Confidence_NN in_IN the_DT pound_NN is_VBZ widely_RB expected_VBN to_TO take_VB another_DT sharp_JJ dive_NN if_IN trade_NN figures_NNS for_IN September_NNP ,_, due_JJ for_IN release_NN tomorrow_NN ,_, fail_VB to_TO show_VB a_DT substantial_JJ improvement_NN from_IN July_NNP and_CC August_NNP 's_POS near-record_JJ deficits_NNS ._. 
Chancellor_NNP of_IN the_DT Exchequer_NNP Nigel_NNP Lawson_NNP 's_POS restated_VBN commitment_NN to_TO a_DT firm_NN monetary_JJ policy_NN has_VBZ helped_VBN to_TO prevent_VB a_DT freefall_NN in_IN sterling_NN over_IN the_DT past_JJ week_NN ._. 
But_CC analysts_NNS reckon_VBP underlying_VBG support_NN for_IN sterling_NN has_VBZ been_VBN eroded_VBN by_IN the_DT chancellor_NN 's_POS failure_NN to_TO announce_VB any_DT new_JJ policy_NN measures_NNS in_IN his_PRP$ Mansion_NNP House_NNP speech_NN last_JJ Thursday_NNP ._. 
This_DT has_VBZ increased_VBN the_DT risk_NN of_IN the_DT government_NN being_VBG forced_VBN to_TO increase_VB base_NN rates_NNS to_TO 16_CD %_NN from_IN their_PRP$ current_JJ 15_CD %_NN level_NN to_TO defend_VB the_DT pound_NN ,_, economists_NNS and_CC foreign_JJ exchange_NN market_NN analysts_NNS say_VBP ._. 
``_`` The_DT risks_NNS for_IN sterling_NN of_IN a_DT bad_JJ trade_NN figure_NN are_VBP very_RB heavily_RB on_IN the_DT down_JJ side_NN ,_, ''_'' said_VBD Chris_NNP Dillow_NNP ,_, senior_JJ U.K._NNP economist_NN at_IN Nomura_NNP Research_NNP Institute_NNP ._. 
``_`` If_IN there_EX is_VBZ another_DT bad_JJ trade_NN number_NN ,_, there_EX could_MD be_VB an_DT awful_JJ lot_NN of_IN pressure_NN ,_, ''_'' noted_VBD Simon_NNP Briscoe_NNP ,_, U.K._NNP economist_NN for_IN Midland_NNP Montagu_NNP ,_, a_DT unit_NN of_IN Midland_NNP Bank_NNP PLC_NNP ._. 
Forecasts_NNS for_IN the_DT trade_NN figures_NNS range_VBP widely_RB ,_, but_CC few_JJ economists_NNS expect_VBP the_DT data_NNS to_TO show_VB a_DT very_RB marked_VBN improvement_NN from_IN the_DT #_# 2_CD billion_CD -LRB-_( $_$ 3.2_CD billion_CD -RRB-_) deficit_NN in_IN the_DT current_JJ account_NN reported_VBD for_IN August_NNP ._. 
The_DT August_NNP deficit_NN and_CC the_DT #_# 2.2_CD billion_CD gap_NN registered_VBN in_IN July_NNP are_VBP topped_VBN only_RB by_IN the_DT #_# 2.3_CD billion_CD deficit_NN of_IN October_NNP 1988_CD ._. 
Sanjay_NNP Joshi_NNP ,_, European_JJ economist_NN at_IN Baring_NNP Brothers_NNPS &_CC Co._NNP ,_, said_VBD there_EX is_VBZ no_DT sign_NN that_IN Britain_NNP 's_POS manufacturing_NN industry_NN is_VBZ transforming_VBG itself_PRP to_TO boost_VB exports_NNS ._. 
At_IN the_DT same_JJ time_NN ,_, he_PRP remains_VBZ fairly_RB pessimistic_JJ about_IN the_DT outlook_NN for_IN imports_NNS ,_, given_VBN continued_VBD high_JJ consumer_NN and_CC capital_NN goods_NNS inflows_NNS ._. 
He_PRP reckons_VBZ the_DT current_JJ account_NN deficit_NN will_MD narrow_VB to_TO only_RB #_# 1.8_CD billion_CD in_IN September_NNP ._. 
However_RB ,_, Mr._NNP Dillow_NNP said_VBD he_PRP believes_VBZ that_IN a_DT reduction_NN in_IN raw_JJ material_NN stockbuilding_VBG by_IN industry_NN could_MD lead_VB to_TO a_DT sharp_JJ drop_NN in_IN imports_NNS ._. 
Combined_VBN with_IN at_IN least_JJS some_DT rebound_NN in_IN exports_NNS after_IN August_NNP 's_POS unexpected_JJ decline_NN ,_, the_DT deficit_NN could_MD narrow_VB to_TO as_RB little_JJ as_IN #_# 1.3_CD billion_CD ._. 
Mr._NNP Briscoe_NNP ,_, who_WP also_RB forecasts_VBZ a_DT #_# 1.3_CD billion_CD current_JJ account_NN gap_NN ,_, warns_VBZ that_IN even_RB if_IN the_DT trade_NN figures_NNS are_VBP bullish_JJ for_IN sterling_NN ,_, the_DT currency_NN wo_MD n't_RB advance_VB much_JJ because_IN investors_NNS will_MD want_VB to_TO see_VB further_JJ evidence_NN of_IN the_DT turnaround_NN before_IN adjusting_VBG positions_NNS ._. 
Nevertheless_RB ,_, he_PRP noted_VBD ,_, ``_`` No_DT one_PRP will_MD want_VB to_TO go_VB into_IN the_DT trade_NN figures_NNS without_IN a_DT flat_JJ position_NN ''_'' in_IN the_DT pound_NN ._. 
Meanwhile_RB ,_, overall_JJ evidence_NN on_IN the_DT economy_NN remains_VBZ fairly_RB clouded_VBN ._. 
In_IN his_PRP$ Mansion_NNP House_NNP speech_NN ,_, Mr._NNP Lawson_NNP warned_VBD that_IN a_DT further_JJ slowdown_NN can_MD be_VB expected_VBN as_IN the_DT impact_NN of_IN the_DT last_JJ rise_NN in_IN interest_NN rates_NNS earlier_RBR this_DT month_NN takes_VBZ effect_NN ._. 
U.K._JJ base_NN rates_NNS are_VBP at_IN their_PRP$ highest_JJS level_NN in_IN eight_CD years_NNS ._. 
But_CC consumer_NN expenditure_NN data_NNS released_VBD Friday_NNP do_VBP n't_RB suggest_VB that_IN the_DT U.K._NNP economy_NN is_VBZ slowing_VBG that_DT quickly_RB ._. 
The_DT figures_NNS show_VBP that_DT spending_NN rose_VBD 0.1_CD %_NN in_IN the_DT third_JJ quarter_NN from_IN the_DT second_JJ quarter_NN and_CC was_VBD up_IN 3.8_CD %_NN from_IN a_DT year_NN ago_RB ._. 
This_DT compares_VBZ with_IN a_DT 1.6_CD %_NN rise_NN in_IN the_DT second_NN from_IN the_DT first_JJ quarter_NN and_CC a_DT 5.4_CD %_NN increase_NN from_IN the_DT second_JJ quarter_NN of_IN 1988_CD ._. 
Mr._NNP Dillow_NNP said_VBD the_DT data_NNS show_VBP the_DT economy_NN ``_`` is_VBZ still_RB quite_RB strong_JJ ,_, ''_'' but_CC suggestions_NNS that_IN much_NN of_IN the_DT spending_NN went_VBD on_IN services_NNS rather_RB than_IN consumer_NN goods_NNS should_MD reduce_VB fears_NNS of_IN more_JJR import_NN rises_NNS ._. 
Certainly_RB ,_, the_DT chancellor_NN has_VBZ made_VBN it_PRP clear_JJ that_IN he_PRP is_VBZ prepared_VBN to_TO increase_VB interest_NN rates_NNS again_RB if_IN necessary_JJ to_TO both_DT ensure_VB that_IN a_DT substantial_JJ slowdown_NN does_VBZ take_VB place_NN and_CC that_DT sterling_NN does_VBZ n't_RB decline_VB further_JJ ._. 
Thursday_NNP ,_, he_PRP reminded_VBD his_PRP$ audience_NN that_IN the_DT government_NN ``_`` can_MD not_RB allow_VB the_DT necessary_JJ rigor_NN of_IN monetary_JJ policy_NN to_TO be_VB undermined_VBN by_IN exchange_NN rate_NN weakness_NN ._. ''_'' 
Analysts_NNS agree_VBP there_EX is_VBZ little_JJ holding_NN sterling_NN firm_NN at_IN the_DT moment_NN other_JJ than_IN Mr._NNP Lawson_NNP 's_POS promise_NN that_IN rates_NNS will_MD be_VB pushed_VBN higher_JJR if_IN necessary_JJ ._. 
And_CC ,_, they_PRP warn_VBP ,_, any_DT further_JJ drop_NN in_IN the_DT government_NN 's_POS popularity_NN could_MD swiftly_RB make_VB this_DT promise_NN sound_NN hollow_JJ ._. 
Sterling_NNP was_VBD already_RB showing_VBG some_DT signs_NNS of_IN a_DT lack_NN of_IN confidence_NN in_IN Mr._NNP Lawson_NNP 's_POS promise_NN Friday_NNP ._. 
In_IN European_JJ trading_NN it_PRP declined_VBD to_TO $_$ 1.5890_CD and_CC 2.9495_CD marks_NNS from_IN $_$ 1.5940_CD and_CC 2.9429_CD marks_NNS late_JJ Thursday_NNP ._. 
Economists_NNS suggested_VBD that_IN if_IN the_DT pound_NN falls_VBZ much_JJ below_IN 2.90_CD marks_NNS ,_, the_DT government_NN will_MD be_VB forced_VBN to_TO increase_VB rates_NNS to_TO 16_CD %_NN ,_, both_DT to_TO halt_VB any_DT further_JJ decline_NN and_CC ensure_VB that_IN the_DT balance_NN of_IN monetary_JJ policy_NN remains_VBZ unchanged_JJ ._. 
Friday_NNP 's_POS Market_NNP Activity_NN 
The_DT dollar_NN posted_VBD gains_NNS in_IN quiet_JJ trading_NN as_IN concerns_NNS about_IN equities_NNS abated_VBN ._. 
Foreign_JJ exchange_NN dealers_NNS said_VBD that_IN the_DT currency_NN market_NN has_VBZ begun_VBN to_TO distance_VB itself_PRP from_IN the_DT volatile_JJ stock_NN exchange_NN ,_, which_WDT has_VBZ preoccupied_VBN the_DT market_NN since_IN Oct._NNP 13_CD ,_, when_WRB the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP plunged_VBD more_JJR than_IN 190_CD points_NNS ._. 
Currency_NN analysts_NNS predict_VBP that_IN in_IN the_DT coming_VBG week_NN the_DT foreign_JJ exchange_NN market_NN will_MD shift_VB its_PRP$ focus_NN back_RB to_TO economic_JJ fundamentals_NNS ,_, keeping_VBG a_DT close_NN eye_NN out_IN for_IN any_DT signs_NNS of_IN monetary_JJ easing_NN by_IN U.S._NNP Federal_NNP Reserve_NNP ._. 
Late_RB in_IN the_DT New_NNP York_NNP trading_NN day_NN ,_, the_DT dollar_NN was_VBD quoted_VBN at_IN 1.8578_CD marks_NNS ,_, up_IN from_IN 1.8470_CD marks_NNS late_JJ Thursday_NNP in_IN New_NNP York_NNP ._. 
The_DT U.S._NNP currency_NN was_VBD also_RB changing_VBG hands_NNS at_IN 142.43_CD yen_NN ,_, up_IN from_IN 141.70_CD yen_NN in_IN New_NNP York_NNP late_JJ Thursday_NNP ._. 
In_IN Tokyo_NNP on_IN Monday_NNP ,_, the_DT U.S._NNP currency_NN opened_VBD for_IN trading_NN at_IN 141.95_CD yen_NN ,_, up_IN from_IN Friday_NNP 's_POS Tokyo_NNP close_NN of_IN 141.35_CD yen_NN ._. 
On_IN the_DT Commodity_NNP Exchange_NNP in_IN New_NNP York_NNP ,_, gold_NN for_IN current_JJ delivery_NN settled_VBD at_IN $_$ 367.30_CD an_DT ounce_NN ,_, up_IN 20_CD cents_NNS ._. 
Estimated_VBN volume_NN was_VBD a_DT light_NN 2.4_CD million_CD ounces_NNS ._. 
In_IN early_JJ trading_NN in_IN Hong_NNP Kong_NNP Monday_NNP ,_, gold_NN was_VBD quoted_VBN at_IN $_$ 366.50_CD an_DT ounce_NN ._. 
East_NNP Rock_NNP Partners_NNP Limited_NNP Partnership_NNP said_VBD it_PRP proposed_VBD to_TO acquire_VB A.P._NNP Green_NNP Industries_NNP Inc._NNP for_IN $_$ 40_CD a_DT share_NN ._. 
In_IN an_DT Oct._NNP 19_CD letter_NN to_TO A.P._NNP Green_NNP 's_POS board_NN ,_, East_NNP Rock_NNP said_VBD the_DT offer_NN is_VBZ subject_NN to_TO the_DT signing_NN of_IN a_DT merger_NN agreement_NN by_IN no_DT later_RB than_IN Oct._NNP 31_CD ._. 
The_DT letter_NN ,_, attached_VBN to_TO a_DT filing_NN with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ,_, said_VBD the_DT approval_NN is_VBZ also_RB contingent_JJ upon_IN obtaining_VBG satisfactory_JJ financing_NN ._. 
An_DT A.P._NNP Green_NNP official_NN declined_VBD to_TO comment_VB on_IN the_DT filing_NN ._. 
The_DT $_$ 40-a-share_JJ proposal_NN values_VBZ the_DT company_NN at_IN about_RB $_$ 106.6_CD million_CD ._. 
A.P._NNP Green_NNP currently_RB has_VBZ 2,664,098_CD shares_NNS outstanding_JJ ._. 
Its_PRP$ stock_NN closed_VBD at_IN $_$ 38_CD ,_, up_IN $_$ 1.875_CD ,_, in_IN national_JJ over-the-counter_JJ trading_NN ._. 
The_DT company_NN is_VBZ a_DT Mexico_NNP ,_, Mo._NNP ,_, maker_NN of_IN refractory_JJ products_NNS ._. 
East_NNP Rock_NNP also_RB said_VBD in_IN the_DT filing_NN that_IN it_PRP boosted_VBD its_PRP$ stake_NN in_IN A.P._NNP Green_NNP to_TO 8.7_CD %_NN ._. 
It_PRP now_RB holds_VBZ 233,000_CD A.P._NNP Green_NNP common_JJ shares_NNS ,_, including_VBG 30,000_CD shares_NNS bought_VBD last_JJ Thursday_NNP for_IN $_$ 35.50_CD to_TO $_$ 36.50_CD a_DT share_NN ._. 
New_NNP York-based_JJ John_NNP Kuhns_NNP and_CC Robert_NNP MacDonald_NNP control_NN East_NNP Rock_NNP Partners_NNP Inc._NNP ,_, the_DT sole_JJ general_JJ partner_NN of_IN East_NNP Rock_NNP Partners_NNP L.P_NNP ._. 
The_DT sole_JJ limited_JJ partner_NN of_IN the_DT partnership_NN is_VBZ Westwood_NNP Brick_NNP Lime_NNP Inc._NNP ,_, an_DT indirect_JJ subsidiary_NN of_IN Westwood_NNP Group_NNP Inc_NNP ._. 
Both_DT Westwood_NNP Brick_NNP and_CC Westwood_NNP Group_NNP are_VBP based_VBN in_IN Boston_NNP ._. 
Freight_NN rates_NNS ,_, declining_VBG for_IN most_RBS of_IN the_DT decade_NN because_IN of_IN competition_NN spurred_VBN by_IN deregulation_NN ,_, are_VBP bottoming_VBG out_IN ,_, turning_VBG upward_RB and_CC threatening_VBG to_TO fuel_VB inflation_NN ._. 
Trucking_NNP ,_, shipping_VBG and_CC air-freight_NN companies_NNS have_VBP announced_VBN rate_NN increases_NNS ,_, scheduled_VBN for_IN this_DT fall_NN or_CC early_JJ next_JJ year_NN ,_, reflecting_VBG higher_JJR costs_NNS and_CC tightened_VBD demand_NN for_IN freight_NN transport_NN ._. 
Major_JJ shippers_NNS say_VBP they_PRP expect_VBP freight_NN rates_NNS to_TO rise_VB at_IN least_JJS as_RB fast_RB as_IN inflation_NN and_CC maybe_RB faster_RBR in_IN the_DT next_JJ few_JJ years_NNS ._. 
That_DT 's_VBZ a_DT big_JJ change_NN from_IN recent_JJ years_NNS when_WRB freight_NN haulage_NN was_VBD a_DT bright_JJ spot_NN for_IN U.S._NNP productivity_NN ,_, helping_VBG to_TO restrain_VB inflation_NN and_CC make_VB U.S._NNP industry_NN more_RBR competitive_JJ abroad_RB ._. 
``_`` Demand_NN has_VBZ caught_VBN up_IN with_IN the_DT supply_NN of_IN certain_JJ types_NNS of_IN freight_NN transportation_NN ,_, and_CC rates_NNS are_VBP starting_VBG to_TO move_VB up_IN ''_'' at_IN a_DT rate_NN ``_`` close_RB to_TO or_CC slightly_RB more_JJR than_IN the_DT inflation_NN rate_NN ,_, ''_'' said_VBD Clifford_NNP Sayre_NNP ,_, director_NN of_IN logistics_NNS at_IN Du_NNP Pont_NNP Co_NNP ._. 
Shippers_NNS surveyed_VBN recently_RB by_IN Ohio_NNP State_NNP University_NNP said_VBD they_PRP expect_VBP their_PRP$ freight-transport_JJ ,_, storage_NN and_CC distribution_NN costs_NNS to_TO rise_VB about_IN 4_CD %_NN this_DT year_NN ._. 
Only_RB 10_CD %_NN of_IN the_DT 250_CD shippers_NNS polled_VBN expected_VBN their_PRP$ freight-transport_JJ costs_NNS to_TO decrease_VB ,_, compared_VBN with_IN 30_CD %_NN who_WP had_VBD looked_VBN to_TO freight_VB transport_NN to_TO reduce_VB costs_NNS in_IN past_JJ years_NNS ._. 
``_`` This_DT is_VBZ the_DT first_JJ year_NN since_IN transportation_NN deregulation_NN in_IN 1980_CD that_IN we_PRP have_VBP had_VBN such_JJ a_DT dramatic_JJ and_CC broad-based_JJ upturn_NN in_IN perceived_VBN transportation_NN rates_NNS ,_, ''_'' said_VBD Bernard_NNP LaLonde_NNP ,_, a_DT transportation_NN logistics_NNS professor_NN at_IN Ohio_NNP State_NNP in_IN Columbus_NNP ._. 
The_DT deregulation_NN of_IN railroads_NNS and_CC trucking_NN companies_NNS that_WDT began_VBD in_IN 1980_CD enabled_VBD shippers_NNS to_TO bargain_VB for_IN transportation_NN ._. 
Carriers_NNP could_MD use_VB their_PRP$ equipment_NN more_RBR efficiently_RB ,_, leading_VBG to_TO overcapacity_NN they_PRP were_VBD eager_JJ to_TO fill_VB ._. 
Shippers_NNS cut_VBP about_RB $_$ 35_CD billion_CD from_IN their_PRP$ annual_JJ ,_, inter-city_JJ truck_NN and_CC rail_NN costs_NNS ,_, to_TO about_RB $_$ 150_CD billion_CD ,_, or_CC about_IN 6.4_CD %_NN of_IN gross_JJ national_JJ product_NN ,_, down_RB from_IN 8_CD %_NN of_IN GNP_NNP in_IN 1981_CD ._. 
But_CC with_IN much_NN of_IN the_DT inefficiency_NN squeezed_VBN out_IN of_IN the_DT freight-transport_JJ system_NN ,_, rising_VBG costs_NNS are_VBP likely_JJ to_TO be_VB reflected_VBN directly_RB in_IN higher_JJR freight_NN rates_NNS ._. 
``_`` Shippers_NNS are_VBP saying_VBG `_`` the_DT party_NN 's_POS over_IN ,_, '_'' ''_'' said_VBD Mr._NNP LaLonde_NNP ._. 
``_`` Shippers_NNS wo_MD n't_RB be_VB able_JJ to_TO look_VB for_IN transportation-cost_JJ savings_NNS as_IN they_PRP have_VBP for_IN the_DT last_JJ eight_CD or_CC nine_CD years_NNS ._. 
Transport_NN rates_NNS wo_MD n't_RB be_VB an_DT opportunity_NN for_IN offsetting_VBG cost_NN increases_NNS in_IN other_JJ segments_NNS of_IN the_DT economy_NN ._. ''_'' 
Robert_NNP Delaney_NNP ,_, a_DT consultant_NN at_IN Arthur_NNP D._NNP Little_NNP Inc._NNP ,_, Cambridge_NNP ,_, Mass._NNP ,_, said_VBD ``_`` We_PRP 've_VBP gotten_VBN all_PDT the_DT benefits_NNS of_IN deregulation_NN in_IN freight-cost_JJ reductions_NNS ._. 
Now_RB we_PRP are_VBP starting_VBG to_TO see_VB real_JJ freight-rate_JJ increases_NNS as_IN carriers_NNS replace_VBP equipment_NN ,_, pay_VB higher_JJR fuel_NN costs_NNS and_CC pay_VB more_JJR for_IN labor_NN ._. 
You_PRP 'll_MD see_VB carriers_NNS try_VB to_TO recoup_VB some_DT of_IN the_DT price_NN cutting_VBG that_WDT occurred_VBD previously_RB ._. ''_'' 
Not_RB everyone_NN believes_VBZ that_IN the_DT good_JJ times_NNS are_VBP over_IN for_IN shippers_NNS ._. 
``_`` There_EX 's_VBZ still_RB a_DT lot_NN of_IN pressure_NN on_IN rates_NNS in_IN both_DT rail_NN and_CC truck_NN ,_, ''_'' said_VBD Gerard_NNP McCullough_NNP ,_, lecturer_NN in_IN transportation_NN at_IN Massachusetts_NNP Institute_NNP of_IN Technology_NNP ._. 
Less-than-truckload_JJ companies_NNS ,_, which_WDT carry_VBP the_DT freight_NN of_IN several_JJ shippers_NNS in_IN each_DT truck_NN trailer_NN ,_, discounted_VBD away_RB a_DT 4.7_CD %_NN rate_NN increase_NN implemented_VBD last_JJ April_NNP ._. 
The_DT carriers_NNS were_VBD competing_VBG fiercely_RB for_IN market_NN share_NN ._. 
Railroad-rate_JJ increases_NNS are_VBP likely_JJ to_TO be_VB restrained_VBN by_IN weakening_VBG rail-traffic_JJ levels_NNS and_CC keen_JJ competition_NN for_IN freight_NN from_IN trucks_NNS ._. 
An_DT official_NN at_IN Consolidated_NNP Freightways_NNP Inc._NNP ,_, a_DT Menlo_NNP Park_NNP ,_, Calif._NNP ,_, less-than-truckload_JJ carrier_NN ,_, said_VBD rate_NN discounting_NN in_IN that_DT industry_NN has_VBZ begun_VBN to_TO ``_`` stabilize_VB ._. ''_'' 
Consolidated_NNP Freightways_NNP plans_VBZ to_TO raise_VB its_PRP$ rates_NNS 5.3_CD %_NN late_JJ this_DT year_NN or_CC early_JJ next_JJ year_NN ,_, and_CC at_IN least_JJS two_CD competitors_NNS have_VBP announced_VBN similar_JJ increases_NNS ._. 
Truckers_NNS are_VBP ``_`` trying_VBG to_TO send_VB signals_NNS that_IN they_PRP need_VBP to_TO stop_VB the_DT bloodletting_NN ,_, forget_VB about_IN market_NN share_NN and_CC go_VB for_IN higher_JJR rates_NNS ,_, ''_'' said_VBD Michael_NNP Lloyd_NNP ,_, an_DT analyst_NN at_IN Salomon_NNP Bros_NNP ._. 
And_CC ``_`` shippers_NNS are_VBP getting_VBG the_DT feeling_NN that_IN they_PRP have_VBP played_VBN one_CD trucker_NN off_IN against_IN another_DT as_RB much_JJ as_IN they_PRP can_MD ,_, ''_'' he_PRP said_VBD ._. 
Air-freight_NN carriers_NNS raised_VBD their_PRP$ rates_NNS for_IN U.S._NNP products_NNS going_VBG across_IN the_DT Pacific_NNP to_TO Asia_NNP by_IN about_IN 20_CD %_NN earlier_RBR this_DT month_NN ._. 
And_CC Japan_NNP Air_NNP Lines_NNPS said_VBD it_PRP plans_VBZ to_TO boost_VB its_PRP$ rates_NNS a_DT further_JJ 25_CD %_NN over_IN the_DT next_JJ two_CD years_NNS ._. 
Such_JJ rate_NN increases_NNS ``_`` will_MD increase_VB the_DT total_JJ cost_NN of_IN U.S._NNP products_NNS and_CC slow_JJ down_RP the_DT rate_NN of_IN increase_NN of_IN U.S._NNP exports_NNS ,_, ''_'' said_VBD Richard_NNP Connors_NNP ,_, a_DT senior_JJ vice_NN president_NN of_IN Yusen_NNP Air_NNP &_CC Sea_NNP Service_NNP U.S.A._NNP Inc._NNP ,_, the_DT U.S._NNP air-freight-forwarding_JJ subsidiary_NN of_IN Nippon_NNP Yusen_NNP Kaisha_NNP of_IN Japan_NNP ._. 
Ship_NN companies_NNS carrying_VBG bulk_NN commodities_NNS ,_, such_JJ as_IN oil_NN ,_, grain_NN ,_, coal_NN and_CC iron_NN ore_NN ,_, have_VBP been_VBN able_JJ to_TO increase_VB their_PRP$ rates_NNS in_IN the_DT last_JJ couple_NN of_IN years_NNS ._. 
Some_DT bulk_NN shipping_VBG rates_NNS have_VBP increased_VBN ``_`` 3_CD %_NN to_TO 4_CD %_NN in_IN the_DT past_JJ few_JJ months_NNS ,_, ''_'' said_VBD Salomon_NNP 's_POS Mr._NNP Lloyd_NNP ._. 
And_CC ship_NN lines_NNS carrying_VBG containers_NNS are_VBP also_RB trying_VBG to_TO raise_VB their_PRP$ rates_NNS ._. 
Carriers_NNP boosted_VBD rates_NNS more_JJR than_IN 10_CD %_NN in_IN the_DT North_NNP Atlantic_NNP between_IN the_DT U.S._NNP and_CC Europe_NNP last_JJ September_NNP ,_, hoping_VBG to_TO partly_RB restore_VB rates_NNS to_TO earlier_JJR levels_NNS ._. 
Ship_NN lines_NNS operating_VBG in_IN the_DT Pacific_NNP plan_NN to_TO raise_VB rates_NNS on_IN containers_NNS carrying_VBG U.S._NNP exports_NNS to_TO Asia_NNP about_IN 10_CD %_NN ,_, effective_JJ next_JJ April_NNP ._. 
MGM_NNP Grand_NNP Inc._NNP said_VBD it_PRP filed_VBD a_DT registration_NN statement_NN with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP for_IN a_DT public_JJ offering_NN of_IN six_CD million_CD common_JJ shares_NNS ._. 
The_DT Beverly_NNP Hills_NNP ,_, Calif.-based_JJ company_NN said_VBD it_PRP would_MD have_VB 26.9_CD million_CD common_JJ shares_NNS outstanding_JJ after_IN the_DT offering_NN ._. 
The_DT hotel_NN and_CC Gaming_NNP company_NN said_VBD Merrill_NNP Lynch_NNP Capital_NNP Markets_NNPS will_MD lead_VB the_DT underwriters_NNS ._. 
Proceeds_NNS from_IN the_DT sale_NN will_MD be_VB used_VBN for_IN remodeling_VBG and_CC refurbishing_VBG projects_NNS ,_, as_RB well_RB as_IN for_IN the_DT planned_VBN MGM_NNP Grand_NNP hotel\/casino_NN and_CC theme_NN park_NN ._. 
Bob_NNP Stone_NNP stewed_JJ over_IN a_DT letter_NN from_IN his_PRP$ manager_NN putting_VBG him_PRP on_IN probation_NN for_IN insubordination_NN ._. 
Mr._NNP Stone_NNP thought_VBD the_DT discipline_NN was_VBD unfair_JJ ;_: he_PRP believed_VBD that_IN his_PRP$ manager_NN wanted_VBD to_TO get_VB rid_JJ of_IN him_PRP for_IN personal_JJ reasons_NNS ._. 
Unable_JJ to_TO persuade_VB the_DT manager_NN to_TO change_VB his_PRP$ decision_NN ,_, he_PRP went_VBD to_TO a_DT ``_`` company_NN court_NN ''_'' for_IN a_DT hearing_NN ._. 
At_IN the_DT scheduled_VBN time_NN ,_, Mr._NNP Stone_NNP entered_VBD a_DT conference_NN room_NN in_IN a_DT building_NN near_IN where_WRB he_PRP worked_VBD ._. 
After_IN the_DT three_CD members_NNS of_IN the_DT court_NN introduced_VBD themselves_PRP ,_, the_DT chairman_NN of_IN the_DT panel_NN said_VBD :_: ``_`` Go_VB ahead_RB and_CC tell_VB us_PRP what_WP happened_VBD ._. 
We_PRP may_MD ask_VB questions_NNS as_IN you_PRP go_VBP along_IN ,_, or_CC we_PRP may_MD wait_VB until_IN the_DT end_NN ._. ''_'' 
No_DT lawyers_NNS or_CC tape_NN recorders_NNS were_VBD present_JJ ._. 
The_DT only_RB extra_JJ people_NNS were_VBD a_DT couple_NN of_IN personnel_NNS specialists_NNS ,_, one_CD of_IN whom_WP knew_VBD Mr._NNP Stone_NNP 's_POS case_NN intimately_RB and_CC would_MD help_VB fill_VB in_IN any_DT facts_NNS needed_VBN to_TO give_VB the_DT court_NN the_DT full_JJ picture_NN ._. 
Over_IN a_DT cup_NN of_IN coffee_NN ,_, Mr._NNP Stone_NNP told_VBD his_PRP$ story_NN ._. 
He_PRP talked_VBD about_IN 20_CD minutes_NNS ._. 
When_WRB he_PRP was_VBD through_IN ,_, the_DT court_NN members_NNS asked_VBD many_JJ questions_NNS ,_, then_RB the_DT chairman_NN said_VBD they_PRP would_MD like_VB to_TO hear_VB his_PRP$ manager_NN 's_POS side_NN and_CC talk_VB to_TO witnesses_NNS ._. 
The_DT chairman_NN promised_VBD Mr._NNP Stone_NNP a_DT decision_NN within_IN two_CD weeks_NNS ._. 
Bob_NNP Stone_NNP is_VBZ a_DT fictional_JJ name_NN ,_, but_CC the_DT incident_NN described_VBN is_VBZ real_JJ ._. 
It_PRP happened_VBD at_IN Northrop_NNP Corp._NNP in_IN Los_NNP Angeles_NNP ._. 
The_DT court_NN is_VBZ called_VBN the_DT Management_NNP Appeals_NNP Committee_NNP ,_, or_CC just_RB ``_`` MAC_NNP ,_, ''_'' and_CC it_PRP is_VBZ likely_JJ to_TO hear_VB a_DT couple_NN of_IN dozen_NN cases_VBZ a_DT year_NN ._. 
Alter_VB some_DT details_NNS of_IN this_DT example_NN and_CC it_PRP could_MD be_VB taking_VBG place_NN today_NN at_IN Federal_NNP Express_NNP in_IN Memphis_NNP ,_, the_DT Defense_NNP and_CC Underseas_NNP Systems_NNP divisions_NNS of_IN Honeywell_NNP in_IN Minneapolis_NNP ,_, a_DT General_NNP Electric_NNP plant_NN in_IN Columbia_NNP ,_, Md._NNP ,_, or_CC a_DT number_NN of_IN other_JJ companies_NNS ._. 
These_DT firms_NNS are_VBP pioneers_NNS in_IN a_DT significant_JJ new_JJ trend_NN in_IN the_DT corporate_JJ world_NN :_: the_DT rise_NN of_IN what_WP I_PRP call_VBP corporate_JJ due_JJ process_NN ._. 
Although_IN corporate_JJ due_JJ process_NN is_VBZ practiced_VBN today_NN in_IN few_JJ companies_NNS --_: perhaps_RB 40_CD to_TO 60_CD --_: it_PRP is_VBZ one_CD of_IN the_DT fastest_JJS developing_VBG trends_NNS in_IN industry_NN ._. 
In_IN the_DT coming_VBG decade_NN a_DT majority_NN of_IN people-oriented_JJ companies_NNS are_VBP likely_JJ to_TO adopt_VB it_PRP ._. 
Corporate_JJ due_JJ process_NN appeals_NNS to_TO management_NN for_IN a_DT variety_NN of_IN reasons_NNS ._. 
It_PRP reduces_VBZ lawsuits_NNS from_IN disgruntled_JJ employees_NNS and_CC ex-employees_NNS ,_, with_IN all_DT that_WDT means_VBZ for_IN reduced_VBN legal_JJ costs_NNS and_CC better_RBR public_JJ relations_NNS ._. 
It_PRP helps_VBZ to_TO keep_VB out_IN unions_NNS ._. 
It_PRP increases_VBZ employee_NN commitment_NN to_TO the_DT company_NN ,_, with_IN all_DT that_WDT means_VBZ for_IN efficiency_NN and_CC quality_NN control_NN ._. 
What_WP must_MD your_PRP$ management_NN team_NN do_VBP to_TO establish_VB corporate_JJ due_JJ process_NN ?_. 
Here_RB are_VBP four_CD key_JJ steps_NNS :_: 
1_CD ._. Make_VB sure_JJ you_PRP have_VBP a_DT strong_JJ personnel_NNS department_NN ._. 
It_PRP must_MD be_VB able_JJ to_TO handle_VB most_RBS of_IN the_DT complaints_NNS that_WDT can_MD not_RB be_VB solved_VBN in_IN the_DT trenches_NNS by_IN managers_NNS and_CC their_PRP$ subordinates_NNS ,_, else_RB the_DT company_NN court_NN or_CC adjudicators_NNS will_MD be_VB inundated_VBN with_IN cases_NNS ._. 
At_IN Polaroid_NNP ,_, the_DT Personnel_NNP Policy_NNP Planning_NNP Committee_NNP may_MD hear_VB only_RB about_IN 20_CD cases_VBZ a_DT year_NN ;_: the_DT rest_NN of_IN the_DT many_JJ hundreds_NNS of_IN complaints_NNS are_VBP resolved_VBN at_IN earlier_JJR stages_NNS ._. 
At_IN TWA_NNP ,_, the_DT System_NNP Board_NNP of_IN Adjustment_NNP hears_VBZ 50_CD to_TO 75_CD cases_VBZ a_DT year_NN ,_, only_RB a_DT fraction_NN of_IN the_DT complaints_NNS brought_VBN to_TO personnel_NNS specialists_NNS ._. 
At_IN Citicorp_NNP ,_, the_DT Problem_NNP Review_NNP Board_NNP may_MD hear_VB only_RB 12_CD or_CC so_RB cases_VBZ because_IN of_IN personnel_NNS 's_POS skill_NN in_IN complaint-resolution_NN ._. 
In_IN a_DT typical_JJ year_NN ,_, up_IN to_TO 20_CD %_NN of_IN the_DT work_NN force_NN goes_VBZ to_TO personnel_NNS specialists_NNS with_IN complaints_NNS of_IN unfair_JJ treatment_NN ._. 
In_IN a_DT large_JJ company_NN that_WDT means_VBZ many_JJ hundreds_NNS of_IN complaints_NNS for_IN personnel_NNS to_TO handle_VB ._. 
2_CD ._. Formally_RB or_CC informally_RB ,_, train_NN all_DT your_PRP$ managers_NNS and_CC supervisors_NNS in_IN the_DT company_NN 's_POS due-process_NN approach_NN ._. 
See_VB that_IN they_PRP know_VBP company_NN personnel_NNS policy_NN backwards_RB and_CC forwards_RB ,_, for_IN it_PRP is_VBZ the_DT ``_`` law_NN ''_'' governing_VBG company_NN courts_NNS and_CC adjudicators_NNS ._. 
Coach_NNP them_PRP in_IN handling_NN complaints_NNS so_RB that_IN they_PRP can_MD resolve_VB problems_NNS immediately_RB ._. 
In_IN case_NN managers_NNS and_CC personnel_NNS specialists_NNS are_VBP unsuccessful_JJ and_CC subordinates_NNS take_VBP their_PRP$ complaints_NNS to_TO a_DT company_NN court_NN or_CC adjudicator_NN ,_, teach_VB managers_NNS to_TO accept_VB reversals_NNS as_IN a_DT fact_NN of_IN business_NN life_NN ,_, for_IN in_IN a_DT good_JJ due-process_NN system_NN they_PRP are_VBP bound_VBN to_TO happen_VB ._. 
In_IN the_DT 15_CD companies_NNS I_PRP studied_VBD ,_, reversal_NN rates_NNS range_VBP on_IN the_DT average_NN from_IN 20_CD %_NN to_TO 40_CD %_NN ._. 
3_CD ._. Decide_VB whether_IN you_PRP want_VBP a_DT panel_NN system_NN or_CC a_DT single_JJ adjudicator_NN ._. 
A_DT panel_NN system_NN like_IN that_DT in_NN the_DT Bob_NNP Stone_NNP example_NN enjoys_VBZ such_JJ advantages_NNS as_IN high_JJ credibility_NN and_CC ,_, for_IN the_DT panelists_NNS ,_, mutual_JJ support_NN ._. 
An_DT adjudicator_NN system_NN --_: that_DT is_VBZ ,_, an_DT investigator_NN who_WP acts_VBZ first_JJ as_IN a_DT fact-finder_NN and_CC then_RB switches_VBZ hats_NNS and_CC arbitrates_VBZ the_DT facts_NNS --_: has_VBZ such_JJ advantages_NNS as_IN speed_NN ,_, flexibility_NN and_CC maximum_JJ privacy_NN ._. 
International_NNP Business_NNP Machines_NNPS and_CC Bank_NNP of_IN America_NNP are_VBP among_IN the_DT companies_NNS using_VBG the_DT single-adjudicator_JJ approach_NN ._. 
4_CD ._. Make_VB your_PRP$ due-process_NN system_NN visible_JJ ._. 
It_PRP wo_MD n't_RB do_VB any_DT good_NN for_IN anybody_NN unless_IN employees_NNS know_VBP about_IN it_PRP ._. 
Most_JJS managements_NNS hesitate_VBP to_TO go_VB all_DT out_NN in_IN advertising_VBG their_PRP$ due-process_NN systems_NNS for_IN fear_NN of_IN encouraging_VBG cranks_NNS and_CC chronic_JJ soreheads_NNS to_TO file_VB complaints_NNS ._. 
On_IN the_DT other_JJ hand_NN ,_, they_PRP make_VBP sure_JJ at_IN a_DT minimum_NN that_IN their_PRP$ systems_NNS are_VBP described_VBN in_IN their_PRP$ employee_NN handbooks_NNS and_CC talked_VBD up_IN by_IN personnel_NNS specialists_NNS ._. 
Smith-Kline_NNP Beecham_NNP goes_VBZ further_JJ and_CC sometimes_RB features_VBZ its_PRP$ grievance_NN procedure_NN in_IN closed-circuit_JJ TV_NN programs_NNS ._. 
Naturally_RB ,_, one_CD of_IN the_DT best_JJS ways_NNS to_TO guarantee_VB visibility_NN for_IN your_PRP$ due-process_NN system_NN is_VBZ for_IN top_JJ management_NN to_TO support_VB it_PRP ._. 
At_IN IBM_NNP ,_, the_DT company_NN 's_POS Open_NNP Door_NNP system_NN is_VBZ sometimes_RB the_DT subject_NN of_IN memorandums_NNS from_IN the_DT chief_JJ executive_NN ._. 
Federal_NNP Express_NNP goes_VBZ further_JJ in_IN this_DT respect_NN than_IN any_DT company_NN I_PRP know_VBP of_IN with_IN both_DT Frederick_NNP Smith_NNP and_CC James_NNP Barksdale_NNP ,_, chief_JJ executive_NN and_CC chief_JJ operating_VBG officer_NN ,_, respectively_RB ,_, sitting_VBG in_IN on_IN the_DT Appeals_NNP Board_NNP almost_RB every_DT Tuesday_NNP to_TO decide_VB cases_NNS ._. 
Mr._NNP Ewing_NNP is_VBZ a_DT consultant_NN based_VBN in_IN Winchester_NNP ,_, Mass._NNP ,_, and_CC author_NN of_IN ``_`` Justice_NNP on_IN the_DT Job_NNP :_: Resolving_NNP Grievances_NNP in_IN the_DT Nonunion_NNP Workplace_NN ''_'' -LRB-_( Harvard_NNP Business_NNP School_NNP Press_NNP ,_, 1989_CD -RRB-_) ._. 
Tokyo_NNP stocks_NNS closed_VBD higher_JJR in_IN active_JJ trading_NN Friday_NNP ,_, marking_VBG the_DT fourth_JJ consecutive_JJ daily_JJ gain_NN since_IN Monday_NNP 's_POS sharp_JJ fall_NN ._. 
London_JJ shares_NNS closed_VBD moderately_RB lower_JJR in_IN thin_JJ trading_NN ._. 
At_IN Tokyo_NNP ,_, the_DT Nikkei_NNP index_NN of_IN 225_CD selected_VBN issues_NNS was_VBD up_IN 112.16_CD points_NNS to_TO 35486.38_CD ._. 
The_DT index_NN advanced_VBD 266.66_CD points_NNS Thursday_NNP ._. 
In_IN early_JJ trading_NN in_IN Tokyo_NNP Monday_NNP ,_, the_DT Nikkei_NNP index_NN rose_VBD 101.98_CD points_NNS to_TO 35588.36_CD ._. 
Friday_NNP 's_POS volume_NN on_IN the_DT First_NNP Section_NN was_VBD estimated_VBN at_IN one_CD billion_CD shares_NNS ,_, up_IN from_IN 862_CD million_CD Thursday_NNP ._. 
Winners_NNS outpaced_VBD losers_NNS ,_, 572_CD to_TO 368_CD ,_, while_IN 181_CD issues_NNS remained_VBD unchanged_JJ ._. 
With_IN investors_NNS relieved_VBN at_IN the_DT overnight_JJ gain_NN in_IN New_NNP York_NNP stocks_NNS ,_, small-lot_JJ buying_NN orders_NNS streamed_VBD into_IN the_DT market_NN from_IN early_JJ morning_NN ,_, making_VBG traders_NNS believe_VBP the_DT market_NN was_VBD back_RB to_TO normal_JJ ._. 
The_DT Nikkei_NNP ,_, which_WDT reached_VBD as_RB high_JJ as_IN 35611.38_CD right_NN after_IN the_DT opening_NN ,_, surrendered_VBD part_NN of_IN its_PRP$ early_JJ advance_NN toward_IN the_DT end_NN of_IN the_DT day_NN because_IN of_IN profit-taking_NN ._. 
``_`` Investors_NNS ,_, especially_RB dealers_NNS ,_, do_VBP n't_RB want_VB to_TO hold_VB a_DT position_NN over_IN the_DT weekend_NN ,_, ''_'' a_DT trader_NN at_IN Dai-ichi_NNP Securities_NNP said_VBD ,_, adding_VBG ,_, though_RB ,_, that_IN the_DT trading_NN mood_NN remained_VBD positive_JJ through_IN the_DT afternoon_NN session_NN ._. 
The_DT Tokyo_NNP Stock_NNP Price_NNP Index_NNP -LRB-_( Topix_NNP -RRB-_) of_IN all_DT issues_NNS listed_VBN in_IN the_DT First_NNP Section_NN ,_, which_WDT gained_VBD 22.78_CD points_NNS Thursday_NNP ,_, was_VBD up_IN 14.06_CD points_NNS ,_, or_CC 0.53_CD %_NN ,_, at_IN 2679.72_CD ._. 
The_DT Second_JJ Section_NN index_NN ,_, which_WDT rose_VBD 15.72_CD points_NNS Thursday_NNP ,_, was_VBD up_IN 11.88_CD points_NNS ,_, or_CC 0.32_CD %_NN ,_, to_TO close_VB at_IN 3717.46_CD ._. 
Volume_NN in_IN the_DT second_JJ section_NN was_VBD estimated_VBN at_IN 30_CD million_CD shares_NNS ,_, up_IN from_IN 28_CD million_CD Thursday_NNP ._. 
In_IN turmoil_NN caused_VBN by_IN the_DT previous_JJ Friday_NNP 's_POS plunge_NN in_IN New_NNP York_NNP stocks_NNS ,_, the_DT Nikkei_NNP marked_VBD a_DT sharp_JJ 647.33-point_JJ fall_NN Monday_NNP ._. 
But_CC the_DT Nikkei_NNP fell_VBD an_DT overall_JJ 1.8_CD %_NN in_IN value_NN that_DT day_NN compared_VBN with_IN Wall_NNP Street_NNP 's_POS far_RB sharper_JJR 6.9_CD %_NN drop_NN on_IN Oct._NNP 13_CD ._. 
The_DT Tokyo_NNP market_NN 's_POS resiliency_NN helped_VBD participants_NNS to_TO regain_VB confidence_NN gradually_RB as_IN they_PRP spent_VBD more_JJR time_NN on_IN analyzing_VBG factors_NNS that_WDT caused_VBD the_DT Friday_NNP plunge_NN and_CC realized_VBD these_DT problems_NNS were_VBD unique_JJ to_TO New_NNP York_NNP stocks_NNS and_CC not_RB directly_RB related_VBN to_TO Tokyo_NNP ._. 
The_DT Nikkei_NNP continued_VBD to_TO gain_VB for_IN the_DT rest_NN of_IN the_DT week_NN ,_, adding_VBG 1017.69_CD points_NNS in_IN four_CD days_NNS --_: more_JJR than_IN erasing_VBG Monday_NNP 's_POS losses_NNS ._. 
But_CC further_JJ major_JJ advances_NNS on_IN the_DT Nikkei_NNP are_VBP n't_RB foreseen_VBN this_DT week_NN by_IN market_NN observers_NNS ._. 
Investors_NNS are_VBP still_RB waiting_VBG to_TO see_VB how_WRB the_DT U.S._NNP government_NN will_MD decide_VB on_IN interest_NN rates_NNS and_CC how_WRB the_DT dollar_NN will_MD be_VB stabilized_VBN ._. 
Some_DT high-priced_JJ issues_NNS made_VBD a_DT comeback_NN Friday_NNP ._. 
Pioneer_NNP surged_VBD 450_CD yen_NN -LRB-_( $_$ 3.16_CD -RRB-_) to_TO 6,050_CD yen_NN -LRB-_( $_$ 42.60_CD -RRB-_) ._. 
Kyocera_NNP advanced_VBD 80_CD yen_NN to_TO 5,440_CD ._. 
Fanuc_NNP gained_VBD 100_CD to_TO 7,580_CD ._. 
Breweries_NNP attracted_VBD investors_NNS because_IN of_IN their_PRP$ land_NN property_NN holdings_NNS that_WDT could_MD figure_VB in_IN development_NN or_CC other_JJ plans_NNS ,_, traders_NNS said_VBD ._. 
Sapporo_NNP gained_VBD 80_CD to_TO 1,920_CD and_CC Kirin_NNP added_VBD 60_CD to_TO 2,070_CD ._. 
Housings_NNS ,_, constructions_NNS and_CC pharmaceuticals_NNS continued_VBD to_TO be_VB bought_VBN following_VBG Thursday_NNP 's_POS gains_NNS because_IN of_IN strong_JJ earnings_NNS outlooks_NNS ._. 
Daiwa_NNP House_NNP gained_VBD 50_CD to_TO 2,660_CD ._. 
Misawa_NNP Homes_NNP was_VBD up_IN 20_CD at_IN 2,960_CD ._. 
Kajima_NNP advanced_VBD 40_CD to_TO 2,120_CD and_CC Ohbayashi_NNP added_VBD 50_CD to_TO 1,730_CD ._. 
Fujisawa_NNP added_VBD 80_CD to_TO 2,010_CD and_CC Mochida_NNP advanced_VBD 230_CD to_TO 4,400_CD ._. 
London_JJ share_NN prices_NNS were_VBD influenced_VBN largely_RB by_IN declines_NNS on_IN Wall_NNP Street_NNP and_CC weakness_NN in_IN the_DT British_JJ pound_NN ._. 
The_DT key_JJ Financial_NNP Times-Stock_NNP Exchange_NNP 100-share_JJ index_NN ended_VBD 10.2_CD points_NNS lower_JJR at_IN 2179.1_CD ,_, above_IN its_PRP$ intraday_JJ low_NN of_IN 2176.9_CD ,_, but_CC off_IN the_DT day_NN 's_POS high_NN of_IN 2189_CD ._. 
The_DT index_NN finished_VBD 2.4_CD %_NN under_IN its_PRP$ close_NN of_IN 2233.9_CD the_DT previous_JJ Friday_NNP ,_, although_IN it_PRP recouped_VBD some_DT of_IN the_DT sharp_JJ losses_NNS staged_VBD early_JJ last_JJ week_NN on_IN the_DT back_RB of_IN Wall_NNP Street_NNP 's_POS fall_NN ._. 
London_NNP was_VBD weak_JJ throughout_IN Friday_NNP 's_POS trading_NN ,_, however_RB ,_, on_IN what_WP dealers_NNS attributed_VBD to_TO generally_RB thin_JJ interest_NN ahead_RB of_IN the_DT weekend_NN and_CC this_DT week_NN 's_POS potentially_RB important_JJ U.K._NNP trade_NN figures_NNS for_IN September_NNP ._. 
The_DT FT-SE_NNP 100_CD largely_RB remained_VBD within_IN an_DT 11-point_JJ range_NN establshed_VBN within_IN the_DT first_JJ hour_NN of_IN trading_NN before_IN it_PRP eased_VBD to_TO an_DT intraday_JJ low_JJ late_RB in_IN the_DT session_NN when_WRB a_DT flurry_NN of_IN program_NN selling_VBG pushed_VBN Wall_NNP Street_NNP lower_JJR ._. 
The_DT FT_NNP 30-share_JJ index_NN closed_VBD 11.0_CD points_NNS lower_JJR at_IN 1761.0_CD ._. 
Volume_NN was_VBD extremely_RB thin_JJ at_IN 351.3_CD million_CD shares_NNS ,_, the_DT lightest_JJS volume_NN of_IN the_DT week_NN and_CC modestly_RB under_IN Thursday_NNP 's_POS 387.4_CD million_CD shares_NNS ._. 
Dealers_NNS said_VBD the_DT day_NN 's_POS action_NN was_VBD featureless_JJ outside_IN some_DT response_NN to_TO sterling_NN 's_POS early_JJ weakness_NN against_IN the_DT mark_NN ,_, and_CC fears_NNS that_IN Wall_NNP Street_NNP might_MD open_RB lower_JJR after_IN its_PRP$ strong_JJ leap_NN forward_RB Thursday_NNP ._. 
They_PRP added_VBD that_IN market-makers_NNS were_VBD largely_RB sidelined_VBN after_IN aggressively_RB supporting_VBG the_DT market_NN Thursday_NNP in_IN their_PRP$ quest_NN to_TO cover_VB internal_JJ shortages_NNS of_IN FT-SE_NNP 100_CD shares_NNS ._. 
Interest_NN may_MD remain_VB limited_JJ into_IN tomorrow_NN 's_POS U.K._NNP trade_NN figures_NNS ,_, which_WDT the_DT market_NN will_MD be_VB watching_VBG closely_RB to_TO see_VB if_IN there_EX is_VBZ any_DT improvement_NN after_IN disappointing_JJ numbers_NNS in_IN the_DT previous_JJ two_CD months_NNS ._. 
The_DT key_JJ corporate_JJ news_NN of_IN the_DT day_NN was_VBD that_IN British_JJ Airways_NNPS decided_VBD to_TO withdraw_VB from_IN a_DT management-led_JJ bid_NN for_IN UAL_NNP Corp._NNP ,_, the_DT parent_NN of_IN United_NNP Airlines_NNPS ._. 
British_JJ Airways_NNPS rose_VBD initially_RB after_IN announcing_VBG its_PRP$ withdrawal_NN from_IN the_DT UAL_NNP deal_NN ._. 
Dealers_NNS said_VBD they_PRP viewed_VBD the_DT initial_JJ #_# 390-million_CD -LRB-_( $_$ 622_CD million_CD -RRB-_) outlay_NN for_IN a_DT 15_CD %_NN stake_NN in_IN the_DT airline_NN as_IN a_DT bit_NN much_JJ ._. 
Its_PRP$ shares_NNS slid_VBD in_IN late_JJ dealings_NNS to_TO close_VB a_DT penny_NN per_IN share_NN lower_JJR at_IN 197_CD pence_NN ._. 
The_DT airline_NN was_VBD the_DT most_RBS active_JJ FT-SE_NNP 100_CD at_IN 8.2_CD million_CD shares_NNS traded_VBN ._. 
The_DT next_JJ most_RBS active_JJ top-tier_JJ stock_NN was_VBD B.A.T_NNP Industries_NNPS ,_, the_DT target_NN of_IN Sir_NNP James_NNP Goldsmith_NNP 's_POS #_# 13.4_CD billion_CD bid_NN ._. 
The_DT company_NN gained_VBD shareholder_NN approval_NN Thursday_NNP to_TO restructure_VB in_IN a_DT bid_NN to_TO fend_VB off_IN the_DT hostile_JJ takeover_NN ._. 
Sir_NNP James_NNP said_VBD Thursday_NNP night_NN that_IN his_PRP$ plans_NNS for_IN the_DT takeover_NN had_VBD n't_RB changed_VBN ._. 
B.A.T_NNP ended_VBD the_DT day_NN at_IN 778_CD ,_, down_JJ 5_NN ,_, on_IN turnover_NN of_IN 7.5_CD million_CD shares_NNS ._. 
Dealers_NNS said_VBD it_PRP was_VBD hit_VBN by_IN some_DT profit-taking_NN after_IN gains_NNS since_IN mid-week_NN ._. 
In_IN other_JJ active_JJ shares_NNS ,_, Trusthouse_NNP Forte_NNP shed_VB 10_CD to_TO 294_CD on_IN volume_NN of_IN 6.4_CD million_CD shares_NNS after_IN a_DT Barclays_NNP De_NNP Zoete_NNP Wedd_NNP downgrading_NN ,_, while_IN Hillsdown_NNP Holdings_NNP ,_, a_DT food_NN products_NNS concern_VBP ,_, was_VBD boosted_VBN 2_CD to_TO 271_CD after_IN it_PRP disclosed_VBD it_PRP would_MD seek_VB shareholder_NN approval_NN to_TO begin_VB share_NN repurchases_NNS ._. 
Elsewhere_RB in_IN Europe_NNP ,_, share_NN prices_NNS closed_VBD higher_JJR in_IN Stockholm_NNP ,_, Brussels_NNP and_CC Milan_NNP ._. 
Prices_NNS were_VBD lower_JJR in_IN Frankfurt_NNP ,_, Zurich_NNP ,_, Paris_NNP and_CC Amsterdam_NNP ._. 
South_JJ African_JJ gold_NN stocks_NNS closed_VBD moderately_RB lower_JJR ._. 
Share_NN prices_NNS closed_VBD higher_JJR in_IN Sydney_NNP ,_, Taipei_NNP ,_, Wellington_NNP ,_, Manila_NNP ,_, Hong_NNP Kong_NNP and_CC Singapore_NNP and_CC were_VBD lower_JJR in_IN Seoul_NNP ._. 
Here_RB are_VBP price_NN trends_NNS on_IN the_DT world_NN 's_POS major_JJ stock_NN markets_NNS ,_, as_IN calculated_VBN by_IN Morgan_NNP Stanley_NNP Capital_NNP International_NNP Perspective_NNP ,_, Geneva_NNP ._. 
To_TO make_VB them_PRP directly_RB comparable_JJ ,_, each_DT index_NN is_VBZ based_VBN on_IN the_DT close_NN of_IN 1969_CD equaling_VBG 100_CD ._. 
The_DT percentage_NN change_NN is_VBZ since_IN year-end_NN ._. 
The_DT U.S._NNP is_VBZ required_VBN to_TO notify_VB foreign_JJ dictators_NNS if_IN it_PRP knows_VBZ of_IN coup_NN plans_NNS likely_JJ to_TO endanger_VB their_PRP$ lives_NNS ,_, government_NN officials_NNS said_VBD ._. 
The_DT notification_NN policy_NN was_VBD part_NN of_IN a_DT set_NN of_IN guidelines_NNS on_IN handling_NN coups_NNS outlined_VBN in_IN a_DT secret_JJ 1988_CD exchange_NN of_IN letters_NNS between_IN the_DT Reagan_NNP administration_NN and_CC the_DT Senate_NNP Intelligence_NNP Committee_NNP ._. 
The_DT existence_NN of_IN the_DT guidelines_NNS has_VBZ become_VBN known_VBN since_IN President_NNP Bush_NNP disclosed_VBD them_PRP privately_RB to_TO seven_CD Republican_NNP senators_NNS at_IN a_DT White_NNP House_NNP meeting_NN last_JJ Monday_NNP ._. 
Officials_NNS familiar_JJ with_IN the_DT meeting_NN said_VBD Mr._NNP Bush_NNP cited_VBD the_DT policy_NN as_IN an_DT example_NN of_IN the_DT sort_NN of_IN congressional_JJ requirements_NNS the_DT administration_NN contends_VBZ contribute_VB to_TO the_DT failure_NN of_IN such_JJ covert_JJ actions_NNS as_IN this_DT month_NN 's_POS futile_JJ effort_NN to_TO oust_VB Panamanian_JJ dictator_NN Manuel_NNP Noriega_NNP ._. 
According_VBG to_TO the_DT officials_NNS ,_, Mr._NNP Bush_NNP even_RB read_VB to_TO the_DT senators_NNS selections_NNS from_IN a_DT highly_RB classified_VBN letter_NN from_IN the_DT committee_NN to_TO the_DT White_NNP House_NNP discussing_VBG the_DT guidelines_NNS ._. 
They_PRP said_VBD the_DT president_NN conceded_VBD the_DT notification_NN requirement_NN did_VBD n't_RB affect_VB his_PRP$ decision_NN to_TO lend_VB only_RB minor_JJ support_NN to_TO this_DT month_NN 's_POS Panama_NNP coup_NN effort_NN ._. 
No_DT notification_NN was_VBD ever_RB considered_VBN ,_, officials_NNS said_VBD ,_, apparently_RB because_IN the_DT U.S._NNP did_VBD n't_RB think_VB the_DT coup_NN plotters_NNS intended_VBN to_TO kill_VB Mr._NNP Noriega_NNP ,_, but_CC merely_RB sought_VBD to_TO imprison_VB him_PRP ._. 
What_WP 's_VBZ more_JJR ,_, both_DT administration_NN and_CC congressional_JJ officials_NNS hint_VBP that_IN the_DT notification_NN requirement_NN is_VBZ likely_JJ to_TO be_VB dropped_VBN from_IN the_DT guidelines_NNS on_IN coup_NN attempts_NNS that_WDT are_VBP being_VBG rewritten_VBN by_IN the_DT panel_NN and_CC the_DT White_NNP House_NNP ._. 
The_DT rewriting_VBG was_VBD launched_VBN at_IN a_DT meeting_NN between_IN Mr._NNP Bush_NNP and_CC intelligence_NN committee_NN leaders_NNS Oct._NNP 12_CD ,_, a_DT few_JJ days_NNS before_IN the_DT meeting_NN at_IN which_WDT the_DT president_NN complained_VBD about_IN the_DT rules_NNS ._. 
However_RB ,_, the_DT disclosure_NN of_IN the_DT guidelines_NNS ,_, first_JJ reported_VBD last_JJ night_NN by_IN NBC_NNP News_NNP ,_, is_VBZ already_RB being_VBG interpreted_VBN on_IN Capitol_NNP Hill_NNP as_IN an_DT unfair_JJ effort_NN to_TO pressure_VB Congress_NNP ._. 
It_PRP has_VBZ reopened_VBN the_DT bitter_JJ wrangling_NN between_IN the_DT White_NNP House_NNP and_CC Congress_NNP over_IN who_WP is_VBZ responsible_JJ for_IN the_DT failure_NN to_TO oust_VB Mr._NNP Noriega_NNP and_CC ,_, more_RBR broadly_RB ,_, for_IN difficulties_NNS in_IN carrying_VBG out_RP covert_JJ activities_NNS abroad_RB ._. 
A_DT statement_NN issued_VBN by_IN the_DT office_NN of_IN the_DT committee_NN chairman_NN ,_, Sen._NNP David_NNP Boren_NNP -LRB-_( D._NNP ,_, Okla._NNP -RRB-_) ,_, charged_VBN that_IN the_DT disclosure_NN is_VBZ part_NN of_IN a_DT continuing_VBG effort_NN to_TO shift_VB the_DT criticism_NN for_IN the_DT failure_NN of_IN the_DT recent_JJ coup_NN attempt_NN in_IN Panama_NNP ._. 
The_DT statement_NN added_VBD ,_, ``_`` Someone_NN has_VBZ regrettably_RB chosen_VBN to_TO selectively_RB summarize_VB portions_NNS of_IN highly_RB classified_VBN correspondence_NN between_IN the_DT two_CD branches_NNS of_IN government_NN ._. 
Not_RB only_RB does_VBZ this_DT come_JJ close_RB to_TO a_DT violation_NN of_IN law_NN ,_, it_PRP violates_VBZ the_DT trust_NN we_PRP have_VBP all_DT worked_VBN to_TO develop_VB ._. ''_'' 
Sen._NNP Boren_NNP said_VBD ,_, ``_`` It_PRP 's_VBZ time_NN to_TO stop_VB bickering_NN and_CC work_NN together_RB to_TO develop_VB a_DT clear_JJ and_CC appropriate_JJ policy_NN to_TO help_VB the_DT country_NN in_IN the_DT future_NN ._. 
I_PRP 've_VBP invited_VBN the_DT president_NN to_TO send_VB his_PRP$ suggestions_NNS to_TO the_DT committee_NN ._. ''_'' 
Republican_NNP Sen._NNP William_NNP Cohen_NNP of_IN Maine_NNP ,_, the_DT panel_NN 's_POS vice_NN chairman_NN ,_, said_VBD of_IN the_DT disclosure_NN that_IN ``_`` a_DT text_NN torn_VBN out_IN of_IN context_NN is_VBZ a_DT pretext_NN ,_, and_CC it_PRP is_VBZ unfair_JJ for_IN those_DT in_NN the_DT White_NNP House_NNP who_WP are_VBP leaking_VBG to_TO present_VB the_DT evidence_NN in_IN a_DT selective_JJ fashion_NN ._. ''_'' 
Sen._NNP Boren_NNP said_VBD the_DT committee_NN could_MD n't_RB defend_VB itself_PRP by_IN making_VBG the_DT documents_NNS public_JJ because_IN that_DT would_MD violate_VB classification_NN rules_NNS ._. 
But_CC the_DT chairman_NN and_CC other_JJ committee_NN members_NNS stressed_VBD that_IN the_DT notification_NN guideline_NN was_VBD n't_RB imposed_VBN on_IN the_DT White_NNP House_NNP by_IN a_DT meddling_VBG Congress_NNP ._. 
Instead_RB ,_, both_DT congressional_JJ and_CC administration_NN officials_NNS agreed_VBD ,_, it_PRP grew_VBD out_RP of_IN talks_NNS about_IN coup-planning_NN in_IN Panama_NNP that_WDT were_VBD initiated_VBN by_IN the_DT administration_NN in_IN July_NNP 1988_CD and_CC stretched_VBD into_IN last_JJ October_NNP ._. 
The_DT guideline_NN was_VBD n't_RB a_DT law_NN ,_, but_CC a_DT joint_JJ interpretation_NN of_IN how_WRB the_DT U.S._NNP might_MD operate_VB during_IN foreign_JJ coups_NNS in_IN light_NN of_IN the_DT longstanding_JJ presidential_JJ order_NN banning_VBG a_DT U.S._NNP role_NN in_IN assassinations_NNS ._. 
In_IN fact_NN ,_, yesterday_NN the_DT administration_NN and_CC Congress_NNP were_VBD still_RB differing_VBG on_IN what_WP had_VBD been_VBN agreed_VBN to_TO ._. 
One_CD administration_NN official_NN said_VBD notification_NN was_VBD required_VBN even_RB if_IN the_DT U.S._NNP ``_`` gets_VBZ wind_NN ''_'' of_IN somebody_NN else_RB 's_POS coup_NN plans_NNS that_WDT seem_VBP likely_JJ to_TO endanger_VB a_DT dictator_NN 's_POS life_NN ._. 
But_CC a_DT congressional_JJ source_NN close_RB to_TO the_DT panel_NN said_VBD the_DT rule_NN only_RB covered_VBD coup_NN plans_NNS directly_RB involving_VBG the_DT U.S._NNP ._. 
Although_IN the_DT notification_NN guideline_NN was_VBD n't_RB carried_VBN out_IN in_IN this_DT month_NN 's_POS coup_NN attempt_NN ,_, some_DT administration_NN officials_NNS argue_VBP that_IN it_PRP may_MD have_VB led_VBN to_TO hesitation_NN and_CC uncertainty_NN on_IN the_DT part_NN of_IN U.S._NNP intelligence_NN and_CC military_JJ operatives_NNS in_IN Panama_NNP ._. 
One_CD senior_JJ administration_NN official_NN called_VBD the_DT guideline_NN ``_`` outrageous_JJ ''_'' and_CC said_VBD it_PRP could_MD make_VB U.S._NNP operatives_NNS reluctant_JJ to_TO even_RB listen_VB to_TO coup_NN plans_NNS for_IN fear_NN they_PRP may_MD get_VB into_IN legal_JJ trouble_NN ._. 
The_DT issue_NN came_VBD to_TO a_DT head_NN last_JJ year_NN ,_, officials_NNS recalled_VBD ,_, partly_RB because_IN the_DT Reagan_NNP administration_NN had_VBD sought_VBN unsuccessfully_RB to_TO win_VB committee_NN approval_NN of_IN funding_NN for_IN new_JJ Panama_NNP coup_NN efforts_NNS ._. 
In_IN addition_NN ,_, both_DT administration_NN and_CC congressional_JJ officials_NNS said_VBD the_DT need_NN for_IN guidelines_NNS on_IN coups_NNS and_CC assassinations_NNS was_VBD partly_RB spurred_VBN by_IN a_DT White_NNP House_NNP desire_NN to_TO avoid_VB nasty_JJ overseas_JJ surprises_NNS during_IN the_DT election_NN campaign_NN ._. 
Though_IN the_DT assassination_NN ban_NN is_VBZ a_DT White_NNP House_NNP order_NN that_IN Congress_NNP never_RB voted_VBD on_IN ,_, the_DT intelligence_NN committees_NNS can_MD exercise_VB influence_NN over_IN its_PRP$ interpretation_NN ._. 
Last_JJ week_NN ,_, Central_NNP Intelligence_NNP Agency_NNP Director_NNP William_NNP Webster_NNP publicly_RB called_VBD on_IN Congress_NNP to_TO provide_VB new_JJ interpretations_NNS of_IN the_DT assassination_NN order_NN that_WDT would_MD permit_VB the_DT U.S._NNP more_JJR freedom_NN to_TO act_VB in_IN coups_NNS ._. 
The_DT administration_NN has_VBZ reacted_VBN to_TO criticism_NN that_IN it_PRP mishandled_VBD the_DT latest_JJS coup_NN attempt_NN by_IN seeking_VBG to_TO blame_VB Congress_NNP for_IN restrictions_NNS the_DT White_NNP House_NNP said_VBD have_VBP hampered_VBN its_PRP$ freedom_NN of_IN action_NN ._. 
However_RB ,_, last_JJ week_NN Mr._NNP Webster_NNP 's_POS two_CD top_JJ CIA_NNP deputies_NNS said_VBD congressional_JJ curbs_NNS had_VBD n't_RB hampered_VBN the_DT spy_NN agency_NN 's_POS role_NN in_IN the_DT coup_NN attempt_NN in_IN Panama_NNP ._. 
Nevertheless_RB ,_, the_DT administration_NN 's_POS criticisms_NNS appeared_VBD to_TO have_VB made_VBN some_DT headway_NN with_IN Sens._NNP Boren_NNP and_CC Cohen_NNP after_IN their_PRP$ Oct._NNP 12_CD meeting_NN with_IN the_DT president_NN ._. 
The_DT three_CD men_NNS agreed_VBD to_TO rewrite_VB the_DT guidelines_NNS ,_, without_IN changing_VBG the_DT basic_JJ assassination_NN ban_NN ,_, to_TO clear_VB up_IN any_DT ambiguities_NNS that_WDT may_MD have_VB hampered_VBN U.S._NNP encouragement_NN of_IN coups_NNS against_IN anti-American_JJ leaders_NNS ._. 
The_DT new_JJ argument_NN over_IN the_DT notification_NN guideline_NN ,_, however_RB ,_, could_MD sour_VB any_DT atmosphere_NN of_IN cooperation_NN that_WDT existed_VBD ._. 
Gerald_NNP F._NNP Seib_NNP contributed_VBD to_TO this_DT article_NN ._. 
-LRB-_( During_IN its_PRP$ centennial_NN year_NN ,_, The_DT Wall_NNP Street_NNP Journal_NNP will_MD report_VB events_NNS of_IN the_DT past_JJ century_NN that_WDT stand_VBP as_IN milestones_NNS of_IN American_JJ business_NN history_NN ._. -RRB-_) 
MUTUAL_JJ FUNDS_NNS ARRIVED_VBD IN_IN THE_DT U.S._NNP during_IN the_DT Roaring_NNP Twenties_NNP -LRB-_( they_PRP had_VBD been_VBN in_IN Britain_NNP for_IN a_DT century_NN -RRB-_) ,_, but_CC they_PRP did_VBD n't_RB boom_VB until_IN the_DT money_NN market_NN fund_NN was_VBD created_VBN in_IN the_DT 1970s_NNS ._. 
By_IN 1980_CD ,_, there_EX were_VBD more_JJR than_IN 100_CD such_JJ funds_NNS ._. 
Besides_IN creating_VBG a_DT vehicle_NN for_IN investors_NNS ,_, money_NN market_NN funds_NNS also_RB helped_VBD rewrite_VB banking_NN regulations_NNS ._. 
The_DT idea_NN was_VBD to_TO let_VB small_JJ investors_NNS ,_, the_DT backbone_NN of_IN the_DT fund_NN business_NN ,_, deal_NN in_IN the_DT money_NN market_NN 's_POS high_JJ short-term_JJ interest_NN rates_NNS ._. 
This_DT had_VBD been_VBN the_DT exclusive_JJ province_NN of_IN those_DT rich_JJ enough_RB to_TO use_VB six-figure_JJ sums_NNS to_TO get_VB income_NN that_WDT was_VBD figured_VBN beyond_IN the_DT third_JJ or_CC fourth_JJ decimal_NN place_NN ._. 
The_DT now-standard_JJ price_NN of_IN $_$ 1_CD a_DT share_NN came_VBD about_IN by_IN accident_NN ._. 
An_DT early_JJ fund_NN had_VBD filed_VBN a_DT registration_NN with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP that_WDT included_VBD a_DT fixed_VBN $_$ 1_CD price_NN ._. 
It_PRP arrived_VBD just_RB as_IN the_DT regulator_NN handling_VBG such_JJ operations_NNS was_VBD retiring_VBG ._. 
His_PRP$ successor_NN approved_VBD the_DT $_$ 1_CD price_NN in_IN the_DT process_NN of_IN clearing_VBG the_DT backed-up_JJ papers_NNS on_IN his_PRP$ desk_NN ._. 
When_WRB Dreyfus_NNP started_VBD the_DT first_JJ advertising-backed_JJ retail_JJ fund_NN in_IN February_NNP 1974_CD ,_, it_PRP was_VBD priced_VBN at_IN $_$ 10_CD a_DT share_NN -LRB-_( and_CC reached_VBN $_$ 1_CD billion_CD in_IN assets_NNS in_IN one_CD year_NN ._. -RRB-_) 
Dreyfus_NNP moved_VBD to_TO the_DT $_$ 1_CD price_NN after_IN the_DT SEC_NNP set_VBD standards_NNS --_: an_DT average_JJ 120-day_JJ maturity_NN of_IN high-grade_JJ paper_NN --_: that_WDT are_VBP still_RB the_DT rule_NN ._. 
Keeping_VBG the_DT listed_VBN price_NN at_IN a_DT dollar_NN is_VBZ primarily_RB a_DT convenience_NN ._. 
Actually_RB ,_, the_DT funds_NNS do_VBP fluctuate_VB ,_, but_CC beyond_IN the_DT third_JJ decimal_NN place_NN ._. 
Rounding-off_NN keeps_VBZ them_PRP at_IN $_$ 1_CD ._. 
Eventually_RB ,_, the_DT money_NN funds_NNS '_POS success_NN forced_VBD relaxation_NN of_IN curbs_NNS on_IN bank_NN interest_NN rates_NNS to_TO allow_VB banks_NNS to_TO offer_VB competing_VBG yields_NNS ._. 
The_DT new_JJ instrument_NN also_RB introduced_VBD many_JJ to_TO the_DT industry_NN --_: 30_CD %_NN of_IN fund_NN owners_NNS -LRB-_( there_EX are_VBP more_JJR than_IN 54_CD million_CD accounts_NNS -RRB-_) started_VBD with_IN a_DT money_NN fund_NN ._. 
Today_NN more_JJR than_IN 470_CD money_NN market_NN funds_NNS have_VBP total_JJ assets_NNS exceeding_VBG $_$ 350_CD billion_CD ._. 
-LRB-_( The_DT companion_NN tax-exempt_JJ funds_NNS add_VBP $_$ 71_CD billion_CD ._. -RRB-_) 
Dreyfus_NNP alone_RB has_VBZ seen_VBN its_PRP$ money_NN market_NN funds_NNS grow_VBP from_IN $_$ 1_CD billion_CD in_IN 1975_CD to_TO closes_VBZ to_TO $_$ 15_CD billion_CD today_NN ._. 
Procter_NNP &_CC Gamble_NNP Co._NNP and_CC Noxell_NNP Corp._NNP said_VBD they_PRP received_VBD early_JJ termination_NN of_IN the_DT waiting_VBG period_NN under_IN the_DT Hart-Scott-Rodino_NNP Act_NNP regarding_VBG the_DT proposed_VBN $_$ 1.4_CD billion_CD merger_NN of_IN Noxell_NNP into_IN P&G_NNP ._. 
Shareholders_NNS of_IN Noxell_NNP ,_, of_IN Hunt_NNP Valley_NNP ,_, Md._NNP ,_, will_MD vote_VB on_IN the_DT merger_NN at_IN a_DT special_JJ meeting_NN on_IN Nov._NNP 30_CD ,_, the_DT companies_NNS said_VBD ._. 
P&G_NNP ,_, Cincinnati_NNP ,_, agreed_VBD to_TO exchange_VB 0.272_CD share_NN of_IN its_PRP$ common_JJ stock_NN for_IN each_DT share_NN of_IN Noxell_NNP common_JJ and_CC Class_NNP B_NNP stock_NN ,_, a_DT total_NN of_IN about_IN 11_CD million_CD P&G_NNP shares_NNS ._. 
The_DT transaction_NN would_MD mark_VB the_DT entry_NN of_IN P&G_NNP into_IN cosmetics_NNS ._. 
The_DT company_NN already_RB markets_VBZ a_DT wide_JJ range_NN of_IN detergents_NNS ,_, food_NN ,_, household_NN and_CC health-care_NN products_NNS ._. 
Shareholders_NNS of_IN Messerschmitt-Boelkow-Blohm_NNP G.m.b_NNP ._. H._NNP postponed_VBD their_PRP$ formal_JJ endorsement_NN of_IN a_DT merger_NN with_IN Daimler-Benz_NNP AG_NNP until_IN another_DT meeting_NN on_IN Nov._NNP 17_CD ._. 
The_DT owners_NNS of_IN the_DT defense_NN and_CC aerospace_NN concern_NN ,_, which_WDT include_VBP three_CD regional_JJ states_NNS ,_, several_JJ industrial_JJ companies_NNS and_CC banks_NNS ,_, met_VBD Friday_NNP to_TO discuss_VB the_DT final_JJ terms_NNS of_IN the_DT transaction_NN ,_, in_IN which_WDT Daimler-Benz_NNP will_MD acquire_VB 50.01_CD %_NN of_IN 
But_CC agreement_NN aparently_RB could_MD n't_RB be_VB reached_VBN because_IN of_IN opposition_NN from_IN the_DT states_NNS of_IN Hamburg_NNP and_CC Bremen_NNP ,_, which_WDT are_VBP demanding_VBG more_JJR influence_NN over_IN the_DT German_NNP Airbus_NNP operations_NNS and_CC a_DT better_JJR guarantee_NN against_IN job_NN losses_NNS in_IN the_DT troubled_JJ Northern_JJ German_JJ region_NN ._. 
The_DT two_CD states_NNS and_CC the_DT state_NN of_IN Bavaria_NNP still_RB hold_VB a_DT majority_NN in_IN MBB_NNP ,_, but_CC their_PRP$ stake_NN will_MD fall_VB to_TO around_IN 30_CD %_NN after_IN Daimler-Benz_NNP acquires_VBZ its_PRP$ stake_NN in_IN the_DT concern_NN ._. 
Jeffrey_NNP E._NNP Levin_NNP was_VBD named_VBN vice_NN president_NN and_CC chief_JJ economist_NN of_IN this_DT commodity_NN futures_NNS and_CC options_NNS exchange_VBP ._. 
He_PRP had_VBD been_VBN associate_JJ professor_NN in_IN the_DT department_NN of_IN finance_NN at_IN Seton_NNP Hall_NNP University_NNP ._. 
SIERRA_NNP TUCSON_NNP Cos._NNP said_VBD it_PRP completed_VBD its_PRP$ initial_JJ public_JJ offering_NN of_IN 2.5_CD million_CD common_JJ shares_NNS ,_, which_WDT raised_VBD $_$ 30_CD million_CD ._. 
The_DT Tucson_NNP ,_, Ariz._NNP ,_, operator_NN of_IN addiction-treatment_JJ centers_NNS said_VBD proceeds_NNS will_MD be_VB used_VBN for_IN expansion_NN ,_, to_TO pay_VB debt_NN and_CC for_IN general_JJ corporate_JJ purposes_NNS ._. 
Oppenheimer_NNP &_CC Co._NNP was_VBD the_DT lead_NN underwriter_NN ._. 
The_DT government_NN issues_NNS its_PRP$ first_JJ reading_NN on_IN third-quarter_JJ real_JJ gross_JJ national_JJ product_NN this_DT week_NN in_IN a_DT report_NN that_WDT is_VBZ expected_VBN to_TO disclose_VB much_RB tamer_JJR inflation_NN ._. 
The_DT consensus_NN view_NN on_IN real_JJ GNP_NNP ,_, the_DT total_JJ value_NN of_IN the_DT nation_NN 's_POS output_NN of_IN goods_NNS and_CC services_NNS adjusted_VBN for_IN inflation_NN ,_, calls_VBZ for_IN a_DT 2.3_CD %_NN gain_NN ,_, down_RB from_IN the_DT second_JJ quarter_NN 's_POS 2.5_CD %_NN ,_, according_VBG to_TO MMS_NNP International_NNP ,_, a_DT unit_NN of_IN McGraw-Hill_NNP Inc._NNP ,_, New_NNP York_NNP ._. 
But_CC inflation_NN ,_, as_IN measured_VBN by_IN the_DT GNP_NNP deflator_NN in_IN Thursday_NNP 's_POS report_NN ,_, is_VBZ expected_VBN to_TO rise_VB only_RB 3.5_CD %_NN ,_, down_RB from_IN 4.6_CD %_NN in_IN the_DT second_JJ quarter_NN ._. 
``_`` Inflation_NN could_MD be_VB a_DT real_JJ surprise_NN ,_, ''_'' said_VBD Samuel_NNP D._NNP Kahan_NNP ,_, chief_JJ financial_JJ economist_NN at_IN Kleinwort_NNP Benson_NNP Government_NNP Securities_NNP Inc._NNP ,_, in_IN Chicago_NNP ._. 
``_`` If_IN that_DT gets_VBZ people_NNS excited_VBN ,_, it_PRP could_MD serve_VB as_IN an_DT impetus_NN to_TO the_DT fixed-income_NN markets_NNS to_TO lower_JJR their_PRP$ rates_NNS ,_, ''_'' he_PRP added_VBD ._. 
The_DT week_NN 's_POS other_JJ notable_JJ indicators_NNS include_VBP mid-October_NNP auto_NN sales_NNS ,_, September_NNP durable_JJ goods_NNS orders_NNS as_RB well_RB as_IN September_NNP personal_JJ income_NN ,_, personal_JJ consumption_NN and_CC the_DT saving_VBG rate_NN ._. 
Most_JJS are_VBP expected_VBN to_TO fall_VB below_IN previous-month_JJ levels_NNS ._. 
Many_JJ economists_NNS see_VBP even_RB slower_JJR GNP_NNP growth_NN for_IN the_DT remainder_NN of_IN the_DT year_NN ,_, with_IN some_DT leaning_VBG more_RBR strongly_RB toward_IN a_DT possible_JJ recession_NN ._. 
In_IN addition_NN to_TO softer_JJR production_NN data_NNS ,_, weaker_JJR housing_NN starts_VBZ and_CC lower_JJR corporate_JJ profits_NNS currently_RB in_IN evidence_NN ,_, some_DT analysts_NNS believe_VBP the_DT two_CD recent_JJ natural_JJ disasters_NNS --_: Hurricane_NNP Hugo_NNP and_CC the_DT San_NNP Francisco_NNP earthquake_NN --_: will_MD carry_VB economic_JJ ramifications_NNS in_IN the_DT fourth_JJ quarter_NN ._. 
The_DT recent_JJ one-day_JJ ,_, 190-point_JJ drop_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP seems_VBZ to_TO be_VB significant_JJ to_TO economists_NNS mainly_RB for_IN its_PRP$ tacit_JJ comment_NN on_IN the_DT poor_JJ quality_NN of_IN third-quarter_JJ profits_NNS now_RB being_VBG reported_VBN ._. 
``_`` The_DT stock_NN market_NN is_VBZ sick_JJ because_IN profits_NNS are_VBP crumbling_VBG ,_, ''_'' says_VBZ Michael_NNP K._NNP Evans_NNP ,_, president_NN of_IN Evans_NNP Economics_NNP Inc._NNP ,_, Washington_NNP ._. 
The_DT economy_NN ,_, he_PRP noted_VBD ,_, moves_VBZ the_DT market_NN ,_, not_RB vice_NN versa_RB ._. 
On_IN the_DT other_JJ hand_NN ,_, Mr._NNP Evans_NNP expects_VBZ the_DT hurricane_NN and_CC the_DT earthquake_NN ``_`` to_TO take_VB a_DT hunk_NN out_IN of_IN fourth-quarter_JJ GNP_NNP ._. ''_'' 
His_PRP$ estimate_NN of_IN 3.3_CD %_NN for_IN third-quarter_JJ GNP_NNP is_VBZ higher_JJR than_IN the_DT consensus_NN largely_RB because_IN he_PRP believes_VBZ current_JJ inventories_NNS are_VBP n't_RB as_RB low_JJ as_IN official_JJ figures_NNS indicate_VBP ._. 
Demand_NN ,_, he_PRP believes_VBZ ,_, is_VBZ being_VBG met_VBN from_IN overhang_NN rather_RB than_IN new_JJ production_NN ._. 
By_IN and_CC large_JJ ,_, economists_NNS believe_VBP the_DT two_CD natural_JJ catastrophes_NNS will_MD limit_VB economic_JJ damage_NN to_TO their_PRP$ regions_NNS ._. 
Edward_NNP J._NNP Campbell_NNP ,_, economist_NN at_IN Brown_NNP Brothers_NNP Harriman_NNP &_CC Co._NNP ,_, New_NNP York_NNP ,_, noted_VBD that_IN large_JJ increases_NNS in_IN construction_NN activity_NN along_IN with_IN government_NN and_CC private_JJ relief_NN efforts_NNS could_MD offset_VB loss_NN of_IN production_NN in_IN those_DT areas_NNS ._. 
Gary_NNP Ciminero_NNP ,_, economist_NN at_IN Fleet\/Norstar_NNP Financial_NNP Group_NNP ,_, Providence_NNP ,_, R.I._NNP ,_, expects_VBZ the_DT deflator_NN to_TO rise_VB 3.7_CD %_NN ,_, well_RB below_IN the_DT second_JJ quarter_NN 's_POS 4.6_CD %_NN ,_, partly_RB because_IN of_IN what_WP he_PRP believes_VBZ will_MD be_VB temporarily_RB better_JJR price_NN behavior_NN ._. 
He_PRP expects_VBZ real_JJ GNP_NNP growth_NN of_IN only_RB 2.1_CD %_NN for_IN the_DT quarter_NN ,_, noting_VBG a_DT wider_JJR trade_NN deficit_NN ,_, slower_JJR capital_NN and_CC government_NN spending_NN and_CC the_DT lower_JJR inventory_NN figures_NNS ._. 
Sung_NNP Won_NNP Sohn_NNP ,_, chief_JJ economist_NN at_IN Norwest_NNP Corp._NNP ,_, Minneapolis_NNP ,_, holds_VBZ that_IN the_DT recent_JJ stock-market_NN volatility_NN ``_`` increases_VBZ the_DT possibility_NN of_IN economic_JJ recession_NN and_CC reinforces_VBZ the_DT bad_JJ news_NN ''_'' from_IN recent_JJ trade_NN deficit_NN ,_, employment_NN and_CC housing_NN reports_NNS ._. 
The_DT consensus_NN calls_VBZ for_IN a_DT 0.5_CD %_NN increase_NN in_IN September_NNP personal_JJ income_NN and_CC a_DT 0.3_CD %_NN gain_NN in_IN consumption_NN ._. 
In_IN August_NNP ,_, personal_JJ income_NN rose_VBD 0.4_CD %_NN and_CC personal_JJ consumption_NN increased_VBN 0.9_CD %_NN ._. 
Charles_NNP Lieberman_NNP ,_, managing_VBG director_NN of_IN financial_JJ markets_NNS reasearch_NN at_IN Manufacturers_NNP Hanover_NNP Securities_NNP Corp._NNP ,_, New_NNP York_NNP ,_, said_VBD Hurrican_NNP Hugo_NNP shaved_VBD 0.1_CD %_NN to_TO 0.2_CD %_NN from_IN personal-income_JJ growth_NN ,_, because_IN of_IN greatly_RB diminished_VBN rental_JJ income_NN from_IN tourism_NN ._. 
Durable_JJ goods_NNS orders_NNS for_IN September_NNP ,_, due_JJ out_IN tomorrow_NN ,_, are_VBP expected_VBN to_TO show_VB a_DT slip_NN of_IN 1_CD %_NN ,_, compared_VBN with_IN August_NNP 's_POS 3.9_CD %_NN increase_NN ._. 
As_IN usual_JJ ,_, estimates_VBZ on_IN the_DT fickle_JJ report_NN are_VBP wide_JJ ,_, running_VBG from_IN a_DT drop_NN of_IN 3.5_CD %_NN to_TO a_DT gain_NN of_IN 1.6_CD %_NN ._. 
HASTINGS_NNP MANUFACTURING_NNP Co._NNP declared_VBD a_DT regular_JJ quarterly_JJ dividend_NN of_IN 10_CD cents_NNS a_DT share_NN and_CC an_DT extra_JJ dividend_NN of_IN five_CD cents_NNS a_DT share_NN on_IN its_PRP$ common_JJ stock_NN ,_, payable_JJ Dec._NNP 15_CD to_TO shares_NNS of_IN record_NN Nov._NNP 17_CD ._. 
This_DT is_VBZ the_DT 11th_JJ consecutive_JJ quarter_NN in_IN which_WDT the_DT company_NN has_VBZ paid_VBN shareholders_NNS an_DT extra_JJ dividend_NN of_IN five_CD cents_NNS ._. 
The_DT Hastings_NNP ,_, Mich._NNP ,_, concern_NN makes_VBZ piston_NN rings_NNS ,_, filters_NNS and_CC fuel_NN pumps_NNS ._. 
Vickers_NNP PLC_NNP ,_, a_DT United_NNP Kingdom_NNP defense_NN and_CC engineering_NN company_NN ,_, said_VBD an_DT investment_NN unit_NN controlled_VBN by_IN New_NNP Zealand_NNP financier_NN Ron_NNP Brierley_NNP raised_VBD its_PRP$ stake_NN in_IN the_DT company_NN Friday_NNP to_TO 15.02_CD %_NN from_IN about_IN 14.6_CD %_NN Thursday_NNP and_CC from_IN 13.7_CD %_NN the_DT previous_JJ week_NN ._. 
