward IN in JJ recent NNS years , , VBN reached IN about $ $ CD 20.8 CD million , , CC or $ $ CD 1.58 DT a NN share , , IN in DT the JJ fiscal NN year RB just VBN ended

    , , RB up IN from $ $ CD 15.2 CD million IN in $ fiscal CD 1988 CC and $ $ CD 3.9 CD million IN in CD 1985 . . <s> <s> NN No , , PRP it VBD was RB n't # Black LS Monday . . <s> <s> NN But IN while DT the NNP New NNP York NNP Stock NNP Exchange VBD did RB n't FW fall FW apart FW Friday FW as FW the FW Dow FW Jones FW Industrial FW Average FW plunged FW 190.58 SYM points : -JJS most IN of PRP it IN in DT the RBS final SYM hour : -PRP it VBP barely VBN managed TO to

    VB stay DT this NN side IN of NN chaos . . <s> <s> , Some `` `` FW circuit FW breakers FW '' FW installed FW after FW the FW October FW 1987 FW crash FW failed FW their FW first FW test , , NNS traders VBP say , , JJ unable TO to VB cool DT the NN selling NN panic IN in DT both NNS stocks CC and NNS futures . . <s> <s> FW The FW 49 FW stock FW specialist FW firms FW on FW the FW Big FW Board SYM floor : -DT the NNS buyers CC and NNS sellers IN of JJ last NN resort WP who VBD were VBN criticized

    IN after DT the RBS 1987 SYM crash : -RB once RB again MD could RB n't VB handle DT the NN selling NN pressure . . <s> <s> DT Big NN investment NNS banks VBD refused TO to VB step RP up TO to DT the NN plate TO to VB support DT the FW beleaguered FW floor FW traders FW by FW buying FW big FW blocks IN of NN stock , , NNS traders VBP say . . <s> <s> DT Heavy NN selling IN of FW Standard FW & FW Poor FW 's FW 500-stock FW index FW futures FW in FW Chicago FW relentlessly FW beat FW stocks FW downward . . <s> <s>

    NNP Seven NNP Big NNP Board NNS stocks : -NNP UAL , , NNP AMR , , NNP BankAmerica , , FW Walt FW Disney FW , FW Capital FW Cities\/ABC FW , FW Philip FW Morris FW and FW Pacific FW Telesis FW Group FW -FW stopped FW trading FW and FW never FW resumed . . <s> <s> . The '' finger-pointing VBZ has RB already VBN begun . . <s> <s> IN `` DT The NN equity NN market VBD was RP illiquid . . <s> <s> . Once '' again -LRB- -LCBDT the NNS specialists -RRB- -RCBVBD were RB not JJ able TO to VB handle DT the NNS imbalances IN on

    DT the NN floor IN of DT the NNP New NNP York NNP Stock NNP Exchange , , '' '' VBD said FW Christopher FW Pedersen FW , FW senior FW vice FW president FW at FW Twenty-First FW Securities FW Corp . . <s> <s> . Countered UH James UH Maguire , , NN chairman IN of FW specialists FW Henderson FW Brothers SYM Inc. : : `` `` PRP It VBZ is JJ easy TO to VB say DT the NN specialist VBZ is RB n't VBG doing PRP$ his NN job . . <s> <s> IN When DT the NN dollar VBZ is IN in DT a NN free-fall , , RB even JJ central NNS banks

    MD ca RB n't VB stop PRP it . . <s> <s> NNS Speculators VBP are VBG calling IN for DT a NN degree IN of NN liquidity WDT that VBZ is RB not RB there IN in DT the NN market . . '' '' <s> <s> DT Many NN money NNS managers CC and DT some FW traders FW had FW already FW left FW their FW offices FW early FW Friday FW afternoon FW on FW a FW warm FW autumn SYM day : -IN because DT the NN stock NN market VBD was RB so RBR quiet . . <s> <s> NN Then IN in DT a RBS lightning UH plunge , , DT the

    FW Dow FW Jones FW industrials FW in FW barely FW an FW hour FW surrendered IN about DT a JJ third IN of PRP$ their NNS gains DT this NN year , , WP$ chalking RP up DT a NN 190.58-point , , CC or CD 6.9 NN % , , NN loss IN on DT the NN day IN in DT gargantuan NN trading NN volume . . <s> <s> DT Final-hour NN trading VBD accelerated TO to $ 108.1 CD million NNS shares , , DT a NN record IN for DT the NNP Big NNP Board . . <s> <s> IN At DT the NN end IN of DT the NN day , , $ 251.2

    CD million NNS shares VBD were VBN traded . . <s> <s> FW The FW Dow FW Jones FW industrials FW closed FW at FW 2569.26 . . <s> <s> NNP The NNP Dow POS 's NN decline VBD was JJ second IN in NN point NNS terms RB only TO to DT the FW 508-point FW Black FW Monday FW crash FW that FW occurred FW Oct. FW 19 , , CD 1987 . . <s> <s> DT In NN percentage NNS terms , , RB however , , DT the NNP Dow POS 's NN dive VBD was DT the RBS 12th-worst RB ever CC and DT the JJS sharpest IN since DT the NN market VBD fell

    UH 156.83 , , CC or CD 8 NN % , , DT a NN week IN after NNP Black NNP Monday . . <s> <s> FW The FW Dow FW fell FW 22.6 FW % FW on FW Black FW Monday . . <s> <s> NN Shares IN of NNP UAL , , DT the NN parent IN of NNP United NNPS Airlines , , VBD were FW extremely FW active FW all FW day FW Friday , , VBG reacting TO to NN news CC and NNS rumors IN about DT the VBN proposed $ $ CD 6.79 CD billion NN buy-out IN of DT the NN airline IN by DT an JJS employee-management NN group . .

    <s> <s> NNP Wall NNP Street POS 's UH takeover-stock UH speculators , , CC or `` `` UH risk UH arbitragers , , '' '' VBD had FW placed FW unusually FW large FW bets IN that DT a NN takeover MD would VB succeed CC and NNP UAL NN stock MD would VB rise . . <s> <s> . At UH 2:43 UH p.m. UH EDT , , VBD came DT the RBS sickening SYM news : : DT The NNP Big NNP Board VBD was PRP$ halting NN trading IN in NNP UAL , , `` `` UH pending UH news . . '' '' <s> <s> IN On DT the NN exchange NN floor , ,

    `` `` FW as FW soon FW as FW UAL FW stopped FW trading , , PRP we VBP braced IN for DT a NN panic , , '' '' VBD said CD one FW top FW floor FW trader . . <s> <s> JJ Several NNS traders MD could VB be FW seen FW shaking FW their FW heads FW when FW the FW news FW flashed . . <s> <s> JJ For NNS weeks , , DT the NN market VBD had VBN been RP nervous IN about NNS takeovers , , IN after NNP Campeau NNP Corp. POS 's FW cash FW crunch FW spurred FW concern FW about FW the FW prospects FW for FW future

    FW highly FW leveraged FW takeovers . . <s> <s> CD And CD 10 NNS minutes IN after DT the FW UAL FW trading FW halt FW came FW news IN that DT the NNP UAL NN group MD could RB n't VB get NN financing IN for PRP$ its NN bid . . <s> <s> IN At DT this NN point , , DT the NNP Dow VBD was RP down IN about CD 35 NNS points . . <s> <s> DT The NN market -RRB- crumbled . . <s> <s> NN Arbitragers MD could RB n't VB dump PRP$ their FW UAL FW stock FW -FW but FW they FW rid FW themselves FW of FW nearly

    FW every FW `` FW rumor '' '' NN stock PRP they VBD had . . <s> <s> DT For NN example , , FW their FW selling FW caused FW trading FW halts TO to VB be VBN declared IN in NNP USAir NNP Group , , WDT which VBD closed RB down CD 3 CD 7\/8 TO to $ 41 CD 1\/2 , , WP$ Delta UH Air UH Lines , , WDT which VBD fell CD 7 CD 3\/4 TO to $ 69 CD 1\/4 , , CC and NNP Philips NNPS Industries , , WDT which VBD sank CD 3 TO to CD 21 CD 1\/2 . . <s> <s> . These UH stocks UH eventually

    UH reopened . . <s> <s> NN But IN as FW panic FW spread FW , FW speculators FW began FW to FW sell FW blue-chip FW stocks FW such FW as FW Philip FW Morris FW and FW International FW Business FW Machines TO to VB offset PRP$ their NNS losses . . <s> <s> DT When NN trading VBD was VBN halted IN in NNP Philip NNP Morris , , DT the NN stock VBD was NN trading IN at CD 41 , , RB down CD 3 CD 3\/8 , , FW while FW IBM FW closed FW 5 FW 5\/8 FW lower FW at FW 102 . . <s> <s> FW Selling FW snowballed FW because

    FW of FW waves FW of FW automatic FW `` FW stop-loss '' '' NNS orders , , WDT which VBP are VBN triggered IN by NN computer WRB when NNS prices VBP fall TO to JJ certain NNS levels . . <s> <s> NN Most IN of DT the FW stock FW selling FW pressure FW came FW from FW Wall FW Street FW professionals FW , FW including FW computer-guided FW program FW traders . . <s> <s> NN Traders VBD said RBS most IN of PRP$ their JJ major JJ institutional NNS investors , , IN on DT the JJ other NN hand , , WP$ sat LS tight . . <s> <s> NN Now , ,

    IN at NNP 3:07 , , CD one IN of DT the NN market POS 's FW post-crash FW `` FW reforms FW '' FW took FW hold FW as FW the FW S&P FW 500 FW futures FW contract FW had FW plunged FW 12 FW points FW , FW equivalent FW to FW around FW a FW 100-point FW drop FW in FW the FW Dow FW industrials . . <s> <s> IN Under DT an NN agreement VBD signed IN by DT the NNP Big NNP Board CC and DT the NNP Chicago NNP Mercantile NNP Exchange , , NN trading VBD was RB temporarily VBN halted IN in NNP Chicago . . <s> <s> IN After

    DT the NN trading NN halt IN in DT the FW S&P FW 500 FW pit FW in FW Chicago FW , FW waves FW of FW selling FW continued FW to FW hit FW stocks FW themselves IN on DT the NNP Big NNP Board , , CC and FW specialists FW continued FW to FW notch FW prices FW down . . <s> <s> IN As DT a NN result , , DT the NN link IN between DT the NNS futures CC and FW stock FW markets FW ripped FW apart . . <s> <s> IN Without DT the NN guidepost IN of JJ stock-index NNS futures : -DT the NN barometer IN of WRB where

    NNS traders VBP think DT the JJ overall NN stock NN market VBZ is VBN headed : -JJ many NNS traders VBD were VBN afraid TO to VB trust NN stock NNS prices VBN quoted IN on DT the NNP Big NNP Board . . <s> <s> FW The FW futures FW halt FW was FW even FW assailed FW by FW Big FW Board FW floor FW traders . . <s> <s> IN `` PRP It MD screwed VB things RP up , , '' '' VBD said CD one JJ major NN specialist . . <s> <s> FW This FW confusion FW effectively FW halted FW one FW form FW of FW program FW trading FW ,

    FW stock FW index FW arbitrage , , WDT that LS closely PDT links DT the NNS futures CC and NN stock NNS markets , , CC and VBZ has VBN been VBN blamed IN by DT some IN for DT the NN market POS 's JJ big NNS swings . . <s> <s> NN -LRBIN In DT a FW stock-index FW arbitrage FW sell FW program FW , FW traders FW buy FW or FW sell FW big FW baskets IN of NNS stocks CC and VB offset DT the NN trade IN in NNS futures TO to VB lock IN in DT a NN price NN difference . . -RRB- -RRB<s> <s> , `` WRB When

    DT the FW airline FW information FW came FW through FW , FW it FW cracked FW every FW model PRP we VBD had IN for DT the NN marketplace , , '' '' VBD said DT a NN managing NN director IN at CD one IN of DT the JJS largest JJ program-trading NNS firms . . <s> <s> IN `` PRP We VBD did RB n't RB even VB get DT a NN chance TO to VB do DT the NNS programs PRP we VBD wanted TO to VB do . . '' '' <s> <s> . But UH stocks UH kept UH falling . . <s> <s> FW The FW Dow FW industrials FW were FW down

    FW 55 FW points FW at FW 3 FW p.m. FW before FW the FW futures-trading FW halt . . <s> <s> . At UH 3:30 UH p.m. , , IN at DT the NN end IN of DT the `` `` FW cooling FW off '' '' NN period , , DT the NN average VBD was RP down PRP$ 114.76 NNS points . . <s> <s> NN Meanwhile , , IN during DT the FW the FW S&P FW trading FW halt FW , FW S&P FW futures FW sell FW orders FW began FW piling FW up FW , FW while FW stocks FW in FW New FW York FW kept FW falling FW sharply . .

    <s> <s> FW Big FW Board FW Chairman FW John FW J. FW Phelan FW said FW yesterday FW the FW circuit FW breaker FW `` FW worked FW well FW mechanically . . <s> <s> VBZ I RB just VBP think PRP it VBZ 's VBN nonproductive IN at DT this NN point TO to VB get IN into DT a FW debate FW if FW index FW arbitrage FW would FW have FW helped FW or FW hurt FW things . . '' '' <s> <s> FW Under FW another FW post-crash FW system FW , FW Big FW Board FW President FW Richard FW Grasso -LRB- -LRBNNP Mr. NNP Phelan VBD was VBG flying TO to

    VB Bangkok IN as DT the NN market VBD was . falling -RRB- -RRBVBD was VBG talking IN on DT an `` `` FW inter-exchange FW hot FW line '' '' TO to DT the JJ other NNS exchanges , , DT the NNPS Securities CC and NNP Exchange NNP Commission CC and DT the NNP Federal NNP Reserve NNP Board . . <s> <s> TO He VB camped RP out IN at DT a FW high-tech FW nerve FW center IN on DT the NN floor IN of DT the NNP Big NNP Board , , WRB where PRP he MD could VB watch RP updates IN on NNS prices CC and VBG pending NN stock NNS orders

    . . <s> <s> NN At IN about FW 3:30 FW p.m. FW EDT FW , FW S&P FW futures FW resumed FW trading , , CC and IN for DT a JJ brief NN time DT the NNS futures CC and NN stock NNS markets VBD started TO to VB come RP back IN in NN line . . <s> <s> . Buyers '' stepped IN in TO to DT the RBS futures LS pit . . <s> <s> IN But DT the FW build-up FW of FW S&P FW futures FW sell FW orders FW weighed IN on DT the NN market , , CC and DT the NN link IN with NNS stocks VBD began TO to

    # fray LS again . . <s> <s> NN At IN about NNP 3:45 , , DT the FW S&P FW market FW careened FW to FW still FW another FW limit , , IN of CD 30 NNS points RB down , , CC and NN trading VBD was VBN locked RB again . . <s> <s> JJ Futures NNS traders VBP say DT the NNP S&P VBD was VBN signaling IN that DT the NNP Dow MD could VB fall IN as JJ much IN as CD 200 NNS points . . <s> <s> IN During DT this NN time , , FW small FW investors FW began FW ringing FW their FW brokers FW , FW wondering

    FW whether FW another FW crash FW had FW begun . . <s> <s> NNP At NNP Prudential-Bache NNPS Securities NNP Inc. , , WDT which VBZ is VBG trying TO to VB cater TO to JJ small NNS investors , , DT some FW demoralized FW brokers FW thought FW this MD would VB be DT the JJ final NNS confidence-crusher . . <s> <s> NNP That POS 's FW when FW George FW L. FW Ball , , NN chairman IN of DT the NNP Prudential NNP Insurance NNP Co. IN of NNP America NN unit , , VBD took TO to DT the FW internal FW intercom FW system TO to VB declare IN that DT the

    NN plunge VBD was RB only `` `` UH mechanical . . '' '' <s> <s> IN `` PRP I VBP have DT a FW hunch FW that FW this FW particular FW decline FW today FW is FW something FW ` FW more FW ado FW about FW less . . '' ' <s> <s> NN It MD would VB be PRP$ my NN inclination TO to VB advise NNS clients RB not TO to VB sell , , TO to VB look IN for DT an NN opportunity TO to VB buy , , '' '' NNP Mr. NNP Ball VBD told DT the NNS brokers . . <s> <s> NNP At NNP Merrill NNP Lynch CC &

    NNP Co. , , DT the NN nation POS 's JJS biggest NN brokerage NN firm , , DT a FW news FW release FW was FW prepared FW headlined FW `` FW Merrill FW Lynch FW Comments FW on FW Market FW Drop . . '' '' <s> <s> . The '' release VBD cautioned IN that `` `` EX there VBP are JJ significant NNS differences IN between DT the JJ current NN environment CC and IN that IN of NNP October . 1987 '' '' CC and IN that EX there VBP are RB still `` `` FW attractive FW investment FW opportunities '' '' IN in DT the NN stock NN market . . <s> <s>

    NN However , , WP$ Jeffrey UH B. UH Lane , , NN president IN of NNP Shearson NNP Lehman NNP Hutton NNP Inc. , , VBD said IN that NNP Friday POS 's NN plunge VBZ is `` `` VBG going TO to VB set RP back '' '' NNS relations IN with NNS customers , , `` `` IN because PRP it VBZ reinforces DT the NN concern IN of NN volatility . . <s> <s> IN And PRP I VBP think DT a NN lot IN of NNS people MD will VB harp IN on NN program NN trading . . <s> <s> NNP It POS 's VBG going TO to VB bring DT the NN debate

    RB right RB back TO to DT the NN forefront . . '' '' <s> <s> IN As DT the FW Dow FW average FW ground FW to FW its FW final FW 190.58 FW loss FW Friday , , DT the FW S&P FW pit FW stayed FW locked FW at FW its FW 30-point FW trading FW limit . . <s> <s> FW Jeffrey FW Yass FW of FW program FW trader FW Susquehanna FW Investment FW Group FW said FW 2,000 FW S&P FW contracts VBD were IN for NN sale IN on DT the NN close , , DT the NN equivalent IN of $ $ CD 330 CD million IN in NN stock . .

    <s> <s> `` But EX there VBD were DT no NNS buyers . . <s> <s> NNP While NNP Friday POS 's FW debacle FW involved FW mainly FW professional FW traders FW rather FW than FW investors , , PRP it VBD left DT the NN market VBZ vulnerable TO to # continued PDT selling DT this NN morning , , NNS traders VBD said . . <s> <s> FW Stock-index FW futures FW contracts FW settled FW at FW much FW lower FW prices FW than FW indexes IN of DT the NN stock NN market PRP itself . . <s> <s> IN At DT those NNS levels , , NNS stocks VBP are VBN set RP up

    TO to VB be UH hammered UH by UH index UH arbitragers , , WP who FW lock FW in FW profits FW by FW buying FW futures FW when FW futures FW prices FW fall , , CC and MD simultaneously VB sell RP off NNS stocks . . <s> <s> FW But FW nobody FW knows FW at FW what PDT level DT the NNS futures CC and NNS stocks MD will VB open NN today . . <s> <s> . The '' de-linkage IN between DT the NN stock CC and FW futures FW markets FW Friday FW will FW undoubtedly FW cause FW renewed FW debate FW about FW whether FW Wall FW Street FW is

    FW properly FW prepared FW for FW another FW crash FW situation . . <s> <s> NNP The NNP Big NNP Board POS 's NNP Mr. NNPS Grasso VBD said , , `` `` FW Our FW systemic FW performance FW was FW good . . '' '' <s> <s> IN But DT the NN exchange MD will `` `` VB look IN at DT the NN performance IN of DT all NNS specialists IN in DT all NNS stocks . . <s> <s> IN Obviously PRP we MD 'll VB take DT a JJ close NN look IN at DT any NN situation IN in WDT which PRP we VBP think DT the FW dealer-community FW obligations FW were

    FW n't FW met , , '' '' PRP he VBD said . . <s> <s> . -LRBUH See UH related SYM story : : `` `` FW Fed FW Ready FW to FW Inject FW Big FW Funds '' '' : -LS WSJ # Oct. CD 16 , , CD 1989 -RRB- -RRB<s> <s> . But UH specialists UH complain UH privately WDT that RB just RB as IN in DT the CD 1987 NN crash , , DT the `` `` UH upstairs '' '' SYM firms : -JJ big NN investment NNS banks IN that PDT support DT the NN market IN by VBG trading JJ big NNS blocks IN of NN stock

    : -VBN stayed IN on DT the FW sidelines FW during FW Friday FW 's FW blood-letting . . <s> <s> . Mr. '' Phelan VBD said , , `` `` PRP It MD will VB take DT another NN day CC or CD two '' '' TO to VB analyze WP who VBD was VBG buying CC and VBG selling NNP Friday . . <s> <s> FW Concerning FW your FW Sept. FW 21 FW page-one FW article FW on FW Prince FW Charles FW and FW the FW leeches FW : FW It FW 's FW a FW few FW hundred FW years FW since FW England VBZ has VBN been DT a NN kingdom . .

    <s> <s> NN It VBZ 's RB now DT the FW United FW Kingdom FW of FW Great FW Britain FW and FW Northern FW Ireland FW , FW comprising FW Wales FW , FW Northern FW Ireland FW , FW Scotland , , CC and UH ... UH oh UH yes , , NNP England , , RB too . . <s> <s> . Just '' thought PRP you MD 'd VB like TO to VB know . . <s> <s> . George '' Morton <s> <s> NN Ports IN of FW Call FW Inc. FW reached FW agreements TO to VB sell PRP$ its FW remaining FW seven FW aircraft FW to FW buyers WDT that VBD were

    RB n't VBN disclosed . . <s> <s> NN The MD agreements VB bring TO to DT a NN total IN of PDT nine DT the NN number IN of PDT planes DT the NN travel NN company VBZ has VBN sold DT this NN year IN as NN part IN of DT a NN restructuring . . <s> <s> DT The NN company VBD said DT a NN portion IN of DT the $ $ CD 32 CD million -RRB- realized IN from DT the NNS sales MD will VB be VBN used TO to VB repay PRP$ its NN bank NN debt CC and JJ other NNS obligations VBG resulting IN from DT the FW currently FW suspended

    FW air-charter FW operations . . <s> <s> IN Earlier DT the NN company VBD announced PRP it MD would VB sell PRP$ its FW aging FW fleet FW of FW Boeing FW Co. FW 707s FW because FW of FW increasing FW maintenance FW costs . . <s> <s> FW A FW consortium FW of FW private FW investors FW operating FW as FW LJH FW Funding NNP Co. VBD said PRP it VBZ has VBN made DT a $ $ CD 409 CD million NN cash NN bid IN for JJS most IN of FW L.J. FW Hooker FW Corp. FW 's FW real-estate FW and FW shopping-center FW holdings . . <s> <s> IN The $ $

    CD 409 CD million NN bid VBZ includes DT the NN assumption IN of DT an VBN estimated $ $ CD 300 CD million IN in JJ secured NNS liabilities IN on DT those NNS properties , , VBG according TO to DT those VBG making DT the NN bid . . <s> <s> DT The NN group VBZ is VBN led IN by FW Jay FW Shidler FW , FW chief FW executive FW officer FW of FW Shidler FW Investment FW Corp. FW in FW Honolulu , , CC and UH A. UH Boyd UH Simpson , , JJ chief NN executive IN of DT the FW Atlanta-based FW Simpson FW Organization FW Inc . . <s> <s>

    NNP Mr. NNP Shidler POS 's NN company VBZ specializes IN in JJ commercial NN real-estate NN investment CC and NNS claims TO to VB have $ $ CD 1 CD billion IN in NNS assets : ; NNP Mr. NNP Simpson VBZ is DT a NN developer CC and DT a JJ former JJ senior NN executive IN of # L.J. LS Hooker . . <s> <s> IN `` DT The NNS assets VBP are JJ good , , CC but PRP they VBP require JJR more NN money CC and NN management '' '' PRP than MD can VB be VBN provided IN in # L.J. LS Hooker POS 's JJ current NN situation , , VBD said

    NNP Mr. NNP Simpson IN in DT an NN interview . . `` `` <s> <s> NNP Hooker POS 's NN philosophy VBD was TO to VB build CC and VB sell . . <s> <s> NNS We VBP want TO to VB build CC and NN hold . . '' '' <s> <s> . L.J. -RRB- Hooker , , VBN based IN in NNP Atlanta , , VBZ is VBG operating IN with NN protection IN from PRP$ its NNS creditors IN under $ Chapter CD 11 IN of DT the NNP U.S. NNP Bankruptcy NNP Code . . <s> <s> DT Its NN parent NN company , , NNP Hooker NNP Corp. IN of NNP Sydney , ,

    NNP Australia , , VBZ is RB currently VBG being VBN managed IN by DT a FW court-appointed FW provisional FW liquidator . . <s> <s> . Sanford -RRB- Sigoloff , , JJ chief NN executive IN of # L.J. UH Hooker , , VBD said NN yesterday IN in DT a NN statement IN that PRP he VBZ has RB not RB yet VBN seen DT the NN bid CC but IN that PRP he MD would VB review PRP it CC and VB bring PRP it TO to DT the NN attention IN of DT the JJS creditors NN committee . . <s> <s> IN The $ $ CD 409 CD million NN bid VBZ is VBN estimated

    IN by NNP Mr. FW Simpson FW as FW representing FW 75 NN % IN of DT the NN value IN of PDT all LS Hooker LS real-estate -RRB- holdings IN in DT the NNP U.S. . . <s> <s> NN Not VBD included IN in DT the FW bid FW are FW Bonwit FW Teller FW or FW B. FW Altman FW & FW Co. FW , FW L.J. FW Hooker FW 's FW department-store FW chains . . <s> <s> FW The FW offer FW covers FW the FW massive FW 1.8 FW million-square-foot FW Forest FW Fair FW Mall FW in FW Cincinnati , , DT the FW 800,000 FW square-foot FW Richland FW Fashion FW Mall

    FW in FW Columbia , , NNP S.C. , , CC and DT the FW 700,000 FW square-foot FW Thornton FW Town FW Center FW mall FW in FW Thornton FW , FW Colo . . <s> <s> FW The FW Thornton FW mall FW opened FW Sept. FW 19 FW with FW a FW Bigg FW 's FW hypermarket FW as FW its FW anchor FW ; FW the FW Columbia FW mall VBZ is VBN expected TO to VB open $ Nov. CD 15 . . <s> <s> FW Other FW Hooker FW properties FW included FW are FW a FW 20-story FW office FW tower FW in FW midtown FW Atlanta , , VBN expected TO to

    VB be FW completed FW next FW February FW ; FW vacant FW land FW sites FW in FW Florida FW and FW Ohio FW ; FW L.J. FW Hooker FW International , , DT the FW commercial FW real-estate FW brokerage FW company FW that FW once FW did FW business FW as FW Merrill FW Lynch FW Commercial FW Real FW Estate FW , FW plus FW other FW shopping FW centers . . <s> <s> FW The FW consortium FW was FW put FW together FW by FW Hoare FW Govett , , DT the JJ London-based NN investment NN banking NN company WDT that VBZ is DT a NN subsidiary IN of NNP Security NNP Pacific

    NNP Corp . . <s> <s> IN `` PRP We VBP do RB n't VB anticipate DT any NNS problems IN in VBG raising DT the NN funding IN for DT the NN bid , , '' '' VBD said UH Allan UH Campbell , , DT the NN head IN of NNS mergers CC and NNS acquisitions IN at # Hoare UH Govett , , IN in DT an NN interview . . <s> <s> . Hoare '' Govett VBZ is VBG acting IN as DT the NN consortium POS 's NN investment NNS bankers . . <s> <s> NN According TO to VB people RP familiar IN with DT the NN consortium , , DT the NN bid

    VBD was UH code-named UH Project UH Klute , , DT a NN reference TO to DT the NN film `` `` FW Klute FW '' FW in FW which FW a FW prostitute FW played FW by FW actress FW Jane FW Fonda FW is FW saved FW from FW a FW psychotic FW businessman FW by FW a FW police FW officer FW named FW John FW Klute . . <s> <s> . L.J. '' Hooker VBD was DT a FW small FW home-building FW company FW based FW in FW Atlanta FW in FW 1979 FW when FW Mr. FW Simpson FW was FW hired FW to FW push FW it FW into FW commercial FW development

    . . <s> <s> FW The FW company FW grew FW modestly FW until FW 1986 , , WRB when DT a FW majority FW position FW in FW Hooker FW Corp. FW was FW acquired FW by FW Australian FW developer FW George FW Herscu FW , FW currently FW Hooker POS 's NN chairman . . <s> <s> . Mr. UH Herscu UH proceeded TO to VB launch DT an JJ ambitious , , CC but NNP ill-fated , , $ $ CD 1 CD billion FW acquisition FW binge FW that FW included FW Bonwit FW Teller FW and FW B. FW Altman FW & FW Co. FW , FW as FW well FW as FW majority

    FW positions FW in FW Merksamer FW Jewelers FW , FW a FW Sacramento FW chain FW ; FW Sakowitz NNP Inc. , , DT the JJ Houston-based NN retailer , , CC and NNP Parisian NNP Inc. , , DT the FW Southeast FW department-store FW chain . . <s> <s> NNP Eventually NNP Mr. NNP Simpson CC and NNP Mr. NNPS Herscu VBD had DT a VBG falling RP out IN over DT the NN direction IN of DT the NN company , , CC and NNP Mr. NNP Simpson VBD said PRP he VBD resigned IN in CD 1988 . . <s> <s> VBZ Since RB then , , NNP Hooker NNP Corp. VBZ has VBN sold

    PRP$ its NN interest IN in DT the FW Parisian FW chain FW back FW to FW Parisian POS 's NN management CC and VBZ is RB currently VBG attempting TO to VB sell DT the FW B. FW Altman FW & FW Co. FW chain . . <s> <s> DT In NN addition , , WP$ Robert UH Sakowitz , , JJ chief NN executive IN of DT the RBS Sakowitz UH chain , , VBZ is VBG seeking NNS funds TO to VB buy RP out DT the JJS Hooker NN interest IN in PRP$ his NN company . . <s> <s> FW The FW Merksamer FW chain FW is FW currently FW being FW offered FW for

    FW sale FW by FW First FW Boston FW Corp . . <s> <s> NN Reached IN in NNP Honolulu , , NNP Mr. NNPS Shidler VBD said IN that PRP he VBZ believes DT the FW various FW Hooker FW malls FW can FW become FW profitable FW with FW new FW management . . <s> <s> , `` WDT These VBP are RB n't JJ mature NNS assets , , CC but PRP they VBP have DT the JJ potential TO to VB be RB so , , '' '' VBD said NNP Mr. -RRB- Shidler . . <s> <s> . `` UH Managed UH properly , , CC and IN with DT a JJ long-term NN outlook

    , , FW these FW can FW become FW investment-grade FW quality FW properties . . <s> <s> FW Canadian FW steel-ingot FW production FW totaled FW 291,890 FW metric FW tons FW in FW the FW week FW ended FW Oct. FW 7 , , RB up JJR 14.8 NN % IN from DT the JJS preceding NN week POS 's NN total IN of # 254,280 UH tons , , WP$ Statistics UH Canada , , DT a JJ federal NN agency , , VBD said . . <s> <s> DT The NN week POS 's NN total VBD was RP up PRP$ 6.2 NN % IN from # 274,963 PDT tons DT a NN year RBR earlier

    . . <s> <s> FW The FW year-to-date FW total FW was FW 12,006,883 FW tons FW , FW up FW 7.8 FW % FW from FW 11,141,711 PDT tons DT a NN year RBR earlier . . <s> <s> NNP The NNP Treasury VBZ plans TO to VB raise $ $ CD 175 CD million IN in JJ new NN cash RBR Thursday IN by VBG selling IN about $ $ CD 9.75 CD billion IN of FW 52-week FW bills FW and FW redeeming FW $ FW 9.58 FW billion FW of FW maturing FW bills . . <s> <s> JJ The NNS bills MD will VB be FW dated FW Oct. FW 26 FW and FW will

    FW mature FW Oct. FW 25 , , CD 1990 . . <s> <s> NN They MD will VB be JJ available IN in JJ minimum NNS denominations IN of $ $ CD 10,000 . . <s> <s> NN Bids MD must VB be VBN received IN by FW 1 FW p.m. FW EDT FW Thursday FW at FW the FW Treasury FW or FW at FW Federal FW Reserve FW banks FW or FW branches . . <s> <s> FW As FW small FW investors FW peppered FW their FW mutual FW funds FW with FW phone FW calls RP over DT the NN weekend , , JJ big NN fund NNS managers VBD said PRP they VBP have

    DT a JJ strong NN defense IN against DT any NN wave IN of SYM withdrawals : : LS cash . . <s> <s> IN Unlike DT the NN weekend IN before NNP Black NNP Monday , , DT the NNS funds VBD were RB n't FW swamped FW with FW heavy FW withdrawal FW requests . . <s> <s> DT And JJ many NN fund NNS managers VBP have VBN built RP up NN cash NNS levels CC and VBP say PRP they MD will VB be VBG buying NN stock DT this NN week . . <s> <s> . At UH Fidelity UH Investments , , DT the NN nation POS 's JJS largest NN fund NN company

    , , WP$ telephone NN volume VBD was RP up RB sharply , , CC but PRP it VBD was RB still IN at RB just PDT half DT the NN level IN of DT the FW weekend FW preceding FW Black FW Monday FW in FW 1987 . . <s> <s> FW The FW Boston FW firm FW said FW stock-fund FW redemptions FW were FW running FW at FW less FW than FW one-third FW the FW level FW two FW years FW ago . . <s> <s> NN As IN of NN yesterday NN afternoon , , DT the RBS redemptions LS represented JJR less IN than CD 15 NN % IN of DT the JJ total

    NN cash NN position IN of IN about $ $ CD 2 CD billion IN of NNP Fidelity POS 's NN stock NNS funds . . <s> <s> FW `` FW Two FW years FW ago FW there FW were FW massive FW redemption FW levels RP over DT the NN weekend CC and DT a NN lot IN of # fear UH around , , '' '' VBD said UH C. UH Bruce UH Johnstone , , WP who FW runs FW Fidelity FW Investments FW ' FW $ FW 5 FW billion FW Equity-Income FW Fund . . <s> <s> FW `` FW This FW feels FW more FW like FW a FW one-shot FW deal . .

    <s> <s> NNS People VBP are RB n't RBR panicking . . '' '' <s> <s> DT The NN test MD may VB come NN today . . <s> <s> NNP Friday POS 's NN stock NN market NN sell-off VBD came RB too RB late IN for JJ many NNS investors TO to VB act . . <s> <s> JJ Some NNS shareholders VBP have VBN held RP off FW until FW today FW because FW any FW fund FW exchanges FW made FW after NNP Friday POS 's NN close MD would VB take NN place IN at NN today POS 's NN closing NNS prices . . <s> <s> FW Stock FW fund FW redemptions FW during

    FW the FW 1987 FW debacle FW did FW n't FW begin FW to FW snowball FW until FW after FW the FW market FW opened FW on FW Black FW Monday . . <s> <s> DT But NN fund NNS managers VBP say PRP they VBP 're JJ ready . . <s> <s> NNS Many VBP have VBN raised NN cash NNS levels , , WDT which FW act FW as FW a FW buffer FW against FW steep FW market FW declines . . <s> <s> . Mario -RRB- Gabelli , , IN for NN instance , , WP$ holds UH cash UH positions UH well # above CD 20 NN % IN in JJ several IN of

    PRP$ his NNS funds . . <s> <s> NNP Windsor NNP Fund POS 's FW John FW Neff FW and FW Mutual FW Series FW ' FW Michael FW Price VBD said PRP they VBD had VBN raised PRP$ their NN cash NNS levels TO to JJR more IN than CD 20 NN % CC and CD 30 NN % , , RB respectively , , DT this NN year . . <s> <s> NNP Even NNP Peter NNP Lynch , , NN manager IN of NNP Fidelity POS 's $ $ CD 12.7 CD billion SYM Magellan UH Fund , , DT the NN nation POS 's JJS largest NN stock NN fund , , VBN built RP up

    NN cash TO to CD 7 NN % CC or $ $ CD 850 CD million . . <s> <s> . One '' reason VBZ is IN that IN after CD two NNS years IN of # monthly UH net UH redemptions , , DT the NN fund VBD posted JJ net NNS inflows IN of NN money IN from NNS investors IN in NNP August CC and NNP September . . <s> <s> IN `` PRP I MD 've VB let DT the NN money VB build RP up , , '' '' NNP Mr. NNP Lynch VBD said , , WP who VBD added IN that PRP he VBZ has FW had FW trouble FW finding FW stocks

    FW he FW likes . . <s> <s> IN Not DT all NNS funds VBP have VBN raised NN cash NNS levels , , IN of NN course . . <s> <s> IN As DT a NN group , , FW stock FW funds FW held FW 10.2 NN % IN of NNS assets IN in NN cash IN as IN of NNP August , , DT the JJS latest FW figures FW available FW from FW the FW Investment FW Company FW Institute . . <s> <s> NN That VBD was RB modestly JJR higher IN than DT the JJS 8.8 NN % CC and CD 9.2 NN % NNS levels IN in NNP August CC and NNP September

    IN of CD 1987 . . <s> <s> NN Also , , WP$ persistent LS redemptions MD would VB force DT some NN fund NNS managers TO to VB dump NNS stocks TO to VB raise NN cash . . <s> <s> IN But DT a JJ strong NN level IN of FW investor FW withdrawals FW is FW much FW more FW unlikely FW this FW time FW around , , WP$ fund NNS managers VBD said . . <s> <s> DT A JJ major NN reason VBZ is IN that FW investors FW already FW have FW sharply FW scaled FW back FW their FW purchases FW of FW stock FW funds FW since FW Black FW Monday

    . . <s> <s> JJ Stock-fund NNS sales VBP have VBN rebounded IN in JJ recent NNS months , , CC but JJ monthly JJ net NNS purchases VBP are RB still VBG running IN at JJR less IN than $ half CD 1987 NNS levels . . <s> <s> `` `` EX There VBZ 's RB not RB nearly IN as JJ much NNS froth , , '' '' VBD said UH John UH Bogle , , NN chairman IN of NNP Vanguard NNP Group NNP Inc. , , DT a FW big FW Valley FW Forge , , NNP Pa. , , NN fund NN company . . <s> <s> . Many UH fund UH managers UH argue

    WDT that RB now VBZ 's DT the NN time TO to VB buy . . <s> <s> . Vincent -RRB- Bajakian , , NN manager IN of DT the $ $ CD 1.8 CD billion SYM Wellington UH Fund , , VBD added TO to PRP$ his FW positions FW in FW Bristol-Myers FW Squibb FW , FW Woolworth FW and FW Dun FW & FW Bradstreet FW Friday . . <s> <s> . And '' today PRP he MD 'll VB be VBG looking TO to VB buy FW drug FW stocks FW like FW Eli FW Lilly FW , FW Pfizer FW and FW American FW Home FW Products FW whose FW dividend FW yields FW have

    FW been FW bolstered FW by FW stock FW declines . . <s> <s> NNP Fidelity POS 's NNP Mr. NNP Lynch , , IN for PRP$ his NN part , , FW snapped FW up FW Southern FW Co. FW shares FW Friday FW after FW the FW stock FW got FW hammered . . <s> <s> IN If DT the NN market VBZ drops JJ further NN today , , PRP he VBD said PRP he MD 'll VB be FW buying FW blue FW chips FW such FW as FW Bristol-Myers FW and FW Kellogg . . <s> <s> FW `` FW If FW they FW croak FW stocks FW like FW that , , '' ''

    PRP he VBD said , , PRP it VBZ presents DT an NN opportunity WDT that VBZ is `` `` DT the NN kind IN of FW thing FW you FW dream FW about . . '' '' <s> <s> FW Major FW mutual-fund FW groups FW said FW phone FW calls FW were FW arriving FW at FW twice FW the FW normal FW weekend FW pace FW yesterday . . <s> <s> DT But JJS most NNS investors VBD were VBG seeking NN share NNS prices CC and JJ other NN information . . <s> <s> DT Trading NN volume VBD was RB only RB modestly JJR higher IN than JJ normal . . <s> <s> NN Still

    , , WP$ fund NNS groups VBP are RB n't VBG taking DT any NNS chances . . <s> <s> NNS They VBP hope TO to VB avoid DT the FW jammed FW phone FW lines FW and FW other FW snags FW that FW infuriated FW some FW fund FW investors FW in FW October FW 1987 . . <s> <s> NN Fidelity IN on FW Saturday FW opened FW its FW 54 FW walk-in FW investor FW centers PDT across DT the NN country . . <s> <s> . The '' centers PRP normally VBP are VBN closed IN through DT the NN weekend . . <s> <s> DT In NN addition , , FW East FW Coast

    FW centers FW will FW open FW at FW 7:30 FW EDT FW this FW morning , , RB instead IN of DT the JJ normal NNS 8:30 . . <s> <s> FW T. FW Rowe FW Price FW Associates FW Inc. FW increased FW its FW staff FW of FW phone FW representatives FW to FW handle FW investor FW requests . . <s> <s> FW The FW Baltimore-based FW group FW noted FW that FW some FW investors FW moved FW money FW from FW stock FW funds FW to FW money-market FW funds . . <s> <s> DT But JJS most NNS investors VBD seemed TO to VB be `` `` IN in DT an FW information

    FW mode FW rather FW than FW in FW a FW transaction FW mode , , '' '' VBD said UH Steven UH Norwitz , , DT a NN vice NN president . . <s> <s> . And -RRB- Vanguard , , IN among JJ other NNS groups , , VBD said PRP it VBD was FW adding FW more FW phone FW representatives FW today FW to FW help FW investors FW get FW through . . <s> <s> IN In DT an JJ unusual NN move , , FW several FW funds FW moved FW to FW calm FW investors FW with FW recordings FW on FW their FW toll-free FW phone FW lines . . <s> <s>

    FW `` FW We FW view FW -LCBFW Friday FW 's FW -RCBFW market FW decline FW as FW offering FW us FW a FW buying FW opportunity FW as FW long-term FW investors , , '' '' DT a NN recording IN at NNP Gabelli CC & NNP Co. NNS funds VBD said IN over DT the NN weekend . . <s> <s> . The '' Janus NNP Group VBD had DT a JJ similar NN recording IN for NNS investors . . <s> <s> FW Several FW fund FW managers FW expect FW a FW rough FW market FW this FW morning FW before FW prices FW stabilize . . <s> <s> DT Some JJ early

    NN selling VBZ is JJ likely TO to VB stem IN from NNS investors CC and NN portfolio NNS managers WP who VBP want TO to VB lock IN in DT this NN year POS 's JJ fat NNS profits . . <s> <s> JJ Stock NNS funds VBP have PDT averaged DT a JJ staggering NN gain IN of CD 25 NN % IN through NNP September , , VBG according TO to FW Lipper FW Analytical FW Services FW Inc . . <s> <s> . Elaine -RRB- Garzarelli , , WP who FW runs FW Shearson FW Lehman FW Hutton FW Inc. FW 's FW $ FW 335 FW million FW Sector FW Analysis FW Portfolio , ,

    VBZ predicts DT the NN market MD will VB open RP down IN at JJS least CD 50 NNS points IN on JJ technical NNS factors CC and `` `` FW some FW panic FW selling . . '' '' <s> <s> IN But PRP she VBZ expects NNS prices TO to VB rebound RB soon CC and VBZ is VBG telling NNS investors PRP she VBZ expects DT the NN stock NN market MD wo RB n't VB decline JJR more IN than CD 10 NN % TO to CD 15 NN % IN from JJ recent NNS highs . . <s> <s> . `` '' This VBZ is RB not DT a JJ major NN crash , ,

    '' '' PRP she VBD said . . <s> <s> NN Nevertheless , , FW Ms. FW Garzarelli FW said FW she FW was FW swamped FW with FW phone FW calls FW over FW the FW weekend FW from FW nervous FW shareholders . . <s> <s> . `` '' Half IN of PRP them VBP are RB really VBN scared CC and VBP want TO to VB sell , , '' '' PRP she VBD said , , `` `` CC but PRP I VBP 'm VBG trying TO to VB talk PRP them RP out IN of PRP it . . '' '' <s> <s> NN She VBD added , , `` `` FW If FW they

    FW all FW were FW bullish , , PRP I MD 'd RB really VB be RP upset . . '' '' <s> <s> . The '' backdrop TO to NNP Friday POS 's FW slide FW was FW markedly FW different FW from FW that FW of FW the FW October FW 1987 FW crash FW , FW fund FW managers FW argue . . <s> <s> JJ Two NNS years RB ago , , WP$ unlike NN today , , DT the NN dollar VBD was JJ weak , , NN interest NNS rates VBD were VBG rising CC and DT the NN market VBD was RB very RBR overvalued , , PRP they VBP say . .

    <s> <s> NN `` IN From DT the FW investors FW ' FW standpoint FW , FW institutions FW and FW individuals FW learned FW a FW painful FW lesson FW ... FW by FW selling FW at FW the FW lows '' '' IN on NNP Black NNP Monday , , VBD said UH Stephen UH Boesel , , NN manager IN of DT the $ $ FW 580 FW million FW T. FW Rowe FW Price FW Growth FW and FW Income FW Fund . . <s> <s> DT This NN time , , `` `` PRP I VBP do RB n't VBP think PRP we MD 'll VB get DT a NN panic NN reaction . .

    <s> <s> NNP Newport NNP Corp. VBD said PRP it VBZ expects TO to VB report PRP$ fiscal-first-quarter NNS earnings IN of $ between CD 15 NNS cents CC and CD 19 NNS cents DT a NN share , , FW somewhat FW below FW analysts POS ' NNS estimates IN of CD 19 NNS cents TO to CD 23 NNS cents . . <s> <s> DT The NN maker IN of FW scientific FW instruments FW and FW laser FW parts FW said FW orders FW fell FW below FW expectations FW in FW recent FW months . . <s> <s> DT A NN spokesman VBD added IN that NNS sales IN in DT the JJ current NN quarter

    MD will RB about VB equal DT the JJS yearearlier NN quarter POS 's NN figure , , WRB when PRP Newport VBD reported JJ net NN income IN of $ $ CD 1.7 CD million , , CC or CD 21 NNS cents DT a NN share , , IN on $ $ CD 14.1 CD million IN in NNS sales . . <s> <s> NN Ripples IN from DT the NN strike IN by FW 55,000 FW Machinists FW union FW members FW against FW Boeing FW Co. FW reached FW air FW carriers FW Friday FW as FW America FW West FW Airlines FW announced FW it FW will FW postpone FW its FW new FW service

    FW out FW of FW Houston FW because FW of FW delays FW in FW receiving FW aircraft FW from FW the FW Seattle FW jet FW maker . . <s> <s> . Peter -RRB- Otradovec , , NN vice NN president IN for NN planning IN at DT the NNP Phoenix , , NNP Ariz. , , NN carrier , , VBD said IN in DT an NN interview IN that DT the FW work FW stoppage FW at FW Boeing FW , FW now FW entering FW its FW 13th FW day , , `` `` FW has FW caused FW some FW turmoil FW in FW our FW scheduling '' '' CC and IN that JJR more

    IN than CD 500 NNS passengers WP who VBD were VBN booked TO to VB fly RP out IN of NNP Houston IN on NNP America NNP West MD would RB now VB be VBN put IN on JJ other NNS airlines . . <s> <s> FW Mr. FW Otradovec FW said FW Boeing FW told FW America FW West IN that DT the `` 757 PRP it VBD was VBN supposed TO to VB get DT this NNP Thursday MD would RB n't VB be UH delivered UH until UH Nov. SYM 7 : -DT the NN day IN after DT the NN airline VBD had VBN been VBG planning TO to FW initiate FW service FW at

    FW Houston FW with FW four FW daily FW flights FW , FW including FW three FW nonstops FW to FW Phoenix FW and FW one FW nonstop FW to FW Las FW Vegas . . <s> <s> NN Now , , DT those NNS routes VBP are RB n't VBN expected TO to VB begin UH until UH Jan . . <s> <s> NN Boeing VBZ is RB also VBN supposed TO to VB send TO to FW America FW West FW another FW 757 FW twin-engine FW aircraft FW as FW well FW as FW a FW 737 FW by FW year POS 's NN end . . <s> <s> NN Those , , RB too , ,

    VBP are RB almost JJ certain TO to VB arrive RB late . . <s> <s> IN At DT this NN point , , UH no UH other UH America UH West SYM flights : -VBG including PRP$ its JJ new NN service IN at NNP San NNP Antonio , , NNP Texas : ; LS Newark , , NNP N.J. : ; CC and NNP Palmdale , , NNP Calif. : -VBP have VBN been VBN affected IN by DT the FW delays FW in FW Boeing FW deliveries . . <s> <s> NN Nevertheless , , DT the NN company POS 's FW reaction FW underscores FW the FW domino FW effect FW that FW a

    FW huge FW manufacturer FW such FW as FW Boeing MD can VB have IN on JJ other NNS parts IN of DT the NN economy . . <s> <s> VBZ It RB also VBZ is JJ sure TO to VB help DT the FW machinists FW put FW added FW pressure IN on DT the NN company . . <s> <s> IN `` PRP I RB just VBP do RB n't VB feel IN that DT the NN company MD can FW really FW stand FW or FW would FW want FW a FW prolonged FW walkout , , '' '' UH Tom UH Baker , , NN president IN of FW Machinists FW ' FW District FW 751

    , , VBD said IN in DT an NN interview NN yesterday . . <s> <s> IN `` PRP I VBP do RB n't VB think PRP$ their NNS customers MD would VB like PRP it RB very RB much . . '' '' <s> <s> NNP America NNP West , , RB though , , VBZ is DT a JJR smaller NN airline CC and RB therefore RBR more VBN affected IN by DT the JJ delayed NN delivery IN of DT a JJ single NN plane IN than JJ many IN of PRP$ its NNS competitors MD would VB be . . <s> <s> FW `` FW I FW figure FW that FW American FW and FW United

    FW probably FW have FW such FW a FW hard FW time FW counting PDT all DT the NNS planes IN in PRP$ their NNS fleets , , PRP they MD might RB not $ miss CD one IN at DT all , , '' '' NNP Mr. NNPS Otradovec VBD said . . <s> <s> NN Indeed , , DT a FW random FW check FW Friday FW did FW n't FW seem TO to VB indicate IN that DT the NN strike VBD was VBG having RB much IN of DT an NN effect IN on JJ other NN airline NNS operations . . <s> <s> . Southwest '' Airlines VBZ has DT a FW Boeing FW 737-300

    FW set FW for FW delivery IN at DT the NN end IN of DT this NN month CC and VBZ expects TO to VB have DT the NN plane IN on NN time . . <s> <s> IN `` PRP It VBZ 's RB so VB close TO to VB completion , , NNP Boeing POS 's LS told LS us EX there MD wo RB n't VB be DT a NN problem , , '' '' VBD said DT a JJS Southwest NN spokesman . . <s> <s> DT A NN spokesman IN for FW AMR FW Corp. FW said FW Boeing FW has FW assured FW American FW Airlines FW it FW will FW deliver FW a

    FW 757 FW on FW time FW later FW this FW month . . <s> <s> NN American VBZ is VBG preparing TO to VB take NN delivery IN of DT another FW 757 FW in FW early FW December FW and FW 20 RBR more JJ next NN year CC and VBZ is RB n't PDT anticipating DT any NNS changes IN in DT that NN timetable . . <s> <s> . In -RRB- Seattle , , DT a FW Boeing FW spokesman FW explained IN that DT the NN company VBZ has VBN been IN in JJ constant NN communication IN with DT all IN of PRP$ its NNS customers CC and IN that PRP it VBD was

    FW impossible FW to FW predict FW what FW further FW disruptions MD might VB be VBN triggered IN by DT the NN strike . . <s> <s> NN Meanwhile , , FW supervisors FW and FW non-striking FW employees FW have FW been FW trying FW to FW finish FW some FW 40 FW aircraft FW -FW mostly FW 747 FW and FW 767 FW jumbo FW jets IN at DT the NN company POS 's UH Everett , , NNP Wash. , , NN plant : -WDT that VBD were PDT all FW but FW completed FW before FW the FW walkout . . <s> <s> NN As IN of NNP Friday , , FW four

    FW had FW been FW delivered FW and FW a FW fifth FW plane , , DT a NN 747-400 , , VBD was VBN supposed TO to VB be VBN flown RP out IN over DT the NN weekend TO to NNP Air NNP China . . <s> <s> . No '' date VBZ has RB yet VBN been VBN set TO to VB get RP back TO to DT the RBS bargaining LS table . . <s> <s> IN `` PRP We VBP want TO to VB make WRB sure PRP they VBP know WP what PRP they VBP want IN before PRP they VBP come RB back , , '' '' VBD said UH Doug UH Hammond

    , , DT the JJ federal NN mediator WP who VBZ has VBN been IN in JJR contact IN with DT both NNS sides IN since DT the NN strike VBD began . . <s> <s> DT The NN investment NN community , , IN for CD one , , VBZ has VBN been FW anticipating FW a FW speedy FW resolution . . <s> <s> NNP Though NNP Boeing POS 's NN stock NN price VBD was VBN battered RP along IN with DT the NN rest IN of DT the NN market NNP Friday , , PRP it RB actually VBZ has VBN risen IN over DT the JJ last CD two NNS weeks IN on DT the

    NN strength IN of JJ new NNS orders . . <s> <s> IN `` DT The NN market VBZ has VBN taken CD two NNS views : : IN that DT the NN labor NN situation MD will VB get VBN settled IN in DT the JJ short NN term CC and IN that FW things FW look FW very FW rosy FW for FW Boeing IN in DT the JJ long NN term , , '' '' VBD said UH Howard UH Rubel , , DT an NN analyst IN at FW Cyrus FW J. FW Lawrence FW Inc . . <s> <s> NNP Boeing POS 's NNS shares VBD fell $ $ CD 4 CD Friday TO to

    VB close IN at $ $ CD 57.375 IN in JJ composite NN trading IN on DT the NNP New NNP York NNP Stock NNP Exchange . . <s> <s> NNP But NNP Mr. NNP Baker VBD said PRP he VBZ thinks DT the JJS earliest DT a NN pact MD could VB be PRP struck MD would VB be DT the NN end IN of DT this NN month , , '' hinting IN that DT the NN company CC and NN union MD may VB resume NNS negotiations IN as JJ early IN as DT this NN week . . <s> <s> NN Still , , PRP he VBD said , , PRP it VBZ 's JJ possible

    IN that DT the FW strike FW could FW last FW considerably FW longer . . <s> <s> IN `` PRP I MD would RB n't VB expect DT an JJ immediate NN resolution TO to NN anything . . '' '' <s> <s> DT Last NN week , , FW Boeing FW Chairman FW Frank FW Shrontz FW sent FW striking FW workers FW a FW letter , , VBG saying IN that `` `` TO to PRP$ my NN knowledge , , NNP Boeing POS 's NN offer VBZ represents DT the JJS best FW overall FW three-year FW contract FW of FW any FW major FW U.S. FW industrial FW firm FW in FW recent FW history

    . . '' '' <s> <s> NNP But NNP Mr. NNP Baker VBD called DT the NN letter : -CC and DT the NN company POS 's NN offer IN of DT a CD 10 NN % NN wage NN increase IN over DT the NN life IN of DT the NN pact , , WP$ plus SYM bonuses : -`` `` UH very UH weak . . '' '' <s> <s> NN He VBD added IN that DT the NN company IN miscalculated DT the NN union POS 's JJS resolve CC and DT the FW workers FW ' FW disgust FW with FW being FW forced FW to FW work FW many FW hours FW overtime

    . . <s> <s> FW In FW separate FW developments FW : FW -FW Talks FW have FW broken FW off FW between FW Machinists FW representatives FW at FW Lockheed NNP Corp. CC and DT the NN Calabasas , , NNP Calif. , , WP$ aerospace NN company . . <s> <s> . The '' union VBZ is VBG continuing TO to VB work IN through PRP$ its JJS expired NN contract , , RB however . . <s> <s> FW It FW had FW planned FW a FW strike FW vote FW for FW next FW Sunday , , CC but WDT that VBZ has VBN been FW pushed FW back FW indefinitely . . <s> <s>

    FW -FW United FW Auto FW Workers FW Local FW 1069 , , WDT which FW represents FW 3,000 FW workers FW at FW Boeing FW 's FW helicopter FW unit FW in FW Delaware FW County , , NNP Pa. , , VBD said PRP it VBD agreed TO to VB extend PRP$ its NN contract IN on DT a JJ day-by-day NN basis , , IN with DT a FW 10-day FW notification FW to FW cancel FW , FW while FW it FW continues FW bargaining . . <s> <s> . The UH accord UH expired UH yesterday . . <s> <s> NN -CC And JJR Boeing IN on NNP Friday VBD said PRP it

    VBD received DT an NN order IN from FW Martinair FW Holland FW for FW four FW model FW 767-300 FW wide-body FW jetliners FW valued IN at DT a NN total IN of IN about $ $ CD 326 CD million . . <s> <s> JJ The NNS planes , , WP$ long LS range -RRB- versions IN of DT the RBS medium-haul UH twin-jet , , MD will VB be VBN delivered IN with FW Pratt FW & FW Whitney FW PW4060 FW engines . . <s> <s> NN Pratt CC & EX Whitney VBZ is DT a NN unit IN of NNP United NNP Technologies NNP Inc . . <s> <s> . Martinair '' Holland VBZ is

    VBN based IN in NNP Amsterdam . . <s> <s> . A '' Boeing PRP spokeswoman VBD said DT a NN delivery NN date IN for DT the NN planes VBZ is RB still VBG being VBN worked RP out `` `` IN for DT a NN variety IN of NNS reasons , , CC but RB not IN because IN of DT the NN strike . . '' '' <s> <s> . Bridget '' O'Brian VBD contributed TO to DT this NN article . . <s> <s> NNP Atco NNP Ltd. VBD said PRP$ its FW utilities FW arm FW is FW considering FW building FW new FW electric FW power FW plants , , DT some VBN valued

    IN at JJR more IN than CD one CD billion JJ Canadian NNS dollars -LRB- -LRB$ US$ CD 851 CD million -RRB- -RRB, , IN in NNP Great NNP Britain CC and RB elsewhere . . <s> <s> . C.S. -RRB- Richardson , , WP$ Atco POS 's JJ senior NN vice NN president , , NN finance , , VBD said PRP$ its FW 50.1%-owned FW Canadian FW Utilities FW Ltd. FW unit FW is FW reviewing FW cogeneration FW projects FW in FW eastern FW Canada FW , FW and FW conventional FW electric FW power FW generating FW plants FW elsewhere , , VBG including NNP Britain , , WRB where DT the JJ British

    NN government VBZ plans TO to VB allow FW limited FW competition FW in FW electrical FW generation FW from FW private-sector FW suppliers FW as FW part FW of FW its FW privatization FW program . . <s> <s> IN `` DT The NNS projects VBP are JJ big . . <s> <s> NN They MD can VB be $ C$ CD 1 CD billion -RRB- plus , , '' '' NNP Mr. NNP Richardson VBD said . . <s> <s> NN `` CC But PRP we MD would RB n't VB go IN into PRP them RB alone , , '' '' CC and FW Canadian FW Utilities FW ' FW equity FW stake MD would VB be

    JJ small , , PRP he VBD said . . <s> <s> . `` -RRB- Ideally , , PRP we MD 'd VB like TO to VB be DT the NN operator -LRB- -LCBIN of DT the NN project -RRB- -RCBCC and DT a JJ modest NN equity NN investor . . <s> <s> FW Our FW long FW suit FW is FW our FW proven FW ability FW to FW operate FW '' FW power FW plants , , PRP he VBD said . . <s> <s> FW Mr. FW Richardson FW would FW n't FW offer FW specifics FW regarding FW Atco FW 's FW proposed FW British FW project , , CC but PRP he

    VBD said PRP it MD would VB compete IN for FW customers FW with FW two FW huge FW British FW power FW generating FW companies WDT that MD would VB be VBN formed IN under DT the NN country POS 's NN plan TO to VB privatize PRP$ its FW massive FW water FW and FW electric FW utilities . . <s> <s> NNP Britain POS 's NN government VBZ plans TO to VB raise IN about # # CD 20 CD billion -LRB- -LRB$ $ CD 31.05 CD billion -RRB- -RRBIN from DT the NN sale IN of JJS most IN of PRP$ its FW giant FW water FW and FW electric FW utilities , ,

    VBG beginning JJ next NN month . . <s> <s> . The UH planned UH electric UH utility UH sale , , VBN scheduled IN for JJ next NN year , , VBZ is RB alone VBN expected TO to # raise # # CD 13 CD billion , , VBG making PRP it DT the NN world POS 's JJS largest JJ public NN offering . . <s> <s> JJ Under NNS terms IN of DT the NN plan , , WP$ independent LS generators MD would VB be JJ able TO to VB compete IN for CD 15 NN % IN of NNS customers IN until CD 1994 , , CC and IN for DT another CD 10

    NN % IN between CD 1994 CC and CD 1998 . . <s> <s> . Canadian '' Utilities VBD had CD 1988 NN revenue IN of $ C$ CD 1.16 CD billion , , RB mainly IN from PRP$ its FW natural FW gas FW and FW electric FW utility FW businesses FW in FW Alberta , , WRB where DT the NN company FW serves FW about FW 800,000 FW customers . . <s> <s> `` `` EX There VBZ seems TO to VB be DT a NN move IN around DT the NN world TO to VB deregulate DT the NN generation IN of NN electricity , , '' '' NNP Mr. NNP Richardson VBD said , ,

    CC and UH Canadian UH Utilities UH hopes TO to VB capitalize IN on PRP it . . <s> <s> . `` '' This VBZ is DT a FW real FW thrust FW on FW our FW utility FW side , , '' '' PRP he VBD said , , FW adding FW that FW Canadian FW Utilities FW is FW also FW mulling FW projects FW in FW underdeveloped FW countries , , IN though PRP he MD would VB be RP specific . . <s> <s> . Canadian '' Utilities VBZ is RB n't RB alone IN in FW exploring FW power FW generation FW opportunities FW in FW Britain , , IN in NN anticipation IN of

    DT the NN privatization NN program . . <s> <s> FW `` FW We FW 're FW certainly FW looking FW at FW some FW power FW generating FW projects FW in FW England , , '' '' VBD said UH Bruce UH Stram , , NN vice NN president , , JJ corporate NN strategy CC and JJ corporate NN planning , , IN with NNP Enron NNP Corp. , , NNP Houston , , DT a FW big FW natural FW gas FW producer FW and FW pipeline FW operator . . <s> <s> FW Mr. FW Stram FW said FW Enron FW is FW considering FW building FW gas-fired FW power FW plants FW in FW the

    FW U.K. FW capable FW of FW producing FW about FW 500 FW megawatts IN of NN power IN at DT a NN cost IN of IN about $ $ CD 300 CD million TO to $ $ CD 400 CD million . . <s> <s> NNP PSE NNP Inc. VBD said PRP it VBZ expects TO to VB report JJ third NNS earnings IN of $ $ CD 1.3 CD million TO to $ $ CD 1.7 CD million , , CC or CD 14 NNS cents TO to CD 18 NNS cents DT a NN share . . <s> <s> IN In DT the JJ year-ago NN quarter , , DT the NN designer CC and NN operator

    IN of FW cogeneration FW and FW waste FW heat FW recovery FW plants FW had JJ net NN income IN of $ $ CD 326,000 , , CC or CD four NNS cents DT a NN share , , IN on NN revenue IN of IN about $ $ CD 41.4 CD million . . <s> <s> DT The NN company VBD said DT the NN improvement VBZ is VBN related TO to # additional LS cogeneration LS facilities WDT that VBP have VBN been VBN put IN into NN operation . . <s> <s> . CONCORDE '' trans-Atlantic PRP flights VBP are $ $ CD 2,400 TO to NNP Paris CC and $ $ CD 3,200 TO to

    NNP London . . <s> <s> IN In DT a FW Centennial FW Journal FW article FW Oct. FW 5 , , DT the FW fares FW were FW reversed . . <s> <s> FW Diamond FW Shamrock FW Offshore FW Partners FW said FW it FW had FW discovered FW gas FW offshore FW Louisiana . . <s> <s> VBZ The RB well VBN flowed IN at DT a NN rate IN of FW 2.016 FW million FW cubic FW feet FW of FW gas FW a FW day FW through FW a FW 16 FW 64-inch FW opening FW at FW depths FW between FW 5,782 FW and FW 5,824 FW feet . . <s> <s> . Diamond

    '' Shamrock VBZ is DT the NN operator , , IN with DT a CD 100 NN % NN interest IN in DT the RB well . . <s> <s> FW Diamond FW Shamrock FW Offshore FW 's FW stock FW rose FW 12.5 FW cents FW Friday TO to VB close IN at $ $ CD 8.25 IN in NNP New NNP York NNP Stock NNP Exchange JJ composite NN trading . . <s> <s> FW Kaufman FW & FW Broad FW Home FW Corp. FW said FW it FW formed FW a FW $ FW 53.4 FW million FW limited FW partnership FW subsidiary FW to FW buy FW land FW in FW California FW suitable FW for

    FW residential FW development . . <s> <s> DT The NN partnership , , FW Kaufman FW & FW Broad FW Land FW Development FW Venture FW Limited FW Partnership , , VBZ is DT a FW 50-50 FW joint FW venture FW with FW a FW trust FW created FW by FW institutional FW clients FW of FW Heitman FW Advisory NNP Corp. , , DT a NN unit IN of FW Heitman FW Financial FW Corp. FW , FW a FW real FW estate FW advisory FW , FW management FW and FW development FW company FW with FW offices FW in FW Chicago FW and FW Beverly FW Hills , , NNP Calif . . <s> <s>

    NN Kaufman CC & NNP Broad , , DT a NN home NN building NN company , , VBD declined TO to VB identify DT the JJ institutional NNS investors . . <s> <s> DT The NN land TO to VB be VBN purchased IN by DT the JJ joint NN venture VBZ has RB n't FW yet FW received FW zoning FW and FW other FW approvals FW required FW for FW development , , CC and NN part IN of FW Kaufman FW & FW Broad POS 's NN job MD will VB be TO to VB obtain JJ such NNS approvals . . <s> <s> . The '' partnership VBZ runs DT the NN risk IN that

    PRP it MD may RB not VB get DT the NNS approvals IN for NN development , , CC but IN in NN return , , PRP it MD can VB buy FW land FW at FW wholesale FW rather FW than FW retail FW prices , , WDT which MD can VB result IN in JJ sizable NNS savings , , VBD said UH Bruce UH Karatz , , NN president CC and JJ chief NN executive NN officer IN of FW Kaufman FW & FW Broad . . <s> <s> `` `` EX There VBP are RB really RB very JJ few NNS companies WDT that VBP have JJ adequate NN capital TO to VB buy NNS properties

    IN in DT a JJ raw NN state IN for NN cash . . <s> <s> NN Typically , , WP$ developers UH option UH property , , CC and RB then RB once PRP they VBP get DT the JJ administrative NNS approvals , , PRP they VBP buy PRP it , , '' '' VBD said NNP Mr. NNPS Karatz , , VBG adding IN that PRP he VBZ believes DT the JJ joint NN venture VBZ is DT the JJ first IN of PRP$ its NN kind . . <s> <s> FW `` FW We FW usually FW operate FW in FW that FW conservative FW manner . . '' '' <s> <s> IN By VBG setting

    RP up DT the JJ joint NN venture , , FW Kaufman FW & FW Broad MD can VB take DT the JJR more FW aggressive FW approach FW of FW buying FW raw FW land FW , FW while FW avoiding FW the FW negative FW impacts FW to FW its FW own FW balance FW sheet , , NNP Mr. NNPS Karatz VBD said . . <s> <s> DT The NN company VBZ is VBG putting RP up RB only CD 10 NN % IN of DT the NN capital , , IN although PRP it VBZ is VBN responsible IN for VBG providing NN management , , '' planning CC and NN processing NNS services TO to

    DT the JJ joint NN venture . . <s> <s> . `` '' This VBZ is CD one IN of DT the JJS best NNS ways TO to VB assure DT a NN pipeline IN of NN land TO to VB fuel PRP$ our NN growth IN at DT a JJ minimum NN risk TO to PRP$ our NN company , , '' '' NNP Mr. NNPS Karatz VBD said . . <s> <s> IN When DT the NN price IN of NNS plastics VBD took RP off IN in CD 1987 , , FW Quantum FW Chemical FW Corp. FW went FW along IN for DT the NN ride . . <s> <s> DT The NN timing IN of

    NNP Quantum POS 's JJ chief NN executive NN officer , , WP$ John UH Hoyt UH Stookey , , VBD appeared TO to VB be FW nothing FW less FW than FW inspired FW , FW because FW he FW had FW just FW increased FW Quantum FW 's FW reliance FW on FW plastics . . <s> <s> DT The NN company VBD outpaced RB much IN of DT the FW chemical FW industry FW as FW annual FW profit FW grew FW fivefold IN in CD two NNS years . . <s> <s> . Mr. '' Stookey VBD said IN of DT the NN boom , , `` `` PRP It VBZ 's VBG going TO to

    VB last DT a FW whole FW lot FW longer FW than FW anybody FW thinks . . '' '' <s> <s> FW But FW now FW prices FW have FW nose-dived FW and FW Quantum FW 's FW profit FW is FW plummeting . . <s> <s> JJ Some NNS securities NNS analysts VBP are VBG looking IN for DT no JJR better IN than JJ break-even NNS results IN from DT the NN company IN for DT the JJ third NN quarter , , VBN compared IN with JJ year-earlier NN profit IN of $ $ CD 99.8 CD million , , CC or $ $ PDT 3.92 DT a NN share , , IN on NNS sales

    IN of $ $ CD 724.4 CD million . . <s> <s> DT The NN stock , , WP$ having LS lost PDT nearly DT a NN quarter IN of PRP$ its NN value IN since $ Sept. CD 1 , , VBD closed IN at $ $ CD 34.375 NN share , , RB down $ $ CD 1.125 , , IN in NNP New NNP York FW Stock FW Exchange FW composite FW trading FW Friday . . <s> <s> IN To DT a NN degree , , WDT Quantum VBZ represents DT the JJ new NNS times WDT that VBP have VBN arrived IN for NNS producers IN of DT the FW so-called FW commodity FW plastics

    FW that FW pervade FW modern FW life . . <s> <s> VBZ Having RB just VBN passed IN through CD one IN of DT the RBS most JJ profitable NNS periods IN in PRP$ their NN history , , FW these FW producers FW now FW see FW their FW prices FW eroding . . <s> <s> . Pricing -RRB- cycles , , TO to VB be JJ sure , , FW are FW nothing FW new FW for FW plastics FW producers . . <s> <s> IN And DT the JJ financial NN decline IN of DT some FW looks FW steep FW only FW in FW comparison FW with FW the FW heady FW period WDT that

    VBZ is RB just IN behind PRP them . . <s> <s> IN `` PRP We VBD were PDT all LS wonderful RBS heroes JJ last NN year , , '' '' VBZ says DT an NN executive IN at CD one IN of NNP Quantum POS 's NNS competitors . . <s> <s> . `` '' Now PRP we VBP 're IN at DT the NN bottom IN of DT the NN heap . . '' '' <s> <s> . At -RRB- Quantum , , WDT which VBZ is VBN based IN in NNP New NNP York , , DT the NN trouble VBZ is VBN magnified IN by DT the NN company POS 's FW heavy FW dependence

    FW on FW plastics . . <s> <s> FW Once FW known FW as FW National FW Distillers FW & FW Chemical NNP Corp. , , DT the NN company IN exited DT the FW wine FW and FW spirits FW business FW and FW plowed JJR more IN of PRP$ its FW resources FW into FW plastics FW after FW Mr. FW Stookey PDT took DT the JJ chief NN executive POS 's NN job IN in CD 1986 . . <s> <s> . Mr. -RRB- Stookey , , WP$ 59 UH years UH old , , VBD declined TO to VB be VBN interviewed IN for DT this NN article , , CC but PRP he VBZ has

    RB consistently VBN argued IN that IN over DT the RBS long SYM haul : -LS across PDT both DT the NNS peaks CC and DT the NN troughs IN of DT the JJS plastics NN market : -LS Quantum MD will VB prosper IN through PRP$ its JJ new NN direction . . <s> <s> NNP Quantum POS 's NN lot VBZ is RB mostly VBN tied TO to # polyethylene UH resin , , VBN used TO to VB make FW garbage FW bags FW , FW milk FW jugs FW , FW housewares FW , FW toys FW and FW meat FW packaging , , IN among JJ other NNS items . . <s> <s>

    IN In DT the NNP U.S. POS polyethylene NN market , , WDT Quantum VBZ has VBN claimed DT the JJS largest NN share , , IN about CD 20 NN % . . <s> <s> IN But PRP$ its NNS competitors : -LS including FW Dow FW Chemical FW Co. FW , FW Union FW Carbide FW Corp. FW and FW several FW oil FW giants FW -FW have FW much FW broader FW business FW interests FW and FW so FW are FW better FW cushioned FW against FW price FW swings . . <s> <s> IN When DT the NN price IN of FW polyethylene FW moves FW a FW mere FW penny FW a

    FW pound FW , FW Quantum FW 's FW annual FW profit FW fluctuates FW by FW about FW 85 FW cents FW a FW share FW , FW provided FW no FW other FW variables FW are FW changing . . <s> <s> DT In JJ recent NNS months DT the NN price IN of NN polyethylene , , RB even JJR more IN than DT that IN of JJ other NN commodity NNS plastics , , VBZ has VBN taken DT a NN dive . . <s> <s> . Benchmark -RRB- grades , , WDT which RB still VBN sold IN for RB as RB much IN as CD 50 NNS cents DT a RBS pound JJ last

    NN spring , , VBP have VBN skidded TO to $ between CD 35 NNS cents CC and CD 40 NNS cents . . <s> <s> NN Meanwhile , , DT the NN price IN of NNP ethylene , , DT the FW chemical FW building FW block FW of FW polyethylene , , VBZ has RB n't VBD dropped RB nearly RB so RB fast . . <s> <s> . That UH discrepancy UH hurts UH Quantum UH badly , , IN because PRP$ its FW own FW plants FW cover FW only FW about FW half FW of FW its FW ethylene FW needs . . <s> <s> DT By JJ many NNS accounts , , DT an

    JJ early NN hint IN of DT a NN price RBR rout IN in DT the NN making VBD came IN at DT the NN start IN of DT this NN year . . <s> <s> NN China , , WDT which VBD had VBN been FW putting FW in FW huge FW orders FW for FW polyethylene FW , FW abruptly FW halted FW them . . <s> <s> , Calculating WDT that LS excess LS polyethylene MD would RB soon VB be RP sloshing IN around DT the NN world , , FW other FW buyers FW then FW bet FW that FW prices FW had FW peaked FW and FW so FW began FW to FW draw

    FW down FW inventories FW rather FW than FW order FW new FW product . . <s> <s> NNP Kenneth NNP Mitchell , , NN director IN of NNP Dow POS 's JJS polyethylene NN business , , FW says FW producers FW were FW surprised FW to FW learn FW how FW much FW inventories FW had FW swelled FW throughout FW the FW distribution FW chain FW as FW prices FW spiraled RP up . . <s> <s> FW `` FW People FW were FW even FW hoarding FW bags , , '' '' PRP he VBZ says . . <s> <s> FW Now FW producers FW hope FW prices FW have FW hit FW bottom . .

    <s> <s> VBZ They RB recently VBN announced NNS increases IN of DT a JJ few NNS cents DT a NN pound TO to VB take NN effect IN in DT the JJ next JJ several NNS weeks . . <s> <s> CD No CD one -RRB- knows , , RB however , , IN whether DT the FW new FW posted FW prices FW will FW stick FW once FW producers FW and FW customers FW start FW to FW haggle . . <s> <s> FW One FW doubter FW is FW George FW Krug FW , FW a FW chemical-industry FW analyst FW at FW Oppenheimer FW & FW Co. FW and FW a FW bear FW on

    FW plastics FW stocks . . <s> <s> JJ Noting NNS others POS ' NNS estimates IN of WRB when NN price NNS increases MD can VB be VBN sustained , , PRP he UH remarks , , `` `` FW Some FW say FW October . . <s> <s> NNS Some VBP say RBR November . . <s> <s> NNS I VBP say CD 1992 . . '' '' <s> <s> . He '' argues IN that NNS efforts TO to VB firm RP up NNS prices MD will VB be FW undermined FW by FW producers FW ' FW plans FW to FW expand FW production FW capacity . . <s> <s> FW A FW quick FW turnaround

    FW is FW crucial FW to FW Quantum FW because FW its FW cash FW requirements FW remain FW heavy . . <s> <s> DT The NN company VBZ is VBG trying TO to VB carry RP out DT a JJ three-year , , $ $ CD 1.3 CD billion SYM plant-expansion LS program PDT started DT this NN year . . <s> <s> IN At DT the JJ same NN time , , PRP$ its JJ annual NNS payments IN on JJ long-term NN debt MD will RBR more IN than JJ double IN from DT a NN year RB ago TO to IN about $ $ CD 240 CD million , , RB largely IN because IN of

    NN debt VBN taken IN on TO to VB pay DT a $ $ UH 50-a-share UH special UH dividend RBR earlier DT this NN year . . <s> <s> NN Quantum VBD described DT the NN payout IN at DT the NN time IN as DT a NN way IN for PRP it TO to VB share DT the NN bonanza IN with PRP$ its NNS holders , , IN because PRP$ its NN stock NN price VBD was RB n't VBG reflecting DT the JJ huge NN profit NNS increases . . <s> <s> JJ Some NNS analysts VBD saw DT the NN payment IN as DT an NN effort RB also TO to # dispel LS takeover

    LS speculation . . <s> <s> IN Whether DT a FW cash FW crunch FW might FW eventually PDT force DT the NN company TO to VB cut PRP$ its JJ quarterly NN dividend , , VBD raised CD 36 NN % TO to CD 75 NNS cents DT a NN share RB only DT a NN year RB ago , , VBZ has VBN become DT a NN topic IN of FW intense FW speculation FW on FW Wall FW Street FW since FW Mr. FW Stookey FW deflected FW dividend FW questions FW in FW a FW Sept. FW 29 FW meeting FW with FW analysts . . <s> <s> FW Some FW viewed FW his FW response

    FW -FW that FW company FW directors FW review FW the FW dividend FW regularly FW -FW as FW nothing JJR more IN than DT the JJ standard NN line IN from NNS executives . . <s> <s> FW But FW others FW came FW away FW thinking FW he FW had FW given FW something FW less FW than FW his FW usual FW straight-from-the-shoulder FW performance . . <s> <s> IN In DT any NN case , , IN on DT the NN day IN of DT the NN meeting , , NNP Quantum POS 's NNS shares VBD slid $ $ CD 2.625 TO to $ $ CD 36.625 IN in NNP Big NNP Board

    NN trading . . <s> <s> DT On NN top IN of # everything UH else , , WP$ Quantum PDT confronts DT a NN disaster IN at PRP$ its NN plant IN in NNP Morris , , UH Ill . . <s> <s> IN After DT an RBS explosion PDT idled DT the NN plant IN in NNP June , , DT the NN company FW progressed FW in FW September FW to FW within FW 12 FW hours FW of FW completing FW the FW drawn-out FW process FW of FW restarting FW it . . <s> <s> IN Then DT a FW second FW explosion FW occurred . . <s> <s> FW Two FW workers FW died

    FW and FW six FW remain IN in DT the NN hospital . . <s> <s> . This UH human UH toll PDT adds DT the RBS most UH painful UH dimension UH yet TO to DT the JJ sudden NN change IN in NNP Quantum POS 's NNS fortunes . . <s> <s> IN Until DT this NN year , , DT the NN company VBD had VBN been FW steadily FW lowering FW its FW accident FW rate FW and FW picking FW up FW trade-group FW safety FW awards . . <s> <s> FW A FW prolonged FW production FW halt FW at FW the FW plant FW could FW introduce FW another FW imponderable FW into

    FW Quantum POS 's JJ financial NN future . . <s> <s> IN When DT a NN plant VBZ has RB just VBN been LS running LS flat RP out TO to VB meet NN demand , , FW calculating FW lost FW profit FW and FW thus FW claims FW under FW business-interruption FW insurance FW is FW straightforward . . <s> <s> IN But DT the FW numbers FW become FW trickier FW -FW and FW subject FW to FW dickering FW between FW insured FW and FW insurer FW -FW when FW demand FW is FW shifting . . <s> <s> IN `` PRP You VBP say PRP you MD could VB have FW sold

    FW X FW percent FW of FW this FW product FW and FW Y FW percent FW of FW that , , '' '' UH recalls UH Theodore UH Semegran , , DT an NN analyst IN at FW Shearson FW Lehman FW Hutton FW who FW went FW through FW this FW exercise FW during FW his FW former FW career FW as FW a FW chemical FW engineer . . <s> <s> NN `` CC And RB then PRP you RB still VBP have TO to VB negotiate . . '' '' <s> <s> NN Quantum VBZ hopes DT the FW Morris FW plant FW , FW where FW limited FW production FW got FW under FW way

    FW last FW week , , MD will VB resume JJ full NN operation IN by NN year POS 's NN end . . <s> <s> DT The NN plant POS usually NNS accounts IN for CD 20 NN % TO to CD 25 NN % IN of NNP Quantum POS 's JJS polyethylene NN production CC and CD 50 NN % IN of PRP$ its JJS ethylene NN production . . <s> <s> FW Not FW everything FW looks FW grim FW for FW Quantum . . <s> <s> DT The NN plant NN expansion MD should VB strengthen DT the NN company POS 's JJS sway IN in DT the NN polyethylene NN business , , WRB where

    FW market FW share FW is FW often FW taken FW through FW sheer FW capacity . . <s> <s> . By UH lifting UH ethylene UH production , , DT the NN expansion MD will RB also RBR lower DT the NN company POS 's JJ raw NN material NNS costs . . <s> <s> NN Quantum VBZ is RB also FW tightening FW its FW grip FW on FW its FW one FW large FW business FW outside FW chemicals FW , FW propane FW marketing . . <s> <s> IN Through DT a NN venture IN with PRP$ its NN investment NN banker , , NNP First NNP Boston NNP Corp. , , FW Quantum FW completed

    FW in FW August FW an FW acquisition FW of FW Petrolane NNP Inc. IN in DT a NN transaction VBN valued IN at $ $ CD 1.18 CD billion . . <s> <s> NN Petrolane VBZ is DT the FW second-largest FW propane FW distributor IN in DT the NNP U.S. . . <s> <s> DT The JJS largest , , WP$ Suburban UH Propane , , VBD was RB already VBN owned IN by NNP Quantum . . <s> <s> NN Still , , WDT Quantum VBZ has DT a NN crisis TO to VB get JJ past NN right RB now . . <s> <s> FW Some FW analysts FW speculate FW the FW weakening FW stock

    FW may FW yet FW attract FW a FW suitor . . <s> <s> FW The FW name FW surfacing FW in FW rumors FW is FW British FW Petroleum NNP Co. , , WDT which VBZ is VBG looking TO to VB expand PRP$ its JJS polyethylene NN business IN in DT the NNP U.S. . . <s> <s> NN Asked IN about DT a NN bid IN for NNP Quantum , , DT a JJS BP NN spokesman VBZ says , , `` `` PRP We MD pretty RB much VB have DT a NN policy IN of RB not VBN commenting IN on NNS rumors , , CC and PRP I VBP think IN that JJR falls

    IN in DT that NN category . . <s> <s> FW RJR FW Nabisco FW Inc. FW is FW disbanding FW its FW division FW responsible FW for FW buying FW network FW advertising FW time , , RB just DT a NN month IN after $ moving CD 11 IN of DT the NN group POS 's CD 14 NNS employees TO to NNP New NNP York IN from NNP Atlanta . . <s> <s> DT A NN spokesman IN for DT the NNP New FW York-based FW food FW and FW tobacco FW giant FW , FW taken FW private RBR earlier DT this NN year IN in DT a $ $ CD 25 CD billion FW leveraged

    FW buy-out FW by FW Kohlberg FW Kravis FW Roberts FW & NNP Co. , , VBN confirmed IN that PRP it VBZ is VBG shutting RP down DT the FW RJR FW Nabisco FW Broadcast FW unit , , CC and PDT dismissing PRP$ its CD 14 NNS employees , , IN in DT a NN move TO to VB save NN money . . <s> <s> DT The NN spokesman VBD said FW RJR FW is FW discussing FW its FW network-buying FW plans FW with FW its FW two FW main FW advertising FW firms FW , FW FCB\/Leber FW Katz FW and FW McCann FW Erickson . . <s> <s> IN `` PRP We VBD found

    IN with DT the NN size IN of PRP$ our FW media FW purchases FW that FW an FW ad FW agency FW could FW do FW just FW as FW good FW a FW job FW at FW significantly FW lower FW cost , , '' '' VBD said DT the NN spokesman , , WP who VBD declined TO to VB specify WRB how FW much FW RJR FW spends FW on FW network FW television FW time . . <s> <s> DT An JJ executive NN close TO to DT the NN company VBD said PRP RJR VBZ is VBG spending IN about $ $ CD 140 CD million IN on # network LS television PDT time

    DT this NN year , , RB down IN from RB roughly $ $ CD 200 CD million JJ last NN year . . <s> <s> DT The NN spokesman VBD said DT the NN broadcast NN unit MD will VB be RP disbanded # Dec. CD 1 , , CC and DT the FW move FW wo FW n't FW affect FW RJR FW 's FW print FW , FW radio FW and FW spot-television FW buying FW practices . . <s> <s> . The '' broadcast NN group VBD had VBN been VBN based IN in NNP New NNP York IN until DT a NN year RB ago , , WRB when NNP RJR POS 's JJ previous

    NN management VBD moved PRP it TO to NNP Atlanta , , DT the NN company POS 's NN headquarters IN before DT this NN summer . . <s> <s> DT One NN employee IN with DT the NN group VBD said # RJR # moved CD 11 NNS employees IN of DT the NN group RB back TO to NNP New NNP York IN in NNP September IN because `` `` EX there VBD was VBN supposed TO to VB be DT a NN future . . '' '' <s> <s> NN He VBD said DT the NN company VBD hired CD three JJR more NNS buyers IN for DT the NN unit IN within DT the JJ past

    CD two NNS weeks , , FW wooing FW them FW from FW jobs FW with FW advertising FW agencies . . <s> <s> NNP The NNP RJR NN spokesman VBD said DT the NN company VBD moved DT the CD 11 NNS employees TO to NNP New NNP York JJ last NN month IN because DT the NN group VBD had RB then VBN been IN in DT the NN midst IN of DT purchasing NN ad NN time IN for DT the FW networks FW ' FW upcoming FW season . . <s> <s> IN `` DT The NNS studies -LRB- -LCBIN on VBG closing DT the NN unit -RRB- -RCBMD could RB n't VB be

    VBN completed IN until RB now , , '' '' PRP he VBD said . . <s> <s> DT The NN group POS 's NN president , , WP$ Peter UH Chrisanthopoulos , , VBD was RB n't IN in PRP$ his UH office UH Friday UH afternoon TO to VB comment . . <s> <s> NNP The NNP U.S. , , WDT which VBZ is PDT finalizing PRP$ its UH steel-import UH quotas , , VBZ is PDT allocating DT a JJR larger NN share IN of PRP$ its NN steel NN market TO to FW developing FW and FW newly FW industrialized FW countries FW which FW have FW relatively FW unsubsidized FW steel FW industries . .

    <s> <s> NN Meanwhile , , DT the NNP U.S. VBZ has VBN negotiated DT a JJ significant NN cut IN in NNP Japan POS 's UH steel UH quota , , CC and VBD made RB only DT a JJ minor NN increase TO to DT the NN steel NN allotment IN for DT the JJ European NN Community . . <s> <s> NN Brazil , , JJ similar TO to NNP Mexico CC and NNP South NNP Korea , , VBZ is VBN expected TO to VB negotiate DT a RB somewhat JJR bigger NN share IN of DT the NNP U.S. NN market IN than PRP it VBD had IN under DT the FW previous FW five-year

    FW steel FW quotas , , WDT which LS expired # Sept. CD 30 . . <s> <s> NN Brazil CC and EX Venezuela VBP are DT the JJ only CD two NNS countries WDT that VBP have RB n't VBN completed NN steel NNS talks IN with DT the NNP U.S. IN for DT the NN year WP$ ending # Oct. CD 1 , , CD 1990 . . <s> <s> DT In JJ recent NNS years , , NNP U.S. NNS steelmakers VBP have VBN supplied IN about CD 80 NN % IN of DT the CD 100 CD million NNS tons IN of NN steel VBD used RB annually IN by DT the NN nation . .

    <s> <s> IN Of DT the FW remaining FW 20 FW % FW needed , , DT the FW steel-quota FW negotiations FW allocate FW about FW 15 FW % FW to FW foreign FW suppliers , , IN with DT the FW difference FW supplied FW mainly FW by SYM Canada : -WDT which VBZ is RB n't VBN included IN in DT the NN quota NN program . . <s> <s> JJ Other NNS countries WDT that VBP do RB n't VBP have JJ formal NN steel NNS quotas IN with DT the NNP U.S. , , JJ such IN as NNP Taiwan , , WP$ Sweden UH and UH Argentina , , RB also VB have

    PRP$ supplied NN steel . . <s> <s> NN Some IN of DT these NNS countries VBP have IN in JJ recent NNS years VBD made JJ informal NNS agreements IN with DT the NNP U.S. WDT that VBP are JJ similar TO to VB quotas . . <s> <s> NNP The NNP Bush NN administration RBR earlier DT this NN year VBD said PRP it MD would FW extend FW steel FW quotas FW , FW known FW as FW voluntary FW restraint FW agreements FW , FW until FW March FW 31 , , CD 1992 . . <s> <s> VBZ It RB also VBD said PRP it MD would VB use IN that FW two-and-a-half FW year

    FW period FW to FW work FW toward FW an FW international FW consensus FW on FW freeing RP up DT the JJ international NN steel NN trade , , WDT which VBZ has VBN been FW notoriously FW managed FW , FW subsidized FW and FW protected FW by FW governments . . <s> <s> NNP The NNP U.S. VBD termed PRP$ its NN plan , , DT a `` `` UH trade UH liberalization UH program , , '' '' IN despite DT the NN fact IN that PRP it VBZ is RB merely DT an NN extension . . <s> <s> NN Mexico , , WDT which VBD was CD one IN of DT the JJ first

    NNS countries TO to VB conclude PRP$ its NN steel NNS talks IN with DT the NNP U.S. , , FW virtually FW doubled FW its FW quota FW to FW 0.95 NN % IN of DT the NNP U.S. POS steel NN market IN from DT 0.48 NN % IN under DT the JJ previous NNS quotas . . <s> <s> NNP South NNP Korea , , WDT which VBD had CD 1.9 NN % IN under DT the JJ previous NNS quotas , , VBZ is VBN set TO to VB get DT a JJ small NN increase TO to # about WP$ 1.95 NN % . . <s> <s> TO That VB increase RP rises TO to

    VB slightly JJR more IN than CD 2 NN % IN of DT the NNP U.S. NN market IN if DT a FW joint FW Korean-U.S. FW steel FW project FW is FW included . . <s> <s> NN Meanwhile , , WDT Brazil VBZ is VBN expected TO to VB increase PRP$ its NN allowance IN from DT the JJS 1.43 NN % NN share PRP it VBZ has VBN had IN in JJ recent NNS years . . <s> <s> . The '' EC CC and NNP Japan : -DT the NNP U.S. POS 's JJS largest LS steel SYM suppliers : -VBP have RB n't VBN been RP filling PRP$ their NNS quotas TO to

    DT the JJ full NN extent . . <s> <s> . The UH EC UH steel UH industry , , WDT which VBZ has VBN been RP coping IN with JJ strong JJ European NN demand , , VBZ has VBN been RP supplying IN about CD 5 NN % IN of DT the NNP U.S. NN market VBN compared IN with JJ recent NNS quotas IN of IN about DT 6.7 NN % . . <s> <s> NN Japan VBZ has VBN been VBG shipping NN steel TO to VB total IN about CD 4.5 NN % IN of DT the NNP U.S. NN market VBN compared IN with DT a NN quota IN of CD 5.9 NN %

    . . <s> <s> IN In DT the JJ recent NNS talks , , DT the NNP EC VBD had PRP$ its FW quota FW increased FW about FW 300,000 FW tons , , TO to CD 7 NN % IN of DT the NNP U.S. NN market IN from DT 6.7 NN % IN in CD 1988 . . <s> <s> IN But PRP$ its NN quota VBZ has VBN been IN as JJ high IN as CD 6.9 NN % IN in CD 1984 . . <s> <s> NN Japan , , RB however , , VBZ has VBN agreed TO to VB cut PRP$ its NN quota TO to $ about CD 5 NN % IN from

    CD 5.9 NN % RB previously . . <s> <s> NN Japan , , DT the NNP EC , , NNP Brazil , , FW Mexico FW and FW South FW Korea FW provide FW about FW 80 NN % IN of DT the NN steel VBN imported TO to DT the NNP U.S. IN under DT the NN quota NN program . . <s> <s> . The '' balance VBZ is VBN supplied IN by DT a NN host IN of FW smaller FW exporters FW , FW such FW as FW Australia FW and FW Venezuela . . <s> <s> NNP The NNP U.S. VBD had IN about DT an $ extra CD 2 NN % IN of

    DT the JJ domestic NN steel NN market TO to VB give TO to JJ foreign NNS suppliers IN in PRP$ its NN quota NNS talks . . <s> <s> NN That VBD was RB essentially VBN made RP up IN of DT a CD 1 NN % NN increase IN in DT the JJ overall NN quota NN program CC and CD 1 NN % IN from VBG cutting NNP Japan POS 's NN allowance . . <s> <s> NN Negotiators IN from DT the FW White FW House FW trade FW office FW will FW repeat FW these FW quota FW negotiations FW next FW year WRB when PRP they MD will VB have DT another CD 1

    NN % IN of DT the NNP U.S. POS steel NN market TO to VB allocate . . <s> <s> . These UH optional UH 1%-a-year UH increases TO to DT the FW steel FW quota FW program VBP are VBN built IN into DT the NNP Bush NN administration POS 's JJS steel-quota NN program TO to VB give PRP$ its FW negotiators FW leverage FW with FW foreign FW steel FW suppliers TO to VB try TO to VB get PRP them TO to VB withdraw NNS subsidies CC and JJR protectionism IN from PRP$ their JJ own NN steel NNS industries . . <s> <s> NNP Elcotel NNP Inc. FW expects FW fiscal FW second-quarter FW earnings

    FW to FW trail FW 1988 FW results , , CC but JJR anticipates IN that JJ several JJ new NNS products MD will VB lead TO to DT a `` `` RB much . stronger '' '' NN performance IN in PRP$ its JJ second NN half . . <s> <s> NN Elcotel , , DT a NN telecommunications NN company , , VBD had JJ net NN income IN of $ $ CD 272,000 , , CC or CD five NNS cents DT a NN share , , IN in PRP$ its JJ year-earlier JJ second NN quarter , , WP$ ended # Sept. CD 30 . . <s> <s> . Revenue -LRB- totaled $ $ CD 5

    CD million . . <s> <s> . George -RRB- Pierce , , NN chairman CC and JJ chief NN executive NN officer , , VBD said IN in DT an NN interview IN that NNS earnings IN in DT the RBS most JJ recent NN quarter MD will VB be IN about CD two NNS cents DT a NN share IN on NN revenue IN of RB just IN under $ $ CD 4 CD million . . <s> <s> IN The JJR lower NNS results , , NNP Mr. NNP Pierce VBD said , , FW reflect FW a FW 12-month FW decline FW in FW industry FW sales FW of FW privately FW owned FW pay FW telephones

    FW , FW Elcotel POS 's JJ primary NN business . . <s> <s> NNP Although NNP Mr. NNP Pierce VBZ expects DT that NN line IN of NN business TO to VB strengthen IN in DT the JJ next NN year , , PRP he VBD said PRP Elcotel MD will RB also VB benefit IN from VBG moving IN into JJ other NNS areas . . <s> <s> NN Foremost IN among DT those VBZ is DT the NN company POS 's JJS entrance IN into DT the JJ public JJ facsimile NN business , , NNP Mr. NNP Pierce VBD said . . <s> <s> IN Within DT the JJ next NN year , , WDT Elcotel

    VBZ expects TO to # place UH 10,000 UH fax UH machines , , VBN made IN by JJR Minolta IN in NNP Japan , , IN in NNS hotels , , FW municipal FW buildings FW , FW drugstores FW and FW other FW public FW settings PDT around DT the NN country . . <s> <s> NN Elcotel MD will VB provide DT a NN credit-card NN reader IN for DT the NNS machines TO to VB collect , , FW store FW and FW forward FW billing FW data . . <s> <s> . Mr. '' Pierce VBD said PRP Elcotel MD should VB realize DT a NN minimum IN of $ $ CD 10 IN of

    PRP$ recurring JJ net NNS earnings IN for DT each NN machine DT each NN month . . <s> <s> NN Elcotel VBZ has RB also FW developed FW an FW automatic FW call FW processor WDT that MD will VB make JJ further NN use IN of DT the NN company POS 's NN system IN for FW automating FW and FW handling FW credit-card FW calls FW and FW collect FW calls . . <s> <s> . Automatic '' call PRP processors MD will VB provide DT that NN system IN for PDT virtually DT any NN telephone , , NNP Mr. NNP Pierce VBD said , , FW not FW just FW phones FW produced FW by

    FW Elcotel . . <s> <s> DT The NN company MD will RB also VB be VBG producing DT a JJ new NN line IN of # convenience UH telephones , , WDT which VBP do RB n't FW accept FW coins FW , FW for FW use FW in FW hotel FW lobbies FW , FW office FW lobbies FW , FW hospitality FW lounges FW and FW similar FW settings . . <s> <s> . Mr. '' Pierce VBD estimated IN that DT the FW processors FW and FW convenience FW phones MD would VB produce IN about $ $ CD 5 IN of PRP$ recurring JJ net NNS earnings IN for DT each NN machine DT each

    NN month . . <s> <s> NNP Britain POS 's FW retail FW price FW index FW rose FW 0.7 NN % IN in NNP September IN from NNP August CC and VBD was RP up PRP$ 7.6 NN % IN for DT the NN year , , DT the FW Central FW Statistical FW Office FW said . . <s> <s> NNP Quest NNP Medical NNP Inc. VBD said PRP it VBD adopted DT a NNS shareholders POS ' NNS rights VBP plan IN in WDT which NNS rights TO to VB purchase NNS shares IN of JJ common NN stock MD will VB be VBN distributed IN as DT a NN dividend TO to NNS shareholders IN of

    NN record IN as IN of $ Oct. CD 23 . . <s> <s> DT The NN company VBD said DT the NN plan VBD was RB n't VBN adopted IN in NN response TO to FW any FW known FW offers FW for FW Quest , , DT a NN maker CC and NN marketer IN of PRP$ hospital NNS products . . <s> <s> FW The FW rights FW allow FW shareholders FW to FW purchase FW Quest FW stock FW at FW a FW discount FW if FW any FW person FW or FW group FW acquires JJR more IN than CD 15 NN % IN of DT the NN company POS 's JJ common NN stock

    CC or PDT announces DT a NN tender NN offer . . <s> <s> FW Measuring FW cups FW may FW soon FW be FW replaced FW by FW tablespoons FW in FW the FW laundry FW room . . <s> <s> FW Procter FW & FW Gamble FW Co. FW plans FW to FW begin FW testing FW next FW month FW a FW superconcentrated FW detergent FW that FW will FW require FW only FW a FW few FW spoonfuls FW per FW washload . . <s> <s> FW The FW move FW stems FW from FW lessons FW learned FW in FW Japan FW where FW local FW competitors FW have FW had FW phenomenal FW success

    FW with FW concentrated FW soapsuds . . <s> <s> FW It FW also FW marks FW P&G FW 's FW growing FW concern FW that FW its FW Japanese FW rivals FW , FW such FW as FW Kao NNP Corp. , , MD may VB bring PRP$ their NN superconcentrates TO to DT the NNP U.S. . . <s> <s> FW The FW Cincinnati FW consumer-products FW giant FW got FW clobbered FW two FW years FW ago FW in FW Japan FW when FW Kao FW introduced FW a FW powerful FW detergent FW , FW called FW Attack , , WDT which RB quickly VBD won DT a CD 30 NN % NN stake IN in

    DT the JJ Japanese NNS markets . . <s> <s> IN `` PRP They VBP do RB n't VBP want TO to VB get VBN caught RB again , , '' '' VBZ says CD one NN industry -RRB- watcher . . <s> <s> NN Retailers IN in NNP Phoenix , , NNP Ariz. , , FW say FW P&G FW 's FW new FW powdered SYM detergent : -TO to VB be FW called FW Cheer FW with FW Color SYM Guard : -MD will VB be IN on NNS shelves IN in DT that NN market IN by # early LS November . . <s> <s> FW A FW P&G FW spokeswoman FW confirmed FW that

    FW shipments FW to FW Phoenix FW started FW late FW last FW month . . <s> <s> NN She VBD said DT the NN company MD will VB study NNS results IN from DT this NN market IN before VBG expanding TO to NNS others . . <s> <s> NNS Superconcentrates VBP are RB n't RB entirely JJ new IN for NNP P&G . . <s> <s> FW The FW company FW introduced FW a FW superconcentrated FW Lemon FW Cheer FW in FW Japan FW after FW watching FW the FW success FW of FW Attack . . <s> <s> . When '' Attack VBD hit DT the NN shelves IN in CD 1987 , , NNP P&G

    POS 's NN share IN of DT the JJ Japanese NN market VBD fell TO to $ about CD 8 NN % IN from JJR more IN than CD 20 NN % . . <s> <s> IN With DT the NN help IN of # Lemon UH Cheer , , NNP P&G POS 's NN share VBZ is RB now VBN estimated TO to VB be CD 12 NN % . . <s> <s> IN While DT the FW Japanese FW have FW embraced FW the FW compact FW packaging FW and FW convenience FW of FW concentrated FW products , , DT the JJ true NN test IN for NNP P&G MD will VB be IN in DT the

    $ $ CD 4 CD billion NNP U.S. POS detergent NN market , , WRB where FW growth FW is FW slow FW and FW liquids FW have FW gained FW prominence FW over FW powders . . <s> <s> DT The NN company MD may VB have VBN chosen TO to VB market DT the NN product IN under DT the FW Cheer FW name FW since FW it FW 's FW already FW expanded FW its FW best-selling FW Tide FW into FW 16 FW different FW varieties , , VBG including DT this NN year POS 's JJ big NN hit , , WP$ Tide LS with LS Bleach . . <s> <s> . With -RRB- superconcentrates

    , , RB however , , PRP it VBZ is RB n't FW always FW easy FW to FW persuade FW consumers FW that FW less FW is FW more FW ; FW many FW people FW tend FW to FW dump FW too FW much FW detergent FW into FW the FW washing FW machine FW , FW believing FW that FW it FW takes FW a FW cup FW of FW powder FW to FW really FW clean FW the FW laundry . . <s> <s> IN In DT the JJ early NNS 1980s , , FW P&G FW tried FW to FW launch FW here FW a FW concentrated FW detergent FW under FW the FW Ariel

    FW brand FW name FW that FW it FW markets FW in FW Europe . . <s> <s> IN But DT the NN product , , WDT which VBD was RB n't RB as VBN concentrated IN as DT the JJ new NNS Cheer , , '' bombed IN in DT a NN market NN test IN in NNP Denver CC and VBD was VBN dropped . . <s> <s> NN P&G CC and FW others FW also FW have FW tried FW repeatedly FW to FW hook FW consumers FW on FW detergent FW and FW fabric FW softener FW combinations FW in FW pouches , , CC but PRP they VBP have RB n't VBN sold RB well

    , , IN despite DT the NN convenience . . <s> <s> FW But FW P&G FW contends FW the FW new FW Cheer FW is FW a FW unique FW formula FW that FW also FW offers FW an FW ingredient FW that FW prevents FW colors FW from FW fading . . <s> <s> JJ And NNS retailers VBP are VBN expected TO to VB embrace DT the NN product , , IN in NN part IN because PRP it MD will VB take RP up RBR less LS shelf LS space . . <s> <s> FW `` FW When FW shelf FW space FW was FW cheap , , WDT bigger VBD was RBR better , ,

    '' '' VBZ says UH Hugh UH Zurkuhlen , , DT an NN analyst IN at # Salomon LS Bros . . <s> <s> NN But IN with FW so FW many FW brands FW vying FW for FW space , , WDT that VBZ 's RB no RBR longer DT the NN case . . <s> <s> IN If DT the JJ new UH Cheer UH sells UH well , , DT the FW trend FW toward FW smaller FW packaging FW is FW likely FW to FW accelerate FW as FW competitors FW follow FW with FW their FW own FW superconcentrates . . <s> <s> . Then '' retailers `` `` FW will FW probably FW push

    FW the FW -LCBFW less-established FW -RCBFW brands FW out FW altogether , , '' '' PRP he VBZ says . . <s> <s> NN Competition VBZ is VBN bound TO to VB get FW tougher FW if FW Kao FW introduces FW a FW product FW like FW Attack IN in DT the NNP U.S. . . <s> <s> TO To VB be JJ sure , , WDT Kao MD would RB n't VB have DT an FW easy FW time FW taking FW U.S. FW market FW share FW away FW from FW the FW mighty FW P&G , , WDT which VBZ has RB about CD 23 NN % IN of DT the NN market

    . . <s> <s> JJ Kao NNS officials RB previously VBP have VBD said PRP they VBP are VBN interested IN in VBG selling RP detergents IN in DT the NNP U.S. , , CC but RB so RB far DT the NN company VBZ has VBN focused IN on NNS acquisitions , , JJ such IN as JJ last NN year POS 's NN purchase IN of FW Andrew FW Jergens FW Co. FW , FW a FW Cincinnati FW hand-lotion FW maker . . <s> <s> VBZ It RB also VBZ has DT a JJS product-testing NN facility IN in NNP California . . <s> <s> . Some '' believe NNP P&G POS 's NN interest IN in

    DT a FW superconcentrated FW detergent FW goes PDT beyond DT the NN concern IN for DT the JJ Japanese . . <s> <s> FW `` FW This FW is FW something FW P&G FW would FW do FW with FW or FW without FW Kao , , '' '' VBZ says NNP Mr. NNP Zurkuhlen . . <s> <s> DT With JJ economic NN tension IN between DT the NNP U.S. CC and NNP Japan FW worsening FW , FW many FW Japanese FW had FW feared FW last FW week FW 's FW visit FW from FW U.S. FW Trade FW Representative FW Carla FW Hills . . <s> <s> FW They FW expected FW a FW new

    FW barrage FW of FW demands FW that FW Japan FW do FW something FW quickly TO to VB reduce PRP$ its NN trade NN surplus IN with DT the NNP U.S. . . <s> <s> NN Instead , , PRP they VBD got DT a NN discussion IN of DT the NN need IN for DT the NNP U.S. CC and NNP Japan TO to VB work RB together CC and IN of DT the NN importance IN of DT the JJ long-term NN view . . <s> <s> FW Mrs. FW Hills FW ' FW first FW trip FW to FW Japan FW as FW America FW 's FW chief FW trade FW negotiator FW had FW a

    FW completely FW different FW tone FW from FW last FW month FW 's FW visit FW by FW Commerce FW Secretary FW Robert FW A. FW Mosbacher . . <s> <s> FW Mr. FW Mosbacher FW called FW for FW concrete FW results FW by FW next FW spring FW in FW negotiations FW over FW fundamental FW Japanese FW business FW practices FW that FW supposedly FW inhibit FW free FW trade . . <s> <s> NN He VBD said JJ such NNS results MD should VB be `` `` FW measurable FW in FW dollars FW and FW cents '' '' IN in VBG reducing DT the NNP U.S. NN trade NN deficit IN with NNP Japan

    . . <s> <s> NNP But NNP Mrs. NNP Hills , , '' speaking IN at DT a NN breakfast NN meeting IN of DT the FW American FW Chamber FW of FW Commerce FW in FW Japan FW on FW Saturday , , '' stressed IN that DT the RBS objective `` `` VBZ is RB not TO to VB get JJ definitive NN action IN by NN spring CC or NN summer , , PRP it VBZ is RB rather TO to VB have DT a NN blueprint IN for NN action . . '' '' <s> <s> NN She VBD added IN that PRP she VBD expected `` `` UH perhaps TO to VB have DT a

    RBS down SYM payment : ... DT some JJ small NN step TO to VB convince DT the JJ American NNS people CC and DT the JJ Japanese NNS people IN that PRP we VBP 're VBG moving IN in NN earnest . . '' '' <s> <s> IN How PDT such FW remarks FW translate FW into FW policy FW wo FW n't FW become FW clear FW for FW months . . <s> <s> NN American CC and JJ Japanese NNS officials VBD offered JJ several NNS theories IN for DT the NN difference IN in FW approach FW betwen FW Mr. FW Mosbacher FW and FW Mrs. FW Hills . . <s> <s> . Many '' called

    PRP it RB simply DT a NN contrast IN in NNS styles . . <s> <s> IN But DT some FW saw FW it FW as FW a FW classic FW negotiating FW tactic . . <s> <s> NN Others VBD said DT the FW Bush FW administration FW may FW feel FW the FW rhetoric FW on FW both FW sides VBZ is VBG getting RP out IN of NN hand . . <s> <s> . And '' some VBD said PRP it VBD reflected DT the FW growing FW debate FW in FW Washington FW over FW pursuing FW free FW trade FW with FW Japan FW versus FW some FW kind FW of FW managed FW trade

    . . <s> <s> NN Asked TO to VB compare PRP$ her NN visit TO to NNP Mr. NNP Mosbacher POS 's , , WP$ Mrs. LS Hills SYM replied : : `` `` PRP I VBD did RB n't FW hear FW every FW word FW he FW spoke , , CC but IN as DT a JJ general NN proposition , , PRP I VBP think PRP we VBP have DT a FW very FW consistent FW trade FW strategy IN in DT the NNP Bush NN administration . . '' '' <s> <s> NN Yet RBR more FW than FW one FW American FW official FW who FW sat FW in FW with FW her FW during

    FW three FW days FW of FW talks FW with FW Japanese FW officials FW said FW her FW tone FW often FW was FW surprisingly FW `` FW conciliatory . . '' '' <s> <s> IN `` PRP I VBP think PRP$ my NN line VBZ has VBN been RB very RBR consistent , , '' '' NNP Mrs. NNP Hills VBD said IN at DT a FW news FW conference FW Saturday FW afternoon . . <s> <s> FW `` FW I FW am FW painted FW sometimes FW as FW ferocious FW , FW perhaps FW because FW I FW have FW a FW ferocious FW list FW of FW statutes FW to FW implement . .

    <s> <s> NNS I VBP do RB n't VBP feel RB very RBR ferocious . . <s> <s> NNS I VBP do RB n't FW feel FW either FW hard FW or FW soft . . <s> <s> NNS I VBP feel VBN committed TO to DT the NN program IN of VBG opening NNS markets CC and VBG expanding NN trade . . '' '' <s> <s> IN When PRP she VBD met DT the JJ local NN press IN for DT the JJ first NN time IN on NNP Friday , , FW Mrs. FW Hills FW firmly FW reiterated FW the FW need FW for FW progress FW in FW removing FW barriers FW to FW trade

    FW in FW forest FW products FW , FW satellites FW and FW supercomputers FW , FW three FW areas FW targeted FW under FW the FW Super FW 301 FW provision IN of DT the CD 1988 NN trade NN bill . . <s> <s> FW She FW highlighted FW exclusionary FW business FW practices IN that DT the NNP U.S. NN government VBZ has VBN identified . . <s> <s> IN But PRP$ her JJ main NNS thrust VBD was TO to VB promote DT the NN importance IN of JJ world-wide JJ free NN trade CC and JJ open NN competition . . <s> <s> NN She VBD said DT the FW trade FW imbalance FW was

    FW mainly FW due FW to FW macroeconomic FW factors FW and FW should FW n't FW be FW tackled FW by FW setting FW quantitative FW targets . . <s> <s> IN At PRP$ her FW news FW conference FW for FW Japanese FW reporters FW , FW one FW economics FW journalist FW summed RP up DT the JJ Japanese NN sense IN of NN relief . . <s> <s> . `` '' My PRP impression VBD was IN that PRP you MD would VB be DT a FW scary FW old FW lady , , '' '' PRP he VBD said , , FW drawing FW a FW few FW nervous FW chuckles FW from FW his

    FW colleagues . . <s> <s> NN `` CC But PRP I VBP am VBN relieved TO to VB see IN that PRP you VBP are FW beautiful FW and FW gentle FW and FW intelligent FW and FW a FW person FW of FW integrity . . '' '' <s> <s> FW Mrs. FW Hills FW ' FW remarks FW did FW raise FW questions , , IN at JJS least IN among DT some NNP U.S. NNS officials , , FW about FW what FW exactly FW her FW stance VBZ is IN on NNP U.S. NN access TO to DT the JJ Japanese NN semiconductor NN market . . <s> <s> NNP The NNP U.S. NN share

    IN of DT the JJ Japanese NN market VBZ has VBN been VBN stuck IN around CD 10 NN % IN for NNS years . . <s> <s> FW Many FW Americans FW have FW interpreted FW a FW 1986 FW agreement FW as FW assuring FW U.S. FW companies FW a FW 20 FW % FW share FW by FW 1991 , , CC but DT the FW Japanese FW have FW denied FW making FW any FW such FW promise . . <s> <s> CD At CD one IN of PRP$ her NN news NNS conferences , , NNP Mrs. NNP Hills VBD said , , `` `` PRP I VBP believe PRP we MD can VB do

    RB much JJR better IN than CD 20 NN % . . '' '' <s> <s> . But UH she UH stressed , , `` `` FW I FW am FW against FW managed FW trade . . <s> <s> NN I MD will RB not VB enter IN into DT an NN agreement WDT that VBZ stipulates TO to DT a NN percentage IN of DT the NN market . . <s> <s> NNP Traditional NNPS Industries NNP Inc. VBD said PRP it VBZ expects TO to VB report DT a JJ net NN loss IN for DT the JJ fourth NN quarter WDT that VBD ended $ June CD 30 CC and VBZ is VBG seeking JJ new

    NN financing . . <s> <s> . The '' seller IN of JJ photographic NNS products CC and NNS services VBD said PRP it VBZ is VBG considering DT a NN number IN of NN financing NNS alternatives , , VBG including VBG seeking NNS increases IN in PRP$ its NN credit NNS lines . . <s> <s> NN Traditional VBD declined TO to VB estimate DT the NN amount IN of DT the NN loss CC and MD would RB n't VBP say IN if PRP it VBZ expects TO to VB show DT a NN profit IN for DT the NN year . . <s> <s> IN In DT the NN year VBD ended $ June CD 30

    , , CD 1988 , , WDT Traditional VBD reported JJ net NN income IN of $ $ CD 4.9 CD million , , CC or $ $ CD 1.21 DT a NN share . . <s> <s> DT The NN company VBD did RB n't VB break RP out PRP$ its JJ fourth-quarter NNS results . . <s> <s> IN In DT the JJS latest CD nine NNS months JJ net NN income VBD was $ $ CD 4.7 CD million , , CC or $ $ CD 1.31 DT a NN share , , IN on NN revenue IN of $ $ CD 44.3 CD million . . <s> <s> NN Separately , , DT the NN company

    VBD said PRP it MD would VB file DT a FW delayed FW fiscal-year FW report FW with FW the FW Securities FW and FW Exchange FW Commission FW `` FW within FW approximately FW 45 FW days . . '' '' <s> <s> NN It VBD said DT the FW delay FW resulted FW from FW difficulties FW in FW resolving PRP$ its NN accounting IN of DT a NN settlement IN with DT the NNP Federal NNP Trade NNP Commission . . <s> <s> IN Under DT an NN agreement VBN filed IN in JJ federal NN court IN in NNP August TO to FW settle FW FTC FW objections FW to FW some FW Traditional FW sales

    FW practices , , WDT Traditional VBD said PRP it MD would VB establish DT a $ $ CD 250,000 NN trust NN fund TO to VB provide RP refunds TO to JJ certain NNS customers . . <s> <s> NNP Information NNP International NNP Inc. VBD said PRP it VBD was VBN sued IN by DT a NN buyer IN of PRP$ its UH computerized UH newspaper-publishing UH system , , VBG alleging IN that DT the NN company VBD failed TO to VB correct RP deficiencies IN in DT the NN system . . <s> <s> DT A NN spokesman IN for NNP Information NNP International VBD said DT the NN lawsuit IN by CD two NNS units

    IN of FW Morris FW Communications FW Corp. FW seeks FW restitution IN of DT the NN system VBZ 's IN about $ $ CD 3 CD million NN purchase NN price CC and JJR cancellation IN of DT a FW software FW license FW provided FW by FW the FW Morris FW units FW to FW Information FW International FW for FW alleged FW failure FW to FW pay FW royalties . . <s> <s> NNP Information NNP International VBD said PRP it VBZ believes IN that DT the NNS complaints , , VBN filed IN in JJ federal NN court IN in NNP Georgia , , VBP are LS without LS merit . . <s> <s> FW Closely

    FW held FW Morris FW Communications FW is FW based FW in FW Augusta FW , FW Ga . . <s> <s> JJ The NNS units WDT that VBD filed DT the FW suit FW are FW Southeastern FW Newspapers FW Corp. FW and FW Florida FW Publishing FW Co . . <s> <s> NNP Syms NNP Corp. VBD completed DT the NN sale IN of PRP$ its FW A. FW Sulka FW & FW Co. FW subsidiary FW , FW a FW men FW 's FW luxury FW haberdashery , , TO to # Luxco LS Investments . . <s> <s> NN Terms VBD were RB n't VBN disclosed . . <s> <s> . As '' Syms VBZ 's

    `` `` FW core FW business FW of FW off-price FW retailing FW grows , , DT a JJ small NN subsidiary WDT that VBZ is FW operationally FW unrelated FW becomes FW a FW difficult FW distraction , , '' '' VBD said UH Marcy UH Syms , , NN president IN of DT the NN parent , , IN in DT a NN statement . . <s> <s> . A '' spokeswoman VBD said PRP Sulka VBZ operates DT a NN total IN of CD seven NNS stores IN in DT the NNP U.S. CC and RB overseas . . <s> <s> FW Syms FW operates FW 25 FW off-price FW apparel FW stores IN in DT the

    NNP U.S. . . <s> <s> DT The NN oil NN industry POS 's JJS middling NNS profits MD could VB persist IN through DT the NN rest IN of DT the NN year . . <s> <s> DT Major NN oil NNS companies IN in DT the JJ next JJ few NNS days VBP are VBN expected TO to VB report RB much RBR less JJ robust NNS earnings IN than PRP they VBD did IN for DT the JJ third NN quarter DT a NN year RB ago , , FW largely FW reflecting FW deteriorating FW chemical FW prices FW and FW gasoline FW profitability . . <s> <s> . The '' gasoline PRP picture MD may

    VB improve DT this NN quarter , , CC but NNS chemicals VBP are JJ likely TO to VB remain JJ weak , , NN industry NNS executives CC and NNS analysts VBP say , , FW reducing FW chances FW that FW profits FW could FW equal FW their FW year-earlier FW performance . . <s> <s> DT The NN industry VBZ is `` `` FW seeing FW a FW softening FW somewhat FW in FW volume FW and FW certainly FW in FW price FW in FW petrochemicals , , '' '' UH Glenn UH Cox , , NN president IN of NNP Phillips NNP Petroleum NNP Co. , , VBD said IN in DT an NN interview

    . . <s> <s> FW `` FW That FW change FW will FW obviously FW impact FW third FW and FW fourth FW quarter FW earnings '' '' IN for DT the NN industry IN in JJ general , , PRP he VBD added . . <s> <s> NN He VBD did RB n't FW forecast FW Phillips POS 's NNS results . . <s> <s> FW But FW securities FW analysts FW say FW Phillips MD will VB be IN among DT the FW companies FW hard-hit FW by FW weak FW chemical NNS prices CC and MD will RB probably VB post DT a NN drop IN in JJ third-quarter NNS earnings . . <s> <s> NN So

    , , RB too , , JJ many NNS analysts VBP predict , , MD will VB Exxon NNP Corp. , , NNP Chevron NNP Corp. CC and NNP Amoco NNP Corp . . <s> <s> NN Typical VBZ is WP what VBD happened TO to DT the NN price IN of NNP ethylene , , DT a FW major FW commodity FW chemical FW produced FW in FW vast FW amounts FW by FW many FW oil FW companies . . <s> <s> NN It VBZ has FW plunged FW 13 FW % FW since FW July FW to FW around FW 26 FW cents FW a FW pound . . <s> <s> FW A FW year FW ago

    FW ethylene FW sold FW for FW 33 FW cents FW , FW peaking FW at FW about FW 34 FW cents FW last FW December . . <s> <s> DT A JJ big NN reason IN for DT the FW chemical FW price FW retreat FW is FW overexpansion . . <s> <s> NN Beginning IN in FW mid-1987 FW , FW prices FW began FW accelerating FW as FW a FW growing FW U.S. FW economy FW and FW the FW weak FW dollar FW spurred FW demand . . <s> <s> . Companies UH added UH capacity UH furiously . . <s> <s> NN Now , , WP$ greatly LS increased EX supplies VBP are IN on

    DT the NN market , , IN while DT the NN dollar VBZ is JJR stronger , , CC and JJ domestic JJ economic NN growth VBZ is JJR slower . . <s> <s> FW Third-quarter FW profits FW from FW gasoline FW were FW weaker . . <s> <s> . `` '' Refining PRP margins VBD were RB so JJ good IN in DT the JJ third NN quarter IN of JJ last NN year CC and RB generally RB not RB very PDT good DT this NN year , , '' '' VBD said UH William UH Randol , , DT a NNS securities NN analyst IN at NNP First NNP Boston NNP Corp . . <s> <s>

    FW Oil FW company FW refineries FW ran FW flat FW out FW to FW prepare FW for FW a FW robust FW holiday FW driving FW season FW in FW July FW and FW August FW that FW did FW n't FW materialize . . <s> <s> FW The FW excess FW supply FW pushed FW gasoline FW prices RP down IN in DT that NN period . . <s> <s> DT In NN addition , , WP$ crude NN oil NNS prices VBD were RP up DT some IN from DT a NN year RBR earlier , , WP$ further LS pressuring LS profitability . . <s> <s> . Refiners UH say UH margins UH picked RP up

    IN in NNP September , , CC and FW many FW industry FW officials FW believe FW gasoline FW profits MD will VB rebound DT this NN quarter , , RB though RB still RB not TO to DT the NN level IN of CD 1988 POS 's JJ fourth NN quarter . . <s> <s> IN During DT the FW 1988 FW second FW half FW , FW many FW companies FW posted FW record FW gasoline FW and FW chemical FW profits . . <s> <s> DT Crude NN oil NN production MD may VB turn RP out TO to VB be DT the RBS most LS surprising -RRB- element IN of NNS companies POS ' NNS earnings

    DT this NN year . . <s> <s> NN Prices : -LS averaging LS roughly $ $ CD 2 DT a NN barrel JJR higher IN in DT the JJ third NN quarter IN than DT a NN year RBR earlier : -LS have FW stayed FW well FW above FW most FW companies FW ' FW expectations . . <s> <s> NN Demand VBZ has VBN been RB much JJR stronger IN than NNP anticipated , , CC and PRP it RB typically VBN accelerates IN in DT the JJ fourth NN quarter . . <s> <s> IN `` PRP We MD could VB see JJR higher NN oil NNS prices DT this NN year , ,

    '' '' VBD said UH Bryan UH Jacoboski , , DT an NN analyst IN at NNP PaineWebber NNP Inc . . <s> <s> NN That MD will FW translate FW into FW sharply FW higher FW production FW profits FW , FW particularly FW compared FW with FW last FW year FW when FW oil FW prices FW steadily FW fell FW to FW below $ $ CD 13 DT a NN barrel IN in DT the JJ fourth NN quarter . . <s> <s> DT While NN oil NNS prices VBP have VBN been JJR better IN than VBN expected , , JJ natural NN gas NNS prices VBP have VBN been RBR worse . . <s> <s>

    IN In DT the JJ third NN quarter , , PRP they VBD averaged IN about CD 5 NN % RBR less IN than PRP they VBD were IN in CD 1988 . . <s> <s> FW The FW main FW reason FW remains FW weather . . <s> <s> FW Last FW summer FW was FW notable FW for FW a FW heat FW wave FW and FW drought FW that FW caused FW utilities FW to FW burn FW more FW natural FW gas FW to FW feed FW increased FW electrical FW demand FW from FW air FW conditioning FW use . . <s> <s> DT This NN summer , , IN on DT the JJ other

    NN hand , , FW had FW milder FW weather FW than FW usual . . <s> <s> IN `` PRP We VBP 've VBN been RB very VBN disappointed IN in DT the NN performance IN of JJ natural NN gas NNS prices , , '' '' VBD said NNP Mr. NNP Cox , , NNP Phillips POS 's NN president . . <s> <s> IN `` DT The FW lagging FW gas FW price FW is FW not FW going FW to FW assist FW fourth FW quarter FW performance FW as FW many FW had FW expected . . '' '' <s> <s> NN Going IN into DT the JJ fourth NN quarter , , JJ natural

    NN gas NNS prices VBP are RB anywhere IN from CD 8 NN % TO to CD 17 NN % JJR lower IN than DT a NN year RBR earlier . . <s> <s> DT For NN instance , , FW natural FW gas FW currently FW produced FW along FW the FW Gulf FW Coast VBZ is VBG selling IN on DT the FW spot FW market FW for FW around FW $ FW 1.47 FW a FW thousand FW cubic FW feet , , RB down CD 13 NN % IN from $ $ FW 1.69 FW a FW thousand FW cubic FW feet FW a FW year FW ago . . <s> <s> NNP The NNP Bush

    NN administration , , VBG trying TO to FW blunt FW growing FW demands FW from FW Western FW Europe FW for FW a FW relaxation FW of FW controls FW on FW exports TO to DT the JJ Soviet NN bloc , , VBZ is FW questioning FW whether FW Italy FW 's FW Ing FW . FW C. FW Olivetti FW & FW Co. FW supplied FW militarily FW valuable FW technology TO to DT the NNS Soviets . . <s> <s> NN Most IN of DT the FW Western FW European FW members FW of FW Coordinating FW Committee FW on FW Multilateral FW Export FW Controls , , DT the FW unofficial FW forum FW through

    WDT which DT the NNP U.S. CC and PRP$ its FW allies FW align FW their FW export-control FW policies , , VBP are VBN expected TO to VB argue IN for JJR more LS liberal WP$ export NNS rules IN at DT a NN meeting TO to VB be VBN held IN in NNP Paris NNP Oct. CD 25 CC and CD 26 . . <s> <s> DT They NN plan TO to VB press RP specifically IN for DT a FW relaxation FW of FW rules FW governing FW exports FW of FW machine FW tools FW , FW computers FW and FW other FW high-technology FW products . . <s> <s> IN But DT the NNP Bush

    NN administration VBZ says PRP it VBZ wants TO to VB see NN evidence IN that PDT all FW Cocom FW members FW are FW complying FW fully FW with FW existing FW export-control FW procedures FW before FW it FW will FW support FW further FW liberalization . . <s> <s> TO To VB make PRP$ its NN point , , PRP it VBZ is VBG challenging DT the JJ Italian NN government TO to FW explain FW reports FW that FW Olivetti FW may FW have FW supplied FW the FW Soviet FW Union FW with FW sophisticated FW computer-driven FW devices WDT that MD could VB be VBN used TO to VB build NNS parts IN for

    # combat LS aircraft . . <s> <s> NNP The NNP London NNP Sunday NNP Times , , WDT which RB first VBD reported DT the NNP U.S. NNS concerns , , VBD cited DT a NNP U.S. POS intelligence NN report IN as DT the NN source IN of DT the FW allegations FW that FW Olivetti FW exported $ $ CD 25 CD million IN in `` `` UH embargoed , , UH state-of-the-art , , WP$ flexible UH manufacturing UH systems TO to DT the JJ Soviet NN aviation NN industry . . '' '' <s> <s> FW Olivetti FW reportedly FW began FW shipping FW these FW tools FW in FW 1984 . . <s> <s>

    NNP A NNP State NNP Department NN spokesman VBD acknowledged IN that DT the NNP U.S. VBZ is VBG discussing DT the NNS allegations IN with DT the JJ Italian NN government CC and NNP Cocom , , CC but VBD declined TO to VB confirm DT any NNS details . . <s> <s> FW Italian FW President FW Francesco FW Cossiga FW promised FW a FW quick FW investigation FW into FW whether FW Olivetti FW broke FW Cocom FW rules . . <s> <s> NNP President NNP Bush VBD called PRP$ his NN attention TO to DT the NN matter IN during DT the JJ Italian NN leader POS 's NN visit RB here JJ last NN week

    . . <s> <s> NN Olivetti VBZ has VBN denied IN that PRP it UH violated UH Cocom UH rules , , VBG asserting IN that DT the FW reported FW shipments FW were FW properly FW licensed FW by FW the FW Italian FW authorities . . <s> <s> IN Although DT the NN legality IN of DT these NNS sales VBZ is RB still DT an JJ open NN question , , DT the NN disclosure MD could RB n't VB be JJR better UH timed TO to VB support DT the NN position IN of # export-control SYM hawks IN in DT the NNP Pentagon CC and DT the NN intelligence NN community . . <s> <s>

    IN `` PRP It VBZ seems TO to FW me FW that FW a FW story FW like FW this FW breaks FW just FW before FW every FW important FW Cocom FW meeting , , '' '' VBD said DT a NNP Washington NN lobbyist IN for DT a NN number IN of NNP U.S. NN computer NNS companies . . <s> <s> FW The FW Bush FW administration FW has FW sent FW conflicting FW signals FW about FW its FW export-control FW policies FW , FW reflecting FW unhealed FW divisions FW among FW several FW competing FW agencies . . <s> <s> DT Last NN summer , , NNP Mr. NNP Bush VBD moved DT the

    NN administration IN in DT the NN direction IN of FW gradual FW liberalization FW when FW he FW told FW a FW North FW Atlantic FW Treaty FW Organization FW meeting WDT that PRP he MD would VB allow DT some NNS exceptions TO to DT the FW Cocom FW embargo FW of FW strategic FW goods . . <s> <s> NN But RBR more RB recently , , DT the NNP Pentagon CC and DT the FW Commerce FW Department FW openly FW feuded FW over FW the FW extent FW to FW which FW Cocom FW should FW liberalize FW exports FW of FW personal FW computers TO to DT the NN bloc . . <s> <s>

    NN However , , FW these FW agencies FW generally FW agree FW that FW the FW West FW should FW be FW cautious FW about FW any FW further FW liberalization . . <s> <s> `` `` EX There VBZ 's DT no NN evidence IN that DT the JJ Soviet NN program TO to # -LRBLS illegally -RRB- -RRBFW acquire FW Western FW technology FW has FW diminished , , '' '' VBD said DT a NNP State NNP Department NN spokesman . . <s> <s> NNP Salomon NNPS Brothers NNP International NNP Ltd. , , DT a JJ British NN subsidiary IN of NNP Salomon NNP Inc. , , VBD announced PRP it MD will

    VB issue NNS warrants IN on NNS shares IN of FW Hong FW Kong FW Telecommunications FW Ltd . . <s> <s> FW The FW move FW closely FW follows FW a FW similar FW offer FW by FW Salomon FW of FW warrants FW for FW shares FW of FW Hongkong FW & FW Shanghai FW Banking FW Corp . . <s> <s> IN Under DT the JJS latest NN offer , , WP$ HK$ # 62.5 CD million -LRB- -LRB$ US$ CD 8 CD million -RRB- -RRBIN of JJ three-year NNS warrants MD will VB be VBN issued IN in NNP London , , WP$ each LS giving PDT buyers DT the NN right TO to

    VB buy FW one FW Hong FW Kong FW Telecommunications NN share IN at DT a NN price TO to VB be VBN determined NNP Friday . . <s> <s> CD The CD 50 CD million NNS warrants MD will VB be VBN priced IN at # HK$ LS 1.25 -RRB- each CC and VBP are VBN expected TO to VB carry DT a NN premium TO to DT the NN share NN price IN of IN about CD 26 NN % . . <s> <s> DT In NN trading IN on DT the NNP Stock NNP Exchange IN of NNP Hong NNP Kong , , DT the FW shares FW closed FW Wednesday FW at FW HK$ FW 4.80

    FW each . . <s> <s> IN At DT this NN price , , DT the NNS shares MD would VB have TO to FW rise FW above FW HK$ FW 6.05 FW for FW subscribers FW to FW Salomon FW 's FW issue FW to FW profitably FW convert FW their FW warrants . . <s> <s> NNP While NNP Hong NNP Kong NNS companies VBP have IN in DT the JJ past JJ issued NNS warrants IN on PRP$ their JJ own NNS shares , , NNP Salomon POS 's NNS warrants VBP are DT the JJ first RB here TO to VB be VBN issued IN by DT a JJ third NN party . . <s> <s>

    NN Salomon MD will `` `` UH cover '' '' DT the NNS warrants IN by VBG buying JJ sufficient NNS shares , , CC or NNS options TO to VB purchase NNS shares , , TO to VB cover PRP$ its JJ entire NN position . . <s> <s> NN Bankers VBD said FW warrants FW for FW Hong FW Kong FW stocks FW are FW attractive FW because FW they FW give FW foreign FW investors , , '' wary IN of NN volatility IN in DT the NN colony POS 's NN stock NN market , , DT an NN opportunity TO to VB buy FW shares FW without FW taking FW too FW great FW a

    FW risk . . <s> <s> FW The FW Hong FW Kong FW Telecommunications FW warrants MD should VB be RP attractive TO to NNS buyers IN in NNP Europe , , DT the NNS bankers VBD added , , IN because DT the NN group VBZ is CD one IN of DT a NN handful IN of JJ blue-chip NNS stocks IN on DT the NNP Hong NNP Kong NN market WDT that VBZ has JJ international NN appeal . . <s> <s> NNP Financial NNP Corp. IN of FW Santa FW Barbara FW filed FW suit FW against FW former FW stock FW speculator FW Ivan FW F. FW Boesky FW and FW Drexel FW Burnham FW Lambert

    FW Inc. FW , FW charging FW they FW defrauded FW the FW thrift FW by FW concealing FW their FW relationship FW when FW persuading PRP it TO to VB buy $ $ CD 284 CD million IN in JJ high-yield , , WP$ high-risk NN junk NNS bonds . . <s> <s> IN In DT a NN suit VBN filed IN in JJ federal NN court NNP Thursday , , DT the RBS S&L VBN alleged IN that DT a `` `` FW disproportionate FW number '' '' IN of DT the NNS bonds PRP it VBD purchased IN in PRP 1984 VBD declined IN in NN value . . <s> <s> NNP Financial NNP Corp. VBD purchased

    DT the NNS bonds , , DT the FW suit FW alleged FW , FW after FW Mr. FW Boesky FW and FW Drexel FW negotiated FW an FW agreement FW for FW Vagabond FW Hotels TO to VB purchase DT a CD 51 NN % NN stake IN in DT the NN thrift IN for IN about $ $ CD 34 CD million . . <s> <s> . Vagabond '' Hotels VBD was VBN controlled IN by NNP Mr. NNP Boesky , , WP who FW currently FW is FW serving FW a FW prison FW term FW for FW securities FW violations . . <s> <s> NN Officials IN at NNP Drexel VBD said PRP they VBD had

    RB n't VBN seen DT the NN suit CC and RB thus MD could RB n't VB comment . . <s> <s> DT In NN addition TO to $ $ CD 33 CD million SYM compensatory UH damages , , DT the NN suit -LRB- seeks $ $ CD 100 CD million IN in # punitive LS damages . . <s> <s> VBZ Also VBN named IN in DT the NN suit VBZ is FW Ivan FW F. FW Boesky FW Corp. FW and FW Northview NNP Corp. , , DT the NN successor NN company TO to # Vagabonds LS Hotels . . <s> <s> JJ Northview NNS officials MD could RB n't VB be RP located . .

    <s> <s> NNP Financial NNP Corp. VBD said PRP it VBD agreed TO to VB buy DT the NNS bonds IN after DT a FW representative FW of FW Ivan FW F. FW Boesky FW Corp. FW visited FW it FW in FW November FW 1983 CC and VBD said NNP Financial NNP Corp. MD could VB improve PRP$ its JJ financial NN condition IN by VBG purchasing DT the NNS bonds . . <s> <s> NN Shortly IN before DT the NN visit , , NNP Mr. FW Boesky FW and FW Drexel FW representives FW had FW met FW with FW Financial FW Corp. FW officials FW and FW had FW signed FW a FW letter FW of

    FW intent TO to VB acquire DT the CD 51 NN % NN stake IN in DT the NN company . . <s> <s> NN However , , DT the NN agreement VBD was VBN canceled IN in $ June CD 1984 . . <s> <s> NNP Financial NNP Corp. VBD purchased DT the NNS bonds IN in IN at JJS least FW 70 FW different FW transactions FW in FW 1984 FW and FW since FW then FW has FW realized $ $ CD 11 CD million IN in NNS losses IN on PRP them , , DT the NN company VBD said . . <s> <s> FW Ideal FW Basic FW Industries FW Inc. FW said FW its

    FW directors FW reached FW an FW agreement FW in FW principle FW calling FW for FW HOFI FW North FW America FW Inc. FW to FW combine FW its FW North FW American FW cement FW holdings FW with FW Ideal FW in FW a FW transaction FW that FW will FW leave FW Ideal FW 's FW minority FW shareholders FW with FW 12.8 NN % IN of DT the JJ combined NN company . . <s> <s> NN HOFI , , DT the FW North FW American FW holding FW company FW of FW Swiss FW concern FW Holderbank FW Financiere FW Glaris FW Ltd. FW , FW previously FW proposed FW combining FW its FW 100

    FW % FW stake FW in FW St. FW Lawrence FW Cement FW Inc. FW and FW its FW 60 FW % FW stake FW in FW Dundee FW Cement FW Co. FW with FW its FW 67 FW % FW stake FW in FW Ideal . . <s> <s> . But '' HOFI VBZ 's JJ first NN offer MD would VB have VBN given NNP Ideal POS 's JJ other NNS shareholders IN about CD 10 NN % IN of DT the JJ combined NN company . . <s> <s> NNP Ideal POS 's NNS directors VBD rejected DT that NN offer , , IN although PRP they VBD said PRP they VBD endorsed DT the NN merger

    NN proposal . . <s> <s> IN Under DT the NN agreement , , WDT HOFI MD will VB own PRP$ 87.2 NN % IN of DT the JJ combined NN company . . <s> <s> NNP Ideal POS 's JJ current NNS operations MD will VB represent IN about DT 39.2 NN % IN of DT the JJ combined NN company . . <s> <s> . The '' transaction VBZ is JJ subject TO to DT a JJ definitive NN agreement CC and NN approval IN by PRP$ Ideal NNS shareholders . . <s> <s> NN Ideal VBD said PRP it VBZ expects TO to VB complete DT the NN transaction RB early JJ next NN year . .

    <s> <s> FW While FW corn FW and FW soybean FW prices FW have FW slumped FW well FW below FW their FW drought-induced FW peaks FW of FW 1988 FW , FW wheat FW prices FW remain FW stubbornly FW high . . <s> <s> IN And PRP they VBP 're JJ likely TO to VB stay DT that NN way IN for NNS months TO to VB come , , NNS analysts VBP say . . <s> <s> CD For CD one NN thing , , RB even IN with FW many FW farmers FW planting FW more FW winter FW wheat FW this FW year FW than FW last FW , FW tight FW wheat FW supplies

    FW are FW likely FW to FW support FW prices FW well FW into FW 1990 , , DT the NNS analysts VBP say . . <s> <s> FW And FW if FW rain FW does FW n't FW fall FW soon FW across FW many FW of FW the FW Great FW Plains FW ' FW wheat-growing FW areas , , NNS yields IN in DT the FW crop FW now FW being FW planted FW could FW be FW reduced FW , FW further FW squeezing FW supplies . . <s> <s> . Also '' supporting NNS prices VBP are NNS expectations IN that DT the FW Soviet FW Union FW will FW place FW substantial FW buying

    FW orders RP over DT the JJ next JJ few NNS months . . <s> <s> . By UH next UH May UH 31 , , NNS stocks IN of NNP U.S. VBD wheat TO to VB be VBN carried RP over IN into DT the JJ next NN season : -IN before DT the FW winter FW wheat FW now FW being FW planted FW is SYM harvested : -VBP are VBN projected TO to VB drop TO to $ 443 CD million -RRB- bushels . . <s> <s> NN That MD would VB be DT the JJS lowest NN level IN since DT the JJ early NNS 1970s . . <s> <s> NN Stocks VBD were

    $ 698 CD million NNS bushels IN on $ May CD 31 IN of DT this NN year . . <s> <s> DT In NN response TO to FW dwindling FW domestic FW supplies FW , FW Agriculture FW Secretary FW Clayton FW Yeutter JJ last NN month VBD said DT the NNP U.S. NN government MD would RB slightly VB increase DT the NN number IN of FW acres FW farmers FW can FW plant FW in FW wheat FW for FW next FW year FW and FW still FW qualify FW for FW federal FW support FW payments . . <s> <s> DT The NN government NNS estimates IN that DT the JJ new NN plan MD will

    VB boost PRP$ production JJ next NN year IN by IN about $ 66 CD million -RRB- bushels . . <s> <s> FW It FW now FW estimates FW production FW for FW next FW year FW at FW just FW under FW 2.6 FW billion FW bushels , , VBN compared IN with DT this NN year POS 's LS estimated # 2.04 CD billion CC and DT a RBS drought-stunted # 1.81 CD billion IN in CD 1988 . . <s> <s> IN But DT the JJ full NN effect IN on NNS prices IN of DT the FW winter FW wheat FW now FW being FW planted MD wo RB n't VB be VBN felt IN until

    DT the JJ second NN half IN of JJ next NN year . . <s> <s> VBZ Until RB then , , JJ limited NNS stocks VBP are JJ likely TO to VB keep NNS prices IN near DT the $ $ CD 4-a-bushel NN level , , NNS analysts VBP say . . <s> <s> IN On DT the NNP Chicago NNP Board IN of NNP Trade NNP Friday , , FW wheat FW for FW December FW delivery FW settled FW at FW $ FW 4.0675 FW a FW bushel FW , FW unchanged . . <s> <s> DT In NN theory IN at JJS least , , FW tight FW supplies FW next FW spring FW could

    FW leave FW the FW wheat FW futures FW market FW susceptible FW to FW a FW supply-demand FW squeeze FW , FW said FW Daniel FW Basse FW , FW a FW futures FW analyst FW with FW AgResource FW Co. FW in FW Chicago . . <s> <s> IN Such DT a NN situation MD can UH wreak UH havoc , , RB as VBD was VBN shown IN by DT the FW emergency FW that FW developed FW in FW soybean FW futures PDT trading DT this NN summer IN on DT the NNP Chicago NNP Board IN of NNP Trade . . <s> <s> NNP In NNP July , , DT the FW CBOT FW ordered

    FW Ferruzzi FW Finanziaria FW S.p FW . FW A. FW to FW liquidate FW futures FW positions FW equal FW to FW about FW 23 FW million FW bushels FW of FW soybeans . . <s> <s> DT The NN exchange VBD said PRP it VBD feared IN that DT some NNS members MD would RB n't VB be JJ able TO to VB find UH enough UH soybeans TO to VB deliver CC and MD would VB have TO to VB default IN on PRP$ their UH contractual UH obligation TO to DT the JJ Italian NN conglomerate , , WDT which VBD had UH refused UH requests TO to VB reduce PRP$ its NNS holdings . .

    <s> <s> NN Ferruzzi VBZ has VBN denied PRP it VBD was VBG trying TO to VB manipulate DT the RBS soybean WP$ futures NN market . . <s> <s> . Unseasonably -RRB- hot , , FW dry FW weather FW across FW large FW portions FW of FW the FW Great FW Plains FW and FW in FW wheat-growing FW areas FW in FW Washington FW and FW Oregon VBZ is VBG threatening TO to VB reduce DT the NN yield IN from DT this NN season POS 's FW winter FW wheat FW crop FW , FW said FW Conrad FW Leslie FW , FW a FW futures FW analyst FW and FW head FW of FW Leslie

    FW Analytical FW in FW Chicago . . <s> <s> DT For NN example , , IN in DT the RBS Oklahoma UH panhandle , , CD 40 NN % CC or JJR more IN of DT the FW topsoil FW is FW short FW of FW moisture . . <s> <s> FW That FW figure FW climbs FW to FW about FW 47 FW % FW in FW wheat-growing FW portions FW of FW Kansas , , PRP he VBD said . . <s> <s> NNP The NNP Soviet NNP Union VBZ has RB n't VBN given DT any JJ clear NN indication IN of PRP$ its FW wheat FW purchase FW plans FW , FW but FW many

    FW analysts FW expect FW Moscow FW to FW place FW sizable FW orders FW for FW U.S. FW wheat IN in DT the JJ next JJ few NNS months , , WP$ further WP$ supporting NNS prices . . <s> <s> FW `` FW Wheat FW prices FW will FW increasingly FW pivot FW off FW of FW Soviet FW demand '' '' IN in VBG coming NNS weeks , , WP$ predicted UH Richard UH Feltes , , NN vice NN president , , NN research , , IN for NNP Refco NNP Inc. IN in NNP Chicago . . <s> <s> . Looking '' ahead TO to JJ other NN commodity NNS markets DT this NN week

    : : <s> <s> . Orange '' Juice PRP Traders MD will VB be VBG watching TO to VB see WRB how JJ long CC and WRB how RB far DT the NN price NN decline WDT that VBD began NNP Friday MD will VB go . . <s> <s> NNP Late NNP Thursday , , IN after DT the NN close IN of NN trading , , DT the NN market VBD received WP what MD would RB normally VBP have VBN been DT a FW bullish FW U.S. FW Department FW of FW Agriculture FW estimate FW of FW the FW 1989-90 FW Florida FW orange FW crop . . <s> <s> NN It VBD was IN near

    DT the JJ low NN range IN of NNS estimates , , IN at FW 130 FW million FW 90-pound FW boxes FW , FW compared FW with FW 146.6 FW million FW boxes FW last FW season . . <s> <s> NN However , , RB as VBN expected , , WP$ Brazil SYM waited IN for DT the NN crop NN estimate TO to VB come RP out CC and RB then VB cut DT the NN export NN price IN of PRP$ its FW juice FW concentrate FW to FW about FW $ FW 1.34 FW a FW pound FW from FW around FW $ FW 1.55 . . <s> <s> NNP Friday POS 's FW consequent

    FW selling FW of FW futures FW contracts FW erased FW whatever FW supportive FW effect FW the FW U.S. FW report FW might FW have FW had FW and FW sent FW the FW November FW orange FW juice FW contract FW down FW as FW much FW as FW 6.55 PDT cents DT a NN pound IN at CD one NN time . . <s> <s> VBZ It VBN settled IN with DT a NN loss IN of PRP$ 4.95 NNS cents IN at $ $ PDT 1.3210 DT a NN pound . . <s> <s> . Brazilian -RRB- juice , , IN after DT a RBS delay VBN caused IN by NN drought IN at DT the

    NN start IN of PRP$ its NN crop NN season , , VBZ is VBG beginning TO to VB arrive IN in DT the NNP U.S. IN in JJ large NNS quantities . . <s> <s> NN Brazil VBZ wants TO to VB stimulate NN demand IN for PRP$ its NN product , , WDT which VBZ is VBG going TO to VB be IN in # plentiful LS supply . . <s> <s> DT The NN price NN cut , , CD one NN analyst VBD said , , VBD appeared TO to VB be VBN aimed RB even JJR more IN at NNP Europe , , WRB where FW consumption FW of FW Brazilian FW juice FW has

    FW fallen . . <s> <s> NNP It POS 's FW a FW dollar-priced FW product , , CC and DT the JJ strong NN dollar VBZ has VBN made PRP it RBR more JJ expensive IN in NNP Europe , , DT the NN analyst VBD said . . <s> <s> NNP New NNP York POS futures NNS prices VBP have VBN dropped RB significantly IN from JJR more IN than $ $ CD 2 DT a NN pound IN at NN midyear . . <s> <s> IN Barring DT a FW cold FW snap FW or FW other FW crop FW problems FW in FW the FW growing FW areas FW , FW downward FW pressure FW on

    FW prices VBZ is JJ likely TO to VB continue IN into NNP January , , WRB when FW harvesting FW and FW processing FW of FW oranges FW in FW Florida FW reach FW their FW peak , , DT the NN analyst VBD said . . <s> <s> NN Energy <s> <s> IN Although DT some NNS analysts VBP look IN for NN profit-taking IN in DT the NN wake IN of NNP Friday POS 's NN leap IN in JJ crude NN oil NNS prices , , JJ last NN week POS 's NN rally VBZ is RB generally VBN expected TO to VB continue DT this NN week . . <s> <s> IN `` PRP I

    MD would VB continue TO to VB look IN for DT a RBS stable JJ crude NN market , , IN at JJS least IN in NNS futures '' '' NN trading , , VBD said FW William FW Hinton FW , FW an FW energy FW futures FW broker FW with FW Stotler FW & FW Co . . <s> <s> IN Friday PDT capped DT a NN week IN of FW steadily FW rising FW crude FW oil FW prices FW in FW both FW futures FW and FW spot FW markets . . <s> <s> IN On DT the NNP New NNP York NNP Mercantile NNP Exchange , , FW West FW Texas FW Intermediate FW crude

    FW for FW November FW delivery FW finished FW at FW $ FW 20.89 FW a FW barrel , , RB up CD 42 NNS cents IN on DT the NN day . . <s> <s> DT On JJ European NNS markets , , RB meanwhile , , FW spot FW prices FW of FW North FW Sea FW crudes FW were FW up FW 35 FW to FW 75 FW cents FW a FW barrel . . <s> <s> IN `` DT This NN market RB still VBZ wants TO to VB go JJR higher , , '' '' VBD said UH Nauman UH Barakat , , DT a JJ first NN vice NN president IN at NNP Shearson

    NNP Lehman NNP Hutton NNP Inc . . <s> <s> . He '' predicted IN that DT the FW November FW contract FW will FW reach FW $ FW 21.50 FW a FW barrel FW or JJR more IN on DT the NNP New NNP York NNP Mercantile NNP Exchange . . <s> <s> NN There VBZ has VBN been JJ little NN news TO to VB account IN for JJ such NNS buoyancy IN in DT the NN oil NNS markets . . <s> <s> FW Analysts FW generally FW cite FW a FW lack FW of FW bearish FW developments FW as FW well FW as FW rumors FW of FW a FW possible FW tightening FW of

    FW supplies FW of FW some FW fuels FW and FW crudes . . <s> <s> VBZ There RB also VBP are VBG recurring NNS reports IN that DT the NNP Soviet NNP Union VBZ is VBG having NNS difficulties IN with PRP$ its NN oil NNS exports CC and IN that EX Nigeria VBZ has RB about VBN reached PRP$ its NN production NN limit CC and MD ca RB n't VB produce IN as JJ much IN as PRP it MD could VB sell . . <s> <s> FW Many FW traders FW foresee FW a FW tightening FW of FW near-term FW supplies FW , FW particularly FW of FW high-quality FW crudes FW such FW as

    FW those FW produced FW in FW the FW North FW Sea FW and FW in FW Nigeria . . <s> <s> IN If DT a FW hostile FW predator FW emerges FW for FW Saatchi FW & FW Saatchi FW Co. FW , FW co-founders FW Charles FW and FW Maurice FW Saatchi FW will FW lead FW a FW management FW buy-out FW attempt , , DT an JJ official NN close TO to DT the NN company VBD said . . <s> <s> NN Financing IN for DT any NN takeover NN attempt MD may VB be RP problematic IN in DT the NN wake IN of NNP Friday POS 's JJ stock-market NN sell-off IN in

    NNP New NNP York CC and NN turmoil IN in DT the NN junk-bond NN market . . <s> <s> IN But DT the FW beleaguered FW British FW advertising FW and FW consulting FW giant , , WDT which FW last FW week FW named FW a FW new FW chief FW executive FW officer FW to FW replace FW Maurice FW Saatchi , , VBZ has VBN been DT the NN subject IN of JJ intense NN takeover NN speculation IN for NNS weeks . . <s> <s> DT Last NN week , , NNP Saatchi POS 's JJS largest NN shareholder , , WP$ Southeastern UH Asset UH Management , , VBD said PRP it VBD had

    VBN been VBN approached IN by CD one CC or RBR more JJ third NNS parties VBN interested IN in DT a JJ possible NN restructuring . . <s> <s> . And UH Carl UH Spielvogel , , JJ chief NN executive NN officer IN of NNP Saatchi POS 's FW big FW Backer FW Spielvogel FW Bates FW advertising FW unit , , VBD said PRP he VBD had VBN offered TO to VB lead DT a NN management NN buy-out IN of DT the NN company , , CC but VBD was VBN rebuffed IN by NNP Charles NNP Saatchi . . <s> <s> . Mr. '' Spielvogel VBD said PRP he MD would RB n't VB launch

    DT a JJ hostile NN bid . . <s> <s> DT The JJ executive NN close TO to NNP Saatchi CC & NNP Saatchi VBD said IN that `` `` IN if DT a NN bidder VBD came RP up IN with DT a RBS ludicrously JJ high NN offer , , DT a FW crazy FW offer FW which FW Saatchi FW knew PRP it MD could RB n't VB beat , , PRP it MD would VB have DT no NN choice CC but TO to VB recommend PRP it TO to NNS shareholders . . <s> <s> . But -LRB- -LCBFW otherwise FW -RCBFW it FW would FW undoubtedly FW come FW back '' ''

    IN with DT an NN offer IN by NN management . . <s> <s> DT The NN executive VBD said DT any NN buy-out MD would VB be VBN led IN by DT the JJ current NN board , , WP$ whose FW chairman FW is FW Maurice FW Saatchi FW and FW whose FW strategic FW guiding FW force VBZ is VBN believed TO to VB be UH Charles UH Saatchi . . <s> <s> . Mr. '' Spielvogel VBZ is RB n't NN part IN of DT the NN board , , WDT nor VBP are DT any IN of DT the JJ other NNS heads IN of NNP Saatchi POS 's FW big FW U.S.-based FW ad

    FW agencies . . <s> <s> DT The NN executive VBD did RB n't VB name DT any NN price , , CC but NNS securities NNS analysts VBP have VBD said PRP Saatchi MD would VB fetch RP upward IN of $ $ CD 1.3 CD billion . . <s> <s> FW The FW executive FW denied FW speculation FW that FW Saatchi FW was FW bringing IN in DT the JJ new JJ chief NN executive NN officer RB only TO to VB clean RP up DT the NN company RB financially RB so IN that DT the NNS brothers MD could VB lead DT a NN buy-back . . <s> <s> FW That FW speculation FW abounded

    FW Friday FW as FW industry FW executives PDT analyzed DT the NN appointment IN of DT the JJ new JJ chief NN executive , , WP$ Robert UH Louis-Dreyfus , , WP who LS joins -RRB- Saatchi CC and VBZ becomes DT a NN member IN of PRP$ its NN board IN on $ Jan. CD 1 . . <s> <s> . Mr. -RRB- Louis-Dreyfus , , RB formerly JJ chief NN executive IN of DT the FW pharmaceutical FW research FW firm FW IMS FW International NNP Inc. , , VBZ has DT a NN reputation IN as DT a RBS savvy JJ financial NN manager , , CC and MD will VB be FW charged FW largely

    FW with FW repairing FW Saatchi FW 's FW poor FW financial FW state . . <s> <s> NN Asked IN about DT the NN speculation IN that NNP Mr. NNPS Louis-Dreyfus VBZ has VBN been VBN hired TO to VB pave DT the NN way IN for DT a NN buy-out IN by DT the NNS brothers , , DT the NN executive -RRB- replied , , `` `` EX That VBZ is RB n't DT the NN reason WDT Dreyfus VBZ has VBN been VBN brought IN in . . <s> <s> NN He VBD was VBN brought IN in TO to VB turn RP around DT the NN company . . '' '' <s> <s> NN Separately

    , , FW several FW Saatchi FW agency FW clients VBD said PRP they VBP believe DT the NN company POS 's NN management WDT shakeup MD will VB have RB little VB affect IN on PRP them . . <s> <s> IN `` PRP It VBZ has RB n't VBD had DT any NN impact IN on PRP us , , WDT nor VBP do PRP we VBP expect PRP it TO to , , '' '' VBD said DT a NN spokeswoman IN for NNP Miller NNP Brewing NNP Co. , , DT a JJ major NN client IN of # Backer LS Spielvogel . . <s> <s> . John -RRB- Lampe , , NN director IN of

    NN advertising IN at NNP PaineWebber NNP Inc. , , DT a FW Saatchi FW & FW Saatchi FW Advertising FW client , , VBD said : : `` `` PRP We VBP have DT no NN problem IN with DT the NN announcement , , IN because PRP we VBP do RB n't VB know WP what VBP change PRP it VBZ 's VBG going TO to VB bring RB about . . <s> <s> NNS We VBP are RB n't VBG going TO to VB change NNS agencies IN because IN of DT a NN change IN in NNP London . . '' '' <s> <s> NN Executives IN at FW Backer FW Spielvogel FW client FW Avis

    FW Inc. FW , FW as FW well FW as FW at FW Saatchi FW client FW Philips FW Lighting NNP Co. , , RB also VBD said PRP they VBD saw DT no NN effect . . <s> <s> NN Executives IN at NNP Prudential-Bache NNPS Securities NNP Inc. , , DT a FW Backer FW Spielvogel FW client WDT that VBZ is VBG reviewing PRP$ its NN account , , WP$ declined LS comment . . <s> <s> . Mr. '' Spielvogel VBD had VBN said IN that NNP Prudential-Bache VBD was VBN prepared TO to VB finance PDT either DT a NN management NN buy-out CC and NN restructuring , , CC or DT a NN buy-out

    IN of # Backer UH Spielvogel UH alone , , VBN led IN by PRP him . . <s> <s> . Ad -RRB- Notes : ... . . <s> <s> . NEW -RRB- ACCOUNT : : <s> <s> NNP California POS 's FW Glendale FW Federal FW Bank FW awarded FW its $ $ CD 12 CD million TO to $ $ CD 15 CD million NN account TO to DT the FW Los FW Angeles FW office FW of FW Omnicom FW Group FW 's FW BBDO FW agency . . <s> <s> FW The FW account FW was FW previously FW handled FW by FW Davis FW , FW Ball FW & FW Colombatto FW Advertising NNP Inc.

    , , DT a NNP Los NNP Angeles NN agency . . <s> <s> . ACCOUNT -RRB- REVIEW : : <s> <s> FW Royal FW Crown FW Cola FW Co. VBZ has VBN ended PRP$ its NN relationship IN with DT the NNP Boston NN office IN of NNP Hill , , UH Holliday , , UH Connors , , UH Cosmopulos . . <s> <s> . The '' account VBD had VBN billed IN about $ $ CD 6 CD million IN in CD 1988 , , VBG according TO to # Leading LS National LS Advertisers . . <s> <s> . NOT-GUILTY -RRB- PLEA : : <s> <s> VBZ As VBN expected , , FW Young FW &

    FW Rubicam FW Inc. FW along FW with FW two FW senior FW executives FW and FW a FW former FW employee FW , FW pleaded FW not FW guilty FW in FW federal FW court FW in FW New FW Haven , , NNP Conn. , , TO to FW conspiracy FW and FW racketeering FW charges . . <s> <s> DT The NN government VBZ has VBN charged IN that PRP they UH bribed UH Jamaican UH officials TO to VB win DT the FW Jamaica FW Tourist FW Board FW ad FW account FW in FW 1981 . . <s> <s> DT A NN spokesman IN for DT the NNP U.S. NNP Attorney POS 's NN office

    VBD said PRP$ extradition NNS proceedings VBP are `` `` RB just . beginning '' '' IN for DT the JJ other CD two NNS defendants IN in DT the NN case , , FW Eric FW Anthony FW Abrahams FW , FW former FW Jamaican FW tourism FW minister FW , FW and FW Jamaican FW businessman FW Arnold FW Foote FW Jr . . <s> <s> . KOREAN -RRB- AGENCY : : <s> <s> FW The FW Samsung FW Group FW and FW Bozell FW Inc. FW agreed FW to FW establish FW a FW joint FW venture FW advertising FW agency FW in FW South FW Korea . . <s> <s> . Bozell '' Cheil NNP Corp.

    , , IN as DT the JJ new NN agency MD will VB be VBN called , , MD will VB be VBN based IN in NNP Seoul CC and VBZ is FW 70 FW % FW owned FW by FW Samsung FW and FW 30 FW % FW owned FW by FW Bozell . . <s> <s> FW Samsung FW already FW owns FW Korea FW First FW Advertising NNP Co. , , DT that NN country POS 's JJS largest NN agency . . <s> <s> FW Bozell FW joins FW Backer FW Spielvogel FW Bates FW and FW Ogilvy FW Group FW as FW U.S. FW agencies FW with FW interests FW in FW Korean FW agencies

    . . <s> <s> IN Citing DT a NN payment IN from DT a NN supplier CC and JJ strong NNS sales IN of FW certain FW data-storage FW products FW , FW Maxtor FW Corp. FW said FW earnings FW and FW revenue FW jumped FW in FW its FW second FW quarter FW ended FW Sept. FW 24 . . <s> <s> DT The NN maker IN of PRP$ computer-data-storage NNS products VBD said JJ net NN income VBD rose TO to $ $ CD 4.8 CD million , , CC or CD 23 NNS cents DT a NN share , , IN from JJ year-earlier NN net IN of $ $ CD 1.1 CD million , ,

    CC or CD five NNS cents DT a NN share . . <s> <s> NN Revenue VBD soared TO to $ $ CD 117 CD million IN from $ $ CD 81.5 CD million . . <s> <s> NN Maxtor VBD said PRP$ its NNS results VBD were VBN boosted IN by $ $ CD 2 CD million IN in NNS payments VBN received IN from DT a NN supplier , , IN for DT a JJ certain NN line IN of NNS products WDT that EX Maxtor VBZ is RB n't VBG going TO to VB sell RP anymore . . <s> <s> NN Maxtor VBD said NNS effects IN from PDT discontinuing DT the NN line MD may

    VB have DT a JJ positive NN effect IN on JJ future NNS earnings CC and NN revenue . . <s> <s> DT A NN spokeswoman MD would RB n't VB elaborate , , CC but DT the NN company VBD said DT the JJ discontinued NN product VBZ has RB never VBN been DT a JJ major NN source IN of NN revenue CC or NN profit . . <s> <s> NN Operationally , , FW Maxtor FW benefited FW from FW robust FW sales FW of FW products FW that FW store FW data FW for FW high-end FW personal FW computers FW and FW computer FW workstations . . <s> <s> IN In DT the JJ fiscal

    JJ first NN half , , WDT net VBD was $ $ CD 7 CD million , , CC or CD 34 NNS cents DT a NN share , , RB up IN from DT the JJ year-earlier $ $ CD 3.1 CD million , , CC or CD 15 NNS cents DT a NN share . . <s> <s> NN Revenue VBD rose TO to $ $ CD 225.5 CD million IN from $ $ CD 161.8 CD million . . <s> <s> . Robert UH G. UH Walden , , WP$ 62 UH years UH old , , VBD was VBN elected DT a NN director IN of DT this NN provider IN of JJ advanced NN technology

    NNS systems CC and NNS services , , VBG increasing DT the NN board TO to CD eight NNS members . . <s> <s> . He '' retired IN as JJ senior NN vice NN president , , '' finance CC and NN administration , , CC and JJ chief JJ financial NN officer IN of DT the NN company : Oct. CD 1 . . <s> <s> NNP Southmark NNP Corp. VBD said IN that PRP it VBD filed NN part IN of PRP$ its JJS 10-K NN report IN with DT the NNPS Securities CC and NNP Exchange NNP Commission , , CC but IN that DT the NN filing VBZ does RB n't VB include PRP$ its

    FW audited FW financial FW statements FW and FW related FW information . . <s> <s> DT The JJ real NN estate CC and NN thrift NN concern , , WP$ operating UH under UH bankruptcy-law UH proceedings , , VBD said PRP it VBD told DT the `` SEC PRP it MD could RB n't VB provide JJ financial NNS statements IN by DT the NN end IN of PRP$ its FW first FW extension FW `` FW without FW unreasonable FW burden FW or FW expense . . '' '' <s> <s> DT The NN company VBD asked IN for DT a RBS 15-day LS extension # Sept. CD 30 , , WRB when DT the JJ financial

    NNS reports VBD were JJ due . . <s> <s> NN Southmark VBD said PRP it VBZ plans TO to VB amend PRP$ its NN 10K TO to VB provide JJ financial NNS results IN as RB soon IN as PRP$ its NN audit VBZ is VBN completed . . <s> <s> . Alan -RRB- Seelenfreund , , WP$ 52 UH years UH old , , VBD was VBN named NN chairman IN of DT this FW processor FW of FW prescription FW claims FW , FW succeeding FW Thomas FW W. FW Field FW Jr. , , CD 55 , , WP who VBD resigned JJ last NN month . . <s> <s> . Mr. '' Field RB also

    VBD had VBN been NN chairman IN of NNP McKesson NNP Corp. , , VBG resigning DT that NN post IN after DT a NN dispute IN with DT the NN board IN over JJ corporate NN strategy . . <s> <s> . Mr. '' Seelenfreund VBZ is JJ executive NN vice NN president CC and JJ chief JJ financial NN officer IN of NNP McKesson CC and MD will VB continue IN in DT those NNS roles . . <s> <s> FW PCS FW also FW named FW Rex FW R. FW Malson FW , FW 57 FW , FW executive FW vice FW president FW at FW McKesson , , IN as DT a NN director , ,

    VBG filling DT the FW seat FW vacated FW by FW Mr. FW Field . . <s> <s> . Messrs. '' Malson CC and EX Seelenfreund VBP are NNS directors IN of NNP McKesson , , WDT which VBZ has DT an FW 86 FW % FW stake FW in FW PCS . . <s> <s> NNP MedChem NNP Products NNP Inc. VBD said DT a NNP U.S. FW District FW Court FW in FW Boston FW ruled FW that FW a FW challenge FW by FW MedChem TO to DT the NN validity IN of DT a NNP U.S. FW patent FW held FW by FW Pharmacia FW Inc. FW was FW `` FW without FW merit . .

    '' '' <s> <s> NN Pharmacia , , VBN based IN in NNP Upsala , , NNP Sweden , , VBD had VBN charged IN in DT a FW lawsuit FW against FW MedChem FW that FW MedChem FW 's FW AMVISC FW product FW line FW infringes FW on FW the FW Pharmacia FW patent . . <s> <s> . The '' patent VBZ is VBN related TO to # hyaluronic UH acid , , DT a FW rooster-comb FW extract FW used FW in FW eye FW surgery . . <s> <s> IN In PRP$ its NN lawsuit , , FW Pharmacia FW is FW seeking FW unspecified FW damages FW and FW a FW preliminary FW injunction

    FW to FW block FW MedChem FW from FW selling FW the FW AMVISC FW products . . <s> <s> . A '' MedChem NN spokesman VBD said DT the NNS products VBP contribute IN about DT a JJ third IN of NNP MedChem POS 's NNS sales CC and CD 10 NN % TO to CD 20 NN % IN of PRP$ its NNS earnings . . <s> <s> IN In DT the NN year VBD ended $ Aug. CD 31 , , CD 1988 , , WDT MedChem VBD earned $ $ CD 2.9 CD million , , CC or CD 72 NNS cents DT a NN share , , IN on NNS sales IN of $ $

    CD 17.4 CD million . . <s> <s> NN MedChem VBD said DT the NN court POS 's NN ruling VBD was VBN issued IN as NN part IN of DT a `` `` FW first-phase FW trial '' '' IN in DT the FW patent-infringement FW proceedings FW and FW concerns # only CD one IN of PRP$ its NNS defenses IN in DT the NN case . . <s> <s> NN It VBD said PRP it VBZ is VBG considering `` `` DT all IN of PRP$ its NNS options IN in NN light IN of DT the NN decision , , VBG including DT a JJ possible NN appeal . . '' '' <s> <s> . The

    '' medical-products NN company VBD added IN that PRP it VBZ plans TO to `` `` FW assert FW its FW other FW defenses FW '' FW against FW Pharmacia POS 's NN lawsuit , , VBG including DT the NN claim IN that PRP it VBZ has RB n't VBN infringed IN on NNP Pharmacia POS 's NN patent . . <s> <s> NN MedChem VBD said IN that DT the NN court VBN scheduled DT a NN conference IN for # next SYM Monday : -TO to VB set DT a NN date IN for FW proceedings FW on FW Pharmacia FW 's FW motion FW for FW a FW preliminary FW injunction . . <s> <s>

    FW Newspaper FW publishers FW are FW reporting FW mixed FW third-quarter FW results FW , FW aided FW by FW favorable FW newsprint FW prices FW and FW hampered FW by FW flat FW or FW declining FW advertising FW linage , , RB especially IN in DT the NNP Northeast . . <s> <s> NN Adding TO to VB unsteadiness IN in DT the NN industry , , FW seasonal FW retail FW ad FW spending FW patterns FW in FW newspapers FW have FW been FW upset FW by FW shifts FW in FW ownership FW and FW general FW hardships PDT within DT the JJ retail NN industry . . <s> <s> NNP In NNP New

    NNP York , , DT the FW Bonwit FW Teller FW and FW B. FW Altman FW & FW Co. FW department FW stores FW have FW filed FW for FW protection FW from FW creditors FW under FW Chapter FW 11 FW of FW the FW federal FW Bankruptcy FW Code , , IN while DT the FW R.H. FW Macy FW & FW Co. FW , FW Bloomingdale FW 's FW and FW Saks FW Fifth FW Avenue FW department-store FW chains VBP are IN for NN sale . . <s> <s> JJ Many NNS papers IN throughout DT the NN country VBP are RB also VBN faced IN with DT a NN slowdown IN in DT classified-ad

    NN spending , , DT a JJ booming NN category IN for NNS newspapers IN in JJ recent NNS years . . <s> <s> VBZ Until RB recently , , FW industry FW analysts FW believed FW decreases FW in FW retail FW ad FW spending FW had FW bottomed FW out FW and FW would FW in FW fact FW increase IN in DT this NN year POS 's JJ third CC and JJ fourth NNS quarters . . <s> <s> JJ All NNS bets VBP are RP off , , NNS analysts VBP say , , IN because IN of DT the JJS shifting NN ownership IN of DT the JJ retail NNS chains . . <s> <s>

    FW `` FW Improved FW paper FW prices FW will FW help FW offset FW weakness FW in FW linage , , CC but DT the NNS retailers POS ' NNS problems VBP have VBN affected DT the NN amount IN of FW ad FW linage FW they FW usually FW run , , '' '' VBD said FW Edward FW J. FW Atorino FW , FW industry FW analyst FW for FW Salomon FW Brothers FW Inc . . <s> <s> , `` WDT Retailers VBP are RB just IN in NN disarray . . '' '' <s> <s> DT For NN instance , , FW Gannett FW Co. FW posted FW an FW 11 FW % FW gain

    FW in FW net FW income FW , FW as FW total FW ad FW pages FW dropped FW at FW USA FW Today FW , FW but FW advertising FW revenue FW rose FW because FW of FW a FW higher FW circulation FW rate FW base FW and FW increased FW rates . . <s> <s> NNP Gannett POS 's FW 83 FW daily FW and FW 35 FW non-daily FW newspapers FW reported FW a FW 3 FW % FW increase FW in FW advertising FW and FW circulation FW revenue . . <s> <s> FW Total FW advertising FW linage FW was FW `` FW modestly FW '' FW lower FW as FW classified-ad FW volume

    FW increased , , IN while EX there VBD was `` `` FW softer FW demand FW '' FW for FW retail FW and FW national FW ad FW linage FW , FW said FW John FW Curley FW , FW Gannett POS 's JJ chief NN executive NN officer . . <s> <s> FW At FW USA FW Today FW , FW ad FW pages FW totaled FW 785 IN for DT the NN quarter , , RB down CD 9.2 NN % IN from DT the CD 1988 NN period , , WDT which VBD was VBN helped IN by FW increased FW ad FW spending FW from FW the FW Summer FW Olympics . . <s> <s>

    FW While FW USA FW Today FW 's FW total FW paid FW ad FW pages IN for DT the NN year TO to # date UH totaled UH 2,735 , , DT a NN decrease IN of CD 4 NN % IN from JJ last NN year , , DT the NN paper POS 's NN ad NN revenue VBD increased CD 8 NN % IN in DT the NN quarter CC and CD 13 NN % IN in DT the CD nine NNS months . . <s> <s> IN In DT the CD nine NNS months , , NNP Gannett POS 's NN net VBD rose CD 9.5 NN % TO to $ $ CD 270 CD million

    , , CC or $ $ PDT 1.68 DT a NN share , , IN from $ $ CD 247 CD million , , CC or $ $ PDT 1.52 DT a NN share . . <s> <s> NN Revenue VBD gained CD 6 NN % TO to $ $ CD 2.55 CD billion IN from $ $ CD 2.4 CD billion . . <s> <s> NNP At NNP Dow NNP Jones CC & NNP Co. , , FW third-quarter FW net FW income FW fell FW 9.9 NN % IN from DT the JJ year-earlier NN period . . <s> <s> NN Net VBD fell TO to $ $ CD 28.8 CD million , , CC or CD 29

    NNS cents DT a NN share , , IN from $ $ CD 32 CD million , , CC or CD 33 NNS cents DT a NN share . . <s> <s> DT The JJ year-earlier NN period VBD included DT a JJ one-time NN gain IN of $ $ CD 3.5 CD million , , CC or CD four NNS cents DT a NN share . . <s> <s> NN Revenue VBD gained CD 5.3 NN % TO to $ $ CD 404.1 CD million IN from $ $ CD 383.8 CD million . . <s> <s> DT The NN drop IN in # profit UH reflected , , IN in NN part , , VBD continued VBN softness

    IN in JJ financial NN advertising IN at DT The NNP Wall NNP Street NNP Journal CC and NNP Barron POS 's NN magazine . . <s> <s> . Ad '' linage IN at DT the NNP Journal VBD fell PRP$ 6.1 NN % IN in DT the JJ third NN quarter . . <s> <s> FW Affiliated FW Publications FW Inc. FW reversed FW a FW year-earlier FW third FW quarter FW net FW loss . . <s> <s> DT The NN publisher IN of DT the NNP Boston NNP Globe VBD reported JJ net IN of $ $ CD 8.5 CD million , , CC or CD 12 NNS cents DT a NN share , , VBN compared

    IN with DT a NN loss IN of $ $ CD 26.5 CD million , , CC or CD 38 NNS cents DT a NN share , , IN for DT the JJ third NN quarter IN in CD 1988 . . <s> <s> . William UH O. UH Taylor , , DT the NN parent POS 's NN chairman CC and JJ chief NN executive NN officer , , VBD said NNS earnings VBD continued TO to VB be VBN hurt IN by NN softness IN in NN ad NN volume IN at DT the NNP Boston NN newspaper . . <s> <s> DT Third-quarter NN profit NNS estimates IN for JJ several NNS companies VBP are VBG being

    RB strongly VBN affected IN by DT the NN price IN of NN newsprint , , WDT which IN in DT the JJ last CD two NNS years VBZ has VBN had JJ several NN price NNS increases . . <s> <s> IN After DT a FW supply FW crunch FW caused FW prices FW to FW rise FW 14 FW % FW since FW 1986 FW to FW $ FW 650 FW a FW metric FW ton , , NNS analysts VBP are VBN encouraged , , IN because PRP they VBP do RB n't VB expect DT a NN price NN increase IN for DT the NN rest IN of DT this NN year . . <s> <s>

    NN Companies IN with JJ daily NNS newspapers IN in DT the NNP Northeast MD will VB need DT the FW stable FW newsprint FW prices FW to FW ease FW damage FW from FW weak FW ad FW linage . . <s> <s> FW Mr. FW Atorino FW at FW Salomon FW Brothers FW said FW he FW estimates FW that FW Times FW Mirror NNP Co. POS 's NNS earnings VBD were RP down IN for DT the JJ third NN quarter , , IN because IN of FW soft FW advertising FW levels FW at FW its FW Long FW Island FW Newsday FW and FW Hartford FW Courant FW newspapers . . <s> <s> NN Trouble

    IN on DT the FW East FW Coast FW was FW likely FW offset FW by FW improved FW ad FW linage FW at FW the FW Los FW Angeles FW Times , , WDT which FW this FW week FW also FW unveiled FW a FW redesign . . <s> <s> NNP New NNP York NNP Times NNP Co. VBZ is VBN expected TO to VB report JJR lower NNS earnings IN for DT the JJ third NN quarter IN because IN of FW continued FW weak FW advertising FW levels FW at FW its FW flagship FW New FW York FW Times FW and FW deep FW discounting FW of FW newsprint FW at FW its FW affiliate

    FW , FW Forest FW Products FW Group . . <s> <s> NNP `` NNP Times NNP Co. POS 's JJ regional JJ daily NNS newspapers VBP are VBG holding RP up RB well , , CC but EX there VBZ is JJ little NN sign IN that NNS things MD will VB improve IN in DT the NNP New NNP York NN market , , '' '' VBD said UH Alan UH Kassan , , DT an NN analyst IN with NNP Shearson NNP Lehman NNP Hutton . . <s> <s> NNP Washington NNP Post NNP Co. VBZ is VBN expected TO to VB report JJ improved NNS earnings , , FW largely FW because FW of FW increased

    FW cable FW revenue FW and FW publishing FW revenue FW helped FW by FW an FW improved FW retail NN market IN in DT the NNP Washington NN area . . <s> <s> NN According TO to NNS analysts , , FW profits FW were FW also FW helped FW by FW successful FW cost-cutting FW measures FW at FW Newsweek . . <s> <s> FW The FW news-weekly FW has FW faced FW heightened FW competition FW from FW rival FW Time FW magazine FW and FW a FW relatively FW flat FW magazine FW advertising FW market . . <s> <s> NNP Knight-Ridder NNP Inc. VBZ is VBN faced IN with FW continued FW uncertainty FW over

    FW the FW pending FW joint FW operating FW agreement FW between FW its FW Detroit FW Free FW Press FW and FW Gannett FW 's FW Detroit FW News , , CC and VBZ has VBN told NNS analysts IN that NNS earnings VBD were RP down IN in DT the JJ third NN quarter . . <s> <s> NN However , , FW analysts FW point FW to FW positive FW advertising FW spending FW at FW several FW of FW its FW major FW daily FW newspapers , , JJ such IN as DT the FW Miami FW Herald FW and FW San FW Jose FW Mercury FW News . . <s> <s> IN `` DT The

    FW Miami FW market FW is FW coming FW back FW strong FW after FW a FW tough FW couple FW of FW years FW '' FW when FW Knight-Ridder FW `` FW was FW starting FW up FW a FW Hispanic FW edition FW and FW circulation FW was FW falling , , '' '' VBD said UH Bruce UH Thorp , , DT an NN analyst IN for NNP Provident NNP National NNP Bank . . <s> <s> NNP General NNPS Motors NNP Corp. , , IN in DT a NN series IN of NNS moves IN that DT angered NN union NNS officials IN in DT the NNP U.S. CC and NNP Canada , , VBZ has

    FW signaled FW that FW as FW many FW as FW five FW North FW American FW assembly FW plants FW may FW not FW survive FW the FW mid-1990s FW as FW the FW corporation FW struggles FW to FW cut FW its FW excess FW vehicle-making FW capacity . . <s> <s> FW In FW announcements FW to FW workers FW late FW last FW week FW , FW GM FW effectively FW signed FW death FW notices FW for FW two FW full-sized FW van FW assembly FW plants , , CC and RBS cast JJ serious NN doubt IN on DT the NNS futures IN of FW three FW U.S. FW car FW factories . .

    <s> <s> NN GM VBZ is FW under FW intense FW pressure FW to FW close FW factories FW that FW became FW unprofitable FW as FW the FW giant FW auto FW maker FW 's FW U.S. FW market FW share FW skidded PDT during DT the JJ past NN decade . . <s> <s> DT The NN company , , RB currently VBG using IN about CD 80 NN % IN of PRP$ its FW North FW American FW vehicle FW capacity , , VBZ has WRB vowed PRP it MD will VB run IN at CD 100 NN % IN of NN capacity IN by CD 1992 . . <s> <s> IN Just DT a NN month

    RB ago , , NNP GM VBD announced PRP it MD would VB make DT an FW aging FW assembly FW plant FW in FW Lakewood , , NNP Ga. , , DT the FW eighth FW U.S. FW assembly FW facility TO to VB close IN since CD 1987 . . <s> <s> NN Now , , WDT GM VBZ appears TO to VB be VBN stepping RP up DT the NN pace IN of PRP$ its UH factory UH consolidation TO to VB get IN in NN shape IN for DT the NN 1990s . . <s> <s> . One '' reason VBZ is VBG mounting NN competition IN from JJ new JJ Japanese NN car NNS plants

    IN in DT the NNP U.S. WDT that VBP are VBG pouring RP out JJR more IN than CD one CD million NNS vehicles DT a NN year IN at FW costs FW lower FW than FW GM FW can FW match . . <s> <s> NN Another VBZ is IN that FW United FW Auto FW Workers FW union FW officials FW have FW signaled FW they FW want FW tighter FW no-layoff FW provisions FW in FW the FW new FW Big FW Three FW national FW contract WDT that MD will VB be VBN negotiated JJ next NN year . . <s> <s> JJ GM NNS officials VBP want TO to VB get PRP$ their NN strategy

    TO to VB reduce NN capacity CC and DT the FW work FW force FW in FW place FW before FW those FW talks FW begin . . <s> <s> DT The NN problem , , RB however , , VBZ is IN that NNP GM POS 's NNS moves VBP are VBG coming IN at DT a NN time WRB when WP$ UAW NNS leaders VBP are VBG trying TO to # silence LS dissidents WP who VBP charge DT the NN union VBZ is RB too VBN passive IN in DT the NN face IN of # GM LS layoffs . . <s> <s> , Against WDT that FW backdrop FW , FW UAW FW Vice FW President

    FW Stephen FW P. FW Yokich , , WP who RB recently VBD became NN head IN of DT the NN union POS 's FW GM FW department FW , FW issued FW a FW statement FW Friday FW blasting FW GM POS 's `` `` FW flagrant FW insensitivity FW '' FW toward FW union FW members . . <s> <s> DT The NN auto NN maker POS 's NN decision TO to VB let RP word IN of DT the JJS latest FW shutdowns FW and FW product FW reassignments FW trickle FW out FW in FW separate FW communiques FW to FW the FW affected FW plants FW showed FW `` FW disarray '' '' CC and

    DT an `` `` FW inability FW or FW unwillingness FW to FW provide FW consistent FW information , , '' '' NNP Mr. NNPS Yokich VBD said . . <s> <s> FW GM FW officials FW told FW workers FW late JJ last NN week IN of DT the FW following FW moves FW : FW Production FW of FW full-sized FW vans FW will FW be FW consolidated FW into FW a FW single FW plant FW in FW Flint FW , FW Mich . . <s> <s> IN That $ means CD two NNS plants : -CD one IN in NNP Scarborough , , NNP Ontario , , CC and DT the JJ other IN in

    # Lordstown LS , SYM Ohio : -RB probably MD will VB be VBN shut RP down IN after DT the NN end IN of CD 1991 . . <s> <s> FW The FW shutdowns FW will FW idle FW about FW 3,000 FW Canadian FW assembly FW workers FW and FW about FW 2,500 FW workers FW in FW Ohio . . <s> <s> NNP Robert NNP White , , FW Canadian FW Auto FW Workers FW union FW president FW , FW used FW the FW impending FW Scarborough FW shutdown FW to FW criticize FW the FW U.S.-Canada FW free FW trade FW agreement FW and FW its FW champion FW , FW Prime FW Minister

    FW Brian FW Mulroney . . <s> <s> FW But FW Canadian FW auto FW workers FW may FW benefit FW from FW a FW separate FW GM FW move FW that FW affects FW three FW U.S. FW car FW plants FW and FW one FW in FW Quebec . . <s> <s> NN Workers IN at NNS plants IN in # Van UH Nuys , , NNP Calif. , , NNP Oklahoma NNP City CC and NNP Pontiac , , NNP Mich. , , VBD were VBN told PRP$ their NNS facilities VBP are RB no RB longer VBG being VBN considered TO to VB build DT the JJ next NN generation IN of DT the FW Pontiac

    FW Firebird FW and FW Chevrolet FW Camaro FW muscle FW cars . . <s> <s> NN GM VBZ is VBG studying IN whether PRP it MD can VB build DT the FW new FW Camaro-Firebird FW profitably FW at FW a FW plant FW in FW St. FW Therese , , NNP Quebec , , NN company CC and NN union NNS officials VBD said . . <s> <s> FW That FW announcement FW left FW union FW officials FW in FW Van FW Nuys FW and FW Oklahoma FW City FW uncertain FW about PRP$ their NNS futures . . <s> <s> . The UH Van UH Nuys UH plant , , WDT which VBZ employs RB about

    CD 3,000 NNS workers , , VBZ does RB n't VB have DT a NN product TO to VB build IN after CD 1993 . . <s> <s> . Jerry -RRB- Shrieves , , WP$ UAW JJ local NN president , , VBD said DT the NN facility VBD was VBN asked TO to VB draw RP up NNS plans TO to VB continue VBG working IN as DT a `` `` UH flex UH plant , , '' '' WDT which MD could VB build FW several FW different FW types FW of FW products FW on FW short FW notice FW to FW satisfy FW demand . . <s> <s> IN At DT the FW Oklahoma FW City

    FW plant , , WDT which FW employs FW about FW 6,000 FW workers FW building FW the FW eight-year-old FW A-body FW mid-sized FW cars FW , FW Steve FW Featherston FW , FW UAW FW local FW vice FW president , , VBD said DT the NN plant VBZ has DT no JJ new NN product VBD lined RP up , , CC and `` `` FW none FW of FW us FW knows '' '' WRB when DT the FW A-body FW cars FW will FW die . . <s> <s> NN He VBD said PRP he FW believes FW GM FW has FW plans FW to FW keep FW building FW A-body FW cars FW into

    FW the FW mid-1990s . . <s> <s> . At -RRB- Pontiac , , RB however , , DT the FW Camaro-Firebird FW decision FW appears FW to FW erase FW UAW FW hopes FW that FW GM FW would FW reopen FW the FW shuttered FW assembly FW plant FW that FW last FW built FW the FW plastic-bodied FW , FW two-seater FW Pontiac FW Fiero FW model . . <s> <s> FW The FW Fiero FW plant FW was FW viewed FW as FW a FW model FW of FW union-management FW cooperation FW at FW GM FW before FW slow NNS sales IN of DT the RBS Fiero PDT forced DT the NN company TO to

    VB close DT the RBS factory JJ last NN year . . <s> <s> JJ Union NNS officials VBP have VBN taken DT a RBS beating RB politically IN as DT a NN result . . <s> <s> FW Dissident FW UAW FW members FW have FW used FW the FW Fiero FW plant FW as FW a FW symbol FW of FW labor-management FW cooperation POS 's NN failure . . <s> <s> FW Institut FW Merieux FW S.A. FW of FW France FW said FW the FW Canadian FW government FW raised FW an FW obstacle FW to FW its FW proposed FW acquisition FW of FW Connaught FW BioSciences FW Inc. FW for FW 942 FW million

    FW Canadian FW dollars FW -LRBFW US$ # 801.6 CD million -RRB- -RRB. . <s> <s> NN Merieux VBD said DT the NN government POS 's NN minister IN of NN industry , , '' science CC and NN technology VBD told PRP it IN that PRP he VBD was RB n't VBN convinced IN that DT the NN purchase VBZ is JJ likely TO to VB be IN of `` `` FW net FW benefit '' '' TO to NNP Canada . . <s> <s> FW Canadian FW investment FW rules FW require FW that FW big FW foreign FW takeovers FW meet FW that FW standard . . <s> <s> DT The JJ French NN company

    VBD said DT the FW government FW gave FW it FW 30 FW days FW in FW which FW to FW submit FW information FW to FW further FW support FW its FW takeover FW plan . . <s> <s> FW Both FW Merieux FW and FW Connaught FW are FW biotechnology FW research FW and FW vaccine FW manufacturing FW concerns . . <s> <s> DT The NN government POS 's NN action VBD was JJ unusual . . <s> <s> . Alan -RRB- Nymark , , JJ executive NN vice NN president IN of NNP Investment NNP Canada , , WDT which UH oversees UH foreign UH takeovers , , VBD said PRP it VBD marked DT the

    JJ first NN time IN in PRP$ its JJ four-year NN history IN that DT the NN agency VBZ has VBN made DT an RBS adverse WP$ net-benefit NN decision IN about DT the NN acquisition IN of DT a RB publicly VBN traded NN company . . <s> <s> NN He VBD said PRP it VBZ has VBN reached DT the FW same FW conclusions FW about FW some FW attempts FW to FW buy FW closely FW held FW concerns FW , FW but FW eventually FW allowed FW those FW acquisitions FW to FW proceed . . <s> <s> . `` '' This VBZ is RB n't DT a NN change IN in NN government NN policy

    : ; DT this NN provision VBZ has VBN been VBN used RB before , , '' '' VBD said FW Jodi FW Redmond FW , FW press FW secretary FW for FW Harvie FW Andre , , NNP Canada POS 's NN minister IN of NN industry , , '' science CC and NN technology . . <s> <s> . Mr. '' Andre VBD issued DT the NN ruling VBN based IN on DT a NN recommendation IN by NNP Investment NNP Canada . . <s> <s> NN Spokesmen IN for NNP Merieux CC and NNP Connaught VBD said PRP they VBD had RB n't VBN been VBN informed IN of JJ specific NNS areas IN of NN concern

    IN by PDT either DT the NN government CC or NNP Investment NNP Canada , , CC but VBD added PRP they VBP hope TO to VB have JJR more LS information PDT early DT this NN week . . <s> <s> NNP Investment NNP Canada VBD declined TO to VB comment IN on DT the NNS reasons IN for DT the NN government NN decision . . <s> <s> . Viren -RRB- Mehta , , DT a NN partner IN with FW Mehta FW & FW Isaly FW , FW a FW New FW York-based FW pharmaceutical FW industry FW research FW firm , , VBD said DT the NN government POS 's NN ruling VBD was RB n't

    RBR unexpected . . <s> <s> FW `` FW This FW has FW become FW a FW very FW politicized FW deal FW , FW concerning FW Canada FW 's FW only FW large FW , FW world-class FW bio-research FW or FW pharmaceutical FW company , , '' '' NNP Mr. NNP Mehta VBD said . . <s> <s> . Mr. '' Mehta VBD said DT the NN move WDT that MD could VB allow DT the NN transaction TO to VB go RB ahead IN as PRP planned MD could VB be DT an JJ out-of-court NN settlement IN of NNP Connaught POS 's NN dispute IN with DT the NNP University IN of NNP Toronto . .

    <s> <s> . The '' University VBZ is VBG seeking TO to VB block DT the NN acquisition IN of NNP Connaught IN by JJ foreign NNS interests , , VBG citing NNS concerns IN about DT the NN amount IN of NN research WDT that MD would VB be VBN done IN in NNP Canada . . <s> <s> . The '' university VBZ is VBG considering DT a FW settlement FW proposal FW made FW by FW Connaught . . <s> <s> IN While DT neither NN side MD will VB disclose PRP$ its NNS contents , , NNP Mr. FW Mehta FW expects FW it FW to FW contain FW more FW specific FW guarantees FW on

    FW research FW and FW development FW spending FW levels FW in FW Canada FW than FW Merieux FW offered FW to FW Investment FW Canada . . <s> <s> JJ Some NNS analysts , , FW such FW as FW Murray FW Grossner FW of FW Toronto-based FW Richardson FW Greenshields FW Inc. FW , FW believe FW the FW government FW ruling FW leaves FW the FW door FW open FW for FW other FW bidders FW , FW such FW as FW Switzerland FW 's FW Ciba-Geigy FW and FW Chiron FW Corp. FW of FW Emeryville , , NNP Calif . . <s> <s> NN Officials IN for DT the CD two NNS concerns , ,

    WDT which VBP are VBG bidding $ C$ CD 30 DT a NN share IN for NNP Connaught , , MD could RB n't VB be VBN reached IN for NN comment . . <s> <s> FW French FW state-owned FW Rhone-Poulenc FW S.A. FW holds FW 51 FW % FW of FW Merieux . . <s> <s> NNP Weatherford NNP International NNP Inc. VBD said PRP it FW canceled FW plans FW for FW a FW preferred-stock FW swap FW but FW may FW resume FW payment IN of NNS dividends IN on DT the NN stock , , CC and VBD added IN that PRP it VBZ expects TO to VB publicly NN offer IN about CD 10

    CD million JJ common NNS shares . . <s> <s> DT The NN company VBD said PRP it VBD planned TO to VB offer DT an JJ undetermined NN number IN of JJ common NNS shares IN in NN exchange IN for DT the JJ 585,000 NNS shares IN of PRP$ its FW preferred FW stock FW outstanding . . <s> <s> FW The FW exchange FW ratio FW was FW never FW established . . <s> <s> NN Weatherford VBD said NN market NNS conditions VBN led TO to DT the NN cancellation IN of DT the JJ planned NN exchange . . <s> <s> . The '' energy-services NN concern VBD said , , RB however , ,

    WDT that IN in $ January CD 1990 , , PRP it MD may VB resume NNS payments IN of NNS dividends IN on DT the JJ preferred NN stock . . <s> <s> FW Weatherford FW suspended FW its FW preferred-dividend FW payment FW in FW October FW 1985 CC and VBD said PRP it VBZ has RB n't DT any NNS plans TO to VB catch RP up IN on NNS dividends IN in JJR arrears IN about $ $ CD 6 CD million , , CC but MD will VB do IN so DT some NN time IN in DT the NN future . . <s> <s> NN Additionally , , DT the NN company VBD said

    PRP it VBD filed IN with DT the NNPS Securities CC and NNP Exchange NNP Commission IN for DT the JJ proposed NN offering IN of CD 10 CD million NNS shares IN of JJ common NN stock , , VBN expected TO to VB be VBN offered IN in NNP November . . <s> <s> DT The NN company VBD said NNP Salomon NNPS Brothers NNP Inc. CC and NNP Howard , , NNP Weil , , UH Labouisse , , '' Friedrichs NNP Inc. , , NNS underwriters IN for DT the NN offering , , VBD were VBN granted DT an NN option TO to VB buy IN as JJ much IN as DT an JJ additional

    CD 1.5 CD million NNS shares TO to VB cover RP over-allotments . . <s> <s> NN Proceeds MD will VB be VBN used TO to VB eliminate CC and PRP$ restructure NN bank NN debt . . <s> <s> FW Weatherford FW currently FW has FW approximately FW 11.1 FW million FW common FW shares FW outstanding . . <s> <s> NN Earnings IN for JJS most IN of DT the NN nation POS 's JJ major JJ pharmaceutical NNS makers VBP are VBN believed TO to VB have VBN moved RB ahead VBN briskly IN in DT the JJ third NN quarter , , IN as NNS companies IN with FW newer FW , FW big-selling FW prescription

    FW drugs FW fared FW especially FW well . . <s> <s> IN For DT the JJ third JJ consecutive NN quarter , , RB however , , RBS most IN of DT the FW companies FW ' FW revenues FW were FW battered FW by FW adverse FW foreign-currency FW translations IN as DT a NN result IN of DT the JJ strong NN dollar RB abroad . . <s> <s> NN Analysts VBD said IN that FW Merck FW & FW Co. FW , FW Eli FW Lilly FW & FW Co. FW , FW Warner-Lambert FW Co. FW and FW the FW Squibb FW Corp. FW unit FW of FW Bristol-Myers FW Squibb FW Co. FW all

    FW benefited FW from FW strong FW sales FW of FW relatively FW new FW , FW higher-priced FW medicines FW that FW provide FW wide FW profit FW margins . . <s> <s> FW Less FW robust FW earnings FW at FW Pfizer FW Inc. FW and FW Upjohn FW Co. FW were FW attributed FW to FW those FW companies FW ' FW older FW products FW , FW many FW of FW which FW face FW stiffening FW competition FW from FW generic FW drugs FW and FW other FW medicines . . <s> <s> . Joseph -RRB- Riccardo , , DT an NN analyst IN with NNP Bear , , NNP Stearns CC & NNP Co.

    , , VBD said IN that IN over DT the JJ past JJ few NNS years RBS most FW drug FW makers FW have FW shed FW their FW slow-growing FW businesses FW and FW instituted FW other FW cost FW savings FW , FW such FW as FW consolidating FW manufacturing FW plants FW and FW administrative FW staffs . . <s> <s> IN As DT a NN result , , `` `` JJ major JJ new NNS products VBP are VBG having JJ significant NN impact , , RB even IN on DT a NN company IN with RB very JJ large NNS revenues , , '' '' NNP Mr. NNPS Riccardo VBD said . . <s> <s>

    NN Analysts VBD said NN profit IN for DT the NN dozen CC or RB so JJ big NN drug NNS makers , , IN as DT a NN group , , VBZ is VBN estimated TO to VB have RP climbed IN between CD 11 NN % CC and CD 14 NN % . . <s> <s> , While WDT that VBZ 's RB not RBR spectacular , , WP$ Neil UH Sweig , , DT an NN analyst IN with # Prudential UH Bache , , VBD said IN that DT the NN rate IN of NN growth MD will `` `` FW look FW especially FW good FW as FW compared TO to JJ other NNS companies

    IN if DT the FW economy FW turns FW downward . . '' '' <s> <s> FW Mr. FW Sweig FW estimated FW that FW Merck POS 's NN profit IN for DT the NN quarter VBD rose IN by IN about CD 22 NN % , , '' propelled IN by NNS sales IN of PRP$ its FW line-up FW of FW fast-growing FW prescription FW drugs FW , FW including FW its FW anti-cholesterol FW drug FW , FW Mevacor FW ; FW a FW high FW blood FW pressure FW medicine FW , FW Vasotec FW ; FW Primaxin , , DT an NN antibiotic , , CC and NNP Pepcid , , DT an RBS anti-ulcer

    LS medication . . <s> <s> FW Profit FW climbed FW even FW though FW Merck POS 's NNS sales VBD were VBN reduced IN by `` `` PRP one TO to CD three NN percentage . points '' '' IN as DT a NN result IN of DT the JJ strong NN dollar , , NNP Mr. NNPS Sweig VBD said . . <s> <s> IN In DT the JJ third NN quarter IN of CD 1988 , , WDT Merck VBD earned $ $ CD 311.8 CD million , , CC or CD 79 NNS cents DT a NN share . . <s> <s> . In -RRB- Rahway , , NNP N.J. , , DT a JJS Merck

    NN spokesman VBD said DT the NN company VBZ does RB n't VB make NNS earnings NNS projections . . <s> <s> . Mr. '' Sweig VBD said PRP he VBD estimated IN that NNP Lilly POS 's NNS earnings IN for DT the NN quarter VBD jumped IN about CD 20 NN % , , RB largely IN because IN of DT the NN performance IN of PRP$ its FW new FW anti-depressant FW Prozac . . <s> <s> DT The NN drug , , WP$ introduced JJ last NN year , , VBZ is VBN expected TO to VB generate NNS sales IN of IN about $ $ CD 300 CD million DT this NN year . .

    <s> <s> IN `` PRP It VBZ 's VBG turning RP out TO to VB be DT a JJ real NNS blockbuster , , '' '' NNP Mr. NNPS Sweig VBD said . . <s> <s> DT In JJ last NN year POS 's JJ third NN quarter , , WDT Lilly VBD earned $ $ CD 171.4 CD million , , CC or $ $ CD 1.20 DT a NN share . . <s> <s> . In -RRB- Indianapolis , , WP$ Lilly LS declined LS comment . . <s> <s> JJ Several NNS analysts VBD said PRP they VBD expected NNP Warner-Lambert POS 's NN profit RB also TO to VB increase IN by JJR more IN than

    CD 20 NN % IN from $ $ CD 87.7 CD million , , CC or $ $ CD 1.25 DT a NN share , , PRP it VBD reported IN in DT the JJ like NN period JJ last NN year . . <s> <s> DT The NN company VBZ is VBN praised IN by NNS analysts IN for # sharply PDT lowering PRP$ its NNS costs IN in JJ recent NNS years CC and FW shedding FW numerous FW companies FW with FW low FW profit FW margins . . <s> <s> DT The NN company POS 's JJ lean NN operation , , NNS analysts VBD said , , FW allowed FW sharp-rising FW sales FW from

    FW its FW cholesterol FW drug FW , FW Lopid FW , FW to FW power FW earnings FW growth . . <s> <s> JJ Lopid NNS sales VBP are VBN expected TO to VB be IN about $ $ CD 300 CD million DT this NN year , , RB up IN from $ $ CD 190 CD million IN in CD 1988 . . <s> <s> . In UH Morris UH Plains , , NNP N.J. , , DT a NN spokesman IN for DT the NN company VBD said DT the NNS analysts POS ' NNS projections VBP are `` `` IN in DT the NN ballpark . . '' '' <s> <s> NNP Squibb POS 's

    NN profit , , VBN estimated IN by NNS analysts TO to VB be IN about CD 18 NN % IN above DT the $ $ CD 123 CD million , , CC or $ $ CD 1.25 DT a NN share , , PRP it VBD earned IN in DT the JJ third NN quarter IN of CD 1988 , , VBD was DT the NN result IN of RB especially JJ strong NNS sales IN of PRP$ its FW Capoten FW drug FW for FW treating FW high FW blood FW pressure FW and FW other FW heart FW disease . . <s> <s> DT The NN company VBD was FW officially FW merged FW with FW Bristol-Myers

    FW Co. RBR earlier DT this NN month . . <s> <s> NN Bristol-Myers VBD declined TO to VB comment . . <s> <s> . Mr. '' Riccardo IN of NNP Bear NNP Stearns VBD said IN that NNP Schering-Plough NNP Corp. POS 's JJ expected NN profit NN rise IN of IN about CD 18 NN % TO to CD 20 NN % , , CC and EX Bristol-Meyers VBZ 's VBN expected NN profit NN increase IN of IN about CD 13 NN % VBP are RB largely IN because `` `` DT those NNS companies VBP are RB really VBN managed RB well . . '' '' <s> <s> NN ScheringPlough VBD earned $ $ CD 94.4

    CD million , , CC or JJR 84 NNS cents DT a NN share , , FW while FW Bristol-Myers FW earned $ $ CD 232.3 CD million , , CC or CD 81 NNS cents DT a NN share , , IN in DT the JJ like NN period DT a NN year RBR earlier . . <s> <s> . In -RRB- Madison , , NNP N.J. , , DT a NN spokesman IN for PRP Schering-Plough VBD said DT the NN company VBZ has `` `` UH no UH problems '' '' IN with DT the JJ average NN estimate IN by DT a NNS analysts IN that JJ third-quarter NNS earnings IN per NN share VBD rose

    IN by IN about CD 19 NN % , , TO to $ $ CD 1 . . <s> <s> DT The NN company VBZ expects TO to VB achieve DT the CD 20 NN % NN increase IN in JJ full-year NNS earnings IN per NN share , , IN as PRP it VBP projected IN in DT the NN spring , , DT the NN spokesman VBD said . . <s> <s> NN Meanwhile , , FW analysts FW said FW Pfizer FW 's FW recent FW string FW of FW lackluster FW quarterly FW performances FW continued , , IN as NNS earnings IN in DT the NN quarter VBD were VBN expected TO to VB decline

    IN by IN about CD 5 NN % . . <s> <s> NN Sales IN of NNP Pfizer POS 's JJ important NNS drugs , , WP$ Feldene UH for UH treating UH arthritis , , CC and NNP Procardia , , DT a FW heart FW medicine FW , FW have FW shrunk FW because FW of FW increased FW competition . . <s> <s> IN `` DT The -LRB- -LRBFW strong FW -RRBFW dollar FW hurt FW Pfizer FW a FW lot , , RB too , , '' '' NNP Mr. NNPS Sweig VBD said . . <s> <s> IN In DT the JJ third NN quarter JJ last NN year , , WDT Pfizer

    VBD earned $ $ CD 216.8 CD million , , CC or $ $ CD 1.29 DT a NN share . . <s> <s> NNP In NNP New NNP York , , DT the NN company VBD declined NN comment . . <s> <s> NN Analysts VBD said PRP they VBD expected NNP Upjohn POS 's NN profit TO to VB be JJ flat CC or NN rise IN by RB only IN about CD 2 NN % TO to CD 4 NN % RB as VBN compared IN with $ $ CD 89.6 CD million , , CC or CD 49 NNS cents DT a NN share , , PRP it VBD earned DT a NN year RB ago

    . . <s> <s> NNP Upjohn POS 's FW biggest-selling FW drugs FW are FW Xanax , , DT a NN tranquilizer , , CC and NNP Halcion , , DT a NN sedative . . <s> <s> NN Sales IN of DT both NNS drugs VBP have VBN been VBN hurt IN by FW new FW state FW laws FW restricting FW the FW prescriptions FW of FW certain FW tranquilizing FW medicines FW and FW adverse FW publicity IN about DT the JJ excessive NN use IN of DT the NNS drugs . . <s> <s> NN Also , , DT the NN company POS 's JJS hair-growing NN drug , , UH Rogaine , , VBZ is

    VBG selling SYM well : -IN at IN about $ $ CD 125 CD million IN for DT the NN year , , CC but DT the NN company POS 's NN profit IN from DT the NN drug VBZ has VBN been VBN reduced IN by NNP Upjohn POS 's FW expensive FW print FW and FW television FW campaigns FW for FW advertising , , NNS analysts VBD said . . <s> <s> . In -RRB- Kalamazoo , , NNP Mich. , , WP$ Upjohn LS declined LS comment . . <s> <s> IN Amid DT a NN crowd IN of PRP$ crashing NNS stocks , , FW Relational FW Technology FW Inc. FW 's FW stock

    FW fell FW particularly FW hard FW Friday FW , FW dropping FW 23 NN % IN because PRP$ its NNS problems VBD were VBN compounded IN by NN disclosure IN of DT an JJ unexpected NN loss IN for PRP$ its JJ fiscal JJ first NN quarter . . <s> <s> . The '' database NN software NN company VBD said PRP it VBZ expects DT a $ $ CD 2 CD million JJ net NN loss IN for DT the JJ fiscal JJ first NN quarter VBD ended $ Sept. CD 30 . . <s> <s> NN It VBD said NNS analysts VBD had VBN been VBG expecting DT a JJ small NN profit IN for DT the

    NN period . . <s> <s> NN Revenue VBZ is VBN expected TO to VB be `` `` RB up . modestly '' '' IN from DT the $ $ CD 26.5 CD million VBD reported DT a NN year RB ago . . <s> <s> . Relational '' Technology VBD reported JJ net NN income IN of $ $ CD 1.5 CD million , , CC or CD 12 NNS cents DT a NN share , , IN in DT the JJ year-earlier NN period . . <s> <s> FW `` FW While FW our FW international FW operations FW showed FW strong FW growth FW , FW our FW domestic FW business FW was FW substantially FW below

    FW expectations , , '' '' VBD said UH Paul UH Newton , , NN president CC and JJ chief NN executive NN officer . . <s> <s> DT A NN spokesman VBD said DT the NN company POS 's JJ first NN quarter VBZ is UH historically UH soft , , CC and NN computer NNS companies IN in FW general FW are FW experiencing FW slower FW sales . . <s> <s> . Mr. '' Newton VBD said PRP he VBD accepted DT the NN resignation IN of NNP Thomas NNP Wilson , , NN vice NN president IN of JJ corporate NNS sales , , CC and IN that PRP$ his NN marketing NNS responsibilities VBP have

    VBN been RP reassigned . . <s> <s> DT The NN company VBD said NNP Mr. NNP Wilson POS 's NN resignation VBD was RB n't VBN related TO to DT the NNS sales -RRB- shortfall . . <s> <s> FW Relational FW Technology FW went FW public FW in # May CD 1988 IN at $ $ CD 14 DT a NN share . . <s> <s> NN It VBD fell $ $ CD 1.875 DT a NN share NNP Friday , , TO to $ $ CD 6.25 , , DT a JJ new NN low , , IN in JJ over-the-counter NN trading . . <s> <s> DT Its JJ high IN for DT the JJ past

    NN year VBD was $ $ PDT 16.375 DT a NN share . . <s> <s> IN In DT the JJ previous NN quarter , , DT the NN company VBD earned $ $ CD 4.5 CD million , , CC or CD 37 NNS cents DT a NN share , , IN on NNS sales IN of $ $ CD 47.2 CD million . . <s> <s> . The '' Bronx VBZ has DT a FW wonderful FW botanical FW garden FW , FW a FW great FW zoo FW , FW its FW own FW charming FW Little FW Italy FW -LRBFW on FW Arthur FW Avenue -RRB- -RRBCC and , , IN of NN course

    , , DT the NN Yankees . . <s> <s> NN However , , JJS most NNS people , , FW having FW been FW subjected FW to FW news FW footage FW of FW the FW devastated FW South FW Bronx FW , FW look FW at FW the FW borough FW the FW way FW Tom FW Wolfe FW 's FW Sherman FW McCoy FW did FW in FW `` FW Bonfire FW of FW the FW Vanities '' '' : -IN as DT a FW wrong FW turn FW into FW hell . . <s> <s> FW But FW Laura FW Cunningham FW 's FW Bronx FW , FW her FW childhood FW Bronx FW of

    FW the FW '50s FW , FW is FW something FW else FW altogether . . <s> <s> IN In DT a JJ lovely , , WP$ novelistic UH memoir , , `` `` FW Sleeping FW Arrangements '' '' -LRB- -LRBUH Knopf , , WP$ 195 UH pages , , $ $ CD 18.95 -RRB- -RRB, , FW she FW remembers FW an FW exotic FW playground FW , FW peopled FW mainly FW by FW Jewish FW eccentrics FW and FW the FW occasional FW Catholic FW -LRBFW real FW oddballs FW like FW her FW sexpot FW friend , , DT the RBS hell-kitten UH Diana , , WP$ age LS five -RRB- -RRB-

    . . <s> <s> . Ms. -RRB- Cunningham , , DT a NN novelist CC and NN playwright , , VBZ has DT a FW vivid FW and FW dramatically FW outsized FW sense FW of FW recall . . <s> <s> . She '' transforms PRP her `` `` UH Bronx IN of DT the NNS emotions , , DT a NN place WRB where DT the FW flats FW of FW mediocrity FW are FW only FW relieved FW by FW steep FW descents FW into FW hysteria '' '' IN into DT the `` `` UH Babylonian UH Bronx , , '' '' FW a FW world FW simmering FW with FW sex FW and FW death

    FW and FW intrigue . . <s> <s> IN In DT the FW Babylonian FW Bronx FW , FW Jewish FW working-class FW people FW lived FW in FW drab FW , FW Soviet-style FW buildings FW `` FW glamorized FW '' FW with FW names FW like FW AnaMor FW Towers FW -LRBFW after FW owners FW Anna FW and FW Morris FW Snezak -RRB- -RRB, , WP$ whose FW lobbies FW and FW hallways FW were FW decorated FW with FW murals FW of FW ancient FW Syrians FW and FW Greeks FW , FW friezes FW of FW Pompeii . . <s> <s> FW For FW Ms. FW Cunningham FW the FW architectural FW discombobulation

    FW matched FW the FW discrepancy FW she FW felt FW living FW in FW the FW AnaMor FW Towers FW as FW a FW little SYM girl : : `` `` FW ... FW outwardly FW ordinary FW , FW inwardly FW ornate FW , FW owing FW all FW inspiration FW to FW heathen FW cultures . . '' '' <s> <s> NN Sharp-witted CC and UH funny UH but UH never UH mean , , PRP she VBZ 's DT a FW memorialist FW a FW bit FW like FW Truman FW Capote FW , FW if FW he FW 'd FW been FW Jewish FW and FW female FW and FW less FW bitchy . .

    <s> <s> . Little -RRB- Lily , , IN as FW Ms. FW Cunningham FW calls FW herself IN in DT the NN book , , RB really VBD was RB n't RBR ordinary . . <s> <s> NN She VBD was VBN raised , , IN for DT the JJ first CD eight NNS years , , IN by PRP$ her NN mother , , FW Rosie FW , FW whom FW she FW remembers FW as FW a FW loving FW liar , , WP who FW realigned FW history FW to FW explain FW why FW Lily FW 's FW father FW did FW n't FW live FW with FW them . . <s> <s> IN Rosie

    PDT reinvented DT this NN man , , WP who MD may CC or MD may RB not VBP have VBN known IN about PRP$ his NN child , , IN as DT a FW war FW hero FW for FW Lily POS 's NN benefit . . <s> <s> FW Rosie FW died FW young FW and FW Lily FW has FW remembered FW her FW as FW a FW romantic FW figure , , WP who VBD did RB n't VBP interfere RB much IN with PRP$ her NN child POS 's NN education IN on DT the NNS streets . . <s> <s> FW The FW games FW Bronx FW children FW played FW -LRBFW holding

    FW kids FW down FW and FW stripping FW them FW , FW for FW example FW -RRBFW seem FW tame FW by FW today FW 's FW crack FW standards FW , FW but FW Ms. FW Cunningham FW makes FW it FW all FW sound FW like FW a FW great FW adventure . . <s> <s> FW `` FW Without FW official FW knowledge FW of FW sex FW or FW death FW , FW we FW flirted FW with FW both , , '' '' PRP she VBZ writes . . <s> <s> FW She FW analyzed FW families FW by FW their FW sleeping FW arrangements . . <s> <s> . Her UH friend

    UH Susan , , WP$ whose FW parents FW kept FW reminding FW her FW she FW was FW unwanted FW , FW slept FW on FW a FW narrow FW bed FW wedged FW into FW her FW parents FW ' FW bedroom FW , FW as FW though FW she FW were FW a FW temporary FW visitor . . <s> <s> FW Her FW friend FW Diana FW 's FW father FW was FW a FW professional SYM thief : ; PRP they VBD did RB n't VB seem TO to VB have DT any NN bedrooms IN at PDT all . . <s> <s> FW Maybe FW Lily FW became FW so FW obsessed FW with

    FW where FW people FW slept FW and FW how FW because FW her FW own FW arrangements FW kept FW shifting . . <s> <s> FW When FW Rosie FW died FW , FW her FW uncles FW moved FW in FW -FW and FW let FW her FW make FW the FW sleeping FW and FW other FW household FW arrangements . . <s> <s> IN They PDT painted DT the RBS apartment UH orange , , '' pink CC and JJ white , , VBG according TO to PRP$ her NNS instructions . . <s> <s> FW With FW loving FW detail FW she FW recalls FW her FW Uncle FW Gabe FW , FW an

    FW Orthodox FW Jew FW and FW song FW lyricist FW -LRBFW who FW rhymed FW river FW with FW liver FW in FW a FW love FW song -RRB- -RRB: ; CC and FW Uncle FW Len FW , FW a FW mysterious FW part-time FW investigator FW who FW looked FW like FW Lincoln FW and FW carried FW a FW change FW of FW clothing FW in FW a FW Manila FW envelope , , IN like DT an `` `` FW undercover FW President FW on FW a FW good-will FW mission . . '' '' <s> <s> NN They VBD came IN by PRP$ their FW strangeness FW honestly . . <s> <s>

    NNP Lily POS 's FW grandmother FW , FW no FW cookie FW baker FW , FW excised FW the FW heads FW of FW disliked FW relatives FW from FW the FW family FW album FW , FW and FW lugged FW around FW her FW perennial FW work-in-progress , , `` `` FW Philosophy FW for FW Women . . '' '' <s> <s> FW The FW book FW loses FW some FW momentum PDT toward DT the NN end , , WRB when FW Lily FW becomes FW more FW preoccupied FW with FW dating FW boys FW and FW less FW with FW her FW delightfully FW weird FW family . . <s> <s> IN For

    DT the JJS most NN part , , RB though , , EX there POS 's FW much FW pleasure FW in FW her FW saucy FW , FW poignant FW probe FW into FW the FW mysteries FW of FW the FW Babylonian FW Bronx . . <s> <s> FW The FW Bronx FW also FW figures FW in FW Bruce FW Jay FW Friedman POS 's JJS latest NN novel , , WDT which MD flashes RB back TO to DT the NNP New NNP York IN of DT the NN '50s . . <s> <s> IN But PDT both DT the JJ past CC and JJ present NNS worlds IN of `` `` FW The FW Current

    FW Climate '' '' -LRB- -LRBFW Atlantic FW Monthly FW Press FW , FW 200 FW pages , , $ $ CD 18.95 -RRB- -RRBFW feel FW cramped FW and FW static . . <s> <s> IN For PRP$ his FW sixth FW novel FW , FW Mr. FW Friedman FW tried FW to FW resuscitate FW the FW protagonist FW of FW his FW 1972 FW work , , `` `` FW About FW Harry FW Towns . . '' '' <s> <s> NN Harry VBZ is RB now DT a JJ 57-year-old NN writer , , WP$ whose FW continuing FW flirtation FW with FW drugs FW and FW marginal FW types FW in FW Hollywood

    FW and FW New FW York FW seems FW quaintly FW out-of-synch . . <s> <s> . Harry '' fondly VBZ remembers DT the `` `` JJ old '' '' NNS days IN of DT the JJ early NNS '70s , , WRB when FW people FW like FW his FW friend FW Travis FW would FW take FW a FW psychiatrist FW on FW a FW date FW to FW analyze FW what FW Travis FW was FW doing FW wrong . . <s> <s> . `` UH An UH L.A. UH solution , , '' '' VBZ explains NNP Mr. NNP Friedman . . <s> <s> NN Line IN by FW line FW Mr. FW Friedman FW 's

    FW weary FW cynicism MD can VB be RP amusing , , RB especially WRB when PRP he VBZ 's VBN riffing IN on DT the RBS Hollywood LS social SYM scheme : -DT the FW way FW people FW size FW each FW other FW up FW , FW immediately FW canceling FW the FW desperate FW ones FW who FW merely FW almost FW made FW it . . <s> <s> NN Harry VBZ has VBN avoided PDT all FW that FW by FW living FW in FW a FW Long FW Island FW suburb FW with FW his FW wife , , WP who VBZ 's RB so FW addicted FW to FW soap FW operas

    FW and FW mystery FW novels FW she FW barely FW seems FW to FW notice FW when FW her FW husband FW disappears FW for FW drug-seeking FW forays FW into FW Manhattan . . <s> <s> IN But PRP it VBZ does RB n't VB take RB too JJ many NNS lines TO to # figure LS Harry RP out . . <s> <s> NNP He POS 's FW a FW bore . . <s> <s> NNP Gulf NNPS Resources CC & NNP Chemical NNP Corp. VBD said PRP it VBD agreed TO to VB pay $ $ CD 1.5 CD million IN as NN part IN of DT an NN accord IN with DT the FW Environmental

    FW Protection FW Agency FW regarding FW an FW environmental FW cleanup FW of FW a FW defunct FW smelter FW the FW company FW formerly FW operated FW in FW Idaho . . <s> <s> FW In FW 1984 FW the FW EPA FW notified FW Gulf FW Resources , , WDT which VBD was DT a NN part-owner IN of DT the NN smelter , , WDT that PRP it VBD was FW potentially FW liable FW for FW sharing FW cleanup NNS costs IN at DT the NN site IN under DT the JJ federal JJ Superfund NN program . . <s> <s> FW The FW 21-square-mile FW area FW is FW contaminated FW with FW lead

    , , '' zinc CC and JJ other NNS metals . . <s> <s> FW Gulf FW Resources FW earlier FW this FW year FW proposed FW a FW reorganization FW plan WDT that MD would VB make PRP it DT a NN unit IN of DT a FW Bermuda FW concern FW , FW potentially FW exempting FW it FW from FW liability FW for FW the FW smelter FW 's FW cleanup FW costs . . <s> <s> DT The NN company VBD said IN that IN as NN part IN of PRP$ its NN agreement IN with DT the NNP EPA , , PRP it `` `` FW made FW certain FW voluntary FW undertakings FW with

    FW respect FW to FW intercorporate FW transactions FW entered FW into IN after DT the NN reorganization . . '' '' <s> <s> DT The NN company , , WDT which VBD issued DT a NN statement IN on DT the NN agreement JJ late NNP Friday , , VBD said IN that $ $ CD 1 CD million IN of DT the NN payment VBD was RB previously VBN provided IN for IN in PRP$ its JJ financial NNS statements CC and IN that $ $ CD 500,000 MD will VB be VBN recognized IN in PRP$ its RBS 1989 JJ third-quarter NN statement . . <s> <s> DT The NN agreement CC and FW consent FW decree

    FW are FW subject FW to FW court FW approval , , DT the NN company VBD said . . <s> <s> . Gulf '' Resources VBD added IN that PRP it `` `` MD will VB seek TO to FW recover FW equitable FW contribution FW from FW others FW for PDT both DT the NN amount IN of DT the NN settlement CC and DT any JJ other NNS liabilities PRP it MD may VB incur IN under DT the JJS Superfund NN law . . '' '' <s> <s> IN Under DT the NN agreement , , WDT Gulf MD must VB give DT the NNP U.S. FW government FW 45 FW days FW ' FW advance

    FW written FW notice FW before FW issuing FW any FW dividends FW on FW common FW stock . . <s> <s> DT The NN company POS 's JJ net NN worth MD can RB not VB fall IN below $ $ CD 185 CD million IN after DT the NNS dividends VBP are VBN issued . . <s> <s> IN `` DT The NNS terms IN of DT that NN agreement RB only VB become PDT effective DT the NN date IN of NNP Gulf POS 's NN reorganization , , WDT which FW we FW anticipate FW will FW occur FW sometime FW in FW early FW 1990 , , '' '' VBD said UH Lawrence UH R.