I.E.P._NNP Securities_NNP Ltd._NNP ,_, a_DT unit_NN of_IN Mr._NNP Brierley_NNP 's_POS Hong_NNP Kong-based_NNP Industrial_NNP Equity_NNP -LRB-_( Pacific_NNP -RRB-_) Ltd._NNP ,_, boosted_VBD its_PRP$ holdings_NNS in_IN Vickers_NNP to_TO 38.8_CD million_CD shares_NNS ._. 
The_DT latest_JJS purchase_NN follows_VBZ small_JJ increases_NNS in_IN his_PRP$ holdings_NNS made_VBN over_IN the_DT past_JJ five_CD months_NNS ._. 
In_IN May_NNP ,_, Mr._NNP Brierley_NNP 's_POS stake_NN shrank_VBD to_TO 8.7_CD %_NN after_IN ranging_VBG between_IN 9_CD %_NN and_CC 11_CD %_NN for_IN much_NN of_IN the_DT previous_JJ year_NN ._. 
``_`` Ron_NNP Brierley_NNP clearly_RB views_VBZ our_PRP$ company_NN as_IN a_DT good_JJ investment_NN ,_, ''_'' a_DT Vickers_NNP spokesman_NN said_VBD ._. 
The_DT spokesman_NN refused_VBD to_TO comment_VB on_IN speculation_NN that_IN Industrial_NNP Equity_NNP might_MD use_VB its_PRP$ interest_NN as_IN a_DT platform_NN to_TO launch_VB a_DT hostile_JJ bid_NN for_IN the_DT company_NN ._. 
Vickers_NNP makes_VBZ tanks_NNS for_IN the_DT U.K._NNP army_NN ,_, Rolls_NNP Royce_NNP cars_NNS ,_, and_CC has_VBZ marine_NN and_CC medical_JJ businesses_NNS ._. 
When_WRB Rune_NNP Andersson_NNP set_VBD out_IN to_TO revive_VB flagging_JJ Swedish_JJ conglomerate_NN Trelleborg_NNP AB_NNP in_IN the_DT early_JJ 1980s_CD ,_, he_PRP spurned_VBD the_DT advice_NN of_IN trendy_JJ management_NN consultants_NNS ._. 
``_`` All_DT these_DT consultants_NNS kept_VBD coming_VBG around_IN telling_VBG us_PRP we_PRP should_MD concentrate_VB on_IN high_JJ technology_NN ,_, electronics_NNS or_CC biotechnology_NN ,_, and_CC get_VB out_IN of_IN mature_JJ basic_JJ industries_NNS ,_, ''_'' Mr._NNP Andersson_NNP recalls_VBZ ._. 
Yet_RB under_IN its_PRP$ 45-year-old_JJ president_NN ,_, Trelleborg_NNP moved_VBD aggressively_RB into_IN those_DT unfashionable_JJ base_NN industries_NNS --_: first_JJ strengthening_VBG its_PRP$ existing_VBG rubber_NN and_CC plastics_NNS division_NN ,_, later_RB adding_VBG mining_NN as_RB well_RB as_IN building_NN and_CC construction_NN materials_NNS ._. 
It_PRP was_VBD a_DT gutsy_JJ move_NN for_IN a_DT little-known_JJ executive_NN ,_, fired_VBN after_IN only_RB two_CD months_NNS as_IN president_NN of_IN his_PRP$ previous_JJ company_NN ._. 
But_CC going_VBG against_IN the_DT grain_NN has_VBZ never_RB bothered_VBN Mr._NNP Andersson_NNP ._. 
Stroking_VBG his_PRP$ trademark_NN white_JJ goatee_NN during_IN a_DT recent_JJ interview_NN ,_, the_DT diminutive_JJ Swede_NN quips_VBZ :_: ``_`` It_PRP turned_VBD out_IN to_TO be_VB lucky_JJ for_IN us_PRP ._. 
If_IN the_DT whole_JJ market_NN thinks_VBZ what_WP you_PRP 're_VBP doing_VBG is_VBZ crazy_JJ you_PRP do_VBP n't_RB have_VB much_JJ competition_NN ._. ''_'' 
Mr._NNP Andersson_NNP is_VBZ anxious_JJ to_TO strengthen_VB Trelleborg_NNP 's_POS balance_NN sheet_NN ._. 
Characteristically_RB ,_, he_PRP did_VBD n't_RB waste_VB much_JJ time_NN getting_VBG started_VBN ._. 
On_IN Tuesday_NNP ,_, Trelleborg_NNP 's_POS directors_NNS announced_VBD plans_NNS to_TO spin_VB off_IN two_CD big_JJ divisions_NNS --_: minerals_NNS processing_NN ,_, and_CC building_NN and_CC distribution_NN --_: as_IN separately_RB quoted_VBN companies_NNS on_IN Stockholm_NNP 's_POS Stock_NNP Exchange_NNP ._. 
At_IN current_JJ market_NN prices_NNS ,_, the_DT twin_JJ public_JJ offerings_NNS to_TO be_VB completed_VBN next_JJ year_NN would_MD add_VB an_DT estimated_VBN 2.5_CD billion_CD Swedish_JJ kronor_NNS -LRB-_( $_$ 386_CD million_CD -RRB-_) to_TO Trelleborg_NNP 's_POS coffers_NNS ,_, analysts_NNS say_VBP ._. 
The_DT board_NN had_VBD also_RB been_VBN expected_VBN to_TO approve_VB a_DT SKr1.5_NNS billion_CD international_JJ offering_NN of_IN new_JJ Trelleborg_NNP shares_NNS ._. 
But_CC that_DT share_NN issue_NN --_: intended_VBN to_TO make_VB Trelleborg_NNP better_RBR known_VBN among_IN international_JJ investors_NNS --_: was_VBD postponed_VBN until_IN market_NN conditions_NNS stabilize_VBP ,_, people_NNS familiar_JJ with_IN the_DT situation_NN say_VBP ._. 
Trelleborg_NNP 's_POS internationally_RB traded_VBN ``_`` Bfree_NNP ''_'' series_NN stock_NN plunged_VBD SKr29_NNS -LRB-_( $_$ 4.48_CD -RRB-_) to_TO SKr205_NNS -LRB-_( $_$ 31.65_CD -RRB-_) in_IN volatile_JJ trading_NN Monday_NNP in_IN Stockholm_NNP ._. 
Tuesday_NNP ,_, the_DT shares_NNS regained_VBD SKr20_NNS ,_, closing_VBG at_IN SKr225_NNS ._. 
Mr._NNP Andersson_NNP says_VBZ he_PRP is_VBZ confident_JJ that_IN taking_VBG parts_NNS of_IN the_DT company_NN public_NN will_MD help_VB erase_VB the_DT ``_`` conglomerate_NN stigma_NN ''_'' that_WDT has_VBZ held_VBN down_RB Trelleborg_NNP 's_POS share_NN price_NN ._. 
Trelleborg_NNP plans_VBZ to_TO remain_VB the_DT dominant_JJ shareholder_NN with_IN stakes_NNS of_IN slightly_RB less_JJR than_IN 50_CD %_NN of_IN both_DT units_NNS ._. 
The_DT spinoff_NN should_MD solve_VB a_DT problem_NN for_IN the_DT parent_NN ._. 
A_DT family_NN foundation_NN set_VBN up_IN by_IN late_JJ founder_NN Henry_NNP Dunker_NNP controls_NNS 59_CD %_NN of_IN Trelleborg_NNP 's_POS voting_NN shares_NNS outstanding_JJ ._. 
But_CC the_DT foundation_NN bylaws_NNS require_VBP the_DT entire_JJ Trelleborg_NNP stake_NN to_TO be_VB sold_VBN in_IN the_DT open_JJ market_NN if_IN control_NN drops_VBZ below_IN 50_CD %_NN ._. 
That_DT possibility_NN had_VBD crept_VBN closer_RBR as_IN repeated_VBN new_JJ share_NN offerings_NNS to_TO finance_VB Trelleborg_NNP 's_POS rapid_JJ growth_NN steadily_RB diluted_VBD the_DT foundation_NN 's_POS holding_VBG ._. 
That_DT growth_NN is_VBZ the_DT result_NN of_IN Mr._NNP Andersson_NNP 's_POS shopping_NN spree_NN ,_, during_IN which_WDT he_PRP has_VBZ bought_VBN and_CC sold_VBN more_JJR than_IN 100_CD companies_NNS during_IN the_DT past_JJ five_CD years_NNS ._. 
Most_JJS of_IN the_DT new_JJ additions_NNS were_VBD barely_RB profitable_JJ ,_, if_IN not_RB outright_JJ loss_NN makers_NNS ._. 
Applying_VBG prowess_NN gained_VBD during_IN earlier_JJR stints_NNS at_IN appliance_NN maker_NN AB_NNP Electrolux_NNP ,_, Mr._NNP Andersson_NNP and_CC a_DT handful_NN of_IN loyal_JJ lieutenants_NNS aggressively_RB stripped_VBN away_RB dead_JJ wood_NN --_: and_CC got_VBD quick_JJ results_NNS ._. 
The_DT treatment_NN turned_VBD Trelleborg_NNP into_IN one_CD of_IN Scandinavia_NNP 's_POS biggest_JJS and_CC fastest-growing_JJ industrial_JJ concerns_NNS ._. 
Between_IN 1985_CD and_CC 1988_CD ,_, sales_NNS multipled_VBD more_JJR than_IN 10_CD times_NNS and_CC pretax_JJ profit_NN surged_VBD almost_RB twelvefold_JJ ._. 
Many_JJ analysts_NNS expect_VBP Mr._NNP Andersson_NNP ,_, who_WP owns_VBZ 1.7_CD %_NN of_IN the_DT company_NN ,_, to_TO be_VB named_VBN Trelleborg_NNP 's_POS new_JJ chairman_NN when_WRB Ernst_NNP Herslow_NNP steps_NNS down_RB next_JJ year_NN ._. 
But_CC the_DT promotion_NN is_VBZ n't_RB likely_JJ to_TO alter_VB a_DT management_NN style_NN Mr._NNP Andersson_NNP describes_VBZ as_IN ``_`` being_VBG the_DT driving_VBG force_NN leading_VBG the_DT troops_NNS ,_, not_RB managing_VBG by_IN sitting_VBG back_RB with_IN a_DT cigar_NN waiting_VBG for_IN people_NNS to_TO bring_VB me_PRP ideas_NNS ._. ''_'' 
Last_JJ month_NN ,_, in_IN his_PRP$ boldest_JJS move_NN yet_RB ,_, Mr._NNP Andersson_NNP and_CC Trelleborg_NNP joined_VBD forces_NNS with_IN Canada_NNP 's_POS Noranda_NNP Inc._NNP in_IN a_DT joint_JJ $_$ 2_CD billion_CD hostile_JJ takeover_NN of_IN another_DT big_JJ Canadian_JJ mining_NN concern_NN ,_, Falconbridge_NNP Ltd_NNP ._. 
Industry_NN analysts_NNS suggest_VBP that_IN the_DT conquest_NN of_IN Falconbridge_NNP could_MD vault_VB Trelleborg_NNP from_IN a_DT regional_JJ Scandinavian_NNP success_NN story_NN to_TO a_DT world-class_JJ mining_NN concern_NN ._. 
``_`` Trelleborg_NNP is_VBZ n't_RB in_IN the_DT same_JJ league_NN yet_RB as_IN mining_NN giants_NNS such_JJ as_IN RTZ_NNP Corp._NNP or_CC Anglo-American_NNP Corp._NNP ,_, ''_'' says_VBZ Mike_NNP Kurtanjek_NNP ,_, a_DT mining_NN analyst_NN at_IN James_NNP Capel_NNP &_CC Co._NNP ,_, London_NNP ._. 
``_`` But_CC we_PRP certainly_RB like_IN what_WP we_PRP 've_VBP seen_VBN so_RB far_RB ._. ''_'' 
But_CC Trelleborg_NNP still_RB must_MD clear_VB some_DT tough_JJ hurdles_NNS ._. 
Mr._NNP Andersson_NNP acknowledges_VBZ that_IN the_DT company_NN 's_POS mining_NN division_NN ``_`` will_MD be_VB busy_JJ for_IN a_DT while_NN digesting_VBG its_PRP$ recent_JJ expansion_NN ._. ''_'' 
Booming_JJ metals_NNS prices_NNS have_VBP fueled_VBN Trelleborg_NNP 's_POS recent_JJ profit_NN surge_NN ,_, raising_VBG mining_NN 's_POS share_NN of_IN pretax_JJ profit_NN to_TO 68_CD %_NN this_DT year_NN from_IN a_DT big_JJ loss_NN two_CD years_NNS earlier_RBR ._. 
But_CC analysts_NNS caution_VBP an_DT expected_VBN fall_NN in_IN metal_NN prices_NNS next_JJ year_NN could_MD slow_VB profit_NN growth_NN ._. 
Mining_NNP is_VBZ likely_JJ to_TO remain_VB Trelleborg_NNP 's_POS main_JJ business_NN ._. 
Analysts_NNS say_VBP its_PRP$ chances_NNS of_IN success_NN will_MD likely_RB hinge_NN on_IN how_WRB well_RB Trelleborg_NNP manages_VBZ to_TO cooperate_VB with_IN Noranda_NNP in_IN the_DT Falconbridge_NNP venture_NN ._. 
Noranda_NNP and_CC Trelleborg_NNP each_DT came_VBD close_RB to_TO winning_VBG Falconbridge_NNP alone_RB before_IN the_DT successful_JJ joint_JJ bid_NN ._. 
Some_DT analysts_NNS say_VBP Noranda_NNP would_MD prefer_VB to_TO break_VB up_IN Falconbridge_NNP ,_, and_CC that_IN the_DT Swedes_NNPS --_: relatively_RB inexperienced_JJ in_IN international_JJ mining_NN operations_NNS --_: could_MD have_VB problems_NNS holding_VBG their_PRP$ own_JJ with_IN a_DT much_RB bigger_JJR partner_NN like_IN Noranda_NNP operating_VBG on_IN its_PRP$ home_NN turf_NN ._. 
Mr._NNP Andersson_NNP insists_VBZ that_IN Trelleborg_NNP and_CC Noranda_NNP have_VBP n't_RB discussed_VBN a_DT Falconbridge_NNP break-up_NN ._. 
Falconbridge_NNP ,_, he_PRP says_VBZ ,_, will_MD continue_VB operating_VBG in_IN its_PRP$ current_JJ form_NN ._. 
``_`` We_PRP 'd_MD be_VB reluctant_JJ to_TO accept_VB 50-50_JJ ownership_NN in_IN a_DT manufacturing_NN company_NN ._. 
But_CC such_JJ partnerships_NNS are_VBP common_JJ in_IN mining_NN ,_, where_WRB there_EX are_VBP n't_RB problems_NNS or_CC conflict_NN of_IN interest_NN or_CC risk_NN of_IN cheating_NN by_IN a_DT partner_NN ,_, ''_'' Trelleborg_NNP 's_POS president_NN says_NNS ._. 
Perhaps_RB more_RBR important_JJ ,_, both_DT companies_NNS share_VBP Mr._NNP Andersson_NNP 's_POS belief_NN in_IN the_DT coming_VBG renaissance_NN of_IN base_NN industries_NNS ._. 
``_`` If_IN the_DT 1980s_CD were_VBD a_DT decade_NN of_IN consumption_NN ,_, the_DT '90s_NNS will_MD be_VB the_DT investment_NN decade_NN ,_, ''_'' Mr._NNP Andersson_NNP says_VBZ ._. 
``_`` The_DT whole_NN of_IN Europe_NNP and_CC the_DT industrialized_VBN world_NN is_VBZ suffering_VBG from_IN a_DT breakdown_NN in_IN infrastructure_NN investment_NN ,_, ''_'' he_PRP says_VBZ ._. 
``_`` That_DT 's_VBZ beginning_VBG to_TO change_VB ._. 
And_CC investment_NN is_VBZ the_DT key_JJ word_NN for_IN base_NN metals_NNS ,_, and_CC most_RBS other_JJ businesses_NNS Trelleborg_NNP is_VBZ in_RB ._. 
Apple_NNP Computer_NNP Inc._NNP posted_VBD improved_VBN fiscal_JJ fourth-quarter_JJ profit_NN due_JJ largely_RB to_TO a_DT $_$ 48_CD million_CD gain_NN on_IN the_DT sale_NN of_IN its_PRP$ stock_NN in_IN Adobe_NNP Systems_NNP Inc_NNP ._. 
Excluding_VBG the_DT gain_NN ,_, the_DT company_NN registered_VBD a_DT modest_JJ 4.6_CD %_NN increase_NN for_IN the_DT quarter_NN ended_VBN Sept._NNP 29_CD to_TO $_$ 113_CD million_CD ,_, or_CC 87_CD cents_NNS a_DT share_NN ,_, from_IN the_DT year-earlier_JJ $_$ 107.9_CD million_CD ,_, or_CC 84_CD cents_NNS a_DT share_NN ._. 
Proceeds_NNS of_IN the_DT Adobe_NNP sale_NN brought_VBD net_JJ income_NN in_IN the_DT quarter_NN to_TO $_$ 161.1_CD million_CD ,_, or_CC $_$ 1.24_CD a_DT share_NN ._. 
Apple_NN shares_NNS fell_VBD 75_CD cents_NNS in_IN over-the-counter_JJ trading_NN to_TO close_VB at_IN $_$ 48_CD a_DT share_NN ._. 
Fiscal_JJ fourth-quarter_JJ sales_NNS grew_VBD about_IN 18_CD %_NN to_TO $_$ 1.38_CD billion_CD from_IN $_$ 1.17_CD billion_CD a_DT year_NN earlier_RBR ._. 
Without_IN the_DT Adobe_NNP gain_NN ,_, Apple_NNP 's_POS full-year_JJ operating_NN profit_NN edged_VBD up_IN 1.5_CD %_NN to_TO $_$ 406_CD million_CD ,_, or_CC $_$ 3.16_CD a_DT share_NN ,_, from_IN $_$ 400.3_CD million_CD ,_, or_CC $_$ 3.08_CD a_DT share_NN ._. 
Including_VBG the_DT Adobe_NNP gain_NN ,_, full-year_JJ net_NN was_VBD $_$ 454_CD million_CD ,_, or_CC $_$ 3.53_CD a_DT share_NN ._. 
Sales_NNS for_IN the_DT year_NN rose_VBD nearly_RB 30_CD %_NN to_TO $_$ 5.28_CD billion_CD from_IN $_$ 4.07_CD billion_CD a_DT year_NN earlier_RBR ._. 
John_NNP Sculley_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN ,_, credited_VBD the_DT Macintosh_NNP SE\/30_NNP and_CC IIcx_NNP computers_NNS ,_, introduced_VBN in_IN the_DT winter_NN ,_, for_IN the_DT brightened_VBN sales_NNS performance_NN ._. 
Mr._NNP Sculley_NNP also_RB indicated_VBD that_IN sagging_VBG margins_NNS ,_, which_WDT dogged_VBD the_DT company_NN through_IN most_RBS of_IN 1989_CD ,_, began_VBD to_TO turn_VB up_IN in_IN the_DT fourth_JJ quarter_NN as_IN chip_NN prices_NNS eased_VBD ._. 
``_`` Adverse_JJ pressure_NN on_IN gross_JJ margins_NNS ..._: has_VBZ subsided_VBN ,_, ''_'' Mr._NNP Sculley_NNP said_VBD ._. 
Margins_NNS in_IN the_DT fiscal_JJ fourth_JJ quarter_NN perked_VBD up_IN ,_, rising_VBG to_TO 51_CD %_NN from_IN 49.2_CD %_NN a_DT year_NN earlier_RBR ._. 
For_IN all_DT of_IN fiscal_JJ 1989_CD ,_, however_RB ,_, the_DT average_JJ gross_JJ margin_NN was_VBD 49_CD %_NN ,_, below_IN the_DT average_JJ 1988_CD gross_JJ margin_NN of_IN 51_CD %_NN ._. 
Lower_JJR component_NN costs_NNS --_: especially_RB for_IN DRAMs_NNS ,_, or_CC dynamic_JJ random_JJ access_NN memory_NN chips_NNS --_: were_VBD cited_VBN for_IN the_DT easing_NN of_IN margin_NN pressure_NN on_IN the_DT company_NN ,_, a_DT spokeswoman_NN said_VBD ._. 
Looking_VBG ahead_RB to_TO 1990_CD ,_, Mr._NNP Sculley_NNP predicted_VBD ``_`` another_DT year_NN of_IN significant_JJ revenue_NN growth_NN ,_, ''_'' along_IN with_IN improved_VBN profitability_NN ,_, as_IN the_DT recovery_NN in_IN gross_JJ margins_NNS continues_VBZ into_IN 1990_CD ._. 
Gary_NNP J._NNP Schantz_NNP ,_, 44_CD years_NNS old_JJ ,_, was_VBD named_VBN president_NN and_CC chief_JJ operating_VBG officer_NN ._. 
Polymerix_NNP makes_VBZ lumber-like_JJ materials_NNS that_IN it_PRP describes_VBZ as_IN ``_`` plastic_NN wood_NN ._. ''_'' 
The_DT operating_VBG chief_NN 's_POS post_NN is_VBZ new_JJ ._. 
Martin_NNP Schrager_NNP ,_, 51_CD ,_, who_WP had_VBD been_VBN president_NN ,_, was_VBD named_VBN vice_NN chairman_NN ._. 
He_PRP remains_VBZ chief_JJ executive_JJ officer_NN ._. 
Mr._NNP Schantz_NNP was_VBD vice_NN president_NN and_CC chief_JJ operating_VBG officer_NN of_IN the_DT Acrylic_NNP division_NN of_IN Polycast_NNP Technology_NNP Corp_NNP ._. 
Separately_RB ,_, the_DT board_NN expanded_VBN to_TO six_CD members_NNS with_IN the_DT election_NN of_IN David_NNP L._NNP Holewinski_NNP ,_, a_DT consultant_NN ._. 
The_DT company_NN also_RB said_VBD it_PRP privately_RB placed_VBD stock_NN and_CC warrants_NNS in_IN exchange_NN for_IN $_$ 750,000_CD ._. 
Terry_NNP L._NNP Haines_NNP ,_, formerly_RB general_JJ manager_NN of_IN Canadian_JJ operations_NNS ,_, was_VBD elected_VBN to_TO the_DT new_JJ position_NN of_IN vice_NN president_NN ,_, North_NNP American_JJ sales_NNS ,_, of_IN this_DT plastics_NNS concern_VBP ._. 
Also_RB ,_, Larry_NNP A._NNP Kushkin_NNP ,_, executive_JJ vice_NN president_NN ,_, North_NNP American_JJ operations_NNS ,_, was_VBD named_VBN head_NN of_IN the_DT company_NN 's_POS international_JJ automotive_JJ operations_NNS ,_, another_DT new_JJ position_NN ._. 
He_PRP remains_VBZ an_DT executive_JJ vice_NN president_NN ,_, the_DT company_NN said_VBD ,_, and_CC his_PRP$ new_JJ position_NN reflects_VBZ ``_`` the_DT growing_VBG importance_NN of_IN the_DT world_NN automotive_JJ market_NN as_IN a_DT market_NN for_IN A._NNP Schulman_NNP 's_POS high_JJ performance_NN plastic_NN materials_NNS ._. ''_'' 
Gordon_NNP Trimmer_NNP will_MD succeed_VB Mr._NNP Haines_NNP as_IN manager_NN of_IN Canadian_JJ operations_NNS ,_, and_CC Mr._NNP Kushkin_NNP 's_POS former_JJ position_NN is_VBZ n't_RB being_VBG filled_VBN at_IN this_DT time_NN ,_, the_DT company_NN said_VBD ._. 
General_NNP Electric_NNP Co._NNP said_VBD it_PRP signed_VBD a_DT contract_NN with_IN the_DT developers_NNS of_IN the_DT Ocean_NNP State_NNP Power_NNP project_NN for_IN the_DT second_JJ phase_NN of_IN an_DT independent_JJ $_$ 400_CD million_CD power_NN plant_NN ,_, which_WDT is_VBZ being_VBG built_VBN in_IN Burrillville_NNP ,_, R.I_NNP ._. 
GE_NNP ,_, along_IN with_IN a_DT division_NN of_IN Ebasco_NNP ,_, a_DT subsidiary_NN of_IN Enserch_NNP Corp._NNP ,_, have_VBP been_VBN building_VBG the_DT first_JJ 250-megawatt_JJ phase_NN of_IN the_DT project_NN ,_, which_WDT they_PRP expect_VBP to_TO complete_VB in_IN late_JJ 1990_CD ._. 
The_DT second_JJ portion_NN will_MD be_VB completed_VBN the_DT following_VBG year_NN ._. 
GE_NNP 's_POS Power_NNP Generation_NNP subsidiary_NN will_MD operate_VB and_CC maintain_VB the_DT plant_NN upon_IN its_PRP$ completion_NN ._. 
The_DT Environmental_NNP Protection_NNP Agency_NNP is_VBZ getting_VBG a_DT lot_NN out_IN of_IN the_DT Superfund_NNP program_NN ._. 
Of_IN the_DT $_$ 4.4_CD billion_CD spent_VBD so_RB far_RB on_IN the_DT program_NN ,_, 60_CD %_NN is_VBZ going_VBG for_IN administrative_JJ costs_NNS ,_, management_NN and_CC research_NN ,_, the_DT Office_NNP of_IN Technology_NNP Assessment_NNP just_RB reported_VBD ._. 
Only_RB 36_CD of_IN 1,200_CD priority_NN cleanup_NN sites_NNS have_VBP been_VBN ``_`` decontaminated_VBN ._. ''_'' 
Over_IN the_DT next_JJ 50_CD years_NNS ,_, $_$ 500_CD billion_CD is_VBZ earmarked_VBN for_IN the_DT program_NN ._. 
At_IN current_JJ allocations_NNS ,_, that_WDT means_VBZ EPA_NNP will_MD be_VB spending_NN $_$ 300_CD billion_CD on_IN itself_PRP ._. 
It_PRP may_MD not_RB be_VB toxic_JJ ,_, but_CC we_PRP know_VBP where_WRB one_CD waste_NN dump_NN is_NNS ._. 
Chambers_NNP Development_NNP Co._NNP said_VBD its_PRP$ Security_NNP Bureau_NNP Inc._NNP unit_NN purchased_VBN two_CD security_NN concerns_NNS in_IN Florida_NNP that_WDT will_MD add_VB $_$ 2.1_CD million_CD of_IN annual_JJ revenue_NN ._. 
Purchase_NNP of_IN the_DT businesses_NNS serving_VBG Miami_NNP ,_, Fort_NNP Lauderdale_NNP and_CC West_NNP Palm_NNP Beach_NNP ,_, Fla._NNP ,_, is_VBZ part_NN of_IN a_DT plan_NN by_IN Chambers_NNP to_TO expand_VB in_IN the_DT growing_VBG security_NN industry_NN ._. 
Terms_NNS were_VBD n't_RB disclosed_VBN ._. 
Basf_NNP AG_NNP said_VBD it_PRP moved_VBD its_PRP$ headquarters_NN for_IN Latin_NNP America_NNP to_TO Mexico_NNP and_CC the_DT headquarters_NN for_IN the_DT Asia\/Australia_NNP regional_JJ division_NN to_TO Singapore_NNP ,_, effective_JJ Oct_NNP ._. 
The_DT central_JJ offices_NNS for_IN both_DT regions_NNS were_VBD previously_RB located_VBN in_IN Ludwigshafen_NNP ,_, Basf_NNP headquarters_NN ._. 
The_DT West_JJ German_JJ chemical_NN concern_NN called_VBD the_DT moves_NNS a_DT further_JJ step_NN in_IN the_DT internationalization_NN of_IN its_PRP$ business_NN activities_NNS ._. 
Both_DT regions_NNS are_VBP the_DT fastest-growing_JJ areas_NNS for_IN Basf_NNP ,_, the_DT company_NN said_VBD ._. 
David_NNP H._NNP Eisenberg_NNP ,_, 53_CD years_NNS old_JJ ,_, was_VBD named_VBN president_NN and_CC chief_JJ operating_VBG officer_NN of_IN Imasco_NNP 's_POS 500-store_JJ Peoples_NNP Drug_NNP Stores_NNP Inc._NNP unit_NN ,_, based_VBN in_IN Alexandria_NNP ,_, Va_NNP ._. 
Mr._NNP Eisenberg_NNP was_VBD senior_JJ executive_JJ vice_NN president_NN and_CC chief_JJ operating_VBG officer_NN ._. 
Imasco_NNP is_VBZ a_DT tobacco_NN ,_, retailing_NN ,_, restaurant_NN and_CC financial_JJ services_NNS concern_VBP ._. 
Lotus_NNP Development_NNP Corp._NNP is_VBZ in_IN talks_NNS to_TO sell_VB its_PRP$ Signal_NNP stock-quote_JJ service_NN to_TO Infotechnology_NNP Inc._NNP ,_, the_DT New_NNP York_NNP parent_NN of_IN Financial_NNP News_NNP Network_NNP ,_, people_NNS familiar_JJ with_IN the_DT negotiations_NNS said_VBD ._. 
They_PRP said_VBD the_DT price_NN would_MD be_VB around_IN $_$ 10_CD million_CD ._. 
Signal_NNP ,_, which_WDT has_VBZ an_DT estimated_VBN 10,000_CD subscribers_NNS and_CC is_VBZ profitable_JJ ,_, provides_VBZ stock_NN quotes_NNS over_IN an_DT FM_NNP radio_NN band_NN that_WDT can_MD be_VB received_VBN by_IN specially_RB equipped_VBN personal_JJ computers_NNS ._. 
The_DT computers_NNS will_MD display_VB stock_NN prices_NNS selected_VBN by_IN users_NNS ._. 
Lotus_NNP ,_, Cambridge_NNP ,_, Mass._NNP ,_, has_VBZ been_VBN rumored_VBN to_TO have_VB the_DT sale_NN of_IN the_DT four-year-old_JJ unit_NN under_IN consideration_NN for_IN a_DT year_NN ._. 
The_DT business_NN is_VBZ n't_RB related_VBN to_TO Lotus_NNP 's_POS main_JJ businesses_NNS of_IN making_VBG computer_NN software_NN and_CC publishing_NN information_NN on_IN compact_JJ disks_NNS ._. 
``_`` Please_VB submit_VB your_PRP$ offers_NNS ,_, ''_'' says_VBZ Felipe_NNP Bince_NNP Jr_NNP ._. 
He_PRP surveys_VBZ the_DT prospective_JJ investors_NNS gathered_VBD in_IN the_DT board_NN room_NN of_IN the_DT Philippine_JJ government_NN 's_POS Asset_NNP Privatization_NNP Trust_NNP for_IN the_DT sale_NN of_IN a_DT 36_CD %_NN interest_NN in_IN the_DT country_NN 's_POS largest_JJS paper_NN mill_NN ._. 
The_DT agency_NN expects_VBZ the_DT bids_NNS to_TO be_VB equivalent_NN of_IN more_JJR than_IN $_$ 80_CD million_CD ._. 
Not_RB a_DT peso_NN is_VBZ offered_VBN ._. 
Mr._NNP Bince_NNP ,_, the_DT trust_NN 's_POS associate_JJ executive_JJ trustee_NN ,_, declares_VBZ the_DT bidding_VBG a_DT failure_NN ._. 
``_`` It_PRP 's_VBZ getting_VBG harder_JJR to_TO sell_VB ,_, ''_'' he_PRP mutters_VBZ as_IN he_PRP leaves_VBZ the_DT room_NN ._. 
Indeed_RB ._. Recently_RB ,_, the_DT trust_NN failed_VBD to_TO auction_VB off_IN the_DT paper_NN mill_NN ,_, a_DT bank_NN ,_, an_DT office_NN building_NN and_CC a_DT small_JJ cotton-ginning_JJ plant_NN ._. 
Of_IN the_DT four_CD ,_, only_RB the_DT bank_NN and_CC the_DT plant_NN drew_VBD bids_NNS --_: one_CD apiece_RB ._. 
In_IN October_NNP 1987_CD ,_, President_NNP Corazon_NNP Aquino_NNP vowed_VBD that_IN her_PRP$ government_NN would_MD ``_`` get_VB out_IN of_IN business_NN ''_'' by_IN selling_VBG all_DT or_CC part_NN of_IN the_DT state_NN 's_POS holdings_NNS in_IN the_DT many_JJ companies_NNS taken_VBN over_IN by_IN the_DT government_NN during_IN the_DT 20-year_JJ rule_NN of_IN Ferdinand_NNP Marcos_NNP ._. 
Two_CD years_NNS later_RB ,_, Mrs._NNP Aquino_NNP 's_POS promise_NN remains_VBZ largely_RB unfulfilled_JJ ._. 
October_NNP is_VBZ a_DT critical_JJ month_NN for_IN the_DT privatization_NN program_NN ._. 
Manila_NNP is_VBZ offering_VBG several_JJ major_JJ assets_NNS for_IN the_DT first_JJ time_NN and_CC is_VBZ trying_VBG to_TO conclude_VB sales_NNS already_RB arranged_VBN ._. 
In_IN addition_NN ,_, the_DT government_NN is_VBZ scheduled_VBN to_TO unveil_VB plans_NNS for_IN privatizing_VBG Philippine_JJ Airlines_NNPS ,_, the_DT national_JJ carrier_NN ,_, an_DT effort_NN that_DT lawyer_NN and_CC business_NN columnist_NN Rodolfo_NNP Romero_NNP calls_VBZ ``_`` the_DT bellwether_NN of_IN privatization_NN ._. ''_'' 
All_DT told_VBD ,_, there_EX are_VBP assets_NNS on_IN the_DT line_NN valued_VBN at_IN up_IN to_TO $_$ 1.03_CD billion_CD ._. 
The_DT privatization_NN program_NN is_VBZ designed_VBN to_TO rid_VB the_DT government_NN of_IN hundreds_NNS of_IN assets_NNS and_CC to_TO raise_VB critically_RB needed_VBN funds_NNS ._. 
Much_RB of_IN the_DT money_NN from_IN the_DT sales_NNS is_VBZ earmarked_VBN for_IN a_DT multibillion-dollar_JJ agrarian-reform_JJ program_NN ._. 
But_CC efforts_NNS have_VBP been_VBN thwarted_VBN by_IN official_JJ indifference_NN ,_, bureaucratic_JJ resistance_NN ,_, a_DT legal_JJ system_NN that_WDT operates_VBZ at_IN a_DT snail_NN 's_POS pace_NN ,_, political_JJ opposition_NN and_CC government_NN misjudgments_NNS ._. 
Most_JJS recently_RB ,_, a_DT lack_NN of_IN buyers_NNS has_VBZ been_VBN added_VBN to_TO the_DT list_NN ._. 
Rather_RB than_IN gathering_NN momentum_NN ,_, the_DT program_NN is_VBZ in_IN danger_NN of_IN slowing_VBG even_RB more_JJR as_IN the_DT government_NN tackles_VBZ several_JJ big_JJ assets_NNS ._. 
The_DT axiom_NN appears_VBZ to_TO be_VB that_IN the_DT more_RBR valuable_JJ the_DT asset_NN ,_, the_DT harder_JJR the_DT privatization_NN process_NN ._. 
``_`` You_PRP just_RB do_VBP n't_RB see_VB a_DT whole_JJ lot_NN happening_VBG ,_, ''_'' says_VBZ an_DT international_JJ economist_NN ._. 
To_TO be_VB sure_JJ ,_, the_DT program_NN has_VBZ n't_RB completely_RB stalled_VBN ._. 
The_DT Asset_NNP Privatization_NNP Trust_NNP ,_, the_DT agency_NN chiefly_RB responsible_JJ for_IN selling_VBG government-held_JJ properties_NNS ,_, has_VBZ recorded_VBN sales_NNS of_IN more_JJR than_IN $_$ 500_CD million_CD since_IN it_PRP began_VBD functioning_VBG in_IN December_NNP 1986_CD ._. 
But_CC its_PRP$ success_NN has_VBZ been_VBN largely_RB in_IN the_DT sale_NN of_IN small_JJ ,_, nonperforming_JJ companies_NNS ,_, which_WDT are_VBP valued_VBN for_IN their_PRP$ assets_NNS ._. 
Dealing_VBG with_IN the_DT sales_NNS this_DT month_NN could_MD be_VB particularly_RB challenging_VBG because_IN almost_RB every_DT problem_NN that_WDT has_VBZ hobbled_VBN the_DT program_NN in_IN the_DT past_NN is_VBZ popping_VBG up_IN again_RB ._. 
Ramon_NNP Garcia_NNP ,_, the_DT Asset_NNP Trust_NNP 's_POS executive_JJ trustee_NN ,_, admits_VBZ to_TO what_WP he_PRP calls_VBZ ``_`` temporary_JJ setbacks_NNS ._. ''_'' 
In_IN light_NN of_IN the_DT poor_JJ results_NNS recently_RB ,_, he_PRP says_VBZ ,_, the_DT agency_NN is_VBZ adopting_VBG an_DT ``_`` attitude_NN of_IN flexibility_NN ._. ''_'' 
October_NNP 's_POS troubles_NNS began_VBD when_WRB the_DT trust_NN failed_VBD to_TO sell_VB a_DT state-owned_JJ commercial_JJ bank_NN ,_, Associated_NNP Bank_NNP ,_, for_IN the_DT minimum_JJ price_NN of_IN 671_CD million_CD pesos_NNS -LRB-_( $_$ 31_CD million_CD -RRB-_) ._. 
At_IN the_DT end_NN of_IN the_DT month_NN ,_, the_DT agency_NN again_RB will_MD offer_VB the_DT bank_NN ._. 
But_CC instead_RB of_IN a_DT minimum_JJ price_NN ,_, only_RB a_DT target_NN price_NN will_MD be_VB established_VBN ._. 
Bankers_NNS say_VBP ,_, however_RB ,_, that_IN the_DT government_NN may_MD have_VB difficulty_NN selling_VBG the_DT institution_NN even_RB without_IN a_DT floor_NN price_NN ._. 
The_DT bank_NN has_VBZ a_DT negative_JJ net_JJ worth_NN ,_, they_PRP say_VBP ._. 
In_IN addition_NN ,_, special_JJ bidding_NN rules_NNS give_VBP the_DT bank_NN 's_POS former_JJ owner_NN ,_, Leonardo_NNP Ty_NNP ,_, the_DT right_NN to_TO match_VB the_DT highest_JJS bid_NN ._. 
Mr._NNP Ty_NNP lost_VBD control_NN to_TO the_DT government_NN in_IN 1980_CD when_WRB a_DT government_NN bank_NN made_VBD emergency_NN loans_NNS to_TO the_DT cash-strapped_JJ institution_NN ._. 
In_IN 1983_CD ,_, the_DT loans_NNS were_VBD converted_VBN into_IN equity_NN ,_, giving_VBG Manila_NNP 98_CD %_NN of_IN the_DT bank_NN ,_, but_CC with_IN the_DT understanding_NN that_IN Mr._NNP Ty_NNP had_VBD repurchase_NN rights_NNS ._. 
His_PRP$ ability_NN to_TO match_VB any_DT bid_NN has_VBZ scared_VBN off_IN many_JJ potential_JJ buyers_NNS ._. 
Separately_RB ,_, the_DT government_NN will_MD try_VB again_RB within_IN a_DT month_NN to_TO sell_VB the_DT 36_CD %_NN stake_NN in_IN Paper_NNP Industries_NNP Corp._NNP of_IN the_DT Philippines_NNP ,_, or_CC Picop_NNP ,_, as_IN the_DT paper_NN mill_NN is_VBZ known_VBN ._. 
The_DT price_NN will_MD depend_VB on_IN how_WRB much_JJ Picop_NNP shares_NNS fetch_VBP on_IN the_DT local_JJ stock_NN market_NN ._. 
But_CC according_VBG to_TO bankers_NNS and_CC stock_NN analysts_NNS who_WP have_VBP studied_VBN the_DT paper_NN mill_NN ,_, price_NN is_VBZ n't_RB the_DT only_JJ consideration_NN ._. 
As_IN it_PRP stands_VBZ now_RB ,_, the_DT government_NN would_MD continue_VB to_TO hold_VB 45_CD %_NN of_IN Picop_NNP after_IN the_DT 36_CD %_NN stake_NN is_VBZ sold_VBN ._. 
-LRB-_( About_IN 7.5_CD %_NN of_IN Picop_NNP is_VBZ publicly_RB traded_VBN and_CC other_JJ shareholders_NNS own_VB the_DT rest_NN of_IN the_DT equity_NN ._. -RRB-_) 
Potential_JJ buyers_NNS ,_, mostly_RB foreign_JJ companies_NNS ,_, are_VBP reluctant_JJ to_TO take_VB a_DT non-controlling_JJ stake_NN in_IN a_DT company_NN that_IN ,_, by_IN the_DT government_NN 's_POS own_JJ reckoning_NN ,_, needs_VBZ some_DT $_$ 100_CD million_CD in_IN new_JJ capital_NN for_IN rehabilitation_NN ._. 
The_DT prospect_NN of_IN buying_VBG into_IN a_DT cash-hungry_JJ company_NN without_IN getting_VBG management_NN control_NN persuaded_VBN at_IN least_JJS three_CD foreign_JJ buyers_NNS ,_, including_VBG a_DT member_NN of_IN the_DT Elders_NNP group_NN of_IN Australia_NNP ,_, to_TO pull_VB out_IN of_IN the_DT bidding_NN ,_, the_DT bankers_NNS and_CC analysts_NNS say_VBP ._. 
Mr._NNP Garcia_NNP acknowledges_VBZ the_DT problem_NN and_CC says_VBZ the_DT Asset_NNP Trust_NNP will_MD study_VB why_WRB the_DT bidding_NN failed_VBD and_CC what_WP changes_VBZ the_DT agency_NN may_MD be_VB able_JJ to_TO offer_VB ._. 
Under_IN government_NN regulations_NNS ,_, however_RB ,_, foreign_JJ ownership_NN of_IN Picop_NNP 's_POS equity_NN is_VBZ limited_JJ to_TO 40_CD %_NN ._. 
Even_RB though_IN the_DT government_NN would_MD retain_VB the_DT 45_CD %_NN stake_NN in_IN Picop_NNP ,_, critics_NNS have_VBP accused_VBN the_DT trust_NN of_IN selling_VBG out_RP to_TO foreigners_NNS ._. 
A_DT series_NN of_IN newspaper_NN articles_NNS accused_VBD the_DT trust_NN of_IN short-changing_JJ the_DT government_NN over_IN the_DT Picop_NNP sale_NN ._. 
Mr._NNP Garcia_NNP says_VBZ he_PRP has_VBZ been_VBN notified_VBN of_IN congressional_JJ hearings_NNS on_IN the_DT Picop_NNP bidding_NN and_CC possible_JJ legislation_NN covering_VBG the_DT paper_NN mill_NN 's_POS sale_NN ,_, both_DT prompted_VBN by_IN the_DT criticism_NN of_IN the_DT agency_NN ._. 
The_DT question_NN of_IN control_NN could_MD further_VB hinder_VB long-delayed_JJ plans_NNS for_IN the_DT government_NN to_TO divest_VB itself_PRP of_IN Philippine_JJ Airlines_NNPS ,_, in_IN which_WDT it_PRP has_VBZ a_DT 99_CD %_NN stake_NN ._. 
The_DT carrier_NN has_VBZ valuable_JJ trans-Pacific_JJ and_CC Asian_JJ routes_NNS but_CC it_PRP remains_VBZ debt-laden_JJ and_CC poorly_RB managed_VBD ._. 
This_DT maker_NN of_IN electronic_JJ measuring_NN devices_NNS named_VBN two_CD new_JJ directors_NNS ,_, increasing_VBG board_NN membership_NN to_TO nine_CD ._. 
The_DT new_JJ directors_NNS are_VBP Gordon_NNP M._NNP Sprenger_NNP ,_, president_NN and_CC chief_JJ executive_JJ officer_NN of_IN LifeSpan_NNP Inc._NNP ,_, and_CC Peter_NNP S._NNP Willmott_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN Willmott_NNP Services_NNP Inc_NNP ._. 
Gerard_NNP E._NNP Wood_NNP ,_, 51_CD years_NNS old_JJ ,_, was_VBD elected_VBN president_NN ,_, chief_JJ executive_JJ officer_NN and_CC a_DT director_NN of_IN this_DT minerals_NNS and_CC materials_NNS company_NN ._. 
He_PRP succeeds_VBZ Harry_NNP A._NNP Durney_NNP ,_, 65_CD ,_, who_WP is_VBZ retiring_VBG from_IN active_JJ duty_NN but_CC remains_VBZ a_DT director_NN and_CC consultant_NN ._. 
Mr._NNP Wood_NNP has_VBZ been_VBN president_NN and_CC chief_JJ executive_NN of_IN Steep_NNP Rock_NNP Resources_NNP Inc_NNP ._. 
Eagle_NNP Financial_NNP Corp._NNP and_CC Webster_NNP Financial_NNP Corp._NNP ,_, two_CD Connecticut_NNP savings_NNS bank-holding_JJ companies_NNS ,_, agreed_VBD to_TO merge_VB in_IN a_DT tax-free_JJ stock_NN transaction_NN ._. 
The_DT new_JJ holding_NN company_NN ,_, Webster\/Eagle_NNP Bancorp_NNP Inc._NNP ,_, will_MD have_VB about_RB $_$ 1.2_CD billion_CD of_IN assets_NNS and_CC 19_CD banking_NN offices_NNS in_IN Connecticut_NNP ._. 
Tangible_JJ capital_NN will_MD be_VB about_RB $_$ 115_CD million_CD ._. 
The_DT merger_NN is_VBZ subject_NN to_TO regulatory_JJ clearance_NN and_CC a_DT definitive_JJ agreement_NN ._. 
In_IN the_DT merger_NN ,_, each_DT share_NN of_IN Webster_NNP ,_, based_VBN in_IN Waterbury_NNP ,_, will_MD be_VB converted_VBN into_IN one_CD share_NN of_IN the_DT new_JJ company_NN ._. 
Each_DT share_NN of_IN Eagle_NNP ,_, based_VBN in_IN Bristol_NNP ,_, will_MD become_VB 0.95_CD share_NN of_IN Webster\/Eagle_NNP ._. 
In_IN American_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN Friday_NNP ,_, Eagle_NNP shares_NNS rose_VBD 12.5_CD cents_NNS to_TO $_$ 11_CD ._. 
In_IN national_JJ over-the-counter_JJ trading_NN ,_, Webster_NNP shares_NNS fell_VBD 25_CD cents_NNS to_TO $_$ 12.375_CD ._. 
Webster_NNP has_VBZ 3.5_CD million_CD shares_NNS outstanding_JJ and_CC Eagle_NNP 2.6_CD million_CD ._. 
Their_PRP$ indicated_VBD market_NN values_NNS thus_RB are_VBP about_RB $_$ 43.3_CD million_CD and_CC $_$ 28.6_CD million_CD ,_, respectively_RB ._. 
Frank_NNP J._NNP Pascale_NNP ,_, chairman_NN of_IN Eagle_NNP ,_, will_MD be_VB chairman_NN of_IN the_DT new_JJ firm_NN and_CC James_NNP C._NNP Smith_NNP ,_, president_NN and_CC chief_JJ executive_JJ officer_NN of_IN Webster_NNP ,_, will_MD take_VB those_DT posts_NNS at_IN Webster\/Eagle_NNP ._. 
Harold_NNP W._NNP Smith_NNP Sr._NNP ,_, chairman_NN of_IN Webster_NNP ,_, will_MD become_VB chairman_NN emeritus_NN and_CC a_DT director_NN of_IN the_DT new_JJ company_NN ._. 
Ralph_NNP T._NNP Linsley_NNP ,_, vice_NN chairman_NN of_IN Eagle_NNP ,_, will_MD become_VB vice_NN chairman_NN of_IN Webster\/Eagle_NNP ._. 
The_DT board_NN will_MD be_VB made_VBN up_IN of_IN seven_CD directors_NNS of_IN each_DT holding_VBG company_NN ._. 
In_IN an_DT interview_NN ,_, James_NNP Smith_NNP said_VBD the_DT banks_NNS '_POS ``_`` markets_NNS are_VBP contiguous_JJ and_CC their_PRP$ business_NN philosophies_NNS are_VBP similar_JJ and_CC conservative_JJ ._. ''_'' 
Nonperforming_JJ loans_NNS will_MD make_VB up_IN only_RB about_IN 0.5_CD %_NN of_IN the_DT combined_VBN banks_NNS '_POS total_JJ loans_NNS outstanding_JJ ,_, he_PRP said_VBD ._. 
At_IN June_NNP 30_CD ,_, Webster_NNP ,_, which_WDT owns_VBZ First_NNP Federal_NNP Savings_NNP &_CC Loan_NNP Association_NNP of_IN Waterbury_NNP ,_, had_VBD assets_NNS of_IN $_$ 699_CD million_CD ._. 
Eagle_NNP ,_, which_WDT controls_VBZ Bristol_NNP Federal_NNP Savings_NNP Bank_NNP and_CC First_NNP Federal_NNP Savings_NNP &_CC Loan_NNP Association_NNP of_IN Torrington_NNP ,_, had_VBD assets_NNS of_IN $_$ 469.6_CD million_CD on_IN that_DT date_NN ._. 
Guillermo_NNP Ortiz_NNP 's_POS Sept._NNP 15_CD Americas_NNP column_NN ,_, ``_`` Mexico_NNP 's_POS Been_VBN Bitten_VBN by_IN the_DT Privatization_NN Bug_NN ,_, ''_'' is_VBZ a_DT refreshingly_RB clear_JJ statement_NN of_IN his_PRP$ government_NN 's_POS commitment_NN to_TO privatization_NN ,_, and_CC must_MD be_VB welcomed_VBN as_IN such_JJ by_IN all_DT Americans_NNPS who_WP wish_VBP his_PRP$ country_NN well_RB ._. 
The_DT Mexico-United_NNP States_NNP Institute_NNP is_VBZ glad_JJ to_TO see_VB such_JJ a_DT high_JJ official_NN as_IN Mexico_NNP 's_POS undersecretary_NN of_IN finance_NN view_VB his_PRP$ country_NN 's_POS reforms_NNS ``_`` in_IN the_DT context_NN of_IN a_DT larger_JJR ,_, world-wide_JJ process_NN ''_'' of_IN profound_JJ change_NN toward_IN free-market_JJ economics_NNS ,_, especially_RB in_IN the_DT statist_JJ countries_NNS ._. 
Having_VBG said_VBN that_IN ,_, we_PRP must_MD caution_VB against_IN an_DT apparent_JJ tendency_NN to_TO overstate_VB the_DT case_NN ._. 
It_PRP is_VBZ not_RB quite_RB true_JJ ,_, for_IN example_NN ,_, that_IN the_DT Mexican_JJ government_NN has_VBZ ``_`` privatized_VBN ''_'' Mexicana_NNP de_FW Aviacion_NNP ,_, as_IN Mr._NNP Ortiz_NNP claims_VBZ ._. 
In_IN the_DT same_JJ sentence_NN he_PRP contradicts_VBZ himself_PRP when_WRB he_PRP reports_VBZ that_IN the_DT government_NN still_RB retains_VBZ 40_CD %_NN of_IN the_DT total_JJ equity_NN of_IN the_DT airline_NN ._. 
How_WRB can_MD a_DT company_NN be_VB considered_VBN ``_`` privatized_VBN ''_'' if_IN the_DT state_NN is_VBZ so_RB heavily_RB represented_VBN in_IN it_PRP ?_. 
-LRB-_( True_JJ ,_, the_DT Mexican_JJ government_NN has_VBZ granted_VBN ``_`` control_NN ''_'' over_IN the_DT airline_NN to_TO a_DT new_JJ private_JJ consortium_NN ,_, but_CC its_PRP$ propensity_NN to_TO take_VB back_RB what_WP it_PRP gives_VBZ is_VBZ too_RB well_RB known_VBN to_TO permit_VB one_CD to_TO be_VB sanguine_JJ ._. -RRB-_) 
Regrettably_RB ,_, too_RB ,_, Mr._NNP Ortiz_NNP resorts_VBZ to_TO the_DT familiar_JJ ``_`` numbers_NNS game_NN ''_'' when_WRB he_PRP boasts_VBZ that_IN ``_`` fewer_JJR than_IN 392_CD -LCB-_( state_NN enterprises_NNS -RCB-_) currently_RB remain_VB in_IN the_DT public_JJ sector_NN ,_, ''_'' down_RB from_IN the_DT ``_`` 1,155_CD public_JJ entities_NNS that_WDT existed_VBD in_IN 1982_CD ._. 
''_'' But_CC the_DT enterprises_NNS still_RB in_IN state_NN hands_NNS include_VBP the_DT biggest_JJS and_CC most_RBS economically_RB powerful_JJ ones_NNS in_IN Mexico_NNP ;_: indeed_RB ,_, they_PRP virtually_RB constitute_VBP the_DT economic_JJ infrastructure_NN ._. 
I_PRP refer_VBP essentially_RB to_TO petroleum_NN ,_, electric_JJ power_NN ,_, banking_NN and_CC newsprint_NN ._. 
Those_DT enterprises_NNS ,_, however_RB ,_, are_VBP not_RB going_VBG to_TO be_VB privatized_VBN ._. 
They_PRP are_VBP officially_RB considered_VBN ``_`` strategic_JJ ,_, ''_'' and_CC their_PRP$ privatization_NN is_VBZ prohibited_VBN by_IN the_DT Mexican_JJ Constitution_NNP ._. 
In_IN language_NN that_WDT sidesteps_VBZ the_DT issue_NN ,_, Mr._NNP Ortiz_NNP writes_VBZ ,_, ``_`` The_DT divestiture_NN of_IN nonpriority_NN and_CC nonstrategic_JJ public_JJ enterprises_NNS is_VBZ an_DT essential_JJ element_NN of_IN President_NNP Carlos_NNP Salinas_NNP 's_POS plan_NN to_TO modernize_VB Mexico_NNP 's_POS economy_NN ..._: ._. ''_'' 
Yet_RB clearly_RB ,_, modernization_NN must_MD embrace_VB its_PRP$ key_JJ industries_NNS before_IN it_PRP can_MD be_VB said_VB to_TO have_VB caught_VBN the_DT ``_`` privatization_NN bug_NN ._. ''_'' 
The_DT bottom_NN line_NN ,_, however_RB ,_, is_VBZ not_RB economic_JJ but_CC political_JJ reform_NN ._. 
A_DT long_JJ succession_NN of_IN Mexican_JJ presidents_NNS arbitrarily_RB nationalized_VBD whatever_WDT industry_NN they_PRP took_VBD a_DT fancy_JJ to_TO ,_, without_IN having_VBG to_TO answer_VB to_TO the_DT public_NN ._. 
To_TO guarantee_VB that_IN Mexicana_NNP de_FW Aviacion_NNP and_CC other_JJ companies_NNS will_MD really_RB be_VB privatized_VBN ,_, Mexico_NNP needs_VBZ a_DT pluri-party_JJ political_JJ system_NN that_WDT will_MD ensure_VB democracy_NN and_CC hence_RB accountability_NN ._. 
Daniel_NNP James_NNP President_NNP Mexico-United_NNP States_NNP Institute_NNP 
The_DT board_NN of_IN this_DT Ponce_NNP ,_, Puerto_NNP Rico_NNP concern_NN voted_VBD to_TO suspend_VB payment_NN of_IN its_PRP$ quarterly_NN of_IN 11_CD cents_NNS a_DT share_NN for_IN the_DT third_JJ quarter_NN ._. 
The_DT third-largest_JJ thrift_NN institution_NN in_IN Puerto_NNP Rico_NNP also_RB said_VBD it_PRP expects_VBZ a_DT return_NN to_TO profitability_NN in_IN the_DT third_JJ quarter_NN when_WRB it_PRP reports_VBZ operating_VBG results_VBZ this_DT week_NN ._. 
Ponce_NNP Federal_NNP said_VBD the_DT dividend_NN was_VBD suspended_VBN in_IN anticipation_NN of_IN more_RBR stringent_JJ capital_NN requirements_NNS under_IN the_DT Financial_NNP Institutions_NNP Reform_NNP ,_, Recovery_NNP ,_, and_CC Enforcement_NNP Act_NNP of_IN 1989_CD ._. 
A_DT labor-management_JJ group_NN is_VBZ preparing_VBG a_DT revised_VBN buy-out_NN bid_NN for_IN United_NNP Airlines_NNPS parent_NN UAL_NNP Corp._NNP that_WDT would_MD transfer_VB majority_NN ownership_NN to_TO employees_NNS while_IN leaving_VBG some_DT stock_NN in_IN public_JJ hands_NNS ,_, according_VBG to_TO people_NNS familiar_JJ with_IN the_DT group_NN ._. 
The_DT group_NN has_VBZ been_VBN discussing_VBG a_DT proposal_NN valued_VBN in_IN a_DT range_NN of_IN $_$ 225_CD to_TO $_$ 240_CD a_DT share_NN ,_, or_CC $_$ 5.09_CD billion_CD to_TO $_$ 5.42_CD billion_CD ._. 
But_CC to_TO avoid_VB the_DT risk_NN of_IN rejection_NN ,_, the_DT group_NN does_VBZ n't_RB plan_VB to_TO submit_VB the_DT plan_NN formally_RB at_IN a_DT UAL_NNP board_NN meeting_NN today_NN ._. 
Instead_RB ,_, the_DT group_NN is_VBZ raising_VBG the_DT proposal_NN informally_RB to_TO try_VB to_TO test_VB the_DT board_NN 's_POS reaction_NN ._. 
People_NNS familiar_JJ with_IN the_DT company_NN say_VBP the_DT board_NN is_VBZ n't_RB likely_JJ to_TO give_VB quick_JJ approval_NN to_TO any_DT offer_NN substantially_RB below_IN the_DT $_$ 300-a-share_JJ ,_, $_$ 6.79_CD billion_CD buy-out_NN bid_NN that_WDT collapsed_VBD last_JJ week_NN after_IN banks_NNS would_MD n't_RB raise_VB needed_VBN loans_NNS and_CC after_IN a_DT key_JJ partner_NN ,_, British_JJ Airways_NNP PLC_NNP ,_, dropped_VBD out_RB ._. 
In_IN composite_JJ trading_NN Friday_NNP on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, UAL_NNP closed_VBD at_IN $_$ 168.50_CD a_DT share_NN ,_, down_RB $_$ 21.625_CD ._. 
But_CC the_DT pilots_NNS union_NN ,_, which_WDT has_VBZ been_VBN pushing_VBG for_IN a_DT takeover_NN since_IN 1987_CD ,_, appears_VBZ to_TO be_VB pressing_VBG ahead_RB with_IN the_DT revised_VBN bid_NN to_TO avoid_VB further_JJ loss_NN of_IN momentum_NN even_RB though_IN it_PRP has_VBZ n't_RB found_VBN a_DT partner_NN to_TO replace_VB British_NNP Air_NNP ._. 
Although_IN the_DT bidding_NN group_NN has_VBZ n't_RB had_VBN time_NN to_TO develop_VB its_PRP$ latest_JJS idea_NN fully_RB or_CC to_TO discuss_VB it_PRP with_IN banks_NNS ,_, it_PRP believes_VBZ bank_NN financing_NN could_MD be_VB obtained_VBN ._. 
After_IN the_DT collapse_NN of_IN the_DT last_JJ effort_NN ,_, the_DT group_NN does_VBZ n't_RB plan_VB to_TO make_VB any_DT formal_JJ proposal_NN without_IN binding_NN commitments_NNS from_IN banks_NNS covering_VBG the_DT entire_JJ amount_NN to_TO be_VB borrowed_VBN ._. 
Under_IN the_DT type_NN of_IN transaction_NN being_VBG discussed_VBN ,_, the_DT pilot-management_JJ group_NN would_MD borrow_VB several_JJ billion_CD dollars_NNS from_IN banks_NNS that_WDT could_MD then_RB be_VB used_VBN to_TO finance_VB a_DT cash_NN payment_NN to_TO current_JJ holders_NNS ._. 
Those_DT current_JJ holders_NNS would_MD also_RB receive_VB minority_NN interests_NNS in_IN the_DT new_JJ company_NN ._. 
For_IN example_NN ,_, the_DT group_NN could_MD offer_VB $_$ 200_CD a_DT share_NN in_IN cash_NN plus_CC stock_NN valued_VBN at_IN $_$ 30_CD a_DT share_NN ._. 
UAL_NNP currently_RB has_VBZ 22.6_CD million_CD shares_NNS ,_, fully_RB diluted_VBN ._. 
The_DT new_JJ structure_NN would_MD be_VB similar_JJ to_TO a_DT recapitalization_NN in_IN which_WDT holders_NNS get_VBP a_DT special_JJ dividend_NN yet_RB retain_VB a_DT controlling_VBG ownership_NN interest_NN ._. 
The_DT difference_NN is_VBZ that_IN current_JJ holders_NNS would_MD n't_RB retain_VB majority_NN ownership_NN or_CC control_NN ._. 
The_DT failed_VBN takeover_NN would_MD have_VB given_VBN UAL_NNP employees_NNS 75_CD %_NN voting_NN control_NN of_IN the_DT nation_NN 's_POS second-largest_JJ airline_NN ,_, with_IN management_NN getting_VBG 10_CD %_NN control_NN and_CC British_NNP Air_NNP 15_CD %_NN ._. 
It_PRP was_VBD n't_RB clear_JJ how_WRB the_DT ownership_NN would_MD stack_VB up_IN under_IN the_DT new_JJ plan_NN ,_, but_CC employees_NNS would_MD keep_VB more_JJR than_IN 50_CD %_NN ._. 
Management_NNP 's_POS total_NN could_MD be_VB reduced_VBN ,_, and_CC the_DT public_NN could_MD get_VB more_JJR than_IN the_DT 15_CD %_NN control_NN that_WDT had_VBD been_VBN earmarked_VBN for_IN British_NNP Air_NNP ._. 
One_CD option_NN the_DT board_NN is_VBZ likely_JJ to_TO consider_VB today_NN is_VBZ some_DT sort_NN of_IN cooling-off_JJ period_NN ._. 
Although_IN the_DT pilots_NNS are_VBP expected_VBN to_TO continue_VB to_TO pursue_VB the_DT bid_NN ,_, UAL_NNP Chairman_NNP Stephen_NNP Wolf_NNP may_MD be_VB asked_VBN to_TO withdraw_VB from_IN the_DT buy-out_NN effort_NN ,_, at_IN least_JJS temporarily_RB ,_, and_CC to_TO return_VB to_TO running_VBG the_DT company_NN full_JJ time_NN ._. 
The_DT board_NN could_MD eventually_RB come_VB under_IN some_DT pressure_NN to_TO sell_VB the_DT company_NN because_IN its_PRP$ members_NNS can_MD be_VB ousted_VBN by_IN a_DT majority_NN shareholder_NN vote_NN ,_, particularly_RB since_IN one-third_NN of_IN UAL_NNP stock_NN is_VBZ held_VBN by_IN takeover_NN stock_NN speculators_NNS who_WP favor_VBP a_DT sale_NN ._. 
The_DT labor-management_JJ buy-out_NN group_NN plans_NNS to_TO keep_VB its_PRP$ offer_NN on_IN the_DT table_NN in_IN an_DT apparent_JJ attempt_NN to_TO maintain_VB its_PRP$ bargaining_NN position_NN with_IN the_DT board_NN ._. 
However_RB ,_, the_DT only_JJ outsider_NN who_WP has_VBZ emerged_VBN to_TO lead_VB such_JJ a_DT shareholder_NN vote_NN ,_, Los_NNP Angeles_NNP investor_NN Marvin_NNP Davis_NNP ,_, who_WP triggered_VBD the_DT buy-out_NN with_IN a_DT $_$ 5.4_CD billion_CD bid_NN in_IN early_JJ August_NNP ,_, is_VBZ hanging_VBG back_RB --_: apparently_RB to_TO avoid_VB being_VBG blamed_VBN for_IN contributing_VBG to_TO the_DT deal_NN 's_POS collapse_NN ._. 
Three_CD top_JJ advisers_NNS to_TO Mr._NNP Davis_NNP visited_VBD New_NNP York_NNP late_JJ last_JJ week_NN ,_, at_IN least_JJS in_IN part_NN to_TO confer_VB with_IN executives_NNS at_IN Citicorp_NNP ._. 
Mr._NNP Davis_NNP had_VBD paid_VBN $_$ 6_CD million_CD for_IN Citicorp_NNP 's_POS backing_VBG of_IN his_PRP$ last_JJ bid_NN ._. 
But_CC Citicorp_NNP has_VBZ lost_VBN some_DT credibility_NN because_IN it_PRP also_RB led_VBD the_DT unsuccessful_JJ effort_NN to_TO gain_VB bank_NN loans_NNS for_IN the_DT labor-management_JJ group_NN ._. 
On_IN Friday_NNP ,_, British_NNP Air_NNP issued_VBD a_DT statement_NN saying_VBG it_PRP ``_`` does_VBZ not_RB intend_VB to_TO participate_VB in_IN any_DT new_JJ deal_NN for_IN the_DT acquisition_NN of_IN UAL_NNP in_IN the_DT foreseeable_JJ future_NN ._. ''_'' 
However_RB ,_, several_JJ people_NNS said_VBD that_IN British_NNP Air_NNP might_MD yet_RB rejoin_VB the_DT bidding_NN group_NN and_CC that_IN the_DT carrier_NN made_VBD the_DT statement_NN to_TO answer_VB questions_NNS from_IN British_JJ regulators_NNS about_IN how_WRB it_PRP plans_VBZ to_TO use_VB proceeds_NNS of_IN a_DT securities_NNS offering_NN previously_RB earmarked_VBD for_IN the_DT UAL_NNP buy-out_NN ._. 
Also_RB late_JJ last_JJ week_NN ,_, UAL_NNP flight_NN attendants_NNS agreed_VBD to_TO participate_VB with_IN the_DT pilots_NNS in_IN crafting_VBG a_DT revised_VBN offer_NN ._. 
But_CC the_DT machinists_NNS union_NN ,_, whose_WP$ opposition_NN helped_VBD scuttle_VB the_DT first_JJ buy-out_NN bid_NN ,_, is_VBZ likely_JJ to_TO favor_VB a_DT recapitalization_NN with_IN a_DT friendly_JJ third-party_JJ investor_NN ._. 
One_CD advantage_NN the_DT buy-out_NN group_NN intends_VBZ to_TO press_VB with_IN the_DT board_NN is_VBZ that_IN pilots_NNS have_VBP agreed_VBN to_TO make_VB $_$ 200_CD million_CD in_IN annual_JJ cost_NN concessions_NNS to_TO help_VB finance_VB a_DT bid_NN ._. 
Speculation_NN has_VBZ also_RB arisen_VBN that_IN the_DT UAL_NNP executive_NN most_RBS closely_RB identified_VBN with_IN the_DT failure_NN to_TO gain_VB bank_NN financing_NN ,_, chief_JJ financial_JJ officer_NN John_NNP Pope_NNP ,_, may_MD come_VB under_IN pressure_NN to_TO resign_VB ._. 
However_RB ,_, people_NNS familiar_JJ with_IN the_DT buy-out_NN group_NN said_VBD Mr._NNP Pope_NNP 's_POS departure_NN would_MD weaken_VB the_DT airline_NN 's_POS management_NN at_IN a_DT critical_JJ time_NN ._. 
Despite_IN the_DT buy-out_NN group_NN 's_POS failure_NN to_TO obtain_VB financing_NN ,_, UAL_NNP remains_VBZ obligated_VBN to_TO pay_VB $_$ 26.7_CD million_CD in_IN investment_NN banking_NN and_CC legal_JJ fees_NNS to_TO the_DT group_NN 's_POS advisers_NNS ,_, Lazard_NNP Freres_NNP &_CC Co._NNP ,_, Salomon_NNP Brothers_NNP Inc._NNP ,_, and_CC Paul_NNP Weiss_NNP Rifkind_NNP Wharton_NNP &_CC Garrison_NNP ._. 
Whittle_NNP Communications_NNP Limited_NNP Partnership_NNP ,_, Knoxville_NNP ,_, Tenn._NNP ,_, will_MD launch_VB its_PRP$ first_JJ media_NNS property_NN targeting_VBG Hispanic_JJ women_NNS ._. 
``_`` La_NNP Familia_NNP de_FW Hoy_NNP ,_, ''_'' or_CC ``_`` Today_NN 's_POS Family_NNP ,_, ''_'' will_MD debut_VB this_DT spring_NN and_CC will_MD combine_VB a_DT national_JJ bimonthly_JJ magazine_NN and_CC TV_NN programming_NN ._. 
The_DT television_NN element_NN of_IN ``_`` La_NNP Familia_NNP ''_'' includes_VBZ a_DT series_NN of_IN two-minute_JJ informational_JJ features_NNS to_TO air_VB seven_CD days_NNS a_DT week_NN on_IN the_DT Spanish-language_NNP Univision_NNP network_NN ,_, a_DT unit_NN of_IN Univision_NNP Holdings_NNP Inc._NNP ,_, which_WDT is_VBZ 80%-owned_JJ by_IN Hallmark_NNP Cards_NNP Inc_NNP ._. 
The_DT features_NNS will_MD focus_VB on_IN ``_`` parenting_NN ,_, family_NN health_NN and_CC nutrition_NN ,_, and_CC financial_JJ management_NN ,_, ''_'' and_CC will_MD carry_VB 30_CD seconds_NNS of_IN advertising_NN ._. 
The_DT magazines_NNS ,_, also_RB ad-supported_JJ ,_, will_MD be_VB distributed_VBN in_IN more_JJR than_IN 10,000_CD doctors_NNS '_POS offices_NNS ,_, clinics_NNS ,_, and_CC health_NN centers_NNS in_IN Hispanic_JJ and_CC largely_RB Hispanic_JJ communities_NNS ._. 
WEIRTON_NNP STEEL_NNP Corp._NNP said_VBD it_PRP completed_VBD a_DT $_$ 300_CD million_CD sale_NN of_IN 10-year_JJ notes_NNS ,_, the_DT final_JJ step_NN in_IN the_DT 1984_CD buy-out_NN of_IN the_DT company_NN from_IN National_NNP Steel_NNP Corp_NNP ._. 
The_DT 10_CD 7\/8_CD %_NN notes_NNS were_VBD priced_VBN at_IN 99.5_CD %_NN to_TO yield_VB 10.958_CD %_NN in_IN an_DT offering_NN managed_VBN by_IN Bear_NNP ,_, Stearns_NNP &_CC Co._NNP ,_, Shearson_NNP Lehman_NNP Hutton_NNP Inc._NNP and_CC Lazard_NNP Freres_NNP &_CC Co._NNP ,_, the_DT company_NN said_VBD ._. 
Weirton_NNP ,_, of_IN Weirton_NNP ,_, W._NNP Va._NNP ,_, said_VBD $_$ 60.3_CD million_CD of_IN the_DT proceeds_NNS were_VBD used_VBN to_TO prepay_VB the_DT remaining_VBG amounts_NNS on_IN the_DT note_NN outstanding_JJ to_TO National_NNP Intergroup_NNP Inc._NNP ,_, the_DT parent_NN of_IN National_NNP Steel_NNP ._. 
Remaining_VBG proceeds_NNS were_VBD used_VBN to_TO pay_VB other_JJ debt_NN and_CC to_TO finance_VB the_DT company_NN 's_POS capital_NN spending_NN program_NN ._. 
Lep_NNP Group_NNP PLC_NNP of_IN Britain_NNP ,_, which_WDT holds_VBZ a_DT 62.42_CD %_NN stake_NN in_IN Profit_NN Systems_NNP Inc._NNP ,_, said_VBD it_PRP is_VBZ considering_VBG courses_NNS of_IN action_NN that_WDT could_MD result_VB in_IN its_PRP$ having_VBG ``_`` active_JJ control_NN ''_'' of_IN the_DT company_NN ._. 
In_IN a_DT filing_NN with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ,_, Lep_NNP Group_NNP said_VBD a_DT possible_JJ course_NN of_IN action_NN may_MD include_VB acquiring_VBG some_DT or_CC all_DT of_IN the_DT Profit_NN Systems_NNPS shares_NNS it_PRP does_VBZ n't_RB already_RB own_JJ ._. 
It_PRP noted_VBD ,_, however_RB ,_, that_IN it_PRP has_VBZ n't_RB determined_VBN any_DT specific_JJ terms_NNS of_IN a_DT possible_JJ transaction_NN ._. 
Lep_NNP Group_NNP and_CC affiliates_NNS currently_JJ control_NN 3,513,072_CD Profit_NN Systems_NNPS common_JJ shares_NNS ,_, or_CC 62.42_CD %_NN ,_, the_DT filing_NN said_VBD ._. 
Profit_NN Systems_NNPS ,_, Valley_NNP Stream_NNP ,_, N.Y._NNP ,_, is_VBZ an_DT air_NN freight_NN forwarding_NN concern_NN ._. 
U.S._NNP official_JJ reserve_NN assets_NNS rose_VBD $_$ 6.05_CD billion_CD in_IN September_NNP ,_, to_TO $_$ 68.42_CD billion_CD ,_, the_DT Treasury_NNP Department_NNP said_VBD ._. 
The_DT gain_NN compared_VBN with_IN a_DT $_$ 1.10_CD billion_CD decline_NN in_IN reserve_NN assets_NNS in_IN August_NNP to_TO $_$ 62.36_CD billion_CD ,_, the_DT department_NN said_VBD ._. 
U.S._NNP reserve_NN assets_NNS consist_VBP of_IN foreign_JJ currencies_NNS ,_, gold_NN ,_, special_JJ drawing_NN rights_NNS at_IN the_DT International_NNP Monetary_NNP Fund_NNP and_CC the_DT U.S._NNP reserve_NN position_NN --_: its_PRP$ ability_NN to_TO draw_VB foreign_JJ currencies_NNS --_: at_IN the_DT IMF_NNP ._. 
The_DT nation_NN 's_POS holdings_NNS of_IN foreign_JJ currencies_NNS increased_VBN $_$ 5.67_CD billion_CD in_IN September_NNP to_TO $_$ 39.08_CD billion_CD ,_, while_IN its_PRP$ gold_NN reserves_NNS were_VBD virtually_RB unchanged_JJ at_IN $_$ 11.07_CD billion_CD ._. 
U.S._NNP holdings_NNS of_IN IMF_NNP special_JJ drawing_NN rights_NNS last_JJ month_NN rose_VBD $_$ 247_CD million_CD ,_, to_TO $_$ 9.49_CD billion_CD ,_, and_CC its_PRP$ reserve_NN position_NN at_IN the_DT IMF_NNP increased_VBD $_$ 142_CD million_CD ,_, to_TO $_$ 8.79_CD billion_CD ._. 
Alusuisse_NNP of_IN America_NNP Inc._NNP plans_VBZ to_TO sell_VB its_PRP$ Consolidated_NNP Aluminum_NNP Corp._NNP subsidiary_NN as_IN part_NN of_IN its_PRP$ strategy_NN to_TO focus_VB more_JJR on_IN aluminum_NN packaging_NN in_IN the_DT U.S._NNP ._. 
Alusuisse_NNP ,_, of_IN New_NNP York_NNP ,_, declined_VBD to_TO say_VB how_WRB much_JJ it_PRP expects_VBZ to_TO get_VB for_IN the_DT unit_NN ;_: the_DT company_NN has_VBZ hired_VBN First_NNP Boston_NNP Corp._NNP to_TO help_VB identify_VB bidders_NNS ._. 
Alusuisse_NNP is_VBZ a_DT subsidiary_NN of_IN Swiss_NNP Aluminium_NNP Ltd._NNP ,_, a_DT Zurich_NNP ,_, Switzerland_NNP ,_, producer_NN of_IN aluminum_NN ,_, chemicals_NNS and_CC packaging_NN products_NNS ._. 
Consolidated_NNP ,_, which_WDT had_VBD 1988_CD revenue_NN of_IN $_$ 400_CD million_CD ,_, makes_VBZ aluminum_NN sheet_NN and_CC foil_NN products_NNS at_IN its_PRP$ Hannibal_NNP ,_, Ohio_NNP ,_, and_CC Jackson_NNP ,_, Tenn._NNP ,_, rolling_VBG mills_NNS and_CC recycles_VBZ aluminum_NN at_IN a_DT plant_NN in_IN Bens_NNP Run_NNP ,_, W.Va_NNP ._. 
Manhattan_NNP National_NNP Corp._NNP said_VBD Michael_NNP A._NNP Conway_NNP ,_, president_NN and_CC chief_JJ executive_JJ officer_NN ,_, was_VBD elected_VBN chief_JJ executive_NN of_IN the_DT holding_VBG company_NN 's_POS two_CD principal_JJ insurance_NN subsidiaries_NNS ._. 
He_PRP succeeds_VBZ Paul_NNP P._NNP Aniskovich_NNP Jr._NNP ,_, who_WP resigned_VBD to_TO pursue_VB other_JJ business_NN interests_NNS ,_, the_DT company_NN said_VBD ._. 
Mr._NNP Conway_NNP ,_, 42_CD years_NNS old_JJ ,_, was_VBD elected_VBN chairman_NN ,_, president_NN and_CC chief_JJ executive_NN of_IN Manhattan_NNP Life_NNP Insurance_NNP Co._NNP and_CC president_NN and_CC chief_JJ executive_NN of_IN Manhattan_NNP National_NNP Life_NNP Insurance_NNP Co_NNP ._. 
Harry_NNP Rossi_NNP ,_, 69_CD ,_, chairman_NN of_IN the_DT holding_VBG company_NN ,_, also_RB remains_VBZ chairman_NN of_IN Manhattan_NNP National_NNP Life_NNP Insurance_NNP Co_NNP ._. 
Mr._NNP Conway_NNP was_VBD executive_JJ vice_NN president_NN and_CC chief_JJ investment_NN officer_NN of_IN Union_NNP Central_NNP Life_NNP Insurance_NNP Co._NNP ,_, of_IN Cincinnati_NNP ,_, in_IN 1987_CD ,_, when_WRB Union_NNP Central_NNP bought_VBD a_DT 54_CD %_NN interest_NN in_IN Manhattan_NNP National_NNP Corp_NNP ._. 
He_PRP resigned_VBD as_IN an_DT officer_NN of_IN Central_NNP Life_NNP to_TO accept_VB the_DT Manhattan_NNP National_NNP presidency_NN ._. 
Daniel_NNP J._NNP Terra_NNP ,_, a_DT director_NN of_IN First_NNP Illinois_NNP Corp._NNP ,_, said_VBD that_IN in_IN August_NNP he_PRP reduced_VBD his_PRP$ stake_NN in_IN First_NNP Illinois_NNP to_TO 26.48_CD %_NN of_IN the_DT common_JJ shares_NNS outstanding_JJ ._. 
In_IN a_DT filing_NN with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ,_, Mr._NNP Terra_NNP said_VBD he_PRP sold_VBD 263,684_CD First_NNP Illinois_NNP common_JJ shares_NNS from_IN Aug._NNP 9_CD to_TO Aug._NNP 28_CD for_IN $_$ 9.9375_CD to_TO $_$ 10.5625_CD a_DT share_NN ._. 
As_IN a_DT result_NN of_IN the_DT sales_NNS he_PRP holds_VBZ 6,727,042_CD shares_NNS ._. 
Mr._NNP Terra_NNP said_VBD in_IN the_DT filing_NN that_IN he_PRP sold_VBD the_DT stock_NN to_TO decrease_VB his_PRP$ position_NN in_IN the_DT Evanston_NNP ,_, Ill._NNP ,_, banking_NN concern_NN ._. 
He_PRP may_MD sell_VB more_JJR shares_NNS in_IN the_DT open_JJ market_NN or_CC in_IN private_JJ transactions_NNS ,_, but_CC would_MD n't_RB rule_VB out_IN changing_VBG his_PRP$ intentions_NNS and_CC buying_VBG shares_NNS ,_, the_DT filing_NN said_VBD ._. 
SciMed_NNP Life_NNP Systems_NNP Inc._NNP ,_, Minneapolis_NNP ,_, said_VBD a_DT federal_JJ appeals_NNS court_VBP vacated_VBD an_DT earlier_JJR summary_NN judgment_NN in_IN its_PRP$ favor_NN ._. 
A_DT lower_JJR court_NN in_IN St._NNP Paul_NNP had_VBD ruled_VBN in_IN September_NNP 1988_CD that_IN a_DT heart_NN catheter_NN SciMed_NNP manufactures_VBZ does_VBZ n't_RB infringe_VB on_IN a_DT patent_NN owned_VBN by_IN Advanced_NNP Cardiovascular_NNP Systems_NNPS ,_, a_DT unit_NN of_IN Eli_NNP Lilly_NNP &_CC Co_NNP ._. 
SciMed_NNP said_VBD the_DT appeals_NNS court_VBP remanded_VBD the_DT case_NN back_RB to_TO the_DT district_NN court_NN for_IN further_JJ proceedings_NNS ._. 
In_IN national_JJ over-the-counter_JJ trading_NN Friday_NNP ,_, SciMed_NNP shares_NNS tumbled_VBD $_$ 2.75_CD to_TO $_$ 43_CD ._. 
SciMed_NNP said_VBD it_PRP ``_`` remains_VBZ committed_VBN ''_'' both_DT to_TO the_DT ``_`` vigorous_JJ defense_NN ''_'' of_IN its_PRP$ position_NN that_IN the_DT catheter_NN does_VBZ n't_RB infringe_VB the_DT Lilly_NNP unit_NN 's_POS patent_NN ,_, and_CC to_TO the_DT pursuit_NN of_IN its_PRP$ own_JJ counterclaims_NNS ,_, which_WDT allege_VBP Lilly_NNP engaged_VBD in_IN antitrust_JJ violations_NNS and_CC other_JJ wrongful_JJ acts_NNS ._. 
A_DT REVISED_VBN BID_NNP FOR_IN UAL_NNP is_VBZ being_VBG prepared_VBN by_IN a_DT labor-management_JJ group_NN ,_, sources_NNS said_VBD ._. 
The_DT new_JJ proposal_NN ,_, which_WDT would_MD transfer_VB majority_NN ownership_NN of_IN United_NNP Air_NNP 's_POS parent_NN to_TO employees_NNS and_CC leave_VB some_DT stock_NN in_IN public_JJ hands_NNS ,_, would_MD be_VB valued_VBN at_IN $_$ 225_CD to_TO $_$ 240_CD a_DT share_NN ,_, or_CC as_RB much_JJ as_IN $_$ 5.42_CD billion_CD ._. 
But_CC UAL_NNP 's_POS board_NN is_VBZ n't_RB expected_VBN to_TO give_VB quick_JJ approval_NN to_TO any_DT offer_NN substantially_RB below_IN the_DT $_$ 300-a-share_JJ bid_NN that_WDT collapsed_VBD recently_RB ._. 
Takeover_NN stock_NN speculators_NNS have_VBP incurred_VBN paper_NN losses_NNS of_IN over_IN $_$ 700_CD million_CD from_IN the_DT failed_VBN UAL_NNP offer_NN ,_, their_PRP$ worst_JJS loss_NN ever_RB on_IN a_DT single_JJ deal_NN ._. 
Ford_NNP and_CC Saab_NNP ended_VBD talks_NNS about_IN a_DT possible_JJ alliance_NN after_IN Ford_NNP concluded_VBD that_IN the_DT cost_NN to_TO modernize_VB Saab_NNP 's_POS car_NN operations_NNS would_MD outweigh_VB the_DT likely_JJ return_NN ._. 
The_DT collapse_NN Friday_NNP prompted_VBD speculation_NN that_IN Ford_NNP would_MD intensify_VB its_PRP$ pursuit_NN of_IN Jaguar_NNP ,_, which_WDT is_VBZ negotiating_VBG a_DT defensive_JJ alliance_NN with_IN GM_NNP ._. 
Stock_NN prices_NNS edged_VBD up_IN in_IN quiet_JJ trading_NN Friday_NNP ._. 
The_DT Dow_NNP Jones_NNP industrials_NNS rose_VBD 5.94_CD ,_, to_TO 2689.14_CD ,_, making_VBG the_DT gain_NN for_IN the_DT week_NN a_DT record_NN 119.88_CD points_NNS ,_, or_CC 4.7_CD %_NN ._. 
Most_JJS bond_NN prices_NNS fell_VBD ,_, but_CC junk_NN bonds_NNS and_CC the_DT dollar_NN rose_VBD ._. 
New_NNP York_NNP City_NNP bonds_NNS were_VBD sold_VBN off_IN by_IN many_JJ investors_NNS last_JJ week_NN amid_IN political_JJ and_CC economic_JJ uncertainty_NN ._. 
More_JJR banks_NNS are_VBP being_VBG hurt_VBN by_IN Arizona_NNP 's_POS worsening_VBG real-estate_NN slump_NN ._. 
First_NNP Interstate_NNP Bancorp_NNP of_IN Los_NNP Angeles_NNP said_VBD Friday_NNP it_PRP expects_VBZ a_DT $_$ 16_CD million_CD quarterly_JJ loss_NN ,_, citing_VBG property-loan_JJ losses_NNS at_IN its_PRP$ Arizona_NNP unit_NN ._. 
OPEC_NNP 's_POS ability_NN to_TO produce_VB more_JJR oil_NN than_IN it_PRP can_MD sell_VB is_VBZ starting_VBG to_TO cast_VB a_DT shadow_NN over_IN world_NN oil_NN markets_NNS ._. 
OPEC_NNP officials_NNS worry_VBP that_IN prices_NNS could_MD collapse_VB a_DT few_JJ months_NNS from_IN now_RB if_IN the_DT group_NN does_VBZ n't_RB adopt_VB new_JJ quotas_NNS ._. 
Saatchi_NNP &_CC Saatchi_NNP has_VBZ attracted_VBN offers_VBZ for_IN some_DT of_IN its_PRP$ advertising_NN units_NNS but_CC has_VBZ rejected_VBN them_PRP ,_, sources_NNS said_VBD ._. 
The_DT proposals_NNS ,_, from_IN suitors_NNS including_VBG Interpublic_NNP Group_NNP ,_, come_VB as_IN the_DT London-based_JJ ad_NN giant_NN struggles_NNS through_IN its_PRP$ most_RBS difficult_JJ period_NN ever_RB ._. 
Qintex_NNP Australia_NNP suffered_VBD another_DT setback_NN Friday_NNP when_WRB its_PRP$ Los_NNP Angeles-based_JJ affiliate_NN filed_VBN for_IN Chapter_NN 11_CD protection_NN ._. 
Qintex_NNP 's_POS $_$ 1.5_CD billion_CD pact_NN to_TO buy_VB MGM\/UA_NNP collapsed_VBD recently_RB ._. 
Kodak_NNP entered_VBD the_DT high-definition_JJ television_NN market_NN by_IN unveiling_VBG a_DT device_NN that_WDT can_MD convert_VB conventional_JJ film_NN into_IN high-definition_JJ video_NN ._. 
A_DT handful_NN of_IN small_JJ U.S._NNP firms_NNS are_VBP refusing_VBG to_TO cede_VB the_DT HDTV-screen_JJ market_NN to_TO Japanese_JJ manufacturers_NNS ._. 
Freight_NN rates_NNS are_VBP bottoming_VBG out_IN and_CC starting_VBG to_TO rebound_VB ._. 
Trucking_NNP ,_, shipping_VBG and_CC air-freight_NN firms_NNS are_VBP all_DT planning_NN rate_NN increases_NNS ,_, reflecting_VBG higher_JJR costs_NNS and_CC tightened_VBD demand_NN ._. 
Texaco_NNP has_VBZ purchased_VBN an_DT oil-producing_JJ company_NN in_IN Texas_NNP for_IN $_$ 476.5_CD million_CD ._. 
It_PRP is_VBZ Texaco_NNP 's_POS first_JJ major_JJ acquisition_NN since_IN the_DT legal_JJ battle_NN with_IN Pennzoil_NNP began_VBD over_IN four_CD years_NNS ago_RB ._. 
Winnebago_NNP posted_VBD a_DT widened_VBD quarterly_JJ loss_NN and_CC slashed_VBD its_PRP$ dividend_NN in_IN half_NN ,_, reflecting_VBG the_DT deepening_VBG slowdown_NN in_IN recreational_JJ vehicle_NN sales_NNS ._. 
Markets_NNS --_: 
Stocks_NNS :_: 
Volume_NN 164,830,000_CD shares_NNS ._. 
Dow_NNP Jones_NNP industrials_NNS 2689.14_CD ,_, up_IN 5.94_CD ;_: transportation_NN 1230.80_CD ,_, off_IN 32.71_CD ;_: utilities_NNS 215.48_CD ,_, up_IN 0.06_CD ._. 
Bonds_NNS :_: 
Shearson_NNP Lehman_NNP Hutton_NNP Treasury_NNP index_NN 3392.49_CD ,_, off_IN 
Commodities_NNS :_: 
Dow_NNP Jones_NNP futures_NNS index_NN 129.62_CD ,_, off_IN 0.51_CD ;_: spot_NN index_NN 131.34_CD ,_, up_IN 0.88_CD ._. 
Dollar_NN :_: 
142.43_CD yen_NN ,_, up_IN 0.73_CD ;_: 1.8578_CD marks_NNS ,_, up_IN 0.0108_CD ._. 
Inmac_NNP Corp._NNP ,_, a_DT money-losing_JJ direct_JJ marketer_NN of_IN computer_NN supplies_NNS and_CC accessories_NNS ,_, said_VBD directors_NNS suspended_VBD payment_NN of_IN its_PRP$ semiannual_JJ dividend_NN as_IN too_RB great_JJ a_DT drain_NN on_IN funds_NNS ._. 