    UH Mehl , , NNP Gulf POS 's JJ general NN counsel . . <s> <s> DT In NN addition , , WDT Gulf MD must VB give DT the FW government FW 20 FW days FW ' FW advance FW written FW notice FW of FW any FW loans FW exceeding $ $ CD 50 CD million WDT that VBP are VBN made TO to DT the RBS Bermuda-based WP$ holding NN company . . <s> <s> NNP Gulf POS 's JJ net NN worth IN after DT those NN transaction MD must VB be IN at JJS least $ $ CD 150 CD million . . <s> <s> NN Separately , , DT the NN company VBD said

    PRP it VBZ expects TO to VB hold DT a JJ special NN meeting IN for NNS shareholders IN in $ early CD 1990 TO to VB vote IN on PRP$ its JJ proposed NN reorganization . . <s> <s> NN Many IN of DT the NN nation POS 's FW highest-ranking FW executives FW saluted FW Friday FW 's FW market FW plunge FW as FW an FW overdue FW comeuppance FW for FW speculators FW and FW takeover FW players . . <s> <s> NN Assuming IN that DT the NN market VBZ does RB n't FW head FW into FW a FW bottomless FW free FW fall FW , FW some FW executives FW think FW Friday

    FW 's FW action FW could FW prove FW a FW harbinger FW of FW good SYM news : -IN as DT a NN sign IN that DT the JJ leveraged NN buy-out CC and NN takeover NN frenzy IN of JJ recent NNS years MD may VB be RP abating . . <s> <s> . `` '' This VBZ is DT a NN reaction TO to # artificial UH LBO UH valuations , , RB rather IN than TO to DT any NNS fundamentals , , '' '' VBD said NNP John NNP Young , , NN chairman IN of NNP Hewlett-Packard NNP Co. , , WP$ whose NNS shares VBD dropped $ $ CD 3.125 TO to

    $ $ CD 48.125 . . <s> <s> NN `` IN If PRP we VBP get VBN rid IN of DT a NN lot IN of DT that NN nonsense , , PRP it MD will VB be DT a JJ big NN plus . . '' '' <s> <s> DT A JJ few IN of DT the NNS executives RB here IN for DT the NN fall NN meeting IN of DT the NNP Business NNP Council , , DT a NN group WDT that VBZ meets TO to VB discuss JJ national NNS issues , , VBD were RB only RB too JJ happy TO to VB personalize PRP$ their NN criticism . . <s> <s> JJ ``

    NNS People VBP wish DT the NN government MD would VB do FW something FW about FW leveraged FW buy-outs FW , FW do FW something FW about FW takeovers FW , FW do FW something FW about FW Donald FW Trump , , '' '' VBD said UH Rand UH Araskog , , NN chairman IN of NNP ITT NNP Corp. , , WP$ whose NN stock VBD dropped $ $ CD 3.375 . . <s> <s> . `` '' Where VBZ 's DT the NN leadership . ? <s> <s> NN Where VBZ 's DT the NN guy WP who MD can VB say : : `` ` EX Enough VBZ is RB enough . ' '' ''

    . ? <s> <s> FW The FW executives FW were FW remarkably FW unperturbed FW by FW the FW plunge FW even FW though FW it FW lopped FW billions FW of FW dollars RP off DT the NN value IN of PRP$ their NNS companies : -CC and VB millions RP off PRP$ their JJ personal NNS fortunes . . <s> <s> IN `` PRP I VBP 'm RB not VBG going TO to VB worry IN about CD one NN day POS 's NN decline , , '' '' VBD said UH Kenneth UH Olsen , , NNP Digital NNP Equipment NNP Corp. NN president , , WP who VBD was FW leisurely FW strolling FW through

    FW the FW bright FW orange FW and FW yellow FW leaves IN of DT the RBS mountains RB here IN after PRP$ his NN company POS 's NNS shares VBD plunged $ $ CD 5.75 TO to VB close IN at $ $ CD 86.50 . . <s> <s> IN `` PRP I VBD did RB n't # bother LS calling SYM anybody : ; PRP I VBD did RB n't RB even VB turn IN on NN TV . . '' '' <s> <s> `` `` EX There VBZ has RB n't VBN been DT any JJ fundamental NN change IN in DT the NN economy , , '' '' UH added UH John UH Smale , ,

    WP$ whose FW Procter FW & FW Gamble FW Co. FW took FW an FW $ FW 8.75 FW slide TO to VB close IN at $ $ CD 120.75 . . <s> <s> IN `` DT The NN fact IN that DT this $ happened CD two NNS years RB ago CC and EX there VBD was DT a FW recovery FW gives FW people FW some FW comfort FW that FW this MD wo RB n't VB be DT a NN problem . . '' '' <s> <s> DT Of NN course , , FW established FW corporate FW managements FW often FW tend FW to FW applaud FW the FW setbacks FW of FW stock FW speculators

    FW and FW takeover FW artists . . <s> <s> NN Indeed , , FW one FW chief FW executive FW who FW was FW downright FW delighted FW by FW Friday FW 's FW events FW was FW Robert FW Crandall , , NN chairman IN of NNP AMR NNP Corp. , , DT the NN parent IN of NNP American NNPS Airlines CC and DT the NN target IN of DT a NN takeover NN offer IN by NNP Mr. NNP Trump . . <s> <s> NN Asked IN whether NNP Friday POS 's NN action MD could VB help PRP him VBP avoid VBG being RP Trumped IN by DT the NNP New NNP York FW real

    FW estate FW magnate FW , FW Mr. FW Crandall FW smiled FW broadly CC and VBD said : : `` `` UH No UH comment . . '' '' <s> <s> NNP On NNP Friday NN morning , , IN before DT the NN market POS 's NN sell-off , , DT the FW business FW leaders FW issued FW a FW report FW predicting FW the FW economy FW would FW grow FW at FW roughly FW an FW inflation-adjusted FW 2 FW % FW annual FW rate , , IN through JJ next NN year , , FW then FW accelerate FW anew FW in FW 1991 . . <s> <s> IN Of DT the CD 19

    NNS economists WP who VBD worked IN on DT the FW Business FW Council FW forecast FW , FW only FW two FW projected FW periods IN of NN decline IN in DT the NN nation POS 's NN output IN over DT the JJ next CD two NNS years , , CC and IN in `` `` FW both FW instances FW the FW declines FW are FW too FW modest FW to FW warrant FW the FW phrase FW recession , , '' '' VBD said UH Lewis UH Preston , , NN chairman IN of NNP J.P. NNP Morgan CC & NNP Co. CC and NN vice NN chairman IN of DT the NNP Business NNP Council

    . . <s> <s> DT The JJ real NN estate , slump WDT that VBZ 's VBG pushing RP down DT the NN price IN of NNP New NNP York NN office NN space CC and EX housing VBZ is RB also VBG affecting DT the NN city POS 's JJ retail JJ real NN estate NN market . . <s> <s> NNP In NNP Manhattan , , FW once-desirable FW store FW sites FW sit FW vacant FW and FW newly FW constructed FW space VBZ has VBN been RP slow TO to VB fill . . <s> <s> FW Retail FW real FW estate FW brokers FW say FW tenants FW are FW reluctant FW to FW sign

    FW leases FW because IN of NN uncertainty IN about DT the JJ local NN economy , , NN turmoil IN in PRP$ their JJ own NNS industries CC and DT a FW belief FW that FW rents FW have FW not FW yet FW hit FW bottom . . <s> <s> `` `` EX There VBZ is DT an FW unbelievable FW amount FW of FW space FW available , , '' '' VBZ says FW Faith FW Consolo FW , FW senior FW vice FW president FW at FW Garrick-Aug FW Associates FW Store FW Leasing FW Inc . . <s> <s> NNS There VBP are RB about CD 2,000 NNS stores IN for NN rent , ,

    RB up IN from DT a JJR more FW typical FW range FW of FW 1,200 FW to FW 1,500 . . <s> <s> . `` UH This UH further UH confuses UH retailers , , '' '' PRP she VBZ says . . <s> <s> FW `` FW They FW wonder FW should FW they FW sign FW a FW lease FW if FW prices FW are FW still FW coming FW down FW ? <s> <s> IN Is DT this DT the JJ wrong NN time TO to VB open DT a NN store . ? <s> <s> NN Who VBZ is VBG going TO to VB be IN in DT the RBS space JJ next NN door

    . ? '' '' <s> <s> DT In NN addition , , FW Ms. FW Consolo FW says FW , FW tenants FW usually FW can FW negotiate FW to FW pay FW rents FW that FW are FW about FW one-quarter FW lower FW than FW landlords FW ' FW initial FW asking FW price . . <s> <s> DT A NN handful IN of # hot UH retail UH locations , , JJ such IN as DT the FW 57th FW Street FW and FW Madison FW and FW Fifth FW Avenue FW areas FW , FW have FW been FW able FW to FW sustain FW what FW many FW see FW as FW astronomical FW rents

    . . <s> <s> NN And , , IN in DT some NNS neighborhoods , , FW rents FW have FW merely FW hit FW a FW plateau . . <s> <s> NN But IN on NN average , , FW Manhattan FW retail FW rents FW have # dropped CD 10 NN % TO to CD 15 NN % IN in DT the JJ past CD six NNS months RB alone , , WDT experts VBP say . . <s> <s> NN That VBZ follows DT a RBR more JJ subtle NN decline IN in DT the $ prior CD six NNS months , , FW after FW Manhattan FW rents FW had FW run FW up FW rapidly

    FW since FW 1986 . . <s> <s> FW The FW same FW factors FW limiting FW demand FW for FW office FW space FW have FW affected FW retailing . . <s> <s> FW `` FW As FW businesses FW contract FW or FW depart , , DT the NN number IN of NNS employees WP who MD might VB use UH retail UH services UH shrinks , , '' '' VBZ says FW Edward FW A. FW Friedman FW , FW senior FW vice FW president FW of FW Helmsley FW Spear FW Inc . . <s> <s> FW He FW says FW financial FW problems FW plaguing FW electronics FW , FW fur FW and FW furniture

    FW companies FW -FW key FW categories FW in FW the FW local FW retail FW economy FW -FW have FW further PDT deflated DT the NN market . . <s> <s> , Hardest WDT hit VBP are WP what PRP he VBZ calls `` `` FW secondary FW '' FW sites FW that FW primarily FW serve FW neighborhood FW residents . . <s> <s> IN In DT these NNS locations , , NNP Mr. NNP Friedman VBZ says , , `` `` FW Retailers FW are FW increasingly FW cautious FW about FW expanding FW and FW rents FW have FW remained FW steady FW or FW in FW some FW cases FW have FW declined

    . . '' '' <s> <s> NN Weakness IN in DT the NN restaurant NN industry , , WDT which VBZ is FW leaving FW retail FW space FW vacant FW , FW exacerbates FW the FW problem FW for FW landlords . . <s> <s> NN It VBZ is RB also FW no FW comfort FW to FW landlords FW and FW small FW New FW York FW retailers WRB when DT the NN future IN of JJR larger NN department NNS stores , , WDT which UH anchor UH retail UH neighborhoods , , VBP are IN in NN doubt . . <s> <s> NNP Hooker NNP Corp. , , FW parent FW of FW Bonwit FW Teller

    FW and FW B. FW Altman FW 's , , VBZ is VBN mired IN in NN bankruptcy NNS proceedings CC and NNP Bloomingdale POS 's VBZ is IN for NN sale IN by PRP$ its NN owner , , NNP Campeau NNP Corp . . <s> <s> FW The FW trend FW toward FW lower FW rents FW may FW seem FW surprising FW given FW that FW some FW communities FW in FW New FW York FW are FW bemoaning FW the FW loss FW of FW favorite FW local FW businesses FW to FW high FW rents . . <s> <s> NN But , , IN despite DT the JJ recent NN softening , , IN for

    JJ many IN of DT these RBS retailers EX there VBZ 's RB still VBN been RB too PDT big DT a NN jump IN from DT the JJ rental NNS rates IN of DT the JJ late NNS 1970s , , WRB when PRP$ their NNS leases VBD were VBN signed . . <s> <s> NN Certainly , , DT the JJ recent NN drop IN in FW prices FW does FW n't FW mean FW Manhattan FW comes FW cheap . . <s> <s> NNP New NNP York FW retail FW rents FW still FW run FW well FW above FW the FW going FW rate FW in FW other FW U.S. FW cities . . <s> <s>

    NN Madison CC and FW Fifth FW Avenues FW and FW East FW 57th FW Street FW can FW command FW rents FW of RP up TO to $ $ CD 500 DT a JJ square NN foot , , CC and $ $ CD 250 VBZ is RB not RBR uncommon . . <s> <s> FW The FW thriving FW 34th FW Street FW area FW offers FW rents FW of FW about FW $ FW 100 FW a FW square FW foot FW , FW as FW do FW up-and-coming FW locations FW along FW lower FW Fifth FW Avenue . . <s> <s> DT By NN contrast , , '' rentals IN in DT the JJS best

    FW retail FW locations FW in FW Boston FW , FW San FW Francisco FW and FW Chicago FW rarely FW top FW $ FW 100 FW a FW square FW foot . . <s> <s> FW And FW rents FW on FW Beverly FW Hills FW ' FW Rodeo FW Drive FW generally FW do FW n't FW exceed FW about FW $ FW 125 FW a FW square FW foot . . <s> <s> NNP The NNP New NNP York NNP Stock NNP Exchange VBD said CD two NNS securities MD will VB begin VBG trading DT this NN week . . <s> <s> . Precision '' Castparts NNP Corp. , , UH Portland , , NNP Ore.

    , , MD will VB begin NN trading IN with DT the RBS symbol LS PCP . . <s> <s> FW It FW makes FW investment FW castings FW and FW has FW traded FW over-the-counter . . <s> <s> NNP Royal NNP Bank IN of NNP Scotland NNP Group NNP PLC , , DT an NN Edinburgh , , NNP Scotland , , JJ financial NNS services NN company , , MD will FW list FW American FW depositary FW shares FW , FW representing FW preferred FW shares , , IN with DT the RBS symbol LS RBSPr . . <s> <s> NN It MD will VB continue TO to VB trade IN on DT the NNP International

    NNP Stock NNP Exchange , , NNP London . . <s> <s> NNP The NNP American NNP Stock NNP Exchange POS listed NNS shares IN of CD two NNS companies . . <s> <s> . AIM '' Telephones NNP Inc. , , DT a NN Parsippany , , NNP N.J. , , WP$ telecommunications LS equipment WP$ supply NN company , , WP$ started NN trading IN with DT the RBS symbol LS AIM . . <s> <s> NN It VBD had VBN traded JJ over-the-counter . . <s> <s> . Columbia '' Laboratories NNP Inc. , , NNP Miami , , VBD began NN trading IN with DT the RBS symbol LS COB . . <s> <s> FW The

    FW pharmaceuticals FW maker FW had FW traded FW over-the-counter . . <s> <s> NNP The NNP National NNP Market NNP System IN of DT the FW Nasdaq FW over-the-counter FW market FW listed NNS shares IN of CD one NN company . . <s> <s> FW Employee FW Benefit FW Plans FW Inc. FW , FW a FW Minneapolis FW health-care FW services FW company , , VBD was VBN listed IN with DT the RBS symbol LS EBPI . . <s> <s> . When UH Justice UH William UH Brennan PDT marks DT the NN start IN of PRP$ his JJS 34th NN year IN on DT the NNP Supreme NNP Court NN today , , DT the

    FW occasion FW will FW differ FW sharply FW from FW previous FW anniversaries FW of FW his FW tenure . . <s> <s> IN For DT the JJ first NN time , , DT the FW 83-year-old FW justice FW finds FW his FW influence FW almost FW exclusively FW in FW dissent , , RB rather IN than IN as DT a NN force IN in DT the JJ high NN court POS 's NN majority . . <s> <s> . This UH role UH reversal UH holds UH true , , RB as RB well , , IN for PRP$ his FW three FW liberal FW and FW moderate FW allies FW , FW Justices FW Thurgood

    FW Marshall FW , FW Harry FW Blackmun FW and FW John FW Stevens . . <s> <s> NNS But VBP are DT these CD four NNS players , , CD three IN of PRP them IN in PRP$ their UH 80s , , JJ ready TO to VB assume DT a JJ different NN role IN after CD 88 NNS years , , UH collectively , , IN of NN service IN on DT the JJ high NN court . ? <s> <s> . Every '' indication VBZ is IN that DT the NNS four VBP are VBN prepared TO to VB accept DT this JJ new NN role , , CC and DT the RBS frustrations WDT that

    VBP go IN with PRP it , , CC but IN in JJ different NNS ways . . <s> <s> FW Justices FW Brennan FW and FW Stevens FW appear FW philosophical FW about FW it FW ; FW Justices FW Marshall FW and FW Blackmun FW appear FW fighting FW mad . . <s> <s> FW The FW four FW justices FW are FW no FW newcomers FW to FW dissent FW , FW often FW joining FW forces IN in DT the JJ past NN decade TO to VB criticize DT the NN court POS 's FW conservative FW drift . . <s> <s> VBZ But RB always , , IN in NNS years JJ past , ,

    PRP they VBP have PDT bucked DT the NN trend CC and VBP have VBN been JJ able TO to VB pick RP up DT a JJ fifth NN vote TO to VB eke RP out DT a NN number IN of FW major FW victories FW in FW civil FW rights FW and FW liberties FW cases . . <s> <s> NN Now , , RB however , , IN as DT the NN court POS 's FW new FW five-member FW conservative FW majority FW continues FW to FW solidify FW , FW victories FW for FW the FW liberals FW are FW rare . . <s> <s> . The '' change VBZ is RBS most UH dramatic

    UH for UH Justice UH Brennan , , DT the JJ last NN survivor IN of DT the FW mid-1960s FW liberal FW majority FW under FW Chief FW Justice FW Earl FW Warren . . <s> <s> IN In DT the FW seven FW Supreme FW Court NNS terms IN from DT the NN fall IN of JJR 1962 IN through DT the NN spring IN of CD 1967 , , DT the NN height IN of DT the NNP Warren NNP Court POS 's NN power , , FW Justice FW Brennan FW cast FW only FW 25 FW dissenting FW votes FW in FW 555 FW cases FW decided IN by DT the NN court . .

    <s> <s> FW Last FW term FW alone FW he FW cast FW 52 FW dissenting FW votes FW in FW 133 FW decisions , , IN with DT the FW contentious FW flag-burning FW ruling FW as FW his FW only FW big FW victory . . <s> <s> FW But FW Justice FW Brennan FW foresaw FW his FW new FW role FW , FW strongly FW defending FW the FW importance FW of FW dissents FW in FW a FW 1985 FW speech . . <s> <s> IN `` DT Each NN time DT the NN court IN revisits DT an NN issue , , DT the NNS justices MD will VB be VBN forced IN by

    DT a NN dissent TO to VB reconsider DT the JJ fundamental NNS questions CC and TO to VB rethink DT the NN result , , '' '' PRP he VBD said . . <s> <s> NN Moreover , , IN in JJ recent NNS months PRP he VBZ has VBN said IN that WRB when PRP he VBD was IN on DT the JJ winning NN side IN in DT the NNS 1960s , , PRP he VBD knew IN that DT the NNS tables MD might VB turn IN in DT the NN future . . <s> <s> NN He VBZ has VBN said IN that PRP he FW now FW knows FW how FW Justice FW John

    FW Harlan FW felt , , DT a NN reference TO to DT the FW late FW conservative FW justice WP who VBD was DT the RBS most LS frequent -RRB- dissenter IN from DT the NNP Warren NNP Court POS 's NNS opinions . . <s> <s> NN Associates IN of # 81-year-old LS Justice EX Marshall VBP say PRP he VBD was `` `` UH depressed '' '' IN about DT the NN court POS 's RBS direction JJ last NN spring , , CC but VBZ is VBN feisty IN about PRP$ his NN role CC and VBN determined TO to VB speak RP out IN against DT the NN court POS 's JJS cutbacks IN in

    JJ civil NNS rights . . <s> <s> IN `` PRP We MD could VB sweep PRP it IN under DT the NN rug CC and WRB hide PRP it , , CC but PRP I VBP 'm RB not VBG going TO to VB do PRP it , , '' '' PRP he VBD said IN in DT a RBS speech JJ last NN month . . <s> <s> NN He , , FW like FW Justice FW Brennan FW , FW considers FW dissents FW highly FW important IN for DT the NN future , , DT a NN point WDT that VBZ has RB n't FW escaped FW legal FW scholars . . <s> <s> FW Harvard

    FW Law FW School FW Professor FW Laurence FW Tribe FW says EX there VBZ is DT a `` `` FW generation-skipping FW '' FW flavor FW to FW current FW dissents . . <s> <s> . The '' dissenters IN in DT the NNP Warren NNP Court , , PRP he VBZ says , , VBD appeared TO to VB be RP writing IN for DT the JJ short-term , , VBG suggesting IN that DT the NN court POS 's NN direction MD might VB change RB soon . . <s> <s> . `` '' Brennan CC and EX Marshall VBP are VBN speaking IN in PRP$ their NN dissents TO to DT a JJR more UH distant

    UH future , , '' '' PRP he VBZ says . . <s> <s> . Justice -RRB- Blackmun , , WP who MD will VB turn PRP$ 81 JJ next NN month , , RB also VBZ seems VBN feisty IN about PRP$ his JJ new NN role . . <s> <s> NNS Associates VBP say PRP he VBZ takes DT some FW defeats FW more FW personally FW than FW his FW colleagues FW , FW especially FW attempts TO to VB curtail DT the NN right TO to FW abortion FW first FW recognized FW in FW his FW 1973 FW opinion FW , FW Roe FW vs. FW Wade . . <s> <s> NN Friends CC and

    FW associates FW who FW saw FW Justice FW Blackmun PDT during DT the NN summer VBD said PRP he VBD was DT no JJR more NNS discouraged IN about DT the NN court IN than IN in JJ recent NNS years . . <s> <s> IN And PRP$ his FW outlook FW improved FW after FW successful FW cataract FW surgery FW in FW August . . <s> <s> IN But PRP$ his NN level IN of PRP frustration VBD showed IN in DT a JJ recent , , WP$ impassioned UH speech TO to DT a NN group IN of NNS hundreds IN of NNS lawyers IN in NNP Chicago . . <s> <s> FW He FW concluded

    FW his FW remarks FW by FW quoting , , '' emotionally CC and IN at DT some NN length , , VBG according TO to DT those NN present , , DT the FW late FW Martin FW Luther FW King FW 's FW famous FW `` FW I FW Have FW a FW Dream FW '' FW speech FW from FW the FW 1963 FW March FW on FW Washington . . <s> <s> . Justice -RRB- Stevens , , UH 69 , , VBZ is RB probably DT the RBS most SYM philosophical IN of DT the NN dissenters IN about PRP$ his NN role , , IN in NN part IN because PRP he MD may

    VB be DT the JJS least NN liberal IN of DT the CD four , , CC but RB also IN because PRP he VBZ enjoys DT the JJ intellectual NN challenge IN of VBG arguing IN with DT the NN majority RBR more IN than DT the NNS others . . <s> <s> IN If DT the FW role FW these FW four FW dissenters FW are FW assuming FW is FW a FW familiar FW one FW in FW modern FW Supreme FW Court FW history , , PRP it RB also VBN differs IN in DT an JJ important NN way IN from JJ recent NN history , , WP$ court LS watchers LS say . .

    <s> <s> IN `` DT The NN dissenters IN of DT the FW Warren FW Court FW were FW often FW defending FW a FW legal FW legacy FW that FW they FW inherited , , '' '' VBZ says FW Prof. FW A.E. FW Dick FW Howard FW of FW the FW University FW of FW Virginia FW Law FW School , , `` `` CC but DT the FW dissenters FW today FW are FW defending FW a FW legacy FW that FW they FW created . . <s> <s> DT The NN government VBD sold DT the NNS deposits IN of # four UH savings-and-loan UH institutions , , IN in PRP$ its JJ first NN wave

    IN of NNS sales IN of JJ big , , WP$ sick UH thrifts , , CC but JJ low NNS bids VBD prevented DT the NN sale IN of DT a JJ fifth . . <s> <s> . The '' four PRP S&Ls VBD were VBN sold TO to JJ large NNS banks , , RB as VBD was DT the NN case IN with JJS most IN of DT the FW 28 FW previous FW transactions FW initiated FW by FW the FW Resolution FW Trust FW Corp. FW since PRP it VBD was VBN created IN in DT the FW S&L FW bailout FW legislation FW two FW months FW ago . . <s> <s> NN Two

    IN of DT the RBS four JJ big NNS thrifts VBD were VBN sold TO to NNP NCNB NNP Corp. , , NNP Charlotte , , NNP N.C. , , WDT which VBZ has RB aggressively VBN expanded PRP$ its NNS markets , , RB particularly IN in NNP Texas CC and NNP Florida . . <s> <s> DT A JJ Canadian NN bank VBD bought DT another NN thrift , , IN in DT the JJ first JJ RTC NN transaction IN with DT a JJ foreign NN bank . . <s> <s> IN Under DT these NNS deals , , DT the NNP RTC VBZ sells RB just DT the NNS deposits CC and DT the JJ healthy

    NNS assets . . <s> <s> , These `` `` UH clean-bank '' '' LS transactions PDT leave DT the NN bulk IN of JJ bad NNS assets , , RB mostly JJ real NN estate , , IN with DT the NN government , , TO to VB be VBN sold RB later . . <s> <s> IN In DT these CD four , , IN for NN instance , , DT the NNP RTC VBZ is VBN stuck IN with $ $ CD 4.51 CD billion IN in JJ bad NNS assets . . <s> <s> FW Acquirers FW paid FW premiums FW ranging FW from FW 1.5 NN % TO to CD 3.7 NN % IN for

    DT the FW deposits FW and FW branch FW systems FW , FW roughly FW in FW line FW with FW what FW analysts FW were FW expecting . . <s> <s> JJ The NNS buyers MD will RB also VB be FW locked FW into FW deposit FW rates FW for FW just FW two FW weeks , , RB as VBZ has VBN been DT the NN case IN with JJ previous NNS deals . . <s> <s> , After WDT that , , DT the NNS buyers MD may VB repudiate DT the NNS rates VBN paid IN by DT the JJ former NNS thrifts . . <s> <s> IN But PRP it VBZ 's VBN uncertain

    IN whether DT these NNS institutions MD will VB take DT those NNS steps . . <s> <s> NN NCNB , , IN for NN example , , VBZ has VBN been CD one IN of DT the JJS highest NN rate NNS payers IN in DT the NNP Texas NN market , , CC and IN in NNP Florida , , NNS rates VBP are FW especially FW sensitive FW in FW retirement FW communities . . <s> <s> FW The FW RTC FW had FW previously FW targeted FW five FW thrifts FW for FW quick FW sales FW in FW order FW to FW spend FW cash FW by FW certain FW budgetary FW deadlines , ,

    CC but DT the FW delays FW illustrate FW the FW tough FW chore PDT facing DT the NN agency . . <s> <s> FW `` FW These FW thrifts FW are FW beached FW whales , , '' '' VBD said UH Bert UH Ely , , DT an NN industry VBZ consultant VBN based IN in NNP Alexandria , , NNP Va . . <s> <s> DT For NN example , , DT the FW delay FW in FW selling FW People FW 's FW Heritage FW Savings FW , FW Salina FW , FW Kan. , , IN with $ $ CD 1.7 CD billion IN in NNS assets , , VBZ has VBN forced DT the

    NN RTC TO to VB consider VBG selling RP off DT the RBS thrift UH branch-by-branch , , RB instead IN of IN as DT a JJ whole NN institution . . <s> <s> NN NCNB VBD continued PRP$ its NN foray IN into DT the NNP Florida CC and NNP Texas NNS markets . . <s> <s> NN NCNB MD will VB acquire NNP University NNP Federal NNP Savings NNP Association , , NNP Houston , , WDT which VBD had NNS assets IN of $ $ CD 2.8 CD billion . . <s> <s> NNP NCNB NNP Texas NNP National NNP Bank MD will VB pay DT the PDT RTC DT a NN premium IN of $ $

    CD 129 CD million IN for $ $ CD 3.5 CD billion IN in NNS deposits . . <s> <s> IN As DT a NN measure IN of DT the FW depths FW to FW which FW the FW Texas FW real FW estate FW market FW has FW sunk , , DT the NNP RTC MD will VB pay $ $ CD 3.8 CD billion TO to VB NCNB TO to VB take $ $ CD 750 CD million IN of JJ bad NNS assets . . <s> <s> FW NCNB FW also FW acquired FW Freedom FW Savings FW & FW Loan FW Association FW , FW Tampa , , NNP Fla. , , WDT which VBD had

    JJ total NNS assets IN of $ $ CD 900 CD million . . <s> <s> NN NCNB MD will VB pay DT the PDT RTC DT a NN premium IN of $ $ CD 40.4 CD million IN for $ $ CD 1.1 CD billion IN in NNS deposits . . <s> <s> NN NCNB MD will RB also VB acquire $ $ CD 266 CD million IN of NNP Freedom POS 's NNS assets IN from DT the NNP RTC , , WDT which MD will VB require $ $ CD 875 CD million IN in NN assistance . . <s> <s> NNP Meridian NNP Bancorp NNP Inc. , , UH Reading , , NNP Pa. , ,

    MD will VB acquire FW Hill FW Financial FW Savings FW Association FW , FW Red FW Hill , , NNP Pa. , , WDT which VBD had $ $ CD 2.3 CD billion IN in NNS assets . . <s> <s> NN Meridian MD will VB pay DT a NN premium IN of $ $ CD 30.5 CD million TO to VB assume $ $ CD 2 CD billion IN in NNS deposits . . <s> <s> NN It MD will RB also VB purchase $ $ CD 845 CD million IN of DT the NN thrift POS 's NNS assets , , IN with $ $ CD 1.9 CD billion IN in # RTC LS assistance . .

    <s> <s> IN In DT the JJ first JJ RTC NN transaction IN with DT a JJ foreign NN buyer , , WP$ Royal UH Trustco UH Ltd. , , NNP Toronto , , MD will VB acquire NNP Pacific NNP Savings NNP Bank , , WP$ Costa UH Mesa , , NNP Calif. , , WDT which VBD had $ $ CD 949 CD million IN in NNS assets . . <s> <s> , Royal WDT Trustco MD will VB pay DT the JJS RTC $ $ CD 25 CD million TO to VB assume $ $ CD 989 CD million IN in NNS deposits . . <s> <s> NN It MD will RB also VB purchase $ $

    CD 473 CD million IN in NNS assets , , CC and VB receive $ $ CD 550 CD million IN in NN assistance IN from DT the NN RTC . . <s> <s> IN The VBG following NNS issues VBD were RB recently VBN filed IN with DT the NNPS Securities CC and NNP Exchange NNP Commission : : <s> <s> . American '' Cyanamid NNP Co. , , VBG offering IN of PRP$ 1,250,000 JJ common NNS shares , , FW via FW Merrill FW Lynch FW Capital FW Markets . . <s> <s> NNP Limited NNP Inc. , , VBG offering IN of RB up TO to $ $ CD 300 CD million IN of NN debt

    NNS securities CC and NNS warrants . . <s> <s> FW Nuveen FW California FW Performance FW Plus FW Municipal FW Fund NNP Inc. , , JJ initial NN offering IN of CD five CD million JJ common NNS shares , , FW via FW Alex FW . FW Brown FW & FW Sons FW Inc. FW , FW John FW Nuveen FW & FW Co. FW , FW Prudential-Bache FW Capital FW Funding , , CC and UH Bateman UH Eichler , , WP$ Hill LS Richards . . <s> <s> NNP PacifiCare NNP Health NNP Systems NNP Inc. , , JJ proposed NN offering IN of CD 1.5 CD million JJ common NNS shares , , IN of

    WDT which WP$ 700,000 NNS shares MD will VB be VBN offered IN by FW PacifiCare FW and FW 800,000 FW shares FW by FW UniHealth FW America FW Inc . . -LRB- -LRBFW PacifiCare FW 's FW 71 FW % -RRB- -RRB, , WP$ via UH Dillon , , '' Read CC & NNP Co. NNP Inc. , , NNP Goldman , , FW Sachs FW & FW Co. FW and FW Dean FW Witter FW Reynolds FW Inc . . <s> <s> NNP Pricor NNP Inc. , , VBG offering IN of CD one CD million JJ new NNS shares IN of JJ common NN stock CC and CD 300,000 NNS shares IN by NNS holders

    , , FW via FW Drexel FW Burnham FW Lambert FW Inc. FW and FW J.C. FW Bradford FW & FW Co . . <s> <s> NNP Trans NNP World NNPS Airlines NNP Inc. , , VBG offering IN of $ $ CD 150 CD million JJ senior NNS notes , , WP$ via LS Drexel LS Burnham . . <s> <s> DT Time NN magazine , , IN in DT a NN move TO to VB reduce DT the NNS costs IN of FW wooing FW new FW subscribers FW , FW is FW lowering FW its FW circulation FW guarantee TO to VB advertisers IN for DT the JJ second JJ consecutive NN year , , VBG increasing

    PRP$ its FW subscription FW rates FW and FW cutting FW back FW on FW merchandise FW giveaways . . <s> <s> IN In DT an NN announcement TO to PRP$ its RBS staff JJ last NN week , , NNS executives IN at NNP Time NNP Warner NNP Inc. POS 's FW weekly FW magazine FW said FW Time FW will FW `` FW dramatically FW de-emphasize FW '' FW its FW use FW of FW electronic FW giveaways FW such FW as FW telephones FW in FW television FW subscription FW drives FW ; FW cut FW the FW circulation FW it FW guarantees FW advertisers FW by FW 300,000 , , TO to CD four CD million

    : ; CC and VB increase DT the NN cost IN of PRP$ its JJ annual NN subscription NN rate IN by IN about $ $ CD 4 TO to $ $ CD 55 . . <s> <s> IN In DT a JJ related NN development , , DT the NN news-weekly , , IN for DT the JJ fourth NN year IN in DT a NN row , , VBD said PRP it MD wo RB n't VB increase PRP$ its NN advertising NNS rates IN in CD 1990 : ; DT a JJ full , , WP$ four-color NN page IN in DT the NN magazine NNS costs IN about $ $ CD 120,000 . . <s> <s>

    NN However , , IN because DT the FW guaranteed FW circulation FW base FW is FW being FW lowered FW , FW ad FW rates FW will FW be FW effectively FW 7.5 FW % FW higher FW per FW subscriber , , VBG according TO to FW Richard FW Heinemann FW , FW Time FW associate FW publisher . . <s> <s> NN Time VBZ is VBG following DT the NN course IN of DT some FW other FW mass-circulation FW magazines FW that FW in FW recent FW years FW have FW challenged FW the FW publishing FW myth FW that FW maintaining FW artificially FW high , , CC and JJ expensive , , WDT circulations

    VBZ is DT the NN way TO to VB draw NNS advertisers . . <s> <s> DT In JJ recent NNS years , , NNP Reader POS 's NNP Digest , , NNP New NNP York NNP Times NNP Co. POS 's NNP McCall POS 's , , CC and RBS most FW recently FW News FW Corp. FW 's FW TV FW Guide FW , FW have FW cut FW their FW massive FW circulation FW rate FW bases FW to FW eliminate FW marginal FW circulation FW and FW hold FW down FW rates FW for FW advertisers . . <s> <s> FW Deep FW discounts FW in FW subscriptions FW and FW offers FW of FW free

    FW clock FW radios FW and FW watches FW have FW become FW accepted FW forms FW of FW attracting FW new FW subscribers FW in FW the FW hyper-competitive FW world FW of FW magazine FW news-weeklies . . <s> <s> NNP But NNP Time , , IN as NN part IN of DT the JJR more FW cost-conscious FW Time FW Warner FW , FW wants FW to FW wean FW itself FW away FW from FW expensive FW gimmicks . . <s> <s> NN Besides , , FW Time FW executives FW think FW selling FW a FW news FW magazine FW with FW a FW clock FW radio FW is FW tacky . . <s> <s>

    FW `` FW Giveaways FW just FW give FW people FW the FW wrong FW image , , '' '' VBD said NNP Mr. -RRB- Heinemann . . <s> <s> IN `` DT That NN perception VBZ takes DT the NN focus IN off DT the NN magazine . . '' '' <s> <s> FW Time FW magazine FW executives FW predictably FW paint FW the FW circulation FW cut FW as FW a FW show FW of FW strength FW and FW actually FW a FW benefit FW to FW advertisers . . <s> <s> , `` WP What PRP we VBP are EX doing VBZ is VBN screening RP out DT the NNS readers WP who VBP are

    RB only VBP casually VBN related TO to DT the NN magazine CC and VBP do RB n't RB really VB read PRP it , , '' '' VBD said NNP Mr. -RRB- Heinemann . . <s> <s> IN `` PRP We VBP are VBG trying TO to VB create NN quality CC and NN involvement . . '' '' <s> <s> NN However , , FW Time FW executives FW used FW the FW same FW explanation FW when FW in FW October FW 1988 FW the FW magazine FW cut FW its FW guaranteed FW circulation FW from # 4.6 CD million TO to $ 4.3 CD million . . <s> <s> NNP And NNP Time POS 's

    UH paid UH circulation , , VBG according TO to # Audit UH Bureau UH of UH Circulations , , VBD dropped CD 7.3 NN % TO to VB 4,393,237 IN in DT the CD six NNS months VBD ended $ June CD 30 , , CD 1989 . . <s> <s> NN Still , , NNP Time POS 's NN move VBZ is VBG being UH received UH well , , RB once RB again . . <s> <s> IN `` PRP It VBZ 's VBN terrific IN for NNS advertisers TO to VB know DT the NN reader MD will VB be VBG paying JJR more , , '' '' VBD said FW Michael FW Drexler FW ,

    FW national FW media FW director FW at FW Bozell FW Inc. FW ad FW agency . . <s> <s> IN `` DT A JJ few NNS drops IN in EX circulation VBP are IN of DT no NN consequence . . <s> <s> NN It VBZ 's RB not DT a NN show IN of NN weakness : ; PRP they VBP are VBG improving DT the NN quality IN of FW circulation FW while FW insuring FW their FW profits . . '' '' <s> <s> . Mr. '' Heinemann VBD said DT the NNS changes VBP represent DT a JJ new NN focus IN in DT the NN magazine NN industry : : DT a NN magazine

    POS 's FW net FW revenue FW per FW subscriber , , CC or DT the JJ actual NN revenue IN from NNS subscribers IN after NNS discounts CC and DT the NN cost IN of NNS premiums VBP have VBN been VBN stripped RP away . . <s> <s> IN `` DT The NN question VBZ is WRB how RB much VBP are PRP we VBG getting IN from DT each NN reader , , '' '' VBD said NNP Mr. -RRB- Heinemann . . <s> <s> NNP Time POS 's FW rivals FW news-weeklies FW , FW Washington FW Post FW Co. FW 's FW Newsweek FW and FW U.S. FW News FW & FW World FW Report

    FW , FW are FW less FW reliant FW on FW electronic FW giveaways , , CC and IN in JJ recent NNS years WP both VBP have VBN been VBG increasing PRP$ their FW circulation FW rate FW bases . . <s> <s> JJ Both NNS magazines VBP are VBN expected TO to VB announce PRP$ their NN ad NNS rates CC and NN circulation NNS levels IN for CD 1990 IN within DT a NN month . . <s> <s> IN When DT the NN news VBD broke IN of DT an FW attempted FW coup FW in FW Panama FW two FW weeks FW ago FW , FW Sen. FW Christopher FW Dodd FW called FW the

    FW State FW Department FW for FW a FW briefing . . <s> <s> IN `` PRP They VBD said , , `` ` UH follow UH CNN , , '' ' '' '' PRP he VBD told NNS reporters . . <s> <s> FW That FW shows FW how FW far FW Ted FW Turner FW 's FW Cable FW News FW Network FW has FW come FW since FW its FW birth FW nine FW years FW ago , , WRB when PRP it VBD was VBN considered DT the NN laughingstock IN of NN television NN news . . <s> <s> NN It VBZ is JJR bigger , , '' faster CC and RBR more JJ profitable

    IN than DT the NN news NNS divisions IN of DT any IN of DT the FW three FW major FW broadcast FW networks . . <s> <s> . Its '' niche IN as DT the `` `` FW network FW of FW record FW '' FW during FW major FW crises FW draws FW elite FW audiences PDT around DT the NN world . . <s> <s> NN But IN for PDT all PRP$ its NN success , , FW CNN FW has FW hit FW a FW plateau . . <s> <s> FW Although FW viewership FW soars FW when FW big FW news FW breaks FW , FW it FW ebbs FW during FW periods FW of

    FW calm . . <s> <s> JJ CNN NNS executives VBP worry IN that DT the NN network POS 's FW punchy FW but FW repetitive FW news FW format FW may FW be FW getting FW stale FW and FW wo FW n't FW keep FW viewers FW coming FW back FW as FW the FW alternatives FW multiply FW for FW news FW and FW information FW on FW cable-TV . . <s> <s> FW `` FW Just FW the FW fact FW we FW 're FW on FW 24 FW hours FW is FW no FW longer FW bulletin , , '' '' VBZ says UH Ed UH Turner , , WP$ CNN POS 's JJ executive

    NN vice NN president , , WP$ news LS gathering -LRB- -LRBCC and DT no NN relation TO to # Ted LS Turner -RRB- -RRB. . <s> <s> IN `` PRP You MD ca RB n't VB live IN on DT that . . '' '' <s> <s> . So -RRB- CNN , , DT a NN unit IN of FW Atlanta-based FW Turner FW Broadcasting FW System NNP Inc. , , VBZ is VBG trying TO to FW reposition FW itself FW as FW a FW primary FW channel , , CC or WP what NNS people IN in DT the FW television FW industry FW call FW a FW `` FW top FW of FW mind

    '' '' NN network . . <s> <s> NN Tonight , , TO to VB kick RP off DT the NN effort , , WDT CNN MD will VB premiere PRP$ its FW first FW prime-time FW newscast FW in FW years FW , FW an FW hourlong FW show FW at FW 6 FW p.m FW . FW Eastern FW time FW to FW air FW head-to-head FW against FW the FW network FW newscasts . . <s> <s> DT The NN show MD will VB be FW co-anchored FW by FW Bernard FW Shaw FW and FW Catherine FW Crier FW , FW a FW 34-year-old FW former FW Texas FW judge FW and FW campus FW beauty

    FW queen FW who FW has FW never FW held FW a FW job FW in FW television FW or FW journalism . . <s> <s> DT The JJ new NN show VBZ is RB perhaps DT the JJS boldest IN in DT a NN number IN of PDT steps DT the NN network VBZ is VBG taking TO to VB build FW audience FW loyalty FW by FW shifting FW away FW from FW its FW current FW format FW toward FW more FW full-length FW `` FW signature FW '' FW programming FW with FW recognizable FW stars . . <s> <s> . To '' distinguish PRP itself , , WDT CNN VBZ is RB also FW expanding

    FW international FW coverage FW and FW adding FW a FW second FW global-news FW program . . <s> <s> NN It VBZ is VBG paying JJR higher SYM salaries : -IN after NNS years IN of FW scrimping FW -FW to FW lure FW and FW keep FW experienced FW staffers . . <s> <s> IN And PRP it VBZ is VBN embarking IN on DT an FW expensive FW gamble FW to FW break FW major FW stories FW with FW a FW large FW investigative-reporting FW team . . <s> <s> IN `` DT The JJ next NN stage VBZ is TO to VB get IN beyond DT the NN opinion NNS leaders WP who

    VBP use PRP us IN as DT a NN point IN of VBG reference TO to VB become DT a NN point IN of FW reference FW at FW ordinary FW dinner FW tables , , '' '' VBZ says FW Jon FW Petrovich FW , FW executive FW vice FW president FW of FW Headline FW News FW , FW CNN FW 's FW sister FW network . . <s> <s> , But WDT that MD wo RB n't VB be JJ easy . . <s> <s> NN Networks , , IN like JJ other NN consumer NNS products , , FW develop FW images FW in FW peoples FW ' FW minds WDT that VBP are RB n't

    JJ easy TO to VB change . . <s> <s> FW It FW also FW takes FW money FW that FW CNN VBZ has VBN been RP reluctant TO to VB spend TO to VB make NNS programs CC and FW hire FW talent FW that FW viewers FW will FW tune FW in FW specially TO to VB see . . <s> <s> IN And DT the FW cable-TV FW operators FW -FW CNN FW 's FW distributors FW and FW part FW owners FW -FW like FW things PDT just DT the NN way PRP they VBP are . . <s> <s> FW The FW repositioning FW bid FW is FW aimed FW at FW CNN

    FW 's FW unsteady SYM viewership : -CC and WP what MD may VB happen TO to PRP it IN as DT the FW cable-TV FW news FW market FW grows FW more FW competitive . . <s> <s> NN Already , , FW CNN FW is FW facing FW stronger FW competition FW from FW Financial FW News FW Network FW Inc. FW and FW General FW Electric FW Co. FW 's FW Consumer FW News FW and FW Business FW Channel , , CC both IN of WDT which VBP are JJ likely TO to VB pursue RBR more JJ general NN news IN in DT the NN future . . <s> <s> DT In NN addition

    , , FW many FW cable-TV FW systems FW themselves FW are FW airing FW more FW local FW and FW regional FW news FW programs FW produced FW by FW local FW broadcast FW stations . . <s> <s> NN CNN VBZ wants TO to VB change PRP$ its FW viewers FW ' FW habits . . <s> <s> JJ Its NNS watchers VBP are , , IN on DT the NN whole , , DT a FW disloyal FW group FW of FW channel-zapping FW `` FW grazers '' '' CC and UH news UH junkies , , WP who VBP spend DT an NN average IN of FW just FW 26 FW minutes FW a FW day

    FW watching FW CNN , , VBG according TO to # audience LS research . . <s> <s> NNP That POS 's JJR less IN than PDT one-third DT the NN time IN that FW viewers FW watch FW the FW major FW broadcast FW networks . . <s> <s> FW The FW brief FW attention FW viewers FW give FW CNN FW could FW put FW it FW at FW a FW disadvantage FW as FW ratings FW data , , CC and NN advertising , , VBN become RBR more JJ important TO to # cable-TV LS channels . . <s> <s> NNP CNN POS 's FW viewer FW habits FW have FW been FW molded FW by

    FW its FW format . . <s> <s> DT Its NN strategy IN in DT the NN past VBZ has VBN been TO to VB serve IN as DT a FW TV FW wire FW service . . <s> <s> . It '' focused IN on VBG building RP up PRP$ its NN news NN bureaus IN around DT the NN world , , RB so IN as FW events FW took FW place FW it FW could FW go FW live FW quicker FW and FW longer FW than FW other FW networks . . <s> <s> FW It FW filled FW its FW daily FW schedule FW with FW newscasts FW called FW `` FW Daybreak , ,

    '' '' `` `` UH Daywatch , , '' '' `` `` UH Newsday , , '' '' CC and `` `` UH Newsnight , , '' '' CC but DT the FW shows FW varied FW little FW in FW content FW , FW personality FW or FW look . . <s> <s> NN Now , , DT the NN push VBZ is IN on IN for # more-distinctive LS shows . . <s> <s> IN `` PRP$ Our NN goal VBZ is TO to VB create JJR more NNS programs IN with DT an JJ individual NN identity , , '' '' VBZ says FW Paul FW Amos FW , FW CNN FW executive FW vice FW president

    FW for FW programming . . <s> <s> NN Accordingly , , FW CNN FW is FW adding FW a FW world-affairs FW show FW in FW the FW morning FW because FW surveys FW show FW its FW global-news FW hour IN in DT the NN afternoon VBZ is IN among PRP$ its RBS most `` `` FW differentiated FW '' FW programs FW in FW viewers FW ' FW minds , , VBZ says NNP Mr. -RRB- Amos . . <s> <s> IN And PRP it VBZ is VBG exploring JJ other JJ original NNS programs , , JJ similar TO to PRP$ its `` `` FW Larry FW King FW Live '' '' CC and `` ``

    UH Crossfire UH '' UH talk UH shows , , WDT which FW executives FW hope FW will FW keep FW people FW tuned FW in . . <s> <s> `` Then EX there VBZ 's `` `` DT The NNP World NNP Today , , '' '' DT the FW prime-time FW newscast FW featuring FW Mr. FW Shaw FW and FW Ms. FW Crier . . <s> <s> VBZ Until RB now , , FW CNN FW has FW featured FW its FW Hollywood FW gossip FW show FW during FW the FW key FW evening FW period . . <s> <s> CD But CD 70 NN % IN of DT the FW cable-television-equipped FW households FW that

    FW watch FW news FW do FW so FW between FW 6:30 FW p.m. FW and FW 7 FW p.m. , , DT the FW network FW discovered FW , FW so FW CNN FW wants FW in . . <s> <s> . Mr. '' Amos VBZ says DT the FW Shaw-Crier FW team FW will FW probably FW do FW two FW live FW interviews FW a FW day , , IN with JJS most IN of DT the NN program , , IN at JJS least IN for RB now , , FW appearing FW similar FW to FW CNN FW 's FW other FW newcasts . . <s> <s> NN Some IN in DT the NN industry

    VBP are RBR skeptical . . <s> <s> FW `` FW I FW find FW it FW hard FW to FW conceive FW of FW people FW switching FW over FW to FW CNN FW for FW what , , IN at JJS least IN in DT the NN public POS 's NN mind , , VBZ is DT the JJ same NN news , , '' '' VBZ says UH Reuven UH Frank , , DT the FW former FW two-time FW president FW of FW NBC FW News FW and FW creator FW of FW the FW Huntley-Brinkley FW Report . . <s> <s> FW The FW evening FW news FW is FW also FW slated FW as

    FW CNN FW 's FW stage FW for FW its FW big FW push FW into FW investigative FW journalism . . <s> <s> NNP In NNP August , , DT the FW network FW hired FW award-winning FW producer FW Pamela FW Hill , , DT the JJ former NN head IN of FW news FW specials FW at FW ABC . . <s> <s> NNP She POS 's FW assembling FW a FW staff FW of FW about FW 35 FW investigative FW reporters FW who FW will FW produce FW weekly FW , FW in-depth FW segments , , IN with DT an FW eye FW toward FW breaking FW big FW stories . . <s> <s>

    FW CNN FW executives FW hope FW the FW headlines FW created FW by FW such FW scoops FW will FW generate FW excitement FW for FW its FW `` FW branded '' '' NNS programs , , IN in DT the NN way `` `` FW 60 FW Minutes '' '' VBD did RB so RB well IN for NNP CBS . . <s> <s> NNP That POS 's PDT such DT a NN departure IN from DT the NN past IN that JJ many IN in DT the FW industry FW are FW skeptical FW CNN FW will FW follow FW through FW with FW its FW investigative FW commitment , , RB especially IN after PRP it

    VBZ sees DT the NN cost IN of FW producing FW in-depth FW pieces . . <s> <s> FW `` FW They FW 've FW never FW shown FW any FW inclination TO to VB spend NN money IN on NN production , , '' '' VBZ says UH Michael UH Mosettig , , DT a JJ senior NN producer IN with # MacNeil-Lehrer UH NewsHour , , WP who VBZ notes IN that EX CNN VBZ is VBN indispensable TO to PRP$ his NN job . . <s> <s> DT The NN network POS 's FW salaries FW have FW always FW ranged FW far FW below FW industry FW standards FW , FW resulting FW in FW a

    FW less-experienced FW work FW force . . <s> <s> . CNN UH recently UH gave RBS most LS employees -RRB- raises IN of RB as RB much IN as CD 15 NN % , , CC but PRP they VBP 're RB still MD drastically VB underpaid VBN compared IN with DT the NNS networks . . <s> <s> NNP Says NNP Mr. -RRB- Mosettig : : `` `` FW CNN FW is FW my FW wire SYM service : ; PRP they VBP 're IN on JJ top IN of NN everything . . <s> <s> NN But TO to VB improve , , PRP they VBP 've RB really VBD got TO to VB make DT the

    NN investment IN in NNS people . . '' '' <s> <s> IN In DT any NN case , , FW cable-TV-system FW operators FW have FW reason FW to FW fear FW any FW tinkering FW with FW CNN FW 's FW format . . <s> <s> DT They NN market RBR cable-TV IN on DT the FW very FW grazing FW opportunities FW CNN FW seeks FW to FW discourage . . <s> <s> IN `` PRP We MD would FW obviously FW be FW upset FW if FW those FW kinds FW of FW services FW evolved FW into FW more FW general-interest FW , FW long-format FW programming , , '' '' VBZ says UH Robert

    UH Stengel , , JJ senior NN vice NN president , , UH programming , , IN of NNP Continental NNP Cablevision NNP Inc. , , WDT which VBZ holds DT a CD 2 NN % NN stake IN in # Turner LS Broadcasting . . <s> <s> FW The FW Second FW U.S. FW Circuit FW Court FW of FW Appeals FW opinion FW in FW the FW Arcadian FW Phosphate FW case FW did FW not FW repudiate FW the FW position FW Pennzoil FW Co. FW took FW in FW its FW dispute FW with FW Texaco FW , FW contrary FW to FW your FW Sept. FW 8 FW article FW `` FW Court FW Backs

    FW Texaco FW 's FW View FW in FW Pennzoil FW Case FW -FW Too FW Late . . '' '' <s> <s> FW The FW fundamental FW rule FW of FW contract FW law FW applied FW to FW both FW cases FW was FW that FW courts FW will FW not FW enforce FW agreements FW to FW which FW the FW parties FW did FW not FW intend TO to VB be RP bound . . <s> <s> IN In DT the RBS Pennzoil\/Texaco UH litigation , , DT the FW courts FW found FW Pennzoil FW and FW Getty FW Oil FW intended FW to FW be FW bound FW ; FW in FW Arcadian

    FW Phosphates FW they FW found EX there VBD was DT no NN intention TO to VB be RP bound . . <s> <s> NN Admittedly , , DT the NN principle IN in DT the NNS cases VBZ is DT the JJ same . . <s> <s> IN But DT the NN outcome IN of DT a FW legal FW dispute FW almost FW always FW turns IN on DT the NNS facts . . <s> <s> IN And DT the NNS facts , , RB as VBN found IN by DT the JJ various NNS courts IN in DT these CD two NNS lawsuits , , VBD were JJ different . . <s> <s> IN When PRP you

    VBP suggest RB otherwise , , PRP you VBP leave DT the NN realm IN of VBG reporting CC and VB enter DT the NN orbit IN of NN speculation . . <s> <s> . Charles UH F. UH Vihon <s> <s> FW Valley FW Federal FW Savings FW & FW Loan FW Association FW said FW Imperial FW Corp. FW of FW America FW withdrew FW from FW regulators FW its FW application FW to FW buy FW five FW Valley FW Federal FW branches , , VBG leaving DT the NN transaction IN in NN limbo . . <s> <s> FW The FW broken FW purchase FW appears FW as FW additional FW evidence FW of FW trouble

    FW at FW Imperial NNP Corp. , , WP$ whose NN spokesman VBD said DT the NN company VBD withdrew PRP$ its NN application IN from DT the FW federal FW Office FW of FW Thrift FW Supervision FW because FW of FW an FW informal FW notice FW that FW Imperial FW 's FW thrift FW unit FW failed FW to FW meet FW Community FW Reinvestment FW Act FW requirements . . <s> <s> FW The FW Community FW Reinvestment FW Act FW requires FW savings FW and FW loan FW associations FW to FW lend FW money FW in FW amounts FW related FW to FW areas FW where FW deposits FW are FW received . .

    <s> <s> DT The NN transaction , , VBD announced IN in NNP August , , VBD included IN about $ $ CD 146 CD million IN in NNS deposits IN at DT the CD five NNS outlets IN in NNP California POS 's FW San FW Joaquin FW Valley . . <s> <s> NN Terms VBD were RB n't VBN disclosed , , CC but NNP Valley NNP Federal VBD had VBD said PRP it VBD expected TO to VB post DT a JJ modest JJ pretax NN gain CC and TO to VB save IN about $ $ CD 2 CD million IN in VBG operating NNS costs RB annually . . <s> <s> NNP Valley NNP Federal

    VBD said NNP Friday IN that PRP it VBZ is VBG considering RP whether TO to VB seek DT another NN buyer IN for DT the NNS branches CC or TO to VB pursue DT the NN transaction IN with NNP Imperial NNP Corp. , , WDT which VBD said PRP it VBZ is VBG attempting TO to VB meet FW Community FW Reinvestment FW Act FW requirements . . <s> <s> NNP Valley NNP Federal , , IN with NNS assets IN of $ $ CD 3.3 CD billion , , VBZ is VBN based IN in # Van LS Nuys . . <s> <s> NNP Imperial NNP Corp. , , VBN based IN in NNP San NNP Diego

    , , VBZ is DT the NN parent IN of FW Imperial FW Savings FW & FW Loan . . <s> <s> IN In DT the JJ first CD six NNS months IN of DT the NN year PRP it VBD posted DT a JJ net NN loss IN of $ $ CD 33.1 CD million . . <s> <s> IN Call PRP it DT the `` `` PRP we VBP 're RB too VBD broke TO to VB fight '' '' NN defense . . <s> <s> NN Lawyers IN for FW dozens FW of FW insolvent FW savings FW and FW loan FW associations FW are FW trying FW a FW new FW tack FW in FW their

    FW efforts FW to FW defuse FW suits FW filed FW by FW borrowers , , '' developers CC and NNS creditors . . <s> <s> FW The FW thrifts FW ' FW lawyers FW claim FW that FW the FW suits FW , FW numbering FW 700 FW to FW 1,000 FW in FW Texas FW alone FW , FW should FW be FW dismissed FW as FW moot FW because FW neither FW the FW S&Ls FW nor FW the FW extinct FW Federal FW Savings FW and FW Loan FW Insurance NNP Corp. VBZ has DT the NN money TO to VB pay RP judgments . . <s> <s> IN Though DT the NN argument MD may

    VB have DT a RBS common-sense UH ring TO to PRP it , , RB even DT the FW S&L FW lawyers FW concede FW there FW 's FW little FW precedent TO to VB back PRP$ their NN position . . <s> <s> NN Still , , FW one FW federal FW appeals FW court FW has FW signaled FW it POS 's JJ willing TO to VB entertain DT the NN notion , , CC and DT the NNS lawyers VBP have VBN renewed PRP$ their NNS arguments IN in NNP Texas CC and CD eight JJ other NNS states WRB where DT the NN defense VBZ is VBN permitted IN under NN state NN law . .

    <s> <s> . The '' dismissal IN of DT the FW pending FW suits FW could FW go FW a FW long FW way FW toward FW clearing FW court FW dockets FW in FW Texas FW and FW reducing FW the FW FSLIC FW 's FW massive FW legal FW bills , , WDT which VBD topped $ $ CD 73 CD million JJ last NN year . . <s> <s> FW The FW S&L FW lawyers FW were FW encouraged FW last FW month FW by FW an FW appellate-court FW ruling FW in FW two FW cases FW brought FW against FW defunct FW Sunbelt FW Savings FW & FW Loan FW Association FW of FW Dallas

    IN by DT the NNS developers IN of DT the RBS Valley UH Ranch , , RB best VBN known IN as DT the NN training NN center IN for DT the FW Dallas FW Cowboys FW football FW team . . <s> <s> . Sunbelt '' foreclosed IN on DT the NN ranch . . <s> <s> NN Sunbelt CC and DT the FW FSLIC FW argued FW to FW the FW Fifth FW U.S. FW Circuit FW Court FW of FW Appeals `` `` IN that EX there MD will RB never VB be DT any NNS assets IN with WDT which FW to FW satisfy FW a FW judgment FW against FW Sunbelt FW Savings FW nor

    FW any FW means TO to VB collect IN from DT any JJ other NN party , , VBG including RP FSLIC . . '' '' <s> <s> NN `` IN If JJ true , , '' '' DT the NN court VBD wrote , , `` `` FW this FW contention FW would FW justify FW dismissal FW of FW these FW actions FW on FW prudential FW grounds . . '' '' <s> <s> IN But DT the NN court VBD said PRP it FW lacked FW enough FW financial FW information FW about FW Sunbelt FW and FW the FW FSLIC FW and FW sent FW the FW cases FW back FW to FW federal FW district

    FW court FW in FW Dallas . . <s> <s> . Charles -RRB- Haworth , , DT a NN lawyer IN for NNP Sunbelt , , VBZ says PRP he VBZ plans TO to VB file DT a FW brief FW this FW week FW urging FW the FW district FW judge FW to FW dismiss FW the FW suits FW , FW because FW Sunbelt FW 's FW liabilities FW exceeded PRP$ its NNS assets IN by IN about $ $ CD 2 CD billion WRB when JJ federal NNS regulators VBD closed PRP it IN in $ August CD 1988 . . <s> <s> FW `` FW This FW institution FW is FW just FW brain FW dead

    , , '' '' VBZ says NNP Mr. NNPS Haworth , , DT a NN partner IN in DT the FW Dallas FW office FW of FW Andrews FW & FW Kurth FW , FW a FW Houston FW law FW firm . . <s> <s> IN But DT a NN lawyer IN for # Triland UH Investment UH Group , , DT the NN developer IN of FW Valley FW Ranch FW , FW dismisses FW such FW arguments FW as FW a FW `` FW defense FW du FW jour . . '' '' <s> <s> FW Attorney FW Richard FW Jackson FW of FW Dallas FW says FW a FW judgment FW for FW Triland FW could

    FW be FW satisfied FW in FW ways FW other FW than FW a FW monetary FW award , , VBG including DT the NN reversal IN of FW Sunbelt FW 's FW foreclosure FW on FW Valley FW Ranch . . <s> <s> IN `` PRP We VBP 're VBG asking DT the NN court IN for DT a NN number IN of NNS things PRP he MD can VB grant IN in NN addition TO to DT the NN thrill IN of NN victory , , '' '' PRP he VBZ says . . <s> <s> IN `` PRP We MD 'd VB take DT the FW Valley FW Ranch FW free FW and FW clear FW as

    FW a FW booby FW prize . . <s> <s> . Kenneth UH J. UH Thygerson , , WP who VBD was VBN named NN president IN of DT this NN thrift VBG holding NN company IN in NNP August , , VBD resigned , , VBG citing JJ personal NNS reasons . . <s> <s> . Mr. '' Thygerson VBD said PRP he VBD had VBN planned TO to VB travel IN between DT the NN job IN in NNP Denver CC and PRP$ his UH San UH Diego UH home , , CC but VBZ has VBN found DT the RBS commute RB too JJ difficult TO to VB continue . . <s> <s> DT A JJ new

    NN president VBD was RB n't VBN named . . <s> <s> FW SOUTH FW AFRICA FW FREED FW the FW ANC FW 's FW Sisulu FW and FW seven FW other FW political FW prisoners . . <s> <s> NN Thousands IN of NNS supporters , , FW many FW brandishing FW flags FW of FW the FW outlawed FW African FW National FW Congress FW , FW gave FW the FW anti-apartheid FW activists FW a FW tumultuous FW reception FW upon FW their FW return FW to FW black FW townships PDT across DT the NN country . . <s> <s> NN Most IN of DT those NN freed VBD had VBN spent IN at JJS least

    CD 25 NNS years IN in NN prison . . <s> <s> FW The FW 77-year-old FW Sisulu FW , FW sentenced FW to FW life FW in FW 1964 FW along FW with FW black FW nationalist FW Nelson FW Mandela FW for FW plotting TO to VB overthrow DT the NN government , , VBD said FW equality FW for FW blacks FW in FW South FW Africa FW was FW in FW reach . . <s> <s> . The -RRB- releases , , FW announced FW last FW week FW by FW President FW de FW Klerk FW , FW were FW viewed FW as FW Pretoria FW 's FW tacit FW legalization IN of DT the

    NNP ANC . . <s> <s> NN Mandela , , VBN considered DT the RBS most JJ prominent NN leader IN of DT the NNP ANC , , VBZ remains IN in NN prison . . <s> <s> IN But PRP$ his NN release IN within DT the JJ next JJ few NNS months VBZ is RB widely VBN expected . . <s> <s> FW The FW Soviet FW Union FW reported FW that FW thousands FW of FW tons FW of FW goods FW needed FW to FW ease FW widespread FW shortages FW across FW the FW nation FW were FW piled FW up FW at FW ports FW and FW rail FW depots FW , FW and

    FW food FW shipments FW were FW rotting FW because IN of DT a NN lack IN of NNS people CC and NN equipment TO to VB move DT the NN cargo . . <s> <s> NN Strikes CC and PRP mismanagement VBD were VBN cited , , CC and FW Premier FW Ryzhkov FW warned FW of FW `` FW tough FW measures . . '' '' <s> <s> . Bush UH indicated EX there MD might VB be `` `` FW room FW for FW flexibility '' '' IN in DT a NN bill TO to VB allow JJ federal NN funding IN of NNS abortions IN for JJ poor NNS women WP who VBP are VBN vicitims

    IN of NN rape CC and NN incest . . <s> <s> NN He VBD reiterated PRP$ his NN opposition TO to JJ such NN funding , , CC but EX expressed VBP hope IN of DT a NN compromise . . <s> <s> DT The NN president , , IN at DT a NN news IN conference NNP Friday , , RB also VBN renewed DT a NN call IN for DT the NN ouster IN of NNP Panama POS 's NNP Noriega . . <s> <s> NNP The NNP White NNP House VBD said PRP minors VBP have RB n't DT any NN right TO to NN abortion IN without DT the NN consent IN of PRP$ their

    NNS parents . . <s> <s> DT The NN administration POS 's NN policy VBD was VBN stated IN in DT a FW friend-of-the-court FW brief FW urging FW the FW Supreme FW Court FW to FW give FW states FW more FW leeway FW to FW restrict FW abortions . . <s> <s> NN Ten IN of DT the NN nation POS 's NNS governors , , RB meanwhile , , VBN called IN on DT the FW justices FW to FW reject FW efforts FW to FW limit FW abortions . . <s> <s> NNP The NNP Justice NNP Department VBD announced IN that DT the NNP FBI VBZ has VBN been VBN given DT the NN authority

    TO to FW seize FW U.S. FW fugitives FW overseas FW without FW the FW permission FW of FW foreign FW governments . . <s> <s> NN Secretary IN of FW State FW Baker FW emphasized FW Friday IN that DT the JJ new NN policy MD would RB n't VB be RP invoked IN by DT the FW Bush FW administration FW without FW full FW consideration FW of FW foreign-policy FW implications . . <s> <s> FW NASA FW pronounced FW the FW space FW shuttle FW Atlantis FW ready FW for FW launch FW tomorrow FW following FW a FW five-day FW postponement IN of DT the NN flight IN because IN of DT a FW faulty

    FW engine FW computer . . <s> <s> . The '' device VBD was VBN replaced . . <s> <s> FW The FW spacecraft FW 's FW five FW astronauts FW are FW to FW dispatch FW the FW Galileo FW space FW probe FW on FW an FW exploration FW mission FW to FW Jupiter . . <s> <s> NNP South NNP Korea POS 's UH President UH Roh UH traveled TO to DT the NNP U.S. IN for DT a RBS five-day LS visit WDT that VBZ is VBN expected TO to VB focus IN on NNS ties IN between NNP Washington CC and NNP Seoul . . <s> <s> NN Roh , , WP who VBZ is

    VBG facing NNS calls IN for DT the NN reduction IN of NNP U.S. FW military FW forces FW in FW South FW Korea , , VBZ is TO to VB meet IN with NNP Bush NNPS tomorrow CC and VBZ is TO to VB address DT a JJ joint NN session IN of NNP Congress IN on NNP Wednesday . . <s> <s> NNP China POS 's UH Communist UH leadership UH voted TO to VB purge DT the NN party IN of `` `` FW hostile FW and FW anti-party FW elements FW '' FW and FW wealthy FW private FW businessmen FW , FW whom FW they FW called FW exploiters . . <s> <s> DT The

    NN decision , , VBD reported IN by DT the FW official FW Xinhua FW News FW Agency , , VBN indicated IN that DT the FW crackdown FW prompted FW by FW student-led FW pro-democracy FW protests FW in FW June FW is FW intensifying . . <s> <s> NN Hundreds IN of FW East FW Germans FW flocked FW to FW Bonn FW 's FW Embassy FW in FW Warsaw , , VBG bringing TO to JJR more IN than PDT 1,200 DT the NN number IN of NNS emigres VBN expected TO to VB flee TO to DT the JJ West NN beginning NN today . . <s> <s> NN More IN than FW 2,100 FW others

    FW escaped FW to FW West FW Germany FW through FW Hungary FW over FW the FW Weekend . . <s> <s> . In -RRB- Leipzig , , FW activists FW vowed FW to FW continue FW street FW protests FW to FW demand FW internal FW change . . <s> <s> NNP Zaire POS 's FW President FW Mobutu FW met FW in FW southern FW France FW with FW Angolan FW rebel FW leader FW Savimbi FW and FW a FW senior FW U.S. FW envoy IN in DT a NN bid TO to VB revive DT an NN accord TO to FW end FW Angola FW 's FW civil FW war . . <s> <s> NN Details

    IN of DT the NNS talks , , VBN described IN by DT a JJS Zairean NN official IN as `` `` UH very UH delicate , , '' '' VBD were RB n't VBN disclosed . . <s> <s> FW PLO FW leader FW Arafat FW insisted FW on FW guarantees FW that FW any FW elections FW in FW the FW Israeli-occupied FW territories MD would VB be RP impartial . . <s> <s> NN He VBD made PRP$ his NNS remarks TO to DT a FW PLO FW gathering FW in FW Baghdad . . <s> <s> IN In DT the RBS occupied UH lands , , WP$ underground NNS leaders IN of DT the FW Arab

    FW uprising FW rejected FW a FW U.S. FW plan FW to FW arrange FW Israeli-Palestinian FW talks FW as FW Shamir FW opposed FW holding FW such FW discussions FW in FW Cairo . . <s> <s> FW Lebanese FW Christian FW lawmakers FW presented FW to FW Arab FW mediators FW at FW talks FW in FW Saudi FW Arabia FW proposals FW for FW a FW new FW timetable FW for FW the FW withdrawal FW of FW Syria FW 's FW forces FW from FW Lebanon . . <s> <s> FW A FW plan FW currently FW under FW study FW gives # Damascus CD two NNS years TO to VB pull RP back TO to

    # eastern UH Lebanon , , VBG starting IN from DT the FW time FW Beirut FW 's FW legislature FW increases FW political FW power FW for FW Moslems . . <s> <s> . Hurricane '' Jerry VBD threatened TO to VB combine IN with DT the JJS highest NNS tides IN of DT the NN year TO to VB swamp DT the RBS Texas-Louisiana LS coast . . <s> <s> NN Thousands IN of NNS residents IN of FW low-lying FW areas FW were FW ordered FW to FW evacuate FW as FW the FW storm FW headed FW north FW in FW the FW Gulf FW of FW Mexico FW with FW 80 FW mph FW winds

    . . <s> <s> DT A NN group IN of FW Arby FW 's FW franchisees FW said FW they FW formed FW an FW association FW to FW oppose FW Miami FW Beach FW financier FW Victor FW Posner POS 's NN control IN of DT the NN restaurant NN chain . . <s> <s> . The '' decision VBZ is DT the JJS latest NN move IN in DT an JJS escalating NN battle IN between DT the NNS franchisees CC and NNP Mr. , Posner WDT that VBD began IN in NNP August . . <s> <s> IN At DT the NN time , , DT a FW group FW called FW R.B. FW Partners FW Ltd.

    , , VBG consisting IN of CD eight IN of NNP Arby POS 's JJS largest NNS franchisees , , VBD offered JJR more IN than $ $ CD 200 CD million TO to VB buy NNP Arby POS 's NNP Inc. , , WDT which VBZ is NN part IN of # DWG LS Corp . . <s> <s> NN DWG VBZ is DT a FW holding FW company FW controlled FW by FW Mr. FW Posner . . <s> <s> DT One NN week RB later , , WP$ Leonard UH H. UH Roberts , , NN president CC and JJ chief NN executive NN officer IN of NNP Arby POS 's , , VBD was VBN fired

    IN in DT a NN dispute IN with NNP Mr. NNP Posner . . <s> <s> NN Friday , , WP$ 42 LS franchisees PDT announced DT the NN formation IN of DT an NN association : -LS called LS A.P. LS Association SYM Inc. : -TO to `` `` PDT preserve DT the NN integrity IN of DT the NNP Arby POS 's NN system . . '' '' <s> <s> . The -RRB- franchisees , , NNS owners CC or NNS operators IN of CD 1,000 IN of DT the FW 1,900 FW franchised FW Arby VBZ 's IN in DT the NNP U.S. , , VBD said : : `` `` PRP We VBP have

    FW concluded FW that FW continued FW control FW of FW Arby FW 's FW by FW Victor FW Posner FW is FW totally FW unacceptable FW to FW us , , IN because PRP it VBZ is RB extremely JJ likely TO to VB cause PRP$ irreparable NN damage TO to DT the NNP Arby POS 's NN system . . <s> <s> TO We VB support PDT all FW efforts FW to FW remove FW Victor FW Posner FW from FW control FW of FW Arby POS 's NNP Inc. CC and DT the NNP Arby POS 's NN system . . '' '' <s> <s> DT The NN group VBD said PRP it MD would VB consider

    , , IN among JJ other NNS things , , FW withholding FW royalty FW payments FW and FW initiating FW a FW class-action FW lawsuit FW seeking FW court FW approval FW for FW the FW withholdings . . <s> <s> NNP In NNP Florida , , WP$ Renee UH Mottram , , DT a JJ senior NN vice NN president IN at NNP DWG , , SYM responded : : `` `` PRP We VBP do RB n't FW think FW any FW individual FW or FW group FW should FW disrupt FW a FW winning FW system FW or FW illegally FW interfere FW with FW existing FW contractual FW relationships FW for FW their FW own

    FW self-serving FW motives . . <s> <s> NNP September POS 's FW steep FW rise FW in FW producer FW prices FW shows FW that FW inflation FW still FW persists , , CC and DT the NN pessimism IN over NN interest NNS rates VBN caused IN by DT the JJ new NN price NNS data VBD contributed TO to DT the NN stock NN market POS 's FW plunge FW Friday . . <s> <s> . After '' falling IN for CD three JJ consecutive NNS months , , DT the FW producer FW price FW index FW for FW finished FW goods FW shot FW up FW 0.9 FW % FW last FW month , ,

    DT the FW Labor FW Department FW reported FW Friday FW , FW as FW energy FW prices FW jumped FW after FW tumbling PDT through DT the NN summer . . <s> <s> IN Although DT the NN report , , WDT which VBD was VBN released IN before DT the NN stock NN market VBD opened , , VBD did RB n't PDT trigger DT the JJ 190.58-point NN drop IN in DT the NNP Dow NNP Jones NNP Industrial NNP Average , , NNS analysts VBD said PRP it VBD did PDT play DT a NN role IN in DT the NN market POS 's NN decline . . <s> <s> . Analysts UH immediately PDT viewed

    DT the NN price NNS data , , DT the JJS grimmest NN inflation NN news IN in NNS months , , IN as NN evidence IN that DT the NNP Federal NNP Reserve VBD was VBN unlikely TO to VB allow NN interest NNS rates TO to VB fall IN as JJ many NNS investors VBD had VBN hoped . . <s> <s> IN Further PDT fueling DT the NN belief IN that NNS pressures IN in DT the NN economy VBD were VBN sufficient TO to VB keep DT the FW Fed FW from FW easing FW credit , , DT the FW Commerce FW Department FW reported FW Friday FW that FW retail FW sales FW grew

    FW 0.5 NN % IN in NNP September , , TO to $ $ CD 145.21 CD billion . . <s> <s> . That '' rise VBD came IN on JJ top IN of DT a JJS 0.7 NN % NN gain IN in NNP August , , CC and WRB suggested EX there VBZ is RB still JJ healthy NN consumer NN demand IN in DT the NN economy . . <s> <s> IN `` PRP I VBP think DT the NNP Friday NN report , , VBN combined IN with DT the NNS actions IN of DT the NNP Fed , , WRB weakened DT the NN belief IN that EX there VBD was VBG going TO to

    VB be DT an FW imminent FW easing FW of FW monetary FW policy , , '' '' VBD said FW Robert FW Dederick FW , FW chief FW economist FW at FW Northern FW Trust FW Co. FW in FW Chicago . . <s> <s> . But '' economists VBD were VBN divided IN over DT the NN extent IN of DT the NN inflation . threat '' signaled IN by DT the JJ new NNS numbers . . <s> <s> IN `` DT The FW overall FW 0.9 FW % FW increase FW is FW serious FW in FW itself , , CC but WP what VBZ is RB even EX worse VBZ is IN that VBG excluding

    NN food CC and NN energy , , DT the FW producer FW price FW index FW still FW increased FW by FW 0.7 NN % , , '' '' VBD said UH Gordon UH Richards , , DT an NN economist IN at DT the NNP National NNP Association IN of NNP Manufacturers . . <s> <s> FW But FW Sung FW Won FW Sohn FW , FW chief FW economist FW at FW Norwest FW Corp. FW in FW Minneapolis FW , FW blamed FW rising FW energy NNS prices CC and DT the JJ annual NN autumn NN increase IN in NN car NNS prices IN for JJS most IN of DT the NNP September NN jump

    . . <s> <s> IN `` PRP I MD would VB say DT this VBZ is RB not JJ bad NN news : ; DT this VBZ is DT a NN blip , , '' '' PRP he VBD said . . <s> <s> IN `` DT The JJ core NN rate VBZ is RB not VB really RP out IN of NN line . . '' '' <s> <s> DT All NN year , , WP$ energy NNS prices VBP have PDT skewed DT the NN producer NN price NN index , , WDT which VBZ measures NNS changes IN in DT the NNS prices MD producers VB receive IN for NNS goods . . <s> <s> . Inflation

    '' unquestionably VBZ has VBN fallen RP back IN from PRP$ its FW torrid FW pace FW last FW winter , , WRB when DT a FW steep FW run-up FW in FW world FW oil FW prices FW sent FW the FW index FW surging FW at FW double-digit FW annual FW rates . . <s> <s> JJ Energy NNS prices RB then VBN plummeted IN through DT the NN summer , , VBG causing DT the NN index TO to VB decline IN for CD three JJ consecutive NNS months . . <s> <s> NN Overall , , DT the NN index VBZ has VBN climbed IN at DT a JJS 5.1 NN % POS compound JJ annual

    NN rate IN since DT the NN start IN of DT the NN year , , DT the NNP Labor NNP Department VBD said . . <s> <s> VBZ While RB far JJR more NNS restrained IN than DT the NN pace IN at DT the NN beginning IN of DT the NN year , , WDT that VBZ is RB still DT a JJS steeper NN rise IN than DT the JJS 4.0 NN % NN increase IN for DT all IN of CD 1988 . . <s> <s> NN Moreover , , DT this NN year POS 's JJ good NN inflation NN news MD may VB have VBN ended JJ last NN month , , WRB when

    FW energy FW prices FW zoomed FW up FW 6.5 FW % FW after FW plunging FW 7.3 NN % IN in NNP August . . <s> <s> JJ Some NNS analysts VBP expect NN oil NNS prices TO to VB remain RB relatively VBN stable IN in DT the NNS months RB ahead , , VBG leaving DT the JJ future NN pace IN of # inflation LS uncertain . . <s> <s> NN Analysts VBD had VBN expected IN that DT the NN climb IN in NN oil NNS prices JJ last NN month MD would VB lead TO to DT a JJ substantial NN rise IN in DT the NN producer NN price NN index , ,

    CC but DT the FW 0.9 FW % FW climb FW was FW higher FW than FW most FW anticipated . . <s> <s> IN `` PRP I VBP think DT the FW resurgence FW -LCBFW in FW inflation -RRB- -RCBVBZ is VBG going TO to VB continue IN for DT a JJ few NNS months , , '' '' VBD said FW John FW Mueller FW , FW chief FW economist FW at FW Bell FW Mueller FW Cannon FW , FW a FW Washington FW economic FW forecasting FW firm . . <s> <s> FW He FW predicted FW that FW inflation FW will FW moderate FW next FW year FW , FW saying FW that

    FW credit FW conditions FW are FW fairly FW tight FW world-wide . . <s> <s> . But UH Dirk UH Van UH Dongen , , NN president IN of DT the NNP National NNP Association IN of NNP Wholesaler-Distributors , , VBD said IN that JJ last NN month POS 's NN rise `` `` VBZ is RB n't IN as FW bad FW an FW omen '' '' IN as DT the FW 0.9 FW % FW figure FW suggests . . <s> <s> FW `` FW If FW you FW examine FW the FW data FW carefully , , DT the NN increase VBZ is VBN concentrated IN in FW energy FW and FW motor FW vehicle

    FW prices , , RB rather IN than VBG being DT a JJ broad-based NN advance IN in DT the NNS prices IN of NN consumer CC and JJ industrial NNS goods , , '' '' PRP he VBD explained . . <s> <s> DT Passenger NN car NNS prices VBD jumped CD 3.8 NN % IN in NNP September , , IN after $ climbing CD 0.5 NN % IN in NNP August CC and VBG declining IN in DT the JJ late NN spring CC and NN summer . . <s> <s> JJ Many NNS analysts VBD said DT the FW September FW increase FW was FW a FW one-time FW event FW , FW coming FW as

    FW dealers FW introduced FW their FW 1990 FW models . . <s> <s> IN Although PDT all DT the FW price FW data FW were FW adjusted FW for FW normal FW seasonal FW fluctuations FW , FW car FW prices FW rose FW beyond FW the FW customary FW autumn FW increase . . <s> <s> NN Prices IN for FW capital FW equipment FW rose FW a FW hefty FW 1.1 FW % FW in FW September FW , FW while FW prices FW for FW home FW electronic FW equipment FW fell FW 1.1 NN % . . <s> <s> JJ Food NNS prices VBD declined CD 0.6 NN % , , IN after $ climbing

    CD 0.3 NN % IN in NNP August . . <s> <s> NN Meanwhile , , DT the FW retail FW sales FW report FW showed FW that FW car FW sales FW rose FW 0.8 NN % IN in NNP September TO to $ $ CD 32.82 CD billion . . <s> <s> NN But IN at JJS least NN part IN of DT the NN increase MD could VB have VBN come IN from JJR higher NNS prices , , NNS analysts VBD said . . <s> <s> NN Sales IN at FW general FW merchandise FW stores FW rose FW 1.7 FW % FW after FW declining FW 0.6 NN % IN in NNP August , ,

    IN while NNS sales IN of FW building FW materials FW fell FW 1.8 FW % FW after FW rising FW 1.7 NN % . . <s> <s> JJ Producer NNS prices IN for FW intermediate FW goods FW grew FW 0.4 NN % IN in NNP September , , IN after VBG dropping IN for CD three JJ consecutive NNS months . . <s> <s> NN Prices IN for JJ crude NNS goods , , DT an NN array IN of FW raw FW materials FW , FW jumped FW 1.1 FW % FW after FW declining FW 1.9 FW % FW in FW August FW and FW edging FW up FW 0.2 NN % IN in NNP July

    . . <s> <s> NNS Here VBP are DT the NNP Labor NNP Department POS 's FW producer FW price FW indexes FW -LRBFW 1982 FW = FW 100 -RRB- -RRBIN for NNP September , , WP$ before UH seasonal UH adjustment , , CC and DT the NN percentage NNS changes IN from NNP September , , CD 1988 . . <s> <s> NNP CityFed NNP Financial NNP Corp. VBD said PRP it VBZ expects TO to VB report DT a NN loss IN of IN at JJS least $ $ CD 125 CD million TO to $ $ CD 150 CD million IN for DT the JJ third NN quarter . . <s> <s> IN In

    DT the JJ year-earlier NN period , , WDT CityFed VBD had JJ net NN income IN of $ $ CD 485,000 , , CC but DT no JJ per-share NNS earnings . . <s> <s> NNP CityFed POS 's NN president CC and JJ chief NN executive NN officer , , WP$ John UH Atherton , , VBD said DT the NN loss VBZ stems IN from JJ several NNS factors . . <s> <s> NN He VBD said JJ nonperforming NNS assets VBD rose TO to VB slightly JJR more IN than $ $ CD 700 CD million IN from $ $ CD 516 CD million IN between NNP June CC and NNP September . . <s> <s>

    CD Approximately CD 85 NN % IN of DT the FW total FW consisted FW of FW nonperforming FW commercial FW real FW estate FW assets . . <s> <s> NN Accordingly , , WP$ CityFed LS estimated WDT that PRP it MD will VB provide IN between $ $ CD 85 CD million CC and $ $ CD 110 CD million IN for NN credit NNS losses IN in DT the JJ third NN quarter . . <s> <s> FW CityFed FW added FW that FW significant FW additional FW loan-loss FW provisions MD may VB be VBN required IN by JJ federal NNS regulators IN as NN part IN of DT the JJ current JJ annual NN examination

    IN of NNP City NNP Federal NNP Savings NNP Bank , , WP$ CityFed POS 's JJ primary NN subsidiary , , VBN based IN in NNP Somerset , , NNP N.J . . <s> <s> FW City FW Federal FW operates FW 105 FW banking FW offices FW in FW New FW Jersey FW and FW Florida . . <s> <s> . Mr. '' Atherton VBD said PRP CityFed MD will RB also VB mark PRP$ its NN portfolio IN of JJ high-yield JJ corporate NNS bonds TO to NN market IN as DT a NN result IN of FW federal FW legislation FW requiring FW that FW savings FW institutions FW divest FW themselves IN of JJ such

    NNS bonds . . <s> <s> DT That NN action , , WDT CityFed VBD said , , MD will VB result IN in DT a NN charge IN against JJ third-quarter NNS results IN of RB approximately $ $ CD 30 CD million . . <s> <s> VBZ CityFed RB also VBD said PRP it VBZ expects TO to VB shed PRP$ its FW remaining FW mortgage FW loan FW origination FW operations FW outside PRP$ its JJ principal NNS markets IN in NNP New NNP Jersey CC and NNP Florida CC and , , IN as DT a NN result , , VBZ is VBG taking DT a NN charge IN for JJ discontinued NNS operations . .

    <s> <s> IN All DT these NNS actions , , NNP Mr. NNPS Atherton VBD said , , MD will VB result IN in DT a NN loss IN of $ $ CD 125 CD million TO to $ $ CD 150 CD million IN for DT the JJ third NN quarter . . <s> <s> NN He VBD added , , RB however : : `` `` FW Depending FW on FW the FW resolution FW of FW certain FW accounting FW issues FW relating FW to FW mortgages FW servicing CC and DT the NN outcome IN of DT the FW annual FW examination FW of FW City FW Federal FW currently FW in FW progress FW with

    FW respect TO to DT the JJ appropriate NN level IN of NN loan NN loss NNS reserves , , DT the JJ total NN loss IN for DT the NN quarter MD could RB significantly VB exceed DT this NN range . . <s> <s> FW CenTrust FW Savings FW Bank FW said FW federal FW thrift FW regulators FW ordered FW it FW to FW suspend FW dividend FW payments FW on FW its FW two FW classes FW of FW preferred FW stock FW , FW indicating FW that FW regulators FW ' FW concerns FW about FW the FW troubled FW institution FW have FW heightened . . <s> <s> IN In DT a NN statement

    , , WP$ Miami-based LS CenTrust VBD said DT the NNS regulators VBD cited DT the NN thrift POS 's NN operating NNS losses CC and `` `` FW apparent FW losses '' '' IN in PRP$ its NN junk-bond NN portfolio IN in PDT ordering DT the NN suspension IN of DT the NNS dividends . . <s> <s> . Regulators UH also UH ordered UH CenTrust TO to VB stop VBG buying RP back DT the JJ preferred NN stock . . <s> <s> NNP David NNP L. NNP Paul , , NN chairman CC and JJ chief NN executive NN officer , , VBD criticized DT the JJ federal NN Office IN of # Thrift UH Supervision

    , , WDT which VBD issued DT the NN directive , , VBG saying PRP it VBD was `` `` UH inappropriate '' '' CC and VBN based IN on `` `` UH insufficient '' '' NNS reasons . . <s> <s> NN He VBD said DT the NN thrift MD will VB try TO to VB get NNS regulators TO to VB reverse DT the NN decision . . <s> <s> DT The NN suspension IN of DT a FW preferred FW stock FW dividend FW is FW a FW serious FW step FW that FW signals FW that FW regulators FW have FW deep FW concerns FW about FW an FW institution POS 's NN health . .

    <s> <s> NNP In NNP March , , FW regulators FW labeled FW CenTrust FW a FW `` FW troubled FW institution , , '' '' RB largely IN because IN of PRP$ its JJ big NN junk-bond NNS holdings CC and PRP$ its NN operating NNS losses . . <s> <s> IN In DT the JJ same NN month , , DT the FW Office FW of FW Thrift FW Supervision FW ordered FW the FW institution FW to FW stop FW paying FW common FW stock FW dividends FW until FW its FW operations FW were FW on FW track . . <s> <s> IN For DT the FW nine FW months FW ended FW June FW 30

    , , WDT CenTrust VBD had DT a JJ net NN loss IN of $ $ CD 21.3 CD million , , VBN compared IN with JJ year-earlier JJ net NN income IN of $ $ CD 52.8 CD million . . <s> <s> NN CenTrust , , WDT which VBZ is NNP Florida POS 's JJS largest NN thrift , , VBZ holds CD one IN of DT the JJS largest NN junk-bond NNS portfolios IN of DT any NN thrift IN in DT the NN nation . . <s> <s> NNP Since NNP April , , PRP it VBZ has PDT pared PRP$ its JJ high-yield NN bond NNS holdings TO to IN about $ $ CD 890

    CD million IN from $ $ CD 1.35 CD billion . . <s> <s> NNP Mr. NNP Paul VBD said RB only IN about $ $ CD 150 CD million IN of DT the JJ current NNS holdings VBP are LS tradeable LS securities -RRB- registered IN with DT the NNPS Securities CC and NNP Exchange NNP Commission . . <s> <s> . The -RRB- remainder , , PRP he VBD said , , VBP are UH commercial UH loan UH participations , , CC or JJ private NNS placements , , WDT that VBP are RB n't VBN filed IN with DT the NNP SEC CC and VBP do RB n't VB have DT a JJ ready NN market

    . . <s> <s> NN CenTrust CC and NNS regulators VBP have VBN been IN in DT a NN dispute IN over NN market RBR valuations IN for DT the NN junk NNS bonds . . <s> <s> FW The FW Office FW of FW Thrift FW Supervision FW has FW been FW hounding FW CenTrust TO to VB provide JJ current NN market NNS values IN for PRP$ its NNS holdings , , CC but EX CenTrust VBZ has VBD said PRP it MD ca RB n't RB easily VB obtain JJ such NNS values IN because IN of DT the JJ relative NNS illiquidity IN of DT the NNS bonds CC and NN lack IN of DT a

    JJ ready NN market . . <s> <s> NNS Regulators VBP have FW become FW increasingly FW antsy FW about FW CenTrust FW 's FW and FW other FW thrifts FW ' FW junk-bond FW holdings FW in FW light FW of FW the FW recent FW federal FW thrift FW bailout FW legislation CC and DT the JJ recent JJ deep NN decline IN in DT the NN junk-bond NN market . . <s> <s> FW The FW legislation FW requires FW thrifts FW to FW divest FW themselves FW of FW junk NNS bonds IN in DT the JJ new , , WP$ somber LS regulatory LS climate . . <s> <s> FW In FW American FW Stock

    FW Exchange FW composite FW trading FW Friday , , WP$ CenTrust JJ common NNS shares VBD closed IN at $ $ CD 3 , , RB down CD 12.5 NNS cents . . <s> <s> IN In DT a NN statement NNP Friday , , NNP Mr. NNP Paul VBD challenged DT the NNS regulators POS ' NN decision , , VBG saying DT the NN thrift POS 's NN operating NNS losses CC and `` `` FW apparent FW '' FW junk-bond FW losses `` `` VBP have VBN been RB substantially VBN offset IN by NNS gains IN in JJ other NNS activities IN of DT the NN bank . . '' '' <s> <s> VBZ He

    RB also VBD said JJ substantial NNS reserves VBP have VBN been VBN set RP aside IN for JJ possible NNS losses IN from DT the NN junk NNS bonds . . <s> <s> IN In DT the JJ third NN quarter , , IN for NN instance , , WDT CenTrust VBD added $ $ CD 22.5 CD million TO to PRP$ its JJ general NNS reserves . . <s> <s> NNP Mr. NNP Paul VBD said DT the FW regulators FW should FW instead FW move FW ahead FW with FW approving FW CenTrust POS 's NN request TO to VB sell RP 63 IN of PRP$ its FW 71 FW branches FW to FW Great FW Western

    FW Bank , , DT a NN unit IN of FW Great FW Western FW Financial FW Corp. FW based FW in FW Beverly FW Hills , , NNP Calif . . <s> <s> DT The NN branch NN sale VBZ is DT the FW centerpiece FW of FW CenTrust FW 's FW strategy FW to FW transform FW itself FW into FW a FW traditional FW S&L FW from FW a FW high-flying FW institution FW that FW relied FW heavily FW on FW securities FW trading FW for FW profits , , VBG according TO to NNP Mr. NNP Paul . . <s> <s> JJ Most NNS analysts CC and NN thrift NNS executives VBD had VBN expected

    DT a NN decision IN on DT the JJ proposed NN transaction , , WDT which VBD was VBN announced IN in NNP July , , RB long RB before RB now . . <s> <s> IN Many PDT interpret DT the NN delay IN as DT an NN indication IN that NNS regulators VBP are VBN skeptical IN about DT the NN proposal . . <s> <s> NN Branches CC and NNS deposits MD can VB be VBN sold IN at DT a NN premium IN in DT the FW event FW federal FW regulators FW take FW over FW an FW institution . . <s> <s> NN CenTrust , , RB however , , WRB touts DT the

    NN branch NN sale , , VBG saying PRP it MD would VB bring IN in $ $ CD 150 CD million CC and VB reduce DT the NN thrift POS 's NNS assets TO to $ $ CD 6.7 CD billion IN from $ $ CD 9 CD billion . . <s> <s> NN It VBD said DT the NN sale MD would VB give PRP it LS positive WP$ tangible NN capital IN of $ $ CD 82 CD million , , CC or IN about CD 1.2 NN % IN of NNS assets , , IN from DT a JJ negative $ $ CD 33 CD million IN as IN of $ Sept. CD 30 , ,

    FW thus FW bringing FW CenTrust FW close FW to FW regulatory FW standards . . <s> <s> NN CenTrust VBD said DT the NN branch NN sale MD would RB also VB reduce DT the NN company POS 's JJ large NN amount IN of JJ good NN will IN by IN about $ $ CD 180 CD million . . <s> <s> NN Critics , , RB however , , VBP say DT the FW branch FW sale FW will FW make FW CenTrust FW more FW dependent FW than FW ever FW on FW brokered FW deposits FW and FW junk FW bonds . . <s> <s> FW Mr. FW Paul FW counters FW that FW he

    FW intends FW to FW further FW pare FW the FW size FW of FW CenTrust FW by FW not FW renewing JJR more IN than $ $ CD 1 CD billion IN of FW brokered FW certificates FW of FW deposit WRB when PRP they VBP come JJ due . . <s> <s> . The '' thrift VBZ is RB also VBG working TO to VB unload PRP$ its NN junk-bond NN portfolio IN by VBG continuing TO to VB sell RP off DT the NNS bonds , , CC and PRP it VBZ plans TO to # eventually PDT place DT some IN of PRP them IN in DT a JJ separate NN affiliate , , RB as

    VBN required IN under DT the JJ new NN thrift NN law . . <s> <s> IN On DT a FW recent FW Saturday FW night , , IN in DT the NN midst IN of NNP West NNP Germany POS 's JJS most FW popular FW prime-time FW show FW , FW a FW contestant FW bet FW the FW host FW that FW she FW could FW name FW any FW of FW 100 FW different FW cheeses FW after FW just FW one FW nibble FW , FW while FW blindfolded . . <s> <s> . The '' woman VBD won DT the NN bet . . <s> <s> VBZ But RB perhaps RB even RBR more

    UH remarkable , , DT the NN three-hour-show , , `` `` FW Wetten FW Dass '' '' -LRB- -LRBFW Make FW a FW Bet -RRB- -RRB, , WP$ regularly PDT wins DT the JJ top NNS slot IN in DT the NN country POS 's FW TV FW ratings FW , FW sometimes FW drawing FW as FW many FW as FW 50 FW % FW of FW West FW German FW households . . <s> <s> IN As DT the FW 1992 FW economic FW integration FW approaches , , NNP Europe POS 's LS cultural EX curators VBP have VBN taken TO to DT the FW ramparts FW against FW American FW `` FW cultural

    FW imperialism , , '' '' FW threatening FW to FW impose FW quotas FW against FW such FW pop FW invaders FW as FW `` FW Dallas , , '' '' `` `` FW Miami FW Vice '' '' CC and `` `` UH L.A. UH Law . . '' '' <s> <s> DT But JJ much IN of WP what DT the FW Europeans FW want FW to FW protect FW seems FW every FW bit FW as FW cheesy FW as WP what PRP they VBP are VBG trying TO to VB keep RP out . . <s> <s> DT The RBS most FW militant FW opposition FW to FW American FW TV FW imports FW has

    FW come FW from FW French FW television FW and FW movie FW producers , , WP who VBP have FW demanded FW quotas FW ensuring FW that FW a FW full FW 60 NN % IN of NNP Europe POS 's NN TV MD shows VB be VBN produced IN in NNP Europe . . <s> <s> VBZ So RB far , , DT the FW French FW have FW failed FW to FW win FW enough FW broad-based FW support FW to FW prevail . . <s> <s> . A '' glance IN through DT the NN television NNS listings CC and DT a JJ few NNS twists IN of DT the FW European FW television FW dial

    FW suggest FW one FW reason FW why . . <s> <s> `` While EX there VBP are DT some FW popular FW action FW and FW drama FW series FW , FW few FW boast FW the FW high FW culture FW and FW classy FW production FW values FW one FW might FW expect . . <s> <s> FW More FW European FW air FW time FW is FW filled FW with FW low-budget FW game FW shows FW , FW variety FW hours FW , FW movies FW and FW talk FW shows , , JJ many IN of WDT which VBP are VBN authorized RP knock-offs IN of PRP$ their JJ American NNS counterparts . .

    <s> <s> NN One IN of NNP France POS 's JJS most FW popular FW Saturday FW night FW programs FW features FW semi-celebrities FW seeking FW out FW their FW grammar-school FW classmates FW for FW on-air FW reunions . . <s> <s> FW A FW Flemish FW game FW show FW has FW as FW its FW host FW a FW Belgian FW pretending TO to VB be RP Italian . . <s> <s> NN One IN of NNP Italy POS 's UH favorite UH shows , , `` `` UH Fantastico , , '' '' FW a FW tepid FW variety FW show FW , FW is FW so FW popular FW that FW viewers FW clamored

    TO to VB buy DT a JJS chocolate NN product , , `` `` UH Cacao UH Fantastico , , '' '' WP$ whose FW praises FW were FW sung FW each FW week FW by FW dancing SYM showgirls : -RB even IN though DT the NN product VBD did RB n't RBR exist . . <s> <s> IN Topping DT the FW cheese FW stunt FW , FW on FW another FW typical FW evening FW of FW fun FW on FW `` FW Wetten FW Dass , , '' '' DT a RBS contestant PDT won DT a NN bet IN with DT the NN show POS 's NN host , , WP$ Thomas UH Gottschalk

    , , WDT that PRP he MD could FW identify FW 300 FW German FW dialects RP over DT the NN telephone . . <s> <s> FW A FW celebrity FW guest FW , FW U.S. FW Ambassador FW to FW West FW Germany FW Richard FW Burt FW , FW also FW won FW a FW bet FW that FW someone FW could FW pile FW up FW $ FW 150 FW worth FW of FW quarters FW on FW a FW slanted FW coin . . <s> <s> . Mr. UH Burt UH nonetheless PDT paid DT the NN penalty IN as IN if PRP he VBD had VBN lost , , VBG agreeing TO to VB spend

    DT a NN day IN with FW West FW German FW Foreign FW Minister FW Hans-Dietrich FW Genscher FW frying FW and FW selling FW their FW combined FW weight FW in FW potato FW pancakes . . <s> <s> IN If DT this FW seems FW like FW pretty FW weak FW stuff FW around FW which TO to VB raise DT the RBS protectionist UH barriers , , PRP it MD may VB be IN because DT these RBS shows LS need PDT all DT the NN protection PRP they MD can VB get . . <s> <s> FW European FW programs FW usually FW target FW only FW their FW own FW local FW audience , ,

    CC and RB often RB only DT a JJ small NN portion IN of DT that . . <s> <s> NN Mega-hits IN in FW Germany FW or FW Italy FW rarely FW make FW it FW even FW to FW France FW or FW Great FW Britain , , CC and RB almost RB never VB show RP up IN on NNP U.S. -RRB- screens . . <s> <s> NN Attempts TO to VB produce `` `` FW pan-European FW '' FW programs FW have FW generally FW resulted FW in FW disappointment . . <s> <s> . One UH annual UH co-production , , DT the FW three-hour-long FW `` FW Eurovision FW Song FW Contest , ,

    '' '' FW featuring FW soft-rock FW songs FW from FW each FW of FW 20 FW European FW countries , , VBZ has VBN been VBN described IN as DT the NN world POS 's JJS most FW boring FW TV FW show . . <s> <s> NN Another , , `` `` UH Jeux UH Sans UH Frontieres , , '' '' WRB where FW villagers FW from FW assorted FW European FW countries FW make FW fools FW of FW themselves FW performing FW pointless FW tasks , , VBZ is DT a NN hit IN in NNP France . . <s> <s> FW A FW U.S.-made FW imitation FW under FW the FW title FW ``

    FW Almost FW Anything FW Goes FW '' FW flopped FW fast . . <s> <s> IN For DT the JJS most NN part , , WP what VBZ 's VBN made RB here VBZ stays RB here , , CC and IN for JJ good NN reason . . <s> <s> . The '' cream IN of DT the JJ British NN crop , , DT the RBS literary LS dramas WDT that VBP are VBN shown IN on NNP U.S. JJ public NN television IN as `` `` UH Masterpiece UH Theater , , '' '' VB make RP up DT a RBS relatively JJ small NN part IN of JJ British NN air NN time . .

    <s> <s> DT Most JJ British NN programming VBZ is JJR more IN of DT an RBS acquired LS taste . . <s> <s> NN There VBZ is , , IN for NN instance , , `` `` FW One FW Man FW and FW His FW Dog , , '' '' FW a FW herding FW contest FW among FW sheep FW dogs . . <s> <s> . Also '' riveting TO to DT the FW British FW are FW hours FW of FW dart-throwing FW championships FW , FW even FW more FW hours FW of FW lawn FW bowling FW contests FW and FW still FW more FW hours FW of FW snooker FW marathons . .

    <s> <s> . European '' drama VBZ has VBN had RBR better , , FW though FW still FW mixed FW , FW fortunes . . <s> <s> DT The RBS most FW popular FW such FW shows FW focus FW on FW narrow FW national FW concerns . . <s> <s> DT A JJ French NNS knock-off IN of `` `` UH Dallas , , '' '' VBD called `` `` UH Chateauvallon '' '' CC and VBN set IN in DT a JJ French NNS vineyard , , VBD had DT a JJ good NN run IN in NNP France , , WDT which VBD ended IN after DT the FW female FW lead FW was FW injured

    FW in FW a FW real-life FW auto FW accident . . <s> <s> . `` -RRB- Schwarzwaldklinik , , '' '' -LRB- -LRBUH Black UH Forest LS Clinic -RRB- -RRB, , DT a NN kind IN of JJ German `` `` UH St . . '' Elsewhere '' '' VBD set IN in DT a RBS health UH spa , , VBZ is VBN popular IN in NNP Germany , , CC and VBZ has VBN spread IN into NNP France . . <s> <s> NNP Italy POS 's JJS most FW popular FW series FW is FW a FW drama FW called FW `` FW La FW Piovra , , '' '' CC or `` ``

    DT The NN Octopus , , '' '' WDT which VBZ chronicles DT the NN fight IN of DT an FW idealistic FW young FW investigator FW in FW Palermo FW against FW the FW Mafia . . <s> <s> NN It VBD was FW front-page FW news FW in FW Italy FW earlier FW this FW year FW when FW the FW fictional FW inspector FW was FW gunned RP down IN in DT the NN series . . <s> <s> NNP Spain POS 's JJS most LS popular PDT mini-series DT this NN year VBD was `` `` UH Juncal , , '' '' DT the NN story IN of DT an RBS aging LS bullfighter . .

    <s> <s> IN `` DT The NN trend VBZ is RB pretty RB well VBN established RB now IN that JJ local NNS programs VBP are DT the RBS most UH popular , , IN with JJ American NNS programs JJ second , , '' '' VBZ says UH Brian UH Wenham , , DT a JJ former NN director IN of NNS programs IN for DT the NNP British NNP Broadcasting NNP Corp . . <s> <s> FW `` FW Given FW a FW choice FW , FW everybody FW will FW watch FW a FW home-produced FW show . . '' '' <s> <s> . But UH frequently EX there VBZ is RB n't JJ much NN choice

    . . <s> <s> NN Thus , , NNP Europe VBZ has VBN begun DT the JJ recent NN crusade TO to VB produce RBR more JJ worthy NNS shows IN of PRP$ its JJ own , , FW programs FW with FW broader FW appeal . . <s> <s> IN `` PRP We VBP 've RB basically VBD got TO to VB start IN from NNP scratch , , TO to VB train NNS writers CC and NNS producers TO to VB make NNS shows IN that JJ other NNS people MD will VB want TO to VB see , , '' '' UH concedes UH Colin UH Young , , NN head IN of NNP Britain POS 's

    FW National FW Film FW Theatre FW School . . <s> <s> IN While DT some IN in DT the NNP U.S. , contend WDT that EX advertising VBZ is DT the NN bane IN of NN television , , RB here JJ many NNS believe IN that PRP$ its NN absence VBZ is TO to VB blame IN for DT the JJ European NN TV NN industry POS 's JJ sluggish NN development . . <s> <s> VBZ Until RB recently , , FW national FW governments FW in FW Europe FW controlled RBS most IN of DT the NN air NN time CC and RBS allowed JJ little CC or DT no NN advertising . . <s> <s>

    DT Since NN production NNS costs VBD were VBN guaranteed , , PRP it VBD did RB n't VB matter IN that DT a NN program MD could RB n't VB be FW sold FW abroad FW or FW put FW into FW syndication , , IN as JJS most JJ American NNS programs VBP are . . <s> <s> VBZ But RB not JJ much NN money VBD was VBN spent IN on DT the NNS shows , , RB either , , DT a NN situation IN that FW encouraged FW cheap-to-make FW talk FW and FW game FW shows FW , FW while FW discouraging FW expensive-to-produce FW dramas . . <s> <s> NN Now , ,

    RB however , , JJ commercial NNS channels VBP are VBG coming TO to RBS most JJ European NNS countries , , CC and IN at DT the JJ same NN time , , FW satellite FW and FW cable FW technology FW is FW spreading FW rapidly . . <s> <s> DT Just JJ last NN week , , FW Greece FW authorized FW two FW commercial FW channels IN for DT the JJ first NN time : ; LS Spain FW earlier FW began FW to FW allow FW commercial FW television FW alongside FW its FW state FW channels . . <s> <s> . The '' result VBZ is DT a JJ new CC and JJ huge

    NN appetite IN for NN programming . . <s> <s> . But '' perhaps TO to DT the FW consternation FW of FW those FW calling FW for FW quotas , , RBS most IN of DT this NN void VBZ is JJ likely TO to VB be VBN filled IN with DT the JJS cheapest CC and RBS most UH plentiful UH programming UH now SYM available : -LS reruns : -RB usually IN of NNS shows VBN made IN in DT the NNP U.S. . . <s> <s> NNP Sky NNP Channel , , DT a FW British-based FW venture FW of FW Australian-American FW press FW tycoon FW Rupert FW Murdoch , , WP$ offers

    WP what MD must VB be DT a FW baffling FW cultural FW mix FW to RBS most IN of PRP$ its NN audience . . <s> <s> FW The FW financially FW struggling FW station FW offers FW programs FW obviously FW made FW available FW cheaply FW from FW its FW boss POS 's JJ other NNS ventures . . <s> <s> IN In DT a FW Madrid FW hotel FW room FW recently , , DT a RBS viewer PDT caught DT the NN end IN of DT a FW badly FW acted FW series FW about FW a FW fishing FW boat FW on FW Australia FW 's FW Great FW Barrier FW Reef , ,

    RB only TO to VB be VBN urged IN by DT the JJ British NN announcer TO to `` `` FW stay FW tuned FW for FW the FW further FW adventures FW of FW Skippy FW the FW Kangaroo . . '' '' <s> <s> FW Lisa FW Grishaw-Mueller FW in FW Bonn FW , FW Laura FW Colby FW in FW Milan FW , FW Tim FW Carrington FW in FW London FW and FW Carlta FW Vitzhum FW in FW Madrid FW contributed TO to DT this NN article . . <s> <s> NNP British NNP Aerospace NNP PLC CC and NNP France POS 's LS Thomson-CSF LS S.A. VBD said PRP they VBP are VBG nearing

    DT an NN agreement TO to VB merge PRP$ their FW guided-missile FW divisions FW , FW greatly FW expanding FW collaboration FW between FW the FW two FW defense FW contractors . . <s> <s> . The UH 50-50 UH joint UH venture , , WDT which MD may VB be UH dubbed UH Eurodynamics , , MD would VB have VBN combined JJ annual NNS sales IN of IN at JJS least # # # 1.4 CD billion -LRB- -LRB$ $ CD 2.17 CD billion -RRB- -RRBCC and MD would VB be IN among DT the NN world POS 's JJS largest LS missile LS makers . . <s> <s> CD After CD two NNS years

    IN of NNS talks , , NNS plans IN for DT the NN venture VBP are RB sufficiently VBN advanced IN for DT the NNS companies TO to VB seek JJ French CC and JJ British NN government NN clearance . . <s> <s> JJ The NNS companies VBP hope IN for DT a JJ final NN agreement IN by NN year-end . . <s> <s> DT The NN venture MD would VB strengthen DT the FW rapidly FW growing FW ties PDT between DT the CD two NNS companies , , CC and FW help FW make FW them FW a FW leading FW force FW in FW European FW defense FW contracting . . <s> <s> DT In

    JJ recent NNS months , , DT a NN string IN of FW cross-border FW mergers FW and FW joint FW ventures FW have FW reshaped FW the FW once-balkanized FW world FW of FW European FW arms FW manufacture . . <s> <s> NN Already , , FW British FW Aerospace FW and FW French FW government-controlled FW Thomson-CSF FW collaborate FW on FW a FW British FW missile FW contract FW and FW on FW an FW air-traffic FW control FW radar FW system . . <s> <s> DT Just JJ last NN week PRP they VBD announced PRP they MD may VB make DT a JJ joint NN bid TO to VB buy FW Ferranti FW International

    FW Signal FW PLC FW , FW a FW smaller FW British FW defense FW contractor FW rocked FW by FW alleged FW accounting FW fraud IN at DT a NNP U.S. NN unit . . <s> <s> FW The FW sudden FW romance FW of FW British FW Aerospace FW and FW Thomson-CSF FW -FW traditionally FW bitter FW competitors FW for FW Middle FW East FW and FW Third FW World FW weapons FW contracts FW -FW is FW stirring FW controversy FW in FW Western FW Europe POS 's NN defense NN industry . . <s> <s> FW Most FW threatened FW by FW closer FW British FW Aerospace-Thomson FW ties MD would VB be

    PRP$ their FW respective FW national FW rivals FW , FW including FW Matra FW S.A. FW in FW France FW and FW Britain FW 's FW General FW Electric FW Co. FW PLC . . <s> <s> FW But FW neither FW Matra FW nor FW GEC FW -FW unrelated FW to FW Stamford FW , FW Conn.-based FW General FW Electric FW Co. FW -FW are FW sitting FW quietly FW by FW as FW their FW competitors FW join FW forces . . <s> <s> NN Yesterday , , DT a NN source NN close TO to VB GEC VBN confirmed IN that PRP$ his NN company MD may VB join DT the RBS Ferranti

    UH fight , , IN as NN part IN of DT a JJ possible NN consortium WDT that MD would FW bid FW against FW British FW Aerospace FW and FW Thomson-CSF . . <s> <s> NN Companies IN with WDT which FW GEC FW has FW had FW talks FW about FW a FW possible FW joint FW Ferranti FW bid FW include FW Matra FW , FW Britain FW 's FW Dowty FW Group FW PLC FW , FW West FW Germany FW 's FW Daimler-Benz FW AG , , CC and NNP France POS 's JJS Dassault NN group . . <s> <s> IN But PRP it MD may VB be FW weeks FW before FW GEC

    FW and FW its FW potential FW partners FW decide FW whether FW to FW bid , , DT the NN source VBD indicated . . <s> <s> NN GEC VBZ plans JJ first TO to # study LS Ferranti POS 's JJ financial NNS accounts , , WDT which FW auditors FW recently FW said FW included FW # FW 215 FW million FW in FW fictitious FW contracts FW at FW a FW U.S. FW unit FW , FW International FW Signal FW & FW Control FW Group , , IN with WDT which LS Ferranti RBS merged JJ last NN year . . <s> <s> NN Also , , FW any FW GEC FW bid FW might

    FW be FW blocked FW by FW British FW antitrust FW regulators FW ; FW Ferranti FW is FW GEC FW 's FW main FW competitor FW on FW several FW key FW defense-electronics FW contracts , , CC and PRP$ its NN purchase IN by FW GEC FW may FW heighten FW British FW Defense FW Ministry FW worries FW about FW concentration IN in DT the NN country POS 's NN defense NN industry . . <s> <s> DT A NN consortium NN bid , , RB however , , MD would FW diminish FW GEC FW 's FW direct FW role FW in FW Ferranti FW and FW might FW consequently FW appease FW ministry FW officials

    . . <s> <s> FW A FW British FW Aerospace FW spokeswoman FW appeared FW unperturbed IN by DT the NN prospect IN of DT a NN fight IN with # GEC LS for SYM Ferranti : : `` `` EX Competition VBZ is DT the NN name IN of DT the NN game , , '' '' PRP she VBD said . . <s> <s> DT At JJS least FW one FW potential FW GEC FW partner FW , FW Matra , , '' insists PRP it VBZ is RB n't VBN interested IN in NNP Ferranti . . <s> <s> IN `` PRP We VBP have VBN nothing TO to VB say IN about DT this NN affair

    , , WDT which VBZ does RB n't UH concern UH us , , '' '' FW a FW Matra FW official FW said FW Sunday . . <s> <s> . The UH missile UH venture , , DT the FW British FW Aerospace FW spokeswoman FW said , , VBZ is DT a JJ needed NN response TO to DT the `` `` JJ new . environment '' '' IN in # defense LS contracting . . <s> <s> IN For DT both NNP Thomson CC and NNP British NNP Aerospace , , NNS earnings IN in PRP$ their FW home FW markets FW have FW come FW under FW pressure FW from FW increasingly FW tight-fisted FW defense

    FW ministries FW ; FW and FW Middle FW East FW sales FW , FW a FW traditional FW mainstay FW for FW both FW companies FW ' FW exports , , VBP have VBN been VBN hurt IN by CD five NNS years IN of JJ weak NN oil NNS prices . . <s> <s> DT The NN venture POS 's NN importance IN for EX Thomson VBZ is JJ great . . <s> <s> NN Thomson VBZ feels DT the NN future IN of PRP$ its FW defense FW business FW depends FW on FW building FW cooperation FW with FW other FW Europeans . . <s> <s> FW The FW European FW defense FW industry FW is

    FW consolidating FW ; FW for FW instance FW , FW West FW Germany FW 's FW Siemens FW AG FW recently FW joined FW GEC IN in DT a NN takeover IN of NNP Britain POS 's NNPS Plessey NNP Co. , , CC and PRP Daimler-Benz VBD agreed TO to VB buy FW Messerschmitt-Boelkow FW Blohm FW G.m.b . . -RRB- H . . <s> <s> . In -RRB- missiles , , FW Thomson FW is FW already FW overshadowed FW by FW British FW Aerospace FW and FW by FW its FW home FW rival FW , FW France FW 's FW Aerospatiale FW S.A. FW ; FW to FW better FW compete FW , FW Thomson

    FW officials FW say , , PRP they VBP need DT a NN partnership . . <s> <s> . To UH justify UH 50-50 UH ownership IN of DT the JJ planned NN venture , , WDT Thomson MD would VB make DT a NN cash NN payment TO to # British LS Aerospace . . <s> <s> DT Annual NN revenue IN of NNP British NNP Aerospace POS 's JJS missile NN business VBZ is IN about # # # 950 CD million , , DT a JJS Thomson NN spokesman VBD said . . <s> <s> NNP British NNP Aerospace POS 's FW chief FW missile FW products FW include FW its FW 17-year-old FW family FW of

    FW Rapier FW surface-to-air FW missiles . . <s> <s> DT Thomson NN missile NNS products , , IN with IN about PDT half LS British LS Aerospace POS 's JJ annual NN revenue , , VBP include DT the FW Crotale FW surface-to-air FW missile FW family . . <s> <s> . Interprovincial '' Pipe NNP Line NNP Co. VBD said PRP it MD will VB delay DT a FW proposed FW two-step FW , FW 830 FW million FW Canadian-dollar FW -LRBFW US$ # 705.6 CD million -RRB- -RRBNN expansion IN of PRP$ its NN system IN because NNP Canada POS 's NN output IN of FW crude FW oil FW is FW shrinking . .