The_DT company_NN paid_VBN five_CD cents_NNS a_DT share_NN in_IN April_NNP ._. 
The_DT directors_NNS '_POS action_NN ,_, taken_VBN Oct._NNP 10_CD but_CC announced_VBD Friday_NNP ,_, had_VBD little_JJ or_CC no_DT effect_NN on_IN the_DT company_NN 's_POS stock_NN ,_, which_WDT stagnated_VBD at_IN $_$ 4.75_CD in_IN light_NN over-the-counter_JJ trading_NN ._. 
Inmac_NNP recently_RB disclosed_VBD a_DT $_$ 12.3_CD million_CD write-off_NN related_VBN to_TO a_DT corporate_JJ restructuring_NN that_WDT resulted_VBD in_IN the_DT company_NN 's_VBZ posting_VBG a_DT $_$ 6.4_CD million_CD net_JJ loss_NN for_IN the_DT year_NN ended_VBN July_NNP 29_CD ,_, compared_VBN with_IN year-earlier_JJ profit_NN of_IN $_$ 9.7_CD million_CD ,_, or_CC $_$ 1.02_CD a_DT share_NN ._. 
Sales_NNS rose_VBD 12_CD %_NN to_TO $_$ 249.5_CD million_CD from_IN $_$ 222.8_CD million_CD ._. 
``_`` The_DT board_NN felt_VBD that_IN the_DT continued_VBN payment_NN of_IN our_PRP$ semiannual_JJ dividend_NN was_VBD inconsistent_JJ with_IN recent_JJ operating_NN results_NNS ,_, ''_'' said_VBD Kenneth_NNP A._NNP Eldred_NNP ,_, president_NN and_CC chief_JJ executive_JJ officer_NN ._. 
``_`` All_DT our_PRP$ efforts_NNS are_VBP now_RB focused_VBN on_IN improving_VBG earnings_NNS to_TO the_DT point_NN where_WRB we_PRP can_MD fund_VB additional_JJ new-country_JJ development_NN ,_, continue_VB to_TO invest_VB in_IN the_DT business_NN and_CC reinstate_VB the_DT dividend_NN ,_, ''_'' he_PRP added_VBD ._. 
The_DT company_NN offers_VBZ more_JJR than_IN 3,500_CD parts_NNS and_CC supplies_NNS directly_RB to_TO microcomputer_NN and_CC minicomputer_NN users_NNS through_IN catalog_NN sales_NNS ._. 
The_DT Food_NNP and_CC Drug_NNP Administration_NNP said_VBD American_NNP Home_NNP Products_NNP Corp._NNP agreed_VBD to_TO recall_VB certain_JJ generic_JJ drugs_NNS that_WDT were_VBD produced_VBN by_IN its_PRP$ Quantum_NNP Pharmics_NNP unit_NN in_IN Amityville_NNP ,_, N.Y_NNP ._. 
Quantum_NNP stopped_VBD shipping_VBG the_DT drugs_NNS last_JJ month_NN ,_, following_VBG a_DT federal_JJ investigation_NN regarding_VBG information_NN the_DT company_NN supplied_VBN to_TO obtain_VB three_CD drug_NN approvals_NNS ._. 
The_DT FDA_NNP requested_VBD the_DT recall_NN of_IN Quantum_NNP 's_POS mioxidil_NN tablets_NNS ,_, chlorazepate_NN dipotassium_NN tablets_NNS and_CC meclofenamate_NN sodium_NN capsules_NNS because_IN ,_, it_PRP said_VBD ,_, the_DT size_NN of_IN the_DT production_NN runs_VBZ submitted_VBN for_IN testing_NN to_TO gain_VB FDA_NNP approval_NN was_VBD in_IN each_DT case_NN misrepresented_VBD as_IN much_RB larger_JJR than_IN it_PRP actually_RB was_VBD ._. 
American_NNP Home_NNP Products_NNPS ,_, based_VBN in_IN New_NNP York_NNP ,_, agreed_VBD to_TO recall_VB four_CD other_JJ products_NNS ,_, trazadone_NN ,_, doxepin_NN ,_, diazepam_NN and_CC lorazapam_NN ,_, because_IN of_IN concerns_NNS about_IN data_NNS submitted_VBN in_IN their_PRP$ original_JJ approval_NN applications_NNS before_IN the_DT FDA_NNP ._. 
No_DT safety_NN problems_NNS with_IN the_DT products_NNS are_VBP known_VBN ,_, the_DT FDA_NNP said_VBD ._. 
An_DT FDA_NNP spokesperson_NN said_VBD the_DT drugs_NNS are_VBP still_RB available_JJ under_IN other_JJ brand_NN names_NNS ._. 
Last_JJ month_NN ,_, American_NNP Home_NNP Products_NNPS said_VBD it_PRP was_VBD suspending_VBG production_NN and_CC distribution_NN of_IN all_DT 21_CD of_IN Quantum_NNP 's_POS generic_JJ drug_NN products_NNS pending_VBG the_DT completion_NN of_IN an_DT exhaustive_JJ internal_JJ audit_NN ._. 
It_PRP also_RB temporarily_RB closed_VBD Quantum_NNP ,_, because_IN of_IN the_DT internal_JJ investigation_NN ,_, as_RB well_RB as_IN the_DT FDA_NNP 's_POS ongoing_JJ inquiry_NN ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, American_NNP Home_NNP Products_NNPS rose_VBD 75_CD cents_NNS to_TO $_$ 105_CD on_IN Friday_NNP ._. 
Lyondell_NNP Petrochemical_NNP Co._NNP said_VBD third-quarter_JJ net_JJ income_NN fell_VBD 54_CD %_NN ,_, to_TO $_$ 73_CD million_CD ,_, or_CC 91_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 160_CD million_CD a_DT year_NN earlier_RBR ._. 
Year-earlier_JJ per-share_JJ results_NNS are_VBP n't_RB applicable_JJ because_IN the_DT company_NN went_VBD public_JJ in_IN January_NNP ._. 
Revenue_NN rose_VBD 7.7_CD %_NN to_TO $_$ 1.28_CD billion_CD from_IN $_$ 1.18_CD billion_CD ._. 
The_DT petrochemical_NN maker_NN said_VBD the_DT biggest_JJS reason_NN earnings_NNS declined_VBD was_VBD a_DT loss_NN of_IN production_NN time_NN and_CC the_DT increased_VBN costs_NNS associated_VBN with_IN a_DT temporary_JJ maintenance_NN closing_VBG and_CC expansion_NN of_IN an_DT olefins_NNS plant_VBP ._. 
Like_IN other_JJ refiners_NNS ,_, Lyondell_NNP 's_POS margins_NNS for_IN chemicals_NNS and_CC gasoline_NN were_VBD narrower_JJR ._. 
While_IN the_DT company_NN said_VBD chemical_NN margins_NNS continued_VBD to_TO worsen_VB this_DT quarter_NN ,_, costs_NNS will_MD be_VB lower_JJR because_IN the_DT maintenance_NN and_CC expansions_NNS are_VBP complete_JJ ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN Friday_NNP ,_, Lyondell_NNP was_VBD unchanged_JJ at_IN $_$ 18.50_CD a_DT share_NN ._. 
Four_CD former_JJ Cordis_NNP Corp._NNP officials_NNS were_VBD acquitted_VBN of_IN federal_JJ charges_NNS related_VBN to_TO the_DT Miami-based_JJ company_NN 's_POS sale_NN of_IN pacemakers_NNS ,_, including_VBG conspiracy_NN to_TO hide_VB pacemaker_NN defects_NNS ._. 
Jurors_NNS in_IN U.S._NNP District_NNP Court_NNP in_IN Miami_NNP cleared_VBD Harold_NNP Hershhenson_NNP ,_, a_DT former_JJ executive_JJ vice_NN president_NN ;_: John_NNP Pagones_NNP ,_, a_DT former_JJ vice_NN president_NN ;_: and_CC Stephen_NNP Vadas_NNP and_CC Dean_NNP Ciporkin_NNP ,_, who_WP had_VBD been_VBN engineers_NNS with_IN Cordis_NNP ._. 
Earlier_RBR this_DT year_NN ,_, Cordis_NNP ,_, a_DT maker_NN of_IN medical_JJ devices_NNS ,_, agreed_VBD to_TO plead_VB guilty_JJ to_TO felony_NN and_CC misdemeanor_NN charges_NNS related_VBN to_TO the_DT pacemakers_NNS and_CC to_TO pay_VB the_DT government_NN about_RB $_$ 5.7_CD million_CD in_IN fines_NNS and_CC other_JJ costs_NNS ._. 
Cordis_NNP sold_VBD its_PRP$ pacemaker_NN operations_NNS two_CD years_NNS ago_RB to_TO Telectronics_NNP Holding_NNP Ltd._NNP of_IN Australia_NNP ._. 
PAPERS_NNS :_: 
Management_NNP and_CC unions_NNS representing_VBG 2,400_CD employees_NNS at_IN Torstar_NNP Corp._NNP 's_POS Toronto_NNP Star_NNP reached_VBD a_DT tentative_JJ contract_NN agreement_NN Friday_NNP ,_, averting_VBG a_DT strike_NN by_IN most_RBS employees_NNS of_IN Canada_NNP 's_POS largest_JJS daily_JJ newspaper_NN ._. 
Members_NNS of_IN the_DT largest_JJS union_NN ,_, representing_VBG 1,700_CD workers_NNS ,_, voted_VBD in_IN favor_NN of_IN the_DT pact_NN yesterday_NN ._. 
Four_CD other_JJ unions_NNS have_VBP yet_RB to_TO vote_VB ,_, but_CC their_PRP$ leadership_NN also_RB recommended_VBD approval_NN ._. 
The_DT pact_NN proposes_VBZ a_DT 2_CD 1\/2-year_JJ contract_NN with_IN a_DT raise_NN of_IN 8_CD %_NN in_IN the_DT first_JJ year_NN ,_, 7_CD %_NN in_IN the_DT second_JJ and_CC 4_CD %_NN for_IN the_DT final_JJ six_CD months_NNS ._. 
Amgen_NNP Inc._NNP said_VBD its_PRP$ second-quarter_JJ earnings_NNS increased_VBN more_JJR than_IN tenfold_RB to_TO $_$ 3.9_CD million_CD ,_, or_CC 22_CD cents_NNS a_DT share_NN ,_, due_JJ to_TO increased_VB sales_NNS of_IN the_DT company_NN 's_POS new_JJ antianemia_JJ drug_NN for_IN kidney_NN patients_NNS ._. 
The_DT Thousand_NNP Oaks_NNP ,_, Calif.-based_JJ biotechnology_NN company_NN reported_VBD a_DT 97_CD %_NN increase_NN in_IN revenue_NN to_TO $_$ 42.5_CD million_CD for_IN the_DT quarter_NN ended_VBN Sept._NNP 30_CD ._. 
In_IN the_DT year-ago_JJ period_NN ,_, Amgen_NNP reported_VBD net_JJ income_NN of_IN $_$ 320,000_CD ,_, or_CC two_CD cents_NNS a_DT share_NN ,_, on_IN revenue_NN of_IN $_$ 21.5_CD million_CD ._. 
For_IN the_DT six_CD months_NNS ,_, the_DT company_NN reported_VBD a_DT more_JJR than_IN sixfold_JJ increase_NN in_IN earnings_NNS to_TO $_$ 4.7_CD million_CD ,_, or_CC 26_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 625,000_CD ,_, or_CC four_CD cents_NNS a_DT share_NN a_DT year_NN ago_RB ._. 
Revenue_NN rose_VBD 77_CD %_NN to_TO $_$ 72.6_CD million_CD ,_, from_IN last_JJ year_NN 's_POS $_$ 41_CD million_CD ._. 
LEBANESE_JJ LAWMAKERS_NNS APPROVED_VBD a_DT peace_NN plan_NN but_CC Aoun_NNP rejected_VBD it_PRP ._. 
Lebanon_NNP 's_POS Parliament_NNP passed_VBD the_DT power-sharing_JJ accord_NN to_TO end_VB the_DT country_NN 's_POS 14-year-old_JJ conflict_NN ,_, but_CC the_DT Christian_NNP military_JJ leader_NN wad_NN the_DT plan_NN was_VBD ``_`` full_JJ of_IN ambiguities_NNS ._. ''_'' 
The_DT Arab_NNP League-sponsored_JJ pact_NN ,_, drafted_VBN during_IN three_CD weeks_NNS of_IN talks_NNS at_IN the_DT Saudi_NNP Arabian_NNP resort_NN of_IN Taif_NNP ,_, includes_VBZ Syrian_JJ proposals_NNS for_IN at_IN least_JJS a_DT partial_JJ troop_NN pullout_NN from_IN Lebanon_NNP ,_, and_CC guarantees_VBZ an_DT equal_JJ number_NN of_IN seats_NNS for_IN Moslems_NNPS and_CC Christians_NNPS in_IN the_DT Parliament_NNP ._. 
The_DT rejection_NN by_IN Aoun_NNP ,_, who_WP has_VBZ demanded_VBN a_DT total_JJ and_CC immediate_JJ pull-out_NN of_IN Damascus_NNP 's_POS 33,000_CD troops_NNS ,_, puts_VBZ the_DT future_NN of_IN the_DT agreement_NN in_IN doubt_NN ._. 
NORTHERN_NNP CALIFORNIA_NNP BRACED_NNP for_IN earthquake-related_JJ traffic_NN jams_NNS ._. 
As_IN rescuers_NNS pressed_VBD their_PRP$ efforts_NNS after_IN finding_VBG a_DT survivor_NN in_IN a_DT collapsed_VBN freeway_NN ,_, the_DT San_NNP Francisco_NNP Bay_NNP area_NN girded_VBD for_IN hundreds_NNS of_IN thousands_NNS of_IN commuters_NNS seeking_VBG to_TO avoid_VB routes_NNS ravaged_VBN by_IN last_JJ Tuesday_NNP 's_POS tremor_NN ._. 
In_IN Oakland_NNP ,_, officials_NNS said_VBD the_DT 57-year-old_JJ longshoreman_NN who_WP spent_VBD four_CD days_NNS entombed_VBN in_IN rubble_NN was_VBD in_IN critical_JJ condition_NN with_IN slight_JJ improvement_NN ._. 
Estimates_NNS of_IN damage_NN in_IN the_DT area_NN ,_, visited_VBD Friday_NNP by_IN Bush_NNP ,_, topped_VBD $_$ 5_NN billion_CD ._. 
The_DT baseball_NN commissioner_NN announced_VBD that_IN the_DT third_JJ game_NN of_IN the_DT World_NNP Series_NNP between_IN the_DT Giants_NNP and_CC the_DT Athletics_NNP would_MD n't_RB resume_VB until_IN Friday_NNP ._. 
THE_DT U.S._NNP ._. IS_VBZ REQUIRED_NNP to_TO notify_VB foreign_JJ dictators_NNS of_IN certain_JJ coup_NN plans_NNS ._. 
Under_IN guidelines_NNS included_VBD in_IN an_DT exchange_NN of_IN letters_NNS between_IN the_DT Reagan_NNP administration_NN and_CC the_DT Senate_NNP Intelligence_NNP panel_NN last_JJ year_NN ,_, the_DT U.S._NNP must_MD inform_VB foreign_JJ dictators_NNS of_IN plans_NNS likely_JJ to_TO endanger_VB their_PRP$ lives_NNS ._. 
The_DT existence_NN of_IN the_DT policy_NN became_VBD known_VBN after_IN Bush_NNP disclosed_VBD it_PRP to_TO seven_CD GOP_NNP senators_NNS last_JJ week_NN ,_, citing_VBG the_DT plan_NN as_IN an_DT example_NN of_IN congressional_JJ requirements_NNS the_DT administration_NN contends_VBZ contribute_VB to_TO the_DT failure_NN of_IN covert_JJ actions_NNS ,_, officials_NNS said_VBD ._. 
Bush_NNP conceded_VBD that_IN the_DT requirement_NN did_VBD n't_RB affect_VB a_DT decision_NN to_TO lend_VB only_RB minor_JJ support_NN to_TO this_DT month_NN 's_POS failed_VBD effort_NN to_TO oust_VB Panama_NNP 's_POS Noriega_NNP ,_, aides_NNS said_VBD ._. 
The_DT shuttle_NN Atlantis_NNP 's_POS crew_NN prepared_VBN to_TO return_VB to_TO Earth_NNP today_NN several_JJ hours_NNS earlier_RBR than_IN planned_VBN to_TO avoid_VB high_JJ winds_NNS forecast_VBP at_IN the_DT landing_NN site_NN at_IN Edwards_NNP Air_NNP Force_NNP Base_NNP ,_, Calif_NNP ._. 
The_DT five_CD astronauts_NNS ,_, who_WP stowed_VBD gear_NN and_CC tested_VBD the_DT spacecraft_NN 's_POS steering_NN ,_, said_VBD they_PRP were_VBD unconcerned_JJ about_IN the_DT touchy_JJ weather_NN expected_VBN in_IN the_DT Mojave_NNP Desert_NNP ._. 
Commonwealth_NN leaders_NNS issued_VBD a_DT declaration_NN giving_VBG South_NNP Africa_NNP six_CD months_NNS to_TO deliver_VB on_IN pledges_NNS to_TO ease_VB apartheid_NN or_CC face_NN new_JJ reprisals_NNS ._. 
The_DT 49-nation_JJ organization_NN ,_, meeting_NN in_IN Malaysia_NNP ,_, called_VBN for_IN tighter_RBR financial_JJ pressure_NN immediately_RB ._. 
Britain_NNP 's_POS Prime_NNP Minister_NNP Thatcher_NNP alone_RB dissented_VBD ._. 
East_NNP Germany_NNP 's_POS leadership_NN vowed_VBD swift_JJ action_NN to_TO ease_VB travel_NN to_TO the_DT West_NNP ._. 
Despite_IN the_DT pledge_NN by_IN the_DT Communist_NNP rulers_NNS ,_, tens_NNS of_IN thousands_NNS of_IN people_NNS across_IN the_DT country_NN staged_VBD marches_NNS over_IN the_DT weekend_NN to_TO demand_VB democratic_JJ freedoms_NNS ._. 
In_IN Leipzig_NNP ,_, more_JJR than_IN 500_CD people_NNS met_VBD with_IN local_JJ party_NN officials_NNS to_TO discuss_VB internal_JJ changes_NNS ._. 
The_DT Senate_NNP convicted_VBD federal_JJ Judge_NNP Alcee_NNP Hastings_NNP of_IN Miami_NNP of_IN eight_CD impeachment_NN articles_NNS ,_, removing_VBG him_PRP from_IN the_DT bench_NN ._. 
The_DT chamber_NN voted_VBD 69-26_CD Friday_NNP to_TO convict_VB the_DT judge_NN of_IN perjury_NN and_CC bribery_NN conspiracy_NN ._. 
It_PRP marked_VBD the_DT first_JJ time_NN a_DT U.S._NNP official_NN was_VBD impeached_VBN on_IN charges_NNS of_IN which_WDT a_DT jury_NN had_VBD acquitted_VBN him_PRP ._. 
Rep._NNP Garcia_NNP and_CC his_PRP$ wife_NN were_VBD found_VBN guilty_JJ by_IN a_DT federal_JJ jury_NN in_IN New_NNP York_NNP of_IN extorting_VBG $_$ 76,000_CD from_IN Wedtech_NNP Corp._NNP in_IN return_NN for_IN official_JJ acts_NNS by_IN the_DT New_NNP York_NNP Democrat_NNP ._. 
The_DT jury_NN also_RB convicted_VBD them_PRP of_IN extortion_NN in_IN obtaining_VBG a_DT $_$ 20,000_CD interest-free_JJ loan_NN from_IN an_DT officer_NN of_IN the_DT defunct_JJ defense_NN contractor_NN ._. 
Authorities_NNS in_IN Honduras_NNP launched_VBD an_DT investigation_NN into_IN the_DT cause_NN of_IN Saturday_NNP 's_POS crash_NN of_IN a_DT Honduran_JJ jetliner_NN that_WDT killed_VBD 132_CD of_IN the_DT 146_CD people_NNS aboard_RB ._. 
The_DT Boeing_NNP 727_CD ,_, en_IN route_NN to_TO Honduras_NNP from_IN Costa_NNP Rica_NNP via_IN Nicaragua_NNP ,_, smashed_VBD into_IN the_DT hills_NNS outside_IN Tegucigalpa_NNP as_IN it_PRP approached_VBD the_DT capital_NN 's_POS airport_NN in_IN high_JJ winds_NNS and_CC low_JJ clouds_NNS ._. 
The_DT U.S._NNP and_CC Israel_NNP have_VBP been_VBN holding_VBG what_WP an_DT aide_NN to_TO Prime_NNP Minister_NNP Shamir_NNP called_VBD intense_JJ telephone_NN negotiations_NNS in_IN an_DT effort_NN to_TO bridge_VB differences_NNS over_IN Mideast_NNP peace_NN moves_NNS ._. 
The_DT Labor_NNP Party_NNP ,_, meanwhile_RB ,_, threatened_VBN to_TO support_VB a_DT parliamentary_JJ motion_NN to_TO topple_VB the_DT coalition_NN unless_IN Shamir_NNP showed_VBD flexibility_NN on_IN Arab-Israeli_JJ talks_NNS ._. 
Nicaragua_NNP 's_POS Defense_NNP Ministry_NNP said_VBD a_DT group_NN of_IN Contra_NNP rebels_NNS ambushed_VBD two_CD trucks_NNS carrying_VBG troops_NNS in_IN northern_JJ Nicaragua_NNP ,_, killing_VBG 18_CD of_IN the_DT soldiers_NNS ._. 
The_DT incident_NN occurred_VBD Saturday_NNP night_NN ._. 
The_DT Sandinista_NNP government_NN and_CC the_DT U.S.-backed_JJ insurgents_NNS agreed_VBD in_IN March_NNP to_TO suspend_VB offensive_JJ operations_NNS ,_, but_CC there_EX has_VBZ been_VBN sporadic_JJ fighting_NN ._. 
Scientists_NNS have_VBP isolated_VBN a_DT molecule_NN that_WDT may_MD hold_VB potential_JJ as_IN a_DT treatment_NN for_IN disruptions_NNS of_IN the_DT immune_JJ system_NN ,_, ranging_VBG from_IN organ-transplant_JJ rejection_NN ,_, to_TO allergies_NNS and_CC asthma_NN ,_, Immunex_NNP Corp._NNP said_VBD ._. 
The_DT molecule_NN is_VBZ the_DT mouse_NN version_NN of_IN a_DT protein_NN called_VBD the_DT interleukin-4_NN receptor_NN ,_, which_WDT directs_VBZ the_DT growth_NN and_CC function_NN of_IN white_JJ blood_NN cells_NNS ._. 
Died_VBD :_: Alfred_NNP Hayes_NNP ,_, 79_CD ,_, former_JJ president_NN of_IN the_DT Federal_NNP Reserve_NNP Bank_NNP of_IN New_NNP York_NNP ,_, Saturday_NNP ,_, in_IN New_NNP Canaan_NNP ,_, Conn_NNP ._. 
Contel_NNP Corp._NNP said_VBD third-quarter_JJ net_JJ income_NN increased_VBN 16_CD %_NN to_TO $_$ 72_CD million_CD ,_, or_CC 45_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 62_CD million_CD ,_, or_CC 39_CD cents_NNS a_DT share_NN ,_, as_IN a_DT result_NN of_IN strong_JJ growth_NN in_IN telephone-access_JJ lines_NNS and_CC long-distance_JJ minutes_NNS of_IN use_NN ._. 
The_DT telecommunications_NNS company_NN 's_POS results_NNS included_VBD a_DT one-time_JJ gain_NN of_IN $_$ 4_CD million_CD ,_, or_CC two_CD cents_NNS a_DT share_NN ,_, from_IN the_DT sale_NN of_IN Contel_NNP Credit_NNP ,_, a_DT leasing_NN and_CC financial-services_NNS subsidiary_NN ._. 
Revenue_NN rose_VBD 8.3_CD %_NN to_TO $_$ 780_CD million_CD from_IN $_$ 720_CD million_CD ._. 
Telephone-operations_NNS quarterly_JJ profit_NN increased_VBN 9_CD %_NN to_TO $_$ 84_CD million_CD from_IN $_$ 77_CD million_CD ,_, while_IN federal-systems_JJ earnings_NNS declined_VBD 33_CD %_NN to_TO $_$ 4_CD million_CD from_IN $_$ 6_CD million_CD ._. 
Information_NN systems_NNS posted_VBD a_DT loss_NN of_IN $_$ 8_CD million_CD ,_, compared_VBN with_IN a_DT loss_NN of_IN $_$ 9_CD million_CD a_DT year_NN earlier_RBR ._. 
Customer-access_NN lines_NNS increased_VBN at_IN an_DT annualized_VBN rate_NN of_IN about_IN 4_CD %_NN and_CC minutes_NNS of_IN long-distance_JJ use_NN rose_VBD about_IN 12_CD %_NN ._. 
A_DT 10_CD %_NN gain_NN in_IN operating_VBG profit_NN in_IN the_DT quarter_NN was_VBD offset_VBN by_IN a_DT 21_CD %_NN boost_NN in_IN interest_NN expense_NN ,_, reflecting_VBG higher_JJR consolidated_JJ borrowings_NNS and_CC interest_NN rates_NNS ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Contel_NNP closed_VBD at_IN $_$ 33.75_CD a_DT share_NN ,_, down_RB .50_CD cents_NNS ._. 
In_IN East_NNP Germany_NNP ,_, where_WRB humor_NN has_VBZ long_RB been_VBN the_DT only_JJ way_NN to_TO express_VB political_JJ criticism_NN ,_, they_PRP 're_VBP not_RB laughing_VBG about_IN their_PRP$ new_JJ leader_NN Egon_NNP Krenz_NNP ._. 
Mr._NNP Krenz_NNP is_VBZ such_JJ a_DT contradictory_JJ figure_NN that_DT nobody_NN has_VBZ even_RB come_VB up_IN with_IN any_DT good_JJ jokes_NNS about_IN him_PRP ._. 
``_`` You_PRP have_VBP to_TO have_VB clear_JJ feelings_NNS about_IN someone_NN before_IN you_PRP can_MD make_VB jokes_NNS ,_, ''_'' says_VBZ an_DT East_JJ German_JJ mother_NN of_IN two_CD who_WP loves_VBZ swapping_VBG political_JJ barbs_NNS with_IN her_PRP$ friends_NNS ._. 
``_`` With_IN Krenz_NNP ,_, we_PRP just_RB do_VBP n't_RB know_VB what_WP to_TO expect_VB ._. ''_'' 
Mr._NNP Krenz_NNP does_VBZ n't_RB seem_VB to_TO be_VB the_DT knee-jerk_JJ hardliner_NN many_JJ initially_RB thought_VBD he_PRP was_VBD when_WRB the_DT 52-year-old_NNP Politburo_NNP member_NN was_VBD selected_VBN last_JJ week_NN to_TO succeed_VB Erich_NNP Honecker_NNP ._. 
But_CC he_PRP does_VBZ n't_RB appear_VB to_TO be_VB ready_JJ to_TO make_VB broad_JJ changes_NNS either_RB ._. 
According_VBG to_TO East_NNP Germany_NNP 's_POS ADN_NNP news_NN agency_NN ,_, Mr._NNP Krenz_NNP spoke_VBD to_TO Soviet_JJ leader_NN Mikhail_NNP Gorbachev_NNP by_IN telephone_NN over_IN the_DT weekend_NN and_CC acknowledged_VBD East_NNP Germany_NNP could_MD learn_VB from_IN Moscow_NNP 's_POS glasnost_FW policies_NNS ._. 
Already_RB last_JJ week_NN ,_, Mr._NNP Krenz_NNP started_VBD overhauling_VBG East_NNP Germany_NNP 's_POS heavily_RB censored_VBN and_CC notoriously_RB boring_JJ news_NN media_NNS ._. 
On_IN Thursday_NNP ,_, a_DT day_NN after_IN he_PRP took_VBD office_NN ,_, East_JJ German_JJ television_NN broke_VBD into_IN regular_JJ programming_NN to_TO launch_VB a_DT talk_NN show_NN in_IN which_WDT viewers_NNS call_VBP in_IN questions_NNS for_IN a_DT panel_NN of_IN officials_NNS to_TO answer_VB ._. 
The_DT regular_JJ nightly_JJ news_NN program_NN and_CC daily_JJ newspapers_NNS are_VBP also_RB getting_VBG a_DT visible_JJ injection_NN of_IN Soviet-style_JJ glasnost_FW ._. 
``_`` It_PRP was_VBD quite_RB a_DT shock_NN ,_, ''_'' says_VBZ a_DT 43-year-old_NNP East_JJ German_JJ shopkeeper_NN ._. 
``_`` For_IN the_DT first_JJ time_NN in_IN my_PRP$ life_NN ,_, I_PRP was_VBD n't_RB sure_JJ whether_IN I_PRP was_VBD listening_VBG to_TO our_PRP$ news_NN or_CC West_JJ German_JJ television_NN ._. ''_'' 
Other_JJ changes_NNS ,_, including_VBG easing_VBG restrictions_NNS on_IN travel_NN for_IN East_NNP Germans_NNPS ,_, are_VBP expected_VBN ._. 
But_CC whether_IN such_JJ moves_NNS can_MD win_VB back_RB the_DT confidence_NN of_IN East_NNP Germans_NNPS ,_, who_WP have_VBP taken_VBN to_TO the_DT streets_NNS by_IN the_DT thousands_NNS in_IN recent_JJ weeks_NNS to_TO demand_VB democratic_JJ changes_NNS ,_, depends_VBZ largely_RB on_IN whether_IN they_PRP feel_VBP they_PRP can_MD trust_VB Mr._NNP Krenz_NNP ._. 
And_CC that_DT 's_VBZ a_DT problem_NN ._. 
Mr._NNP Krenz_NNP is_VBZ not_RB only_RB closely_RB identified_VBN with_IN his_PRP$ mentor_NN ,_, Mr._NNP Honecker_NNP ,_, but_CC also_RB blamed_VBD for_IN ordering_VBG violent_JJ police_NN action_NN against_IN protesters_NNS this_DT month_NN and_CC for_IN praising_VBG China_NNP for_IN sending_VBG tanks_NNS against_IN student_NN demonstrators_NNS ._. 
``_`` I_PRP hope_VBP he_PRP grows_VBZ with_IN the_DT job_NN ,_, ''_'' says_VBZ Rainer_NNP Eppelmann_NNP ,_, a_DT Protestant_NNP pastor_NN in_IN East_NNP Berlin_NNP ._. 
``_`` The_DT most_RBS important_JJ thing_NN is_VBZ that_IN he_PRP have_VBP a_DT chance_NN ._. ''_'' 
Although_IN Mr._NNP Krenz_NNP is_VBZ dedicated_VBN to_TO East_NNP Germany_NNP 's_POS conservative_JJ vein_NN of_IN communism_NN ,_, there_EX is_VBZ much_JJ about_IN his_PRP$ style_NN that_IN sets_NNS him_PRP apart_RB from_IN his_PRP$ party_NN comrades_NNS ._. 
Unlike_IN Mr._NNP Honecker_NNP ,_, who_WP tended_VBD to_TO lecture_VB people_NNS about_IN socialist_JJ values_NNS ,_, Mr._NNP Krenz_NNP enjoys_VBZ asking_VBG questions_NNS ._. 
Indeed_RB ,_, one_CD of_IN his_PRP$ first_JJ actions_NNS as_IN leader_NN was_VBD to_TO visit_VB a_DT gritty_JJ machine_NN factory_NN on_IN the_DT outskirts_NNS of_IN Berlin_NNP and_CC wander_VB among_IN the_DT workers_NNS --_: a_DT la_FW Gorbachev_NNP ._. 
He_PRP was_VBD later_RB shown_VBN on_IN television_NN ,_, fielding_NN questions_NNS ._. 
At_IN one_CD point_NN ,_, he_PRP asked_VBD a_DT worker_NN whether_IN he_PRP thought_VBD East_NNP Germans_NNPS were_VBD fleeing_VBG the_DT country_NN because_IN of_IN restrictive_JJ travel_NN policies_NNS ._. 
The_DT worker_NN 's_POS tart_JJ reply_NN :_: ``_`` It_PRP 's_VBZ more_JJR than_IN just_RB travel_NN ._. 
People_NNS have_VBP a_DT sense_NN the_DT government_NN is_VBZ ignoring_VBG the_DT real_JJ problems_NNS in_IN our_PRP$ society_NN ._. ''_'' 
The_DT exchange_NN was_VBD all_PDT the_DT more_RBR remarkable_JJ in_IN that_DT authorities_NNS released_VBD television_NN footage_NN to_TO Western_JJ news_NN agencies_NNS ._. 
This_DT same_JJ tendency_NN toward_IN openness_NN impressed_VBD a_DT group_NN of_IN visiting_VBG U.S._NNP congressmen_NNS this_DT spring_NN ._. 
Rather_RB than_IN trying_VBG to_TO ``_`` lecture_NN us_PRP ,_, ''_'' says_VBZ one_CD congressional_JJ aide_NN who_WP attended_VBD the_DT two-hour_JJ meeting_NN ,_, Mr._NNP Krenz_NNP ``_`` wanted_VBD to_TO listen_VB ._. ''_'' 
Rep._NNP Ronnie_NNP Flippo_NNP -LRB-_( D._NNP ,_, Ala._NNP -RRB-_) ,_, one_CD of_IN the_DT members_NNS of_IN the_DT delegation_NN ,_, says_VBZ he_PRP was_VBD particularly_RB impressed_VBN by_IN Mr._NNP Krenz_NNP 's_POS ready_JJ admission_NN that_IN East_NNP Germany_NNP needed_VBD to_TO change_VB ._. 
``_`` He_PRP 's_VBZ a_DT very_RB tough_JJ man_NN ,_, but_CC one_CD who_WP 's_VBZ also_RB open_JJ to_TO arguments_NNS ,_, ''_'' adds_VBZ an_DT aide_NN to_TO West_JJ German_NNP Chancellor_NNP Helmut_NNP Kohl_NNP ._. 
But_CC there_EX 's_VBZ another_DT side_NN to_TO Mr._NNP Krenz_NNP ._. 
Born_VBN in_IN a_DT Baltic_JJ town_NN in_IN an_DT area_NN which_WDT is_VBZ now_JJ part_NN of_IN Poland_NNP ,_, he_PRP has_VBZ dedicated_VBN his_PRP$ life_NN to_TO the_DT party_NN apparatus_NN ._. 
He_PRP moved_VBD quickly_RB through_IN the_DT ranks_NNS with_IN the_DT help_NN of_IN his_PRP$ patron_NN ,_, Mr._NNP Honecker_NNP ,_, and_CC emerged_VBD as_IN the_DT heir_NN apparent_JJ ._. 
Barbara_NNP Donovan_NNP ,_, an_DT expert_NN on_IN East_NNP Germany_NNP at_IN Radio_NNP Free_NNP Europe_NNP in_IN Munich_NNP ,_, says_VBZ Mr._NNP Krenz_NNP may_MD project_VB a_DT smooth_JJ image_NN ,_, but_CC she_PRP doubts_VBZ he_PRP 's_VBZ a_DT true_JJ reformer_NN ._. 
Even_RB if_IN he_PRP is_VBZ ,_, she_PRP adds_VBZ ,_, he_PRP appears_VBZ to_TO have_VB only_RB limited_JJ room_NN for_IN maneuver_NN within_IN the_DT Communist_NNP Party_NNP 's_POS ruling_NN Politburo_NNP ._. 
Against_IN this_DT background_NN ,_, the_DT new_JJ East_JJ German_JJ leader_NN must_MD move_VB quickly_RB to_TO shore_VB up_IN his_PRP$ government_NN 's_POS standing_VBG ._. 
The_DT sudden_JJ growth_NN of_IN the_DT opposition_NN movement_NN ,_, together_RB with_IN the_DT steady_JJ outflow_NN of_IN citizens_NNS escaping_VBG through_IN Poland_NNP and_CC Hungary_NNP ,_, has_VBZ plunged_VBN the_DT country_NN into_IN its_PRP$ deepest_JJS political_JJ crisis_NN since_IN an_DT anti-Soviet_JJ workers_NNS '_POS uprising_NN in_IN 1953_CD ._. 
``_`` He_PRP does_VBZ n't_RB have_VB any_DT honeymoon_NN period_NN ,_, ''_'' says_VBZ a_DT Western_JJ diplomat_NN based_VBN in_IN East_NNP Berlin_NNP ._. 
``_`` But_CC if_IN he_PRP 's_VBZ sharp_JJ and_CC quick_JJ ,_, he_PRP has_VBZ a_DT chance_NN ._. ''_'' 
The_DT diplomat_NN adds_VBZ that_IN Mr._NNP Krenz_NNP has_VBZ several_JJ things_NNS going_VBG for_IN him_PRP ._. 
The_DT East_JJ German_JJ economy_NN is_VBZ strong_RB compared_VBN with_IN other_JJ East_NNP bloc_NN nations_NNS ._. 
And_CC his_PRP$ relative_JJ youth_NN could_MD help_VB him_PRP project_VB a_DT more_RBR vibrant_JJ image_NN ,_, contrasting_VBG with_IN the_DT perception_NN of_IN Mr._NNP Honecker_NNP as_IN an_DT out-of-touch_JJ old_JJ man_NN ._. 
For_IN average_JJ East_NNP Germans_NNPS ,_, Mr._NNP Krenz_NNP remains_VBZ a_DT puzzle_NN ._. 
``_`` Either_CC he_PRP was_VBD n't_RB being_VBG real_JJ in_IN the_DT past_NN ,_, or_CC he_PRP is_VBZ n't_RB being_VBG real_JJ right_RB now_RB ,_, ''_'' says_VBZ a_DT 30-year-old_NNP East_JJ German_JJ doctor_NN ._. 
``_`` Either_CC way_NN ,_, I_PRP have_VBP a_DT problem_NN with_IN how_WRB quickly_RB he_PRP 's_VBZ changed_VBN ._. ''_'' 
The_DT doctor_NN was_VBD among_IN dozens_NNS of_IN people_NNS milling_NN through_IN East_NNP Berlin_NNP 's_POS Gethsemane_NNP Church_NNP Saturday_NNP morning_NN ._. 
The_DT walls_NNS of_IN the_DT church_NN are_VBP covered_VBN with_IN leaflets_NNS ,_, news_NN clippings_NNS ,_, and_CC handwritten_JJ notes_NNS associated_VBN with_IN the_DT country_NN 's_POS political_JJ opposition_NN ._. 
``_`` I_PRP have_VBP to_TO come_VB here_RB to_TO read_VB the_DT walls_NNS ,_, ''_'' says_VBZ the_DT doctor_NN ,_, ``_`` because_IN it_PRP 's_VBZ information_NN I_PRP still_RB ca_MD n't_RB get_VB through_IN the_DT newspapers_NNS ._. ''_'' 
Meanwhile_RB ,_, East_NNP Germany_NNP 's_POS growing_VBG openness_NN may_MD even_RB allow_VB the_DT state-controlled_JJ news_NN media_NNS to_TO display_VB a_DT muted_VBN sense_NN of_IN humor_NN ._. 
Television_NNP last_JJ week_NN carried_VBD a_DT new_JJ report_NN on_IN East_NNP Berlin_NNP 's_POS main_JJ wallpaper_NN factory_NN and_CC the_DT need_NN to_TO boost_VB production_NN ._. 
East_NNP Germans_NNPS remember_VBP a_DT comment_NN a_DT few_JJ years_NNS ago_RB by_IN Kurt_NNP Hager_NNP ,_, the_DT government_NN 's_POS top_JJ ideologist_NN ,_, that_IN just_RB because_IN a_DT neighbor_NN hangs_VBZ new_JJ wallpaper_NN ,_, there_EX 's_VBZ no_DT reason_NN to_TO change_VB your_PRP$ own_JJ ._. 
His_PRP$ point_NN was_VBD there_EX is_VBZ no_DT reason_NN for_IN East_NNP Germany_NNP to_TO copy_VB Soviet-style_JJ changes_NNS ._. 
``_`` It_PRP 's_VBZ hard_JJ to_TO know_VB whether_IN it_PRP was_VBD intended_VBN to_TO be_VB funny_JJ ,_, ''_'' says_VBZ the_DT East_NNP Berlin_NNP shopkeeper_NN ,_, ``_`` But_CC everyone_NN I_PRP know_VBP laughed_VBD about_IN it_PRP ._. 
The_DT list_NN of_IN laboratories_NNS claiming_VBG to_TO be_VB producing_VBG inexplicable_JJ amounts_NNS of_IN heat_NN from_IN ``_`` cold_JJ fusion_NN ''_'' experiments_NNS is_VBZ slowly_RB growing_VBG ._. 
But_CC the_DT experiments_NNS continue_VBP to_TO be_VB plagued_VBN by_IN lack_NN of_IN firm_NN evidence_NN that_IN the_DT extra_JJ heat_NN is_VBZ coming_VBG from_IN the_DT fusing_NN of_IN hydrogen_NN atoms_NNS ._. 
New_JJ experiments_NNS at_IN some_DT of_IN the_DT big_JJ national_JJ laboratories_NNS are_VBP still_RB unable_JJ to_TO find_VB hints_NNS of_IN nuclear_JJ fusion_NN reactions_NNS ,_, leaving_VBG only_RB the_DT finding_NN of_IN tritium_NN in_IN a_DT Texas_NNP experiment_NN to_TO support_VB University_NNP of_IN Utah_NNP chemists_NNS '_POS claim_NN of_IN achieving_VBG hydrogen_NN fusion_NN at_IN room_NN temperatures_NNS ._. 
The_DT latest_JJS developments_NNS in_IN cold_JJ fusion_NN research_NN were_VBD presented_VBN in_IN 24_CD reports_NNS delivered_VBN at_IN the_DT fall_NN meeting_NN here_RB of_IN the_DT Electrochemical_NNP Society_NNP ,_, the_DT first_JJ scientific_JJ meeting_NN in_IN five_CD months_NNS to_TO hear_VB formal_JJ reports_NNS on_IN cold_JJ fusion_NN experiments_NNS ._. 
The_DT meeting_NN offered_VBD stark_JJ evidence_NN of_IN a_DT dramatic_JJ fall_NN in_IN scientific_JJ interest_NN in_IN cold_JJ fusion_NN research_NN ._. 
Of_IN the_DT 1,300_CD chemists_NNS registered_VBN for_IN the_DT society_NN 's_POS weeklong_JJ meeting_NN ,_, fewer_JJR than_IN 200_CD sat_VBD through_IN the_DT day_NN and_CC a_DT half_NN of_IN cold_JJ fusion_NN presentations_NNS at_IN week_NN 's_POS end_NN ._. 
This_DT was_VBD in_IN contrast_NN with_IN the_DT society_NN 's_POS meeting_NN last_JJ May_NNP ,_, at_IN the_DT height_NN of_IN the_DT controversy_NN ,_, when_WRB more_JJR than_IN 1,500_CD scientists_NNS ,_, along_IN with_IN scores_NNS of_IN reporters_NNS and_CC TV_NN crews_NNS ,_, crowded_VBN into_IN a_DT Los_NNP Angeles_NNP hotel_NN ballroom_NN for_IN a_DT tumultuous_JJ special_JJ night_NN session_NN on_IN the_DT subject_NN ._. 
Neither_CC of_IN the_DT two_CD chemists_NNS whose_WP$ Utah_NNP experiments_NNS triggered_VBD the_DT cold_JJ fusion_NN uproar_NN ,_, Martin_NNP Fleischmann_NNP and_CC B._NNP Stanley_NNP Pons_NNP ,_, were_VBD at_IN the_DT meeting_NN ._. 
But_CC some_DT members_NNS of_IN an_DT ad_NN hoc_FW expert_NN committee_NN set_VBN up_IN by_IN the_DT Department_NNP of_IN Energy_NNP to_TO evaluate_VB the_DT cold_JJ fusion_NN research_NN were_VBD in_IN the_DT audience_NN ._. 
The_DT committee_NN is_VBZ to_TO recommend_VB at_IN the_DT end_NN of_IN the_DT month_NN whether_IN DOE_NNP should_MD support_VB cold_JJ fusion_NN research_NN ._. 
Most_JJS of_IN the_DT two_CD dozen_NN scientists_NNS taking_VBG the_DT podium_NN reported_VBD results_NNS with_IN new_JJ ,_, more_RBR sophisticated_JJ variations_NNS of_IN the_DT seemingly_RB simple_JJ electrolysis-of-water_JJ experiments_NNS described_VBD last_JJ March_NNP by_IN Messrs._NNP Fleischmann_NNP and_CC Pons_NNP ._. 
The_DT experiments_NNS involve_VBP encircling_VBG a_DT thin_JJ rod_NN of_IN palladium_NN metal_NN with_IN a_DT wire_NN of_IN platinum_NN and_CC plunging_VBG the_DT two_CD electrodes_NNS into_IN ``_`` heavy_JJ ''_'' water_NN in_IN which_WDT the_DT hydrogen_NN atoms_NNS are_VBP a_DT doubly_RB heavy_JJ form_NN known_VBN as_IN deuterium_NN ._. 
When_WRB an_DT electric_JJ current_NN is_VBZ applied_VBN to_TO the_DT palladium_NN and_CC platinum_NN electrodes_NNS ,_, the_DT heavy_JJ water_NN did_VBD begin_VB to_TO break_VB up_IN ,_, or_CC dissociate_VB ._. 
Ordinarily_RB the_DT electrolysis_NN ,_, or_CC breakup_NN ,_, of_IN the_DT water_NN would_MD consume_VB almost_RB all_DT of_IN the_DT electrical_JJ energy_NN ._. 
But_CC Messrs._NNP Fleischmann_NNP and_CC Pons_NNP said_VBD their_PRP$ experiments_NNS also_RB produced_VBN large_JJ amounts_NNS of_IN heat_NN ._. 
The_DT heat_NN energy_NN plus_CC the_DT energy_NN consumed_VBN by_IN the_DT breakup_NN of_IN the_DT water_NN molecules_NNS added_VBD to_TO far_RB more_JJR energy_NN coming_VBG out_IN of_IN the_DT apparatus_NN than_IN electrical_JJ energy_NN going_VBG in_IN ,_, they_PRP reported_VBD ._. 
Because_IN they_PRP also_RB detected_VBD tritium_NN and_CC indications_NNS of_IN nuclear_JJ radiation_NN ,_, they_PRP asserted_VBD that_IN the_DT ``_`` excess_JJ ''_'' heat_NN energy_NN must_MD be_VB coming_VBG from_IN energy_NN released_VBN by_IN the_DT nuclear_JJ fusion_NN of_IN deuterium_NN atoms_NNS inside_IN the_DT palladium_NN rod_NN ._. 
As_IN of_IN last_JJ weekend_NN ,_, a_DT dozen_NN labs_NNS also_RB have_VBP reported_VBN measuring_VBG ``_`` excess_JJ ''_'' heat_NN from_IN similar_JJ electrolytic_JJ experiments_NNS ,_, although_IN amounts_NNS of_IN such_JJ heat_NN vary_VBP widely_RB ._. 
One_CD of_IN the_DT seven_CD reports_NNS presented_VBN here_RB of_IN excess_JJ heat_NN production_NN was_VBD given_VBN by_IN Richard_NNP A._NNP Oriani_NNP ,_, professor_NN of_IN chemical_NN engineering_NN at_IN the_DT University_NNP of_IN Minnesota_NNP ._. 
Mr._NNP Oriani_NNP said_VBD his_PRP$ skepticism_NN of_IN the_DT Utah_NNP claims_NNS was_VBD initially_RB confirmed_VBN when_WRB his_PRP$ first_JJ experiments_NNS last_JJ spring_NN failed_VBD to_TO produce_VB results_NNS ._. 
But_CC he_PRP then_RB borrowed_VBD a_DT palladium_NN rod_NN from_IN chemists_NNS at_IN Texas_NNP A&M_NNP who_WP said_VBD they_PRP were_VBD getting_VBG excess_JJ heat_NN ._. 
``_`` The_DT results_NNS were_VBD fascinating_JJ ,_, ''_'' he_PRP said_VBD ._. 
On_IN the_DT fourth_JJ ``_`` run_VB ''_'' with_IN the_DT borrowed_VBN rod_NN ,_, the_DT experiment_NN began_VBD producing_VBG excess_JJ heat_NN ._. 
The_DT experiment_NN was_VBD stopped_VBN briefly_NN to_TO change_VB an_DT instrument_NN ._. 
When_WRB it_PRP was_VBD restarted_VBN ,_, heat_NN output_NN ``_`` really_RB took_VBD off_IN ''_'' and_CC produced_VBN excess_JJ heat_NN for_IN several_JJ hours_NNS before_IN dying_VBG down_RB ,_, he_PRP said_VBD ._. 
Typical_JJ of_IN other_JJ experiments_NNS ,_, Mr._NNP Oriani_NNP said_VBD his_PRP$ experiment_NN was_VBD ``_`` very_RB erratic_JJ ._. ''_'' 
It_PRP would_MD go_VB along_IN doing_VBG nothing_NN but_CC dissociating_VBG the_DT heavy_JJ water_NN and_CC then_RB at_IN totally_RB unpredictable_JJ times_NNS ,_, it_PRP would_MD begin_VB producing_VBG excess_JJ heat_NN for_IN as_RB long_RB as_IN 10_CD or_CC 11_CD hours_NNS before_IN quieting_VBG down_RB ._. 
The_DT excess_JJ heat_NN was_VBD 15_CD %_NN to_TO 20_CD %_NN more_JJR than_IN the_DT energy_NN involved_VBN in_IN the_DT electrolysis_NN of_IN water_NN ._. 
Mr._NNP Oriani_NNP said_VBD the_DT heat_NN bursts_NNS were_VBD too_RB large_JJ and_CC too_RB long_JJ to_TO be_VB explained_VBN by_IN the_DT sudden_JJ release_NN of_IN energy_NN that_WDT might_MD have_VB slowly_RB accumulated_VBN during_IN the_DT experiments_NNS '_POS quiescent_JJ times_NNS ,_, as_IN some_DT scientists_NNS have_VBP suggested_VBN ._. 
``_`` There_EX is_VBZ a_DT reality_NN to_TO the_DT excess_JJ energy_NN ,_, ''_'' he_PRP said_VBD ._. 
Other_JJ scientists_NNS said_VBD they_PRP also_RB were_VBD getting_VBG sporadic_JJ bursts_NNS of_IN excess_JJ heat_NN lasting_VBG several_JJ hours_NNS at_IN a_DT time_NN ._. 
The_DT bursts_NNS often_RB occur_VBP ,_, they_PRP said_VBD ,_, after_IN they_PRP ``_`` perturbed_JJ ''_'' the_DT experiments_NNS by_IN raising_VBG or_CC lowering_VBG the_DT amount_NN of_IN electric_JJ current_JJ being_NN applied_VBN ,_, or_CC switching_VBG the_DT current_NN off_IN and_CC on_RB ._. 
One_CD chemist_NN privately_RB suggested_VBD this_DT hinted_VBD that_IN some_DT ``_`` anomalous_JJ ''_'' chemical_NN reactions_NNS might_MD be_VB producing_VBG the_DT heat_NN ._. 
One_CD reason_NN questions_NNS surround_VBP the_DT heat_NN experiments_NNS is_VBZ that_IN they_PRP involve_VBP unusually_RB meticulous_JJ measurements_NNS ._. 
Typically_RB ,_, the_DT input_NN energy_NN ranges_NNS from_IN a_DT third_JJ of_IN a_DT watt_NN to_TO one_CD watt_NN and_CC the_DT excess_JJ energy_NN is_VBZ measured_VBN in_IN tenths_NNS of_IN a_DT watt_NN ._. 
One_CD exception_NN is_VBZ a_DT continuing_VBG experiment_NN at_IN Stanford_NNP University_NNP where_WRB as_RB much_JJ as_IN 10_CD watts_NNS of_IN energy_NN are_VBP being_VBG put_VB into_IN the_DT electrolytic_JJ cells_NNS ._. 
A_DT cell_NN filled_VBN with_IN heavy_JJ water_NN is_VBZ producing_VBG 1.0_CD to_TO 1.5_CD watts_NNS more_JJR heat_NN than_IN an_DT identical_JJ electrolytic_JJ cell_NN filled_VBN with_IN ordinary_JJ water_NN next_JJ to_TO it_PRP ,_, reported_VBD Turgut_NNP M._NNP Gur_NNP ,_, an_DT associate_NN of_IN materials_NNS scientist_NN Robert_NNP A._NNP Huggins_NNP ,_, head_NN of_IN the_DT Stanford_NNP experimental_JJ team_NN ._. 
One_CD of_IN the_DT few_JJ hints_NNS the_DT excess_JJ heat_NN might_MD be_VB produced_VBN by_IN fusion_NN came_VBD from_IN brief_JJ remarks_NNS by_IN chemist_NN John_NNP Bockris_NNP of_IN Texas_NNP A&M_NNP University_NNP ._. 
Mr._NNP Bockris_NNP previously_RB reported_VBD getting_VBG bursts_NNS of_IN excess_JJ heat_NN and_CC of_IN detecting_VBG increasing_VBG amounts_NNS of_IN tritium_NN forming_VBG in_IN the_DT heavy_JJ water_NN ._. 
He_PRP said_VBD that_IN within_IN the_DT past_JJ few_JJ days_NNS ,_, he_PRP 's_VBZ gotten_VBN evidence_NN that_IN there_EX is_VBZ a_DT ``_`` weak_JJ correlation_NN ''_'' between_IN the_DT time_NN the_DT heat_NN bursts_NNS occur_VBP and_CC the_DT production_NN of_IN tritium_NN ._. 
There_EX is_VBZ n't_RB any_DT way_NN to_TO continuously_RB measure_VBP the_DT amount_NN of_IN tritium_NN in_IN the_DT heavy_JJ water_NN ,_, so_IN it_PRP 's_VBZ been_VBN difficult_JJ to_TO tell_VB whether_IN the_DT tritium_NN formation_NN is_VBZ related_VBN to_TO the_DT heat_NN bursts_NNS or_CC some_DT other_JJ phenomenon_NN ._. 
Increasingly_RB careful_JJ attempts_NNS to_TO measure_VB neutrons_NNS ,_, which_WDT would_MD be_VB strong_JJ evidence_NN of_IN fusion_NN reactions_NNS ,_, continue_VB to_TO be_VB negative_JJ ._. 
Messrs._NNP Fleischmann_NNP and_CC Pons_NNP initially_RB reported_VBD indirect_JJ evidence_NN of_IN neutrons_NNS being_VBG produced_VBN in_IN their_PRP$ experiment_NN but_CC later_RB conceded_VBD the_DT measurements_NNS were_VBD questionable_JJ ._. 
Researchers_NNS at_IN Sandia_NNP National_NNP Laboratories_NNPS in_IN Albuquerque_NNP ,_, N.M._NNP ,_, reported_VBD they_PRP went_VBD so_RB far_RB as_IN to_TO take_VB a_DT ``_`` cold_JJ fusion_NN ''_'' experiment_NN and_CC three_CD neutron_NN detectors_NNS into_IN a_DT tunnel_NN under_IN 300_CD feet_NNS of_IN granite_NN to_TO shield_VB the_DT detectors_NNS from_IN cosmic_JJ rays_NNS ._. 
A_DT number_NN of_IN times_NNS they_PRP detected_VBD neutrons_NNS in_IN one_CD ,_, sometimes_RB two_CD ,_, of_IN the_DT three_CD detectors_NNS ,_, but_CC only_RB once_RB during_IN 411_CD hours_NNS of_IN the_DT experiment_NN did_VBD they_PRP detect_VBP a_DT neutron_NN burst_NN in_IN all_DT three_CD detectors_NNS --_: and_CC they_PRP think_VBP that_WDT was_VBD a_DT spurious_JJ event_NN ._. 
Shimson_NNP Gottesfeld_NNP of_IN Los_NNP Alamos_NNP National_NNP Laboratory_NNP said_VBD researchers_NNS there_EX detected_VBN a_DT burst_NN of_IN neutrons_NNS from_IN an_DT early_JJ cold_JJ fusion_NN experiment_NN last_JJ April_NNP but_CC decided_VBD not_RB to_TO announce_VB it_PRP until_IN they_PRP could_MD confirm_VB it_PRP ._. 
In_IN subsequent_JJ experiments_NNS ,_, one_CD of_IN two_CD neutron_NN detectors_NNS occasionally_RB indicated_VBD a_DT burst_NN of_IN neutrons_NNS but_CC neutron_NN bursts_NNS were_VBD never_RB recorded_VBN in_IN both_DT detectors_NNS at_IN the_DT same_JJ time_NN ._. 
They_PRP concluded_VBD the_DT indications_NNS of_IN neutrons_NNS stemmed_VBD from_IN faults_NNS in_IN the_DT detectors_NNS rather_RB than_IN from_IN the_DT cold_JJ fusion_NN experiment_NN ._. 
At_IN the_DT Lawrence_NNP Berkeley_NNP Laboratory_NNP in_IN California_NNP ,_, new_JJ experiments_NNS indicated_VBD that_IN the_DT lithium_NN added_VBD to_TO the_DT heavy_JJ water_NN so_IN it_PRP will_MD conduct_VB a_DT current_NN can_MD produce_VB previously_RB unsuspected_JJ electrical_JJ effects_NNS on_IN the_DT surface_NN of_IN the_DT palladium_NN rod_NN --_: which_WDT Messrs._NNP Fleischmann_NNP and_CC Pons_NNP might_MD have_VB misinterpreted_VBN ,_, reported_VBD Philip_NNP Ross_NNP from_IN the_DT California_NNP laboratory_NN ._. 
Dow_NNP Jones_NNP &_CC Co._NNP announced_VBD Wall_NNP Street_NNP Journal_NNP advertising_NN rates_NNS for_IN 1990_CD ._. 
The_DT rates_NNS ,_, which_WDT take_VBP effect_NN Jan._NNP 2_CD ,_, include_VBP a_DT 4_CD %_NN increase_NN for_IN national_JJ edition_NN advertising_NN ._. 
The_DT Journal_NNP also_RB will_MD offer_VB expanded_VBN volume_NN and_CC frequency_NN discounts_NNS ._. 
The_DT increase_NN for_IN national_JJ edition_NN advertising_NN is_VBZ less_JJR than_IN the_DT inflation_NN rate_NN and_CC compares_VBZ with_IN a_DT 6.5_CD %_NN increase_NN in_IN 1989_CD ._. 
``_`` Newsprint_NN and_CC postage_NN prices_VBZ this_DT year_NN have_VBP not_RB gone_VBN up_IN ,_, ''_'' said_VBD Peter_NNP R._NNP Kann_NNP ,_, president_NN of_IN Dow_NNP Jones_NNP ._. 
``_`` We_PRP have_VBP invested_VBN in_IN improved_VBN editorial_NN quality_NN and_CC expanded_VBN our_PRP$ quality_NN audience_NN without_IN substantially_RB increasing_VBG our_PRP$ costs_NNS ._. 
Fundamental_JJ fairness_NN and_CC a_DT sense_NN of_IN responsibility_NN lead_NN us_PRP to_TO share_VB operating_VBG efficiencies_NNS with_IN our_PRP$ customers_NNS ._. ''_'' 
Advertising_NN rates_NNS for_IN the_DT Eastern_NNP ,_, Midwest_NNP ,_, Western_JJ and_CC Southwest_NNP editions_NNS will_MD increase_VB an_DT average_JJ 5.5_CD %_NN ,_, and_CC rates_NNS for_IN localized_JJ advertising_NN editions_NNS will_MD increase_VB 7.5_CD %_NN ._. 
Rates_NNS for_IN the_DT Wall_NNP Street_NNP Journal_NNP Reports_NNS will_MD remain_VB unchanged_JJ ._. 
A_DT one-time_JJ noncontract_JJ full-page_JJ advertisement_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP national_JJ edition_NN will_MD cost_VB $_$ 99,385_CD ._. 
Advertising_NN rates_NNS for_IN The_DT Wall_NNP Street_NNP Journal\/Europe_NNP ,_, published_VBN in_IN Brussels_NNP and_CC printed_VBN in_IN the_DT Netherlands_NNP and_CC Switzerland_NNP ,_, will_MD increase_VB 9_CD %_NN ._. 
Rates_NNS for_IN The_DT Asian_NNP Wall_NNP Street_NNP Journal_NNP ,_, published_VBN and_CC printed_VBN in_IN Hong_NNP Kong_NNP and_CC also_RB printed_VBN in_IN Singapore_NNP and_CC Tokyo_NNP ,_, will_MD rise_VB 8_CD %_NN ._. 
Rates_NNS for_IN The_DT Asian_NNP Wall_NNP Street_NNP Journal_NNP Weekly_NNP ,_, published_VBN in_IN New_NNP York_NNP for_IN North_NNP American_JJ readers_NNS ,_, will_MD rise_VB 6_CD %_NN ._. 
Dow_NNP Jones_NNP also_RB publishes_VBZ Barron_NNP 's_POS magazine_NN ,_, other_JJ periodicals_NNS and_CC community_NN newspapers_NNS and_CC operates_VBZ electronic_JJ business_NN information_NN services_NNS ._. 
It_PRP owns_VBZ 67_CD %_NN of_IN Telerate_NNP Inc._NNP ,_, a_DT leading_VBG supplier_NN of_IN computerized_JJ financial_JJ information_NN on_IN global_JJ markets_NNS ._. 
Reflecting_VBG the_DT impact_NN of_IN lower_JJR semiconductor_NN prices_NNS and_CC cuts_NNS in_IN defense_NN spending_NN ,_, Texas_NNP Instruments_NNP Inc._NNP said_VBD third-quarter_JJ net_JJ income_NN fell_VBD 31_CD %_NN and_CC sales_NNS dropped_VBD slightly_RB from_IN a_DT year_NN earlier_RBR ._. 
Net_NN fell_VBD to_TO $_$ 65_CD million_CD ,_, or_CC 67_CD cents_NNS a_DT common_JJ share_NN ,_, from_IN $_$ 93.7_CD million_CD or_CC $_$ 1.03_CD a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Sales_NNS fell_VBD 2.5_CD %_NN to_TO $_$ 1.54_CD billion_CD from_IN $_$ 1.58_CD billion_CD ._. 
For_IN the_DT nine_CD months_NNS ,_, the_DT electronics_NNS and_CC defense_NN concern_NN had_VBD net_NN of_IN $_$ 255.8_CD million_CD ,_, or_CC $_$ 2.70_CD a_DT share_NN ,_, down_RB 5.6_CD %_NN from_IN $_$ 271_CD million_CD ,_, or_CC $_$ 3.01_CD a_DT share_NN ,_, in_IN the_DT year-ago_JJ period_NN ._. 
Sales_NNS were_VBD $_$ 4.66_CD billion_CD ,_, up_IN 1.3_CD %_NN from_IN $_$ 4.6_CD billion_CD ._. 
Jerry_NNP Junkins_NNP ,_, chairman_NN ,_, president_NN and_CC chief_JJ executive_JJ officer_NN ,_, said_VBD sluggish_JJ consumer-electronics_NNS sales_NNS reduced_VBD demand_NN for_IN semiconductors_NNS ._. 
That_DT ,_, coupled_VBN with_IN lower_JJR semiconductor_NN prices_NNS and_CC higher_JJR semiconductor-depreciation_JJ expense_NN ,_, contributed_VBD to_TO the_DT decline_NN in_IN sales_NNS and_CC profit_NN ._. 
In_IN addition_NN ,_, cost_NN increases_NNS related_VBN to_TO fixed-price_JJ defense_NN contracts_NNS and_CC a_DT $_$ 10_CD million_CD charge_NN to_TO reduce_VB the_DT work_NN force_NN of_IN Texas_NNP Instruments_NNPS '_POS defense-electronics_NNS division_NN also_RB reduced_VBD net_JJ ._. 
However_RB ,_, the_DT quarter_NN results_NNS included_VBD $_$ 28_CD million_CD in_IN royalty_NN income_NN from_IN patent_NN licenses_NNS ,_, up_IN from_IN $_$ 21_CD million_CD in_IN the_DT year-earlier_JJ period_NN ._. 
The_DT nine_CD months_NNS include_VBP $_$ 125_CD million_CD of_IN royalty_NN income_NN ,_, up_IN from_IN $_$ 98_CD million_CD last_JJ year_NN ._. 
Mr._NNP Junkins_NNP was_VBD n't_RB optimistic_JJ about_IN the_DT short-term_JJ outlook_NN ,_, hinting_VBG that_IN further_JJ workforce_NN reductions_NNS may_MD be_VB needed_VBN ._. 
``_`` We_PRP expect_VBP near-term_JJ sluggishness_NN in_IN the_DT electronics_NNS market_NN ,_, ''_'' he_PRP said_VBD ,_, ``_`` and_CC we_PRP will_MD take_VB ongoing_JJ cost-reduction_JJ actions_NNS as_IN necessary_JJ to_TO keep_VB operations_NNS aligned_VBN with_IN demand_NN ._. ''_'' 
Further_RB ,_, he_PRP said_VBD ,_, an_DT internal_JJ reorganization_NN to_TO combine_VB several_JJ divisions_NNS into_IN the_DT Information_NNP Technology_NNP Group_NNP is_VBZ expected_VBN to_TO affect_VB fourth-quarter_JJ results_NNS by_IN an_DT undisclosed_JJ amount_NN ._. 
Lynch_NNP Corp._NNP said_VBD its_PRP$ Lynch_NNP Telephone_NNP Corp._NNP subsidiary_NN completed_VBD the_DT acquisition_NN of_IN Western_NNP New_NNP Mexico_NNP Telephone_NNP Co._NNP for_IN $_$ 20_CD million_CD plus_CC assumption_NN of_IN $_$ 24_CD million_CD of_IN debt_NN ._. 
Western_NNP New_NNP Mexico_NNP Telephone_NNP ,_, Silver_NNP City_NNP ,_, had_VBD net_JJ income_NN of_IN $_$ 1.9_CD million_CD on_IN revenue_NN of_IN about_RB $_$ 10_CD million_CD last_JJ year_NN ._. 
It_PRP is_VBZ an_DT independent_JJ phone_NN company_NN with_IN a_DT service_NN area_NN of_IN 15,000_CD square_NN miles_NNS in_IN southwest_RB New_NNP Mexico_NNP ._. 
It_PRP is_VBZ also_RB a_DT partner_NN in_IN the_DT wireline_JJ cellular_JJ franchise_NN covering_VBG most_RBS of_IN western_JJ New_NNP Mexico_NNP ._. 
The_DT transaction_NN represents_VBZ Lynch_NNP 's_POS entry_NN into_IN the_DT telephone_NN business_NN ._. 
The_DT company_NN ,_, which_WDT has_VBZ interests_NNS in_IN television_NN ,_, trucking_NN services_NNS ,_, and_CC glass-making_NN and_CC food-processing_NN equipment_NN ,_, said_VBD it_PRP plans_VBZ to_TO make_VB other_JJ acquisitions_NNS in_IN the_DT telephone_NN industry_NN ._. 
Nelson_NNP Bunker_NNP Hunt_NNP 's_POS attempted_VBD corner_NN on_IN silver_NN a_DT decade_NN ago_RB is_VBZ still_RB haunting_JJ the_DT market_NN in_IN this_DT metal_NN ._. 
Silver_NN ,_, now_JJ trading_NN around_IN $_$ 5_VBG an_DT ounce_NN ,_, surged_VBD to_TO an_DT all-time_JJ peak_NN of_IN $_$ 50_CD an_DT ounce_NN in_IN January_NNP 1980_CD from_IN around_IN $_$ 9_CD in_IN mid-1979_NN ._. 
``_`` Mr._NNP Hunt_NNP 's_POS attempt_NN to_TO squeeze_VB the_DT silver_NN market_NN 10_CD years_NNS ago_RB is_VBZ still_RB indirectly_RB to_TO blame_VB for_IN today_NN 's_POS market_NN depression_NN ,_, ''_'' says_VBZ Lesley_NNP Edgar_NNP ,_, managing_VBG director_NN of_IN Sharps_NNP Pixley_NNP Ltd._NNP ,_, London_NNP bullion_NN brokers_NNS ._. 
While_IN some_DT 100_CD million_CD ounces_NNS of_IN silver_NN once_RB held_VBD by_IN Mr._NNP Hunt_NNP and_CC Middle_NNP Eastern_NNP associates_NNS are_VBP n't_RB hanging_VBG over_IN the_DT market_NN anymore_RB ,_, the_DT price_NN surge_NN of_IN 1979-80_CD precipitated_VBD an_DT expansion_NN of_IN mine_NN production_NN and_CC scrap_NN recovery_NN and_CC encouraged_VBN silver_NN consumers_NNS to_TO economize_VB on_IN silver_NN use_NN ,_, Mr._NNP Edgar_NNP says_VBZ ._. 
Photographic_JJ developers_NNS ,_, for_IN example_NN ,_, bought_VBD equipment_NN to_TO recover_VB silver_NN from_IN spent_VBN photographs_NNS ,_, negatives_NNS and_CC processing_NN solutions_NNS ._. 
Meanwhile_RB ,_, the_DT photographic_JJ industry_NN ,_, which_WDT accounts_VBZ for_IN 44_CD %_NN of_IN silver_NN consumption_NN ,_, continues_VBZ to_TO look_VB for_IN substitutes_NNS ._. 
Japanese_JJ and_CC U.S._NNP photographic_JJ firms_NNS are_VBP beginning_VBG to_TO produce_VB electronic_JJ cameras_NNS and_CC X-rays_NNS that_WDT do_VBP n't_RB require_VB silver_NN ,_, dealers_NNS say_VBP ._. 
Silver_NN 's_POS history_NN of_IN volatility_NN is_VBZ also_RB discouraging_VBG investors_NNS ,_, dealers_NNS say_VBP ._. 
Even_RB in_IN the_DT present_JJ uncertain_JJ investment_NN climate_NN ,_, investors_NNS are_VBP preferring_VBG ``_`` quality_NN assets_NNS ''_'' such_JJ as_IN Treasury_NNP bills_NNS and_CC bonds_NNS to_TO gold_NN ,_, silver_NN and_CC platinum_NN ,_, dealers_NNS say_VBP ._. 
Although_IN prices_NNS rallied_VBD briefly_NN following_VBG the_DT tumble_NN on_IN world_NN stock_NN markets_NNS earlier_RBR this_DT month_NN and_CC the_DT related_VBN decline_NN of_IN the_DT dollar_NN ,_, precious_JJ metals_NNS are_VBP out_IN of_IN favor_NN for_IN the_DT moment_NN because_IN of_IN high_JJ interest_NN rates_NNS and_CC a_DT determination_NN by_IN industrial_JJ nations_NNS to_TO curb_VB inflation_NN ,_, dealers_NNS say_VBP ._. 
Silver_NN ,_, however_RB is_VBZ in_IN a_DT deeper_JJR slump_NN than_IN are_VBP gold_NN and_CC platinum_NN ._. 
Some_DT analysts_NNS contend_VBP that_DT silver_NN is_VBZ cheap_JJ now_RB that_IN prices_NNS are_VBP languishing_VBG at_IN levels_NNS last_RB seen_VBN in_IN the_DT mid-1970s_NNS ._. 
``_`` Bargain_NN hunters_NNS believe_VBP that_DT silver_NN offers_VBZ the_DT best_JJS value_NN amongst_IN precious_JJ metals_NNS ,_, ''_'' says_VBZ Frederick_NNP R._NNP Demler_NNP ,_, analyst_NN at_IN Drexel_NNP Burnham_NNP Lambert_NNP Inc_NNP ._. 
A_DT further_JJ decline_NN in_IN prices_NNS will_MD lead_VB to_TO mine_VB production_NN cuts_NNS in_IN the_DT U.S._NNP ,_, he_PRP says_VBZ ._. 
Scrap_NN merchants_NNS are_VBP converting_VBG smaller_JJR quantities_NNS of_IN metal_NN into_IN silver_NN ,_, while_IN low_JJ prices_NNS are_VBP discouraging_VBG exports_NNS from_IN India_NNP and_CC the_DT Soviet_NNP Union_NNP ._. 
Silver_JJ prices_NNS could_MD also_RB be_VB boosted_VBN by_IN strikes_NNS in_IN leading_VBG producing_VBG nations_NNS Peru_NNP and_CC Mexico_NNP ,_, Mr._NNP Demler_NNP says_VBZ ._. 
Meanwhile_RB ,_, total_JJ fabrication_NN demand_NN for_IN silver_NN has_VBZ risen_VBN six_CD years_NNS in_IN a_DT row_NN ,_, he_PRP says_VBZ ._. 
Japanese_JJ demand_NN grew_VBN by_IN 70_CD %_NN in_IN the_DT first_JJ half_NN of_IN this_DT year_NN and_CC the_DT nation_NN plans_VBZ an_DT issue_NN of_IN a_DT silver_NN commemorative_JJ coin_NN that_WDT will_MD require_VB 4.5_CD million_CD ounces_NNS ._. 
Compared_VBN with_IN huge_JJ annual_JJ surpluses_NNS of_IN more_JJR than_IN 100_CD million_CD ounces_NNS in_IN the_DT first_JJ half_NN of_IN the_DT 1980s_CD ,_, world_NN silver_NN supplies_NNS and_CC consumption_NN are_VBP now_RB nearly_RB in_IN balance_NN ,_, Mr._NNP Demler_NNP says_VBZ ._. 
Despite_IN intermittent_JJ rallies_NNS in_IN the_DT past_JJ few_JJ years_NNS ,_, improvements_NNS in_IN the_DT supply-demand_JJ balance_NN have_VBP n't_RB managed_VBN to_TO push_VB silver_NN prices_NNS into_IN a_DT higher_JJR range_NN ._. 
``_`` There_EX 's_VBZ just_RB too_RB much_JJ silver_NN around_IN ,_, ''_'' says_VBZ Tom_NNP Butler_NNP ,_, an_DT analyst_NN at_IN Samuel_NNP Montagu_NNP &_CC Co._NNP ,_, a_DT London_NNP bullion_NN house_NN ._. 
A_DT huge_JJ silver_NN stockpile_NN at_IN exchanges_NNS ,_, refiners_NNS ,_, consuming_VBG industries_NNS and_CC government_NN warehouses_NNS of_IN at_IN least_JJS 617_CD million_CD ounces_NNS is_VBZ the_DT market_NN depressant_NN ,_, says_VBZ Shearson_NNP Lehman_NNP Hutton_NNP Inc._NNP in_IN a_DT report_NN ._. 
This_DT year_NN alone_RB ,_, inventories_NNS at_IN the_DT Commodity_NNP Exchange_NNP of_IN New_NNP York_NNP jumped_VBD ``_`` by_IN a_DT staggering_JJ 46_CD million_CD to_TO 221_CD million_CD ounces_NNS ''_'' because_IN of_IN producer_NN deliveries_NNS ,_, de-stocking_NN by_IN fabricators_NNS and_CC sales_NNS by_IN disenchanted_JJ investors_NNS ,_, says_VBZ Rhona_NNP O'Connell_NNP ,_, London-based_JJ precious_JJ metals_NNS analyst_NN at_IN Shearson_NNP Lehman_NNP Hutton_NNP ._. 
``_`` Silver_NN production_NN is_VBZ also_RB in_IN an_DT inexorable_JJ upward_JJ trend_NN ,_, ''_'' Ms._NNP O'Connell_NNP says_VBZ ._. 
Moreover_RB ,_, while_IN Asian_JJ and_CC Middle_NNP Eastern_NNP investors_NNS hoard_VBP gold_NN and_CC help_VB underpin_VB its_PRP$ price_NN ,_, silver_NN does_VBZ n't_RB have_VB the_DT same_JJ mystique_NN ,_, dealers_NNS say_VBP ._. 
Investors_NNS have_VBP gotten_VBN burned_VBN on_IN silver_NN so_RB often_RB that_IN they_PRP are_VBP far_RB more_RBR partial_JJ to_TO gold_NN ,_, says_VBZ Urs_NNP Seiler_NNP ,_, senior_JJ vice_NN president_NN at_IN Union_NNP Bank_NNP of_IN Switzerland_NNP ._. 
Yet_RB if_IN gold_NN prices_NNS improve_VBP ,_, silver_NN prices_NNS could_MD rally_VB sharply_RB ,_, he_PRP says_VBZ ._. 
However_RB ,_, dealers_NNS caution_VBP that_IN any_DT increase_NN would_MD be_VB $_$ 1_CD to_TO $_$ 2_CD at_IN most_RBS ._. 
Looking_VBG ahead_RB to_TO other_JJ commodity_NN markets_VBZ this_DT week_NN :_: 
Livestock_NN and_CC Meats_NNS 
Analysts_NNS expect_VBP the_DT prices_NNS of_IN live_VB cattle_NNS futures_NNS contracts_NNS to_TO rise_VB in_IN trading_NN today_NN in_IN the_DT wake_NN of_IN a_DT government_NN quarterly_JJ census_NN that_WDT found_VBD fewer-than-expected_JJ cattle_NNS on_IN feedlots_NNS ._. 
After_IN the_DT close_NN of_IN trading_NN Friday_NNP ,_, the_DT Agriculture_NNP Department_NNP reported_VBD that_IN feedlots_NNS in_IN the_DT 13_CD biggest_JJS ranch_NN states_NNS held_VBN 8.06_CD million_CD cattle_NNS on_IN Oct._NNP 1_CD ,_, down_RB 6_CD %_NN from_IN that_DT date_NN a_DT year_NN earlier_RBR ._. 
Most_JJS analysts_NNS had_VBD expected_VBN the_DT government_NN to_TO report_VB a_DT 4_CD %_NN decline_NN ._. 
Feedlots_NNS fatten_VBP young_JJ cattle_NNS for_IN slaughter_NN ,_, so_RB a_DT decline_NN signals_VBZ a_DT tightening_VBG supply_NN of_IN beef_NN ._. 
The_DT government_NN reported_VBD that_IN the_DT number_NN of_IN young_JJ cattle_NNS placed_VBN on_IN feedlots_NNS during_IN the_DT quarter_NN dropped_VBD 5_NN %_NN compared_VBN with_IN the_DT year-earlier_JJ quarter_NN ._. 
Many_JJ industry_NN analysts_NNS had_VBD been_VBN projecting_VBG a_DT 3_CD %_NN decline_NN in_IN placements_NNS for_IN the_DT quarter_NN ._. 
In_IN the_DT 1988_CD quarter_NN ,_, many_JJ farmers_NNS were_VBD forced_VBN to_TO sell_VB their_PRP$ cattle_NNS to_TO feedlot_NN operators_NNS because_IN the_DT drought_NN dried_VBD out_RP the_IN pasture_NN on_IN their_PRP$ ranches_NNS ._. 
The_DT number_NN of_IN cattle_NNS moving_VBG onto_IN feedlots_NNS in_IN the_DT recent_JJ quarter_NN was_VBD also_RB lower_JJR because_IN fattening_VBG cattle_NNS is_VBZ less_RBR profitable_JJ ._. 
A_DT shortage_NN of_IN young_JJ cattle_NNS has_VBZ made_VBN them_PRP more_RBR expensive_JJ for_IN feedlot_NN operators_NNS to_TO buy_VB ._. 
The_DT Agriculture_NNP Department_NNP also_RB said_VBD that_IN the_DT number_NN of_IN fattened_VBN cattle_NNS slaughtered_VBN in_IN the_DT quarter_NN dropped_VBN by_IN 5_NN %_NN from_IN the_DT 1988_CD quarter_NN ,_, which_WDT was_VBD in_IN line_NN with_IN projections_NNS by_IN analysts_NNS ._. 
Energy_NNP 
Friday_NNP 's_POS 44-cent-a-barrel_JJ price_NN drop_NN to_TO $_$ 19.98_CD in_IN the_DT expiring_VBG November_NNP contract_NN for_IN West_NNP Texas_NNP Intermediate_NNP crude_NN may_MD well_RB set_VBN the_DT tone_NN for_IN trading_VBG this_DT week_NN in_IN petroleum_NN futures_NNS on_IN the_DT New_NNP York_NNP Mercantile_NNP Exchange_NNP ._. 
Most_JJS traders_NNS and_CC analysts_NNS attributed_VBD the_DT decline_NN to_TO technical_JJ factors_NNS associated_VBN with_IN the_DT contract_NN 's_POS going_VBG off_IN the_DT board_NN ._. 
Others_NNS said_VBD that_IN the_DT drop_NN continued_VBD the_DT downward_JJ correction_NN that_WDT 's_VBZ been_VBN due_JJ in_IN the_DT petroleum_NN pits_NNS and_CC that_IN such_JJ a_DT trend_NN could_MD well_RB continue_VB in_IN the_DT next_JJ several_JJ trading_NN sessions_NNS ._. 
Barring_VBG any_DT petroleum-related_JJ news_NN events_NNS ,_, trading_NN in_IN the_DT days_NNS ahead_RB should_MD further_VB test_NN recent_JJ projections_NNS by_IN oil_NN economists_NNS and_CC other_JJ market_NN watchers_NNS that_IN strong_JJ fourth-quarter_JJ demand_NN will_MD keep_VB prices_NNS firm_NN ._. 
Copper_NN 
Copper_NN prices_NNS fell_VBD sharply_RB Friday_NNP afternoon_NN ._. 
For_IN example_NN ,_, copper_NN for_IN December_NNP delivery_NN settled_VBD 4.5_CD cents_NNS lower_JJR at_IN $_$ 1.2345_CD a_DT pound_NN ._. 
Pressure_NN came_VBD from_IN several_JJ developments_NNS including_VBG the_DT settlement_NN of_IN two_CD long-term_JJ strikes_NNS ._. 
On_IN Friday_NNP ,_, one_CD analyst_NN said_VBD ,_, rank-and-file_JJ workers_NNS ratified_VBD a_DT new_JJ labor_NN agreement_NN ending_VBG a_DT three-month_JJ strike_NN at_IN the_DT Highland_NNP Valley_NNP mine_NN in_IN British_NNP Columbia_NNP ._. 
In_IN Mexico_NNP ,_, the_DT analyst_NN added_VBD ,_, employees_VBZ at_IN the_DT Cananea_NNP mine_NN ,_, who_WP have_VBP been_VBN out_IN of_IN work_NN since_IN late_JJ August_NNP when_WRB the_DT mine_NN was_VBD declared_VBN bankrupt_JJ by_IN the_DT government_NN ,_, accepted_VBD a_DT 35_CD %_NN cut_NN in_IN the_DT 3,800-man_JJ work_NN force_NN ._. 
The_DT mine_NN is_VBZ expected_VBN to_TO return_VB to_TO production_NN in_IN about_IN a_DT week_NN ._. 
On_IN Friday_NNP ,_, selling_VBG dominated_VBN the_DT afternoon_NN ``_`` curb_VB ''_'' session_NN in_IN London_NNP ,_, which_WDT takes_VBZ place_NN at_IN noon_NN EDT_NNP ._. 
The_DT premium_NN of_IN cash_NN copper_NN to_TO the_DT three-month_JJ forward_JJ offerings_NNS narrowed_VBD ,_, indicating_VBG weaker_JJR demand_NN for_IN cash_NN copper_NN ._. 
Long-term_JJ support_NN for_IN the_DT December_NNP contract_NN was_VBD believed_VBN to_TO be_VB at_IN $_$ 1.25_CD a_DT pound_NN ._. 
A_DT technical_JJ analyst_NN said_VBD there_EX were_VBD a_DT number_NN of_IN stop-loss_NN orders_NNS under_IN that_DT level_NN that_WDT were_VBD touched_VBN off_IN when_WRB the_DT contract_NN 's_POS price_NN fell_VBD below_IN it_PRP ._. 
That_DT brought_VBN in_IN considerable_JJ fund_NN selling_VBG ,_, which_WDT continued_VBD until_IN the_DT close_NN of_IN trading_NN ._. 
``_`` In_IN general_JJ ,_, it_PRP was_VBD a_DT bearish_JJ close_NN ,_, ''_'' said_VBD Ben_NNP Hanauer_NNP ,_, a_DT copper_NN trader_NN at_IN Rudolph_NNP Wolff_NNP &_CC Co._NNP ,_, a_DT major_JJ commodities_NNS trading_NN and_CC brokerage_NN firm_NN ._. 
But_CC whether_IN this_DT price_NN break_NN has_VBZ implications_NNS for_IN this_DT week_NN ,_, he_PRP said_VBD ,_, ``_`` we_PRP will_MD know_VB more_JJR when_WRB the_DT London_NNP Metal_NNP Exchange_NNP copper_NN stock_NN levels_NNS are_VBP released_VBN Monday_NNP morning_NN ._. ''_'' 
Another_DT analyst_NN said_VBD he_PRP expected_VBD LME_NNP inventories_NNS to_TO be_VB down_RB by_IN about_IN 15,000_CD tons_NNS when_WRB the_DT weekly_JJ report_NN is_VBZ issued_VBN ._. 
Bernard_NNP Savaiko_NNP ,_, senior_JJ commodities_NNS analyst_NN at_IN PaineWebber_NNP Inc._NNP ,_, said_VBD that_IN when_WRB traders_NNS saw_VBD the_DT market_NN was_VBD n't_RB reacting_VBG positively_RB to_TO the_DT forecasts_NNS of_IN lower_JJR LME_NNP stocks_NNS ,_, they_PRP perceived_VBD a_DT bearish_JJ sign_NN ._. 
He_PRP also_RB noted_VBD that_IN the_DT Japanese_NN ,_, who_WP had_VBD been_VBN buying_VBG at_IN prices_NNS just_RB above_IN the_DT $_$ 1.25_CD level_NN ,_, apparently_RB pulled_VBD back_RB from_IN the_DT market_NN on_IN Friday_NNP ._. 
Mr._NNP Savaiko_NNP said_VBD he_PRP sees_VBZ a_DT possibility_NN of_IN the_DT December_NNP contract_NN dropping_VBG to_TO $_$ 1.05_CD a_DT pound_NN ._. 
Hewlett-Packard_NNP Co._NNP will_MD announce_VB today_NN a_DT software_NN program_NN that_WDT allows_VBZ computers_NNS in_IN a_DT network_NN to_TO speed_VB up_IN computing_VBG tasks_NNS by_IN sending_VBG the_DT tasks_NNS to_TO each_DT other_NN ._. 
Called_VBN Task_NNP Broker_NNP ,_, the_DT program_NN acts_NNS something_NN like_IN an_DT auctioneer_NN among_IN a_DT group_NN of_IN computers_NNS wired_VBN together_RB ._. 
If_IN a_DT machine_NN has_VBZ a_DT big_JJ computing_NN task_NN ,_, Task_NNP Broker_NNP asks_VBZ other_JJ computers_NNS in_IN the_DT network_NN for_IN ``_`` bids_NNS ''_'' on_IN the_DT job_NN ._. 
It_PRP then_RB determines_VBZ which_WDT machine_NN is_VBZ free_JJ to_TO do_VB the_DT task_NN most_RBS quickly_RB and_CC sends_VBZ the_DT task_NN to_TO that_DT machine_NN ._. 
Hewlett-Packard_NNP claims_NNS that_IN the_DT software_NN allows_VBZ a_DT network_NN to_TO run_VB three_CD times_NNS as_IN many_JJ tasks_NNS as_IN conventional_JJ networks_NNS and_CC will_MD run_VB each_DT task_NN twice_RB as_IN fast_RB ._. 
The_DT new_JJ Hewlett-Packard_NNP program_NN ,_, said_VBD analyst_NN John_NNP McCarthy_NNP at_IN Forrester_NNP Research_NNP Inc._NNP ,_, a_DT computer-market_JJ research_NN company_NN ,_, ``_`` is_VBZ a_DT key_JJ building_NN block_NN as_IN people_NNS move_VBP to_TO this_DT new_JJ model_NN of_IN distributed_VBN processing_NN ._. ''_'' 
In_IN today_NN 's_POS computer_NN networks_NNS ,_, some_DT machines_NNS often_RB sit_VBP idle_JJ while_IN others_NNS are_VBP overtaxed_JJ ._. 
With_IN the_DT Hewlett-Packard_NNP program_NN ,_, he_PRP said_VBD ,_, ``_`` You_PRP get_VBP more_JJR bang_NN for_IN the_DT buck_NN you_PRP 've_VBP spent_VBD on_IN computers_NNS ._. ''_'' 
The_DT program_NN ,_, which_WDT will_MD be_VB shipped_VBN in_IN January_NNP 1990_CD ,_, runs_VBZ on_IN the_DT Unix_NNP operating_VBG system_NN ._. 
Hewlett-Packard_NNP will_MD charge_VB $_$ 5,000_CD for_IN a_DT license_NN covering_VBG 10_CD users_NNS ._. 
The_DT program_NN now_RB works_VBZ on_IN all_DT Hewlett-Packard_NNP and_CC Apollo_NNP workstations_NNS and_CC on_IN computers_NNS made_VBN by_IN Multiflow_NNP Computer_NNP Inc._NNP of_IN Branford_NNP ,_, Conn_NNP ._. 
Hewlett-Packard_NNP said_VBD it_PRP will_MD sell_VB versions_NNS later_RB next_JJ year_NN that_WDT run_VBP on_IN Sun_NNP Microsystems_NNP Inc._NNP and_CC Digital_NNP Equipment_NNP Corp._NNP machines_NNS ._. 
The_DT Task_NNP Broker_NNP differs_VBZ from_IN other_JJ programs_NNS that_WDT spread_VBP computing_VBG tasks_NNS around_IN a_DT network_NN ._. 