    <s> <s> NN Interprovincial , , NNP Canada POS 's JJS biggest FW oil FW pipeline FW operator FW and FW a FW major FW transporter FW of FW crude TO to DT the NNP U.S. , , VBD said FW revised FW industry FW forecasts FW indicate FW that FW Canadian FW oil FW output FW will FW total FW about FW 1.64 FW million FW barrels FW a FW day FW by FW 1991 , , CD 8 NN % JJR lower IN than DT a JJ previous NN estimate . . <s> <s> FW Canadian FW crude FW production FW averaged FW about FW 1.69 FW million FW barrels FW a FW day FW during FW 1989

    POS 's JJ first NN half , , IN about CD 1 NN % IN below DT the CD 1988 NN level . . <s> <s> IN `` DT The FW capability FW of FW existing FW fields FW to FW deliver FW oil FW is FW dropping , , '' '' CC and FW oil FW exploration FW activity FW is FW also FW down FW dramatically FW , FW as FW many FW producers FW shift FW their FW emphasis FW to FW natural FW gas FW , FW said FW Ronald FW Watkins FW , FW vice FW president FW for FW government FW and FW industry FW relations FW with FW Interprovincial FW 's FW parent

    FW , FW Interhome FW Energy FW Inc . . <s> <s> . Mr. '' Watkins VBD said NN volume IN on NNP Interprovincial POS 's NN system VBZ is RB down IN about CD 2 NN % IN since NNP January CC and VBZ is VBN expected TO to VB fall RB further , , FW making FW expansion FW unnecessary FW until FW perhaps FW the FW mid-1990s . . <s> <s> `` `` EX There VBZ has VBN been DT a NN swing IN of DT the RBS pendulum RB back TO to DT the NN gas NN side , , '' '' PRP he VBD said . . <s> <s> NN Many IN of NNP Canada

    POS 's NN oil CC and NN gas NNS producers VBP say DT the NN outlook IN for JJ natural NN gas VBZ is JJR better IN than PRP it VBZ is IN for NN oil , , CC and VBP have FW shifted FW their FW exploration FW and FW development FW budgets FW accordingly . . <s> <s> DT The NN number IN of FW active FW drilling FW rigs FW in FW Canada VBZ is RB down CD 30 NN % IN from DT a NN year RB ago , , CC and DT the NN number IN of FW completed FW oil FW wells VBZ is `` `` RB down JJR more IN than DT that

    , , JJ due TO to DT the FW increasing FW focus FW on FW gas FW exploration , , '' '' VBD said FW Robert FW Feick FW , FW manager FW of FW crude FW oil FW with FW Calgary FW 's FW Independent FW Petroleum FW Association FW of FW Canada , , DT an NN industry NN group . . <s> <s> . Mr. '' Watkins VBD said DT the JJ main NN reason IN for DT the FW production FW decline FW is FW shrinking FW output FW of FW light FW crude FW from FW mature FW , FW conventional FW fields FW in FW western FW Canada . . <s> <s> . Interprovincial

    '' transports IN about CD 75 NN % IN of PDT all FW crude FW produced FW in FW western FW Canada , , CC and RB almost CD 60 NN % IN of FW Interprovincial FW 's FW total FW volume FW consists FW of FW light FW crude . . <s> <s> IN Nearly DT all IN of DT the JJ crude NN oil IN that NNP Canada NNS exports TO to DT the NNP U.S. VBZ is VBN transported IN on NNP Interprovincial POS 's NN system , , WP$ whose FW main FW line FW runs FW from FW Edmonton FW to FW major FW U.S. FW and FW Canadian FW cities FW in FW the

    FW Great FW Lakes FW region , , VBG including NNP Chicago , , UH Buffalo , , NNP Toronto CC and NNP Montreal . . <s> <s> NNP Canada POS 's JJ current NN oil NNS exports TO to DT the NNP U.S. FW total FW about FW 600,000 FW barrels FW a FW day FW , FW or FW about FW 9.1 FW % FW of FW net FW U.S. FW crude FW imports , , VBD said UH John UH Lichtblau , , NN president IN of DT the NNP New FW York-based FW Petroleum FW Industry FW Research FW Foundation . . <s> <s> FW That FW ranks FW Canada FW as FW the FW fourth-largest

    FW source FW of FW imported FW crude FW , FW behind FW Saudi FW Arabia FW , FW Nigeria FW and FW Mexico . . <s> <s> . Mr. '' Lichtblau VBD said NNP Canada POS 's UH declining UH crude UH output , , VBN combined IN with DT the FW fast-shrinking FW output FW of FW U.S. FW crude FW , FW will FW help FW intensify FW U.S. FW reliance FW on FW oil FW from FW overseas FW , FW particularly FW the FW Middle FW East . . <s> <s> IN `` PRP It VBZ 's RB very RB much DT a JJ growing NN concern . . <s> <s> , But WRB when

    EX something VBZ is RB inevitable , , PRP you VBP learn TO to VB live IN with PRP it , , '' '' PRP he VBD said . . <s> <s> FW Mr. FW Lichtblau FW stressed FW that FW the FW delay FW of FW Interprovincial FW 's FW proposed FW expansion FW wo FW n't FW by FW itself FW increase FW U.S. FW dependence FW on FW offshore FW crude , , RB however , , IN since JJ Canadian NNS imports VBP are VBN limited IN in DT any NN case IN by NNP Canada POS 's JJS falling NN output . . <s> <s> JJ Under NNS terms IN of PRP$ its UH proposed

    UH two-step UH expansion , , WDT which MD would VB have FW required FW regulatory FW approval FW , FW Interprovincial FW intended FW to FW add FW 200,000 PDT barrels DT a NN day IN of JJ additional NN capacity TO to PRP$ its NN system , , VBG beginning IN with DT a JJ modest NN expansion IN by CD 1991 . . <s> <s> DT The NN system RB currently VBZ has DT a NN capacity IN of $ 1.55 CD million NNS barrels DT a NN day . . <s> <s> NNP Inland NNP Steel NNPS Industries NNP Inc. VBZ expects TO to VB report DT that JJ third-quarter NNS earnings VBD dropped JJR more

    IN than CD 50 NN % IN from DT the JJ previous NN quarter IN as DT a NN result IN of FW reduced FW sales FW volume FW and FW increased FW costs . . <s> <s> IN In DT the JJ second NN quarter , , DT the NN steelmaker VBD had JJ net NN income IN of $ $ CD 45.3 CD million CC or $ $ CD 1.25 DT a NN share , , VBG including DT a JJ pretax NN charge IN of $ $ CD 17 CD million VBN related TO to DT the NN settlement IN of DT a NN suit , , IN on NNS sales IN of $ $ CD 1.11

    CD billion . . <s> <s> DT The NN company VBD said FW normal FW seasonal FW softness FW and FW lost FW orders FW caused FW by FW prolonged FW labor FW talks FW reduced FW shipments FW by FW 200,000 FW tons IN in DT the JJS latest NN quarter , , VBN compared IN with DT the JJ second NN quarter . . <s> <s> IN At DT the JJ same NN time , , DT the FW integrated-steel FW business FW was FW hurt FW by FW continued FW increases FW in FW materials FW costs FW and FW repair FW and FW maintenance FW expenses , , RB as RB well RB as JJR higher

    NN labor NNS costs IN under PRP$ its JJ new NN contract . . <s> <s> FW The FW service-center FW business FW was FW hurt FW by FW reduced FW margins FW and FW start-up FW costs FW associated FW with FW its FW Joseph FW T. FW Ryerson FW & FW Son FW unit . . <s> <s> DT The NN company VBD said PRP it VBZ is VBG beginning TO to VB see DT some FW shipping-rate FW improvements FW in FW both FW the FW intergrated-steel FW and FW steel-service-center FW segments , , WDT which MD should VB result IN in JJ improved NNS results IN for DT the JJ fourth NN quarter . .

    <s> <s> NN Inland VBD said PRP$ its JJ third-quarter NNS results MD will VB be VBN announced RB later DT this NN week . . <s> <s> IN In DT the JJ year-earlier JJ third NN quarter , , WRB when DT the NN industry VBD was IN in DT the NN midst IN of DT a NN boom , , DT the NN company VBD had JJ net IN of $ $ CD 61 CD million , , CC or $ $ CD 1.70 DT a NN share , , IN on NNS sales IN of $ $ CD 1.02 CD billion . . <s> <s> IN Predicting DT the JJ financial NNS results IN of FW computer

    FW firms FW has FW been FW a FW tough FW job FW lately . . <s> <s> NNP Take NNP Microsoft NNP Corp. , , DT the JJS largest NN maker IN of FW personal FW computer FW software FW and FW generally FW considered FW an FW industry FW bellwether . . <s> <s> NNP In NNP July , , DT the NN company IN stunned NNP Wall NNP Street IN with DT the NN prediction IN that NN growth IN in DT the JJ personal NN computer NN business WDT overall MD would VB be RB only CD 10 NN % IN in CD 1990 , , DT a JJ modest NN increase WRB when VBN compared

    IN with DT the FW sizzling FW expansion FW of FW years FW past . . <s> <s> NN Investors : -VBG taking DT this IN as DT a NN sign IN that DT a JJ broad NN industry WDT slump VBD was IN in DT the SYM offing : -VBN reacted IN by VBG selling DT the NN company POS 's NN stock , , WDT which VBD lost $ $ CD 3.25 IN that NN day TO to VB close IN at $ $ CD 52 IN in JJ national JJ over-the-counter NN trading . . <s> <s> , But WDT that VBD was DT all IN of CD three NNS months RB ago . .

    <s> <s> DT Last NN week , , WDT Microsoft VBD said PRP it VBZ expects NN revenue IN for PRP$ its JJ first NN quarter VBD ended $ Sept. CD 30 TO to VB increase PRP$ 34 NN % . . <s> <s> . The '' announcement VBD caused DT the NN company POS 's NN stock TO to VB surge $ $ CD 6.50 TO to VB close IN at $ $ PDT 75.50 DT a NN share . . <s> <s> NNP Microsoft POS 's JJ surprising NN strength VBZ is CD one NN example IN of DT the FW difficulty FW facing FW investors FW looking FW for FW reassurances IN about DT the JJ financial

    NN health IN of DT the NN computer NNS firms . . <s> <s> IN `` PRP It VBZ 's JJ hard TO to VB know WP what TO to VB expect IN at DT this NN point , , '' '' VBD said UH Peter UH Rogers , , DT an NN analyst IN at FW Robertson FW Stephens FW & FW Co . . <s> <s> IN `` DT The FW industry FW defies FW characterization . . '' '' <s> <s> . To -RRB- illustrate , , NNP Mr. NNP Rogers VBD said IN that IN of DT the FW 14 FW computer-related FW firms FW he FW follows , , WDT half MD will VB report

    IN for PRP$ their RBS most JJ recent NN quarter NNS earnings IN below JJ last NN year POS 's NNS results , , CC and NN half IN above DT those NNS results . . <s> <s> IN Among DT those NNS companies VBN expected TO to VB have DT a FW down FW quarter FW are FW Hewlett-Packard FW Co. FW , FW Amdahl FW Corp. FW and FW Sun FW Microsystems FW Inc. FW , FW generally FW solid FW performers IN in DT the NN past . . <s> <s> NNP International NNP Business NNPS Machines NNP Corp. RB also VBZ is VBN expected TO to VB report JJ disappointing NNS results . . <s> <s>

    NNP Apple NNP Computer NNP Inc. , , RB meanwhile , , VBZ is VBN expected TO to VB show JJ improved NNS earnings IN for DT the FW period FW ended FW Sept . . <s> <s> FW Another FW contradictory FW message FW comes FW from FW Businessland NNP Inc. , , DT a NN computer NN retailer . . <s> <s> NNP In NNP July , , DT the NN company VBD reported IN that JJ booming NNS sales IN of FW new FW personal FW computers FW from FW Apple FW and FW IBM FW had FW resulted FW in FW net FW income FW more FW than FW doubling FW for FW its FW fourth

    FW quarter FW ended # June CD 30 TO to $ $ CD 7.4 CD million , , CC or CD 23 NNS cents DT a NN share . . <s> <s> DT This NN month , , RB however , , FW Businessland FW warned FW investors FW that FW results FW for FW its FW first FW quarter FW ended FW Sept. FW 30 FW had FW n't FW met FW expectations . . <s> <s> DT The NN company VBD said PRP it VBZ expects NNS earnings IN of CD 14 TO to CD 17 NNS cents DT a NN share , , RB down IN from CD 25 NNS cents DT a NN share IN in

    DT the JJ year-earlier NN period . . <s> <s> IN While DT the FW earnings FW picture FW confuses , , WDT observers VBP say DT the JJ major NNS forces VBN expected TO to VB shape DT the NN industry IN in DT the JJ coming NN year VBP are RBR clearer . . <s> <s> NN Companies MD will VB continue TO to VB war RP over NNS standards . . <s> <s> DT In NN computer NN publishing , , DT a FW battle FW over FW typefaces FW is FW hurting FW Adobe FW Systems NNP Inc. , , WDT which FW sells FW software FW that FW controls FW the FW image FW produced

    FW by FW printers FW and FW displays . . <s> <s> VBZ Until RB recently , , WDT Adobe VBD had DT a NN lock IN on DT the NN market IN for NN image NN software , , CC but JJ last NN month NNP Apple , , NNP Adobe POS 's JJS biggest NN customer , , CC and WP$ Microsoft LS rebelled . . <s> <s> IN Now DT the CD two NNS firms VBP are VBN collaborating IN on DT an NN alternative TO to NNP Adobe POS 's NN approach , , CC and NNS analysts VBP say PRP they VBP are JJ likely TO to VB carry NNP IBM , , DT the

    JJS biggest NN seller IN of JJ personal NNS computers , , RB along IN with PRP them . . <s> <s> DT The JJ short-term NN outlook IN for NNP Adobe POS 's NN business , , RB however , , WP$ appears LS strong . . <s> <s> DT The NN company VBZ is VBG beginning TO to VB ship DT a JJ new NN software NN program WDT that VBZ 's VBG being RP heralded IN as DT a FW boon FW for FW owners FW of FW low-end FW printers FW sold FW by FW Apple . . <s> <s> DT The NN program VBZ is VBN aimed IN at VBG improving DT the NN quality

    IN of # printed LS material . . <s> <s> . John -RRB- Warnock , , NNP Adobe POS 's JJ chief NN executive NN officer , , VBD said DT the RBS Mountain UH View , , NNP Calif. , , NN company VBZ has VBN been . receiving '' 1,000 VBZ calls DT a NN day IN about DT the NN product IN since PRP it VBD was VBN demonstrated IN at DT a FW computer FW publishing FW conference FW several FW weeks FW ago . . <s> <s> NN Meanwhile , , FW competition FW between FW various FW operating FW systems , , WDT which VBP control DT the JJ basic NNS functions IN of

    DT a NN computer , , FW spells FW trouble FW for FW software FW firms FW generally . . <s> <s> FW `` FW It FW creates FW uncertainty FW and FW usually FW slows FW down FW sales , , '' '' VBD said UH Russ UH Crabs , , DT an NN analyst IN at FW Soundview FW Financial FW Group . . <s> <s> . Mr. '' Crabs VBD said DT this RB probably VBZ is IN behind DT the FW expected FW weak FW performance FW of FW Aldus NNP Corp. , , NN maker IN of DT a FW widely FW used FW computer FW publishing FW program . . <s> <s> NN He

    VBZ expects VBN Aldus TO to VB report NNS earnings IN of CD 21 NNS cents DT a NN share IN on NNS revenues IN of $ $ CD 19.5 CD million IN for PRP$ its JJ third NN quarter , , VBN compared IN with NNS earnings IN of CD 30 NNS cents DT a NN share IN on NN revenue IN of $ 20.4 CD million IN in DT the JJ year-earlier NN period . . <s> <s> JJ Aldus NNS officials MD could RB n't VB be VBN reached IN for NN comment . . <s> <s> IN On DT the JJ other NN hand , , DT the NN battle IN of DT the NN bus

    VBZ is VBN expected TO to # grow LS increasingly LS irrelevant . . <s> <s> . A '' bus VBZ is DT the NN data NN highway IN within DT a NN computer . . <s> <s> NN IBM VBZ is FW backing FW one FW type FW of FW bus FW called FW microchannel , , IN while DT the FW nine FW other FW leading FW computer FW makers FW , FW including FW H-P FW and FW Compaq FW Computer FW Corp. FW , FW have FW chosen FW another FW method . . <s> <s> , `` WDT Users VBP do RB n't VB care IN about DT the NN bus , , '' ''

    VBD said UH Daniel UH Benton , , DT an NN analyst IN at NNP Goldman , , NNP Sachs CC & NNP Co . . <s> <s> NN He VBD said NNP Apple POS 's NN family IN of PRP$ Macintosh NNS computers , , IN for NN instance , , FW uses FW four FW different FW buses `` `` CC and DT no NN one VBZ seems TO to VB mind . . '' '' <s> <s> FW The FW gap FW between FW winners FW and FW laggards FW will FW grow . . <s> <s> DT In JJ personal NNS computers , , NNP Apple , , NNP Compaq CC and EX IBM VBP are

    VBN expected TO to VB tighten PRP$ their NN hold IN on PRP$ their NN business . . <s> <s> IN At DT the JJ same NN time , , WP$ second-tier NNS firms MD will VB continue TO to VB lose NN ground . . <s> <s> FW Some FW lagging FW competitors FW even FW may FW leave FW the FW personal FW computer FW business FW altogether . . <s> <s> NNP Wyse NNP Technology , , IN for NN instance , , VBZ is VBN considered DT a NN candidate TO to VB sell PRP$ its JJ troubled NN operation . . <s> <s> . `` '' Wyse VBZ has VBN done RB well VBG establishing

    DT a NN distribution NN business , , CC but PRP they VBP have RB n't VBN delivered NNS products WDT that VBP sell , , '' '' VBD said UH Kimball UH Brown , , DT an NN analyst IN at NNP Prudential-Bache NNPS Securities . . <s> <s> . Mr. UH Brown UH estimates UH Wyse , , WP$ whose WP$ terminals NN business VBZ is JJ strong , , MD will VB report DT a NN loss IN of CD 12 NNS cents DT a NN share IN for PRP$ its FW quarter FW ended FW Sept . . <s> <s> JJ Personal-computer NNS makers MD will VB continue TO to VB eat RP away IN at

    DT the NN business IN of JJR more JJ traditional NN computer NNS firms . . <s> <s> . Ever-more UH powerful UH desk-top UH computers , , VBN designed IN with CD one CC or JJR more NNS microprocessors IN as PRP$ their `` `` UH brains , , '' '' VBP are VBN expected TO to FW increasingly FW take FW on FW functions FW carried FW out FW by FW more FW expensive FW minicomputers FW and FW mainframes . . <s> <s> IN `` DT The FW guys FW that FW make FW traditional FW hardware FW are FW really FW being FW obsoleted FW by FW microprocessor-based FW machines , , '' '' VBD said

    NNP Mr. NNP Benton . . <s> <s> IN As DT a NN result IN of DT this NN trend , , FW longtime FW powerhouses FW H-P FW , FW IBM FW and FW Digital FW Equipment FW Corp. FW are FW scrambling FW to FW counterattack FW with FW microprocessor-based FW systems IN of PRP$ their JJ own . . <s> <s> IN But PRP they MD will VB have TO to VB act RB quickly . . <s> <s> FW Mr. FW Benton FW expects FW Compaq FW to FW unveil FW a FW family FW of FW high-end FW personal FW computers FW later FW this FW year FW that FW are FW powerful FW enough

    TO to VB serve IN as DT the FW hub FW for FW communications FW within FW large FW networks FW of FW desk-top FW machines . . <s> <s> . A '' raft IN of JJ new NN computer NNS companies RB also VBZ has VBN targeted DT this `` `` UH server '' '' NN market . . <s> <s> FW Population FW Drain FW Ends FW For FW Midwestern FW States <s> <s> FW IOWA FW IS FW MAKING FW a FW comeback . . <s> <s> NNS So VBP are RB Indiana , , NNP Ohio CC and NNP Michigan . . <s> <s> DT The NN population IN of PDT all LS four EX states

    VBZ is IN on DT the NN upswing , , VBG according TO to FW new FW Census FW Bureau FW estimates FW , FW following FW declines FW throughout FW the FW early FW 1980s . . <s> <s> JJ The NNS gains , , TO to VB be JJ sure , , VBP are RB rather JJ small . . <s> <s> NN Iowa , , IN for NN instance , , VBD saw PRP$ its FW population FW grow FW by FW 11,000 FW people , , CC or PRP$ 0.4 NN % , , IN between CD 1987 CC and CD 1988 , , DT the FW Census FW Bureau VBZ says . . <s> <s>

    NN Still , , RB even IN that JJ modest NN increase VBZ is JJ good NN news IN for DT a NN state WDT that VBD had RB n't VBN grown IN at PDT all LS since LS 1981 . . <s> <s> CD Between CD 1987 CC and CD 1988 , , NNP North NNP Dakota VBD was DT the JJ only NN state IN in DT the NN Midwest TO to VB lose RP population , , DT a NN loss IN of CD 4,000 NNS people . . <s> <s> NN Six IN of DT the FW 12 FW midwestern FW states FW have FW been FW growing FW steadily FW since FW 1980 FW --

    FW Illinois FW , FW Kansas FW , FW Minnesota FW , FW Missouri FW , FW South FW Dakota FW and FW Wisconsin . . <s> <s> . The '' Northeast VBZ has VBN been VBG holding PRP$ its JJ own IN in DT the RBS population LS race . . <s> <s> NN Seven IN of CD nine NNS states VBP have VBN grown DT each NN year IN since CD 1980 , , VBG including NNP New NNP York , , WDT which VBD lost CD 4 NN % IN of PRP$ its NN population IN during DT the NNS 1970s . . <s> <s> FW And FW although FW Pennsylvania FW and FW Massachusetts FW suffered

    FW slight FW declines RBR earlier IN in DT the NN decade , , PRP they VBP are VBG growing RB again . . <s> <s> IN At DT the JJ same NN time , , JJ several NNS states IN in DT the FW South FW and FW West FW have FW had FW their FW own FW population FW turnaround . . <s> <s> JJ Seven NNS states WDT that VBD grew IN in DT the JJ early NNS 1980s VBP are RB now # losing SYM population : -LS West UH Virginia , , NNP Mississippi , , NNP Louisiana , , NNP Oklahoma , , NNP Montana , , '' Wyoming CC and NNP Alaska

    . . <s> <s> NN Overall , , RB though , , DT the FW South FW and FW West FW still FW outpace FW the FW Northeast FW and FW Midwest FW , FW and FW fast-growing FW states FW like FW Florida FW and FW California FW ensure IN that DT the NN pattern MD will VB continue . . <s> <s> IN But DT the NN growth NN gap IN between DT the FW Sun FW Belt FW and FW other FW regions FW has FW clearly FW started FW narrowing . . <s> <s> FW More FW Elderly FW Maintain FW Their FW Independence <s> <s> FW THANKS FW TO FW modern FW medicine FW ,

    FW more FW couples FW are FW growing FW old FW together . . <s> <s> VBZ And RB even IN after VBG losing DT a NN spouse , , JJR more IN of DT the FW elderly FW are FW staying FW independent . . <s> <s> FW A FW new FW Census FW Bureau FW study FW of FW the FW noninstitutionalized FW population FW shows FW that FW 64 FW % FW of FW people FW aged FW 65 FW to FW 74 FW were FW living FW with FW a FW spouse FW in FW 1988 , , RB up IN from CD 59 NN % IN in CD 1970 . . <s> <s> NN This

    VBZ does RB n't VB mean PRP they VBP 're RBR less JJ likely TO to VB live RB alone , , RB however . . <s> <s> DT That NN share VBZ has VBN remained IN at IN about CD 24 NN % IN since CD 1970 . . <s> <s> NN What VBZ has EX changed VBZ is IN that JJR more IN of DT the FW young FW elderly FW are FW living FW with FW spouses FW rather FW than FW with FW other FW relatives , , JJ such IN as NNS children . . <s> <s> CD In CD 1988 , , CD 10 NN % IN of DT those FW aged FW 65

    FW to FW 74 FW lived FW with FW relatives FW other FW than FW spouses , , RB down IN from CD 15 NN % IN in CD 1970 . . <s> <s> JJ As NNS people VBP get RB even JJR older , , WP$ many LS become LS widowed . . <s> <s> FW But FW even FW among FW those FW aged FW 75 FW and FW older , , DT the NN share NN living IN with DT a NN spouse VBD rose RB slightly , , TO to CD 40 NN % IN in CD 1988 IN from CD 38 NN % IN in CD 1970 . . <s> <s> IN Like PRP$ their

    UH younger UH counterparts , , DT the FW older FW elderly FW are FW less FW likely FW to FW live FW with FW other FW relatives . . <s> <s> CD Only CD 17 NN % IN of DT those FW aged FW 75 FW and FW older FW lived FW with FW relatives FW other FW than FW spouses FW in FW 1988 , , RB down IN from CD 26 NN % IN in CD 1970 . . <s> <s> . The '' likelihood IN of # living LS alone PDT beyond DT the NN age IN of EX 75 VBZ has VBN increased TO to CD 40 NN % IN from CD 32 NN %

    . . <s> <s> JJ More NNS people VBP are FW remaining FW independent FW longer FW presumably FW because FW they FW are FW better FW off FW physically FW and FW financially . . <s> <s> NNP Careers POS Count JJS Most IN For DT the RBS Well-to-Do <s> <s> FW MANY FW AFFLUENT FW people FW place FW personal FW success FW and FW money FW above FW family . . <s> <s> DT At JJS least FW that FW 's FW what FW a FW survey FW by FW Ernst FW & FW Young FW and FW Yankelovich FW , FW Clancy FW , FW Shulman FW indicates . . <s> <s> NN Two-thirds IN of

    NNS respondents VBD said PRP they RB strongly VBD felt DT the NN need TO to VB be RP successful IN in PRP$ their NNS jobs , , FW while FW fewer FW than FW half FW said FW they FW strongly PDT felt DT the NN need TO to VB spend JJR more NN time IN with PRP$ their NNS families . . <s> <s> . Being '' successful IN in NNS careers CC and VBG spending DT the NN money PRP they VBP make VBP are JJ top NNS priorities IN for DT this NN group . . <s> <s> DT Unlike JJS most NNS studies IN of DT the JJ affluent NN market , , DT this

    FW survey FW excluded FW the FW super-rich . . <s> <s> DT Average NN household NN income IN for DT the NN sample VBD was $ $ CD 194,000 , , CC and JJ average JJ net NNS assets VBD were VBN reported IN as $ $ CD 775,000 . . <s> <s> . The '' goal VBD was TO to VB learn IN about CD one IN of NN today POS 's JJS fastest-growing NN income NNS groups , , DT the RBS upper-middle LS class . . <s> <s> IN Although PRP they VBP represent RB only CD 2 NN % IN of DT the NN population , , PRP they VBP control RB nearly VBN one-third

    IN of JJ discretionary NN income . . <s> <s> IN Across DT the NN board , , FW these FW consumers FW value FW quality FW , FW buy FW what FW they FW like FW rather FW than FW just WP what PRP they VBP need , , CC and JJR appreciate NNS products WDT that VBP are RBR distinctive . . <s> <s> IN Despite PRP$ their JJ considerable NNS incomes CC and NNS assets , , CD 40 NN % IN of DT the NNS respondents IN in DT the FW study FW do FW n't FW feel FW financially FW secure , , CC and EX one-fourth VBP do RB n't VB feel IN that

    PRP they VBP have VBN made PRP it . . <s> <s> , Twenty WDT percent VBP do RB n't RB even VB feel PRP they VBP are RB financially RB well RB off . . <s> <s> NN Many IN of DT the NNS affluent VBP are RB n't VBN comfortable IN with PRP themselves , , RB either . . <s> <s> CD About CD 40 NN % VBP do RB n't VB feel PRP they VBP 're RBR more JJ able IN than NNS others . . <s> <s> FW While FW twothirds FW feel FW some FW guilt FW about FW being FW affluent FW , FW only FW 25 FW % FW give $ $

    CD 2,500 CC or JJR more TO to VB charity DT each NN year . . <s> <s> FW Thirty-five FW percent FW attend FW religious FW services SYM regularly : ; IN at DT the JJ same NN time , , FW 60 FW % FW feel FW that FW in FW life FW one FW sometimes FW has FW to FW compromise FW one FW 's FW principles . . <s> <s> NN Odds CC and EX Ends <s> <s> . THE '' NUMBER IN of NNS women CC and NNS minorities WP who VBP hold NNS jobs IN in JJ top NN management IN in DT the NN nation POS 's JJS largest FW banks FW has

    FW more FW than FW doubled FW since FW 1978 . . <s> <s> FW The FW American FW Bankers FW Association FW says FW that FW women FW make FW up FW 47 NN % IN of NNS officials CC and NNS managers IN in DT the JJ top CD 50 NNS banks , , RB up IN from CD 33 NN % IN in CD 1978 . . <s> <s> DT The NN share IN of NNS minorities IN in DT those NNS positions VBZ has VBN risen TO to CD 16 NN % IN from CD 12 NN % : ... . . <s> <s> DT Per-capita JJ personal NN income IN in DT the NNP U.S.

    FW grew FW faster FW than FW inflation JJ last NN year , , VBG according TO to DT the FW Bureau FW of FW Economic FW Analysis . . <s> <s> DT The NN amount IN of # income LS divvied RP up IN for DT each NN man , , NN woman CC and NN child VBD was $ $ CD 16,489 IN in CD 1988 , , RB up CD 6.6 NN % IN from $ $ CD 15,472 IN in CD 1987 . . <s> <s> FW Per FW capita FW personal FW income FW ranged FW from FW $ FW 11,116 FW in FW Mississippi FW to FW $ FW 23,059 FW in FW Connecticut

    FW ... . . <s> <s> NNS There VBP are # 13.1 CD million NNS students IN in PDT college DT this NN fall , , RB up CD 2 NN % IN from CD 1988 , , DT the FW National FW Center FW for FW Education FW Statistics FW estimates . . <s> <s> CD About CD 54 NN % VBP are NNS women , , CC and FW 44 FW % FW are FW part-time FW students . . <s> <s> FW This FW small FW Dallas FW suburb FW 's FW got FW trouble . . <s> <s> NN Trouble IN with DT a FW capital FW T FW and FW that FW rhymes FW with

    FW P FW and FW that FW stands FW for FW pool . . <s> <s> NN More IN than CD 30 NNS years RB ago , , WP$ Prof. UH Harold UH Hill , , DT the FW con FW man FW in FW Meredith FW Willson POS 's `` `` UH The UH Music UH Man , , '' '' VBD warned DT the NNS citizens IN of NNP River NNP City , , NNP Iowa , , IN against DT the NN game . . <s> <s> FW Now FW kindred FW spirits FW on FW Addison FW 's FW town FW council FW have FW barred FW the FW town FW 's FW fanciest FW hotel

    , , DT the FW Grand FW Kempinski FW , FW from FW installing FW three FW free FW pool FW tables FW in FW its FW new FW lounge . . <s> <s> . Mayor -RRB- Lynn : Spruill CC and CD two NNS members IN of DT the NN council VBD said PRP they VBD were FW worried FW about FW setting FW a FW precedent FW that FW would FW permit FW pool FW halls FW along FW Addison FW 's FW main FW street . . <s> <s> IN And DT the NN mayor , , IN in DT an FW admonition FW that FW bears FW a FW rhythmic FW resemblance FW to FW Prof.

    FW Hill FW 's FW , FW warned FW that FW `` FW alcohol FW leads FW to FW betting , , WDT which VBZ leads TO to VB fights . . '' '' <s> <s> DT The NN council POS 's NN action VBZ is RB yet DT another NN blow TO to DT a NN sport IN that PRP$ its FW fans FW claim FW has FW been FW maligned FW unjustly IN for NNS years . . <s> <s> . `` '' Obviously PRP they VBP 're RB not IN in NN touch IN with WP what VBZ 's VBG going RP on , , '' '' VBZ says UH Tom UH Manske , , NN vice

    NN president IN of DT the FW National FW Pocket FW Billiards FW Association . . <s> <s> NN Pool VBZ is VBN hot IN in NNP New NNP York CC and NNP Chicago , , PRP he VBZ insists , , WRB where `` `` FW upscale FW , FW suit-and-tie FW places FW '' FW are FW adding FW tables . . <s> <s> DT With NN today POS 's FW tougher FW drunk FW driving FW laws , , PRP he VBZ adds , , `` `` NNS people VBP do RB n't VBP want TO to FW just FW sit FW around FW and FW drink . . '' '' <s> <s> NN Besides , ,

    FW rowdy FW behavior FW seems FW unlikely FW at FW the FW Grand FW Kempinski FW , FW where FW rooms FW average $ $ CD 200 DT a NN night CC and DT the FW cheap FW mixed FW drinks FW go FW for FW $ FW 3.50 FW a FW pop . . <s> <s> IN At DT the NN lounge , , FW manager FW Elizabeth FW Dyer FW wo FW n't FW admit FW patrons FW in FW jeans FW , FW T-shirts FW or FW tennis FW shoes . . <s> <s> IN But DT a NN majority IN of DT the FW Addison FW council FW did FW n't FW buy FW those

    FW arguments . . <s> <s> DT Introducing NN pool , , WP$ argued UH Councilwoman UH Riley UH Reinker , , MD would VB be `` `` UH dangerous . . <s> <s> NN It MD would VB open DT a NN can IN of NNS worms . . '' '' <s> <s> NN Addison VBZ is DT no NN stranger TO to # cans UH of UH worms , , RB either . . <s> <s> IN After PRP$ its FW previous FW mayor FW committed FW suicide FW last FW year FW , FW an FW investigation FW disclosed FW that FW town FW officials FW regularly FW voted FW on FW their FW own FW projects

    FW , FW gave FW special FW favors FW to FW developer FW friends FW and FW dipped FW into FW the FW town FW 's FW coffers FW for FW trips FW and FW retreats . . <s> <s> . The UH revelations UH embarrassed UH town UH officials , , IN although PRP they VBD argued IN that DT the NNS problems VBD were RB n't IN as JJ severe IN as DT the NNS media VBD suggested . . <s> <s> NN Now VBZ comes DT the RBS pool LS flap . . <s> <s> IN `` PRP I VBP think EX there VBZ 's DT some FW people FW worried FW about FW something FW pretty

    FW ridiculous , , '' '' FW Councilman FW John FW Nolan VBZ says . . <s> <s> IN `` PRP I VBD thought DT this VBD was PDT all FW taken FW care FW of FW in FW ` FW The FW Music FW Man . . <s> <s> FW The FW only FW thing FW Robert FW Goldberg FW could FW praise FW about FW CBS FW 's FW new FW show FW `` FW Island FW Son '' '' -LRB- -LRBUH Leisure UH & UH Arts , , WP$ Sept. LS 25 -RRB- -RRBVBD was DT the FW local FW color FW ; FW unfortunately FW neither FW he PDT nor DT the NNS producers

    IN of DT the FW show FW have FW done FW their FW homework . . <s> <s> . For -RRB- instance : : `` `` UH Haole '' '' -LRB- -LRBLS white -RRB- -RRBVBZ is RB not DT the RBS ultimate SYM insult : ; `` `` FW Mainland FW haole '' '' VBZ is . . <s> <s> NN Richard . Chamberlain '' dresses IN as DT a `` `` UH Mainland UH haole , , '' '' FW tucking FW in FW a FW Hawaiian FW shirt FW and FW rolling FW up FW its FW long FW sleeves . . <s> <s> IN And DT the JJ local NN expression IN for EX brother

    VBZ is `` `` UH brah , , '' '' RB not `` `` UH bruddah . . '' '' <s> <s> VBZ And RB even IN if DT a FW nurse FW would FW wear FW flowers FW in FW her FW hair FW while FW on FW duty , , IN if PRP she VBD were VBN engaged PRP she MD would VB know TO to FW wear FW them FW behind FW her FW left , , RB not RB right , , UH ear . . <s> <s> NN Sorry , , DT the NN show VBZ does RB not RB even VB have DT the FW one FW redeeming FW quality FW of FW genuine

    FW local FW color . . <s> <s> NNP Anita NNP Davis <s> <s> IN Of PDT all DT the JJ ethnic NNS tensions IN in NNP America , , WDT which VBZ is DT the RBS most FW troublesome FW right FW now FW ? <s> <s> DT A JJ good NN bet MD would VB be DT the NN tension IN between NNS blacks CC and JJR Jews IN in NNP New NNP York NNP City . . <s> <s> . Or '' so PRP it MD must VB seem TO to # Jackie UH Mason , , DT the FW veteran FW Jewish FW comedian FW appearing FW in FW a FW new FW ABC FW sitcom

    FW airing FW on FW Tuesday FW nights FW -LRBFW 9:30-10 FW p.m. FW EDT -RRB- -RRB. . <s> <s> VBZ Not RB only VBZ is NNP Mr. , Mason DT the NN star IN of `` `` UH Chicken UH Soup , , '' '' PRP he VBZ 's RB also DT the NN inheritor IN of DT a FW comedic FW tradition FW dating FW back TO to `` `` UH Duck UH Soup , , '' '' CC and PRP he VBZ 's RB currently DT a NN man IN in JJ hot NN water . . <s> <s> NN Here , , IN in # neutral UH language , , VBZ is DT the

    NN gist IN of NNP Mr. NNP Mason POS 's NNS remarks , , WP$ quoted JJ first IN in DT the FW Village FW Voice FW while FW he FW was FW a FW paid FW spokesman FW for FW the FW Rudolph FW Giuliani FW mayoral FW campaign , , CC and RB then IN in NNP Newsweek IN after PRP he CC and DT the NN campaign POS parted NN company . . <s> <s> . Mr. '' Mason VBD said IN that FW many FW Jewish FW voters FW feel FW guilty FW toward FW blacks FW , FW so FW they FW support FW black FW candidates FW uncritically . . <s> <s> NN He

    VBD said IN that FW many FW black FW voters FW feel FW bitter FW about FW racial FW discrimination , , RB so PRP they , , RB too , , FW support FW black FW candidates FW uncritically . . <s> <s> NN He VBD said IN that FW Jews FW have FW contributed FW more FW to FW black FW causes FW over FW the FW years FW than FW vice FW versa . . <s> <s> DT Of NN course , , NNP Mr. FW Mason FW did FW not FW use FW neutral FW language . . <s> <s> IN As DT a FW practitioner FW of FW ethnic FW humor IN from DT the

    JJ old NNS days IN on DT the FW Borscht FW Belt FW , FW live FW television FW and FW the FW nightclub FW circuit FW , FW Mr. FW Mason FW instinctively FW reached FW for FW the FW vernacular . . <s> <s> NN He VBD said PRP Jews VBD were `` `` FW sick FW with FW complexes '' '' : ; CC and PRP he VBD called NNP David NNP Dinkins , , NNP Mr. NNP Giuliani POS 's JJ black NN opponent , , `` `` FW a FW fancy FW shvartze FW with FW a FW mustache . . '' '' <s> <s> NNP If NNP Mr. FW Mason FW had FW used

    FW less FW derogatory FW language FW to FW articulate FW his FW amateur FW analysis FW of FW the FW voting FW behavior FW of FW his FW fellow FW New FW Yorkers FW , FW would FW the FW water FW be FW quite FW so FW hot FW ? <s> <s> . It UH probably UH would , , IN because JJ few CC or NN none IN of DT the NNS people VBP upset IN by NNP Mr. NNP Mason POS 's NNS remarks VBP have VBN bothered TO to VB distinguish IN between DT the NN substance IN of PRP$ his NNS comments CC and DT the NN fact IN that PRP he FW used

    FW insulting FW language . . <s> <s> DT In NN addition , , DT some IN of NNP Mr. NNP Mason POS 's FW critics FW have FW implied FW that FW his FW type FW of FW ethnic FW humor FW is FW itself FW a FW form FW of FW racism . . <s> <s> DT For NN example , , DT the NNP New NNP York NN state NN counsel IN for DT the NN NAACP VBD said IN that NNP Mr. NNP Mason VBZ is `` `` IN like DT a NN dinosaur . . <s> <s> NNS People VBP are RB fast VBG leaving DT the NN place WRB where PRP he VBZ is

    VBN stuck . . '' '' <s> <s> . These UH critics UH fail TO to VB distinguish IN between DT the NN type IN of FW ethnic FW humor FW that FW aims FW at FW disparaging FW another FW group , , JJ such IN as `` `` FW Polish FW jokes '' '' : ; CC and DT the NN type WDT that VBZ is RB double-edged , , FW aiming FW inward FW as FW well FW as FW outward . . <s> <s> NN The . latter '' typically VBZ is DT the NN humor IN of DT the NN underdog , , CC and PRP it VBD was VBN perfected IN by DT both

    NNS blacks CC and JJR Jews IN on DT the FW minstrel FW and FW vaudeville FW stage FW as FW a FW means FW of FW mocking FW their FW white FW and FW gentile FW audiences FW along FW with FW themselves . . <s> <s> IN In DT the NNS hands IN of DT a FW zealot FW like FW Lenny FW Bruce FW , FW this FW double-edged FW blade FW could FW cut PDT both DT the NN self CC and DT the NN audience TO to VB ribbons . . <s> <s> . But '' wielded IN by DT a FW pro FW like FW Jackie FW Mason , , PRP it VBZ is

    DT a FW constructive FW form FW of FW mischief . . <s> <s> . Why -RRB- constructive . ? <s> <s> NN Because IN despite PDT all DT the FW media FW prattle FW about FW comedy FW and FW politics FW not FW mixing , , PRP they VBP are FW similar FW in FW one FW respect FW : FW Both FW can FW serve FW as FW mechanisms FW for FW easing FW tensions FW and FW facilitating FW the FW co-existence FW of FW groups FW in FW conflict . . <s> <s> NNP That POS 's WRB why PRP it VBZ 's VBN dangerous TO to VB have FW well-intentioned FW thought FW police

    FW , FW on FW college FW campuses FW and FW elsewhere FW , FW taboo FW all FW critical FW mention FW of FW group FW differences . . <s> <s> FW As FW Elizabeth FW Kristol FW wrote FW in FW the FW New FW York FW Times FW just FW before FW the FW Mason FW donnybrook , , `` `` FW Perhaps FW intolerance FW would FW not FW boil FW over FW with FW such FW intensity FW if FW honest FW differences FW were FW allowed FW to FW simmer . . '' '' <s> <s> . The '' question VBZ is , , FW if FW group FW conflicts FW still FW exist

    FW -LRBFW as FW undeniably FW they FW do -RRB- -RRB, , CC and IN if NNP Mr. NNP Mason POS 's NN type IN of FW ethnic FW humor FW is FW passe FW , FW then FW what FW other FW means FW do FW we FW have FW for FW letting FW off FW steam FW ? <s> <s> VBZ Do RB n't VB say DT the RBS TV UH sitcom , , IN because WDT that VBZ happens TO to VB be DT a RBS genre UH that , , IN in PRP$ its FW desperate FW need FW to FW attract FW everybody FW and FW offend FW nobody FW , FW resembles

    FW politics FW more FW than FW it FW does FW comedy . . <s> <s> NN It VBZ is VBN true IN that DT the JJS best FW sitcoms FW do FW allow FW group FW differences FW to FW simmer FW : FW yuppies FW vs. FW blue-collar FW Bostonians FW in FW `` FW Cheers FW '' FW ; FW children FW vs. FW adults FW in FW `` FW The FW Cosby FW Show . . '' '' <s> <s> IN But DT these VBP are RB not DT the FW differences FW that FW make FW headlines . . <s> <s> , In `` `` UH Chicken UH Soup , , '' '' NNP Mr.

    FW Mason FW plays FW Jackie FW , FW a FW Jewish FW bachelor FW courting FW Maddie FW -LRBFW Lynn FW Redgrave -RRB- -RRB, , DT an RBS Irish LS widow CC and NN mother IN of CD three , , IN against DT the NN wishes IN of PRP$ his FW mother FW -LRBFW Rita FW Karin FW -RRBFW and FW her FW brother FW Michael FW -LRBFW Brandon FW Maggart -RRB- -RRB. . <s> <s> NNP It POS 's FW worth FW noting FW that FW both FW disapproving FW relatives FW are FW immigrants . . <s> <s> DT At JJS least , , PRP they FW both FW speak

    FW with FW strong FW accents FW , FW as FW do FW Jackie FW and FW Maddie . . <s> <s> NN It MD could RB n't VB be RBR more JJ obvious IN that `` `` FW Chicken FW Soup '' '' VBZ is VBG being VBN made IN from DT an JJ old NN recipe . . <s> <s> IN And DT a FW safe FW one FW -FW imagine FW if FW the FW romance FW in FW question FW were FW between FW an FW Orthodox FW Jew CC and DT a NN member IN of DT the NN Nation IN of NNS Islam . . <s> <s> NN Back IN in DT the

    NN 1920s , , DT the NN play CC and NN movie NNS versions IN of `` `` FW Abie FW 's FW Irish FW Rose '' '' VBD made DT the NN theme IN of FW courtship FW between FW the FW assimilated FW offspring FW of FW Jewish FW and FW Irish FW immigrants FW so FW popular FW that FW its FW author FW , FW Anne FW Nichols , , VBD lost DT a JJS plagiarism NN suit IN on DT the NNS grounds IN that DT the FW plot FW has FW entered FW the FW public FW domain . . <s> <s> IN And PRP it VBZ has VBN remained RB there , ,

    RB as VBN evidenced IN by PRP$ its FW reappearance FW in FW a FW 1972 FW CBS FW sitcom FW called FW `` FW Bridget FW Loves FW Bernie , , '' '' WP$ whose LS sole LS distinction VBD was IN that PRP it VBD led TO to DT the FW real-life FW marriage FW of FW Meredith FW Baxter FW and FW David FW Birney . . <s> <s> NN Clearly , , DT the NN question IN with `` `` FW Chicken FW Soup '' '' VBZ is RB not IN whether DT the NN pot MD will VB boil RP over , , CC but IN whether PRP it MD will VB simmer IN at

    PDT all . . <s> <s> VBZ So RB far , , DT the FW bubbles FW have FW been FW few FW and FW far FW between . . <s> <s> NN Part IN of DT the NN problem VBZ is DT the NN tendency IN of PDT all UH sitcoms , , RB ever IN since DT the FW didactic FW days FW of FW Norman FW Lear , , TO to VB preach IN about JJ social NNS issues . . <s> <s> IN To DT some NN extent , , DT this FW tendency FW emerges FW whenever FW the FW show FW tries FW to FW enlighten FW us FW about FW ethnic FW stereotypes

    FW by FW reversing FW them . . <s> <s> DT For NN instance , , FW Michael FW dislikes FW Jackie FW not FW because FW he FW 's FW a FW shrewd FW Jewish FW businessman FW , FW but FW because FW he FW quits FW his FW well-paying FW job FW as FW a FW salesman FW in FW order TO to VB become DT a JJ social NN worker . . <s> <s> NN Even RBR more EX problematic VBZ is DT the FW incompatibility FW between FW sitcom FW preachiness FW and FW Mr. FW Mason FW 's FW comic FW persona . . <s> <s> DT The JJS best NNS moments IN in

    DT the NN show RBR occur IN at DT the NN beginning CC and DT the NN end -LRB- -LRBCC and JJR occasionally IN in DT the NN middle -RRB- -RRB, , WRB when NNP Mr. FW Mason FW slips FW into FW his FW standup FW mode FW and FW starts FW meting FW out FW that FW old-fashioned FW Jewish FW mischief TO to JJ other NNS people IN as RB well RB as TO to VB himself . . <s> <s> VBZ But RB too RB often , , FW these FW routines FW lack FW spark FW because FW this FW sitcom FW , FW like FW all FW sitcoms FW , FW is

    FW timid FW about FW confronting FW Mr. FW Mason FW 's FW stock FW in FW trade FW FW ethnic FW differences . . <s> <s> NNS I VBP 'm RB not VBG suggesting IN that DT the FW producers FW start FW putting FW together FW episodes FW about FW topics FW like FW the FW Catholic-Jewish FW dispute FW over FW the FW Carmelite FW convent FW at FW Auschwitz . . <s> <s> DT That NN issue , , WP$ like LS racial -RRB- tensions IN in NNP New NNP York NNP City , , MD will VB have TO to VB cool RP down , , RB not VB heat RP up , ,

    IN before PRP it MD can VB simmer . . <s> <s> FW But FW I FW am FW suggesting FW that FW they FW stop FW requiring FW Mr. FW Mason FW to FW interrupt FW his FW classic FW shtik FW with FW some FW line FW about FW `` FW caring FW for FW other FW people '' '' WDT that MD would VB sound RP shmaltzy IN on DT the FW lips FW of FW Miss FW America . . <s> <s> IN At PRP$ your NN age , , UH Jackie , , PRP you VBP ought TO to VB know IN that PRP you MD ca RB n't VB make RP soup IN without

    VBG turning RP up DT the NN flame . . <s> <s> FW The FW official FW White FW House FW reaction FW to FW a FW plunge FW in FW stock FW prices FW has FW a FW 60-year FW history FW of FW calm FW , FW right FW up FW through FW Friday . . <s> <s> FW Treasury FW Secretary FW Nicholas FW Brady FW said FW in FW a FW statement FW Friday FW that FW the FW stock-market FW decline FW `` FW does FW n't FW signal FW any FW fundamental FW change IN in DT the NN condition IN of DT the NN economy . . '' '' <s> <s> IN ``

    DT The NN economy , , '' '' PRP he VBD added , , `` `` UH remains UH well-balanced CC and DT the NN outlook VBZ is IN for JJ continued JJ moderate NN growth . . '' '' <s> <s> . Sound -RRB- familiar . ? <s> <s> NNP Here POS 's FW what FW Ronald FW Reagan FW said FW after FW the FW 1987 SYM crash : : `` `` FW The FW underlying FW economy FW remains FW sound . . <s> <s> NN There VBZ is RBS nothing JJ wrong IN with DT the NN economy : ... PDT all DT the NNS indices VBP are RP up . . '' '' <s> <s>

    , Heard WDT that RB before . ? <s> <s> IN After DT the FW 1929 FW crash FW , FW Herbert FW Hoover SYM said : : `` `` DT The JJ fundamental NN business IN of DT the NN country : ... VBZ is IN on DT a NN sound CC and PRP$ prosperous NN basis . . <s> <s> NNP James NNP Robinson , , WP$ 57 UH years UH old , , VBD was VBN elected NN president CC and JJ chief NN executive NN officer IN of DT this NN maker IN of FW magnetic FW recording FW heads FW for FW disk FW drives . . <s> <s> NN He VBZ has VBN been

    NN president CC and JJ chief NN executive NN officer IN of FW Amperex FW Electronics NNP Corp. , , DT a NN division IN of NNP North NNP American NNP Philips NNP Corp. , , PRP itself DT a NN subsidiary IN of NNP N.V . . '' Philips IN of DT the NN Netherlands . . <s> <s> NNP Charles NNP J. NNP Lawson NNP Jr. , , CD 68 , , WP who VBD had VBN been FW acting FW chief FW executive FW since FW June FW 14 , , MD will VB continue IN as NN chairman . . <s> <s> DT The JJ former NN president CC and JJ chief NN executive , ,

    WP$ Eric UH W. UH Markrud , , VBD resigned IN in NNP June . . <s> <s> NNP The NNP Senate POS 's NN decision TO to VB approve DT a FW bare-bones FW deficit-reduction FW bill FW without FW a FW capital-gains FW tax FW cut FW still FW leaves FW open FW the FW possibility FW of FW enacting FW a FW gains FW tax PDT reduction DT this NN year . . <s> <s> NNP Late NNP Friday NN night , , DT the FW Senate FW voted FW 87-7 FW to FW approve FW an FW estimated $ $ CD 13.5 CD billion NN measure WDT that VBD had VBN been VBN stripped IN of

    NNS hundreds IN of NNS provisions WDT that MD would VB have RP widened , , WP$ rather UH than UH narrowed , , DT the JJ federal NN budget NN deficit . . <s> <s> . Lawmakers UH drastically PDT streamlined DT the NN bill TO to # blunt LS criticism WDT that PRP it VBD was FW bloated FW with FW special-interest FW tax FW breaks FW and FW spending FW increases . . <s> <s> IN `` PRP We VBP 're VBG putting DT a JJ deficit-reduction NN bill RB back IN in DT the NN category IN of VBG being DT a JJ deficit-reduction NN bill , , '' '' VBD said FW Senate FW Budget

    FW Committee FW Chairman FW James FW Sasser -LRB- -LRBNNP D. , , UH Tenn . . -RRB- -RRB. . <s> <s> NNP But NNP Senate NNS supporters IN of DT the FW trimmer FW legislation FW said FW that FW other FW bills FW would FW soon FW be FW moving FW through FW Congress WDT that MD could VB carry DT some IN of DT the NNS measures WDT that VBD had VBN been UH cast UH aside , , VBG including DT a JJ capital-gains NN tax NN cut . . <s> <s> DT In NN addition , , DT the FW companion FW deficit-reduction FW bill FW already FW passed FW by FW the

    FW House FW includes FW a FW capital-gains FW provision . . <s> <s> JJ House-Senate NNS negotiations VBP are JJ likely TO to VB begin IN at NNP midweek CC and JJ last IN for DT a NN while . . <s> <s> . `` UH No UH one UH can UH predict UH exactly WP what MD will VB happen IN on DT the NNP House NN side , , '' '' VBD said FW Senate FW Minority FW Leader FW Robert FW Dole FW -LRBFW R. FW , FW Kan . . -RRB- -RRB. . <s> <s> NN But , , PRP he VBD added , , `` `` PRP I VBP believe NNPS Republicans

    CC and NNPS Democrats MD will VB work RP together TO to VB get RP capital-gains PDT reform DT this NN year . . '' '' <s> <s> FW White FW House FW Budget FW Director FW Richard FW Darman FW told FW reporters NN yesterday IN that DT the NN administration MD would RB n't VB push TO to VB keep DT the JJ capital-gains NN cut IN in DT the JJ final NN version IN of DT the NN bill . . <s> <s> IN `` PRP We VBP do RB n't VB need DT this IN as DT a NN way TO to VB get NN capital NNS gains , , '' '' PRP he VBD said

    . . <s> <s> FW House FW Budget FW Committee FW Chairman FW Leon FW Panetta -LRB- -LRBNNP D. , , NNP Calif . . -RRB- -RRBVBD said IN in DT an NN interview , , `` `` IN If WDT that VBZ 's DT the NN signal WDT that VBZ comes IN from DT the NNP White NNP House , , WDT that MD will VB help DT a JJ great NN deal . . '' '' <s> <s> NNP The NNP Senate POS 's NN decision VBD was DT a NN setback IN for NNP President NNP Bush CC and MD will VB make NN approval IN of DT a FW capital-gains FW tax FW cut

    FW less PDT certain DT this NN year . . <s> <s> NN Opponents IN of DT the FW cut FW are FW playing FW hardball . . <s> <s> FW Senate FW Majority FW Leader FW George FW Mitchell -LRB- -LRBNNP D. , , WP$ Maine -RRB- -RRBVBD said PRP he VBD was `` `` UH confident '' '' IN that DT any JJ House-Senate NN agreement IN on DT the FW deficit-reduction FW legislation FW would FW n't FW include FW a FW capital-gains FW tax FW cut . . <s> <s> IN And DT a JJ senior NN aide TO to DT the FW House FW Ways FW and FW Means FW Committee FW ,

    FW where FW tax FW legislation FW originates , , VBD said EX there VBP are RB n't DT any `` `` VBZ plans TO to VB produce DT another NN tax NN bill WDT that MD could VB carry DT a NNS gains MD tax VB cut DT this NN year . . '' '' <s> <s> FW One FW obvious FW place FW to FW attach FW a FW capital-gains FW tax FW cut FW , FW and FW perhaps FW other FW popular FW items FW stripped FW from FW the FW deficit-reduction FW bill , , VBZ is DT the NN legislation TO to VB raise DT the JJ federal NN borrowing NN limit . .

    <s> <s> DT Such NN legislation MD must VB be VBN enacted IN by DT the NN end IN of DT the NN month . . <s> <s> FW The FW Senate FW bill FW was FW pared FW back FW in FW an FW attempt FW to FW speed FW deficit-reduction FW through FW Congress . . <s> <s> IN Because DT the NN legislation VBZ has RB n't VBN been VBN completed , , FW President FW Bush FW has FW until FW midnight FW tonight FW to FW enact FW across-the-board FW spending FW cuts FW mandated FW by FW the FW Gramm-Rudman FW deficit-reduction FW law . . <s> <s> DT Senators NN hope IN that

    DT the NN need TO to VB avoid DT those NNS cuts MD will VB pressure DT the NNP House TO to VB agree TO to DT the JJ streamlined NN bill . . <s> <s> . The UH House UH appears UH reluctant TO to VB join DT the NNS senators . . <s> <s> FW A FW key FW is FW whether FW House FW Republicans FW are FW willing FW to FW acquiesce FW to FW their FW Senate FW colleagues FW ' FW decision FW to FW drop FW many FW pet FW provisions . . <s> <s> NN `` IN Although PRP I VBP am VBN encouraged IN by DT the NNP Senate NN action

    , , '' '' VBD said UH Chairman UH Dan UH Rostenkowski -LRB- -LRBNNP D. , , UH Ill . . -RRB- -RRBIN of DT the NNP House NNPS Ways CC and NNP Means NNP Committee , , `` `` PRP it VBZ is VBN uncertain IN whether DT a JJ clean NN bill MD can VB be VBN achieved IN in DT the JJS upcoming NN conference IN with DT the NNP Senate . . '' '' <s> <s> FW Another FW big FW question FW hovering FW over FW the FW debate FW is FW what FW President FW Bush FW thinks . . <s> <s> NN He VBZ has VBN been FW resisting FW a

    FW stripped-down FW bill FW without FW a FW guaranteed FW vote FW on FW his FW capital-gains FW tax FW cut . . <s> <s> FW But FW Republican FW senators FW saw FW no FW way FW to FW overcome FW a FW procedural FW hurdle FW and FW garner FW the FW 60 FW votes FW needed TO to VB win DT the JJ capital-gains NN issue IN on DT the NN floor , , RB so PRP they VBD went RB ahead IN with DT the JJ streamlined NN bill . . <s> <s> FW The FW Senate FW bill FW was FW stripped FW of FW many FW popular FW , FW though FW revenue-losing

    , , NNS provisions , , DT a NN number IN of WDT which VBP are VBN included IN in DT the JJ House-passed NN bill . . <s> <s> FW These FW include FW a FW child-care FW initiative FW and FW extensions FW of FW soon-to-expire FW tax FW breaks FW for FW low-income FW housing FW and FW research-and-development FW expenditures . . <s> <s> . Also '' missing IN from DT the NNP Senate NN bill VBZ is DT the NNP House POS 's JJS repeal IN of DT a NN law , , WP$ called UH Section UH 89 , , WDT that FW compels FW companies FW to FW give FW rank-and-file FW workers

    FW comparable FW health FW benefits FW to FW top FW paid FW executives . . <s> <s> . One UH high-profile UH provision WDT that VBD was RB originally IN in DT the NNP Senate NN bill CC but VBD was VBN cut RP out IN because PRP it VBD lost NN money VBD was DT the NN proposal IN by FW Chairman FW Lloyd FW Bentsen -LRB- -LRBNNP D. , , NNP Texas -RRB- -RRBIN of DT the NNP Senate NNP Finance NNP Committee TO to VB expand DT the FW deduction FW for FW individual FW retirement FW accounts . . <s> <s> . Mr. '' Bentsen VBD said PRP he VBZ hopes DT the

    NNP Senate MD will VB consider DT that NN measure RB soon . . <s> <s> IN To DT the NN delight IN of DT some NNS doctors , , DT the NN bill VBD dropped DT a NN plan VBN passed IN by DT the RBS Finance LS Committee WDT that MD would VB have PDT overhauled DT the FW entire FW physician-reimbursement FW system FW under FW Medicare . . <s> <s> IN To DT the FW detriment FW of FW many FW low-income FW people FW , FW efforts FW to FW boost FW Medicaid FW funding FW , FW especially FW in FW rural FW areas , , RB also VBD were RP stricken . .

    <s> <s> FW Asked FW why FW senators FW were FW giving FW up FW so FW much FW , FW New FW Mexico FW Sen. FW Pete FW Domenici , , DT the RBS ranking JJ Republican IN on DT the NNP Senate NNP Budget NNP Committee , , VBD said , , `` `` PRP We VBP 're VBG looking UH like UH idiots . . <s> <s> NN Things VBD had RB just VBN gone RB too RB far . . '' '' <s> <s> . Sen. '' Dole VBD said IN that DT the FW move FW required FW sacrifice FW by FW every FW senator . . <s> <s> . It -RRB- worked , ,

    NNS others VBD said , , IN because EX there FW were FW no FW exceptions FW : FW all FW revenue-losing FW provisions FW were FW stricken . . <s> <s> NNP The NNP Senate RB also VBD dropped DT a NN plan IN by PRP$ its LS Finance LS Committee WDT that MD would VB have VBN increased DT the FW income FW threshold FW beyond FW which FW senior FW citizens FW have FW their FW Social FW Security FW benefits FW reduced . . <s> <s> DT In NN addition , , DT the NN bill VBD dropped DT a NN plan TO to VB make FW permanent FW a FW 3 FW % FW excise

    FW tax FW on FW long-distance FW telephone FW calls . . <s> <s> . It UH no UH longer PDT includes DT a NN plan WDT that MD would VB have RP repealed WP what VBZ remains IN of DT the FW completed-contract FW method FW of FW accounting , , WDT which VBZ is VBN used IN by JJ military NNS contractors TO to VB reduce PRP$ their NN tax NN burden . . <s> <s> VBZ It RB also PDT drops DT a NN provision WDT that MD would VB have FW permitted FW corporations FW to FW use FW excess FW pension FW funds FW to FW pay FW health FW benefits FW for FW current

    FW retirees . . <s> <s> . Also '' stricken VBD was DT a JJS fivefold NN increase IN in DT the FW maximum FW Occupational FW Safety FW and FW Health FW Administration FW penalties , , WDT which MD would VB have VBN raised $ $ CD 65 CD million IN in $ fiscal CD 1990 . . <s> <s> DT A NN provision WDT that MD would VB have VBN made DT the FW Social FW Security FW Administration FW an FW independent FW agency FW was FW excised . . <s> <s> DT The NN approval IN of DT the FW Senate FW bill FW was FW especially FW sweet FW for FW Sen. FW Mitchell

    , , WP who VBD had VBN proposed DT the NN streamlining . . <s> <s> NNP Mr. NNP Mitchell POS 's FW relations FW with FW Budget FW Director FW Darman , , WP who VBD pushed IN for DT a JJ capital-gains NN cut TO to VB be VBN added TO to DT the NN measure , , VBP have VBN been FW strained FW since FW Mr. FW Darman FW chose FW to FW bypass FW the FW Maine FW Democrat FW and FW deal FW with FW other FW lawmakers FW earlier FW this FW year FW during FW a FW dispute FW over FW drug FW funding FW in FW the FW fiscal FW 1989

    FW supplemental FW spending FW bill . . <s> <s> FW The FW deficit FW reduction FW bill FW contains $ $ CD 5.3 CD billion IN in NN tax NNS increases IN in $ fiscal CD 1990 , , CC and $ $ CD 26 CD billion IN over CD five NNS years . . <s> <s> . The UH revenue-raising UH provisions , , WDT which UH affect UH mostly UH corporations , , MD would : : <s> <s> FW -FW Prevent FW companies FW that FW have FW made FW leveraged FW buy-outs FW from FW getting FW federal FW tax FW refunds FW resulting FW from FW losses FW caused FW by FW interest

    FW payments FW on FW debt FW issued TO to VB finance DT the NNS buy-outs , , WP$ effective # Aug. CD 2 , , CD 1989 . . <s> <s> DT -RBS Require JJ mutual NNS funds TO to VB include IN in PRP$ their JJ taxable NN income NNS dividends VBN paid TO to PRP them IN on DT the NN date IN that DT the FW dividends FW are FW declared FW rather FW than FW received , , WRB effective DT the NN day IN after DT the NN tax NN bill VBZ is VBN enacted . . <s> <s> FW -FW Close FW a FW loophole FW regarding FW employee FW stock

    FW ownership FW plans FW , FW effective FW June FW 6 , , CD 1989 , , WDT that VBZ has VBN been FW exploited FW by FW investment FW bankers FW in FW corporate FW takeovers . . <s> <s> FW The FW measure FW repeals FW a FW 50 FW % FW exclusion FW given TO to NNS banks IN on DT the NN interest IN from NNS loans VBN used TO to VB acquire NNS securities IN for DT an NN ESOP , , IN if DT the RBS ESOP LS owns JJR less IN than CD 30 NN % IN of DT the NN employer POS 's NN stock . . <s> <s> FW --

    FW Curb FW junk FW bonds FW by FW ending FW tax FW benefits FW for FW certain FW securities , , JJ such IN as JJ zero-coupon NNS bonds , , WDT that FW postpone FW cash FW interest FW payments . . <s> <s> FW -FW Raise FW $ FW 851 FW million FW by FW suspending FW for FW one FW year FW an FW automatic FW reduction FW in FW airport FW and FW airway FW taxes . . <s> <s> TO -VB Speed RP up DT the NN collection IN of DT the NN payroll NN tax IN from JJ large NNS companies , , WP$ effective # August CD 1990 . .

    <s> <s> FW -FW Impose FW a FW tax FW on FW ozone-depleting FW chemicals FW , FW such FW as FW those FW used FW in FW air FW conditioners FW and FW in FW Styrofoam FW , FW beginning FW at FW $ FW 1.10 FW a FW pound FW starting JJ next NN year . . <s> <s> FW -FW Withhold FW income FW taxes FW from FW the FW paychecks FW of FW certain FW farm FW workers FW currently FW exempt FW from FW withholding . . <s> <s> IN -PDT Change DT the NN collection IN of FW gasoline FW excise FW taxes FW to FW weekly FW from FW semimonthly

    , , WP$ effective JJ next NN year . . <s> <s> IN -PDT Restrict DT the NN ability IN of FW real FW estate FW owners FW to FW escape FW taxes FW by FW swapping FW one FW piece FW of FW property FW for FW another FW instead FW of FW selling FW it FW for FW cash . . <s> <s> . -'' Increase TO to $ $ CD 6 DT a NN person IN from $ $ CD 3 DT the FW international FW air-passenger FW departure FW tax , , CC and VB impose DT a $ $ FW 3-a-person FW tax FW on FW international FW departures FW by FW commercial

    FW ships . . <s> <s> FW The FW measure FW also FW includes FW spending FW cuts FW and FW increases FW in FW federal FW fees . . <s> <s> IN Among PRP$ its NNS provisions : : <s> <s> . -'' Reduction IN of DT Medicare NN spending IN in $ fiscal CD 1990 IN by DT some $ $ CD 2.8 CD billion , , IN in NN part IN by FW curbing FW increases FW in FW reimbursements FW to FW physicians . . <s> <s> DT The NN plan MD would VB impose DT a FW brief FW freeze FW on FW physician FW fees JJ next NN year . . <s> <s>

    . -'' Removal IN of DT the NNP U.S. NNP Postal NNP Service POS 's NN operating NN budget IN from DT the JJ federal NN budget , , VBG reducing DT the NN deficit IN by $ $ CD 1.77 CD billion . . <s> <s> DT A JJ similar NN provision VBZ is IN in DT the NNP House NN version . . <s> <s> . -'' Authority IN for DT the FW Federal FW Aviation FW Administration FW to FW raise FW $ FW 239 FW million FW by FW charging FW fees FW for FW commercial FW airline-landing FW rights FW at FW New FW York FW 's FW LaGuardia FW and FW John

    FW F. FW Kennedy FW International FW Airports FW , FW O'Hare FW International FW Airport FW in FW Chicago FW and FW National FW Airport FW in FW Washington . . <s> <s> FW -FW Increases FW in FW Nuclear FW Regulatory FW Commission FW fees FW totaling $ $ CD 54 CD million . . <s> <s> . -'' Direction TO to DT the NNP U.S. FW Coast FW Guard FW to FW collect $ $ CD 50 CD million IN from FW users FW of FW Coast FW Guard FW services . . <s> <s> FW -FW Raising FW an FW additional FW $ FW 43 FW million FW by FW increasing FW existing

    FW Federal FW Communications FW Commission FW fees FW and FW penalties FW and FW establishing FW new FW fees FW for FW amateur FW radio FW operators FW , FW ship FW stations FW and FW mobile FW radio FW facilities . . <s> <s> . John UH E. UH Yang UH contributed TO to DT this NN article . . <s> <s> DT In NN response TO to FW your FW overly FW optimistic FW , FW outdated FW piece FW on FW how FW long FW unemployment FW lasts FW -LRBFW People FW Patterns , , WP$ Sept. LS 20 -RRB- -RRB: : PRP I VBP am IN in DT the FW communications FW field

    FW , FW above FW entry FW level . . <s> <s> NN I VBD was VBN laid RP off IN in $ August CD 1988 , , CC and IN after DT a FW thorough FW and FW exhausting FW job FW search , , VBD was VBN hired IN in $ August CD 1989 . . <s> <s> FW My FW unemployment FW insurance FW ran FW out FW before FW I FW found FW a FW job FW ; FW I FW found FW cutbacks FW and FW layoffs IN in JJ many NNS companies . . <s> <s> NNS The VBP statistics VBN quoted IN by DT the `` `` FW new FW '' FW Census

    FW Bureau FW report FW -LRBFW garnered FW from FW 1984 TO to CD 1986 -RRB- -RRBVBP are RP out IN of NN date , , RB certainly IN as DT an NN average IN for DT the NNP Northeast , , CC and RB possibly IN for DT the NN rest IN of DT the NN country . . <s> <s> FW I FW think FW what FW bothered FW me RBS most IN about DT the NN piece VBD was IN that EX there VBD seemed TO to VB be DT an FW underlying FW attitude FW to FW tell FW your FW readers FW all FW is FW well FW -FW if FW you

    FW 're FW getting FW laid FW off FW do FW n't FW worry , , CC and IN if PRP you VBP 're RB unemployed , , PRP it VBZ 's DT a NN seller POS 's NN market . . <s> <s> . To '' top PRP it RP off , , PRP you VBP captioned DT the RBS graph PDT showing DT the JJ average NN number IN of NNS months IN in DT a NN job NN search IN as `` `` UH Time UH Off . . '' '' <s> <s> IN Are PRP you VBD kidding . ? <s> <s> NN Looking IN for DT a NN job VBD was CD one IN of

    DT the RBS most FW anxious FW periods FW of FW my SYM life : -CC and VBZ is IN for JJS most NNS people . . <s> <s> FW Your FW paper FW needs FW a FW serious FW reality FW check . . <s> <s> . Reva '' Levin <s> <s> NN Cambridge , , NNP Mass . . <s> <s> FW BULL FW HN FW INFORMATION FW SYSTEMS FW Inc. FW is FW a FW U.S. FW majority-owned FW unit FW of FW Cie. FW des FW Machines FW Bull . . <s> <s> NNP In NNP Friday POS 's NN edition , , DT the NN name IN of DT the NN unit VBD was

    VBN misstated . . <s> <s> NNP Moody POS 's NNPS Investors NNP Service VBD said PRP it VBD reduced PRP$ its NN rating IN on $ $ CD 165 CD million IN of JJ subordinated NN debt IN of DT this NNP Beverly NNP Hills , , NNP Calif. , , NN thrift , , VBG citing NN turmoil IN in DT the NN market IN for NNP low-grade , , JJ high-yield NNS securities . . <s> <s> DT The NN agency VBD said PRP it VBD reduced PRP$ its NN rating IN on DT the NN thrift POS 's JJ subordinated NN debt TO to # B-2 LS from -RRB- Ba-2 CC and MD will VB keep

    DT the FW debt FW under FW review FW for FW possible FW further FW downgrade . . <s> <s> . Columbia '' Savings VBZ is DT a JJ major NN holder IN of JJ so-called NN junk NNS bonds . . <s> <s> FW New FW federal FW legislation FW requires FW that FW all FW thrifts FW divest FW themselves FW of FW such FW speculative NNS securities IN over DT a NN period IN of NNS years . . <s> <s> NNP Columbia NNP Savings NNS officials VBD were RB n't JJ available IN for NN comment IN on DT the NN downgrade . . <s> <s> . FRANKLIN UH SAVINGS UH ASSOCIATION -LRB- -LRBUH Ottawa

    , , WP$ Kan. -RRB- -RRB: -<s> <s> NNP Moody POS 's NNPS Investors NNP Service NNP Inc. VBD said PRP it VBD downgraded PRP$ its NN rating TO to VB B-2 IN from JJR Ba-3 IN on JJR less IN than $ $ CD 20 CD million IN of DT this NN thrift POS 's JJ senior JJ subordinated NNS notes . . <s> <s> DT The NN rating NN concern VBD said NNP Franklin POS 's `` `` UH troubled WP$ diversification NN record IN in DT the NNS securities . business '' '' VBD was CD one NN reason IN for DT the NN downgrade , , VBG citing DT the NNS troubles IN at

    PRP$ its FW L.F. FW Rothschild FW subsidiary CC and DT the JJ possible NN sale IN of JJ other NNS subsidiaries . . <s> <s> IN `` PRP They RB perhaps VBD had NN concern IN that PRP we VBD were VBG getting RP out IN of PDT all UH these , , '' '' VBD said FW Franklin FW President FW Duane FW H. FW Hall . . <s> <s> IN `` PRP I VBP think PRP it VBD was DT a JJ little NNS premature IN on PRP$ their NN part . . <s> <s> , Just WRB when PRP it VBD seemed VBN safe TO to VB go RP back IN into NNS stocks , ,

    FW Wall FW Street FW suffered FW another FW severe FW attack FW of FW nerves . . <s> <s> IN Does DT this FW signal FW another FW Black FW Monday FW is FW coming FW ? <s> <s> NN Or VBZ is DT this FW an FW extraordinary FW buying FW opportunity FW , FW just FW like FW Oct. FW 19 , , CD 1987 , , RB eventually VBN turned RP out TO to VB be . ? <s> <s> NNP Here POS 's FW what FW several FW leading FW market FW experts FW and FW money FW managers FW say FW about NNP Friday POS 's NN action , , WP what VBZ happens

    JJ next CC and WP what NNS investors MD should VB do . . <s> <s> . Joseph -RRB- Granville . . <s> <s> IN `` PRP I VBP 'm DT the JJ only NN one WP who VBD said EX there MD would VB be DT an FW October FW massacre FW , FW all FW through FW late NNP August CC and NNP September , , '' '' VBZ says NNP Mr. NNP Granville , , FW once FW a FW widely FW followed FW market FW guru FW and FW still FW a FW well-known FW newsletter FW writer . . <s> <s> , `` WDT Everyone MD will VB tell PRP you IN that DT this

    NN time VBZ is JJ different IN from CD 1987 , , '' '' PRP he VBZ says . . <s> <s> . `` -RRB- Well , , IN in DT some NNS ways PRP it VBZ is JJ different , , CC but WRB technically PRP it VBZ is RB just DT the JJ same . . <s> <s> IN If PRP you VBP 're DT a NN technician , , PRP you VBP obey DT the NNS signals . . <s> <s> . Right '' now PRP they VBP 're VBG telling PRP me TO to VB get DT the RBS hell RP out CC and VB stay RP out . . <s> <s> FW I FW see

    FW no FW major FW support FW until FW 2200 . . <s> <s> TO I VB see DT a NN possibility IN of VBG going TO to VB 2200 DT this NN month . . '' '' <s> <s> . Mr. '' Granville VBZ says PRP he MD would RB n't RB even VB think IN of FW buying FW until FW at FW least FW 600 FW to FW 700 FW stocks FW have FW hit FW 52-week FW lows FW ; FW about FW 100 FW stocks FW hit FW new FW lows FW Friday . . <s> <s> DT `` JJS Most NNS people , , '' '' PRP he VBZ says , , `` ``

    FW have FW no FW idea FW what FW a FW massacre FW pattern FW looks FW like . . '' '' <s> <s> . Elaine -RRB- Garzarelli . . <s> <s> FW A FW quantitative FW analyst FW with FW Shearson FW Lehman FW Hutton FW Inc. FW , FW Ms. FW Garzarelli FW had FW warned FW clients TO to VB take PRP$ their NN money RP out IN of DT the NN market IN before DT the CD 1987 NN crash . . <s> <s> NNP Friday POS 's JJ big NN drop , , PRP she VBZ says , , `` `` VBD was RB not DT a NN crash . . <s> <s> NN This

    VBD was DT an FW October FW massacre FW '' FW like FW those FW that FW occurred FW in FW 1978 FW and FW 1979 . . <s> <s> NN Now , , RB as IN in DT those CD two NNS years , , FW her FW stock FW market FW indicators FW are FW positive . . <s> <s> IN So PRP she VBZ thinks DT the NN damage MD will VB be FW short-lived FW and FW contained . . <s> <s> . `` UH Those UH corrections # lasted CD one TO to CD four NNS weeks CC and VBD took DT the NN market POS 10%-12 NN % RB down , , '' ''

    PRP she VBZ says . . <s> <s> . `` '' This VBZ is RB exactly DT the JJ same NN thing , , RB as RB far IN as PRP I VBP 'm VBN concerned . . '' '' <s> <s> NN Thus , , PRP she VBZ says , , IN if DT the FW Dow FW Jones FW Industrial FW Average FW dropped FW below FW 2450 , , `` `` PRP It MD would RB just VB be DT a NN fluke . . <s> <s> . My '' advice VBZ is TO to VB buy . . '' '' <s> <s> IN As PRP she VBZ calculates PRP it , , DT the FW average

    FW stock FW now FW sells FW for FW about FW 12.5 FW times FW companies POS ' NNS earnings . . <s> <s> NN She VBZ says DT that NN ratio MD could VB climb TO to CD 14.5 , , VBN given JJ current NN interest NNS rates , , CC and RB still VB be IN within DT the NN range IN of `` `` JJ fair NN value . . '' '' <s> <s> . Ned -RRB- Davis . . <s> <s> NNP Friday POS 's NN fall VBZ marks DT the NN start IN of DT a NN bear NN market , , VBZ says NNP Mr. NNP Davis , , NN president IN of

    FW Ned FW Davis FW Research FW Inc . . <s> <s> NNP But NNP Mr. NNP Davis , , WP$ whose FW views FW are FW widely FW respected FW by FW money FW managers FW , FW says FW he FW expects FW no FW 1987-style FW crash . . <s> <s> `` `` EX There VBD was DT a JJ unique NN combination IN in CD 1987 , , '' '' PRP he VBZ says . . <s> <s> . `` '' Margin NN debt VBD was IN at DT a NN record NN high . . <s> <s> NN There VBD was FW tremendous FW public FW enthusiasm FW for FW stock FW mutual FW funds

    . . <s> <s> FW The FW main FW thing FW was FW portfolio FW insurance , , '' '' FW a FW mechanical FW trading FW system FW intended TO to VB protect DT an NN investor IN against NNS losses . . `` `` <s> <s> IN A $ hundred CD billion NNS dollars IN in NN stock VBD was . subject '' '' TO to PRP it . . <s> <s> CD In CD 1987 , , FW such FW selling FW contributed FW to FW a FW snowball FW effect . . <s> <s> NN Today MD could RB even VB be DT an JJ up NN day , , NNP Mr. NNP Davis VBZ says

    , , IN if JJ major NN brokerage NNS firms VBP agree TO to VB refrain IN from NN program NN trading . . <s> <s> IN Over DT the JJ next JJ several NNS months , , RB though , , PRP he VBZ says FW things FW look FW bad . . <s> <s> IN `` PRP I VBP think DT the NN market MD will VB be VBG heading RP down IN into NNP November , , '' '' PRP he VBZ says . . <s> <s> IN `` PRP We MD will RB probably VB have DT a JJ year-end NN rally , , CC and RB then VB go RP down RB again . .

    <s> <s> NN Sort IN of DT a RBS two-step WP$ bear NN market . . '' '' <s> <s> NN He VBZ expects DT the NN downturn TO to VB carry DT the FW Dow FW Jones FW Industrial FW Average FW down FW to FW around FW 2000 FW sometime JJ next NN year . . <s> <s> , `` WDT That MD would VB be DT a JJ normal NN bear NN market , , '' '' PRP he VBZ says . . <s> <s> IN `` PRP I LS guess WDT that VBZ 's PRP$ my NN forecast . . '' '' <s> <s> . Leon UH G. UH Cooperman . . <s> <s> IN ``

    PRP I VBP do RB n't VB think DT the NN market VBZ is VBG going UH through UH another UH October UH '87 . . <s> <s> NNS I VBP do RB n't VB think WDT that VBZ 's DT the NN case IN at DT all , , '' '' VBZ says NNP Mr. NNPS Cooperman , , DT a NN partner IN at NNP Goldman , , NNP Sachs CC & NNP Co. CC and NN chairman IN of FW Goldman FW Sachs FW Asset FW Management . . <s> <s> . Mr. '' Cooperman VBZ sees DT this IN as DT a JJ good NN time TO to VB pick RP up UH bargains , ,

    CC but PRP he VBZ does RB n't VBP think EX there VBZ 's DT any NN need TO to VB rush . . <s> <s> IN `` PRP I VBP expect DT the NN market TO to VB open JJR weaker NNP Monday , , CC but RB then PRP it MD should VB find DT some NN stability . . '' '' <s> <s> FW He FW ticks FW off FW several FW major FW differences FW between FW now CC and CD two NNS years RB ago . . <s> <s> CD Unlike CD 1987 , , NN interest NNS rates VBP have VBN been VBG falling DT this NN year . . <s> <s> CD Unlike

    CD 1987 , , DT the NN dollar VBZ has VBN been JJ strong . . <s> <s> IN And $ unlike CD 1987 , , DT the NN economy VBZ does RB n't VB appear TO to VB be IN in DT any NN danger IN of NNS overheating . . <s> <s> IN But DT the NN economy POS 's FW slower FW growth FW this FW year FW also FW means FW the FW outlook FW for FW corporate FW profits `` `` VBZ is RB n't JJ good , , '' '' PRP he VBZ says . . <s> <s> . `` '' So PRP it VBZ 's DT a FW very FW mixed FW bag

    . . '' '' <s> <s> NN Thus , , PRP he VBZ concludes , , `` `` EX This VBZ is RB not DT a JJ good NN environment TO to VB be RB fully . invested '' '' IN in NNS stocks . . <s> <s> NN `` IN If PRP I VBD had VBN come IN into NNP Friday IN on NN margin CC or IN with RB very JJ little NN cash IN in DT the NNS portfolios , , PRP I MD would RB not VB do DT any NN buying . . <s> <s> IN But PRP we VBD came IN into NNP Friday IN with DT a JJ conservative NN portfolio , ,

    RB so PRP I MD would VB look TO to VB do DT some JJ modest NN buying '' '' IN on NN behalf IN of NNS clients . . `` `` <s> <s> NNS We VBP 're VBG going TO to VB look IN for DT some IN of DT the JJ better-known NNS companies WDT that VBD got . clocked '' '' NNP Friday . . <s> <s> . John UH Kenneth UH Galbraith . . <s> <s> . `` '' This VBZ is DT the JJS latest NN manifestation IN of DT the NN capacity IN of DT the JJ financial NN community IN for # recurrent UH insanity , , '' '' VBZ says NNP Mr.

    NNPS Galbraith , , DT an NN economist . . <s> <s> IN `` PRP I VBP see DT this IN as DT a NN reaction TO to DT the FW whole FW junk FW bond FW explosion , , '' '' PRP he VBZ says . . <s> <s> IN `` DT The NN explosion IN of NN junk NNS bonds CC and EX takeovers VBZ has PDT lodged DT a NN lot IN of PRP$ insecure NNS securities IN in DT the NNS hands IN of NNS investors CC and PDT loaded DT the NNS corporations WDT that VBP are DT the FW objects FW of FW takeovers FW or FW feared FW takeovers FW with FW huge

    FW amounts FW of FW debt FW rather FW than FW equity . . <s> <s> NN This VBZ has DT both FW made FW investors FW uneasy FW and FW the FW corporations FW more FW vulnerable . . '' '' <s> <s> NN Nevertheless , , PRP he VBZ says DT a FW depression FW does FW n't FW appear FW likely . . <s> <s> `` `` EX There VBZ is JJR more NN resiliency IN in DT the NN economy IN at FW large FW than FW we FW commonly FW suppose , , '' '' PRP he VBZ says . . <s> <s> IN `` PRP It VBZ takes JJR more UH error UH now

    TO to VB have DT a JJ major NN depression IN than RB back IN in DT the SYM Thirties : -RB much IN as DT the JJ financial NN community CC and DT the NN government MD may VB try . . '' '' <s> <s> . Mario -RRB- Gabelli . . <s> <s> NNP New NNP York FW money FW manager FW Mario FW Gabelli FW , FW an FW expert FW at FW spotting FW takeover FW candidates , , VBZ says IN that NNS takeovers VBP are RB n't RB totally VBN gone . . <s> <s> JJ `` NNS Companies VBP are RB still VBG going TO to VB buy NNS companies IN around

    DT the NN world , , '' '' PRP he VBZ says . . <s> <s> NNS Examples VBP are `` `` FW Ford FW looking FW at FW Jaguar FW , FW BellSouth FW looking FW at FW LIN FW Broadcasting . . '' '' <s> <s> FW These FW sorts FW of FW takeovers FW do FW n't FW require FW junk FW bonds FW or FW big FW bank FW loans FW to FW finance FW them FW , FW so FW Mr. FW Gabelli FW figures PRP they MD will VB continue . . <s> <s> IN `` DT The NN market VBD was RP up FW 35 FW % FW since FW -LCBFW President

    FW -RCBFW Bush FW took FW office , , '' '' NNP Mr. NNP Gabelli VBZ says , , RB so DT a NN correction VBD was TO to VB be VBN expected . . <s> <s> NN He VBZ thinks DT another NN crash VBZ is `` `` UH unlikely , , '' '' CC and VBZ says PRP he VBD was `` `` FW nibbling FW at FW '' FW selected FW stocks FW during NNP Friday POS 's NN plunge . . <s> <s> . `` '' Stocks WDT that VBD were VBN thrown RP out RB just IN on DT an FW emotional FW basis FW are FW a FW great FW opportunity FW -LCB-

    FW this FW -RCBFW week FW for FW guys FW like FW me , , '' '' PRP he VBZ says . . <s> <s> . Jim -RRB- Rogers . . <s> <s> IN `` PRP It VBZ seems TO to VB me IN that DT this VBZ is DT the RBS pin WDT that VBZ has RB finally PDT pricked DT the NN balloon , , '' '' VBZ says NNP Mr. NNP Rogers , , DT a NN professor IN of NN finance IN at NNP Columbia NNP University CC and JJ former NNS co-manager IN of CD one IN of DT the RBS most FW successful FW hedge FW funds FW in FW history FW ,

    FW Quantum FW Fund . . <s> <s> NN He VBZ sees `` `` JJ economic NNS problems , , JJ financial NNS problems '' '' RB ahead IN for DT the NNP U.S. , , IN with DT a RBS fairly JJ strong NN possibility IN of DT a NN recession . . <s> <s> . `` '' Friday PRP you MD could RB n't VB sell NNS dollars , , '' '' PRP he VBZ says . . <s> <s> , Dealers `` `` MD would VB give PRP you DT a NN quote , , CC but RB then VBN refuse TO to VB make DT the NN trade . . '' '' <s> <s> IN If

    DT the FW dollar FW stays FW weak , , PRP he VBZ says , , WDT that MD will VB add TO to VB inflationary RP pressures IN in DT the NNP U.S. CC and VB make PRP it RB hard IN for DT the FW Federal FW Reserve FW Board FW to FW ease FW interest FW rates FW very FW much . . <s> <s> FW Mr. FW Rogers FW wo FW n't FW decide FW what FW to FW do FW today FW until FW he FW sees FW how FW the FW London FW and FW Tokyo FW markets FW go . . <s> <s> FW He FW recommends FW that FW investors FW sell

    FW takeover-related FW stocks , , CC but VB hang RP on TO to DT some JJ other NNS stocks : -LS especially UH utilities , , WDT which RB often VBP do RB well IN during NNS periods IN of JJ economic NN weakness . . <s> <s> . Frank -RRB- Curzio . . <s> <s> JJ Many NNS people RB now VBP claim TO to VB have PDT predicted DT the CD 1987 NN crash . . <s> <s> FW Queens FW newsletter FW writer FW Francis FW X. FW Curzio FW actually FW did FW it FW : FW He FW stated FW in FW writing FW in FW September FW 1987 FW that FW the

    FW Dow FW Jones FW Industrial FW Average FW was FW likely FW to FW decline FW about FW 500 PDT points DT the JJ following NN month . . <s> <s> . Mr. '' Curzio VBZ says WP what VBZ happens RB now MD will VB depend DT a JJ good NN deal IN on DT the NNP Federal NNP Reserve NNP Board . . <s> <s> IN If PRP it FW promptly FW cuts FW the FW discount FW rate FW it FW charges FW on FW loans TO to NNS banks , , PRP he VBZ says , , `` `` FW That FW could FW quiet FW things FW down . . '' '' <s> <s>

    VBZ If RB not , , `` `` PRP We MD could VB go TO to VB 2200 RB very RB soon . . '' '' <s> <s> . Frank UH W. UH Terrizzi . . <s> <s> JJ Stock NNS prices `` `` MD would RB still VBP have TO to VB go RP down DT some JJ additional NN amount IN before PRP we VBP become VBN positive IN on NNS stocks , , '' '' VBZ says NNP Mr. NNP Terrizzi , , NN president CC and VBG managing NN director IN of FW Renaissance FW Investment FW Management FW Inc. FW in FW Cincinnati . . <s> <s> NN Renaissance , , WDT which VBZ manages

    IN about $ $ CD 1.8 CD billion , , FW drew FW stiff FW criticism FW from FW many FW clients FW earlier FW this FW year FW because FW it FW pulled FW entirely RP out IN of NNS stocks IN at DT the NN beginning IN of DT the NN year CC and FW thus FW missed FW a FW strong FW rally . . <s> <s> NN Renaissance VBZ is VBG keeping PRP$ its FW money FW entirely FW in FW cash FW equivalents FW , FW primarily FW U.S. FW Treasury FW bills . . <s> <s> . `` '' T-bills PRP probably VBP are DT the JJ right NN place TO to VB be

    , , '' '' PRP he VBZ says . . <s> <s> IN Regarding DT the NNP Oct. CD 3 NN letter TO to DT the NN editor IN from # Rep. UH Tom UH Lantos , , NN chairman IN of DT the FW House FW Subcommittee FW on FW Employment FW and FW Housing FW , SYM alleging : : <s> <s> NN 1 . . FW That FW your FW Sept. FW 28 FW editorial FW `` FW Kangaroo FW Committees FW '' FW was FW factually FW inaccurate FW and FW deliberately FW misleading . . <s> <s> FW I FW thought FW your FW editorial FW was FW factually FW accurate FW and FW deliberately

    FW elucidative . . <s> <s> NN 2 . . UH That UH Mr. UH Lantos PDT supported DT the NNS rights IN of DT the NNS witnesses TO to VB take DT the RBS Fifth LS Amendment . . <s> <s> NN Yes , , PRP he VBD did . . <s> <s> FW As FW I FW watched FW him FW on FW C-Span FW , FW I FW heard FW him FW speak FW those FW lovely FW words FW about FW the FW Bill FW of FW Rights , , WDT which PRP he VBZ quotes IN from DT the NN transcript IN of DT the NNS hearings . . <s> <s> FW He FW did

    FW repeat FW those FW nice FW platitudes FW several NNS times IN as DT an NN indication IN of PRP$ his NN support IN for DT the NNP Constitution . . <s> <s> FW He FW used FW about FW 56 FW words FW defending FW the FW witnesses FW ' FW constitutional FW rights . . <s> <s> NN Unfortunately , , IN by PRP$ my FW rough FW guess FW , FW he FW used FW better FW than FW 5,000 FW words FW heaping FW scorn FW on FW the FW witnesses FW for FW exercising FW the FW Fifth . . <s> <s> FW He FW sandwiched FW his FW praise FW of FW constitutional

    FW meat FW between FW large FW loaves FW of FW bilious FW commentary . . <s> <s> FW As FW your FW editorial FW rightly FW pointed FW out FW , FW Samuel FW Pierce FW , FW former FW HUD FW secretary , , CC and UH Lance UH Wilson , , NNP Mr. NNP Pierce POS 's JJ former NN aide , , `` `` VBP are RB currently VBG being VBN held RP up TO to VB scorn IN for VBG taking DT the RBS Fifth LS Amendment . . <s> <s> IN '' DT That RB certainly VBZ is RB not DT the FW supposed FW `` FW distorted FW reading FW '' FW indicated

    FW by FW Mr. FW Lantos . . <s> <s> NN 3 . . FW That FW his FW `` FW committee FW does FW not FW deal FW with FW any FW possible FW criminal FW activity FW at FW HUD . . <s> <s> . My '' colleagues CC and PRP I MD fully VB realize PRP we VBP are RB not DT a NN court : ... LS etc . . '' '' <s> <s> . Absolute -RRB- rubbish . . <s> <s> IN By DT any `` `` FW reasonable FW man FW '' FW criterion FW , FW Mr. FW Lantos FW and FW his FW colleagues FW have FW a FW whole FW bunch

    FW of FW people FW tried FW and FW convicted . . <s> <s> NN Apparently , , PRP$ their NN verdict VBZ is IN in . . <s> <s> . Right '' now PRP they VBP 're VBG pursuing NN evidence . . <s> <s> NN That VBZ 's RB not DT a JJ bad NN way TO to VB proceed , , FW just FW somewhat FW different FW from FW standard FW American FW practice . . <s> <s> NN How VBD was IN that # practice UH referred TO to WRB when PRP I VBD was IN in NN school . ? <s> <s> NN Ah , , UH yes , , FW something FW called

    FW a FW Star FW Chamber . . <s> <s> DT Of NN course , , NNP Mr. FW Lantos FW doth FW protest FW that FW his FW subcommittee FW simply FW seeks FW information FW for FW legislative FW change . . <s> <s> . No '' doubt WDT that VBZ 's LS partially LS true . . <s> <s> NN Everything IN that NNP Mr. FW Lantos FW says FW in FW his FW letter FW is FW partially FW true . . <s> <s> NNP He POS 's NN right IN about PRP$ his NN subcommittee POS 's LS responsibilities WRB when PRP it VBZ comes TO to FW obtaining FW information FW from FW prior

    FW HUD FW officials . . <s> <s> NN But IN if PRP$ his FW explanation FW of FW motivation FW is FW true FW , FW why FW is FW his FW investigation FW so FW oriented FW as FW to FW identify FW criminal FW activity FW ? <s> <s> FW Why FW not FW simply FW questions FW designed FW to FW identify FW sources FW and FW causes FW of FW waste FW and FW inefficiency FW ? <s> <s> VBZ Such RB as , , WP what LS happened WRB when NNP Congress VBD wanted TO to VB know IN about $ $ FW 400 FW toilet FW seats FW or FW whatever FW they

    FW supposedly FW cost FW ? <s> <s> NN No , , NNP Mr. FW Lantos FW 's FW complaints FW simply FW wo FW n't FW wash . . <s> <s> NN 4 . . '' That DT the RBS Journal LS defends `` `` DT the NN sleaze , , NN fraud , , UH waste , , UH embezzlement , , '' influence-peddling CC and NN abuse IN of DT the NN public IN that FW took FW place FW while FW Mr. FW Pierce FW was FW secretary FW of FW HUD , , '' '' FW etc. FW and FW so FW forth . . <s> <s> NN No , , TO to PRP$ my

    NN mind , , DT the NNP Journal VBD did RB not `` `` UH defend UH sleaze , , NN fraud , , UH waste , , UH embezzlement , , '' influence-peddling CC and NN abuse IN of DT the JJ public NN trust . ... '' '' <s> <s> FW it FW defended FW appropriate FW constitutional FW safeguards FW and FW practical FW common FW sense . . <s> <s> DT The NN problem , , WDT which DT the FW Journal FW so FW rightly FW pointed RP out IN in DT a NN number IN of NNS articles , , VBZ is RB not DT the NN likes IN of NNP Mr. NNPS Lantos

    , , WP who FW after FW all FW is FW really FW a FW bit FW player IN on DT the NN stage , , CC but DT the NN attempt IN by NNP Congress TO to FW enhance FW itself FW into FW a FW quasi-parliamentary\/judicial FW body . . <s> <s> NN -LRBIN Of NN course , , PRP we VBP 've RB also VBD got DT a NN judiciary WDT that VBZ seeks DT the JJ same NN objective . . -RRB- -RRB<s> <s> DT The NN system VBZ is DT the NN problem , , RB not DT an JJ individual NN member . . <s> <s> NN Individuals MD can RB always

    VB have PRP$ their FW hands FW slapped . . <s> <s> NNP It POS 's FW when FW such FW slapping FW does FW n't FW occur FW that FW we FW 've FW got FW trouble . . <s> <s> NNS I VBP do RB not IN by DT any FW means FW defend FW HUD FW management . . <s> <s> IN But PRP I VBP think DT the NN kind IN of JJ congressional NN investigation WDT that VBZ has VBN been FW pursued FW is FW a FW far FW greater FW danger FW to FW American FW notions FW of FW liberty FW and FW freedom FW than FW any FW incompetency -LRB- -LRB-

    CC and , , UH yes , , WP$ maybe LS criminality -RRB- -RRBFW within FW HUD FW could FW possibly FW generate . . <s> <s> FW The FW last FW time FW I FW saw FW a FW similar FW congressional FW hearing FW was FW when FW `` FW Tail FW Gunner FW Joe '' '' PRP McCarthy VBD did PRP$ his NN work . . <s> <s> . Raymond '' Weber <s> <s> NN Parsippany , , NNP N.J . . <s> <s> . I '' disagree IN with DT the NN statement IN by NNP Mr. FW Lantos FW that FW one FW should FW not FW draw FW an FW adverse FW inference

    FW against FW former FW HUD FW officials FW who FW assert FW their FW Fifth FW Amendment FW privilege FW against FW self-incrimination FW in FW congressional FW hearings . . <s> <s> FW The FW Fifth FW Amendment FW states FW in FW relevant FW part FW that FW no FW person FW `` FW shall FW be FW compelled , , IN in DT any JJ criminal NN case , , TO to VB be DT a NN witness IN against PRP himself . . '' '' <s> <s> FW This FW privilege FW against FW self-incrimination FW precludes FW the FW drawing FW of FW an FW adverse FW inference FW against FW a FW criminal

    FW defendant WP who VBZ chooses RB not TO to VB testify . . <s> <s> NN Thus , , IN in DT a JJ criminal NN case , , DT a NN prosecutor MD can RB not VB comment IN on DT a NN defendant POS 's NN failure TO to FW testify FW nor FW can FW the FW defendant FW be FW compelled TO to VB take DT the NN stand IN as DT a NN witness , , WP$ thus UH forcing UH him TO to `` `` VB take DT the NN Fifth . . '' '' <s> <s> . The -RRB- privilege , , RB however , , VBZ has VBN been VBN limited

    IN in JJR accordance IN with PRP$ its UH plain UH language TO to VB protect DT the FW defendant FW in FW criminal FW matters FW only . . <s> <s> NNP The NNP Supreme NNP Court CC and DT some NNS states VBP have RB specifically VBN recognized IN that `` `` DT the FW Fifth FW Amendment FW does FW not FW preclude FW the FW inference WRB where DT the NN privilege VBZ is VBN claimed IN by DT a NN party TO to DT a JJ civil NN cause . . '' '' <s> <s> FW Baxter FW v. FW Palmingiano FW , FW 425 FW U.S. FW 308 FW -LRBFW 1976 -RRB- -RRB-

    . . <s> <s> NN Thus , , IN in DT a JJ civil NN case , , DT a NN defendant MD may VB be VBN called IN as DT a NN witness , , PRP he MD may VB be VBN forced TO to VB testify CC or VB take DT the NNP Fifth , , CC and PRP$ his VBG taking IN of DT the FW Fifth FW may FW permit FW the FW drawing FW of FW an FW adverse FW inference FW against FW him IN in DT the JJ civil NN matter . . <s> <s> NN He MD may VB take DT the NN Fifth IN in DT a JJ civil NN matter

    RB only IN if PRP he VBZ has DT a FW good FW faith FW and FW justifiable FW belief FW that FW his FW testimony FW may FW subject FW him FW to FW criminal FW prosecution . . <s> <s> IN Allowing DT the NN defendant TO to VB take DT the NN Fifth IN in DT a JJ civil NN matter VBZ is RB not VBN based IN on DT a JJ constitutional NN right TO to VB refuse TO to FW testify FW where FW one FW 's FW testimony FW harms FW him IN in DT the JJ civil NN matter , , CC but IN because DT the NN testimony IN in DT the

    JJ civil NN matter MD could VB be FW unconstitutionally FW used FW against FW him FW in FW a FW subsequent FW criminal FW prosecution . . <s> <s> IN Absent DT the NN risk IN of PDT such UH prosecution , , DT a NN court MD may VB order DT the NN defendant TO to VB testify . . <s> <s> NN Thus , , WRB when NNP Mr. FW Pierce FW asserted FW the FW Fifth FW in FW a FW noncriminal FW proceeding FW , FW particularly FW after FW presumably FW receiving FW extensive FW advice FW from FW legal FW counsel FW , FW one FW must FW conclude FW that FW he

    FW held FW a FW good-faith FW , FW justifiable FW belief FW that FW his FW testimony FW could FW be FW used FW against FW him FW in FW a FW subsequent FW criminal FW prosecution . . <s> <s> DT The NN subcommittee , , NNP Congress CC and DT the JJ American NN public VBP have DT every NN right TO to VB draw DT the FW adverse FW inference FW and FW to FW concur FW with FW Mr. FW Pierce FW 's FW own FW belief FW that FW his FW testimony FW could FW help FW convict FW him IN of DT a NN crime . . <s> <s> IN Drawing DT the

    FW adverse FW inference FW in FW a FW noncriminal FW congressional FW hearing FW does FW not FW offend FW the FW Fifth FW Amendment FW shield FW against FW self-incrimination . . <s> <s> . Clark UH S. UH Spalsbury UH Jr . . <s> <s> NNP Estes NNP Park , , NNP Colo . . <s> <s> NN It VBD was PDT Friday DT the JJ 13th , , CC and DT the NN stock NN market VBD plummeted RB nearly CD 200 NNS points . . <s> <s> IN Just DT a NN coincidence . ? <s> <s> NN Or VBZ is SYM triskaidekaphobia : -NN fear IN of DT the RBS number SYM 13

    : -LS justified . ? <s> <s> . In -RRB- academia , , DT a FW so-called FW Friday FW the FW 13th FW effect FW has FW been FW set FW up FW and FW shot FW down FW by FW different FW professors . . <s> <s> . Robert '' Kolb CC and UH Ricardo UH Rodriguez , , '' professors IN of NN finance IN at DT the NNP University IN of NNP Miami , , VBD found NN evidence IN that DT the NN market VBZ is VBN spooked IN by PDT Friday DT the JJ 13th . . <s> <s> IN But PRP$ their NN study , , WDT which VBZ spanned DT the

    JJS 1962-85 NN period , , VBZ has IN since VBN been VBN shown TO to VB be RP jinxed IN by DT an JJS unlucky NN choice IN of NNS data . . <s> <s> IN In DT the NN '70s , , DT the NN market VBD took $ falls CD nine NNS times IN in DT a NN row IN on PDT Friday DT the NN you-know-what . . <s> <s> IN But DT the NN date VBZ tends TO to VB be DT a NN plus , , RB not DT a NN minus , , IN for NNS stocks , , VBG according TO to # Yale UH Hirsch , , DT a FW collector

    FW of FW stock FW market FW lore . . <s> <s> TO Another VB study VBN found IN that DT the FW 82 FW Fridays FW the FW 13th FW in FW the FW 1940-1987 FW period FW had FW higher FW than FW average FW returns FW -FW higher FW even FW than FW Fridays FW in FW general , , WDT which VBP tend TO to VB be JJ strong NNS days IN for NN stock NNS prices . . <s> <s> IN On DT the FW only FW other FW Friday FW the PDT 13th DT this NN year , , DT the FW Dow FW Jones FW Industrial FW Average FW rose FW about

    FW four FW points . . <s> <s> . Professor '' Kolb VBZ says DT the JJ original NN study , , FW titled FW Friday FW the FW 13th FW , FW Part FW VII FW , FW was FW published FW tongue-in-cheek . . <s> <s> IN In DT a JJ similar NN vein , , PRP he VBZ adds IN that DT the NN anniversary IN of DT the FW 1987 FW crash FW and FW Saturday FW 's FW full FW moon MD could VB have PDT played DT a NN part , , RB too , , IN in NNP Friday POS 's NN market NN activity . . <s> <s> NN reminiscent IN of

    DT those IN during DT the FW 1987 FW crash FW -FW that FW as FW stock FW prices FW plummeted FW and FW trading FW activity FW escalated FW , FW some FW phone FW calls FW to FW market FW makers FW in FW over-the-counter FW stocks FW went FW unanswered . . <s> <s> IN `` PRP We MD could RB n't VB get NNS dealers TO to VB answer PRP$ their NNS phones , , '' '' VBD said NNP Robert NNP King , , JJ senior NN vice NN president IN of FW OTC FW trading FW at FW Robinson-Humphrey FW Co. FW in FW Atlanta . . <s> <s> IN `` PRP It

    VBD was -LRB- -LCBFW like FW -RCBFW the FW Friday FW before FW Black FW Monday FW '' FW two FW years FW ago . . <s> <s> FW Whether FW unanswered FW phone FW calls FW had FW any FW effect FW or FW not FW , FW Nasdaq FW stocks FW sank FW far JJR less IN than DT those IN on DT the NNP New NNP York CC and JJ American NNS exchanges . . <s> <s> NN Nonetheless , , DT the FW Nasdaq FW Composite FW Index FW suffered FW its FW biggest FW point FW decline IN of DT the NN year CC and PRP$ its FW sixth FW worst FW ever

    FW , FW diving FW 14.90 , , CC or CD 3 NN % , , TO to VB 467.29 . . <s> <s> JJ Ten NNS points IN of DT the NN drop VBD occurred IN during DT the JJ last CD 45 NNS minutes IN of NN trading . . <s> <s> DT By NN comparison , , DT the NNP New NNP York FW Stock FW Exchange FW Composite FW tumbled FW 5.8 FW % NNP Friday CC and DT the NNP American NNP Stock NNP Exchange NNP Composite VBD fell CD 4 NN % . . <s> <s> NNP On NNP Oct. CD 16 , , CD 1987 , , DT the FW Nasdaq FW Composite

    FW fell FW 16.18 FW points , , CC or CD 3.8 NN % , , VBN followed IN by PRP$ its UH devastating UH 46.12-point , , CC or CD 11 NN % NN slide , , CD three NNS days RB later . . <s> <s> . Nasdaq UH volume UH Friday UH totaled # 167.7 CD million NNS shares , , WDT which VBD was RB only DT the FW fifth FW busiest FW day FW so PDT far DT this NN year . . <s> <s> . The '' single-day NN record IN of $ 288 CD million NNS shares VBD was VBN set IN on $ Oct. CD 21 , , <s> <s> `` ``

    EX There VBD was RB n't DT a NN lot IN of NN volume IN because PRP it VBD was RB just VBN impossible TO to VB get NN stock VBD moved , , '' '' VBD said RP E.E. `` `` UH Buzzy UH '' UH Geduld , , NN president IN of NNP Herzog , , UH Heine , , UH Geduld , , DT a NNP New NNP York NN company WDT that VBZ makes NNS markets IN in NNS thousands IN of NNP OTC NNS issues . . <s> <s> NN Most IN of DT the FW complaints FW about FW unanswered FW phone FW calls FW came FW from FW regional FW brokers FW rather

    FW than FW individual FW investors . . <s> <s> FW Mr. FW King FW of FW Robinson-Humphrey FW and FW others FW were FW quick TO to VB add IN that PRP they VBP believe DT the FW problem FW stemmed FW more FW from FW traders FW ' FW inability TO to VB handle DT the NN volume IN of NNS calls , , RB rather IN than DT a FW deliberate FW attempt FW to FW avoid FW making FW trades . . <s> <s> . The '' subject VBZ is DT a $ sore CD one IN for NNP Nasdaq CC and PRP$ its JJ market-making NNS companies , , WDT which VBD were FW widely

    FW criticized FW two FW years FW ago FW following FW complaints FW from FW investors WP who MD could RB n't VB reach PRP$ their NNS brokers CC or NN trade IN in DT the NN chaos IN of DT the NN crash . . <s> <s> . Peter -RRB- DaPuzzo , , FW head FW of FW retail FW equity FW trading FW at FW Shearson FW Lehman FW Hutton FW , SYM declared : : `` `` PRP It VBD was DT the JJ last NN hour IN of NN trading IN on DT a NNP Friday . . <s> <s> FW There FW were FW too FW many FW phones FW ringing FW and FW too

    FW many FW things FW happening TO to VB expect NN market NNS makers TO to VB be IN as FW efficient FW as FW robots . . <s> <s> NN It VBD was RB n't RBR intentional , , PRP we VBD were PDT all LS busy . . '' '' <s> <s> . James -RRB- Tarantino , , FW head FW of FW OTC FW trading FW at FW Hambrecht FW & FW Quist FW in FW San FW Francisco , , VBD said , , `` `` PRP It VBD was RB just IN like CD two NNS years RB ago . . <s> <s> NN Everybody VBD was VBG trying TO to VB do DT the

    JJ same NN thing IN at DT the JJ same NN time . . '' '' <s> <s> . Jeremiah -RRB- Mullins , , DT the FW OTC FW trading FW chief FW at FW Dean FW Witter FW Reynolds FW in NNP New NNP York , , VBD said VBN proudly IN that PRP$ his NN company IN executed DT every NN order PRP it VBD received IN by DT the NN close IN of NN trading . . <s> <s> NN But , , PRP he VBD added , , `` `` PRP you MD can RB only VB take CD one NN call IN at DT a NN time . . '' '' <s> <s> FW Market

    FW makers FW keep FW supplies FW of FW stock FW on FW hand FW to FW maintain FW orderly FW trading FW when FW imbalances FW occur . . <s> <s> JJ On NNS days IN like NNP Friday , , WDT that VBZ means PRP they MD must VB buy NNS shares IN from FW sellers FW when FW no FW one FW else FW is FW willing FW to . . <s> <s> . When '' selling VBZ is RB so FW frenzied FW , FW prices FW fall FW steeply FW and FW fast . . <s> <s> JJ Two NNS years RB ago , , VBN faced IN with DT the NN possibility IN of

    JJ heavy NNS losses IN on DT the NNS stocks IN in PRP$ their NNS inventories , , FW market FW makers FW themselves FW began FW dumping FW shares FW , FW exacerbating FW the FW slide FW in FW OTC FW stock FW prices . . <s> <s> NNP On NNP Friday , , DT some NN market NNS makers VBD were VBG selling RB again , , NNS traders VBD said . . <s> <s> NN But , , IN with FW profits FW sagging FW on FW Wall FW Street FW since FW the FW crash FW , FW companies FW have FW kept FW smaller FW share FW stockpiles FW on FW hand . .

    <s> <s> FW Mr. FW Tarantino FW of FW Hambrecht FW & FW Quist FW said FW some FW prices FW fell FW without FW trades FW taking FW place FW , FW as FW market FW makers FW kept PDT dropping DT the NNS prices IN at WDT which PRP they MD would VB buy NNS shares . . <s> <s> FW `` FW Everyone FW was FW hitting FW everyone FW else POS 's NN bid , , '' '' PRP he VBD said . . <s> <s> NN So , , FW while FW OTC FW companies FW incurred FW losses FW on FW Friday , , NN trading NNS officials VBD said DT the NN damage

    VBD was RB n't IN as JJ bad IN as PRP it VBD was IN in CD 1987 . . <s> <s> FW `` FW Two FW years FW ago FW we FW were FW carrying FW huge FW inventories FW and WDT that VBD was DT the JJ big NN culprit . . <s> <s> NNS I VBP do RB n't VB know IN of FW anyone FW carrying FW big FW inventories FW now , , '' '' VBD said NNP Mr. NNP King IN of NNS Robinson-Humphrey . . <s> <s> . Tony -RRB- Cecin , , FW head FW of FW equity FW trading FW at FW Piper FW , FW Jaffray FW & FW Hopwood

    FW in FW Minneapolis , , VBD said IN that FW Piper FW Jaffray FW actually FW made FW money FW on FW Friday . . <s> <s> NN It VBD helped IN that PRP$ his NN inventory VBZ is DT a JJ third NNS smaller RB now IN than PRP it VBD was CD two NNS years RB ago , , PRP he VBD said . . <s> <s> . Joseph -RRB- Hardiman , , NN president IN of DT the NNP National NNP Association IN of NNP Securities NNPS Dealers , , WDT which VBZ oversees DT the FW Nasdaq FW computerized FW trading FW system , , VBD said IN that IN despite DT the NN rush

    IN of NN selling , , PRP he RB never VBN considered DT the NN situation DT an `` `` UH emergency . . '' '' <s> <s> IN `` DT The NN pace IN of NN trading VBD was UH orderly , , '' '' PRP he VBD said . . <s> <s> NNP Nasdaq POS 's FW Small FW Order FW Execution FW System FW `` FW worked FW beautifully , , '' '' RB as VBD did DT the JJ automated NN system IN for JJR larger NNS trades , , VBG according TO to NNP Mr. -RRB- Hardiman . . <s> <s> NN Nevertheless , , DT the NN shock IN of DT another FW steep

    FW plunge FW in FW stock FW prices FW undoubtedly FW will FW shake FW many FW investors FW ' FW confidence . . <s> <s> IN In DT the NN past , , DT the FW OTC FW market FW thrived FW on FW a FW firm FW base FW of FW small-investor FW participation . . <s> <s> NNP Because NNP Nasdaq POS 's NN trading NN volume VBZ has RB n't VBN returned TO to # pre-crash UH levels , , NNS traders CC and NNP OTC NN market NNS officials VBP hope DT the NN damage MD wo RB n't VB be RP permanent . . <s> <s> IN But PRP they VBP are VBN worried

    . . <s> <s> IN `` PRP We VBD were RB just VBG starting TO to VB get DT the NN public POS 's NN confidence RB back , , '' '' FW lamented FW Mr. FW Mullins FW of FW Dean FW Witter . . <s> <s> . More '' troubling VBZ is DT the NN prospect IN that DT the FW overall FW collapse FW in FW stock FW prices FW could FW permanently FW erode FW the FW base FW of FW small-investor FW support FW the FW OTC FW market FW was FW struggling TO to VB rebuild IN in DT the NN wake IN of DT the NNP October CD 1987 NN crash . .