A_DT previously_RB available_JJ program_NN called_VBN Network_NNP Computing_VBG System_NNP ,_, developed_VBN by_IN Hewlett-Packard_NNP 's_POS Apollo_NNP division_NN ,_, for_IN instance_NN ,_, takes_VBZ a_DT task_NN and_CC splits_NNS it_PRP up_IN into_IN parts_NNS ,_, divvying_VBG up_IN those_DT parts_NNS to_TO several_JJ computers_NNS in_IN a_DT network_NN for_IN simultaneous_JJ processing_NN ._. 
But_CC programs_NNS in_IN individual_JJ computers_NNS must_MD be_VB revised_VBN in_IN order_NN to_TO work_VB with_IN that_DT system_NN ._. 
Applications_NNS wo_MD n't_RB have_VB to_TO be_VB rewritten_VBN to_TO work_VB with_IN Task_NNP Broker_NNP ,_, Hewlett-Packard_NNP said_VBD ,_, and_CC the_DT user_NN of_IN a_DT computer_NN wo_MD n't_RB be_VB able_JJ to_TO tell_VB that_IN another_DT machine_NN is_VBZ doing_VBG the_DT work_NN ._. 
The_DT Task_NNP Broker_NNP ``_`` turns_VBZ that_DT network_NN into_IN --_: as_RB far_RB as_IN the_DT user_NN is_VBZ concerned_VBN --_: one_CD giant_NN computer_NN ,_, ''_'' said_VBD Bill_NNP Kay_NNP ,_, general_JJ manager_NN of_IN Hewlett-Packard_NNP 's_POS workstation_NN group_NN ._. 
Price_NN wars_NNS between_IN the_DT fast-food_NN giants_NNS are_VBP starting_VBG to_TO clobber_VB the_DT fast-food_NN little_JJ guys_NNS :_: the_DT franchisees_NNS ._. 
``_`` When_WRB elephants_NNS start_VBP fighting_VBG ,_, ants_NNS get_VBP killed_VBN ,_, ''_'' says_VBZ Murray_NNP Riese_NNP ,_, co-owner_NN of_IN National_NNP Restaurants_NNP ,_, a_DT New_NNP York_NNP franchisee_NN for_IN Pizza_NNP Hut_NNP ,_, Roy_NNP Rogers_NNP and_CC other_JJ chains_NNS ._. 
As_IN hamburger_NN and_CC pizza_NN outlets_NNS saturate_VB one_CD area_NN after_IN another_DT ,_, franchisers_NNS are_VBP struggling_VBG desperately_RB for_IN market_NN share_NN ,_, slashing_VBG prices_NNS and_CC stepping_VBG up_IN costly_JJ promotions_NNS ._. 
The_DT fight_NN is_VBZ putting_VBG a_DT tight_JJ squeeze_NN on_IN profits_NNS of_IN many_JJ ,_, threatening_VBG to_TO drive_VB the_DT smallest_JJS ones_NNS out_IN of_IN business_NN and_CC straining_VBG relations_NNS between_IN the_DT national_JJ fast-food_NN chains_NNS and_CC their_PRP$ franchisees_NNS ._. 
The_DT chains_NNS ``_`` used_VBN to_TO offer_VB discounts_NNS during_IN winter_NN when_WRB business_NN was_VBD slow_JJ ,_, but_CC in_IN the_DT last_JJ year_NN or_CC so_RB ,_, discounting_NN has_VBZ become_VBN a_DT 12-month_JJ thing_NN ,_, ''_'' says_VBZ Donald_NNP Harty_NNP ,_, president_NN of_IN Charisma_NNP Group_NNP Inc._NNP ,_, a_DT New_NNP York_NNP franchisee_NN of_IN Grand_NNP Metropolitan_NNP PLC_NNP 's_POS Burger_NNP King_NNP chain_NN ._. 
Though_IN Charisma_NNP 's_POS sales_NNS are_VBP up_IN slightly_RB this_DT year_NN ,_, Mr._NNP Harty_NNP says_VBZ profits_NNS will_MD be_VB flat_JJ or_CC lower_JJR ._. 
And_CC Bill_NNP Konopnicki_NNP ,_, a_DT Safford_NNP ,_, Ariz._NNP ,_, licensee_NN of_IN McDonald_NNP 's_POS Corp._NNP who_WP is_VBZ chairman_NN of_IN the_DT company_NN 's_POS National_NNP Operators_NNP Advisory_NNP Board_NNP ,_, says_VBZ some_DT fast-food_NN outlets_NNS ``_`` could_MD be_VB in_IN serious_JJ trouble_NN ,_, based_VBN on_IN the_DT amount_NN of_IN discounting_NN that_WDT seems_VBZ to_TO be_VB going_VBG on_IN ._. ''_'' 
Until_IN recently_RB ,_, the_DT huge_JJ fast-food_NN industry_NN ,_, with_IN sales_NNS of_IN about_RB $_$ 60.1_CD billion_CD last_JJ year_NN ,_, kept_VBD price-skirmishing_JJ to_TO a_DT minimum_NN ._. 
But_CC early_JJ this_DT year_NN ,_, PepsiCo_NNP Inc._NNP 's_POS Taco_NNP Bell_NNP unit_NN and_CC Wendy_NNP 's_POS International_NNP Inc._NNP slashed_VBD prices_NNS and_CC stepped_VBD up_IN promotions_NNS ,_, says_VBZ John_NNP Rohs_NNP ,_, an_DT analyst_NN for_IN Wertheim_NNP Schroder_NNP &_CC Co_NNP ._. 
That_DT brought_VBN a_DT chain_NN reaction_NN in_IN the_DT industry_NN ._. 
The_DT situation_NN was_VBD further_RB aggravated_VBN early_JJ this_DT month_NN ,_, when_WRB McDonald_NNP 's_POS set_VBN plans_NNS to_TO heat_VB up_IN the_DT discounting_NN by_IN offering_NN coupons_NNS ._. 
It_PRP also_RB decided_VBD to_TO go_VB national_JJ with_IN pizza_NN ,_, which_WDT it_PRP has_VBZ been_VBN test-marketing_VBG ._. 
Now_RB ,_, two-for-one_JJ deals_NNS on_IN pizza_NN are_VBP common_JJ ;_: so_RB are_VBP 99-cent_JJ specials_NNS on_IN sandwiches_NNS normally_RB priced_VBN twice_RB as_IN high_NN ._. 
The_DT discounting_NN ,_, say_VBP fast-food_NN operators_NNS ,_, occurs_VBZ on_IN a_DT scale_NN and_CC with_IN a_DT frequency_NN they_PRP have_VBP n't_RB seen_VBN before_RB ._. 
The_DT result_NN is_VBZ that_IN some_DT franchisees_NNS are_VBP running_VBG hard_JJ just_RB to_TO stay_VB even_RB ,_, laying_VBG off_IN middle_NN managers_NNS and_CC working_VBG harder_JJR to_TO make_VB less_JJR ._. 
Joe_NNP Mack_NNP ,_, a_DT district_NN manager_NN for_IN Cormack_NNP Enterprises_NNPS Inc._NNP ,_, a_DT Burger_NNP King_NNP operator_NN in_IN Omaha_NNP ,_, Neb._NNP ,_, says_VBZ discounting_NN is_VBZ so_RB prevalent_JJ that_IN ``_`` we_PRP have_VBP to_TO serve_VB 15_CD %_NN to_TO 20_CD %_NN more_JJR customers_NNS ''_'' to_TO keep_VB sales_NNS level_VB ._. 
``_`` It_PRP 's_VBZ almost_RB as_IN if_IN you_PRP 're_VBP doing_VBG extra_JJ work_NN to_TO give_VB away_RB the_DT food_NN ,_, ''_'' he_PRP says_VBZ ._. 
Alan_NNP D'Agosto_NNP ,_, president_NN of_IN Panda_NNP 's_POS Inc._NNP ,_, an_DT operator_NN of_IN Arby_NNP 's_POS restaurants_NNS in_IN Omaha_NNP ,_, says_VBZ :_: ``_`` All_DT we_PRP 're_VBP doing_VBG is_VBZ keeping_VBG the_DT customers_NNS coming_VBG ,_, but_CC we_PRP are_VBP n't_RB increasing_VBG sales_NNS ._. ''_'' 
With_IN fast-food_NN outlets_NNS on_IN every_DT corner_NN ,_, he_PRP ,_, like_IN many_JJ ,_, does_VBZ n't_RB think_VB he_PRP has_VBZ a_DT choice_NN in_IN the_DT price_NN war_NN :_: ``_`` Our_PRP$ customers_NNS say_VBP that_IN they_PRP wo_MD n't_RB go_VB into_IN a_DT fast-food_NN store_NN unless_IN they_PRP get_VBP a_DT coupon_NN ._. ''_'' 
If_IN the_DT battle_NN continues_VBZ much_JJ longer_RB ,_, many_JJ fast-food_NN businesses_NNS will_MD close_VB or_CC merge_VB ,_, predicts_VBZ Vincent_NNP Morrissey_NNP ,_, who_WP owns_VBZ a_DT string_NN of_IN Kentucky_NNP Fried_NNP Chicken_NNP stores_NNS in_IN the_DT Midwest_NNP ._. 
``_`` The_DT industry_NN is_VBZ overbuilt_JJ ,_, ''_'' he_PRP says_VBZ ._. 
``_`` Fast-food_NN franchisers_NNS have_VBP managed_VBN to_TO squeeze_VB in_IN stores_NNS into_IN every_DT corner_NN available_JJ ._. ''_'' 
The_DT National_NNP Restaurant_NNP Association_NNP says_VBZ quick-service_JJ restaurant_NN units_NNS in_IN the_DT U.S._NNP rose_VBD 14_CD %_NN to_TO 131,146_CD between_IN 1983_CD and_CC 1987_CD ,_, the_DT last_JJ year_NN for_IN which_WDT figures_NNS are_VBP available_JJ ._. 
With_IN the_DT market_NN so_RB crowded_VBD ,_, says_VBZ a_DT spokesman_NN for_IN Wendy_NNP 's_POS in_IN Columbus_NNP ,_, Ohio_NNP ,_, ``_`` If_IN you_PRP 're_VBP doing_VBG well_RB ,_, you_PRP 're_VBP doing_VBG well_RB at_IN someone_NN else_RB 's_POS expense_NN ._. ''_'' 
Simply_RB put_VB ,_, there_EX is_VBZ n't_RB enough_JJ business_NN for_IN every_DT store_NN to_TO grow_VB ._. 
According_VBG to_TO Mr._NNP Rohs_NNP ,_, inflation-adjusted_JJ ,_, same-store_JJ sales_NNS at_IN company-owned_JJ Wendy_NNP 's_POS units_NNS in_IN the_DT U.S._NNP have_VBP trailed_VBN year-earlier_JJ levels_NNS throughout_IN 1989_CD ,_, except_IN for_IN August_NNP ._. 
``_`` McDonald_NNP 's_POS has_VBZ also_RB been_VBN running_VBG negative_JJ all_DT year_NN ,_, ''_'' the_DT analyst_NN says_NNS ._. 
Spokesmen_NNS for_IN Wendy_NNP 's_POS and_CC McDonald_NNP 's_POS criticized_VBN Mr._NNP Rohs_NNP 's_POS calculations_NNS ._. 
Jack_NNP Greenberg_NNP ,_, executive_JJ vice_NN president_NN and_CC chief_JJ financial_JJ officer_NN of_IN McDonald_NNP 's_POS ,_, says_VBZ the_DT company_NN does_VBZ n't_RB compute_VB ,_, much_RB less_JJR disclose_VB ,_, inflation-adjusted_JJ ,_, same-store_JJ sales_NNS ._. 
He_PRP adds_VBZ that_IN short-term_JJ comparisons_NNS ``_`` can_MD be_VB very_RB misleading_JJ because_IN of_IN differences_NNS in_IN timing_NN of_IN marketing_NN programs_NNS from_IN year_NN to_TO year_NN ._. ''_'' 
Profit_NN margins_NNS at_IN company-owned_JJ McDonald_NNP 's_POS outlets_NNS in_IN the_DT U.S._NNP ``_`` are_VBP holding_VBG up_IN quite_RB nicely_RB ,_, ''_'' says_VBZ Mr._NNP Greenberg_NNP ._. 
Profits_NNS of_IN franchisees_NNS have_VBP n't_RB been_VBN higher_JJR since_IN the_DT mid-1970s_NNS ,_, he_PRP adds_VBZ ._. 
But_CC Mr._NNP Greenberg_NNP 's_POS sanguine_JJ outlook_NN is_VBZ n't_RB matched_VBN by_IN many_JJ fast-food_NN industry_NN observers_NNS ._. 
Smaller_JJR chains_NNS and_CC single-store_JJ operators_NNS will_MD be_VB the_DT first_JJ to_TO fail_VB ,_, many_JJ in_IN the_DT industry_NN predict_VBP ._. 
Big_JJ franchise_NN groups_NNS ``_`` can_MD ride_VB out_RP the_IN storm_NN a_DT lot_NN longer_RB ,_, ''_'' says_VBZ Mr._NNP Harty_NNP ,_, the_DT Burger_NNP King_NNP operator_NN in_IN New_NNP York_NNP ._. 
The_DT prolonged_VBN price_NN pressures_NNS are_VBP driving_VBG a_DT wedge_NN between_IN some_DT franchisers_NNS and_CC their_PRP$ franchisees_NNS ._. 
Mr._NNP Morrissey_NNP ,_, the_DT Kentucky_NNP Fried_NNP Chicken_NNP franchisee_NN ,_, notes_VBZ that_IN most_RBS franchise_NN owners_NNS must_MD absorb_VB increases_NNS in_IN expenses_NNS without_IN any_DT cut_NN in_IN the_DT royalties_NNS ,_, or_CC portion_NN of_IN sales_NNS ,_, that_IN they_PRP must_MD pay_VB franchisers_NNS ._. 
Franchisees_NNS ca_MD n't_RB be_VB forced_VBN to_TO go_VB along_IN with_IN a_DT franchiser_NN 's_POS discounting_NN ._. 
But_CC once_RB a_DT franchisee_NN agrees_VBZ to_TO a_DT promotional_JJ program_NN ,_, the_DT franchiser_NN can_MD demand_VB full_JJ participation_NN to_TO the_DT very_JJ end_NN ,_, says_VBZ Lew_NNP Rudnick_NNP ,_, a_DT principal_NN of_IN Rudnick_NNP &_CC Wolfe_NNP ,_, a_DT Chicago_NNP law_NN firm_NN with_IN franchise_NN industry_NN clients_NNS ._. 
He_PRP says_VBZ courts_NNS have_VBP held_VBN that_IN antitrust_JJ considerations_NNS are_VBP outweighed_VBN in_IN such_JJ cases_NNS by_IN the_DT need_NN to_TO protect_VB consumers_NNS from_IN deceptive_JJ marketing_NN ._. 
In_IN any_DT case_NN ,_, many_JJ franchisees_NNS ,_, in_IN order_NN to_TO stay_VB on_IN good_JJ terms_NNS with_IN franchisers_NNS ,_, routinely_RB go_VB along_IN with_IN promotions_NNS ._. 
Says_VBZ Mr._NNP Riese_NNP of_IN National_NNP Restaurants_NNP :_: ``_`` If_IN you_PRP resisted_VBD on_IN prices_NNS ,_, maybe_RB you_PRP would_MD never_RB get_VB that_WDT telephone_NN call_NN about_IN a_DT new_JJ franchise_NN ._. 
Companies_NNS listed_VBN below_IN reported_VBN quarterly_JJ profit_NN substantially_RB different_JJ from_IN the_DT average_NN of_IN analysts_NNS '_POS estimates_NNS ._. 
The_DT companies_NNS are_VBP followed_VBN by_IN at_IN least_JJS three_CD analysts_NNS ,_, and_CC had_VBD a_DT minimum_JJ five-cent_JJ change_NN in_IN actual_JJ earnings_NNS per_IN share_NN ._. 
Estimated_VBN and_CC actual_JJ results_NNS involving_VBG losses_NNS are_VBP omitted_VBN ._. 
The_DT percent_NN difference_NN compares_VBZ actual_JJ profit_NN with_IN the_DT 30-day_JJ estimate_NN where_WRB at_IN least_JJS three_CD analysts_NNS have_VBP issues_NNS forecasts_NNS in_IN the_DT past_JJ 30_CD days_NNS ._. 
Otherwise_RB ,_, actual_JJ profit_NN is_VBZ compared_VBN with_IN the_DT 300-day_JJ estimate_NN ._. 
Companies_NNS listed_VBN below_IN reported_VBN quarterly_JJ profit_NN substantially_RB different_JJ from_IN the_DT average_NN of_IN analysts_NNS '_POS estimates_NNS ._. 
The_DT companies_NNS are_VBP followed_VBN by_IN at_IN least_JJS three_CD analysts_NNS ,_, and_CC had_VBD a_DT minimum_JJ five-cent_JJ change_NN in_IN actual_JJ earnings_NNS per_IN share_NN ._. 
Estimated_VBN and_CC actual_JJ results_NNS involving_VBG losses_NNS are_VBP omitted_VBN ._. 
The_DT percent_NN difference_NN compares_VBZ actual_JJ profit_NN with_IN the_DT 30-day_JJ estimate_NN where_WRB at_IN least_JJS three_CD analysts_NNS have_VBP issues_NNS forecasts_NNS in_IN the_DT past_JJ 30_CD days_NNS ._. 
Otherwise_RB ,_, actual_JJ profit_NN is_VBZ compared_VBN with_IN the_DT 300-day_JJ estimate_NN ._. 
CalMat_NNP Co._NNP said_VBD it_PRP completed_VBD a_DT $_$ 32.8_CD million_CD sale_NN of_IN assets_NNS from_IN its_PRP$ Los_NNP Angeles_NNP area_NN real_JJ estate_NN portfolio_NN for_IN net_JJ income_NN of_IN $_$ 12_CD million_CD ._. 
CalMat_NNP said_VBD the_DT sale_NN is_VBZ part_NN of_IN its_PRP$ previously_RB announced_VBD plan_NN to_TO sell_VB much_NN of_IN its_PRP$ real_JJ estate_NN holdings_NNS to_TO focus_VB on_IN its_PRP$ core_NN business_NN of_IN mining_NN and_CC producing_VBG asphalt_NN ,_, concrete_JJ ,_, rock_NN and_CC sand_NN ._. 
And_CC you_PRP thought_VBD the_DT only_JJ reason_NN to_TO save_VB your_PRP$ canceled_VBN checks_NNS was_VBD to_TO prepare_VB for_IN an_DT IRS_NNP audit_NN ._. 
Reggie_NNP Jackson_NNP ,_, the_DT retired_VBN baseball_NN star_NN ,_, has_VBZ found_VBN another_DT use_NN for_IN them_PRP ._. 
Mr._NNP Jackson_NNP ,_, who_WP won_VBD the_DT nickname_NN ``_`` Mr._NNP October_NNP ''_'' for_IN his_PRP$ World_NNP Series_NNP exploits_NNS ,_, is_VBZ selling_VBG some_DT of_IN his_PRP$ canceled_VBN checks_NNS to_TO autograph_VB collectors_NNS through_IN a_DT dealer_NN for_IN as_RB much_JJ as_IN $_$ 500_CD each_DT ._. 
Dealers_NNS say_VBP the_DT budding_VBG trade_NN in_IN Mr._NNP Jackson_NNP 's_POS canceled_VBN checks_NNS is_VBZ unusual_JJ ._. 
``_`` I_PRP do_VBP n't_RB know_VB of_IN any_DT living_VBG ballplayer_NN that_WDT 's_VBZ ever_RB done_VBN it_PRP ,_, ''_'' says_VBZ Jack_NNP Smalling_NNP ,_, a_DT dealer_NN in_IN Ames_NNP ,_, Iowa_NNP ,_, and_CC a_DT recognized_VBN expert_NN in_IN the_DT field_NN of_IN baseball_NN autographs_NNS ._. 
An_DT initial_JJ batch_NN of_IN Mr._NNP Jackson_NNP 's_POS checks_NNS was_VBD on_IN sale_NN at_IN a_DT baseball-card_JJ show_NN held_VBN in_IN San_NNP Francisco_NNP over_IN Labor_NNP Day_NNP weekend_NN ._. 
Mr._NNP Jackson_NNP showed_VBD up_IN at_IN the_DT affair_NN to_TO sign_VB autographs_NNS for_IN a_DT fee_NN as_IN well_RB ._. 
``_`` For_IN someone_NN who_WP has_VBZ everything_NN else_RB --_: Reggie_NNP 's_POS jersey_NN ,_, cap_NN and_CC cards_NNS --_: his_PRP$ checks_NNS might_MD be_VB a_DT nice_JJ addition_NN ,_, ''_'' says_VBZ William_NNP Vizas_NNP ,_, owner_NN of_IN Bill_NNP 's_POS Sports_NNPS Collectibles_NNS in_IN Denver_NNP ,_, who_WP examined_VBD the_DT checks_NNS at_IN the_DT San_NNP Francisco_NNP card_NN show_NN ._. 
For_IN years_NNS ,_, the_DT canceled_VBN checks_NNS of_IN a_DT small_JJ number_NN of_IN well-known_JJ baseball_NN players_NNS have_VBP been_VBN bought_VBN and_CC sold_VBN ._. 
But_CC these_DT players_NNS were_VBD dead_JJ ._. 
``_`` Maybe_RB three_CD years_NNS ago_RB ,_, there_EX were_VBD a_DT lot_NN of_IN -LCB-_( Ty_NNP -RCB-_) Cobbs_NNS in_IN the_DT hobby_NN ,_, and_CC awhile_RB back_RB there_EX were_VBD Babe_NNP Ruth_NNP checks_NNS ,_, ''_'' says_VBZ Mr._NNP Smalling_NNP ._. 
However_RB ,_, the_DT thought_NN of_IN a_DT living_VBG player_NN selling_VBG his_PRP$ checks_NNS rubs_VBZ some_DT people_NNS the_DT wrong_JJ way_NN ._. 
``_`` Maybe_RB I_PRP 'm_VBP a_DT little_JJ stuffy_JJ ,_, but_CC I_PRP would_MD n't_RB sell_VB them_PRP ,_, ''_'' sniffs_VBZ Bob_NNP Machon_NNP ,_, owner_NN of_IN Papa_NNP 's_POS Sports_NNP Cards_NNP in_IN Menlo_NNP Park_NNP ,_, Calif_NNP ._. 
``_`` Who_WP knows_VBZ how_WRB much_JJ they_PRP 'll_MD be_VB worth_JJ 100_CD years_NNS from_IN now_RB ?_. ''_'' 
And_CC Mr._NNP Smalling_NNP does_VBZ n't_RB believe_VB they_PRP 're_VBP worth_JJ all_DT that_NN much_JJ now_RB ._. 
``_`` I_PRP do_VBP n't_RB think_VB the_DT checks_NNS are_VBP worth_JJ $_$ 15_CD apiece_RB ,_, ''_'' he_PRP says_VBZ ._. 
Why_WRB Mr._NNP Jackson_NNP ,_, who_WP could_MD n't_RB be_VB reached_VBN for_IN comment_NN ,_, has_VBZ made_VBN some_DT of_IN his_PRP$ checks_NNS available_JJ for_IN sale_NN is_VBZ n't_RB clear_JJ ._. 
He_PRP probably_RB has_VBZ n't_RB done_VBN it_PRP for_IN the_DT cash_NN ._. 
``_`` I_PRP would_MD say_VB he_PRP 's_VBZ definitely_RB not_RB in_IN need_NN of_IN money_NN ,_, ''_'' says_VBZ Matt_NNP Merola_NNP ,_, an_DT agent_NN of_IN Mr._NNP Jackson_NNP 's_POS based_VBN in_IN New_NNP York_NNP ._. 
``_`` He_PRP has_VBZ good_JJ investments_NNS ._. ''_'' 
And_CC Mr._NNP Jackson_NNP probably_RB has_VBZ opened_VBN new_JJ checking_NN accounts_NNS ,_, too_RB ._. 
Or_CC at_IN least_JJS he_PRP should_MD ._. 
``_`` I_PRP assume_VBP those_DT accounts_NNS are_VBP closed_VBN ,_, ''_'' says_VBZ Mr._NNP Smalling_NNP ,_, referring_VBG to_TO the_DT accounts_NNS of_IN the_DT canceled_VBN checks_NNS ._. 
``_`` I_PRP do_VBP n't_RB think_VB he_PRP 'd_MD want_VB to_TO give_VB out_IN his_PRP$ current_JJ account_NN numbers_NNS ._. 
USX_NNP Corp._NNP and_CC its_PRP$ Japanese_JJ partner_NN ,_, Kobe_NNP Steel_NNP Ltd._NNP ,_, agreed_VBD to_TO form_VB a_DT joint_JJ venture_NN to_TO build_VB a_DT new_JJ plant_NN to_TO produce_VB hot-dipped_JJ galvanized_JJ sheet_NN products_NNS ,_, mainly_RB for_IN the_DT automotive_JJ market_NN ._. 
Terms_NNS were_VBD n't_RB disclosed_VBN for_IN the_DT plant_NN ,_, which_WDT will_MD have_VB annual_JJ capacity_NN of_IN 600,000_CD tons_NNS ._. 
The_DT move_NN by_IN the_DT nation_NN 's_POS largest_JJS steelmaker_NN follows_VBZ a_DT string_NN of_IN earlier_JJR announcements_NNS by_IN other_JJ major_JJ steel_NN companies_NNS ._. 
Bethlehem_NNP Steel_NNP Corp._NNP ,_, LTV_NNP Corp._NNP and_CC Armco_NNP Inc._NNP all_DT have_NN plans_NNS to_TO build_VB additional_JJ lines_NNS for_IN such_JJ coated_VBN corrosion-resistant_JJ steel_NN ._. 
The_DT surge_NN in_IN production_NN ,_, analysts_NNS say_VBP ,_, raises_VBZ questions_NNS about_IN capacity_NN outpacing_VBG demand_NN ._. 
They_PRP note_VBP that_IN most_RBS of_IN the_DT new_JJ plants_NNS will_MD come_VB on_IN line_NN in_IN 1992_CD ,_, when_WRB the_DT current_JJ import_NN trade_NN restraint_NN program_NN ends_NNS ,_, which_WDT could_MD result_VB in_IN more_JJR imports_NNS ._. 
``_`` There_EX 's_VBZ too_RB much_JJ capacity_NN ,_, ''_'' contended_VBD Charles_NNP Bradford_NNP ,_, an_DT analyst_NN with_IN Merrill_NNP Lynch_NNP Capital_NNP Markets_NNPS ._. 
``_`` I_PRP do_VBP n't_RB think_VB there_EX 's_VBZ anyone_NN not_RB building_VBG one_CD ._. ''_'' 
He_PRP does_VBZ add_VB ,_, however_RB ,_, that_IN transplanted_VBN Japanese_JJ car_NN makers_NNS are_VBP boosting_VBG the_DT levels_NNS of_IN U.S.-made_JJ steel_NN in_IN their_PRP$ autos_NNS ,_, instead_RB of_IN relying_VBG heavily_RB on_IN imported_VBN steel_NN ._. 
That_DT trend_NN could_MD increase_VB demand_NN for_IN hot-dipped_JJ galvanized_JJ sheet_NN ._. 
The_DT hot-dipped_JJ galvanized_JJ segment_NN is_VBZ one_CD of_IN the_DT fastest-growing_JJ and_CC most_RBS profitable_JJ segments_NNS of_IN the_DT steel_NN market_NN ,_, coveted_VBN by_IN all_DT major_JJ integrated_VBN steelmakers_NNS wanting_VBG to_TO maintain_VB an_DT edge_NN over_IN smaller_JJR minimills_NNS and_CC reconstructed_JJ mills_NNS --_: those_DT spun_VBN off_IN to_TO employees_NNS ._. 
Indeed_RB ,_, USX_NNP said_VBD it_PRP expects_VBZ the_DT market_NN for_IN coated_VBN sheet_NN steel_NN to_TO reach_VB 12_CD million_CD tons_NNS annually_RB by_IN 1992_CD ,_, compared_VBN with_IN 10.2_CD million_CD tons_NNS shipped_VBN in_IN 1988_CD ._. 
For_IN the_DT first_JJ eight_CD months_NNS of_IN 1989_CD ,_, analysts_NNS say_VBP shipments_NNS of_IN hot-dipped_JJ galvanized_JJ steel_NN increased_VBN about_IN 8_CD %_NN from_IN a_DT year_NN earlier_RBR ,_, while_IN overall_JJ steel_NN shipments_NNS were_VBD up_IN only_RB 2.4_CD %_NN ._. 
USX_NNP and_CC Kobe_NNP Steel_NNP hope_NN to_TO reach_VB a_DT definitive_JJ agreement_NN establishing_VBG the_DT 50-50_JJ partnership_NN by_IN the_DT end_NN of_IN the_DT year_NN ,_, with_IN construction_NN tentatively_RB slated_VBD for_IN the_DT spring_NN of_IN 1990_CD and_CC production_NN by_IN 1992_CD ._. 
USX_NNP already_RB has_VBZ six_CD lines_NNS in_IN existing_VBG plants_NNS producing_VBG hot-dipped_JJ galvanized_JJ steel_NN ,_, but_CC this_DT marks_VBZ the_DT first_JJ so-called_JJ greenfield_NN plant_NN for_IN such_JJ production_NN ._. 
Moreover_RB ,_, it_PRP will_MD boost_VB by_IN 50_CD %_NN USX_NNP 's_POS current_JJ hot-dipped_JJ capacity_NN of_IN 1,275,000_CD tons_NNS ._. 
The_DT company_NN said_VBD it_PRP does_VBZ n't_RB expect_VB the_DT new_JJ line_NN 's_POS capacity_NN to_TO adversely_RB affect_VB the_DT company_NN 's_POS existing_VBG hot-dipped_JJ galvanizing_NN lines_NNS ._. 
Steelmakers_NNS have_VBP also_RB been_VBN adding_VBG capacity_NN of_IN so-called_JJ electrogalvanized_JJ steel_NN ,_, which_WDT is_VBZ another_DT way_NN to_TO make_VB coated_VBN corrosion-resistant_JJ steel_NN ._. 
One_CD of_IN the_DT advantages_NNS of_IN the_DT hot-dipped_JJ process_NN is_VBZ that_IN it_PRP allows_VBZ the_DT steel_NN to_TO be_VB covered_VBN with_IN a_DT thicker_JJR coat_NN of_IN zinc_NN more_RBR quickly_RB ._. 
ONCE_RB YOU_PRP MAKE_VB UP_IN your_PRP$ mind_NN about_IN an_DT investment_NN ,_, the_DT rest_NN is_VBZ easy_JJ ,_, right_NN ?_. 
You_PRP just_RB call_VBP your_PRP$ broker_NN and_CC say_VBP ``_`` buy_VB ''_'' or_CC ``_`` sell_VB ._. ''_'' 
Dream_NNP on_NNP ._. 
There_EX are_VBP all_DT sorts_NNS of_IN ways_NNS to_TO give_VB buy_NN and_CC sell_VB instructions_NNS to_TO a_DT broker_NN --_: and_CC just_RB as_IN many_JJ ways_NNS to_TO get_VB burned_VBN if_IN you_PRP do_VBP n't_RB know_VB what_WP you_PRP 're_VBP doing_VBG ._. 
So_RB here_RB 's_VBZ a_DT rundown_NN of_IN the_DT most_RBS common_JJ types_NNS of_IN market_NN orders_NNS permitted_VBN by_IN the_DT stock_NN and_CC commodity_NN exchanges_NNS ._. 
Two_CD things_NNS to_TO keep_VB in_IN mind_NN :_: Not_RB all_DT exchanges_NNS accept_VBP every_DT type_NN of_IN order_NN ._. 
And_CC even_RB when_WRB a_DT specific_JJ order_NN is_VBZ acceptable_JJ to_TO an_DT exchange_NN ,_, a_DT brokerage_NN firm_NN can_MD refuse_VB to_TO enter_VB it_PRP for_IN a_DT customer_NN ._. 
Market_NNP Order_NNP :_: This_DT is_VBZ probably_RB the_DT most_RBS widely_RB used_VBN order_NN --_: and_CC the_DT one_CD most_RBS open_JJ to_TO abuse_VB by_IN unscrupulous_JJ floor_NN brokers_NNS ,_, since_IN it_PRP imposes_VBZ no_DT price_NN restrictions_NNS ._. 
With_IN a_DT market_NN order_NN ,_, an_DT investor_NN tells_VBZ a_DT broker_NN to_TO buy_VB or_CC sell_VB ``_`` at_IN the_DT market_NN ._. ''_'' 
It_PRP 's_VBZ like_IN saying_VBG ,_, ``_`` get_VB me_PRP in_IN now_RB ''_'' or_CC ``_`` get_VB me_PRP out_IN now_RB ._. ''_'' 
For_IN example_NN ,_, if_IN wheat_NN is_VBZ being_VBG offered_VBN at_IN $_$ 4.065_CD and_CC bid_NN at_IN $_$ 4.060_CD ,_, a_DT market_NN order_NN to_TO buy_VB would_MD be_VB filled_VBN at_IN the_DT higher_JJR price_NN and_CC a_DT market_NN order_NN to_TO sell_VB at_IN the_DT lower_JJR price_NN ._. 
A_DT recent_JJ indictment_NN alleges_VBZ that_IN some_DT floor_NN brokers_NNS at_IN the_DT two_CD largest_JJS Chicago_NNP commodity_NN exchanges_NNS used_VBD market_NN orders_NNS to_TO fill_VB customers_NNS '_POS orders_NNS at_IN unfavorable_JJ prices_NNS by_IN arranging_VBG trades_NNS with_IN fellow_NN brokers_NNS ._. 
Profits_NNS realized_VBD from_IN these_DT trades_NNS would_MD then_RB be_VB shared_VBN by_IN the_DT conspiring_VBG brokers_NNS ._. 
Limit_VB Order_NNP :_: Limit_VB orders_NNS are_VBP used_VBN when_WRB investors_NNS want_VBP to_TO restrict_VB the_DT amount_NN they_PRP will_MD receive_VB or_CC pay_VB for_IN an_DT investment_NN ._. 
Investors_NNS do_VBP this_DT by_IN specifying_VBG a_DT minimum_JJ price_NN at_IN which_WDT the_DT investment_NN may_MD be_VB sold_VBN or_CC the_DT maximum_JJ price_NN that_WDT may_MD be_VB paid_VBN for_IN it_PRP ._. 
Suppose_VB an_DT investor_NN wants_VBZ to_TO sell_VB a_DT stock_NN ,_, but_CC not_RB for_IN less_JJR than_IN $_$ 55_NN ._. 
A_DT limit_NN order_NN to_TO sell_VB could_MD be_VB entered_VBN at_IN that_DT price_NN ._. 
One_CD risk_NN :_: Investors_NNS may_MD regret_VB the_DT restriction_NN if_IN the_DT stock_NN reaches_VBZ 54_CD and_CC then_RB falls_VBZ ._. 
Unless_IN the_DT market_NN goes_VBZ at_IN least_JJS one_CD tick_VB -LRB-_( the_DT smallest_JJS price_NN increment_NN permitted_VBN -RRB-_) beyond_IN the_DT limit_NN price_NN ,_, investors_NNS are_VBP n't_RB assured_VBN of_IN having_VBG their_PRP$ orders_NNS filled_VBN because_IN there_EX may_MD not_RB be_VB sufficient_JJ trading_NN volume_NN to_TO permit_VB filling_VBG it_PRP at_IN the_DT specified_VBN price_NN ._. 
Stop_VB Order_NNP :_: Stop_VB orders_NNS tell_VB a_DT floor_NN broker_NN to_TO buy_VB or_CC sell_VB an_DT investment_NN once_RB the_DT price_NN reaches_VBZ a_DT certain_JJ level_NN ._. 
Once_RB the_DT price_NN reaches_VBZ that_DT level_NN ,_, a_DT stop_NN order_NN turns_VBZ into_IN a_DT market_NN order_NN ,_, and_CC the_DT order_NN is_VBZ filled_VBN at_IN whatever_WDT price_VBP the_DT broker_NN can_MD get_VB ._. 
Stop_VB orders_NNS are_VBP sometimes_RB called_VBN ``_`` stop-loss_NN ''_'' orders_NNS because_IN they_PRP are_VBP frequently_RB used_VBN to_TO protect_VB profits_NNS or_CC limit_NN losses_NNS ._. 
While_IN stop_NN orders_NNS sound_VBP similar_JJ to_TO limit_VB orders_NNS ,_, there_EX is_VBZ a_DT difference_NN :_: Sell_VB stops_VBZ must_MD be_VB entered_VBN at_IN a_DT price_NN below_IN the_DT current_JJ market_NN price_NN and_CC buy_VB stops_VBZ above_RB ._. 
In_IN contrast_NN ,_, sell_VB limit_NN orders_NNS must_MD be_VB placed_VBN above_IN the_DT market_NN price_NN and_CC buy_VB limit_NN orders_NNS are_VBP placed_VBN below_RB ._. 
The_DT crash_NN in_IN October_NNP 1987_CD and_CC last_JJ Friday_NNP 's_POS sell-off_NN painfully_RB taught_VBD some_DT investors_NNS exactly_RB what_WP stop_VBP orders_NNS will_MD and_CC wo_MD n't_RB do_VB ._. 
An_DT investor_NN who_WP may_MD have_VB placed_VBN a_DT stop-loss_NN order_NN at_IN $_$ 90_CD under_IN a_DT stock_NN that_WDT was_VBD trading_VBG at_IN $_$ 100_CD a_DT share_NN on_IN the_DT Friday_NNP before_IN the_DT crash_NN was_VBD stunned_VBN to_TO discover_VB that_IN the_DT order_NN was_VBD filled_VBN at_IN $_$ 75_CD when_WRB the_DT stock_NN opened_VBD at_IN that_DT price_NN on_IN Monday_NNP ._. 
Stop-Limit_NNP Order_NNP :_: Stop-limit_JJ orders_NNS turn_VBP into_IN limit_NN orders_NNS when_WRB an_DT investment_NN trades_NNS at_IN the_DT price_NN specified_VBN in_IN the_DT order_NN ._. 
Unlike_IN stop_NN orders_NNS --_: which_WDT are_VBP filled_VBN at_IN the_DT market_NN price_NN when_WRB the_DT stop_NN price_NN is_VBZ hit_VBN --_: stop-limit_JJ orders_NNS demand_VBP that_IN the_DT trades_NNS be_VBP made_VBN only_RB at_IN the_DT specified_VBN price_NN ._. 
If_IN it_PRP ca_MD n't_RB be_VB made_VBN at_IN that_DT price_NN ,_, it_PRP does_VBZ n't_RB get_VB filled_VBN ._. 
Investors_NNS who_WP wish_VBP to_TO be_VB out_IN of_IN a_DT position_NN ,_, without_IN the_DT risk_NN of_IN receiving_VBG a_DT worse-than-expected_JJ price_NN from_IN a_DT market_NN order_NN ,_, may_MD use_VB this_DT type_NN of_IN order_NN to_TO specify_VB the_DT price_NN at_IN which_WDT the_DT order_NN must_MD be_VB filled_VBN ._. 
But_CC if_IN the_DT market_NN moves_NNS quickly_RB enough_RB ,_, it_PRP may_MD be_VB impossible_JJ for_IN the_DT broker_NN to_TO carry_VB out_RP the_IN order_NN because_IN the_DT investment_NN has_VBZ passed_VBN the_DT specified_VBN price_NN ._. 
Market-If-Touched_NNP Order_NNP :_: Market-if-touched_JJ orders_NNS are_VBP like_IN stop_NN orders_NNS in_IN that_DT they_PRP become_VBP market_NN orders_NNS if_IN a_DT specified_VBN price_NN is_VBZ reached_VBN ._. 
However_RB ,_, unlike_IN a_DT buy-stop_JJ order_NN ,_, a_DT buy_NN market-if-touched_NN order_NN is_VBZ entered_VBN at_IN a_DT price_NN below_IN the_DT current_JJ price_NN ,_, while_IN a_DT sell_NN market-if-touched_NN order_NN is_VBZ entered_VBN at_IN a_DT price_NN above_IN it_PRP ._. 
As_RB soon_RB as_IN the_DT market_NN trades_NNS at_IN the_DT specified_VBN price_NN the_DT floor_NN broker_NN will_MD fill_VB it_PRP at_IN the_DT best_JJS possible_JJ price_NN ._. 
Fill-Or-Kill_NNP Order_NNP :_: The_DT fill-or-kill_JJ order_NN is_VBZ one_CD of_IN several_RB associated_VBN with_IN the_DT timing_NN of_IN trades_NNS ._. 
It_PRP instructs_VBZ a_DT broker_NN to_TO buy_VB or_CC sell_VB an_DT investment_NN at_IN the_DT specified_VBN price_NN or_CC better_JJR ._. 
But_CC if_IN the_DT investment_NN ca_MD n't_RB be_VB bought_VBN or_CC sold_VBN immediately_RB ,_, the_DT order_NN is_VBZ automatically_RB canceled_VBN ._. 
Gregory_NNP Bessemer_NNP ,_, who_WP came_VBD in_IN second_JJ in_IN the_DT stock_NN division_NN of_IN the_DT recently_RB completed_VBN U.S._NNP Trading_NNP Championship_NNP ,_, says_VBZ he_PRP uses_VBZ fill-or-kill_JJ orders_NNS almost_RB exclusively_RB when_WRB trading_NN options_NNS ._. 
``_`` I_PRP like_VB to_TO use_VB them_PRP to_TO feel_VB out_RP the_IN market_NN ,_, ''_'' he_PRP says_VBZ ._. 
``_`` If_IN they_PRP do_VBP n't_RB fill_VB it_PRP immediately_RB ,_, then_RB I_PRP can_MD start_VB over_IN at_IN a_DT new_JJ price_NN or_CC try_VB again_RB with_IN the_DT same_JJ price_NN ._. ''_'' 
Not-Held_NNP Order_NNP :_: This_DT is_VBZ another_DT timing_NN order_NN ._. 
It_PRP is_VBZ a_DT market_NN order_NN that_WDT allows_VBZ floor_NN brokers_NNS to_TO take_VB more_JJR time_NN to_TO buy_VB or_CC sell_VB an_DT investment_NN ,_, if_IN they_PRP think_VBP they_PRP can_MD get_VB a_DT better_JJR price_NN by_IN waiting_VBG ._. 
Not-held_JJ orders_NNS ,_, which_WDT are_VBP also_RB known_VBN as_IN ``_`` disregard_NN the_DT tape_NN ''_'' orders_NNS ,_, are_VBP always_RB done_VBN at_IN the_DT customer_NN 's_POS risk_NN ._. 
One-Cancels-The-Other_NNP Order_NNP :_: This_DT is_VBZ really_RB two_CD orders_NNS in_IN one_CD ,_, generally_RB for_IN the_DT same_JJ security_NN or_CC commodity_NN ,_, instructing_VBG floor_NN brokers_NNS to_TO fill_VB whichever_WDT order_VBP they_PRP can_MD first_RB and_CC then_RB cancel_VB the_DT other_JJ order_NN ._. 
In_IN a_DT fast-moving_JJ market_NN ,_, it_PRP prevents_VBZ an_DT investor_NN from_IN getting_VBG stuck_VBN with_IN having_VBG made_VBN two_CD trades_NNS on_IN the_DT same_JJ security_NN ._. 
Specific-Time_NNP Order_NNP :_: This_DT type_NN of_IN order_NN couples_NNS many_NN of_IN the_DT orders_NNS described_VBN above_IN with_IN instructions_NNS that_IN the_DT order_NN must_MD be_VB carried_VBN out_IN at_IN or_CC by_IN a_DT certain_JJ time_NN ._. 
``_`` On_IN the_DT close_NN ''_'' can_MD be_VB added_VBN to_TO many_VB types_NNS of_IN orders_NNS ._. 
For_IN example_NN ,_, ``_`` market-on-close_JJ orders_NNS ''_'' must_MD be_VB filled_VBN during_IN the_DT last_JJ few_JJ minutes_NNS of_IN trading_NN for_IN the_DT day_NN at_IN a_DT price_NN that_WDT is_VBZ within_IN the_DT official_NN closing_VBG range_NN of_IN prices_NNS as_IN determined_VBN by_IN the_DT exchange_NN ._. 
``_`` Stop-close-only_JJ orders_NNS ''_'' are_VBP stop_VB orders_NNS that_WDT only_RB become_VB active_JJ during_IN the_DT closing_VBG minutes_NNS of_IN trading_NN ._. 
``_`` Day_NNP orders_NNS ''_'' expire_VB at_IN the_DT end_NN of_IN the_DT day_NN on_IN which_WDT they_PRP are_VBP entered_VBN ,_, ``_`` good-till-canceled_JJ orders_NNS ''_'' have_VBP no_DT expiration_NN date_NN ._. 
Most_JJS brokers_NNS assume_VBP that_IN all_DT orders_NNS are_VBP day_NN orders_NNS unless_IN specified_VBN otherwise_RB ._. 
On_IN Oct._NNP 19_CD ,_, 1987_CD ,_, some_DT investors_NNS learned_VBD the_DT consequences_NNS of_IN entering_VBG ``_`` good-til-canceled_JJ limit_NN orders_NNS ''_'' and_CC then_RB forgetting_VBG about_IN them_PRP ._. 
They_PRP found_VBD they_PRP had_VBD bought_VBN stock_NN from_IN limit_NN orders_NNS that_IN they_PRP might_MD have_VB entered_VBN weeks_NNS or_CC months_NNS earlier_RBR and_CC had_VBD forgotten_VBN to_TO cancel_VB ._. 
It_PRP is_VBZ always_RB the_DT responsibility_NN of_IN investors_NNS to_TO keep_VB track_NN of_IN the_DT orders_NNS they_PRP have_VBP placed_VBN ._. 
Investors_NNS who_WP change_VBP their_PRP$ mind_NN about_IN buying_VBG or_CC selling_VBG after_IN an_DT order_NN has_VBZ been_VBN filled_VBN are_VBP ,_, usually_RB ,_, stuck_VBN with_IN the_DT consequences_NNS ._. 
Mr._NNP Angrist_NNP writes_VBZ on_IN the_DT options_NNS and_CC commodities_NNS markets_NNS for_IN The_DT Wall_NNP Street_NNP Journal_NNP ._. 
IN_IN SIZING_NNP UP_IN the_DT risks_NNS of_IN stock-market_NN investments_NNS ,_, there_EX 's_VBZ probably_RB no_DT starting_VBG place_NN better_JJR than_IN ``_`` beta_NN ._. ''_'' 
But_CC investors_NNS better_RBR not_RB ignore_VB its_PRP$ limitations_NNS ,_, either_RB ._. 
Beta_NNP is_VBZ a_DT handy_JJ gauge_NN that_IN measures_VBZ the_DT volatility_NN of_IN a_DT stock_NN or_CC stock_NN mutual_JJ fund_NN ._. 
For_IN any_DT given_VBN move_NN in_IN the_DT overall_JJ market_NN ,_, it_PRP suggests_VBZ how_WRB steeply_RB that_IN particular_JJ issue_NN might_MD rise_VB or_CC fall_NN ._. 
Beta_JJ figures_NNS are_VBP widely_RB available_JJ and_CC easy_JJ to_TO interpret_VB ._. 
The_DT beta_NN of_IN the_DT broad_JJ market_NN ,_, typically_RB defined_VBN as_IN the_DT Standard_NNP &_CC Poor_NNP 's_POS 500-stock_JJ index_NN ,_, is_VBZ always_RB 1.0_CD ._. 
So_RB a_DT stock_NN with_IN a_DT beta_NN of_IN 0.5_CD is_VBZ half_NN as_IN volatile_JJ ,_, one_CD at_IN 1.5_CD is_VBZ 50_CD %_NN more_RBR volatile_JJ ,_, and_CC so_RB on_RB ._. 
Cautious_JJ investors_NNS should_MD generally_RB go_VB with_IN stocks_NNS that_WDT have_VBP low_JJ betas_NNS ._. 
Go_VB with_IN high-beta_JJ stocks_NNS to_TO get_VB the_DT biggest_JJS payoff_NN from_IN a_DT bet_NN on_IN a_DT bull_NN market_NN ._. 
Remember_VB ,_, though_RB ,_, that_DT beta_NN also_RB has_VBZ important_JJ limitations_NNS ._. 
``_`` Beta_NNP is_VBZ only_JJ part_NN of_IN the_DT risk_NN in_IN a_DT stock_NN ,_, ''_'' says_VBZ William_NNP F._NNP Sharpe_NNP ,_, the_DT Stanford_NNP University_NNP emeritus_NN professor_NN who_WP developed_VBD the_DT measure_NN ._. 
``_`` There_EX is_VBZ risk_NN that_WDT is_VBZ not_RB associated_VBN with_IN market_NN moves_NNS ,_, and_CC the_DT beta_NN does_VBZ n't_RB tell_VB you_PRP the_DT magnitude_NN of_IN that_DT ._. ''_'' 
In_IN particular_JJ ,_, beta_NN does_VBZ n't_RB measure_VB the_DT company_NN -_: and_CC industry-specific_JJ risk_NN associated_VBN with_IN an_DT individual_JJ stock_NN ._. 
That_DT ``_`` business_NN ''_'' risk_NN is_VBZ very_RB significant_JJ for_IN an_DT investor_NN with_IN only_RB a_DT few_JJ stocks_NNS ,_, but_CC it_PRP virtually_RB disappears_VBZ in_IN a_DT large_JJ and_CC well-diversified_JJ portfolio_NN ._. 
Beta_NNP is_VBZ also_RB a_DT poor_JJ indicator_NN of_IN the_DT risk_NN in_IN stock_NN groups_NNS that_WDT march_VBP to_TO their_PRP$ own_JJ drummer_NN ._. 
In_IN particular_JJ ,_, the_DT prices_NNS of_IN gold_NN and_CC other_JJ precious-metals_NNS stocks_NNS shoot_VBP up_IN and_CC down_RB ,_, but_CC the_DT stocks_NNS tend_VBP to_TO have_VB low_JJ betas_NNS because_IN their_PRP$ moves_NNS are_VBP not_RB market-inspired_JJ ._. 
Concern_NN that_IN investors_NNS could_MD misinterpret_VB such_JJ readings_NNS led_VBD the_DT American_NNP Association_NNP of_IN Individual_JJ Investors_NNS to_TO eliminate_VB beta_NN figures_NNS for_IN precious-metals_NNS funds_NNS in_IN the_DT 1989_CD edition_NN of_IN its_PRP$ mutual-fund_JJ guide_NN ._. 
``_`` Our_PRP$ fear_NN was_VBD people_NNS would_MD look_VB just_RB at_IN the_DT beta_NN -LCB-_( of_IN a_DT gold_NN fund_NN -RCB-_) and_CC say_VBP here_RB is_VBZ an_DT investment_NN with_IN very_RB low_JJ risk_NN ,_, ''_'' says_VBZ John_NNP Markese_NNP ,_, director_NN of_IN research_NN for_IN the_DT Chicago-based_JJ group_NN ._. 
``_`` In_IN reality_NN it_PRP 's_VBZ very_RB volatile_JJ ,_, but_CC the_DT movements_NNS are_VBP not_RB because_IN of_IN market_NN movements_NNS ._. 
READY_NNP TO_TO REVIEW_NNP the_DT riskiness_NN of_IN your_PRP$ investment_NN portfolio_NN ?_. 
First_RB ,_, a_DT pop_NN quiz_NN ._. 
When_WRB you_PRP think_VBP of_IN the_DT words_NNS ``_`` risk_NN ''_'' and_CC ``_`` investment_NN ,_, ''_'' what_WP 's_VBZ the_DT specific_JJ peril_NN that_WDT comes_VBZ to_TO mind_VB ?_. 
Pencils_NNS down_RB ._. 
If_IN you_PRP 're_VBP like_IN most_RBS people_NNS ,_, you_PRP said_VBD it_PRP 's_VBZ a_DT holding_VBG that_WDT goes_VBZ completely_RB sour_JJ --_: maybe_RB a_DT bond_NN that_IN defaults_NNS or_CC a_DT stock_NN whose_WP$ value_NN disappears_VBZ in_IN a_DT bankruptcy_NN proceeding_NN ._. 
``_`` People_NNS tend_VBP to_TO see_VB risk_NN primarily_RB on_IN that_DT one_CD dimension_NN ,_, ''_'' says_VBZ Timothy_NNP Kochis_NNP ,_, national_JJ director_NN of_IN personal_JJ financial_JJ planning_NN for_IN accountants_NNS Deloitte_NNP ,_, Haskins_NNP &_CC Sells_NNP ._. 
But_CC therein_RB lies_VBZ another_DT aspect_NN of_IN investment_NN risk_NN :_: the_DT hazard_NN of_IN shaping_VBG your_PRP$ portfolio_NN to_TO avoid_VB one_CD or_CC more_JJR types_NNS of_IN risk_NN and_CC being_VBG blind-sided_JJ by_IN others_NNS ._. 
This_DT is_VBZ clearly_RB not_RB good_JJ news_NN to_TO all_DT you_PRP people_NNS who_WP sleep_VBP like_IN babies_NNS every_DT night_NN ,_, lulled_VBN by_IN visions_NNS of_IN your_PRP$ money_NN sitting_VBG risk-free_JJ in_IN six-month_JJ CDs_NNS ._. 
Risk_NN wears_VBZ many_JJ disguises_NNS ,_, and_CC investments_NNS that_WDT are_VBP low_JJ in_IN one_CD type_NN of_IN obvious_JJ risk_NN can_MD be_VB distressingly_RB high_JJ in_IN other_JJ ,_, less_RBR obvious_JJ kinds_NNS ._. 
U.S._NNP Treasury_NNP bonds_NNS ,_, for_IN example_NN ,_, are_VBP supersafe_NN when_WRB it_PRP comes_VBZ to_TO returning_VBG money_NN at_IN maturity_NN ._. 
But_CC their_PRP$ value_NN as_IN investments_NNS can_MD be_VB decimated_VBN by_IN inflation_NN ,_, which_WDT erodes_VBZ the_DT purchasing_VBG power_NN of_IN bonds_NNS '_POS fixed-dollar_JJ interest_NN payments_NNS ._. 
Risk_NN is_VBZ also_RB a_DT function_NN of_IN time_NN ._. 
When_WRB financial_JJ professionals_NNS measure_VBP risk_NN mathematically_RB ,_, they_PRP usually_RB focus_VBP on_IN the_DT volatility_NN of_IN short-term_JJ returns_NNS ._. 
Stocks_NNS are_VBP much_RB riskier_JJR than_IN Treasury_NNP bills_NNS ,_, for_IN example_NN ,_, because_IN the_DT range_NN in_IN performance_NN from_IN the_DT best_JJS years_NNS to_TO the_DT worst_JJS is_VBZ much_RB wider_JJR ._. 
That_DT is_VBZ usually_RB measured_VBN by_IN the_DT standard_JJ deviation_NN ,_, or_CC divergence_NN ,_, of_IN annual_JJ results_NNS from_IN the_DT average_JJ return_NN over_IN time_NN ._. 
But_CC investors_NNS who_WP are_VBP preoccupied_VBN with_IN short-term_JJ fluctuations_NNS may_MD be_VB paying_VBG too_RB little_JJ attention_NN to_TO another_DT big_JJ risk_NN --_: not_RB generating_VBG enough_JJ money_NN to_TO meet_VB long-term_JJ financial_JJ and_CC life-style_NN goals_NNS ._. 
For_IN instance_NN ,_, some_DT investors_NNS have_VBP sworn_VBN off_IN stocks_NNS since_IN the_DT 1987_CD market_NN crash_NN ;_: last_JJ Friday_NNP 's_POS debacle_NN only_RB reinforced_VBD those_DT feelings_NNS ._. 
But_CC the_DT stock_NN market_NN ,_, despite_IN some_DT stomach-churning_JJ declines_NNS ,_, has_VBZ far_RB outperformed_VBN other_JJ securities_NNS over_IN extended_VBN periods_NNS ._. 
By_IN retreating_VBG to_TO the_DT apparent_JJ security_NN of_IN ,_, say_VBP ,_, money-market_JJ funds_NNS ,_, investors_NNS may_MD not_RB be_VB earning_VBG enough_JJ investment_NN return_NN to_TO pay_VB for_IN a_DT comfortable_JJ retirement_NN ._. 
``_`` That_DT 's_VBZ the_DT biggest_JJS risk_NN of_IN all_DT --_: the_DT risk_NN of_IN not_RB meeting_VBG your_PRP$ objectives_NNS ,_, ''_'' says_VBZ Steven_NNP B._NNP Enright_NNP ,_, a_DT New_NNP York_NNP financial_JJ planner_NN with_IN Seidman_NNP Financial_NNP Services_NNPS ._. 
As_IN a_DT result_NN ,_, financial_JJ advisers_NNS say_VBP they_PRP take_VBP several_JJ steps_NNS when_WRB evaluating_VBG the_DT riskiness_NN of_IN clients_NNS '_POS portfolios_NNS ._. 
They_PRP estimate_VBP the_DT return_NN a_DT person_NN 's_POS current_JJ portfolio_NN is_VBZ likely_JJ to_TO generate_VB over_IN time_NN ,_, along_IN with_IN a_DT standard_JJ deviation_NN that_WDT suggests_VBZ how_WRB much_JJ the_DT return_NN will_MD vary_VB year_NN by_IN year_NN ._. 
They_PRP try_VBP to_TO figure_VB out_RP the_IN long-term_JJ results_NNS the_DT person_NN needs_VBZ to_TO meet_VB major_JJ goals_NNS ._. 
And_CC they_PRP eyeball_NN types_NNS of_IN risk_NN that_WDT are_VBP not_RB easily_RB quantified_VBN ._. 
The_DT portfolios_NNS of_IN two_CD hypothetical_JJ families_NNS ,_, one_CD a_DT couple_NN at_IN retirement_NN age_NN and_CC another_DT a_DT two-income_JJ couple_NN at_IN age_NN 45_CD ,_, illustrate_VB several_JJ types_NNS of_IN risk_NN that_IN investors_NNS need_VBP to_TO consider_VB ._. 
For_IN instance_NN ,_, the_DT insured_VBN municipal_JJ bonds_NNS that_WDT dominate_VBP the_DT older_JJR couple_NN 's_POS portfolio_NN were_VBD probably_RB selected_VBN in_IN large_JJ part_NN for_IN their_PRP$ low_JJ repayment_NN risk_NN ._. 
But_CC they_PRP expose_VBP the_DT holders_NNS to_TO a_DT lot_NN of_IN inflation_NN risk_NN and_CC interest-rate_NN risk_NN ._. 
The_DT younger_JJR couple_NN 's_POS stockholdings_NNS involve_VBP more_JJR risk_NN than_IN a_DT diversified_JJ stock_NN portfolio_NN because_IN the_DT bulk_NN of_IN the_DT money_NN is_VBZ in_IN a_DT single_JJ issue_NN ._. 
Note_VB that_IN the_DT younger_JJR couple_NN 's_POS portfolio_NN has_VBZ a_DT higher_JJR expected_VBN annual_JJ return_NN ,_, 10.1_CD %_NN vs._IN 8.8_CD %_NN ,_, as_IN calculated_VBN by_IN Seidman_NNP Financial_NNP Services_NNPS ,_, which_WDT is_VBZ the_DT financial-planning_JJ affiliate_NN of_IN BDO_NNP Seidman_NNP ._. 
That_DT largely_RB reflects_VBZ the_DT heavy_JJ stockholdings_NNS ._. 
But_CC one_CD price_NN paid_VBN for_IN the_DT higher_JJR expected_VBN return_NN is_VBZ greater_RBR short-term_JJ volatility_NN ,_, as_IN reflected_VBN in_IN the_DT higher_JJR standard_JJ deviation_NN that_IN Seidman_NNP estimates_NNS for_IN the_DT younger_JJR couple_NN 's_POS portfolio_NN ._. 
-LRB-_( Here_RB 's_POS how_WRB to_TO interpret_VB a_DT standard_JJ deviation_NN figure_NN :_: Take_VB the_DT expected_VBN return_NN and_CC add_VB one_CD standard_JJ deviation_NN to_TO it_PRP ._. 
Then_RB take_VB the_DT expected_VBN return_NN and_CC subtract_VB one_CD standard_JJ deviation_NN ._. 
In_IN two_CD of_IN three_CD years_NNS ,_, the_DT actual_JJ result_NN should_MD fall_VB within_IN that_DT range_NN if_IN all_PDT the_DT assumptions_NNS were_VBD accurate_JJ ._. 
Then_RB add_VB and_CC subtract_VB two_CD standard_JJ deviations_NNS to_TO get_VB a_DT wider_JJR range_NN ._. 
There_EX 's_VBZ a_DT 95_CD %_NN probability_NN any_DT year_NN 's_POS result_NN will_MD fall_VB in_IN the_DT range_NN ._. -RRB-_) 
Of_IN course_NN ,_, the_DT greater_JJR volatility_NN of_IN the_DT younger_JJR couple_NN 's_POS portfolio_NN does_VBZ n't_RB necessarily_RB mean_VB those_DT investments_NNS are_VBP riskier_JJR in_IN terms_NNS of_IN meeting_VBG the_DT holders_NNS '_POS long-term_JJ goals_NNS ._. 
Indeed_RB ,_, the_DT older_JJR couple_NN 's_POS portfolio_NN could_MD actually_RB be_VB riskier_JJR in_IN that_DT sense_NN if_IN the_DT expected_VBN return_NN wo_MD n't_RB generate_VB enough_JJ dollars_NNS to_TO meet_VB their_PRP$ spending_NN plans_NNS ._. 
``_`` They_PRP may_MD feel_VB emotionally_RB secure_VB now_RB because_IN they_PRP are_VBP not_RB heavily_RB in_IN the_DT stock_NN market_NN ,_, ''_'' says_VBZ John_NNP H._NNP Cammack_NNP ,_, a_DT financial_JJ planner_NN with_IN Alexandra_NNP Armstrong_NNP Advisors_NNP Inc._NNP in_IN Washington_NNP ._. 
``_`` But_CC they_PRP may_MD pay_VB a_DT price_NN 10_CD or_CC 20_CD years_NNS in_IN the_DT future_NN ._. ''_'' 
Ms._NNP Slater_NNP reports_NNS on_IN personal_JJ finance_NN from_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS New_NNP York_NNP bureau_NN ._. 
When_WRB it_PRP comes_VBZ to_TO investing_VBG ,_, trying_VBG to_TO weigh_VB risk_NN and_CC reward_NN can_MD seem_VB like_IN throwing_VBG darts_NN blindfolded_VBN :_: Investors_NNS do_VBP n't_RB know_VB the_DT actual_JJ returns_NNS that_IN securities_NNS will_MD deliver_VB ,_, or_CC the_DT ups_NNS and_CC downs_NNS that_WDT will_MD occur_VB along_IN the_DT way_NN ._. 
Looking_VBG to_TO the_DT past_NN can_MD provide_VB some_DT clues_NNS ._. 
Over_IN several_JJ decades_NNS ,_, for_IN instance_NN ,_, investors_NNS who_WP put_VBP up_IN with_IN the_DT stock_NN market_NN 's_POS gyrations_NNS earned_VBD returns_NNS far_RB in_IN excess_NN of_IN those_DT on_IN bonds_NNS and_CC ``_`` cash_NN ''_'' investments_NNS like_IN Treasury_NNP bills_NNS ._. 
But_CC while_IN history_NN can_MD suggest_VB what_WP is_VBZ reasonable_JJ to_TO expect_VB there_EX 's_VBZ no_DT guarantee_NN that_IN the_DT past_NN will_MD repeat_VB itself_PRP ._. 
For_IN instance_NN ,_, some_DT analysts_NNS believe_VBP bond_NN returns_NNS and_CC volatility_NN have_VBP moved_VBN permanently_RB closer_JJR to_TO those_DT of_IN the_DT stock_NN market_NN ._. 
And_CC returns_NNS on_IN cash_NN investments_NNS may_MD continue_VB to_TO exceed_VB inflation_NN by_IN a_DT wider_JJR margin_NN than_IN they_PRP did_VBD over_IN the_DT long-term_JJ past_NN ._. 
Portfolio_NNP A_DT :_: Retired_NNP couple_NN ,_, age_NN 65_CD ;_: $_$ 400,000_CD portfolio_NN ._. 
Portfolio_NNP B_NNP :_: Two-income_NN couple_NN ,_, age_NN 45_CD ;_: $_$ 150,000_CD portfolio_NN ._. 
A_DT letter_NN from_IN Senator_NNP John_NNP Kerry_NNP chides_VBZ us_PRP today_NN for_IN implying_VBG that_IN he_PRP had_VBD ``_`` flip-flopped_JJ ''_'' on_IN Manuel_NNP Noriega_NNP ._. 
He_PRP correctly_RB says_VBZ he_PRP has_VBZ been_VBN down_RB on_IN Noriega_NNP for_IN some_DT time_NN ,_, hence_RB his_PRP$ criticism_NN of_IN administration_NN mishandling_VBG of_IN the_DT attempted_VBN coup_NN ._. 
Our_PRP$ October_NNP 12_CD editorial_NN should_MD have_VB been_VBN more_RBR precise_JJ ._. 
It_PRP meant_VBD to_TO convey_VB our_PRP$ hope_NN that_IN the_DT Senator_NNP and_CC other_JJ members_NNS of_IN the_DT congressional_JJ left_VBN are_VBP broadening_VBG their_PRP$ dislike_NN of_IN Noriega_NNP to_TO include_VB other_JJ notorious_JJ Central_NNP American_JJ drug_NN runners_NNS ._. 
The_DT Sandinistas_NNPS of_IN Nicaragua_NNP ,_, for_IN example_NN ,_, also_RB are_VBP part_NN of_IN the_DT Castro-Medellin_NNP cartel_NN nexus_NN ._. 
In_IN his_PRP$ letter_NN and_CC on_IN the_DT basis_NN of_IN his_PRP$ losing_NN vote_NN Tuesday_NNP against_IN U.S._NNP aid_NN for_IN the_DT Nicaraguan_JJ opposition_NN ,_, Senator_NNP Kerry_NNP makes_VBZ clear_JJ he_PRP has_VBZ not_RB made_VBN that_IN intellectual_JJ leap_NN ._. 
We_PRP were_VBD wrong_JJ ._. 
THROUGHOUT_IN THE_DT 1980s_CD ,_, investors_NNS have_VBP been_VBN looking_VBG for_IN creative_JJ alternatives_NNS to_TO traditional_JJ modes_NNS of_IN financial_JJ planning_NN ._. 
Capital_NNP has_VBZ been_VBN democratized_VBN ,_, and_CC people_NNS want_VBP in_RB ._. 
Too_RB often_RB ,_, however_RB ,_, small_JJ investors_NNS are_VBP left_VBN with_IN the_DT same_JJ stale_JJ solutions_NNS that_WDT appealed_VBD to_TO previous_JJ generations_NNS of_IN fiduciary_JJ strategists_NNS ._. 
Now_RB a_DT startling_JJ new_JJ approach_NN is_VBZ available_JJ to_TO building_VBG your_PRP$ financial_JJ portfolio_NN without_IN undue_JJ risk_NN ,_, without_IN extensive_JJ planning_NN and_CC without_IN hurting_VBG your_PRP$ life_NN style_NN one_CD bit_NN !_. 
This_DT is_VBZ particularly_RB good_JJ news_NN for_IN those_DT who_WP hate_VBP risk_NN ,_, who_WP are_VBP incapable_NN of_IN doing_VBG extensive_JJ amounts_NNS of_IN planning_NN and_CC who_WP refuse_VBP to_TO see_VB their_PRP$ life_NN styles_NNS hurt_VBN in_IN any_DT way_NN ._. 
You_PRP know_VBP who_WP you_PRP are_VBP ._. 
My_PRP$ revolutionary_JJ system_NN is_VBZ also_RB useful_JJ for_IN those_DT who_WP have_VBP tried_VBN customary_JJ forms_NNS of_IN growing_VBG their_PRP$ currency_NN cushion_NN ._. 
Like_IN all_DT Americans_NNPS seeking_VBG chronic_JJ prosperity_NN ,_, I_PRP do_VBP find_VB it_PRP necessary_JJ to_TO plunge_VB certain_JJ funds_NNS into_IN conservative_JJ monetary_JJ tools_NNS ,_, if_IN only_RB to_TO assuage_VB my_PRP$ father-in-law_NN ,_, who_WP believes_VBZ in_IN such_JJ things_NNS ._. 
So_RB throughout_IN the_DT decade_NN I_PRP have_VBP maintained_VBN my_PRP$ share_NN of_IN individual_JJ retirement_NN accounts_NNS and_CC CDs_NNS ,_, and_CC tinkered_VBN with_IN stocks_NNS ,_, bonds_NNS and_CC mutual_JJ funds_NNS ,_, as_RB well_RB as_IN preserving_VBG my_PRP$ necessary_JJ position_NN in_IN the_DT residential_JJ real-estate_NN market_NN ._. 
Return_NN on_IN this_DT fine_JJ portfolio_NN has_VBZ been_VBN modest_JJ when_WRB it_PRP has_VBZ not_RB been_VBN negative_JJ ._. 
Figure_NN 1_CD demonstrates_VBZ the_DT performance_NN of_IN those_DT businesses_NNS I_PRP 've_VBP invested_VBN in_IN during_IN this_DT prosperous_JJ decade_NN -LRB-_( see_VB accompanying_VBG illustration_NN --_: WSJ_NNP Oct._NNP 20_CD ,_, 1989_CD -RRB-_) ._. 
Oil-related_JJ properties_NNS suffered_VBD a_DT huge_JJ decline_NN until_IN I_PRP divested_VBD myself_PRP of_IN all_DT such_JJ stocks_NNS in_IN 1985_CD ,_, at_IN which_WDT point_VBP the_DT industry_NN ,_, while_IN not_RB lighting_VBG up_IN any_DT Christmas_NNP trees_NNS ,_, began_VBD a_DT slow_JJ recovery_NN ._. 
Likewise_RB ,_, mutual_JJ funds_NNS remained_VBD relatively_RB flat_JJ until_IN I_PRP made_VBD what_WP was_VBD ,_, for_IN me_PRP ,_, a_DT serious_JJ investment_NN ._. 
By_IN 1987_CD ,_, these_DT properties_NNS were_VBD in_IN a_DT tailspin_NN ,_, causing_VBG my_PRP$ broker_NN at_IN Pru-Bache_NNP to_TO remark_VB that_IN she_PRP 'd_MD ``_`` never_RB seen_VBN anything_NN like_IN it_PRP ._. ''_'' 
Concerned_NNP for_IN her_PRP$ state_NN of_IN mind_NN ,_, I_PRP dropped_VBD them_PRP --_: and_CC the_DT market_NN instantly_RB began_VBD its_PRP$ steady_JJ climb_NN back_RB to_TO health_NN ._. 
Perhaps_RB most_RBS dramatic_JJ was_VBD the_DT performance_NN of_IN the_DT metropolitan_JJ New_NNP York_NNP real-estate_NN market_NN ,_, which_WDT was_VBD booming_JJ until_IN I_PRP entered_VBD it_PRP in_IN late_JJ 1988_CD ,_, at_IN which_WDT time_NN it_PRP posted_VBD the_DT first_JJ negative_JJ compound_NN annual_JJ growth_NN rate_NN in_IN years_NNS ._. 
Disgusted_VBN ,_, I_PRP cast_VBP around_IN for_IN a_DT different_JJ way_NN to_TO plan_VB my_PRP$ asset_NN distribution_NN ,_, and_CC with_IN hardly_RB any_DT heavy_JJ breathing_VBG the_DT answer_NN struck_VBD me_PRP :_: I_PRP was_VBD doing_VBG it_PRP already_RB !_. 
We_PRP 've_VBP all_DT got_VBN money_NN to_TO spend_VB ,_, some_DT of_IN it_PRP clearly_RB disposable_JJ since_IN we_PRP keep_VBP disposing_VBG of_IN it_PRP ._. 
Bank_NNP it_PRP ?_. 
Not_RB really_RB !_. 
Sock_VB it_PRP away_RB in_IN long-term_JJ instruments_NNS ?_. 
Nonsense_NN !_. 
Daily_NNP living_VBG is_VBZ the_DT best_JJS possible_JJ investment_NN !_. 
Your_PRP$ priorities_NNS may_MD be_VB different_JJ ,_, but_CC here_RB in_IN Figure_NN 2_CD is_VBZ where_WRB I_PRP 've_VBP chosen_VBN to_TO build_VB for_IN the_DT future_NN :_: personal_JJ space_NN ;_: automotive_JJ pursuits_NNS ;_: children_NNS 's_POS toys_NNS ;_: gardening_NN equipment_NN ,_, bulbs_NNS and_CC shrubs_NNS ;_: and_CC finally_RB ,_, entertainment_NN ,_, perhaps_RB the_DT best_JJS investment_NN of_IN all_DT ._. 
All_DT have_NN paid_VBN off_IN for_IN me_PRP in_IN double-digit_JJ annual_JJ growth_NN and_CC continue_VB to_TO provide_VB significant_JJ potential_NN ._. 
At_IN least_JJS ,_, according_VBG to_TO my_PRP$ calculations_NNS ._. 
Personal_JJ space_NN -LRB-_( Figure_NN 3_CD -RRB-_) has_VBZ grown_VBN 35_CD %_NN annually_RB over_IN the_DT course_NN of_IN the_DT decade_NN ,_, a_DT performance_NN that_WDT would_MD compare_VB positively_RB with_IN an_DT investment_NN in_IN ,_, say_VBP ,_, synthetic-leather_JJ products_NNS for_IN the_DT interiors_NNS of_IN cold-weather_JJ vehicles_NNS ,_, which_WDT my_PRP$ cousin_NN got_VBD into_IN and_CC sort_NN of_IN regrets_VBZ to_TO this_DT day_NN ._. 
The_DT assortment_NN of_IN expensive_JJ children_NNS 's_POS toys_NNS that_IN I_PRP have_VBP purchased_VBN wisely_RB at_IN a_DT host_NN of_IN discount-toy_JJ brokerage_NN firms_NNS -LRB-_( Figure_NN 4_CD -RRB-_) has_VBZ increased_VBN handsomely_RB in_IN total_JJ asset_NN value_NN far_RB beyond_IN any_DT personal_JJ investment_NN except_IN ,_, perhaps_RB ,_, for_IN my_PRP$ record_NN collection_NN ,_, whose_WP$ worth_JJ ,_, I_PRP think_VBP it_PRP 's_VBZ safe_JJ to_TO say_VB ,_, is_VBZ incalculable_JJ ._. 
Continued_VBN investment_NN in_IN my_PRP$ 1984_CD subcompact_NN has_VBZ been_VBN part_NN of_IN my_PRP$ strategy_NN -LRB-_( Figure_NN 5_NN -RRB-_) ,_, with_IN present_JJ annual_JJ contributions_NNS now_RB equaling_VBG more_JJR than_IN 60_CD %_NN of_IN the_DT car_NN 's_POS original_JJ value_NN ._. 
According_VBG to_TO my_PRP$ calculations_NNS ,_, these_DT outlays_NNS should_MD have_VB brought_VBN the_DT value_NN of_IN my_PRP$ sedan_NN to_TO more_JJR than_IN $_$ 22,000_CD on_IN the_DT open_JJ market_NN -LRB-_( Figure_NN 6_CD -RRB-_) ,_, where_WRB I_PRP plan_VBP to_TO offer_VB it_PRP shortly_RB ._. 
Expansion_NN of_IN my_PRP$ living_NN space_NN has_VBZ produced_VBN an_DT obvious_JJ need_NN for_IN maintenance_NN and_CC construction_NN of_IN suitable_JJ lawns_NNS ,_, shrubs_NNS and_CC bushes_NNS fitting_JJ to_TO its_PRP$ suburban_JJ locale_NN ._. 
I_PRP have_VBP thus_RB committed_VBN sufficient_JJ personal_JJ outlay_NN to_TO ensure_VB that_IN my_PRP$ grounds_NNS and_CC lodgings_NNS will_MD never_RB be_VB short_NN of_IN greens_NNS and_CC flowers_NNS ._. 
My_PRP$ initial_JJ stake_NN in_IN this_DT blooming_VBG enterprise_NN has_VBZ grown_VBN tenfold_RB ,_, according_VBG to_TO my_PRP$ conservative_JJ calculations_NNS ._. 
At_IN the_DT same_JJ time_NN ,_, my_PRP$ share_NN in_IN a_DT wide_JJ variety_NN of_IN entertainment_NN pursuits_NNS has_VBZ given_VBN perhaps_RB the_DT most_RBS dramatic_JJ demonstration_NN of_IN the_DT benefits_NNS of_IN creative_JJ personal_JJ financial_JJ planning_NN ._. 
Over_IN the_DT course_NN of_IN the_DT decade_NN ,_, for_IN instance_NN ,_, my_PRP$ return_NN on_IN investment_NN in_IN the_DT area_NN of_IN poker_NN alone_RB -LRB-_( Figures_NNS 7A_CD and_CC 7B_CD -RRB-_) has_VBZ been_VBN most_RBS impressive_JJ ,_, showing_VBG bodacious_JJ annual_JJ expansion_NN with_IN --_: given_VBN the_DT way_NN my_PRP$ associates_NNS play_VBP --_: no_DT sign_NN of_IN abatement_NN into_IN the_DT 1990s_CD and_CC beyond_RB ._. 
With_IN this_DT personal_JJ strategy_NN firmly_RB in_IN place_NN ,_, I_PRP look_VBP forward_RB to_TO years_NNS of_IN fine_JJ life-style_NN investments_NNS and_CC increasing_VBG widespread_JJ leverage_NN ._. 
My_PRP$ kids_NNS '_POS college_NN education_NN looms_VBZ as_IN perhaps_RB the_DT greatest_JJS future_NN opportunity_NN for_IN spending_NN ,_, although_IN I_PRP 'll_MD probably_RB have_VB to_TO cash_VB in_IN their_PRP$ toy_NN portfolio_NN to_TO take_VB advantage_NN of_IN it_PRP ._. 
But_CC with_IN every_DT step_NN I_PRP take_VBP ,_, I_PRP 'm_VBP building_VBG wealth_NN ._. 
You_PRP can_MD ,_, too_RB ,_, if_IN you_PRP ,_, like_IN me_PRP ,_, refuse_VB to_TO bite_VB the_DT bullet_NN ._. 
So_RB go_VB out_IN there_EX and_CC eat_VB that_DT debt_NN ._. 
You_PRP 're_VBP right_NN there_RB in_IN the_DT mainstream_NN of_IN American_JJ business_NN ,_, building_NN value_NN on_IN the_DT back_RB of_IN insupportable_JJ expenditures_NNS ._. 
Henry_NNP Kravis_NNP ,_, watch_VB out_RB !_. 
Mr._NNP Schwartz_NNP is_VBZ a_DT business_NN executive_NN and_CC writer_NN in_IN New_NNP York_NNP ._. 
WHEN_WRB JAMES_NNP SCHWARTZ_NNP was_VBD just_RB a_DT lad_NN his_PRP$ father_NN gave_VBD him_PRP a_DT piece_NN of_IN career_NN advice_NN ._. 
``_`` He_PRP told_VBD me_PRP to_TO choose_VB an_DT area_NN where_WRB just_RB by_IN being_VBG mediocre_JJ I_PRP could_MD be_VB great_JJ ,_, ''_'' recalls_VBZ Mr._NNP Schwartz_NNP ,_, now_RB 40_CD ._. 
He_PRP tried_VBD management_NN consulting_NN ,_, traded_VBN in_IN turquoise_JJ for_IN a_DT while_NN ,_, and_CC even_RB managed_VBD professional_JJ wrestlers_NNS ._. 
Now_RB he_PRP has_VBZ settled_VBN into_IN a_DT career_NN that_WDT fits_VBZ the_DT bill_NN --_: financial_JJ planning_NN ._. 
It_PRP should_MD be_VB noted_VBN that_IN Mr._NNP Schwartz_NNP ,_, who_WP operates_VBZ out_IN of_IN Englewood_NNP ,_, Colo._NNP ,_, is_VBZ a_DT puckish_JJ sort_NN who_WP likes_VBZ to_TO give_VB his_PRP$ colleagues_NNS the_DT needle_NN ._. 
But_CC in_IN this_DT case_NN the_DT needle_NN has_VBZ a_DT very_RB sharp_JJ point_NN ._. 
Though_IN it_PRP 's_VBZ probably_RB safe_JJ to_TO assume_VB that_IN the_DT majority_NN of_IN financial_JJ planners_NNS are_VBP honest_JJ and_CC even_RB reasonably_RB competent_JJ ,_, the_DT fact_NN remains_VBZ that_IN ,_, as_IN one_CD wag_NN puts_VBZ it_PRP ,_, ``_`` anybody_NN who_WP can_MD fog_VB a_DT mirror_NN ''_'' can_MD call_VB himself_PRP a_DT financial_JJ planner_NN ._. 
Planners_NNS now_JJ influence_NN the_DT investment_NN of_IN several_JJ hundred_CD billion_CD dollars_NNS ,_, but_CC in_IN effect_NN they_PRP operate_VBP in_IN the_DT dark_NN ._. 
There_EX is_VBZ no_DT effective_JJ regulation_NN of_IN planners_NNS ,_, no_DT accepted_VBN standard_JJ for_IN admission_NN into_IN their_PRP$ ranks_NNS --_: a_DT dog_NN got_VBD into_IN one_CD trade_NN group_NN --_: no_DT way_NN to_TO assess_VB their_PRP$ performance_NN ,_, no_DT way_NN even_RB to_TO know_VB how_WRB many_NN of_IN them_PRP there_EX are_VBP -LRB-_( estimates_NNS range_VBP from_IN 60,000_CD to_TO 450,000_CD -RRB-_) ._. 
All_DT anyone_NN need_NN do_VBP is_VBZ hang_VB up_IN a_DT shingle_NN and_CC start_VB planning_NN ._. 
So_RB it_PRP should_MD come_VB as_IN no_DT shock_NN that_IN the_DT profession_NN ,_, if_IN that_DT 's_VBZ what_WP it_PRP is_VBZ ,_, has_VBZ attracted_VBN a_DT lot_NN of_IN people_NNS whose_WP$ principal_JJ talents_NNS seem_VBP to_TO be_VB frittering_VBG away_RB or_CC flat-out_JJ stealing_VBG their_PRP$ clients_NNS '_POS money_NN ._. 
Alarmed_JJ ,_, state_NN and_CC federal_JJ authorities_NNS are_VBP trying_VBG to_TO devise_VB ways_NNS to_TO certify_VB and_CC regulate_VB planners_NNS ._. 
Industry_NN groups_NNS and_CC reputable_JJ planners_NNS who_WP are_VBP members_NNS of_IN them_PRP want_VBP comprehensive_JJ standards_NNS ,_, too_RB ;_: they_PRP 're_VBP tired_VBN of_IN seeing_VBG practitioners_NNS depicted_VBN collectively_RB in_IN the_DT business_NN press_NN as_IN dumber_JJR than_IN chimpanzees_NNS and_CC greedier_JJR than_IN a_DT herd_NN of_IN swine_NNS ._. 
But_CC reform_NN has_VBZ n't_RB taken_VBN hold_VB yet_RB ._. 
``_`` The_DT industry_NN is_VBZ still_RB pretty_RB much_JJ in_IN its_PRP$ Wild_NNP West_NNP days_NNS ,_, ''_'' says_VBZ Scott_NNP Stapf_NNP ,_, director_NN of_IN investor_NN education_NN for_IN the_DT North_NNP American_NNP Securities_NNPS Administrators_NNP Association_NNP ._. 
An_DT admittedly_RB limited_JJ survey_NN by_IN NASAA_NNP ,_, whose_WP$ members_NNS are_VBP state_NN securities-law_NN regulators_NNS ,_, found_VBD that_IN between_IN 1986_CD and_CC 1988_CD ``_`` fraud_NN and_CC abuse_NN ''_'' by_IN financial_JJ planners_NNS cost_VBP 22,000_CD investors_NNS $_$ 400_CD million_CD ._. 
The_DT rogues_NNS '_POS gallery_NN of_IN planners_NNS involved_VBN includes_VBZ some_DT convicted_VBN felons_NNS ,_, a_DT compulsive_JJ gambler_NN or_CC two_CD ,_, various_JJ businessmen_NNS who_WP had_VBD planned_VBN their_PRP$ own_JJ previous_JJ ventures_NNS right_NN into_IN bankruptcy_NN ,_, and_CC one_CD man_NN who_WP scammed_VBD his_PRP$ wife_NN 's_POS grandmother_NN ._. 
What_WP 's_VBZ more_JJR ,_, the_DT losses_NNS they_PRP and_CC the_DT others_NNS caused_VBN ``_`` are_VBP just_RB what_WP we_PRP are_VBP stumbling_VBG over_IN ,_, ''_'' says_VBZ Mr._NNP Stapf_NNP ,_, adding_VBG that_IN the_DT majority_NN of_IN misdeeds_NNS probably_RB go_VBP undetected_JJ ._. 
So_RB do_VBP just_RB about_IN all_PDT the_DT losses_NNS that_WDT could_MD be_VB attributed_VBN to_TO the_DT sheer_JJ incompetence_NN of_IN unqualified_JJ planners_NNS ._. 
Nobody_NN can_MD estimate_VB the_DT toll_NN ,_, but_CC John_NNP Gargan_NNP ,_, a_DT Tampa_NNP ,_, Fla._NNP ,_, planner_NN and_CC head_NN of_IN one_CD trade_NN group_NN ,_, the_DT International_NNP Association_NNP of_IN Registered_VBN Financial_NNP Planners_NNS ,_, thinks_VBZ the_DT danger_NN to_TO investors_NNS from_IN incompetence_NN is_VBZ ``_`` humongous_JJ ,_, ''_'' far_RB greater_JJR than_IN that_DT from_IN crookery_NN ._. 
His_PRP$ group_NN ,_, like_IN others_NNS ,_, wants_VBZ minimum_JJ standards_NNS applied_VBN to_TO all_DT who_WP call_VBP themselves_PRP financial_JJ planners_NNS ._. 
Surveying_VBG all_PDT this_DT ,_, some_DT people_NNS now_RB think_VBP the_DT best_JJS planner_NN might_MD be_VB no_DT planner_NN at_IN all_DT ._. 
For_IN most_RBS investors_NNS ``_`` the_DT benefits_NNS just_RB are_VBP n't_RB worth_JJ the_DT risks_NNS ,_, ''_'' says_VBZ Barbara_NNP Roper_NNP ,_, who_WP follows_VBZ financial-planning_JJ issues_NNS for_IN the_DT Consumer_NNP Federation_NNP of_IN America_NNP ,_, a_DT consumer-advocacy_JJ organization_NN based_VBN in_IN Washington_NNP ._. 
She_PRP concedes_VBZ that_IN such_JJ a_DT position_NN is_VBZ ``_`` unfair_JJ ''_'' to_TO the_DT thousands_NNS of_IN conscientious_JJ and_CC qualified_VBN people_NNS plying_VBG the_DT trade_NN ,_, but_CC as_IN a_DT consumer_NN advocate_NN she_PRP feels_VBZ impelled_VBN to_TO take_VB it_PRP ._. 
She_PRP says_VBZ her_PRP$ group_NN used_VBN to_TO give_VB tips_NNS on_IN selecting_VBG planners_NNS --_: check_NN educational_JJ and_CC experience_NN credentials_NNS ,_, consult_VB regulators_NNS and_CC Better_NNP Business_NNP Bureaus_NNP --_: but_CC found_VBD that_IN even_RB some_DT people_NNS who_WP took_VBD these_DT steps_NNS ``_`` were_VBD still_RB getting_VBG ripped_VBN off_IN ._. ''_'' 
The_DT bad_JJ news_NN ,_, however_RB ,_, has_VBZ n't_RB been_VBN bad_JJ enough_RB to_TO kill_VB the_DT growing_VBG demand_NN for_IN financial_JJ planning_NN ._. 
The_DT Tax_NNP Reform_NNP Act_NNP of_IN 1986_CD ,_, which_WDT eliminated_VBD many_JJ tax_NN shelters_NNS peddled_VBN by_IN planners_NNS ,_, and_CC the_DT stock_NN market_NN crash_NN the_DT next_JJ year_NN did_VBD cause_VBG a_DT sharp_JJ slump_NN in_IN such_JJ demand_NN ,_, and_CC many_JJ planners_NNS had_VBD to_TO make_VB an_DT unplanned_JJ exit_NN from_IN the_DT business_NN ._. 
But_CC membership_NN in_IN the_DT International_NNP Association_NNP of_IN Financial_NNP Planners_NNS -LRB-_( IAFP_NNP -RRB-_) ,_, the_DT industry_NN 's_POS biggest_JJS trade_NN group_NN ,_, is_VBZ still_RB nearly_RB triple_JJ what_WP it_PRP was_VBD in_IN 1980_CD ,_, and_CC it_PRP 's_VBZ believed_VBD that_IN the_DT ranks_NNS of_IN planners_NNS who_WP do_VBP n't_RB belong_VB to_TO any_DT group_NN have_VBP soared_VBN as_IN well_RB ._. 
An_DT estimated_VBN 10_CD million_CD Americans_NNPS are_VBP now_RB using_VBG financial_JJ planners_NNS ,_, and_CC the_DT pool_NN of_IN capital_NN they_PRP influence_VBP is_VBZ enormous_JJ ._. 