    <s> <s> FW Mr. FW Cecin FW of FW Piper FW Jaffray FW says FW some FW action FW from FW government FW policy FW makers FW would FW allay FW investor FW fears . . <s> <s> NN It MD wo RB n't VB take RB much JJR more TO to `` `` UH scare UH the UH hell RP out IN of JJ retail NNS investors , , '' '' PRP he VBZ says . . <s> <s> JJ The NNS sellers IN on NNP Friday VBD came IN from DT all NN corners IN of DT the NNP OTC NN market : -JJ big CC and JJ small JJ institutional NNS investors , , RB as

    RB well IN as JJ individual NNS investors CC and NN market NNS makers . . <s> <s> DT But JJ grateful NNS traders VBD said DT the FW sell FW orders FW generally FW ranged FW from FW 20,000 NNS shares TO to CD 50,000 NNS shares , , VBN compared IN with NNS blocks IN of CD 500,000 NNS shares CC or $ more CD two NNS years RB ago . . <s> <s> NNP Shearson POS 's NNP Mr. FW DaPuzzo FW said FW retail FW investors FW nervously FW sold FW stock FW Friday FW and FW never FW returned FW to FW bargain-hunt . . <s> <s> JJ Institutional NNS investors , , WDT which

    VBD had VBN been VBG selling NN stock IN throughout JJ last NN week TO to VB lock IN in PRP$ handsome NNS gains VBN made IN through DT the JJ third NN quarter , , VBD were RP calmer . . <s> <s> IN `` PRP We VBD had DT a JJ good NN amount IN of VBG selling IN from NNS institutions , , CC but RB not IN as JJ much NN panic , , '' '' NNP Mr. NNP DaPuzzo VBD said . . <s> <s> NN `` IN If PRP they MD could RB n't VB sell , , DT some IN of PRP them VBD put DT the NNS shares RB back IN on

    DT the NN shelf . . '' '' <s> <s> DT In NN addition , , PRP he VBD said , , DT some FW bigger FW institutional FW investors FW placed FW bids FW to FW buy FW some FW OTC FW stocks FW whose FW prices FW were FW beaten FW down . . <s> <s> DT In NN addition , , NNP Mr. FW DaPuzzo FW said FW computer-guided FW program FW selling FW of FW OTC FW stocks FW in FW the FW Russell FW Index FW of FW 2000 FW small FW stocks FW and FW the FW Standard FW & FW Poor FW 's FW 500-stock FW Index FW sent FW occasional FW ``

    FW waves `` `` IN through DT the NN market . . <s> <s> NNP Nasdaq POS 's JJS biggest NNS stocks VBD were VBN hammered . . <s> <s> IN The $ Nasdaq CD 100 NN Index IN of DT the JJS largest UH nonfinancial UH issues , , VBG including DT the FW big FW OTC FW technology FW issues FW , FW tumbled FW 4.2 NN % , , CC or NNP 19.76 , , TO to VB 449.33 . . <s> <s> FW The FW Nasdaq FW Financial FW Index FW of FW giant FW insurance FW and FW banking FW stocks # dropped CD 2 NN % , , CC or NNP 9.31 , ,

    TO to VB 462.98 . . <s> <s> NNP The NNP OTC NN market VBZ has RB only DT a NN handful IN of PRP$ takeover-related NNS stocks . . <s> <s> IN But PRP they VBD fell RB sharply . . <s> <s> . McCaw UH Cellular UH Communications , , IN for NN instance , , VBZ has VBN offered TO to VB buy FW LIN FW Broadcasting FW as FW well FW as FW Metromedia FW 's FW New FW York FW City FW cellular FW telephone FW interests , , CC and IN in DT a JJ separate NN transaction , , FW sell FW certain FW McCaw FW properties FW to FW Contel FW Cellular

    . . <s> <s> NN McCaw VBD lost CD 8 NN % , , CC or CD 3 CD 1\/2 , , TO to CD 40 . . <s> <s> NNP LIN NNP Broadcasting , , VBD dropped CD 5 CD 1\/2 , , CC or CD 5 NN % , , TO to $ 107 CD 1\/2 . . <s> <s> DT The NN turnover IN in DT both NNS issues VBD was RB roughly JJ normal . . <s> <s> IN On DT a NN day WRB when FW negative FW takeover-related FW news FW did FW n't FW sit FW well FW with FW investors FW , FW Commercial FW Intertech , , DT a NN maker

    IN of FW engineered FW metal FW parts FW , FW said FW Haas FW & FW Partners FW advised FW it WDT that PRP it VBZ does RB n't VBP plan TO to VB pursue PRP$ its FW previously FW reported FW $ FW 27.50-a-share FW bid TO to VB buy DT the NN company . . <s> <s> . Commercial UH Intertech UH plummeted UH 6 TO to CD 26 . . <s> <s> JJ The NNS issues IN of NNS companies IN with NNS ties TO to DT the FW junk FW bond FW market FW also FW tumbled FW Friday . . <s> <s> IN On DT the NNP OTC NN market , , NNP First

    NNP Executive , , DT a JJ big NN buyer IN of DT the JJ high-risk , , JJ high-yield NNS issues , , VBD slid CD 2 TO to CD 12 CD 1\/4 . . <s> <s> FW Among FW other FW OTC FW issues FW , FW Intel FW , FW dropped FW 2 FW 1\/8 FW to FW 33 FW 7\/8 FW ; FW Laidlaw FW Transportation FW lost FW 1 FW 1\/8 FW to FW 19 FW 1\/2 FW ; FW the FW American FW depositary FW receipts FW of FW Jaguar FW were FW off FW 1\/4 FW to FW 10 FW 1\/4 FW ; FW MCI FW Communications FW slipped FW 2 FW 1\/4

    FW to FW 43 FW 1\/2 FW ; FW Apple FW Computer FW fell FW 3 FW to FW 45 FW 3\/4 FW and FW Nike FW dropped FW 2 FW 1\/4 FW to FW 66 FW 3\/4 . . <s> <s> NN Friday , , NNP October CD 13 , , CD 1989 <s> <s> FW The FW key FW U.S. FW and FW foreign FW annual FW interest FW rates FW below FW are FW a FW guide FW to FW general FW levels FW but FW do FW n't FW always FW represent FW actual FW transactions . . <s> <s> . PRIME -RRB- RATE : : <s> <s> CD 10 CD 1\/2 NN % . .

    <s> <s> FW The FW base FW rate FW on FW corporate FW loans FW at FW large FW U.S. FW money FW center FW commercial FW banks . . <s> <s> . FEDERAL -RRB- FUNDS : : <s> <s> FW 8 FW 13\/16 FW % FW high FW , FW 8 FW 1\/2 FW % FW low FW , FW 8 FW 5\/8 FW % FW near FW closing FW bid , , CD 8 CD 3\/4 NN % VBD offered . . <s> <s> VBZ Reserves VBN traded IN among JJ commercial NNS banks IN for JJ overnight NN use IN in NNS amounts IN of $ $ CD 1 CD million CC or JJR more . .

    <s> <s> NN Source : : LS Fulton LS Prebon -LRB- -LRBUH U.S.A . . -RRB- -RRBLS Inc . . <s> <s> . DISCOUNT -RRB- RATE : : <s> <s> DT 7 NN % . . <s> <s> DT The NN charge IN on NNS loans TO to VB depository NNS institutions IN by DT the NNP New NNP York NNP Federal NNP Reserve NNP Bank . . <s> <s> . CALL -RRB- MONEY : : <s> <s> CD 9 CD 3\/4 NN % TO to CD 10 NN % . . <s> <s> DT The NN charge IN on NNS loans TO to FW brokers FW on FW stock FW exchange FW collateral . . <s> <s>

    FW COMMERCIAL FW PAPER FW placed FW directly FW by FW General FW Motors FW Acceptance SYM Corp. : : <s> <s> DT 8.60 NN % CD 30 TO to CD 44 NNS days : ; LS 8.55 FW % FW 45 FW to FW 59 FW days FW ; FW 8.375 FW % FW 60 FW to FW 79 FW days FW ; FW 8.50 FW % FW 80 FW to FW 89 FW days FW ; FW 8.25 FW % FW 90 FW to FW 119 FW days FW ; FW 8.125 FW % FW 120 FW to FW 149 FW days FW ; FW 8 FW % FW 150 FW to FW 179 FW days FW ;

    FW 7.625 FW % FW 180 FW to FW 270 FW days . . <s> <s> . COMMERCIAL -RRB- PAPER : : <s> <s> . High-grade '' unsecured VBZ notes VBN sold IN through NNS dealers IN by JJ major NNS corporations IN in NNS multiples IN of $ $ CD 1,000 : : <s> <s> DT 8.65 NN % CD 30 NNS days : ; LS 8.55 FW % FW 60 FW days FW ; FW 8.55 FW % FW 90 FW days . . <s> <s> . CERTIFICATES UH OF SYM DEPOSIT : : <s> <s> DT 8.15 NN % CD one NN month : ; LS 8.15 FW % FW two FW months FW ; FW 8.13

    FW % FW three FW months FW ; FW 8.11 FW % FW six FW months FW ; FW 8.08 # % CD one NN year . . <s> <s> NN Average IN of FW top FW rates FW paid FW by FW major FW New FW York FW banks FW on FW primary FW new FW issues FW of FW negotiable FW C.D.s , , RB usually IN on NNS amounts IN of $ $ CD 1 CD million CC and JJR more . . <s> <s> DT The JJ minimum NN unit VBZ is $ $ CD 100,000 . . <s> <s> JJ Typical NNS rates IN in DT the JJ secondary NN market : : <s> <s>

    DT 8.65 NN % CD one NN month : ; LS 8.65 # % CD three NNS months : ; LS 8.55 # % CD six NNS months . . <s> <s> . BANKERS -RRB- ACCEPTANCES : : <s> <s> DT 8.52 NN % CD 30 NNS days : ; LS 8.37 FW % FW 60 FW days FW ; FW 8.15 FW % FW 90 FW days FW ; FW 7.98 FW % FW 120 FW days FW ; FW 7.92 FW % FW 150 FW days FW ; FW 7.80 FW % FW 180 FW days . . <s> <s> NN Negotiable , , FW bank-backed FW business FW credit FW instruments FW typically FW financing FW an

    FW import FW order . . <s> <s> . LONDON UH LATE SYM EURODOLLARS : : <s> <s> . 8 '' 13\/16 NN % TO to FW 8 FW 11\/16 FW % FW one FW month FW ; FW 8 FW 13\/16 FW % FW to FW 8 FW 11\/16 FW % FW two FW months FW ; FW 8 FW 13\/16 FW % FW to FW 8 FW 11\/16 FW % FW three SYM months : ; CD 8 CD 3\/4 NN % TO to CD 8 CD 5\/8 NN % CD four NNS months : ; CD 8 CD 11\/16 NN % TO to CD 8 CD 9\/16 NN % CD five NNS months : ; CD 8

    CD 5\/8 NN % TO to CD 8 CD 1\/2 NN % CD six NNS months . . <s> <s> . LONDON UH INTERBANK UH OFFERED UH RATES -LRB- -LRBLS LIBOR -RRB- -RRB: : <s> <s> FW 8 FW 3\/4 FW % FW one FW month FW ; FW 8 FW 3\/4 FW % FW three FW months FW ; FW 8 FW 9\/16 FW % FW six FW months FW ; FW 8 FW 9\/16 # % CD one NN year . . <s> <s> DT The NN average IN of FW interbank FW offered FW rates FW for FW dollar FW deposits FW in FW the FW London FW market FW based FW on FW quotations

    FW at FW five FW major FW banks . . <s> <s> . FOREIGN UH PRIME SYM RATES : : <s> <s> FW Canada FW 13.50 FW % FW ; FW Germany FW 8.50 FW % FW ; FW Japan FW 4.875 FW % FW ; FW Switzerland FW 8.50 FW % FW ; # Britain CD 15 NN % . . <s> <s> DT These NN rate NNS indications VBP are RB n't FW directly FW comparable FW ; FW lending FW practices FW vary FW widely FW by FW location . . <s> <s> . TREASURY -RRB- BILLS : : <s> <s> NN Results IN of DT the NNP Tuesday , , NNP October CD 10 , ,

    CD 1989 , , NN auction IN of JJ short-term NNP U.S. NN government NNS bills , , VBN sold IN at DT a NN discount IN from NN face NN value IN in NNS units IN of $ $ CD 10,000 TO to $ $ CD 1 CD million : : <s> <s> DT 7.63 NN % FW 13 FW weeks FW ; FW 7.60 FW % FW 26 FW weeks . . <s> <s> FW FEDERAL FW HOME FW LOAN FW MORTGAGE FW CORP . . -LRB- -LRBUH Freddie LS Mac -RRB- -RRB: : <s> <s> FW Posted FW yields FW on FW 30-year FW mortgage FW commitments FW for FW delivery FW within FW 30

    FW days . . <s> <s> DT 9.91 NN % , , FW standard FW conventional FW fixedrate FW mortgages FW ; FW 7.875 FW % FW , FW 2 FW % FW rate FW capped FW one-year FW adjustable FW rate FW mortgages . . <s> <s> NN Source : : LS Telerate LS Systems LS Inc . . <s> <s> FW FEDERAL FW NATIONAL FW MORTGAGE FW ASSOCIATION FW -LRBFW Fannie FW Mae -RRB- -RRB: : <s> <s> FW Posted FW yields FW on FW 30 FW year FW mortgage FW commitments FW for FW delivery FW within FW 30 FW days FW -LRBFW priced FW at FW par -RRB- -RRB<s> <s> DT 9.86

    NN % , , FW standard FW conventional FW fixed-rate FW mortgages FW ; FW 8.85 FW % FW , FW 6\/2 FW rate FW capped FW one-year FW adjustable FW rate FW mortgages . . <s> <s> NN Source : : LS Telerate LS Systems LS Inc . . <s> <s> . MERRILL UH LYNCH UH READY UH ASSETS SYM TRUST : : <s> <s> DT 8.33 NN % . . <s> <s> DT Annualized JJ average NN rate IN of NN return IN after NNS expenses IN for DT the JJ past CD 30 NNS days : ; RB not DT a NN forecast IN of JJ future NNS returns . . <s> <s> JJ Pension NNS funds

    , , NNS insurers CC and JJ other NNS behemoths IN of DT the FW investing FW world FW said FW they FW began FW scooping FW up FW stocks FW during FW Friday FW 's FW market FW rout . . <s> <s> IN And PRP they VBP plan TO to VB buy JJR more NN today . . <s> <s> FW Rightly FW or FW wrongly FW , FW many FW giant FW institutional FW investors FW appear TO to VB be PDT fighting DT the JJS latest FW war FW by FW applying FW the FW lesson FW they FW learned FW in FW the FW October FW 1987 FW crash FW : FW Buying FW at

    FW the FW bottom FW pays FW off . . <s> <s> TO To VB be JJ sure , , JJ big NNS investors MD might VB put RP away PRP$ their FW checkbooks FW in FW a FW hurry FW if FW stocks FW open FW sharply FW lower FW today . . <s> <s> NN They MD could RB still , panic CC and VB bail RP out IN of DT the NN market . . <s> <s> IN But PRP$ their FW 1987 FW performance FW indicates FW that FW they FW wo FW n't FW abandon FW stocks FW unless FW conditions FW get FW far FW worse . . <s> <s> DT `` JJ Last

    NN time , , PRP we VBD got VBN rewarded IN for VBG going RP out CC and VBG buying NNS stocks WRB when DT the NN panic VBD was DT the JJS worst , , '' '' VBD said FW John FW W. FW Rogers FW , FW president FW of FW Chicago-based FW Ariel FW Capital FW Management NNP Inc. , , WDT which VBZ manages $ $ CD 1.1 CD billion IN of NNS stocks . . <s> <s> FW Mr. FW Rogers FW spent FW half FW his FW cash FW on FW hand FW Friday FW for FW `` FW our FW favorite FW stocks FW that FW have FW fallen FW apart . .

    '' '' <s> <s> NN He VBZ expects TO to VB invest DT the NN rest IN if DT the NN market . weakens -RRB- further . . <s> <s> FW Denver-based FW portfolio FW manager FW James FW Craig FW was FW n't FW daunted FW when FW Friday FW 's FW rout FW shaved $ $ CD 40 CD million IN from DT the NN value IN of DT the $ $ FW 752 FW million FW Janus FW Fund FW he FW oversees . . <s> <s> IN `` PRP I VBD waited TO to VB make RP sure PDT all DT the FW program FW trades FW had FW kicked FW through , , '' ''

    PRP he VBD said . . <s> <s> IN Then PRP he VBD jumped IN into DT the NN market : : <s> <s> IN `` PRP I VBD spent $ $ CD 30 CD million IN in DT the JJ last NN half-hour . . '' '' <s> <s> FW Other FW money FW managers FW also FW opened FW their FW wallets . . <s> <s> IN `` PRP I VBD was VBG buying IN at DT the NN close -LRB- -LRBLS Friday -RRB- -RRBCC and PRP I MD 'll VB be VBG buying RB again IN because PRP I VBP know PRP we VBP 're VBG getting JJ good NN value , , '' ''

    VBD said FW Frederick FW A. FW Moran FW , FW president FW of FW Moran FW Asset FW Management NNP Inc. , , NNP Greenwich , , NNP Conn . . <s> <s> `` `` EX There VBZ is DT no NN justification IN on DT the JJ fundamental NN level IN for DT this NN crash . . '' '' <s> <s> DT Unlike JJ mutual NNS funds , , WDT which MD can VB be VBN forced TO to VB sell FW stockholdings FW when FW investors FW rush FW to FW withdraw FW money FW , FW big FW investors FW such FW as FW pension FW funds FW and FW insurance FW companies FW can

    FW decide FW to FW ride FW out FW market FW storms FW without FW jettisoning FW stock . . <s> <s> VBZ Most RB often , , PRP they VBP do RB just IN that , , IN because NNS stocks VBP have VBN proved TO to VB be DT the RBS best-performing JJ long-term NN investment , , VBG attracting IN about $ $ CD 1 CD trillion IN from FW pension FW funds FW alone . . <s> <s> NN `` IN If PRP you VBD bought IN after DT the NN crash , , PRP you VBD did RB very RB very RB well IN off DT the NN bottom , , '' '' VBD said

    FW Stephen FW B. FW Timbers FW , FW chief FW investment FW officer FW of FW Chicago-based FW Kemper FW Financial FW Services FW Inc . . <s> <s> IN The $ $ CD 56 CD billion FW California FW Public FW Employees FW Retirement FW System , , IN for CD one , , VBD added $ $ CD 1 CD billion TO to PRP$ its NN stock NN portfolio CD two NNS years RB ago . . <s> <s> IN `` DT The FW last FW crash FW taught FW institutional FW investors WDT that PRP they VBP have TO to VB be JJ long-term NNS holders , , CC and IN that PRP they MD ca

    RB n't VB react TO to JJ short-term NNS events , , JJ good CC or JJ bad , , '' '' VBD said UH Stephen UH L. UH Nesbitt , , JJ senior NN vice NN president IN for DT the FW pension FW consultants FW Wilshire FW Associates FW in FW Santa FW Monica , , NNP Calif . . <s> <s> . `` '' Those WDT that VBD pulled RP out -LRB- -LRBIN of NNS stocks -RRB- -RRB: regretted PRP it , , '' '' PRP he VBD said , , `` `` FW so FW I FW doubt FW you FW 'll FW see FW any FW significant FW changes '' '' IN in

    JJ institutional NNS portfolios IN as DT a NN result IN of NNP Friday POS 's NN decline . . <s> <s> NN Stocks , , RB as VBN measured IN by DT the NNP Standard CC & NNP Poor POS 's JJ 500-stock NN index , , VBP have VBN been LS stellar PDT performers DT this NN year , , WP$ rising WP$ 27.97 NN % IN before NNP Friday POS 's NN plunge , , WP$ excluding LS dividends . . <s> <s> NNP Even NNP Friday POS 's FW slump FW leaves FW investors FW ahead JJR more IN than CD 20 NN % , , RB well IN above DT the JJ annual NN average

    IN for NNS stocks IN over JJ several NNS decades . . <s> <s> IN `` PRP You MD could VB go RP down CD 400 NNS points CC and RB still VB have DT a JJ good NN year IN in DT the NN market , , '' '' VBD said UH James UH D. UH Awad , , NN president IN of NNP New FW York-based FW BMI FW Capital FW Corp . . <s> <s> . Mr. -RRB- Awad , , RB however , , '' worries IN that DT the NN market `` `` MD could VB go RP down LS 800 # or CD 900 NNS points IN in DT the JJ next JJ few

    NNS days . . <s> <s> NN It MD can VB happen IN before PRP you MD can VB turn RP around . . '' '' <s> <s> NN He VBD said PRP he FW discerns FW many FW parallels FW with FW 1987 , , VBG including DT the NN emphasis IN on NN takeover NNS stocks CC and DT the NN re-emergence IN of JJ computerized NN program NN trading . . <s> <s> IN `` DT The JJ only NN thing PRP you VBP do RB n't VBP have , , '' '' PRP he VBD said , , `` `` VBZ is DT the FW ` FW portfolio FW insurance FW ' FW phenomenon FW overlaid

    IN on DT the NN rest . . '' '' <s> <s> DT Most JJ institutional NNS investors VBP have VBN abandoned DT the FW portfolio FW insurance FW hedging FW technique , , WDT which VBZ is RB widely VBN thought TO to VB have PDT worsened DT the CD 1987 NN crash . . <s> <s> . Not UH really UH insurance , , DT this NN tactic VBD was VBN designed TO to VB soften DT the NN blow IN of FW declining FW stock FW prices FW and FW generate FW an FW offsetting FW profit FW by FW selling FW waves FW of FW S&P FW futures FW contracts . . <s> <s> IN In

    PRP$ its UH severest UH test , , DT the $ $ CD 60 CD billion IN of NN portfolio NN insurance IN in NN effect IN in DT the FW 1987 FW crash FW did FW n't FW work FW , FW as FW stock FW buyers FW disappeared FW and FW stock FW and FW futures FW prices FW became FW disconnected . . <s> <s> FW Even FW without FW portfolio FW insurance FW , FW market FW conditions FW were FW grim FW Friday , , NN money NNS managers VBD said . . <s> <s> . Neil -RRB- Weisman , , WP$ whose FW New FW York-based FW Chilmark FW Capital FW Partners FW had

    FW converted FW 85 NN % IN of PRP$ its $ $ CD 220 CD million NN investment NN pool TO to VB cash IN in JJ recent NNS months , , VBD said PRP he VBD was FW besieged FW by FW Wall FW Street FW firms FW Friday FW asking FW him TO to VB take NN stock IN off PRP$ their NNS hands . . <s> <s> FW `` FW We FW got FW calls FW from FW big FW block FW houses FW asking FW us FW if PRP we VBP want TO to VB make NNS bids IN on NN anything , , '' '' VBD said NNP Mr. NNPS Weisman , , WP who

    , , '' happy IN with PRP$ his NNS returns IN on # investments LS chalked RP up RBR earlier , , VBD declined DT the NNS offers . . <s> <s> FW Mr. FW Weisman FW predicts FW stocks MD will VB appear TO to VB stabilize IN in DT the JJ next JJ few NNS days IN before VBG declining RB again , , WP$ trapping JJR more NNS investors . . <s> <s> IN `` PRP I VBP think PRP it MD will VB be DT a FW rigor FW mortis FW rally , , '' '' PRP he VBD said . . <s> <s> NN Meanwhile , , FW Friday FW brought FW a FW reprieve

    FW for FW money FW managers FW whose FW investment FW styles FW had FW put FW them FW at FW odds IN with DT the NN market NN rally . . <s> <s> . Especially '' gleeful VBD were DT the JJ short NNS sellers , , WP who VBP have VBN been RP pounded IN by DT this NN year POS 's NN market NN climb . . <s> <s> . The UH shorts UH sell UH borrowed UH shares , , VBG hoping TO to VB profit IN by `` replacing PRP them RB later IN at DT a JJR lower NN price . . <s> <s> DT The NN nation POS 's JJS largest FW short-selling

    FW operation FW is FW Feshbach FW Brothers FW , FW Palo FW Alto , , NNP Calif. , , WDT which VBD said JJ last NNS May IN that PRP$ its JJ short NNS positions VBD had VBN shown NNS losses IN of CD 10 NN % IN for DT the NN year RB up TO to DT that NN point . . <s> <s> , All WDT that RB now VBZ has VBN changed . . <s> <s> IN `` PRP We VBP 're RB ahead IN for DT the NN year IN because IN of NNP Friday , , '' '' VBD said DT the NN firm POS 's FW Kurt FW Feshbach . . <s> <s>

    IN `` PRP We VBP 're RB not VBG making DT a NN killing , , CC but PRP we VBD had DT a JJ good NN day . . <s> <s> NN Food CC and FW Drug FW Administration FW spokesman FW Jeff FW Nesbit FW said FW the FW agency FW has FW turned FW over FW evidence FW in FW a FW criminal FW investigation FW concerning FW Vitarine FW Pharmaceuticals FW Inc. TO to DT the NNP U.S. NNP Attorney POS 's NN office IN in NNP Baltimore . . <s> <s> FW Neither FW Vitarine FW nor FW any FW of FW the FW Springfield FW Gardens , , NNP N.Y. , , NN company

    POS 's NNS officials CC or NNS employees VBP have VBN been VBN charged IN with DT any NNS crimes . . <s> <s> . Vitarine UH won UH approval TO to VB market DT a NN version IN of DT a FW blood FW pressure FW medicine FW but FW acknowledged FW that FW it FW substituted FW a FW SmithKline FW Beecham FW PLC FW product FW as FW its FW own FW in FW tests . . <s> <s> . Mr. '' Nesbit RB also VBD said DT the FW FDA FW has FW asked FW Bolar FW Pharmaceutical FW Co. FW to FW recall FW at FW the FW retail FW level FW its FW urinary

    FW tract FW antibiotic . . <s> <s> VBZ But RB so RB far DT the NN company VBZ has RB n't VBN complied IN with DT that NN request , , DT the NN spokesman VBD said . . <s> <s> NN Bolar , , DT the NN subject IN of DT a JJ criminal NN investigation IN by DT the NNP FDA CC and DT the NNP Inspector NNP General POS 's NN office IN of DT the NNP Health CC and NNP Human NNP Services NNP Department , , RB only VBN agreed TO to $ recall CD two NNS strengths IN of PRP$ its NN version IN of FW Macrodantin FW `` FW as FW far

    FW down FW as FW direct FW customers FW , FW mostly FW wholesalers , , '' '' NNP Mr. NNPS Nesbit VBD said . . <s> <s> NN Bolar , , IN of NNP Copiague , , NNP N.Y. , , FW earlier FW began FW a FW voluntary FW recall FW of FW both FW its FW 100 FW milligram FW and FW 50 FW milligram FW versions IN of DT the NN drug . . <s> <s> . The '' FDA VBZ has VBD said PRP it MD presented VB evidence PRP it VBD uncovered TO to DT the NN company FW indicating FW that FW Bolar FW substituted FW the FW brand-name FW product FW for

    FW its FW own FW to FW gain FW government FW approval FW to FW sell FW generic FW versions FW of FW Macrodantin . . <s> <s> NN Bolar VBZ has VBN denied IN that PRP it VBD switched DT the JJ brand-name NN product IN for PRP$ its JJ own IN in JJ such NN testing . . <s> <s> FW The FW West FW German FW retailer FW ASKO FW Deutsche FW Kaufhaus FW AG FW plans TO to VB challenge DT the NN legality IN of DT a FW widely FW employed FW anti-takeover FW defense IN of NNS companies IN in DT the NN Netherlands . . <s> <s> FW The FW eventual FW court

    FW decision FW could FW become FW a FW landmark FW in FW Dutch FW corporate FW law FW because FW the FW lawsuit FW ASKO FW plans FW to FW file MD would VB be DT the JJ first TO to VB challenge DT the FW entire FW principle FW and FW practice FW of FW companies FW issuing FW voting FW preferred FW shares FW to FW management-controlled FW trusts FW to FW dilute FW voting FW power FW of FW common FW stockholders . . <s> <s> NN Up TO to FW now FW only FW specific FW aspects FW of FW these FW defenses FW have FW been FW challenged FW , FW though FW unsuccessfully

    FW , FW ASKO FW 's FW Dutch FW lawyers FW noted . . <s> <s> IN Should DT the RBS courts PDT uphold DT the NN validity IN of DT this NN type IN of NN defense , , WDT ASKO MD will RB then VB ask DT the NN court TO to FW overturn FW such FW a FW vote-diluting FW maneuver FW recently FW deployed FW by FW Koninklijke FW Ahold FW NV . . <s> <s> NN ASKO VBZ says DT the FW Dutch-based FW international FW food FW retailer FW had FW n't FW reasonable FW grounds FW to FW issue FW preferred FW stock FW to FW a FW friendly FW trust FW and

    FW thus FW dilute FW the FW worth FW and FW voting FW power FW of FW ASKO CC and JJ other NNS shareholders . . <s> <s> NN Speaking IN through PRP$ its FW Dutch FW lawyers FW , FW ASKO FW also FW disclosed FW it FW holds FW a FW 15 FW % FW stake FW in FW Ahold . . <s> <s> NN It VBD was FW previously FW thought FW ASKO FW held FW a FW 13.6 FW % FW stake FW that FW was FW accumulated FW since FW July . . <s> <s> DT A NN spokesman IN for PRP Ahold VBD said PRP$ his NN company VBZ is VBN confident IN of

    PRP$ its JJ own NN position CC and DT the NN propriety IN of DT the JJS preferred-share NN issue . . <s> <s> FW He FW termed FW ASKO FW 's FW legal FW actions FW as FW `` FW unproductive FW '' FW to FW international FW cooperation FW among FW European FW retailers . . <s> <s> FW Chase FW Manhattan FW Bank FW Chairman FW Willard FW Butcher FW is FW a FW conservative FW banker FW and FW a FW loyal FW Republican FW , FW but FW on FW Friday FW morning FW he FW had FW few FW kind FW words FW for FW President FW Bush FW 's FW economic FW policy-making

    . . <s> <s> `` `` EX There VBP are DT some FW very FW significant FW issues FW out FW there , , JJ such IN as DT the JJ fiscal NN deficit , , DT the NN trade NN deficit , , PRP$ our NNS relations IN with NNP Japan , , WDT that VBP have TO to VB be DT the NN subject IN of JJ major NNS initiatives , , '' '' PRP he VBD said IN in DT an NN interview . . <s> <s> IN `` PRP I MD 'd VB like TO to VB see DT that NN initiative , , CC and PRP I VBP have RB n't . . <s> <s>

    NN There VBZ is RB n't DT a JJ big NN shot , , DT an NN agenda . . '' '' <s> <s> DT A JJ few NNS hours RB later , , DT the NN stock NN market VBD dropped CD 190 NNS points . . <s> <s> NN Politicians VBD tried TO to VB finger DT each JJ other IN for DT the NN blame , , FW although FW many FW analysts FW doubt FW that FW Washington FW was FW singly FW responsible FW for FW Wall FW Street FW 's FW woes . . <s> <s> NNP But NNP Mr. FW Butcher FW 's FW comments FW make FW one FW thing FW clear

    FW : FW Some FW on FW Wall FW Street FW wonder FW if FW anyone VBZ is IN in NN charge IN of JJ economic NN policy . . <s> <s> . Consider -RRB- this : : <s> <s> FW -FW By FW 11:59 FW p.m. FW tonight FW , FW President FW Bush FW must FW order $ $ CD 16 CD billion IN of JJ automatic , , WP$ across-the-board NNS cuts IN in NN government NN spending TO to VB comply IN with DT the FW Gramm-Rudman FW budget FW law . . <s> <s> JJ The NNS cuts VBP are VBN necessary IN because NNP Congress CC and DT the NN administration VBP have

    VBN failed TO to VB reach NN agreement IN on DT a JJ deficit-cutting NN bill . . <s> <s> IN `` PRP We RB simply VBP do RB n't VBP have JJ strong NN leadership TO to VB try TO to VB reduce DT the NN deficit CC and VB make UH tough UH choices , , '' '' FW House FW Budget FW Committee FW Chairman FW Leon FW Panetta -LRB- -LRBNNP D. , , NNP Calif . . -RRB- -RRBVBD said NN yesterday IN on NNP NBC NNP News POS 's `` `` PDT Meet DT the NNP Press . . '' '' <s> <s> NN -IN For DT the JJ last CD two

    NNS weeks , , DT the NNP Bush NN administration CC and DT the FW Federal FW Reserve FW have FW been FW engaged FW in FW a FW semi-public FW battle FW over FW international FW economic FW policy . . <s> <s> . The '' administration VBZ has VBN been VBG trying TO to VB push DT the NN dollar RBR lower : ; DT the NNP Fed VBZ has VBN been RP resisting . . <s> <s> CD `` CD One IN of DT the NNS things WDT that VBZ continues TO to VB worry PRP me VBZ is DT this JJ monetary NN warfare IN between DT the NNP Treasury NNP Department CC and DT the

    NNP Federal NNP Reserve NNP Board , , '' '' VBD said UH Lawrence UH Kudlow , , DT a NNP Bear , , WP$ Stearns UH & UH Co. UH economist , , IN on NNP ABC POS 's `` `` UH This UH Week . . '' '' <s> <s> IN -DT The NN administration VBZ has VBN sent RP out FW confusing FW signals FW about FW its FW response FW to FW a FW recent FW spate FW of FW airline FW takeovers . . <s> <s> DT Last NN month , , FW Transportation FW Secretary FW Sam FW Skinner FW forced FW Northwest FW Airlines FW to FW reduce FW a FW stake

    FW held FW by FW KLM FW Royal FW Dutch FW Airlines . . <s> <s> IN But PRP he VBZ has IN since NN run IN into NN opposition IN from DT the NNP Treasury CC and DT the NNP White NNP House IN over DT that NN decision . . <s> <s> IN And PRP he VBZ has VBN kept RP mum IN on WRB how PRP$ his NN decision MD might VB affect DT a NN bid IN for NNP United NNPS Airlines , , WDT which VBZ includes DT a JJ big NN stake IN by NNP British NNPS Airways NNP PLC . . <s> <s> JJ Some NNS analysts VBP say VBN uncertainty IN about

    NNP Washington POS 's JJS anti-takeover NN policy VBD was CD one NN reason IN that NN financing IN for DT the FW United FW Airlines FW takeover FW fell SYM through : -DT the NN event WDT that VBD triggered DT the NN market NN drop . . <s> <s> DT In JJ many NNS ways , , DT the NN backdrop TO to NNP Friday POS 's FW stock FW decline FW is FW eerily FW similar FW to FW that FW of FW October FW 1987 FW 's FW 508-point FW crash . . <s> <s> NN Then , , RB as RB now , , DT the FW budget FW debate FW was FW behind

    FW schedule FW and FW automatic FW spending FW cuts FW were FW within FW days FW of FW taking FW hold . . <s> <s> NNP The NNP Treasury VBD was VBN locked IN in DT a NN battle IN over JJ international JJ economic NN policy , , IN although IN at DT that NN time PRP it VBD was IN with JJ West JJ German NNS officials RB rather IN than DT the NNP Federal NNP Reserve . . <s> <s> FW And FW concern FW about FW official FW actions FW aimed FW at SYM takeovers : -RB then IN by DT the FW tax-writing FW House FW Ways FW and FW Means FW Committee

    FW rather FW than FW the FW Transportation FW Department FW -FW were FW making FW markets FW nervous . . <s> <s> FW The FW 1987 FW crash FW brought FW the FW Reagan FW administration FW and FW Democratic FW lawmakers TO to DT the NN table IN for DT the JJ first NN budget NN summit , , VBG resulting IN in DT a JJ two-year NN plan TO to VB reduce DT the NN deficit IN by JJR more IN than $ $ CD 76 CD billion : -RB even IN though DT the NN deficit RB actually VBD rose IN by RB nearly $ $ CD 12 CD billion IN during DT that

    NN period . . <s> <s> NN But , , WP$ barring LS further -RRB- drops IN in DT the NN market DT this NN week , , DT a JJ similar NN outcome VBZ does RB n't VBP seem RB likely DT this NN year . . <s> <s> NN Lawmakers CC and NN administration NNS officials VBP agree IN that NNP Friday POS 's NN drop , , IN by PRP itself , , VBZ is RB n't RB enough TO to VB force DT both RBS sides RB back TO to DT the NN table TO to VB try TO to VB reach DT a JJ deficit-reduction NN agreement WDT that MD would VB be RBR more

    JJ serious CC and JJR more FW far-reaching FW than FW last FW spring FW 's FW gimmick-ridden FW plan , , WDT which RB still VBZ is RB n't RB fully RBR implemented . . <s> <s> NN One IN of DT the JJS biggest NNS reasons IN that JJ new NNS talks VBP are RB n't JJ likely TO to VB come RB about VBZ is IN that , , IN as # everyone SYM learned IN in CD 1987 , , DT the NN economy CC and DT the NN market MD can VB survive DT a FW one-day FW 508-point FW tumble . . <s> <s> . `` '' Everybody VBD thought PRP we VBD were

    VBG looking IN at DT a NN repetition IN of CD 1929 , , WDT that PRP we VBD were VBG looking IN at DT a NN recession , , '' '' NNP Rep. NNP Panetta VBD said NN yesterday IN in DT an NN interview . . <s> <s> , `` WDT That VBD did RB not VB happen . . <s> <s> . They '' learned PRP they MD could VB survive PRP it IN without JJ much NN problem . . '' '' <s> <s> FW But FW administration FW officials FW privately FW agree FW with FW Mr. FW Panetta , , WP who VBD said DT a FW precipitous FW drop FW this FW week

    `` `` VBZ is VBG going TO to VB force DT the NN president CC and NNP Congress TO to VB take DT a FW much FW harder FW look FW at FW fiscal FW policy . . '' '' <s> <s> IN In DT that NN case , , EX there MD will VB be RP plenty IN of NN blame TO to VB go RP around . . <s> <s> `` `` EX There VBZ is DT an JJ underlying NN concern IN on DT the NN part IN of DT the JJ American NNS people : -CC and EX there MD should VB be RP IN that DT the NN administration VBZ has RB not

    VBN gone RB far RB enough IN in VBG cutting DT this NN deficit CC and IN that NNP Congress VBZ has VBN been RP unwilling TO to VB cut WP what DT the NN administration VBD asked PRP us TO to VB cut , , '' '' VBD said FW Senate FW Finance FW Committee FW Chairman FW Lloyd FW Bentsen -LRB- -LRBNNP D. , , NNP Texas -RRB- -RRB. . <s> <s> NN Nevertheless , , PRP it RB clearly MD will VB take JJR more IN than NNP Friday POS 's JJ 190-point NN decline TO to VB overcome DT the FW bitter FW feelings FW that FW have FW developed FW between FW lawmakers

    FW and FW White FW House FW Budget FW Director FW Richard FW Darman FW over FW the FW capital-gains FW fight . . <s> <s> NNP Hill NNPS Democrats VBP are RB particularly VBN angry IN over NNP Mr. NNP Bush POS 's NN claim IN that DT the JJ capital-gains NN cut VBD was NN part IN of NNP April POS 's NN budget NN accord CC and PRP$ his NN insistence IN on VBG combining PRP it IN with DT the JJ deficit-reduction NN legislation . . <s> <s> `` `` EX There VBZ is DT no NN prospect IN of DT any FW so-called FW grand FW compromise FW or FW deal JJ next NN year

    IN because DT the NN administration RB simply VBD did RB n't VB live RP up TO to DT this NN year POS 's NN deal , , '' '' FW Senate FW Majority FW Leader FW George FW Mitchell -LRB- -LRBNNP D. , , WP$ Maine -RRB- -RRBVBD said NN yesterday IN on NNP CBS NNP News POS 's `` `` PDT Face DT the NN Nation . . '' '' <s> <s> DT During JJ last NN week POS 's JJS maneuverings IN on DT the JJ deficit-cutting NN bill CC and DT the JJ capital-gains NN issue , , EX there VBD were NNS signs IN that NNP Senate NNPS Republicans CC and DT the

    NN administration VBD were IN at NNS odds . . <s> <s> IN At DT the FW very FW moment FW that FW Senate FW Republicans FW were FW negotiating FW a FW deal FW to FW exclude FW capital FW gains FW from FW the FW deficit-reduction FW legislation FW , FW White FW House FW spokesman FW Marlin FW Fitzwater FW told FW reporters WDT that PRP it VBD was DT the NN president POS 's NN policy TO to VB include PRP it . . <s> <s> IN When DT an NN agreement VBD was VBN reached TO to VB strip NN capital NNS gains IN from DT the NN legislation , , WP$ Oregon UH Sen.

    UH Bob UH Packwood , , DT the FW ranking FW GOP FW member FW of FW the FW tax-writing FW Senate FW Finance FW Committee , , '' hailed PRP it . . <s> <s> NN Asked IN if DT the NN administration VBD agreed , , PRP he LS curtly SYM replied : : `` `` DT The NN adminstration MD will VB have TO to VB speak IN for PRP itself . . '' '' <s> <s> NNP Friday POS 's NN market WDT tumble MD could VB spur NN action IN on PDT reconciling DT the NNP House CC and NNP Senate NNS versions IN of DT the JJ deficit-reduction NN measure , , DT a

    NN process WDT that VBZ is RB n't VBN expected TO to VB begin IN until NN tomorrow IN at DT the NN soonest . . <s> <s> . Senate '' Republicans VBD expressed DT the NN hope IN that DT the NNP House MD would VB follow DT the NN lead IN of DT the NNP Senate , , WDT which IN on NNP Friday VBD agreed TO to VB drop DT a NN variety IN of FW spending FW measures FW and FW tax FW breaks WDT that MD would VB have VBN increased DT the JJ fiscal CD 1990 NN deficit . . <s> <s> IN `` DT The NN market VBZ needs DT a FW strong

    FW signal FW that FW we FW 're FW serious FW about FW deficit FW reduction , , CC and DT the JJS best NN way TO to VB do WDT that VBZ is IN for DT the NNP House IN of VBG Representatives TO to VB strip PRP$ their NN bill '' '' IN of JJ similar NNS provisions , , FW Sen. FW Warren FW Rudman FW -LRBFW R. FW , FW N.H . . -RRB- -RRB. . '' said NN yesterday . . <s> <s> NNP The NNP White NNP House NNP Office IN of NNP Management CC and NNP Budget , , WP$ whose FW calculations FW determine FW whether FW the FW Gramm-Rudman

    FW targets FW are FW met , , VBN estimated IN that DT the FW House-passed FW deficit-reduction FW measure FW would FW cut FW the FW fiscal FW 1990 FW shortfall FW by $ $ CD 6.2 CD billion , , WP$ almost NN half IN of DT the FW Congressional FW Budget FW Office POS 's NN estimate IN of $ $ CD 11.0 CD billion . . <s> <s> . Rep. '' Panetta VBD said IN that NNP OMB POS 's NN figure MD would RB still VB be RB enough TO to VB avoid UH permanent UH across-the-board UH cuts , , CC but SYM added : : `` `` PRP We VBP 're VBG getting

    RB very VB close TO to DT the NNS margins RB here . . '' '' <s> <s> CD No CD one IN in NNP Washington VBD was JJ willing TO to VB take DT the NN blame IN for NNP provoking NNP Friday POS 's NN drop IN in DT the NN stock NN market . . <s> <s> IN But DT some NNS players VBD were VBN quick TO to VB seize DT the NN moment . . <s> <s> IN Before DT the NN sun VBD had VBN set IN on NNP Friday , , WP$ Richard UH Rahn , , DT the RBS supply-side JJ chief NN economist IN of DT the NNP U.S. NNP Chamber

    IN of NNP Commerce , , VBD issued DT a NN statement IN attributing DT the NN drop IN in NN stock NNS prices TO to DT the FW Senate FW decision FW to FW postpone FW action FW on FW capital FW gains . . <s> <s> NNP `` NNPS Investors , , WP who VBD had VBN been VBG holding NNS assets IN in NN anticipation IN of DT a RBR more JJ favorable NN time TO to VB sell , , VBD were UH spooked , , '' '' PRP he VBD said . . <s> <s> `` `` EX There VBP have VBN been FW many FW preposterous FW reasons FW advanced FW to FW support

    FW a FW capital-gains FW tax FW cut , , '' '' FW Sen. FW Mitchell FW said FW during FW his FW television FW appearance , , `` `` CC but PRP I VBP suggest WDT that VBZ is RB perhaps JJR more IN than DT any IN of DT the NNS others . . <s> <s> . The '' following NNP U.S. NNP Treasury , , JJ corporate CC and JJ municipal NNS offerings VBP are RB tentatively VBN scheduled IN for PDT sale DT this NN week , , VBG according TO to FW Dow FW Jones FW Capital FW Markets SYM Report : : <s> <s> IN $ $ 15.2 CD billion IN of JJ three-month

    CC and JJ six-month NNS bills . . <s> <s> JJ Two-year NNS notes , , VBG refinancing IN about $ $ CD 9.6 CD billion IN in DT maturing NN debt . . <s> <s> IN $ $ 9.75 CD billion IN of JJ 52-week NNS bills . . <s> <s> . Connecticut UH Light UH & UH Power SYM Co. : -<s> <s> CD Three CD million NNS shares IN of $ $ CD 25 -RRB- preferred , , WP$ via LS competitive LS bidding . . <s> <s> . B&H UH Crude UH Carriers SYM Ltd. : -<s> <s> CD Four CD million JJ common NNS shares , , FW via FW Salomon FW Brothers

    FW Inc . . <s> <s> NNP Baldwin NNP Technology NNP Co. : -<s> <s> CD 2.6 CD million FW Class FW A FW shares FW , FW via FW Smith FW Barney FW Harris FW Upham FW & FW Co . . <s> <s> NNP Blockbuster NNP Entertainment NNP Corp. : -<s> <s> CD $ CD 250 CD million -LRB- -LRBFW face FW amount FW -RRBFW Liquid FW Yield FW Option FW Notes FW , FW via FW Merrill FW Lynch FW Capital FW Markets . . <s> <s> NNP Chase NNP Manhattan NNP Corp. : -<s> <s> CD 14 CD million JJ common NNS shares , , IN via NNP Goldman , ,

    NNP Sachs CC & NNP Co . . <s> <s> NNP Comcast NNP Corp. : -<s> <s> CD $ CD 150 CD million JJ convertible NNS debentures , , IN via NNP Merrill NNP Lynch . . <s> <s> NNP CSS NNPS Industries : -<s> <s> CD 1.3 CD million JJ common NNS shares , , IN via NNP Merrill NNP Lynch . . <s> <s> . Eastern UH Utilities SYM Associates : -<s> <s> CD 1.5 CD million JJ common NNS shares , , IN via NNP PaineWebber NNP Inc . . <s> <s> . Employee UH Benefit UH Plans SYM Inc. : -<s> <s> CD Two CD million JJ common NNS shares , ,

    FW via FW Dean FW Witter FW Capital FW Markets . . <s> <s> NNP Exabyte NNP Corp. : -<s> <s> DT 2,850,000 JJ common NNS shares , , WP$ via LS Goldman LS Sachs . . <s> <s> NNP Knowledgeware NNP Inc. : -<s> <s> CD 2.4 CD million JJ common NNS shares , , WP$ via LS Montgomery LS Securities . . <s> <s> NN Oregon : -<s> <s> CD $ CD 100 CD million IN of FW general FW obligation FW veterans FW ' FW tax FW notes FW , FW Series FW 1989 FW , FW via FW competitive FW bid . . <s> <s> NN Washington , , SYM D.C. : --

    <s> <s> CD $ CD 200 CD million IN of FW 1990 FW general FW obligation FW tax FW revenue FW notes FW -LRBFW Series FW 1990A -RRB- -RRB, , IN via JJ competitive NN bid . . <s> <s> . Virginia UH Public UH School SYM Authority : -<s> <s> FW $ FW 55,730,000 FW of FW school FW financing FW bonds FW , FW 1989 FW Series FW B FW -LRBFW 1987 FW resolution -RRB- -RRB, , IN via JJ competitive NN bid . . <s> <s> NN Austin , , NNP Texas : -<s> <s> . $ '' 68,230,000 IN of JJ various NNS bonds , , VBG including $ $

    CD 32 CD million FW hotel FW occupancy FW tax FW revenue FW bonds FW , FW Series FW 1989A , , CC and $ $ FW 36.23 FW million FW convention FW center FW revenue FW bonds FW , FW Series FW 1989B FW , FW via FW a FW Morgan FW Stanley FW & FW Co. FW group . . <s> <s> . California UH Health UH Facilities UH Financing SYM Authority : -<s> <s> IN $ $ 144.5 CD million IN of FW Kaiser FW Permanente FW revenue FW bonds FW , FW via FW a FW PaineWebber FW group . . <s> <s> NN Connecticut : -<s> <s> CD $ CD 100 CD million

    IN of FW general FW obligation FW capital FW appreciation FW bonds FW , FW College FW Savings FW Plan FW , FW 1989 FW Series FW B FW , FW via FW a FW Prudential-Bache FW Capital FW Funding FW group . . <s> <s> . Pennsylvania UH Higher UH Education UH Facilities SYM Authority : -<s> <s> IN $ $ 117 CD million IN of NN revenue NNS bonds IN for FW Hahnemann FW University FW , FW Series FW 1989 FW , FW via FW a FW Merrill FW Lynch FW group . . <s> <s> . Tennessee UH Valley SYM Authority : -<s> <s> CD Three CD billion IN of NN power NNS bonds

    , , IN via NNP First NNP Boston NNP Corp . . <s> <s> NN University IN of FW Medicine FW And FW Dentistry FW of FW New SYM Jersey : -<s> <s> CD $ CD 55 CD million IN of FW Series FW C FW bonds FW , FW via FW a FW Prudential-Bache FW group . . <s> <s> FW West FW Virginia FW Parkways FW , FW Economic FW Development FW And FW Tourism SYM Authority : -<s> <s> IN $ $ 143 CD million IN of DT parkway NN revenue NNS bonds , , NNP Series CD 1989 , , IN via DT a NNP PaineWebber NN group . . <s> <s> NNP San

    NNP Antonio , , NNP Texas : -<s> <s> IN $ $ 640 CD million IN of FW gas FW and FW electric FW revenue FW refunding FW bonds FW , FW via FW a FW First FW Boston FW group . . <s> <s> FW South FW Dakota FW Health FW & FW Education FW Facility SYM Authority : -<s> <s> IN $ $ 51.1 CD million IN of FW Rapid FW City FW Regional FW Hospital FW bonds FW , FW via FW a FW Dougherty FW , FW Dawkins FW , FW Strand FW & FW Yost FW Inc. FW group . . <s> <s> FW Small FW investors FW matched FW their FW big

    FW institutional FW brethren FW in FW anxiety RP over DT the NN weekend , , CC but RBS most UH seemed TO to VB be VBG taking DT a JJS philosophical NN approach CC and VBD said PRP they VBD were VBN resigned TO to VB riding RP out DT the JJS latest NN storm IN in DT the NN stock NN market . . <s> <s> IN `` PRP I VBP 'm RB not VBG losing RP faith IN in DT the NN market , , '' '' VBD said FW Boston FW lawyer FW Christopher FW Sullivan FW as FW he PDT watched DT the NN market NN plunge IN on DT a JJ big NN screen

    IN in NN front IN of DT a NN brokerage NN firm . . <s> <s> IN But PRP he VBZ 's RB not FW so FW sure FW about FW everyone FW else . . <s> <s> IN `` PRP I VBP think IN on PDT Monday DT the JJ small -LRB- -LRBLS investors -RRB- -RRBVBP are VBG going TO to VB panic CC and VB sell , , '' '' -LRB- predicted NNP Mr. NNP Sullivan , , WP$ whose FW investments FW include FW AMR FW Corp. FW 's FW American FW Airlines FW unit FW and FW several FW mutual FW funds . . <s> <s> NN `` CC And PRP I VBP think

    NNS institutions VBP are VBG going TO to VB come IN in CC and VB buy : ... <s> <s> NNS I VBP 'm VBG going TO to VB hold RP on . . <s> <s> IN If PRP I VBP sell RB now , , PRP I MD 'll VB take DT a JJ big NN loss . . '' '' <s> <s> IN Some PDT evinced DT an NN optimism WDT that VBD had VBN been RP rewarded WRB when PRP they VBD did RB n't VB flee DT the NN market IN in CD 1987 . . <s> <s> . `` UH Oh , , PRP I VBP bet PRP it MD 'll VB be RP up

    CD 50 NNS points IN on NNP Monday , , '' '' VBD said FW Lucy FW Crump FW , FW a FW 78-year-old FW retired FW housewife FW in FW Lexington FW , FW Ky . . <s> <s> . Mrs. '' Crump VBD said PRP$ her FW Ashwood FW Investment FW Club FW 's FW portfolio FW lost FW about FW one-third FW of FW its FW value FW following FW the FW Black FW Monday FW crash , , `` `` UH but UH no UH one UH got UH discouraged , , CC and PRP we VBD gained IN that RB back : -CC and JJR more . . '' '' <s> <s> IN At

    DT the JJ annual NNS congress IN of DT the NNP National NNP Association IN of NNP Investors NNP Corp. IN at DT the FW Hyatt FW Regency FW hotel FW in FW Minneapolis , , DT the NN scene VBD was RP calm . . <s> <s> FW Some FW 500 FW investors FW representing FW investor FW clubs FW from FW around FW the FW U.S. FW were FW attending WRB when DT the NN market VBD started TO to # slide LS Friday . . <s> <s> . But UH Robert UH Showalter , , DT an NN official IN of DT the NN association , , VBD said DT no FW special FW bulletins FW or

    FW emergency FW meetings IN of DT the NNS investors POS ' NNS clubs VBP are VBN planned . . <s> <s> DT In NN fact , , DT some IN of DT the NN association POS 's NNS members : -LS long-term , , WP$ buy-and-hold SYM investors : -`` welcomed DT the NN drop IN in NNS prices . . <s> <s> IN `` PRP We VBP hope TO to VB take RP advantage IN of PRP it , , '' '' VBD said UH John UH Snyder , , DT a NN member IN of DT a FW Los FW Angeles FW investors FW ' FW club . . <s> <s> NN He VBZ has

    CD four NNS stocks IN in NN mind TO to VB buy IN if DT the NNS prices VBP drop TO to DT the NN level PRP he VBZ wants . . <s> <s> . Not '' everyone VBZ is UH reacting UH so UH calmly , , RB however , , CC and JJ many NN wonder IN about DT the JJ long-term NNS implications IN of WP what VBZ is RB widely VBN viewed IN as DT the NN cause IN of NNP Friday POS 's NN slide , , '' reluctance IN by NNS banks TO to VB provide NN financing IN for DT a NN buy-out IN of NNP UAL NNP Corp. , , NN parent

    IN of NNP United NNPS Airlines . . <s> <s> . Marc -RRB- Perkins , , DT a NN Tampa , , NNP Fla. , , WP$ investment UH banker , , VBD said DT the NN market NN drop VBZ is CD one IN of `` `` DT a JJ tremendous NN number IN of NNS signs IN that DT the FW leveraged FW take-out FW era FW is FW ending . . <s> <s> NN There VBZ 's DT no NN question IN that EX there VBZ 's DT a FW general FW distaste FW for FW leverage FW among FW lenders . . <s> <s> NNP '' NNP Mr. FW Perkins FW believes , , RB however

    , , IN that DT the NN market MD could VB be FW stabilized FW if FW California FW investor FW Marvin FW Davis FW steps FW back FW in TO to DT the NNP United NN bidding IN with DT an NN offer IN of $ $ CD 275 DT a NN share . . <s> <s> . Sara -RRB- Albert , , DT a FW 34-year-old FW Dallas FW law FW student , , VBZ says PRP she VBZ 's RB generally VBN skittish IN about DT the NN stock NN market CC and DT the NN takeover NN activity WDT that VBZ seems TO to VB fuel PRP it . . <s> <s> IN `` PRP I

    VBP have DT this NN feeling IN that PRP it VBZ 's VBN built IN on NN sand , , '' '' PRP she VBZ says , , IN that DT the NN market : rises `` `` CC but EX there VBZ 's DT no NN foundation TO to PRP it . . '' '' <s> <s> NN She CC and PRP$ her LS husband LS pulled RBS most IN of PRP$ their NNS investments RP out IN of DT the NN market IN after DT the CD 1987 NN crash , , FW although FW she FW still FW owns FW some FW Texaco FW stock . . <s> <s> NN Partly IN because IN of NN concern

    IN about DT the NN economy CC and FW partly FW because FW she FW recently FW quit FW her FW job FW as FW a FW legal FW assistant TO to VB go TO to NN school , , `` `` PRP I VBP think IN at DT this NN point PRP we VBP want TO to VB be DT a NN lot RBR more LS liquid . . '' '' <s> <s> FW Others FW wonder FW how FW many FW more FW of FW these FW shocks FW the FW small FW investor FW can FW stand . . <s> <s> IN `` PRP We PDT all FW assumed FW October FW '87 FW was FW a

    FW one-time FW shot , , '' '' VBD said FW San FW Francisco FW attorney FW David FW Greenberg . . <s> <s> IN `` PRP We VBD told DT the JJ little NN guy PRP it MD could RB only VB happen RB once IN in DT a NN lifetime , , VBN come IN on RB back . . <s> <s> IN Now PRP it VBZ 's VBG happening RB again . . '' '' <s> <s> . Mr. '' Greenberg VBD got RP out RB just IN before DT the CD 1987 NN crash CC and , , TO to PRP$ his NN regret , , RB never VBD went RB back RB even IN as

    DT the NN market VBD soared . . <s> <s> . This '' time PRP he VBZ 's JJ ready TO to VB buy IN in `` `` WRB when DT the FW panic FW wears FW off . . '' '' <s> <s> NN Still , , PRP he VBZ adds : : `` `` PRP We MD ca RB n't VB have DT this NN kind IN of FW thing FW happen FW very FW often . . <s> <s> IN When DT the FW little FW guy FW gets FW frightened , , DT the FW big FW guys FW hurt FW badly . . <s> <s> NNP Merrill NNP Lynch MD ca RB n't VB survive

    IN without DT the JJ little NN guy . . '' '' <s> <s> JJ Small NNS investors VBP have VBN tiptoed RP back IN into DT the NN market VBG following UH Black UH Monday , , CC but RB mostly IN through JJ mutual NNS funds . . <s> <s> DT Discount NN brokerage NNS customers `` `` VBP have VBN been IN in DT the NN market FW somewhat FW but FW not FW whole FW hog FW like PRP they VBD were CD two NNS years RB ago , , '' '' VBZ says UH Leslie UH Quick UH Jr. , , NN chairman IN of DT the FW Quick FW & FW Reilly FW discount

    FW brokerage FW firm . . <s> <s> . Hugo -RRB- Quackenbush , , FW senior FW vice FW president FW at FW Charles FW Scwhab FW Corp. FW , FW says FW Schwab FW customers FW `` FW have FW been FW neutral FW to FW cautious FW recently FW about FW stocks . . '' '' <s> <s> JJ Individual NNS investors VBP are RB still VBN angry IN about NN program NN trading , , NNP Mr. NNPS Quackenbush VBZ says . . <s> <s> . Avner -RRB- Arbel , , DT a FW Cornell FW University FW finance FW professor , , VBZ says NN government NNS regulators MD will VB have TO to JJR more

    FW closely FW control FW program FW trading TO to `` `` VB win RP back DT the NN confidence IN of DT the JJ small NN investor . . '' '' <s> <s> IN But PRP it VBZ 's RB not RB only DT the NN stock NN market WDT that VBZ has DT some JJ small NNS investors VBN worried . . <s> <s> . Alan -RRB- Helfman , , JJ general NNS sales NN manager IN of DT a FW Chrysler FW dealership FW in FW Houston , , VBD said PRP he CC and PRP$ his NNS mother VBP have DT some JJ joint NN stock NNS investments , , CC but DT the JJ overall

    NN economy VBZ is PRP$ his JJ chief NN worry . . <s> <s> FW `` FW These FW high FW rollers FW took FW a FW big FW bath FW today , , '' '' PRP he VBD said IN in PRP$ his NN showroom , , WDT which VBZ is IN within DT a JJ few NNS miles IN of DT the FW multi-million FW dollar FW homes FW of FW some FW of FW Houston FW 's FW richest FW citizens . . <s> <s> NN `` CC And PRP I MD can VB tell PRP you IN that DT a JJ high NN roller VBZ is RB n't VBG going TO to VB come IN in

    NN tomorrow CC and VB buy DT a FW Chrysler FW TC FW by FW Maserati . . '' '' <s> <s> NN And , , RB finally , , EX there VBD were DT the NN gloaters . . <s> <s> IN `` PRP I VBD got RP out IN in CD 1987 . . <s> <s> NN Everything , , '' '' VBD said UH Pascal UH Antori , , DT an NN Akron , , NNP Ohio , , FW plumbing FW contractor FW who FW was FW visiting FW Chicago FW and FW stopped FW by FW Fidelity FW Investments FW ' FW LaSalle FW Street FW office . . <s> <s> IN `` PRP I

    RB just VBN stopped IN by TO to VB see WRB how RB much PRP I MD would VB have VBN lost . . '' '' <s> <s> NNP Would NNP Mr. FW Antori FW ever FW get FW back FW in FW ? <s> <s> FW `` FW Are FW you FW kidding FW ! <s> <s> IN When PRP it VBZ comes TO to FW money FW : FW Once FW bitten FW , FW 2,000 FW times FW shy . . <s> <s> FW The FW crowded FW field FW for FW notebook-sized FW computers VBZ is RB about TO to VB become DT a NN lot RBR more LS crowded . . <s> <s> NNP Compaq

    NNP Computer NNP Corp. POS 's FW long-awaited FW entry FW today FW into FW the FW notebook FW field VBZ is VBN expected TO to VB put JJ immediate NN heat IN on NNS others IN in DT the NN market , , FW especially FW Zenith FW Electronics NNP Corp. , , DT the JJ current NN market NN leader , , CC and IN on DT a FW swarm FW of FW promising FW start-ups . . <s> <s> NNP Compaq POS 's NN series IN of FW notebooks FW extends FW a FW trend FW toward FW downsizing IN in DT the JJ personal NN computer NN market . . <s> <s> FW One FW manufacturer

    FW already FW has FW produced FW a FW clipboard-sized FW computer FW called FW a FW notepad , , CC and CD two NNS others VBP have VBN introduced RB even JJR smaller `` `` UH palmtops . . '' '' <s> <s> FW But FW those FW machines FW are FW still FW considered FW novelties FW , FW with FW keyboards FW only FW a FW munchkin FW could FW love FW and FW screens TO to VB match . . <s> <s> NNP Compaq POS 's UH notebooks , , IN by NN contrast , , MD may VB be DT the JJ first IN in PRP$ their FW weight FW class FW not FW to

    FW skimp FW on FW features FW found FW in FW much FW bigger FW machines . . <s> <s> NNS Analysts VBP say PRP they VBP 're FW faster FW and FW carry FW more FW memory FW than FW anything FW else IN of PRP$ their NN size IN on DT the NN market : -CC and PRP they VBP 're VBN priced RB aggressively IN at $ $ CD 2,400 TO to $ $ CD 5,000 . . <s> <s> NN All IN of DT this VBZ comes IN in DT a NN machine IN that FW weighs FW only FW six FW pounds FW and FW fits FW comfortably FW into FW most FW briefcases

    . . <s> <s> DT In JJ recent NNS months , , NNP Compaq POS 's NN competition , , VBG including UH Zenith , , NNP Toshiba NNP Corp. , , FW Tandy FW Corp. FW and FW NEC FW Corp. FW all FW have FW introduced FW portables FW that FW weigh PDT approximately DT the JJ same CC and WDT that VBP are VBN called SYM notebooks : -LS perhaps LS misleadingly . . <s> <s> DT One NN analyst , , VBG noting DT that RBS most JJ such NNS machines VBP are RB about CD two SYM inches UH thick , , WP$ takes UH exception TO to DT the NN name . .

    <s> <s> . `` '' This VBZ is RB n't FW quite FW a FW notebook FW -FW I FW call FW it FW a FW phonebook , , '' '' PRP he VBZ says . . <s> <s> NN That MD ca RB n't VB be VBN said IN of DT the $ $ FW 2,400 FW notepad FW computer FW introduced FW a FW few FW weeks FW ago FW by FW GRiD FW Systems NNP Corp. , , DT a NN unit IN of NNP Tandy . . <s> <s> NN Instead IN of DT a NN keyboard , , PRP it FW features FW a FW writing FW surface , , DT an JJ electronic

    NN pen CC and DT the NN ability TO to `` `` FW read FW '' FW block FW printing . . <s> <s> CD At CD 4 CD 1\/2 NNS pounds , , PRP it MD may VB be UH too UH ambitiously UH named , , CC but PRP it MD nevertheless VB opens RP up DT the NN kind IN of FW marketing FW possibilities FW that FW make FW analysts FW froth . . <s> <s> NNS Palmtops VBP are RB n't RB far RBR behind . . <s> <s> NNP Atari NNP Corp. POS 's NN Portfolio , , VBN introduced IN in $ Europe CD two NNS months RB ago CC and IN in

    DT the NNP U.S. IN in JJ early NNP September , , WP$ weighs JJR less IN than DT a NN pound , , FW costs FW a FW mere FW $ FW 400 FW and FW runs FW on FW three FW AA FW batteries , , RB yet VBZ has DT the NN power TO to VB run DT some FW spreadsheets FW and FW word FW processing FW programs . . <s> <s> . Some -RRB- critics , , RB however , , VBP say PRP$ its NN ability TO to # run LS commonplace EX programs VBZ is VBN restricted IN by DT a JJ limited NN memory . . <s> <s> NNP Poquet NNP Computer

    NNP Corp. , , RB meanwhile , , VBZ has FW introduced FW a FW much FW more FW sophisticated FW palmtop FW that FW can FW run FW Lotus FW 1-2-3 FW and FW other FW sophisticated FW software FW programs , , CC but $ costs CD five NNS times IN as JJ much . . <s> <s> DT At NN stake VBZ is WP what UH Mike UH Swavely , , NNP Compaq POS 's NN president IN of NNP North NNP America NNS operations , , VBZ calls `` `` DT the RBS Holy SYM Grail IN of DT the NN computer . industry '' '' : -DT the NN search IN for `` ``

    DT a JJ real NN computer IN in DT a NN package . so '' small PRP you MD can VB take PRP it VBD everywhere . . '' '' <s> <s> DT The NN market VBZ is RB so JJ new , , FW nobody FW knows FW yet FW how FW big PRP it MD can VB be . . <s> <s> IN `` PRP I VBP 've VBN had DT a NN lot IN of NNS people VBG trying TO to VB sell PRP me VBP services TO to VB find RP out WRB how JJ big PRP it VBZ is , , '' '' VBZ says UH Tom UH Humphries , , NN director IN of

    NN marketing IN for NNS GRiD . . <s> <s> . `` '' Whether PRP it VBZ 's $ $ CD 5 CD billion CC or $ $ CD 3.5 CD billion , , PRP it VBZ does RB n't RBR matter . . <s> <s> NNP It POS 's JJ huge . . '' '' <s> <s> IN Consider DT the NN growth IN of NNP portables , , WDT which RB now $ comprise CD 12 NN % IN of DT all JJ personal NN computer NNS sales . . <s> <s> NN Laptops : -LS generally FW anything FW under FW 15 FW pounds FW -FW have FW become FW the FW fastest-growing FW personal

    FW computer FW segment , , IN with NNS sales IN doubling DT this NN year . . <s> <s> NN Responding TO to DT that NN demand , , RB however , , VBZ has VBN led TO to DT a NN variety IN of NNS compromises . . <s> <s> FW Making FW computers FW smaller FW often FW means FW sacrificing FW memory . . <s> <s> VBZ It RB also VBZ has TO precluded VB use IN of DT the RBR faster , , FW more FW powerful FW microprocessors FW found FW in FW increasing FW numbers FW of FW desktop FW machines . . <s> <s> NN Size CC and FW weight FW considerations

    FW also FW have FW limited FW screen FW displays . . <s> <s> FW The FW competitive FW sniping FW can FW get FW pretty FW petty FW at FW times . . <s> <s> . A UH Poquet UH spokesman , , IN for NN example , , FW criticizes FW the FW Atari FW Portfolio FW because FW it FW requires FW three FW batteries FW while FW the FW Poquet FW needs FW only FW two . . <s> <s> FW Both FW palmtops FW are FW dismissed FW by FW notebook FW makers , , WP who VBP argue IN that PRP they VBP 're RB too JJ small : -FW a FW problem

    FW Poquet FW also FW encountered FW in FW focus FW groups FW , FW admits FW Gerry FW Purdy , , NN director IN of NN marketing . . <s> <s> NN Poquet , , VBG trying TO to VB avoid DT the `` `` UH gadget UH '' UH label , , VBD responded IN with DT the JJS tag NN line , , `` `` FW The FW Poquet FW PC FW -FW a FW Very FW Big FW Computer . . '' '' <s> <s> IN Despite DT the NN sniping , , WP$ few PDT question DT the NN inevitability IN of DT the NN move TO to JJ small NNS machines WDT that

    VBP do RB n't VB make RP compromises . . <s> <s> IN Toward DT that NN end , , WDT experts VBP say DT the JJ real NN battle MD will VB take FW place FW between FW center-stage FW players FW like FW Toshiba FW , FW Zenith FW and FW now FW Compaq . . <s> <s> NNP Compaq POS 's JJ new NNS machines VBP are VBN considered DT a FW direct FW threat FW to FW start-up FW firms FW like FW Dynabook NNP Inc. , , WDT which VBD introduced IN in PDT June DT a NN computer IN that , , IN like NNP Compaq POS 's , , FW uses FW an

    FW Intel FW 286 FW microprocessor FW and FW has FW a FW hard FW disk FW drive . . <s> <s> IN But DT the FW Dynabook FW product FW is FW twice FW as FW heavy FW and FW costs FW more FW than FW Compaq FW 's . . <s> <s> NNP Compaq POS 's FW announcement FW also FW spells FW trouble FW for FW Zenith , , WDT which JJ last NN year VBD had CD 28 NN % IN of DT the NNP U.S. POS laptop NN market CC but RB recently VBN agreed TO to VB sell PRP$ its NN computer NN business TO to FW Cie. FW des FW Machines FW Bull

    , , DT the FW French FW government-owned FW computer FW maker . . <s> <s> JJ Zenith NNS holders MD will VB vote IN in NNP December IN on DT the VBN proposed $ $ CD 635 CD million NN sale , , DT a NN price WDT that MD could VB slip IN because PRP it VBZ is VBN pegged TO to # Zenith POS 's NN share CC and NNS sales . . <s> <s> NN Compaq VBZ is RB already FW taking FW aim FW at FW Zenith POS 's NN market NN share . . <s> <s> . Rod -RRB- Canion , , NNP Compaq POS 's NN president CC and JJ chief NN executive

    NN officer , , FW notes FW pointedly FW that FW Zenith FW 's FW $ FW 2,000 FW MinisPort FW uses FW an FW `` FW unconventional FW '' FW two-inch FW floppy FW disk FW , FW whereas FW Compaq FW 's FW new FW machines FW use FW the FW more FW common FW 3 FW 1\/2-inch FW disk . . <s> <s> . John UH P. UH Frank , , NN president IN of FW Zenith FW Data FW Systems FW , FW simply FW shrugs FW off FW such FW criticism FW , FW noting FW that FW 3 FW 1\/2-inch FW floppies FW were FW also FW `` FW unconventional FW '' FW when

    FW they FW first FW replaced FW five-inch FW disks . . <s> <s> IN `` PRP We VBP do RB n't VB look IN at PRP it RB as RB not VBG being DT a NN standard , , PRP we VBP look IN at PRP it IN as DT a JJ new NN standard , , '' '' PRP he VBZ argues . . <s> <s> NNS Analysts VBP do RB n't VB see PRP it IN that NN way . . <s> <s> IN `` PRP I MD ca RB n't VB imagine IN that PRP you MD 'll VB talk TO to FW anyone FW who FW wo FW n't FW tell FW you FW this

    FW is FW dynamite FW for FW Compaq FW and FW a FW stopper FW for FW everyone FW else , , '' '' VBZ says UH Gene UH Talsky , , NN president IN of FW Professional FW Marketing FW Management FW Inc . . <s> <s> FW Adds FW Bill FW Lempesis FW , FW senior FW industry FW analyst FW for FW DataQuest FW , FW a FW high-technology FW market FW research SYM firm : : `` `` PRP We MD basically VB think IN that DT these VBP are RB very JJ hot NNS products . . <s> <s> DT The NN problem WDT Compaq VBZ is VBG going TO to VB have VBZ is

    IN that PRP they MD wo RB n't VB be JJ able TO to VB make RB enough IN of PRP them . . '' '' <s> <s> NNP Compaq POS 's NNS machines VBP include DT the FW 3 FW 1\/2-inch FW floppy FW disk FW drive FW , FW a FW backlit FW screen FW that FW is FW only FW 1\/4-inch FW thick FW and FW an FW internal FW expansion FW slot FW for FW a SYM modem : -IN in JJ other NNS words , , WP$ almost PDT all DT the NN capabilities IN of DT a JJ typical NN office NN machine . . <s> <s> , Others WDT undoubtedly MD will

    VB follow , , CC but RBS most FW analysts FW believe FW Compaq FW has FW at FW least FW a FW six-month FW lead IN on DT the NN competition . . <s> <s> NNP Toshiba POS 's NN line IN of NNP portables , , IN for NN example , , WRB features DT the NN T-1000 , , WDT which VBZ is IN in DT the FW same FW weight FW class FW but FW is FW much FW slower FW and FW has FW less FW memory , , CC and DT the NN T-1600 , , WDT which FW also FW uses FW a FW 286 FW microprocessor FW , FW but FW which

    FW weighs FW almost FW twice FW as FW much FW and FW is FW three PDT times DT the NN size . . <s> <s> DT A JJ third NN model , , VBN marketed IN in NNP Japan , , MD may VB hit DT the NNP U.S. IN by DT the NN end IN of DT the JJ first NN quarter IN of CD 1990 , , CC but IN by RB then , , NNS analysts VBP say , , WDT Compaq MD will VB have VBN established RP itself IN as CD one IN of CD three JJ major NNS players . . <s> <s> NN What IN about # Big LS Blue . ?

    <s> <s> NNP International NNP Business NNPS Machines NNP Corp. , , NNS analysts VBP say , , VBZ has VBN been RP burned RB twice IN in VBG trying TO to VB enter DT the JJ laptop NN market CC and VBZ shows DT no NNS signs IN of VBG trying TO to VB get FW into FW notebooks FW anytime FW soon . . <s> <s> NNP Honeywell NNP Inc. CC and NNP International FW Business FW Machines FW Corp. FW received FW Air FW Force FW contracts FW to FW develop FW integrated FW circuits FW for FW use FW in FW space . . <s> <s> NNP Honeywell POS 's NN contract VBD totaled $ $

    CD 69.7 CD million , , CC and NNP IBM POS 's $ $ CD 68.8 CD million . . <s> <s> NNP Boeing NNP Co. VBD received DT a $ $ FW 46.7 FW million FW Air FW Force FW contract FW for FW developing FW cable FW systems FW for FW the FW Minuteman FW Missile . . <s> <s> NNP General NNP Dynamics NNP Corp. VBD received DT a $ $ CD 29 CD million FW Air FW Force FW contract FW for FW electronic-warfare FW training FW sets . . <s> <s> NNP Grumman NNP Corp. VBD received DT an $ $ FW 18.1 FW million FW Navy FW contract FW to FW upgrade FW aircraft

    FW electronics . . <s> <s> NNP Avco NNP Corp. VBD received DT an $ $ CD 11.8 CD million FW Army FW contract FW for FW helicopter FW engines . . <s> <s> JJ Sharp NNS increases IN in DT the NN price IN of FW fresh FW produce FW caused FW Spain FW 's FW September FW consumer FW price FW index TO to VB shoot RP up PRP$ 1.1 NN % IN from DT the JJ previous NN month , , VBG pushing DT the JJ annual NN rate IN of NN inflation TO to CD 6.8 NN % , , DT the NNP National NNP Institute IN of PRP Statistics VBD said NNP Friday . .

    <s> <s> DT The JJ monthly NN increase VBZ is DT the JJS highest NN recorded IN in DT the JJ past CD four NNS years . . <s> <s> DT The NN index , , WDT which LS registered -RRB- 156.8 IN at DT the NN end IN of NNP September , , VBZ has DT a NN base IN of CD 100 NN set IN in CD 1983 CC and VBZ is RB n't RB seasonally VBN adjusted . . <s> <s> NNS Prices VBP have VBN risen PRP$ 5.9 NN % IN in DT the JJ first CD nine NNS months IN of DT the NN year , , FW outstripping FW both FW the FW initial

    FW 3 FW % FW inflation FW goal FW set IN by DT the NN government IN of FW Socialist FW Prime FW Minister FW Felipe FW Gonzalez CC and DT the JJ second , , WP$ revised NN goal IN of CD 5.8 NN % . . <s> <s> NNP Japan POS 's JJ wholesale NNS prices IN in NNP September VBD rose CD 3.3 NN % IN from DT a NN year RBR earlier CC and VBD were RP up PRP$ 0.4 NN % IN from DT the JJ previous NN month , , DT the NNP Bank IN of NNP Japan VBD announced NNP Friday . . <s> <s> FW The FW wholesale FW price FW index

    FW stood FW at FW 90.1 , , VBN compared IN with DT a CD 1985 NN base IN of CD 100 . . <s> <s> NN Plunge . ? <s> <s> DT What NN plunge . ? <s> <s> NNP Twenty-four NNP New NNP York FW Stock FW Exchange FW issues FW hit FW 52-week FW highs FW during NNP Friday POS 's NN trading , , IN despite DT the FW Dow FW Jones FW Industrial FW Average FW 's FW 190.58-point FW plunge . . <s> <s> NN Stocks IN of FW utilities FW held FW up FW relatively FW better FW than FW other FW market FW sectors PDT during DT the NN sell-off . .

    <s> <s> NN And IN among DT the FW issues FW hitting FW new FW highs FW were FW Detroit FW Edison FW Co. FW and FW Niagara FW Mohawk FW Power FW Corp . . <s> <s> FW Other FW major FW issues FW hitting FW highs FW included FW American FW Telephone FW & FW Telegraph NNP Co. , , NNP Westinghouse NNP Electric NNP Corp. , , NNP Exxon NNP Corp. CC and NNP Cigna NNP Corp. , , DT the JJ big NN insurer . . <s> <s> DT Of NN course , , JJ many JJR more NNS issues : -LS 93 : -LS hit LS new LS lows . . <s> <s>

    FW These FW included FW International FW Business FW Machines NNP Corp. , , WDT which FW during FW Friday FW 's FW session FW traded FW below $ $ CD 100 DT a NN share IN for DT the JJ first NN time IN since $ June CD 1984 . . <s> <s> NN IBM VBD closed IN at $ $ CD 102 , , RB down $ $ CD 5.625 . . <s> <s> FW Other FW new FW lows FW included FW Navistar FW International FW Corp. FW , FW Union FW Carbide FW Corp. FW and FW Bethlehem FW Steel NNP Corp. , , DT all IN of WDT which VBP are VBN included IN in

    DT the JJ industrial NN average . . <s> <s> NN Meanwhile , , FW two FW initial FW public FW offerings FW braved FW the FW cascading FW market FW in FW their FW maiden FW day FW of FW national FW over-the-counter FW trading FW Friday . . <s> <s> NN Shares IN of NNP Rally POS 's NNP Inc. , , DT an NN operator IN of # fast-food UH restaurants , , VBD closed IN at $ $ CD 17 -RRB- each , , RB up IN from PRP$ its $ $ CD 15 NN offering NN price CC and NNS shares IN of FW Employee FW Benefit FW Plans NNP Inc. , , DT a

    JJ health-care NN consultant , , VBD closed IN at $ $ CD 14.125 , , RB up IN from PRP$ its $ $ CD 12 NN offering NN price . . <s> <s> NNP Ford NNP Motor NNP Co. VBD said PRP it VBD acquired CD 5 NN % IN of DT the NNS shares IN in NNP Jaguar NNP PLC . . <s> <s> NN Jaguar , , DT the NNP London NNP Stock NNP Exchange CC and DT the NNP U.S. NNPS Securities CC and NNP Exchange NNP Commission VBP are VBG being RP notified IN of DT the NNS transactions , , DT the NN company VBD said . . <s> <s> NNP The NNP U.S.

    FW Federal FW Trade FW Commission FW advised FW Ford JJ last NN week IN that PRP it MD would RB n't VB raise DT any NN objection TO to DT the NN acquisition IN of RB as RB much IN as CD 15 NN % IN of NNP Jaguar NNS shares . . <s> <s> FW The FW No. FW 2 FW auto FW maker FW disclosed JJ last NN month IN that PRP it VBZ wants TO to VB buy IN as JJ much IN as CD 15 NN % IN of DT the JJ British NN luxury-car NN maker , , DT the FW maximum FW allowed FW under FW current FW United FW Kingdom FW government

    FW restrictions . . <s> <s> NNP General NNPS Motors NNP Corp. VBD said PRP it VBD had VBN discussed DT the NN possibility IN of DT a FW joint FW venture FW with FW Jaguar FW before FW Ford FW began FW buying FW shares . . <s> <s> NN GM VBD said PRP it RB still VBZ is VBG talking IN with NNP Jaguar IN about VBG acquiring DT a NN minority NN interest . . <s> <s> , Investors WP who VBD bought NN stock IN with # borrowed SYM money : -WDT that VBZ is , , `` `` FW on FW margin '' '' : -MD may VB be JJR more FW worried

    FW than FW most FW following NNP Friday POS 's NN market NN drop . . <s> <s> NN That VBZ 's IN because PRP$ their NNS brokers MD can VB require PRP them TO to VB sell DT some NNS shares CC or VB put RP up JJR more NN cash TO to VB enhance DT the RBS collateral PDT backing PRP$ their NNS loans . . <s> <s> NNP In NNP October CD 1987 , , DT these NN margin NNS calls VBD were VBN thought TO to VB have VBN contributed TO to DT the JJ downward NN spiral IN of DT the NN stock NN market . . <s> <s> NN Typically , , DT a

    FW margin FW call FW occurs WRB when DT the NN price IN of DT a NN stock VBZ falls IN below CD 75 NN % IN of PRP$ its JJ original NN value . . <s> <s> IN If DT the NN investor VBZ does RB n't VB put RP up DT the JJ extra NN cash TO to VB satisfy DT the NN call , , DT the NN brokerage NN firm MD may VB begin PDT liquidating DT the NNS securities . . <s> <s> IN But DT some JJ big NN brokerage NNS firms VBD said PRP they VBP do RB n't VBP expect JJ major NNS problems IN as DT a NN result IN of

    # margin LS calls . . <s> <s> . Margin UH calls UH since UH Friday `` `` VBP have VBN been JJR higher IN than JJ usual , , CC but JJ reasonable , , '' '' DT a NN spokesman IN for NNP Shearson NNP Lehman NNP Hutton NNP Inc. VBD said . . <s> <s> FW Merrill FW Lynch FW & FW Co. FW officials FW `` FW do FW n't FW expect FW -LCBFW margin FW calls -RRB- -RCBTO to VB be IN as FW big FW a FW factor FW as FW in FW 1987 FW '' FW because FW fewer FW individual FW investors FW are FW buying FW stock FW on

    FW margin , , DT a NN spokesman VBD said . . <s> <s> . Hugo -RRB- Quackenbush , , FW senior FW vice FW president FW at FW Charles FW Schwab NNP Corp. , , DT the FW San FW Francisco-based FW discount FW brokerage FW firm , , VBD said PRP he VBD did RB n't FW expect FW any FW immediate FW problems FW with FW margin FW calls FW for FW Schwab FW customers . . <s> <s> NN He VBD said FW Schwab FW had FW increased FW margin FW requirements FW `` FW so FW customers FW have JJR more IN of DT a NN cushion . . '' '' <s> <s> . He

    -RRB- added : : `` `` PRP We VBD learned DT a NN lesson IN in CD 1987 IN about NN volatility . . <s> <s> NNP Avis NNP Inc. , , FW following FW rival FW Hertz NNP Corp. POS 's NN lead , , VBD said PRP it VBZ is VBG backing RP out IN of FW frequent-flier FW programs FW with FW three FW airlines . . <s> <s> NNP The NNP Garden NNP City , , NNP N.Y. , , WP$ car-rental NN company VBD said PRP it MD wo RB n't FW renew FW contracts FW with FW NWA FW Inc. FW 's FW Northwest FW Airlines FW unit FW , FW Pan FW Am

    FW Corp. FW 's FW Pan FW American FW World FW Airways FW unit FW and FW Midway FW Airlines IN at DT the NN end IN of DT this NN year . . <s> <s> IN But PRP it VBZ remains VBN involved IN in NNS programs IN with NNP AMR NNP Corp. POS 's FW American FW Airlines FW unit FW and FW Delta FW Air FW Lines . . <s> <s> FW Industry FW estimates FW put FW Avis POS 's JJ annual NN cost IN of DT all CD five NNS programs IN at IN between $ $ CD 8 CD million CC and $ $ CD 14 CD million . . <s> <s> DT A

    NN spokesman IN for PRP Avis MD would RB n't VB specify DT the NNS costs CC but VBD said DT the FW three FW airlines FW being FW dropped FW account FW for FW `` FW far FW less FW than FW half '' '' IN of DT the NN total . . <s> <s> FW Budget FW Rent FW a FW Car NNP Corp. , , IN of NNP Chicago , , CC and NNP National FW Car FW Rental FW Systems NNP Inc. , , IN of NNP Minneapolis , , CC both VBD said PRP they VBD had DT no NNS plans TO to VB follow NN suit . . <s> <s> DT In NN fact

    , , WDT Budget VBD indicated PRP it VBD saw DT some NN benefit TO to VB staying VBN involved IN in DT these NNS programs , , IN in WDT which FW renters FW earn FW frequent-flier FW miles FW and FW fliers FW can FW get FW car-rental FW discounts . . <s> <s> IN `` PRP I MD can RB not VB see WRB how DT this NN news IN by FW Hertz FW and FW Avis FW can FW not FW benefit FW Budget POS 's NNS programs , , '' '' VBD said UH Bob UH Wilson , , NNP Budget POS 's NN vice NN president , , WP$ marketing LS planning . .

    <s> <s> NN Northwest CC and EX Midway VBP are CD two IN of DT the FW five FW airlines FW with FW which FW Budget FW has FW agreements . . <s> <s> VBZ National RB also VBN participates IN in DT the FW Northwest FW frequent-flier FW program FW along FW with FW four FW other FW airlines FW , FW including FW Delta FW and FW USAir FW Group NNP Inc. POS 's JJS USAir NN unit . . <s> <s> DT A NN month RB ago , , UH Hertz , , IN of # Park UH Ridge , , NNP N.J. , , VBD said IN that PRP it MD would VB drop PRP$ its

    NN marketing NNS agreements IN at NN year NN end IN with NNP Delta , , NNP America NNP West CC and NNP Texas NNP Air NNP Corp. POS 's NNP Continental NNPS Airlines CC and NNP Eastern NNPS Airlines , , CC and DT that NN pacts IN with NNP American NNPS Airlines , , NNP UAL NNP Inc POS 's NNP United NNPS Airlines CC and RBS USAir RB also MD would VB be FW ended FW ... FW sometime FW after FW Dec. FW 31 . . <s> <s> IN At DT the NN time , , WDT Hertz VBD said PRP$ its JJ annual NNS fees TO to # those UH airlines UH amounted TO to

    $ $ CD 20 CD million CC and IN that DT the NN value IN of FW redeemed FW awards FW topped $ $ CD 15 CD million . . <s> <s> NN Analysts CC and NNS competitors , , RB however , , WRB doubt DT the NNS numbers VBD were IN that JJ high . . <s> <s> NN Budget VBD said PRP$ its JJ frequent-flier NNS costs VBP are `` `` FW substantially FW below FW '' FW Avis POS 's NN level . . <s> <s> . Robert UH D. UH Cardillo , , WP$ Avis NN vice NN president IN of NN marketing , , VBD said , , `` `` FW The FW proliferation

    FW and FW costs FW attached FW to FW -LCBFW frequent-flier FW programs FW -RCBFW have FW significantly FW diminished PRP$ their NN value . . '' '' <s> <s> DT This NN year VBZ has VBN been FW difficult FW for FW both FW Hertz FW and FW Avis FW , FW said FW Charles FW Finnie FW , FW car-rental FW industry FW analyst FW at FW Alex FW . FW Brown FW & FW Sons . . <s> <s> IN `` PRP They VBP 've VBN been VBG looking TO to VB get PRP$ their NNS costs RB down , , CC and DT this VBZ is DT a FW fairly FW sensible FW way

    TO to VB do PRP it , , '' '' PRP he VBD said . . <s> <s> NNP CBS NNP Inc. VBZ is VBG cutting `` `` FW The FW Pat FW Sajak FW Show '' '' RB down TO to CD one NN hour IN from PRP$ its JJ current CD 90 NNS minutes . . <s> <s> IN CBS PDT insisted DT the NN move VBD was RB n't DT a NN setback IN for DT the NN program , , WDT which VBZ is DT the NN network POS 's JJ first NN entry IN into DT the FW late-night FW talk FW show FW format FW since FW 1972 . . <s> <s> IN ``

    PRP I VBP have FW every FW intention FW of FW making FW this FW the FW best FW possible FW show FW and FW having FW it FW run FW one FW hour VBZ is DT the JJS best NN way TO to PRP it , , '' '' VBD said UH Rod UH Perth , , WP who VBD was VBN named NN vice NN president IN of JJ late NN night NN entertainment IN in NNP August . . <s> <s> IN `` DT This MD will VB raise DT the NN energy NN level IN of DT the NN show . . '' '' <s> <s> NN CBS MD will VB continue TO to # program

    UH action-adventure UH shows TO to VB follow DT the RBS Sajak LS hour . . <s> <s> NNP But NNP CBS NNP News MD will VB extend PRP$ its FW four-hour FW `` FW Nightwatch FW '' FW by FW 30 FW minutes FW and FW begin FW at FW 1:30 FW a.m . . <s> <s> DT The NN show , , FW despite FW a FW promising FW start FW , FW has FW slipped FW badly FW in FW the FW weekly FW ratings FW as FW compiled FW by FW A.C. FW Nielsen FW Co. FW , FW finishing FW far FW below FW `` FW Tonight '' '' IN on NNP NBC , ,

    DT a NN unit IN of NNP General NNP Electric NNP Co. , , CC and `` `` UH Nightline '' '' IN on NNP ABC-TV , , DT a NN unit IN of FW Capital FW Cities\/ABC FW Inc . . <s> <s> FW Further FW fractioning FW the FW late-night FW audience VBZ is DT the NN addition IN of DT the `` `` UH Arsenio UH Hall UH Show , , '' '' FW syndicated FW by FW Paramount FW Communications FW Inc . . <s> <s> . Tandem '' Computers NNP Inc. , , VBG preparing TO to VB fight IN with NNP International NNP Business NNPS Machines NNP Corp. IN for DT a NN piece

    IN of DT the NN mainframe NN business , , VBD said PRP it VBZ expects TO to VB post JJR higher NN revenue CC and NNS earnings IN for PRP$ its FW fiscal FW fourth FW quarter FW ended FW Sept. FW 30 . . <s> <s> NN Tandem VBD said PRP it VBZ expects TO to VB report NN revenue IN of IN about $ $ CD 450 CD million CC and NNS earnings IN of CD 35 NNS cents TO to CD 40 NNS cents DT a NN share . . <s> <s> JJ The NNS results , , WDT which VBP are IN in NN line IN with NNS analysts POS ' NNS estimates , ,

    WP$ reflect `` `` DT a JJ continued NN improvement IN in PRP$ our NNP U.S. NN business , , '' '' VBD said UH James UH Treybig , , NNP Tandem POS 's JJ chief NN executive NN officer . . <s> <s> IN In DT the JJ year-earlier NN period , , WDT Tandem VBD reported JJ net NN income IN of $ $ CD 30.1 CD million , , CC or CD 31 NNS cents DT a NN share , , IN on NN revenue IN of $ $ CD 383.9 CD million . . <s> <s> NN Tandem VBZ expects TO to VB report DT the JJ full NNS results IN for DT the NN quarter

    JJ next NN week . . <s> <s> NNS Analysts VBP have VBN predicted IN that DT the NNP Cupertino , , NNP Calif. , , NN company MD will VB report NN revenue IN of $ $ CD 430 CD million TO to $ $ CD 460 CD million CC and NNS earnings IN of CD 35 NNS cents TO to CD 40 NNS cents DT a NN share . . <s> <s> NN Commenting IN on DT the NNS results IN for DT the NN quarter , , NNP Mr. NNPS Treybig VBD said DT the NN strength IN of DT the NN company POS 's JJ domestic NN business VBD came IN as `` `` DT a

    NN surprise '' '' TO to PRP him , , VBG noting IN that NNS sales `` `` IN in DT every NN region IN of DT the NNP U.S. VBD exceeded PRP$ our NN plan . . '' '' <s> <s> DT The NN company POS 's NNP U.S. NN performance VBD was VBN helped IN by `` `` DT a NN record NN quarter IN for JJ new NNS customers , , '' '' PRP he VBD said . . <s> <s> NN Tandem VBZ makes `` `` FW fault-tolerant FW '' FW computers FW -FW machines FW with FW built-in FW backup FW systems FW -FW that FW run FW stock FW exchanges FW ,

    FW networks FW of FW automatic FW tellers FW and FW other FW complex FW computer FW systems . . <s> <s> IN Tomorrow DT the NN company VBZ is VBN scheduled TO to VB announce PRP$ its RBS most UH powerful UH computer UH ever , , WDT which IN for DT the JJ first NN time MD will VB bring PRP it FW into FW direct FW competition FW with FW makers FW of FW mainframe FW computers . . <s> <s> NNP Tandem POS 's FW new FW high-end FW computer FW is FW called FW Cyclone . . <s> <s> NN Prices IN for DT the NN machine , , WDT which MD can VB come

    IN in # various UH configurations , , VBP are $ $ CD 2 CD million TO to $ $ CD 10 CD million . . <s> <s> TO Analysts VB expect DT the JJ new NN computer TO to FW wrest FW a FW hefty FW slice FW of FW business FW away FW from FW IBM , , DT the JJ longtime NN leader IN in NNS mainframes . . <s> <s> IN `` PRP We VBP believe PRP they MD could LS siphon # perhaps CD two TO to CD three CD billion NNS dollars IN from NNP IBM '' '' IN over DT the JJ next JJ few NNS years , , VBD said UH George

    UH Weiss , , DT an NN analyst IN at DT the JJS Gartner NN group . . <s> <s> NN That MD will VB spur NNP Tandem POS 's NN growth . . <s> <s> IN `` PRP I MD 'd VB be VBN disappointed IN if DT the NN company VBD grew IN by JJR less IN than CD 20 NN % JJ next NN year , , '' '' VBD said UH John UH Levinson , , DT an NN analyst IN at NNP Goldman , , NNP Sachs CC & NNP Co . . <s> <s> NN IBM VBZ is VBN expected TO to VB respond TO to FW Tandem FW 's FW Cyclone FW by

    FW discounting FW its FW own FW mainframes , , WDT which FW analysts FW say FW are FW roughly FW three PDT times DT the NN price IN of DT a JJ comparable NN system IN from NNP Tandem . . <s> <s> FW `` FW Obviously FW IBM FW can FW give FW bigger FW discounts FW to FW users FW immediately , , '' '' VBD said NNP Mr. NNP Weiss . . <s> <s> NNP But NNP Mr. FW Treybig FW questions FW whether WDT that MD will VB be RB enough TO to VB stop NNP Tandem POS 's JJ first NN mainframe IN from VBG taking IN on DT some IN of DT the

    FW functions FW that FW large FW organizations FW previously FW sought FW from FW Big FW Blue POS 's NNS machines . . <s> <s> IN `` DT The NN answer VBZ is RB n't NN price NNS reductions , , CC but JJ new NNS systems , , '' '' PRP he VBD said . . <s> <s> NN Nevertheless , , WDT Tandem VBZ faces DT a NN variety IN of NNS challenges , , DT the JJS biggest FW being FW that FW customers FW generally PDT view DT the NN company POS 's NNS computers IN as VBG complementary TO to NNP IBM POS 's NNS mainframes . . <s> <s> NNP Even NNP Mr.

    FW Treybig FW is FW reluctant FW to FW abandon FW this FW notion FW , FW insisting FW that FW Tandem POS 's JJ new NNS machines VBP are RB n't VBN replacements IN for NNP IBM POS 's NNS mainframes . . <s> <s> IN `` PRP We VBP 're IN after DT a FW little FW bigger FW niche , , '' '' PRP he VBD said . . <s> <s> VBZ Do RB n't VB jump RB yet . . <s> <s> DT The NN stock NN market POS 's NN swoon MD may VB turn RP out TO to VB be JJ good NN news IN for DT the NN economy . . <s> <s>

    CD In CD one JJ wild NN hour IN of NN trading , , DT the NN market VBD managed TO to VB accomplish WP what DT the NNP Bush NN administration VBZ has VBN been VBG trying TO to VB do , , UH unsuccessfully , , IN for NNS weeks . . <s> <s> NN It VBZ is VBG forcing DT the NNP Federal NNP Reserve TO to VB ease PRP$ its NN grip IN on NN credit CC and PRP it VBD took DT the RBS wind RP out IN of DT a FW previously FW irrepressible FW dollar . . <s> <s> . The '' resulting NN decline IN in NN interest NNS rates CC and

    DT the NN value IN of DT the NN dollar MD could VB reinvigorate JJ American NN business : -RB indeed , , DT the JJ entire NN economy . . <s> <s> FW This FW may FW sound FW strangely FW optimistic . . <s> <s> . After -RRB- all , , IN until DT a JJ few NNS years RB ago , , DT the NN stock NN market VBD was VBN viewed IN as DT a NN barometer IN of DT the JJ national NN economy . . <s> <s> IN When PRP it VBD went RB down , , IN by PDT all UH tradition , , DT the NN economy VBD followed . .

    <s> <s> NN That VBZ has VBN changed , , RB partly IN because DT the CD two NNS years VBG following DT the FW worst FW stock-market FW plunge FW in FW history FW have FW been FW reasonably FW comfortable . . <s> <s> CD The CD 1987 NN crash VBD was `` `` FW a FW false FW alarm FW however FW you FW view FW it , , '' '' VBZ says VBN University IN of FW Chicago FW economist FW Victor FW Zarnowitz . . <s> <s> DT The NN market VBZ seems RB increasingly VBN disconnected IN from DT the NN rest IN of DT the NN nation . . <s> <s> , Its

    WDT spasms MD ca RB n't VB be VBN traced TO to # fundamental UH business UH conditions , , WDT nor VBP do PRP they VBP appear TO to VB presage JJ major NNS shifts IN in DT the NN economy . . <s> <s> IN `` DT The NN market NN today VBZ has DT a NN life IN of PRP$ its JJ own , , '' '' UH John UH Akers , , NN chairman IN of NNP International NNP Business NNPS Machines NNP Corp. , , VBD said RP Saturday . . <s> <s> `` `` EX There VBZ 's VBN nothing RP rational IN about DT this NN kind IN of NN action . .

    '' '' <s> <s> DT Of NN course , , DT the NN health IN of DT the NN economy MD will VB be VBN threatened IN if DT the NN market VBZ continues TO to VB dive DT this NN week . . <s> <s> FW Sharply FW falling FW stock FW prices FW do FW reduce FW consumer FW wealth FW , FW damage FW business FW confidence FW and FW discourage FW the FW foreign FW investors FW upon FW whom FW the FW U.S. FW now FW relies FW for FW financial FW sustenance . . <s> <s> DT The JJ financial-services NN industry VBD was VBN battered IN by DT the CD 1987 NN crash

    . . <s> <s> NNP What POS 's JJR more , , IN although DT the NN stock NN market VBZ is RB far RBR less LS overvalued LS today # than CD two NNS years RB ago , , DT the NNP U.S. NN economy VBZ is JJR weaker . . <s> <s> NN Growth VBZ is JJR slower . . <s> <s> NNS Profits VBP are JJR softer . . <s> <s> JJ Debt NNS burdens VBP are JJR heavier . . <s> <s> NN But IN if DT the NN stock NN market VBZ does RB n't VB continue TO to VB plummet , , DT the JJ beneficial NNS effects IN of JJR lower NN interest

    NNS rates CC and DT a JJR lower NN dollar MD may RB well RBR dominate . . <s> <s> NNP The NNP Fed , , WDT which FW until FW Friday FW had FW been FW resisting FW moves FW to FW ease FW credit , , VBZ is RB now VBN poised TO to VB pour NN money IN into DT the NN economy IN if VBN needed TO to VB soothe DT the NNS markets . . <s> <s> JJ Fed NNS officials MD may VB protest IN that DT this FW does FW n't FW necessarily FW mean FW a FW fundamental FW change FW in FW their FW interest-rate FW policies . . <s> <s>

    IN But DT the NN experience IN of DT the CD 1987 NN crash VBZ suggests DT the NNP Fed VBZ is JJ likely TO to VB bring RP down JJ short-term NN interest NNS rates IN in PRP$ its NN effort TO to VB calm NNS markets . . <s> <s> IN Anticipating DT the NNP Fed POS 's NN move , , FW money FW traders FW lowered FW a FW key FW interest FW rate FW known FW as FW the FW Federal FW Funds FW rate FW to FW 8.625 FW % FW late FW Friday FW , FW down FW from FW 8.820 FW % FW the FW day FW before . . <s> <s>

    . Tiny '' movements IN in DT the NN rate , , WDT which VBZ is WP what FW banks FW charge FW each FW other FW for FW overnight FW loans , , VBP are RB usually IN among DT the JJ few JJ visible NNS tracks IN that DT the NNP Fed VBZ leaves IN on DT the JJ monetary NNS markets . . <s> <s> DT The NN dollar RB also VBD began TO to VB decline RP Friday IN as DT the NN stock NN market POS 's NN plunge VBD caused DT some NNS investors TO to VB reassess PRP$ their NN desire TO to VB invest IN in DT the NNP U.S. . .