A_DT survey_NN of_IN 54,000_CD of_IN them_PRP conducted_VBN by_IN the_DT IAFP_NNP in_IN April_NNP showed_VBD that_IN these_DT practitioners_NNS alone_RB had_VBD controlled_VBN or_CC guided_VBD the_DT investment_NN of_IN $_$ 154_CD billion_CD of_IN their_PRP$ clients_NNS '_POS money_NN in_IN the_DT previous_JJ 12_CD months_NNS ._. 
The_DT sheer_JJ number_NN of_IN planners_NNS makes_VBZ the_DT business_NN extremely_RB difficult_JJ ,_, if_IN not_RB impossible_JJ ,_, to_TO regulate_VB ._. 
Even_RB the_DT minority_NN of_IN them_PRP who_WP must_MD register_VB with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP as_IN ``_`` investment_NN advisers_NNS ''_'' --_: people_NNS who_WP are_VBP in_IN the_DT business_NN of_IN counseling_NN others_NNS on_IN the_DT buying_VBG and_CC selling_VBG of_IN securities_NNS specifically_RB --_: have_VBP been_VBN enough_RB to_TO swamp_VB the_DT agency_NN 's_POS capacity_NN ._. 
The_DT SEC_NNP has_VBZ only_RB about_IN 200_CD staffers_NNS assigned_VBN to_TO keep_VB tabs_NNS on_IN investment_NN advisers_NNS --_: about_IN the_DT same_JJ as_IN in_IN 1980_CD --_: even_RB though_IN the_DT number_NN of_IN advisers_NNS has_VBZ tripled_VBN to_TO about_IN 15,000_CD over_IN the_DT past_JJ decade_NN ._. 
Currently_RB ,_, a_DT registered_VBN investment_NN adviser_NN can_MD expect_VB an_DT SEC_NNP audit_NN only_RB once_RB every_DT 12_CD years_NNS ._. 
A_DT lot_NN of_IN bad_JJ things_NNS can_MD happen_VB in_IN 12_CD years_NNS ._. 
``_`` It_PRP does_VBZ n't_RB take_VB a_DT rocket_NN scientist_NN to_TO figure_VB out_IN our_PRP$ problem_NN ,_, ''_'' says_VBZ Kathryn_NNP McGrath_NNP ,_, director_NN of_IN the_DT SEC_NNP 's_POS division_NN of_IN investment_NN management_NN ._. 
So_RB the_DT SEC_NNP has_VBZ proposed_VBN to_TO Congress_NNP that_IN much_NN of_IN the_DT job_NN of_IN oversight_NN be_VB turned_VBN over_IN to_TO an_DT industry-funded_JJ ,_, self-regulatory_JJ organization_NN patterned_VBN on_IN the_DT National_NNP Association_NNP of_IN Securities_NNPS Dealers_NNS ,_, which_WDT operates_VBZ in_IN the_DT brokerage_NN business_NN ._. 
Such_JJ an_DT organization_NN could_MD ,_, among_IN other_JJ things_NNS ,_, set_VBN minimum_JJ standards_NNS for_IN competence_NN ,_, ethics_NNS and_CC finances_NNS and_CC punish_VB those_DT investment_NN advisers_NNS who_WP broke_VBD the_DT rules_NNS ._. 
The_DT proposal_NN has_VBZ set_VBN off_IN a_DT lively_JJ debate_NN within_IN an_DT industry_NN that_WDT was_VBD far_RB from_IN united_VBN to_TO begin_VB with_RB ._. 
Mr._NNP Schwartz_NNP ,_, the_DT puckish_JJ planner_NN from_IN Englewood_NNP ,_, Colo._NNP ,_, says_VBZ that_IN allowing_VBG the_DT business_NN to_TO police_VB itself_PRP would_MD be_VB ``_`` like_IN putting_VBG Dracula_NNP in_IN charge_NN of_IN the_DT blood_NN bank_NN ._. ''_'' 
Mr._NNP Gargan_NNP ,_, the_DT Tampa_NNP planner_NN who_WP heads_VBZ one_CD trade_NN group_NN ,_, favors_VBZ simply_RB assessing_VBG the_DT industry_NN and_CC giving_VBG the_DT money_NN to_TO the_DT SEC_NNP to_TO hire_VB more_JJR staff_NN ._. 
-LRB-_( Mr._NNP Gargan_NNP 's_POS views_NNS are_VBP not_RB greeted_VBN with_IN wild_JJ enthusiasm_NN over_IN at_IN the_DT IAFP_NNP ,_, the_DT major_JJ industry_NN organization_NN ._. 
When_WRB the_DT IAFP_NNP recently_RB assembled_VBD other_JJ industry_NN groups_NNS to_TO discuss_VB common_JJ standards_NNS that_WDT might_MD be_VB applied_VBN to_TO planners_NNS ,_, Mr._NNP Gargan_NNP 's_POS group_NN was_VBD excluded_VBN ._. 
That_DT may_MD be_VB because_IN Mr._NNP Gargan_NNP ,_, smarting_VBG at_IN what_WP he_PRP considered_VBD slurs_NNS on_IN his_PRP$ membership_NN standards_NNS made_VBN by_IN the_DT rival_JJ group_NN ,_, enrolled_VBD his_PRP$ dog_NN ,_, Beauregard_NNP ,_, as_IN a_DT member_NN of_IN the_DT IAFP_NNP ._. 
Then_RB he_PRP sent_VBD the_DT pooch_NN 's_POS picture_NN with_IN the_DT certificate_NN of_IN membership_NN --_: it_PRP was_VBD made_VBN out_IN to_TO ``_`` Boris_NNP `_`` Bo_NNP '_'' Regaard_NNP ''_'' --_: to_TO every_DT newspaper_NN he_PRP could_MD think_VB of_IN ._. -RRB-_) 
The_DT states_NNS have_VBP their_PRP$ own_JJ ideas_NNS about_IN regulation_NN and_CC certification_NN ._. 
NASAA_NNP ,_, the_DT organization_NN of_IN state_NN securities_NNS regulators_NNS ,_, is_VBZ pushing_VBG for_IN a_DT model_NN regulatory_JJ statute_NN already_RB adopted_VBD in_IN eight_CD states_NNS ._. 
It_PRP requires_VBZ financial_JJ planners_NNS to_TO register_VB with_IN states_NNS ,_, pass_VB competency_NN tests_NNS and_CC reveal_VB to_TO customers_NNS any_DT conflicts_NNS of_IN interest_NN ._. 
The_DT most_RBS common_JJ conflict_NN involves_VBZ compensation_NN ._. 
NASAA_NNP estimates_NNS that_IN nearly_RB 90_CD %_NN of_IN planners_NNS receive_VBP some_DT or_CC all_DT of_IN their_PRP$ income_NN from_IN sales_NNS commissions_NNS on_IN securities_NNS ,_, insurance_NN and_CC other_JJ financial_JJ products_NNS they_PRP recommend_VBP ._. 
The_DT issue_NN :_: Is_VBZ the_DT planner_NN putting_VBG his_PRP$ clients_NNS into_IN the_DT best_JJS investments_NNS ,_, or_CC the_DT ones_NNS that_WDT garner_VBP the_DT biggest_JJS commissions_NNS ?_. 
In_IN 1986_CD the_DT New_NNP York_NNP attorney_NN general_NN 's_POS office_NN got_VBD an_DT order_NN from_IN a_DT state_NN court_NN in_IN Albany_NNP shutting_VBG down_RB First_NNP Meridian_NNP Corp._NNP ,_, an_DT Albany_NNP financial-planning_JJ firm_NN that_WDT had_VBD invested_VBN $_$ 55_NN million_CD on_IN behalf_NN of_IN nearly_RB 1,000_CD investors_NNS ._. 
In_IN its_PRP$ notice_NN of_IN action_NN ,_, the_DT attorney_NN general_NN said_VBD the_DT company_NN had_VBD promised_VBN to_TO put_VB clients_NNS into_IN ``_`` balanced_JJ ''_'' investment_NN portfolios_NNS ;_: instead_RB ,_, the_DT attorney_NN general_JJ alleged_VBN ,_, the_DT company_NN consistently_RB shoved_VBD unwary_JJ customers_NNS into_IN high-risk_JJ investments_NNS in_IN paintings_NNS ,_, coins_NNS and_CC Florida_NNP condos_NNS ._. 
Those_DT investments_NNS paid_VBD big_JJ commissions_NNS to_TO First_NNP Meridian_NNP ,_, payments_NNS investors_NNS were_VBD never_RB told_VBN about_IN ,_, the_DT attorney_NN general_JJ alleged_VBN ._. 
Investors_NNS were_VBD further_RB assured_VBN that_IN only_RB those_DT with_IN a_DT minimun_NN net_JJ worth_NN would_MD be_VB accepted_VBN ._. 
In_IN practice_NN ,_, the_DT attorney_NN general_JJ alleged_VBN in_IN an_DT affidavit_NN ,_, if_IN an_DT investor_NN had_VBD access_NN to_TO cash_VB ``_`` the_DT chances_NNS of_IN being_VBG turned_VBN down_RB by_IN First_NNP Meridian_NNP were_VBD about_IN as_RB probable_JJ as_IN being_VBG rejected_VBN by_IN the_DT Book-of-the-Month_NNP Club_NNP ._. ''_'' 
And_CC ,_, the_DT attorney_NN general_NN added_VBD ,_, First_NNP Meridian_NNP 's_POS president_NN ,_, Roger_NNP V._NNP Sala_NNP ,_, portrayed_VBD himself_PRP as_IN a_DT ``_`` financial_JJ expert_NN ''_'' when_WRB his_PRP$ qualifications_NNS largely_RB consisted_VBD of_IN a_DT high-school_NN diploma_NN ,_, work_NN as_IN a_DT real-estate_NN and_CC insurance_NN salesman_NN ,_, and_CC a_DT stint_NN as_IN supervisor_NN at_IN a_DT highway_NN toll_NN booth_NN ._. 
First_NNP Meridian_NNP and_CC its_PRP$ officials_NNS are_VBP currently_RB under_IN investigation_NN for_IN possible_JJ criminal_JJ wrongdoing_NN ,_, according_VBG to_TO a_DT spokeswoman_NN for_IN the_DT attorney_NN general_JJ ._. 
Harry_NNP Manion_NNP ,_, Mr._NNP Sala_NNP 's_POS attorney_NN ,_, says_VBZ his_PRP$ client_NN denies_VBZ any_DT wrongdoing_NN and_CC adds_VBZ that_IN the_DT attorney_NN general_NN 's_POS contentions_NNS about_IN First_NNP Meridian_NNP 's_POS business_NN practices_NNS are_VBP incorrect_JJ ._. 
As_IN for_IN Mr._NNP Sala_NNP 's_POS qualifications_NNS ,_, ``_`` the_DT snooty_JJ attorneys_NNS for_IN the_DT state_NN of_IN New_NNP York_NNP decided_VBD Mr._NNP Sala_NNP was_VBD n't_RB qualified_VBN because_IN he_PRP did_VBD n't_RB have_VB a_DT Harvard_NNP degree_NN ,_, ''_'' says_VBZ Mr._NNP Manion_NNP ._. 
Civil_JJ suits_NNS against_IN planners_NNS by_IN clients_NNS seeking_VBG recovery_NN of_IN funds_NNS are_VBP increasingly_RB common_JJ ._. 
Two_CD such_JJ actions_NNS ,_, both_DT filed_VBN earlier_RBR this_DT year_NN in_IN Georgia_NNP state_NN court_NN in_IN Atlanta_NNP ,_, could_MD be_VB particularly_RB embarrassing_JJ to_TO the_DT industry_NN :_: both_DT name_NN J._NNP Chandler_NNP Peterson_NNP ,_, an_DT Atlanta_NNP financial_JJ planner_NN who_WP is_VBZ a_DT founder_NN and_CC past_JJ chairman_NN of_IN the_DT IAFP_NNP ,_, as_IN defendant_NN ._. 
One_CD suit_NN ,_, filed_VBN by_IN more_JJR than_IN three_CD dozen_NN investors_NNS ,_, charges_VBZ that_IN Mr._NNP Peterson_NNP misused_VBD much_NN of_IN the_DT $_$ 9.7_CD million_CD put_VB into_IN a_DT limited_JJ partnership_NN that_IN he_PRP operated_VBD and_CC promoted_VBN ,_, spending_VBG some_DT of_IN it_PRP to_TO pay_VB his_PRP$ own_JJ legal_JJ bills_NNS and_CC to_TO invest_VB in_IN other_JJ companies_NNS in_IN which_WDT he_PRP had_VBD an_DT interest_NN ._. 
Those_DT companies_NNS ,_, in_IN turn_NN ,_, paid_VBN Mr._NNP Peterson_NNP commissions_VBZ and_CC fees_NNS ,_, the_DT suit_NN alleges_NNS ._. 
The_DT other_JJ suit_NN was_VBD filed_VBN by_IN two_CD men_NNS in_IN a_DT dispute_NN over_IN $_$ 100,000_CD investments_NNS each_DT says_VBZ he_PRP made_VBD with_IN Mr._NNP Peterson_NNP as_IN part_NN of_IN an_DT effort_NN to_TO purchase_VB the_DT Bank_NNP of_IN Scottsdale_NNP in_IN Scottsdale_NNP ,_, Ariz_NNP ._. 
One_CD plaintiff_NN ,_, a_DT doctor_NN ,_, testified_VBD in_IN an_DT affidavit_NN that_IN he_PRP also_RB gave_VBD Mr._NNP Peterson_NNP $_$ 50,000_CD to_TO join_VB a_DT sort_NN of_IN investment_NN club_NN which_WDT essentially_RB gave_VBD the_DT physician_NN ``_`` the_DT privilege_NN of_IN making_VBG additional_JJ investments_NNS ''_'' with_IN Mr._NNP Peterson_NNP ._. 
In_IN affidavits_NNS ,_, each_DT plaintiff_NN claims_NNS Mr._NNP Peterson_NNP promised_VBD the_DT bank_NN purchase_NN would_MD be_VB completed_VBN by_IN the_DT end_NN of_IN 1988_CD or_CC the_DT money_NN returned_VBD ._. 
Mr._NNP Peterson_NNP took_VBD the_DT plaintiffs_NNS '_POS and_CC other_JJ investors_NNS '_POS money_NN to_TO a_DT meeting_NN of_IN the_DT bank_NN 's_POS directors_NNS ._. 
Wearing_VBG a_DT business_NN suit_NN and_CC western-style_JJ hat_NN and_CC boots_NNS ,_, he_PRP opened_VBD up_IN his_PRP$ briefcase_NN and_CC dumped_VBD $_$ 1_CD million_CD in_IN cash_NN on_IN a_DT table_NN in_IN front_NN of_IN the_DT directors_NNS ,_, says_VBZ Myron_NNP Diebel_NNP ,_, the_DT bank_NN 's_POS president_NN ._. 
``_`` He_PRP said_VBD he_PRP wanted_VBD to_TO show_VB the_DT color_NN of_IN his_PRP$ money_NN ,_, ''_'' recalls_VBZ Mr._NNP Diebel_NNP ._. 
Bank_NN officials_NNS ,_, however_RB ,_, showed_VBD him_PRP the_DT door_NN ,_, and_CC the_DT sale_NN never_RB came_VBD off_RB ._. 
According_VBG to_TO the_DT suit_NN ,_, Mr._NNP Peterson_NNP has_VBZ yet_RB to_TO return_VB the_DT plaintiffs_NNS '_POS investment_NN ._. 
They_PRP want_VBP it_PRP back_RB ._. 
Mr._NNP Peterson_NNP declines_VBZ to_TO comment_VB on_IN specific_JJ allegations_NNS in_IN the_DT two_CD suits_NNS ,_, saying_VBG he_PRP prefers_VBZ to_TO save_VB such_JJ responses_NNS for_IN court_NN ._. 
But_CC he_PRP does_VBZ say_VBP that_IN all_DT of_IN his_PRP$ activities_NNS have_VBP been_VBN ``_`` entirely_RB proper_JJ ._. ''_'' 
On_IN the_DT suit_NN by_IN the_DT limited_JJ partners_NNS ,_, he_PRP says_VBZ he_PRP is_VBZ considering_VBG a_DT defamation_NN suit_NN against_IN the_DT plaintiffs_NNS ._. 
The_DT suit_NN ,_, he_PRP adds_VBZ ,_, ``_`` is_VBZ almost_RB in_IN the_DT nature_NN of_IN a_DT vendetta_NN by_IN a_DT handful_NN of_IN disgruntled_JJ people_NNS ._. ''_'' 
Rearding_VBG the_DT suit_NN over_IN the_DT bank_NN bid_NN ,_, Mr._NNP Peterson_NNP says_VBZ it_PRP is_VBZ filled_VBN with_IN ``_`` inflammatory_JJ language_NN and_CC half_NN truths_NNS ._. ''_'' 
He_PRP declines_VBZ to_TO go_VB into_IN specifics_NNS ._. 
Mr._NNP Peterson_NNP says_VBZ the_DT suits_NNS against_IN him_PRP are_VBP less_JJR a_DT measure_NN of_IN his_PRP$ work_NN than_IN they_PRP are_VBP a_DT ``_`` sign_NN of_IN the_DT times_NNS ''_'' in_IN which_WDT people_NNS generally_RB are_VBP more_RBR prone_JJ to_TO sue_VB ._. 
``_`` I_PRP do_VBP n't_RB know_VB anybody_NN in_IN the_DT industry_NN who_WP has_VBZ n't_RB experienced_VBN litigation_NN ,_, ''_'' he_PRP says_VBZ ._. 
Mr._NNP Peterson_NNP also_RB says_VBZ he_PRP does_VBZ n't_RB consider_VB himself_PRP a_DT financial_JJ planner_NN anymore_RB ._. 
He_PRP now_RB calls_VBZ himself_PRP an_DT ``_`` investment_NN banker_NN ._. ''_'' 
In_IN many_JJ scams_NNS or_CC alleged_VBN scams_NNS involving_VBG planners_NNS ,_, it_PRP 's_VBZ plain_JJ that_IN only_RB a_DT modicum_NN of_IN common_JJ sense_NN on_IN the_DT part_NN of_IN the_DT investors_NNS would_MD have_VB kept_VBN them_PRP out_IN of_IN harm_NN 's_POS way_NN ._. 
Using_VBG it_PRP ,_, would_MD n't_RB a_DT proessional_NN hesitate_VB to_TO pay_VB tens_NNS of_IN thousands_NNS of_IN dollars_NNS just_RB for_IN a_DT chance_NN to_TO invest_VB witha_NN planner_NN ?_. 
Other_JJ cases_NNS go_VBP to_TO show_VB that_IN an_DT old_JJ saw_VBD still_RB applies_VBZ :_: If_IN it_PRP sounds_VBZ too_RB good_JJ to_TO be_VB true_JJ ,_, it_PRP probably_RB is_VBZ ._. 
Certificates_NNS of_IN deposit_NN do_VBP n't_RB pay_VB 23_CD %_NN a_DT year_NN ,_, for_IN example_NN ,_, but_CC that_DT did_VBD n't_RB give_VB pause_NN to_TO clients_NNS of_IN one_CD Alabama_NNP planner_NN ._. 
Now_RB they_PRP 're_VBP losers_NNS and_CC he_PRP 's_VBZ in_IN jail_NN in_IN Mobile_NNP County_NNP ._. 
CDs_NNS yielding_VBG 40_CD %_NN are_VBP even_RB more_RBR implausible_JJ --_: especially_RB when_WRB the_DT issuing_VBG ``_`` bank_NN ''_'' in_IN the_DT Marshall_NNP Islands_NNPS is_VBZ merely_RB a_DT mail_NN drop_NN watched_VBD over_IN by_IN a_DT local_JJ gas-station_JJ operator_NN --_: but_CC investors_NNS fell_VBD for_IN that_DT one_CD too_RB ._. 
And_CC the_DT Colorado_NNP planner_NN who_WP promised_VBD to_TO make_VB some_DT of_IN his_PRP$ clients_NNS millionaires_NNS on_IN investments_NNS of_IN as_RB litle_JJ as_IN $_$ 100_CD ?_. 
Never_RB mind_NN ._. 
You_PRP already_RB know_VBP the_DT answer_NN ._. 
Mr._NNP Emshwiller_NNP is_VBZ a_DT staff_NN reporter_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS Los_NNP Angeles_NNP bureau_NN ._. 
At_IN the_DT ritzy_JJ Fashion_NNP Island_NNP Shopping_NNP Center_NNP ,_, the_DT tanned_JJ and_CC elegant_JJ ladies_NNS of_IN this_DT wealthy_JJ Southern_NNP California_NNP beach_NN community_NN disembark_VBP from_IN their_PRP$ Mercedes-Benzes_NNPS and_CC BMWs_NNS for_IN another_DT day_NN of_IN exercising_VBG their_PRP$ credit_NN cards_NNS ._. 
They_PRP root_VBP among_IN the_DT designer_NN offerings_NNS at_IN Neiman-Marcus_NNP and_CC Bullocks_NNP Wilshire_NNP ._. 
They_PRP stroll_VBP through_IN the_DT marble-encased_JJ corridors_NNS of_IN the_DT Atrium_NNP Court_NNP ._. 
They_PRP graze_VBP at_IN the_DT Farmers_NNP Market_NNP ,_, a_DT combination_NN gourmet_NN food_NN court_NN and_CC grocery_NN store_NN ,_, while_IN a_DT pianist_NN accompanies_VBZ the_DT noon_NN fashion_NN show_NN with_IN a_DT selection_NN of_IN dreamy_JJ melodies_NNS ._. 
``_`` The_DT beautiful_JJ look_NN of_IN wool_NN ,_, ''_'' croons_VBZ the_DT show_NN 's_POS narrator_NN ,_, ``_`` slightly_RB Victorian_JJ in_IN its_PRP$ influence_NN ..._: ._. ''_'' 
Meanwhile_RB ,_, in_IN the_DT squat_JJ office_NN buildings_NNS that_WDT ring_VBP Fashion_NNP Island_NNP ,_, the_DT odds_NNS are_VBP good_JJ that_DT someone_NN is_VBZ getting_VBG fleeced_VBN ._. 
Law-enforcement_JJ authorities_NNS say_VBP that_IN at_IN any_DT given_VBN time_NN ,_, a_DT host_NN of_IN fraudulent_JJ telemarketing_NN operations_NNS mingle_VBP with_IN the_DT many_JJ legitimate_JJ businesses_NNS here_RB ._. 
``_`` They_PRP seem_VBP to_TO like_IN these_DT industrial_JJ parks_NNS ,_, ''_'' says_VBZ Kacy_NNP McClelland_NNP ,_, a_DT postal_JJ inspector_NN who_WP specializes_VBZ in_IN mail_NN fraud_NN ._. 
``_`` We_PRP call_VBP them_PRP fraud_NN farms_NNS ._. ''_'' 
Welcome_NNP to_TO that_DT welter_NN of_IN contradictions_NNS known_VBN as_IN Newport_NNP Beach_NNP ._. 
This_DT city_NN of_IN more_JJR than_IN 70,000_CD is_VBZ known_VBN for_IN sunshine_NN ,_, yachts_NNS and_CC rich_JJ residents_NNS ._. 
It_PRP is_VBZ also_RB known_VBN as_IN the_DT fraud_NN capital_NN of_IN the_DT U.S._NNP ,_, dubbed_VBN by_IN investigators_NNS and_CC the_DT media_NNS as_IN the_DT ``_`` Cote_NNP de_FW Fraud_NNP ''_'' ._. 
How_WRB does_VBZ a_DT community_NN famous_JJ for_IN its_PRP$ high_JJ living_VBG end_NN up_IN as_IN a_DT haven_NN for_IN low-lifes_NNS ?_. 
Clearly_RB ,_, the_DT existence_NN of_IN the_DT former_JJ lures_NNS the_DT latter_NN ._. 
The_DT places_NNS renowned_JJ for_IN breeding_VBG bunco_NN ,_, like_IN the_DT Miami_NNP neighborhood_NN known_VBN as_IN the_DT ``_`` Maggot_NNP Mile_NNP ''_'' and_CC Las_NNP Vegas_NNP 's_POS flashy_JJ strip_NN of_IN casinos_NNS ,_, invariably_RB offer_VBP fast_JJ cars_NNS ,_, high_JJ rollers_NNS ,_, glamorous_JJ women_NNS and_CC lots_NNS of_IN sunshine_NN ._. 
You_PRP do_VBP n't_RB hear_VB much_JJ about_IN unusual_JJ concentrations_NNS of_IN fraud_NN in_IN Green_NNP Bay_NNP or_CC Buffalo_NNP ._. 
Con_JJ men_NNS hate_VBP snow_NN ._. 
Newport_NNP Beach_NNP fits_VBZ the_DT scam_NN artists_NNS '_POS specifications_NNS perfectly_RB ._. 
What_WP more_JJR could_MD a_DT con_JJ man_NN in_IN search_NN of_IN the_DT easy_JJ life_NN ask_VB for_RB ?_. 
Nothing_NN seems_VBZ hard_JJ here_RB ._. 
The_DT breezes_NNS are_VBP soft_JJ ,_, the_DT waves_NNS lap_VBP gently_RB and_CC the_DT palm_NN trees_NNS sway_VBP lazily_RB ._. 
Nightlife_NN is_VBZ plentiful_JJ ._. 
Moreover_RB ,_, ostentation_NN is_VBZ appreciated_VBN ._. 
The_DT median_JJ price_NN of_IN homes_NNS is_VBZ $_$ 547,000_CD ;_: more_JJR than_IN 9,000_CD vessels_NNS fill_VBP what_WP the_DT chamber_NN of_IN commerce_NN calls_VBZ the_DT nation_NN 's_POS largest_JJS pleasure-boat_NN harbor_NN ._. 
``_`` Blondes_NNP ,_, cocaine_NN and_CC Corvettes_NNS ,_, ''_'' mutters_NNS Mr._NNP McClelland_NNP ._. 
``_`` That_DT 's_VBZ what_WP they_PRP 're_VBP after_IN ._. ''_'' 
The_DT rich_JJ image_NN of_IN Newport_NNP Beach_NNP also_RB helps_VBZ lend_VB the_DT con_JJ artists_NNS '_POS operation_NN an_DT air_NN of_IN respectability_NN ._. 
``_`` One_CD reason_NN they_PRP use_VBP Newport_NNP Beach_NNP is_VBZ that_IN it_PRP sounds_VBZ swankier_JJR than_IN most_RBS addresses_NNS ,_, ''_'' says_VBZ David_NNP Katz_NNP ,_, a_DT U.S._NNP attorney_NN who_WP ,_, until_IN recently_RB ,_, headed_VBD a_DT multi-agency_JJ Southern_NNP California_NNP fraud_NN task_NN force_NN ._. 
``_`` Newport_NNP Beach_NNP is_VBZ known_VBN in_IN Rhode_NNP Island_NNP for_IN having_VBG a_DT lot_NN of_IN rich_JJ people_NNS ._. ''_'' 
No_DT wonder_NN all_DT kinds_NNS of_IN big-time_JJ scams_NNS have_VBP flourished_VBN here_RB ,_, from_IN phony_JJ tax-sheltered_JJ Bible_NNP sales_NNS to_TO crooked_JJ car_NN dealers_NNS to_TO bogus_JJ penny-stock_JJ traders_NNS ._. 
But_CC above_IN all_DT ,_, this_DT is_VBZ the_DT national_JJ headquarters_NN for_IN boiler-room_NN operators_NNS ,_, those_DT slick-talking_JJ snake-oil_JJ salesmen_NNS who_WP use_VBP the_DT telephone_NN to_TO extract_VB money_NN from_IN the_DT gullible_JJ and_CC the_DT greedy_JJ and_CC then_RB vanish_VBP ._. 
Because_IN only_RB a_DT fraction_NN of_IN them_PRP are_VBP ever_RB prosecuted_VBN ,_, nobody_NN really_RB knows_VBZ how_WRB much_JJ money_NN bogus_JJ telemarketing_NN operators_NNS really_RB harvest_VBP ._. 
``_`` I_PRP 've_VBP heard_VBN that_IN there_EX is_VBZ $_$ 40_CD billion_CD taken_VBN in_IN nationwide_JJ by_IN boiler_NN rooms_NNS every_DT year_NN ,_, ''_'' Mr._NNP McClelland_NNP says_VBZ ._. 
``_`` If_IN that_DT 's_VBZ true_JJ ,_, Orange_NNP County_NNP has_VBZ to_TO be_VB at_IN least_JJS 10_CD %_NN of_IN that_DT ._. ''_'' 
And_CC most_RBS of_IN the_DT truly_RB big_JJ scams_NNS in_IN Orange_NNP County_NNP seem_VB to_TO originate_VB in_IN Newport_NNP Beach_NNP or_CC one_CD of_IN the_DT other_JJ well-heeled_JJ communities_NNS that_WDT surround_VBP this_DT sliver-like_JJ city_NN that_IN hooks_NNS around_IN a_DT point_NN of_IN land_NN on_IN the_DT California_NNP coast_NN south_RB of_IN Los_NNP Angeles_NNP ._. 
In_IN fact_NN ,_, sophisticated_JJ big-bucks_JJ boiler-room_NN scams_NNS are_VBP known_VBN generically_RB among_IN law-enforcement_NN types_NNS as_IN ``_`` Newport_NNP Beach_NNP ''_'' operations_NNS ._. 
That_DT contrasts_NNS with_IN the_DT penny-ante_JJ sales_NNS of_IN things_NNS such_JJ as_IN pen-and-pencil_JJ sets_NNS and_CC office_NN supplies_NNS that_WDT are_VBP known_VBN as_IN ``_`` Hollywood_NNP ''_'' scams_NNS ._. 
Newport_NNP Beach_NNP telemarketers_NNS concentrate_VBP on_IN precious_JJ metals_NNS and_CC oil-leasing_NN deals_NNS that_IN typically_RB cost_VBP thousands_NNS of_IN dollars_NNS a_DT shot_NN ._. 
The_DT investors_NNS range_VBP from_IN elderly_JJ widows_NNS to_TO affluent_JJ professionals_NNS ._. 
In_IN one_CD ingenious_JJ recent_JJ example_NN of_IN a_DT Newport_NNP Beach_NNP boiler_NN room_NN ,_, prospective_JJ investors_NNS in_IN Capital_NNP Trust_NNP Inc._NNP were_VBD allegedly_RB told_VBN that_IN their_PRP$ investment_NN in_IN precious_JJ metals_NNS was_VBD insured_VBN against_IN losses_NNS ``_`` caused_VBN by_IN employees_NNS due_JJ to_TO dishonesty_NN ,_, destruction_NN or_CC disappearance_NN ,_, ''_'' according_VBG to_TO an_DT indictment_NN handed_VBD up_IN by_IN a_DT federal_JJ grand_JJ jury_NN in_IN Los_NNP Angeles_NNP last_JJ month_NN ._. 
Thus_RB falsely_RB reassured_VBN ,_, investors_NNS sent_VBD $_$ 11.4_CD million_CD to_TO the_DT Newport_NNP Beach_NNP company_NN ,_, most_RBS of_IN which_WDT was_VBD diverted_VBN to_TO unauthorized_JJ uses_NNS ,_, the_DT indictment_NN charges_NNS ._. 
Douglas_NNP Jones_NNP ,_, an_DT attorney_NN representing_VBG Richard_NNP O._NNP Kelly_NNP Sr._NNP ,_, the_DT chairman_NN and_CC president_NN of_IN Capital_NNP Trust_NNP ,_, says_VBZ his_PRP$ client_NN denies_VBZ that_IN there_EX was_VBD any_DT attempt_NN to_TO defraud_VB investors_NNS ._. 
``_`` There_EX were_VBD some_DT business_NN deals_NNS that_WDT went_VBD bad_JJ ,_, ''_'' Mr._NNP Jones_NNP says_VBZ ,_, ``_`` but_CC no_DT intent_NN to_TO defraud_VB ._. ''_'' 
Newport_NNP Beach_NNP operations_NNS differ_VBP from_IN the_DT Hollywood_NNP boiler_NN rooms_NNS in_IN style_NN as_RB well_RB as_IN in_IN dollars_NNS ._. 
Traditionally_RB ,_, boiler_NN rooms_NNS operate_VBP on_IN the_DT cheap_NN ,_, since_IN few_JJ ,_, if_IN any_DT ,_, customers_NNS ever_RB visit_VBP their_PRP$ offices_NNS ._. 
Indeed_RB ,_, the_DT name_NN derives_VBZ from_IN the_DT tendency_NN among_IN telemarketing_NN scammers_NNS to_TO rent_VB cheap_JJ basement_NN space_NN ,_, near_IN the_DT boiler_NN room_NN ._. 
But_CC ,_, says_VBZ Mr._NNP Katz_NNP ,_, the_DT U.S._NNP attorney_NN ,_, ``_`` the_DT interesting_JJ thing_NN about_IN Newport_NNP Beach_NNP operations_NNS is_VBZ that_IN they_PRP give_VBP themselves_PRP the_DT indulgence_NN of_IN beautiful_JJ offices_NNS ,_, with_IN plush_JJ furnishings_NNS ._. 
When_WRB we_PRP go_VBP there_EX ,_, it_PRP 's_VBZ quite_RB different_JJ from_IN these_DT Hollywood_NNP places_NNS where_WRB the_DT sandwiches_NNS are_VBP spread_NN out_IN on_IN the_DT table_NN and_CC the_DT people_NNS are_VBP picking_VBG their_PRP$ noses_NNS ._. ''_'' 
The_DT Newport_NNP Beach_NNP operators_NNS also_RB tend_VBP to_TO indulge_VB themselves_PRP privately_RB ._. 
Investigators_NNS cite_VBP the_DT case_NN of_IN Matthew_NNP Valentine_NNP ,_, who_WP is_VBZ currently_RB serving_VBG a_DT six-year_JJ sentence_NN at_IN Lompoc_NNP Federal_NNP Prison_NNP for_IN his_PRP$ role_NN in_IN Intech_NNP Investment_NNP Corp._NNP ,_, which_WDT promised_VBD investors_NNS returns_NNS of_IN as_RB much_JJ as_IN 625_CD %_NN on_IN precious_JJ metals_NNS ._. 
Mr._NNP Valentine_NNP ,_, who_WP pleaded_VBD guilty_JJ to_TO five_CD counts_NNS of_IN fraud_NN in_IN federal_JJ court_NN in_IN Los_NNP Angeles_NNP ,_, drove_VBD a_DT leased_VBN Mercedes_NNP and_CC lived_VBD in_IN an_DT expensive_JJ home_NN on_IN Lido_NNP Isle_NNP ,_, an_DT island_NN in_IN Newport_NNP 's_POS harbor_NN ,_, according_VBG to_TO investigators_NNS ._. 
With_IN the_DT $_$ 3_CD million_CD received_VBD from_IN investors_NNS ,_, he_PRP took_VBD frequent_JJ junkets_NNS with_IN friends_NNS to_TO exotic_JJ locales_NNS and_CC leased_VBD an_DT expensive_JJ BMW_NNP for_IN his_PRP$ girlfriend_NN ,_, whom_WP he_PRP met_VBD at_IN the_DT shop_NN where_WRB he_PRP got_VBD his_PRP$ custom-tailored_JJ suits_NNS ._. 
``_`` It_PRP 's_VBZ amazing_JJ the_DT amount_NN of_IN money_NN that_WDT goes_VBZ up_IN their_PRP$ nose_NN ,_, out_IN to_TO the_DT dog_NN track_NN or_CC to_TO the_DT tables_NNS in_IN Las_NNP Vegas_NNP ,_, ''_'' Mr._NNP Katz_NNP says_VBZ ._. 
All_DT this_DT talk_NN of_IN boiler_NN rooms_NNS and_CC fraud_NN is_VBZ unnerving_VBG to_TO the_DT city_NN 's_POS legitimate_JJ business_NN element_NN ._. 
Vincent_NNP M_NNP Ciavarella_NNP ,_, regional_JJ manager_NN of_IN Property_NNP Management_NNP Systems_NNPS ,_, insists_VBZ he_PRP does_VBZ n't_RB know_VB of_IN any_DT bogus_JJ telemarketers_NNS operating_VBG in_IN the_DT 1.6_CD million_CD square_NN feet_NNS of_IN office_NN space_NN around_IN Fashion_NNP Island_NNP that_IN his_PRP$ company_NN leases_NNS for_IN Irvine_NNP Co._NNP ,_, the_DT owner_NN and_CC developer_NN of_IN the_DT project_NN ._. 
Mr._NNP Ciavarella_NNP has_VBZ rejected_VBN a_DT few_JJ prospective_JJ tenants_NNS who_WP provided_VBD ``_`` incomplete_JJ ''_'' financial_JJ information_NN and_CC acknowledges_VBZ that_IN illegitimate_JJ operators_NNS ``_`` are_VBP not_RB easily_RB detectable_JJ ._. 
''_'' -LRB-_( Investigators_NNS stress_VBP that_IN building_NN owners_NNS are_VBP victims_NNS ,_, too_RB ,_, since_IN boiler_NN rooms_NNS often_RB leave_VBP without_IN paying_VBG rent_NN ._. -RRB-_) 
Richard_NNP Luehrs_NNP ,_, president_NN of_IN the_DT Newport_NNP Harbor_NNP Area_NNP Chamber_NNP of_IN Commerce_NNP ,_, calls_VBZ boiler_NN rooms_NNS a_DT ``_`` negative_JJ we_PRP wish_VBP we_PRP could_MD get_VB rid_JJ of_IN ._. ''_'' 
Actually_RB ,_, ``_`` we_PRP do_VBP n't_RB get_VB much_JJ negative_JJ publicity_NN about_IN this_DT ,_, ''_'' he_PRP insists_VBZ ,_, ``_`` except_IN for_IN the_DT press_NN who_WP write_VBP about_IN it_PRP ._. ''_'' 
Mr._NNP Lancaster_NNP is_VBZ deputy_NN chief_NN of_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS Dallas_NNP bureau_NN ._. 
YOU_PRP WENT_VBD to_TO college_NN and_CC thought_VBD you_PRP got_VBD an_DT education_NN ._. 
Now_RB you_PRP discover_VBP that_IN you_PRP never_RB learned_VBD the_DT most_RBS important_JJ lesson_NN :_: How_WRB to_TO send_VB your_PRP$ kids_NNS to_TO college_NN ._. 
True_JJ ,_, when_WRB you_PRP went_VBD to_TO college_NN ,_, there_EX was_VBD n't_RB that_IN much_JJ to_TO learn_VB ._. 
Stick_NNP some_DT money_NN in_IN an_DT interest-bearing_JJ account_NN and_CC watch_VB it_PRP grow_VB ._. 
Now_RB ,_, investment_NN salesmen_NNS say_VBP it_PRP 's_VBZ time_NN to_TO take_VB some_DT risks_NNS if_IN you_PRP want_VBP the_DT kind_NN of_IN returns_NNS that_WDT will_MD buy_VB your_PRP$ toddler_NN a_DT ticket_NN to_TO Prestige_NNP U._NNP in_IN 18_CD years_NNS ._. 
In_IN short_JJ ,_, throw_VB away_RB the_DT passbook_NN and_CC go_VB for_IN the_DT glory_NN ._. 
The_DT reason_NN is_VBZ cost_NN ._. 
Nothing_NN in_IN the_DT annals_NNS of_IN tuition_NN readied_VBD parents_NNS for_IN the_DT 1980s_CD ._. 
Tuitions_NNS at_IN private_JJ colleges_NNS rose_VBD 154_CD %_NN in_IN the_DT 10_CD years_NNS ended_VBD in_IN June_NNP of_IN this_DT year_NN ;_: that_DT 's_VBZ twice_RB the_DT 77_CD %_NN increase_NN in_IN consumer_NN prices_NNS for_IN the_DT same_JJ period_NN ._. 
A_DT year_NN at_IN Harvard_NNP now_RB goes_VBZ for_IN $_$ 19,395_CD ._. 
By_IN 2007_CD ,_, when_WRB this_DT year_NN 's_POS newborns_NNS hit_VBD campus_NN ,_, a_DT four-year_JJ Ivy_NNP League_NNP sheepskin_NN will_MD cost_VB $_$ 300,000_CD ,_, give_VB or_CC take_VB a_DT few_JJ pizzas-with-everything_NNS at_IN exam_NN time_NN ._. 
Stanford_NNP ,_, MIT_NNP and_CC other_JJ utmosts_NNS will_MD cost_VB no_DT less_JJR ._. 
So_RB what_WP 's_VBZ a_DT parent_NN to_TO do_VB ?_. 
Some_DT investment_NN advisers_NNS are_VBP suggesting_VBG ,_, in_IN effect_NN ,_, a_DT bet_NN on_IN a_DT start-up_JJ investment_NN pool_NN --_: maybe_RB even_RB on_IN margin_NN ._. 
Others_NNS prefer_VBP deep-discount_JJ zero-coupon_JJ bonds_NNS ._. 
Still_JJ others_NNS say_VBP ,_, Why_WRB not_RB take_VB a_DT chance_NN on_IN a_DT high-octane_JJ growth_NN fund_NN ?_. 
``_`` You_PRP 're_VBP not_RB going_VBG to_TO make_VB it_PRP in_IN a_DT 5_NN %_NN bank_NN account_NN ,_, ''_'' says_VBZ James_NNP Riepe_NNP ,_, director_NN of_IN mutual_JJ funds_NNS at_IN T._NNP Rowe_NNP Price_NNP ._. 
To_TO get_VB the_DT necessary_JJ growth_NN ,_, adds_VBZ Murray_NNP Ruffel_NNP ,_, a_DT marketing_NN official_NN at_IN the_DT Financial_NNP Programs_NNS mutual-fund_JJ group_NN ,_, ``_`` you_PRP need_VBP to_TO go_VB to_TO the_DT stock_NN market_NN ._. ''_'' 
In_IN other_JJ words_NNS ,_, a_DT little_JJ volatility_NN never_RB hurt_VBD ._. 
It_PRP never_RB hurt_VBD anyone_NN ,_, that_DT is_VBZ ,_, unless_IN the_DT growth_NN funds_NNS do_VBP n't_RB grow_VB when_WRB you_PRP need_VBP them_PRP to_TO ._. 
Or_CC the_DT zero-coupon_JJ bonds_NNS turn_VBP out_IN not_RB to_TO have_VB been_VBN discounted_VBN deeply_RB enough_RB to_TO pay_VB your_PRP$ kid_NN 's_POS tuition_NN ._. 
That_DT 's_VBZ the_DT dilemma_NN for_IN today_NN 's_POS parent_NN ._. 
Although_IN many_JJ experts_NNS are_VBP advising_VBG risk_NN ,_, no_DT one_CD has_VBZ a_DT good_JJ answer_NN for_IN you_PRP if_IN the_DT risk_NN does_VBZ n't_RB pay_VB off_RB ._. 
Help_VB may_MD be_VB on_IN the_DT way_NN ._. 
The_DT antitrust_JJ division_NN of_IN the_DT Justice_NNP Department_NNP is_VBZ investigating_VBG the_DT oddly_RB similar_JJ tuition_NN charges_NNS and_CC increases_NNS among_IN the_DT top_JJ schools_NNS ._. 
Fear_NN of_IN the_DT price_NN police_NN could_MD help_VB cool_JJ things_NNS off_IN in_IN the_DT 1990s_CD ._. 
And_CC then_RB there_EX 's_VBZ always_RB State_NNP U_NNP ._. 
But_CC parents_NNS '_POS craving_NN for_IN a_DT top-rated_JJ education_NN for_IN their_PRP$ children_NNS is_VBZ growing_VBG like_IN their_PRP$ taste_NN for_IN fancy_JJ wheels_NNS and_CC vintage_JJ wine_NN ._. 
Belatedly_RB aware_JJ of_IN public_JJ concern_NN ,_, lawmakers_NNS and_CC financial_JJ middlemen_NNS are_VBP working_VBG overtime_NN to_TO create_VB and_CC sell_VB college_NN savings_NNS and_CC investment_NN schemes_NNS ._. 
Their_PRP$ message_NN ,_, explicit_JJ or_CC implicit_JJ ,_, is_VBZ that_IN a_DT good_JJ college_NN will_MD cost_VB so_RB much_JJ by_IN whenever_WRB you_PRP want_VBP it_PRP that_IN the_DT tried_VBN and_CC true_JJ wo_MD n't_RB do_VB anymore_RB ._. 
Forget_VB about_IN Treasury_NNP bills_NNS or_CC a_DT money-market_JJ fund_NN ._. 
The_DT latest_JJS wave_NN of_IN marketing_NN is_VBZ instructive_JJ ._. 
Several_JJ outfits_NN --_: including_VBG the_DT Financial_NNP Programs_NNS ,_, Franklin_NNP ,_, and_CC T._NNP Rowe_NNP Price_NNP mutual-fund_JJ groups_NNS and_CC the_DT Edward_NNP D._NNP Jones_NNP brokerage_NN house_NN --_: are_VBP advertising_VBG ``_`` college_NN planner_NN ''_'' tables_NNS and_CC charts_NNS that_WDT tell_VBP you_PRP how_WRB much_JJ you_PRP need_VBP to_TO put_VB aside_RB regularly_RB ._. 
The_DT calculations_NNS generally_RB rely_VBP on_IN an_DT after-tax_JJ rate_NN of_IN return_NN of_IN 8_CD %_NN annually_RB --_: a_DT rate_NN historically_RB obtainable_JJ by_IN the_DT individual_NN in_IN only_RB one_CD place_NN ,_, the_DT stock_NN market_NN ._. 
Most_JJS of_IN the_DT mailers_NNS are_VBP free_JJ ,_, but_CC Denver-based_NNP Financial_NNP Programs_NNS sells_VBZ ,_, for_IN $_$ 15_CD ,_, a_DT version_NN customized_VBN to_TO the_DT age_NN of_IN the_DT child_NN and_CC the_DT college_NN of_IN choice_NN ._. 
The_DT figures_NNS are_VBP shocking_JJ ._. 
To_TO build_VB a_DT nest_NN egg_NN that_WDT would_MD pay_VB for_IN Stanford_NNP when_WRB a_DT current_JJ first-grader_NN reaches_VBZ college_NN age_NN ,_, parents_NNS would_MD need_VB to_TO set_VB aside_RB $_$ 773.94_CD a_DT month_NN --_: for_IN 12_CD years_NNS ._. 
They_PRP can_MD cut_VB this_DT to_TO $_$ 691.09_CD a_DT month_NN if_IN the_DT investing_VBG keeps_VBZ up_IN through_IN college_NN ._. 
And_CC they_PRP can_MD further_VB reduce_VB the_DT monthly_JJ amount_NN if_IN they_PRP start_VBP saving_VBG earlier_RBR --_: when_WRB mother_NN and_CC child_NN come_VB home_NN from_IN the_DT hospital_NN ._. 
Plugging_VBG a_DT cheaper_JJR college_NN into_IN the_DT formulas_NNS still_RB does_VBZ n't_RB generate_VB an_DT installment_NN most_RBS people_NNS can_MD live_VB with_RB ._. 
Using_VBG a_DT recent_JJ average_JJ private-school_JJ cost_NN of_IN about_RB $_$ 12,500_CD a_DT year_NN ,_, T._NNP Rowe_NNP Price_NNP 's_POS planner_NN prescribes_VBZ $_$ 450_CD monthly_JJ if_IN the_DT plan_NN begins_VBZ when_WRB the_DT child_NN is_VBZ six_CD ._. 
Since_IN the_DT formula_NN assumes_VBZ an_DT 8_CD %_NN before-tax_JJ return_NN in_IN a_DT mutual_JJ fund_NN ,_, there_EX would_MD also_RB be_VB $_$ 16,500_CD in_IN taxes_NNS to_TO pay_VB over_IN the_DT 12_CD years_NNS ._. 
Not_RB everyone_NN is_VBZ so_RB pessimistic_JJ ._. 
``_`` People_NNS are_VBP basically_RB peddling_VBG a_DT lot_NN of_IN fear_NN ,_, ''_'' says_VBZ Arthur_NNP Hauptman_NNP ,_, a_DT consultant_NN to_TO the_DT American_NNP Council_NNP on_IN Education_NNP in_IN Washington_NNP ._. 
He_PRP takes_VBZ issue_NN with_IN projections_NNS that_WDT do_VBP n't_RB factor_VB in_IN students_NNS '_POS own_JJ contribution_NN ,_, which_WDT reduces_VBZ most_RBS parents_NNS '_POS burden_NN substantially_RB ._. 
Still_RB ,_, he_PRP says_VBZ ,_, ``_`` it_PRP 's_VBZ no_DT bad_JJ thing_NN ''_'' if_IN all_PDT the_DT marketing_NN prods_VBZ people_NNS into_IN putting_VBG aside_RB a_DT little_RB more_JJR ._. 
``_`` The_DT situation_NN you_PRP want_VBP to_TO avoid_VB is_VBZ having_VBG somebody_NN not_RB save_VB anything_NN and_CC hope_NN they_PRP 'll_MD be_VB able_JJ to_TO do_VB it_PRP out_IN of_IN current_JJ income_NN ,_, ''_'' he_PRP says_VBZ ._. 
``_`` That_DT 's_VBZ crazy_JJ ._. ''_'' 
His_PRP$ advice_NN :_: Do_VBP n't_RB panic_VB ._. 
Parents_NNS ,_, he_PRP says_VBZ ,_, should_MD aim_VB at_IN whatever_WDT regular_JJ investment_NN sum_NN they_PRP can_MD afford_VB ._. 
Half_NN the_DT amount_NN that_IN the_DT investment_NN tables_NNS suggest_VBP might_MD be_VB a_DT good_JJ goal_NN ,_, he_PRP adds_VBZ ._. 
That_DT way_NN ,_, parents_NNS will_MD reduce_VB borrowings_NNS and_CC outlays_NNS from_IN current_JJ income_NN when_WRB the_DT time_NN comes_VBZ to_TO pay_VB tuition_NN ._. 
Mr._NNP Hauptman_NNP reckons_VBZ that_IN the_DT best_JJS investment_NN choice_NN is_VBZ mutual_JJ funds_NNS because_IN they_PRP are_VBP managed_VBN and_CC over_IN time_NN have_VBP nearly_RB kept_VBN up_IN with_IN the_DT broad_JJ stock_NN averages_NNS ._. 
He_PRP favors_VBZ either_DT an_DT all-stock_JJ fund_NN or_CC a_DT balanced_JJ fund_NN that_IN mixes_VBZ both_DT stocks_NNS and_CC bonds_NNS ._. 
In_IN their_PRP$ anxiety_NN ,_, however_RB ,_, parents_NNS and_CC other_JJ student_NN benefactors_NNS are_VBP flocking_VBG to_TO new_JJ schemes_NNS ._. 
They_PRP have_VBP laid_VBN out_IN about_RB $_$ 1_CD billion_CD for_IN so-called_JJ baccalaureate_NN zero-coupon_JJ municipal_JJ bonds_NNS --_: so_RB far_RB offered_VBN by_IN Connecticut_NNP ,_, Illinois_NNP ,_, Virginia_NNP and_CC eight_CD other_JJ states_NNS ._. 
And_CC they_PRP have_VBP bought_VBN about_RB $_$ 500_CD million_CD in_IN prepaid-tuition_JJ plans_NNS ,_, offered_VBN in_IN Michigan_NNP ,_, Florida_NNP and_CC Wyoming_NNP ._. 
The_DT prepaid_JJ plans_NNS take_VBP payment_NN today_NN --_: usually_RB at_IN current_JJ tuitions_NNS or_CC at_IN a_DT slight_JJ discount_NN --_: for_IN a_DT promise_NN that_DT tuition_NN will_MD be_VB covered_VBN tomorrow_NN ._. 
The_DT baccalaureate_NN bonds_NNS --_: tax-free_JJ ,_, offered_VBN in_IN small_JJ denominations_NNS and_CC usually_RB containing_VBG a_DT provision_NN that_IN they_PRP wo_MD n't_RB be_VB called_VBN before_IN maturity_NN --_: seem_VB to_TO be_VB tailor-made_JJ for_IN college_NN savers_NNS ._. 
Like_IN other_JJ zeros_NNS ,_, they_PRP pay_VBP all_DT their_PRP$ interest_NN at_IN maturity_NN ,_, meaning_NN that_IN buyers_NNS can_MD time_VB things_NNS so_RB that_IN their_PRP$ bonds_NNS pay_VBP off_IN just_RB when_WRB Junior_JJ graduates_NNS from_IN high_JJ school_NN ._. 
Their_PRP$ compounding_NN effect_NN is_VBZ also_RB alluring_JJ ._. 
In_IN June_NNP ,_, Virginia_NNP sold_VBD bonds_NNS for_IN $_$ 268.98_CD that_WDT will_MD pay_VB $_$ 1,000_CD in_IN 2009_CD ._. 
But_CC Richard_NNP Anderson_NNP ,_, head_NN of_IN the_DT Forum_NNP for_IN College_NNP Financing_NNP Alternatives_NNP ,_, at_IN Columbia_NNP University_NNP ,_, a_DT research_NN group_NN partly_RB financed_VBD by_IN the_DT federal_JJ government_NN ,_, says_VBZ zeros_NNS are_VBP particularly_RB ill-suited_JJ ._. 
Their_PRP$ price_NN falls_VBZ further_JJ than_IN that_DT of_IN other_JJ bonds_NNS when_WRB inflation_NN and_CC interest_NN rates_NNS kick_VBP up_RB ._. 
That_DT wo_MD n't_RB matter_VB if_IN they_PRP are_VBP held_VBN to_TO maturity_NN ,_, but_CC if_IN ,_, for_IN any_DT reason_NN ,_, the_DT parents_NNS need_VBP to_TO sell_VB them_PRP before_IN then_RB ,_, there_EX could_MD be_VB a_DT severe_JJ loss_NN of_IN principal_NN ._. 
Had_VBD zeros_NNS been_VBN available_JJ in_IN 1972_CD and_CC had_VBD parents_NNS bought_VBD a_DT face_NN amount_NN equal_JJ to_TO four_CD years_NNS '_POS tuition_NN at_IN the_DT time_NN ,_, aiming_VBG for_IN their_PRP$ children_NNS 's_POS 1988_CD enrollment_NN ,_, they_PRP would_MD have_VB been_VBN left_VBN with_IN only_RB enough_RB to_TO pay_VB for_IN two_CD years_NNS ,_, Mr._NNP Anderson_NNP figures_VBZ ._. 
Most_JJS other_JJ bonds_NNS ,_, however_RB ,_, would_MD probably_RB not_RB have_VB fared_VBN much_RB better_JJR ._. 
The_DT prepaid_JJ plans_NNS may_MD be_VB a_DT good_JJ bet_NN ,_, provided_VBD the_DT guarantee_NN of_IN future_NN tuition_NN is_VBZ secure_VB ._. 
Issuing_VBG states_NNS generally_RB limit_VBP the_DT guarantees_NNS to_TO in-state_JJ institutions_NNS ,_, however_RB ,_, and_CC buyers_NNS get_VBP refunds_NNS without_IN much_JJ interest_NN if_IN the_DT children_NNS do_VBP n't_RB attend_VB the_DT specified_VBN schools_NNS ._. 
Two_CD private_JJ groups_NNS are_VBP seeking_VBG Securities_NNPS and_CC Exchange_NNP Commission_NNP approval_NN for_IN plans_NNS that_WDT could_MD be_VB more_RBR broadly_RB transferable_JJ ._. 
Mr._NNP Anderson_NNP wants_VBZ the_DT prestige_NN colleges_NNS to_TO sponsor_VB such_JJ a_DT plan_NN ._. 
The_DT issue_NN here_RB may_MD be_VB the_DT soundness_NN of_IN the_DT guarantee_NN ._. 
Prepayments_NNS ,_, much_JJ like_IN mutual-fund_JJ purchases_NNS ,_, are_VBP pooled_VBN for_IN investment_NN ._. 
Sponsors_NNS are_VBP naturally_RB counting_VBG on_IN their_PRP$ ability_NN to_TO keep_VB ahead_RB of_IN tuition_NN inflation_NN with_IN investment_NN returns_NNS ._. 
But_CC buyers_NNS are_VBP essentially_RB betting_VBG on_IN a_DT start-up_JJ investment_NN fund_NN with_IN no_DT track_NN record_NN --_: and_CC some_DT have_NN been_VBN encouraged_VBN to_TO borrow_VB to_TO do_VB so_RB ._. 
One_CD problem_NN is_VBZ that_IN the_DT Internal_NNP Revenue_NNP Service_NNP has_VBZ decided_VBN that_IN the_DT investment_NN earnings_NNS and_CC gains_NNS of_IN the_DT sponsors_NNS '_POS funds_NNS are_VBP taxable_JJ ._. 
The_DT colleges_NNS ,_, as_IN educational_JJ institutions_NNS ,_, had_VBD hoped_VBN that_WDT would_MD n't_RB be_VB the_DT case_NN ._. 
Based_VBN on_IN historical_JJ rates_NNS of_IN return_NN ,_, Mr._NNP Anderson_NNP reckons_VBZ a_DT 100_CD %_NN stock_NN portfolio_NN ,_, indexed_VBN to_TO the_DT market_NN ,_, would_MD have_VB kept_VBN up_IN with_IN tuition_NN and_CC taxes_NNS in_IN the_DT 20th_JJ century_NN ._. 
But_CC sponsors_NNS might_MD not_RB pick_VB the_DT stocks_NNS that_WDT will_MD match_VB the_DT market_NN ._. 
And_CC they_PRP 're_VBP leaning_VBG more_RBR toward_IN fixed_VBN income_NN ,_, whose_WP$ returns_NNS after_IN tax_NN have_VBP trailed_VBN tuition_NN increases_NNS ._. 
``_`` I_PRP 'm_VBP not_RB sure_JJ they_PRP 're_VBP going_VBG to_TO make_VB it_PRP work_VB ,_, ''_'' says_VBZ Mr._NNP Anderson_NNP ._. 
What_WP happens_VBZ if_IN the_DT sponsors_NNS do_VBP n't_RB have_VB the_DT cash_NN to_TO pay_VB the_DT tuitions_NNS ?_. 
Florida_NNP and_CC Wyoming_NNP have_VBP backed_VBN up_IN their_PRP$ guarantees_NNS with_IN the_DT full_JJ faith_NN and_CC credit_NN of_IN the_DT state_NN governments_NNS ,_, meaning_NN that_IN taxpayers_NNS will_MD pick_VB up_IN any_DT slack_NN ._. 
Not_RB so_RB Michigan_NNP ._. 
Its_PRP$ plan_NN is_VBZ set_VBN up_IN as_IN an_DT independent_JJ agency_NN ._. 
The_DT state_NN says_VBZ there_EX 's_VBZ no_DT worry_NN --_: investment_NN returns_NNS ,_, combined_VBN with_IN fees_NNS and_CC the_DT gains_NNS from_IN unused_JJ plans_NNS ,_, will_MD provide_VB all_PDT the_DT cash_NN it_PRP needs_VBZ ._. 
Mr._NNP Putka_NNP covers_VBZ education_NN from_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS Boston_NNP bureau_NN ._. 
If_IN you_PRP start_VBP saving_VBG for_IN your_PRP$ child_NN 's_POS eduction_NN on_IN Jan._NNP 1_CD ,_, 1990_CD ,_, here_RB 's_VBZ the_DT monthly_JJ sum_NN you_PRP will_MD need_VB to_TO invest_VB to_TO pay_VB for_IN four_CD years_NNS at_IN Yale_NNP ,_, Notre_NNP Dame_NNP and_CC University_NNP of_IN Minnesota_NNP ._. 
Figures_NNS assume_VBP a_DT 7_CD %_NN annual_JJ rise_NN in_IN tuition_NN ,_, fees_NNS ,_, room_NN and_CC board_NN and_CC an_DT 8_CD %_NN annual_JJ investment_NN return_NN ._. 
Note_VB :_: These_DT figures_NNS are_VBP only_RB for_IN mandatory_JJ charges_NNS and_CC do_VBP n't_RB include_VB books_NNS ,_, transportation_NN etc_FW ._. 
\*_SYM For_IN in-state_JJ students_NNS 
Source_NN :_: PaineWebber_NNP Inc_NNP ._. 
AMONG_IN THE_DT CATFISH_NNS farmers_NNS in_IN the_DT watery_JJ delta_NN land_NN of_IN Humphreys_NNP County_NNP ,_, Miss._NNP ,_, Allen_NNP D._NNP Tharp_NNP of_IN Isola_NNP was_VBD one_CD of_IN the_DT best_RBS known_VBN and_CC most_RBS enterprising_JJ ._. 
He_PRP sold_VBD quarter-inch_JJ fingerlings_NNS to_TO stock_VB other_JJ farmers_NNS '_POS ponds_NNS ,_, and_CC he_PRP bought_VBD back_RB one-pound-or-so_JJ food-fish_NNS that_IN he_PRP ``_`` live-hauled_VBD ''_'' to_TO market_VB along_IN with_IN his_PRP$ own_JJ whiskery_JJ crop_NN ._. 
And_CC he_PRP nearly_RB always_RB bought_VBD and_CC sold_VBN for_IN cash_NN ._. 
Along_IN the_DT way_NN ,_, Mr._NNP Tharp_NNP omitted_VBD a_DT total_NN of_IN $_$ 1.5_CD million_CD from_IN his_PRP$ receipts_NNS reported_VBD on_IN federal_JJ tax_NN returns_NNS for_IN three_CD years_NNS ._. 
The_DT returns_NNS landed_VBD in_IN the_DT hands_NNS of_IN an_DT Internal_NNP Revenue_NNP Service_NNP criminal_JJ investigator_NN ,_, Samuel_NNP James_NNP Baker_NNP ._. 
Mr._NNP Baker_NNP interviewed_VBD or_CC wrote_VBD to_TO hundreds_NNS of_IN catfish_NN farmers_NNS ,_, live-haulers_NNS and_CC processors_NNS throughout_IN the_DT South_NNP before_IN coming_VBG up_IN with_IN detailed_VBN estimates_NNS of_IN purchases_NNS and_CC sales_NNS ,_, in_IN pounds_NNS and_CC dollars_NNS ,_, by_IN Mr._NNP Tharp_NNP and_CC others_NNS ._. 
Unknown_JJ to_TO Mr._NNP Tharp_NNP ,_, he_PRP had_VBD fouled_VBN his_PRP$ net_JJ on_IN a_DT special_JJ IRS_NNP project_NN to_TO catch_VB catfish_NN farmers_NNS and_CC haulers_NNS inclined_VBN to_TO cheat_VB on_IN their_PRP$ taxes_NNS ._. 
Confronted_VBN with_IN the_DT evidence_NN ,_, Mr._NNP Tharp_NNP pleaded_VBD guilty_JJ to_TO one_CD charge_NN of_IN filing_VBG a_DT false_JJ return_NN and_CC was_VBD fined_VBN $_$ 5,000_CD and_CC sentenced_VBN to_TO 18_CD months_NNS in_IN prison_NN ._. 
He_PRP also_RB owes_VBZ a_DT lot_NN of_IN back_RB taxes_VBZ ,_, interest_NN and_CC civil_JJ fraud_NN penalties_NNS ._. 
A_DT lot_NN of_IN taxpayers_NNS out_IN there_EX are_VBP n't_RB as_RB paranoid_JJ as_IN one_PRP might_MD think_VB ._. 
Federal_NNP and_CC state_NN tax_NN enforcers_NNS develop_VBP many_JJ group_NN targets_NNS for_IN investigation_NN ,_, on_IN the_DT basis_NN of_IN occupation_NN ,_, high_JJ income_NN ,_, type_NN of_IN income_NN ,_, or_CC some_DT other_JJ characteristic_JJ that_WDT may_MD signal_VB an_DT opportunity_NN or_CC tendency_NN to_TO hide_VB income_NN or_CC exaggerate_VB deductions_NNS ._. 
Many_JJ professions_NNS long_JJ have_NN seemed_VBN to_TO be_VB targets_NNS because_IN of_IN the_DT exotic_JJ or_CC ludicrous_JJ efforts_NNS of_IN some_DT members_NNS to_TO offset_VB high_JJ income_NN with_IN fake_JJ losses_NNS from_IN phony_JJ tax_NN shelters_NNS :_: dentists_NNS who_WP invested_VBD in_IN dubiously_RB dubbed_VBN foreign_JJ films_NNS or_CC airline_NN pilots_NNS who_WP raised_VBD racehorses_NNS on_IN their_PRP$ days_NNS off_RB ._. 
Mail-order_NN ministers_NNS have_VBP been_VBN squelched_VBN ._. 
Now_RB ,_, television_NN and_CC radio_NN evangelists_NNS are_VBP under_IN scrutiny_NN ._. 
The_DT IRS_NNP recently_RB won_VBD part_NN of_IN its_PRP$ long-running_JJ battle_NN with_IN the_DT Church_NNP of_IN Scientology_NNP over_IN exemptions_NNS when_WRB the_DT U.S._NNP Supreme_NNP Court_NNP held_VBD that_IN members_NNS '_POS payments_NNS to_TO the_DT church_NN were_VBD n't_RB deductible_JJ because_IN the_DT members_NNS received_VBD services_NNS in_IN return_NN ._. 
IRS_NNP statistics_NNS show_VBP that_IN the_DT more_RBR persistent_JJ hiders_NNS of_IN income_NN among_IN sole_JJ proprietors_NNS of_IN businesses_NNS include_VBP used-car_NN dealers_NNS ,_, entertainment_NN producers_NNS ,_, masons_NNS ,_, roofers_NNS ,_, and_CC taxi_NN owners_NNS ._. 
Small_JJ businesses_NNS in_IN general_JJ account_NN for_IN almost_RB 40_CD %_NN of_IN unreported_JJ personal_JJ income_NN ,_, the_DT IRS_NNP has_VBZ said_VBD ._. 
Once_RB such_JJ abuses_NNS become_VBP so_RB pervasive_JJ ,_, the_DT IRS_NNP builds_VBZ another_DT factor_NN into_IN its_PRP$ secret_JJ computer_NN formula_NN for_IN selecting_VBG returns_NNS for_IN audit_NN and_CC does_VBZ n't_RB need_VB special_JJ projects_NNS for_IN them_PRP ._. 
San_NNP Franciscans_NNP have_VBP a_DT much_RB higher_JJR incidence_NN of_IN audits_NN than_IN average_JJ because_IN more_JJR of_IN them_PRP score_VBP high_JJ under_IN that_DT formula_NN ,_, not_RB because_IN IRS_NNP agents_NNS envy_VBP their_PRP$ life_NN styles_NNS ._. 
Many_JJ openings_NNS for_IN mass_NN cheating_NN ,_, such_JJ as_IN questionable_JJ tax_NN shelters_NNS and_CC home_NN offices_NNS ,_, have_VBP gaped_VBN so_RB broadly_RB that_IN Congress_NNP has_VBZ passed_VBN stringent_JJ laws_NNS to_TO close_VB them_PRP ._. 
Deductions_NNS of_IN charitable_JJ gifts_NNS of_IN highly_RB valued_VBN art_NN now_RB must_MD be_VB accompanied_VBN by_IN appraisals_NNS ._. 
And_CC laws_NNS requiring_VBG the_DT reporting_NN of_IN more_JJR varieties_NNS of_IN transactions_NNS have_VBP enabled_VBN the_DT IRS_NNP to_TO rely_VB on_IN computers_NNS to_TO ferret_VB out_RP discrepancies_NNS with_IN returns_NNS and_CC to_TO generate_VB form-letter_JJ inquiries_NNS to_TO taxpayers_NNS ._. 
Unreported_JJ alimony_NN income_NN can_MD be_VB spotted_VBN by_IN computer_NN because_IN a_DT payer_NN of_IN alimony_NN -LRB-_( who_WP gets_VBZ a_DT deduction_NN -RRB-_) must_MD report_VB the_DT former_JJ spouse_NN 's_POS Social_NNP Security_NNP number_NN ._. 
Passport_NN applicants_NNS now_RB must_MD give_VB Social_NNP Security_NNP numbers_NNS ,_, enabling_VBG the_DT IRS_NNP to_TO see_VB whether_IN Americans_NNPS living_VBG abroad_RB are_VBP filing_VBG required_VBN U.S._NNP returns_NNS ._. 
But_CC while_IN IRS_NNP computers_NNS focus_VBP routinely_RB on_IN target_NN groups_NNS like_IN these_DT ,_, the_DT agency_NN has_VBZ assigned_VBN many_JJ agents_NNS to_TO special_JJ projects_NNS that_WDT need_VBP more_RBR personal_JJ attention_NN ._. 
In_IN most_RBS cases_NNS ,_, the_DT IRS_NNP says_VBZ ,_, these_DT projects_NNS are_VBP local_JJ or_CC regional_JJ ,_, rather_RB than_IN national_JJ ,_, and_CC arise_VB because_IN auditors_NNS in_IN an_DT area_NN detect_VB some_DT pattern_NN of_IN abuse_NN among_IN ,_, say_VBP ,_, factory_NN workers_NNS claiming_VBG that_IN having_VBG a_DT multitude_NN of_IN dependents_NNS frees_VBZ them_PRP from_IN tax_NN withholding_NN or_CC yacht_NN owners_NNS deducting_VBG losses_NNS from_IN sideline_NN charter_NN businesses_NNS ._. 
The_DT national_JJ office_NN currently_RB has_VBZ 21_CD noncriminal_JJ audit_NN projects_NNS ,_, according_VBG to_TO Marshall_NNP V._NNP Washburn_NNP ,_, deputy_NN assistant_NN commissioner_NN for_IN examination_NN ._. 
Auditors_NNS involved_VBN in_IN noncriminal_JJ projects_NNS ca_MD n't_RB send_VB anyone_NN to_TO jail_VB ,_, but_CC they_PRP can_MD make_VB life_NN miserable_JJ in_IN other_JJ ways_NNS --_: for_IN one_CD ,_, by_IN imposing_VBG some_DT of_IN the_DT 150_CD different_JJ civil_JJ penalties_NNS for_IN negligence_NN ,_, failure_NN to_TO file_VB a_DT return_NN ,_, and_CC the_DT like_NN ._. 
The_DT targeted_VBN audit_NN groups_NNS include_VBP direct_JJ sellers_NNS --_: people_NNS who_WP sell_VBP cosmetics_NNS ,_, housewares_NNS and_CC other_JJ items_NNS door_NN to_TO door_NN or_CC at_IN home_NN parties_NNS --_: and_CC employers_NNS who_WP label_VBP workers_NNS as_IN independent_JJ contractors_NNS instead_RB of_IN employees_NNS ,_, to_TO avoid_VB the_DT employer_NN share_NN of_IN payroll_NN taxes_NNS ._. 
Other_JJ projects_NNS look_VBP for_IN offenders_NNS among_IN waiters_NNS who_WP get_VBP cash_NN tips_NNS ,_, people_NNS who_WP engage_VBP in_IN large_JJ cash_NN transactions_NNS ,_, and_CC people_NNS whose_WP$ returns_NNS show_VBP they_PRP sold_VBD a_DT home_NN for_IN a_DT profit_NN without_IN reinvesting_VBG the_DT capital_NN gain_NN in_IN another_DT home_NN by_IN the_DT end_NN of_IN the_DT same_JJ year_NN ;_: the_DT gain_NN must_MD be_VB rolled_VBN over_IN within_IN two_CD years_NNS to_TO defer_VB tax_NN ._. 
And_CC now_RB that_IN returns_NNS must_MD show_VB dependents_NNS '_POS Social_NNP Security_NNP numbers_NNS ,_, the_DT IRS_NNP wants_VBZ to_TO see_VB which_WDT dependents_NNS show_VBP up_IN on_IN more_JJR than_IN one_CD return_NN --_: and_CC which_WDT dependents_NNS turn_VBP out_IN to_TO be_VB deceased_JJ ._. 
Impetus_NN for_IN the_DT direct-seller_NN project_NN came_VBD from_IN a_DT congressional_JJ hearing_VBG some_DT years_NNS back_RB ._. 
It_PRP prompted_VBD an_DT IRS_NNP study_NN that_WDT found_VBD many_JJ sellers_NNS were_VBD concealing_VBG income_NN and_CC treating_VBG large_JJ amounts_NNS of_IN nondeductible_JJ travel_NN and_CC other_JJ personal_JJ expenses_NNS as_IN business_NN costs_NNS ,_, Mr._NNP Washburn_NNP says_VBZ ._. 
The_DT study_NN provided_VBD criteria_NNS for_IN singling_VBG out_RP returns_NNS of_IN ``_`` potentially_RB noncompliant_JJ ''_'' taxpayers_NNS who_WP report_VBP low_JJ income_NN and_CC large_JJ expenses_NNS from_IN a_DT part-time_JJ business_NN ._. 
The_DT Tax_NNP Court_NNP recently_RB denied_VBD business_NN deductions_NNS by_IN Mr._NNP and_CC Mrs._NNP Peter_NNP S._NNP Rubin_NNP of_IN Cherry_NNP Hill_NNP ,_, N.J._NNP ,_, who_WP both_DT were_VBD part-time_JJ distributors_NNS of_IN Amway_NNP products_NNS in_IN addition_NN to_TO their_PRP$ regular_JJ jobs_NNS as_IN sales_NNS people_NNS in_IN other_JJ fields_NNS ._. 
For_IN 1984_CD ,_, they_PRP reported_VBD gross_JJ income_NN of_IN $_$ 1,647_CD from_IN Amway_NNP sales_NNS ,_, offset_VB by_IN expenses_NNS totaling_VBG $_$ 16,746_CD --_: including_VBG car_NN costs_NNS of_IN $_$ 6,805_CD and_CC travel_NN and_CC entertainment_NN costs_NNS of_IN $_$ 5,088_CD ._. 
The_DT Tax_NNP Court_NNP did_VBD n't_RB believe_VB that_IN the_DT Rubins_NNS ,_, who_WP earned_VBD $_$ 65,619_CD in_IN their_PRP$ regular_JJ jobs_NNS ,_, treated_VBD the_DT sideline_NN as_IN a_DT real_JJ business_NN and_CC derived_VBN ``_`` merely_RB incidental_JJ elements_NNS of_IN recreation_NN and_CC other_JJ personal_JJ pleasure_NN and_CC benefits_NNS ''_'' from_IN it_PRP ._. 
The_DT Direct_JJ Selling_NNP Association_NNP ,_, a_DT trade_NN group_NN ,_, points_VBZ out_IN that_IN its_PRP$ members_NNS ,_, which_WDT include_VBP Amway_NNP Corp._NNP ,_, cooperate_VB with_IN the_DT IRS_NNP to_TO distribute_VB tax-compliance_NN material_NN to_TO sales_NNS people_NNS and_CC are_VBP helping_VBG to_TO prepare_VB a_DT public-service_JJ television_NN program_NN on_IN the_DT subject_NN ._. 
The_DT independent-contractor_JJ project_NN ,_, which_WDT began_VBD in_IN 1988_CD ,_, involves_VBZ about_IN 350_CD IRS_NNP agents_NNS ._. 
In_IN the_DT fiscal_JJ nine_CD months_NNS ended_VBD June_NNP 30_CD ,_, reports_NNS Raymond_NNP P._NNP Keenan_NNP ,_, assistant_NN commissioner_NN for_IN collection_NN ,_, they_PRP examined_VBD about_IN 13,000_CD employers_NNS ,_, assessed_VBN more_JJR than_IN $_$ 67_CD million_CD in_IN delinquent_JJ employment_NN taxes_NNS ,_, and_CC reclassified_VBD about_IN 56,000_CD workers_NNS as_IN employees_NNS instead_RB of_IN self-employed_JJ contractors_NNS ._. 
The_DT number_NN of_IN misclassified_VBN workers_NNS may_MD be_VB in_IN the_DT millions_NNS ,_, mostly_RB paid_VBN by_IN small_JJ firms_NNS ._. 
Many_JJ workers_NNS ,_, especially_RB professionals_NNS ,_, want_VBP to_TO remain_VB independent_JJ to_TO avoid_VB tax_NN withholding_NN and_CC to_TO continue_VB to_TO deduct_VB many_JJ expenses_NNS that_IN employees_NNS ca_MD n't_RB ._. 
But_CC many_JJ others_NNS ,_, who_WP want_VBP to_TO qualify_VB for_IN employee_NN benefits_NNS and_CC unemployment_NN compensation_NN ,_, become_VB tipsters_NNS for_IN the_DT IRS_NNP ,_, says_VBZ Jerry_NNP Lackey_NNP ,_, who_WP manages_VBZ the_DT IRS_NNP project_NN 's_POS force_NN of_IN nine_CD agents_NNS in_IN north_RB and_CC central_JJ Florida_NNP from_IN Orlando_NNP ._. 
Firms_NNS that_WDT are_VBP paying_VBG employment_NN taxes_NNS also_RB provide_VBP leads_VBZ to_TO competitors_NNS that_WDT are_VBP n't_RB ,_, he_PRP says_VBZ ._. 
In_IN his_PRP$ area_NN ,_, Mr._NNP Lackey_NNP continues_VBZ ,_, the_DT miscreant_JJ employers_NNS most_RBS commonly_RB are_VBP in_IN construction_NN --_: doing_VBG framing_NN ,_, drywall_NN ,_, masonry_NN and_CC similar_JJ work_NN ._. 
But_CC a_DT medical_JJ clinic_NN with_IN about_IN 20_CD employees_NNS wrongly_RB listed_VBN all_DT of_IN them_PRP --_: including_VBG physicians_NNS and_CC receptionists_NNS --_: as_IN independent_JJ contractors_NNS ._. 
The_DT IRS_NNP assessed_VBD the_DT clinic_NN $_$ 350,000_CD in_IN back_JJ payroll_NN taxes_NNS ._. 
It_PRP assessed_VBD nearly_RB $_$ 500,000_CD against_IN a_DT cruise-ship_NN company_NN that_WDT carried_VBD about_IN 100_CD deckhands_NNS ,_, cooks_NNS ,_, bartenders_NNS ,_, entertainers_NNS and_CC other_JJ employees_NNS as_IN self-employed_JJ independents_NNS ._. 
Revenue-short_JJ states_NNS also_RB are_VBP becoming_VBG more_RBR aggressive_JJ pursuers_NNS of_IN tax_NN delinquents_NNS ,_, and_CC perhaps_RB none_NN tracks_VBZ them_PRP down_RB with_IN more_JJR relish_NN than_IN does_VBZ New_NNP York_NNP since_IN it_PRP acquired_VBD an_DT $_$ 80_CD million_CD computer_NN system_NN in_IN 1985_CD ._. 
The_DT state_NN 's_POS tax_NN enforcers_NNS have_VBP amassed_VBN data_NNS bases_NNS from_IN other_JJ New_NNP York_NNP agencies_NNS that_WDT license_VBP or_CC register_VB professionals_NNS and_CC businesses_NNS ;_: from_IN exchange_NN agreements_NNS with_IN the_DT IRS_NNP ,_, 24_CD other_JJ states_NNS ,_, and_CC two_CD Canadian_JJ provinces_NNS ,_, and_CC even_RB from_IN phonebook_NN Yellow_NNP Pages_NNPS ._. 
Thus_RB armed_VBN for_IN massive_JJ matching_NN of_IN documents_NNS by_IN computer_NN ,_, they_PRP single_JJ out_RP high-income_JJ groups_NNS ,_, looking_VBG primarily_RB for_IN people_NNS who_WP have_VBP n't_RB filed_VBN New_NNP York_NNP income-tax_NN returns_NNS ._. 
The_DT state_NN has_VBZ combed_VBN through_IN records_NNS relating_VBG to_TO architects_NNS ,_, stockbrokers_NNS ,_, lawyers_NNS in_IN the_DT New_NNP York_NNP City_NNP area_NN ,_, construction_NN workers_NNS from_IN out_IN of_IN the_DT state_NN ,_, and_CC homeowners_NNS who_WP claim_VBP to_TO be_VB residents_NNS of_IN other_JJ states_NNS --_: especially_RB Florida_NNP ,_, which_WDT has_VBZ no_DT personal_JJ income_NN tax_NN ._. 
Soon_RB to_TO feel_VB the_DT glare_NN of_IN attention_NN are_VBP lawyers_NNS elsewhere_RB in_IN the_DT state_NN ,_, doctors_NNS ,_, dentists_NNS ,_, and_CC accountants_NNS ,_, says_VBZ Frederick_NNP G._NNP Hicks_NNP ,_, director_NN of_IN the_DT tax-department_JJ division_NN that_WDT develops_VBZ the_DT computer-matching_JJ programs_NNS ._. 
The_DT department_NN has_VBZ collected_VBN over_IN $_$ 6.5_CD million_CD from_IN brokers_NNS so_RB far_RB and_CC recommended_VBD more_JJR than_IN 30_CD of_IN them_PRP for_IN criminal_JJ prosecution_NN ._. 
In_IN the_DT early_JJ stage_NN of_IN checking_VBG people_NNS with_IN incomes_NNS exceeding_VBG $_$ 500,000_CD who_WP were_VBD filing_VBG nonresident_JJ returns_NNS ,_, it_PRP squeezed_VBD $_$ 7.5_CD million_CD out_IN of_IN a_DT man_NN who_WP was_VBD posing_VBG as_IN a_DT Florida_NNP resident_NN ._. 
``_`` We_PRP think_VBP we_PRP can_MD reclaim_VB hundreds_NNS of_IN millions_NNS of_IN dollars_NNS just_RB through_IN the_DT nonresident_JJ project_NN ,_, ''_'' Mr._NNP Hicks_NNP declares_VBZ ._. 
Mr._NNP Schmedel_NNP is_VBZ editor_NN of_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS Tax_NNP Report_NNP column_NN ._. 
In_IN finding_VBG ``_`` good_JJ news_NN ''_'' in_IN Berkeley_NNP 's_POS new_JJ freshman_NN admissions_NNS plan_VBP -LRB-_( ``_`` The_DT Privileged_NNP Class_NNP ,_, ''_'' editorial_NN ,_, Sept._NNP 20_CD -RRB-_) ,_, you_PRP 're_VBP reading_VBG the_DT headline_NN but_CC not_RB the_DT story_NN ._. 
The_DT plan_NN indeed_RB raises_VBZ from_IN 40_CD %_NN to_TO 50_CD %_NN the_DT number_NN of_IN freshmen_NNS applicants_NNS admitted_VBD strictly_RB by_IN academic_JJ criteria_NNS ._. 
But_CC that_DT does_VBZ n't_RB mean_VB ``_`` half_NN of_IN the_DT students_NNS attending_VBG Berkeley_NNP ''_'' will_MD be_VB admitted_VBN this_DT way_NN ._. 
The_DT plan_NN is_VBZ talking_VBG about_IN applicants_NNS admitted_VBD ,_, not_RB students_NNS who_WP enroll_VBP ._. 
Since_IN the_DT ``_`` yield_NN ''_'' from_IN this_DT top_JJ slice_NN of_IN applicants_NNS is_VBZ relatively_RB low_JJ ,_, boosting_VBG admits_VBZ from_IN 40_CD %_NN to_TO 50_CD %_NN will_MD boost_VB registrants_NNS from_IN about_IN 31_CD %_NN to_TO 38_CD %_NN of_IN the_DT class_NN ._. 
In_IN addition_NN ,_, perhaps_RB 5_VBP %_NN of_IN registrants_NNS will_MD come_VB from_IN a_DT new_JJ category_NN consisting_VBG of_IN applicants_NNS whose_WP$ academic_JJ credentials_NNS ``_`` narrowly_RB missed_VBD ''_'' gaining_VBG them_PRP admission_NN in_IN the_DT first_JJ category_NN ._. 
But_CC against_IN that_DT combined_VBD increase_NN of_IN 12_CD %_NN in_IN students_NNS chosen_VBN by_IN academic_JJ criteria_NNS ,_, the_DT plan_NN eliminates_VBZ a_DT large_JJ category_NN in_IN which_WDT admissions_NNS now_RB are_VBP based_VBN on_IN grades_NNS ,_, test_NN scores_NNS and_CC ``_`` supplemental_JJ points_NNS ''_'' for_IN factors_NNS such_JJ as_IN high-school_NN curriculum_NN ,_, English-language_JJ proficiency_NN and_CC an_DT essay_NN ._. 
This_DT category_NN now_RB accounts_VBZ for_IN about_IN 19_CD %_NN of_IN admits_VBZ and_CC 22_CD %_NN of_IN registrants_NNS ._. 
The_DT plan_NN thus_RB will_MD decrease_VB by_IN 22_CD %_NN ,_, for_IN a_DT net_JJ loss_NN of_IN 10_CD %_NN ,_, the_DT number_NN of_IN students_NNS admitted_VBD primarily_RB by_IN academic_JJ criteria_NNS ._. 
Who_WP will_MD take_VB over_IN these_DT places_NNS ?_. 
The_DT plan_NN creates_VBZ a_DT new_JJ category_NN of_IN students_NNS from_IN ``_`` socioeconomically_RB disadvantaged_JJ backgrounds_NNS ,_, ''_'' a_DT concept_NN not_RB yet_RB defined_VBN ,_, and_CC gives_VBZ them_PRP about_IN 10_CD %_NN of_IN the_DT class_NN ._. 
One_CD of_IN the_DT plan_NN 's_POS authors_NNS has_VBZ defended_VBN the_DT ``_`` socioeconomic_JJ disadvantage_NN ''_'' category_NN as_IN perhaps_RB making_VBG more_JJR sense_NN than_IN the_DT current_JJ affirmative-action_NN preferences_NNS based_VBN on_IN race_NN ._. 
Perhaps_RB it_PRP does_VBZ ._. 
But_CC the_DT new_JJ category_NN does_VBZ not_RB replace_VB or_CC reduce_VB Berkeley_NNP 's_POS broad_JJ racial_JJ preferences_NNS ._. 
Nor_CC will_MD students_NNS from_IN racial-minority_JJ groups_NNS who_WP are_VBP admitted_VBN through_IN the_DT new_JJ category_NN be_VB counted_VBN against_IN the_DT affirmative-action_NN ``_`` target_NN ''_'' for_IN their_PRP$ group_NN ._. 
The_DT plan_NN thus_RB places_VBZ a_DT large_JJ new_JJ affirmative-action_NN program_NN ,_, based_VBN on_IN ``_`` socioeconomic_JJ disadvantage_NN ,_, ''_'' on_IN top_NN of_IN the_DT existing_VBG program_NN based_VBN on_IN race_NN ._. 
The_DT role_NN of_IN academic_JJ criteria_NNS in_IN choosing_VBG Berkeley_NNP 's_POS freshmen_NNS can_MD only_RB decline_VB as_IN a_DT result_NN ._. 
Stephen_NNP R._NNP Barnett_NNP Professor_NNP of_IN Law_NNP University_NNP of_IN California_NNP Berkeley_NNP ,_, Calif_NNP ._. 
FOR_IN THOSE_DT WHO_WP DELIGHT_VBP in_IN the_DT misfortune_NN of_IN others_NNS ,_, read_VB on_RB ._. 
This_DT is_VBZ a_DT story_NN about_IN suckers_NNS ._. 
Most_JJS of_IN us_PRP know_VBP a_DT sucker_NN ._. 
Many_JJ of_IN us_PRP are_VBP suckers_NNS ._. 
But_CC what_WP we_PRP may_MD not_RB know_VB is_VBZ just_RB what_WP makes_VBZ somebody_NN a_DT sucker_NN ._. 
What_WP makes_VBZ people_NNS blurt_VBP out_IN their_PRP$ credit-card_NN numbers_NNS to_TO a_DT caller_NN they_PRP 've_VBP never_RB heard_VBN of_RB ?_. 
Do_VBP they_PRP really_RB believe_VBP that_IN the_DT number_NN is_VBZ just_RB for_IN verification_NN and_CC is_VBZ simply_RB a_DT formality_NN on_IN the_DT road_NN to_TO being_VBG a_DT grand-prize_NN winner_NN ?_. 
What_WP makes_VBZ a_DT person_NN buy_NN an_DT oil_NN well_RB from_IN some_DT stranger_NN knocking_VBG on_IN the_DT screen_NN door_NN ?_. 
Or_CC an_DT interest_NN in_IN a_DT retirement_NN community_NN in_IN Nevada_NNP that_WDT will_MD knock_VB your_PRP$ socks_NNS off_IN ,_, once_RB it_PRP is_VBZ built_VBN ?_. 
Because_IN in_IN the_DT end_NN ,_, these_DT people_NNS always_RB wind_VBP up_IN asking_VBG themselves_PRP the_DT same_JJ question_NN :_: ``_`` How_WRB could_MD I_PRP be_VB so_RB stupid_JJ ?_. ''_'' 
There_EX are_VBP ,_, unfortunately_RB ,_, plenty_NN of_IN answers_NNS to_TO that_DT question_NN --_: and_CC scam_NN artists_NNS know_VBP all_DT of_IN them_PRP ._. 
``_`` These_DT people_NNS are_VBP very_RB skilled_JJ at_IN finding_VBG out_IN what_WP makes_VBZ a_DT person_NN tick_NN ,_, ''_'' says_VBZ Kent_NNP Neal_NNP ,_, chief_NN of_IN the_DT economic-crime_JJ unit_NN of_IN the_DT Broward_NNP County_NNP State_NNP Attorney_NNP 's_POS Office_NNP in_IN Fort_NNP Lauderdale_NNP ,_, Fla._NNP ,_, a_DT major_JJ haven_NN for_IN boiler_NN rooms_NNS ._. 
``_`` Once_RB they_PRP size_VBP them_PRP up_IN ,_, then_RB they_PRP know_VBP what_WP buttons_NNS to_TO push_VB ._. ''_'' 
John_NNP Blodgett_NNP agrees_VBZ --_: and_CC he_PRP ought_MD to_TO know_VB ._. 