    <s> <s> JJ Treasury NNS officials VBP have VBN been RP arguing IN for NNS months IN that DT the NN dollar POS 's NN strength VBD was RP out IN of FW whack FW with FW economic FW fundamentals FW , FW threatening FW to FW extinguish FW the FW export FW boom WDT that VBZ has VBN sustained NNS manufacturers IN for JJ several NNS years . . <s> <s> DT The NN market NN drop VBZ has RB now RB apparently RBR convinced JJ foreign NNS investors IN that DT the NNP Treasury VBD was RB right IN about DT the JJS overpriced NN dollar . . <s> <s> DT A JJ modest NN drop IN in

    DT the NN dollar : -RB only DT a JJ modest CD one , , WP$ mind SYM you : -MD would VB be RP welcomed IN by DT the NNP U.S. . . <s> <s> NN That VBD was RB n't DT the NN case IN in CD 1987 , , WRB when DT the NN dollar VBD was FW so FW weak FW that FW some FW economists FW and FW government FW officials FW seriously FW worried FW that FW it FW might FW collapse FW , FW producing FW panic FW among FW foreign FW investors FW and PDT diminishing DT the NN flow IN of JJ foreign NN capital TO to DT the

    NNP U.S. . . <s> <s> DT Another JJ big NN difference IN between CD 1987 CC and EX 1989 VBZ is RB n't RB so RBR comforting . . <s> <s> IN In DT the JJ third NN quarter IN of CD 1987 , , DT the NN economy RBR spurted IN at DT an RBS inflation-adjusted JJ annual NN rate IN of CD 5.3 NN % . . <s> <s> FW The FW consensus FW among FW economists FW is FW that FW it FW grew FW a FW much FW more FW sluggish FW 2.3 NN % IN in DT the JJ third NN quarter IN of CD 1989 , , WDT which VBD ended CD two

    NNS weeks RB ago . . <s> <s> DT The NN plunge IN in NN stock NNS prices `` `` VBZ is VBG happening IN at DT a NN time WRB when DT the NN economy VBZ has RB already VBN slowed RP down , , '' '' VBZ says FW economist FW Lawrence FW Chimerine FW of FW WEFA FW Group FW , FW a FW Bala FW Cynwyd , , NNP Pa. , , WP$ forecasting NN company . . <s> <s> IN `` DT A NN lot IN of DT pent-up NN demand VBZ is VBN gone . . '' '' <s> <s> DT Consumer NN spending VBD did NN drop IN in DT the FW months

    FW following FW Black FW Monday SYM 1987 : -`` `` CC but RB only RB slightly CC and IN for DT a JJ short NN period IN of NN time , , '' '' FW recalls FW Mr. FW Zarnowitz FW , FW a FW longtime FW student FW of FW business FW cycles . . <s> <s> , `` WDT That VBD was VBN offset IN by # strength LS elsewhere . . <s> <s> IN -LCBDT The FW effects FW -RCBFW were FW much FW less FW severe FW and FW less FW prolonged FW than FW some FW had FW feared FW or FW expected . . <s> <s> DT '' NN Today

    , , PRP he UH frets , , NNS exports CC and NN business NN investment NN spending MD may VB be RP insufficient TO to VB pick RP up DT the FW slack FW if FW stock FW prices FW sink FW this FW week FW and FW if FW consumers FW retrench FW in FW reaction . . <s> <s> NNP What POS 's JJR more , , DT the FW corporate FW borrowing FW binge VBZ has RB n't VBN abated IN in DT the JJ past CD two NNS years . . <s> <s> IN `` PRP We VBP 've VBD had CD two JJR more NNS years IN of JJ significant NN accumulation IN of

    NN debt : ... RB just IN at DT the NN time WRB when NNS earnings VBP are VBG being UH squeezed , , '' '' NNP Mr. POS Chimerine NNS notes . . <s> <s> NN The RBR more DT a NN company VBZ relies IN on DT borrowed NN money , , DT the JJR greater UH its UH sensitivity TO to DT an JJ economic NN slowdown . . <s> <s> DT A NN company IN with DT a FW strong FW balance FW sheet FW can FW withstand FW an FW unanticipated FW storm FW ; FW a FW highly FW leveraged FW company MD may VB end RP up IN in NN bankruptcy NN court

    . . <s> <s> NNP The NNP Fed , , IN of NN course , , FW knows FW that FW very FW well FW -FW hence FW its FW readiness FW to FW pump FW credit FW into FW the FW economy FW this FW morning . . <s> <s> NN But , , IN in DT the NN process , , DT the FW Fed FW risks FW reigniting FW inflation . . <s> <s> NN Even IN before NNP Friday POS 's NNS events , , FW Harvard FW University FW economist FW Benjamin FW Friedman FW was FW arguing IN that DT the NNP Fed MD wo RB n't VB be JJ able TO to

    VB live RP up TO to PRP$ its FW tough FW words FW on FW eliminating FW inflation FW because FW of FW its FW responsibility FW to FW protect FW fragile FW financial FW markets FW , FW banks FW and FW highly FW leveraged FW corporations . . <s> <s> DT The JJS biggest NN threat IN on DT the FW economic FW horizon FW right FW now VBZ is RB n't NN recession , , PRP he SYM reasons : ; PRP it VBZ 's DT an NN outbreak IN of DT uncontrolled NN inflation . . <s> <s> IN In DT the NN end , , DT the FW 1987 FW collapse FW suggested , ,

    DT the NN economy VBZ does RB n't VB move IN in JJR lockstep IN with NN stock NNS prices . . <s> <s> DT The NN economy VBZ does , , RB however , , '' depend IN on DT the NN confidence IN of NNS businesses , , NNS consumers CC and JJ foreign NNS investors . . <s> <s> FW A FW panic FW on FW Wall FW Street FW does FW n't FW exactly FW inspire FW confidence . . <s> <s> FW Surveys FW suggested FW that FW consumer FW confidence FW was FW high FW before FW Friday . . <s> <s> DT A JJ 190-point NN drop VBZ is RB n't JJ likely

    TO to VB make RB much IN of DT a FW dent FW ; FW multiply FW that FW a FW few FW times FW over , , RB though , , CC and PRP it MD will . . <s> <s> IN If DT the FW reactions FW of FW executives FW gathered FW Saturday FW at FW Hot FW Springs , , NNP Va. , , IN for DT the FW Business FW Council FW meetings FW are FW typical FW , FW business FW leaders FW were FW n't FW overly FW rattled FW by NNP Friday POS 's NN decline . . <s> <s> FW And FW if FW foreign FW investors FW become FW a

    FW tad FW more SYM cautious : -RB well , , DT the NN dollar POS 's JJ recent NN strength VBZ suggests IN that DT the NNP U.S. MD can VB stand PRP it . . <s> <s> IN On DT the JJ bottom NN line , , DT the RBS most JJ comforting NN fact IN for DT the JJ economic NN outlook VBZ is IN that PRP we VBP 've VBN been IN through DT this RB before . . <s> <s> JJ Two NNS years RB ago , , IN about DT the JJ only NN point IN of NN comparison VBD was DT the FW 1929 FW crash FW and FW the FW subsequent

    FW Depression . . <s> <s> . The '' doomsayers VBD had DT a RBS receptive LS audience . . <s> <s> FW The FW prosperity FW that FW followed FW Black FW Monday FW permits FW a FW more FW optimistic FW view FW today . . <s> <s> IN At DT the RB very JJS least , , DT the RBS establishment RB here VBZ is VBG taking RP comfort IN from DT the NN nation POS 's NN success IN in VBG handling DT the JJ last NNS go-around . . <s> <s> . As UH Sen. UH Lloyd UH Bentsen -LRB- -LRBNNP D. , , NNP Texas -RRB- -RRBUH observed UH yesterday , ,

    `` `` FW The FW Fed FW avoided FW a FW meltdown FW last FW time . . <s> <s> NNS They VBP are RBR more PDT sophisticated DT this NN time . . <s> <s> DT The NN chemical NN industry VBZ is VBN expected TO to VB report IN that NNS profits VBN eroded IN in DT the JJ third NN quarter IN because IN of PRP$ skidding NNS prices IN in DT the NN commodity NN end IN of DT the NN business . . <s> <s> NN Producers IN of NN commodity NNS chemicals , , DT the FW basic FW chemicals FW produced FW in FW huge FW volumes FW for FW other FW manufacturers

    FW , FW have FW seen FW sharp FW inventory FW cutting FW by FW buyers . . <s> <s> IN Once DT the JJ chief NNS beneficiaries IN of DT the NN industry POS 's FW now FW fading FW boom FW , FW these FW producers FW also FW will FW be FW reporting FW against FW exceptionally FW strong FW performances IN in DT the RBS 1988 JJ third NN quarter . . <s> <s> NN `` IN For DT some IN of DT these NNS companies , , DT this MD will VB be DT the JJ first NN quarter IN with # year-to-year UH negative UH comparisons , , '' '' VBZ says FW Leonard

    FW Bogner FW , FW a FW chemical FW industry FW analyst FW at FW Prudential FW Bache FW Research . . <s> <s> IN `` DT This MD could VB be DT the JJ first IN of FW five FW or FW six FW down FW quarters . . '' '' <s> <s> DT Perhaps RBS most UH prominent , , NNP Dow NNP Chemical NNP Co. , , WDT which RB as IN of FW midyear FW had FW racked FW up FW eight FW consecutive FW record FW quarters , , VBZ is VBN expected TO to VB report DT that NN profit VBD decreased IN in DT the JJS latest NN quarter IN from DT a

    NN year RBR earlier , , IN if RB only IN by DT a NN shade . . <s> <s> FW Though FW Dow FW has FW aggressively FW diversified FW into FW specialty FW chemicals FW and FW pharmaceuticals , , DT the NN company RB still VBZ has DT a JJ big NN stake IN in NN polyethylene , , WDT which VBZ is VBN used IN in NN packaging CC and NNS housewares . . <s> <s> NNP Analysts POS ' JJ third-quarter NNS estimates IN for DT the NNP Midland , , NNP Mich. , , NN company VBP are IN between $ $ CD 3.20 DT a NN share CC and $ $ PDT 3.30

    DT a NN share , , VBN compared IN with $ $ CD 3.36 DT a NN year RB ago , , WRB when NN profit VBD was $ $ CD 632 CD million IN on NNS sales IN of $ $ CD 4.15 CD billion . . <s> <s> NNP A NNP Dow NN spokeswoman VBD declined TO to VB comment IN on DT the NNS estimates . . <s> <s> IN At DT the NN investment NN firm IN of NNP Smith NNP Barney , , NNP Harris NNP Upham CC & NNP Co. , , DT the FW commodity-chemical FW segment FW is FW seen FW pulling FW down FW overall FW profit FW for FW 20

    FW companies FW representative IN of DT the JJ whole NN industry IN by CD 8 NN % TO to CD 10 NN % . . <s> <s> IN `` PRP You MD will VB find DT the RBS commodities RB off JJR more IN than DT the NNS others CC and DT the FW diversified FW companies FW about FW even FW or FW slightly FW better , , '' '' VBZ says NNP James NNP Wilbur , , DT a FW Smith FW Barney FW analyst . . <s> <s> NNP First NNP Boston NNP Corp. NNS projects IN that CD 10 IN of DT the CD 15 NNS companies PRP it VBZ follows MD will VB report

    JJR lower NN profit . . <s> <s> NN Most IN of DT the FW 10 FW have FW big FW commodity-chemical FW operations . . <s> <s> NN Still , , DT some NN industry NNS giants VBP are VBN expected TO to VB report VBG continuing NNS gains , , RB largely IN because RB so RB much IN of PRP$ their NN business VBZ is JJ outside NN commodity NNS chemicals . . <s> <s> NNP Du NNP Pont NNP Co. VBZ is VBN thought TO to VB have FW had FW steady FW profit FW growth FW in FW white FW pigments FW , FW fibers FW and FW polymers . . <s> <s> NN Moreover

    , , DT the NNP Wilmington , , NNP Del. , , NN company VBZ is VBN helped WRB when FW prices FW weaken FW on FW the FW commodity FW chemicals FW it FW buys FW for FW its FW own FW production FW needs FW , FW such FW as FW ethylene . . <s> <s> NNS Analysts VBP are FW divided FW over FW whether FW Du FW Pont MD will VB report RB much IN of DT a NN gain IN in DT the JJS latest NN quarter IN from PRP$ its FW Conoco FW Inc. FW oil FW company . . <s> <s> JJ The NNS estimates IN for # Du LS Pont -RRB- range

    IN from $ $ CD 2.25 TO to $ $ PDT 2.45 DT a NN share . . <s> <s> IN In DT the RBS 1988 JJ third NN quarter , , DT the NN company VBD earned $ $ CD 461 CD million , , CC or $ $ CD 1.91 DT a NN share , , IN on NNS sales IN of $ $ CD 7.99 CD billion . . <s> <s> . Du '' Pont VBD declined TO to VB comment . . <s> <s> NNP Monsanto NNP Co. , , RB too , , VBZ is VBN expected TO to VB continue VBG reporting JJR higher NN profit , , RB even IN though PRP$ its

    NNS sales IN of NN crop NNS chemicals VBD were VBN hurt IN in DT the JJS latest NN quarter IN by FW drought FW in FW northern FW Europe FW and FW the FW western NNP U.S. . . <s> <s> NNP The NNP St. POS Louis-based NN company VBZ is VBN expected TO to VB report RB again IN that NNS losses IN in PRP$ its FW G.D. FW Searle FW & FW Co. FW pharmaceutical FW business FW are FW narrowing . . <s> <s> NN Searle VBD continued TO to VB operate IN in DT the NN red IN through DT the JJ first NN half IN of DT the NN year , , CC but

    EX Monsanto VBZ has VBD said PRP it VBZ expects VBN Searle TO to VB post DT a NN profit IN for DT all IN of CD 1989 . . <s> <s> FW Most FW estimates FW for FW Monsanto FW run FW between $ $ CD 1.70 CC and $ $ CD 2 DT a NN share . . <s> <s> DT A NN year RB ago , , DT the NN company VBD posted JJ third-quarter NN profit IN of $ $ CD 116 CD million , , CC or $ $ CD 1.67 DT a NN share , , IN on NNS sales IN of $ $ CD 2.02 CD billion . . <s> <s> NN Monsanto

    VBD declined TO to VB comment . . <s> <s> IN But DT the JJ commodity-chemical NNS producers VBP are VBN caught IN on DT the NN downside IN of DT a NN pricing NN cycle . . <s> <s> IN By DT some NNS accounts IN on NNP Wall NNP Street CC and IN in DT the NN industry , , DT the NN inventory NNS reductions VBP are IN near DT an NN end , , WDT which MD may FW presage FW firmer FW demand . . <s> <s> FW But FW doubters FW say FW growing FW production FW capacity FW could FW keep FW pressure FW on FW prices FW into FW the FW early

    FW 1990s . . <s> <s> IN In DT the JJS latest NN quarter , , IN at JJS least , , WDT profit VBZ is VBN expected TO to VB fall RB sharply . . <s> <s> . For '' Himont NNP Inc. , , `` `` WRB how RB far RB down PRP it VBZ is , , PRP we VBP do RB n't VB know , , '' '' VBZ says FW Leslie FW Ravitz FW at FW Salomon FW Brothers . . <s> <s> JJ The NNS projections VBP are IN in DT the NN neighborhood IN of CD 50 NNS cents DT a NN share TO to CD 75 NNS cents , , VBN compared

    IN with DT a JJS restated $ $ CD 1.65 DT a NN share DT a NN year RBR earlier , , WRB when NN profit VBD was $ $ CD 107.8 CD million IN on NNS sales IN of $ $ CD 435.5 CD million . . <s> <s> NN Himont VBZ faces JJR lower NNS prices IN for PRP$ its FW mainstay FW product FW , FW polypropylene FW , FW while FW it FW goes FW forward FW with FW a FW heavy FW capital FW investment FW program FW to FW bolster FW its FW raw FW material FW supply FW and FW develop FW new FW uses FW for FW polypropylene , , WP$ whose

    NNS markets VBP include DT the NN packaging CC and JJR automobile NNS industries . . <s> <s> DT The NN company , , VBN based IN in NNP Wilmington , , NNP Del. , , VBZ is FW 81%-owned FW by FW Montedison FW S.p . . -RRB- A. , , NNP Milan , , WDT which VBZ has DT an NN offer JJ outstanding IN for DT the JJ Himont NNS shares PRP it VBZ does RB n't RB already JJ own . . <s> <s> NNP At NNP Quantum NNP Chemical NNP Corp. , , NNP New NNP York , , DT the NN trouble VBZ is JJR lower NNS prices IN for NN polyethylene , ,

    JJR higher NN debt NNS costs CC and DT the NN idling IN of DT an JJ important NN plant JJ due TO to DT an NN explosion . . <s> <s> FW Some FW analysts FW hedge FW their FW estimates FW for FW Quantum , , IN because PRP it VBZ is RB n't VBN known WRB when DT the NN company MD will FW book FW certain FW one-time FW charges . . <s> <s> IN But DT the FW estimates FW range FW from FW break-even TO to CD 35 NNS cents DT a NN share . . <s> <s> IN In DT the RBS 1988 JJ third NN quarter , , WDT Quantum VBD earned

    $ $ CD 99.8 CD million , , CC or $ $ PDT 3.92 DT a NN share , , IN on NNS sales IN of $ $ CD 724.4 CD million . . <s> <s> FW Another FW big FW polyethylene FW producer FW , FW Union FW Carbide NNP Corp. , , VBZ is VBN expected TO to VB post NN profit IN of IN between $ $ CD 1 DT a NN share CC and $ $ CD 1.25 , , VBN compared IN with $ $ CD 1.56 DT a NN share DT a NN year RBR earlier , , WRB when DT the NN company VBD earned $ $ CD 213 CD million IN on

    NNS sales IN of $ $ CD 2.11 CD billion . . <s> <s> NN Himont , , FW Quantum FW and FW Union FW Carbide FW all FW declined TO to VB comment . . <s> <s> . The '' following VBD were IN among NNP Friday POS 's NNS offerings CC and JJR pricings IN in DT the NNP U.S. CC and JJ non-U.S. NN capital NNS markets , , IN with NNS terms CC and FW syndicate FW manager FW , FW as FW compiled FW by FW Dow FW Jones FW Capital FW Markets SYM Report : : <s> <s> NNP Dow NNP Chemical NNP Co. : -<s> <s> CD $ CD 150 CD million

    IN of FW 8.55 FW % FW senior FW notes FW due FW Oct. FW 15 FW , FW 2009 , , VBN priced IN at NN par . . <s> <s> DT The NN issue , , WDT which VBZ is VBN puttable RP back TO to DT the NN company IN at NN par IN on $ Oct. CD 15 , , CD 1999 , , VBD was VBN priced IN at DT a NN spread IN of CD 50 NN basis NNS points IN above DT the NNP Treasury POS 's JJ 10-year NN note . . <s> <s> . Rated '' single-A-1 IN by NNP Moody POS 's FW Investors FW Service FW Inc. FW and

    FW single-A FW by FW Standard FW & FW Poor POS 's NNP Corp. , , DT the JJ non-callable NN issue MD will VB be FW sold FW through FW underwriters FW led FW by FW Merrill FW Lynch FW Capital FW Markets . . <s> <s> NNP Centel NNP Capital NNP Corp. : -<s> <s> CD $ CD 150 CD million IN of FW 9 FW % FW debentures FW due FW Oct. FW 15 FW , FW 2019 , , VBN priced IN at VBG 99.943 TO to VB yield PRP$ 9.008 NN % . . <s> <s> . The '' non-callable NN issue , , WDT which MD can VB be VBN put RP back

    TO to DT the NN company IN in CD 1999 , , VBD was VBN priced IN at CD 99 NN basis NNS points IN above DT the NNP Treasury POS 's JJ 10-year NN note . . <s> <s> . Rated '' Baa-1 IN by NNP Moody POS 's CC and JJR triple-B-plus IN by NNP S&P , , DT the NN issue MD will VB be FW sold FW through FW underwriters FW led FW by FW Morgan FW Stanley FW & FW Co . . <s> <s> . Federal UH Home UH Loan UH Mortgage SYM Corp. : -<s> <s> CD $ CD 500 CD million IN of FW Remic FW mortgage FW securities FW offered

    FW in FW 13 FW classes FW by FW Prudential-Bache FW Securities FW Inc . . <s> <s> DT The NN offering , , FW Series FW 102 FW , FW backed FW by FW Freddie FW Mac FW 8 FW 1\/2 FW % FW securities FW with FW a FW weighted FW average FW remaining FW term FW to FW maturity FW of FW 28.4 NNS years , , VBD was VBN priced IN before DT the NN market POS 's NN afternoon NN surge . . <s> <s> FW Among FW classes FW for FW which FW details FW were FW available FW , FW yields FW ranged FW from FW 8.78 FW % FW , FW or

    FW 75 FW basis FW points FW over FW two-year FW Treasury FW securities , , TO to VB 10.05 NN % , , CC or FW 200 FW basis FW points FW over FW 10-year FW Treasurys . . <s> <s> . Federal UH Home UH Loan UH Mortgage SYM Corp. : -<s> <s> CD $ CD 300 CD million IN of FW Remic FW mortgage FW securities FW offered FW by FW Citicorp FW Securities FW Markets FW Inc . . <s> <s> DT The NN offering , , WP$ Series UH 101 , , VBZ is VBN backed IN by # Freddie # Mac CD 9 CD 1\/2 NN % NNS securities . . <s> <s>

    . Pricing '' details VBD were RB n't RB immediately JJ available . . <s> <s> . Federal UH Home UH Loan UH Mortgage SYM Corp. : -<s> <s> CD $ CD 200 CD million IN of FW stripped FW mortgage FW securities FW underwritten FW by FW BT FW Securities FW Corp . . <s> <s> DT The NN agency POS 's FW first FW strips FW issue FW , FW collateralized FW by FW Freddie FW Mac FW 8 FW % FW securities FW pooled FW into FW a FW single FW security FW called FW a FW Giant , , MD will VB be FW divided FW into FW interest-only FW and FW principal-only FW securities

    . . <s> <s> . The '' collateral VBZ is VBG being VBN sold IN by DT a NN thrift NN institution . . <s> <s> . The '' principal-only NNS securities MD will VB be FW repackaged FW by FW BT FW Securities FW into FW a FW Freddie FW Mac FW Remic FW , FW Series FW 103 , , WDT that MD will VB have CD six NNS classes . . <s> <s> . The '' interest-only NNS securities MD will VB be FW sold FW separately FW by FW BT FW Securities . . <s> <s> . The UH principal-only UH securities VB pay DT the NN principal IN from DT the RBS underlying LS Freddie

    # Mac CD 8 NN % NNS securities , , IN while DT the FW interest-only FW securities FW pay FW only FW interest . . <s> <s> . Freddie '' Mac VBD said DT the JJ principal-only NNS securities VBD were VBN priced IN at CD 58 CD 1\/4 TO to VB yield PRP$ 8.45 NN % , , VBG assuming DT an JJ average NN life IN of CD eight NNS years CC and DT a NN prepayment IN of DT 160 NN % IN of DT the RBS PSA LS model . . <s> <s> . The '' interest-only NNS securities VBD were VBN priced IN at CD 35 CD 1\/2 TO to VB yield PRP$ 10.72

    NN % . . <s> <s> NN There VBD were DT no FW major FW Eurobond FW or FW foreign FW bond FW offerings FW in FW Europe FW Friday . . <s> <s> DT The NN economy POS 's NN temperature MD will VB be VBN taken IN from # several LS vantage PDT points DT this NN week , , IN with NNS readings IN on NN trade , , NN output , , '' housing CC and NN inflation . . <s> <s> DT The RBS most LS troublesome LS report MD may VB be DT the FW August FW merchandise FW trade FW deficit FW due FW out FW tomorrow . . <s> <s> DT The

    NN trade WDT gap VBZ is VBN expected TO to VB widen TO to IN about $ $ CD 9 CD billion IN from NNP July POS 's $ $ CD 7.6 CD billion , , VBG according TO to DT a NN survey IN by NNP MMS NNP International , , DT a NN unit IN of NNP McGraw-Hill NNP Inc. , , NNP New NNP York . . <s> <s> NNP Thursday POS 's NN report IN on DT the FW September FW consumer FW price FW index VBZ is VBN expected TO to VB rise , , IN although RB not RB as RB sharply IN as DT the FW 0.9 FW % FW gain FW reported

    FW Friday IN in DT the NN producer NN price NN index . . <s> <s> DT That NN gain VBD was VBG being VBN cited IN as DT a NN reason DT the NN stock NN market VBD was RB down RB early IN in NNP Friday POS 's NN session , , IN before PRP it VBD got VBN started IN on PRP$ its FW reckless FW 190-point FW plunge . . <s> <s> NNS Economists VBP are VBN divided RB as TO to FW how FW much FW manufacturing FW strength FW they FW expect FW to FW see FW in FW September FW reports FW on FW industrial FW production FW and FW capacity FW utilization

    , , RB also JJ due NN tomorrow . . <s> <s> NN Meanwhile , , WP$ September UH housing UH starts , , WP$ due UH Wednesday , , VBP are VBN thought TO to VB have UH inched UH upward . . <s> <s> `` `` EX There VBZ 's DT a NN possibility IN of DT a NN surprise '' '' IN in DT the NN trade NN report , , VBD said UH Michael UH Englund , , NN director IN of NN research IN at NNS MMS . . <s> <s> . A '' widening IN of DT the NN deficit , , IN if PRP it VBD were VBN combined IN with DT a

    RBS stubbornly JJ strong NN dollar , , MD would LS exacerbate LS trade SYM problems : -CC but DT the FW dollar FW weakened FW Friday FW as FW stocks FW plummeted . . <s> <s> IN In DT any NN event , , NNP Mr. NNPS Englund CC and JJ many NNS others VBP say IN that DT the JJ easy NNS gains IN in PDT narrowing DT the NN trade WDT gap VBP have RB already VBN been VBN made . . <s> <s> . `` '' Trade VBZ is RB definitely VBG going TO to VB be JJR more FW politically FW sensitive FW over FW the FW next FW six FW or FW seven

    FW months FW as FW improvement FW begins TO to VB slow , , '' '' PRP he VBD said . . <s> <s> NNS Exports VBP are VBN thought TO to VB have VBN risen RB strongly IN in NNP August , , CC but RB probably RB not RB enough TO to VB offset DT the NN jump IN in NNS imports , , WDT economists VBD said . . <s> <s> NN Views IN on FW manufacturing FW strength FW are FW split FW between FW economists FW who FW read FW September FW 's FW low FW level FW of FW factory FW job NN growth IN as DT a NN sign IN of DT a

    NN slowdown CC and DT those WP who VBP use DT the FW somewhat FW more FW comforting FW total FW employment FW figures FW in FW their FW calculations . . <s> <s> DT The JJ wide NN range IN of NNS estimates IN for DT the FW industrial FW output FW number FW underscores FW the FW differences FW : FW The FW forecasts FW run IN from DT a NN drop IN of DT 0.5 NN % TO to DT an NN increase IN of DT 0.4 NN % , , VBG according TO to VB MMS . . <s> <s> DT A NN rebound IN in NN energy NNS prices , , WDT which MD helped

    VB push RP up DT the NN producer NN price NN index , , VBZ is VBN expected TO to VB do DT the JJ same IN in DT the NN consumer NN price NN report . . <s> <s> FW The FW consensus FW view FW expects FW a FW 0.4 FW % FW increase FW in FW the FW September FW CPI FW after FW a FW flat FW reading FW in FW August . . <s> <s> . Robert UH H. UH Chandross , , DT an NN economist IN for NNP Lloyd POS 's NNP Bank IN in NNP New NNP York , , VBZ is IN among DT those VBG expecting DT a RBR more

    JJ moderate NN gain IN in DT the NN CPI IN than IN in NNS prices IN at DT the NN producer NN level . . <s> <s> . `` '' Auto NNS prices VBD had DT a JJ big NN effect IN in DT the NN PPI , , CC and IN at DT the RBS CPI LS level PRP they MD wo RB n't , , '' '' PRP he VBD said . . <s> <s> JJ Food NNS prices VBP are VBN expected TO to VB be JJ unchanged , , CC but NN energy NNS costs VBD jumped RB as RB much IN as CD 4 NN % , , VBD said FW Gary FW Ciminero

    FW , FW economist FW at FW Fleet\/Norstar FW Financial FW Group . . <s> <s> VBZ He RB also VBZ says PRP he VBZ thinks `` `` UH core UH inflation , , '' '' WDT which VBZ excludes DT the JJ volatile NN food CC and NN energy NNS prices , , VBD was JJ strong JJ last NN month . . <s> <s> NN He VBZ expects DT a NN gain IN of RB as RB much IN as DT 0.5 NN % IN in JJ core NN inflation IN after DT a NN summer IN of RB far JJR smaller NNS increases . . <s> <s> JJ Housing NNS starts VBP are VBN expected TO to

    VB quicken DT a NN bit IN from NNP August POS 's JJ annual NN pace IN of PRP$ 1,350,000 NNS units . . <s> <s> NNS Economists VBP say DT an FW August FW rebound FW in FW permits FW for FW multifamily FW units FW signaled FW an FW increase FW in FW September FW starts FW , FW though FW activity FW remains FW fairly FW modest FW by FW historical FW standards . . <s> <s> NNP Two-Way NNP Street <s> <s> IN If DT the FW sixty-day FW plant-closing FW law FW 's FW fair FW , FW Why FW should FW we FW not FW then FW amend FW the FW writ FW To

    FW require FW that FW all FW employees FW give FW Similar FW notice FW before FW they FW quit FW ? <s> <s> . -UH Rollin UH S. UH Trexler . . <s> <s> . Candid '' Comment <s> <s> FW When FW research FW projects FW are FW curtailed FW due FW to FW government FW funding FW cuts , , VBP are PRP we `` `` FW caught FW with FW our FW grants FW down FW '' FW ? <s> <s> . -UH C.E. UH Friedman . . <s> <s> IN Assuming DT the NN stock NN market VBZ does RB n't FW crash FW again FW and FW completely FW discredit FW yuppies

    FW and FW trading FW rooms FW , FW American FW television FW audiences IN in DT a JJ few NNS months MD may VB be VBG seeing NNP Britain POS 's NN concept IN of DT both . . <s> <s> NNP `` NNP Capital . City '' '' VBZ is DT a FW weekly FW series FW that FW premiered FW here FW three FW weeks FW ago FW amid FW unprecedented FW hype FW by FW its FW producer FW , FW Thames FW Television . . <s> <s> DT The JJ early TO episodes VB make PRP you RB long IN for DT a NN rerun IN of DT the NN crash IN of CD 1987

    . . <s> <s> NNP Let POS 's UH make UH that UH 1929 , , RB just TO to VB be JJ sure . . <s> <s> NN According TO to DT the NN program POS 's UH publicity UH prospectus , , `` `` UH Capital UH City , , '' '' FW set FW at FW Shane FW Longman FW , FW a FW fictional FW mid-sized FW securities FW firm FW with # # CD 500 CD million NN capital , , `` `` FW follows FW the FW fortunes FW of FW a FW close-knit FW team FW of FW young FW , FW high-flying FW dealers FW , FW hired FW for FW their

    FW particular FW blend FW of FW style , , '' genius CC and NN energy . . <s> <s> NN But IN with PDT all DT the NN money CC and FW glamour FW of FW high FW finance FW come FW the FW relentless FW pressures FW to FW do FW well FW ; FW pressure FW to FW pull FW off FW another FW million FW before FW lunch FW ; FW pressure TO to VB anticipate DT the NN market IN by DT a NN fraction IN of DT a JJ second . ... '' '' <s> <s> NNS You VBP need RB n't VB be DT a FW high-powered FW securities FW lawyer FW to

    FW realize FW the FW prospectus FW is FW guilty FW of FW less FW than FW full FW disclosure . . <s> <s> FW The FW slickly FW produced FW series FW has FW been FW criticized FW by FW London FW 's FW financial FW cognoscenti FW as FW inaccurate FW in FW detail , , CC but PRP$ its JJ major NN weakness VBZ is PRP$ its FW unrealistic FW depiction FW of FW the FW characters FW ' FW professional FW and FW private FW lives . . <s> <s> FW Turned FW loose FW in FW Shane FW Longman POS 's NN trading NN room , , DT the FW yuppie FW dealers FW do

    FW little FW right . . <s> <s> NN Judging IN by DT the NN money , lost CC and RBS mistakes VBN made IN in DT the JJ early NNS episodes , , WP$ Shane LS Longman POS 's NN capital MD should VB be RB just RB about VBN exhausted IN by DT the JJ final JJ 13th NN week . . <s> <s> IN In DT the FW opening FW episode FW we FW learn FW that FW Michelle FW , FW a FW junior FW bond FW trader FW , FW has FW indeed FW pulled FW off FW another FW million FW before FW lunch . . <s> <s> NN Trouble VBZ is , ,

    PRP she VBZ has VBN lost PRP it RB just RB as RB quickly . . <s> <s> NN Rather IN than PDT keep DT the NN loss DT a NN secret IN from DT the JJ outside NN world , , FW Michelle FW blabs FW about FW it FW to FW a FW sandwich FW man FW while FW ordering FW lunch RP over DT the NN phone . . <s> <s> FW Little FW chance FW that FW Shane FW Longman VBZ is VBG going TO to VB recoup NN today . . <s> <s> TO Traders VB spend DT the FW morning FW frantically FW selling FW bonds , , IN in DT the NN belief

    IN that DT the NNP U.S. FW monthly FW trade FW figures FW will FW look FW lousy . . <s> <s> NN Ah , , FW perfidious FW Columbia FW ! <s> <s> DT The NN trade MD figures VB turn RP out RB well , , CC and PDT all FW those FW recently FW unloaded FW bonds FW spurt FW in FW price . . <s> <s> DT So JJ much IN for PDT anticipating DT the NN market IN by DT a NN fraction IN of DT a JJ second . . <s> <s> IN And DT a JJ large NNS slice IN of DT the JJ first NN episode VBZ is VBN devoted TO to

    VB efforts TO to VB get RP rid IN of DT some FW nearly FW worthless FW Japanese FW bonds FW -LRBFW since FW when FW is FW anything FW Japanese FW nearly FW worthless FW nowadays . ? -RRB- -RRB. . <s> <s> NN Surprisingly , , WP$ Shane LS Longman PDT survives DT the NN week , , RB only TO to VB have DT a FW senior FW executive FW innocently FW bumble FW his FW way FW into FW becoming FW the FW target FW of FW a FW criminal FW insider FW trading FW investigation . . <s> <s> NN Instead IN of # closing UH ranks TO to VB protect DT the

    NN firm POS 's NN reputation , , DT the NN executive POS 's JJ internal NNS rivals , , VBN led IN by DT a RBS loutish JJ American , , WP$ demand PRP$ his NN resignation . . <s> <s> . The '' plot VBZ is VBN thwarted WRB when DT the NN firm POS 's JJ major NN stockholder , , WP$ kelp SYM farming IN on DT the JJ other NN side IN of DT the NN globe , , WP$ hurries NN home TO to VB support DT the NN executive . . <s> <s> IN But DT the NN investigation VBZ continues . . <s> <s> IN If PRP you MD can VB swallow

    DT the NN premise IN that DT the FW rewards FW for FW such FW ineptitude FW are FW six-figure FW salaries FW , FW you FW still FW are FW left FW puzzled , , IN because JJ few IN of DT the FW yuppies FW consume FW very FW conspicuously . . <s> <s> DT In NN fact , , FW few FW consume FW much FW of FW anything . . <s> <s> FW Two FW share FW a FW house FW almost FW devoid FW of FW furniture . . <s> <s> . Michelle '' lives IN in DT a NN hotel NN room , , CC and FW although FW she FW drives FW a

    FW canary-colored FW Porsche , , PRP she VBZ has RB n't NN time TO to FW clean FW or FW repair FW it FW ; FW the FW beat-up FW vehicle FW can FW be FW started FW only FW with FW a FW huge FW pair FW of FW pliers FW because FW the FW ignition FW key VBZ has VBN broken RP off IN in DT the NN lock . . <s> <s> IN And PRP it VBZ takes RB Declan , , DT the FW obligatory FW ladies POS ' NN man IN of DT the NN cast , , IN until DT the JJ third NN episode TO to VB get JJ past JJ first

    NN base IN with DT any IN of PRP$ his NNS prey . . <s> <s> IN Perhaps DT the FW explanation FW for FW these FW anomalies FW is FW that FW class-conscious FW Britain VBZ is RB n't JJ ready TO to VB come TO to NNS terms IN with DT the RBS wealth VBN created IN by DT the FW Thatcherian FW free-enterprise FW regime . . <s> <s> . After -RRB- all , , DT this VBZ is RB n't JJ old NN money , , CC but JJ new NN money , , CC and IN in JJ many NNS cases , , JJ young NN money . . <s> <s> . This '' attitude

    VBZ is RB clearly VBN illustrated IN in DT the NN treatment IN of NNP Max , , DT the NN trading NN room POS 's JJS most LS flamboyant LS character . . <s> <s> . Yuppily -RRB- enough , , PRP he VBZ lives IN in DT a FW lavishly FW furnished FW converted FW church FW , FW wears FW designer FW clothes FW and FW drives FW an FW antique FW car . . <s> <s> . But '' apparently TO to VB make UH him UH palatable , , WP$ even UH lovable , , TO to DT the NN masses , , DT the FW script FW inflates FW pony-tailed FW Max FW into

    FW an FW eccentric FW genius FW , FW master FW of FW 11 FW Chinese FW dialects . . <s> <s> . He UH takes UH his UH wash TO to DT the NN laundromat , , WRB where PRP he FW meets FW a FW punky FW French FW girl FW who FW dupes FW him FW into FW providing FW a FW home FW for FW her FW pet FW piranha FW and FW then FW promptly FW steals FW his FW car FW and FW dumps FW it FW in FW Dieppe . . <s> <s> . In '' producing CC and VBG promoting `` `` UH Capital UH City , , '' '' FW Thames

    FW has FW spent FW about FW as FW much FW as FW Shane FW Longman FW loses IN on DT a JJ good NN day . . <s> <s> DT The NN production NNS costs VBP are DT a RBS not LS inconsiderable # # CD 8 CD million -LRB- -LRB$ $ CD 12.4 CD million -RRB- -RRB, , CC and MD would VB have VBN been RB much JJR higher VBD had RB not DT the NN cost IN of DT the NN trading MD floor VB set VBN been RP absorbed IN in DT the NN budget IN of `` `` UH Dealers , , '' '' DT an RBR earlier LS made-for-TV LS movie

    . . <s> <s> IN Another PDT half FW million FW quid FW went FW for FW a FW volley FW of FW full-page FW advertisements FW in FW six FW major FW British FW newspapers FW and FW for FW huge FW posters FW in FW the FW London FW subway . . <s> <s> FW These FW expenses FW create FW a FW special FW incentive FW for FW `` FW Capital FW City FW 's '' '' NNS producers TO to VB flog PRP it , , CC or DT a JJS Yank-oriented NN version IN of PRP it , , IN in NNP America . . <s> <s> NNP Thames POS 's FW U.S. FW marketing

    FW agent FW , FW Donald FW Taffner , , VBZ is VBG preparing TO to VB do RB just IN that . . <s> <s> NN He VBZ is FW discreetly FW hopeful FW , FW citing FW three FW U.S. FW comedy SYM series : -`` `` NNP Three POS 's NN Company , , '' '' `` `` FW Too FW Close FW for FW Comfort '' '' CC and `` `` FW Check FW It FW Out '' '' : -WDT that VBD had JJ British NNS antecedents . . <s> <s> NN Perhaps . without '' realizing PRP it , , NNP Mr. FW Taffner FW simultaneously FW has FW put FW his

    FW finger IN on DT the NN problem CC and DT an RBS ideal SYM solution : : `` `` FW Capital FW City '' '' MD should VB have VBN been DT a NN comedy , , DT a FW worthy FW sequel FW to FW the FW screwball FW British FW `` FW Carry FW On '' '' NNS movies IN of DT the NNS 1960s . . <s> <s> . The '' seeds RB already VBP are IN in DT the NN script . . <s> <s> FW The FW first FW episode FW concluded FW with FW a FW marvelously FW cute FW scene FW in FW which FW the FW trading-room FW crew FW minded

    FW a FW baby , , DT the NN casualty IN of DT a JJ broken NN marriage IN at DT the NN firm . . <s> <s> DT And JJ many IN in DT the FW young FW cast FW bear FW striking FW resemblances FW to FW American FW TV FW and FW movie FW personalities FW known FW for FW light FW roles . . <s> <s> FW Joanna FW Kanska FW looks FW like FW a FW young FW Zsa FW Zsa FW Gabor FW ; FW William FW Armstrong , , WP who UH plays UH Max , , MD could VB pass IN for # Hans UH Conreid , , CC and FW Douglas

    FW Hodge FW -LRBFW Declan FW -RRBFW for FW James FW Farentino FW ; FW Rolf FW Saxon FW is FW a FW passable FW Tommy FW Noonan FW and FW Dorian FW Healy FW could FW easily FW double FW for FW Huntz FW Hall , , DT the FW blank-faced FW foil FW of FW the FW Bowery FW Boys FW comedies . . <s> <s> NN So , , FW OK FW kids FW , FW everybody FW on FW stage FW for FW `` FW Carry FW On FW Trading FW '' FW : FW The FW cast FW is FW frantically FW searching FW the FW office FW for FW misplaced FW Japanese

    FW bonds FW that FW suddenly FW have FW soared FW in FW value FW because FW Dai-Ichi FW Kangyo FW Bank VBZ has RB just VBD bought DT the NNP White NNP House . . <s> <s> . The '' pressure VBZ is RB too RB much IN for # Zsa UH Zsa , , WP who FW slaps FW a FW security FW guard . . <s> <s> FW He FW backflips FW into FW a FW desktop FW computer FW terminal , , WDT which FW explodes FW , FW covering FW Huntz FW Hall FW 's FW face FW with FW microchips . . <s> <s> IN And PDT all DT the NN while , ,

    DT the NNS bonds VBP are IN in DT the NN baby POS 's NN diaper . . <s> <s> NN It MD should VB run RP forever . . <s> <s> . Mr. '' Rustin VBZ is JJ senior NN correspondent IN in DT the NNP Journal POS 's FW London FW bureau . . <s> <s> . Axa-Midi '' Assurances IN of NNP France VBD gave NNS details IN of PRP$ its NN financing NNS plans IN for PRP$ its VBN proposed $ $ CD 4.5 CD billion NN acquisition IN of NNP Farmers NNP Group NNP Inc. , , IN in FW amended FW filings FW with FW insurance FW regulators FW in FW the FW nine

    FW U.S. FW states FW where FW Farmers FW operates . . <s> <s> FW The FW proposed FW acquisition FW is FW part FW of FW Sir FW James FW Goldsmith FW 's FW unfriendly FW takeover FW attempt FW for FW B.A.T FW Industries FW PLC , , DT the JJ British NN tobacco , , FW retailing FW , FW paper FW and FW financial FW services FW concern FW that FW is FW parent FW of FW Los FW Angeles-based FW Farmers . . <s> <s> IN In DT an NN attempt TO to FW appease FW U.S. FW regulators FW ' FW concern FW over FW a FW Goldsmith FW acquisition FW of FW Farmers

    FW , FW Sir FW James FW in FW August FW agreed FW to FW sell FW Farmers FW to FW Axa FW if FW he FW is FW successful FW in FW acquiring FW B.A.T . . <s> <s> DT As NN part IN of DT the NN agreement , , WDT Axa VBD agreed TO to VB invest $ $ CD 1 CD billion IN in # Hoylake UH Investments UH Ltd. , , NNP Sir NNP James POS 's NN acquisition NN vehicle . . <s> <s> IN Of DT the JJ total $ $ CD 5.5 CD billion TO to VB be VBN paid TO to # Hoylake UH by UH Axa , , IN about

    $ $ CD 1 CD billion MD will VB come IN from JJ available NNS resources IN of NNP Axa POS 's NN parent , , WP$ Axa-Midi UH Group , , $ $ CD 2.25 CD billion MD will VB be IN in DT the NN form IN of NNS notes VBN issued IN by NNP Axa , , CC and DT the VBG remaining $ $ CD 2.25 CD billion MD will VB be IN in JJ long-term NN bank NNS loans . . <s> <s> IN In DT an NN interview NNP Thursday , , WP$ Claude UH Bebear , , NN chairman CC and JJ chief NN executive NN officer IN of NNP Axa , ,

    VBD said PRP$ his NN group VBZ has RB already VBN obtained RP assurances IN from DT a NN group IN of FW banks FW led FW by FW Cie FW . FW Financiere FW de FW Paribas WDT that PRP they MD can VB provide DT the NN loan NN portion IN of DT the NN financing . . <s> <s> DT The JJ other NN banking NNS companies IN in DT the NN group VBP are UH Credit UH Lyonnais , , WP$ Societe UH Generale , , NNP BankAmerica NNP Corp. CC and NNP Citicorp , , PRP he VBD said . . <s> <s> . Mr. '' Bebear VBD said . Axa-Midi '' Group VBZ has

    `` `` JJR more IN than $ $ CD 2.5 CD billion IN of PRP$ non-strategic NNS assets IN that PRP we MD can CC and MD will VB sell '' '' TO to VB help VB pay RP off NN debt IN from DT the NN acquisition . . <s> <s> NN He VBD said DT the NNS assets TO to VB be VBN sold MD would VB be `` `` UH non-insurance '' '' NNS assets , , VBG including DT a NN beer NN company CC and DT a JJ real NN estate NN firm , , CC and MD would RB n't VB include DT any NNS pieces IN of NNP Farmers . . <s> <s>

    IN `` PRP We MD wo RB n't VB put DT any NN burden IN on NNP Farmers , , '' '' PRP he VBD said . . <s> <s> FW The FW amended FW filings FW also FW point RP out IN that IN under DT a JJ new NN agreement , , WDT Hoylake VBZ has DT an JJ absolute NN obligation TO to VB sell RP Farmers TO to # Axa PDT upon DT an NN acquisition IN of NNP B.A.T . . <s> <s> IN `` PRP We VBP hope IN that IN with WP what PRP we VBD did , , DT the NNS regulators MD will RB not VBP need TO to # evaluate

    UH Hoylake , , CC and PRP they MD can RB directly VB look IN at DT the NN agreement IN with PRP us , , IN because PRP Hoylake MD wo RB n't VB be DT an NN owner IN of # Farmers UH at UH anytime , , '' '' NNP Mr. NNP Bebear VBD said . . <s> <s> DT Any NN change IN of NN control IN in # Farmers WP$ needs NN approval IN of DT the NN insurance NNS commissioners IN in DT the FW nine FW states FW where FW Farmers CC and PRP$ its JJ related NNS companies VBP are VBN incorporated . . <s> <s> . The '' amended PRP filings

    VBD were VBN required IN because IN of DT the JJ new NN agreement IN between NNP Axa CC and NNP Hoylake , , CC and TO to VB reflect DT the FW extension FW that FW Sir FW James FW received FW last FW month FW under FW British FW takeover FW rules TO to VB complete PRP$ his JJ proposed NN acquisition . . <s> <s> NN Hoylake VBD dropped PRP$ its LS initial # # # 13.35 CD billion -LRB- -LRB$ $ CD 20.71 CD billion -RRB- -RRBNN takeover NN bid IN after PRP it VBD received DT the NN extension , , CC but VBD said PRP it MD would VB launch DT a

    JJ new NN bid IN if CC and WRB when DT the FW propsed FW sale FW of FW Farmers FW to FW Axa FW receives FW regulatory FW approval . . <s> <s> DT A NN spokesman IN for NNP B.A.T VBD said IN of DT the FW amended FW filings FW that , , `` `` PRP It MD would VB appear DT that NN nothing WDT substantive VBZ has VBN changed . . <s> <s> DT The JJ new NN financing NN structure VBZ is RB still DT a RBS very-highly # leveraged CD one , , CC and RBS Axa RB still VBZ plans TO to VB take RP out CD 75 NN % IN of

    NNP Farmers POS ' NNS earnings IN as NNS dividends TO to VB service PRP$ their NN debt . . '' '' <s> <s> . That '' dividend VBZ is RB almost VB double DT the CD 35 NN % RB currently VBN taken RP out IN of NNS Farmers IN by NNP B.A.T , , DT the NN spokesman VBD added . . <s> <s> IN `` PRP It MD would VB have FW severe FW implications FW for FW Farmers FW ' FW policy FW holders . . '' '' <s> <s> FW To FW fend FW off FW Sir FW James FW 's FW advances FW , FW B.A.T FW has FW proposed FW a FW sweeping

    FW restructuring WDT that MD would VB pare PRP it TO to DT a NN tobacco CC and JJ financial NNS services NN concern . . <s> <s> JJ Dismal NNS sales IN at FW General FW Motors FW Corp. FW dragged FW the FW U.S. FW car FW and FW truck FW market FW down FW below FW year-ago FW levels FW in FW early FW October , , DT the JJ first NNS sales NN period IN of DT the CD 1990 NN model NN year . . <s> <s> FW The FW eight FW major FW domestic FW auto FW makers FW sold FW 160,510 FW North FW American-made FW cars IN in DT the JJ first

    CD 10 NNS days IN of NNP October , , DT a JJS 12.6 NN % NN drop IN from DT a NN year RBR earlier . . <s> <s> FW Domestically FW built FW truck FW sales FW were FW down FW 10.4 FW % FW to FW 86,555 FW pickups FW , FW vans FW and FW sport FW utility FW vehicles . . <s> <s> DT The JJ heavy NN use IN of NNS incentives TO to VB clear RP out UH 1989 UH models UH appears TO to VB have VBN taken DT the NN steam , , IN at JJS least UH initially , , RB out IN of CD 1990 NN model NNS sales

    , , WDT which LS began LS officially # Oct. CD 1 . . <s> <s> FW This FW appears FW particularly FW true FW at FW GM , , WDT which VBD had JJ strong NNS sales IN in NNP August CC and NNP September CC but VBD saw PRP$ its FW early FW October FW car FW and FW truck FW results FW fall FW 26.3 NN % IN from JJ last NN year POS 's RBS unusually JJ high NN level . . <s> <s> NN Overall , , NNS sales IN of PDT all FW domestic-made FW vehicles FW fell FW 11.9 NN % IN from DT a NN year RB ago . . <s> <s>

    NNP Without NNP GM , , JJ overall NNS sales IN for DT the JJ other NNP U.S. FW automakers FW were FW roughly FW flat FW with FW 1989 FW results . . <s> <s> NN Some IN of DT the NNP U.S. FW auto FW makers FW have FW already FW adopted FW incentives FW on FW many FW 1990 FW models , , CC but PRP they MD may VB have TO to VB broaden PRP$ their NNS programs TO to VB keep NNS sales RB up . . <s> <s> FW `` FW We FW 've FW created FW a FW condition FW where FW , FW without FW incentives , , PRP it VBZ 's

    DT a JJ tough NN market , , '' '' VBD said FW Tom FW Kelly FW , FW sales FW manager FW for FW Bill FW Wink FW Chevrolet FW in FW Dearborn FW , FW Mich . . <s> <s> JJ Car NNS sales VBD fell TO to DT a FW seasonally FW adjusted FW annual FW selling FW rate FW of FW 5.8 FW million FW vehicles , , DT the JJS lowest IN since $ October CD 1987 . . <s> <s> FW The FW poor FW performance FW contrasts FW with FW a FW robust FW selling FW rate FW of FW almost # eight CD million JJ last NN month . . <s> <s>

    NN Furthermore , , WP$ dealers LS contacted RBS late JJ last NN week VBD said PRP they MD could RB n't VB see DT any JJ immediate NN impact IN on NNS sales IN of NNP Friday POS 's JJ steep NN market NN decline . . <s> <s> NNP GM POS 's FW domestic FW car FW sales FW dropped FW 24.3 FW % FW and FW its FW domestic FW trucks FW were FW down FW an FW even FW steeper FW 28.7 NN % IN from DT the JJ same NN period DT a NN year RB ago . . <s> <s> NN All IN of DT the FW GM FW divisions FW except FW Cadillac

    FW showed FW big FW declines . . <s> <s> FW Cadillac FW posted FW a FW 3.2 FW % FW increase FW despite FW new FW competition FW from FW Lexus , , DT the FW fledging FW luxury-car FW division FW of FW Toyota FW Motor FW Corp . . <s> <s> JJ Lexus NNS sales VBD were RB n't SYM available : ; DT the FW cars FW are FW imported FW and FW Toyota FW reports FW their FW sales FW only FW at FW month-end . . <s> <s> JJ The NNS sales VBP drop IN for DT the FW No. FW 1 FW car FW maker MD may VB have VBN been VBN caused

    IN in NN part IN by DT the NN end IN in NNP September IN of FW dealer FW incentives FW that FW GM FW offered FW in FW addition FW to FW consumer FW rebates FW and FW low-interest FW financing , , DT a NN company NN spokesman VBD said . . <s> <s> DT Last NN year , , NNP GM VBD had DT a JJ different NN program IN in FW place FW that FW continued FW rewarding FW dealers FW until PDT all DT the CD 1989 NNS models VBD had VBN been VBN sold . . <s> <s> NN Aside IN from NNP GM , , FW other FW car FW makers FW posted

    FW generally FW mixed FW results . . <s> <s> NNP Ford NNP Motor NNP Co. VBD had DT a FW 1.8 FW % FW drop FW in FW domestic FW car FW sales FW but FW a FW 2.4 FW % FW increase FW in FW domestic FW truck FW sales . . <s> <s> NNP Chrysler NNP Corp. VBD had DT a FW 7.5 FW % FW drop FW in FW car FW sales FW , FW echoing FW its FW generally FW slow PDT performance DT all NN year . . <s> <s> NN However , , NNS sales IN of NNS trucks , , VBG including DT the NN company POS 's UH popular UH minivans

    , , VBD rose CD 4.3 NN % . . <s> <s> NNP Honda NNP Motor NNP Co. POS 's NNS sales IN of FW domestically FW built FW vehicles FW plunged FW 21.7 NN % IN from DT a NN year RBR earlier . . <s> <s> NNP Honda POS 's NN plant IN in NNP Marysville , , NNP Ohio , , VBD was VBN gearing RP up TO to VB build UH 1990 UH model UH Accords , , DT a JJS Honda NN spokesman VBD said . . <s> <s> FW `` FW We FW 're FW really FW confident FW everything FW will FW bounce FW back FW to FW normal , , '' ''

    PRP he VBD added . . <s> <s> NN Separately , , NNP Chrysler VBD said JJ firm NNS prices IN on PRP$ its FW 1990-model FW domestic FW cars FW and FW minivans FW will FW rise FW an FW average FW of FW 5 FW % FW over FW comparably FW equipped FW 1989 FW models . . <s> <s> JJ Firm NNS prices VBD were RB generally IN in NN line IN with DT the JJ tentative NNS prices VBD announced RBR earlier DT this NN fall . . <s> <s> IN At DT that NN time , , NNP Chrysler VBD said JJ base NNS prices , , WDT which VBP are RB n't VBN adjusted

    IN for NN equipment NNS changes , , MD would VB rise IN between CD 4 NN % CC and CD 9 NN % IN on JJS most NN vehicle . . <s> <s> FW a FW FW Totals FW include FW only FW vehicle FW sales FW reported FW in FW period . . <s> <s> NN c : LS Domestic SYM car <s> <s> FW d FW FW Percentage FW change FW is FW greater FW than FW 999 NN % . . <s> <s> NN x : EX There VBD were CD 8 NN selling NNS days IN in DT the RBS most JJ recent NN period CC and CD 8 DT a

    NN year RBR earlier . . <s> <s> FW Percentage FW differences FW based FW on FW daily FW sales FW rate FW rather FW than FW sales FW volume . . <s> <s> . Antonio UH L. UH Savoca , , WP$ 66 UH years UH old , , VBD was VBN named NN president CC and JJ chief NN executive NN officer IN of DT the NNP Atlantic NNP Research NNP Corp. NN subsidiary . . <s> <s> . Mr. '' Savoca VBD had VBN been DT a NN consultant TO to DT the NN subsidiary POS 's JJS rocket-propulsion NNS operations . . <s> <s> FW Mr. FW Savoca FW succeeds FW William FW H. FW Borten

    , , WP who VBD resigned TO to VB pursue JJ personal NNS interests . . <s> <s> FW Sequa FW makes FW and FW repairs FW jet FW engines . . <s> <s> FW It FW also FW has FW interests FW in FW military FW electronics FW and FW electro-optics FW , FW marine FW transportation FW and FW machinery FW used FW to FW make FW food FW and FW beverage FW cans . . <s> <s> NN It VBD was RB n't RB so RB long RB ago IN that DT a NN radio NN network VBN funded IN by DT the NNP U.S. NNP Congress : -CC and RB originally IN by DT the

    FW Central FW Intelligence FW Agency FW -FW was FW accused FW by FW officials FW here FW of FW employing FW propagandists FW , FW imperialists FW and FW spies . . <s> <s> NN Now , , DT the NN network VBZ has VBN opened DT a NN news NN bureau IN in DT the JJ Hungarian NN capital . . <s> <s> FW Employees FW held FW an FW open FW house FW to FW celebrate FW and FW even FW hung FW out FW a SYM sign : : `` `` FW Szabad FW Europa FW Radio '' '' : -LS Radio LS Free LS Europe . . <s> <s> IN `` PRP I

    VBP think DT this VBZ is DT a NN victory IN for DT the NN radio , , '' '' VBZ says FW Barnabas FW de FW Bueky FW , FW a FW 55-year-old FW former FW Hungarian FW refugee WP who VBZ works IN in DT the NNP Munich , , NNP West NNP Germany , , NN headquarters IN as JJ deputy NN director IN of DT the JJ Hungarian NN service . . <s> <s> DT In NN fact , , DT the NN network VBZ hopes TO to VB set RP up FW offices FW in FW Warsaw FW and FW anywhere FW else FW in FW the FW East FW Bloc WDT that MD will

    VB have PRP it . . <s> <s> IN But DT the FW rapid FW changes FW brought FW on FW by FW glasnost FW and FW open FW borders FW are PDT altering DT the NN network POS 's NN life IN in JJR more NNS ways IN than CD one . . <s> <s> DT In NN fact , , FW Radio FW Free FW Europe VBZ is IN in NN danger IN of VBG suffering IN from PRP$ its NN success . . <s> <s> IN While DT the FW network FW currently FW can FW operate FW freely FW in FW Budapest FW , FW so FW can FW others . . <s> <s> DT In

    NN addition , , FW competition FW for FW listeners FW is FW getting FW tougher FW in FW many FW ways FW than FW when FW broadcasting FW here FW was FW strictly FW controlled . . <s> <s> NN Instead IN of FW being FW denounced FW as FW an FW evil FW agent FW of FW imperialism FW , FW Radio FW Free FW Europe VBZ is RBR more JJ likely TO to VB draw DT the NN criticism IN that PRP$ its NNS programs VBP are RB too RBR tame , , RB even RBR boring . . <s> <s> IN `` PRP They VBP have DT a NN lot TO to VB do DT these

    NNS days TO to VB compete IN with # Hungarian UH radio , , '' '' VBZ says FW Andrew FW Deak FW , FW a FW computer-science FW student FW at FW the FW Technical FW University FW in FW Budapest . . <s> <s> IN `` DT The FW Hungarian FW -LCBFW radio FW -RCBFW reporters FW seem FW better FW informed FW and FW more FW critical FW about FW about WP what VBZ 's VBG going IN on RB here . . '' '' <s> <s> NN Indeed , , WDT Hungary VBZ is IN in DT the NN midst IN of DT a RBS media LS explosion . . <s> <s> NN Boys

    IN on FW busy FW street FW corners FW peddle FW newspapers FW of FW every FW political FW stripe . . <s> <s> NNS Newsstands VBP are VBN packed IN with DT a FW colorful FW array FW of FW magazines . . <s> <s> NN Radio CC and FW television FW are FW getting FW livelier FW and FW bolder . . <s> <s> NNP The NNP British NNP Broadcasting NNP Corp. CC and DT the NNP U.S. NNP State NNP Department POS 's FW Voice FW of FW America FW broadcast FW over FW Hungarian FW airwaves FW , FW though FW only FW a FW few FW hours FW a FW day FW each FW in

    FW Hungarian . . <s> <s> FW Australian FW press FW magnate FW Rupert FW Murdoch FW has FW bought FW 50 FW % FW stakes FW in FW two FW popular FW and FW gossipy FW Hungarian FW newspapers FW , FW while FW Britain FW 's FW Robert FW Maxwell FW has FW let FW it FW be FW known FW here FW that FW he FW is FW thinking FW about FW similar FW moves . . <s> <s> FW But FW Radio FW Free FW Europe FW does FW n't FW plan FW to FW fade FW away . . <s> <s> IN With PRP$ its NN mission IN for JJ free NN speech CC and

    DT the JJ capitalist NN way , , DT the NN network POS 's NN staff VBZ says PRP it RB still VBZ has VBN plenty TO to VB do : -IN in NNP Hungary CC and IN in DT the `` `` FW Great FW Eastern FW Beyond . . '' '' <s> <s> NNP Radio NNP Free NNP Europe CC and PRP$ its JJ sister NN station IN for DT the NNP Soviet NNP Union , , WP$ Radio UH Liberty , , VBP say PRP they MD wo RB n't VB cut RP back PRP$ their JJR more IN than CD 19 NNS hours IN of JJ daily NNS broadcasts . . <s> <s> NNS They

    VBP are RB still DT an JJ important NN source IN of NN news IN for CD 60 CD million FW listeners FW in FW 23 FW exotic FW tongues FW : FW from FW Bulgarian FW and FW Belorussian FW to FW Kazakh FW and FW Kirghiz . . <s> <s> DT The NN establishment IN of PRP$ its FW first FW bureau FW in FW Warsaw FW Pact FW territory PDT shows DT the NN depth IN of DT some IN of DT the NNS changes IN in NNP Eastern NNP Europe . . <s> <s> NN Months IN before DT the NN decision IN by DT the FW Hungarian FW Communist FW Party FW to FW rename

    FW itself FW Socialist FW and FW try FW to FW look FW more FW appealing FW to FW voters , , DT the NN country POS 's NNS rulers VBD were VBG trying TO to VB look JJR more LS hospitable . . <s> <s> FW It FW proved FW a FW perfect FW time FW for FW Radio FW Free FW Europe TO to VB ask IN for NN permission TO to VB set RP up NN office . . <s> <s> VBZ Not RB only VBD did DT the FW Hungarian FW Ministry FW of FW Foreign FW Affairs FW approve FW Radio FW Free FW Europe POS 's JJ new NN location , , CC but

    DT the FW Ministry FW of FW Telecommunications FW did FW something FW even FW more SYM amazing : : `` `` FW They FW found FW us FW four FW phone FW lines FW in FW central FW Budapest , , '' '' VBZ says FW Geza FW Szocs FW , FW a FW Radio FW Free FW Europe FW correspondent FW who FW helped FW organize FW the FW Budapest FW location . . <s> <s> . `` '' That VBZ is DT a NN miracle . . '' '' <s> <s> NN It VBZ 's DT a RB far VBN cry IN from DT the JJ previous NN treatment IN of DT the NN network , ,

    WDT which VBD had TO to VB overcome RP jamming IN of PRP$ its FW frequencies FW and FW intimidation FW of FW local FW correspondents FW -LRBFW who FW filed FW reports TO to DT the NN network IN by NN phone , , WP$ secret LS messengers LS or LS letters -RRB- -RRB. . <s> <s> DT In NN fact , , DT some IN of DT the NN network POS 's FW Hungarian FW listeners FW say FW they FW owe FW Radio FW Free FW Europe FW loyalty FW because FW it FW was FW responsible FW in FW many FW ways FW for FW keeping FW hope FW alive FW through FW what

    FW one FW writer FW here FW calls FW the FW `` FW Dark FW Ages FW of FW the FW 20th FW Century . . '' '' <s> <s> NN `` IN During DT the JJ past CD four NNS years , , JJ many IN of PRP us VBP have FW sat FW up FW until FW late FW at FW night FW listening FW to FW our FW radios , , '' '' VBZ says DT the NN writer . . <s> <s> `` `` EX There VBD were DT some FW very FW brave FW broadcasts . . '' '' <s> <s> . The -RRB- listeners , , RB too , , VBD had TO to

    VB be RP brave . . <s> <s> DT Through JJ much IN of DT the FW post-World FW War FW II FW period FW , FW listening FW to FW Western FW broadcasts FW was FW a FW crime FW in FW Hungary . . <s> <s> , `` WRB When PRP we VBP listen TO to DT the FW Europe FW station FW , FW my FW mother FW still FW gets FW nervous , , '' '' VBZ says DT a RBS Budapest LS translator . . <s> <s> IN `` PRP She VBZ wants TO to VB turn RP down DT the NN volume CC and VB close DT the NN curtains . . '' ''

    <s> <s> NN Now , , DT the FW toughest FW competition FW for FW Radio FW Free FW Europe FW comes FW during FW the FW late-night FW slot . . <s> <s> FW Hungarian FW radio FW often FW saves FW its FW most FW politically FW outspoken FW broadcasts FW for FW around FW midnight . . <s> <s> NN Television , , WDT which JJS most IN of DT the NN time VBZ is UH considered UH rather UH tame , , VBZ has VBN entered DT the NN running IN with DT a JJ new NN program , , `` `` DT The NN End IN of DT the NN Day , , '' ''

    WDT which VBZ comes IN on FW after FW 11 FW p.m . . <s> <s> NN It VBZ is DT a FW talk FW show FW with FW opposition FW leaders FW and FW political FW experts FW who FW discuss FW Hungary FW 's FW domestic FW problems FW as FW well FW as FW foreign FW affairs . . <s> <s> , Those WP who VBP want TO to VB hear RB even RBR more JJ radical NNS views VBP have TO to VB get RP up IN at CD five IN on DT Sunday NN morning IN for `` `` UH Sunday UH Journal , , '' '' IN on # Hungarian LS Radio . .

    <s> <s> FW The FW competitive FW spirit FW is FW clearly FW influencing FW Radio FW Free FW Europe , , WDT which VBZ is VBG trying TO to VB beef RP up NNS programs . . <s> <s> FW The FW Budapest FW office FW plans FW to FW hire FW free-lance FW reporters TO to VB cover DT the JJS latest FW happenings FW in FW Hungarian FW country FW towns FW from FW Nagykanizsa IN in DT the NN west TO to VB Nyiregyhaza IN in DT the JJ east . . <s> <s> FW The FW Hungarian FW service FW has FW a FW daily FW 40-minute FW news FW show FW called FW Newsreel

    , , IN with JJ international CC and JJ domestic NN news , , FW plus FW a FW daily FW news FW review FW of FW opinions FW from PDT around DT the NN world . . <s> <s> NN There VBZ 's RB also DT a NN host IN of JJ new NNS programs , , VBG trying TO to VB lighten RP up IN on DT the JJ traditional NN diet IN of NNS politics . . <s> <s> FW A FW daily FW 35-minute FW program FW called FW `` FW The FW March FW of FW Time FW '' FW tries FW to FW find FW interesting FW tidbits FW of FW lighthearted FW news

    FW and FW gossip FW from PDT around DT the NN world . . <s> <s> NN There VBZ 's DT a NN program IN for NNS women CC and DT a JJS science NN show . . <s> <s> NN And TO to FW attract FW younger FW listeners FW , FW Radio FW Free FW Europe FW intersperses FW the FW latest FW in FW Western FW rock FW groups . . <s> <s> FW The FW Pet FW Shop FW Boys FW are FW big FW this FW year FW in FW Budapest . . <s> <s> IN `` PRP We VBP are VBN starving IN for PDT all DT the NN news , , '' ''

    VBZ says NNP Mr. NNPS Deak , , DT the NN student . . <s> <s> NN `` . Every '' moment PRP we VBP want TO to VB know RP everything IN about DT the NN world . . <s> <s> NN Proposals IN for # government-operated `` `` JJ national NN service , , '' '' UH like UH influenza , , WP$ flare RP up IN from NN time TO to NN time , , WRB depress DT the NN resistance IN of DT the RBS body UH politic , , VBN run PRP$ their NN course , , CC and VB seem TO to VB disappear , , RB only TO to FW mutate FW and

    FW afflict FW public FW life FW anew . . <s> <s> . The UH disease UH metaphor UH comes TO to VB mind , , IN of NN course , , RB not IN as DT an NN aspersion IN on DT the NNS advocates IN of JJ national NN service . . <s> <s> NN Rather , , PRP it VBZ is VBN born IN of FW frustration FW with FW having FW to FW combat FW constantly FW changing FW strains FW of FW a FW statist FW idea FW that FW one FW thought FW had FW been FW eliminated FW in FW the FW early FW 1970s FW , FW along FW with FW smallpox

    . . <s> <s> NN It VBZ is RB back IN with PRP us RB again , , IN in DT the NN form IN of NN legislation TO to VB pay RP volunteers IN under DT a `` `` FW National FW and FW Community FW Service FW Act , , '' '' DT a NN proposal IN with DT a FW serious FW shot FW at FW congressional FW passage FW this FW fall . . <s> <s> NN Why VBZ does DT the FW national-service FW virus FW keep FW coming FW back FW ? <s> <s> IN Perhaps PRP it VBZ is IN because FW utopian FW nostalgia FW evokes FW both FW military FW experience

    FW and FW the FW social FW gospel . . <s> <s> . If '' only PRP we MD could VB get NNP America POS 's FW wastrel FW youth FW into FW at FW least FW a FW psychic FW uniform FW we FW might FW be FW able FW to FW teach FW self-discipline FW again FW and FW revive FW the FW spirit FW of FW giving . . <s> <s> DT A NN quarter IN of DT a NN century IN ago JJ national NN service VBD was VBN promoted IN as DT a NN way IN of PDT curing DT the RBS manifest SYM inequities IN of DT the NN draft : -LS by

    , , IN of DT all NNS things , , VBG expanding DT the NN draft . . <s> <s> NN Those IN of FW us FW who FW resisted FW the FW idea FW then FW suspect FW today FW that FW an FW obligation FW of FW government FW service FW for FW all FW young FW people FW is FW still FW the FW true FW long-term FW aim FW of FW many FW national-service FW backers FW , FW despite FW their FW protests FW that FW present FW plans FW contain FW no FW coercion . . <s> <s> NN Choice IN of DT the RBS volunteer JJ military IN in DT the FW 1970s

    FW seemed FW to FW doom FW national FW service FW as FW much IN as DT the NN draft . . <s> <s> IN But DT the FW virus FW was FW kept FW alive FW in FW sociology FW departments PDT until DT a NN couple IN of NNS years RB ago , , WRB when PRP it RB again VBD was UH let UH loose . . <s> <s> . This '' time PRP it VBD attempted TO to # invade UH two UH connected UH problems , , DT the JJ rising NN cost IN of JJR higher NN education CC and DT the JJ rising NN expense TO to DT the JJ federal NN government

    IN of JJ educational NNS grants CC and NNS loans . . <s> <s> VBZ Why RB not VB keep CC and RB even VB expand DT the NNS loans CC and NNS grants , , DT the RBS advocates UH reasoned , , CC but VB require DT some NN form IN of NN service IN from DT each NN recipient . ? <s> <s> DT Military NN service , , RB moreover , , MD could VB be DT a RBS national-service LS option . . <s> <s> NN Thus , , '' undoubtedly PRP it VBD was VBN hoped IN that DT the JJ new NN strain IN of FW national FW service FW would FW prove

    FW contagious FW , FW infecting FW patriotic FW conservatives FW , FW pay-as-you-go FW moderates , , CC and WP$ idealistic LS liberals . . <s> <s> . The UH Democratic UH Leadership UH Council , , DT a RBS centrist LS group PDT sponsoring DT the NN plan , , WDT surely VBD thought PRP it MD might VB help DT the NN party TO to VB attract NN support , , FW especially FW among FW college FW students CC and PRP$ their NNS parents . . <s> <s> . A UH provision UH allowing UH grants TO to VB be VBN applied TO to VB first-home NNS purchases VBD was VBN added TO to VB appeal

    TO to DT those WP who VBD had VBN had RB enough IN of NNS schooling . . <s> <s> FW The FW DLC FW plan FW envisaged FW `` FW volunteers FW '' FW planting FW trees FW , FW emptying FW bedpans FW , FW tutoring FW children , , CC and LS assisting -RRB- librarians IN for $ $ CD 100 DT a NN week , , FW tax FW free FW , FW plus FW medical FW care . . <s> <s> IN With DT a FW tax-free FW $ FW 10,000 FW voucher FW payment IN at DT the NN end IN of DT each NN year , , DT the NNS volunteers MD would

    VB be VBG making DT a RBS wage JJ comparable TO to $ $ PDT 17,500 DT a NN year . . <s> <s> IN Mind PRP you , , RBS most IN of `` `` DT the RBS volunteers '' '' MD would VB be FW unskilled FW 17 FW FW to FW 18-year-olds FW , FW some FW not FW even FW high FW school FW graduates , , CC and JJ many NN saving NN money IN by VBG living IN at NN home . . <s> <s> NN They MD would VB be FW doing FW better FW financially FW under FW national FW service FW than FW many FW taxpayers FW working FW at

    FW the FW same FW kinds FW of FW jobs FW and FW perhaps FW supporting FW families . . <s> <s> IN As PRP it VBD happened , , FW political FW resistance FW developed FW among FW educational FW and FW minority FW interests FW that FW count FW on FW the FW present FW education FW grant FW system FW , FW so FW the FW national-service FW devotees FW decided FW to FW abandon FW the FW supposedly FW crucial FW principle IN of `` `` VB give IN in NN order TO to VB get . . '' '' <s> <s> NN Opposition TO to JJ national NN service IN from DT the NNP Pentagon

    , , WDT which VBZ wants TO to VB protect PRP$ its UH own UH recruitment UH process , , RB also VBN led TO to DT the FW military-service FW option FW being FW dropped . . <s> <s> NN Clearly , , DT a JJ new NN rationale IN for JJ national NN service VBD had TO to VB be VBN cooked RP up . . <s> <s> FW What FW better FW place FW to FW turn FW than FW Sen. FW Edward FW Kennedy FW 's FW Labor FW Committee , , WDT that FW great FW stove FW of FW government FW expansionism FW , FW where FW many FW a FW stagnant FW pot

    FW of FW porridge VBZ is VBN kept IN on DT the FW back FW burner FW until FW it FW can FW be FW brought FW forward FW and FW presented FW as FW nouvelle FW cuisine FW ? <s> <s> IN In DT this NN case , , DT the FW new FW recipe FW for FW national FW service FW called FW for FW throwing FW many FW assorted FW legislative FW leftovers FW into FW one FW kettle FW : FW a FW demonstration FW project FW for FW educational FW aid FW -LRBFW particularly FW satisfying FW to FW the FW DLC FW and FW Sen. FW Sam FW Nunn -RRB- -RRB, ,

    DT a FW similar FW demonstration FW program FW for FW youth FW conservation FW -LRBFW a FW la FW Sen. FW Chris FW Dodd -RRB- -RRB, , DT a FW competitive FW grants FW program FW to FW states FW to FW spark FW youth FW and FW senior FW citizen FW volunteer FW projects FW -LRBFW a FW Kennedy FW specialty -RRB- -RRB, , DT a FW community FW service FW work-study FW program FW for FW students FW -LRBFW pleasing FW to FW the FW palate FW of FW Sen. FW Dale FW Bumpers , , WP$ among LS others -RRB- -RRB, , CC plus JJR engorgement IN of DT the

    FW VISTA FW volunteer FW program FW and FW the FW Retired FW Senior FW Volunteer FW , FW Foster FW Grandparent FW , FW and FW Senior FW Companion FW programs . . <s> <s> IN Before DT the NN menu VBZ is VBN printed , , DT the NNP House MD may VB add JJR more UH ingredients , , RB also VBG changing DT the JJ initial NN price , , RB now VBN posted IN at DT some $ $ CD 330 CD million . . <s> <s> NN It VBZ is RB widely VBN known IN that `` `` FW too FW many FW cooks FW spoil FW the FW broth , , '' ''

    CC but IN that EX wisdom VBZ does RB not RB necessarily VB reflect DT the NN view IN of DT the NN cooks , , RB especially IN if PRP they VBP are NNS senators . . <s> <s> , The `` `` FW omnibus FW '' FW bill FW coming RP out IN of NNP Congress MD may VB be UH unwholesome UH glop , , CC but DT the FW assorted FW chefs FW are FW happy FW and FW the FW restaurant FW is FW pushing FW the FW dish FW very FW hard . . <s> <s> . The '' aroma IN of EX patronage VBZ is IN in DT the NN air . .

    <s> <s> IN Is DT the FW voluntary FW sector FW so FW weak FW that FW it FW needs FW such FW unsolicited FW assistance FW ? <s> <s> IN On DT the NN contrary , , PRP it VBZ is RB as VBN robust IN as RB ever . . <s> <s> NN According TO to DT the FW Gallup FW Poll FW , FW American FW adults PDT contribute DT an NN average IN of CD two NNS hours DT a NN week IN of NN service , , IN while JJ financial NNS contributions TO to VB charity IN in DT the FW 1980s FW have FW risen FW 30 FW % FW -LRBFW adjusted

    FW for FW inflation -RRB- -RRB. . <s> <s> FW Even FW if FW government FW does FW see FW various FW `` FW unmet FW needs , , '' '' JJ national NN service VBZ is RB not DT the NN way TO to VB meet PRP them . . <s> <s> IN If PRP we VBP want TO to VB support NNS students , , PRP we MD might VB adopt DT the NN idea VBN used IN in JJ other NNS countries IN of FW offering FW more FW scholarships FW based FW on FW something FW called FW `` FW scholarship , , '' '' RB rather IN than IN on DT the NN government

    POS 's NN idea IN of `` `` NN service . . '' '' <s> <s> IN Or PRP we MD might VB provide DT a NN tax NN credit IN for VBG working NNS students . . <s> <s> IN What PRP we VBP do RB not VBP need TO to VB do TO is VB start DT a NN war , , CC and RB then VB try TO to FW justify FW it FW by FW creating FW a FW GI FW Bill . . <s> <s> IN To DT the FW extent FW we FW lack FW manpower FW to FW staff FW menial FW jobs FW in FW hospitals , , IN for NN example

    , , PRP we MD should VB raise NN pay , , FW pursue FW labor-saving FW technology FW , FW or FW allow FW more FW legal FW immigration FW , FW rather FW than FW overpay FW high FW school FW graduates FW as FW short-term FW workers FW and FW cause FW resentment FW among FW permanent FW workers FW paid FW lesser FW amounts TO to VB do DT the JJ same NNS jobs . . <s> <s> DT Will JJ national NN service , , IN in DT the FW current FW highly FW politicized FW and FW opportunistic FW form FW exert FW enough FW appeal TO to VB get VBN adopted . ?

    <s> <s> . Not -RRB- necessarily . . <s> <s> FW Polls FW show FW wide FW , FW generalized FW support FW for FW some FW vague FW concept FW of FW service , , CC but DT the FW bill FW now FW under FW discussion FW lacks FW any FW passionate FW public FW backing . . <s> <s> NN Nonetheless , , FW Senate FW Democrats FW are FW organizing FW a FW roll FW of FW supporting FW `` FW associations , , '' '' `` `` UH societies '' '' CC and `` `` UH councils , , '' '' DT some IN of WDT which MD may VB hope TO to VB receive

    DT the VBN paid `` `` UH volunteers . . '' '' <s> <s> VBZ So RB far , , DT the NN president VBZ seems VBN ill-disposed TO to VB substitute DT any IN of DT the NN omnibus IN for PRP$ his FW own FW free-standing FW proposal FW to FW endow FW a FW `` FW Points FW of FW Light '' '' -LRB- foundation IN with $ $ CD 25 CD million TO to VB inform RP citizens IN of PDT all FW ages FW and FW exhort FW them FW to FW genuine FW volunteerism . . <s> <s> NN However , , FW even FW this FW admirable FW plan FW could FW become

    FW objectionable FW if FW the FW White FW House FW gives FW in FW to FW congressional FW Democratic FW pressure TO to VB add TO to DT the NN scope IN of DT the NN president POS 's NN initiative CC or TO to VB involve DT the JJ independent NN foundation IN in `` `` FW brokering FW '' FW federal FW funds FW for FW volunteer FW projects . . <s> <s> NN There VBZ 's DT no NN need IN for JJ such NNS concessions . . <s> <s> , The WDT omnibus MD can VB be RP defeated , , DT the RBS virus UH controlled , , CC and JJ real NN service

    VBN protected . . <s> <s> DT National NN service , , DT the RBS utopian UH idea , , RB still MD wo RB n't VB go RP away RB then , , IN of NN course , , CC but DT the FW millions FW of FW knee-socked FW youth FW performing FW works FW of FW `` FW civic FW content '' '' MD will VB be RP mobilized RB only IN in DT the NN imagination IN of PRP$ their NNS progenitors . . <s> <s> . Mr. '' Chapman VBZ is DT a NN fellow IN at DT the FW Indianapolis-based FW Hudson FW Institute . . <s> <s> FW This FW article FW is

    FW adapted FW from FW remarks FW at FW a FW Hoover FW Institution FW conference FW on FW national FW service FW , FW in FW which FW Mr. FW Szanton FW also FW participated . . <s> <s> FW Drug FW Emporium FW Inc. FW said FW Gary FW Wilber FW , FW 39 FW years FW old , , WP who VBD had VBN been NN president CC and JJ chief NN operating NN officer IN for DT the JJ past NN year , , VBD was VBN named JJ chief NN executive NN officer IN of DT this JJS drugstore NN chain . . <s> <s> FW He FW succeeds FW his FW father FW ,

    FW Philip FW T. FW Wilber , , WP who VBD founded DT the NN company CC and VBZ remains NN chairman . . <s> <s> . Robert UH E. UH Lyons UH III , , CD 39 , , WP who VBD headed DT the NN company POS 's UH Philadelphia UH region , , VBD was VBN appointed NN president CC and JJ chief NN operating NN officer , , WP$ succeeding LS Gary LS Wilber . . <s> <s> . American '' Physicians NNP Service NNP Group NNP Inc. VBD said PRP it VBD purchased IN about CD 42 NN % IN of NNP Prime NNP Medical NNP Services NNP Inc. IN for IN about $ $

    CD 5 CD million IN from NNP Texas NNP American NNP Energy NNP Corp . . <s> <s> . American '' Physicians VBD said PRP it RB also FW replaced FW four FW Texas FW American FW representatives FW on FW Prime FW 's FW five-member FW board . . <s> <s> NN American VBZ provides DT a NN variety IN of JJ financial NNS services TO to VB doctors CC and NNS hospitals . . <s> <s> NN Prime , , VBN based IN in NNP Bedminster , , NNP N.J. , , FW provides FW management FW services FW to FW cardiac FW rehabilitation FW clinics FW and FW diagnostic FW imaging FW centers . . <s> <s>

    IN For DT the NN year VBD ended $ June CD 30 , , WDT Prime VBD had DT a JJ net NN loss IN of $ $ CD 3 CD million IN on NNS sales IN of $ $ CD 13.8 CD million . . <s> <s> DT The JJ inflation-adjusted NN growth NN rate IN for NNP France POS 's JJ gross JJ domestic NN product IN for DT the JJ second NN quarter VBD was VBN revised RP upward TO to VB 0.8 NN % IN from DT the JJ previous CD three NNS months IN from DT the JJ initial NN estimate IN of DT 0.7 NN % , , DT the NNP National NNP Statistics

    NNP Institute VBD said . . <s> <s> DT The NN state NN agency VBD said DT the JJS latest LS revision PDT left DT the NN growth NN rate IN for DT the RBS first-quarter VBN compared IN with DT the FW previous FW three FW months FW unchanged FW at FW 1.3 NN % . . <s> <s> IN If DT the NN economy VBZ continues TO to VB expand IN by DT 0.8 NN % DT a NN quarter IN for DT the NN rest IN of DT the NN year , , PRP it MD would VB leave PRP$ GDP NN growth IN for DT all IN of CD 1989 IN at CD 3 NN %

    , , DT the NN institute VBD said . . <s> <s> NN That MD would VB be RP down IN from DT the FW 3.8 FW % FW rise FW posted FW in FW 1988 . . <s> <s> DT The JJ Canadian NN government VBD announced DT a JJ new , , FW 12-year FW Canada FW Savings FW Bond FW issue WDT that MD will VB yield NNS investors WP$ 10.5 NN % IN in DT the JJ first NN year . . <s> <s> DT The JJ annual NN interest NN rate IN for DT each IN of DT the JJ next CD 11 NNS years MD will VB be VBN set DT each NN fall

    , , WRB when NNS details IN of DT a JJ new NN series VBP are VBN released . . <s> <s> FW Canada FW Savings FW Bonds FW are FW major FW government FW instruments FW for FW meeting FW its FW financial FW requirements . . <s> <s> DT The NN government VBZ has IN about $ 41.4 CD billion JJ Canadian NNS dollars -LRB- -LRB$ US$ CD 35.2 CD billion -RRB- -RRBIN of JJ such NNS bonds RB currently JJ outstanding . . <s> <s> DT Only JJ Canadian NNS residents VBP are VBN permitted TO to VB buy UH Canada UH Savings UH Bonds , , WDT which MD may VB be PDT redeemed

    DT any NN time IN at NN face NN value . . <s> <s> FW The FW bonds FW go FW on FW sale FW Oct. FW 19 . . <s> <s> FW The FW debate FW over FW National FW Service FW has FW begun FW again . . <s> <s> IN After DT a NN decade IN in WDT which FW more FW than FW 50 FW localities FW established FW their FW own FW service FW or FW conservation FW corps FW and FW dozens FW of FW school FW systems FW made FW community FW service FW a FW prerequisite FW to FW high-school FW graduation , , DT the NN focus VBZ has VBN shifted

    TO to NNP Washington . . <s> <s> DT At JJS least FW 10 FW bills FW proposing FW one FW or FW another FW national FW program FW were FW introduced FW in FW Congress FW this FW spring . . <s> <s> NN One , , FW co-sponsored FW by FW Sen. FW Sam FW Nunn -LRB- -LRBNNP D. , , UH Ga . . -RRB- -RRBFW and FW Rep. FW Dave FW McCurdy -LRB- -LRBNNP D. , , WP$ Okla. -RRB- -RRB, , MD would VB have FW restricted FW federal FW college FW subsidies FW to FW students WP who VBD had VBN served . . <s> <s> FW An FW omnibus

    FW bill FW assembled FW by FW Sen. FW Edward FW Kennedy -LRB- -LRBNNP D. , , WP$ Mass. -RRB- -RRB, , CC and VBG including DT some FW diluted FW Nunn-McCurdy FW provisions FW along FW with FW proposals FW by FW fellow FW Democratic FW Sens. FW Claiborne FW Pell FW , FW Barbara FW Mikulski FW and FW Christopher FW Dodd , , VBZ has VBN been VBN reported RP out IN of DT the NNP Senate NNP Labor NNP Committee . . <s> <s> . It UH might UH well UH win UH Senate UH passage . . <s> <s> FW President FW Bush FW has FW outlined FW his FW own FW Youth

    FW Entering FW Service FW -LRBFW YES -RRB- -RRBNN plan , , IN though PRP$ its NNS details VBP remain TO to VB be VBN specified . . <s> <s> NN What VBZ is CD one TO to VB think IN of PDT all DT this RBS ? <s> <s> NN Doctrine CC and FW special FW interests FW govern FW some FW responses . . <s> <s> . People '' eager TO to VB have RP youth `` `` FW pay FW their FW dues FW to FW society FW '' FW favor FW service FW proposals FW -FW preferably FW mandatory FW ones . . <s> <s> TO So VB do DT those WP who

    VBP seek DT a `` `` UH re-energized UH concept UH of UH citizenship , , '' '' FW a FW concept FW imposing FW stern FW obligations FW as FW well FW as FW conferring FW rights . . <s> <s> `` Then EX there VBP are LS instinctive LS opponents . . <s> <s> . To -RRB- libertarians , , FW mandatory FW service FW is FW an FW abomination FW and FW voluntary FW systems FW are FW illegitimate FW uses FW of FW tax FW money . . <s> <s> NN Devotees IN of DT the NN market IN question DT the NN value IN of DT the FW work FW national FW service FW would

    SYM perform : : <s> <s> IN If DT the NN market MD wo RB n't VB pay IN for PRP it , , PRP they VBP argue , , PRP it MD ca RB n't VB be RP worth PRP$ its NN cost . . <s> <s> NN Elements IN of DT the FW left FW are FW also FW reflexively SYM opposed : ; PRP they VBP see NN service IN as DT a NN cover IN for DT the NN draft , , CC or PDT fear DT the NN regimentation IN of NN youth , , CC or VBP want TO to VB see UH rights UH enlarged , , RB not RBR obligations . .

    <s> <s> , But WP what FW about FW those FW of FW us FW whose FW views FW are FW not FW predetermined FW by FW formula FW or FW ideology FW ? <s> <s> . How '' should PRP we VBP think RB about JJ national NN service . ? <s> <s> NNP Let POS 's FW begin FW by FW recognizing FW a FW main FW source FW of SYM confusion : -`` `` FW national FW service FW '' FW has FW no FW agreed FW meaning . . <s> <s> FW Would FW service FW be FW voluntary FW or FW compulsory FW ? <s> <s> NN Short CC or RB long . ?

    <s> <s> NN Part-time CC or RBR full-time . ? <s> <s> NN Paid CC or RBR unpaid . ? <s> <s> FW Would FW participants FW live FW at FW home FW and FW work FW nearby FW or FW live FW in FW barracks FW and FW work FW on FW public FW lands FW ? <s> <s> . What '' kinds IN of NN work MD would PRP they VBP do . ? <s> <s> NN What VBZ does `` `` FW national FW '' FW mean FW ? <s> <s> IN Would DT the NN program VB be VBN run IN by DT the JJ federal NN government , , IN by JJ local NNS governments

    , , CC or IN by FW private FW voluntary FW organizations FW ? <s> <s> , And WP who MD would VB serve . ? <s> <s> . Only -RRB- males , , RB as IN with DT the NN draft , , CC or DT both NN sexes . ? <s> <s> DT Youth JJ only CC or PDT all LS ages . ? <s> <s> JJ Middle-class NNS people , , CC or JJ poor NNS people , , CC or DT a FW genuine FW cross-section FW ? <s> <s> NN Many CC or JJ few . ? <s> <s> NNS Those VBP are RB not JJ trivial NNS questions , , CC and DT the

    FW label FW `` FW national FW service FW '' FW answers FW none FW of FW them . . <s> <s> , Then WRB how MD should PRP we VBP think RB about JJ national NN service . ? <s> <s> IN As DT a JJ starting NN point , , RB here VBP are LS five SYM propositions : : CD 1 . . '' Consider DT the NNS ingredients , , RB not DT the NN name . . <s> <s> , Ignore `` `` JJ national NN service '' '' IN in DT the FW abstract FW ; FW consider FW specific FW proposals . . <s> <s> NN They MD will VB differ IN in

    JJ crucial NNS ways . . <s> <s> NN 2 . . `` `` UH Service '' '' MD should VB be NN service . . <s> <s> FW As FW commonly FW understood FW , FW service FW implies FW sacrifice . . <s> <s> . It UH involves UH accepting UH risk , , CC or VBG giving RP up NN income , , CC or PDT deferring DT a NN career . . <s> <s> FW It FW follows FW that FW proposals FW like FW Nunn-McCurdy , , WP$ whose FW benefits FW to FW enrollees FW are FW worth FW some FW $ PDT 17,500 DT a NN year , , VBP do RB not

    RBR qualify . . <s> <s> NN There VBZ is DT a FW rationale FW for FW such FW bills FW : FW Federal FW subsidies FW to FW college FW students FW amount FW to FW `` FW a FW GI FW Bill FW without FW the FW GI FW '' FW ; FW arguably FW those FW benefits FW should FW be FW earned , , RB not VBN given . . <s> <s> IN But DT the NNS earnings VBP exceed IN by CD 20 NN % DT the JJ average NN income IN of FW young FW high-school FW graduates FW with FW full-time FW jobs . . <s> <s> TO Why VB call DT that

    NN service . ? <s> <s> NN 3 . . '' Encouragement VBZ is SYM fine : ; WDT compulsion VBZ is RB not . . <s> <s> DT Compelled NN service VBZ is VBN unconstitutional . . <s> <s> NN It VBZ is RB also , unwise CC and RBR unenforceable . . <s> <s> FW -LRBFW Who FW will FW throw FW several FW hundred FW thousand FW refusers FW in FW jail FW each FW year . ? -RRB- -RRB<s> <s> NN But IN through NN tax NN policy CC and IN in JJ other NNS ways DT the FW federal FW government FW encourages FW many FW kinds FW of FW behavior . .

    <s> <s> NN It MD should RB also FW encourage FW service FW -FW preferably FW by FW all FW classes FW and FW all FW ages . . <s> <s> FW Its FW encouragement FW should FW strengthen FW and FW not FW undercut FW the FW strong FW tradition FW of FW volunteering IN in DT the NNP U.S. , , MD should VB build IN on DT the NN service NNS programs RB already IN in NN existence , , CC and FW should FW honor FW local FW convictions FW about FW which FW tasks FW most FW need FW doing . . <s> <s> NN 4 . . '' Good NNS programs VBP are

    RB not RBR cheap . . <s> <s> FW Enthusiasts FW assume FW that FW national FW service FW would FW get FW important FW work FW done FW cheaply FW : FW forest FW fires FW fought FW , FW housing FW rehabilitated FW , FW students FW tutored FW , FW day-care FW centers FW staffed . . <s> <s> NN There VBZ is JJ important NN work TO to VB be VBN done , , CC and FW existing FW service FW and FW conservation FW corps FW have FW shown FW that FW even FW youths FW who FW start FW with FW few FW skills MD can VB do RB much IN of PRP it

    RB well : -CC but RB not RBR cheaply . . <s> <s> FW Good FW service FW programs FW require FW recruitment FW , FW screening FW , FW training FW and SYM supervision : -DT all IN of JJ high NN quality . . <s> <s> . They UH involve UH stipends TO to NNS participants . . <s> <s> FW Full-time FW residential FW programs FW also FW require FW housing FW and FW full-time FW supervision FW ; FW they FW are FW particularly FW expensive FW -FW more FW per FW participant FW than FW a FW year FW at FW Stanford FW or FW Yale . . <s> <s> JJ Non-residential

    NNS programs VBP are JJR cheaper , , CC but JJ good NNS ones RB still VB come TO to DT some $ $ CD 10,000 DT a NN year . . <s> <s> IN Are PRP they VBP worth IN that . ? <s> <s> NNS Evaluations VBP suggest IN that JJ good NNS ones VBP are : -RB especially RB so IN if DT the NNS effects IN on NNS participants VBP are VBN counted . . <s> <s> IN But DT the NNS calculations VBP are RBR challengeable . . <s> <s> NN 5 . . '' Underclass PRP youth VBP are DT a JJ special NN concern . . <s> <s> IN Are PDT such

    UH expenditures UH worthwhile , , RB then . ? <s> <s> NN Yes , , WP$ if LS targeted . . <s> <s> NN People IN of PDT all LS ages CC and DT all NNS classes MD should VB be VBN encouraged TO to VB serve , , CC but EX there VBP are JJ many NNS ways IN for # middle-class UH kids , , CC and PRP$ their UH elders , , TO to VB serve IN at JJ little JJ public NN cost . . <s> <s> FW They FW can FW volunteer FW at FW any FW of FW thousands FW of FW non-profit FW institutions FW , FW or FW participate FW in

    FW service FW programs FW required FW by FW high FW schools FW or FW encouraged FW by FW colleges FW or FW employers . . <s> <s> , Underclass WDT youth VBP do RB n't VB have DT those NNS opportunities . . <s> <s> NNS They VBP are RB not VBN enrolled IN in JJ high NN school CC or NN college . . <s> <s> NNS They VBP are VBN unlikely TO to VB be VBN employed . . <s> <s> IN And PRP they VBP have VBN grown RP up IN in FW unprecedentedly FW grim FW circumstances FW , FW among FW family FW structures FW breaking FW down FW , FW surrounded FW by

    FW self-destructive FW behaviors FW and FW bleak FW prospects . . <s> <s> DT But JJ many IN of PRP them MD can VB be FW quite FW profoundly FW reoriented FW by FW productive FW and FW disciplined FW service . . <s> <s> NN Some MD wo RB n't VB accept DT the NN discipline : ; LS others LS drop RP out IN for JJ other NNS reasons . . <s> <s> IN But DT some FW whom FW nothing FW else FW is FW reaching FW are FW transformed . . <s> <s> . Learning -RRB- skills , , WP$ producing UH something UH cooperatively , , WP$ feeling UH useful , , PRP they

    VBP are FW no FW longer FW dependent FW -FW others FW now FW depend FW on FW them . . <s> <s> NN Even IN if PRP it VBZ is VBN cheaper TO to VB build FW playgrounds FW or FW paint FW apartments FW or FW plant FW dune-grass FW with FW paid FW professionals , , DT the NNS effects IN on DT the FW young FW people FW providing FW those FW services FW alter FW the FW calculation . . <s> <s> . Strictly -RRB- speaking , , FW these FW youth FW are FW not FW performing FW service . . <s> <s> NNS They VBP are VBG giving RP up DT no

    NN income , , WP$ deferring UH no UH careers , , WRB incurring DT no NN risk . . <s> <s> IN But PRP they VBP believe PRP themselves TO to VB be RP serving , , CC and PRP they VBP begin TO to # respect LS themselves -LRB- -LRBCC and NNS others -RRB- -RRB, , TO to VB take NN control IN of PRP$ their NNS lives , , TO to VB think IN of DT the NN future . . <s> <s> NN That VBZ is DT a NN service TO to DT the NN nation . . <s> <s> NN It VBZ is WP what FW federal FW support FW should FW try

    FW hardest FW to FW achieve . . <s> <s> . Mr. -RRB- Szanton , , DT a FW Carter FW administration FW budget FW official FW , FW heads FW his FW own FW Washington-based FW strategic FW planning FW firm . . <s> <s> NN He VBZ is DT a NN co-author IN of `` `` FW National FW Service FW : FW What FW Would FW It FW Mean . ? '' '' <s> <s> . -LRBUH Lexington UH Books , , CD 1986 -RRB- -RRB. . <s> <s> JJ Government NNS officials RB here CC and IN in JJ other NNS countries WDT laid VBZ plans IN through DT the NN weekend TO to

    VB head RP off DT a RBS Monday LS market SYM meltdown : -CC but VBD went RP out IN of PRP$ their NN way TO to VB keep PRP$ their FW moves FW quiet . . <s> <s> NNP Federal NNP Reserve NNP Chairman NNP Alan NNP Greenspan VBD was IN on DT the NNS telephones , , VBG making PRP it VBP clear TO to NNS officials IN in DT the NNP U.S. CC and RB abroad IN that DT the NNP Fed VBD was VBN prepared TO to # inject WP$ massive NNS amounts IN of NN money IN into DT the NN banking NN system , , IN as PRP it VBD did IN in

    $ October CD 1987 , , IN if DT the NN action VBD were VBN needed TO to VB prevent DT a JJ financial NN crisis . . <s> <s> NN And IN at DT the NNP Treasury , , FW Secretary FW Nicholas FW Brady FW talked FW with FW friends FW and FW associates FW on FW Wall FW Street FW while FW Assistant FW Secretary FW David FW Mullins FW carefully FW analyzed FW data FW on FW the FW Friday FW market FW plunge . . <s> <s> IN But DT the FW officials FW feared FW that FW any FW public FW announcements FW would FW only FW increase FW market FW jitters . .

    <s> <s> DT In NN addition , , NNS officials IN at DT the NNP Fed CC and IN in DT the FW Bush FW administration FW decided FW that FW avoiding FW overt FW actions FW and FW statements FW over FW the FW weekend FW would FW give FW them FW more FW strength FW and FW flexibility FW should FW Friday FW 's FW market FW drop FW turn FW into FW this FW morning FW 's FW rout . . <s> <s> IN `` DT The NN disadvantage IN at DT this NN point VBZ is IN that FW anything FW you FW do FW that FW looks FW like FW you FW are FW doing

    FW too FW much FW tends TO to VB reinforce DT a NN sense IN of NN crisis , , '' '' VBD said CD one NN government NN official , , WP$ insisting LS on LS anonymity . . <s> <s> NNP The NNP Fed POS 's FW efforts FW at FW secrecy FW were FW partly FW foiled FW Sunday FW morning , , WRB when PDT both DT the NNP New NNP York NNP Times CC and DT the FW Washington FW Post FW carried FW stories FW quoting FW a FW senior FW Fed FW official FW saying FW the FW central FW bank FW was FW prepared FW to FW pour FW cash FW into

    FW the FW banking FW system FW Monday FW morning . . <s> <s> NNP Fed NNP Chairman NNP Greenspan VBD was VBN surprised IN by DT both NNS stories , , VBG according TO to # knowledgeable UH sources , , CC and WRB insisted PRP he VBD had RB n't VBD authorized DT any JJ public NN comment . . <s> <s> NN Nevertheless , , FW Fed FW officials FW acknowledged FW the FW stories FW were FW reasonably FW accurate FW portrayals IN of DT the JJ central NN bank POS 's NN game NN plan . . <s> <s> NN It VBZ is VBN prepared TO to VB assume DT the JJ same NN role

    PRP it VBD played IN in $ October CD 1987 , , VBG providing NN money TO to DT the NNS markets IN if JJ necessary TO to VB keep DT the JJ financial NN system -RRB- afloat . . <s> <s> NNP The NNP Fed POS provides NN money TO to DT the NN banking NN system IN by VBG buying NN government NNS securities IN from JJ financial NNS institutions . . <s> <s> . The '' reticence IN of JJ federal NNS officials VBD was VBN evident IN in DT the FW appearance FW Sunday FW of FW Budget FW Director FW Richard FW Darman FW on FW ABC POS 's `` `` UH This UH Week

    . . '' '' <s> <s> . `` '' Secretary IN of DT the NNP Treasury NNP Brady CC and NNP Chairman NNP Greenspan CC and DT the NN chairman IN of DT the NNP SEC CC and NNS others VBP have VBN been IN in # close LS contact . . <s> <s> NN I . 'm '' sure PRP they MD 'll VB do WP what VBZ 's RB right , , WP what VBZ 's RB prudent , , WP what VBZ 's RB sensible , , '' '' PRP he VBD said . . <s> <s> IN When PRP it VBD was RP suggested PRP$ his NN comment VBD was DT a `` `` UH non-answer

    , , '' '' LS Mr. LS Darman SYM replied : : `` `` PRP It VBZ is DT a NN non-answer . . <s> <s> NN But , , IN in DT this NN context , , WDT that VBZ 's DT the JJ smart NN thing TO to VB do . . '' '' <s> <s> IN At DT the NNP Treasury , , FW Secretary FW Brady FW issued FW a FW statement PDT minimizing DT the NN stock NN market POS 's NN drop . . <s> <s> NNP `` NNP Today POS 's NN stock NN market NN decline VBZ does RB n't VB signal DT any JJ fundamental NN change IN in DT the

    NN condition IN of DT the NN economy , , '' '' PRP he VBD said . . <s> <s> IN `` DT The NN economy VBZ remains RB well-balanced , , CC and DT the NN outlook VBZ is IN for JJ continued JJ moderate NN growth . . '' '' <s> <s> DT But NN administration NNS officials VBD conceded IN that NNP Friday POS 's NN drop VBD carried DT the NN chance IN of JJ further NNS declines DT this NN week . . <s> <s> CD `` CD One NN possibility VBZ is IN that DT this VBZ is DT a FW surgical FW setback FW , FW reasonably FW limited FW in FW its

    FW breadth , , CC and RB not DT a JJ major NN problem , , '' '' VBD said CD one JJ senior NN administration NN official , , WP who RB also VBN asked IN that PRP he RB not VB be VBN named . . <s> <s> IN `` DT The JJ other VBZ is IN that PRP we VBP see DT another JJ major NN disaster , , IN like CD two NNS years RB ago . . <s> <s> . I '' think WDT that VBZ 's RBR less JJ likely . . '' '' <s> <s> NN Nevertheless , , FW Fed FW Chairman FW Greenspan FW and FW Vice FW Chairman FW Manuel

    FW Johnson FW were FW in FW their FW offices FW Sunday FW evening FW , FW monitoring FW events FW as FW they FW unfolded FW in FW markets PDT around DT the NN world . . <s> <s> DT The NN action VBD was VBN expected TO to VB begin IN with DT the NN opening IN of DT the NNP New FW Zealand FW foreign FW exchange FW markets FW at FW 5 FW p.m. SYM EST : -WRB when LS stocks EX there SYM plunged : -CC and TO to VB continue IN as DT the NN trading NN day VBD began RB later IN in DT the NN evening IN in NNP Tokyo

    CC and IN through PDT early DT this NN morning IN in NNP Europe . . <s> <s> IN Both DT the NNP Treasury CC and DT the FW Fed FW planned FW to FW keep FW market FW rooms FW operating PDT throughout DT the NN night TO to VB monitor DT the NNS developments . . <s> <s> NNP In NNP Tokyo , , FW share FW prices FW dropped FW sharply FW by FW 1.7 FW % FW in FW early FW Monday FW morning FW trading . . <s> <s> IN After DT the JJ initial NN slide , , DT the NN market VBD appeared TO to VB be FW turning FW around FW but

    FW by FW early FW afternoon FW was FW headed FW lower . . <s> <s> IN In DT the NNP Bush NN administration , , DT the FW lead FW is FW being FW taken FW by FW Treasury FW Secretary FW Brady FW , FW Undersecretary FW Robert FW Glauber FW and FW Assistant FW Secretary FW Mullins . . <s> <s> FW The FW three FW men FW worked FW together FW on FW the FW so-called FW Brady FW Commission , , VBN headed IN by NNP Mr. NNP Brady , , WDT which VBD was VBN established IN after DT the CD 1987 NN crash TO to VB examine DT the NN market POS 's

    NN collapse . . <s> <s> IN As DT a NN result PRP they VBP have JJ extensive NN knowledge IN in JJ financial NNS markets , , CC and JJ financial NN market NNS crises . . <s> <s> . Mr. '' Brady VBD was IN at DT the FW White FW House FW Friday FW afternoon WRB when DT the NN stock NN market POS 's NN decline VBD began . . <s> <s> NN He VBD was RB quickly IN on DT the NN phone IN with NNP Mr. NNP Mullins , , WP who IN in NN turn VBD was VBG talking IN with DT the NNS chairmen IN of DT the NNP New NNP York

    CC and NNP Chicago NNS exchanges . . <s> <s> NN Later , , NNP Mr. FW Brady FW phoned FW Mr. FW Greenspan FW , FW SEC FW Chairman FW Richard FW Breeden FW and FW numerous FW contacts FW in NNP New NNP York CC and RB overseas . . <s> <s> NNS Aides VBP say PRP he VBD continued TO to VB work DT the NNS phones IN through DT the NN weekend . . <s> <s> FW Administration FW officials FW say FW President FW Bush FW was FW briefed FW throughout FW Friday FW afternoon FW and FW evening FW , FW even FW after FW leaving FW for FW Camp FW David . .

    <s> <s> FW He FW had FW frequent FW telephone FW consultations FW with FW Mr. FW Brady FW and FW Michael FW Boskin , , NN chairman IN of DT the NN counsel IN of JJ economic NNS advisers . . <s> <s> FW Government FW officials FW tried FW throughout FW the FW weekend FW to FW render FW a FW business-as-usual FW appearance FW in FW order TO to VB avoid DT any NN sense IN of NN panic . . <s> <s> . Treasury UH Undersecretary UH David UH Mulford , , IN for NN instance , , VBD was IN at DT a NN meeting IN of DT the FW Business FW Council FW in

    FW Hot FW Springs , , NNP Va. , , WRB when DT the NN stock NN market VBD fell , , CC and VBD remained RB there IN through DT the JJ following NN day . . <s> <s> NN And IN as IN of JJ last NN night , , FW Fed FW Chairman FW Greenspan FW had FW n't FW canceled FW his FW plans FW to FW address FW the FW American FW Bankers FW Association FW convention FW in FW Washington FW at FW 10 FW a.m. FW this FW morning . . <s> <s> NN Ironically , , NNP Mr. NNP Greenspan VBD was VBN scheduled TO to VB address DT the JJ same

    NN convention IN in NNP Dallas IN on $ Oct. CD 20 , , CD 1987 . . <s> <s> . He '' flew TO to VB Dallas IN on $ Oct. CD 19 , , WRB when DT the NN market WP$ plummeted UH 508 UH points , , CC but RB then VBN turned IN around DT the JJ next NN morning CC and VBD returned TO to FW Washington FW without FW delivering FW his FW speech . . <s> <s> NN Following VBZ is DT a FW weekly FW listing FW of FW unadited FW net FW asset FW values FW of FW publicly FW traded FW investment FW fund FW shares , , VBD reported

    IN by DT the NNS companies IN as IN of NNP Friday POS 's NN close . . <s> <s> . Also '' shown VBZ is DT the FW closing FW listed FW market FW price FW or FW a FW dealer-to-dealer FW asked NN price IN of DT each NN fund POS 's NNS shares , , IN with DT the NN percentage IN of NN difference . . <s> <s> NN b : RB As IN of NNP Thursday POS 's NN close . . <s> <s> FW c FW FW Translated FW at FW Commercial FW Rand FW exchange FW rate . . <s> <s> NN e : IN In JJ Canadian NNS dollars

    . . <s> <s> NN f : RB As IN of NNP Wednesday POS 's NN close . . <s> <s> NN g : LS 10.06.89 LS NAV:22.15 . . <s> <s> NN z : LS Not LS available . . <s> <s> VB Put RP down DT that NN phone . . <s> <s> NN Walk IN around DT the NN room : ; LS take FW two FW deep FW breaths . . <s> <s> IN Resist DT the NN urge TO to VB call PRP$ your NN broker CC and VB sell PDT all PRP$ your NNS stocks . . <s> <s> NN That VBZ 's DT the NN advice IN of JJS most

    NN investment NNS professionals IN after NNP Friday POS 's JJ 190-point NN drop IN in DT the NNP Dow NNP Jones NNP Industrial NNP Average . . <s> <s> IN No PRP one MD can VB say IN for # sure WP what MD will VB happen NN today . . <s> <s> FW And FW investment FW pros FW are FW divided FW on FW whether FW stocks FW will FW perform FW well FW or FW badly IN in DT the JJ next CD six NNS months . . <s> <s> IN But PRP they VBP 're RB nearly VBN unanimous IN on CD one NN point : : VBP Do RB n't VB sell IN into

    DT a NN panic . . <s> <s> , Investors WP who VBD sold VBN everything IN after DT the NN crash IN of CD 1987 CD lived TO to VB regret PRP it . . <s> <s> NN Even IN after NNP Friday POS 's NN plunge , , DT the FW Dow FW Jones FW Industrial FW Average FW was FW 48 FW % FW above FW where FW it FW landed FW on FW Oct. FW 19 FW two FW years FW ago . . <s> <s> IN Panic VBG selling RB also VBD was VBN unwise IN during JJ other JJ big NNS declines IN in DT the NN past . . <s> <s> DT The

    NN crash IN of PRP 1929 VBD was VBN followed IN by DT a JJ substantial NN recovery IN before DT the FW great FW Depression FW and FW awful FW bear NN market IN of DT the NNS 1930s VBD began . . <s> <s> , The `` `` FW October FW massacres FW '' FW of FW 1978 FW and FW 1979 FW were FW scary , , CC but VBD did RB n't VB lead TO to FW severe FW or FW sustained FW downturns . . <s> <s> NN Indeed , , DT some FW pros FW see FW Friday FW 's FW plunge FW , FW plus FW any FW further FW damage FW that

    FW might FW occur PDT early DT this NN week , , IN as DT a NN chance IN for # bargain LS hunting . . <s> <s> `` `` EX There VBZ has VBN been DT a NN lot IN of FW emotional FW selling FW that FW presents FW a FW nice FW buying FW opportunity FW if FW you FW 've PDT got DT the NN cash , , '' '' VBZ says FW Stephen FW B. FW Timbers FW , FW chief FW investment FW officer FW of FW Chicago-based FW Kemper FW Financial FW Services FW Inc . . <s> <s> DT But JJS most NNS advisers VBP think DT the JJ immediate NN course

    IN for JJ individual NNS investors MD should VB be TO to VB stand RP pat . . <s> <s> , `` WRB When PRP you VBP see DT a RBS runaway UH train , , '' '' VBZ says UH Steve UH Janachowski , , NN partner IN in DT the FW San FW Francisco FW investment FW advisory FW firm FW Brouwer FW & FW Janachowski , , `` `` PRP you VBP wait IN for DT the NN train TO to VB stop . . '' '' <s> <s> NN Even IN for NNS people WP who VBP expect DT a NN bear NN market IN in VBG coming NNS months : -CC and DT a

    JJ sizable NN number IN of NN money NNS managers CC and NN market WP$ pundits SYM do : -DT the NN advice VBZ is : : LS Wait IN for DT the NN market TO to VB bounce RP back , , CC and FW sell FW shares FW gradually FW during FW rallies . . <s> <s> FW The FW best FW thing FW individual FW investors FW can FW do VBZ is `` `` UH just UH sit UH tight , , '' '' VBZ says FW Marshall FW B. FW Front FW , FW executive FW vice FW president FW and FW head FW of FW investment FW counseling FW at FW Stein FW Roe

    FW & FW Farnham FW Inc. FW , FW a FW Chicago-based FW investment FW counseling FW firm FW that FW manages FW about $ $ CD 18 CD billion . . <s> <s> IN On DT the CD one NN hand , , NNP Mr. NNPS Front VBZ says , , PRP it MD would VB be RP misguided TO to VB sell IN into `` `` FW a FW classic FW panic . . '' '' <s> <s> IN On DT the JJ other NN hand , , PRP it VBZ 's RB not RB necessarily DT a JJ good NN time TO to VB jump IN in CC and VB buy . . <s> <s> . ``

    '' This VBZ is PDT all UH emotion UH right UH now , , CC and WRB when UH emotion UH starts TO to VB run , , PRP it MD can FW run FW further FW than FW anyone FW anticipates , , '' '' PRP he VBD said . . <s> <s> . `` '' So PRP it VBZ 's JJR more FW prudent FW to FW wait FW and FW see FW how FW things FW stabilize . . '' '' <s> <s> . Roger -RRB- Ibbotson , , NN professor IN of NN finance IN at NNP Yale NNP University CC and NN head IN of DT the NN market FW information FW firm FW Ibbotson

    FW Associates NNP Inc. , , VBZ says , , `` `` FW My FW real FW advice MD would VB be TO to RB just VB ride IN through PRP it . . <s> <s> NN Generally , , PRP it VBZ is RB n't VBN wise TO to VB be IN in CC and RB out '' '' IN of DT the NN stock NN market . . <s> <s> . Mr. '' Ibbotson VBZ thinks IN that DT this NN week VBZ is `` `` VBG going TO to VB be DT a JJS roller-coaster NN week . . '' '' <s> <s> IN But PRP he RB also VBZ thinks PRP it VBZ is `` ``

    DT a JJ good NN week TO to VB consider NN buying . . '' '' <s> <s> . John -RRB- Snyder , , JJ former NN president IN of DT the NNP Los NNP Angeles -RRB- chapter IN of DT the NNP National NNP Association IN of NNP Investors NNP Corp. , , DT an NN organization IN of NN investment NNS clubs CC and JJ individual NNS investors , , VBZ says PRP$ his JJ fellow NN club NNS members VBD did RB n't VB sell IN in DT the NN crash IN of CD 1987 , , CC and VB see DT no NN reason TO to VB sell RB now . . <s> <s> IN ``

    PRP We VBP 're VBN dedicated JJ long-term NNS investors , , RB not NNS traders , , '' '' PRP he VBZ says . . <s> <s> FW `` FW We FW understand FW panics FW and FW euphoria . . <s> <s> IN And PRP we VBP hope TO to VB take RP advantage IN of FW panics FW and FW buy FW stocks FW when FW they FW plunge . . '' '' <s> <s> FW One FW camp FW of FW investment FW pros FW sees FW what FW happened FW Friday FW as FW an FW opportunity . . <s> <s> IN Over DT the JJ next NNS days CC and NNS weeks , ,

    PRP they VBP say , , NNS investors MD should VB look IN for NNS stocks TO to VB buy . . <s> <s> NNP Friday POS 's NN action `` `` UH was UH an UH old-fashioned UH panic , , '' '' VBZ says FW Alfred FW Goldman FW , FW director FW of FW technical FW market FW analysis FW for FW A.G. FW Edwards FW & FW Sons FW in FW St. FW Louis . . <s> <s> . `` '' Stocks VBD were VBG being VBN thrown RP out IN of NNS windows IN at DT any NN price . . '' '' <s> <s> . His -RRB- advice : : `` `` PRP You

    VBP ought TO to VB be RB there IN with DT a FW basket FW catching FW them . . '' '' <s> <s> NNP James NNP Craig , , WP$ portfolio NN manager IN for DT the FW Denver-based FW Janus FW Fund , , WDT which VBZ has CD one IN of DT the NN industry POS 's UH better UH track UH records , , VBD started PRP$ his NN buying IN during NNP Friday POS 's NN plunge . . <s> <s> IN Stocks PDT such FW as FW Hershey FW Foods FW Corp. FW , FW Wal-Mart FW Stores FW Inc. FW , FW American FW International FW Group FW Inc. FW and FW Federal

    FW National FW Mortgage FW Association FW became FW such FW bargains WDT that PRP he MD could RB n't VB resist PRP them , , PRP he VBZ says . . <s> <s> NNP And NNP Mr. NNP Craig VBZ expects TO to VB pick RP up JJR more NNS shares NN today . . <s> <s> IN `` PRP It MD will VB be RP chaotic IN at JJ first , , CC but PRP I MD would RB not VB be VBG buying IN if PRP I VBD thought PRP we VBD were VBN headed IN for JJ real NN trouble , , '' '' PRP he VBZ says . . <s> <s> . He '' argues

    IN that NNS stocks VBP are RB reasonably VBN valued RB now , , CC and DT that NN interest NNS rates VBP are RBR lower RB now IN than IN in DT the NN fall IN of CD 1987 . . <s> <s> FW Mr. FW Front FW of FW Stein FW Roe FW suggests FW that FW any FW buying FW should FW `` FW concentrate FW in FW stocks WDT that VBP have VBN lagged DT the NN market IN on DT the JJ up NN side , , CC or NNS stocks WDT that VBP have VBN been VBN beaten RP down DT a NN lot RBR more IN than DT the NN market IN in

    DT this NN correction . . '' '' <s> <s> FW His FW firm FW favors FW selected FW computer FW , FW drug FW and FW pollution-control FW stocks . . <s> <s> DT Other NN investment NNS pros VBP are RBR more LS pessimistic . . <s> <s> NNS They VBP say NNS investors MD should VB sell NNS stocks : -LS but FW not FW necessarily FW right FW away . . <s> <s> NN Many IN of PRP them VBP stress IN that DT the NN selling MD can VB be RP orderly , , UH gradual , , CC and VBN done WRB when NN stock NNS prices VBP are RBR rallying . .

    <s> <s> NNP On NNP Thursday , , WP$ William UH Fleckenstein , , DT a FW Seattle FW money FW manager FW , FW used FW futures FW contracts FW in FW his FW personal FW account TO to VB place DT a NN bet IN that DT the JJ broad NN market WDT averages MD would VB decline . . <s> <s> NN He VBZ thinks DT the JJ underlying NN inflation NN rate VBZ is IN around CD 5 NN % TO to CD 6 NN % , , RB far JJR higher IN than JJS most LS people LS suppose . . <s> <s> IN In DT the FW pension FW accounts FW he FW manages

    FW , FW Mr. FW Fleckenstein FW has FW raised FW cash FW positions FW and FW invested FW in FW gold FW and FW natural FW gas FW stocks FW , FW partly FW as FW an FW inflation FW hedge . . <s> <s> FW He FW thinks FW government FW officials FW are FW terrified FW to FW let FW a FW recession FW start WRB when NN government , , JJ corporate CC and JJ personal NN debt NNS levels VBP are RB so JJ high . . <s> <s> IN So PRP he VBZ thinks DT the NN government MD will VB err IN on DT the NN side IN of DT rekindled NN inflation

    . . <s> <s> IN As DT a NN result , , NNP Mr. NNPS Fleckenstein VBZ says , , `` `` PRP I VBP think DT the FW ball FW game FW 's FW over , , '' '' CC and NNS investors VBP are RB about TO to VB face DT a NN bear NN market . . <s> <s> NNP David NNP M. NNP Jones , , FW vice FW president FW at FW Aubrey FW G. FW Lanston FW & FW Co. FW , FW recommends FW Treasury FW securities -LRB- -LRBIN of RB up TO to CD five NNS years POS ' LS maturity -RRB- -RRB. . <s> <s> NN He VBZ says

    DT the FW Oct. FW 6 FW employment FW report FW , FW showing FW slower FW economic FW growth FW and FW a FW severe FW weakening IN in DT the NN manufacturing NN sector , , VBZ is DT a NN warning NN sign TO to NNS investors . . <s> <s> DT One NN strategy IN for NNS investors WP who VBP want TO to VB stay IN in FW but FW hedge FW their FW bets VBZ is TO to VB buy `` `` UH put '' '' NNS options , , RB either IN on DT the JJ individual NNS stocks PRP they VBP own CC or IN on DT a JJ broad NN market

    NN index . . <s> <s> FW A FW put FW option FW gives FW its FW holder FW the FW right FW -LRBFW but FW not FW the FW obligation -RRB- -RRBTO to VB sell DT a NN stock -LRB- -LRBFW or FW stock FW index FW -RRBFW for FW a FW specified FW price FW -LRBFW the FW strike FW price FW -RRBFW until FW the FW option FW expires . . <s> <s> IN Whether DT this NN insurance VBZ is EX worthwhile VBZ depends IN on DT the NN cost IN of DT an NN option . . <s> <s> DT The NN cost , , CC or NN premium

    , , VBG tends TO to VB get RP fat IN in NNS times IN of NN crisis . . <s> <s> NN Thus , , VBG buying RP puts IN after DT a JJ big NN market WDT slide MD can VB be DT an JJ expensive NN way TO to VB hedge IN against NN risk . . <s> <s> JJ The NNS prices IN of FW puts FW generally FW did FW n't FW soar FW Friday . . <s> <s> DT For NN example , , DT the NN premium IN as DT a NN percentage IN of DT the NN stock NN price IN for FW certain FW puts FW on FW Eli FW Lilly

    FW & FW Co. FW moved RP up IN from CD 3 NN % IN at NNP Thursday POS 's NN close TO to $ only CD 3.3 NN % IN at NNP Friday POS 's NN close , , RB even IN though DT the NNS shares VBD dropped JJR more IN than $ $ CD 5.50 . . <s> <s> FW But FW put-option FW prices FW may FW zoom FW when FW trading FW resumes FW today . . <s> <s> NNP It POS 's JJ hard TO to VB generalize IN about DT a JJ reasonable NN price IN for NNS puts . . <s> <s> JJ But NNS investors MD should VB keep IN in

    NN mind , , IN before VBG paying RB too RB much , , IN that DT the JJ average JJ annual NN return IN for NN stock NNS holdings , , JJ long-term , , VBZ is CD 9 NN % TO to CD 10 NN % DT a NN year : ; DT a NN return IN of CD 15 NN % VBZ is VBN considered RP praiseworthy . . <s> <s> NN Paying , , VBP say , , CD 10 NN % IN for FW insurance FW against FW losses FW takes FW a FW deep FW bite RP out IN of DT the NN return . . <s> <s> FW James FW A. FW White

    FW and FW Tom FW Herman FW contributed TO to DT this NN article . . <s> <s> . Coldwell '' Banker -LRB- Commercial NNP Group VBD said PRP it VBD sold $ $ CD 47 CD million IN of JJ common NN stock TO to PRP$ its NNS employees IN at $ $ CD 10 DT a NN share , , VBG giving PRP them DT a JJ total NN stake IN of JJR more IN than CD 40 NN % IN in DT the FW commercial FW real FW estate FW brokerage FW firm . . <s> <s> DT The NN firm , , WDT which VBD was VBN acquired IN in NNP April IN from NNP Sears

    , , '' Roebuck CC & NNP Co. IN in DT a JJ management-led NN buy-out , , VBD had VBN planned TO to VB sell RP up TO to $ $ CD 56.4 CD million IN of NN stock , , CC or DT a CD 50 NN % NN stake IN in DT the NN company , , TO to PRP$ its CD 5,000 NNS employees . . <s> <s> IN Though DT the NN offering VBD did RB n't VB sell RP out , , WP$ James UH J. UH Didion , , NN chairman CC and JJ chief NN executive NN officer , , VBD said , , `` `` PRP We VBP 're RB pretty

    VBN proud IN of DT the NNS employees POS ' NN response . . '' '' <s> <s> FW He FW noted FW that FW unlike FW an FW employee FW stock FW ownership FW plan FW , FW where FW a FW company FW usually FW borrows FW money FW from FW third FW party FW lenders FW to FW buy FW stock FW that FW it FW sets FW aside FW to FW award FW employees FW over FW time , , WP$ here NNS employees VBD had TO to VB fork RP out PRP$ their JJ own NN cash IN for DT the NN stock . . <s> <s> IN `` PRP They VBD came RP up

    IN with PRP$ their JJ own NN money RB instead IN of DT borrowed NN money , , '' '' NNP Mr. NNPS Didion VBD said . . <s> <s> IN `` PRP It VBZ 's RB totally JJ different . . '' '' <s> <s> NN He VBD said DT the NN offering VBD was VBN designed TO to VB create JJ long-term NNS incentives IN for NNS employees . . <s> <s> IN `` PRP We VBP 're IN in DT a NN service NN business , , CC and IN in DT that NN context , , PRP it VBZ 's VBN vital TO to VB have PRP$ your NNS employees VBN involved IN in DT the

    NN ownership IN so PRP they VBP have DT a NN stake IN in DT the NN success . . '' '' <s> <s> DT The NN brokerage NN firm MD wo RB n't VB pay DT a NN dividend IN on DT the NN stock . . <s> <s> TO Employees VB have DT the NN right TO to VB trade NN stock IN among PRP themselves , , CC and DT the NN company MD will VB establish DT an FW internal FW clearing FW house FW for FW these FW transactions . . <s> <s> NN They MD may RB also RB eventually VB sell DT the NNS shares TO to JJ third NNS parties , ,

    CC but DT the JJ outside NNS investors WP who VBP own DT the $ remaining CD 60 NN % IN of # Coldwell EX Banker VBP have DT the NN right TO to JJ first NN refusal . . <s> <s> FW Those FW outside FW investors FW in FW Coldwell FW Banker FW include FW Carlyle FW Group FW , FW a FW closely FW held FW Washington FW , FW D.C. FW , FW merchant FW banking FW firm FW whose FW co-chairman FW is FW Frank FW Carlucci FW , FW former FW secretary FW of FW defense FW ; FW Frederic FW V. FW Malek FW , FW senior FW adviser FW to FW Carlyle

    FW Group FW ; FW Mellon FW Family FW Trust FW of FW Pittsburgh FW ; FW Westinghouse FW Credit NNP Corp. , , DT the JJ financial NNS services NN unit IN of FW Westinghouse FW Electric FW Corp. FW ; FW Bankers FW Trust NNP Co. , , DT a NN unit IN of NNP Bankers NNP Trust NNP New NNP York NNP Corp. : ; CC and DT a NN group IN of JJ Japanese NNS investors VBD represented IN by DT the NN investment NN banking NN unit IN of FW Tokyo-based FW Sumitomo FW Bank . . <s> <s> NNP Bankers NNP Trust CC and WP$ Sumitomo PDT financed DT the $ $ CD 300

    CD million NN acquisition IN from # Sears LS Roebuck . . <s> <s> FW Coldwell FW Banker FW also FW named FW three FW outside FW director FW nominees FW for FW its FW 17 FW member FW board . . <s> <s> FW The FW nominees FW are FW Gary FW Wilson FW , FW chief FW financial FW officer FW of FW Walt FW Disney FW Co. FW ; FW James FW Montgomery FW , FW chief FW executive FW officer FW of FW Great FW Western FW Financial FW Corp. FW ; FW and FW Peter FW Ubberroth , , JJ former NN commissioner IN of NN baseball CC and RB now DT a JJ private

    NN investor . . <s> <s> DT The JJ first JJ major NN event DT this NN morning IN in NNP U.S. NN stock CC and NNS futures NN trading MD may VB be DT a NN pause IN at DT the NNP Chicago NNP Mercantile NNP Exchange . . <s> <s> IN Under DT a NN reform RBR arising IN from DT the CD 1987 NN crash , , NN trading IN in DT the NNP Merc POS 's JJ stock-index NNS futures MD will VB break IN for CD 10 NNS minutes IN if DT the NN contract , opens CC and $ stays CD five NNS points IN from NNP Friday POS 's NN close , ,

    DT a RBS move JJ equal TO to CD 40 NNS points IN on DT the NNP Dow NNP Jones NNP Industrial NNP Average . . <s> <s> . The '' aim IN of DT the NN interruption MD would VB be TO to VB ease DT the NN opening IN of DT the NNP New NNP York NNP Stock NNP Exchange , , WDT which MD would VB be RP hammered IN by PDT such DT a JJ volatile NN move IN on DT the NNP Merc . . <s> <s> NN That . early-morning '' breather VBZ is RB just CD one IN of DT a NN number IN of FW safeguards FW adopted FW after FW the

    FW 1987 FW crash . . <s> <s> FW The FW Big FW Board FW also FW added FW computer FW capacity FW to FW handle FW huge FW surges FW in FW trading FW volume . . <s> <s> NN Several IN of DT those FW post-crash FW changes FW kicked FW in FW during FW Friday FW 's FW one-hour FW collapse FW and FW worked FW as FW expected FW , FW even FW though FW they FW did FW n't FW prevent FW a FW stunning FW plunge . . <s> <s> IN But DT the JJ major `` `` FW circuit FW breakers '' '' VBP have RB yet TO to VB be RP evaluated

    . . <s> <s> FW A FW deeper FW market FW plunge FW today FW could FW give FW them FW their FW first FW test . . <s> <s> FW A FW further FW slide FW also FW would FW resurrect FW debate FW over FW a FW host FW of FW other FW , FW more FW sweeping FW changes FW proposed FW -FW but FW not SYM implemented : -IN after DT the JJ last NN crash . . <s> <s> . Most -RRB- notably , , JJ several IN of DT the FW regulatory FW steps FW recommended FW by FW the FW Brady FW Task FW Force , , WDT which VBD analyzed

    DT the CD 1987 NN crash , , MD would VB be SYM revived : -RB especially IN because DT that NN group POS 's NN chairman VBZ is RB now DT the NNP Treasury NN secretary . . <s> <s> DT The RBS most JJ controversial IN of DT the FW Brady FW recommendations FW involved FW establishing FW a FW single FW overarching FW regulator FW to FW handle FW crucial FW cross-market FW questions FW , FW such FW as FW setting FW consistent FW margin FW requirements IN for DT the NN stock CC and NNS futures NNS markets . . <s> <s> NN But IN for DT the NN moment , , WP$ attention

    SYM focuses IN on DT the NNS reforms WDT that VBD were VBN put IN into NN place , , CC and NN market NNS regulators CC and NNS participants VBD said DT the FW circuit FW breakers FW worked FW as FW intended . . <s> <s> NNP Big NNP Board CC and FW Merc FW officials FW expressed FW satisfaction IN with DT the NNS results IN of CD two NNS limits VBN imposed IN on IN of DT the NNP Merc POS 's NNP Standard CC & NNP Poor POS 's CD 500 NN contract , , RB as RB well IN as `` `` FW hot-line FW '' FW communications FW among FW exchanges . .