He_PRP used_VBD to_TO be_VB a_DT boiler-room_NN salesman_NN ,_, peddling_VBG investments_NNS in_IN oil_NN and_CC gas_NN wells_NNS and_CC rare_JJ coins_NNS ._. 
``_`` There_EX 's_VBZ a_DT definite_JJ psychology_NN of_IN the_DT sale_NN and_CC different_JJ personalities_NNS you_PRP pitch_VBP different_JJ ways_NNS ,_, ''_'' he_PRP says_VBZ ._. 
The_DT most_RBS obvious_JJ pitch_NN ,_, of_IN course_NN ,_, is_VBZ the_DT lure_NN of_IN big_JJ returns_NNS ._. 
``_`` We_PRP 're_VBP all_PDT a_DT little_JJ greedy_JJ ._. 
Everyone_NN is_VBZ vulnerable_JJ ,_, ''_'' says_VBZ Charles_NNP Harper_NNP ,_, associate_JJ regional_JJ administrator_NN for_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP in_IN Miami_NNP ._. 
``_`` These_DT guys_NNS prey_VBP on_IN human_JJ frailties_NNS ._. ''_'' 
While_IN the_DT promises_NNS of_IN big_JJ profits_NNS ought_MD to_TO set_VB off_IN warning_NN bells_NNS ,_, they_PRP often_RB do_VBP n't_RB ,_, in_IN part_NN because_IN get-rich-quick_JJ tales_NNS have_VBP become_VBN embedded_VBN in_IN American_JJ folklore_NN ._. 
``_`` The_DT overnight_JJ success_NN story_NN is_VBZ part_NN of_IN our_PRP$ culture_NN ,_, and_CC our_PRP$ society_NN puts_VBZ an_DT emphasis_NN on_IN it_PRP with_IN lotteries_NNS and_CC Ed_NNP McMahon_NNP making_VBG millionaires_NNS out_IN of_IN people_NNS ,_, ''_'' says_VBZ Michael_NNP Cunningham_NNP ,_, an_DT associate_JJ professor_NN of_IN psychology_NN at_IN the_DT University_NNP of_IN Kentucky_NNP in_IN Louisville_NNP ._. 
``_`` Other_JJ people_NNS are_VBP making_VBG it_PRP overnight_JJ ,_, and_CC the_DT rest_NN who_WP toil_VBP daily_JJ do_NN n't_RB want_VB to_TO miss_VB that_DT opportunity_NN when_WRB it_PRP seems_VBZ to_TO come_VB along_IN ._. ''_'' 
Adds_VBZ Spencer_NNP Barasch_NNP ,_, branch_NN chief_NN for_IN enforcement_NN at_IN the_DT SEC_NNP in_IN Fort_NNP Worth_NNP ,_, Texas_NNP :_: ``_`` Why_WRB do_VBP people_NNS play_VB the_DT lottery_NN when_WRB the_DT odds_NNS are_VBP great_JJ against_IN them_PRP ?_. 
People_NNS are_VBP shooting_VBG for_IN a_DT dream_NN ._. ''_'' 
Clearly_RB ,_, though_RB ,_, scam_NN artists_NNS have_VBP to_TO be_VB a_DT bit_NN more_RBR subtle_JJ than_IN simply_RB promising_JJ millions_NNS ;_: the_DT psychology_NN of_IN suckers_NNS is_VBZ n't_RB simply_RB the_DT psychology_NN of_IN the_DT greedy_JJ ._. 
There_EX 's_VBZ also_RB ,_, for_IN instance_NN ,_, the_DT need_NN to_TO be_VB part_NN of_IN the_DT in-crowd_NN ._. 
So_RB one_CD popular_JJ ploy_NN is_VBZ to_TO make_VB a_DT prospective_JJ investor_NN feel_NN like_IN an_DT insider_NN ,_, joining_VBG an_DT exclusive_JJ group_NN that_WDT is_VBZ about_IN to_TO make_VB a_DT killing_NN ._. 
Between_IN 1978_CD and_CC 1987_CD ,_, for_IN instance_NN ,_, SH_NNP Oil_NNP in_IN Winter_NNP Haven_NNP ,_, Fla._NNP ,_, sold_VBN interests_NNS in_IN oil_NN wells_NNS to_TO a_DT very_RB select_VB group_NN of_IN local_JJ residents_NNS ,_, while_IN turning_VBG away_RB numerous_JJ other_JJ eager_JJ investors_NNS ._. 
The_DT owner_NN of_IN the_DT company_NN ,_, Stephen_NNP Smith_NNP ,_, who_WP has_VBZ since_IN pleaded_VBN guilty_JJ to_TO state_VB and_CC federal_JJ fraud_NN charges_NNS ,_, confided_VBD to_TO investors_NNS that_IN he_PRP had_VBD a_DT secret_JJ agreement_NN with_IN Amoco_NNP Oil_NNP Co._NNP and_CC said_VBD the_DT location_NN of_IN his_PRP$ wells_NNS was_VBD confidential_JJ ,_, according_VBG to_TO a_DT civil_JJ suit_NN filed_VBN in_IN a_DT Florida_NNP state_NN court_NN by_IN the_DT Florida_NNP comptroller_NN 's_POS office_NN ._. 
Neither_CC the_DT Amoco_NNP agreement_NN nor_CC the_DT wells_NNS existed_VBD ,_, the_DT suit_NN alleged_VBN ._. 
Such_JJ schemes_NNS ,_, says_VBZ Tony_NNP Adamski_NNP ,_, chief_NN of_IN the_DT financial-crimes_NNS unit_NN of_IN the_DT Federal_NNP Bureau_NNP of_IN Investigation_NNP in_IN Washington_NNP ,_, D.C._NNP ,_, appeal_NN to_TO investors_NNS '_POS ``_`` desire_NN to_TO believe_VB this_DT is_VBZ really_RB true_JJ and_CC that_IN they_PRP are_VBP part_NN of_IN a_DT chosen_VBN group_NN being_VBG given_VBN this_DT opportunity_NN ._. ''_'' 
At_IN times_NNS ,_, salesmen_NNS may_MD embellish_VB the_DT inside_JJ information_NN with_IN ``_`` the_DT notion_NN that_IN this_DT is_VBZ some_DT slightly_RB shady_JJ ,_, slightly_RB illegal_JJ investment_NN the_DT person_NN is_VBZ being_VBG included_VBN in_IN ,_, ''_'' says_VBZ Mr._NNP Cunningham_NNP ._. 
In_IN appealing_JJ to_TO those_DT with_IN a_DT bit_NN of_IN larceny_NN in_IN their_PRP$ hearts_NNS ,_, the_DT fraud_NN artist_NN can_MD insist_VB that_IN a_DT person_NN keep_NN an_DT investment_NN secret_JJ --_: insulating_VBG himself_PRP from_IN being_VBG discovered_VBN and_CC keeping_VBG his_PRP$ victim_NN from_IN consulting_NN with_IN others_NNS ._. 
It_PRP also_RB adds_VBZ to_TO the_DT mystery_NN of_IN the_DT venture_NN ._. 
Mr._NNP Blodgett_NNP ,_, the_DT boiler-room_NN veteran_NN ,_, believes_VBZ that_IN for_IN many_JJ investors_NNS ,_, the_DT get-rich-quick_JJ scams_NNS carry_VBP a_DT longed-for_JJ element_NN of_IN excitement_NN ._. 
``_`` Once_RB people_NNS got_VBD into_IN it_PRP ,_, I_PRP was_VBD allowing_VBG them_PRP to_TO live_VB a_DT dream_NN ,_, ''_'' he_PRP says_VBZ ._. 
He_PRP phoned_VBD them_PRP with_IN updates_NNS on_IN the_DT investment_NN ,_, such_JJ as_IN ``_`` funny_JJ things_NNS that_WDT happened_VBD at_IN the_DT well_RB that_DT week_NN ,_, ''_'' he_PRP says_VBZ ._. 
``_`` You_PRP gave_VBD them_PRP some_DT excitement_NN that_IN they_PRP did_VBD n't_RB have_VB in_IN their_PRP$ lives_NNS ._. ''_'' 
-LRB-_( Mr._NNP Blodgett_NNP ,_, who_WP was_VBD convicted_VBN in_IN Florida_NNP state_NN court_NN of_IN selling_VBG unregistered_JJ securities_NNS and_CC in_IN California_NNP state_NN court_NN of_IN unlawful_JJ use_NN of_IN the_DT telephone_NN to_TO defraud_VB and_CC deceive_VB ,_, is_VBZ now_RB on_IN probation_NN ._. 
He_PRP says_VBZ he_PRP has_VBZ quit_VBN the_DT business_NN and_CC is_VBZ back_RB in_IN school_NN ,_, majoring_VBG in_IN psychology_NN with_IN aspirations_NNS to_TO go_VB into_IN industrial_JJ psychology_NN ._. -RRB-_) 
For_IN some_DT investors_NNS ,_, it_PRP 's_VBZ the_DT appearances_NNS that_WDT leave_VBP them_PRP deceived_VBD ._. 
``_`` The_DT trappings_NNS of_IN success_NN go_NN a_DT long_JJ way_NN --_: wearing_VBG the_DT right_NN clothes_NNS ,_, doing_VBG the_DT right_NN things_NNS ,_, ''_'' says_VBZ Paul_NNP Andreassen_NNP ,_, an_DT associate_JJ professor_NN of_IN psychology_NN at_IN Harvard_NNP ._. 
Conservative_JJ appearances_NNS make_VBP people_NNS think_VBP it_PRP 's_VBZ a_DT conservative_JJ investment_NN ._. 
``_`` People_NNS honestly_RB lose_VBP money_NN on_IN risky_JJ investments_NNS that_IN they_PRP did_VBD n't_RB realize_VB were_VBD a_DT crapshoot_NN ,_, ''_'' he_PRP says_VBZ ._. 
Paul_NNP Wenz_NNP ,_, a_DT Phoenix_NNP ,_, Ariz._NNP ,_, attorney_NN ,_, says_VBZ a_DT promise_NN of_IN unrealistic_JJ returns_NNS would_MD have_VB made_VBN him_PRP leery_JJ ._. 
But_CC Mr._NNP Wenz_NNP ,_, who_WP says_VBZ he_PRP lost_VBD $_$ 43,000_CD in_IN one_CD precious-metals_NNS deal_VBP and_CC $_$ 39,000_CD in_IN another_DT ,_, says_VBZ a_DT salesman_NN ``_`` used_VBN a_DT business-venture_JJ approach_NN ''_'' with_IN him_PRP ,_, sending_VBG investment_NN literature_NN ,_, a_DT contract_NN limiting_VBG the_DT firm_NN 's_POS liability_NN ,_, and_CC an_DT insurance_NN policy_NN ._. 
When_WRB he_PRP visited_VBD the_DT company_NN 's_POS office_NN ,_, he_PRP says_VBZ ,_, it_PRP had_VBD ``_`` all_PDT the_DT trappings_NNS of_IN legitimacy_NN ._. ''_'' 
Still_JJ others_NNS are_VBP stung_VBN by_IN a_DT desire_NN to_TO do_VB both_DT well_RB and_CC good_JJ ,_, says_VBZ Douglas_NNP Watson_NNP ,_, commanding_VBG officer_NN of_IN the_DT Los_NNP Angeles_NNP Police_NNP Department_NNP 's_POS bunko-forgery_NN division_NN ._. 
Born-again_JJ Christians_NNPS are_VBP the_DT most_RBS visible_JJ targets_NNS of_IN unscrupulous_JJ do-gooder_JJ investment_NN pitches_NNS ._. 
But_CC hardly_RB the_DT only_JJ ones_NNS :_: The_DT scams_NNS promise_VBP --_: among_IN other_JJ things_NNS --_: to_TO help_VB save_VB the_DT environment_NN ,_, feed_NN starving_VBG families_NNS and_CC prevent_VB the_DT disappearance_NN of_IN children_NNS ._. 
Psychologists_NNS say_VBP isolated_VBN people_NNS who_WP do_VBP n't_RB discuss_VB their_PRP$ investments_NNS with_IN others_NNS are_VBP particularly_RB at_IN risk_NN for_IN fraud_NN ._. 
Scam_NN artists_NNS seek_VBP out_RP such_JJ people_NNS --_: or_CC try_VB to_TO make_VB sure_JJ that_IN their_PRP$ victims_NNS isolate_VBP themselves_PRP ._. 
For_IN instance_NN ,_, salesmen_NNS may_MD counter_VB a_DT man_NN 's_POS objection_NN that_IN he_PRP wants_VBZ to_TO discuss_VB an_DT investment_NN with_IN his_PRP$ wife_NN by_IN asking_VBG ,_, ``_`` Who_WP wears_VBZ the_DT pants_NNS in_IN your_PRP$ family_NN ?_. ''_'' 
Or_CC an_DT investor_NN who_WP wants_VBZ his_PRP$ accountant_NN 's_POS advice_NN may_MD be_VB told_VBN ,_, ``_`` You_PRP seem_VBP like_IN a_DT guy_NN who_WP can_MD make_VB up_IN his_PRP$ own_JJ mind_NN ._. ''_'' 
Often_RB con_JJ artists_NNS will_MD try_VB to_TO disarm_VB their_PRP$ victims_NNS by_IN emphasizing_VBG similarities_NNS between_IN them_PRP ._. 
William_NNP Lynes_NNP ,_, a_DT retired_VBN engineer_NN from_IN Lockheed_NNP Corp._NNP ,_, says_VBZ he_PRP and_CC his_PRP$ wife_NN ,_, Lily_NNP ,_, warmed_VBD to_TO the_DT investment_NN pitches_NNS of_IN a_DT penny-stock_JJ peddler_NN from_IN Stuart-James_NNP Co._NNP in_IN Atlanta_NNP after_IN the_DT broker_NN told_VBD them_PRP he_PRP ,_, too_RB ,_, had_VBD once_RB worked_VBN with_IN Lockheed_NNP ._. 
The_DT Lyneses_NNP ,_, of_IN Powder_NNP Springs_NNP ,_, Ga._NNP ,_, have_VBP filed_VBN suit_NN in_IN Georgia_NNP state_NN court_NN against_IN Stuart_NNP James_NNP ,_, alleging_VBG fraud_NN ._. 
They_PRP are_VBP awaiting_VBG an_DT arbitration_NN proceeding_NN ._. 
They_PRP say_VBP the_DT broker_NN took_VBD them_PRP out_IN for_IN lunch_NN frequently_RB ._. 
He_PRP urged_VBD them_PRP to_TO refer_VB their_PRP$ friends_NNS ,_, who_WP also_RB lost_VBD money_NN ._. 
-LRB-_( Donald_NNP Trinen_NNP ,_, an_DT attorney_NN for_IN the_DT penny-brokerage_JJ firm_NN ,_, denies_VBZ the_DT fraud_NN allegations_NNS and_CC says_VBZ the_DT Lyneses_NNP were_VBD fully_RB apprised_VBN that_IN they_PRP were_VBD pursuing_VBG a_DT high-risk_JJ investment_NN ._. -RRB-_) 
``_`` It_PRP 's_VBZ not_RB uncommon_JJ for_IN these_DT guys_NNS to_TO send_VB pictures_NNS of_IN themselves_PRP or_CC their_PRP$ families_NNS to_TO ingratiate_VB themselves_PRP to_TO their_PRP$ clients_NNS ,_, ''_'' says_VBZ Terree_NNP Bowers_NNP ,_, chief_NN of_IN the_DT major-frauds_JJ section_NN of_IN the_DT U.S._NNP attorney_NN 's_POS office_NN in_IN Los_NNP Angeles_NNP ._. 
``_`` We_PRP 've_VBP seen_VBN cases_NNS where_WRB salesmen_NNS will_MD affect_VB the_DT accent_NN of_IN the_DT region_NN of_IN the_DT country_NN they_PRP are_VBP calling_VBG ._. 
Anything_NN to_TO make_VB a_DT sale_NN ._. ''_'' 
Experts_NNS say_VBP that_IN whatever_WDT a_DT person_NN 's_POS particular_JJ weak_JJ point_NN ,_, timing_NN is_VBZ crucial_JJ ._. 
People_NNS may_MD be_VB particularly_RB vulnerable_JJ to_TO flim-flam_NN pitches_NNS when_WRB they_PRP are_VBP in_IN the_DT midst_NN of_IN a_DT major_JJ upheaval_NN in_IN their_PRP$ lives_NNS ._. 
``_`` Sometimes_RB when_WRB people_NNS are_VBP making_VBG big_JJ changes_NNS ,_, retiring_VBG from_IN their_PRP$ jobs_NNS ,_, moving_VBG to_TO a_DT new_JJ area_NN ,_, they_PRP lose_VBP their_PRP$ bearings_NNS ,_, ''_'' says_VBZ Maury_NNP Elvekrog_NNP ,_, a_DT licensed_VBN psychologist_NN who_WP is_VBZ now_RB an_DT investment_NN adviser_NN and_CC principal_JJ in_IN Seger-Elvekrog_NNP Inc._NNP ,_, a_DT Birmingham_NNP ,_, Mich._NNP ,_, investment-counseling_JJ firm_NN ._. 
``_`` They_PRP may_MD be_VB susceptible_JJ to_TO some_DT song_NN and_CC dance_NN if_IN it_PRP hits_VBZ them_PRP at_IN the_DT right_JJ time_NN ._. ''_'' 
They_PRP are_VBP obviously_RB also_RB more_RBR susceptible_JJ when_WRB they_PRP need_VBP money_NN -_: retirees_NNS ,_, for_IN instance_NN ,_, trying_VBG to_TO bolster_VB their_PRP$ fixed_VBN income_NN or_CC parents_NNS fretting_VBG over_IN how_WRB to_TO pay_VB for_IN a_DT child_NN 's_POS college_NN expenses_NNS ._. 
``_`` These_DT people_NNS are_VBP n't_RB necessarily_RB stupid_JJ or_CC naive_JJ ._. 
Almost_RB all_DT of_IN us_PRP in_IN comparable_JJ circumstances_NNS might_MD be_VB victimized_VBN in_IN some_DT way_NN ,_, ''_'' says_VBZ Jerald_NNP Jellison_NNP ,_, a_DT psychology_NN professor_NN at_IN the_DT University_NNP of_IN Southern_NNP California_NNP in_IN Los_NNP Angeles_NNP ._. 
Nick_NNP Cortese_NNP thinks_VBZ that_DT 's_VBZ what_WP happened_VBD to_TO him_PRP ._. 
Mr._NNP Cortese_NNP ,_, a_DT 33-year-old_NNP Delta_NNP Air_NNP Lines_NNPS engineer_NN ,_, invested_VBD some_DT $_$ 2,000_CD in_IN penny_NN stocks_NNS through_IN a_DT broker_NN who_WP promised_VBD quick_JJ returns_NNS ._. 
``_`` We_PRP were_VBD saving_VBG up_VB to_TO buy_VB a_DT house_NN ,_, and_CC my_PRP$ wife_NN was_VBD pregnant_JJ ,_, ''_'' says_VBZ Mr._NNP Cortese_NNP ._. 
``_`` It_PRP was_VBD just_RB before_IN the_DT Christmas_NNP holidays_NNS ,_, and_CC I_PRP figured_VBD we_PRP could_MD use_VB some_DT extra_JJ cash_NN ._. ''_'' 
The_DT investment_NN is_VBZ worth_JJ about_RB $_$ 130_CD today_NN ._. 
``_`` Maybe_RB it_PRP was_VBD just_RB a_DT vulnerable_JJ time_NN ,_, ''_'' says_VBZ Mr._NNP Cortese_NNP ._. 
``_`` Maybe_RB the_DT next_JJ day_NN or_CC even_RB an_DT hour_NN later_RB ,_, I_PRP would_MD n't_RB have_VB done_VBN it_PRP ._. ''_'' 
Ms._NNP Brannigan_NNP is_VBZ a_DT staff_NN reporter_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS Atlanta_NNP bureau_NN ._. 
Prices_NNS for_IN seats_NNS on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP are_VBP recovering_VBG a_DT bit_NN after_IN hitting_VBG a_DT four-year_JJ low_RB earlier_RBR this_DT month_NN ._. 
Two_CD seats_NNS on_IN the_DT Big_NNP Board_NNP were_VBD sold_VBN yesterday_NN for_IN $_$ 455,000_CD ,_, and_CC then_RB $_$ 500,000_CD ._. 
The_DT previous_JJ sale_NN was_VBD $_$ 436,000_CD on_IN Oct._NNP 17_CD ;_: the_DT last_JJ time_NN prices_NNS were_VBD that_IN low_NN was_VBD November_NNP 1985_CD ,_, when_WRB a_DT seat_NN sold_VBN for_IN $_$ 425,000_CD ._. 
Prices_NNS peaked_VBD at_IN $_$ 1,150,000_CD in_IN September_NNP 1987_CD ._. 
Seats_NNS are_VBP currently_RB quoted_VBN at_IN $_$ 430,000_CD bid_NN and_CC $_$ 525,000_CD asked_VBD ._. 
FOX_NN HUNTING_NN HAS_VBZ been_VBN defined_VBN as_IN the_DT unspeakable_JJ in_IN pursuit_NN of_IN the_DT inedible_JJ ,_, but_CC at_IN least_JJS it_PRP 's_VBZ exercise_NN ._. 
At_IN least_JJS it_PRP has_VBZ a_DT little_JJ dash_NN ._. 
Most_JJS of_IN us_PRP have_VBP to_TO spend_VB our_PRP$ time_NN on_IN pursuits_NNS that_WDT afford_VBP neither_DT ,_, drab_JJ duties_NNS rather_RB than_IN pleasures_NNS ._. 
Like_IN trying_VBG to_TO buy_VB life_NN insurance_NN ,_, for_IN instance_NN ,_, an_DT endeavor_NN notably_RB lacking_VBG in_IN dash_NN ._. 
Call_VB it_PRP the_DT uninformed_JJ trudging_VBG after_IN the_DT incomprehensible_NN ._. 
But_CC sooner_RBR or_CC later_RB ,_, most_RBS of_IN us_PRP have_VBP to_TO think_VB about_IN life_NN insurance_NN ,_, just_RB as_IN we_PRP often_RB have_VBP to_TO think_VB about_IN having_VBG root-canal_NN work_NN ._. 
And_CC my_PRP$ time_NN has_VBZ come_VBN ._. 
I_PRP 'm_VBP 33_CD ,_, married_VBN ,_, no_DT children_NNS ,_, and_CC employed_VBD in_IN writing_VBG stories_NNS like_IN this_DT one_CD ._. 
In_IN times_NNS past_JJ ,_, life-insurance_NN salesmen_NNS targeted_VBD heads_NNS of_IN household_NN ,_, meaning_NN men_NNS ,_, but_CC ours_PRP is_VBZ a_DT two-income_JJ family_NN and_CC accustomed_VBN to_TO it_PRP ._. 
So_RB if_IN anything_NN happened_VBD to_TO me_PRP ,_, I_PRP 'd_MD want_VB to_TO leave_VB behind_IN enough_RB so_RB that_IN my_PRP$ 33-year-old_JJ husband_NN would_MD be_VB able_JJ to_TO pay_VB off_IN the_DT mortgage_NN and_CC some_DT other_JJ debts_NNS -LRB-_( though_IN not_RB ,_, I_PRP admit_VBP ,_, enough_RB to_TO put_VB any_DT potential_JJ second_JJ wife_NN in_IN the_DT lap_NN of_IN luxury_NN -RRB-_) ._. 
Figuring_VBG that_IN maybe_RB $_$ 100,000_CD to_TO $_$ 150,000_CD would_MD do_VB but_CC having_VBG no_DT idea_NN of_IN what_WP kind_NN of_IN policy_NN I_PRP wanted_VBD ,_, I_PRP looked_VBD at_IN the_DT myriad_JJ products_NNS of_IN a_DT dozen_NN companies_NNS --_: and_CC plunged_VBD into_IN a_DT jungle_NN of_IN gibberish_NN ._. 
Over_IN the_DT past_JJ decade_NN or_CC two_CD ,_, while_IN I_PRP was_VBD thinking_VBG about_IN fox_NN hunting_NN ,_, the_DT insurance_NN industry_NN has_VBZ spawned_VBN an_DT incredible_JJ number_NN of_IN products_NNS ,_, variations_NNS on_IN products_NNS ,_, and_CC variations_NNS on_IN the_DT variations_NNS ._. 
Besides_IN term_NN life_NN and_CC whole_JJ life_NN -LRB-_( the_DT old_JJ standbys_NNS -RRB-_) ,_, we_PRP now_RB have_VBP universal_JJ life_NN ,_, universal_JJ variable_JJ life_NN ,_, flexible_JJ adjustable_JJ universal_JJ life_NN ,_, policies_NNS with_IN persistency_NN bonuses_NNS ,_, policies_NNS festooned_VBN with_IN exotic_JJ riders_NNS ,_, living_VBG benefit_NN policies_NNS ,_, and_CC on_IN and_CC on_RB ._. 
What_WP to_TO do_VB ?_. 
First_RB ,_, generalize_VB ._. 
Shorn_VBN of_IN all_DT their_PRP$ riders_NNS ,_, special_JJ provisions_NNS ,_, and_CC other_JJ bells_NNS and_CC whistles_NNS ,_, insurance_NN policies_NNS can_MD still_RB be_VB grouped_VBN under_IN two_CD broad_JJ categories_NNS :_: so-called_JJ pure_JJ insurance_NN ,_, which_WDT amasses_VBZ no_DT cash_NN value_NN in_IN the_DT policy_NN and_CC pays_VBZ off_IN only_RB upon_IN death_NN ,_, and_CC permanent_JJ insurance_NN ,_, which_WDT provides_VBZ not_RB only_RB a_DT death_NN benefit_NN but_CC also_RB a_DT cash_NN value_NN in_IN the_DT policy_NN that_WDT can_MD be_VB used_VBN in_IN various_JJ ways_NNS while_IN the_DT insured_VBN is_VBZ still_RB alive_JJ ._. 
If_IN all_DT you_PRP want_VBP is_VBZ death-benefit_JJ coverage_NN ,_, pure_JJ insurance_NN --_: a_DT term_NN policy_NN --_: gives_VBZ you_PRP maximum_JJ bang_NN for_IN your_PRP$ buck_NN ,_, within_IN limits_NNS ._. 
It_PRP 's_VBZ much_RB cheaper_JJR than_IN permanent_JJ insurance_NN bought_VBD at_IN the_DT same_JJ age_NN ._. 
But_CC ``_`` term_NN ''_'' means_VBZ just_RB that_IN ;_: the_DT policy_NN is_VBZ written_VBN for_IN a_DT specific_JJ time_NN period_NN only_RB and_CC must_MD be_VB renewed_VBN when_WRB it_PRP expires_VBZ ._. 
It_PRP may_MD also_RB stipulate_VB that_IN the_DT insured_VBN must_MD pass_VB another_DT medical_JJ exam_NN before_IN renewal_NN ;_: if_IN you_PRP flunk_VBP --_: which_WDT means_VBZ you_PRP need_VBP insurance_NN more_JJR than_IN ever_RB --_: you_PRP may_MD not_RB be_VB able_JJ to_TO buy_VB it_PRP ._. 
Even_RB if_IN you_PRP 're_VBP healthy_JJ and_CC can_MD renew_VB ,_, your_PRP$ premium_NN will_MD go_VB up_IN sharply_RB because_IN you_PRP 're_VBP that_IN much_RB older_JJR ._. 
So_RB term_VBP insurance_NN may_MD not_RB be_VB as_RB cheap_JJ as_IN it_PRP looks_VBZ ._. 
There_EX are_VBP all_DT sorts_NNS of_IN variations_NNS on_IN term_NN insurance_NN :_: policies_NNS structured_VBN to_TO pay_VB off_IN your_PRP$ mortgage_NN debt_NN ,_, term_NN riders_NNS tacked_VBD on_IN to_TO permanent_JJ insurance_NN ,_, and_CC many_JJ others_NNS ._. 
One_CD variation_NN that_WDT appealed_VBD to_TO me_PRP at_IN first_JJ was_VBD the_DT ``_`` Money_NNP Smart_NNP Term_NNP Life_NNP ''_'' policy_NN offered_VBN by_IN Amex_NNP Life_NNP Insurance_NNP Co._NNP ,_, the_DT American_NNP Express_NNP unit_NN ,_, to_TO the_DT parent_NN company_NN 's_POS credit-card_NN holders_NNS ._. 
Upon_IN examination_NN ,_, however_RB ,_, I_PRP wondered_VBD whether_IN the_DT plan_NN made_VBD a_DT lot_NN of_IN sense_NN ._. 
Amex_NNP said_VBD it_PRP would_MD charge_VB me_PRP $_$ 576_CD a_DT year_NN for_IN $_$ 100,000_CD of_IN coverage_NN --_: and_CC would_MD pay_VB me_PRP back_RB all_PDT the_DT premiums_NNS I_PRP put_VBP in_IN if_IN I_PRP canceled_VBD the_DT policy_NN after_IN 10_CD years_NNS ._. 
Sounds_VBZ great_JJ --_: or_CC does_VBZ it_PRP ?_. 
First_RB ,_, if_IN I_PRP canceled_VBD ,_, I_PRP 'd_MD have_VB no_DT more_JJR insurance_NN ,_, a_DT not_RB insignificant_JJ consideration_NN ._. 
Second_JJ ,_, the_DT $_$ 5,760_CD I_PRP 'd_MD get_VB back_RB would_MD be_VB much_RB diminished_VBN in_IN purchasing_VBG power_NN by_IN 10_CD years_NNS of_IN inflation_NN ;_: Amex_NNP ,_, not_RB I_PRP ,_, would_MD get_VB the_DT benefit_NN of_IN the_DT investment_NN income_NN on_IN my_PRP$ money_NN ,_, income_NN that_WDT would_MD have_VB exceeded_VBN the_DT inflation_NN rate_NN and_CC thus_RB given_VBN the_DT company_NN a_DT real_JJ profit_NN ._. 
Third_NNP and_CC most_RBS important_JJ ,_, Amex_NNP would_MD charge_VB me_PRP a_DT far_RB higher_JJR premium_NN than_IN other_JJ reputable_JJ companies_NNS would_MD on_IN a_DT straight_JJ term_NN policy_NN for_IN the_DT same_JJ amount_NN ;_: I_PRP 'd_MD be_VB paying_VBG so_RB heavily_RB just_RB to_TO have_VB the_DT option_NN of_IN getting_VBG my_PRP$ premiums_NNS back_RB that_IN I_PRP 'd_MD almost_RB have_VB to_TO cancel_VB to_TO make_VB the_DT whole_JJ thing_NN worthwhile_JJ ._. 
That_DT would_MD be_VB all_DT right_NN with_IN Amex_NNP ,_, which_WDT could_MD then_RB lock_VB in_IN its_PRP$ investment_NN profit_NN ,_, but_CC it_PRP does_VBZ n't_RB add_VB up_IN to_TO a_DT ``_`` smart_JJ money_NN ''_'' move_NN for_IN me_PRP ._. 
Which_WDT goes_VBZ to_TO show_VB that_IN the_DT First_NNP Law_NNP applies_VBZ in_IN insurance_NN as_IN in_IN anything_NN else_RB :_: There_EX is_VBZ no_DT free_JJ lunch_NN ,_, there_EX is_VBZ only_JJ marketing_NN ._. 
And_CC the_DT Second_NNP Law_NNP ,_, unique_JJ to_TO insurance_NN ?_. 
If_IN I_PRP die_VBP early_JJ ,_, I_PRP win_VBP --_: a_DT hollow_JJ victory_NN ,_, since_IN I_PRP ca_MD n't_RB enjoy_VB it_PRP --_: and_CC if_IN I_PRP live_VBP long_JJ ,_, the_DT insurer_NN wins_NNS ._. 
Always_RB ._. 
This_DT is_VBZ worth_JJ remembering_NN when_WRB insurers_NNS and_CC their_PRP$ salesmen_NNS try_VBP to_TO sell_VB you_PRP permanent_JJ insurance_NN ,_, the_DT kind_NN that_WDT amasses_VBZ cash_NN value_NN ._. 
The_DT word_NN ``_`` death_NN ''_'' can_MD not_RB be_VB escaped_VBN entirely_RB by_IN the_DT industry_NN ,_, but_CC salesmen_NNS dodge_VBP it_PRP wherever_WRB possible_JJ or_CC cloak_NN it_PRP in_IN euphemisms_NNS ,_, preferring_VBG to_TO talk_VB about_IN ``_`` savings_NNS ''_'' and_CC ``_`` investment_NN ''_'' instead_RB ._. 
The_DT implication_NN is_VBZ that_IN your_PRP$ permanent-insurance_JJ policy_NN is_VBZ really_RB some_DT kind_NN of_IN CD_NNP or_CC mutual-fund_JJ account_NN with_IN an_DT added_VBN feature_NN ._. 
That_DT is_VBZ gilding_NN the_DT lily_NN ._. 
The_DT fact_NN is_VBZ that_IN as_IN a_DT savings_NNS or_CC investment_NN vehicle_NN ,_, insurance_NN generally_RB runs_VBZ a_DT poor_JJ second_JJ to_TO any_DT direct_JJ investment_NN you_PRP might_MD make_VB in_IN the_DT same_JJ things_NNS the_DT insurance_NN company_NN is_VBZ putting_VBG your_PRP$ money_NN into_IN ._. 
That_DT 's_VBZ because_IN you_PRP have_VBP to_TO pay_VB for_IN the_DT insurance_NN portion_NN of_IN the_DT policy_NN and_CC the_DT effort_NN required_VBN to_TO sell_VB and_CC service_VB the_DT whole_JJ package_NN ._. 
Again_RB ,_, no_DT free_JJ lunch_NN ._. 
This_DT is_VBZ reflected_VBN in_IN a_DT built-in_JJ mortality_NN cost_NN --_: in_IN effect_NN ,_, your_PRP$ share_NN of_IN the_DT company_NN 's_POS estimated_VBN liability_NN in_IN paying_VBG off_IN beneficiaries_NNS of_IN people_NNS who_WP had_VBD the_DT effrontery_NN to_TO die_VB while_IN under_IN its_PRP$ protection_NN ._. 
And_CC in_IN most_RBS cases_NNS ,_, a_DT huge_JJ hunk_NN of_IN your_PRP$ premium_NN in_IN the_DT initial_JJ year_NN or_CC two_CD of_IN the_DT the_DT policy_NN is_VBZ ,_, in_IN effect_NN ,_, paying_VBG the_DT salesman_NN 's_POS commission_NN as_IN well_RB ;_: investment_NN returns_NNS on_IN most_RBS policies_NNS are_VBP actually_RB negative_JJ for_IN several_JJ years_NNS ,_, largely_RB because_IN of_IN this_DT ._. 
So_RB view_VBP permanent_JJ insurance_NN for_IN what_WP it_PRP is_VBZ --_: a_DT compromise_NN between_IN pure_JJ insurance_NN and_CC direct_JJ investment_NN ._. 
The_DT simplest_JJS ,_, most_RBS traditional_JJ form_NN of_IN permanent_JJ insurance_NN is_VBZ the_DT straight_JJ whole_JJ life_NN policy_NN ._. 
You_PRP pay_VBP a_DT set_VBN premium_NN for_IN a_DT set_VBN amount_NN of_IN coverage_NN ,_, the_DT company_NN invests_VBZ that_DT premium_NN in_IN a_DT portfolio_NN of_IN its_PRP$ choosing_NN ,_, and_CC your_PRP$ cash_NN value_NN and_CC dividends_NNS grow_VBP over_IN the_DT years_NNS ._. 
One_CD newer_JJR wrinkle_NN ,_, so_RB called_VBN single-premium_JJ life_NN -LRB-_( you_PRP pay_VBP for_IN the_DT whole_JJ policy_NN at_IN once_RB -RRB-_) ,_, has_VBZ been_VBN immensely_RB popular_JJ in_IN recent_JJ years_NNS for_IN tax_NN reasons_NNS ;_: the_DT insured_VBN could_MD extract_VB cash_NN value_NN in_IN the_DT form_NN of_IN policy_NN ``_`` loans_NNS ,_, ''_'' and_CC none_NN of_IN the_DT proceeds_NNS were_VBD taxable_JJ even_RB though_IN they_PRP included_VBD gains_NNS on_IN investment_NN ._. 
Congress_NNP closed_VBD this_DT loophole_NN last_JJ year_NN ,_, or_CC thought_VBD it_PRP did_VBD ._. 
However_RB ,_, Monarch_NNP Capital_NNP Corp._NNP of_IN Springfield_NNP ,_, Mass._NNP ,_, has_VBZ developed_VBN a_DT ``_`` combination_NN plan_NN ''_'' of_IN annuity_NN and_CC insurance_NN coverage_NN that_IN it_PRP says_VBZ does_VBZ not_RB violate_VB the_DT new_JJ regulations_NNS and_CC that_DT allows_VBZ policy_NN loans_NNS without_IN tax_NN consequences_NNS ._. 
But_CC the_DT percentage_NN of_IN your_PRP$ cash_NN reserve_NN that_IN you_PRP can_MD borrow_VB tax-free_JJ is_VBZ very_RB small_JJ ._. 
I_PRP 'm_VBP not_RB prepared_VBN in_IN any_DT case_NN to_TO put_VB that_IN much_JJ money_NN into_IN a_DT policy_NN immediately_RB ,_, so_IN I_PRP look_VBP into_IN the_DT broad_JJ category_NN called_VBD universal_JJ life_NN ._. 
Hugely_RB popular_JJ ,_, it_PRP is_VBZ far_RB more_RBR flexible_JJ than_IN straight_JJ whole_JJ life_NN ._. 
I_PRP can_MD adjust_VB the_DT amount_NN of_IN insurance_NN I_PRP want_VBP against_IN the_DT amount_NN going_VBG into_IN investment_NN ;_: I_PRP can_MD pay_VB more_JJR or_CC less_JJR than_IN the_DT so-called_JJ target_NN premium_NN in_IN a_DT given_VBN year_NN ;_: and_CC I_PRP can_MD even_RB skip_VB payments_NNS if_IN my_PRP$ cash_NN reserves_NNS are_VBP enough_RB to_TO cover_VB the_DT insurance_NN portion_NN of_IN the_DT policy_NN ._. 
In_IN looking_VBG at_IN these_DT and_CC other_JJ policies_NNS ,_, I_PRP learn_VBP to_TO ask_VB pointed_VBD questions_NNS about_IN some_DT of_IN the_DT assumptions_NNS built_VBN into_IN ``_`` policy_NN illustrations_NNS ''_'' --_: the_DT rows_NNS of_IN numbers_VBZ that_DT show_NN me_PRP the_DT buildup_NN of_IN my_PRP$ cash_NN values_NNS over_IN the_DT years_NNS ._. 
They_PRP commonly_RB give_VBP two_CD scenarios_NNS :_: One_CD is_VBZ based_VBN on_IN interest_NN rates_NNS that_IN the_DT company_NN guarantees_NNS -LRB-_( usually_RB 4_CD %_NN to_TO 4.5_CD %_NN -RRB-_) and_CC the_DT other_NN on_IN the_DT rate_NN it_PRP is_VBZ currently_RB getting_VBG on_IN investment_NN ,_, often_RB 8.5_CD %_NN or_CC more_JJR ._. 
Projecting_VBG the_DT latter_NN over_IN several_JJ decades_NNS ,_, I_PRP find_VBP my_PRP$ cash_NN buildup_NN is_VBZ impressive_JJ --_: but_CC can_MD any_DT high_JJ interest_NN rate_NN prevail_VB for_IN that_DT long_JJ ?_. 
Not_RB likely_JJ ,_, I_PRP think_VBP ._. 
Also_RB ,_, some_DT policy_NN illustrations_NNS assume_VBP that_IN mortality_NN costs_NNS will_MD decline_VB or_CC that_IN I_PRP will_MD get_VB some_DT sort_NN of_IN dividend_NN bonus_NN after_IN the_DT 10th_JJ year_NN ._. 
These_DT are_VBP not_RB certain_JJ ,_, either_RB ._. 
Companies_NNS ``_`` are_VBP n't_RB comfortable_JJ playing_VBG these_DT games_NNS ,_, but_CC they_PRP realize_VBP they_PRP 're_VBP under_IN pressure_NN to_TO make_VB their_PRP$ policies_NNS look_VBP good_JJ ,_, ''_'' says_VBZ Timothy_NNP Pfiefer_NNP ,_, an_DT actuarial_JJ consultant_NN at_IN Tillinghast_NNP ,_, a_DT unit_NN of_IN Towers_NNP Perrin_NNP Co._NNP ,_, the_DT big_JJ New_NNP York_NNP consulting_NN firm_NN ._. 
Another_DT factor_NN to_TO consider_VB :_: Some_DT of_IN the_DT companies_NNS currently_RB earning_VBG very_RB high_JJ yields_NNS are_VBP doing_VBG so_RB through_IN substantial_JJ investment_NN in_IN junk_NN bonds_NNS ,_, and_CC you_PRP know_VBP how_WRB nervous_JJ the_DT market_NN has_VBZ been_VBN about_IN those_DT lately_RB ._. 
There_EX are_VBP seemingly_RB endless_JJ twists_NNS to_TO universal_JJ life_NN ,_, and_CC it_PRP pays_VBZ to_TO ask_VB questions_NNS about_IN all_DT of_IN them_PRP ._. 
At_IN a_DT back-yard_JJ barbecue_NN ,_, for_IN example_NN ,_, a_DT friend_NN boasts_VBZ that_IN she_PRP 'll_MD only_RB have_VB to_TO pay_VB premiums_NNS on_IN her_PRP$ John_NNP Hancock_NNP policy_NN for_IN seven_CD years_NNS and_CC that_IN her_PRP$ death_NN benefits_NNS will_MD then_RB be_VB ``_`` guaranteed_VBN ._. ''_'' 
I_PRP call_VBP her_PRP$ agent_NN ,_, David_NNP Dominici_NNP ._. 
Yes_UH ,_, he_PRP says_VBZ ,_, premiums_NNS on_IN such_JJ variable-rate_JJ coverage_NN can_MD be_VB structured_VBN to_TO ``_`` vanish_VBP ''_'' after_IN a_DT certain_JJ period_NN --_: but_CC usually_RB only_RB if_IN interest_NN rates_NNS stay_VBP high_JJ enough_RB to_TO generate_VB sufficient_JJ cash_NN to_TO cover_VB the_DT annual_JJ cost_NN of_IN insurance_NN protection_NN ._. 
If_IN interest_NN rates_NNS plunge_VBP ,_, the_DT insurer_NN may_MD be_VB knocking_VBG on_IN my_PRP$ door_NN ,_, asking_VBG for_IN steeper_JJR premium_NN payments_NNS to_TO maintain_VB the_DT same_JJ amount_NN of_IN protection_NN ._. 
I_PRP do_VBP n't_RB like_IN the_DT sound_NN of_IN that_DT ._. 
Some_DT insurers_NNS have_VBP also_RB started_VBN offering_NN ``_`` persistency_NN bonuses_NNS ,_, ''_'' such_JJ as_IN extra_JJ dividends_NNS or_CC a_DT marginally_RB higher_JJR interest_NN yield_NN ,_, if_IN the_DT policy_NN is_VBZ maintained_VBN for_IN 10_CD years_NNS ._. 
But_CC Glenn_NNP Daily_NNP ,_, a_DT New_NNP York-based_JJ financial_JJ consultant_NN ,_, warns_VBZ that_IN many_NN of_IN these_DT bonuses_NNS are_VBP ``_`` just_RB fantasies_NNS ,_, ''_'' because_IN most_RBS are_VBP n't_RB guaranteed_VBN by_IN the_DT companies_NNS ._. 
And_CC the_DT feature_NN is_VBZ so_RB new_JJ ,_, he_PRP adds_VBZ ,_, that_IN no_DT insurer_NN has_VBZ yet_RB established_VBN a_DT track_NN record_NN for_IN actually_RB making_VBG such_JJ payments_NNS ._. 
So-called_JJ living-benefits_JJ provisions_NNS also_RB merit_VBP a_DT close_NN inspection_NN ._. 
Offered_NNP by_IN insurers_NNS that_WDT include_VBP Security-Connecticut_NNP Life_NNP Insurance_NNP Co._NNP ,_, Jackson_NNP National_NNP Life_NNP Insurance_NNP Co._NNP ,_, and_CC National_NNP Travelers_NNP Life_NNP Insurance_NNP Co._NNP ,_, these_DT policy_NN riders_NNS let_VBP me_PRP tap_VBP a_DT portion_NN of_IN my_PRP$ death_NN benefits_NNS while_IN I_PRP 'm_VBP still_RB alive_JJ ._. 
Some_DT provisions_NNS would_MD let_VB me_PRP collect_VB a_DT percentage_NN of_IN the_DT policy_NN 's_POS face_NN value_NN to_TO pay_VB for_IN long-term_JJ care_NN such_JJ as_IN nursing-home_NN stays_VBZ ;_: others_NNS would_MD allow_VB payments_NNS for_IN catastrophic_JJ illnesses_NNS and_CC conditions_NNS such_JJ as_IN cancer_NN ,_, heart_NN attarcks_NNS ,_, renal_JJ failure_NN and_CC kidney_NN transplants_NNS ._. 
But_CC the_DT catastrophic_JJ events_NNS for_IN which_WDT the_DT policyholder_NN can_MD collect_VB are_VBP narrowly_RB defined_VBN ,_, vary_VBP from_IN policy_NN to_TO policy_NN ,_, and_CC generally_RB permit_VB use_NN of_IN only_RB a_DT small_JJ fraction_NN of_IN the_DT face_NN amount_NN of_IN insurance_NN ._. 
Also_RB ,_, financial_JJ planners_NNS advising_VBG on_IN insurance_NN say_VBP that_IN to_TO their_PRP$ knowledge_NN there_EX has_VBZ not_RB yet_RB been_VBN a_DT tax_NN ruling_NN exempting_VBG these_DT advance_NN payments_NNS from_IN taxes_NNS ._. 
And_CC considering_VBG the_DT extra_JJ cost_NN of_IN such_JJ provisions_NNS ,_, some_DT figure_NN that_IN people_NNS interested_JJ in_IN ,_, say_VBP ,_, paying_VBG for_IN extended_VBN nursing-home_NN care_NN would_MD be_VB better_JJR off_IN just_RB buying_VBG a_DT separate_JJ policy_NN that_WDT provides_VBZ it_PRP ._. 
I_PRP 'm_VBP more_RBR favorably_RB impressed_VBN by_IN ``_`` no-load_JJ life_NN ,_, ''_'' even_RB though_IN it_PRP turns_VBZ out_IN to_TO be_VB low-load_JJ life_NN ._. 
Insureres_NNS selling_VBG these_DT policies_NNS market_NN them_PRP directly_RB to_TO the_DT public_JJ or_CC otherwise_RB do_VBP n't_RB use_VB commissioned_VBN salesmen_NNS ;_: there_EX is_VBZ still_RB a_DT load_NN --_: annual_JJ administrative_JJ fees_NNS and_CC initial_JJ ``_`` setup_NN ''_'' charges_NNS --_: but_CC I_PRP figure_VBP that_IN the_DT lack_NN of_IN commission_NN and_CC of_IN ``_`` surrender_NN fees_NNS ''_'' for_IN dropping_VBG the_DT policy_NN early_JJ still_RB saves_VBZ me_PRP a_DT lot_NN ._. 
I_PRP compared_VBD one_CD universal_JJ policy_NN for_IN $_$ 130,000_CD face_NN amount_NN from_IN such_JJ an_DT insurer_NN ,_, American_NNP Life_NNP Insurance_NNP Corp._NNP of_IN Lincoln_NNP ,_, Neb._NNP ,_, with_IN a_DT similar_JJ offering_NN from_IN Equitable_NNP Life_NNP Assurance_NNP Society_NNP of_IN the_DT U.S._NNP ,_, which_WDT operates_VBZ through_IN 11,000_CD commissioned_VBN salesmen_NNS ._. 
After_IN one_CD year_NN I_PRP could_MD walk_VB away_RB from_IN the_DT Ameritas_NNP policy_NN with_IN $_$ 792_CD ,_, but_CC Id_NN get_VB only_RB $_$ 14_CD from_IN the_DT Equitable_NNP ._. 
The_DT difference_NN is_VBZ magnified_VBN by_IN time_NN ,_, too_RB ._. 
At_IN age_NN 65_CD ,_, when_WRB I_PRP 'd_MD stop_VB paying_VBG premiums_NNS ,_, the_DT Ameritas_NNP offering_NN would_MD have_VB a_DT projected_VBN cash_NN value_NN $_$ 14,000_CD higher_JJR than_IN the_DT other_NN ,_, even_RB though_IN the_DT Equitable_NNP 's_POS policy_NN illustration_NN assumed_VBD a_DT fractionally_RB higher_JJR interest_NN rate_NN ._. 
Did_VBD I_PRP buy_VBP it_PRP ?_. 
Well_UH ,_, not_RB yet_RB ._. 
I_PRP 'm_VBP thinking_VBG about_IN using_VBG the_DT $_$ 871_CD annual_JJ premium_NN to_TO finance_VB a_DT trip_NN to_TO Paris_NNP first_JJ ._. 
A_DT person_NN can_MD do_VB some_DT heavy_JJ thinking_NN about_IN insurance_NN there_EX --_: and_CC shop_NN for_IN something_NN more_RBR exciting_JJ while_IN she_PRP 's_VBZ doing_VBG it_PRP ._. 
Rorer_NNP Group_NNP Inc._NNP will_MD report_VB that_IN third-quarter_JJ profit_NN rose_VBD more_JJR than_IN 15_CD %_NN from_IN a_DT year_NN earlier_RBR ,_, though_IN the_DT gain_NN is_VBZ wholly_RB due_JJ to_TO asset_NN sales_NNS ,_, Robert_NNP Cawthorn_NNP ,_, chairman_NN ,_, president_NN and_CC chief_JJ executive_JJ officer_NN ,_, said_VBD ._. 
His_PRP$ projection_NN indicates_VBZ profit_NN in_IN the_DT latest_JJS quarter_NN of_IN more_JJR than_IN $_$ 17.4_CD million_CD ,_, or_CC 55_NN cents_NNS a_DT share_NN ,_, compared_VBN with_IN $_$ 15.2_CD million_CD ,_, or_CC 48_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Mr._NNP Cawthorn_NNP said_VBD in_IN an_DT interview_NN that_IN sales_NNS will_MD show_VB an_DT increase_NN from_IN a_DT year_NN ago_RB of_IN ``_`` somewhat_RB less_JJR than_IN 10_CD %_NN ._. ''_'' 
Through_IN the_DT first_JJ six_CD months_NNS of_IN 1989_CD ,_, sales_NNS had_VBD grown_VBN about_IN 12_CD %_NN from_IN the_DT year-earlier_JJ period_NN ._. 
Growth_NN of_IN 10_CD %_NN would_MD make_VB sales_NNS for_IN the_DT latest_JJS quarter_NN $_$ 269_CD million_CD ,_, compared_VBN with_IN $_$ 244.6_CD million_CD a_DT year_NN ago_RB ._. 
Mr._NNP Cawthorn_NNP said_VBD the_DT profit_NN growth_NN in_IN the_DT latest_JJS quarter_NN was_VBD due_JJ to_TO the_DT sale_NN of_IN two_CD Rorer_NNP drugs_NNS ._. 
Asilone_NNP ,_, an_DT antacid_NN ,_, was_VBD sold_VBN to_TO Boots_NNP PLC_NNP ,_, London_NNP ._. 
Thrombinar_NNP ,_, a_DT drug_NN used_VBN to_TO stanch_VB bleeding_VBG ,_, was_VBD sold_VBN to_TO Jones_NNP Medical_NNP Industries_NNP Inc._NNP ,_, St._NNP Louis_NNP ._. 
He_PRP said_VBD Rorer_NNP sold_VBD the_DT drugs_NNS for_IN ``_`` nice_JJ prices_NNS ''_'' and_CC will_MD record_VB a_DT combined_VBN ,_, pretax_JJ gain_NN on_IN the_DT sales_NNS of_IN $_$ 20_CD million_CD ._. 
As_IN the_DT gain_NN from_IN the_DT sales_NNS indicates_VBZ ,_, operating_VBG profit_NN was_VBD ``_`` significantly_RB ''_'' below_IN the_DT year-earlier_JJ level_NN ,_, Mr._NNP Cawthorn_NNP said_VBD ._. 
Rorer_NNP in_IN July_NNP had_VBD projected_VBN lower_JJR third-quarter_JJ operating_NN profit_NN but_CC higher_JJR profit_NN for_IN all_DT of_IN 1989_CD ._. 
He_PRP said_VBD the_DT company_NN is_VBZ still_RB looking_VBG for_IN ``_`` a_DT strong_JJ fourth_JJ quarter_NN in_IN all_DT areas_NNS --_: sales_NNS ,_, operating_VBG income_NN and_CC net_JJ income_NN ._. ''_'' 
Mr._NNP Cawthorn_NNP attributed_VBD the_DT decline_NN in_IN third-quarter_JJ operating_NN profit_NN to_TO the_DT stronger_JJR dollar_NN ,_, which_WDT reduces_VBZ the_DT value_NN of_IN overseas_JJ profit_NN when_WRB it_PRP is_VBZ translated_VBN into_IN dollars_NNS ;_: to_TO accelerated_VBN buying_VBG of_IN Rorer_NNP products_NNS in_IN the_DT second_JJ quarter_NN because_IN of_IN a_DT then-pending_JJ July_NNP 1_CD price_NN increase_NN ,_, and_CC to_TO higher_JJR marketing_NN expenses_NNS for_IN Rorer_NNP 's_POS Maalox_NNP antacid_NN ,_, whose_WP$ sales_NNS and_CC market_NN share_NN in_IN the_DT U.S._NNP had_VBD slipped_VBN in_IN the_DT first_JJ half_NN of_IN 1989_CD ._. 
He_PRP said_VBD Rorer_NNP opted_VBD to_TO sell_VB Asilone_NNP and_CC Thrombinar_NNP to_TO raise_VB revenue_NN that_WDT would_MD ``_`` kick_VB start_NN ''_'' its_PRP$ increased_VBN marketing_NN efforts_NNS behind_IN Maalox_NNP ,_, still_RB its_PRP$ top-selling_JJ product_NN with_IN about_RB $_$ 215_CD million_CD in_IN world-wide_JJ sales_NNS in_IN 1988_CD ._. 
``_`` We_PRP had_VBD underfunded_VBN Maalox_NNP for_IN a_DT year_NN ,_, ''_'' he_PRP said_VBD ,_, because_IN the_DT company_NN was_VBD concentrating_VBG on_IN research_NN and_CC development_NN and_CC promoting_VBG other_JJ drugs_NNS ._. 
He_PRP said_VBD Rorer_NNP will_MD spend_VB $_$ 15_CD million_CD to_TO $_$ 20_CD million_CD more_JJR on_IN Maalox_NNP advertising_NN and_CC promotion_NN in_IN the_DT second_JJ half_NN of_IN 1989_CD than_IN in_IN the_DT year-earlier_JJ period_NN ._. 
A_DT ``_`` big_JJ chunk_NN ''_'' of_IN that_DT additional_JJ spending_NN came_VBD in_IN the_DT third_JJ quarter_NN ,_, he_PRP said_VBD ._. 
Hoechst_NNP AG_NNP said_VBD it_PRP will_MD stop_VB producing_VBG fertilizer_NN in_IN 1990_CD because_IN of_IN continued_VBN losses_NNS and_CC a_DT bleak_JJ outlook_NN ._. 
The_DT West_JJ German_JJ chemical_NN concern_NN said_VBD it_PRP will_MD close_VB the_DT last_JJ remaining_VBG fertilizer_NN plant_NN in_IN Oberhausen_NNP in_IN the_DT fall_NN of_IN next_JJ year_NN ._. 
Hoechst_NNP said_VBD the_DT fertilizer_NN market_NN faces_VBZ overcapacity_NN in_IN Western_NNP Europe_NNP ,_, rising_VBG imports_NNS from_IN East_NNP bloc_NN countries_NNS and_CC overseas_JJ ,_, and_CC declining_VBG demand_NN ._. 
HomeFed_NNP Corp._NNP said_VBD its_PRP$ main_JJ subsidiary_NN ,_, Home_NNP Federal_NNP Savings_NNP &_CC Loan_NNP ,_, converted_VBN from_IN a_DT federal_JJ savings_NNS and_CC loan_NN to_TO a_DT federal_JJ savings_NNS bank_VBP and_CC changed_VBN its_PRP$ name_NN to_TO HomeFed_NNP Bank_NNP ._. 
The_DT federal_JJ Office_NNP of_IN Thrift_NNP Supervision_NNP approved_VBD the_DT conversion_NN last_JJ Friday_NNP ,_, HomeFed_NNP said_VBD ._. 
The_DT change_NN in_IN charter_NN does_VBZ n't_RB alter_VB the_DT federal_JJ insurance_NN of_IN deposits_NNS ,_, federal_JJ regulatory_JJ powers_NNS or_CC company_NN operations_NNS ,_, a_DT spokesman_NN said_VBD ._. 
It_PRP was_VBD the_DT second_JJ anniversary_NN of_IN the_DT 1987_CD crash_NN ,_, but_CC this_DT time_NN it_PRP was_VBD different_JJ ._. 
Stocks_NNS rallied_VBD on_IN good_JJ earnings_NNS reports_NNS and_CC on_IN data_NNS that_WDT showed_VBD less_JJR inflation_NN than_IN expected_VBN ._. 
Blue_JJ chips_NNS led_VBD the_DT march_NN up_IN in_IN heavy_JJ trading_NN ._. 
The_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP rose_VBD 39.55_CD points_NNS to_TO 2683.20_CD ._. 
The_DT 30_CD industrials_NNS led_VBD the_DT market_NN higher_JJR from_IN the_DT opening_NN bell_NN as_IN foreign_JJ buyers_NNS stepped_VBD in_RB ._. 
By_IN afternoon_NN ,_, the_DT broader_JJR market_NN joined_VBD the_DT advance_NN in_IN full_JJ strength_NN ._. 
Standard_NNP &_CC Poor_NNP 's_POS 500-stock_NNP Index_NNP rose_VBD 5.37_CD to_TO 347.13_CD and_CC the_DT Nasdaq_NNP composite_JJ index_NN jumped_VBD 7.52_CD to_TO 470.80_CD ._. 
New_NNP York_NNP Stock_NNP Exchange_NNP volume_NN swelled_VBD to_TO 198,120,000_CD shares_NNS ._. 
The_DT industrials_NNS were_VBD up_IN about_IN 60_CD points_NNS in_IN the_DT afternoon_NN ,_, but_CC cautious_JJ investors_NNS took_VBD profits_NNS before_IN the_DT close_NN ._. 
Traders_NNS said_VBD a_DT variety_NN of_IN factors_NNS triggered_VBD the_DT rally_NN ._. 
The_DT consumer_NN price_NN index_NN rose_VBD 0.2_CD %_NN in_IN September_NNP ,_, while_IN many_JJ economists_NNS were_VBD looking_VBG for_IN a_DT 0.4_CD %_NN increase_NN ._. 
Stock-index_NN arbitrage_NN buy_NN programs_NNS --_: in_IN which_WDT traders_NNS buy_VBP stock_NN against_IN offsetting_VBG positions_NNS in_IN futures_NNS to_TO lock_VB in_IN price_NN differences_NNS --_: helped_VBD the_DT rally_NN 's_POS momentum_NN ._. 
The_DT euphoria_NN was_VBD such_JJ that_IN investors_NNS responded_VBD to_TO good_JJ earnings_NNS reports_NNS of_IN companies_NNS such_JJ as_IN American_NNP Express_NNP ,_, while_IN ignoring_VBG the_DT disappointing_JJ profits_NNS of_IN companies_NNS such_JJ as_IN Caterpillar_NNP ,_, analysts_NNS said_VBD ._. 
Stock-index_NN arbitrage_NN trading_NN was_VBD a_DT minor_JJ influence_NN in_IN yesterday_NN 's_POS rally_NN ,_, traders_NNS said_VBD ._. 
Institutional_JJ buyers_NNS were_VBD the_DT main_JJ force_NN pushing_VBG blue_JJ chips_NNS higher_JJR ._. 
To_TO the_DT amazement_NN of_IN some_DT traders_NNS ,_, takeover_NN stocks_NNS were_VBD climbing_VBG again_RB ._. 
Hilton_NNP rose_VBD 2_CD 7\/8_CD to_TO 100_CD ,_, for_IN example_NN ._. 
Last_NNP Friday_NNP ,_, takeover_NN traders_NNS spilled_VBD out_IN of_IN Hilton_NNP ,_, knocking_VBG the_DT stock_NN down_RB 21_CD 1\/2_CD to_TO 85_CD ._. 
Among_IN other_JJ stocks_NNS involved_VBN in_IN restructurings_NNS or_CC rumored_VBN to_TO be_VB so_RB :_: Holiday_NNP Corp._NNP gained_VBD 1_CD 7\/8_CD to_TO 73_CD and_CC Honeywell_NNP rose_VBD 2_CD 7\/8_CD to_TO 81_CD 1\/2_CD ._. 
One_CD floor_NN trader_NN noted_VBD in_IN astonishment_NN that_DT nobody_NN seemed_VBD to_TO mind_VB the_DT news_NN that_IN British_JJ Airways_NNPS is_VBZ n't_RB making_VBG a_DT special_JJ effort_NN to_TO revive_VB the_DT UAL_NNP buy-out_NN ._. 
The_DT announcement_NN of_IN the_DT buy-out_NN 's_POS troubles_NNS triggered_VBD the_DT market_NN 's_POS nose_NN dive_NN a_DT week_NN ago_RB ._. 
Takeover_NN enthusiasm_NN may_MD have_VB been_VBN renewed_VBN when_WRB an_DT investor_NN group_NN disclosed_VBD yesterday_NN that_IN it_PRP had_VBD obtained_VBN all_PDT the_DT financing_NN required_VBN to_TO complete_VB its_PRP$ $_$ 1.6_CD billion_CD leveraged_JJ buy-out_NN of_IN American_NNP Medical_NNP International_NNP ._. 
``_`` That_DT 's_VBZ put_NN some_DT oomph_NN back_RB into_IN this_DT market_NN ,_, ''_'' said_VBD Peter_NNP VandenBerg_NNP ,_, a_DT vice_NN president_NN of_IN equity_NN trading_NN at_IN Shearson_NNP Lehman_NNP Hutton_NNP ._. 
But_CC some_DT traders_NNS thought_VBD there_EX was_VBD less_JJR to_TO the_DT rally_NN than_IN met_VBN the_DT eye_NN ._. 
``_`` There_EX is_VBZ no_DT strength_NN behind_IN this_DT rally_NN ,_, ''_'' asserted_VBD Chung_NNP Lew_NNP ,_, head_NN trader_NN at_IN Kleinwort_NNP Benson_NNP North_NNP America_NNP ._. 
``_`` It_PRP 's_VBZ traders_NNS squaring_VBG positions_NNS ._. 
It_PRP 's_VBZ not_RB good_JJ ;_: the_DT market_NN is_VBZ setting_VBG up_IN for_IN another_DT fall_NN ._. ''_'' 
Indeed_RB ,_, many_JJ traders_NNS said_VBD that_DT uncertainty_NN about_IN today_NN 's_POS monthly_JJ expiration_NN of_IN stocks-index_JJ futures_NNS and_CC options_NNS ,_, and_CC options_NNS on_IN individual_JJ stocks_NNS ,_, prompted_VBD a_DT lot_NN of_IN buying_VBG by_IN speculative_JJ traders_NNS who_WP were_VBD unwinding_NN positions_NNS that_WDT were_VBD bets_NNS on_IN declining_VBG stock_NN prices_NNS ._. 
The_DT number_NN of_IN outstanding_JJ contracts_NNS in_IN the_DT October_NNP Major_NNP Market_NNP Index_NNP jumped_VBD from_IN 5,273_CD on_IN Friday_NNP to_TO 9,023_CD on_IN Monday_NNP ._. 
The_DT MMI_NNP is_VBZ a_DT 20-stock_JJ index_NN that_IN mimics_VBZ the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP ._. 
Outstanding_JJ contracts_NNS are_VBP those_DT that_WDT remain_VBP to_TO be_VB liquidated_VBN ._. 
By_IN Wednesday_NNP ,_, the_DT outstanding_JJ October_NNP contracts_NNS amounted_VBD to_TO 8,524_CD ,_, representing_VBG about_RB $_$ 1.13_CD billion_CD in_IN stock_NN ,_, noted_VBD Donald_NNP Selkin_NNP ,_, head_NN of_IN stock-index_NN futures_NNS research_VBP at_IN Prudential-Bache_NNP Securities_NNP ,_, who_WP expects_VBZ a_DT volatile_JJ expiration_NN today_NN ._. 
``_`` There_EX has_VBZ been_VBN a_DT tremendous_JJ increase_NN ''_'' in_IN MMI_NNP positions_NNS ,_, Mr._NNP Selkin_NNP said_VBD ._. 
Consumer_NN stocks_NNS once_RB again_RB set_VBN the_DT pace_NN for_IN blue-chip_JJ issues_NNS ._. 
Philip_NNP Morris_NNP added_VBD 1_CD 1\/8_CD to_TO 44_CD 1\/2_CD in_IN Big_NNP Board_NNP composite_JJ trading_NN of_IN 3.7_CD million_CD shares_NNS ,_, Coca-Cola_NNP Co._NNP gained_VBD 2_CD 3\/8_CD to_TO 70_CD 3\/8_CD ,_, Merck_NNP gained_VBD 1_CD 3\/8_CD to_TO 77_CD 3\/8_CD and_CC American_NNP Telephone_NNP &_CC Telegraph_NNP advanced_VBD 7\/8_CD to_TO 43_CD 3\/8_CD on_IN 2.5_CD million_CD shares_NNS ._. 
American_NNP Medical_NNP jumped_VBD 1_CD 7\/8_CD to_TO 23_CD 5\/8_CD ._. 
IMA_NNP Acquisition_NNP ,_, an_DT investor_NN group_NN that_WDT includes_VBZ First_NNP Boston_NNP and_CC the_DT Pritzker_NNP family_NN of_IN Chicago_NNP ,_, said_VBD Chemical_NNP Bank_NNP had_VBD made_VBN arrangements_NNS for_IN 23_CD other_JJ banks_NNS to_TO provide_VB $_$ 509_CD million_CD in_IN bank_NN financing_NN for_IN the_DT buy-out_NN offer_NN ._. 
Chemical_NNP and_CC six_CD other_JJ banks_NNS ,_, along_IN with_IN First_NNP Boston_NNP ,_, are_VBP providing_VBG the_DT rest_NN of_IN the_DT $_$ 1.6_CD billion_CD ._. 
Elsewhere_RB on_IN the_DT takeover_NN front_NN ,_, Time_NNP Warner_NNP advanced_VBD 2_CD 5\/8_CD to_TO 136_CD 5\/8_CD and_CC Warner_NNP Communications_NNP tacked_VBD on_IN 7\/8_CD to_TO 63_CD 7\/8_CD ._. 
The_DT Delaware_NNP Supreme_NNP Court_NNP affirmed_VBD a_DT ruling_NN that_WDT barred_VBD Chris-Craft_NNP Industries_NNPS from_IN voting_VBG its_PRP$ Warner_NNP preferred_JJ stock_NN as_IN a_DT separate_JJ class_NN in_IN deciding_VBG on_IN the_DT companies_NNS '_POS proposed_VBN merger_NN ._. 
Paramount_NNP Communications_NNPS climbed_VBD 1_CD 1\/4_CD to_TO 58_CD 1\/2_CD and_CC MCA_NNP rose_VBD 1_CD 1\/2_CD to_TO 64_CD ;_: both_DT media_NNS companies_NNS have_VBP long_RB been_VBN mentioned_VBN as_IN potential_JJ acquisition_NN candidates_NNS ._. 
Among_IN other_JJ actual_JJ and_CC rumored_VBN targets_NNS ,_, Woolworth_NNP rose_VBD 1_CD 1\/4_CD to_TO 60_CD 1\/2_CD ,_, Upjohn_NNP went_VBD up_IN 1_CD 1\/8_CD to_TO 39_CD 3\/4_CD ,_, Armstrong_NNP World_NNP Industries_NNPS gained_VBD 1_CD to_TO 40_CD 1\/8_CD and_CC Kollmorgen_NNP rose_VBD 3\/4_CD to_TO 13_CD 7\/8_CD ._. 
In_IN addition_NN :_: --_: Soo_NNP Line_NNP jumped_VBD 2_CD 3\/4_CD to_TO 20_CD 1\/4_CD ,_, above_IN the_DT $_$ 19.50_CD a_DT share_NN that_IN Canadian_NNP Pacific_NNP offered_VBD for_IN the_DT company_NN in_IN a_DT takeover_NN proposal_NN ._. 
--_: Xtra_NNP gained_VBD 1_CD 1\/8_CD to_TO 27_CD 1\/8_CD ._. 
Investor_NNP Robert_NNP M._NNP Gintel_NNP ,_, who_WP owns_VBZ a_DT 4.7_CD %_NN stake_NN in_IN the_DT company_NN ,_, said_VBD he_PRP plans_VBZ a_DT proxy_NN fight_NN for_IN control_NN of_IN its_PRP$ board_NN ._. 
--_: Golden_NNP Nugget_NNP rose_VBD 2_CD to_TO 28_CD 1\/4_CD ._. 
Its_PRP$ board_NN approved_VBD the_DT repurchase_NN of_IN as_RB many_JJ as_IN three_CD million_CD common_JJ shares_NNS ,_, or_CC about_IN 17_CD %_NN of_IN its_PRP$ shares_NNS outstanding_JJ ._. 
Buying_VBG interest_NN also_RB resurfaced_VBD in_IN the_DT technology_NN sector_NN ,_, including_VBG International_NNP Business_NNP Machines_NNPS ,_, whose_WP$ board_NN approved_VBD a_DT $_$ 1_CD billion_CD increase_NN in_IN its_PRP$ stock_NN buy-back_NN program_NN ._. 
IBM_NNP rose_VBD 2_CD 3\/8_CD to_TO 104_CD 1\/8_CD as_IN 2.2_CD million_CD shares_NNS changed_VBD hands_NNS ._. 
Compaq_NNP Computer_NNP soared_VBD 4_CD 5\/8_CD to_TO 111_CD 1\/8_CD on_IN 1.8_CD million_CD shares_NNS in_IN response_NN to_TO the_DT company_NN 's_POS announcement_NN of_IN plans_NNS to_TO introduce_VB several_JJ products_NNS next_JJ month_NN ._. 
Digital_NNP Equipment_NNP gained_VBD 1_CD 3\/8_CD to_TO 89_CD 3\/4_CD despite_IN reporting_VBG earnings_NNS for_IN the_DT September_NNP quarter_NN that_WDT were_VBD on_IN the_DT low_JJ end_NN of_IN expectations_NNS ._. 
Among_IN other_JJ technology_NN issues_NNS ,_, Cray_NNP Research_NNP rose_VBD 1_CD 5\/8_CD to_TO 37_CD ,_, Hewlett-Packard_NNP added_VBD 1_CD 1\/4_CD to_TO 50_CD 1\/4_CD ,_, Tandem_NNP Computers_NNPS rallied_VBD 1_CD 1\/8_CD to_TO 25_CD 3\/4_CD ,_, Data_NNP General_NNP rose_VBD 3\/4_CD to_TO 14_CD 1\/2_CD and_CC Motorola_NNP gained_VBD 2_CD 3\/8_CD to_TO 59_CD 1\/4_CD ._. 
On_IN the_DT other_JJ hand_NN ,_, Symbol_NNP Technologies_NNP dropped_VBD 1_CD 1\/4_CD to_TO 18_CD 1\/2_CD after_IN Shearson_NNP Lehman_NNP Hutton_NNP lowered_VBD its_PRP$ short-term_JJ investment_NN rating_NN on_IN the_DT stock_NN and_CC its_PRP$ 1989_CD earnings_NNS estimate_NN ,_, and_CC Commodore_NNP International_NNP fell_VBD 7\/8_CD to_TO 8_CD after_IN the_DT company_NN said_VBD it_PRP expects_VBZ to_TO post_VB a_DT loss_NN for_IN the_DT September_NNP quarter_NN ._. 
Insurance_NN stocks_NNS continued_VBD to_TO climb_VB on_IN expectations_NNS that_IN premium_NN rates_NNS will_MD rise_VB in_IN the_DT aftermath_NN of_IN the_DT earthquake_NN in_IN the_DT San_NNP Francisco_NNP area_NN ._. 
American_NNP International_NNP Group_NNP climbed_VBD 4_CD to_TO 106_CD 5\/8_CD ,_, General_NNP Re_NNP rose_VBD 3_CD 1\/8_CD to_TO 89_CD 5\/8_CD ,_, Kemper_NNP added_VBD 2_CD 1\/2_CD to_TO 48_CD ,_, AON_NNP went_VBD up_IN 1_CD 3\/8_CD to_TO 36_CD and_CC Chubb_NNP rose_VBD 1_CD 1\/4_CD to_TO 82_CD 1\/4_CD ._. 
Stocks_NNS of_IN major_JJ toy_NN makers_NNS rallied_VBD in_IN the_DT wake_NN of_IN strong_JJ third-quarter_JJ earnings_NNS reports_NNS ._. 
Mattel_NNP added_VBD 1_CD 1\/4_CD to_TO 19_CD 5\/8_CD ,_, Tonka_NNP firmed_VBD 1_CD to_TO 18_CD 1\/2_CD and_CC Lewis_NNP Galoob_NNP Toys_NNPS rose_VBD 7\/8_CD to_TO 13_CD 5\/8_CD on_IN the_DT Big_NNP Board_NNP ,_, while_IN Hasbro_NNP gained_VBD 1_CD to_TO 21_CD 7\/8_CD on_IN the_DT American_NNP Stock_NNP Exchange_NNP ._. 
Capital_NNP Cities-ABC_NNP surged_VBD 42_CD 5\/8_CD to_TO 560_CD ._. 
Kidder_NNP Peabody_NNP raised_VBD its_PRP$ investment_NN rating_NN on_IN the_DT stock_NN and_CC its_PRP$ earnings_NNS estimates_NNS for_IN 1989_CD and_CC 1990_CD ,_, based_VBN on_IN optimism_NN that_IN the_DT company_NN 's_POS ABC_NNP television_NN network_NN will_MD continue_VB to_TO fare_VB well_RB in_IN the_DT ratings_NNS ._. 
Dun_NNP &_CC Bradstreet_NNP lost_VBD 1_CD 7\/8_CD to_TO 51_CD 7\/8_CD on_IN 1.8_CD million_CD shares_NNS ._. 
Merrill_NNP Lynch_NNP lowered_VBD its_PRP$ short-term_JJ rating_NN on_IN the_DT stock_NN and_CC its_PRP$ estimate_NN of_IN 1990_CD earnings_NNS ,_, citing_VBG a_DT sales_NNS slowdown_NN in_IN the_DT company_NN 's_POS credit-rating_JJ business_NN ._. 
Pinnacle_NNP West_NNP Capital_NNP ,_, which_WDT suspended_VBD its_PRP$ common-stock_JJ dividend_NN indefinitely_RB and_CC reported_VBD a_DT 91_CD %_NN decline_NN in_IN third-quarter_JJ earnings_NNS ,_, fell_VBD 5\/8_CD to_TO 11_CD 3\/8_CD ._. 
The_DT Amex_NNP Market_NNP Value_NNP Index_NNP recorded_VBD its_PRP$ sharpest_JJS gain_NN of_IN the_DT year_NN by_IN climbing_VBG 4.74_CD to_TO 382.81_CD ._. 
Volume_NN totaled_VBD 14,580,000_CD shares_NNS ._. 
B.A.T_NNP Industries_NNPS ,_, the_DT most_RBS active_JJ Amex_NNP issue_NN ,_, rose_VBD 3\/8_CD to_TO 12_CD 3\/8_CD ._. 
The_DT company_NN received_VBD shareholder_NN approval_NN for_IN its_PRP$ restructuring_NN plan_NN ,_, designed_VBN to_TO fend_VB off_IN a_DT hostile_JJ takeover_NN bid_NN from_IN a_DT group_NN headed_VBN by_IN financier_NN Sir_NNP James_NNP Goldsmith_NNP ._. 
Chambers_NNP Development_NNP Class_NNP A_DT jumped_VBD 3_CD 1\/8_CD to_TO 37_CD 1\/8_CD and_CC Class_NNP B_NNP rose_VBD 2_CD 5\/8_CD to_TO 37_CD 1\/4_CD ._. 
The_DT company_NN said_VBD six_CD officers_NNS are_VBP buying_VBG a_DT total_NN of_IN $_$ 1.5_CD million_CD of_IN its_PRP$ stock_NN ._. 
TRC_NNP Cos._NNP ,_, the_DT target_NN of_IN an_DT investigation_NN by_IN the_DT U.S._NNP inspector_NN general_JJ ,_, dropped_VBD 2_CD to_TO 10_CD 3\/4_CD ._. 
The_DT probe_NN involves_VBZ testing_NN procedures_NNS used_VBN on_IN certain_JJ government_NN contracts_NNS by_IN the_DT company_NN 's_POS Metatrace_NNP unit_NN ._. 
Avondale_NNP Industries_NNP Inc._NNP ,_, New_NNP Orleans_NNP ,_, received_VBD a_DT $_$ 23_CD million_CD contract_NN from_IN the_DT Navy_NNP to_TO enlarge_VB by_IN 50_CD %_NN the_DT capacity_NN of_IN an_DT auxiliary_JJ oiler_NN ._. 
The_DT award_NN results_NNS from_IN the_DT Navy_NNP 's_POS exercising_VBG of_IN an_DT option_NN in_IN an_DT earlier_JJR contract_NN it_PRP awarded_VBD Avondale_NNP ._. 
Richard_NNP J._NNP Pinola_NNP was_VBD elected_VBN to_TO the_DT board_NN of_IN this_DT personnel_NNS consulting_NN concern_NN ,_, increasing_VBG its_PRP$ size_NN to_TO nine_CD members_NNS ._. 
Mr._NNP Pinola_NNP is_VBZ president_NN and_CC chief_JJ operating_VBG officer_NN of_IN Penn_NNP Mutual_NNP Life_NNP Insurance_NNP Co_NNP ._. 
The_DT Senate_NNP rejected_VBD a_DT constitutional_JJ amendment_NN that_IN President_NNP Bush_NNP sought_VBD to_TO protect_VB the_DT U.S._NNP flag_NN from_IN desecration_NN ._. 
The_DT 51-48_JJ roll_NN call_NN fell_VBD well_JJ short_NN of_IN the_DT two-thirds_NNS majority_NN needed_VBN to_TO approve_VB changes_NNS to_TO the_DT Constitution_NNP ._. 
The_DT vote_NN ,_, in_IN which_WDT 11_CD GOP_NNP lawmakers_NNS voted_VBD against_IN Mr._NNP Bush_NNP 's_POS position_NN ,_, was_VBD a_DT victory_NN for_IN Democratic_JJ leaders_NNS ,_, who_WP opposed_VBD the_DT amendment_NN as_IN an_DT intrusion_NN on_IN the_DT Bill_NNP of_IN Rights_NNP ._. 
``_`` We_PRP can_MD support_VB the_DT American_JJ flag_NN without_IN changing_VBG the_DT American_NNP Constitution_NNP ,_, ''_'' said_VBD Senate_NNP Majority_NNP Leader_NNP George_NNP Mitchell_NNP of_IN Maine_NNP ._. 
In_IN order_NN to_TO defuse_VB pressure_NN for_IN an_DT amendment_NN ,_, Mr._NNP Mitchell_NNP and_CC House_NNP Speaker_NNP Thomas_NNP Foley_NNP -LRB-_( D._NNP ,_, Wash_NNP ._. -RRB-_) had_VBD arranged_VBN for_IN lawmakers_NNS to_TO pass_VB a_DT statute_NN barring_VBG flag_NN desecration_NN before_IN voting_NN on_IN the_DT constitutional_JJ change_NN ._. 
Mr._NNP Bush_NNP said_VBD he_PRP would_MD allow_VB the_DT bill_NN to_TO become_VB law_NN without_IN his_PRP$ signature_NN ,_, because_IN he_PRP said_VBD only_RB a_DT constitutional_JJ amendment_NN can_MD protect_VB the_DT flag_NN adequately_RB ._. 
In_IN June_NNP ,_, the_DT Supreme_NNP Court_NNP threw_VBD out_RP the_IN conviction_NN of_IN a_DT Texas_NNP man_NN who_WP set_VBD a_DT flag_NN afire_RB during_IN a_DT 1984_CD demonstration_NN ,_, saying_VBG he_PRP was_VBD ``_`` engaging_VBG in_IN political_JJ expression_NN ''_'' that_WDT is_VBZ protected_VBN by_IN the_DT First_NNP Amendment_NNP ._. 
If_IN you_PRP think_VBP you_PRP have_VBP stress-related_JJ problems_NNS on_IN the_DT job_NN ,_, there_EX 's_VBZ good_JJ news_NN and_CC bad_JJ news_NN ._. 
You_PRP 're_VBP probably_RB right_NN ,_, and_CC you_PRP are_VBP n't_RB alone_RB ._. 
A_DT new_JJ Gallup_NNP Poll_NNP study_NN commissioned_VBN by_IN the_DT New_NNP York_NNP Business_NNP Group_NNP on_IN Health_NNP ,_, found_VBD that_IN a_DT full_JJ 25_CD %_NN of_IN the_DT work_NN force_NN at_IN companies_NNS may_MD suffer_VB from_IN anxiety_NN disorders_NNS or_CC a_DT stress-related_JJ illness_NN ,_, with_IN about_IN 13_CD %_NN suffering_VBG from_IN depression_NN ._. 
The_DT study_NN surveyed_VBD a_DT national_JJ group_NN of_IN medical_JJ directors_NNS ,_, personnel_NNS managers_NNS and_CC employee_NN assistance_NN program_NN directors_NNS about_IN their_PRP$ perceptions_NNS of_IN these_DT problems_NNS in_IN their_PRP$ companies_NNS ._. 
It_PRP is_VBZ one_CD of_IN a_DT series_NN of_IN studies_NNS on_IN health_NN commissioned_VBN by_IN the_DT New_NNP York_NNP Business_NNP Group_NNP ,_, a_DT non-profit_JJ organization_NN with_IN about_IN 300_CD members_NNS ._. 
The_DT stress_NN study_NN was_VBD undertaken_VBN because_IN problems_NNS related_VBN to_TO stress_VB ``_`` are_VBP much_RB more_RBR prevalent_JJ than_IN they_PRP seem_VBP ,_, ''_'' said_VBD Leon_NNP J._NNP Warshaw_NNP ,_, executive_JJ director_NN of_IN the_DT business_NN group_NN ._. 
In_IN presenting_VBG the_DT study_NN late_JJ last_JJ week_NN ,_, Dr._NNP Warshaw_NNP estimated_VBD the_DT cost_NN of_IN these_DT types_NNS of_IN disorders_NNS to_TO business_NN is_VBZ substantial_JJ ._. 
Occupational_JJ disability_NN related_VBN to_TO anxiety_NN ,_, depression_NN and_CC stress_NN costs_NNS about_RB $_$ 8,000_CD a_DT case_NN in_IN terms_NNS of_IN worker_NN 's_POS compensation_NN ._. 
In_IN terms_NNS of_IN days_NNS lost_VBD on_IN the_DT job_NN ,_, the_DT study_NN estimated_VBN that_IN each_DT affected_VBN employee_NN loses_VBZ about_IN 16_CD work_NN days_NNS a_DT year_NN because_IN of_IN stress_NN ,_, anxiety_NN or_CC depression_NN ._. 
He_PRP added_VBD that_IN the_DT cost_NN for_IN stress-related_JJ compensation_NN claims_NNS is_VBZ about_IN twice_RB the_DT average_NN for_IN all_DT injury_NN claims_NNS ._. 
``_`` We_PRP hope_VBP to_TO sensitize_VB employers_NNS ''_'' to_TO recognize_VB the_DT problems_NNS so_IN they_PRP can_MD do_VB something_NN about_IN them_PRP ,_, Dr._NNP Warshaw_NNP said_VBD ._. 
Early_JJ intervention_NN into_IN these_DT types_NNS of_IN problems_NNS can_MD apparently_RB save_VB businesses_NNS long-term_JJ expense_NN associated_VBN with_IN hospitalization_NN ,_, which_WDT sometimes_RB results_VBZ when_WRB these_DT problems_NNS go_VBP untreated_JJ for_IN too_RB long_JJ ._. 
Even_RB the_DT courts_NNS are_VBP beginning_VBG to_TO recognize_VB the_DT link_NN between_IN jobs_NNS and_CC stress-related_JJ disorders_NNS in_IN compensation_NN cases_NNS ,_, according_VBG to_TO a_DT survey_NN by_IN the_DT National_NNP Council_NNP on_IN Compensation_NNP Insurance_NNP ._. 
But_CC although_IN 56_CD %_NN of_IN the_DT respondents_NNS in_IN the_DT study_NN indicated_VBD that_IN mental-health_JJ problems_NNS were_VBD fairly_RB pervasive_JJ in_IN the_DT workplace_NN ,_, there_EX is_VBZ still_RB a_DT social_JJ stigma_NN associated_VBN with_IN people_NNS seeking_VBG help_VB ._. 
The_DT disorders_NNS ,_, which_WDT 20_CD years_NNS ago_RB struck_VBD middle-age_JJ and_CC older_JJR people_NNS ,_, ``_`` now_JJ strike_NN people_NNS at_IN the_DT height_NN of_IN productivity_NN ,_, ''_'' says_VBZ Robert_NNP M.A._NNP Hirschfeld_NNP ,_, of_IN the_DT National_NNP Institute_NNP of_IN Mental_NNP Health_NNP ,_, who_WP spoke_VBD at_IN the_DT presentation_NN of_IN the_DT study_NN 's_POS findings_NNS ._. 
The_DT poll_NN showed_VBD that_DT company_NN size_NN had_VBD a_DT bearing_NN on_IN a_DT manager_NN 's_POS view_NN of_IN the_DT problem_NN ,_, with_IN 65_CD %_NN of_IN those_DT in_NN companies_NNS of_IN more_JJR than_IN 15,000_CD employees_NNS saying_VBG stress-related_JJ problems_NNS were_VBD ``_`` fairly_RB pervasive_JJ ''_'' and_CC 55_NN %_NN of_IN those_DT in_NN companies_NNS with_IN fewer_JJR than_IN 4,000_CD employees_NNS agreeing_VBG ._. 
The_DT poll_NN also_RB noted_VBD fear_NN of_IN a_DT takeover_NN as_IN a_DT stress-producing_JJ event_NN in_IN larger_JJR companies_NNS ._. 
More_RBR than_IN eight_CD in_IN 10_CD respondents_NNS reported_VBD such_JJ a_DT stress-provoking_JJ situation_NN in_IN their_PRP$ company_NN ._. 
Mid-sized_JJ companies_NNS were_VBD most_RBS affected_VBN by_IN talk_NN of_IN layoffs_NNS or_CC plant_NN closings_NNS ._. 
The_DT study_NN ,_, which_WDT received_VBD funding_NN from_IN Upjohn_NNP Co._NNP ,_, which_WDT makes_VBZ several_JJ drugs_NNS to_TO treat_VB stress-related_JJ illnesses_NNS ,_, also_RB found_VBD 47_CD %_NN of_IN the_DT managers_NNS said_VBD stress_NN ,_, anxiety_NN and_CC depression_NN contribute_VB to_TO decreased_VBD production_NN ._. 
Alcohol_NN and_CC substance_NN abuse_NN as_IN a_DT result_NN of_IN stress-related_JJ problems_NNS was_VBD cited_VBN by_IN 30_CD %_NN of_IN those_DT polled_VBN ._. 
Although_IN Dr._NNP Warshaw_NNP points_NNS out_IN that_IN stress_NN and_CC anxiety_NN have_VBP their_PRP$ positive_JJ uses_NNS ,_, ``_`` stress_NN perceived_VBN to_TO be_VB threatening_VBG implies_VBZ a_DT component_NN of_IN fear_NN and_CC anxiety_NN that_WDT may_MD contribute_VB to_TO burnout_NN ._. ''_'' 
He_PRP also_RB noted_VBD that_IN various_JJ work_NN environments_NNS ,_, such_JJ as_IN night_NN work_NN ,_, have_VBP their_PRP$ own_JJ ``_`` stressors_NNS ._. ''_'' 
``_`` We_PRP all_DT like_JJ stress_NN ,_, but_CC there_EX 's_VBZ a_DT limit_NN ,_, ''_'' says_VBZ Paul_NNP D'Arcy_NNP ,_, of_IN Rohrer_NNP ,_, Hibler_NNP &_CC Replogle_NNP ,_, a_DT corporate_JJ psychology_NN and_CC management_NN consulting_NN firm_NN ._. 
The_DT problem_NN ,_, says_VBZ Mr._NNP D'Arcy_NNP ,_, a_DT psychologist_NN ,_, is_VBZ that_IN ``_`` it_PRP 's_VBZ very_RB hard_JJ to_TO get_VB any_DT hard_JJ measures_NNS on_IN how_WRB stress_NN affects_VBZ job_NN performance_NN ._. 
For_IN Cheap_JJ Air_NNP Fares_NNS ,_, Spend_VB Christmas_NNP Aloft_JJ 
IT_PRP IS_VBZ N'T_NNP TRUE_JJ that_IN a_DT 90-year_CD old_JJ clergyman_NN on_IN a_DT mission_NN of_IN mercy_NN to_TO a_DT disaster_NN area_NN on_IN Christmas_NNP Day_NNP can_MD fly_VB free_JJ ._. 
But_CC his_PRP$ circumstances_NNS are_VBP among_IN the_DT few_JJ that_WDT can_MD qualify_VB for_IN the_DT handful_NN of_IN really_RB cheap_JJ airline_NN tickets_NNS remaining_VBG in_IN America_NNP ._. 
In_IN recent_JJ years_NNS ,_, carriers_NNS have_VBP become_VBN much_RB more_RBR picky_JJ about_IN who_WP can_MD fly_VB on_IN the_DT cheap_NN ._. 
But_CC there_EX still_RB are_VBP a_DT few_JJ ways_NNS today_NN 's_POS traveler_NN can_MD qualify_VB under_IN the_DT airline_NN 's_POS many_JJ restrictions_NNS ._. 
One_CD of_IN the_DT best_JJS deals_NNS ,_, though_RB ,_, may_MD mean_VB skipping_VBG Christmas_NNP dinner_NN with_IN the_DT relatives_NNS ._. 
This_DT week_NN ,_, many_JJ carriers_NNS are_VBP announcing_VBG cut-rate_JJ fares_NNS designed_VBN to_TO get_VB people_NNS to_TO fly_VB on_IN some_DT of_IN the_DT most_RBS hallowed_JJ --_: and_CC slowest_JJS --_: days_NNS of_IN the_DT year_NN ,_, including_VBG Christmas_NNP ._. 
In_IN recent_JJ years_NNS ,_, the_DT airlines_NNS had_VBD waited_VBN until_IN the_DT last_JJ moment_NN to_TO court_VB Christmas_NNP season_NN vacationers_NNS with_IN bargain_NN fares_NNS ._. 
That_DT approach_NN flopped_VBD :_: Last_NNP Christmas_NNP Day_NNP ,_, a_DT USAir_NNP Group_NNP Inc._NNP DC-9_JJ jetliner_NN flew_VBD about_IN seven_CD passengers_NNS from_IN Chicago_NNP to_TO Pittsburgh_NNP ._. 
So_RB this_DT year_NN ,_, the_DT airlines_NNS are_VBP getting_VBG a_DT jump_NN on_IN holiday_NN discounts_NNS ._. 
They_PRP are_VBP cutting_VBG ticket_NN prices_NNS by_IN as_RB much_JJ as_IN 70_CD %_NN from_IN normal_JJ levels_NNS for_IN travel_NN to_TO most_RBS U.S._NNP locations_NNS on_IN Dec._NNP 24_CD ,_, 25_CD ,_, 29_CD ,_, 30_CD and_CC 31_CD ,_, and_CC Jan._NNP 4_CD ,_, 5_NN and_CC 6_CD ._. 
The_DT promotions_NNS --_: dubbed_VBN everything_NN from_IN 'T-_PRP is_VBZ the_DT Season_NN to_TO be_VB Jolly_JJ to_TO Kringle_NNP fares_NNS --_: put_VB round-trip_JJ fares_NNS at_IN $_$ 98_CD ,_, $_$ 148_CD and_CC $_$ 198_CD ._. 
``_`` They_PRP 're_VBP trying_VBG to_TO keep_VB planes_NNS flying_VBG on_IN days_NNS they_PRP 'd_MD normally_RB park_VB them_PRP ,_, ''_'' says_VBZ Roger_NNP Bard_NNP ,_, president_NN of_IN Mr._NNP Mitchell_NNP Travel_NNP Service_NNP in_IN Burnsville_NNP ,_, N.C_NNP ._. 
Expect_VB ,_, of_IN course_NN ,_, sky-high_JJ prices_NNS on_IN other_JJ dates_NNS near_IN the_DT holidays_NNS when_WRB the_DT airlines_NNS know_VBP vacationers_NNS are_VBP eager_JJ to_TO travel_VB ._. 
Consider_VB Adopting_VBG Your_PRP$ Spouse_NN 's_POS Name_NN 
IF_IN CONTINENTAL_NNP Airlines_NNPS has_VBZ its_PRP$ way_NN ,_, couples_NNS like_IN Marlo_NNP Thomas_NNP and_CC Phil_NNP Donahue_NNP may_MD find_VB it_PRP a_DT hassle_NN to_TO qualify_VB for_IN some_DT new_JJ discounts_NNS ._. 
Continental_NNP ,_, a_DT Texas_NNP Air_NNP Corp._NNP unit_NN ,_, recently_RB unveiled_VBD a_DT marketing_NN program_NN offering_NN free_JJ companion_NN tickets_NNS to_TO business-class_JJ and_CC first-class_JJ passengers_NNS on_IN international_JJ flights_NNS ._. 
The_DT Continental_NNP catch_NN :_: Only_RB immediate_JJ family_NN members_NNS are_VBP allowed_VBN ,_, and_CC they_PRP must_MD have_VB the_DT same_JJ last_JJ name_NN as_IN the_DT buyer_NN of_IN the_DT ticket_NN or_CC legal_JJ proof_NN they_PRP 're_VBP related_VBN ._. 
That_DT irritates_VBZ many_JJ women_NNS who_WP have_VBP n't_RB taken_VBN their_PRP$ husbands_NNS '_POS last_JJ name_NN ._. 
``_`` What_WP a_DT bunch_NN of_IN nonsense_NN ,_, ''_'' says_VBZ Jessica_NNP Crosby_NNP ,_, president_NN of_IN the_DT New_NNP York_NNP chapter_NN of_IN the_DT National_NNP Association_NNP of_IN Women_NNP Business_NNP Owners_NNS ._. 
``_`` This_DT sets_NNS things_NNS way_NN back_RB ._. ''_'' 
Continental_NNP 's_POS logic_NN :_: It_PRP does_VBZ n't_RB want_VB business_NN companions_NNS abusing_VBG the_DT promotion_NN by_IN falsely_RB claiming_VBG to_TO be_VB related_VBN ._. 
``_`` We_PRP accommodate_VBP their_PRP$ choice_NN of_IN names_NNS by_IN allowing_VBG them_PRP to_TO demonstrate_VB ''_'' family_NN affiliation_NN with_IN legal_JJ documents_NNS ,_, says_VBZ Jim_NNP O'Donnell_NNP ,_, a_DT senior_JJ vice_NN president_NN ._. 
But_CC gay_JJ rights_NNS advocates_NNS are_VBP angry_JJ ,_, too_RB ._. 
The_DT Lambda_NNP Legal_NNP Defense_NNP and_CC Education_NNP Fund_NNP of_IN New_NNP York_NNP City_NNP has_VBZ received_VBN complaints_NNS from_IN homosexual_JJ couples_NNS whom_WP the_DT airline_NN does_VBZ n't_RB recognize_VB as_IN family_NN ._. 
``_`` It_PRP 's_VBZ certainly_RB discrimination_NN ,_, ''_'' says_VBZ attorney_NN Evan_NNP Wolfson_NNP ,_, whose_WP$ group_NN forced_VBN Trans_NNP World_NNP Airlines_NNPS this_DT year_NN to_TO change_VB a_DT rule_NN that_WDT allowed_VBD travelers_NNS to_TO transfer_VB frequent_JJ flier_NN awards_NNS only_RB to_TO family_NN members_NNS ._. 
Take_VB Your_PRP$ Vacation_NN In_IN a_DT Hurricane_NNP Area_NNP 
WHEN_WRB HURRICANE_NNP Hugo_NNP careened_VBD through_IN the_DT Caribbean_NNP and_CC the_DT Atlantic_NNP coast_NN states_NNS ,_, it_PRP downed_VBD electric_NN and_CC telephone_NN lines_NNS ,_, shot_NN coconuts_NNS through_IN cottage_NN rooftops_NNS ,_, shattered_VBN windows_NNS and_CC uprooted_VBN thousands_NNS of_IN lives_NNS ._. 
It_PRP also_RB lowered_VBD some_DT air_NN fares_NNS ._. 
Since_IN the_DT hurricane_NN ,_, Midway_NNP Airlines_NNP Inc._NNP and_CC American_NNP Airlines_NNP ,_, a_DT unit_NN of_IN AMR_NNP Corp._NNP ,_, trimmed_VBD their_PRP$ one-way_JJ fares_NNS to_TO the_DT Virgin_NNP Islands_NNPS to_TO $_$ 109_CD from_IN prices_NNS that_WDT were_VBD at_IN times_NNS double_JJ that_IN before_IN the_DT storm_NN ._. 
The_DT fares_NNS are_VBP code-named_VBN Hugo_NNP ,_, Compassion_NNP and_CC Virgin_NNP Islands_NNP Aid_NNP ._. 
-LRB-_( Airlines_NNPS are_VBP n't_RB lowering_VBG fares_NNS to_TO Northern_NNP California_NNP following_VBG this_DT week_NN 's_POS earthquake_NN ,_, but_CC reservation_NN agents_NNS can_MD waive_VB advance-purchase_JJ restrictions_NNS on_IN discount_NN fares_NNS for_IN emergency_NN trips_NNS ._. -RRB-_) 
Some_DT hotels_NNS in_IN the_DT hurricane-stricken_JJ Caribbean_NNP promise_NN money-back_JJ guarantees_NNS ._. 
In_IN Myrtle_NNP Beach_NNP ,_, S.C._NNP ,_, the_DT damaged_VBN Yachtsman_NNP Resort_NNP offers_VBZ daily_JJ rates_NNS as_RB low_JJ as_IN $_$ 35_CD ,_, or_CC as_RB much_JJ as_IN 22_CD %_NN below_IN regular_JJ prices_NNS ._. 
Says_VBZ Michele_NNP Hoffman_NNP ,_, a_DT clerk_NN in_IN the_DT resort_NN 's_POS front_NN office_NN :_: ``_`` We_PRP do_VBP n't_RB have_VB the_DT outdoor_JJ pool_NN ,_, the_DT pool_NN table_NN ,_, ping_NN pong_NN table_NN ,_, snack_NN bar_NN or_CC VCR_NNP ,_, but_CC we_PRP still_RB have_VBP the_DT indoor_JJ pool_NN and_CC Jacuzzi_NNP ._. ''_'' 
Just_RB Wait_VB Until_IN You_PRP 're_VBP a_DT Bit_NN Older_JJR 
SENIOR_JJ CITIZENS_NNS have_VBP long_RB received_VBN cheap_JJ air_NN fares_NNS ._. 
This_DT year_NN ,_, the_DT older_JJR someone_NN is_VBZ the_DT bigger_JJR the_DT discount_NN ._. 
A_DT senior_JJ citizen_NN between_IN 62_CD and_CC 70_CD saves_VBZ 70_CD %_NN off_IN regular_JJ coach_NN fare_NN ._. 
Travelers_NNS up_IN to_TO age_NN 99_CD get_VB a_DT percentage_NN discount_NN matching_VBG their_PRP$ age_NN ._. 
And_CC centenarians_NNS fly_VBP free_JJ in_IN first_JJ class_NN ._. 
Next_JJ month_NN ,_, Northwest_NNP Airlines_NNPS says_VBZ ,_, a_DT 108-year-old_NNP Lansing_NNP ,_, Mich._NNP ,_, woman_NN is_VBZ taking_VBG it_PRP up_IN on_IN the_DT offer_NN to_TO fly_VB with_IN her_PRP$ 72-year-old_JJ son_NN to_TO Tampa_NNP ,_, Fla_NNP ._. 
Last_JJ year_NN when_WRB Northwest_NNP first_RB offered_VBN the_DT promotion_NN ,_, only_RB six_CD centenarians_NNS flew_VBD free_JJ ._. 
If_IN All_DT Else_RB Fails_VBZ ..._: ._. 
THE_DT NATION'S_NN carriers_NNS also_RB provide_VBP discounts_NNS to_TO Red_NNP Cross_NNP workers_NNS ,_, retired_VBN military_JJ personnel_NNS and_CC medical_JJ students_NNS ._. 
There_EX 's_VBZ even_RB a_DT special_JJ fare_NN for_IN clergy_NN that_WDT does_VBZ n't_RB require_VB the_DT usual_JJ stay_NN over_IN Saturday_NNP night_NN ._. 
That_DT way_NN ,_, they_PRP can_MD be_VB home_NN in_IN time_NN for_IN work_NN Sunday_NNP ._. 
The_DT British_NNP Petroleum_NNP Co._NNP PLC_NNP said_VBD its_PRP$ BP_NNP Exploration_NNP unit_NN has_VBZ produced_VBN the_DT first_JJ oil_NN from_IN its_PRP$ Don_NNP oilfield_NN in_IN the_DT North_NNP Sea_NNP ._. 
In_IN an_DT official_JJ release_NN ,_, BP_NNP said_VBD initial_JJ production_NN from_IN the_DT field_NN was_VBD 11,000_CD barrels_NNS a_DT day_NN ,_, and_CC that_IN it_PRP expects_VBZ peak_NN output_NN from_IN the_DT field_NN of_IN 15,000_CD barrels_NNS a_DT day_NN to_TO be_VB reached_VBN in_IN 1990_CD ._. 
As_IN the_DT sponsor_NN of_IN the_DT ``_`` Older_JJR Americans_NNP Freedom_NNP to_TO Work_VB Act_NNP ,_, ''_'' which_WDT would_MD repeal_VB the_DT Social_NNP Security_NNP earnings_NNS limit_NN for_IN people_NNS aged_VBN 65_CD and_CC older_JJR ,_, I_PRP applaud_VBP your_PRP$ strong_JJ endorsement_NN to_TO repeal_VB this_DT Depression-era_JJ fossil_NN ._. 
For_IN every_DT dollar_NN earned_VBD over_IN $_$ 8,880_CD ,_, Social_NNP Security_NNP recipients_NNS lose_VBP 50_CD cents_NNS of_IN their_PRP$ Social_NNP Security_NNP benefits_NNS ;_: it_PRP 's_VBZ like_IN a_DT 50_CD %_NN marginal_JJ tax_NN ._. 
But_CC the_DT compounded_VBN effects_NNS of_IN ``_`` seniors_NNS only_RB ''_'' taxes_NNS result_VBP in_IN truly_RB catastrophic_JJ marginal_JJ tax_NN rates_NNS ._. 
Imagine_VB a_DT widow_NN who_WP wants_VBZ to_TO maintain_VB her_PRP$ standard_NN of_IN living_VBG at_IN the_DT same_JJ level_NN she_PRP had_VBD before_IN she_PRP had_VBD to_TO pay_VB the_DT catastrophic_JJ surtax_NN ._. 
Although_IN this_DT widow_NN earns_VBZ only_RB twice_RB the_DT minimum_JJ wage_NN ,_, largely_RB due_JJ to_TO the_DT earnings_NNS limit_NN ,_, she_PRP would_MD have_VB to_TO earn_VB an_DT additional_JJ $_$ 4,930_CD to_TO offset_VB her_PRP$ catastrophic_JJ surtax_NN of_IN $_$ 496_CD ._. 
Eliminating_VBG the_DT earnings_NNS limit_NN would_MD greatly_RB help_VB seniors_NNS and_CC reduce_VB the_DT deficit_NN ._. 
Repeal_NN would_MD generate_VB more_JJR in_IN new_JJ taxes_NNS than_IN the_DT government_NN would_MD lose_VB in_IN increased_VBN Social_NNP Security_NNP benefit_NN payments_NNS ._. 
We_PRP now_JJ need_NN support_NN from_IN the_DT Democrats_NNPS on_IN the_DT Rules_NNP Committee_NNP in_IN order_NN to_TO include_VB earnings-limit_JJ reform_NN in_IN the_DT Reconciliation_NNP Bill_NNP ._. 
Since_IN all_DT four_CD Republicans_NNPS on_IN the_DT committee_NN are_VBP co-sponsors_NNS of_IN my_PRP$ bill_NN ,_, it_PRP is_VBZ the_DT Democrats_NNPS who_WP will_MD be_VB held_VBN fully_RB accountable_JJ if_IN an_DT earnings_NNS test_NN amendment_NN is_VBZ not_RB allowed_VBN from_IN the_DT floor_NN ._. 
The_DT time_NN is_VBZ now_RB to_TO lift_VB the_DT burdensome_JJ Social_NNP Security_NNP earnings_NNS limit_NN from_IN the_DT backs_NNS of_IN our_PRP$ nation_NN 's_POS seniors_NNS ._. 
Rep._NNP J._NNP Dennis_NNP Hastert_NNP -LRB-_( R._NNP ,_, Ill_NNP ._. -RRB-_) 
When_WRB his_PRP$ Seventh_NNP Avenue_NNP fur_NN business_NN here_RB was_VBD flying_VBG high_JJ 20_CD years_NNS ago_RB ,_, Jack_NNP Purnick_NNP had_VBD 25_CD workers_NNS and_CC a_DT large_JJ factory_NN ._. 
Now_RB his_PRP$ half-dozen_NN employees_NNS work_VBP in_IN an_DT eighth-floor_JJ shop_NN that_IN he_PRP says_VBZ is_VBZ smaller_JJR than_IN his_PRP$ old_JJ storage_NN room_NN ._. 
He_PRP also_RB says_VBZ he_PRP is_VBZ losing_VBG money_NN now_RB ._. 
He_PRP blames_VBZ imports_NNS ._. 
But_CC just_RB down_RB Seventh_NNP Avenue_NNP ,_, where_WRB about_IN 75_CD %_NN of_IN U.S._NNP fur_NN garments_NNS are_VBP made_VBN ,_, Larry_NNP Rosen_NNP has_VBZ acquired_VBN two_CD retail_JJ outlets_NNS ,_, broadened_VBD his_PRP$ fur-making_JJ line_NN and_CC expanded_VBN into_IN leather_NN ._. 
He_PRP credits_VBZ imports_NNS ._. 
The_DT difference_NN lies_VBZ in_IN how_WRB the_DT two_CD entrepreneurial_JJ furriers_NNS reacted_VBD to_TO the_DT foreign_JJ competition_NN and_CC transformation_NN of_IN their_PRP$ industry_NN over_IN the_DT past_JJ 10_CD years_NNS ._. 
One_CD stuck_VBN to_TO old-line_JJ business_NN traditions_NNS ,_, while_IN the_DT other_JJ embraced_VBN the_DT change_NN ._. 
``_`` The_DT small_JJ ,_, good_JJ fur_NN salon_NN is_VBZ not_RB what_WP it_PRP used_VBD to_TO be_VB ,_, ''_'' says_VBZ Mr._NNP Purnick_NNP ,_, 75_CD years_NNS old_JJ ._. 
``_`` We_PRP make_VBP the_DT finest_JJS product_NN in_IN the_DT world_NN ,_, and_CC the_DT Americans_NNPS are_VBP being_VBG kicked_VBN around_IN ._. ''_'' 
Mr._NNP Rosen_NNP ,_, though_RB ,_, believes_VBZ imports_NNS have_VBP reinvigorated_VBN the_DT industry_NN in_IN which_WDT he_PRP has_VBZ worked_VBN for_IN most_RBS of_IN his_PRP$ 57_CD years_NNS ._. 
``_`` You_PRP 've_VBP got_VBD some_DT minds_NNS here_RB that_WDT wo_MD n't_RB think_VB progressively_RB ,_, ''_'' he_PRP says_VBZ ._. 
Import_NN competition_NN for_IN U.S._NNP furs_NNS has_VBZ risen_VBN sharply_RB since_IN furriers_NNS started_VBD aggressively_RB marketing_VBG ``_`` working-girl_NN mink_NN ''_'' and_CC similar_JJ lower-priced_JJ imported_VBN furs_NNS in_IN recent_JJ years_NNS ._. 
Merchants_NNP discovered_VBD a_DT consumer_NN largely_RB ignored_VBD by_IN higher-priced_JJ furriers_NNS :_: the_DT younger_JJR woman_NN --_: even_RB in_IN her_PRP$ late_JJ 20s_CD --_: who_WP never_RB thought_VBD she_PRP could_MD buy_VB a_DT mink_NN ._. 
The_DT new_JJ market_NN helped_VBD boost_VB U.S._NNP fur_NN sales_NNS to_TO about_RB $_$ 1.8_CD billion_CD a_DT year_NN now_RB ,_, triple_VB the_DT level_NN in_IN the_DT late_JJ 1970s_NNS ._. 
It_PRP also_RB opened_VBD the_DT door_NN to_TO furs_NNS made_VBN in_IN South_NNP Korea_NNP ,_, China_NNP ,_, Hong_NNP Kong_NNP and_CC other_JJ countries_NNS ._. 
Jindo_NNP Furs_NNP ,_, a_DT large_JJ South_JJ Korean_JJ maker_NN ,_, says_VBZ it_PRP operates_VBZ 35_CD retail_JJ outlets_NNS in_IN the_DT U.S._NNP and_CC plans_NNS to_TO open_VB 15_CD more_JJR by_IN the_DT end_NN of_IN next_JJ year_NN ._. 
Mr._NNP Purnick_NNP and_CC other_JJ old-line_JJ furriers_NNS call_VBP many_NN of_IN the_DT the_DT imports_NNS unstylish_JJ and_CC poorly_RB made_VBN ._. 
High-end_JJ U.S._NNP furriers_NNS say_VBP these_DT imports_NNS have_VBP n't_RB squeezed_VBN them_PRP ._. 
But_CC low-priced_JJ and_CC middle-priced_JJ furriers_NNS like_IN Mr._NNP Purnick_NNP ,_, who_WP once_RB saturated_VBN the_DT five-block_JJ Seventh_NNP Avenue_NNP fur_NN district_NN ,_, say_VBP imports_NNS have_VBP cut_VBN their_PRP$ sales_NNS ._. 
A_DT woman_NN who_WP once_RB would_MD have_VB saved_VBN for_IN two_CD or_CC three_CD seasons_NNS to_TO buy_VB a_DT U.S.-made_JJ mink_NN can_MD now_RB get_VB an_DT imported_VBN mink_NN right_RB away_RB for_IN less_JJR than_IN $_$ 2,000_CD ._. 
Yet_RB Mr._NNP Rosen_NNP has_VBZ turned_VBN the_DT import_NN phenomenon_NN to_TO his_PRP$ advantage_NN ._. 
Early_RB in_IN the_DT decade_NN he_PRP saw_VBD that_IN fur_NN workers_NNS in_IN many_JJ foreign_JJ countries_NNS were_VBD willing_JJ to_TO work_VB longer_RB hours_VBZ at_IN lower_JJR wages_NNS than_IN their_PRP$ American_JJ counterparts_NNS and_CC were_VBD more_RBR open_JJ to_TO innovation_NN ._. 
In_IN 1982_CD ,_, he_PRP started_VBD a_DT factory_NN in_IN Greece_NNP ._. 
Two_CD years_NNS later_RB ,_, he_PRP opened_VBD one_CD in_IN West_NNP Germany_NNP ._. 
He_PRP also_RB noticed_VBD that_IN foreign_JJ makers_NNS were_VBD introducing_VBG many_JJ variations_NNS on_IN the_DT traditional_JJ fur_NN ,_, and_CC he_PRP decided_VBD to_TO follow_VB suit_NN ._. 
By_IN combining_VBG his_PRP$ strengths_NNS in_IN innovation_NN and_CC quality_NN control_NN with_IN the_DT lower_JJR costs_NNS of_IN production_NN abroad_RB ,_, he_PRP says_VBZ he_PRP has_VBZ been_VBN able_JJ to_TO produce_VB high-quality_JJ goods_NNS at_IN low_JJ cost_NN ._. 
To_TO maintain_VB control_NN over_IN production_NN and_CC avoid_VB overdependence_NN on_IN foreign_JJ sources_NNS ,_, he_PRP says_VBZ he_PRP still_RB makes_VBZ most_RBS of_IN his_PRP$ furs_NNS in_IN the_DT U.S._NNP ._. 
But_CC six_CD years_NNS ago_RB he_PRP also_RB began_VBD importing_VBG from_IN the_DT Far_NNP East_NNP ._. 
Inspired_VBN by_IN imports_NNS ,_, Mr._NNP Rosen_NNP now_RB makes_VBZ fur_NN muffs_NNS ,_, hats_NNS and_CC flings_NNS ._. 
This_DT year_NN he_PRP produced_VBD a_DT men_NNS 's_POS line_NN and_CC offers_VBZ dyed_VBN furs_NNS in_IN red_JJ ,_, cherry_JJ red_NN ,_, violet_NN ,_, royal_JJ blue_NN and_CC forest_NN green_JJ ._. 
He_PRP has_VBZ leather_NN jackets_NNS from_IN Turkey_NNP that_WDT are_VBP lined_VBN with_IN eel_NN skin_NN and_CC topped_VBD off_IN with_IN raccoon-skin_JJ collars_NNS ._. 
From_IN Asia_NNP ,_, he_PRP has_VBZ mink_NN jackets_NNS with_IN floral_JJ patterns_NNS made_VBN by_IN using_VBG different_JJ colored_JJ furs_NNS ._. 
Next_JJ he_PRP will_MD be_VB testing_NN pictured_VBD embroidery_NN -LRB-_( called_VBN kalega_NN -RRB-_) made_VBN in_IN the_DT Far_NNP East_NNP ._. 
He_PRP plans_VBZ to_TO attach_VB the_DT embroidery_NN to_TO the_DT backs_NNS of_IN mink_NN coats_NNS and_CC jackets_NNS ._. 
Besides_IN adding_VBG to_TO sales_NNS ,_, leathers_NNS also_RB attract_VBP retailers_NNS who_WP may_MD buy_VB furs_NNS later_RB ,_, he_PRP adds_VBZ ._. 
Other_JJ furriers_NNS have_VBP also_RB benefited_VBN from_IN leathers_NNS ._. 
Seymour_NNP Schreibman_NNP ,_, the_DT 65-year-old_JJ owner_NN of_IN Schreibman_NNP Raphael_NNP Furs_NNP Inc._NNP ,_, treats_VBZ the_DT reverse_NN side_NN of_IN a_DT Persian_NNP lambskin_NN to_TO produce_VB a_DT reversible_JJ fur-and-leather_JJ garment_NN ._. 
He_PRP says_VBZ it_PRP accounts_VBZ for_IN 25_CD %_NN of_IN total_JJ sales_NNS ._. 
Mr._NNP Rosen_NNP is_VBZ also_RB pushing_VBG retail_JJ sales_NNS ._. 
This_DT year_NN he_PRP bought_VBD two_CD stores_NNS ,_, one_CD in_IN Brooklyn_NNP and_CC one_CD in_IN Queens_NNP ._. 
Other_JJ furriers_NNS have_VBP also_RB placed_VBN more_JJR weight_NN on_IN retailing_NN ._. 
Golden_NNP Feldman_NNP Furs_NNP Inc._NNP began_VBD retailing_NN aggressively_RB eight_CD years_NNS ago_RB ,_, and_CC now_RB retail_JJ sales_NNS account_NN for_IN about_IN 20_CD %_NN of_IN gross_JJ income_NN ._. 
In_IN other_JJ moves_NNS ,_, Mr._NNP Rosen_NNP says_VBZ he_PRP bought_VBD a_DT truck_NN three_CD years_NNS ago_RB to_TO reach_VB more_JJR retailers_NNS ._. 
Since_IN then_RB he_PRP has_VBZ expanded_VBN his_PRP$ fleet_NN and_CC can_MD now_RB bring_VB his_PRP$ furs_NNS to_TO the_DT front_NN door_NN of_IN retailers_NNS as_IN far_RB away_RB as_IN the_DT Midwest_NNP ._. 
Small_JJ retailers_NNS who_WP ca_MD n't_RB afford_VB to_TO travel_VB to_TO his_PRP$ New_NNP York_NNP showroom_NN have_VBP become_VBN fair_JJ game_NN ._. 
Such_JJ moves_NNS have_VBP helped_VBN Mr._NNP Rosen_NNP weather_NN the_DT industry_NN slump_NN of_IN recent_JJ years_NNS ._. 
The_DT industry_NN enjoyed_VBD six_CD prosperous_JJ years_NNS beginning_VBG in_IN 1980_CD ,_, but_CC since_IN 1986_CD sales_NNS have_NN languished_VBN at_IN their_PRP$ $_$ 1.8_CD billion_CD peak_NN ._. 
Large_JJ furriers_NNS such_JJ as_IN Antonovich_NNP Inc._NNP ,_, Fur_NNP Vault_NNP Inc._NNP and_CC Evans_NNP Inc._NNP all_DT reported_VBD losses_NNS in_IN their_PRP$ latest_JJS fiscal_JJ years_NNS ._. 
Aftereffects_NNS of_IN the_DT 1987_CD stock_NN market_NN crash_NN head_NN the_DT list_NN of_IN reasons_NNS ._. 
In_IN addition_NN ,_, competition_NN has_VBZ glutted_VBN the_DT market_NN with_IN both_DT skins_NNS and_CC coats_NNS ,_, driving_VBG prices_NNS down_RB ._. 
The_DT animal-rights_NNS movement_NN has_VBZ n't_RB helped_VBN sales_NNS ._. 
Warm_JJ winters_NNS over_IN the_DT past_JJ two_CD years_NNS have_VBP trimmed_VBN demand_NN ,_, too_RB ,_, furriers_NNS complain_VBP ._. 
And_CC those_DT who_WP did_VBD n't_RB move_VB some_DT production_NN overseas_JJ suffer_VB labor_NN shortages_NNS ._. 
``_`` The_DT intensive_JJ labor_NN needed_VBN to_TO manufacture_VB furs_NNS -LCB-_( in_IN the_DT U.S._NNP ._. -RCB-_) is_VBZ not_RB as_RB available_JJ as_IN it_PRP was_VBD ,_, ''_'' says_VBZ Mr._NNP Schreibman_NNP ,_, who_WP is_VBZ starting_VBG overseas_JJ production_NN ._. 
But_CC even_RB those_DT who_WP have_VBP found_VBN a_DT way_NN to_TO cope_VB with_IN the_DT imports_NNS and_CC the_DT slump_NN ,_, fear_NN that_IN furs_NNS are_VBP losing_VBG part_NN of_IN their_PRP$ allure_NN ._. 
``_`` People_NNS are_VBP promoting_VBG furs_NNS in_IN various_JJ ways_NNS and_CC taking_VBG the_DT glamour_NN out_IN of_IN the_DT fur_NN business_NN ,_, ''_'' says_VBZ Stephen_NNP Sanders_NNP ,_, divisional_JJ merchandise_NN manager_NN for_IN Marshall_NNP Field_NNP 's_POS department_NN store_NN in_IN Chicago_NNP ._. 
``_`` You_PRP ca_MD n't_RB make_VB a_DT commodity_NN out_IN of_IN a_DT luxury_NN ,_, ''_'' insists_VBZ Mr._NNP Purnick_NNP ,_, the_DT New_NNP York_NNP furrier_NN ._. 
He_PRP contends_VBZ that_IN chasing_VBG consumers_NNS with_IN low-priced_JJ imports_NNS will_MD harm_VB the_DT industry_NN in_IN the_DT long_JJ run_NN by_IN reducing_VBG the_DT prestige_NN of_IN furs_NNS ._. 
But_CC Mr._NNP Rosen_NNP responds_VBZ :_: ``_`` Whatever_WDT people_NNS want_VBP to_TO buy_VB ,_, I_PRP 'll_MD sell_VB ._. 
The_DT name_NN of_IN the_DT game_NN is_VBZ to_TO move_VB goods_NNS ._. 
Four_CD workers_NNS at_IN GTE_NNP Corp._NNP 's_POS headquarters_NN have_VBP been_VBN diagnosed_VBN as_IN having_VBG hepatitis_NN ,_, and_CC city_NN health_NN officials_NNS are_VBP investigating_VBG whether_IN a_DT cafeteria_NN worker_NN may_MD have_VB exposed_VBN hundreds_NNS of_IN other_JJ GTE_NNP employees_NNS to_TO the_DT viral_JJ infection_NN ,_, company_NN and_CC city_NN officials_NNS said_VBD ._. 
The_DT four_CD cases_NNS were_VBD all_DT reported_VBD to_TO GTE_NNP 's_POS medical_JJ director_NN and_CC state_NN and_CC local_JJ health_NN authorities_NNS ._. 
GTE_NNP shut_VBD down_RB its_PRP$ cafeteria_NN Tuesday_NNP afternoon_NN after_IN testing_NN determined_VBN that_IN at_IN least_JJS one_CD cafeteria_NN worker_NN employed_VBN by_IN GTE_NNP 's_POS private_JJ food_NN vending_NN contractor_NN ,_, ARA_NNP Services_NNP Inc._NNP ,_, was_VBD suffering_VBG from_IN a_DT strain_NN of_IN the_DT virus_NN ,_, officials_NNS said_VBD ._. 
More_RBR than_IN 700_CD people_NNS work_VBP in_IN the_DT GTE_NNP building_NN ._. 
The_DT cafeteria_NN remains_VBZ closed_VBN ._. 
Dr._NNP Andrew_NNP McBride_NNP ,_, city_NN health_NN director_NN ,_, said_VBD his_PRP$ staff_NN suspects_VBZ the_DT hepatitis_NN ,_, which_WDT can_MD be_VB highly_RB contagious_JJ ,_, was_VBD spread_NN by_IN the_DT cafeteria_NN worker_NN with_IN the_DT virus_NN ._. 
The_DT exact_JJ strain_NN of_IN hepatitis_NN that_IN the_DT cafeteria_NN worker_NN contracted_VBD has_VBZ n't_RB been_VBN determined_VBN but_CC should_MD be_VB known_VBN by_IN the_DT end_NN of_IN the_DT week_NN ,_, Dr._NNP McBride_NNP said_VBD ._. 
Hepatitis_NNP A_DT ,_, considered_VBD the_DT least_JJS dangerous_JJ strain_NN of_IN the_DT virus_NN ,_, has_VBZ been_VBN confirmed_VBN in_IN at_IN least_JJS one_CD GTE_NNP employee_NN ,_, company_NN and_CC city_NN officials_NNS said_VBD ._. 
``_`` From_IN a_DT public_JJ health_NN point_NN of_IN view_NN we_PRP 're_VBP relieved_VBN because_IN hepatitis_NN A_NNP is_VBZ rarely_RB life-threatening_JJ ,_, ''_'' said_VBD Dr._NNP Frank_NNP Provato_NNP ,_, GTE_NNP 's_POS medical_JJ director_NN ._. 
``_`` It_PRP 's_VBZ a_DT double-edged_JJ sword_NN though_RB ,_, because_IN it_PRP is_VBZ also_RB the_DT most_RBS contagious_JJ kind_NN of_IN hepatitis_NN ._. ''_'' 
GTE_NNP officials_NNS began_VBD posting_VBG warning_NN notices_NNS about_IN the_DT potential_JJ threat_NN to_TO exposure_NN Wednesday_NNP morning_NN at_IN various_JJ places_NNS at_IN the_DT company_NN ,_, said_VBD GTE_NNP spokesman_NN Thomas_NNP Mattausch_NNP ._. 
The_DT company_NN has_VBZ begun_VBN offering_NN shots_NNS of_IN gamma_NN globulin_NN ,_, which_WDT will_MD diminish_VB the_DT flu-like_JJ symptoms_NNS of_IN hepatitis_NN A_DT ,_, in_IN anyone_NN who_WP has_VBZ contracted_VBN the_DT disease_NN ,_, Mr._NNP Mattausch_NNP said_VBD ._. 
``_`` We_PRP 're_VBP strongly_RB recommending_VBG that_DT anyone_NN who_WP has_VBZ eaten_VBN in_IN the_DT cafeteria_NN this_DT month_NN have_VBP the_DT shot_NN ,_, ''_'' Mr._NNP Mattausch_NNP added_VBD ,_, ``_`` and_CC that_DT means_VBZ virtually_JJ everyone_NN who_WP works_VBZ here_RB ._. 
I_PRP was_VBD appalled_VBN to_TO read_VB the_DT misstatements_NNS of_IN facts_NNS in_IN your_PRP$ Oct._NNP 13_CD editorial_NN ``_`` Colombia_NNP 's_POS Brave_NNP Publisher_NNP ._. ''_'' 
It_PRP is_VBZ the_DT right-wing_JJ guerrillas_NNS who_WP are_VBP aligned_VBN with_IN the_DT drug_NN traffickers_NNS ,_, not_RB the_DT left_VBN wing_NN ._. 
This_DT information_NN was_VBD gleaned_VBN from_IN your_PRP$ own_JJ news_NN stories_NNS on_IN the_DT region_NN ._. 
Past_JJ Colombian_JJ government_NN tolerance_NN of_IN the_DT ``_`` narcotraficantes_FW ''_'' was_VBD due_JJ to_TO the_DT drug_NN lords_NNS '_POS history_NN of_IN wiping_VBG out_RP leftists_NNS in_IN the_DT hinterlands_NNS ._. 
Mary_NNP Poulin_NNP Palo_NNP Alto_NNP ,_, Calif._NNP 
I_PRP suggest_VBP that_IN The_DT Wall_NNP Street_NNP Journal_NNP -LRB-_( as_RB well_RB as_IN other_JJ U.S._NNP news_NN publications_NNS of_IN like_IN mind_NN -RRB-_) should_MD put_VB its_PRP$ money_NN where_WRB its_PRP$ mouth_NN is_VBZ :_: Lend_VB computer_NN equipment_NN to_TO replace_VB that_WDT damaged_VBD at_IN El_NNP Espectador_NNP ,_, buy_VB ad_NN space_NN ,_, publish_VB stories_NNS under_IN the_DT bylines_NNS of_IN El_NNP Espectador_NNP journalists_NNS ._. 
Perhaps_RB an_DT arrangement_NN could_MD be_VB worked_VBN out_IN to_TO ``_`` sponsor_NN ''_'' El_NNP Espectador_NNP journalists_NNS and_CC staff_NN by_IN paying_VBG for_IN added_VBN security_NN in_IN exchange_NN for_IN exclusive_JJ stories_NNS ._. 
Reward_VB El_NNP Espectador_NNP 's_POS courage_NN with_IN real_JJ support_NN ._. 
Douglas_NNP B._NNP Evans_NNP 
COCA-COLA_NNP Co_NNP ._. -LRB-_( Atlanta_NNP -RRB-_) --_: 
Anton_NNP Amon_NNP and_CC George_NNP Gourlay_NNP were_VBD elected_VBN vice_NN presidents_NNS of_IN this_DT soft-drink_NN company_NN ._. 
Mr._NNP Amon_NNP ,_, 46_CD years_NNS old_JJ ,_, is_VBZ the_DT company_NN 's_POS director_NN of_IN quality_NN assurance_NN ;_: most_RBS recently_RB ,_, he_PRP served_VBD as_IN vice_NN president_NN ,_, operations_NNS ,_, for_IN Coca-Cola_NNP Enterprises_NNPS ._. 
Mr._NNP Gourlay_NNP ,_, 48_CD ,_, is_VBZ manager_NN for_IN corporate_JJ manufacturing_NN operations_NNS ;_: he_PRP was_VBD assistant_NN vice_NN president_NN at_IN the_DT company_NN ._. 
In_IN the_DT wake_NN of_IN a_DT slide_NN in_IN sterling_NN ,_, a_DT tailspin_NN in_IN the_DT stock_NN market_NN ,_, and_CC a_DT string_NN of_IN problematic_JJ economic_JJ indicators_NNS ,_, British_NNP Chancellor_NNP of_IN the_DT Exchequer_NNP Nigel_NNP Lawson_NNP promised_VBD gradual_JJ improvement_NN in_IN the_DT U.K._NNP economy_NN ._. 
In_IN a_DT speech_NN prepared_VBN for_IN delivery_NN to_TO London_NNP 's_POS financial_JJ community_NN ,_, Mr._NNP Lawson_NNP summed_VBD up_IN current_JJ economic_JJ policy_NN as_IN a_DT battle_NN to_TO wring_VB inflation_NN out_IN of_IN the_DT British_JJ economy_NN ,_, using_VBG high_JJ interest_NN rates_NNS as_IN ``_`` the_DT essential_JJ instrument_NN ''_'' to_TO carry_VB out_RP the_DT campaign_NN ._. 
Two_CD weeks_NNS after_IN boosting_VBG base_NN rates_NNS to_TO 15_CD %_NN ,_, he_PRP pledged_VBD that_IN ``_`` rates_NNS will_MD have_VB to_TO remain_VB high_JJ for_IN some_DT time_NN to_TO come_VB ._. ''_'' 
Mr._NNP Lawson_NNP also_RB made_VBD it_PRP clear_JJ that_IN he_PRP would_MD be_VB watching_VBG exchange_NN rates_NNS carefully_RB ._. 
A_DT sinking_VBG pound_NN makes_VBZ imports_NNS more_RBR expensive_JJ and_CC increases_NNS businesses_NNS '_POS expectations_NNS of_IN future_NN inflation_NN ,_, he_PRP argued_VBD ._. 
In_IN an_DT apparent_JJ warning_NN to_TO currency_NN traders_NNS who_WP have_VBP lately_RB been_VBN selling_VBG the_DT British_JJ currency_NN ,_, he_PRP stated_VBD that_IN the_DT exchange_NN rates_NNS will_MD have_VB a_DT ``_`` major_JJ role_NN in_IN the_DT assessment_NN of_IN monetary_JJ conditions_NNS ._. ''_'' 
In_IN reaffirming_VBG the_DT current_JJ monetary_JJ policy_NN of_IN using_VBG high_JJ interest_NN rates_NNS to_TO fight_VB inflation_NN and_CC shore_NN up_IN the_DT pound_NN ,_, Mr._NNP Lawson_NNP dismissed_VBD other_JJ approaches_NNS to_TO managing_VBG the_DT economy_NN ._. 
He_PRP said_VBD he_PRP monitors_VBZ the_DT money-supply_JJ figures_NNS ,_, but_CC does_VBZ n't_RB give_VB them_PRP paramount_JJ importance_NN ,_, as_IN some_DT private_NN and_CC government_NN economists_NNS have_VBP suggested_VBN ._. 
Mr._NNP Lawson_NNP also_RB dismissed_VBD the_DT possibility_NN of_IN imposing_VBG direct_JJ credit_NN controls_NNS on_IN Britain_NNP 's_POS financial_JJ system_NN ._. 
Mr._NNP Lawson_NNP 's_POS speech_NN ,_, delivered_VBN at_IN the_DT Lord_NNP Mayor_NNP of_IN London_NNP 's_POS annual_JJ dinner_NN at_IN Mansion_NNP House_NNP ,_, came_VBD on_IN the_DT heels_NNS of_IN a_DT grueling_JJ period_NN for_IN the_DT U.K._NNP economy_NN ._. 
Two_CD weeks_NNS ago_RB ,_, in_IN a_DT campaign_NN to_TO blunt_VB inflation_NN at_IN home_NN and_CC arrest_VB a_DT world-wide_JJ plunge_NN in_IN the_DT pound_NN ,_, he_PRP raised_VBD base_NN rates_VBZ a_DT full_JJ percentage_NN point_NN to_TO 15_CD %_NN ._. 
Despite_IN the_DT increase_NN ,_, the_DT British_JJ currency_NN slid_VBD below_IN a_DT perceived_VBN threshold_NN of_IN three_CD marks_NNS early_JJ last_JJ week_NN ._. 
It_PRP was_VBD quoted_VBN at_IN 2.9428_CD marks_NNS in_IN late_JJ New_NNP York_NNP trading_NN Wednesday_NNP ._. 
Leading_VBG up_IN to_TO the_DT speech_NN was_VBD a_DT drumroll_NN of_IN economic_JJ statistics_NNS suggesting_VBG that_IN the_DT British_JJ war_NN on_IN inflation_NN will_MD be_VB more_RBR bruising_JJ than_IN previously_RB assumed_VBN ._. 
Unemployment_NN in_IN September_NNP dropped_VBD to_TO 1,695,000_CD ,_, the_DT lowest_JJS level_NN since_IN 1980_CD ._. 
While_IN lower_JJR joblessness_NN is_VBZ generally_RB good_JJ news_NN ,_, the_DT hefty_JJ drop_NN last_JJ month_NN indicates_VBZ that_IN the_DT economy_NN is_VBZ n't_RB slowing_VBG down_RB as_RB much_JJ as_IN hoped_VBN --_: despite_IN a_DT doubling_NN of_IN interest_NN rates_NNS over_IN the_DT last_JJ 16_CD months_NNS ._. 
Meanwhile_RB ,_, average_JJ earnings_NNS in_IN Britain_NNP were_VBD up_IN 8.75_CD %_NN in_IN August_NNP over_IN the_DT previous_JJ year_NN ._. 
Another_DT inflationary_JJ sign_NN came_VBD in_IN a_DT surge_NN in_IN building-society_JJ lending_NN to_TO a_DT record_NN #_# 10.2_CD billion_CD -LRB-_( $_$ 16.22_CD billion_CD -RRB-_) last_JJ month_NN ,_, a_DT much_RB higher_JJR level_NN than_IN economists_NNS had_VBD predicted_VBN ._. 
In_IN a_DT separate_JJ speech_NN prepared_VBN for_IN delivery_NN at_IN the_DT dinner_NN ,_, Robin_NNP Leigh-Pemberton_NNP ,_, Bank_NNP of_IN England_NNP governor_NN ,_, conceded_VBD that_IN ``_`` demand_NN pressures_NNS were_VBD even_RB more_RBR buoyant_JJ than_IN had_VBN been_VBN appreciated_VBN ''_'' when_WRB the_DT British_JJ economy_NN was_VBD heating_VBG up_IN last_JJ year_NN ._. 
He_PRP added_VBD that_IN ``_`` there_EX 's_VBZ no_DT quick-fix_JJ solution_NN ''_'' to_TO the_DT economic_JJ woes_NNS ,_, and_CC said_VBD ``_`` tight_JJ monetary_JJ policy_NN is_VBZ the_DT right_JJ approach_NN ._. ''_'' 
Discussing_VBG the_DT recent_JJ slide_NN in_IN stock_NN prices_NNS ,_, the_DT central_JJ bank_NN governor_NN stated_VBN that_IN ``_`` the_DT markets_NNS now_RB appear_VBP to_TO have_VB steadied_VBN ''_'' after_IN the_DT ``_`` nasty_JJ jolt_NN ''_'' of_IN the_DT 190.58-point_JJ plunge_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP a_DT week_NN ago_RB ._. 
Although_IN the_DT New_NNP York_NNP market_NN plunge_NN prompted_VBD a_DT 70.5-point_JJ drop_NN in_IN the_DT London_NNP Financial_NNP Times-Stock_NNP Exchange_NNP 100_CD Share_NNP Index_NNP ,_, Mr._NNP Leigh-Pemberton_NNP declared_VBD ``_`` that_IN the_DT experience_NN owed_VBD nothing_NN to_TO the_DT particular_JJ problems_NNS of_IN the_DT British_JJ economy_NN ._. ''_'' 
Specifically_RB ,_, he_PRP pointed_VBD out_IN that_DT compared_VBD with_IN the_DT U.S._NNP market_NN ,_, the_DT U.K._NNP has_VBZ far_RB fewer_RBR highly_RB leveraged_JJ junk-bond_NN financings_NNS ._. 
Discussing_VBG future_NN monetary_JJ arrangements_NNS ,_, Mr._NNP Lawson_NNP repeated_VBD the_DT Thatcher_NNP government_NN 's_POS commitment_NN to_TO join_VB the_DT exchange_NN rate_NN mechanism_NN of_IN the_DT European_NNP Monetary_NNP System_NNP ,_, but_CC he_PRP did_VBD n't_RB indicate_VB when_WRB ._. 
Ing_NNP ._. 
C._NNP Olivetti_NNP &_CC Co._NNP ,_, claiming_VBG it_PRP has_VBZ won_VBN the_DT race_NN in_IN Europe_NNP to_TO introduce_VB computers_NNS based_VBN on_IN a_DT powerful_JJ new_JJ microprocessor_NN chip_NN ,_, unveiled_VBD its_PRP$ CP486_NNP computer_NN yesterday_NN ._. 
The_DT product_NN is_VBZ the_DT first_JJ from_IN a_DT European_JJ company_NN based_VBN on_IN Intel_NNP Corp._NNP 's_POS new_JJ 32-bit_JJ 486tm_JJ microprocessor_NN ,_, which_WDT works_VBZ several_JJ times_NNS faster_RBR than_IN previously_RB available_JJ chips_NNS ._. 
Hewlett-Packard_NNP Co._NNP became_VBD the_DT first_JJ company_NN world-wide_JJ to_TO announce_VB a_DT product_NN based_VBN on_IN the_DT chip_NN earlier_RBR this_DT month_NN ,_, but_CC it_PRP wo_MD n't_RB start_VB shipping_VBG the_DT computers_NNS until_IN early_JJ next_JJ year_NN ._. 
An_DT Olivetti_NNP spokesman_NN said_VBD the_DT company_NN 's_POS factories_NNS are_VBP already_RB beginning_VBG to_TO produce_VB the_DT machine_NN ,_, and_CC that_IN it_PRP should_MD be_VB available_JJ in_IN Europe_NNP by_IN December_NNP ._. 
``_`` What_WP this_DT means_VBZ is_VBZ that_IN Europeans_NNPS will_MD have_VB these_DT machines_NNS in_IN their_PRP$ offices_NNS before_IN Americans_NNPS do_VBP ,_, ''_'' the_DT spokesman_NN said_VBD ._. 
The_DT new_JJ chip_NN ``_`` is_VBZ a_DT very_RB big_JJ step_NN in_IN computing_VBG ,_, and_CC it_PRP is_VBZ important_JJ that_WDT Olivetti_NNP be_VB one_CD of_IN the_DT first_JJ out_IN on_IN the_DT market_NN with_IN this_DT product_NN ,_, ''_'' said_VBD Patricia_NNP Meagher_NNP Davis_NNP ,_, an_DT analyst_NN at_IN James_NNP Capel_NNP &_CC Co._NNP in_IN London_NNP ._. 
Executives_NNS at_IN Olivetti_NNP ,_, whose_WP$ earnings_NNS have_NN been_VBN steadily_RB sliding_VBG over_IN the_DT past_JJ couple_NN of_IN years_NNS ,_, have_VBP acknowledged_VBN that_IN in_IN the_DT past_JJ they_PRP have_VBP lagged_VBN at_IN getting_VBG new_JJ technology_NN to_TO market_VB ._. 
Ms._NNP Davis_NNP said_VBD the_DT new_JJ machines_NNS could_MD steal_VB some_DT sales_NNS away_RB from_IN Olivetti_NNP 's_POS own_JJ minicomputers_NNS ,_, but_CC would_MD bring_VB new_JJ sales_NNS among_IN professionals_NNS such_JJ as_IN engineers_NNS ,_, stockbrokers_NNS and_CC medical_JJ doctors_NNS ._. 
Although_IN Olivetti_NNP 's_POS profits_NNS tumbled_VBD 40_CD %_NN in_IN the_DT first_JJ half_NN of_IN this_DT year_NN ,_, she_PRP believes_VBZ Olivetti_NNP 's_POS restructuring_NN last_JJ fall_NN and_CC its_PRP$ introduction_NN of_IN new_JJ products_NNS will_MD begin_VB to_TO bear_VB fruit_NN with_IN an_DT earnings_NNS rebound_NN next_JJ year_NN ,_, especially_RB if_IN it_PRP can_MD fulfill_VB its_PRP$ promise_NN to_TO deliver_VB the_DT new_JJ machines_NNS by_IN December_NNP ._. 
``_`` We_PRP think_VBP the_DT worst_JJS is_VBZ over_IN ''_'' in_IN the_DT European_JJ information-technology_JJ market_NN ,_, she_PRP said_VBD ._. 
Depending_VBG on_IN the_DT type_NN of_IN software_NN and_CC peripherals_NNS used_VBN ,_, the_DT machines_NNS can_MD serve_VB either_DT as_IN the_DT main_JJ computer_NN in_IN a_DT network_NN of_IN many_JJ terminals_NNS -LRB-_( a_DT role_NN usually_RB filled_VBD by_IN a_DT minicomputer_NN -RRB-_) ,_, as_IN a_DT technical_JJ workstation_NN or_CC as_IN a_DT very_RB fast_RB personal_JJ computer_NN ._. 
``_`` It_PRP 's_VBZ the_DT missing_VBG link_NN ''_'' in_IN Olivetti_NNP 's_POS product_NN line_NN between_IN small_JJ personal_JJ computers_NNS and_CC higher-priced_JJ minicomputers_NNS ,_, the_DT Olivetti_NNP spokesman_NN said_VBD ._. 
He_PRP added_VBD that_IN Olivetti_NNP will_MD continue_VB making_VBG its_PRP$ LSX_NNP minicomputer_NN line_NN ._. 
The_DT machines_NNS will_MD cost_VB around_IN $_$ 16,250_CD on_IN average_JJ in_IN Europe_NNP ._. 
The_DT Intel_NNP 486_CD chip_NN can_MD process_VB 15_CD million_CD instructions_NNS per_IN second_JJ ,_, or_CC MIPS_NNP ,_, while_IN Intel_NNP 's_POS previous_JJ 386_CD chip_NN could_MD handle_VB only_RB 3_CD to_TO 6_CD MIPS_NNP ._. 
Olivetti_NNP also_RB plans_VBZ to_TO sell_VB the_DT CP486_NNP computer_NN in_IN the_DT U.S._NNP starting_VBG next_JJ year_NN through_IN Olivetti_NNP USA_NNP and_CC through_IN its_PRP$ ISC\/Bunker_NNP Ramo_NNP unit_NN ,_, which_WDT specializes_VBZ in_IN automating_VBG bank-branch_JJ networks_NNS ._. 
Viatech_NNP Inc._NNP said_VBD it_PRP received_VBD approval_NN from_IN the_DT French_JJ government_NN for_IN its_PRP$ proposed_VBN $_$ 44.7_CD million_CD acquisition_NN of_IN Ferembal_NNP S.A_NNP ._. 
The_DT approval_NN satisfies_VBZ the_DT remaining_VBG conditions_NNS of_IN the_DT purchase_NN ,_, which_WDT is_VBZ expected_VBN to_TO close_VB within_IN two_CD weeks_NNS ._. 
erembal_NNP ,_, the_DT second-largest_JJ maker_NN of_IN food_NN cans_NNS in_IN France_NNP ,_, had_VBD 1988_CD sales_NNS of_IN $_$ 150_CD million_CD ._. 
Ferembal_NNP has_VBZ 930_CD workers_NNS at_IN four_CD canning_NN manufacturing_NN plants_NNS and_CC one_CD plastic_NN container_NN facility_NN ._. 
Viatech_NNP makes_VBZ flexible_JJ packaging_NN films_NNS and_CC machinery_NN ,_, and_CC materials_NNS for_IN the_DT food_NN and_CC pharmaceutical_JJ industries_NNS ._. 
Social_NNP Security_NNP benefits_NNS will_MD rise_VB 4.7_CD %_NN next_JJ year_NN to_TO keep_VB pace_NN with_IN inflation_NN ,_, boosting_VBG the_DT average_JJ monthly_JJ benefit_NN to_TO $_$ 566_CD from_IN $_$ 541_CD ,_, the_DT Department_NNP of_IN Health_NNP and_CC Human_NNP Services_NNP announced_VBD ._. 
The_DT higher_JJR payments_NNS will_MD start_VB with_IN Social_NNP Security_NNP checks_NNS received_VBD on_IN Jan._NNP 3_CD ,_, 1990_CD ._. 
Supplemental_NNP Security_NNP Income_NNP payments_NNS to_TO the_DT disabled_JJ also_RB will_MD rise_VB 4.7_CD %_NN ,_, starting_VBG with_IN checks_NNS received_VBD on_IN Dec._NNP 29_CD ,_, 1988_CD ,_, increasing_VBG the_DT maximum_JJ SSI_NNP payment_NN to_TO $_$ 386_CD from_IN $_$ 368_CD a_DT month_NN ._. 
The_DT inflation_NN adjustment_NN also_RB means_VBZ that_IN the_DT maximum_JJ annual_JJ level_NN of_IN earnings_NNS subject_NN to_TO the_DT wage_NN tax_NN that_WDT generates_VBZ revenue_NN for_IN the_DT Social_NNP Security_NNP trust_NN fund_NN will_MD rise_VB to_TO $_$ 50,400_CD in_IN 1990_CD from_IN $_$ 48,000_CD this_DT year_NN ._. 
As_IN mandated_VBN by_IN law_NN ,_, the_DT tax_NN rate_NN will_MD rise_VB to_TO 7.65_CD %_NN in_IN 1990_CD from_IN 7.51_CD %_NN and_CC wo_MD n't_RB rise_VB any_DT further_JJ in_IN the_DT future_NN ._. 
This_DT means_VBZ that_IN the_DT maximum_JJ yearly_JJ Social_NNP Security_NNP tax_NN paid_VBN by_IN workers_NNS and_CC employers_NNS each_DT will_MD rise_VB $_$ 250.80_CD next_JJ year_NN to_TO $_$ 3,855.60_CD ._. 
Beneficiaries_NNS aged_VBN 65_CD through_IN 69_CD will_MD be_VB able_JJ to_TO earn_VB $_$ 9,360_CD without_IN losing_VBG any_DT Social_NNP Security_NNP benefits_NNS in_IN 1990_CD ,_, up_IN from_IN $_$ 8,880_CD this_DT year_NN ._. 
The_DT exempt_JJ amount_NN for_IN beneficiaries_NNS under_IN 65_CD will_MD rise_VB to_TO $_$ 6,840_CD from_IN $_$ 6,480_CD ._. 
The_DT adjustments_NNS reflect_VBP the_DT increase_NN in_IN the_DT consumer_NN price_NN index_NN for_IN urban_JJ wage_NN earners_NNS and_CC clerical_JJ workers_NNS from_IN the_DT third_JJ quarter_NN of_IN last_JJ year_NN to_TO the_DT third_JJ quarter_NN of_IN this_DT year_NN ._. 
Health-care_JJ companies_NNS should_MD get_VB healthier_JJR in_IN the_DT third_JJ quarter_NN ._. 
Medical-supply_JJ houses_NNS are_VBP expected_VBN to_TO report_VB earnings_NNS increases_NNS of_IN about_IN 15_CD %_NN on_IN average_JJ for_IN the_DT third_JJ quarter_NN ,_, despite_IN sales_NNS increases_NNS of_IN less_JJR than_IN 10_CD %_NN ,_, analysts_NNS say_VBP ._. 
To_TO offset_VB sluggish_JJ sales_NNS growth_NN ,_, companies_NNS have_VBP been_VBN cutting_VBG staff_NN ,_, mostly_RB through_IN attrition_NN ,_, and_CC slowing_VBG the_DT growth_NN in_IN research_NN and_CC development_NN spending_NN ._. 
Sales_NNS growth_NN in_IN the_DT quarter_NN was_VBD slowed_VBN by_IN mounting_VBG pressure_NN from_IN groups_NNS of_IN buyers_NNS ,_, such_JJ as_IN hospitals_NNS ,_, to_TO hold_VB down_RB prices_VBZ ._. 
Suppliers_NNS were_VBD also_RB hurt_VBN by_IN the_DT stronger_JJR U.S._NNP dollar_NN ,_, which_WDT makes_VBZ sales_NNS abroad_RB more_RBR difficult_JJ ._. 
In_IN some_DT cases_NNS ,_, competition_NN has_VBZ squeezed_VBN margins_NNS ._. 
Becton_NNP ,_, Dickinson_NNP &_CC Co._NNP ,_, for_IN example_NN ,_, faces_VBZ stiff_JJ competition_NN from_IN a_DT Japanese_JJ supplier_NN in_IN the_DT important_JJ syringe_NN market_NN ._. 
The_DT Franklin_NNP Lakes_NNPS ,_, N.J._NNP ,_, company_NN is_VBZ expected_VBN to_TO report_VB sales_NNS growth_NN of_IN only_JJ 5_NN %_NN to_TO 6_CD %_NN ,_, but_CC should_MD still_RB maintain_VB earnings_NNS growth_NN of_IN 10_CD %_NN ,_, says_VBZ Jerry_NNP E._NNP Fuller_NNP ,_, an_DT analyst_NN with_IN Duff_NNP &_CC Phelps_NNP Inc_NNP ._. 
Among_IN the_DT first_JJ of_IN the_DT group_NN to_TO post_VB results_NNS ,_, Abbott_NNP Laboratories_NNPS said_VBD third-quarter_JJ net_JJ income_NN jumped_VBD 14_CD %_NN to_TO $_$ 196_CD million_CD ,_, or_CC 88_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 172_CD million_CD ,_, or_CC 76_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS for_IN the_DT company_NN ,_, based_VBN in_IN Abbott_NNP Park_NNP ,_, Ill._NNP ,_, rose_VBD 8.3_CD %_NN to_TO $_$ 1.31_CD billion_CD from_IN $_$ 1.21_CD billion_CD ._. 
Baxter_NNP International_NNP Inc._NNP yesterday_NN reported_VBD net_NN climbed_VBD 20_CD %_NN in_IN the_DT third_JJ period_NN to_TO $_$ 102_CD million_CD ,_, or_CC 34_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 85_CD million_CD ,_, or_CC 28_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS for_IN the_DT Deerfield_NNP ,_, Ill._NNP ,_, company_NN rose_VBD 5.8_CD %_NN to_TO $_$ 1.81_CD billion_CD from_IN $_$ 1.71_CD billion_CD ._. 
But_CC not_RB every_DT company_NN expects_VBZ to_TO report_VB increased_VBN earnings_NNS ._. 
C.R._NNP Bard_NNP Inc._NNP yesterday_NN said_VBD third-quarter_JJ net_NN plunged_VBD 51_CD %_NN to_TO $_$ 9.9_CD million_CD ,_, or_CC 18_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 20_CD million_CD ,_, or_CC 35_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS fell_VBD 1.2_CD %_NN to_TO $_$ 190.1_CD million_CD from_IN $_$ 192.5_CD million_CD ._. 
The_DT Murray_NNP Hill_NNP ,_, N.J._NNP ,_, company_NN said_VBD full-year_JJ earnings_NNS may_MD be_VB off_IN 33_CD cents_NNS a_DT share_NN because_IN the_DT company_NN removed_VBD a_DT catheter_NN from_IN the_DT market_NN ._. 
In_IN 1988_CD ,_, the_DT company_NN earned_VBD $_$ 1.38_CD a_DT share_NN ._. 
The_DT Food_NNP and_CC Drug_NNP Administration_NNP had_VBD raised_VBN questions_NNS about_IN the_DT device_NN 's_POS design_NN ._. 
Some_DT analysts_NNS add_VBP that_IN third-party_JJ pressures_NNS to_TO reduce_VB health_NN costs_NNS will_MD continue_VB to_TO bedevil_VB companies_NNS '_POS bottom_NN lines_NNS ._. 
Takeover_NN speculation_NN ,_, which_WDT has_VBZ been_VBN buoying_VBG stocks_NNS of_IN supply_NN houses_NNS ,_, may_MD also_RB ease_VB ,_, says_VBZ Peter_NNP Sidoti_NNP ,_, an_DT analyst_NN with_IN Drexel_NNP Burnham_NNP Lambert_NNP Inc_NNP ._. 
``_`` As_IN that_DT wanes_VBZ ,_, you_PRP 're_VBP going_VBG to_TO see_VB the_DT stocks_NNS probably_RB wane_VBP as_IN well_RB ,_, ''_'' he_PRP says_VBZ ._. 
Hospitals_NNS companies_NNS ,_, meanwhile_RB ,_, are_VBP reporting_VBG improved_VBN earnings_NNS ._. 
Bolstered_VBN by_IN strong_JJ performances_NNS by_IN its_PRP$ psychiatric_JJ hospitals_NNS ,_, National_NNP Medical_NNP Enterprises_NNPS Inc._NNP ,_, Los_NNP Angeles_NNP ,_, reported_VBD net_JJ income_NN of_IN $_$ 50_CD million_CD ,_, or_CC 65_CD cents_NNS a_DT share_NN ,_, for_IN the_DT first_JJ quarter_NN ended_VBN Aug._NNP 31_CD ,_, up_IN from_IN $_$ 41_CD million_CD ,_, or_CC 56_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Humana_NNP Inc._NNP ,_, Louisville_NNP ,_, Ky._NNP ,_, also_RB reported_VBD favorable_JJ results_NNS ,_, with_IN net_JJ income_NN of_IN $_$ 66.7_CD million_CD ,_, or_CC 66_CD cents_NNS ,_, in_IN the_DT fourth_JJ quarter_NN ended_VBN Aug._NNP 31_CD ,_, up_IN from_IN $_$ 58.2_CD million_CD ,_, or_CC 59_CD cents_NNS ,_, a_DT year_NN earlier_RBR ._. 
Analysts_NNS say_VBP the_DT handful_NN of_IN hospital_NN companies_NNS that_WDT are_VBP still_RB publicly_RB traded_VBN are_VBP benefiting_VBG from_IN several_JJ trends_NNS ._. 
Most_JJS important_JJ ,_, hospital_NN admission_NN rates_NNS are_VBP stabilizing_VBG after_IN several_JJ years_NNS of_IN decline_NN ._. 
Moreover_RB ,_, companies_NNS have_VBP sold_VBN off_IN many_NN of_IN their_PRP$ smaller_JJR ,_, less-profitable_JJ hospitals_NNS and_CC have_VBP completed_VBN painful_JJ restructurings_NNS ._. 
Humana_NNP 's_POS revenues_NNS ,_, for_IN example_NN ,_, are_VBP being_VBG boosted_VBN by_IN large_JJ increases_NNS in_IN enrollments_NNS in_IN the_DT company_NN 's_POS health_NN maintenance_NN organizations_NNS ._. 
Says_VBZ Todd_NNP Richter_NNP ,_, an_DT analyst_NN with_IN Dean_NNP Witter_NNP Reynolds_NNP :_: ``_`` The_DT shakeout_NN in_IN the_DT publicly_RB traded_VBN companies_NNS is_VBZ over_RB ._. 
Initial_JJ claims_NNS for_IN regular_JJ state_NN unemployment_NN benefits_NNS rose_VBD to_TO a_DT seasonally_RB adjusted_VBN 396,000_CD during_IN the_DT week_NN ended_VBN Oct._NNP 7_CD from_IN 334,000_CD the_DT previous_JJ week_NN ,_, the_DT Labor_NNP Department_NNP said_VBD ._. 
The_DT number_NN of_IN people_NNS receiving_VBG regular_JJ state_NN benefits_NNS in_IN the_DT week_NN ended_VBN Sept._NNP 30_CD decreased_VBD to_TO a_DT seasonally_RB adjusted_VBN 2,202,000_CD ,_, or_CC 2.2_CD %_NN of_IN those_DT covered_VBN by_IN unemployment_NN insurance_NN ,_, from_IN 2,205,000_CD the_DT previous_JJ week_NN ,_, when_WRB the_DT insured_VBN unemployment_NN rate_NN also_RB was_VBD 2.2_CD %_NN ._. 
Counting_VBG all_DT state_NN and_CC federal_JJ benefit_NN programs_NNS ,_, the_DT number_NN of_IN people_NNS receiving_VBG unemployment_NN benefits_NNS in_IN the_DT week_NN ended_VBN Sept._NNP 30_CD fell_VBD to_TO 1,809,300_CD from_IN 1,838,200_CD a_DT week_NN earlier_RBR ._. 
These_DT figures_NNS are_VBP n't_RB seasonally_RB adjusted_VBN ._. 
A_DT Labor_NNP Department_NNP spokesman_NN said_VBD the_DT unusually_RB high_JJ number_NN of_IN initial_JJ claims_NNS for_IN state_NN unemployment_NN benefits_NNS reflects_VBZ the_DT impact_NN of_IN Hurricane_NNP Hugo_NNP on_IN southern_JJ states_NNS ,_, particularly_RB North_NNP Carolina_NNP and_CC South_NNP Carolina_NNP ._. 
The_DT figure_NN also_RB may_MD reflect_VB initial_JJ claims_NNS filed_VBN by_IN striking_JJ Nynex_NNP Corp._NNP workers_NNS who_WP have_VBP become_VBN eligible_JJ for_IN unemployment_NN benefits_NNS ,_, the_DT official_NN said_VBD ._. 
Digital_NNP Equipment_NNP Corp._NNP reported_VBD a_DT 32_CD %_NN decline_NN in_IN net_JJ income_NN on_IN a_DT modest_JJ revenue_NN gain_NN in_IN its_PRP$ fiscal_JJ first_JJ quarter_NN ,_, causing_VBG some_DT analysts_NNS to_TO predict_VB weaker_JJR results_NNS ahead_RB than_IN they_PRP had_VBD expected_VBN ._. 
Although_IN the_DT second-largest_JJ computer_NN maker_NN had_VBD prepared_VBN Wall_NNP Street_NNP for_IN a_DT poor_JJ quarter_NN ,_, analysts_NNS said_VBD they_PRP were_VBD troubled_JJ by_IN signs_NNS of_IN flat_JJ U.S._NNP orders_NNS and_CC a_DT slowdown_NN in_IN the_DT rate_NN of_IN gain_NN in_IN foreign_JJ orders_NNS ._. 
The_DT Maynard_NNP ,_, Mass._NNP ,_, company_NN is_VBZ in_IN a_DT transition_NN in_IN which_WDT it_PRP is_VBZ trying_VBG to_TO reduce_VB its_PRP$ reliance_NN on_IN mid-range_JJ machines_NNS and_CC establish_VB a_DT presence_NN in_IN workstations_NNS and_CC mainframes_NNS ._. 
Net_JJ for_IN the_DT quarter_NN ended_VBN Sept._NNP 30_CD fell_VBD to_TO $_$ 150.8_CD million_CD ,_, or_CC $_$ 1.20_CD a_DT share_NN ,_, from_IN $_$ 223_CD million_CD ,_, or_CC $_$ 1.71_CD a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Revenue_NN rose_VBD 6.4_CD %_NN to_TO $_$ 3.13_CD billion_CD from_IN $_$ 2.94_CD billion_CD ._. 
Digital_NNP said_VBD a_DT shift_NN in_IN its_PRP$ product_NN mix_NN toward_IN low-end_JJ products_NNS and_CC strong_JJ growth_NN in_IN workstation_NN sales_NNS yielded_VBD lower_JJR gross_JJ margins_NNS ._. 
A_DT spokesman_NN also_RB said_VBD margins_NNS for_IN the_DT company_NN 's_POS service_NN business_NN narrowed_VBD somewhat_RB because_IN of_IN heavy_JJ investments_NNS made_VBN in_IN that_DT sector_NN ._. 
The_DT lack_NN of_IN a_DT strong_JJ product_NN at_IN the_DT high_JJ end_NN of_IN Digital_NNP 's_POS line_NN was_VBD a_DT significant_JJ drag_NN on_IN sales_NNS ._. 
Digital_NNP hopes_VBZ to_TO address_VB that_IN with_IN the_DT debut_NN of_IN its_PRP$ first_JJ mainframe-class_JJ computers_NNS next_JJ Tuesday_NNP ._. 
The_DT new_JJ line_NN is_VBZ aimed_VBN directly_RB at_IN International_NNP Business_NNP Machines_NNP Corp_NNP ._. 
``_`` Until_IN the_DT new_JJ mainframe_NN products_NNS kick_VBP in_IN ,_, there_EX wo_MD n't_RB be_VB a_DT lot_NN of_IN revenue_NN contribution_NN at_IN the_DT high_JJ end_NN ,_, and_CC that_DT 's_VBZ hurt_VBN us_PRP ,_, ''_'' said_VBD Mark_NNP Steinkrauss_NNP ,_, Digital_NNP 's_POS director_NN of_IN investor_NN relations_NNS ._. 
He_PRP said_VBD unfavorable_JJ currency_NN translations_NNS were_VBD also_RB a_DT factor_NN in_IN the_DT quarter_NN ._. 
DEC_NNP shares_NNS rose_VBD $_$ 1.375_CD to_TO $_$ 89.75_CD apiece_RB in_IN consolidated_JJ New_NNP York_NNP Stock_NNP Exchange_NNP trading_NN yesterday_NN ._. 
But_CC analysts_NNS said_VBD that_IN against_IN the_DT backdrop_NN of_IN a_DT nearly_RB 40-point_JJ rise_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP ,_, that_WDT should_MD n't_RB necessarily_RB be_VB taken_VBN as_IN a_DT sign_NN of_IN great_JJ strength_NN ._. 
Some_DT cut_VB their_PRP$ earnings_NNS estimates_NNS for_IN the_DT stock_NN this_DT year_NN and_CC predicted_VBD more_JJR efforts_NNS to_TO control_VB costs_NNS ahead_RB ._. 
``_`` I_PRP think_VBP the_DT next_JJ few_JJ quarters_NNS will_MD be_VB difficult_JJ ,_, ''_'' said_VBD Steven_NNP Milunovich_NNP of_IN First_NNP Boston_NNP ._. 
``_`` Margins_NNS will_MD remain_VB under_IN pressure_NN ,_, and_CC when_WRB the_DT new_JJ mainframe_NN does_VBZ ship_NN ,_, I_PRP 'm_VBP not_RB sure_JJ it_PRP will_MD be_VB a_DT big_JJ winner_NN ._. 
''_'' Mr._NNP Milunovich_NNP said_VBD he_PRP was_VBD revising_VBG his_PRP$ estimate_NN for_IN DEC_NNP 's_POS current_JJ year_NN from_IN $_$ 8.20_CD a_DT share_NN to_TO ``_`` well_RB below_IN $_$ 8_CD ,_, ''_'' although_IN he_PRP has_VBZ n't_RB settled_VBN on_IN a_DT final_JJ number_NN ._. 
One_CD troubling_JJ aspect_NN of_IN DEC_NNP 's_POS results_NNS ,_, analysts_NNS said_VBD ,_, was_VBD its_PRP$ performance_NN in_IN Europe_NNP ._. 
DEC_NNP said_VBD its_PRP$ overseas_JJ business_NN ,_, which_WDT now_RB accounts_VBZ for_IN more_JJR than_IN half_NN of_IN sales_NNS ,_, improved_VBN in_IN the_DT quarter_NN ._. 
It_PRP even_RB took_VBD the_DT unusually_RB frank_JJ step_NN of_IN telling_VBG analysts_NNS in_IN a_DT morning_NN conference_NN call_NN that_IN orders_NNS in_IN Europe_NNP were_VBD up_IN in_IN ``_`` double_JJ digits_NNS ''_'' in_IN foreign-currency_NN terms_NNS ._. 
That_DT gain_NN probably_RB translated_VBD into_IN about_IN 5_NN %_NN to_TO 7_CD %_NN in_IN dollar_NN terms_NNS ,_, well_RB below_IN recent_JJ quarters_NNS '_POS gains_NNS of_IN above_IN 20_CD %_NN ,_, reckons_VBZ Jay_NNP Stevens_NNP of_IN Dean_NNP Witter_NNP Reynolds_NNP ._. 
``_`` That_DT was_VBD a_DT disappointment_NN ''_'' and_CC a_DT sign_NN of_IN overall_JJ computer-market_JJ softness_NN in_IN Europe_NNP ,_, Mr._NNP Stevens_NNP said_VBD ._. 
Marc_NNP Schulman_NNP ,_, with_IN UBS_NNP Securities_NNP in_IN New_NNP York_NNP ,_, dropped_VBD his_PRP$ estimate_NN of_IN DEC_NNP 's_POS full-year_JJ net_JJ to_TO $_$ 6.80_CD a_DT share_NN from_IN $_$ 8_CD ._. 
Although_IN overall_JJ revenues_NNS were_VBD stronger_JJR ,_, Mr._NNP Schulman_NNP said_VBD ,_, DEC_NNP ``_`` drew_VBD down_RB its_PRP$ European_JJ backlog_NN ''_'' and_CC had_VBD flat_JJ world-wide_JJ orders_NNS overall_JJ ._. 
``_`` The_DT bottom_NN line_NN is_VBZ that_IN it_PRP 's_VBZ more_JJR hand_NN to_TO mouth_NN than_IN it_PRP has_VBZ been_VBN before_RB ,_, ''_'' he_PRP said_VBD ._. 
Mr._NNP Schulman_NNP said_VBD he_PRP believes_VBZ that_IN the_DT roll-out_NN of_IN DEC_NNP 's_POS new_JJ mainframe_NN will_MD ``_`` occur_VB somewhat_RB more_RBR leisurely_JJ ''_'' than_IN many_NN of_IN his_PRP$ investment_NN colleagues_NNS expect_VBP ._. 
He_PRP said_VBD current_JJ expectations_NNS are_VBP for_IN an_DT entry_NN level_NN machine_NN to_TO be_VB shipped_VBN in_IN December_NNP ,_, with_IN all_DT of_IN the_DT more_RBR sophisticated_JJ versions_NNS out_IN by_IN June_NNP ._. 
For_IN reasons_NNS he_PRP would_MD n't_RB elaborate_VB on_IN ,_, he_PRP said_VBD he_PRP 's_VBZ sure_JJ that_DT schedule_NN wo_MD n't_RB be_VB met_VBN ,_, meaning_NN less_JJR profit_NN impact_NN from_IN the_DT product_NN for_IN DEC_NNP in_IN the_DT next_JJ few_JJ quarters_NNS ._. 
John_NNP R._NNP Wilke_NNP contributed_VBD to_TO this_DT article_NN ._. 
Colgate_NNP Palmolive_NNP Co._NNP reported_VBD third-quarter_JJ net_JJ income_NN rose_VBD 27_CD %_NN ,_, bolstered_VBN by_IN strong_JJ sales_NNS in_IN its_PRP$ Latin_NNP American_JJ business_NN and_CC surprisingly_RB healthy_JJ profits_NNS from_IN U.S._NNP operations_NNS ._. 
Colgate_NNP said_VBD net_JJ income_NN for_IN the_DT quarter_NN rose_VBD to_TO $_$ 76.7_CD million_CD ,_, or_CC $_$ 1.06_CD a_DT share_NN ,_, on_IN sales_NNS that_WDT increased_VBD 6_CD %_NN to_TO $_$ 1.3_CD billion_CD ._. 
In_IN the_DT year-earlier_JJ period_NN ,_, Colgate_NNP posted_VBD net_JJ income_NN of_IN $_$ 60.2_CD million_CD ,_, or_CC 88_CD cents_NNS a_DT share_NN ._. 
Last_JJ year_NN 's_POS results_NNS included_VBD earnings_NNS from_IN discontinued_VBN operations_NNS of_IN $_$ 13.1_CD million_CD ,_, or_CC 19_CD cents_NNS a_DT share_NN ._. 
Reuben_NNP Mark_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN Colgate_NNP ,_, said_VBD earnings_NNS growth_NN was_VBD fueled_VBN by_IN strong_JJ sales_NNS in_IN Latin_NNP America_NNP ,_, the_DT Far_NNP East_NNP and_CC Europe_NNP ._. 
Results_NNS were_VBD also_RB bolstered_VBN by_IN ``_`` a_DT very_RB meaningful_JJ increase_NN in_IN operating_VBG profit_NN at_IN Colgate_NNP 's_POS U.S._NNP business_NN ,_, ''_'' he_PRP said_VBD ._. 
Operating_NN profit_NN at_IN Colgate_NNP 's_POS U.S._NNP household_NN products_NNS and_CC personal_JJ care_NN businesses_NNS ,_, which_WDT include_VBP such_JJ well-known_JJ brands_NNS as_IN Colgate_NNP toothpaste_NN and_CC Fab_NNP laundry_NN detergent_NN ,_, jumped_VBD more_JJR than_IN 40_CD %_NN ,_, the_DT company_NN said_VBD ._. 
Mr._NNP Mark_NNP attributed_VBD the_DT improvement_NN to_TO cost_VB savings_NNS achieved_VBN by_IN consolidating_VBG manufacturing_NN operations_NNS ,_, blending_VBG together_RB two_CD sales_NNS organizations_NNS and_CC more_RBR carefully_RB focusing_VBG the_DT company_NN 's_POS promotional_JJ activities_NNS ._. 
``_`` We_PRP 've_VBP done_VBN a_DT lot_NN to_TO improve_VB -LRB-_( U.S._NNP ._. -RRB-_) results_NNS and_CC a_DT lot_NN more_JJR will_MD be_VB done_VBN ,_, ''_'' Mr._NNP Mark_NNP said_VBD ._. 
``_`` Improving_VBG profitability_NN of_IN U.S._NNP operations_NNS is_VBZ an_DT extremely_RB high_JJ priority_NN in_IN the_DT company_NN ._. ''_'' 
Colgate_NNP 's_POS results_NNS were_VBD at_IN the_DT high_JJ end_NN of_IN the_DT range_NN of_IN analysts_NNS '_POS forecasts_NNS ._. 
The_DT scope_NN of_IN the_DT improvement_NN in_IN the_DT U.S._NNP business_NN caught_VBD some_DT analysts_NNS by_IN surprise_NN ._. 
The_DT company_NN 's_POS domestic_JJ business_NN ,_, especially_RB its_PRP$ household_NN products_NNS division_NN ,_, has_VBZ performed_VBN poorly_RB for_IN years_NNS ._. 
Analysts_NNS say_VBP the_DT earnings_NNS improvement_NN came_VBD from_IN cutting_VBG costs_NNS rather_RB than_IN increasing_VBG sales_NNS ._. 
For_IN the_DT nine_CD months_NNS ,_, net_JJ increased_VBN 14_CD %_NN to_TO $_$ 217.5_CD million_CD ,_, or_CC $_$ 3.09_CD a_DT share_NN ._. 
Sales_NNS rose_VBD 7_CD %_NN to_TO $_$ 3.8_CD billion_CD ._. 
The_DT company_NN earned_VBD $_$ 191.1_CD million_CD ,_, or_CC $_$ 2.79_CD a_DT share_NN ,_, in_IN the_DT year-earlier_JJ period_NN ._. 
Colgate_NNP 's_POS 1988_CD net_JJ income_NN included_VBD $_$ 40.1_CD million_CD ,_, or_CC 59_CD cents_NNS a_DT share_NN ,_, from_IN discontinued_VBN operations_NNS ._. 
Colgate_NNP sold_VBD its_PRP$ hospital_NN supply_NN and_CC home_NN health_NN care_NN business_NN last_JJ year_NN ._. 
Separately_RB ,_, Colgate_NNP Wednesday_NNP finalized_VBD an_DT agreement_NN with_IN MacroChem_NNP Corp._NNP ,_, a_DT tiny_JJ dental_JJ products_NNS and_CC pharmaceutical_JJ concern_NN based_VBN in_IN Billerica_NNP ,_, Mass._NNP ,_, to_TO market_VB in_IN the_DT U.S._NNP four_CD of_IN MacroChem_NNP 's_POS FDA-approved_JJ dental_JJ products_NNS ._. 
The_DT products_NNS --_: sealants_NNS and_CC bonding_VBG materials_NNS used_VBN by_IN dentists_NNS --_: all_DT contain_VB fluoride_NN that_WDT is_VBZ released_VBN over_IN time_NN ._. 
The_DT move_NN is_VBZ part_NN of_IN a_DT drive_NN to_TO increase_VB Colgate_NNP 's_POS business_NN with_IN dentists_NNS ,_, a_DT company_NN spokeswoman_NN said_VBD ._. 
Terms_NNS of_IN the_DT agreement_NN were_VBD n't_RB given_VBN ._. 
USACafes_NNP Limited_NNP Partnership_NNP said_VBD it_PRP completed_VBD the_DT sale_NN of_IN its_PRP$ Bonanza_NNP restaurant_NN franchise_NN system_NN to_TO a_DT subsidiary_NN of_IN Metromedia_NNP Co._NNP for_IN $_$ 71_CD million_CD in_IN cash_NN ._. 
USACafes_NNP ,_, which_WDT is_VBZ nearly_RB half-owned_JJ by_IN Sam_NNP and_CC Charles_NNP Wyly_NNP of_IN Dallas_NNP ,_, said_VBD it_PRP will_MD distribute_VB proceeds_NNS from_IN the_DT sale_NN to_TO unit_NN holders_NNS as_IN a_DT liquidating_VBG dividend_NN as_RB soon_RB as_IN possible_JJ ._. 
The_DT Bonanza_NNP franchise_NN system_NN ,_, which_WDT generates_VBZ about_RB $_$ 600_CD million_CD in_IN sales_NNS annually_RB ,_, represented_VBD substantially_RB all_DT of_IN the_DT partnership_NN 's_POS assets_NNS ._. 
The_DT sale_NN of_IN the_DT system_NN has_VBZ been_VBN challenged_VBN in_IN a_DT class-action_JJ suit_NN on_IN behalf_NN of_IN unit_NN holders_NNS filed_VBD last_JJ week_NN in_IN a_DT Delaware_NNP court_NN ,_, USACafes_NNP said_VBD ._. 
The_DT company_NN said_VBD it_PRP believes_VBZ the_DT suit_NN is_VBZ without_IN merit_NN ._. 
American_NNP Telephone_NNP &_CC Telegraph_NNP Co._NNP unveiled_VBD a_DT sweetened_VBN pension_NN and_CC early-retirement_NN program_NN for_IN management_NN that_IN it_PRP hopes_VBZ will_MD enable_VB it_PRP to_TO save_VB $_$ 450_CD million_CD in_IN the_DT next_JJ year_NN ._. 
AT&T_NNP also_RB said_VBD net_JJ income_NN rose_VBD 19_CD %_NN in_IN the_DT third_JJ quarter_NN ._. 
AT&T_NNP said_VBD its_PRP$ amended_VBN pension_NN program_NN will_MD nearly_RB double_JJ to_TO 34,000_CD the_DT number_NN of_IN managers_NNS eligible_JJ to_TO retire_VB with_IN immediate_JJ pension_NN payments_NNS ._. 
AT&T_NNP said_VBD that_WDT based_VBD on_IN studies_NNS of_IN other_JJ companies_NNS that_WDT have_VBP offered_VBN retirement_NN plans_NNS ,_, it_PRP expects_VBZ about_IN one-third_NN of_IN its_PRP$ eligible_JJ managers_NNS to_TO retire_VB under_IN the_DT new_JJ program_NN ._. 
AT&T_NNP said_VBD third-quarter_JJ net_JJ income_NN grew_VBD ,_, despite_IN stiff_JJ competition_NN in_IN all_DT of_IN the_DT company_NN 's_POS markets_NNS ._. 
Net_JJ income_NN rose_VBD to_TO $_$ 699_CD million_CD ,_, or_CC 65_CD cents_NNS a_DT share_NN ,_, from_IN the_DT year-earlier_JJ $_$ 587_CD million_CD ,_, or_CC 55_NN cents_NNS a_DT share_NN ._. 
Revenue_NN edged_VBD up_IN to_TO $_$ 8.9_CD billion_CD from_IN $_$ 8.81_CD billion_CD ._. 
The_DT latest_JJS period_NN 's_POS net_NN was_VBD reduced_VBN $_$ 102_CD million_CD ,_, or_CC nine_CD cents_NNS a_DT share_NN ,_, for_IN a_DT change_NN in_IN depreciation_NN method_NN and_CC concurrent_JJ changes_NNS in_IN estimates_NNS of_IN depreciable_JJ lives_NNS and_CC net_JJ salvage_NN for_IN certain_JJ telecommunications_NNS equipment_NN ._. 
The_DT results_NNS roughly_RB matched_VBN estimates_NNS of_IN securities_NNS analysts_NNS ,_, who_WP were_VBD encouraged_VBN by_IN AT&T_NNP increasing_VBG its_PRP$ operating_NN margin_NN to_TO 13_CD %_NN from_IN 11_CD %_NN a_DT year_NN ago_RB ,_, because_IN of_IN continued_VBN cost-cutting_JJ efforts_NNS ._. 
Sales_NNS of_IN long-distance_JJ services_NNS ,_, an_DT extremely_RB competitive_JJ market_NN ,_, rose_VBD 6.4_CD %_NN ._. 
But_CC the_DT growth_NN was_VBD partly_RB offset_VB by_IN lower_JJR equipment_NN sales_NNS and_CC rentals_NNS and_CC price_NN cuts_NNS on_IN some_DT products_NNS ._. 
Under_IN the_DT amended_VBN pension_NN program_NN ,_, AT&T_NNP managers_NNS who_WP have_VBP at_IN least_JJS five_CD years_NNS of_IN service_NN will_MD have_VB five_CD years_NNS added_VBD to_TO their_PRP$ age_NN and_CC length_NN of_IN service_NN for_IN pension_NN purposes_NNS ._. 
Managers_NNS who_WP retire_VBP Dec._NNP 30_CD will_MD have_VB an_DT additional_JJ 15_CD %_NN added_VBD to_TO their_PRP$ monthly_JJ pension_NN for_IN as_RB long_RB as_IN five_CD years_NNS or_CC age_NN 65_CD ,_, whichever_WDT comes_VBZ earlier_RBR ._. 
An_DT AT&T_NNP spokeswoman_NN said_VBD the_DT company_NN would_MD likely_RB replace_VB about_IN one-third_NN of_IN its_PRP$ managers_NNS who_WP choose_VBP to_TO retire_VB with_IN new_JJ employees_NNS ._. 
Analysts_NNS hailed_VBD the_DT sweetened_VBN pension_NN package_NN ,_, which_WDT they_PRP said_VBD had_VBN been_VBN the_DT subject_NN of_IN rumors_NNS for_IN several_JJ months_NNS ._. 
``_`` This_DT tells_VBZ you_PRP AT&T_NNP is_VBZ serious_JJ about_IN continuing_VBG to_TO manage_VB their_PRP$ cost_NN structure_NN and_CC is_VBZ committed_VBN to_TO 20%-a-year_VB earnings_NNS growth_NN ,_, ''_'' said_VBD Jack_NNP Grubman_NNP ,_, an_DT analyst_NN with_IN PaineWebber_NNP Inc_NNP ._. 