    <s> <s> . Those -RRB- pauses : -LS from FW 2:07 FW p.m. FW to FW 2:30 FW p.m. FW CDT FW and FW from FW 2:45 FW p.m. FW until FW the FW close FW of FW trading FW a FW half-hour FW later FW -FW forced FW traders TO to VB buy CC and VB sell NNS contracts IN at NNS prices IN at CC or JJR higher IN than PRP$ their JJ frozen NNS levels . . <s> <s> IN During DT the JJ first NN halt , , IN after DT the FW S&P FW index FW had FW fallen FW 12 FW points , , DT the NNP Big NNP Board POS 's

    `` `` FW Sidecar FW '' FW computer FW program FW automatically FW was FW triggered . . <s> <s> DT That NN system VBZ is VBN designed TO to FW separate FW computer-generated FW program FW trades FW from FW all FW other FW trades FW to FW help FW exchange FW officials FW resolve FW order FW imbalances FW in FW individual FW stocks . . <s> <s> . One UH Merc UH broker PDT compared DT the NN action IN in DT the FW S&P FW pit FW during FW the FW two FW freezes FW to FW a FW fire FW at FW a FW well-drilled FW school . . <s> <s> IN `` PRP You

    VBP do RB n't VB want DT the NN fire CC but PRP you VBP know WP what TO to VB do , , '' '' VBD said FW Howard FW Dubnow FW , FW an FW independent FW floor FW broker FW and FW a FW Merc FW governor . . <s> <s> `` `` EX There VBD was DT no NN panic . . <s> <s> DT The NN system VBD worked DT the NN way PRP we VBD devised PRP it TO to VB work . . '' '' <s> <s> . After '' reopening IN for IN about CD 15 NNS minutes , , DT the FW S&P FW index FW tumbled FW to FW its

    FW 30-point FW limit FW and FW the FW second FW freeze FW went FW into FW effect . . <s> <s> VBZ Traders RB then VBD spent DT the JJ last : half-hour `` `` UH watching TO to VB see IN if DT the NNP Dow MD would VB drop CD 250 NNS points , , '' '' UH Mr. UH Dubnow UH added , , VBG referring TO to DT the NN level IN at WDT which DT the NN stock NN market PRP itself MD would VB have VBN closed IN for DT an NN hour . . <s> <s> . One '' observer VBD estimated IN that CD 80 NN % TO to CD 90

    NN % IN of DT the FW S&P FW traders FW `` FW were FW just FW standing FW around FW watching . . '' '' <s> <s> IN But DT the FW 250-point FW circuit FW breaker FW never FW had FW to FW kick FW in , , CC and JJR freezes IN on DT the NNP Chicago NNP Board IN of NNP Trade POS 's FW Major FW Market FW Index FW also FW were FW n't FW triggered . . <s> <s> . The '' MMI CC and DT the FW S&P FW 500 FW are FW the FW two FW major FW indexes FW used FW by FW program FW traders FW to FW run

    FW their FW computerized FW trading FW strategies . . <s> <s> JJ The NNS programs VBP are VBN considered IN by JJ many TO to VB be DT a JJ major NN cause IN of DT the CD 1987 NN crash . . <s> <s> DT The NN process IN of FW post-crash FW reforms FW began FW with FW calls TO to VB remake DT the NNS markets CC and VB wound RP up DT a NN year RBR later IN with DT a NN series IN of FW rather FW technical FW adjustments . . <s> <s> NNP In NNP October CD 1987 , , RB just IN after DT the NN market NN drop , ,

    NNP Washington VBD was VBN awash IN in NN talk IN of JJ sweeping NNS changes IN in DT the NN way DT the JJ financial NNS markets VBP are VBN structured CC and RBR regulated . . <s> <s> IN Over DT the JJ next NN year IN that FW grand FW agenda FW was FW whittled FW down FW to FW a FW series FW of FW steps FW to FW soften FW big FW stock FW drops FW by FW interrupting FW trading FW to FW give FW market FW players FW time FW to FW pause FW and FW reconsider FW positions . . <s> <s> DT In NN addition , , WDT limits VBD were

    VBN placed IN on JJ computer-driven NN trading , , CC and NNS steps VBD were VBN taken TO to # better PDT link DT the NN stock CC and NNS futures NNS markets . . <s> <s> JJ Few NNS changes VBD were VBN made IN in DT the NN way DT the NNS markets VBP are VBN regulated . . <s> <s> IN At DT the FW outset FW the FW prime FW target FW was FW program FW trading , , WDT which VBD was FW much FW discussed FW but FW little FW understood FW on FW Capitol FW Hill . . <s> <s> NN There VBD were RB also VBZ calls TO to VB strip

    DT the NN stock NNS markets IN of `` `` UH derivative '' '' NNS products , , JJ such IN as JJ stock-index NNS futures CC and NNS options , , WDT which UH Federal UH Judge UH Stanley UH Sporkin , , IN for NN example , , VBG likened TO to `` `` UH barnacles UH attached TO to DT the JJ basic NN market . . '' '' <s> <s> `` And EX there VBD was JJ much NN criticism IN of DT the NNP New NNP York NNP Stock NNP Exchange POS 's NN system IN of FW having FW stock FW trades FW flow FW through FW specialists , , CC or NN market

    NNS makers . . <s> <s> IN When DT the FW Brady FW Task FW Force POS 's JJ powerful NN analysis IN of DT the NN crash VBD was VBN released IN in $ January CD 1988 , , PRP it FW immediately FW reshaped FW the FW reformers FW ' FW agenda . . <s> <s> NN Arguing IN that DT the FW separate FW financial FW marketplaces FW acted # as CD one , , CC and JJR concluding IN that DT the NN crash VBD had `` `` PDT raised DT the NN possibility IN of DT a FW full-scale FW financial FW system FW breakdown , , '' '' DT the FW presidential FW task

    FW force FW called FW for FW establishing FW a FW super-regulator TO to VB oversee DT the NNS markets , , TO to VB make FW margins FW consistent FW across FW markets FW , FW to FW unify FW clearing FW systems FW and FW to FW install FW circuit FW breakers . . <s> <s> IN Only DT the JJ last IN of DT those FW recommendations FW ever FW was FW implemented . . <s> <s> FW The FW Reagan FW White FW House FW held FW the FW Brady FW recommendations FW at FW arm FW 's FW length FW and FW named FW a FW second SYM panel : -DT the NNP Working

    NNP Group IN on DT the RBS Financial SYM Markets : -TO to VB review PRP$ its NN analysis CC and DT those IN of JJ other NN crash NNS studies . . <s> <s> IN In $ May CD 1988 , , DT the NNP Working NNP Group , , VBN made RP up IN of NNS representatives IN from DT the NNP Federal NNP Reserve , , DT the NNP Treasury , , DT the NNPS Securities CC and NNP Exchange NNP Commission , , CC and DT the FW Commodity FW Futures FW Trading FW Commission FW , FW finally FW endorsed FW only FW circuit FW breakers . . <s> <s> DT After JJ several

    JJR more NNS months IN of FW arguments FW among FW various FW stock FW exchanges FW and FW futures FW markets FW , FW circuit FW breakers FW were FW set FW in FW place , , IN with DT the RBS most FW notable FW suspending FW trading FW after FW 250 FW and FW 400 FW point FW drops FW in FW the FW Dow FW Jones FW Industrial FW Average . . <s> <s> NN Privately , , DT some FW free FW marketeers FW dismissed FW such FW mechanisms FW as FW sops FW to FW interventionists . . <s> <s> IN After PDT all FW , FW this FW free-market FW argument FW went

    , , DT the FW Dow FW only FW dropped FW more FW than FW 250 FW points FW once FW this FW century . . <s> <s> . `` -RRB- Circuit . breakers '' '' VBD set TO to # soften LS big SYM drops : : <s> <s> FW -FW If FW S&P FW futures FW fall FW 5 FW points FW at FW opening FW , FW contract FW trading FW pauses FW for FW 10 FW minutes . . <s> <s> FW -FW If FW Dow FW Industrials FW fall FW 25 FW points FW at FW opening FW , FW contract FW trading FW pauses FW for FW 10 FW minutes . .

    <s> <s> FW -FW If FW S&P FW futures FW fall FW 12 FW points FW -LRBFW equivalent FW to FW about FW 100 FW points FW on FW DJIA -RRB- -RRB, , NN trading VBZ is VBN frozen IN for PDT half UH hour TO to DT that NN price CC or JJR higher . . <s> <s> FW On FW NYSE FW program FW trades FW are FW diverted FW into FW a FW separate FW computer FW file FW to FW determine FW buy FW and FW sell FW orders . . <s> <s> FW -FW If FW S&P FW futures FW fall FW 30 FW points , , NN trading VBZ is

    VBN restricted IN for DT an NN hour TO to DT that NN price CC or JJR higher . . <s> <s> FW -FW If FW Dow FW Industrials FW fall FW 250 FW points , , NN trading IN on DT the NNP Big NNP Board -RRB- halts IN for DT an NN hour . . <s> <s> NN S&P CC and FW MMI FW contracts FW also FW halt . . <s> <s> FW -FW If FW DJIA FW drops FW 400 FW points FW , FW Big FW Board FW halts NN trading IN for CD two NNS hours . . <s> <s> NN Trading IN in FW MMI FW and FW S&P FW futures

    FW also FW halted . . <s> <s> FW Brady FW Task FW Force FW recommendations FW -LRBFW Jan. FW 1988 -RRB- -RRB: : <s> <s> FW -FW Establish FW an FW overarching FW regulator FW for FW financial FW markets <s> <s> FW -FW Unify FW trade-clearing FW systems <s> <s> FW -FW Make FW margins FW consistent FW across FW stock FW and FW futures FW markets <s> <s> . SEC '' proposals -LRB- -LRB$ May CD 1988 -RRB- -RRB: : <s> <s> FW -FW Require FW prompt FW reports FW of FW large FW securities FW trades . . <s> <s> FW -FW Give FW SEC FW authority

    FW to FW monitor FW risk-taking FW by FW affiliates FW of FW brokerage FW firms . . <s> <s> FW -FW Transfer FW jurisdiction FW over FW stock-related FW futures FW to FW SEC FW from FW CFTC . . <s> <s> FW -LRBFW Opposed FW by FW new FW SEC FW chairman -RRB- -RRB<s> <s> FW -FW Give FW SEC FW authority FW to FW halt FW securities FW trading FW , FW -LRBFW also FW opposed FW by FW new FW SEC FW chairman -RRB- -RRB. . <s> <s> DT Congressional NN proposal : : <s> <s> FW -FW Create FW a FW task FW force TO to VB review

    JJ current NN state IN of DT the NNS securities NNS markets CC and NNS securities NNS laws . . <s> <s> IN Breaking DT the JJ Soviet NN government POS 's UH television UH monopoly , , DT an JJ independent NN company VBZ has FW gained FW rights FW to FW show FW world FW programming FW , FW including FW American FW films . . <s> <s> `` `` EX There MD must RB not VB be DT a NN monopoly , , EX there MD must VB be RP freedom IN of NN choice IN for DT both NNS journalists CC and NNS viewers , , '' '' UH Nikolai UH I. UH Lutsenko , ,

    DT the NN president IN of DT the JJS Nika NN TV NN company , , VBD told DT the FW weekly FW newspaper FW Nedelya . . <s> <s> DT The NN company VBZ is RB already VBG working IN on PRP$ its FW own FW programming FW in FW several FW provincial FW cities FW and FW hopes TO to VB be IN on DT the NN air RB regularly IN in IN about DT a NN year , , DT the NN newspaper VBD said . . <s> <s> . Mr. UH Lutsenko UH told UH Nedelya WDT that PRP he RB recently VBD had VBN been TO to DT the NNP U.S. TO to VB pick

    RP up DT the NNS rights TO to # show LS 5,000 LS U.S. -RRB- films IN in DT the NNP Soviet NNP Union . . <s> <s> NNP Nedelya POS 's NN article VBD was VBN accompanied IN by DT a NN picture IN of NNP Mr. FW Lutsenko FW interviewing FW singer FW John FW Denver FW in FW Colorado . . <s> <s> NN Even IN though PRP it MD will VB be RP independent IN of JJ official NN television , , WDT Nika MD will VB have DT an NN oversight NN board WDT that MD will VB include NNS members IN of DT the FW Communist FW youth FW league . . <s> <s>

    NNP South NNP Africa POS 's FW National FW Union FW of FW Mineworkers FW said FW that FW about FW 10,000 FW diamond FW miners FW struck FW for FW higher FW wages FW at FW De FW Beers FW Consolidated FW Mines FW Ltd. <s> <s> . De '' Beers VBD said IN that NNS workers IN at CD five IN of DT the NN group POS 's NNS mines VBD were IN on NN strike , , WDT which PRP it VBD said FW was FW peaceful FW , FW with FW orderly FW picketing FW occurring # at CD one IN of DT the NNS mines . . <s> <s> FW The FW deadlock FW in

    FW negotiations FW occurred FW with FW De FW Beers FW offering FW a FW 17 FW % FW increase FW in FW the FW minimum-wage FW category FW while FW the FW union FW demanded FW a FW 37.6 NN % NN increase IN in DT the JJ minimum NN wage . . <s> <s> NNP Japan POS 's FW opposition FW Socialist FW Party FW denied FW that FW its FW legislators FW had FW been FW bribed FW by FW pinball-parlor FW owners . . <s> <s> . The '' allegation VBD had VBN been VBN raised IN in JJR Parliament IN by DT the FW governing FW Liberal FW Democratic FW Party FW following FW magazine

    FW reports FW suggesting FW that FW money FW from FW Japanese-style FW pinball FW , FW called FW pachinko FW , FW had FW infiltrated FW politics . . <s> <s> . Tsuruo -RRB- Yamaguchi , , WP$ secretary JJ general IN of DT the FW Socialist FW Party FW , FW acknowledged FW that FW nine FW party FW lawmakers FW had FW received FW donations FW from FW the FW pachinko FW association FW totaling FW 8 FW million FW yen -LRB- -LRBIN about $ $ CD 55,000 -RRB- -RRBCC but VBD said DT the NNS donations VBD were JJ legal CC and NN none IN of PRP$ its NNS members VBD acted TO to

    VB favor DT the NN industry . . <s> <s> FW The FW World FW Wide FW Fund FW for FW Nature FW said FW that FW Spain FW , FW Argentina FW , FW Thailand FW and FW Indonesia FW were FW doing FW too FW little FW to FW prevent FW illegal FW trade FW in FW endangered FW wildlife FW across FW their FW borders . . <s> <s> DT A NN report IN by DT the FW conservation FW group FW presented FW at FW the FW U.N.-sponsored FW Convention FW on FW International FW Trade FW in FW Endangered FW Species FW in FW Lausanne FW accused FW the FW four FW of FW trading

    FW protected FW species FW ranging FW from FW parakeets FW to FW orchids . . <s> <s> FW Fund FW official FW Simon FW Lyster FW said FW world FW trade FW in FW wildlife VBD was VBN estimated TO to VB total $ $ CD 5 CD billion IN of NN business RB annually . . <s> <s> . A UH NATO UH project TO to VB build DT a NN frigate IN for DT the NN 1990s VBD was VBN torpedoed IN by DT the NN pull-out IN of CD three IN of PRP$ its FW eight FW participating FW nations . . <s> <s> NN Britain , , FW France FW and FW Italy FW announced

    FW technical FW reasons FW for FW withdrawing FW , FW but FW some FW officials FW pointed FW to FW growing FW reluctance FW among FW the FW allies FW to FW commit FW themselves FW to FW big FW defense FW spending FW while FW East-West FW disarmament FW talks FW show FW signs FW of FW success . . <s> <s> . Small '' wonder IN that NNP Britain POS 's FW Labor FW Party FW wants FW credit FW controls . . <s> <s> DT A JJ few NNS hours IN after DT the FW party FW launched FW its FW own FW affinity FW credit FW card RBR earlier DT this NN month , ,

    DT the RBS Tories PDT raised DT the NN nation POS 's NN base NN interest NN rate . . <s> <s> NNP Labor POS 's FW Visa FW card VBZ is VBN believed TO to VB be DT the JJ first NNS linked TO to DT a JJ British JJ political NN party . . <s> <s> FW Labor FW gets FW 25 FW pence FW -LRBFW 39 FW cents -RRB- -RRBIN for DT every CD 100 -LRB- -LRBIN about $ $ CD 155 -RRB- -RRBIN that DT a NN user NNS charges TO to DT the NN card . . <s> <s> NN As IN with JJ other NN plastic IN in NNP Britain

    POS 's UH high-interest-rate UH environment , , DT the FW Labor FW card FW , FW administered FW by FW Co-operative FW Bank FW , FW carries FW a FW stiff -LRB- -LRBIN in DT this NN case , , WP$ 29.8 LS % -RRB- -RRBJJ annual NN rate IN on DT the JJ unpaid NN balance . . <s> <s> NNP China POS 's FW year-long FW austerity FW program FW has FW achieved FW some FW successes FW in FW harnessing FW runaway FW economic FW growth FW and FW stabilizing FW prices FW but FW has FW failed FW to FW eliminate FW serious FW defects FW in FW state FW planning FW and

    FW an FW alarming FW drain FW on FW state FW budgets . . <s> <s> FW The FW official FW China FW Daily FW said FW retail FW prices FW of FW non-staple FW foods FW have FW n't FW risen FW since FW last FW December FW but FW acknowledged FW that FW huge FW government FW subsidies FW were FW a FW main FW factor FW in FW keeping FW prices FW down . . <s> <s> FW The FW State FW Statistical FW Bureau FW found FW that FW more FW than FW 1 FW billion FW yuan -LRB- -LRB$ $ CD 270 CD million -RRB- -RRBVBD was VBN spent IN in DT the

    JJ first NN half IN of DT the NN year IN for # pork LS subsidies . . <s> <s> FW The FW newspaper FW quoted FW experts FW as FW saying FW the FW subsidies MD would VB cause DT the NN difference IN between NNS prices CC and JJ real NNS values IN of NNS commodities TO to `` `` FW become FW very FW unreasonable '' '' CC and VB reduce VBN needed NNS funds IN for NN investment IN in DT the `` `` FW already FW difficult FW state FW budget . . '' '' <s> <s> . The '' aim IN of DT the NN austerity NNS measures VBD was TO to VB slice

    JJ economic NN growth , , WDT which VBD soared TO to VB 20.7 NN % JJ last NN year , , TO to CD 8 NN % IN in CD 1990 . . <s> <s> VBZ Economists RB now VB predict DT the NN growth NN rate MD will VB be IN about DT 11.5 NN % IN for DT the NN year . . <s> <s> IN In DT a NN sign IN of FW growing FW official FW tolerance FW for FW religion FW , FW Russian FW Orthodox FW priests FW were FW allowed FW to FW celebrate FW the FW 400th FW anniversary FW of FW the FW Moscow FW patriarchate FW in FW the

    FW Kremlin FW 's FW 15th-century FW Uspensky FW Cathedral FW , FW where FW czars FW were FW crowned FW ... . . <s> <s> . A -RRB- 34-foot-tall , , $ $ CD 7.7 CD million FW statue FW of FW Buddha FW was FW completed FW on FW a FW hill FW outside FW Hong FW Kong FW , FW facing FW China . . <s> <s> . The '' statue VBZ is DT the FW brainchild FW of FW Sik FW Chi FW Wan , , NN director IN of DT the FW Po FW Lin FW Monastery , , WP who VBD said : : `` `` FW Hong FW Kong FW is FW such

    FW a FW prosperous FW place FW , FW we FW also FW need FW some FW kind FW of FW religious FW symbol . . <s> <s> IN It PDT all FW seemed FW innocent FW enough FW : FW Last FW April FW , FW one FW Steven FW B. FW Iken FW visited FW Justin FW Products FW Inc. FW here FW , FW identified FW himself FW as FW a FW potential FW customer CC and VBD got DT the NN word IN on DT the JJ little NN company POS 's JJ new NN cassette NNS players IN for NNS children . . <s> <s> IN `` PRP It VBZ is RB almost VBN identical

    TO to DT the NNP Sony NN product , , '' '' NNP Mr. FW Iken FW remarked FW , FW after FW seeing FW prototypes FW and FW pictures . . <s> <s> IN Replied DT a RBS Justin SYM salesman : : `` `` UH Exactly . . '' '' <s> <s> FW The FW Justin FW merchandise FW carried FW wholesale FW prices FW some FW 40 FW % FW below FW those FW of FW Sony NNP Corp. IN of NNP Japan POS 's `` `` FW My FW First FW Sony '' '' NN line . . <s> <s> FW The FW visitor FW waxed FW enthusiastic FW and FW promised TO to VB return

    . . <s> <s> . But '' instead IN of DT a JJ new NN customer : -NN part IN of DT a FW hoped-for FW bonanza FW from FW underselling FW Sony FW -FW Justin FW got FW a FW costly FW legal FW morass . . <s> <s> . Mr. -RRB- Iken , , PRP it VBD turned RP out , , VBD was DT a FW private FW detective FW using FW a FW hidden FW tape FW recorder FW to FW gather FW information FW for FW Sony . . <s> <s> FW His FW recording FW later FW turned FW up FW as FW a FW court FW exhibit . . <s> <s>

    NN Seeking TO to VB keep PDT Justin POS 's `` `` FW My FW Own FW '' FW product FW line RP off DT the NNP U.S. NN market , , FW Sony FW last FW May FW filed FW a FW suit FW in FW Manhattan FW federal FW court FW accusing FW the FW upstart FW of FW trademark FW infringement FW , FW unfair FW competition CC and JJ other NNS violations IN of NN business NN law . . <s> <s> VBZ Since RB then , , FW life FW has FW changed FW a FW lot FW for FW 61-year-old FW Leonard FW Kaye FW , FW Justin POS 's NN owner . .

    <s> <s> IN `` PRP I VBP have RB n't VBN been JJ able TO to VB get DT a FW decent FW night FW 's FW sleep FW since FW this VBZ has VBN been VBG going RP on , , '' '' PRP he VBZ says . . <s> <s> IN `` PRP It VBZ 's DT the RBS most FW distracting FW thing FW in FW my SYM life : -PRP I MD ca RB n't RB even VB attend TO to PRP$ my NN business . . '' '' <s> <s> DT His NN company -LRB- -LRBJJ annual NNS sales : : IN about $ $ CD 25 CD million -RRB- -RRBFW may

    FW suffer FW a FW costly FW blow FW -FW losing FW an # estimated CD 10 NN % IN of JJ total NNS sales : -LS if LS Sony -LRB- -LRBJJ annual NNS sales : : IN about $ $ CD 16 CD billion -RRB- -RRBLS prevails . . <s> <s> NNP Justin POS 's FW plight FW shows FW what FW can FW happen FW when FW a FW tiny FW company FW suddenly FW faces FW the FW full FW legal FW might FW of FW a FW wrathful FW multinational . . <s> <s> . With UH considerable UH irony , , DT the FW case FW also FW shows FW how

    FW completely FW Japan VBZ has VBN turned DT the NNS tables IN on NNP U.S. NN business . . <s> <s> VBZ Americans VBN used TO to FW complain FW bitterly FW about FW being FW undersold FW by FW look-alike FW products FW from FW Japan . . <s> <s> NNP Now NNP Sony , , WP$ whose UH innovative , , WP$ premium-priced NNS products VBP are IN among DT the RBS most FW admired FW in FW consumer FW electronics FW , FW is FW bitterly FW complaining FW about FW a FW little FW U.S. FW firm FW with FW a FW cheap FW look-alike FW produced FW in FW China . . <s> <s>

    IN `` DT The NN gist IN of DT this VBZ is IN that FW Justin FW knocked FW off FW the FW Sony FW line FW and FW Sony FW wants TO to VB stop PRP it , , '' '' VBZ says UH Lewis UH H. UH Eslinger , , NNP Sony POS 's NN attorney , , WP who FW previously FW guarded FW Rubik FW 's FW Cube . . <s> <s> . -LRB'' Sony PRP itself VBZ declines TO to VB comment . . -RRB- -RRB<s> <s> . If UH Sony UH wins , , NNP Mr. NNPS Eslinger VBZ says , , PRP$ its JJ little NN rival MD will VB have

    TO to VB try TO to VB sell DT the NNS products RB overseas . . <s> <s> . At -RRB- worst , , PRP he VBZ adds , , `` `` PRP They MD 'd VB have TO to FW grind FW them FW all FW up FW and FW throw FW them FW away . . '' '' <s> <s> . Mr. '' Kaye VBZ denies DT the NN suit POS 's NNS charges CC and VBZ says PRP$ his JJ only NN mistake VBD was VBG taking IN on NNP Sony IN in DT the NN marketplace . . <s> <s> IN `` PRP I VBD made DT a JJ similar NN line CC and PRP I

    VBD produced PRP it JJR cheaper , , '' '' PRP he VBZ says . . <s> <s> NN Today , , NNP U.S. FW Judge FW John FW E. FW Sprizzo VBZ is VBN expected TO to VB rule IN on NNP Sony POS 's FW renewed FW request FW for FW a FW pre-trial FW order FW blocking NN sale IN of DT the JJ disputed NNS products , , IN on WDT which EX deliveries VBD began IN in NNP July . . <s> <s> FW The FW judge FW turned FW down FW an FW earlier FW Sony FW request FW for FW such FW an FW order FW -FW a FW decision FW upheld

    FW on FW appeal FW -FW but FW Sony FW returned FW with FW additional FW evidence FW and FW arguments . . <s> <s> IN Though VBG hoping TO to VB settle DT the NN case , , WP$ Justin UH vows TO to VB fight RP on , , IN if JJ necessary . . <s> <s> IN But DT the NN battle VBZ is JJR more IN than FW Justin FW bargained FW for . . <s> <s> IN `` PRP I VBD had DT no NN idea PRP I VBD was VBG getting IN in # so UH deep , , '' '' VBZ says NNP Mr. NNPS Kaye , , WP who FW founded

    FW Justin FW in FW 1982 . . <s> <s> FW Mr. FW Kaye FW had FW sold FW Capetronic FW Inc. FW , FW a FW Taiwan FW electronics FW maker , , CC and JJ retired , , RB only TO to VB find PRP he VBD was VBN bored . . <s> <s> . With -RRB- Justin , , PRP he VBD began FW selling FW toys FW and FW electronics FW made FW mostly FW in FW Hong FW Kong FW , FW beginning FW with FW Mickey FW Mouse FW radios . . <s> <s> DT The NN company VBZ has VBN grown : -TO to $ about CD 40 NNS employees , ,

    IN from CD four -RRB- initially , , NNP Mr. NNPS Kaye VBZ says . . <s> <s> NN Justin VBZ has VBN been RP profitable IN since CD 1986 , , VBZ adds DT the NN official , , WP who FW shares FW his FW office FW with FW numerous FW teddy FW bears FW , FW all FW samples FW from FW his FW line FW of FW plush FW toys . . <s> <s> DT Like JJ many NNS others , , NNP Mr. FW Kaye FW took FW notice FW in FW 1987 FW when FW Sony , , IN in DT a FW classic FW example FW of FW market FW segmentation FW ,

    FW changed FW the FW plastic FW skin FW and FW buttons FW on FW the FW famous FW Walkman FW line FW of FW portable FW audio FW equipment FW and FW created FW the FW My FW First FW Sony FW line FW for FW children . . <s> <s> FW The FW brightly FW colored FW new FW products FW looked FW more FW like FW toys FW than FW the FW adult FW models . . <s> <s> NN -LRBIN In NN court NNS papers , , WDT Sony VBZ says PRP it VBZ has VBN spent JJR more IN than $ $ CD 3 CD million TO to VB promote DT the NN line

    , , IN with VBG resulting NNS sales IN of IN over DT a CD million NNS units . . -RRB- -RRB<s> <s> NN Sony VBD found DT a JJ new NN market NN niche , , CC but NNP Mr. FW Kaye FW figured FW that FW its FW prices FW left FW plenty FW of FW room FW for FW a FW lower-priced FW competitor . . <s> <s> JJ His NNS products VBP are RB n't FW exact FW copies FW of FW Sony FW 's FW but FW strongly FW resemble FW them FW in FW size , , '' shape CC and , , RB especially , , UH color . . <s> <s>

    FW Sony FW uses FW mostly FW red FW and FW blue FW , FW with FW traces FW of SYM yellow : -CC and RB so VBZ does RB Justin , , IN on DT the FW theory FW that FW kids FW prefer FW these FW colors . . <s> <s> , -LRB`` `` UH To UH be UH successful , , DT a NN product MD can VB be DT any RBS color UH whatsoever , , RB as RB long IN as PRP it VBZ is UH fire-engine UH red , , '' '' VBZ says UH Charles UH E. UH Baxley , , WP$ Justin POS 's NN attorney . . -RRB- -RRB-

    <s> <s> DT By JJ last NN winter , , FW Justin FW was FW showing FW prototypes FW at FW toy FW fairs FW in FW Hong FW Kong FW and FW New FW York FW -FW and FW Sony FW noticed . . <s> <s> NN Indeed , , FW concerned FW that FW Sony FW sales FW personnel FW were FW threatening FW legal FW action FW or FW other FW retaliation FW -FW such FW as FW withholding FW desirable FW Sony FW products FW -FW against FW Justin POS 's NNS customers , , NNP Mr. FW Baxley FW fired FW off FW a FW letter FW to FW Sony FW in

    FW April . . <s> <s> IN He PRP himself VBD threatened TO to VB take DT the NN matter TO to DT the NNP Federal NNP Trade NNP Commission CC or NNP U.S. NNP Justice NNP Department . . <s> <s> . But '' Justin VBZ has RB n't FW pursued FW those FW charges FW -LRBFW which FW were FW without FW merit , , VBG according TO to NNP Mr. NNPS Eslinger , , DT the RBS Sony LS attorney -RRB- -RRB. . <s> <s> NNP Recalls NNP Mr. -RRB- Baxley : : `` `` UH Our UH purpose VBD was TO to VB influence PRP them TO to VB leave PRP us RB alone

    . . <s> <s> FW We FW never FW intended FW taking FW on SYM Sony : -PRP we VBP do RB n't VB have DT the NNS resources . . '' '' <s> <s> IN Sony PDT answered DT the JJ empty NN threat IN with PRP$ its JJ real NN suit . . <s> <s> NN Off CC and IN on IN since RB then , , DT the NNS companies VBP have VBN skirmished IN in NN court . . <s> <s> . And -RRB- Justin , , IN in DT a NN news NN release , , VBZ says , , `` `` FW Once FW competitive FW , FW Sony FW now FW resorts

    FW to FW strong-arm FW tactics FW in FW American FW courtrooms FW to FW carve FW out FW and FW protect FW niche FW markets . . '' '' <s> <s> NNP Sony POS 's NN lawyer VBZ insists IN that DT the NN company POS 's SYM tactics : -VBG including DT the NN use IN of DT a FW private FW detective FW posing FW as FW a SYM buyer : -VBP are VBN routine IN in JJ such NNS matters . . <s> <s> VBZ He RB also VBZ insists IN that NNP Sony , , DT no JJR less IN than NNS others , , VBZ has DT a JJ legal NN right

    TO to VB protect PRP$ its `` `` UH trade UH dress , , '' '' IN in DT this NN case , , FW mostly FW the FW colors FW that FW it FW claims FW make FW My FW First FW Sony FW products FW distinctive . . <s> <s> FW -LRBFW Justin FW claims FW it FW began FW using FW the FW same FW colors FW on FW electronic FW goods FW for FW children FW long FW before FW Sony FW entered FW the FW children POS 's NN market . . -RRB- -RRB<s> <s> IN Whatever PRP$ its NNS merits , , NNP Sony POS 's FW aggressive FW defense FW is

    FW debilitating FW for FW Justin . . <s> <s> NN It VBZ 's RB also RBR costly . . <s> <s> . Mr. '' Kaye VBZ says PRP he VBZ has VBN paid JJR more IN than $ $ CD 70,000 IN in JJ legal NNS fees RB so RB far . . <s> <s> NNP Of NNP Sony , , WP$ Mr. LS Kaye SYM says : : `` `` PRP They VBP know EX there VBZ 's DT no NN way IN for PRP them TO to VB lose . . <s> <s> FW They FW just FW keep FW digging FW me FW in FW deeper FW until FW I PDT reach DT the NN point

    WRB where PRP I VBP give RP up CC and VB go RP away . . '' '' <s> <s> VBZ For RB now , , RB though , , PRP he VBP vows TO to VB hang RP in . . <s> <s> . @ UH Charles UH H. UH Tenney UH II , , NN chairman IN of NNP Unitil NNP Corp. , , WP$ purchased WP$ 34,602 NNS shares , , CC or CD 4.9 NN % , , IN of NNP Unitil POS 's JJ common , , VBG according TO to DT a NN filing IN with DT the NNPS Securities CC and NNP Exchange NNP Commission . . <s> <s> DT The NN stock

    VBD was VBN bought IN on NNP Thursday IN in DT a FW privately FW negotiated FW transaction , , DT the NN filing VBD said . . <s> <s> . As '' previously VBD reported , , UH Unitil , , UH Exeter , , NNP N.H. , , CC and FW Fitchburg FW Gas FW & FW Electric FW Co. FW , FW Fitchburg FW , FW Mass. FW , FW are FW targets FW of FW unsolicited FW tender FW offers FW from FW Boston-based FW Eastern FW Utilities FW Associates . . <s> <s> . Eastern '' Utilities VBZ has VBN offered $ $ CD 40 DT a NN share IN for NNP Unitil CC and

    $ $ CD 36 DT a NN share IN for FW Fitchburg FW Gas FW and FW has FW extended FW both FW offers FW to FW Dec. FW 4 . . <s> <s> JJ Both NNS companies VBD rejected DT the NNS offers . . <s> <s> FW Dresdner FW Bank FW AG FW of FW West FW Germany FW has FW announced FW a FW friendly FW tender FW offer FW for FW control FW of FW Banque FW Internationale FW de FW Placements FW , FW a FW French FW bank FW whose FW main FW shareholder FW is FW France FW 's FW Societe FW Generale , , DT the FW Societe FW de FW Bourses

    FW Francaises FW said . . <s> <s> FW The FW tender FW offer FW by FW West FW Germany FW 's FW second-biggest FW commercial FW bank VBZ is IN in CD two NNS stages . . <s> <s> NN Dresdner VBZ is VBG offering TO to VB acquire PRP$ 32.99 NN % IN of NNP BIP POS 's NN capital IN for # 1,015 LS francs -LRB- -LRB$ $ LS 156.82 -RRB- -RRBDT a NN share . . <s> <s> JJ The NNS terms IN of DT the NN offer VBD put DT a NN value IN of $ 528 CD million NNS francs -LRB- -LRB$ $ CD 81.6 CD million -RRB- -RRBIN on

    DT the FW 32.99 FW % FW shareholding . . <s> <s> FW The FW Societe FW Generale FW banking FW group FW controls FW 18.2 NN % IN of DT the NN shareholding , , FW while FW Societe FW Generale FW de FW Belgique FW S.A. FW owns FW 9.69 FW % FW and FW Financiere FW Tradition , , DT a NN holding NN company , , WP$ owns WP$ 5.1 NN % . . <s> <s> FW Mexican FW investor FW Joel FW Rocha FW Garza FW said FW he FW sold FW a FW block FW of FW 600,000 FW shares FW of FW Smith FW Laboratories FW Inc. FW common FW stock FW to

    FW companies FW affiliated FW with FW him . . <s> <s> IN In DT a NN filing IN with DT the NNPS Securities CC and NNP Exchange NNP Commission , , NNP Mr. FW Rocha FW Garza FW said FW Biscayne FW Syndicate FW Inc. FW , FW Lahus FW II NNP Inc. , , CC and FW Lahus FW III FW Inc. FW bought FW the FW 600,000 FW shares FW on # Oct. CD 11 IN for $ $ CD 1.4 CD million , , CC or $ $ CD 2.375 DT a NN share . . <s> <s> . Mr. '' Rocha PRP Garza VBD said IN that PRP he , , FW Clarendon FW Group

    FW Ltd. FW , FW Biscayne FW , FW Lahus FW II FW , FW and FW Lahus FW III FW are FW all FW affiliated FW and FW hold FW a FW combined FW stake FW of FW 1,234,100 FW shares , , CC or PRP$ 9.33 NN % . . <s> <s> NN Mr. . Rocha '' Garza VBZ has VBD said PRP he VBZ wants TO to VB purchase JJR more NNS shares . . <s> <s> NNP In NNP San NNP Diego , , FW Smith FW Laboratories FW President FW Timothy FW Wollaeger VBD said DT the NN transfer IN of DT the NNS shares VBZ is RB n't JJ significant . . <s> <s>

    NN Investcorp , , NNP New NNP York , , VBD said PRP it CC and DT the NN management IN of FW Sports FW & FW Recreation FW Inc. PDT bought DT the NN operator IN of DT the FW 10-store FW Sports FW Unlimited FW chain IN for DT some $ $ CD 40 CD million . . <s> <s> FW The FW investment FW bank FW becomes FW majority FW shareholder FW in FW Sports FW & FW Recreation FW , FW a FW 10-year-old FW sporting FW goods FW retailer FW , FW said FW Oliver FW E. FW Richardson , , DT a NN member IN of NNP Investcorp POS 's NN management NN committee

    CC and DT a NN director IN of DT the NN chain . . <s> <s> . Sports -RRB- Unlimited , , UH Tampa , , NNP Fla. , , WP$ posted NN revenue IN of $ $ CD 59 CD million IN for DT the NN year VBD ended $ July CD 31 . . <s> <s> DT The NN company VBZ is `` `` RB very . profitable '' '' IN on DT an NN operating NN basis , , NNP Mr. NNP Richardson VBD said , , CC but PRP he VBD declined TO to VB specify NNS numbers . . <s> <s> CD In CD 1982 , , FW Sports FW & FW Recreation FW 's

    FW managers FW and FW certain FW passive FW investors FW purchased FW the FW company FW from FW Brunswick FW Corp. FW of FW Skokie FW , FW Ill . . <s> <s> IN In DT the JJS latest NN transaction , , FW management FW bought FW out FW the FW passive FW investors FW ' FW holding , , NNP Mr. NNP Richardson VBD said . . <s> <s> NNP Hammond NNP Co. , , WP$ Newport UH Beach , , NNP Calif. , , VBD said FW Fidelity FW National FW Financial FW Inc. FW extended PRP$ its JJ previous NN agreement , , IN under WDT which PRP it MD wo RB n't VB purchase

    DT any JJR more IN of DT the NN mortgage NN banker POS 's JJ common NN stock , , IN through $ Oct. CD 31 . . <s> <s> FW The FW previous FW agreement FW expired FW Thursday . . <s> <s> NN Hammond VBD said IN that PRP$ its NNS discussions IN with NNP Fidelity , , DT an NNP Irvine , , NNP Calif. , , WP$ title-insurance UH underwriter , , VBP are VBG continuing , , CC but IN that NNS prospects IN for DT a FW longer-term FW standstill FW agreement FW are FW uncertain . . <s> <s> NN Fidelity VBZ has VBN increased PRP$ its NN stake IN in VBG Hammond

    TO to VB 23.57 NN % IN in JJ recent NNS months . . <s> <s> VBZ Statements VBN made IN in NNP Securities CC and NNP Exchange FW Commission FW filings FW led FW Hammond FW to FW request FW a FW standstill FW agreement . . <s> <s> NNP Giant NNP Group NNP Ltd. VBD said PRP it VBD terminated NNS negotiations IN for DT the NN purchase IN of FW Aspen FW Airways FW , FW a FW Denver-based FW regional FW carrier FW that FW operates FW the FW United FW Express FW connector FW service FW under FW contract TO to NNP UAL NNP Corp. POS 's NNP United NNPS Airlines . . <s> <s>

    NN Giant , , DT a NNP Beverly NNP Hills , , NNP Calif. , , '' collection IN of NNS companies WDT that VBZ is VBN controlled IN by FW Hollywood FW producer FW Burt FW Sugarman , , VBD did RB n't VB give DT a NN reason IN for PDT halting PRP$ its NN plan TO to VB acquire DT the NN airline , , CC and JJR Aspen NNS officials MD could RB n't VB be VBN reached IN for NN comment . . <s> <s> NN Giant VBD agreed JJ last NN month TO to VB purchase DT the NN carrier . . <s> <s> NN Giant VBZ has RB n't RB ever VBN disclosed

    DT the JJ proposed NN price , , FW although FW Avmark FW Inc. FW , FW an FW Arlington FW , FW Va.-based FW aircraft FW consulting FW concern FW , FW has FW valued FW Aspen POS 's NN fleet IN at IN about $ $ CD 46 CD million . . <s> <s> DT The NN airline MD would VB have VBN become DT the JJS latest IN in DT a FW peculiar FW blend FW of FW Giant FW companies , , WDT which VBP are VBN involved IN in FW making FW cement FW , FW recycling FW newsprint FW and FW operating FW fast-food FW restaurants . . <s> <s> FW The FW state-controlled

    FW insurer FW Assurances FW Generales FW de FW France FW said FW it FW has FW obtained FW regulatory FW approval TO to VB increase PRP$ its NN stake IN in DT the FW financial FW holding FW company FW Cie. FW de FW Navigation FW Mixte # above CD 10 NN % IN from DT the JJ current NN level IN of IN about CD 8 NN % . . <s> <s> NNP Friday POS 's NN approval VBD was VBN needed TO to FW conform FW with FW Bourse FW rules FW regarding FW companies FW with FW bank FW interests FW and FW follows FW a FW similar FW approval FW given FW Wednesday FW to

    FW Cie FW . FW Financiere FW de FW Paribas . . <s> <s> NNP Both NNP Paribas CC and EX AGF VBP have VBN been VBG increasing PRP$ their FW stakes FW in FW Navigation FW Mixte FW recently FW for FW what FW they FW have FW termed FW `` FW investment FW purposes , , '' '' IN although DT the NN issue VBZ has VBN been RP surrounded IN by NN takeover NN speculation IN in JJ recent NNS weeks . . <s> <s> NN AGF VBD did RB n't VB comment RP officially IN on PRP$ its NNS reasons IN for VBG seeking DT the NN approval , , CC but NNS people VBP close

    TO to DT the NN group VBD said PRP it VBD was VBN done TO to VB make PDT sure DT the NN group MD would VB have DT the NN flexibility TO to VB increase PRP$ its NN stake IN in DT the NN future , , FW should FW interesting FW price FW opportunities FW arise . . <s> <s> . An UH AGF UH official UH did UH specify , , RB however , , WDT that EX there VBD was DT no NN foundation TO to # recent PDT rumors DT the NN group MD might VB be FW acting FW in FW concert FW with FW Paribas . . <s> <s> . Lockheed '' Aeronautical

    NNP Systems NNP Co. , , DT a NN unit IN of NNP Lockheed NNP Corp. , , VBD said PRP it VBD agreed TO to VB join IN with # Aermacchi LS S.p . . '' A. IN of NNP Varese , , NNP Italy , , TO to VB propose DT a JJ new NN generation IN of # jet SYM trainers IN for DT the NNP U.S. NNP Air NNP Force . . <s> <s> NNP The NNP Air NNP Force VBZ is VBG looking TO to VB buy FW 540 FW new FW primary FW jet FW trainers , , IN with DT a JJ total NN value IN of $ $ CD 1.5 CD billion

    TO to $ $ CD 2 CD billion , , IN between CD 1994 CC and CD 2004 . . <s> <s> DT The NN aircraft MD would VB replace DT the NN T-37 , , VBN made IN by DT the FW Cessna FW Aircraft FW Co. FW unit FW of FW General FW Dynamics NNP Corp. , , WDT which DT the FW Air FW Force FW uses FW to FW train FW jet FW pilots . . <s> <s> NN Lockheed VBD said DT the NNP U.S. FW Navy FW may FW also FW buy FW an FW additional FW 340 FW trainer FW aircraft FW to FW replace FW its FW T34C FW trainers FW made

    FW by FW the FW Beech FW Aircraft FW Corp. FW unit FW of FW Raytheon FW Corp . . <s> <s> IN Under DT the NN agreement IN with NNP Lockheed , , WDT Aermacchi MD will VB license RP Lockheed TO to VB build DT the FW Aermacchi FW MB-339 FW jet FW tandem-trainer FW and FW will FW supply FW certain FW structures . . <s> <s> NN Lockheed MD will VB build FW additional FW structures FW and FW perform FW final FW assembly FW of FW the FW tandem-seat FW trainer FW at FW its FW Marietta FW , FW Ga. FW , FW plant FW should FW the FW Air FW Force FW order

    FW the FW craft . . <s> <s> FW A FW Lockheed FW spokesman FW in FW Burbank , , NNP Calif. , , VBD said PRP he VBD was RB n't JJ aware IN of WDT which JJ other NNS companies MD would VB be RP competing IN for DT the NNP Air NNP Force NN contract . . <s> <s> FW Striking FW auto FW workers FW ended FW their FW 19-day FW occupation FW of FW a FW metal FW shop FW at FW a FW Peugeot FW S.A. FW factory FW in FW eastern FW France FW Friday FW as FW pay FW talks FW got FW under NN way IN in DT the NN capital

    . . <s> <s> IN But DT the FW Peugeot FW breakthrough FW came FW as FW a FW nationwide FW dispute FW by FW Finance FW Ministry FW employees FW disrupted FW border FW checkpoints FW and PDT threatened DT the NN government POS 's NN ability TO to VB pay PRP$ its NNS bills . . <s> <s> FW The FW Peugeot FW metalworkers FW began FW filing RP out IN of DT the NN shop , , WDT which UH makes UH auto UH parts , , IN at DT the NN plant IN in FW Mulhouse FW after FW voting FW 589 TO to VB 193 TO to VB abandon DT the NN occupation . .

    <s> <s> . Their '' withdrawal VBD was VBN based IN on FW promises FW by FW Peugeot FW to FW open FW negotiations FW in FW Paris IN at DT the JJ same NN time DT the JJ last NN man VBD left DT the NN premises . . <s> <s> FW The FW strike FW by FW customs FW officers FW , FW tax FW collectors FW , FW treasury FW workers FW and FW other FW civil FW servants FW attached FW to FW the FW Ministry FW of FW Finance FW may FW pose FW a FW more FW serious FW challenge TO to DT the NN government CC and DT the JJ average NNS Frenchman

    . . <s> <s> JJ Ministry NNS employees VBP complain IN that PRP they VBP are RB poorly VBN paid IN because IN of DT a FW complex FW job-rating FW system FW they FW say FW fails FW to FW take FW into FW account FW their FW education FW and FW level FW of FW technical FW expertise . . <s> <s> DT The NN market IN for $ $ CD 200 CD billion IN of FW high-risk FW junk FW bonds FW , FW battered FW by FW a FW succession FW of FW defaults FW and FW huge FW price FW declines FW this FW year FW , FW practically FW vanished FW Friday . .

    <s> <s> DT Trading NN ground TO to DT a NN halt IN as NNS investors VBD rushed TO to VB sell NNS bonds , , RB only TO to VB find PRP themselves VBP deserted IN by JJ potential NNS buyers . . <s> <s> NN Stunned , , PRP they FW watched FW brokerage FW houses FW mark FW down FW price FW quotations FW on FW their FW junk FW holdings FW while FW being FW able FW to FW execute FW very FW few FW actual FW trades . . <s> <s> IN `` DT The NN junk NN bond NN market VBZ is IN in DT a NN state IN of # gridlock SYM now

    : -EX there VBP are DT no NNS bids , , RB only VBZ offers , , '' '' VBZ says FW independent FW investor FW Martin FW D. FW Sass , , WP who VBZ manages RB nearly $ $ CD 4 CD billion CC and WP who RB recently VBN decided TO to VB buy JJ distressed NNS securities IN for DT a JJ new NN fund . . <s> <s> . This '' calamity VBZ is `` `` UH far UH from UH over , , '' '' PRP he VBZ says . . <s> <s> NNP Junk POS 's FW collapse FW helped FW stoke FW the FW panicky FW selling FW of FW stocks

    FW that FW produced FW the FW deepest FW one-day FW dive FW in FW the FW Dow FW Jones FW Industrial FW Average FW since FW the FW Oct. FW 19 , , CD 1987 , , NN crash . . <s> <s> NN Simultaneously , , PRP it RB also VBN helped RP trigger DT this NN year POS 's JJS biggest NN rally IN in DT the NNP U.S. NN government NN bond NN market IN as NNS investors VBD rushed TO to VB move NN capital IN into DT the JJ highest-quality NNS securities PRP they MD could VB find . . <s> <s> , But `` `` FW an FW eerie FW silence FW pervaded

    FW '' FW the FW junk FW market FW Friday FW as FW prices FW tumbled FW on FW hundreds FW of FW high-yield FW bonds FW despite `` `` DT no JJ active NN trading , , '' '' VBZ says UH John UH Lonski , , DT an NN economist IN at NNP Moody POS 's NNPS Investors NNP Service NNP Inc . . <s> <s> DT For NN example , , DT the NN price IN of NNP Southland NNP Corp. POS 's $ $ CD 500 CD million IN of FW 16 FW 3\/4 FW % FW bonds FW due FW 2002 FW -FW sold FW less FW than FW two FW years FW ago

    FW by FW Goldman FW , FW Sachs FW & SYM Co. : -$ plummeted CD 25 NN % TO to $ just CD 30 NNS cents IN on DT the NN dollar . . <s> <s> VBZ But RB not RB even EX Goldman MD would VB make DT a NN market IN in DT the NNS securities IN of NNP Southland , , DT the NN owner IN of DT the FW nationwide FW chain FW of FW 7-11 FW convenience FW stores WDT that VBZ is VBN strapped IN for NN cash . . <s> <s> JJ Goldman NNS officials VBD declined TO to VB comment . . <s> <s> JJ Junk NNS bonds , ,

    WDT which VBD mushroomed IN from JJR less IN than $ $ CD 2 CD billion IN at DT the NN start IN of DT this NN decade , , VBP have VBN been VBG declining IN for NNS months IN as FW issuer FW after FW issuer FW sank FW beneath FW the FW weight FW of FW hefty FW interest FW payments . . <s> <s> FW The FW shaky FW market FW received FW its FW biggest FW jolt FW last FW month FW from FW Campeau NNP Corp. , , WDT which FW created FW its FW U.S. FW retailing FW empire FW with FW junk FW financing . . <s> <s> NN Campeau VBD developed

    DT a NN cash , squeeze WDT that VBD caused PRP it TO to VB be RP tardy IN on DT some NN interest NNS payments CC and TO to VB put PRP$ its FW prestigious FW Bloomingdales FW department-store FW chain RP up IN for NN sale . . <s> <s> NN Now , , '' dozens IN of NNS corporations , , VBG including UH Ethan UH Allen , , NNP TW NNPS Services CC and NNP York NNP International , , WDT that VBP are VBG counting RP on IN at JJS least $ $ CD 7 CD billion IN of FW scheduled FW new FW junk FW financings FW to FW keep FW their FW highly

    FW leveraged FW takeovers FW and FW buy-outs FW afloat , , MD may RB never VB get DT the NN money . . <s> <s> IN `` DT The NN music VBZ has UH stopped UH playing , , '' '' VBZ says UH Michael UH Harkins , , DT a NN principal IN in DT the NN investment NN firm IN of # Levy LS Harkins . . <s> <s> IN `` PRP You VBP 've RB either VBD got DT a NN chair CC or PRP you VBP do RB n't . . '' '' <s> <s> NNP In NNP Friday POS 's NN aftermath , , VBZ says UH R. UH Douglas UH Carleton , ,

    DT a NN director IN of JJ high-yield NN finance IN at NNP First NNP Boston NNP Corp. , , `` `` RB much IN of DT the $ $ CD 7 CD billion SYM forward LS calendar MD could VB be RP deferred , , VBG depending IN on DT the NN hysteria . . '' '' <s> <s> NNP In NNP August , , FW First FW Boston FW withdrew FW a FW $ FW 475 FW million FW junk FW offering FW of FW Ohio FW Mattress FW bonds FW because FW potential FW buyers FW were FW `` FW very FW skittish . . '' '' <s> <s> . The '' outlook `` `` FW looks

    FW shaky FW because FW we FW 're FW still FW waiting '' '' IN for JJ mutual NNS funds , , IN in JJ particular , , TO to VB dump DT some IN of PRP$ their NN junk NN bond NNS holdings TO to VB pay RP off FW redemptions FW by FW individual FW investors FW , FW says FW King FW Penniman FW , FW senior FW vice FW president FW at FW McCarthy FW , FW Crisanti FW & FW Maffei FW , FW an FW investment FW arm FW of FW Xerox FW Financial FW Services . . <s> <s> NN Indeed , , DT a NNP Moody POS 's NN index IN that

    PDT tracks DT the FW net FW asset FW values FW of FW 24 FW high-yield FW mutual FW funds FW declined FW for FW the FW 17th FW consecutive FW day FW Friday . . <s> <s> IN In DT a JJ stark NN contrast , , DT the FW benchmark FW 30-year FW Treasury FW bond FW climbed JJR more IN than CD 2 CD 1\/2 NNS points , , CC or IN about $ $ CD 25 IN for DT each $ $ CD 1,000 NN face NN amount , , TO to # 103 UH 12\/32 , , PRP$ its JJS biggest NN gain IN of DT the NN year . . <s> <s> DT The

    NN bond POS 's NN yield VBD dropped TO to VB 7.82 NN % , , DT the FW lowest FW since FW March FW 31 , , CD 1987 , , VBG according TO to FW Technical FW Data FW Global FW Markets FW Group . . <s> <s> DT The NN yield IN on FW three-month FW Treasury FW bills FW , FW considered FW the FW safest FW of FW all FW investments FW , FW plummeted FW about FW 0.7 FW percentage FW point FW to FW 7.16 NN % , , DT the JJS largest FW one-day FW decline FW since FW 1982 . . <s> <s> FW The FW main FW catalyst FW for

    FW government FW bond FW market FW rally VBD was DT the JJ 190.58-point NN drop IN in DT the NNP Dow NNP Jones NNP Industrial NNP Average . . <s> <s> , `` WRB When PRP you VBP get VBN panic IN in CD one NN market , , PRP you VBP get VBN flight TO to VB quality IN in DT the JJ other , , '' '' VBD said FW Maria FW Ramirez FW , FW money FW market FW economist FW at FW Drexel FW Burnham FW Lambert FW Inc . . <s> <s> NN Nevertheless , , DT the NNS problems IN of DT the NN junk NN market MD could VB prompt DT the

    NNP Federal NNP Reserve TO to VB ease NN credit IN in DT the NNS months RB ahead . . <s> <s> IN `` DT This NNS marks DT a JJ significant NN shift IN in DT the NN interest NN rate NN outlook , , '' '' VBZ says NNP William NNP Sullivan , , NN director IN of FW money FW market FW research FW at FW Dean FW Witter FW Reynolds NNP Inc. , , NNP New NNP York . . <s> <s> . Any '' sustained PRP credit-easing MD could VB be DT a NN lift IN for NN junk NNS bonds IN as RB well IN as JJ other NNS securities . . <s> <s>

    NNP Robert NNP Dow , , DT a NN partner CC and NN portfolio NN manager IN at NNP Lord , , '' Abbett CC & NNP Co. , , WDT which VBZ manages $ $ CD 4 CD billion IN of JJ high-yield NNS bonds , , VBZ says PRP he VBZ does RB n't `` `` UH think EX there VBZ is DT any FW fundamental FW economic FW rationale FW -LCBFW for FW the FW junk FW bond FW rout -RRB- -RCB. . <s> <s> NN It VBD was UH herd UH instinct . . '' '' <s> <s> . He -RRB- adds : : `` `` DT The NN junk NN market VBZ has

    PDT witnessed DT some NN trouble CC and RB now DT some NNS people VBP think IN that IN if DT the FW equity FW market FW gets FW creamed WDT that VBZ means DT the NN economy MD will VB be RP terrible CC and WDT that VBZ 's JJ bad IN for NN junk . . <s> <s> NNS I VBP do RB n't , believe WDT that VBZ 's DT the NN case , , CC but PRP I VBP believe IN that NNS people VBP are VBG running RP scared . . <s> <s> NN There VBZ is DT a NN flight TO to NN quality , , CC and DT the NN quality VBZ is

    RB not IN in NNS equities CC and RB not IN in NN junk : -PRP it VBZ 's IN in NNPS Treasurys . . '' '' <s> <s> NN Even IN as NN trading IN in FW high-yield FW issues FW dried RP up IN over DT the JJ past NN month , , WDT corporations VBD sold JJR more IN than $ $ CD 2 CD billion IN of JJ new NN junk NNS bonds . . <s> <s> DT For NN example , , DT a JJ recent $ $ CD 375 CD million NN offering IN of FW Petrolane FW Gas FW Services FW L.P. FW bonds FW sold FW by FW First FW Boston

    FW was FW three FW times FW oversubscribed . . <s> <s> IN A $ $ CD 550 CD million NN offering IN of FW Turner FW Broadcasting FW System FW Inc FW . FW high-yield FW securities FW sold FW last FW week FW by FW Drexel FW was FW increased $ $ CD 50 CD million IN because IN of JJ strong NN demand . . <s> <s> FW First FW Boston FW estimates FW that FW in FW November FW and FW December FW alone FW , FW junk FW bond FW investors MD will VB receive $ $ CD 4.8 CD billion IN of NN coupon NN interest NNS payments . . <s> <s> . ``

    '' That VBZ 's DT a JJ clear NN indication IN that EX there VBZ is CC and MD will VB be DT an FW undercurrent FW of FW basic FW business FW going FW on , , '' '' VBZ says NNP Mr. -RRB- Carleton IN of NNP First NNP Boston . . <s> <s> IN `` PRP I VBP do RB n't VB know WRB how NNS people MD can VB say DT the FW junk FW bond FW market FW disappeared WRB when EX there VBD were $ $ CD 1.5 CD billion IN of NNS orders IN for $ $ CD 550 CD million IN of NN junk NNS bonds VBD sold JJ last NN week

    IN by NNP Turner , , '' '' VBZ says FW Raymond FW Minella FW , FW co-head FW of FW merchant FW banking FW at FW Merrill FW Lynch FW & FW Co . . <s> <s> , `` WRB When DT the NN rally VBZ comes , , NN insurance NNS companies MD will VB be VBG leading PRP it IN because PRP they VBP have VBN billions TO to VB invest CC and VB invest PRP they MD will . . <s> <s> NN There VBZ is VBN plenty IN of NN money JJ available IN from NNS people WP who VBP want TO to VB buy PDT well-structured SYM deals : ; PRP it VBZ 's

    DT the NN stuff WDT that VBZ 's VBN financed IN on DT a NN shoestring IN that NNS people VBP are VBN wary IN of . . '' '' <s> <s> IN But PDT such FW highly FW leveraged FW transactions FW seemed TO to VB have PDT multiplied DT this NN year , , VBG casting DT a NN pall IN over JJ much IN of DT the NN junk NN market . . <s> <s> . Michael -RRB- McNamara , , NN director IN of FW fixed-income FW research FW at FW Kemper FW Financial FW Services , , VBZ says DT the NN quality IN of FW junk FW issues FW has FW been FW getting

    FW poorer , , VBG contributing TO to DT the NN slide IN in NNS prices . . <s> <s> FW `` FW Last FW year FW we FW probably FW bought FW one FW out FW of FW every FW three FW new FW deals , , '' '' PRP he VBZ says . . <s> <s> IN `` DT This NN year , , IN at JJS best , , PRP it VBZ 's IN in CD one IN in DT every CD five CC or CD six . . <s> <s> IN And PRP$ our NN credit NNS standards VBP have RB n't $ changed CD one -RRB- iota . . '' '' <s> <s> NN However

    , , NNP Mr. NNPS McNamara VBD said DT the NN slide IN in NN junk VBZ is VBG creating `` `` PRP one VBP hell IN of DT a NN buying . opportunity '' '' IN for PRP$ selective NNS buyers . . <s> <s> IN For DT the NN moment , , NNS investors VBP seem JJR more NNS preoccupied IN with DT the `` `` UH bad '' '' NN junk IN than DT the `` `` JJ good '' '' NN junk . . <s> <s> IN `` DT The NN market VBZ has VBN been RP weak . since '' '' DT the NN announcement IN of DT the FW Campeau FW cash FW squeeze

    CC and DT the NN company POS 's FW subsequent FW bailout FW by FW Olympia FW & FW York FW , FW says FW Mr. FW Minella FW of FW Merrill FW Lynch . . <s> <s> IN `` DT That RBS really PDT affected DT the NN market IN in DT that NNS people VBD started TO to FW ask FW ` FW What FW else VBZ is IN in NN trouble . ? '' ' '' '' <s> <s> NN Well IN before NNP Campeau , , RB though , , EX there VBD were NNS signs IN that DT the NN junk NN market VBD was VBN stumbling IN through CD one IN of PRP$ its

    JJS worst NNS years RB ever . . <s> <s> IN Despite DT the FW relatively FW strong FW economy FW , FW junk FW bond FW prices FW did FW nothing FW except FW go FW down FW , FW hammered FW by FW a FW seemingly FW endless FW trail FW of FW bad SYM news : : <s> <s> NN -IN In NNP June , , CD two NNS months IN before PRP it MD would FW default FW on FW interest FW payments FW covering FW some IN of PRP$ its $ $ CD 1.2 CD billion IN of FW speculative FW debt FW securities FW , FW New FW York-based FW Integrated FW Resources

    NNP Inc. VBD said PRP it VBD ran RP out IN of DT borrowed NN money . . <s> <s> NN -IN In NNP July , , NNP Southmark NNP Corp. , , DT the RBS Dallas-based JJ real NN estate CC and JJ financial NNS services NN company IN with IN about $ $ CD 1.3 CD billion IN of NN junk NNS bonds , , FW voluntarily FW filed FW for FW protection FW under FW U.S. FW bankruptcy FW law . . <s> <s> NN -IN By DT the NN end IN of NNP July , , DT the NN difference IN in NN yield IN between DT an NN index IN of FW junk

    FW bonds FW and FW seven-year FW Treasury FW notes FW widened FW to FW more FW than FW 5.5 FW percentage FW points . . <s> <s> NN -IN In NNP August , , NNP Resorts NNP International NNP Inc. , , WDT which VBD sold JJR more IN than $ $ CD 500 CD million IN of NN junk NNS bonds , , WP$ suspended NN interest NNS payments . . <s> <s> NN -IN In NNP September , , RB just IN as DT the FW cash FW squeeze FW hit FW Campeau FW , FW Lomas FW Financial FW Corp. FW defaulted IN on $ $ CD 145 CD million IN of NNS notes

    CC and VBD appeared VBN unlikely TO to VB pay NN interest IN on DT a NN total IN of $ $ CD 1.2 CD billion IN of NN debt NNS securities . . <s> <s> NN Meantime , , FW regulators FW are FW becoming FW increasingly FW worried FW as FW the FW rush FW to FW leverage FW shows FW no FW signs FW of FW abating . . <s> <s> NNP Moody POS 's VBZ says DT the NN frequency IN of JJ corporate NN credit WDT downgrades VBZ is DT the JJS highest DT this NN year IN since CD 1982 . . <s> <s> DT In NN addition , , EX there VBP are

    CD six NNS times IN as JJ many JJ troubled NNS banks IN as EX there VBD were IN in DT the NN recession IN of CD 1981 , , VBG according TO to DT the FW Federal FW Deposit FW Insurance FW Corp . . <s> <s> IN `` DT The NN era IN of DT the NN 1980s VBZ is IN about DT compound NN interest CC and DT the NN reaching IN for PRP it , , '' '' VBZ says FW James FW Grant FW , FW editor FW of FW Grant FW 's FW Interest FW Rate FW Observer , , DT an JJ early NN critic IN of DT the NN junk NN bond

    NN market . . <s> <s> , `` WP What PRP we VBP 've VBN begun TO to VB see VBZ is DT the NN damage TO to NNS businesses IN of FW paying FW exorbitant FW compound FW interest . . <s> <s> NN Businesses VBD were VBN borrowing IN at NN interest NNS rates JJR higher IN than PRP$ their JJ own NNS earnings . . <s> <s> IN What PRP we VBP 're VBG seeing RB now VBZ is DT the FW wrenching FW readjustment FW of FW asset FW values FW to FW a FW future FW when FW speculative-grade FW debt MD will VB be JJ hard TO to VB obtain RB rather IN than

    JJ easy . . '' '' <s> <s> NNP Friday POS 's FW Market FW Activity <s> <s> NN Prices IN of NNP Treasury NNS bonds VBD surged IN in DT the JJS biggest NN rally IN of DT the NN year IN as NNS investors VBD fled DT a JJS plummeting NN stock NN market . . <s> <s> FW The FW benchmark FW 30-year FW Treasury FW bond FW was FW quoted FW 6 FW p.m. FW EDT FW at FW 103 FW 12\/32 FW , FW compared FW with FW 100 FW 27\/32 FW Thursday , , RB up CD 2 CD 1\/2 NNS points . . <s> <s> DT The NN yield IN on DT the

    NN benchmark VBD fell TO to VB 7.82 NN % , , DT the FW lowest FW since FW March FW 31 , , CD 1987 , , VBG according TO to FW Technical FW Data FW Global FW Markets FW Group . . <s> <s> , The `` `` FW flight FW to FW quality '' '' VBD began RB late IN in DT the NN day CC and VBD followed DT a JJ precipitous NN fall IN in DT the NN stock NN market . . <s> <s> NN Treasurys VBD opened JJR lower , , WP$ reacting UH negatively TO to NN news IN that DT the NN producer NN price NN index : -DT a

    NN measure IN of NN inflation IN on DT the JJ wholesale NN level : -LS accelerated IN in NNP September . . <s> <s> FW Bond FW prices FW barely FW budged FW until FW midday . . <s> <s> DT Many NN bond NN market NNS participants MD will VB be RB closely PDT eying DT the NN action IN of DT the NNP Federal NNP Reserve , , WDT which MD might VB repeat PRP$ its FW October FW 1987 FW injection FW of FW huge FW amounts FW of FW liquidity TO to VB buoy DT the JJ financial NNS markets CC and VB keep DT the NN economy IN from VBG slowing IN into

    DT a NN recession . . <s> <s> NN Prices IN of FW municipals FW , FW investment-grade FW corporates FW and FW mortgage-backed FW bonds FW also FW rose FW , FW but FW lagged FW behind FW their FW Treasury FW counterparts . . <s> <s> JJ Mortgage NNS securities VBD rose IN in DT hectic NN trading , , IN with JJS most IN of DT the FW activity FW concentrated FW in FW Government FW National FW Mortgage FW Association FW 9 FW % FW coupon FW securities , , DT the RBS most FW liquid FW mortgage FW issue . . <s> <s> FW The FW Ginnie FW Mae FW November FW 9 FW %

    FW issue FW ended FW at FW 98 FW 25\/32 , , RB up CD 7\/8 NN point IN on DT the NN day , , TO to VB yield IN about DT 9.28 NN % TO to DT a FW 12-year FW average FW life FW assumption . . <s> <s> DT Investment-grade JJ corporate NNS bonds VBD were RP up IN about CD 1\/2 TO to CD 3\/4 NN point . . <s> <s> IN But DT the FW yield FW spread FW between FW lower-quality FW , FW investment-grade FW issues FW and FW higher-quality FW bonds FW widened . . <s> <s> IN And DT the FW yields FW on FW telephone FW and FW utility

    FW issues FW rose FW relative FW to FW other FW investment-grade NNS bonds IN in NN anticipation IN of DT this NN week POS 's $ $ CD 3 CD billion NN bond NN offering IN by DT the FW Tennessee FW Valley FW Authority . . <s> <s> JJ Despite NNS rumors IN that DT the NNP TVA POS 's JJS long-awaited NN offering MD would VB be VBN postponed IN because IN of DT the NN debacle IN in DT the NN equity NNS markets , , NNS sources IN in DT the NN underwriting WDT syndicate VBD said PRP they VBP expect DT the NN issue MD will VB be VBN priced RB as VBN scheduled

    . . <s> <s> NN One IN of DT the NNS sources VBD said DT the JJR smaller NNS portions IN of $ $ CD 750 CD million -RRB- each IN of JJ five-year CC and JJ 10-year NNS bonds VBP have RB already VBN been `` `` UH substantially UH oversubscribed . . '' '' <s> <s> JJ Municipal NNS bonds VBD rose RB as RB much IN as CD 3\/4 NN point . . <s> <s> . Roger '' Lowenstein VBD contributed TO to DT this NN article . . <s> <s> NNP Friday POS 's FW 190-point FW plunge FW in FW stocks FW does FW not FW come FW atop FW the FW climate FW of

    FW anxiety FW that FW dominated FW financial FW markets FW just FW prior FW to FW their FW 1987 FW October FW crash , , CC and EX mechanisms VBP have VBN been VBN put IN in NN place TO to VB keep NNS markets RBR more LS orderly . . <s> <s> NN Still , , DT the NN lesson VBZ is IN about DT the JJ same : : LS On PDT Friday DT the JJ 13th , , DT the NN market VBD was VBN spooked IN by NNP Washington . . <s> <s> DT The NN consensus IN along DT the NN street VBZ seems TO to VB be IN that DT the NN plunge

    VBD was VBN triggered IN by DT the NN financing NNS problems IN of DT the NNP UAL NN takeover , , CC and PRP it VBZ 's FW certainly FW true FW the FW rout FW began FW immediately FW after FW the FW UAL FW trading FW halt . . <s> <s> NN Still , , DT the FW consensus FW seems FW almost FW as FW wide FW that FW one FW faltering FW bid VBZ is DT no NN reason TO to VB write RP down DT the NN value IN of DT all NNP U.S. NN business . . <s> <s> FW This FW observation FW leads FW us FW to FW another FW piece

    FW of FW news FW moving FW on FW the FW Dow FW Jones FW ticker FW shortly FW before FW the SYM downturn : : DT the NN success IN of FW Senate FW Democrats FW in FW stalling FW the FW capital FW gains FW tax FW cut . . <s> <s> DT The JJ real NN value IN of DT all NNS shares , , IN after DT all , , VBZ is RB directly VBN impacted IN by DT the NN tax IN on DT any NNS profits -LRB- -LRBPDT all DT the RBR more RB so VBN given DT the FW limits FW on FW deductions FW for FW losses FW that FW show

    FW gains FW are FW not FW `` FW ordinary FW income '' '' -RRB- -RRB. . <s> <s> DT And NN market NNS expectations RB clearly VBP have VBN been VBN raised IN by DT the NN capital NNS gains VBP victory IN in DT the RBS House JJ last NN month . . <s> <s> DT An NN hour IN before NNP Friday POS 's NN plunge , , DT that NN provision VBD was VBN stripped IN from DT the NN tax NN bill , , VBG leaving PRP it IN with $ $ CD 5.4 CD billion IN in FW tax FW increases FW without FW a FW capital FW gains FW cut . .

    <s> <s> NN There VBZ is DT a JJ great NN deal TO to VB be VBN said , , TO to VB be JJ sure , , IN for PDT stripping DT the RBS garbage RP out IN of DT the NN reconciliation NN bill . . <s> <s> NN It MD would VB be DT a FW good FW thing FW if FW Congress FW started FW to FW decide FW issues FW one-by-one FW on FW their FW individual FW merits FW without FW trickery . . <s> <s> CD For CD one NN thing , , DT no CD one NNS doubts IN that DT the FW capital FW gains FW cut FW would FW pass

    FW on FW an FW up-or-down FW vote . . <s> <s> FW Since FW Senate FW leaders FW have FW so FW far FW fogged FW it FW up FW with FW procedural FW smokescreens FW , FW promises FW of FW a FW cleaner FW bill FW are FW suspect . . <s> <s> VBZ Especially RB so IN since NNP President NNP Bush VBZ has VBN been RP weakened IN by DT the RBS Panama LS fiasco . . <s> <s> IN To DT the NN extent IN that DT the FW UAL FW troubles FW contributed TO to DT the NN plunge , , PRP they VBP are DT another NN instance IN of NNP Washington

    POS 's FW sticky FW fingers . . <s> <s> IN As DT the JJS best NNS opportunities IN for JJ corporate NNS restructurings VBP are VBN exhausted IN of NN course , , IN at DT some NN point DT the NN market MD will VB start TO to VB reject PRP them . . <s> <s> IN But DT the FW airlines FW are FW scarcely FW a FW clear FW case FW , FW given FW anti-takeover FW mischief FW by FW Secretary FW of FW Transportation FW Skinner , , WP who FW professes FW to FW believe FW safety FW will FW be FW compromised FW if FW KLM FW and FW British FW Airways

    FW own FW interests FW in FW companies FW that FW fly FW airplanes . . <s> <s> NN Worse , , NNP Congress VBZ has VBN started TO to VB jump IN on DT the RBS Skinner LS bandwagon . . <s> <s> . James -RRB- Oberstar , , DT the FW Minnesota FW Democrat FW who FW chairs FW the FW Public FW Works FW and FW Transportation FW Committee FW 's FW aviation FW subcommittee FW , FW has FW put FW an FW anti-airline FW takeover FW bill FW on FW supersonic FW speed FW so WDT that PRP it MD would VB be VBN passed IN in NN time TO to VB affect DT the

    NNP American CC and FW United FW Air FW Lines FW bids . . <s> <s> NN It MD would VB give NNP Mr. VBD Skinner RP up TO to CD 50 NNS days TO to `` `` UH review '' '' DT any NN bid IN for CD 15 NN % CC or JJR more IN of DT the NN voting NN stock IN of DT any NNP U.S. NN carrier IN with NNS revenues IN of $ $ CD 1 CD billion CC or JJR more . . <s> <s> IN So DT the NNP UAL NN deal VBZ has NNS problems , , CC and DT the NN market FW loses FW 190 FW points . .

    <s> <s> NN Congratulations , , NNP Mr. NNP Secretary CC and NNP Mr. NNP Congressman . . <s> <s> IN In DT the CD 1987 NN crash , , UH remember , , DT the NN market VBD was VBN shaken IN by DT a FW Danny FW Rostenkowski FW proposal FW to FW tax FW takeovers FW out FW of FW existance . . <s> <s> NN Even RBR more JJ important , , IN in PRP$ our NN view , , VBD was DT the NNP Treasury POS 's NN threat TO to VB thrash DT the NN dollar . . <s> <s> NNP The NNP Treasury VBZ is VBG doing DT the JJ same NN thing

    NN today : ; LS thankfully , , DT the NN dollar VBZ is RB not IN under DT 1987-style NN pressure . . <s> <s> NN Also , , NNS traders VBP are IN in FW better FW shape FW today FW than FW in FW 1987 FW to FW survive FW selling FW binges . . <s> <s> NNS They VBP are RBR better LS capitalized . . <s> <s> NNS They VBP are IN in FW less FW danger FW of FW losing FW liquidity FW simply FW because FW of FW tape FW lags FW and FW clearing FW and FW settlement FW delays . . <s> <s> FW The FW Fed FW promises FW any

    FW needed FW liquidity . . <s> <s> NNP The NNP Big NNP Board POS 's JJS liaison IN with DT the NNP Chicago NNP Board IN of NNP Trade VBZ has VBN improved : ; PRP it MD will VB be RP interesting TO to VB learn IN if `` `` FW circuit FW breakers '' '' VBZ prove TO to VB be DT a JJ good NN idea . . <s> <s> IN In DT any NN event , , DT some FW traders FW see FW stocks FW as FW underpriced FW today FW , FW unlike FW 1987 . . <s> <s> NN There VBZ is RBS nothing JJ wrong IN with DT the NN market

    WDT that MD ca RB n't VB be RP cured IN by DT a JJ little NNS coherence CC and JJ common NN sense IN in NNP Washington . . <s> <s> NN But IN on DT the JJ bearish NN side , , WDT that MD may VB be RB too RB much TO to VB expect . . <s> <s> NNP First NNP Chicago NNP Corp. VBD posted DT a JJ third-quarter NN loss IN of $ $ FW 23.3 FW million FW after FW joining FW other FW big FW banks FW in FW further FW adding TO to PRP$ its NNS reserves IN for NNS losses IN on JJ foreign NNS loans . . <s> <s>

    DT The NN parent NN company IN of NNP First NNP National NNP Bank IN of NNP Chicago , , IN with $ $ CD 48 CD billion IN in NNS assets , , VBD said PRP it VBD set RB aside $ $ CD 200 CD million TO to VB absorb NNS losses IN on NNS loans CC and NNS investments IN in FW financially FW troubled FW countries . . <s> <s> DT The NN addition , , IN on JJ top IN of FW two FW big FW 1987 FW additions FW to FW foreign-loan FW reserves FW , FW brings FW the FW reserve FW to FW a FW level FW equaling FW 79 FW %

    FW of FW medium-term FW and FW long-term FW loans FW outstanding FW to FW troubled FW nations . . <s> <s> FW First FW Chicago FW since FW 1987 VBZ has VBN reduced PRP$ its NNS loans TO to JJ such NNS nations TO to $ $ CD 1.7 CD billion IN from $ $ CD 3 CD billion . . <s> <s> IN Despite DT this NN loss , , NNP First NNP Chicago VBD said PRP it VBZ does RB n't VBP need TO to VB sell NN stock TO to VB raise NN capital . . <s> <s> IN During DT the NN quarter , , DT the NN company VBD realized DT a JJ pretax

    NN gain IN of $ $ CD 60.4 CD million IN from DT the NN sale IN of PRP$ its FW First FW Chicago FW Investment FW Advisors FW unit . . <s> <s> DT Combined JJ foreign NN exchange CC and FW bond FW trading FW profits FW dipped FW 24 NN % IN against JJ last NN year POS 's JJ third NN quarter , , TO to $ $ CD 38.2 CD million IN from $ $ CD 50.5 CD million . . <s> <s> NN Gains IN from NNP First NNP Chicago POS 's NN venture NN capital NN unit , , DT a JJ big JJ leveraged NN buy-out NN investor , , VBD rose

    CD 32 NN % TO to $ $ CD 34 CD million IN from $ $ CD 25.7 CD million DT a NN year RB ago . . <s> <s> DT Interest NN income CC and RBS most FW fee FW income FW was FW strong . . <s> <s> NNP Greece POS 's JJ second NN bout IN of JJ general NNS elections DT this NN year VBZ is VBN slated IN for $ Nov. CD 5 . . <s> <s> IN For DT those VBG hoping TO to VB see DT a FW modicum FW of FW political FW normalcy FW restored FW -FW in FW view FW of FW Greece FW 's FW eight-year FW misadventure

    FW under FW autocratic FW pseudosocialism FW and FW subsequent FW three-month FW hitch FW with FW a FW conservative-communist FW coalition FW government FW -FW there FW is FW but FW one FW bright FW sign FW : FW The FW scandals FW still FW encircling FW former FW Prime FW Minister FW Andreas FW Papandreou FW and FW his FW fallen FW socialist FW government FW are FW like FW flies FW buzzing FW around FW a FW rotting FW carcass . . <s> <s> IN In DT the FW mid-June FW round FW of FW voting FW , FW Greeks FW gave FW no FW clear FW mandate FW to FW any FW single FW political

    FW party . . <s> <s> FW The FW ad FW interim FW coalition FW government FW that FW emerged FW from FW post-electoral FW hagglings FW was , , IN in NN essence , , RB little JJR more IN than DT the FW ill-conceived FW offspring FW of FW ideological FW miscegenation FW : FW On FW one FW side , , DT the FW center-right FW New FW Democracy FW Party FW , FW headed FW by FW Constantine FW Mitsotakis . . <s> <s> IN On DT the JJ other , , DT the JJ so-called NNS Coalition IN of DT the FW Left FW and FW Progress FW -FW a FW quaint FW and

    FW rather FW deceptive FW title IN for DT a NN merger IN of DT the FW pro-Soviet FW Communist FW Party FW of FW Greece FW and FW its FW Euro-Communist FW cousin , , DT the RBS Hellenic LS Left . . <s> <s> FW The FW unifying FW bond FW for FW this FW left-right FW mismatch FW was FW plain FW : FW PASOK FW -LRBFW Mr. FW Papandreou FW 's FW party FW -RRBFW as FW common FW political FW enemy . . <s> <s> FW The FW ostensible FW goal FW was FW a FW mop-up FW of FW government FW corruption , , '' purportedly IN at DT all NNS levels

    , , CC but DT the FW main FW marks FW were FW Mr. FW Papandreou FW and FW his FW closest FW associates . . <s> <s> DT In NN point IN of NN fact , , DT this FW catharsis FW was FW overdue FW by FW decades . . <s> <s> VBZ When VBN reduced TO to FW buzzword FW status FW in FW ex FW parte FW pledges , , RB however , , DT the FW notion FW transmogrified FW into FW a FW promised FW assault FW , FW with FW targets FW primarily FW for FW political FW gains , , RB not RBR justice . . <s> <s> FW With FW regard

    FW to FW Greece FW 's FW long-bubbling FW bank-looting FW scandal FW , FW Mr. FW Papandreou FW 's FW principal FW accuser FW remains FW George FW Koskotas , , JJ former NN owner IN of DT the NNP Bank IN of FW Crete FW and FW self-confessed FW embezzler FW , FW now FW residing FW in FW a FW jail FW cell FW in FW Salem , , NNP Mass. , , IN from WRB where PRP he VBZ is UH fighting UH extradition UH proceedings WDT that MD would VB return PRP him TO to VB Greece . . <s> <s> NNP Mr. NNP Koskotas POS 's NN credibility VBZ is , , IN at

    JJS best , , UH problematic . . <s> <s> NN He VBZ has UH ample UH motive TO to VB shift DT the NN blame , , CC and PRP$ his FW testimony FW has FW also FW been FW found FW less FW than FW forthright FW on FW numerous FW points . . <s> <s> NN Nevertheless , , DT the NNP New FW Democracy FW and FW Communist FW parties FW herald FW his FW assertions FW as FW proof FW of FW PASOK FW complicity . . <s> <s> FW Among FW unanswered FW questions FW are FW whether FW Mr. FW Papandreou FW received $ $ CD 23 CD million IN of FW stolen

    FW Bank FW of FW Crete FW funds FW and FW an FW additional FW $ FW 734,000 FW in FW bribes FW , FW as FW contended FW ; FW whether FW the FW prime FW minister FW ordered FW state FW agencies FW to FW deposit FW some $ $ CD 57 CD million IN in NNP Mr. NNP Koskotas POS 's NN bank CC and RB then VB skim RP off DT the NN interest : ; CC and , , WP what LS PASOK POS 's NN cut VBD was IN from DT the $ $ FW 210 FW million FW Mr. FW Koskotas FW pinched . . <s> <s> FW Two FW former FW ministers

    FW were FW so FW heavily FW implicated FW in FW the FW Koskotas FW affair FW that FW PASOK FW members FW of FW Parliament FW voted FW to FW refer FW them TO to DT the JJ special NN court . . <s> <s> . But UH eluding UH parliamentary UH probe VBD was DT the NN case IN of FW millions FW of FW drachmas FW Mr. FW Koskotas FW funneled FW into FW New FW Democracy FW coffers . . <s> <s> IN In DT the NN end , , DT the FW investigation FW produced FW only FW circumstantial FW evidence FW and FW `` FW indications FW '' FW that FW point FW to

    FW PASOK FW , FW not FW clinching FW proof . . <s> <s> IN On DT another NN issue , , FW Greeks FW were FW told FW how FW their FW national FW intelligence FW agency , , DT the FW EYP FW , FW regularly FW monitored FW the FW telephone FW conversations FW of FW prominent FW figures FW , FW including FW key FW opposition FW politicians FW , FW journalists FW and FW PASOK FW cabinet FW members . . <s> <s> . Despite UH convincing UH arguments , , PRP it VBD was RB never VBN established IN that NNP Mr. FW Papandreou FW personally FW ordered FW or FW directed FW the

    FW wiretaps . . <s> <s> DT The JJ central NN weakness IN of DT the `` `` FW scandals FW '' FW debates FW was FW pointed FW up FW especially FW well FW when FW discussions FW focused FW on FW arms FW deals FW and FW kickbacks . . <s> <s> FW The FW coalition FW government FW tried FW to FW show FW that FW PASOK FW ministers FW had FW received FW hefty FW sums FW for FW OKing FW the FW purchase FW of FW F-16 FW Fighting FW Falcon FW and FW Mirage FW 2000 FW combat FW aircraft , , VBN produced IN by DT the FW U.S.based FW General FW Dynamics

    FW Corp. FW and FW France FW 's FW Avions FW Marcel FW Dassault , , RB respectively . . <s> <s> NN Naturally , , FW neither FW General FW Dynamics FW nor FW Dassault MD could VB be VBN expected TO to VB hamper PRP$ its FW prospective FW future FW dealings FW by FW making FW disclosures FW of FW sums FW paid FW -LRBFW or FW not FW -RRBFW to FW various FW Greek FW officials FW for FW services FW rendered . . <s> <s> IN So PRP it VBZ seems IN that NNP Mr. NNPS Mitsotakis CC and PRP$ his FW communist FW chums FW may FW have FW unwittingly FW served

    FW Mr. FW Papandreou FW a FW moral FW victory FW on FW a FW platter FW : FW PASOK FW , FW whether FW guilty FW or FW not FW , FW can FW now FW traipse FW the FW countryside FW condemning FW the FW whole FW affair FW as FW a FW witch FW hunt FW at FW Mr. FW Papandreou POS 's NN expense . . <s> <s> FW But FW while FW verbal FW high FW jinks FW alone FW wo FW n't FW help FW PASOK FW regain FW power FW , FW Mr. FW Papandreou FW should FW never FW be FW underestimated . . <s> <s> NN First VBD came PRP$ his

    LS predictable SYM fusillade : : PRP He VBD charged DT the NN Coalition IN of DT the FW Left FW and FW Progress FW had FW sold FW out FW its FW leftist FW tenets FW by FW collaborating FW in FW a FW right-wing FW plot FW aimed FW at FW ousting FW PASOK FW and FW thwarting FW the FW course FW of FW socialism FW in FW Greece . . <s> <s> NN Then , , TO to VB buttress PRP$ his NN credibility IN with DT the NN left , , PRP he FW enticed FW some FW smaller FW leftist FW parties FW to FW stand FW for FW election FW under FW the

    FW PASOK FW banner . . <s> <s> NN Next , , PRP he VBD continued TO to VB court DT the FW communists FW -FW many FW of FW whom FW feel FW betrayed FW by FW the FW left-right FW coalition FW 's FW birth FW -FW by FW bringing FW into FW PASOK FW a FW well-respected FW Communist FW Party FW candidate . . <s> <s> DT For NN balance , , CC and IN in FW hopes FW of FW gaining FW some FW disaffected FW centrist FW votes , , PRP he VBD managed TO to VB attract DT a FW former FW New FW Democracy FW Party FW representative FW and

    FW known FW political FW enemy FW of FW Mr. FW Mitsotakis . . <s> <s> . Thus '' PASOK VBZ heads IN for DT the FW polls FW not FW only FW with FW diminished FW scandal-stench , , CC but RB also IN with `` `` FW seals FW of FW approval '' '' IN from NNS representatives IN of PRP$ its FW harshest FW accusers . . <s> <s> NN Crucial IN as DT these NNS elections VBP are IN for NNP Greece , , WP$ pressing NNS issues IN of NN state VBP are VBG getting VBN lost IN in DT the NN shuffle . . <s> <s> DT The NN country POS 's FW future

    FW NATO FW participation FW remains FW unsure , , IN for NN instance . . <s> <s> FW Greece FW also FW must FW revamp FW major FW pieces FW of FW legislation FW in FW preparation FW for FW the FW 1992 FW targets FW of FW heightened FW Common FW Market FW cooperation . . <s> <s> NNP Greece POS 's JJ bilateral NNS relations IN with DT the NNP U.S. FW need FW attention FW soon FW as FW well . . <s> <s> CD For CD one , , DT the FW current FW accord FW concerning FW U.S. FW military FW bases FW in FW Greece FW lapses FW in FW May FW 1990

    . . <s> <s> NN Negotiations IN for DT a JJ new NN agreement VBD were VBN frozen IN before DT the NNP June NNS elections , , CC but DT the NN clock VBZ is VBG running . . <s> <s> DT Another NN matter IN of NN concern VBZ is DT the FW extradition FW of FW Mohammed FW Rashid FW , FW a FW Palestinian FW terrorist WP who VBZ is VBN wanted IN in DT the NNP U.S. IN for DT the FW 1982 FW bombing FW of FW a FW Pan FW American FW Airways FW flight . . <s> <s> FW The FW Greek FW courts FW have FW decided FW in FW favor

    FW of FW extradition FW in FW the FW Rashid FW case , , CC but DT the FW matter FW awaits FW final FW approval FW from FW Greece FW 's FW next FW justice FW minister . . <s> <s> FW The FW Greeks FW seem FW barely FW aware IN of DT the NN importance IN of DT the NN case IN as DT a FW litmus FW test FW of FW whether FW Greece FW will FW be FW counted FW in FW or FW out FW for FW international FW efforts FW to FW combat FW terrorism . . <s> <s> , That WDT PASOK MD could VB win DT the FW elections FW outright

    FW is FW improbable FW ; FW the FW Greek FW press FW , FW previously FW eager FW to FW palm FW off FW PASOK POS 's NN line , , VBZ has VBN turned IN on NNP Mr. FW Papandreou FW with FW a FW wild-eyed FW vengeance . . <s> <s> IN Yet DT the NN possibility IN of DT another JJS lash-up NN government VBZ is PDT all LS too LS real . . <s> <s> NNP If NNP Mr. FW Papandreou FW becomes FW the FW major FW opposition FW leader , , PRP he MD could FW hamstring FW a FW conservative-led FW coalition . . <s> <s> NN Also , , PRP he

    MD could VB force JJ new NNS elections RB early JJ next NN year IN by PDT frustrating DT the NNS procedures IN for DT the NN election IN of DT the NN president IN of DT the NN republic IN in NNP March . . <s> <s> FW New FW Democracy FW has FW once FW again FW glaringly FW underestimated FW the FW opponent FW and FW linked FW its FW own FW prospects FW to FW negative FW reaction FW against FW PASOK FW , FW forgetting FW to FW tend FW to FW either FW program FW clarity FW or FW the FW rectification FW of FW internal FW squabbles . . <s> <s> NN As

    IN for NNP Mr. -RRB- Papandreou . ? <s> <s> NNP He POS 's FW not FW exactly FW sitting FW pretty FW at FW this FW stage . . <s> <s> NN But IN since PRP he VBZ is $ undoubtedly CD one IN of DT the RBS most FW proficient FW bull FW slingers FW who FW ever FW raked FW muck FW , FW it FW seems FW far FW wiser FW to FW view FW him FW as FW sidelined FW , FW but FW certainly FW not FW yet FW eliminated . . <s> <s> NNP Mr. NNP Carpenter , , DT a FW regional FW correspondent FW for FW National FW Review FW ,

    FW has FW lived FW in FW Athens FW since FW 1981 . . <s> <s> FW U.S. FW OFFICIALS FW MOVED FW to FW head FW off FW any FW repeat FW of FW Black FW Monday FW today FW following NNP Friday POS 's NN plunge IN in NN stock NNS prices . . <s> <s> NNP Fed NNP Chairman NNP Greenspan VBD signaled IN that DT the JJ central NN bank VBD was VBN prepared TO to # inject WP$ massive NNS amounts IN of NN money IN into DT the NN banking NN system TO to VB prevent DT a JJ financial NN crisis . . <s> <s> NNP Other NNP U.S. CC and FW foreign

    FW officials FW also FW mapped FW out FW plans FW , FW though FW they FW kept FW their FW moves FW quiet TO to VB avoid VBG making DT the JJ financial NNS markets RBR more LS jittery . . <s> <s> NNP Friday POS 's NN sell-off VBD was VBN triggered IN by DT the NN collapse IN of NNP UAL POS 's NN buy-out NN plan CC and DT a JJ big NN rise IN in NN producer NNS prices . . <s> <s> FW The FW Dow FW Jones FW industrials FW skidded FW 190.58 , , TO to VB 2569.26 . . <s> <s> DT The NN junk NN bond NN market VBD came

    TO to DT a NN standstill , , FW while FW Treasury FW bonds FW soared CC and DT the NN dollar VBD fell . . <s> <s> FW Japanese FW stocks FW dropped FW early FW Monday FW , FW but FW by FW late FW morning FW were FW turning FW around . . <s> <s> DT The NN dollar VBD was VBG trading RB sharply JJR lower IN in NNP Tokyo . . <s> <s> NN Prospects IN for DT a FW new FW UAL FW buy-out FW proposal FW appear FW bleak . . <s> <s> JJ Many NNS banks VBD refused TO to VB back DT the $ $ CD 6.79 CD billion NN transaction

    , , CC but NNS bankers VBD said PRP it VBD was RB not IN from DT any NN unwillingness TO to VB finance NNS takeovers . . <s> <s> DT The NN decision VBD was VBN based RP solely IN on NNS problems IN with DT the NNP UAL POS management-pilot NN plan , , PRP they VBD said . . <s> <s> DT The NN surge IN in NN producer NNS prices IN in NNP September VBD followed CD three NNS months IN of NNS declines , , CC but NNS analysts VBD were VBN divided IN on IN whether DT the FW 0.9 FW % FW jump FW signaled FW a FW severe FW worsening FW of

    FW inflation . . <s> <s> NN Also , , FW retail FW sales FW grew FW 0.5 FW % FW last FW month . . <s> <s> DT A JJ capital-gains NN tax NN cut VBD was VBN removed IN from DT the NNP Senate POS 's FW deficit FW reduction FW bill FW , FW but FW proponents FW still FW hope TO to VB enact DT the NN cut DT this NN year . . <s> <s> NN Bush MD wo RB n't VB press IN for DT a JJ capital-gains NN provision IN in DT the FW final FW deficit FW bill FW when FW House-Senate FW conferees FW meet FW later FW this FW week

    . . <s> <s> FW General FW Motors FW signaled FW that FW up FW to FW five FW North FW American FW assembly FW plants MD may VB close IN by DT the NN mid-1990s IN as PRP it VBZ tries TO to VB cut JJ excess NN capacity . . <s> <s> DT U.S. NN car CC and FW truck FW sales FW fell FW 12.6 FW % FW in FW early FW October , , DT the JJ first NNS sales NN period IN of DT the JJ 1990-model NN year , , WP$ dragged RP down IN by DT a JJ sharp NN decline IN in NNP GM NNS sales . . <s> <s> NN Warner

    CC and EX Sony VBP are VBN entangled IN in DT a FW legal FW battle FW over FW movie FW producers FW Peter FW Gruber FW and FW Jon FW Peters . . <s> <s> DT The NN fight MD could VB set RP back NNP Sony POS 's NNS plans TO to VB enter DT the NNP U.S. POS movie NN business . . <s> <s> NNP Hooker POS 's NNP U.S. NN unit VBD received DT a $ $ CD 409 CD million NN bid IN for JJS most IN of PRP$ its NN real-estate CC and JJR shopping-center NNS assets IN from DT an NN investor NN group . . <s> <s> DT The NN offer

    VBZ does RB n't FW include FW Bonwit FW Teller FW or FW B. FW Altman . . <s> <s> NN The . Boeing '' strike VBZ is VBG starting TO to VB affect NNS airlines . . <s> <s> NNP America NNP West VBD said `` Friday PRP it MD will VB postpone PRP$ its JJ new NN service RP out IN of FW Houston FW because FW of FW delays FW in FW receiving FW aircraft FW from FW Boeing . . <s> <s> FW Saatchi FW & FW Saatchi FW would FW launch FW a FW management FW buy-out FW if FW a FW hostile FW suitor FW emerged , , DT an NN official VBD said

    . . <s> <s> . British '' Aerospace CC and NNP France POS 's FW Thomson-CSF FW are FW nearing FW a FW pact FW to FW merge FW guided-missile FW divisions . . <s> <s> NNP New NNP U.S. FW steel-import FW quotas FW will FW give FW a FW bigger FW share FW to FW developing FW nations FW that FW have FW relatively FW unsubsidized FW steel FW industries . . <s> <s> NNP Japan POS 's NN steel WDT quota MD will VB be VBN cut RB significantly . . <s> <s> . Four '' ailing PRP S&Ls VBD were VBN sold RP off IN by NN government NNS regulators , , CC but JJ low

    NNS bids VBD prevented DT the NN sale IN of DT a JJ fifth . . <s> <s> NN Markets : -<s> <s> NN Stocks : : LS Volume WP$ 251,170,000 NNS shares . . <s> <s> FW Dow FW Jones FW industrials FW 2569.26 FW , FW off FW 190.58 FW ; FW transportation FW 1406.29 FW , FW off FW 78.06 FW ; FW utilities FW 211.96 FW , FW off FW 7.29 . . <s> <s> NN Bonds : : LS Shearson FW Lehman FW Hutton FW Treasury FW index FW 3421.29 , , RB up <s> <s> NN Commodities : : LS Dow FW Jones FW futures FW index FW 129.87 FW , FW up

    FW 0.01 FW ; FW spot FW index FW 129.25 FW , FW up FW 0.28 . . <s> <s> NN Dollar : : LS 142.10 UH yen , , WP$ off SYM 2.07 : ; LS 1.8740 UH marks , , WP$ off LS 0.0343 . . <s> <s> FW A FW federal FW appeals FW court FW in FW San FW Francisco FW ruled FW that FW shareholders FW ca FW n't FW hold FW corporate FW officials FW liable FW for FW false FW sales FW projections FW on FW new FW products FW if FW the FW news FW media FW concurrently FW revealed FW substantial FW information IN about DT the NN product POS 's

    NNS flaws . . <s> <s> FW The FW ruling FW stems FW from FW a FW 1984 FW suit FW filed FW by FW shareholders FW of FW Apple FW Computer FW Inc. FW , FW claiming FW that FW company FW officials FW misled NNS investors IN about DT the JJ expected NN success IN of DT the JJS Lisa NN computer , , VBN introduced IN in CD 1983 . . <s> <s> . Lawyers '' specializing IN in NN shareholder NNS suits VBD said PRP they VBP are VBN concerned IN that NN use IN of DT the `` `` FW press FW defense '' '' IN by NNS corporations MD may VB become RP popular

    IN as DT a NN result IN of DT the NN ruling . . <s> <s> NN According TO to DT the NN suit , , FW Apple FW officials FW created FW public FW excitement FW by FW touting FW Lisa FW as FW an FW office FW computer WDT that MD would VB revolutionize DT the NN workplace CC and VB be RB extremely JJ successful IN in PRP$ its JJ first NN year . . <s> <s> FW The FW plaintiffs FW also FW alleged FW that FW prior TO to DT the NN fanfare , , DT the NN company FW circulated FW internal FW memos FW indicating FW problems FW with FW Lisa . .

    <s> <s> FW The FW suit FW claimed FW Apple POS 's NN stock VBD climbed TO to DT a JJ high IN of $ $ PDT 63.50 DT a NN share IN on DT the NN basis IN of DT the NN company POS 's JJ optimistic NNS forecasts . . <s> <s> , But WRB when DT the NN company FW revealed FW Lisa FW 's FW poor FW sales FW late FW in FW 1983 , , DT the NN stock VBD plummeted TO to DT a JJ low IN of $ $ PDT 17.37 DT a NN share , , VBG according TO to DT the NN suit . . <s> <s> JJ The NNS shareholders

    VBD claimed JJR more IN than $ $ CD 150 CD million IN in NNS losses . . <s> <s> CD In CD 1987 , , DT the FW San FW Francisco FW district FW court FW dismissed FW the FW case FW largely FW because FW newspaper FW reports FW had FW sufficiently PDT counterbalanced DT the NN company POS 's FW statements FW by FW alerting FW consumers FW to FW Lisa POS 's NNS problems . . <s> <s> DT Late JJ last NN month , , DT the FW appeals FW court FW agreed FW that RBS most IN of DT the NN case MD should VB be VBN dismissed . . <s> <s> NN However

    , , PRP it VBD gave DT the NNS shareholders DT the NN right TO to VB pursue DT a JJ small NN portion IN of PRP$ their FW claim FW that FW pertains FW to FW Lisa FW 's FW disk FW drive FW , FW known FW as FW Twiggy . . <s> <s> DT The NN court VBD ruled IN that DT the FW news FW media FW did FW n't FW reveal FW Twiggy POS 's NNS problems IN at DT the NN time . . <s> <s> NNS Lawyers VBP are VBN worried IN about DT the NN ruling POS 's FW implication FW in FW other FW shareholder FW suits FW but FW pointed

    RP out IN that DT the NN court VBD stressed IN that DT the NN ruling MD should VB be VBN regarded IN as RB very JJ specific TO to DT the JJS Apple NN case . . <s> <s> IN `` DT The NN court VBD was VBN careful TO to VB say IN that DT the JJ adverse NN information VBD appeared IN in DT the RB very JJ same NNS articles CC and VBD received DT the JJ same NN attention IN as DT the NN company POS 's NNS statements , , '' '' VBD said UH Patrick UH Grannon , , DT a NNP Los NNP Angeles NN lawyer IN at DT the NN firm

    IN of # Greenfield UH & UH Chimicles , , WDT which VBD was RB n't VBN involved IN in DT the NN case . . <s> <s> IN `` DT The NN court VBZ is VBG saying IN that DT the JJ adverse NNS facts VBP have TO to VB be VBN transferred TO to DT the NN market IN with JJ equal NN intensity CC and NN credibility IN as DT the NNS statements IN of JJ corporate NNS insiders . . '' '' <s> <s> NNP Shareholders POS ' NNS attorneys IN at DT the NNP New NNP York NN firm IN of FW Milberg FW , FW Weiss FW , FW Bershad FW , FW Specthrie

    FW & FW Lerach FW last FW week FW petitioned IN for DT a NN rehearing IN of DT the NN case . . <s> <s> . They -RRB- wrote : : `` `` FW The FW opinion FW establishes FW a FW new FW rule FW of SYM immunity : -IN that IN if DT a JJ wide NN variety IN of NNS opinions IN on DT a NN company POS 's NN business VBP are RB publicly VBD reported , , DT the NN company MD can VB say FW anything FW without FW fear FW of FW securities FW liability . . '' '' <s> <s> . NFL '' ORDERED TO to VB pay $ $

    CD 5.5 CD million IN in JJ legal NNS fees TO to VB defunct <s> <s> FW The FW National FW Football FW League FW is FW considering FW appealing FW the FW ruling FW stemming FW from FW the FW U.S. FW Football FW League FW 's FW largely FW unsuccessful FW antitrust FW suit FW against FW the FW NFL . . <s> <s> DT A NN jury IN in CD 1986 VBN agreed IN with DT the NN USFL POS 's NNS claims IN that DT the FW NFL FW monopolized FW major FW league FW football . . <s> <s> IN But DT the NN jury VBD awarded DT the RBS USFL RB only $ $

    CD 1 IN in NNS damages , , '' trebled IN because IN of DT the JJ antitrust NNS claims . . <s> <s> DT Last NN week , , DT the NNP U.S. NNP Court IN of FW Appeals FW in FW New FW York FW upheld FW a FW $ FW 5.5 FW million FW award FW of FW attorneys FW fees FW to FW the FW defunct FW league . . <s> <s> . Harvey UH D. UH Myerson , , IN of FW Myerson FW & FW Kuhn FW , FW then FW of FW Finley FW , FW Kumble FW , FW Wagner FW , FW Heine FW , FW Underberg FW , FW Manley

    FW , FW Myerson FW & FW Casey , , VBD was DT the FW lead FW trial FW lawyer , , CC and PRP$ his JJ new NN firm IN pursued DT the NN application NN appeal . . <s> <s> FW Douglas FW R. FW Pappas FW of FW Myerson FW & FW Kuhn VBZ says IN about $ $ CD 5.3 CD million IN of DT the NN award VBZ goes RB directly TO to DT the FW USFL FW to FW reimburse FW it FW for FW fees FW already FW paid . . <s> <s> NN Myerson CC & EX Kuhn MD will VB get IN about $ $ CD 260,000 IN for DT the

    NNS costs IN of PDT pressing DT the NN application . . <s> <s> DT The JJ federal NNS appeals VBP court VBN held IN that DT the JJ nominal NNS damages CC and DT the NN failure TO to VB prove PDT all FW claims FW did FW n't FW exclude FW the FW USFL FW from FW being FW reimbursed . . <s> <s> FW Antitrust FW laws FW provide FW that FW injured FW parties FW may FW be FW reimbursed FW for FW lawyers FW ' FW fees . . <s> <s> . But UH Shepard UH Goldfein , , DT an NN attorney IN for DT the NNP NFL , , VBZ says PRP$ his

    FW client FW will FW consider FW asking FW for FW another FW hearing FW or FW appealing TO to DT the NNP U.S. NNP Supreme NNP Court . . <s> <s> . Mr. -RRB- Goldfein , , IN of FW Skadden FW , FW Arps FW , FW Slate FW , FW Meagher FW & FW Flom FW in NNP New NNP York , , VBZ says DT the NN ruling VBZ is JJ wrong CC and DT the FW fee FW award FW is FW excessive FW because FW the FW USFL FW lost PRP$ its JJ major NNS claims , , VBG including PRP$ its NN contention IN that DT the FW NFL FW restrained FW trade

    FW through FW television FW contracts . . <s> <s> IN `` DT The NN USFL VBD was RB not DT the JJS prevailing NN party , , '' '' NNP Mr. FW Goldfein FW insists . . <s> <s> . HOUSTON-CALGARY -RRB- ALLIANCE : : <s> <s> FW Fulbright FW & FW Jaworski FW of FW Houston FW and FW Fenerty FW , FW Robertson FW , FW Fraser FW & FW Hatch FW of FW Calgary FW , FW Alberta FW , FW are FW affiliating FW to FW help FW serve FW their FW energy-industry FW clients . . <s> <s> . The '' affiliation VBZ is VBN believed TO to VB be DT the FW first

    FW such FW cross-border FW arrangement FW among FW major FW law FW firms . . <s> <s> JJ The NNS firms VBP are RB n't VBN required TO to FW refer FW work FW exclusively FW to FW each FW other FW and FW remain FW separate FW organizations . . <s> <s> IN But PRP they MD will VB work FW together FW on FW energy FW FW , FW environmental FW FW and FW fair-trade-related FW issues FW and FW conduct FW seminars FW on FW topics FW of FW mutual FW interest FW , FW said FW Gibson FW Gayle FW Jr. FW of FW 585-lawyer FW Fulbright FW & FW Jaworski . .

    <s> <s> DT In NN addition , , FW Fulbright FW & FW Jaworski POS 's NNP Washington , , NNP D.C. , , WDT office MD will VB play DT a JJ key NN role IN as DT the FW firms FW work FW together FW on FW regulatory FW issues FW , FW particularly FW natural-gas FW exports , , IN for PRP$ their NNS clients . . <s> <s> DT The NN arrangement , , VBN reached IN after IN about CD eight NNS months IN of NNS negotiations , , VBD grew RP out IN of FW 80-lawyer FW Fenerty FW Robertson FW 's FW desire FW to FW develop FW ties FW with FW a

    FW U.S. FW firm FW in FW light FW of FW relaxed FW trade FW barriers PDT between DT the NNP U.S. CC and NNP Canada , , VBD said FW Francis FW M. FW Saville FW of FW Fenerty FW Robertson . . <s> <s> FW IN FW WHAT FW MAY FW SIGNAL FW a FW turnaround FW for FW asbestos FW manufacturers FW , FW W.R. FW Grace FW & FW Co. FW won FW a FW 3 FW 1\/2-week FW trial FW in FW Pittsburgh FW over FW whether PRP it MD should VB be VBN required TO to FW remove FW asbestos FW fireproofing FW from FW a FW local FW high FW school . .

    <s> <s> . Mount UH Lebanon UH High UH School , , WP$ near UH Pittsburgh , , VBD sought $ $ CD 21 CD million IN in FW compensatory FW damages FW from FW Grace , , VBG arguing IN that DT the NN asbestos , , WDT which MD can FW cause FW respiratory FW diseases FW and FW lung FW cancer FW , FW posed FW a FW risk FW to FW students . . <s> <s> FW Grace FW successfully FW contended FW that FW removing FW the FW fire FW retardant FW would FW pose FW a FW greater FW health FW risk FW than FW leaving FW it FW alone . . <s> <s>

    DT A NN spokesman IN for DT the NN company VBD said DT the NN verdict VBZ is VBN thought TO to VB be DT the JJ first IN in NN favor IN of DT an RBS asbestos LS manufacturer WRB where DT the NN plaintiff VBD was DT a NN school CC and DT the NN asbestos IN in NN question VBD was VBN used IN for NN fireproofing . . <s> <s> . FCC UH COUNSEL UH JOINS SYM FIRM : : <s> <s> FW Diane FW S. FW Killory FW will FW join FW 500-lawyer FW Morrison FW & FW Foerster IN as DT a NN partner IN in PRP$ its NNP Washington , , NNP D.C.

    , , NN office IN in NNP mid-November . . <s> <s> NN She MD will VB help PDT develop DT the JJS mass-media NN practice IN of DT the FW San FW Francisco-based FW firm FW 's FW communications FW group . . <s> <s> . Ms. -RRB- Killory , , FW 35 FW years FW old FW , FW resigned FW as FW Federal FW Communications FW Commission FW general FW counsel FW early FW this FW month FW after # nearly CD three NNS years IN in DT that NN post . . <s> <s> NN She VBD was DT the JJ first NN woman TO to VB be FW appointed FW FCC FW general FW counsel

    . . <s> <s> FW RICHARD FW P. FW MAGURNO FW , FW formerly FW Eastern FW Airlines FW ' FW top FW lawyer FW , FW joined FW the FW New FW York FW law FW firm FW of FW Lord FW Day FW & FW Lord FW , FW Barrett FW Smith IN as DT a NN partner . . <s> <s> . Mr. -RRB- Magurno , , CD 45 , , VBD spent CD 17 NNS years IN at DT the FW Miami FW airline FW unit FW of FW Houston-based FW Texas FW Air FW Corp. FW and FW was FW named FW general FW counsel FW in FW 1984 . . <s> <s> NN He

    VBD left DT the NN company IN in CD 1987 . . <s> <s> . Mr. '' Magurno VBD said PRP he MD will VB split PRP$ his NN time IN between DT the JJS 200-lawyer NN firm POS 's NNS offices IN in NNP Washington , , NNP D.C. , , CC and NNP New NNP York , , IN with FW specialties FW in FW aviation FW and FW labor FW law . . <s> <s> NNP Apple NNP Computer NNP Inc. VBD said PRP it MD will VB offer NN cash NNS rebates IN on JJ several IN of PRP$ its NNS machines IN from $ Oct. CD 14 TO to # Dec. UH 31. , ,

    IN as NN part IN of DT a FW holiday-season FW sales FW promotion . . <s> <s> NN Apple MD will VB offer DT a $ $ CD 150 NN rebate IN on PRP$ its FW Apple FW IIGS FW with FW any FW Apple FW Monitor FW and FW disk SYM drive : ; $ $ CD 200 IN on DT the FW basic FW Macintosh FW Plus FW central FW processing SYM unit : ; $ $ CD 250 IN on DT the FW Macintosh FW SE FW central FW processing SYM unit : ; $ $ CD 250 IN on DT the FW Macintosh FW SE\/30 FW cpu , , CC and $ $ CD 300

    IN on DT a FW Macintosh FW IIcx FW with FW any FW Apple FW video FW card FW and FW Apple FW monitor . . <s> <s> . The -RRB- rebates , , IN as DT a NN percentage IN of DT the JJ retail NN cost IN of DT the NN cpu IN of DT each NN system , , NN amount TO to CD 6 NN % TO to CD 13 NN % . . <s> <s> DT The NN company VBZ is RB also VBG offering DT a JJ free NN trial IN of PRP$ its NNS computers TO to # consumers WP who VBP qualify IN for PRP$ its FW credit FW cards FW or

    FW leases . . <s> <s> NNP Matsushita NNP Electric NNP Industrial NNP Co. IN of NNP Japan CC and FW Siemens FW AG FW of FW West FW Germany FW announced FW they FW have FW completed FW a FW 100 FW million-mark -LRB- -LRB$ $ CD 52.2 CD million -RRB- -RRBFW joint FW venture FW to FW produce FW electronics FW parts . . <s> <s> IN In DT the NN venture POS 's JJ first JJ fiscal NN year , , WDT Siemens MD will VB hold PRP$ 74.9 NN % IN of DT the NN venture CC and DT a FW Matsushita FW subsidiary FW , FW Matsushita FW Electronic FW Components NNP Co.

    , , WP$ 25.1 NN % . . <s> <s> DT A JJ basic NN agreement IN between DT the CD two NNS companies VBD was VBN announced IN in NNP June . . <s> <s> DT The JJ new NN company VBZ is TO to VB be FW called FW Siemens FW Matsushita FW Components FW G.m.b . . -RRB- H . . <s> <s> NN It MD will VB have PRP$ its NN headquarters IN in NNP Munich . . <s> <s> NNP Matsushita POS 's NN share IN in DT the NN venture MD will VB rise TO to # 35 LS % # Oct. CD 1 , , CD 1990 , , CC and TO to

    CD 50 NN % DT the RBS following # Oct. CD 1 . . <s> <s> NN Siemens MD will FW retain FW majority FW voting FW rights . . <s> <s> DT The NN parent NNS companies VBP forecast NNS sales IN for DT the NN venture IN of $ around CD 750 CD million NNS marks IN for PRP$ its JJ first JJ fiscal NN year , , WDT Matsushita VBD said . . <s> <s> NNS Sales VBP are VBN expected TO to VB rise TO to CD one CD billion NNS marks IN after CD four NNS years . . <s> <s> DT The NN company MD will VB have NN production NNS facilities IN in

    NNP West NNP Germany , , UH Austria , , NNP France CC and NNP Spain . . <s> <s> . Roger -RRB- Rosenblatt , , NN editor IN of NNP U.S. NNP News CC & NNP World NNP Report , , VBD resigned NNP Friday IN from DT the JJ weekly NN news NN magazine . . <s> <s> . Mr. '' Rosenblatt VBD said PRP he VBD resigned IN because IN of NNS difficulties IN with JJR commuting IN between PRP$ his NN home IN in NNP New NNP York CC and DT the NN magazine POS 's JJ editorial NNS offices IN in NNP Washington . . <s> <s> . `` -RRB- Frankly , , PRP I

    VBD missed PRP$ my NN family , , '' '' VBD said NNP Mr. -RRB- Rosenblatt . . <s> <s> NNP In NNP Mr. NNP Rosenblatt POS 's NN tenure , , DT the NN magazine POS 's FW advertising FW pages FW and FW circulation FW have FW grown FW significantly . . <s> <s> NN But IN at FW 2.3 FW million FW weekly FW paid FW circulation FW , FW U.S. FW News FW still FW ranks FW third FW behind FW Time FW Warner FW Inc. FW 's FW Time FW magazine , , IN with $ 4.4 CD million NN circulation , , CC and NNP Washington NNP Post NNP Co. POS 's NNP Newsweek

    , , IN with $ 3.3 CD million NN circulation . . <s> <s> . Mortimer UH B. UH Zuckerman , , NN chairman CC and NN editor IN in NN chief , , VBD said NNP Mr. FW Rosenblatt FW would FW be FW succeeded FW starting FW today FW by FW Michael FW Ruby , , DT the NN magazine POS 's JJ executive NN editor , , CC and UH Merrill UH McLoughlin , , DT a JJ senior NN writer . . <s> <s> . Mr. '' Ruby CC and NNP Ms. NNPS McLoughlin VBP are VBN married TO to DT each JJ other . . <s> <s> . Mr. '' Zuckerman VBD said PRP$ his

    NN magazine MD would VB maintain PRP$ its UH editorial UH format , , WDT which VBZ is DT a NN mix IN of FW analysis FW and FW trend FW stories FW with FW service-oriented FW , FW how-to FW articles . . <s> <s> . Mr. -RRB- Rosenblatt , , DT a FW senior FW writer FW at FW Time FW magazine FW before FW joining FW U.S. FW News FW & FW World FW Report , , VBD said PRP he VBD had FW numerous FW job FW offers FW from FW other FW magazines FW while FW he FW was FW editor . . <s> <s> . The '' offers VBD were TO to VB work

    IN as DT a NN writer , , RB not DT an NN editor . . <s> <s> NN He VBD said PRP he MD will RB now VB consider DT those NNS offers . . <s> <s> FW Avions FW Marcel FW Dassault-Breguet FW Aviation FW S.A. FW said FW group FW profit FW before FW taxes FW and FW contributions FW to FW employee FW profit-sharing FW soared FW 97 NN % TO to $ 839 CD million NNS francs -LRB- -LRB$ $ CD 129.6 CD million -RRB- -RRBIN in DT the JJ first NN half IN of CD 1989 IN from $ 425 CD million NNS francs DT a NN year RBR earlier . .

    <s> <s> FW The FW French FW aircraft FW group FW pointed FW out , , RB however , , DT that JJ financial NNS results IN from PRP$ its NN sector IN of FW industry FW are FW frequently FW erratic FW because FW of FW irregular FW cash FW flow FW from FW large FW contracts . . <s> <s> . It -RRB- noted , , IN for NN example , , DT that NN group NN revenue IN for DT the JJ first NN half VBD was $ 8.734 CD billion NNS francs , , RB down IN about CD 12 NN % IN from $ 9.934 CD billion NNS francs DT a NN year RBR earlier

    . . <s> <s> NN Still , , PRP it VBD said PRP it VBZ expects NNS sales IN for DT all IN of CD 1989 TO to VB be IN on DT the NN order IN of CD 20 CD billion NNS francs , , WP$ reflecting LS anticipated -RRB- billings IN for CD two JJ large NNS contracts IN in DT the JJ second NN half IN of DT the NN year . . <s> <s> IN For DT all IN of CD 1988 , , WDT Dassault VBD had NN group NN profit IN of $ 428 CD million NNS francs IN on NN revenue IN of $ 18.819 CD billion NNS francs . . <s> <s>

    DT The NN group VBZ has RB n't RB yet VBN released NNS earnings NNS figures IN for DT the JJ first NN half IN of CD 1989 , , WDT nor VBZ has PRP it VBD made DT a JJ detailed NN forecast IN of PRP$ its JJ full-year NNS earnings . . <s> <s> FW Keystone FW Consolidated FW Industries FW Inc. FW expects FW to FW report FW earnings FW before FW extraordinary FW tax FW benefits IN of IN about $ $ CD 1.5 CD million , , CC or IN about CD 41 NNS cents DT a NN share , , IN for DT the JJ third NN quarter , , VBN compared IN with

    DT a NN loss JJ last NN year , , VBD said UH Glenn UH R. UH Simmons , , NN chairman CC and JJ chief NN executive NN officer . . <s> <s> IN After DT a NN tax NN benefit IN of IN about $ $ CD 780,000 , , WDT Keystone VBZ expects TO to VB report JJ net NN income IN of $ $ CD 2.3 CD million , , CC or IN about CD 62 NNS cents DT a NN share , , NNP Mr. NNP Simmons VBD said . . <s> <s> DT For JJ third NN quarter JJ last NN year , , WDT Keystone VBD reported DT a $ $ CD 1

    CD million NN loss IN from VBG continuing NNS operations CC and DT a $ $ CD 200,000 NN loss IN from JJ discontinued NNS operations , , IN for DT a JJ net NN loss IN of $ $ CD 1.2 CD million . . <s> <s> NN Revenue IN for DT the JJS latest JJ third NN quarter VBD was IN about $ $ CD 70.5 CD million , , RB up CD 10 NN % IN from $ $ CD 63.6 CD million JJ last NN year , , PRP he VBD said . . <s> <s> . Mr. '' Simmons VBD said DT the NNS results IN signal DT a NN turnaround IN for DT the

    NN maker IN of NN wire CC and NN wire NNS products , , WDT which VBZ has VBN struggled TO to VB remain RP competitive IN in DT the NN face IN of NNP lower-priced , , WP$ imported LS steel . . <s> <s> DT A JJ new $ $ CD 46 CD million SYM steel UH rod UH minimill , , WDT which VBD got RP off TO to DT a FW rocky FW start FW in FW early FW 1988 FW , FW now FW is FW running FW efficiently FW and FW a FW new FW management FW team FW is FW more FW heavily FW marketing FW Keystone POS 's NNS products , ,

    NNP Mr. NNP Simmons VBD said . . <s> <s> IN As DT a NN result , , DT the NN company VBZ hopes TO to VB report JJ net NN income IN for DT the NN year IN of IN about $ $ CD 11.6 CD million , , CC or IN about $ $ CD 3.10 TO to $ $ PDT 3.15 DT a NN share , , VBN compared IN with DT a JJ net NN loss IN of $ $ CD 24.4 CD million JJ last NN year , , IN after DT a NN loss IN from JJ discontinued NNS operations IN of $ $ CD 18.4 CD million . . <s> <s> NN Revenue

    IN for EX 1989 VBZ is VBN expected TO to VB be IN about $ $ CD 300 CD million , , RB up IN about CD 21 NN % IN from $ $ CD 247.3 CD million IN in CD 1988 . . <s> <s> IN For DT the FW nine FW months FW ended FW Sept. FW 30 , , WDT Keystone VBZ expects TO to VB report JJ net NN income IN of $ $ UH 9.3 UH milion , , CC or IN about $ $ PDT 2.53 DT a NN share , , IN after DT an JJ extraordinary NN gain IN from $ $ CD 3.2 CD million IN in NN tax NNS benefits

    . . <s> <s> DT Last NN year , , DT the NN company VBD had DT a JJ net NN loss IN of $ $ CD 6.5 CD million , , VBG including DT a $ $ CD 6.1 CD million NN loss IN from VBG continuing NNS operations CC and DT a $ $ CD 400,000 NN loss IN from JJ discontinued NNS operations . . <s> <s> NN Revenue IN for DT the CD nine NNS months VBZ is VBN expected TO to VB be IN about $ $ CD 230.5 CD million , , RB up IN about CD 21 NN % IN from $ $ CD 190.4 CD million JJ last NN year . .

    <s> <s> . Mr. '' Simmons VBD said NNP Keystone POS 's JJ new NN mill VBZ is VBN expected TO to VB produce IN about FW 585,000 FW tons FW of FW steel PDT rods DT this NN year , , RB up IN from PRP$ 413,000 NNS tons IN in CD 1988 . . <s> <s> NN Production IN at DT the NN mill VBZ has VBN exceeded DT the NN ability IN of FW Keystone FW 's FW casting FW operation TO to VB supply PRP it , , PRP he VBD said , , WDT which MD will VB force RP Keystone TO to VB purchase RP billet , , CC or UH unfinished UH steel

    UH bars , , IN from PDT outside DT the NN company IN during DT the JJ fourth NN quarter CC and JJ next NN year . . <s> <s> NN Keystone MD will VB have TO to VB consider RP expanding PRP$ its UH casting UH operation , , IN at DT an JJ estimated NN cost IN of $ $ CD 8 CD million TO to $ $ CD 10 CD million , , IN within DT the JJ next CD 18 TO to CD 24 NNS months , , NNP Mr. NNP Simmons VBD said . . <s> <s> . Under UH Robert UH W. UH Singer , , WP who VBD was VBN named NN president

    CC and JJ chief NN operating NN officer JJ last NN year , , WDT Keystone VBZ has VBN expanded PRP$ its NNS sales VBP force TO to $ about CD 20 NNS people IN from IN about CD 15 CC and VBZ hopes TO to VB expand PRP$ its NNS sales IN from DT the JJ middle NN portion IN of DT the NN country IN toward DT the NNP East CC and NNP West -RRB- coasts . . <s> <s> . `` '' Prior TO to DT a NN year RB ago , , WDT Keystone VBD was DT an NN order-taker . . <s> <s> IN Now PRP I VBP think PRP we VBP have DT a

    NN group IN of NN marketing NNS people WP who VBP are RP out VBG selling TO to # retailers UH and UH wholesalers , , '' '' NNP Mr. NNP Simmons VBD said . . <s> <s> NN Still , , PRP he VBD said , , DT the JJS 100-year-old NN company VBZ plans TO to VB continue PRP$ its FW premium-priced FW strategy FW for FW its FW distinctive FW brand FW of FW red-tipped FW wire FW fencing CC and JJ other NNS products . . <s> <s> DT The NN company VBZ claims DT a CD 40 NN % NN share IN of DT the NNP U.S. FW field FW fence FW business , ,

    DT a CD 35 NN % NN share IN of # poultry WP$ netting NNS sales CC and DT a CD 30 NN % NN share IN of # barbed WP$ wire NNS sales . . <s> <s> NNP Freeport-McMoRan NNP Inc. VBD said DT a JJ temporary NN cessation IN of NNS operations IN at PRP$ its FW Sunshine FW Bridge FW uranium-recovery FW facility FW in FW Donaldsonville FW , FW La. FW , FW will FW result FW in FW slight FW earnings FW improvement FW to PDT both DT the NN company CC and PRP$ its FW Freeport-McMoRan FW Resource FW Partners FW Limited FW Partnership FW unit . . <s> <s> DT The NN company

    VBD did RB n't VB elaborate . . <s> <s> FW The FW diversified FW energy FW and FW minerals FW concern FW said FW that FW a FW depressed FW uranium FW market VBZ is VBN responsible IN for DT the JJ temporary NNS mothballing IN of DT the NN plant , , CC but IN that DT the NN plant MD can VB be UH reactivated UH quickly WRB when DT the NN market -RRB- improves . . <s> <s> NN More IN than CD 400,000 NNS pounds IN of PDT uranium DT a NN year VBP have VBN been VBN produced IN at DT the NN facility IN during DT the JJ past CD seven NNS years

    . . <s> <s> FW A FW second FW uranium-recovery FW plant FW at FW Uncle FW Sam FW , FW La. , , WDT that FW produces FW more FW than FW 700,000 FW pounds FW of FW uranium FW annually , , MD will VB continue TO to VB operate . . <s> <s> NN Freeport-McMoRan VBD said DT the FW shutdown FW wo FW n't FW affect FW sales FW volumes FW under FW long-term FW sales FW contracts FW of FW its FW Freeport FW Uranium FW Recovery FW Co. FW unit , , CC but MD will VB reduce DT the NN amount IN of NN product VBN sold IN on DT the NN spot

    NN market . . <s> <s> . Freeport-McMoRan UH Resource UH Partners , , IN as NN owner IN of DT the FW uranium-recovery FW technology FW , FW receives FW royalty FW payments . . <s> <s> . Business '' Week PRP subscribers MD may VB hear DT this NN week POS 's NN issue VBG talking RP back TO to PRP them . . <s> <s> FW A FW four-page FW ad FW from FW Texas FW Instruments FW Inc. FW , FW running FW in FW approximately FW 140,000 FW issues FW of FW the FW Oct. FW 20 FW `` FW Corporate FW Elite '' '' NN issue IN of DT the FW McGraw-Hill FW Inc.

    FW publication FW , FW contains FW a FW speech FW synthesizer FW laminated # between CD two IN of DT the NNS pages . . <s> <s> , Readers WP who FW pull FW off FW a FW piece FW of FW tape FW and FW press FW a FW switch FW will FW hear FW a FW tiny FW -FW but FW distinctly FW human-sounding FW -FW voice FW announce , , `` `` PRP I VBP am DT the RBS talking UH chip , , '' '' IN as PRP it FW launches FW into FW a FW 15-second FW discourse FW on FW its FW own FW attributes . . <s> <s> NN The

    . talking '' chip VBZ is RB n't SYM cheap : -DT the FW per-ad FW cost FW to FW Texas FW Instruments VBZ is IN about $ $ CD 4 , , CC and IN that FW 's FW without FW adding FW in FW Business FW Week FW 's FW charge FW -FW but FW Texas FW Instruments FW believes PRP it VBZ is DT a JJ first . . <s> <s> FW Previous FW efforts FW have FW included FW musical FW ads FW , FW featuring FW simple FW tone-generating FW chips FW that FW play FW a FW tune , , CC but DT the NN voice RBR synthesizer IN in DT this

    NN effort VBZ is RB much RBR more UH sophisticated , , IN with NN none IN of DT the FW robotic FW flatness FW that FW one FW hears , , IN for NN example , , WRB when FW calling FW telephone FW directory FW services . . <s> <s> NN And IN for DT those WP who PDT miss DT the NN message DT the JJ first NN time RB around , , RB not TO to FW worry FW : FW Three FW tiny FW batteries FW provide FW enough FW juice FW for FW as FW many FW as FW 650 FW replays . . <s> <s> NNP Lomas NNP Financial NNP Corp. , ,

    NNP Dallas , , VBD said PRP it MD will VB ask DT a NNP U.S. POS bankruptcy NN court TO to VB allow PRP it TO to FW hire FW Lazard FW Freres FW & FW Co. TO to VB help PRP it VB sell PRP$ its NN leasing NN unit . . <s> <s> NN Lomas , , FW assisted FW by FW Merrill FW Lynch FW Capital FW Markets , , VBZ has VBN been VBG trying TO to VB sell PRP$ its FW Equitable FW Lomas FW Leasing FW Co. FW for FW several FW months FW , FW apparently FW without FW success . . <s> <s> DT The JJ real NN estate CC and

    NN mortgage NN banking NN concern VBD had VBN hoped TO to VB use NNS proceeds IN from DT the NN sale TO to VB reduce PRP$ its NN debt . . <s> <s> DT Without NN cash IN from NN asset NNS sales CC and JJ unable TO to VB reach DT a JJ new JJ bank-credit NN agreement , , WP$ Lomas SYM defaulted IN on $ $ CD 145 CD million IN in NNS notes WDT that LS became LS due # Sept. CD 1 . . <s> <s> VBZ It VBN filed IN for NN protection IN from NNS creditors IN under $ Chapter CD 11 IN of DT the FW federal FW Bankruptcy FW Code

    FW Sept. FW 24 TO to VB give PRP it JJ additional NN time TO to VB work IN on DT a NN plan TO to VB restructure PRP$ its $ $ CD 1.45 CD billion IN in JJ senior NN debt . . <s> <s> NN Lomas VBD said NNP Merrill NNP Lynch , , WDT which VBZ owns NNS bonds CC and NN equity IN in NNP Lomas , , MD could RB n't VB continue IN as NNP Lomas POS 's NN investment NN banker IN because PRP it VBZ is RB also DT a NN creditor . . <s> <s> NN It VBD said PRP it VBD chose VBN Lazard IN in NN part IN because

    IN of NNP Lazard POS 's NNS offices IN in NNP Europe CC and NNP Japan , , WRB where NNS investors MD might VB be VBN interested IN in DT a NNP U.S. POS leasing NN company . . <s> <s> NNP Canadian NNP Imperial NNP Bank IN of NNP Commerce VBD said PRP it MD will VB increase PRP$ its JJ loan-loss NNS provisions TO to VB cover PDT all PRP$ its NNS loans TO to # lesser UH developed UH countries , , WP$ except UH Mexico , , VBG resulting IN in DT an JJ after-tax NN charge TO to CD 1989 NNS earnings IN of CD 300 CD million JJ Canadian NNS dollars -LRB- -LRB-

    $ US$ CD 255 CD million -RRB- -RRB. . <s> <s> . Don -RRB- Bowder , , JJ senior NN vice NN president CC and JJ chief NN accountant , , VBD said DT the NN bank POS 's JJ strong NNS earnings WP enable PRP it TO to VB be DT the JJ first JJ major JJ Canadian NN bank TO to FW set FW aside FW provisions FW covering FW all FW its FW C$ FW 1.17 FW billion FW in FW non-Mexican FW LDC FW debt . . <s> <s> IN `` PRP It VBZ eliminates DT the FW continuing FW uncertainty FW with FW respect TO to DT the JJ ultimate NN value IN of

    DT the NNS loans , , '' '' PRP he VBD said . . <s> <s> DT The NN bank VBD said IN about $ C$ CD 525 CD million MD will VB be VBN added TO to PRP$ its LS existing -RRB- LDC CC and JJ general NN loss NNS provisions IN in PRP$ its JJ fourth NN quarter , , WP$ ending # Oct. CD 31 . . <s> <s> . Mr. '' Bowder VBD said DT the $ C$ CD 300 CD million NN charge TO to NNS earnings MD would VB amount TO to # about LS C$ PDT 1.34 DT a NN share . . <s> <s> DT The NN bank POS 's JJ net

    NN income IN for DT the FW nine FW months FW ended FW July FW 31 FW was FW C$ # 577 CD million , , CC or $ C$ CD 3.10 DT a NN share . . <s> <s> . Mr. '' Bowder VBD said DT the NN bank MD will VB restructure PRP$ its LS C$ # 604 CD million IN of JJ Mexican NN debt , , IN of WDT which FW C$ FW 255 FW million FW is FW in FW Mexican FW notes FW secured FW by FW U.S. FW government FW bonds . . <s> <s> DT The NN bank VBZ has DT a FW 45 FW % FW reserve FW against FW the

    FW remaining FW C$ FW 349 FW million FW of FW Mexican FW debt FW and FW expects FW to FW swap FW that FW for FW other FW Mexican FW notes FW supported FW by FW U.S. FW Treasury FW zero-coupon FW bonds . . <s> <s> . Mr. '' Bowder VBD said DT the NN bank POS 's NN experience IN with DT LDC NN debt VBZ has VBN been `` `` UH painful '' '' CC and DT this JJS latest FW move FW represents FW the FW final FW phase FW of FW a FW program FW begun FW seven FW years FW ago FW to FW reduce FW its FW exposure FW through FW provisioning

    FW , FW debt FW sales FW and FW debt FW swaps . . <s> <s> NN He VBD said DT the NN bank MD will FW no FW longer FW participate FW in FW LDC FW sovereign FW lending , , CC but MD will VB support NN trade NN financing CC and JJ other NNS transactions IN that PDT meet DT the NN bank POS 's NNS standards . . <s> <s> FW The FW carnage FW among FW takeover FW stocks FW Friday VBZ does RB n't VB mean DT the NN end IN of FW mega-mergers FW but FW simply FW marks FW the FW start FW of FW a FW less FW ambitious FW game

    FW , FW Wall FW Street FW 's FW big-time FW deal FW makers FW say . . <s> <s> NN Suitors IN from RB now IN on VBP are RBR more JJ likely TO to VB be PRP$ expansion-minded NNS companies , , FW rather FW than FW raiders FW or FW debt-happy FW financiers . . <s> <s> IN And PRP they MD will VB be FW launching FW lower-priced FW and FW perhaps FW fewer FW deals , , RB now IN that PRP it VBZ 's VBN tougher TO to VB finance PRP them . . <s> <s> NN This VBZ is DT an JJ ominous NN sign IN for DT a NN stock NN market

    IN that FW lately FW has FW been FW fueled FW by FW takeover FW speculation FW and FW bidding FW wars FW for FW companies FW that FW put FW themselves RP up IN for NN sale . . <s> <s> IN Whenever DT the FW 1980s FW merger FW boom FW seems TO to VB be RP stalling , , WP$ shock LS waves -RRB- ripple IN through DT the NN stock NN market . . <s> <s> IN `` DT The NN market VBZ is RB overvalued , , RB not JJ cheap , , '' '' VBZ says VBN Alan RP Gaines IN of DT the NNP New NNP York FW money-management FW firm FW Gaines

    FW Berland . . <s> <s> . He '' recently VBD began VBG increasing PRP$ his NN cash NN position TO to CD 45 NN % IN of PRP$ his NN portfolio . . <s> <s> IN `` PRP I VBP look IN at WRB where PRP deals MD can VB get VBN done , , '' '' PRP he VBZ says , , `` `` CC and PRP they VBP 're RB not VBG getting . done '' '' IN at JJ current NNS prices . . <s> <s> NNS Lenders VBP are FW growing FW increasingly FW nervous FW about FW debt-financed FW takeovers FW , FW investment FW bankers FW say . . <s> <s> IN ``

    PRP You VBD had DT a NN week IN of DT a FW deteriorating FW junk-bond FW market FW that FW ran FW smack IN into DT the NN news IN on NNP Friday IN about WP what VBD appeared TO to VB be VBG happening TO to DT the NN bank NN debt NN market , , '' '' VBZ says UH Steven UH Rattner , , DT a NN partner CC and FW merger FW specialist FW with FW Lazard FW Freres FW & FW Co . . <s> <s> . Trading '' dried IN up NNP Friday IN in DT the NN market IN for JJ high-yield NN junk NNS bonds , , RB often VBN used

    TO to VB finance NNS takeovers . . <s> <s> NN It VBD was DT the JJS latest IN in DT a NN series IN of NNS setbacks IN for DT the NN junk NN bond NN market , , WRB where FW prices FW began FW weakening FW last FW month FW after FW Campeau FW hit FW a FW cash FW crunch . . <s> <s> JJ And NNS banks VBP appear TO to VB be FW taking FW an FW increasingly FW skeptical FW view FW of FW requests FW for FW high-risk FW takeover FW loans . . <s> <s> DT The NN group VBG trying TO to VB buy UH UAL UH announced UH Friday

    WDT that PRP it MD could RB n't VB arrange DT the $ $ CD 7.2 CD billion IN in NN bank NNS loans PRP it VBZ needs TO to VB buy DT the NN parent IN of NNP United NNPS Airlines IN for $ $ CD 300 DT a NN share . . <s> <s> JJ Takeover-stock NNS traders WDT today MD will VB be VBG scrambling TO to VB learn IN of DT any NNP UAL NNPS developments , , CC and JJ other NN takeover NNS stocks VBP are JJ likely TO to VB trade IN in NN sympathy . . <s> <s> JJ Investment NNS bankers VBG representing DT the NN buy-out NN group CC and

    NNP UAL POS 's FW board FW spent FW a FW frantic FW weekend FW trying FW to FW hammer FW out FW new FW terms WDT that MD would VB be RBR more JJ acceptable TO to DT the NNS banks . . <s> <s> NNP After NNP UAL , , DT the FW stock FW viewed FW as FW most FW vulnerable FW is FW American FW Airlines FW ' FW parent FW AMR , , DT the NN target IN of DT a $ $ FW 120-a-share FW takeover FW proposal FW from FW New FW York FW real FW estate FW developer FW Donald FW Trump . . <s> <s> NN Trading IN in FW AMR

    FW shares FW was FW suspended FW shortly FW after FW 3 FW p.m. FW EDT FW Friday FW and FW did FW n't FW resume . . <s> <s> IN Before DT the NN halt , , FW AMR FW last FW traded FW at FW 98 FW 5\/8 . . <s> <s> NNP Late NNP Friday NN night , , DT the NNP London NN office IN of NNP Jefferies CC & NNP Co. , , DT a FW Los FW Angeles FW securities FW firm FW , FW traded FW AMR FW shares FW at FW prices FW as FW low FW as FW 80 . . <s> <s> NN Similarly , , FW Delta FW Air

    FW Lines FW and FW USAir FW Group FW dropped FW 10.1 NN % CC and CD 8.5 NN % , , RB respectively , , IN on NNP Friday CC and MD could VB weaken RBR further . . <s> <s> IN Over DT the NN weeked , , RB however , , FW two FW developments FW in FW other FW deals FW indicated FW that FW commerical FW banks FW and FW Wall FW Street FW firms FW still FW are FW willing FW to FW commit FW billions FW of FW dollars FW to FW finance FW takeover FW bids FW launched IN by JJ major NNS companies . . <s> <s> NNP Vitro NNP S.A.

    , , DT a FW major FW Mexican FW glass FW maker , , VBD said NN yesterday IN that PRP it VBD agreed TO to VB buy UH Anchor UH Glass UH Container IN in DT a NN tender NN offer IN for $ $ CD 21.25 DT a NN share , , VBN sweetened IN from DT the FW original FW $ FW 20-a-share FW offer FW Vitro FW launched FW two FW months FW ago . . <s> <s> NNP On NNP Friday , , WP$ Anchor NNS shares VBD fell CD 1 CD 1\/4 TO to VB close IN at CD 18 CD 1\/2 . . <s> <s> IN For DT the JJR broader NN market

    , , DT the JJS greatest NN significance IN of DT the JJS Vitro-Anchor NN deal MD may VB be IN that PRP it VBD was FW put FW together FW late FW Friday SYM night : -IN after DT the NN market SYM rout : -CC and PDT involves DT a $ $ CD 155 CD million : temporary `` `` FW bridge FW '' FW loan FW from FW Donaldson FW , FW Lufkin FW & FW Jenrette NNPS Securities CC and DT a $ $ CD 139 CD million NN loan IN from NNP Security NNP Pacific NNP National NNP Bank . . <s> <s> NN Moreover , , TO to VB complete DT the

    FW entire FW Anchor FW Glass FW purchase FW and FW refinance FW existing FW debt , , WDT Donaldson VBD said PRP it VBZ is `` `` FW highly FW confident '' '' WDT that PRP it MD will VB be JJ able TO to VB sell $ $ CD 400 CD million IN of NN junk NNS bonds IN for NNP Vitro , , IN despite DT the JJ current NN disarray IN in DT the NN junk NN bond NN market . . <s> <s> NNP Donaldson POS 's NN statement VBZ is RB n't FW merely FW an FW idle FW boast , , IN because DT those NNS bonds MD will VB have TO to

    VB be VBN sold IN before NNP Donaldson POS 's JJ bridge NN loan MD can VB be VBN paid RP back . . <s> <s> NNP Security NNP Pacific , , RB meanwhile , , VBD said PRP it VBZ expects TO to VB arrange $ $ CD 430 CD million IN in NN bank NNS loans IN for NNP Vitro . . <s> <s> IN In DT another NN takeover NN battle , , DT a NN spokesman IN for FW McCaw FW Cellular FW Communications FW said FW yesterday FW that FW McCaw FW has FW been FW advised FW by FW three FW commercial FW banks FW that FW they FW remain FW `` FW highly

    FW confident '' '' PRP they MD can VB arrange $ $ CD 4.5 CD billion IN of NN bank NNS loans IN for NNP McCaw POS 's NN tender NN offer IN for IN about CD 45 NN % IN of NNP LIN NNP Broadcasting , , `` `` FW notwithstanding FW recent FW events . . '' '' <s> <s> NN McCaw VBZ is VBG offering $ $ CD 125 DT a NN share IN for CD 22 CD million CD LIN NNS shares , , FW thereby FW challenging FW LIN POS 's NN proposal TO to VB spin RP off PRP$ its FW television FW properties FW , FW pay FW shareholders FW a FW $

    FW 20-a-share FW special FW dividend FW and FW combine FW its FW cellular-telephone FW operations FW with FW BellSouth POS 's JJ cellular NN business . . <s> <s> NNP On NNP Friday , , WP$ LIN NNS shares VBD were IN among DT the JJ few NN takeover NNS issues WDT that VBD did RB n't VB fall RB much , , WP$ dropping # 5 CD 1\/2 , , CC or CD 4.9 NN % , , TO to VB close IN at $ 107 CD 1\/2 . . <s> <s> NN Traders CC and FW investment FW bankers FW said FW LIN FW shares FW were FW n't FW hurt FW much FW because FW BellSouth

    FW is FW viewed FW as FW a FW well-financed FW corporate FW buyer FW unlikely FW to FW be FW affected FW by FW skittishness FW among FW bankers FW or FW bond FW buyers . . <s> <s> FW Investment FW bankers FW interviewed FW over FW the FW weekend FW see FW a FW silver FW lining IN for DT the NN merger NN business IN in DT the JJ stock-market NN drop . . <s> <s> JJ Potential NNS bidders IN for NNS companies `` `` FW were FW saying FW that FW things FW were FW beginning FW to FW look FW expensive , , '' '' VBZ says NNP Mr. FW Rattner FW of

    FW Lazard . . <s> <s> FW `` FW Nothing FW makes FW things FW look FW cheaper FW than FW a FW 200-point FW drop IN in DT the NNP Dow , , '' '' NNP Mr. NNPS Rattner VBZ says . . <s> <s> . `` '' Just IN as EX there VBP are NNS people VBG waiting TO to # become LS bargain -RRB- hunters IN in DT the NN stock NN market , , EX there VBP are NNS people VBG waiting TO to # become LS bargain -RRB- hunters IN in DT the NN deal NN market . . '' '' <s> <s> FW Investment FW bankers FW expect FW most FW of FW those

    FW bargain FW hunters FW to FW be FW well-heeled FW corporations . . <s> <s> NN `` IN In DT the NN past , , FW corporate FW buyers FW were FW often FW discouraged FW from FW making FW bids FW because FW of FW competition FW from FW LBO FW firms , , WDT which VBD were RB often VBN prepared TO to # outbid '' '' DT the NNS corporations , , FW says FW J. FW Tomilson FW Hill FW , FW head FW of FW mergers FW and FW acquisitions FW at FW Shearson FW Lehman FW Hutton . . <s> <s> NN Now , , `` `` JJ corporate NNS buyers MD should

    VB be JJ willing TO to VB re-enter DT the NN acquisition NN market IN because DT the NN competition IN from # junkbond-financed EX buyers VBZ has VBN been VBN reduced . . '' '' <s> <s> FW Many FW takeover FW stocks FW plunged FW Friday FW , FW as FW speculators FW retained FW their FW confidence FW in FW corporate FW buyers FW but FW fled FW from FW the FW socalled FW whisper FW stocks , , DT the NNS targets IN of JJ rumored NNS deals . . <s> <s> . Columbia UH Pictures UH Entertainment , , WDT which VBZ has VBN agreed TO to DT a JJ friendly $ $ CD 27-a-share

    NN bid IN from NNP Sony IN of NNP Japan , , VBD fell RB only CD 1\/8 TO to VB close IN at CD 26 CD 5\/8 . . <s> <s> DT But JJ several NNS stocks RB long VBN rumored TO to VB be RP ripe IN for DT a NN takeover CC or NN restructuring VBD fell CD 10 NN % CC or JJR more . . <s> <s> FW They FW include FW USX FW , FW down FW 11.7 FW % FW ; FW Upjohn FW , FW down FW 11.1 FW % FW ; FW Campbell FW Soup FW , FW down FW 11 FW % FW ; FW Paramount FW Communications FW ,

    FW off FW 10.3 FW % FW ; FW Woolworth FW , FW down FW 10.2 FW % FW ; FW Delta FW Air FW Lines FW , FW down FW 10.1 NN % , , CC and NNP MCA , , RB down JJR 9.7 NN % . . <s> <s> DT The NN market : -CC and NN investment NNS bankers : -VBP are RB even JJR less NNS sanguine IN about NNS companies WDT that VBP have VBN had IN at JJS least CD one NN bid , , FW merger FW agreement FW or FW restructuring FW plan FW fall FW through FW already . . <s> <s> IN Given DT the NN weakness

    IN in PDT both DT the NN junk NN bond NN market CC and DT the NN stock NN market , , FW traders FW fear FW that FW these FW transactions FW may FW be FW revised FW yet FW again . . <s> <s> . Examples UH include UH Kollmorgen , , WP$ whose NN agreement TO to VB be VBN acquired IN for $ $ CD 25 DT a NN share IN by # Vernitron RBS collapsed JJ last NN month . . <s> <s> JJ Kollmorgen NNS shares VBD fell RB nearly CD 20 NN % IN on NNP Friday TO to VB close IN at CD 12 CD 7\/8 . . <s> <s> NN Ramada

    , , WDT which FW first FW delayed FW and FW then FW shelved FW a $ $ CD 400 CD million NN junk NN bond NN sale WDT that VBD was VBN designed TO to VB help PDT finance DT a NN restructuring , , VBD fell PRP$ 15.6 NN % TO to VB close IN at CD 9 CD 1\/2 . . <s> <s> NN Ramada VBZ has VBD said PRP it VBZ hopes TO to VB propose DT a JJ new NN restructuring NN plan CC but VBZ has RB n't VBN indicated WRB when PRP it MD will VB do RB so . . <s> <s> NN Shares IN of NNP American NNP Medical NNP International

    , , WDT which VBD agreed JJ last NN week TO to VB accept DT a JJR lower NN price IN from DT a NN buy-out NN group WDT that VBZ includes NNP First NNP Boston NNP Corp. CC and DT the JJS Pritzker NN family IN of NNP Chicago , , VBD fell PRP$ 15.8 NN % IN on NNP Friday TO to VB close IN at CD 20 . . <s> <s> DT The NN buy-out NN group VBZ is VBG offering $ $ CD 26.50 DT a NN share IN for $ 63 CD million NNP American NNP Medical NNS shares , , RB down IN from PRP$ its NN offer IN in NNP July IN of

    $ $ CD 28 DT a NN share IN for $ 68.8 CD million NNS shares . . <s> <s> DT But NN investment NNS bankers VBP say DT the NN market MD may VB have FW oversold FW some FW takeover-related FW stocks . . <s> <s> . Hilton -RRB- Hotels , , IN for NN example , , VBD was IN among DT the JJ worst-hit NNS issues , , WP$ falling WP$ 20.2 NN % TO to VB close IN at CD 85 , , RB down CD 21 CD 1\/2 IN on NNP Friday . . <s> <s> . Hilton '' currently VBZ is VBG soliciting NNS bids IN for DT a NN sale IN of

    NN part CC or DT all IN of PRP$ its NN hotel CC and NN casino NNS businesses . . <s> <s> . People '' familiar IN with PRP Hilton VBD said IN over DT the NN weekend IN that DT the NN depth IN of DT the NN sell-off IN in FW Hilton FW shares FW was FW unwarranted FW because FW none IN of DT the JJ likely NNS buyers MD would VB be FW dependent FW on FW junk-bond FW financing . . <s> <s> NN However , , PRP they VBD conceded IN that DT some JJ potential NNS bidders MD would VB rely IN on NN bank NNS loans CC and MD would VB be

    VBN hurt IN if DT the NNS troubles IN of DT the FW UAL FW buy-out FW group FW signified FW a FW general FW unwillingness FW among FW banks FW to FW provide FW credit FW for FW debt-financed FW takeovers . . <s> <s> JJ Hilton NNS officials VBD said PRP they VBD were RB n't VBN worried IN about DT the NN drop IN in DT the NN company POS 's NN stock . . <s> <s> . William -RRB- Lebo , , NNP Hilton POS 's JJ general NN counsel , , VBD said NNS plans TO to VB consider DT a NN sale IN of DT the NN company CC or DT some IN of

    PRP$ its NNS assets VBP are `` `` FW on FW track '' '' IN for WP what VBZ has VBN been VBN described RB previously IN as `` `` FW a FW slow FW and FW deliberate FW process . . '' '' <s> <s> IN `` PRP I MD ca RB n't VB believe IN that DT any JJ potential NN buyer IN for PRP Hilton MD would VB be VBN affected IN by CD one NN day POS 's NN trading , , '' '' NNP Mr. NNPS Lebo VBD said . . <s> <s> IN But DT the NN stock NN market IN as DT a NN whole , , VBN bolstered IN as PRP it

    VBZ is IN by FW takeover FW speculation FW , FW remains FW vulnerable FW to FW any FW further FW pullback FW by FW takeover FW financiers , , CC both IN in DT the JJS junkbond NN market CC and IN among JJ commercial NNS banks . . <s> <s> . For UH debt-ridden UH suitors , , `` `` DT the NN takeover NN game VBZ has VBN been RP over IN for DT some NN time , , '' '' VBZ says NNP New NNP York FW money FW manager FW Neil FW Weisman FW of FW Chilmark FW Capital , , WP who VBZ has VBN been $ keeping CD 85 NN % IN of

    PRP$ his NN portfolio IN in NN cash . . <s> <s> IN `` DT The NN market VBZ is RB just VB waking RP up TO to DT that NN point . . '' '' <s> <s> . Pauline '' Yoshihashi IN in NNP Los NNP Angeles VBD contributed TO to DT this NN column . . <s> <s> IN Of PDT all DT the FW one-time FW expenses FW incurred FW by FW a FW corporation FW or FW professional FW firm FW , FW few FW are FW larger FW or FW longer FW term IN than DT the NN purchase IN of JJ real NN estate CC or DT the NN signing IN of DT a

    JJ commercial NN lease . . <s> <s> TO To VB take JJ full NN advantage IN of DT the JJ financial NNS opportunities IN in DT this NN commitment , , RB however , , DT the FW corporation FW or FW professional FW firm FW must FW do FW more FW than FW negotiate FW the FW best FW purchase FW price FW or FW lease FW terms . . <s> <s> NN It MD must RB also VB evaluate DT the NN real-estate NN market IN in DT the JJ chosen NN location IN from DT a JJ new NN perspective . . <s> <s> NN Specifically , , PRP it MD must VB understand WRB how

    FW real-estate FW markets FW overreact FW to FW shifts FW in FW regional FW economies FW and FW then FW take FW advantage FW of FW these FW opportunities . . <s> <s> IN When DT a FW regional FW economy FW catches FW cold , , DT the FW local FW real-estate FW market FW gets FW pneumonia . . <s> <s> DT In JJ other NNS words , , FW real-estate FW market FW indicators FW , FW such FW as FW building FW permits FW and FW leasing FW activity FW , FW plummet FW much FW further FW than FW a FW local FW economy FW in FW recession . . <s> <s> NN This

    VBD was VBN seen IN in DT the JJ late NNS 1960s IN in NNP Los NNP Angeles CC and DT the NN mid-1970s IN in NNP New NNP York . . <s> <s> IN But DT the FW reverse FW is FW also FW true FW : FW When FW a FW region FW 's FW economy FW rebounds FW from FW a FW slowdown FW , FW these FW real-estate FW indicators FW will FW rebound FW far FW faster FW than FW the FW improving FW economy . . <s> <s> FW Why FW do FW local FW real-estate FW markets FW overreact FW to FW regional FW economic FW cycles FW ? <s> <s> FW Because

    FW real-estate FW purchases FW and FW leases FW are FW such FW major FW long-term FW commitments FW that FW most FW companies FW and FW individuals FW make FW these FW decisions FW only FW when FW confident FW of FW future FW economic FW stability CC and NN growth . . <s> <s> . Metropolitan '' Detroit VBD was VBN written RP off RB economically IN during DT the JJ early NNS 1980s , , IN as DT the FW domestic FW auto FW industry FW suffered FW a FW serious FW sales FW depression FW and FW adjustment . . <s> <s> . Area '' employment VBD dropped IN by CD 13 NN % IN from

    PRP$ its LS 1979 -RRB- peak CC and JJ retail NNS sales VBD were RB down CD 14 NN % . . <s> <s> NN However , , DT the NN real-estate NN market VBD was VBN hurt RB even RBR more . . <s> <s> DT For NN example , , WP$ residential LS building -RRB- permits IN in DT the NN trough NN year IN of PRP 1982 VBD were RP off PRP$ 76 NN % IN from DT the FW 1979 FW peak FW level . . <s> <s> FW Once FW metropolitan FW Detroit FW 's FW economy FW rallied FW in FW the FW mid-1980s FW , FW real FW estate FW rebounded . .

    <s> <s> . Building -RRB- permits , , IN for NN example , , FW soared FW a FW staggering FW 400 FW % FW between FW 1982 CC and DT the NN peak NN year IN of CD 1986 . . <s> <s> NN Where , , FW savvy FW corporations FW and FW professional FW firms FW are FW now FW asking , , VBP are NN today POS 's NNS opportunities . ? <s> <s> FW Look FW no FW further FW than FW metropolitan FW Houston FW and FW Denver , , CD two IN of DT the RBS most FW depressed FW , FW overbuilt FW and FW potentially FW undervalued FW real-estate NNS markets

    IN in DT the NN nation . . <s> <s> DT Of NN course , , DT some FW observers FW have FW touted FW Houston FW and FW Denver IN for DT the JJ past CD five NNS years IN as DT a RBS counter-cyclical LS play . . <s> <s> VBZ But RB now VBZ appears TO to VB be DT the NN time TO to VB act . . <s> <s> NNP Metropolitan NNP Houston POS 's NN economy VBD did NN drop CC and RB then VBN flatten IN in DT the NNS years IN after PRP$ its FW 1982 FW peak . . <s> <s> IN In DT the NN mid-1980s , , WDT employment

    VBD was RP down IN as JJ much IN as CD 5 NN % IN from DT the CD 1982 NN peak CC and JJ retail NNS sales VBD were RP off CD 13 NN % . . <s> <s> FW The FW real-estate FW market FW suffered FW even FW more FW severe FW setbacks . . <s> <s> DT Office NN construction VBD dropped CD 97 NN % . . <s> <s> FW The FW vacancy FW rate FW soared FW more FW than FW 20 FW % FW in FW nearly FW every FW product FW category , , CC and JJR more IN than CD 30 NN % IN of FW office FW space FW was

    FW vacant . . <s> <s> IN To DT some NNS observers , , DT the JJ empty NN office NNS buildings IN of NNP Houston POS 's `` `` FW see-through FW skyline '' '' VBD were VBN indicative IN of DT a RB very JJ troubled NN economy . . <s> <s> . As -RRB- usual , , DT the NN real-estate NN market VBD had RP overreacted . . <s> <s> NN Actually , , DT the NN region POS 's FW economy FW retained FW a FW firm FW foundation . . <s> <s> NNP Metropolitan NNP Houston POS 's NN population VBZ has VBN held RP steady IN over DT the JJ past CD six

    NNS years . . <s> <s> DT And JJ personal NN income , , IN after VBG slumping IN in DT the NN mid-1980s , , VBZ has VBN returned TO to PRP$ its FW 1982 FW level FW in FW real FW dollar FW terms . . <s> <s> NN Today , , WP$ metropolitan LS Houston POS 's NN real-estate NN market VBZ is VBN poised IN for DT a JJ significant NN turnaround . . <s> <s> NN More IN than FW 42,000 FW jobs FW were FW added FW in FW metro FW Houston FW last FW year FW , FW primarily FW in FW biotechnology FW , FW petrochemical FW processing , , CC and

    DT the NN computer NN industry . . <s> <s> FW This FW growth FW puts FW Houston FW in FW the FW top FW five FW metro FW areas IN in DT the RBS nation JJ last NN year . . <s> <s> FW And FW forecasts FW project FW a FW 2.5 NN % TO to CD 3 NN % NN growth NN rate IN in NNS jobs IN over DT the JJ next JJ few NNS years : -LS nearly PDT twice DT the JJ national NN average . . <s> <s> NN Denver VBZ is DT another JJ metropolitan NN area WRB where DT the JJ commercial NN real-estate NN market VBZ has VBN overreacted

    TO to DT the NN region POS 's JJ economic NNS trends , , FW although FW Denver FW has FW not FW experienced FW as FW severe FW an FW economic FW downturn FW as FW Houston . . <s> <s> IN By DT some NNS measures , , WP$ metropolitan LS Denver POS 's NN economy VBZ has RB actually VBN improved IN in DT the JJ past CD four NNS years . . <s> <s> . Its '' population VBZ has VBN continued TO to VB increase IN since CD 1983 , , DT the NN peak NN year IN of DT the JJ economic NN cycle . . <s> <s> NN Employment VBZ is RB now

    CD 4 NN % JJR higher IN than IN in CD 1983 . . <s> <s> DT Buying NN income IN in FW real FW dollars FW actually FW increased FW 15 FW % FW between FW 1983 FW and FW 1987 -LRB- -LRBDT the RBS most JJ recent NN year . available -RRB- -RRB. . <s> <s> JJ The NNS rates IN of NN increase , , RB however , , VBP are JJR less IN than DT the JJ rapid NN growth IN of DT the NN boom NNS years , , CC and DT this VBZ has VBN resulted IN in DT a NN loss IN of NN confidence IN in DT the NN economy

    . . <s> <s> IN In DT a RBS self-fulfilling UH prophecy , , RB therefore , , DT the NN region POS 's FW real-estate FW market FW all FW but FW collapsed IN in JJ recent NNS years . . <s> <s> . Housing '' building PRP permits VBP are RB down JJR more IN than CD 75 NN % IN from PRP$ their FW 1983 FW peaks . . <s> <s> FW Although FW no FW one FW can FW predict FW when FW metropolitan FW Denver FW 's FW real-estate FW market FW will FW rebound FW , FW major FW public FW works FW projects FW costing FW several FW billion FW dollars FW are

    FW under FW way FW or FW planned FW -FW such FW as FW a FW new FW convention FW center FW , FW a FW major FW beltway FW encircling FW the FW metropolitan FW area , , CC and DT a JJ new JJ regional NN airport . . <s> <s> NNP When NNP Denver POS 's FW regional FW economy FW begins FW to FW grow FW faster FW -FW such FW a FW recovery FW could FW occur FW as FW early FW as FW next FW year FW -FW business FW and FW consumer FW confidence FW will FW return , , CC and DT the FW resulting FW explosion FW of

    FW real-estate FW activity FW will FW dwarf FW the FW general FW economic FW rebound . . <s> <s> FW What FW real-estate FW strategy FW should FW one FW follow FW in FW a FW metropolitan FW area FW whose FW economic FW health VBZ is RB not IN as JJ easy TO to VB determine IN as NNP Houston POS 's CC or NNP Denver POS 's . ? <s> <s> NN Generally , , FW overcapacity FW in FW commercial FW real FW estate FW is FW dropping FW from FW its FW mid-1980s FW peak FW , FW even FW in FW such FW economically FW healthy FW metropolitan FW areas FW as FW Washington

    , , NNP New NNP York CC and NNP Los NNP Angeles . . <s> <s> JJ Vacancy NNS rates IN in DT the CD 15 NN % TO to FW 19 FW % FW range FW today FW may FW easily FW rise TO to DT the JJ low TO to VB mid-20 NN % NN range IN in DT a NN couple IN of NNS years . . <s> <s> IN Under DT these NNS conditions , , RB even DT a RBS flattening RP out IN of JJ economic NN growth : -`` `` FW catching FW cold '' '' : -IN in DT the FW healthy FW metropolitan FW areas FW will FW create

    FW significant FW opportunities FW for FW corporations FW and FW professional FW service FW firms FW looking FW for FW bargains FW as FW the FW realestate FW industry FW catches FW pneumonia . . <s> <s> FW Those FW looking FW for FW real-estate FW bargains FW in FW distressed FW metropolitan FW areas FW should FW lock FW in FW leases FW or FW buy FW now FW ; FW those FW looking FW in FW healthy FW metropolitan FW areas FW should FW take FW a FW short-term FW -LRBFW three-year FW -RRBFW lease FW and FW wait FW for FW the FW bargains FW ahead . . <s> <s> . Mr. '' Leinberger

    VBZ is VBG managing NN partner IN of DT a FW real-estate FW advisory FW firm FW based FW in FW Beverly FW Hills , , NNP Calif . . <s> <s> NNP Kysor NNP Industrial NNP Corp. VBD said PRP it VBZ expects PRP$ its JJ third-quarter JJ net NNS earnings TO to VB be IN between CD two NNS cents CC and CD four NNS cents DT a NN share , , VBN compared IN with CD 61 NNS cents DT a NN share DT a NN year RB ago . . <s> <s> NN Analysts VBD had VBN been RP projecting IN that DT the NN company POS 's NNS earnings MD would VB be IN between

    CD 25 NNS cents CC and CD 30 NNS cents DT a NN share . . <s> <s> DT The JJ year-earlier JJ third-quarter NNS earnings VBD amounted TO to $ $ CD 4.1 CD million . . <s> <s> DT The NN company VBD said DT a NN drop IN in NN activity IN in DT the FW powerboat FW industry FW reduced FW sales FW volume FW at FW its FW two FW marine-related FW operations . . <s> <s> NN Also , , DT the NN company VBD said PRP$ its JJ commercial NNS products VBP operation VBN failed TO to VB meet NNS forecasts . . <s> <s> NN Kysor , , DT a NN maker

    IN of FW heavy-duty FW truck FW and FW commercial FW refrigeration FW equipment , , VBD said PRP it VBZ expects PRP$ its JJ fourth-quarter NNS earnings TO to VB be RBR more RB closely IN in NN line IN with JJ usual NNS levels , , WDT which VBP are IN between CD 30 NNS cents CC and CD 50 NNS cents DT a NN share . . <s> <s> FW Common FW Cause FW asked FW both FW the FW Senate FW Ethics FW Committee CC and DT the NNP Justice NNP Department TO to VB investigate $ $ CD 1 CD million IN in FW political FW gifts FW by FW Arizona FW businessman FW Charles

    FW Keating FW to FW five FW U.S. FW senators FW who FW interceded FW with FW thrift-industry FW regulators FW for FW him . . <s> <s> . Mr. '' Keating VBZ is RB currently DT the NN subject IN of DT a $ $ CD 1.1 CD billion FW federal FW anti-racketeering FW lawsuit FW accusing FW him FW of FW bleeding FW off FW assets FW of FW a FW California FW thrift FW he FW controlled FW , FW Lincoln FW Savings FW & FW Loan FW Association FW , FW and FW driving FW it FW into FW insolvency . . <s> <s> . Fred -RRB- Wertheimer : -NN president IN of # Common

    UH Cause , , DT the FW self-styled FW citizens FW lobby FW -FW said FW Mr. FW Keating FW already FW has FW conceded FW attempting TO to VB buy RP influence IN with DT the NNS lawmakers : -LS Democratic FW Sens. FW Dennis FW DeConcini FW of FW Arizona FW , FW Alan FW Cranston FW of FW California FW , FW John FW Glenn FW of FW Ohio FW and FW Donald FW Riegle FW of FW Michigan FW ; FW and FW GOP FW Sen. FW John FW McCain FW of FW Arizona . . <s> <s> NNS Mr. VBP Wertheimer VBN based DT this IN on DT a NN statement IN by

    NNP Mr. , Keating WDT that VBD was VBN quoted IN in DT a FW Wall FW Street FW Journal FW story FW in SYM April : : `` `` UH One SYM question : ... VBD had TO to VB do IN with FW whether FW my FW financial FW support FW in FW any FW way FW influenced FW several FW political FW figures TO to VB take RP up PRP$ my NN cause . . <s> <s> NNS I VBP want TO to VB say IN in DT the RBS most FW forceful FW way FW I FW can FW : FW I FW certainly FW hope FW so . . '' '' <s> <s> IN In

    DT a FW highly FW unusual FW meeting FW in FW Sen. FW DeConcini POS 's NN office IN in $ April CD 1987 , , DT the FW five FW senators FW asked FW federal FW regulators TO to VB ease RP up IN on NNP Lincoln . . <s> <s> NN According TO to VB notes VBN taken IN by CD one IN of DT the NNS participants IN at DT the NN meeting , , DT the FW regulators FW said FW Lincoln FW was FW gambling FW dangerously FW with FW depositors FW ' FW federally FW insured FW money FW and FW was FW `` FW a FW ticking FW time FW bomb . .

    '' '' <s> <s> . Mr. '' Keating VBD had VBN complained IN that DT the FW regulators FW were FW being FW too FW zealous . . <s> <s> FW The FW notes FW show FW that FW Sen. FW DeConcini FW called FW the FW Federal FW Home FW Loan FW Bank FW Board FW 's FW regulations FW `` FW grossly FW unfair , , '' '' CC and IN that FW Sen. FW Glenn FW insisted FW that FW Mr. FW Keating FW 's FW thrift FW was FW `` FW viable FW and FW profitable . . '' '' <s> <s> IN For DT the JJ next CD two NNS years , , DT the

    NNP Bank NNP Board , , WDT which IN at DT the NN time VBD was DT the FW agency FW responsible FW for FW regulating FW thrifts FW , FW failed FW to FW act FW -FW even FW after FW federal FW auditors FW warned FW in FW May FW 1987 FW that FW Mr. FW Keating FW had FW caused FW Lincoln FW to FW become FW insolvent . . <s> <s> NNP Lincoln POS 's NN parent NN company , , NNP American NNP Continental NNP Corp. , , FW entered FW bankruptcy-law FW proceedings FW this FW April FW 13 , , CC and WP$ regulators PDT seized DT the NN thrift DT the

    JJ next NN day . . <s> <s> FW The FW newly FW formed FW Resolution FW Trust NNP Corp. , , VBG successor TO to DT the NNP Bank NNP Board , , FW filed FW suit FW against FW Mr. FW Keating FW and FW several FW others FW on FW Sept. FW 15 . . <s> <s> . Mr. '' Keating VBZ has VBN filed PRP$ his JJ own NN suit , , VBG alleging IN that PRP$ his NN property VBD was VBN taken RP illegally . . <s> <s> DT The NN cost TO to VB taxpayers IN of NNP Lincoln POS 's NN collapse VBZ has VBN been VBN estimated IN at RB as

    RB much IN as $ $ CD 2.5 CD billion . . <s> <s> NN Details IN of DT the FW affair FW have FW become FW public FW gradually RP over DT the JJ past CD two NNS years , , RB mostly IN as DT a NN result IN of VBG reporting IN by JJ several NNS newspapers . . <s> <s> IN In DT the NN midst IN of PRP$ his FW 1988 FW re-election FW campaign FW , FW Sen. FW Riegle , , NN chairman IN of DT the FW Senate FW Banking FW Committee FW , FW returned FW $ FW 76,000 FW in FW contributions FW after FW a FW Detroit FW newspaper

    FW said FW that FW Mr. FW Keating FW had PDT gathered DT the NN money IN for PRP him RB about CD two NNS weeks IN before DT the NN meeting IN with NNS regulators . . <s> <s> . Sen. -RRB- DeConcini , , IN after NNS months IN of FW fending FW off FW intense FW press FW criticism FW , FW returned FW $ FW 48,000 FW only FW last FW month FW , FW shortly FW after FW the FW government FW formally FW accused FW Mr. FW Keating FW of FW defrauding FW Lincoln . . <s> <s> DT In NN addition , , FW Sen. FW McCain FW last FW week FW disclosed

    FW that FW he FW belatedly FW had FW paid FW $ FW 13,433 FW to FW American FW Continental FW as FW reimbursement FW for FW trips FW he FW and FW his FW family FW took FW aboard FW the FW corporate FW jet FW to FW Mr. FW Keating FW 's FW vacation FW home FW at FW Cat FW Cay , , DT the NN Bahamas , , IN from CD 1984 IN through CD 1986 . . <s> <s> . Sen. '' McCain VBD said PRP he VBD had VBN meant TO to VB pay IN for DT the NN trips IN at DT the NN time CC but IN that DT the NN matter

    `` `` VBD fell IN between DT the NNS cracks . . '' '' <s> <s> . Mr. -RRB- Keating , , FW his FW family FW members FW and FW associates FW also FW donated FW $ FW 112,000 FW to FW Sen. FW McCain FW 's FW congressional FW campaigns RP over DT the NNS years , , VBG according TO to VB press NNS accounts . . <s> <s> FW But FW Sen. FW McCain FW says FW Mr. FW Keating FW broke FW off FW their FW friendship FW abruptly FW in FW 1987 , , IN because DT the FW senator FW refused FW to FW press FW the FW thrift FW executive FW 's

    FW case FW as FW vigorously FW as FW Mr. FW Keating FW wanted . . <s> <s> FW `` FW He FW became FW very FW angry FW at FW that , , VBD left PRP$ my NN office CC and VBD told DT a NN number IN of NNS people IN that PRP I VBD was DT a NN wimp , , '' '' FW Sen. FW McCain FW recalls . . <s> <s> NNP In NNP July , , FW California FW newspapers FW disclosed FW that FW Mr. FW Keating FW gave FW $ FW 850,000 FW in FW corporate FW funds FW to FW three FW tax-exempt FW voter FW registration FW organizations FW in

    FW 1987 FW and FW 1988 FW at FW the FW behest FW of FW Sen. FW Cranston , , WP who VBD conceded IN that PDT soliciting DT the NN money VBD was `` `` FW a FW pretty FW stupid FW thing FW to FW do FW politically . . '' '' <s> <s> DT In NN addition , , FW Sen. FW Cranston FW received FW $ FW 47,000 FW in FW campaign FW donations FW through FW Mr. FW Keating , , CC and DT the FW California FW Democratic FW party FW received FW $ FW 85,000 FW in FW corporate FW donations FW for FW a FW 1986 FW get-out-the-vote FW drive FW that

    FW benefited FW the FW senator FW 's FW re-election PDT campaign DT that NN year . . <s> <s> NN Also IN in NNP July , , FW Ohio FW newspapers FW disclosed FW $ FW 200,000 FW in FW corporate FW donations FW by FW Mr. FW Keating FW to FW the FW National FW Council FW on FW Public FW Policy FW , FW a FW political FW committee FW controlled FW by FW Sen. FW Glenn . . <s> <s> NN That VBD was IN in NN addition TO to $ $ FW 34,000 FW in FW direct FW campaign FW donations FW arranged FW by FW Mr. FW Keating FW to FW the FW Ohio

    FW senator . . <s> <s> . Mr. '' Wertheimer VBD said DT the FW Senate FW Ethics FW Committee FW should FW hire FW a FW special FW outside FW counsel TO to VB conduct DT an NN investigation , , RB as VBD was VBN done IN in DT the NN case IN of FW former FW House FW Speaker FW James FW Wright . . <s> <s> . Wilson -RRB- Abney , , WP$ staff NN director IN of DT the RBS ethics UH panel , , MD would RB n't VB comment . . <s> <s> . Sen. '' Riegle VBD said PRP he MD would VB cooperate IN with DT any NN inquiry , ,

    CC but IN that PRP$ his NN conduct VBD had VBN been `` `` UH entirely UH proper . . '' '' <s> <s> . Sen. '' McCain VBD said PRP he VBD had VBN been `` `` FW deeply FW concerned '' '' IN at DT the NN time IN of DT the NN meeting IN that PRP it MD might VB seem TO to VB be RP improper , , CC but VBD decided PRP it VBD was `` `` FW entirely FW appropriate '' '' IN for PRP him TO to VB seek JJ fair NN treatment IN for DT a NN constituent . . <s> <s> . Sen. '' Glenn VBD said PRP he VBD had

    RB already VBN made DT a JJ complete NN disclosure IN of PRP$ his NN role IN in DT the NN affair CC and `` `` PRP I VBP am RB completely VBN satisfied TO to VB let DT this NN matter NN rest IN in DT the NNS hands IN of DT the FW Senate FW Ethics FW Committee . . '' '' <s> <s> . Sen. '' DeConcini VBD said , , `` `` WRB When DT all VBZ is VBN said CC and VBN done , , PRP I VBP expect TO to VB be UH fully UH exonerated . . '' '' <s> <s> . Sen. -RRB- Cranston , , WP who VBD had RB already

    VB volunteered PRP$ his NN help TO to DT the FW Federal FW Bureau FW of FW Investigation FW in FW any FW investigation FW of FW Mr. FW Keating FW , FW portrayed FW his FW role FW in FW 1987 FW as FW prodding FW regulators TO to VB act . . <s> <s> . `` '' Why VBD did RB n't DT the FW Bank FW Board FW act FW sooner . ? '' '' PRP he VBD said . . <s> <s> . `` '' That VBZ is WP what FW Common FW Cause FW should FW ask FW be FW investigated . . <s> <s> NNP Trinity NNPS Industries NNP Inc. VBD said PRP it

    VBD reached DT a JJ preliminary NN agreement TO to FW manufacture FW 1,000 FW coal FW rail FW cars FW for FW Norfolk FW Southern FW Corp . . <s> <s> NN Trinity VBD estimated DT the NN value IN of DT the NN pact IN at JJR more IN than $ $ CD 40 CD million . . <s> <s> NN Trinity VBD said PRP it VBZ plans TO to VB begin NN delivery IN of DT the NN rail NNS cars IN in DT the JJ first NN quarter IN of CD 1990 . . <s> <s> NN It VBD said DT the FW 1,000 FW rail FW cars VBP are IN in NN addition TO to

    DT the FW 1,450 FW coal FW rail FW cars FW presently FW being FW produced FW for FW Norfolk FW Southern FW , FW a FW Norfolk FW , FW Va.-based FW railroad FW concern . . <s> <s> NNP When NNP China VBD opened PRP$ its NNS doors TO to JJ foreign NNS investors IN in CD 1979 , , WP$ toy NNS makers IN from NNP Hong NNP Kong VBD were IN among DT the JJ first TO to VB march RP in . . <s> <s> NN Today , , IN with IN about CD 75 NN % IN of DT the NNS companies POS ' NNS products VBG being VBN made IN in NNP China

    , , DT the NN chairman IN of DT the FW Hong FW Kong FW Toys FW Council FW , FW Dennis FW Ting FW , FW has FW suggested FW a FW new FW sourcing SYM label : : `` `` FW Made FW in FW China FW by FW Hong FW Kong FW Companies . . '' '' <s> <s> FW The FW toy FW makers FW were FW pushed FW across FW the FW border FW by FW rising FW labor FW and FW land NNS costs IN in DT the JJ British NN colony . . <s> <s> NN But IN in DT the NN wake IN of DT the FW shootings FW in FW Beijing

    FW on FW June FW 4 , , DT the FW Hong FW Kong FW toy FW industry FW is FW worrying FW about FW its FW strong FW dependence FW on FW China . . <s> <s> IN Although DT the NNS manufacturers VBP stress DT that NN production VBZ has RB n't VBN been VBN affected IN by NNP China POS 's JJ political NN turmoil , , PRP they VBP are VBG looking IN for JJ additional NNS sites . . <s> <s> . The UH toy UH makers , , CC and PRP$ their JJ foreign NNS buyers , , WP$ cite NN uncertainty IN about NNP China POS 's JJ economic CC and JJ political

    NNS policies . . <s> <s> . `` '' Nobody VBZ wants TO to VB have PDT all PRP$ his NNS eggs IN in CD one NN basket , , '' '' VBZ says FW David FW Yeh FW , FW chairman FW and FW chief FW executive FW officer FW of FW International FW Matchbox FW Group FW Ltd . . <s> <s> NN Indeed , , FW Matchbox FW and FW other FW leading FW Hong FW Kong FW toy FW makers FW were FW setting FW up FW factories FW in FW Southeast FW Asia FW , FW especially FW in FW Thailand , , RB long IN before DT the NN massacre . . <s> <s>

    FW Their FW steps FW were FW partly FW prompted FW by FW concern FW over FW a FW deterioration FW of FW business FW conditions FW in FW southern FW China . . <s> <s> . By UH diversifying UH supply UH sources , , DT the NN toy NNS makers VBP do RB n't VB intend TO to VB withdraw IN from NNP China , , NNS manufacturers CC and JJ foreign NNS buyers VBP say . . <s> <s> NN It MD would RB n't VB be JJ easy TO to FW duplicate FW quickly FW the FW manufacturing FW capacity FW built FW up FW in FW southern FW China PDT during DT the JJ past

    NN decade . . <s> <s> DT A NN supply IN of JJ cheap NN labor CC and DT the NN access TO to NNP Hong NNP Kong POS 's FW port FW , FW airport FW , FW banks FW and FW support FW industries FW , FW such FW as FW printing FW companies FW , FW have FW made FW China FW 's FW Guangdong FW province FW a FW premier FW manufacturing FW site . . <s> <s> NNP `` NNP South NNP China VBZ is DT the RBS most JJ competitive NN source IN of NNS toys IN in DT the NN world , , '' '' VBZ says FW Henry FW Hu FW ,

    FW executive FW director FW of FW Wah FW Shing FW Toys FW Consolidated FW Ltd . . <s> <s> FW Hong FW Kong FW trade FW figures FW illustrate FW the FW toy FW makers FW ' FW reliance FW on FW factories FW across FW the FW border . . <s> <s> CD In CD 1988 , , FW exports FW of FW domestically FW produced FW toys FW and FW games FW fell FW 19 NN % IN from CD 1987 , , TO to # HK$ # 10.05 CD billion -LRB- -LRB$ US$ CD 1.29 CD billion -RRB- -RRB. . <s> <s> . But -RRB- re-exports , , RB mainly IN from NNP China

    , , VBD jumped CD 75 NN % , , TO to # HK$ # 15.92 CD billion . . <s> <s> NNP In NNP 1989 POS 's JJ first CD seven NNS months , , JJ domestic NNS exports VBD fell CD 29 NN % , , TO to # HK$ # 3.87 CD billion , , FW while FW re-exports FW rose FW 56 NN % , , TO to # HK$ # 11.28 CD billion . . <s> <s> NNS Manufacturers VBP say EX there VBZ is DT no FW immediate FW substitute FW for FW southern FW China FW , FW where FW an FW estimated FW 120,000 NNS people VBP are VBN employed IN by

    DT the NN toy NN industry . . <s> <s> NN `` IN For DT the JJ next JJ few NNS years , , IN like PRP it CC or RB not , , NNP China VBZ is VBG going TO to VB be DT the JJ main NN supplier , , '' '' VBZ says FW Edmund FW Young FW , FW vice FW president FW of FW Perfecta FW Enterprises FW Ltd. , , CD one IN of DT the FW first FW big FW Hong FW Kong FW toy FW makers TO to VB move IN across DT the NN border . . <s> <s> IN In DT the NN meantime , , IN as FW manufacturers

    FW and FW buyers FW seek FW new FW sites , , PRP they VBP are FW focusing FW mainly FW on FW Southeast FW Asia . . <s> <s> DT Several JJ big NNS companies VBP have FW established FW manufacturing FW joint FW ventures FW in FW Thailand FW , FW including FW Matchbox FW , FW Wah FW Shing FW and FW Kader FW Industrial NNP Co. , , DT the FW toy FW manufacturer FW headed FW by FW Mr. FW Ting . . <s> <s> NN Malaysia , , DT the NNPS Philippines CC and RBS Indonesia RB also VBP are VBG being RP studied . . <s> <s> IN With DT the FW European

    FW Community FW set FW to FW remove FW its FW internal FW trade FW barriers FW in FW 1992 FW , FW several FW Hong FW Kong FW companies FW are FW beginning FW to FW consider FW Spain FW , FW Portugal FW and FW Greece FW as FW possible FW manufacturing FW sites . . <s> <s> NN Worries IN about FW China FW came FW just FW as FW Hong FW Kong FW 's FW toy FW industry FW was FW recovering FW from FW a FW 1987 FW sales FW slump FW and FW bankruptcy FW filings FW by FW two FW major FW U.S. FW companies FW , FW Worlds FW of FW Wonder

    FW Inc. FW and FW Coleco FW Industries FW Inc . . <s> <s> FW Hong FW Kong FW manufacturers FW say FW large FW debt FW writeoffs FW and FW other FW financial FW problems FW resulting FW from FW the FW 1987 FW difficulties PDT chastened DT the JJ local NN industry , , '' causing PRP it TO to VB tighten NN credit NNS policies CC and JJ financial NN management . . <s> <s> DT The NN industry POS regards JJ last NN year CC and DT this NN year IN as DT a NN period IN of NN recovery WDT that MD will VB lead TO to VB improved NNS results . . <s> <s>

    NN Still , , PRP they RB long IN for DT a `` `` FW mega-hit FW '' FW toy FW to FW excite FW retail NNS sales IN in DT the NNP U.S. , , NNP Hong NNP Kong POS 's JJS biggest NN market IN for NNS toys CC and NNS games . . <s> <s> . The UH closest PDT thing DT the NN colony POS 's NNS companies VBP have TO to DT a NNP U.S. , mega-hit DT this NN year VBZ is DT the FW Teenage FW Mutant FW Ninja FW Turtles FW series FW of FW action FW figures FW manufactured FW by FW Playmates FW Holdings FW Ltd . . <s> <s>

    NN Introduced IN in NNP mid-1988 , , DT the FW 15-centimeter-tall FW plastic FW turtles FW are FW based FW on FW an FW American FW comic FW book FW and FW television FW series . . <s> <s> . Paul -RRB- Kwan , , FW managing FW director FW of FW Playmates FW , FW says FW 10 FW million FW Ninja FW Turtles FW have FW been FW sold FW , FW placing FW the FW reptilian FW warriors FW among FW the FW 10 FW biggest-selling FW toys IN in DT the NNP U.S. . . <s> <s> JJ Should NNS sales VBP continue TO to VB be JJ strong IN through DT the RBS Christmas

    UH season , , WDT which VBZ accounts IN for IN about CD 60 NN % IN of NNP U.S. FW retail FW toy FW sales , , NNP Mr. NNPS Kwan VBD said DT the FW Ninja FW Turtles FW could FW make FW 1989 FW a FW record FW sales FW year FW for FW Playmates . . <s> <s> FW Other FW Hong FW Kong FW manufacturers FW expect PRP$ their NNS results TO to VB improve RB only RB slightly DT this NN year IN from CD 1988 . . <s> <s> IN Besides DT the NN lack IN of DT a JJS fast-selling NN product , , PRP they VBP cite DT the JJ continued

    NN dominance IN of DT the NNP U.S. NN market IN by FW Nintendo FW Entertainment FW System FW , FW an FW expensive FW video FW game FW made FW by FW Nintendo NNP Co. IN of NNP Japan . . <s> <s> JJ Nintendo NNS buyers VBP have JJ little NN money VBD left TO to VB spend IN on JJ other NNS products . . <s> <s> NN Many IN of DT the FW toy FW makers FW ' FW problems FW started FW well FW before FW June FW 4 FW as FW a FW result FW of FW overstrained FW infrastructure FW and FW Beijing FW 's FW austerity FW programs FW launched FW late

    JJ last NN year . . <s> <s> FW Toy FW makers FW complain FW that FW electricity FW in FW Guangdong FW has FW been FW provided FW only FW three PDT days DT a NN week IN in JJ recent NNS months , , RB down IN from CD five NNS days DT a NN week , , IN as DT the FW province FW 's FW rapid FW industrialization FW has FW outstripped FW its FW generating FW capacity . . <s> <s> NNS Manufacturers VBP are FW upgrading FW standby FW power FW plants . . <s> <s> DT Bank NN credit IN for FW China FW investments FW all FW but FW dried FW up

    FW following FW June FW 4 . . <s> <s> NN Also , , FW concern FW exists FW that FW the FW harder-line FW Beijing FW leadership FW will FW tighten FW its FW control FW of FW Guangdong , , WDT which VBZ has VBN been DT the JJ main NN laboratory IN for DT the JJS open-door NN policy CC and JJ economic NNS reforms . . <s> <s> NN But , , FW toy FW manufacturers FW and FW other FW industrialists FW say FW Beijing FW will FW be FW restrained FW from FW tightening FW controls FW on FW export-oriented FW southern FW China . . <s> <s> NNS They VBP say NNP China

    POS 's NN trade NN deficit VBZ is VBN widening CC and DT the NN country VBZ is RB too JJ short IN of JJ foreign NN exchange IN for PRP it TO to FW hamper FW production FW in FW Guangdong . . <s> <s> IN `` DT The JJ Chinese NNS leaders VBP have TO to VB decide IN whether PRP they VBP want NN control CC or IN whether DT the JJ want NNS exports , , '' '' VBZ says NNP Mr. FW Kwan FW of FW Playmates . . <s> <s> NNP The NNP Bush NN administration , , VBG urging DT the FW Supreme FW Court FW to FW give FW states FW more

    FW leeway FW to FW restrict FW abortions , , VBD said PRP minors VBP have RB n't DT any NN right TO to NN abortion IN without DT the NN consent IN of PRP$ their NNS parents . . <s> <s> FW Solicitor FW General FW Kenneth FW Starr FW argued FW that FW the FW 1973 FW Supreme FW Court FW decision FW , FW Roe FW vs. FW Wade FW , FW recognizing FW a FW constitutional FW right FW to FW abortion , , VBD was RP incorrect . . <s> <s> VBZ He RB also VBN argued IN that DT the JJ high NN court VBD was VBN wrong IN in CD 1976 TO to

    VB rule IN that EX minors VBP have DT a NN right TO to # abortion WDT that MD ca RB n't VB be RB absolutely VBN vetoed IN by PRP$ their NNS parents . . <s> <s> DT The NN administration POS 's NN position VBD was VBN outlined IN in DT a FW friend-of-the-court FW brief FW filed FW in FW one FW of FW three FW abortion FW cases FW the FW Supreme FW Court FW will FW hear FW argued CC and MD will VB decide DT this NN term . . <s> <s> DT The NN administration VBD filed DT the NN brief IN in DT an FW appeal FW involving FW a FW Minnesota

    FW law FW that FW requires FW that FW both FW parents FW of FW a FW minor FW be FW notified FW before PRP she MD may VB have DT an NN abortion . . <s> <s> FW The FW administration FW urged FW the FW justices FW to FW adopt FW a FW legal FW standard FW suggested FW by FW Chief FW Justice FW William FW Rehnquist FW last FW July FW when FW the FW high FW court FW upheld FW Missouri FW 's FW abortion FW restrictions . . <s> <s> IN Under DT that NN standard , , WDT which VBZ garnered DT the NNS votes IN of RB only CD three IN of

    DT the RBS nine UH justices , , DT a NN state NN restriction IN of NN abortion VBZ is VBN constitutional IN if DT the NN state VBZ has DT a `` `` FW reasonable FW '' FW justification FW for FW adopting FW it . . <s> <s> NN That VBZ is DT a RB much JJR easier NN standard IN for DT a NN state TO to VB satisfy IN than DT the NNP Supreme NNP Court POS 's NN test IN since CD 1973 , , WDT which VBZ requires DT a NN state TO to VB have DT a `` `` FW compelling FW '' FW reason FW for FW restricting FW abortion . .

    <s> <s> IN On DT the NNS provisions IN of DT the JJS Minnesota NN law , , DT the FW Bush FW administration FW said FW that FW requiring FW that FW both FW parents FW be FW notified FW is FW a FW reasonable FW regulation , , CC and IN that EX there VBZ is DT no NN need TO to VB have DT an NN alternative WDT that VBZ allows VBN minors TO to VB go TO to NN court IN for DT a NN judge POS 's FW permission FW instead . . <s> <s> DT The NN case , , FW Hodgson FW vs. FW Minnesota , , MD will VB be FW argued

    FW Nov. FW 29 . . <s> <s> NNP Aluminum NNP Co. IN of NNP America , , VBD hit RB hard IN by DT the NN strength IN of DT the NN dollar RB overseas , , VBD said JJ net NN income IN for DT the JJ third NN quarter VBD dropped PRP$ 3.2 NN % TO to $ $ CD 219 CD million , , CC or $ $ CD 2.46 DT a NN share . . <s> <s> DT The NN nation POS 's FW No. FW 1 FW aluminum FW maker FW earned $ $ CD 226.3 CD million , , CC or $ $ CD 2.56 DT a NN share , , DT a

    NN year RBR earlier . . <s> <s> NN Revenue VBD rose CD 11 NN % TO to $ $ CD 2.83 CD billion IN from $ $ CD 2.56 CD billion . . <s> <s> NN Analysts , , WP who VBD were UH expecting UH Alcoa TO to VB post IN around $ $ CD 2.70 TO to $ $ CD 3 DT a NN share , , VBD were VBN surprised IN at DT the RBS lackluster JJ third-quarter NNS results . . <s> <s> IN `` PRP It VBZ 's JJ disappointing , , '' '' VBD said UH William UH Siedenburg , , DT an NN analyst IN with NNP Smith NNP Barney , ,

    FW Harris FW Upham FW & FW Co . . <s> <s> NN Much IN of DT the FW earnings FW decline FW was FW led FW by FW currency-exchange FW rate FW adjustments , , WDT which VBD affected DT the JJ bottom NN line IN by $ $ CD 15.3 CD million , , CC or CD 17 NNS cents DT a NN share , , VBN compared IN with $ $ CD 3.6 CD million , , CC or CD four NNS cents DT a NN share , , DT the JJ previous NN year . . <s> <s> JJ Lower NNS prices IN for FW aluminum FW ingots FW and FW certain FW alloy NNS products

    CC and DT a NN shift IN in DT the NN product MD mix RB also VBN contributed TO to JJR lower NNS earnings , , DT the NN company VBD said . . <s> <s> NN `` IN In NN addition , , FW costs FW were FW higher FW partly FW due FW to FW scheduled FW plant FW outages FW for FW modernization FW work , , '' '' DT the NN company VBD said . . <s> <s> IN Excluding DT the JJR higher NN tax NN rate , , WDT which VBD rose CD two NN percentage NNS points TO to CD 38 NN % , , CC and DT the FW negative FW exchange

    FW rate FW adjustment , , DT the NN company MD would VB have FW met FW analysts FW ' FW expectations FW , FW said FW R. FW Wayne FW Atwell , , DT an NN analyst IN with NNP Goldman , , NNP Sachs CC & NNP Co . . <s> <s> NN Noting IN that DT the JJ third NN quarter VBZ is RB usually DT the FW aluminum FW industry FW 's FW slowest FW , FW Mr. FW Atwell FW added , , `` `` DT the JJ third NN quarter VBZ is RB never DT a FW bang FW up FW period FW for FW them FW anyway . . '' '' <s> <s>

    NN Nevertheless , , DT the NN company VBD said PRP shipments VBD were RP up FW slightly FW to FW 679,000 FW metric FW tons FW from FW 671,000 , , WRB buffing DT the NN impact IN of DT the FW unexpected FW earning FW decline . . <s> <s> JJ The NNS results VBD were VBN announced IN after DT the NN stock NN market VBD closed . . <s> <s> NNP In NNP New NNP York FW Stock FW Exchange FW composite FW trading FW Friday , , WDT Alcoa VBD closed IN at $ $ CD 72 DT a NN share , , RB down $ $ CD 4.75 , , IN in DT a

    RB sharply JJR lower NN market . . <s> <s> CD For CD 20 NNS years , , FW federal FW rules FW have FW barred FW the FW three FW major FW television FW networks FW from FW sharing IN in CD one IN of DT the RBS most JJ lucrative CC and JJ fastest-growing NNS parts IN of DT the NN television NN business . . <s> <s> NN And IN for CD six NNS years , , NNP NBC , , FW ABC FW and FW CBS FW have FW negotiated FW with FW Hollywood FW studios FW in FW a FW futile FW attempt TO to VB change IN that . . <s> <s> NN But

    IN with FW foreign FW companies FW snapping FW up FW U.S. FW movie FW studios , , DT the FW networks FW are FW pressing FW their FW fight FW harder FW than FW ever . . <s> <s> NNS They VBP hope DT the JJ foreign NNS deals MD will VB divide DT the FW Hollywood FW opposition FW and FW prod FW Congress FW to FW push FW for FW ending FW federal FW rules FW that FW prohibit FW the FW networks FW from FW grabbing FW a FW piece FW of FW rerun FW sales FW and FW owning NN part IN of DT the VBZ shows PRP they VBD put IN on DT the

    NN air . . <s> <s> DT Even NN network NNS executives , , RB however , , WP$ admit LS privately LS that SYM victory : -RB either IN in NNP Congress CC or IN in NNS talks IN with DT the FW studios FW -FW is FW highly FW doubtful FW any FW time FW soon . . <s> <s> NN And IN so DT the RBS networks RB also VBP are VBG pushing IN for JJ new NNS ways TO to VB sidestep DT the `` `` FW fin-syn FW '' FW provisions FW , FW known FW formally FW as FW the FW Financial FW Interest FW and FW Syndication FW Rules . .

    <s> <s> NN That VBD became JJ clear JJ last NN week IN with DT the NN disclosure IN that NNP National NNP Broadcasting NNP Co. , , VBN backed IN by DT the FW deep FW pockets FW of FW parent FW General FW Electric NNP Co. , , VBD had VBN tried TO to VB help FW fund FW Qintex FW Australia FW Ltd. FW 's FW now-scuttled FW $ FW 1.5 FW billion FW bid FW for FW MGM\/UA FW Communications FW Co . . <s> <s> NNP NBC POS 's NN interest MD may VB revive DT the NN deal , , WDT which FW MGM\/UA FW killed FW last FW week FW when FW the

    FW Australian FW concern FW had FW trouble FW raising FW cash . . <s> <s> NN Even IN if DT that NN deal VBZ is RB n't RBR revived , , WDT NBC VBZ hopes TO to VB find RP another . . <s> <s> . `` UH Our UH doors UH are UH open , , '' '' DT an JJS NBC NN spokesman VBZ says . . <s> <s> NN NBC MD may RB yet VB find DT a NN way TO to VB take DT a NN passive , , WP$ minority NN interest IN in DT a RBS program-maker LS without PDT violating DT the NNS rules . . <s> <s> IN And DT any

    FW NBC FW effort FW could FW prompt FW CBS NNP Inc. CC and NNP ABC POS 's NN parent , , NNP Capital NNP Cities\/ABC NNP Inc. , , TO to VB look IN for NNS ways IN of PDT skirting DT the RBS fin-syn LS regulations . . <s> <s> IN But DT the FW networks FW ' FW push FW may FW only FW aggravate FW an FW increasingly FW bitter FW rift FW between FW them FW and FW Hollywood FW studios . . <s> <s> JJ Both NNS sides VBP are TO to VB sit RP down JJ next NN month IN for PDT yet DT another NN meeting IN on WRB how PRP they

    MD might VB agree IN on FW reducing FW fin-syn FW restraints . . <s> <s> JJ Few NNS people VBP privy TO to DT the NNS talks VBP expect DT the NNS studios TO to VB budge . . <s> <s> . The '' networks RB still VBP are `` `` FW uninhibited FW in FW their FW authority '' '' IN over WP what MD shows VB get IN on DT the NN air , , FW charges FW Motion FW Picture FW Association FW President FW Jack FW Valenti , , DT the RBS most LS vociferous -RRB- opponent IN of PDT rescinding DT the NNS rules . . <s> <s> NNS Studios VBP are `` ``

    UH powerless '' '' TO to VB get FW shows FW in FW prime-time FW lineups FW and FW keep FW them FW there FW long FW enough FW to FW go FW into FW lucrative FW rerun FW sales , , PRP he VBZ contends . . <s> <s> , And WDT that VBZ 's WRB why DT the NNS rules , , IN for DT the JJS most NN part , , MD must VB stay IN in NN place , , PRP he VBZ says . . <s> <s> JJ Studio NNS executives IN in IN on DT the FW talks FW FW including FW officials FW at FW Paramount FW Communications FW Inc. FW ,

    FW Fries FW Entertainment NNP Inc. , , NNP Warner NNP Communications NNP Inc. CC and NNP MCA NNP Inc. : -VBD declined TO to VB be RP interviewed . . <s> <s> NNP But NNP Mr. NNPS Valenti , , WP who VBZ represents DT the NNS studios , , SYM asserts : : `` `` DT The JJ whole NN production NN industry , , TO to DT a NN man , , VBZ is IN on DT the NN side IN of # preserving '' '' DT the NNS rules . . <s> <s> FW Such FW proclamations FW leave FW network FW officials PDT all DT the JJR more NNS doubtful IN that DT the

    FW studios FW will FW bend . . <s> <s> IN `` PRP They VBP do RB n't VB seem TO to VB have DT an NN incentive TO to VB negotiate , , '' '' VBZ says CD one NN network NN executive . . <s> <s> NN `` CC And EX there VBZ 's DT no NN indication IN that NNP Washington VBZ is VBN prepared TO to VB address DT the NNS rules . . <s> <s> NN That VBZ 's DT the NN problem , , VBZ is RB n't PRP it . ? '' '' <s> <s> IN Indeed PRP it VBZ is . . <s> <s> NN Congress VBZ has VBN said WRB repeatedly

    PRP it VBZ wants DT no NN part IN of DT the NN mess , , VBG urging DT the NNS studios CC and DT the NNS networks , , WDT which FW license FW rights FW to FW air VBZ shows VBN made IN by DT the NNS studios , , TO to VB work RP out PRP$ their JJ own NN compromise . . <s> <s> DT But JJ recent NNS developments VBP have VBN made DT the NNS networks : -CC and NNP NBC NNP President NNP Robert NNP Wright , , IN in SYM particular : -RB ever JJR more NNS adamant IN that DT the NNS networks MD must VB be RP unshackled

    TO to VB survive . . <s> <s> DT The JJS latest SYM provocation : : NNP Sony NNP Corp. POS 's NN plan TO to VB acquire FW Columbia FW Pictures FW Entertainment NNP Inc. IN for $ $ CD 3.4 CD billion , , CC and TO to VB buy FW independent FW producer FW Guber FW Peters FW Entertainment NNP Co. IN for $ $ CD 200 CD million . . <s> <s> FW `` FW I FW wonder FW what FW Walter FW Cronkite MD will VB think IN of DT the FW Sony\/Columbia FW Broadcast FW System FW Trinitron FW Evening FW News FW with FW Dan FW Rather FW broadcast FW exclusively FW from

    FW Tokyo , , '' '' UH wrote UH J.B. UH Holston , , DT an JJS NBC NN vice NN president , , IN in DT a NN commentary IN in JJ last NN week POS 's NN issue IN of DT Broadcasting NN magazine . . <s> <s> IN In PRP$ his NN article , , NNP Mr. NNPS Holston , , WP who VBD was IN in PRP$ Europe JJ last NN week CC and JJ unavailable , , VBD complained IN that DT the `` `` FW archaic FW restraints FW '' FW in FW fin-syn FW rules FW have FW `` FW contributed FW directly TO to DT the NN acquisition IN of DT the

    FW studios FW by FW non-U.S. FW enterprises . . <s> <s> . '' -LRB- -LRBPRP He VBD did RB n't VB mention IN that NNP NBC , , IN in DT the NN meantime , , VBD was VBG hoping TO to VB assist NNP Australia POS 's JJS Qintex IN in VBG buying <s> <s> FW An FW NBC FW spokesman FW counters FW that FW Mr. FW Holston FW 's FW lament FW was FW `` FW entirely FW consistent FW '' FW with FW NBC FW plans FW because FW the FW U.S. FW rules FW would FW limit FW NBC FW 's FW involvement FW in FW the FW Qintex FW deal FW so

    FW severely FW as TO to VB be `` `` JJ light NNS years RB away IN from DT the NN type IN of FW unrestrained FW deals FW available FW to FW Sony FW -FW and FW everyone FW else FW except FW the FW three FW networks . . '' '' <s> <s> FW The FW Big FW Three FW 's FW drumbeat FW for FW deregulation FW began FW intensifying IN in DT the NN summer WRB when DT the FW former FW Time FW Inc. FW went FW ahead FW with FW plans FW to FW acquire FW Warner . . <s> <s> NNP Although NNP Time RB already VBD had DT a JJ long-term

    NN contract TO to VB buy NNS movies IN from NNP Warner , , DT the FW merger FW will FW let FW Time FW 's FW largely FW unregulated FW pay-cable FW channel FW , FW Home FW Box FW Office FW , FW own FW the FW Warner FW movies FW aired FW on FW HBO FW -FW a FW vertical FW integration FW that FW is FW effectively FW blocked FW by FW fin-syn FW regulations . . <s> <s> NNP NBC POS 's NNP Mr. NNP Wright VBD led DT the NN way IN in PDT decrying DT the FW networks FW ' FW inability FW to FW match FW a FW Time-Warner FW combination

    . . <s> <s> NN He VBD spoke RP up RB again WRB when DT the NNP Sony NN bid IN for NNP Columbia VBD was VBN announced . . <s> <s> NNP Since NNP NBC POS 's NN interest IN in DT the FW Qintex FW bid FW for FW MGM\/UA FW was FW disclosed , , NNP Mr. NNP Wright VBZ has RB n't VBN been JJ available IN for NN comment . . <s> <s> IN With DT a FW Qintex FW deal FW , FW NBC FW would FW move FW into FW uncharted FW territory FW -FW possibly FW raising FW hackles IN at DT the NNS studios CC and IN in NNP Washington

    . . <s> <s> IN `` PRP It VBZ 's RB never RB really VBN been RP tested , , '' '' VBZ says UH William UH Lilley UH III , , WP who FW as FW a FW top FW CBS FW executive FW spent FW years FW lobbying TO to VB have DT the RBS rules LS lifted . . <s> <s> FW He FW now FW runs FW Policy FW Communications FW in FW Washington , , VBG consulting TO to VB media NNS companies . . <s> <s> JJ Fin-syn NNS rules VBP do RB n't MD explicitly VB block DT a NN network IN from VBG buying DT a NN passive , , JJ small

    NN stake IN in DT a NN company IN that NNS profits IN from DT the FW rerun FW syndication FW networks FW ca FW n't FW enjoy . . <s> <s> NN Hence , , WDT NBC MD might VB be JJ able TO to VB take , , VBP say , , DT a CD 5 NN % NN stake IN in DT a NN company JJ such IN as NNP MGM\/UA . . <s> <s> IN If DT the FW transaction FW raised FW objections , , DT the NN studio POS 's JJS syndication NNS operations MD could VB be VBN spun RP off IN into DT a JJ separate NN firm IN in WDT which

    DT the NN network VBZ does RB n't VB have DT a JJ direct NN stake . . <s> <s> IN But PDT such FW convolutions FW would FW still FW block FW the FW networks FW from FW grabbing FW a FW big FW chunk FW of FW the FW riches FW of FW syndication . . <s> <s> DT Under JJ current NNS rules , , RB even WRB when DT a FW network FW fares FW well FW with FW a FW 100%-owned FW series FW -FW ABC , , IN for NN example , , FW made FW a FW killing FW in FW broadcasting FW its FW popular FW crime\/comedy FW `` FW Moonlighting

    '' '' : -PRP it VBZ is RB n't VBN allowed TO to NN share IN in DT the RBS continuing LS proceeds WRB when DT the NNS reruns VBP are VBN sold TO to JJ local NNS stations . . <s> <s> NN Instead , , WDT ABC MD will VB have TO to VB sell RP off DT the NNS rights IN for DT a JJ one-time NN fee . . <s> <s> NN The . networks '' admit IN that DT the NNS chances IN of VBG getting DT the FW relief FW they FW want FW are SYM slim : -IN for JJ several NNS years IN at DT the JJS least . .

    <s> <s> JJ Six NNS years IN ago PRP they VBD were TO tantalizingly VB close . . <s> <s> FW The FW Reagan-era FW Federal FW Communications FW Commission FW had FW ruled FW in FW favor FW of FW killing RBS most IN of DT the NNS rules . . <s> <s> DT Various NN evidence , , VBG including DT a FW Brookings FW Institution FW study FW of FW some FW 800 FW series FW that FW the FW networks FW had FW aired CC and VBD had RB partly VBN owned IN in DT the NNS 1960s , , VBD showed DT the FW networks FW did FW n't FW wield FW undue FW control

    FW over FW the FW studios FW as FW had FW been FW alleged . . <s> <s> VBZ But RB just CD eight NNS days IN before DT the NNS rules VBD were TO to VB die , , FW former FW President FW Ronald FW Reagan FW , FW a FW one-time FW actor FW , FW intervened FW on FW behalf FW of FW Hollywood . . <s> <s> . The UH FCC UH effort UH collapsed . . <s> <s> FW The FW networks FW and FW studios FW have FW bickered FW ever FW since . . <s> <s> JJ Network NNS officials VBN involved IN in DT the FW studio FW talks FW may

    FW hope FW the FW foreign FW influx FW builds JJR more NN support IN in NNP Washington , , CC but IN that # seems LS unlikely . . <s> <s> NNP In NNP Congress , , DT the NN issue SYM falters : : PRP It VBZ 's IN about NN money , , RB not NN program NN quality , , CC and FW Hollywood FW has FW lots FW of FW clout FW given FW its FW fund FW raising FW for FW senators FW and FW representatives PDT overseeing DT the NN issue . . <s> <s> DT A NN spokesman IN for FW Rep. FW Edward FW J. FW Markey FW -LRBFW D-Mass.

    -RRB- -RRB, , WP who VBZ heads DT a NN subcommittee WDT that VBZ oversees DT the NNP FCC , , VBZ says NNP Mr. FW Markey FW feels `` `` DT the NN world VBZ has VBN been RB forever VBN changed IN by DT the JJS Sony-Columbia NN deal . . '' '' <s> <s> IN But PRP he VBD said NNP Mr. FW Markey FW hopes FW this FW pushes FW the FW networks FW and FW studios TO to VB work PRP it RP out IN on PRP$ their JJ own . . <s> <s> NN And IN at DT the NNP FCC , , RB meanwhile , , FW new FW Chairman FW Alfred

    FW C. FW Sikes VBZ has VBD said PRP he VBZ wants DT the CD two NNS sides TO to VB hammer RP out PRP$ their JJ own NN plan . . <s> <s> NNP Recognition NNP Equipment NNP Inc. VBD said PRP it VBD settled DT a JJ civil NN action VBN filed IN against PRP it IN by DT the JJ federal NN government IN on NN behalf IN of DT the NNP U.S. NNP Postal NNP Service . . <s> <s> DT The NN government VBD sued DT the NN company IN in NNP April , , VBG seeking $ $ FW 23,000 FW and FW other FW unspecified FW damages FW related FW to FW an

    FW alleged FW contract-steering FW scheme . . <s> <s> DT The NN suit VBD named DT the NN company , , FW former FW chief FW executive FW officer FW William FW G. FW Moore FW Jr. FW , FW former FW vice FW president FW Robert FW W. FW Reedy FW and FW five FW defendants WP who VBD were RB n't NN part IN of DT the NN company . . <s> <s> FW The FW suit FW charged FW the FW defendants FW with FW causing FW Peter FW E. FW Voss , , DT an NN ex-member IN of DT the FW Postal FW Service FW board FW of FW governors , , TO to

    VB accept $ $ FW 23,000 FW in FW bribes FW , FW kickbacks FW and FW gratuities . . <s> <s> . Mr. '' Voss VBD was RB previously VBN sentenced TO to CD four NNS years IN in NN prison CC and WP$ fined $ $ CD 11,000 IN for PRP$ his NN role IN in DT the NN scheme . . <s> <s> IN In DT the NN agreement , , WDT Recognition VBD agreed TO to VB pay DT the NN government $ $ CD 20,000 IN in NN return IN for DT the NN release IN of DT all NNS claims IN against DT the NN company , , NNP Mr. NNP Moore CC and

    NNP Mr. -RRB- Reedy . . <s> <s> CD The CD five JJ additional NNS defendants VBD were RB n't VBN parties TO to DT the NN settlement . . <s> <s> DT A NN trial IN on JJ criminal NNS allegations IN against DT the NN company CC and DT the FW same FW two FW former FW executives FW began FW Sept. FW 27 IN in JJ federal NN court IN for DT the NN District IN of NNP Columbia . . <s> <s> FW They FW were FW indicted FW last FW October FW on FW charges FW of FW fraud FW , FW theft FW and FW conspiracy FW related TO to DT an NN effort

    TO to VB win $ $ CD 400 CD million IN in FW Postal FW Service FW equipment NNS contracts IN by DT the NN maker IN of FW data FW management FW equipment . . <s> <s> DT The NN company CC and PRP$ its NNS executives VBP deny DT the NNS charges . . <s> <s> IN In DT a JJ related NN development , , FW Recognition FW Equipment FW said FW the FW Postal FW Service FW has FW barred FW the FW company FW from FW bidding FW on FW postal FW contracts FW for FW an FW additional FW 120 FW days . . <s> <s> FW The FW Postal FW Service FW originally

    FW suspended FW the FW company FW Oct. FW 7 , , CD 1988 , , CC and VBZ has VBN been RP renewing DT the FW ban FW ever FW since . . <s> <s> DT The NN company VBD said PRP it MD will VB continue TO to VB pursue DT a NN lifting IN of DT the NN suspension . . <s> <s> NNP Intel NNP Corp. VBD reported DT a CD 50 NN % NN drop IN in JJ third-quarter JJ net NN income , , RB partly IN because IN of DT a JJ one-time NN charge IN for JJ discontinued NNS operations . . <s> <s> DT The JJ big NN semiconductor CC and

    NN computer NN maker , , VBD said PRP it VBD had JJ net IN of $ $ CD 72 CD million , , CC or CD 38 NNS cents , , RB down CD 50 NN % IN from $ $ CD 142.7 CD million , , CC or CD 78 NNS cents DT a NN share . . <s> <s> IN The JJR lower NN net VBD included DT a NN charge IN of $ $ CD 35 CD million , , JJ equal TO to CD 12 NNS cents DT a NN share IN on DT an JJ after-tax NN basis , , IN for DT the NN cost IN of FW abandoning FW a FW computer-systems

    FW joint FW venture FW with FW Siemens FW AG FW of FW West FW Germany . . <s> <s> VBZ Earning RB also VBD fell IN from DT the FW year-ago FW period FW because FW of FW slowing FW microchip FW demand . . <s> <s> . Sales '' amounted TO to $ $ CD 771.4 CD million , , RB down CD 1.7 NN % IN from $ $ CD 784.9 CD million . . <s> <s> NNP Intel POS 's NN stock VBD rose IN in FW early FW over-the-counter FW trading FW Friday , , IN as NNS investors VBD appeared VBN relieved IN that DT the NN company POS 's NN income IN from

    VBG continuing NNS operations VBD was RB only RB slightly IN below DT the JJ second NN quarter POS 's NNS earnings IN of $ $ CD 99.3 CD million , , CC or CD 53 NNS cents DT a NN share , , CC and IN that NNS sales RB actually VBD exceeded DT the $ $ CD 747.3 CD million IN for DT the JJ second NN period . . <s> <s> . But UH Intel UH later UH succumbed TO to DT the NN stock NN market POS 's NN plunge , , VBG closing IN at $ $ CD 31.75 , , RB down $ $ CD 2.125 . . <s> <s> NNP In NNP August

    , , WP$ Intel PDT warned DT that JJ third-quarter NNS earnings MD might VB be `` `` FW flat FW to FW down '' '' IN from DT the JJ previous NN period POS 's FW because FW of FW slowing FW sales FW growth FW of FW its FW 80386 FW microprocessor FW , FW start-up FW costs FW associated IN with DT a NN line IN of NNS computers CC and NNS costs IN of VBG preparing IN for PRP$ mass NNS shipments IN of DT the NN company POS 's JJ new JJ 80486 NN chip IN in DT the JJ current NN quarter . . <s> <s> NNP On NNP Friday , , WP$ Andrew

    UH S.Grove , , WP$ Intel NN president CC and JJ chief NN executive NN officer , , VBD said `` `` NNP Intel POS 's NN business VBZ is JJ strong . . <s> <s> NNS Our VBP bookings VBN improved IN as DT the NN quarter , progressed CC and NNP September VBD was RB especially JJ good . . <s> <s> IN For DT the JJ full NN quarter , , PRP$ our NNS bookings VBD were JJR higher IN than DT the JJ previous NN quarter , , CC and PRP$ our FW book-to-bill FW ratio FW exceeded FW 1.0 . . '' '' <s> <s> IN For DT the JJ nine-month NN period , ,

    WDT Intel VBD reported JJ net IN of $ $ CD 268.3 CD million , , CC or $ $ CD 1.43 DT a NN share , , RB down CD 27 NN % IN from $ $ CD 367.1 CD million , , CC or $ $ CD 2.05 DT a NN share . . <s> <s> . Revenue '' amounted TO to $ $ CD 2.23 CD billion , , RB up RB slightly IN from $ $ CD 2.15 CD billion . . <s> <s> . Walter '' Sisulu CC and DT the FW African FW National FW Congress FW came FW home FW yesterday . . <s> <s> CD After CD 26 NNS years IN in

    NN prison , , NNP Mr. NNP Sisulu , , DT the RBS 77-year-old JJ former NN secretary-general IN of DT the RBS liberation UH movement , , VBD was VBN dropped RP off IN at PRP$ his NN house IN by DT a FW prison FW services FW ' FW van FW just FW as FW the FW sun FW was FW coming RP up . . <s> <s> IN At DT the JJ same NN time , , FW six FW ANC FW colleagues FW , FW five FW of FW whom FW were FW arrested FW with FW him FW in FW 1963 FW and FW sentenced FW to FW life FW imprisonment FW , FW were

    FW reunited FW with FW their FW families FW at FW various FW places PDT around DT the NN country . . <s> <s> NN And IN as DT the FW graying FW men FW returned TO to PRP$ their NNS homes , , DT the NNP ANC , , FW outlawed FW in FW South FW Africa FW since FW 1960 CC and RB still VBN considered TO to VB be DT the JJ chief JJ public NN enemy IN by DT the JJ white NN government , , WP$ defiantly UH returned TO to DT the NNS streets IN of DT the NN country POS 's FW black FW townships . . <s> <s> FW A FW huge

    FW ANC FW flag FW , FW with FW black FW , FW green FW and FW gold FW stripes FW , FW was FW hoisted FW over FW the FW rickety FW gate FW at FW Mr. FW Sisulu FW 's FW modest FW house , , IN while IN on DT the FW street FW out FW front FW , FW boys FW displayed FW the FW ANC FW colors FW on FW their FW shirts FW , FW caps FW and FW scarves . . <s> <s> IN At DT the FW small FW four-room FW home FW of FW Elias FW Motsoaledi FW , FW a FW leading FW ANC FW unionist FW and FW a

    FW former FW commander IN in DT the NN group POS 's FW armed FW wing FW , FW Umkhonto FW we FW Sizwe FW , FW well-wishers FW stuck FW little FW ANC FW flags FW in FW their FW hair FW and FW a FW man FW tooted FW on FW an FW antelope FW horn FW wrapped FW in FW ANC FW ribbons . . <s> <s> IN `` PRP I VBP am VBN happy TO to VB see DT the NN spirit IN of DT the NNS people , , '' '' VBD said NNP Mr. NNP Sisulu , , VBG looking RP dapper IN in DT a JJ new JJ gray NN suit . .

    <s> <s> IN As DT the FW crowd FW outside FW his FW home FW shouted FW `` FW ANC , , NNP ANC , , '' '' DT the FW old FW man FW shot FW his FW fists IN into DT the NN air . . <s> <s> IN `` PRP I VBP 'm VBN inspired IN by DT the NN mood IN of DT the NNS people . . '' '' <s> <s> IN Under DT the NNS laws IN of DT the NN land , , DT the FW ANC FW remains FW an FW illegal FW organization , , CC and PRP$ its NNS headquarters VBP are RB still IN in NNP Lusaka , ,

    UH Zambia . . <s> <s> IN But DT the JJS unconditional NN release IN of DT the CD seven NNS leaders , , WP who FW once FW formed FW the FW intellectual FW and FW organizational FW core IN of DT the NNP ANC , , VBZ is DT a FW de FW facto FW unbanning IN of DT the NN movement CC and DT the NN rebirth IN of PRP$ its JJ internal NN wing . . <s> <s> IN `` DT The NN government MD can RB never VB put DT the RBS ANC RB back IN into DT the RBS bottle RB again , , '' '' VBD said FW Cassim FW Saloojee FW ,

    FW a FW veteran FW anti-apartheid FW activist FW on FW hand FW to FW welcome FW Mr. FW Sisulu . . <s> <s> JJ `` NNS Things VBP have VBN gone RB too RB far IN for DT the NN government TO to VB stop PRP them RB now . . <s> <s> NNP There POS 's UH no UH turning UH back . . '' '' <s> <s> NN There VBD was FW certainly FW no FW stopping FW the FW tide FW of FW ANC FW emotion FW last FW night FW , FW when FW hundreds FW of FW people FW jammed FW into FW the FW Holy FW Cross FW Anglican FW Church FW in

    FW Soweto FW for FW what FW became FW the FW first FW ANC FW rally IN in DT the NN country IN in CD 30 NNS years . . <s> <s> . Deafening '' chants IN of `` `` UH ANC '' '' CC and `` `` FW Umkhonto FW we FW Sizwe '' '' VBD shook DT the NN church IN as DT the FW seven FW aging FW men FW vowed IN that DT the NNP ANC MD would VB continue PRP$ its NN fight IN against DT the NN government CC and DT the NNS policies IN of FW racial FW segregation FW on FW all FW fronts , , VBG including DT the RBS armed

    LS struggle . . <s> <s> IN And PRP they VBD called IN on DT the NN government TO to # release UH Nelson UH Mandela , , DT the NNP ANC POS 's JJ leading NN figure , , WP who VBD was VBN jailed IN with PRP them CC and VBZ remains IN in NN prison . . <s> <s> IN Without PRP him , , VBD said NNP Mr. NNP Sisulu , , DT the NN freeing IN of DT the NNS others `` `` VBZ is RB only DT a NN half-measure . . '' '' <s> <s> FW President FW F.W. FW de FW Klerk FW released FW the FW ANC SYM men : --

    RB along IN with CD one IN of DT the JJ founding NNS members IN of DT the FW Pan FW Africanist FW Congress FW , FW a FW rival FW liberation SYM group : -IN as NN part IN of PRP$ his NNS efforts TO to VB create DT a NN climate IN of FW trust FW and FW peace FW in FW which FW his FW government FW can FW begin FW negotiations FW with FW black FW leaders FW over FW a FW new FW constitution FW aimed FW at FW giving FW blacks FW a FW voice FW in FW national FW government . . <s> <s> FW But FW Pretoria FW may FW instead

    FW be FW creating FW a FW climate FW for FW more FW turmoil FW and FW uncertainty FW in FW this FW racially FW divided FW country . . <s> <s> . As UH other UH repressive UH governments , , WP$ particularly LS Poland CC and DT the NNP Soviet NNP Union , , VBP have RB recently VBN discovered , , JJ initial NNS steps TO to VB open RP up FW society FW can FW create FW a FW momentum FW for FW radical FW change FW that FW becomes FW difficult FW , FW if FW not FW impossible , , TO to VB control . . <s> <s> IN As DT the NNS days

    VBP go IN by , , DT the RBS South JJ African NN government MD will VB be RB ever RBR more FW hard FW pressed FW to FW justify FW the FW continued FW imprisonment FW of FW Mr. FW Mandela FW as FW well FW as FW the FW continued FW banning IN of DT the NNP ANC CC and NN enforcement IN of DT the NN state IN of NN emergency . . <s> <s> IN If PRP it VBZ does RB n't VB yield IN on DT these NNS matters , , CC and FW eventually FW begin FW talking FW directly TO to DT the NNP ANC , , DT the FW expectations FW and

    FW promise FW raised FW by FW yesterday FW 's FW releases FW will FW turn FW to FW disillusionment FW and FW unrest . . <s> <s> IN If PRP it VBZ does , , DT the JJ large NN number IN of # right-wing UH whites , , WP who UH oppose UH any UH concessions TO to DT the JJ black NN majority , , MD will VB step RP up PRP$ their NNS agitation CC and NNS threats TO to VB take NNS matters IN into PRP$ their JJ own NNS hands . . <s> <s> FW The FW newly FW released FW ANC FW leaders FW also MD will VB be IN under JJ enormous

    NN pressure . . <s> <s> DT The NN government VBZ is VBG watching RB closely TO to VB see IN if PRP$ their NN presence IN in DT the FW townships FW leads FW to FW increased FW anti-government FW protests FW and SYM violence : ; IN if PRP it VBZ does , , WDT Pretoria MD will VB use DT this IN as DT a NN reason TO to VB keep NNP Mr. FW Mandela FW behind FW bars . . <s> <s> NN Pretoria VBZ has RB n't VBN forgotten WRB why PRP they VBD were PDT all UH sentenced TO to VB life RP imprisonment IN in DT the JJ first NN place : :

    LS for UH sabotage UH and UH conspiracy TO to VB overthrow DT the NN government . . <s> <s> DT In NN addition , , DT the NN government VBZ is VBN figuring IN that DT the NNS releases MD could VB create DT a NN split IN between DT the JJ internal CC and JJ external NNS wings IN of DT the NNP ANC CC and IN between DT the FW newly FW freed FW leaders FW and FW those FW activists FW who FW have FW emerged FW as FW leaders FW inside FW the FW country FW during FW their FW imprisonment . . <s> <s> DT In NN order TO to VB head RP off

    DT any NNS divisions , , NNP Mr. NNPS Mandela , , IN in DT a NN meeting IN with PRP$ his NNS colleagues IN before PRP they VBD were VBN released , , '' instructed PRP them TO to VB report TO to DT the FW ANC FW headquarters FW in FW Lusaka FW as FW soon FW as FW possible . . <s> <s> JJ The NNS men RB also MD will VB be VBN faced IN with PDT bridging DT the FW generation FW gap FW between FW themselves CC and DT the NN country POS 's FW many FW militant FW black FW youths , , DT the FW so-called FW young FW lions WP who

    VBP are VBN anxious TO to VB see DT the JJ old NNS lions IN in NN action . . <s> <s> . Says UH Peter UH Mokaba , , NN president IN of DT the FW South FW African FW Youth SYM Congress : : `` `` PRP We MD will VB be WRB expecting PRP them TO to VB act IN like NNS leaders IN of DT the NNP ANC . . '' '' <s> <s> . They UH never UH considered UH themselves TO to VB be UH anything UH else . . <s> <s> DT At JJ last NN night POS 's NN rally , , PRP they VBD called IN on PRP$ their NNS followers

    TO to VB be NN firm , , WP$ yet UH disciplined , , IN in PRP$ their NN opposition TO to VB apartheid . . <s> <s> IN `` PRP We MD emphasize VB discipline IN because PRP we VBP know IN that DT the NN government VBZ is RB very , , WP$ very UH sensitive , , '' '' VBD said FW Andrew FW Mlangeni FW , FW another FW early FW Umkhonto FW leader WP who VBZ is RB now CD 63 . .

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