But_CC other_JJ analysts_NNS expressed_VBD disappointment_NN that_IN the_DT cost-cutting_JJ move_NN wo_MD n't_RB result_VB in_IN even_RB greater_JJR earnings_NNS growth_NN ._. 
``_`` This_DT is_VBZ a_DT good_JJ move_NN ,_, but_CC it_PRP only_RB gets_VBZ you_PRP to_TO where_WRB people_NNS 's_POS expectations_NNS already_RB are_VBP ,_, ''_'' in_IN terms_NNS of_IN earnings_NNS growth_NN ,_, said_VBD Joel_NNP D._NNP Gross_NNP ,_, an_DT analyst_NN with_IN Donaldson_NNP ,_, Lufkin_NNP &_CC Jenrette_NNP ._. 
Mr._NNP Gross_NNP said_VBD he_PRP had_VBD hoped_VBN that_IN a_DT cost_NN savings_NNS of_IN $_$ 450_CD million_CD would_MD result_VB in_IN even_RB greater_JJR growth_NN than_IN the_DT 20_CD %_NN annual_JJ earnings_NNS increase_NN AT&T_NNP has_VBZ told_VBN analysts_NNS it_PRP expects_VBZ in_IN the_DT future_NN ._. 
AT&T_NNP said_VBD the_DT special_JJ retirement_NN option_NN will_MD increase_VB fourth-quarter_JJ expenses_NNS ._. 
But_CC the_DT company_NN said_VBD the_DT amount_NN ca_MD n't_RB be_VB determined_VBN until_IN it_PRP knows_VBZ how_WRB many_JJ managers_NNS opt_VBP to_TO retire_VB ._. 
AT&T_NNP said_VBD the_DT expense_NN increase_NN will_MD be_VB largely_RB offset_VB by_IN a_DT gain_NN from_IN its_PRP$ previously_RB announced_VBD plan_NN to_TO swap_VB its_PRP$ holdings_NNS in_IN Ing_NNP ._. C._NNP Olivetti_NNP &_CC Co._NNP for_IN shares_NNS in_IN Cie_NNP ._. Industriali_NNP Riunite_NNP ,_, an_DT Italian_JJ holding_NN company_NN ._. 
For_IN the_DT nine_CD months_NNS ,_, AT&T_NNP said_VBD net_JJ income_NN was_VBD $_$ 1.99_CD billion_CD ,_, or_CC $_$ 1.85_CD a_DT share_NN ,_, up_IN 19_CD %_NN from_IN $_$ 1.67_CD billion_CD ,_, or_CC $_$ 1.56_CD a_DT share_NN ._. 
Revenue_NN gained_VBD 3.1_CD %_NN to_TO $_$ 26.81_CD billion_CD from_IN $_$ 26_CD billion_CD ._. 
In_IN composite_JJ trading_NN yesterday_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, AT&T_NNP shares_NNS closed_VBD at_IN $_$ 43.375_CD ,_, up_IN 87.5_CD cents_NNS ._. 
When_WRB it_PRP comes_VBZ to_TO buying_VBG and_CC selling_VBG shares_NNS ,_, Westridge_NNP Capital_NNP Management_NNP Inc._NNP takes_VBZ a_DT back_JJ seat_NN to_TO no_DT one_CD ._. 
Every_DT dollar_NN 's_POS worth_NN of_IN stock_NN in_IN the_DT Los_NNP Angeles_NNP money_NN manager_NN 's_POS portfolio_NN is_VBZ traded_VBN seven_CD or_CC eight_CD times_VBZ a_DT year_NN ,_, the_DT firm_NN estimates_NNS ._. 
That_DT makes_VBZ it_PRP the_DT most_RBS active_JJ trader_NN among_IN all_PDT the_DT nation_NN 's_POS investment_NN advisers_NNS ,_, according_VBG to_TO Securities_NNPS and_CC Exchange_NNP Commission_NNP filings_NNS ._. 
But_CC wait_VB a_DT second_NN ._. 
Westridge_NNP Capital_NNP is_VBZ an_DT index_NN fund_NN --_: the_DT type_NN of_IN stolid_JJ long-term_JJ investor_NN whose_WP$ goal_NN is_VBZ to_TO be_VB nothing_NN more_JJR than_IN average_NN ._. 
Westridge_NNP Capital_NNP 's_POS frenetic_JJ trading_NN reflects_VBZ the_DT changes_NNS sweeping_VBG through_IN the_DT previously_RB sleepy_JJ world_NN of_IN indexing_NN ._. 
Indexing_NN for_IN the_DT most_RBS part_NN has_VBZ involved_VBN simply_RB buying_VBG and_CC then_RB holding_VBG stocks_NNS in_IN the_DT correct_JJ mix_NN to_TO mirror_VB a_DT stock_NN market_NN barometer_NN ,_, such_JJ as_IN Standard_NNP &_CC Poor_NNP 's_POS 500-stock_JJ index_NN ,_, and_CC match_VB its_PRP$ performance_NN ._. 
Institutional_JJ investors_NNS have_VBP poured_VBN $_$ 210_CD billion_CD into_IN stock_NN and_CC bond_NN indexing_NN as_IN a_DT cheap_JJ and_CC easy_JJ form_NN of_IN investment_NN management_NN that_WDT promises_VBZ to_TO post_VB average_JJ market_NN returns_NNS ._. 
These_DT big_JJ investors_NNS have_VBP flocked_VBN to_TO indexing_NN because_IN relatively_RB few_JJ ``_`` active_JJ ''_'' stock_NN pickers_NNS have_VBP been_VBN able_JJ to_TO consistently_RB match_VB the_DT returns_NNS of_IN the_DT S&P_NNP 500_CD or_CC other_JJ bellwethers_NNS ,_, much_RB less_JJR beat_VB it_PRP ._. 
And_CC the_DT fees_NNS investors_NNS pay_VBP for_IN indexing_NN run_NN a_DT few_JJ pennies_NNS for_IN each_DT $_$ 100_CD of_IN assets_NNS --_: a_DT fraction_NN of_IN the_DT cost_NN of_IN active_JJ managers_NNS ._. 
That_DT 's_VBZ because_IN computers_NNS do_VBP most_RBS of_IN the_DT work_NN ,_, and_CC low_JJ trading_NN activity_NN keeps_VBZ a_DT lid_NN on_IN commission_NN costs_NNS ._. 
But_CC today_NN ,_, indexing_NN is_VBZ moving_VBG from_IN a_DT passive_JJ investment_NN strategy_NN to_TO an_DT increasingly_RB active_JJ one_CD ._. 
Because_IN index-fund_JJ managers_NNS are_VBP no_RB longer_RB satisfied_VBN with_IN merely_RB being_VBG average_JJ ,_, they_PRP have_VBP developed_VBN ``_`` enhanced_VBN ''_'' indexing_NN strategies_NNS that_WDT are_VBP intended_VBN to_TO outperform_VB the_DT market_NN as_RB much_JJ as_IN three_CD percentage_NN points_NNS ._. 
``_`` Indexing_NN has_VBZ been_VBN the_DT most_RBS single_JJ successful_JJ investment_NN concept_NN in_IN the_DT last_JJ decade_NN ,_, but_CC the_DT index_NN money_NN has_VBZ been_VBN just_RB sort_NN of_IN sitting_VBG there_EX ,_, ''_'' says_VBZ Seth_NNP M._NNP Lynn_NNP ,_, president_NN of_IN Axe_NNP Core_NNP Investors_NNP Inc._NNP ,_, an_DT indexer_NN based_VBN in_IN Tarrytown_NNP ,_, N.Y_NNP ._. 
``_`` Now_RB the_DT interest_NN is_VBZ in_IN what_WP else_RB can_MD I_PRP do_VB with_IN that_DT money_NN ._. ''_'' 
Among_IN the_DT souped-up_JJ indexing_NN strategies_NNS :_: Indexed_JJ portfolios_NNS can_MD be_VB built_VBN around_IN thousands_NNS of_IN stocks_NNS ,_, or_CC just_RB a_DT few_JJ dozen_NN ,_, rather_RB than_IN being_VBG restricted_VBN to_TO the_DT S&P_NNP 500_CD companies_NNS ._. 
They_PRP can_MD ignore_VB the_DT S&P_NNP 500_CD stocks_NNS altogether_RB and_CC focus_NN on_IN particular_JJ types_NNS of_IN stocks_NNS ,_, such_JJ as_IN smaller_JJR companies_NNS ,_, those_DT paying_VBG high_JJ dividends_NNS or_CC companies_NNS in_IN a_DT particular_JJ industry_NN ,_, state_NN or_CC country_NN ._. 
With_IN today_NN 's_POS computer-driven_JJ program_NN trading_NN techniques_NNS ,_, index_NN funds_NNS can_MD trade_VB back_RB and_CC forth_RB between_IN stock-index_NN futures_NNS and_CC the_DT actual_JJ stocks_NNS making_VBG up_IN indexes_NNS such_JJ as_IN the_DT S&P_NNP 500_CD ._. 
Futures_NNS and_CC options_NNS also_RB make_VBP it_PRP possible_JJ to_TO build_VB ``_`` synthetic_JJ ''_'' index_NN funds_NNS that_WDT do_VBP n't_RB actually_RB own_VB a_DT single_JJ share_NN of_IN stock_NN ,_, but_CC can_MD produce_VB returns_NNS that_WDT match_VBP or_CC exceed_VB the_DT broad_JJ stock_NN market_NN ._. 
One_CD reason_NN for_IN these_DT hybrids_NNS is_VBZ that_DT indexing_NN 's_POS rapid_JJ growth_NN is_VBZ slowing_VBG ,_, particularly_RB for_IN those_DT ``_`` plain_JJ vanilla_NN ''_'' funds_VBZ that_DT mirror_NN the_DT S&P_NNP 500_CD ._. 
``_`` There_EX is_VBZ n't_RB a_DT boatload_NN -LCB-_( of_IN big_JJ investors_NNS -RCB-_) out_IN there_EX still_RB waiting_VBG to_TO get_VB into_IN indexing_NN ,_, ''_'' says_VBZ P._NNP James_NNP Kartalia_NNP ,_, vice_NN president_NN of_IN ANB_NNP Investment_NNP Management_NNP Co._NNP ,_, Chicago_NNP ,_, which_WDT offers_VBZ both_DT indexing_NN and_CC active_JJ management_NN services_NNS ._. 
-LRB-_( After_IN tripling_VBG in_IN size_NN in_IN the_DT past_JJ five_CD years_NNS ,_, index_NN funds_NNS now_RB hold_VBP about_IN 20_CD %_NN of_IN the_DT stock_NN owned_VBN by_IN pension_NN funds_NNS ._. -RRB-_) 
A_DT further_JJ problem_NN is_VBZ razor-thin_JJ profits_NNS ._. 
Plain-vanilla_JJ funds_NNS have_VBP become_VBN so_RB commonplace_JJ that_IN fees_NNS they_PRP can_MD charge_VB have_NN plunged_VBN to_TO almost_JJ nothing_NN ,_, and_CC in_IN some_DT cases_NNS are_VBP just_RB that_DT ._. 
To_TO land_VB customers_NNS for_IN their_PRP$ well-paying_JJ stock_NN custodial_JJ business_NN ,_, big_JJ banks_NNS sometimes_RB will_MD throw_VB in_IN basic_JJ indexing_NN services_NNS for_IN free_JJ ._. 
``_`` It_PRP 's_VBZ like_IN getting_VBG a_DT free_JJ toaster_NN when_WRB you_PRP open_VB an_DT account_NN ,_, ''_'' says_VBZ Axe_NNP Core_NNP 's_POS Mr._NNP Lynn_NNP ._. 
As_IN a_DT result_NN ,_, indexers_NNS have_VBP been_VBN looking_VBG for_IN ways_NNS to_TO give_VB investors_NNS something_NN more_JJR than_IN the_DT average_NN for_IN their_PRP$ money_NN ._. 
And_CC many_JJ have_NN been_VBN successful_JJ ,_, as_IN in_IN the_DT case_NN of_IN the_DT index_NN fund_NN operated_VBN by_IN hyper-trader_NN Westridge_NNP Capital_NNP ._. 
Westridge_NNP Capital_NNP has_VBZ used_VBN enhanced_VBN indexing_NN techniques_NNS to_TO beat_VB the_DT S&P_NNP 500_CD 's_POS returns_NNS by_IN 2.5_CD to_TO 3_CD percentage_NN points_NNS over_IN the_DT past_JJ four_CD years_NNS ,_, with_IN the_DT same_JJ risk_NN level_NN as_IN holding_VBG the_DT S&P_NNP 500_CD stocks_NNS ,_, according_VBG to_TO James_NNP Carder_NNP ,_, the_DT firm_NN 's_POS president_NN ._. 
Strategies_NNS vary_VBP for_IN Westridge_NNP Capital_NNP ,_, which_WDT has_VBZ $_$ 300_CD million_CD under_IN management_NN ._. 
The_DT firm_NN sometimes_RB buys_VBZ S&P_NNP 500_CD futures_NNS when_WRB they_PRP are_VBP selling_VBG at_IN a_DT discount_NN to_TO the_DT actual_JJ stocks_NNS ,_, and_CC will_MD switch_VB back_RB and_CC forth_RB between_IN stocks_NNS and_CC stock-index_NN futures_NNS to_TO take_VB advantages_NNS of_IN any_DT momentary_JJ price_NN discrepencies_NNS ._. 
Mr._NNP Carder_NNP also_RB goes_VBZ through_IN periods_NNS when_WRB he_PRP buys_VBZ stocks_NNS in_IN conjunction_NN with_IN options_NNS to_TO boost_VB returns_NNS and_CC protect_VB against_IN declines_NNS ._. 
And_CC in_IN some_DT months_NNS ,_, he_PRP buys_VBZ stock-index_NN futures_NNS and_CC not_RB stocks_VBZ at_IN all_DT ._. 
``_`` By_IN their_PRP$ nature_NN ,_, our_PRP$ trades_NNS are_VBP very_RB short-term_JJ and_CC are_VBP going_VBG to_TO create_VB high_JJ turnover_NN ,_, ''_'' Mr._NNP Carder_NNP adds_VBZ ._. 
``_`` The_DT more_JJR turnover_NN ,_, the_DT better_JJR for_IN our_PRP$ clients_NNS ._. ''_'' 
Big_JJ indexer_NN Bankers_NNP Trust_NNP Co._NNP also_RB uses_VBZ futures_NNS in_IN a_DT strategy_NN that_IN on_IN average_NN has_VBZ added_VBN one_CD percentage_NN point_NN to_TO its_PRP$ enhanced_VBN fund_NN 's_POS returns_NNS ._. 
J._NNP Thomas_NNP Allen_NNP ,_, president_NN of_IN Pittsburgh-based_JJ Advanced_NNP Investment_NNP Management_NNP Inc._NNP ,_, agrees_VBZ it_PRP 's_VBZ a_DT good_JJ idea_NN to_TO jump_VB between_IN the_DT S&P_NNP 500_CD stocks_NNS and_CC futures_NNS ._. 
``_`` You_PRP 're_VBP buying_VBG the_DT S&P_NNP ,_, and_CC you_PRP always_RB want_VBP to_TO hold_VB the_DT cheapest_JJS form_NN of_IN it_PRP ,_, ''_'' he_PRP says_VBZ ._. 
But_CC some_DT indexers_NNS make_VBP little_JJ or_CC no_DT use_NN of_IN futures_NNS ,_, saying_VBG that_IN these_DT instruments_NNS present_NN added_VBD risks_NNS for_IN investors_NNS ._. 
``_`` If_IN the_DT futures_NNS markets_NNS have_VBP a_DT problem_NN ,_, then_RB those_DT products_NNS could_MD have_VB a_DT problem_NN ,_, ''_'' says_VBZ John_NNP Zumbrunn_NNP ,_, managing_VBG director_NN of_IN Prudential_NNP Insurance_NNP Co._NNP of_IN America_NNP 's_POS Investment_NNP Index_NNP Technologies_NNP Inc._NNP unit_NN ._. 
Prudential_NNP currently_RB is_VBZ seeking_VBG approval_NN to_TO offer_VB a_DT new_JJ fund_NN offering_VBG a_DT return_NN equal_JJ to_TO the_DT S&P_NNP 500_CD index_NN plus_CC 5\/100_CD of_IN a_DT percentage_NN point_NN ._. 
An_DT added_VBN feature_NN is_VBZ that_IN the_DT slighty_NN improved_VBD return_NN would_MD be_VB guaranteed_VBN by_IN Prudential_NNP ._. 
There_EX are_VBP many_JJ other_JJ strategies_NNS to_TO bolster_VB the_DT returns_NNS of_IN index_NN funds_NNS ._. 
They_PRP include_VBP :_: 
LIMITED_JJ RISK_NN FUNDS_NNS :_: 
These_DT guarantee_NN protection_NN against_IN stock_NN market_NN declines_NNS while_IN still_RB passing_VBG along_IN most_RBS gains_NNS ._. 
Here_RB a_DT fund_NN may_MD promise_VB to_TO pay_VB back_RB ,_, say_VBP ,_, $_$ 95_CD of_IN every_DT $_$ 100_CD invested_VBN for_IN a_DT year_NN ,_, even_RB if_IN the_DT market_NN goes_VBZ much_RB lower_JJR ._. 
The_DT fund_NN could_MD invest_VB $_$ 87_CD for_IN one_CD year_NN in_IN Treasury_NNP bills_NNS yielding_VBG 8_CD %_NN to_TO return_VB the_DT guaranteed_VBN $_$ 95_CD ._. 
That_DT leaves_VBZ $_$ 13_CD ,_, which_WDT could_MD be_VB used_VBN to_TO buy_VB S&P_NNP 500_CD options_NNS that_WDT will_MD nearly_RB match_VB any_DT gain_NN in_IN the_DT S&P_NNP index_NN ._. 
MANAGER_NN REPLICATION_NN FUNDS_NNS :_: 
Say_VB a_DT big_JJ investor_NN is_VBZ interested_JJ in_IN growth_NN stocks_NNS ._. 
Instead_RB of_IN hiring_VBG one_CD of_IN the_DT many_JJ active_JJ managers_NNS specializing_VBG in_IN growth_NN stocks_NNS ,_, indexers_NNS can_MD design_VB a_DT portfolio_NN around_IN the_DT same_JJ stocks_NNS ;_: the_DT portfolio_NN will_MD be_VB maintained_VBN by_IN computer_NN ,_, reducing_VBG both_DT fees_NNS and_CC ,_, in_IN theory_NN ,_, risk_NN -LRB-_( because_IN of_IN the_DT large_JJ number_NN of_IN stocks_NNS -RRB-_) ._. 
``_`` We_PRP see_VBP a_DT lot_NN of_IN interest_NN in_IN those_DT kind_NN of_IN things_NNS ,_, ''_'' says_VBZ Frank_NNP Salerno_NNP ,_, a_DT vice_NN president_NN of_IN Bankers_NNP Trust_NNP ._. 
``_`` People_NNS comfortable_JJ with_IN the_DT passive_JJ approach_NN are_VBP using_VBG them_PRP for_IN other_JJ strategies_NNS ._. ''_'' 
TILT_NN FUNDS_NNS :_: 
This_DT is_VBZ an_DT index_NN fund_NN with_IN a_DT bet_NN ._. 
Instead_RB of_IN replicating_VBG the_DT S&P_NNP 500_CD or_CC some_DT other_JJ index_NN exactly_RB ,_, some_DT stocks_NNS are_VBP overweighted_VBN or_CC underweighted_VBN in_IN the_DT portfolio_NN ._. 
One_CD simple_JJ approach_NN is_VBZ to_TO exclude_VB S&P_NNP 500_CD companies_NNS considered_VBD bankruptcy_NN candidates_NNS ;_: this_DT can_MD avoid_VB weak_JJ sisters_NNS ,_, but_CC also_RB can_MD hurt_VB when_WRB a_DT company_NN like_IN Chrysler_NNP Corp._NNP rebounds_VBZ ._. 
Another_DT approach_NN :_: An_DT investor_NN with_IN $_$ 100_CD million_CD might_MD use_VB $_$ 75_CD million_CD to_TO buy_VB the_DT S&P_NNP 500_CD index_NN and_CC spend_VB the_DT other_JJ $_$ 25_CD million_CD on_IN a_DT favorite_JJ group_NN of_IN stocks_NNS ._. 
SPECIALIZED_JJ FUNDS_NNS :_: 
Indexes_NNS can_MD be_VB constructed_VBN to_TO serve_VB social_JJ goals_NNS ,_, such_JJ as_IN eliminating_VBG the_DT stocks_NNS of_IN companies_NNS doing_VBG business_NN in_IN South_NNP Africa_NNP ._. 
Other_JJ funds_NNS have_VBP been_VBN designed_VBN to_TO concentrate_VB on_IN stocks_NNS in_IN a_DT geographic_JJ area_NN in_IN order_NN to_TO encourage_VB local_JJ investment_NN ._. 
Pennsylvania_NNP State_NNP Employees_NNP Retirement_NNP System_NNP ,_, for_IN example_NN ,_, has_VBZ about_RB $_$ 130_CD million_CD invested_VBN in_IN a_DT fund_NN of_IN 244_CD companies_NNS that_WDT are_VBP either_DT Pennsylvania-based_JJ or_CC have_VBP 25_CD %_NN of_IN their_PRP$ work_NN forces_NNS in_IN the_DT state_NN ._. 
Short_JJ interest_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP declined_VBD for_IN the_DT second_JJ consecutive_JJ month_NN ,_, this_DT time_NN 4.2_CD %_NN ,_, while_IN the_DT American_NNP Stock_NNP Exchange_NNP reported_VBD its_PRP$ third_JJ consecutive_JJ record_NN month_NN of_IN short_JJ interest_NN ._. 
The_DT Big_NNP Board_NNP reported_VBD that_IN short_JJ interest_NN dropped_VBD to_TO 523,920,214_CD shares_NNS as_IN of_IN Oct._NNP 13_CD from_IN 547,347,585_CD shares_NNS in_IN mid-September_NNP ._. 
Amex_NNP short_JJ interest_NN climbed_VBD 3_CD %_NN to_TO 53,496,665_CD shares_NNS from_IN 51,911,566_CD shares_NNS ._. 
For_IN the_DT year-earlier_JJ month_NN ,_, the_DT Big_NNP Board_NNP reported_VBD 461,539,056_CD shares_NNS ,_, indicating_VBG a_DT 13.5_CD %_NN year-to-year_JJ rise_NN ,_, while_IN the_DT Amex_NNP reported_VBD 36,015,194_CD shares_NNS ,_, a_DT 48_CD %_NN leap_NN ._. 
Amex_NNP short_JJ interest_NN has_VBZ been_VBN heading_VBG upward_RB since_IN mid-December_NNP ,_, with_IN increases_NNS in_IN each_DT month_NN since_IN then_RB except_IN at_IN mid-July_NN ._. 
Traders_NNS who_WP sell_VBP short_JJ borrow_VB stock_NN and_CC sell_VB it_PRP ,_, betting_VBG that_IN the_DT stock_NN 's_POS price_NN will_MD decline_VB and_CC that_IN they_PRP can_MD buy_VB the_DT shares_NNS back_RB later_RB at_IN a_DT lower_JJR price_NN for_IN return_NN to_TO the_DT lender_NN ._. 
Short_JJ interest_NN is_VBZ the_DT number_NN of_IN shares_NNS that_WDT have_VBP n't_RB yet_RB been_VBN purchased_VBN for_IN return_NN to_TO lenders_NNS ._. 
Although_IN a_DT substantial_JJ short_JJ position_NN reflects_VBZ heavy_JJ speculation_NN that_IN a_DT stock_NN 's_POS price_NN will_MD decline_VB ,_, some_DT investors_NNS consider_VBP an_DT increase_NN in_IN short_JJ interest_NN bullish_JJ because_IN the_DT borrowed_VBN shares_NNS eventually_RB must_MD be_VB bought_VBN back_RB ._. 
Fluctuation_NN in_IN short_JJ interest_NN of_IN certain_JJ stocks_NNS also_RB may_MD be_VB caused_VBN partly_RB by_IN arbitraging_VBG ._. 
The_DT figures_NNS occasionally_RB include_VBP incomplete_JJ transactions_NNS in_IN restricted_VBN stock_NN ._. 
The_DT level_NN of_IN negative_JJ sentiment_NN measured_VBN by_IN the_DT Big_NNP Board_NNP short_JJ interest_NN ratio_NN slipped_VBD to_TO 3.36_CD from_IN last_JJ month_NN 's_POS 3.38_CD ._. 
The_DT ratio_NN is_VBZ the_DT number_NN of_IN trading_NN days_NNS ,_, at_IN the_DT exchange_NN 's_POS average_JJ trading_NN volume_NN ,_, that_WDT would_MD be_VB required_VBN to_TO convert_VB the_DT total_JJ short_JJ interest_NN position_NN ._. 
Some_DT analysts_NNS suggest_VBP ,_, however_RB ,_, that_IN the_DT ratio_NN has_VBZ weakened_VBN in_IN value_NN as_IN an_DT indicator_NN because_IN options_NNS and_CC other_JJ products_NNS can_MD be_VB used_VBN to_TO hedge_VB short_JJ positions_NNS ._. 
Varity_NNP Corp._NNP led_VBD the_DT Big_NNP Board_NNP list_NN of_IN largest_JJS short_JJ volumes_NNS with_IN 12,822,563_CD shares_NNS ._. 
Varity_NNP has_VBZ proposed_VBN to_TO acquire_VB K-H_NNP Corp._NNP ,_, consisting_VBG of_IN the_DT auto_NN parts_NNS division_NN and_CC some_DT debt_NN of_IN Fruehauf_NNP Corp._NNP ,_, for_IN $_$ 577.3_CD million_CD of_IN cash_NN and_CC securities_NNS ._. 
Chemical_NNP Waste_NNP Management_NNP posted_VBD the_DT biggest_JJS increase_NN in_IN short_JJ volume_NN on_IN the_DT New_NNP York_NNP exchange_NN ,_, up_IN 3,383,477_CD shares_NNS to_TO 5,267,238_CD ._. 
Bristol-Myers_NNP Squibb_NNP Co._NNP ,_, the_DT entity_NN formed_VBN from_IN the_DT recent_JJ acquisition_NN of_IN Squibb_NNP Corp._NNP by_IN Bristol-Myers_NNP Co._NNP ,_, logged_VBD the_DT largest_JJS volume_NN decline_NN ,_, 7,592,988_CD shares_NNS ,_, to_TO 12,017,724_CD ._. 
Short_JJ interest_NN in_IN International_NNP Business_NNP Machines_NNP Corp._NNP plunged_VBD to_TO 1,425,035_CD shares_NNS from_IN 2,387,226_CD shares_VBZ a_DT month_NN earlier_RBR ._. 
Also_RB closely_RB watched_VBD is_VBZ Exxon_NNP Corp._NNP ,_, where_WRB short_JJ interest_NN slid_VBD to_TO 4,469,167_CD shares_NNS from_IN 5,088,774_CD ._. 
On_IN a_DT percentage_NN basis_NN ,_, Germany_NNP Fund_NNP Inc._NNP led_VBD the_DT gainers_NNS ,_, leaping_VBG to_TO 67,972_CD shares_NNS from_IN three_CD shares_NNS ._. 
TransCanada_NNP PipeLines_NNP Ltd._NNP led_VBD the_DT percentage_NN decliners_NNS ,_, dropping_VBG to_TO 59_CD shares_NNS from_IN 183,467_CD ._. 
The_DT Amex_NNP short_JJ interest_NN volume_NN leader_NN again_RB was_VBD Texas_NNP Air_NNP Corp._NNP ,_, rising_VBG to_TO 3,820,634_CD shares_NNS from_IN 3,363,949_CD ._. 
Bolar_NNP Pharmaceutical_NNP Co._NNP posted_VBD the_DT largest_JJS volume_NN increase_NN ,_, 552,302_CD shares_NNS ,_, to_TO 2,157,656_CD ._. 
The_DT company_NN is_VBZ under_IN an_DT investigation_NN concerning_VBG procedures_NNS to_TO gain_VB Food_NNP and_CC Drug_NNP Administration_NNP approval_NN of_IN generic_JJ drugs_NNS ._. 
Bolar_NNP has_VBZ denied_VBN any_DT wrongdoing_NN ._. 
The_DT largest_JJS volume_NN drop_NN --_: down_RB 445,645_CD shares_NNS to_TO 141,903_CD --_: came_VBD in_IN shares_NNS represented_VBN by_IN B.A.T_NNP Industries_NNP PLC_NNP 's_POS American_JJ depositary_NN receipts_NNS ._. 
The_DT company_NN is_VBZ facing_VBG a_DT takeover_NN proposal_NN from_IN the_DT financier_NN Sir_NNP James_NNP Goldsmith_NNP ._. 
First_NNP Iberian_NNP Fund_NNP led_VBD the_DT percentage_NN increases_NNS ,_, rising_VBG to_TO 73,100_CD shares_NNS from_IN 184_CD ._. 
Nelson_NNP Holdings_NNP International_NNP Ltd._NNP dropped_VBD the_DT most_RBS on_IN a_DT percentage_NN basis_NN ,_, to_TO 1,000_CD shares_NNS from_IN 255,923_CD ._. 
The_DT adjacent_JJ tables_NNS show_VBP the_DT Big_NNP Board_NNP and_CC Amex_NNP issues_NNS in_IN which_WDT a_DT short_JJ interest_NN position_NN of_IN at_IN least_JJS 100,000_CD shares_NNS existed_VBD as_IN of_IN mid-October_NNP or_CC in_IN which_WDT there_EX was_VBD a_DT short_JJ position_NN change_NN of_IN at_IN least_JJS 50,000_CD shares_NNS since_IN mid-September_NNP ._. 
Your_PRP$ Oct._NNP 12_CD editorial_NN ``_`` Pitiful_NNP ,_, Helpless_NNP Presidency_NNP ?_. ''_'' correctly_RB states_VBZ that_IN I_PRP was_VBD critical_JJ of_IN the_DT Bush_NNP administration_NN 's_POS failure_NN to_TO have_VB any_DT plan_NN in_IN place_NN to_TO respond_VB in_IN a_DT timely_JJ fashion_NN to_TO the_DT opportunities_NNS to_TO oust_VB Manuel_NNP Noriega_NNP presented_VBN by_IN the_DT attempted_VBN military_JJ coup_NN on_IN Oct._NNP 3_CD ._. 
You_PRP are_VBP absolutely_RB wrong_JJ ,_, however_RB ,_, in_IN opining_VBG that_IN this_DT position_NN is_VBZ some_DT kind_NN of_IN ``_`` flip-flop_NN ,_, ''_'' something_NN newly_RB arrived_VBD at_IN as_IN a_DT result_NN of_IN reading_VBG the_DT opinion_NN polls_NNS ._. 
My_PRP$ position_NN is_VBZ one_CD founded_VBN on_IN both_DT the_DT facts_NNS and_CC the_DT law_NN ._. 
Although_IN you_PRP may_MD have_VB forgotten_VBN ,_, public_JJ opinion_NN about_IN Gen._NNP Noriega_NNP is_VBZ where_WRB it_PRP is_VBZ in_IN large_JJ measure_NN because_IN of_IN my_PRP$ investigation_NN of_IN his_PRP$ years_NNS of_IN involvement_NN in_IN narcotics_NNS smuggling_VBG -LRB-_( and_CC simultaneous_JJ work_NN as_IN a_DT U.S._NNP operative_JJ -RRB-_) ._. 
The_DT public_RB made_VBN up_IN its_PRP$ mind_NN about_IN Gen._NNP Noriega_NNP largely_RB as_IN a_DT result_NN of_IN the_DT hearings_NNS I_PRP chaired_VBD in_IN the_DT Subcommittee_NNP on_IN Terrorism_NNP and_CC Narcotics_NNPS of_IN the_DT Foreign_NNP Relations_NNP Committee_NNP on_IN Feb._NNP 8_CD ,_, 9_CD ,_, 10_CD and_CC 11_CD ,_, 1988_CD ,_, and_CC again_RB on_IN April_NNP 4_CD ,_, 1988_CD ._. 
It_PRP was_VBD during_IN those_DT hearings_NNS that_IN the_DT nation_NN first_JJ learned_VBD the_DT breadth_NN and_CC depth_NN of_IN Gen._NNP Noriega_NNP 's_POS criminality_NN ,_, and_CC of_IN his_PRP$ enduring_VBG relationships_NNS with_IN a_DT variety_NN of_IN U.S._NNP government_NN agencies_NNS ._. 
Those_DT hearings_NNS also_RB highlighted_VBN how_WRB Gen._NNP Noriega_NNP was_VBD able_JJ to_TO use_VB his_PRP$ relationships_NNS with_IN these_DT agencies_NNS to_TO delay_VB U.S._NNP action_NN against_IN him_PRP ,_, and_CC to_TO exploit_VB the_DT administration_NN 's_POS obsession_NN with_IN overthrowing_VBG the_DT Sandinistas_NNPS to_TO protect_VB his_PRP$ own_JJ drug-dealing_NN ._. 
As_IN former_JJ Ambassador_NNP to_TO Costa_NNP Rica_NNP Francis_NNP J._NNP McNeil_NNP testified_VBD before_IN the_DT subcommittee_NN ,_, the_DT Reagan_NNP administration_NN knew_VBD that_IN Gen._NNP Noriega_NNP was_VBD involved_VBN with_IN narcotics_NNS ,_, but_CC made_VBD a_DT decision_NN in_IN the_DT summer_NN of_IN 1986_CD ``_`` to_TO put_VB Gen._NNP Noriega_NNP on_IN the_DT shelf_NN until_IN Nicaragua_NNP was_VBD settled_VBN ._. ''_'' 
As_IN the_DT report_NN issued_VBN by_IN the_DT subcommittee_NN concluded_VBD ,_, ``_`` Our_PRP$ government_NN did_VBD nothing_NN regarding_VBG Gen._NNP Noriega_NNP 's_POS drug_NN business_NN and_CC substantial_JJ criminal_JJ involvement_NN because_IN the_DT first_JJ priority_NN was_VBD the_DT Contra_NNP war_NN ._. 
This_DT decision_NN resulted_VBD in_IN at_IN least_JJS some_DT drugs_NNS entering_VBG the_DT United_NNP States_NNPS as_IN a_DT hidden_VBN cost_NN of_IN the_DT war_NN ._. ''_'' 
Unfortunately_RB ,_, this_DT problem_NN continued_VBD even_RB after_IN Gen._NNP Noriega_NNP 's_POS indictment_NN ._. 
Throughout_IN 1988_CD and_CC this_DT year_NN ,_, I_PRP and_CC others_NNS in_IN Congress_NNP have_VBP pressed_VBN the_DT U.S._NNP to_TO develop_VB a_DT plan_NN for_IN pushing_VBG this_DT ``_`` narcokleptocrat_NN ''_'' out_IN of_IN Panama_NNP ._. 
Regrettably_RB ,_, two_CD administrations_NNS in_IN a_DT row_NN have_VBP been_VBN unwilling_JJ and_CC unable_JJ to_TO develop_VB any_DT plan_NN ,_, military_JJ or_CC economic_JJ ,_, for_IN supporting_VBG the_DT Panamanian_JJ people_NNS in_IN their_PRP$ attempts_NNS to_TO restore_VB democracy_NN ._. 
Sen._NNP John_NNP Kerry_NNP -LRB-_( D._NNP ,_, Mass_NNP ._. -RRB-_) 
For_IN Vietnamese_JJ ,_, these_DT are_VBP tricky_JJ ,_, often_RB treacherous_JJ ,_, times_NNS ._. 
After_IN years_NNS of_IN hesitation_NN ,_, economic_JJ and_CC political_JJ reform_NN was_VBD embraced_VBN at_IN the_DT end_NN of_IN 1986_CD ,_, but_CC ringing_VBG declarations_NNS have_VBP yet_RB to_TO be_VB translated_VBN into_IN much_JJ action_NN ._. 
Vietnam_NNP is_VBZ finding_VBG that_IN turning_VBG a_DT stagnant_JJ socialist_JJ order_NN into_IN a_DT dynamic_JJ free_JJ market_NN does_VBZ n't_RB come_VB easy_JJ ._. 
Here_RB is_VBZ how_WRB three_CD Vietnamese_JJ are_VBP coping_VBG with_IN change_NN :_: 
The_DT Tire_NNP King_NNP 
Nguyen_NNP Van_NNP Chan_NNP is_VBZ living_VBG proof_NN that_IN old_JJ ways_NNS die_VBP hard_JJ ._. 
Mr._NNP Chan_NNP used_VBD to_TO be_VB an_DT oddity_NN in_IN Hanoi_NNP :_: a_DT private_JJ entrepreneur_NN ._. 
His_PRP$ business_NN success_NN made_VBD him_PRP an_DT official_JJ target_NN in_IN pre-reform_JJ days_NNS ._. 
Mr._NNP Chan_NNP ,_, now_RB 64_CD years_NNS old_JJ ,_, invented_VBD a_DT fountain_NN pen_NN he_PRP and_CC his_PRP$ family_NN produced_VBN from_IN plastic_NN waste_NN ._. 
Later_RB ,_, he_PRP marketed_VBD glue_NN ._. 
Both_DT products_NNS were_VBD immensely_RB popular_JJ ._. 
For_IN his_PRP$ troubles_NNS ,_, Mr._NNP Chan_NNP was_VBD jailed_VBN three_CD times_NNS between_IN 1960_CD and_CC 1974_CD ._. 
Though_IN his_PRP$ operation_NN was_VBD registered_VBN and_CC used_VBN only_JJ scrap_NN ,_, he_PRP was_VBD accused_VBN of_IN conducting_VBG illegal_JJ business_NN and_CC possessing_VBG illegal_JJ materials_NNS ._. 
Once_RB he_PRP was_VBD held_VBN for_IN three_CD months_NNS without_IN being_VBG charged_VBN ._. 
Things_NNS were_VBD supposed_VBN to_TO change_VB when_WRB Vietnam_NNP 's_POS economic_JJ reforms_NNS gathered_VBD pace_NN ,_, and_CC for_IN awhile_RB they_PRP did_VBD ._. 
After_IN years_NNS of_IN experimenting_VBG ,_, Mr._NNP Chan_NNP produced_VBD a_DT heavy-duty_JJ bicycle_NN tire_NN that_WDT outlasted_VBD its_PRP$ state-produced_JJ rival_NN ._. 
By_IN 1982_CD ,_, he_PRP was_VBD selling_VBG thousands_NNS of_IN tires_NNS ._. 
Newspapers_NNS published_VBD articles_NNS about_IN him_PRP ,_, and_CC he_PRP was_VBD hailed_VBN as_IN ``_`` the_DT tire_NN king_NN ._. ''_'' 
His_PRP$ efforts_NNS earned_VBD a_DT gold_NN medal_NN at_IN a_DT national_JJ exhibition_NN --_: and_CC attracted_VBN renewed_VBN attention_NN from_IN local_JJ authorities_NNS ._. 
District_NN police_NN in_IN 1983_CD descended_VBD on_IN his_PRP$ suburban_JJ home_NN ,_, which_WDT he_PRP and_CC his_PRP$ large_JJ family_NN used_VBN as_IN both_DT residence_NN and_CC factory_NN ,_, and_CC demanded_VBD proof_NN the_DT house_NN and_CC equipment_NN were_VBD his_PRP$ ._. 
He_PRP produced_VBD it_PRP ._. 
``_`` That_DT was_VBD the_DT first_JJ time_NN they_PRP lost_VBD and_CC I_PRP won_VBD ,_, ''_'' he_PRP says_VBZ ._. 
He_PRP was_VBD further_JJ questioned_VBD to_TO determine_VB if_IN he_PRP was_VBD ``_`` a_DT real_JJ working_NN man_NN or_CC an_DT exploiter_NN ._. ''_'' 
Says_VBZ Mr._NNP Chan_NNP :_: ``_`` When_WRB I_PRP showed_VBD it_PRP was_VBD from_IN my_PRP$ own_JJ brain_NN ,_, they_PRP lost_VBD for_IN the_DT second_JJ time_NN ._. ''_'' 
But_CC a_DT few_JJ days_NNS later_RB the_DT police_NN accused_VBD him_PRP of_IN stealing_VBG electricity_NN ,_, acquiring_VBG rubber_NN without_IN permission_NN and_CC buying_VBG stolen_VBN property_NN ._. 
Warned_VBD he_PRP was_VBD to_TO be_VB jailed_VBN again_RB ,_, he_PRP fled_VBD to_TO the_DT countryside_NN ._. 
His_PRP$ family_NN was_VBD given_VBN three_CD hours_NNS to_TO leave_VB before_IN the_DT house_NN and_CC contents_NNS were_VBD confiscated_VBN ._. 
With_IN only_RB the_DT clothes_NNS they_PRP were_VBD wearing_VBG ,_, family_NN members_NNS moved_VBD to_TO a_DT home_NN owned_VBN by_IN one_CD of_IN Mr._NNP Chan_NNP 's_POS sons_NNS ._. 
After_IN six_CD months_NNS on_IN the_DT run_NN ,_, Mr._NNP Chan_NNP learned_VBD the_DT order_NN for_IN his_PRP$ arrest_NN had_VBD been_VBN canceled_VBN ._. 
He_PRP rejoined_VBD his_PRP$ family_NN in_IN January_NNP 1984_CD and_CC began_VBD the_DT long_JJ struggle_NN for_IN justice_NN ,_, pressing_VBG everyone_NN from_IN Hanoi_NNP municipal_JJ officials_NNS to_TO National_NNP Assembly_NNP deputies_NNS for_IN restoration_NN of_IN his_PRP$ rights_NNS ._. 
He_PRP and_CC his_PRP$ family_NN kept_VBD afloat_RB by_IN repairing_VBG bicycles_NNS ,_, selling_VBG fruit_NN and_CC doing_VBG odd_JJ jobs_NNS ._. 
Mr._NNP Chan_NNP achieved_VBD a_DT breakthrough_NN in_IN 1987_CD --_: and_CC became_VBD a_DT minor_JJ celebrity_NN again_RB --_: when_WRB his_PRP$ story_NN was_VBD published_VBN in_IN a_DT weekly_JJ newspaper_NN ._. 
In_IN 1988_CD ,_, 18_CD months_NNS after_IN the_DT sixth_JJ congress_NN formally_RB endorsed_VBD family-run_JJ private_JJ enterprise_NN ,_, district_NN authorities_NNS allowed_VBD Mr._NNP Chan_NNP to_TO resume_VB work_NN ._. 
By_IN late_JJ last_JJ year_NN he_PRP was_VBD invited_VBN back_RB as_IN ``_`` the_DT tire_NN king_NN ''_'' to_TO display_VB his_PRP$ products_NNS at_IN a_DT national_JJ exhibition_NN ._. 
National_JJ leaders_NNS stopped_VBN by_IN his_PRP$ stand_NN to_TO commend_VB his_PRP$ achievements_NNS ._. 
Mr._NNP Chan_NNP now_RB produces_VBZ 1,000_CD bicycle_NN and_CC motorbike_NN tires_VBZ a_DT month_NN and_CC 1,000_CD tins_NNS of_IN tire-patching_JJ glue_NN in_IN the_DT son_NN 's_POS small_JJ house_NN ._. 
Eighteen_CD people_NNS pack_VBP the_DT house_NN 's_POS two_CD rooms_NNS --_: the_DT Chans_NNS ,_, four_CD of_IN their_PRP$ 10_CD children_NNS with_IN spouses_NNS ,_, and_CC eight_CD of_IN 22_CD grandchildren_NNS ._. 
Most_JJS sleep_VB on_IN the_DT floor_NN ._. 
Come_VB daybreak_NN ,_, eight_CD family_NN members_NNS and_CC two_CD other_JJ workers_NNS unroll_VBP a_DT sheet_NN of_IN raw_JJ rubber_NN that_WDT covers_VBZ the_DT floor_NN of_IN the_DT house_NN and_CC spills_NNS out_IN onto_IN the_DT street_NN ._. 
The_DT primitive_JJ operations_NNS also_RB burst_VBP out_RP the_IN back_JJ door_NN into_IN a_DT small_JJ courtyard_NN ,_, where_WRB an_DT ancient_JJ press_NN squeezes_VBZ rubber_NN solution_NN into_IN a_DT flat_JJ strip_NN and_CC newly_RB made_VBN tires_NNS are_VBP cooled_VBN in_IN a_DT bathtub_NN filled_VBN with_IN water_NN ._. 
Mr._NNP Chan_NNP talks_VBZ optimistically_RB of_IN expanding_VBG ,_, maybe_RB even_RB moving_VBG into_IN the_DT import-export_JJ field_NN ._. 
First_RB ,_, however_RB ,_, he_PRP has_VBZ unfinished_JJ business_NN ._. 
When_WRB district_NN authorities_NNS allowed_VBN him_PRP to_TO resume_VB manufacturing_NN ,_, they_PRP released_VBD only_RB one_CD of_IN his_PRP$ machines_NNS ._. 
They_PRP did_VBD n't_RB return_VB the_DT rubber_NN stocks_NNS that_WDT represent_VBP his_PRP$ capital_NN ._. 
Nor_CC did_VBD they_PRP return_VBP his_PRP$ house_NN and_CC contents_NNS ,_, which_WDT he_PRP values_VBZ at_IN about_RB $_$ 44,000_CD ._. 
He_PRP wants_VBZ to_TO recover_VB more_JJR than_IN just_RB his_PRP$ property_NN ,_, though_RB ._. 
``_`` I_PRP want_VBP my_PRP$ dignity_NN back_RB ,_, ''_'' he_PRP says_VBZ ._. 
The_DT Editor_NNP 
Nguyen_NNP Ngoc_NNP seemed_VBD an_DT obvious_JJ choice_NN when_WRB the_DT Vietnamese_NNP Writers_NNP Association_NNP was_VBD looking_VBG for_IN a_DT new_JJ editor_NN to_TO reform_VB its_PRP$ weekly_JJ newspaper_NN ,_, Van_NNP Nghe_NNP ._. 
After_IN the_DT sixth_JJ congress_NN ,_, journalists_NNS seized_VBD the_DT opportunity_NN provided_VBN by_IN the_DT liberalization_NN to_TO probe_VB previously_RB taboo_JJ subjects_NNS ._. 
Mr._NNP Ngoc_NNP ,_, 57_CD years_NNS old_JJ ,_, had_VBD solid_JJ reformist_NN credentials_NNS :_: He_PRP had_VBD lost_VBN his_PRP$ official_JJ position_NN in_IN the_DT association_NN in_IN he_PRP early_JJ 1980s_CD because_IN he_PRP questioned_VBD the_DT intrusion_NN of_IN politics_NNS into_IN literature_NN ._. 
Appointed_VBN editor_NN in_IN chief_JJ in_IN July_NNP 1987_CD ,_, Mr._NNP Ngoc_NNP rapidly_RB turned_VBD the_DT staid_JJ Van_NNP Nghe_NNP into_IN Vietnam_NNP 's_POS hottest_JJS paper_NN ._. 
Circulation_NN soared_VBD as_IN the_DT weekly_NN went_VBD way_NN beyond_IN standard_JJ literary_JJ themes_NNS to_TO cover_VB Vietnamese_JJ society_NN and_CC its_PRP$ ills_NNS ._. 
Readers_NNS were_VBD electrified_VBN by_IN the_DT paper_NN 's_POS audacity_NN and_CC appalled_VBN by_IN the_DT dark_JJ side_NN of_IN life_NN it_PRP uncovered_VBD ._. 
One_CD article_NN recounted_VBD a_DT decade-long_JJ struggle_NN by_IN a_DT wounded_VBN soldier_NN to_TO prove_VB ,_, officially_RB ,_, he_PRP was_VBD alive_JJ ._. 
Another_DT described_VBN how_WRB tax-collection_JJ officials_NNS in_IN Thanh_NNP Hoa_NNP province_NN one_CD night_NN stormed_VBD through_IN homes_NNS and_CC confiscated_VBN rice_NN from_IN starving_VBG villagers_NNS ._. 
The_DT newspaper_NN also_RB ran_VBD a_DT series_NN of_IN controversial_JJ short_JJ stories_NNS by_IN Nguyen_NNP Huy_NNP Thiep_NNP ,_, a_DT former_JJ history_NN teacher_NN ,_, who_WP stirred_VBD debate_NN over_IN his_PRP$ interpretation_NN of_IN Vietnamese_JJ culture_NN and_CC took_VBD a_DT thinly_RB veiled_VBN swipe_NN at_IN writers_NNS who_WP had_VBD blocked_VBN his_PRP$ entry_NN into_IN their_PRP$ official_JJ association_NN ._. 
Van_NNP Nghe_NNP quickly_RB made_VBD influential_JJ enemies_NNS ._. 
``_`` Those_DT who_WP manage_VBP ideology_NN and_CC a_DT large_JJ number_NN of_IN writers_NNS reacted_VBD badly_RB ''_'' to_TO the_DT restyled_VBN paper_NN ,_, says_VBZ Lai_NNP Nguyen_NNP An_DT ,_, a_DT literary_JJ critic_NN ._. 
After_IN months_NNS of_IN internal_JJ rumblings_NNS ,_, Mr._NNP Ngoc_NNP was_VBD fired_VBN last_JJ December_NNP ._. 
His_PRP$ dismissal_NN triggered_VBD a_DT furor_NN among_IN intellectuals_NNS that_WDT continues_VBZ today_NN ._. 
``_`` Under_IN Mr._NNP Ngoc_NNP ,_, Van_NNP Nghe_NNP protected_VBD the_DT people_NNS instead_RB of_IN the_DT government_NN ,_, ''_'' says_VBZ Nguyen_NNP Duy_NNP ,_, a_DT poet_NN who_WP is_VBZ the_DT paper_NN 's_POS bureau_NN chief_NN for_IN southern_JJ Vietnam_NNP ._. 
``_`` The_DT paper_NN reflected_VBD the_DT truth_NN ._. 
For_IN the_DT leadership_NN ,_, that_WDT was_VBD too_RB painful_JJ to_TO bear_VB ._. ''_'' 
The_DT `_`` Billionaire_NN '_'' 
Nguyen_NNP Thi_NNP Thi_NNP is_VBZ Vietnam_NNP 's_POS entrepreneur_NN of_IN the_DT 1980s_CD ._. 
Her_PRP$ challenge_NN is_VBZ to_TO keep_VB her_PRP$ fledgling_NN empire_NN on_IN top_JJ in_IN the_DT 1990s_CD ._. 
Mrs._NNP Thi_NNP did_VBD n't_RB wait_VB for_IN the_DT reforms_NNS to_TO get_VB her_PRP$ start_NN ._. 
She_PRP charged_VBD ahead_RB of_IN the_DT government_NN and_CC the_DT law_NN to_TO establish_VB Hochiminh_NNP City_NNP Food_NNP Co._NNP as_IN the_DT biggest_JJS rice_NN dealer_NN in_IN the_DT country_NN ._. 
Her_PRP$ success_NN ,_, which_WDT included_VBD alleviating_VBG an_DT urban_JJ food_NN shortage_NN in_IN the_DT early_JJ 1980s_CD ,_, helped_VBD persuade_VB Hanoi_NNP to_TO take_VB the_DT reform_NN path_NN ._. 
Her_PRP$ story_NN is_VBZ becoming_VBG part_NN of_IN local_JJ folklore_NN ._. 
A_DT lifelong_JJ revolutionary_NN with_IN little_JJ education_NN who_WP fought_VBD both_DT the_DT French_JJ and_CC the_DT U.S.-backed_JJ Saigon_NNP regime_NN ,_, she_PRP switched_VBD effortlessly_RB to_TO commerce_NN after_IN the_DT war_NN ._. 
Her_PRP$ instincts_NNS were_VBD capitalistic_JJ ,_, despite_IN her_PRP$ background_NN ._. 
As_IN she_PRP rode_VBD over_IN regulations_NNS ,_, only_RB her_PRP$ friendship_NN with_IN party_NN leaders_NNS ,_, including_VBG Nguyen_NNP Van_NNP Linh_NNP ,_, then_RB Ho_NNP Chi_NNP Minh_NNP City_NNP party_NN secretary_NN ,_, kept_VBD her_PRP out_IN of_IN jail_NN ._. 
Following_VBG Mr._NNP Linh_NNP 's_POS appointment_NN as_IN secretary-general_NN of_IN the_DT party_NN at_IN the_DT sixth_JJ congress_NN ,_, Mrs._NNP Thi_NNP has_VBZ become_VBN the_DT darling_NN of_IN ``_`` doi_FW moi_FW ''_'' ,_, the_DT Vietnamese_JJ version_NN of_IN perestroika_FW ._. 
The_DT authorities_NNS have_VBP steered_VBN foreign_JJ reporters_NNS to_TO her_PRP$ office_NN to_TO see_VB an_DT example_NN of_IN ``_`` the_DT new_JJ way_NN of_IN thinking_VBG ._. ''_'' 
Foreign_JJ publications_NNS have_VBP responded_VBN with_IN articles_NNS declaring_VBG her_PRP$ Vietnam_NNP 's_POS richest_JJS woman_NN ._. 
``_`` Some_DT people_NNS call_VBP me_PRP the_DT communist_JJ billionaire_NN ,_, ''_'' she_PRP has_VBZ told_VBN visitors_NNS ._. 
Actually_RB ,_, 67-year-old_NNP Mrs._NNP Thi_NNP is_VBZ about_IN as_RB poor_JJ as_IN almost_JJ everyone_NN else_RB in_IN this_DT impoverished_JJ land_NN ._. 
She_PRP has_VBZ indeed_RB turned_VBN Hochiminh_NNP City_NNP Food_NNP into_IN a_DT budding_VBG conglomerate_NN ,_, but_CC the_DT company_NN itself_PRP remains_VBZ state-owned_JJ ._. 
She_PRP manages_VBZ it_PRP with_IN the_DT title_NN of_IN general-director_NN ._. 
The_DT heart_NN of_IN the_DT business_NN is_VBZ the_DT purchase_NN of_IN rice_NN and_CC other_JJ commodities_NNS ,_, such_JJ as_IN corn_NN and_CC coffee_NN ,_, from_IN farmers_NNS in_IN the_DT south_RB ,_, paying_VBG with_IN fertilizer_NN ,_, farm_NN tools_NNS and_CC other_JJ items_NNS ._. 
Last_JJ year_NN ,_, Hochiminh_NNP City_NNP Food_NNP says_VBZ it_PRP bought_VBD two_CD million_CD metric_JJ tons_NNS of_IN unhusked_VBN rice_NN ,_, more_JJR than_IN 10_CD %_NN of_IN the_DT country_NN 's_POS output_NN ._. 
The_DT company_NN operates_VBZ a_DT fleet_NN of_IN trucks_NNS and_CC boats_NNS to_TO transport_VB the_DT commodities_NNS to_TO its_PRP$ warehouses_NNS ._. 
A_DT subsidiary_NN company_NN processes_NNS commodities_NNS into_IN foods_NNS such_JJ as_IN instant_NN noodles_NNS that_WDT are_VBP sold_VBN with_IN the_DT rice_NN through_IN a_DT vast_JJ retail_JJ network_NN ._. 
In_IN recent_JJ years_NNS ,_, Mrs._NNP Thi_NNP has_VBZ started_VBN to_TO diversify_VB the_DT company_NN ,_, taking_VBG a_DT 20_CD %_NN stake_NN in_IN newly_RB established_VBN ,_, partly_RB private_JJ Industrial_NNP and_CC Commercial_NNP Bank_NNP ,_, and_CC setting_VBG up_IN Saigon_NNP Petro_NNP ,_, which_WDT owns_VBZ and_CC operates_VBZ Vietnam_NNP 's_POS first_JJ oil_NN refinery_NN ._. 
Mrs._NNP Thi_NNP says_VBZ Hochiminh_NNP City_NNP Food_NNP last_JJ year_NN increased_VBD pretax_JJ profit_NN 60_CD %_NN to_TO the_DT equivalent_NN of_IN about_RB $_$ 2.7_CD million_CD on_IN sales_NNS of_IN $_$ 150_CD million_CD ._. 
She_PRP expects_VBZ both_DT revenue_NN and_CC profit_NN to_TO gain_VB this_DT year_NN ._. 
She_PRP is_VBZ almost_RB cavalier_JJ about_IN the_DT possibility_NN Vietnam_NNP 's_POS reforms_NNS will_MD create_VB rivals_NNS on_IN her_PRP$ home_NN turf_NN ._. 
``_`` I_PRP do_VBP n't_RB mind_VB the_DT competition_NN inside_IN the_DT country_NN ,_, ''_'' she_PRP says_VBZ ._. 
``_`` I_PRP am_VBP only_RB afraid_JJ that_IN with_IN Vietnam_NNP 's_POS poor-quality_JJ products_NNS we_PRP ca_MD n't_RB compete_VB with_IN neighboring_VBG countries_NNS ._. 
The_DT earthquake_NN that_WDT hit_VBD the_DT San_NNP Francisco_NNP Bay_NNP area_NN is_VBZ n't_RB likely_JJ to_TO result_VB in_IN wholesale_JJ downgrading_NN of_IN bond_NN ratings_NNS ,_, officials_NNS at_IN the_DT two_CD major_JJ rating_NN agencies_NNS said_VBD ._. 
Standard_NNP &_CC Poor_NNP 's_POS Corp._NNP is_VBZ reviewing_VBG debt_NN issued_VBN by_IN 12_CD California_NNP counties_NNS ,_, and_CC ``_`` there_EX are_VBP potential_JJ isolated_VBN problems_NNS ,_, ''_'' said_VBD Hyman_NNP Grossman_NNP ,_, a_DT managing_VBG director_NN ._. 
The_DT agency_NN is_VBZ preparing_VBG a_DT report_NN ,_, to_TO be_VB issued_VBN today_NN ,_, on_IN the_DT earthquake_NN 's_POS impact_NN on_IN the_DT property-_NN and_CC casualty-insurance_NN industry_NN ._. 
The_DT only_JJ securities_NNS so_RB far_RB to_TO be_VB singled_VBN out_IN are_VBP those_DT issued_VBN by_IN Bay_NNP View_NNP Federal_NNP Savings_NNP &_CC Loan_NNP ._. 
Moody_NNP 's_POS Investors_NNP Service_NNP Inc._NNP said_VBD it_PRP is_VBZ reviewing_VBG ,_, with_IN an_DT eye_NN toward_IN a_DT possible_JJ downgrade_NN ,_, the_DT ratings_NNS on_IN Bay_NNP View_NNP Federal_NNP bonds_NNS ,_, long-term_JJ deposits_NNS and_CC the_DT preferred-stock_JJ rating_NN of_IN its_PRP$ parent_NN company_NN ,_, Bay_NNP View_NNP Capital_NNP Corp_NNP ._. 
As_IN for_IN property_NN and_CC casualty_NN insurers_NNS ,_, Moody_NNP 's_POS said_VBD ``_`` preliminary_JJ estimates_NNS suggest_VBP that_IN losses_NNS should_MD not_RB have_VB a_DT significant_JJ impact_NN on_IN most_RBS insurers_NNS '_POS financial_JJ condition_NN ,_, ''_'' but_CC it_PRP ``_`` raises_VBZ concerns_NNS about_IN potentially_RB substantial_JJ risks_NNS ''_'' longer-term_JJ ._. 
``_`` Losses_NNS from_IN the_DT earthquake_NN are_VBP expected_VBN to_TO be_VB of_IN similar_JJ magnitude_NN to_TO those_DT of_IN Hurricane_NNP Hugo_NNP ,_, ''_'' according_VBG to_TO Moody_NNP 's_POS ._. 
Your_PRP$ Oct._NNP 5_NN editorial_NN ``_`` A_DT Democratic_NNP Tax_NNP Cut_VB ''_'' contained_VBD an_DT error_NN ._. 
In_IN the_DT third_JJ paragraph_NN it_PRP referred_VBD to_TO the_DT senators_NNS seeking_VBG loophole_NN suggestions_NNS from_IN lobbyists_NNS for_IN various_JJ sectors_NNS of_IN the_DT economy_NN ._. 
Among_IN them_PRP ,_, ``_`` banana_NN farmers_NNS ._. ''_'' 
The_DT only_RB significant_JJ commercial_JJ banana_NN farmers_NNS in_IN the_DT U.S._NNP are_VBP in_IN Hawaii_NNP ._. 
The_DT Hawaii_NNP Banana_NNP Industry_NNP Association_NNP ,_, to_TO which_WDT nearly_RB all_DT of_IN them_PRP belong_VBP ,_, has_VBZ no_DT lobbyist_NN ._. 
Thomas_NNP V._NNP Reese_NNP Sr_NNP ._. Maui_NNP Banana_NNP Co_NNP ._. 
Western_NNP Digital_NNP Corp._NNP reported_VBD a_DT net_JJ loss_NN of_IN $_$ 2.7_CD million_CD ,_, or_CC nine_CD cents_NNS a_DT share_NN ,_, for_IN its_PRP$ first_JJ quarter_NN ended_VBN Sept._NNP 30_CD ,_, citing_VBG factors_NNS as_RB varied_VBN as_IN hurricane_NN damage_NN ,_, an_DT advance_NN in_IN graphics_NNS technology_NN and_CC the_DT strengthening_VBG dollar_NN ._. 
In_IN the_DT year-ago_JJ period_NN ,_, the_DT company_NN earned_VBD $_$ 12.9_CD million_CD ,_, or_CC 45_CD cents_NNS a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 247_CD million_CD ._. 
Sales_NNS for_IN the_DT just-ended_JJ period_NN fell_VBD to_TO about_RB $_$ 225_CD million_CD ,_, the_DT maker_NN of_IN computer_NN parts_NNS said_VBD ._. 
Nonetheless_RB ,_, Chairman_NNP Roger_NNP W._NNP Johnson_NNP said_VBD he_PRP expects_VBZ the_DT company_NN to_TO be_VB profitable_JJ in_IN the_DT current_JJ quarter_NN ._. 
``_`` We_PRP are_VBP positioned_VBN to_TO come_VB through_IN ,_, ''_'' he_PRP said_VBD ,_, noting_VBG that_IN the_DT company_NN 's_POS backlog_NN was_VBD up_IN from_IN the_DT previous_JJ quarter_NN ._. 
In_IN its_PRP$ second_JJ quarter_NN last_JJ year_NN ,_, Western_NNP Digital_NNP earned_VBD $_$ 12.7_CD million_CD ,_, or_CC 44_CD cents_NNS a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 258.4_CD million_CD ._. 
Mr._NNP Johnson_NNP said_VBD Western_NNP Digital_NNP 's_POS plant_NN in_IN Puerto_NNP Rico_NNP was_VBD affected_VBN by_IN Hurricane_NNP Hugo_NNP ,_, losing_VBG three_CD days_NNS '_POS production_NN because_IN of_IN the_DT storm_NN ,_, which_WDT wrecked_VBD much_NN of_IN the_DT Caribbean_NNP island_NN 's_POS infrastructure_NN ._. 
Although_IN the_DT plant_NN itself_PRP was_VBD n't_RB damaged_VBN ,_, Mr._NNP Johnson_NNP said_VBD millions_NNS of_IN dollars_NNS in_IN first-quarter_JJ revenue_NN were_VBD lost_VBN ._. 
The_DT revenue_NN will_MD be_VB regained_VBN in_IN the_DT current_JJ period_NN ,_, he_PRP added_VBD ._. 
There_EX are_VBP no_DT plans_NNS to_TO initiate_VB a_DT common_JJ stock_NN dividend_NN ,_, Mr._NNP Johnson_NNP said_VBD ,_, explaining_VBG that_IN the_DT board_NN continues_VBZ to_TO believe_VB shareholders_NNS are_VBP best_RBS served_VBN by_IN reinvesting_VBG excess_JJ cash_NN ._. 
Mr._NNP Johnson_NNP said_VBD the_DT first-quarter_JJ loss_NN also_RB heavily_RB reflected_VBD a_DT rapid_JJ change_NN in_IN graphics_NNS technology_NN that_WDT left_VBD reseller_JJR channels_NNS with_IN too_RB many_NN of_IN the_DT old_JJ computer_NN graphics_NNS boards_NNS and_CC too_RB few_JJ new_JJ monitors_NNS compatible_JJ with_IN the_DT new_JJ graphics_NNS boards_NNS ._. 
Western_NNP Digital_NNP does_VBZ n't_RB make_VB the_DT monitors_NNS ._. 
An_DT accelerating_VBG move_NN by_IN personal_JJ computer_NN manufacturers_NNS '_POS to_TO include_VB advanced_VBD graphics_NNS capabilities_NNS as_IN standard_JJ equipment_NN further_JJ dampened_VBD reseller_JJR purchases_NNS of_IN Western_NNP Digital_NNP 's_POS equipment_NN ._. 
``_`` The_DT other_JJ areas_NNS of_IN the_DT business_NN --_: storage_NN and_CC microcomputers_NNS --_: were_VBD very_RB good_JJ ,_, ''_'' Mr._NNP Johnson_NNP said_VBD ._. 
He_PRP said_VBD Western_NNP Digital_NNP has_VBZ reacted_VBN swiftly_RB to_TO the_DT movement_NN to_TO video_NN graphics_NNS array_NN ,_, VGA_NNP ,_, graphics_NNS technology_NN from_IN the_DT old_JJ enhanced_VBN graphics_NNS adapter_NN ,_, EGA_NNP ,_, which_WDT has_VBZ a_DT lower_JJR resolution_NN standard_JJ ,_, technology_NN and_CC now_RB is_VBZ one_CD of_IN the_DT leading_VBG producers_NNS of_IN these_DT newer_JJR units_NNS ._. 
Other_JJ makers_NNS of_IN video_NN controller_NN equipment_NN also_RB were_VBD caught_VBN in_IN the_DT EGA-VGA_JJ shift_NN ,_, he_PRP said_VBD ,_, ``_`` but_CC we_PRP were_VBD able_JJ to_TO respond_VB much_RB more_RBR quickly_RB ._. ''_'' 
Still_RB ,_, Mr._NNP Johnson_NNP said_VBD ,_, ``_`` our_PRP$ stock_NN is_VBZ grossly_RB undervalued_VBN ._. ''_'' 
He_PRP said_VBD the_DT company_NN has_VBZ cut_VBN operating_VBG expenses_NNS by_IN about_IN 10_CD %_NN over_IN the_DT last_JJ few_JJ quarters_NNS ,_, while_IN maintaining_VBG research_NN and_CC development_NN at_IN about_IN 8_CD %_NN to_TO 9_CD %_NN of_IN sales_NNS ._. 
As_IN part_NN of_IN its_PRP$ reorganization_NN this_DT week_NN ,_, Western_NNP Digital_NNP has_VBZ divided_VBN its_PRP$ business_NN into_IN two_CD segments_NNS --_: storage_NN products_NNS ,_, including_VBG controllers_NNS and_CC disk_NN drives_NNS ;_: and_CC microcomputer_NN products_NNS ,_, which_WDT include_VBP graphics_NNS ,_, communications_NNS and_CC peripheral_JJ control_NN chips_NNS ._. 
Graphics_NNP ,_, communications_NNS and_CC peripheral_JJ control_NN chips_NNS were_VBD combined_VBN because_IN ,_, increasingly_RB ,_, multiple_JJ functions_NNS are_VBP being_VBG governed_VBN by_IN a_DT single_JJ chip_NN ._. 
Storage_NNP ,_, which_WDT includes_VBZ computer_NN controllers_NNS and_CC 3.5-inch_CD disk_NN drives_NNS ,_, represents_VBZ nearly_RB two-thirds_NNS of_IN the_DT company_NN 's_POS business_NN ._. 
Disk_NN drives_NNS ,_, which_WDT allow_VBP a_DT computer_NN to_TO access_VB its_PRP$ memory_NN ,_, generated_VBN 38_CD %_NN more_JJR revenue_NN in_IN the_DT most_RBS recent_JJ period_NN compared_VBN with_IN the_DT fiscal_JJ first_JJ quarter_NN a_DT year_NN earlier_RBR ._. 
Computer_NN parts_NNS are_VBP getting_VBG ever_RB smaller_JJR ,_, Mr._NNP Johnson_NNP said_VBD ,_, a_DT shrinking_VBG that_WDT has_VBZ propelled_VBN laptops_NNS into_IN position_NN as_IN the_DT fastest-growing_JJ segment_NN of_IN the_DT computer_NN business_NN ._. 
As_IN smaller_JJR and_CC more_RBR powerful_JJ computers_NNS continue_VBP to_TO be_VB the_DT focus_NN of_IN the_DT industry_NN ,_, he_PRP said_VBD ,_, Western_NNP Digital_NNP is_VBZ strengthening_VBG development_NN of_IN laptop_NN parts_NNS ._. 
Next_JJ year_NN Western_NNP Digital_NNP plans_VBZ to_TO consolidate_VB its_PRP$ operations_NNS from_IN 11_CD buildings_NNS in_IN Irvine_NNP into_IN two_CD buildings_NNS in_IN the_DT same_JJ city_NN a_DT new_JJ headquarters_NN and_CC ,_, a_DT block_NN away_RB ,_, a_DT modern_JJ $_$ 100_CD million_CD silicon_NN wafer_NN fabrication_NN plant_NN ._. 
The_DT plan_NN will_MD help_VB the_DT company_NN in_IN its_PRP$ existing_VBG joint_JJ manufacturing_NN agreement_NN with_IN AT&T_NNP ._. 
About_IN half_NN of_IN Western_NNP Digital_NNP 's_POS business_NN is_VBZ overseas_JJ ,_, and_CC Mr._NNP Johnson_NNP expects_VBZ that_DT proportion_NN to_TO continue_VB ._. 
Plans_NNS to_TO dissolve_VB many_NN of_IN the_DT trade_NN barriers_NNS within_IN Europe_NNP in_IN 1992_CD creates_VBZ significant_JJ opportunities_NNS for_IN the_DT company_NN ,_, he_PRP said_VBD ,_, particularly_RB since_IN Western_NNP Digital_NNP already_RB manufactures_VBZ there_RB ._. 
Capitalizing_VBG on_IN that_DT presence_NN ,_, Western_NNP Digital_NNP is_VBZ launching_VBG a_DT major_JJ effort_NN to_TO develop_VB the_DT embryonic_JJ reseller_JJR market_NN in_IN Europe_NNP ._. 
Directors_NNS of_IN state-owned_JJ Banca_NNP Nazionale_NNP del_NNP Lavoro_NNP approved_VBD a_DT two-step_JJ capital-boosting_JJ transaction_NN and_CC a_DT change_NN in_IN the_DT bank_NN 's_POS rules_NNS that_WDT will_MD help_VB it_PRP operate_VB more_JJR like_IN a_DT private-sector_JJ institution_NN ._. 
Until_IN now_RB ,_, BNL_NNP 's_POS top_JJ managers_NNS and_CC its_PRP$ directors_NNS have_VBP been_VBN appointed_VBN by_IN a_DT Treasury_NNP decree_NN ._. 
But_CC under_IN the_DT bank_NN 's_POS proposed_VBN statutes_NNS ,_, an_DT assembly_NN of_IN shareholders_NNS must_MD approve_VB board_NN members_NNS ._. 
The_DT bank_NN 's_POS chairman_NN and_CC director_NN general_JJ ,_, who_WP also_RB sit_VB on_IN the_DT board_NN ,_, still_RB would_MD be_VB appointed_VBN by_IN the_DT Treasury_NNP ._. 
BNL_NNP ,_, which_WDT is_VBZ controlled_VBN by_IN the_DT Italian_NNP Treasury_NNP ,_, was_VBD rocked_VBN by_IN the_DT disclosure_NN last_JJ month_NN that_IN its_PRP$ Atlanta_NNP branch_NN extended_VBN more_JJR than_IN $_$ 3_CD billion_CD in_IN unauthorized_JJ credits_NNS to_TO Iraq_NNP ._. 
The_DT ensuing_VBG scandal_NN ,_, in_IN which_WDT the_DT bank_NN 's_POS management_NN resigned_VBD ,_, has_VBZ helped_VBN renew_VB calls_VBZ for_IN privatization_NN ,_, or_CC at_IN least_JJS an_DT overhaul_NN ,_, of_IN Italy_NNP 's_POS banking_NN system_NN ,_, which_WDT is_VBZ about_IN 80_CD %_NN state-controlled_JJ ._. 
In_IN a_DT related_VBN move_NN ,_, the_DT bank_NN also_RB proposed_VBD that_DT board_NN representation_NN be_VB linked_VBN more_RBR closely_RB to_TO the_DT bank_NN 's_POS new_JJ shareholding_NN structure_NN ._. 
BNL_NNP called_VBD a_DT shareholders_NNS '_POS assembly_NN meeting_NN in_IN December_NNP to_TO vote_VB on_IN the_DT proposals_NNS ._. 
BNL_NNP has_VBZ about_IN 75,000_CD nonvoting_JJ shares_NNS that_WDT are_VBP listed_VBN on_IN the_DT Milan_NNP Stock_NNP Exchange_NNP ._. 
The_DT shares_NNS were_VBD suspended_VBN from_IN trading_NN following_VBG disclosure_NN of_IN the_DT Atlanta_NNP scandal_NN ;_: Consob_NNP ,_, the_DT stock_NN exchange_NN regulatory_JJ body_NN ,_, reportedly_RB will_MD decide_VB soon_RB whether_IN to_TO end_VB the_DT trading_NN suspension_NN ._. 
Switzerland_NNP 's_POS wholesale_JJ price_NN index_NN increased_VBN 0.3_CD %_NN in_IN September_NNP from_IN August_NNP ,_, and_CC was_VBD up_IN 3.9_CD %_NN from_IN a_DT year_NN ago_RB ,_, marking_VBG the_DT first_JJ time_NN this_DT year_NN that_IN the_DT index_NN has_VBZ fallen_VBN below_IN 4_CD %_NN on_IN a_DT year-to-year_JJ basis_NN ,_, the_DT government_NN reported_VBD ._. 
The_DT government_NN attributed_VBD the_DT 0.3_CD %_NN month-to-month_JJ rise_NN in_IN the_DT index_NN largely_RB to_TO higher_JJR energy_NN prices_NNS ._. 
In_IN August_NNP ,_, the_DT index_NN was_VBD up_IN 0.2_CD %_NN from_IN the_DT previous_JJ month_NN ,_, and_CC was_VBD up_IN 4.5_CD %_NN on_IN a_DT year-to-year_JJ basis_NN ._. 
The_DT wholesale_JJ price_NN index_NN ,_, based_VBN on_IN 1963_CD as_IN 100_CD ,_, was_VBD 180.9_CD in_IN September_NNP ._. 
American_NNP Express_NNP Co._NNP posted_VBD a_DT 21_CD %_NN increase_NN in_IN third_JJ quarter_NN net_JJ income_NN despite_IN a_DT sharp_JJ rise_NN in_IN reserves_NNS for_IN Third_NNP World_NNP loans_NNS at_IN its_PRP$ banking_NN unit_NN ._. 
Aided_VBN by_IN a_DT sharp_JJ gain_NN in_IN its_PRP$ travel_NN business_NN ,_, American_NNP Express_NNP said_VBD net_NN rose_VBD to_TO $_$ 331.8_CD million_CD ,_, or_CC 77_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 273.9_CD million_CD ,_, or_CC 64_CD cents_NNS a_DT share_NN ._. 
The_DT year-earlier_JJ figures_NNS included_VBD $_$ 9.9_CD million_CD ,_, or_CC three_CD cents_NNS a_DT share_NN ,_, in_IN income_NN from_IN discontinued_VBN operations_NNS ._. 
Income_NNP from_IN continuing_VBG operations_NNS was_VBD up_IN 26_CD %_NN ._. 
Revenue_NN rose_VBD 24_CD %_NN to_TO $_$ 6.5_CD billion_CD from_IN $_$ 5.23_CD billion_CD ._. 
The_DT travel_NN ,_, investment_NN services_NNS ,_, insurance_NN and_CC banking_NN concern_NN added_VBD $_$ 110_CD million_CD to_TO reserves_NNS for_IN credit_NN losses_NNS at_IN its_PRP$ American_NNP Express_NNP Bank_NNP unit_NN ,_, boosting_VBG the_DT reserve_NN to_TO $_$ 507_CD million_CD as_IN of_IN Sept._NNP 30_CD ._. 
The_DT bank_NN 's_POS Third_NNP World_NNP debt_NN portfolio_NN totals_VBZ $_$ 560_CD million_CD ,_, down_RB from_IN $_$ 2.2_CD billion_CD at_IN the_DT end_NN of_IN 1986_CD ._. 
The_DT bank_NN charged_VBN off_IN $_$ 53_CD million_CD in_IN loans_NNS during_IN the_DT quarter_NN ._. 
At_IN the_DT American_NNP Express_NNP Travel_NNP Related_NNP Services_NNP Co._NNP unit_NN ,_, net_NN rose_VBD 17_CD %_NN to_TO a_DT record_NN $_$ 240.8_CD million_CD on_IN a_DT 19_CD %_NN revenue_NN increase_NN ._. 
The_DT figures_NNS exclude_VBP businesses_NNS now_RB organized_VBN as_IN American_NNP Express_NNP Information_NNP Services_NNP Co_NNP ._. 
American_NNP Express_NNP card_NN charge_NN volume_NN rose_VBD 12_CD %_NN ._. 
Travel_NN sales_NNS rose_VBD 11_CD %_NN ,_, led_VBN by_IN gains_NNS in_IN the_DT U.S._NNP ._. 
At_IN IDS_NNP Financial_NNP Services_NNPS ,_, the_DT financial_JJ planning_NN and_CC mutual_JJ fund_NN unit_NN ,_, net_NN rose_VBD 19_CD %_NN to_TO a_DT record_NN $_$ 47.6_CD million_CD on_IN a_DT 33_CD %_NN revenue_NN gain_NN ._. 
Assets_NNS owned_VBN or_CC managed_VBD rose_VBD 20_CD %_NN to_TO $_$ 45_CD billion_CD ,_, and_CC mutual_JJ fund_NN sales_NNS rose_VBD 45_CD %_NN in_IN the_DT quarter_NN to_TO $_$ 923_CD million_CD ._. 
American_NNP Express_NNP Bank_NNP earnings_NNS fell_VBD 50_CD %_NN to_TO $_$ 21.3_CD million_CD from_IN $_$ 42.5_CD million_CD despite_IN a_DT 29_CD %_NN revenue_NN gain_NN ._. 
The_DT results_NNS include_VBP $_$ 106_CD million_CD of_IN tax_NN benefits_NNS associated_VBN with_IN previous_JJ years_NNS '_POS Third_NNP World_NNP loan_NN activity_NN ,_, compared_VBN with_IN $_$ 15_CD million_CD a_DT year_NN earlier_RBR ._. 
Profit_NN rose_VBD 38_CD %_NN at_IN American_NNP Express_NNP Information_NNP Services_NNPS to_TO $_$ 21.6_CD million_CD ._. 
Shearson_NNP Lehman_NNP Hutton_NNP Holdings_NNP Inc._NNP ,_, as_IN previously_RB reported_VBD ,_, had_VBD net_NN of_IN $_$ 65.9_CD million_CD ,_, reversing_VBG a_DT $_$ 3.5_CD million_CD loss_NN a_DT year_NN earlier_RBR ;_: its_PRP$ latest_JJS results_NNS include_VBP a_DT $_$ 37_CD million_CD gain_NN from_IN the_DT sale_NN of_IN an_DT institutional_JJ money_NN management_NN business_NN ._. 
American_NNP Express_NNP 's_POS share_NN of_IN Shearson_NNP 's_POS earnings_NNS was_VBD $_$ 41_CD million_CD ,_, after_IN preferred_JJ stock_NN dividends_NNS ;_: it_PRP owns_VBZ about_IN 68_CD %_NN of_IN Shearson_NNP 's_POS common_JJ ._. 
For_IN the_DT nine_CD months_NNS ,_, American_NNP Express_NNP said_VBD net_NN rose_VBD 11_CD %_NN to_TO $_$ 899.8_CD million_CD ,_, or_CC $_$ 2.09_CD a_DT share_NN ,_, from_IN $_$ 807.5_CD million_CD ,_, or_CC $_$ 1.89_CD a_DT share_NN ._. 
Revenue_NN rose_VBD 24_CD %_NN to_TO $_$ 18.73_CD billion_CD from_IN $_$ 15.09_CD billion_CD ._. 
Textron_NNP Inc._NNP ,_, hampered_VBN by_IN a_DT slowdown_NN in_IN its_PRP$ defense_NN sales_NNS ,_, reported_VBD an_DT 8_CD %_NN decline_NN in_IN per-share_JJ earnings_NNS on_IN nearly_RB flat_JJ revenue_NN for_IN its_PRP$ third_JJ quarter_NN ._. 
The_DT aerospace_NN and_CC financial_JJ services_NNS concern_VBP said_VBD net_JJ income_NN fell_VBD 5_NN %_NN to_TO $_$ 59.5_CD million_CD from_IN $_$ 62.8_CD million_CD ._. 
Revenue_NN of_IN $_$ 1.73_CD billion_CD was_VBD almost_RB unchanged_JJ from_IN last_JJ year_NN 's_POS $_$ 1.72_CD billion_CD ._. 
Per-share_JJ net_NN of_IN 66_CD cents_NNS ,_, down_RB from_IN 72_CD cents_NNS ,_, fell_VBN by_IN more_JJR than_IN overall_JJ net_NN because_IN of_IN more_JJR shares_NNS outstanding_JJ ._. 
The_DT company_NN said_VBD that_WDT improved_VBD results_NNS in_IN its_PRP$ financial-services_NNS sector_NN were_VBD negated_VBN by_IN increased_JJ costs_NNS in_IN its_PRP$ government_NN contract_NN business_NN ,_, lower_JJR operating_VBG earnings_NNS in_IN its_PRP$ commercial-products_JJ sector_NN and_CC soft_JJ automotive_JJ markets_NNS ._. 
Net_NN was_VBD aided_VBN by_IN a_DT lower_JJR income_NN tax_NN rate_NN ._. 
Profit_NN before_IN taxes_NNS fell_VBD 17_CD %_NN to_TO $_$ 84.4_CD million_CD from_IN $_$ 101.4_CD million_CD ._. 
For_IN the_DT nine_CD months_NNS ,_, Textron_NNP reported_VBD net_NN of_IN $_$ 182.1_CD million_CD ,_, or_CC $_$ 2.06_CD a_DT share_NN ,_, on_IN revenue_NN of_IN $_$ 5.41_CD billion_CD ._. 
A_DT year_NN ago_RB ,_, net_NN was_VBD $_$ 170.4_CD million_CD ,_, or_CC $_$ 1.93_CD a_DT share_NN ,_, on_IN revenue_NN of_IN $_$ 5.3_CD billion_CD ._. 
The_DT nine-month_JJ results_NNS included_VBD a_DT $_$ 9.5_CD million_CD special_JJ charge_NN in_IN 1989_CD for_IN an_DT arbitration_NN settlement_NN related_VBN to_TO past_JJ export_NN sales_NNS ,_, and_CC $_$ 29.7_CD million_CD in_IN extraordinary_JJ charges_NNS in_IN 1988_CD related_VBN to_TO a_DT former_JJ line_NN of_IN business_NN and_CC early_JJ redemption_NN of_IN debt_NN ._. 
Textron_NNP said_VBD that_IN nine-months_NNS '_POS results_NNS do_VBP n't_RB include_VB earnings_NNS of_IN Avdel_NNP PLC_NNP ,_, a_DT British_JJ maker_NN of_IN industrial_JJ fasteners_NNS ,_, but_CC do_VBP include_VB interest_NN costs_NNS of_IN $_$ 16.4_CD million_CD on_IN borrowings_NNS related_VBN to_TO the_DT proposed_VBN purchase_NN of_IN Avdel_NNP ._. 
A_DT federal_JJ judge_NN has_VBZ issued_VBN a_DT preliminary_JJ injunction_NN against_IN the_DT purchase_NN because_IN of_IN Federal_NNP Trade_NNP Commission_NNP concerns_NNS that_IN the_DT transaction_NN would_MD reduce_VB competition_NN in_IN the_DT production_NN of_IN two_CD kinds_NNS of_IN rivets_VBZ ._. 
For_IN the_DT quarter_NN ,_, Textron_NNP said_VBD aerospace_NN revenue_NN ,_, including_VBG Bell_NNP helicopter_NN and_CC jet-engine_NN manufacture_NN ,_, declined_VBD 9.8_CD %_NN to_TO $_$ 755.9_CD million_CD from_IN $_$ 838.3_CD million_CD ,_, an_DT indication_NN of_IN slowing_VBG government_NN defense_NN work_NN ._. 
As_IN the_DT Hunt_NNP brothers_NNS '_POS personal_JJ bankruptcy_NN cases_NNS sputter_VBP into_IN their_PRP$ second_JJ year_NN ,_, Minpeco_NNP S.A._NNP has_VBZ proposed_VBN a_DT deal_NN to_TO settle_VB its_PRP$ huge_JJ claim_NN against_IN the_DT troubled_JJ Texas_NNP oil_NN men_NNS ._. 
But_CC the_DT plan_NN only_RB threatens_VBZ to_TO heighten_VB the_DT tension_NN and_CC confusion_NN already_RB surrounding_VBG the_DT cases_NNS that_WDT were_VBD filed_VBN in_IN September_NNP 1988_CD ._. 
The_DT Peruvian_JJ mineral_NN concern_NN 's_POS $_$ 251_CD million_CD claim_NN stems_VBZ from_IN 1988_CD jury_NN award_NN in_IN a_DT case_NN stemming_VBG from_IN the_DT brothers_NNS '_POS alleged_VBN attempts_NNS to_TO corner_VB the_DT 1979-80_CD silver_NN market_NN ._. 
Minpeco_NNP now_RB says_VBZ it_PRP is_VBZ willing_JJ to_TO settle_VB for_IN up_IN to_TO $_$ 65.7_CD million_CD from_IN each_DT brother_NN ,_, although_IN the_DT actual_JJ amount_NN would_MD probably_RB be_VB much_RB less_JJR ._. 
Although_IN the_DT proposal_NN must_MD be_VB approved_VBN by_IN federal_JJ Judge_NNP Harold_NNP C._NNP Abramson_NNP ,_, W._NNP Herbert_NNP Hunt_NNP has_VBZ agreed_VBN to_TO the_DT Peruvian_JJ mineral_NN concern_NN 's_POS proposal_NN ._. 
Nelson_NNP Bunker_NNP Hunt_NNP is_VBZ considering_VBG it_PRP ,_, although_IN his_PRP$ attorney_NN says_VBZ he_PRP wo_MD n't_RB do_VB it_PRP if_IN the_DT proposal_NN jeopardizes_VBZ a_DT tentative_JJ settlement_NN he_PRP has_VBZ reached_VBN with_IN the_DT Internal_NNP Revenue_NNP Service_NNP ,_, which_WDT claims_VBZ the_DT brothers_NNS owe_VBP $_$ 1_CD billion_CD in_IN back_RB taxes_VBZ and_CC is_VBZ by_IN far_RB the_DT biggest_JJS creditor_NN in_IN both_DT cases_NNS ._. 
The_DT tentative_JJ agreement_NN between_IN the_DT IRS_NNP and_CC Nelson_NNP Bunker_NNP Hunt_NNP is_VBZ awaiting_VBG U.S._NNP Justice_NNP Department_NNP approval_NN ._. 
Under_IN it_PRP ,_, the_DT former_JJ billionaire_NN 's_POS assets_NNS would_MD be_VB liquidated_VBN with_IN the_DT IRS_NNP getting_VBG 80_CD %_NN of_IN the_DT proceeds_NNS and_CC the_DT rest_NN being_VBG divided_VBN among_IN other_JJ creditors_NNS ,_, including_VBG Minpeco_NNP and_CC Manufacturers_NNP Hanover_NNP Trust_NNP Co._NNP ,_, which_WDT is_VBZ seeking_VBG repayment_NN of_IN a_DT $_$ 36_CD million_CD loan_NN ._. 
A_DT similiar_JJ proposal_NN has_VBZ been_VBN made_VBN in_IN the_DT W._NNP Herbert_NNP Hunt_NNP case_NN although_IN he_PRP and_CC the_DT IRS_NNP are_VBP at_IN odds_NNS over_IN the_DT size_NN of_IN the_DT non-dischargable_JJ debt_NN he_PRP would_MD have_VB to_TO pay_VB to_TO the_DT government_NN from_IN future_NN earnings_NNS ._. 
In_IN both_DT cases_NNS ,_, Minpeco_NNP and_CC Manufacturers_NNP Hanover_NNP have_VBP been_VBN fighting_VBG ferociously_RB over_IN their_PRP$ shares_NNS of_IN the_DT pie_NN ._. 
With_IN support_NN from_IN the_DT IRS_NNP ,_, Manufacturers_NNP Hanover_NNP has_VBZ filed_VBN suit_NN asking_VBG Judge_NNP Abramson_NNP to_TO subordinate_VB Minpeco_NNP 's_POS claim_NN to_TO those_DT of_IN Manufacturer_NNP Hanover_NNP and_CC the_DT IRS_NNP ._. 
Minpeco_NNP has_VBZ threatened_VBN a_DT ``_`` volcano_NN ''_'' of_IN litigation_NN if_IN the_DT Manufacturers_NNP Hanover_NNP Corp._NNP unit_NN attempts_NNS to_TO force_VB such_JJ a_DT plan_NN through_IN the_DT court_NN ._. 
Minpeco_NNP said_VBD it_PRP would_MD n't_RB pursue_VB such_JJ litigation_NN if_IN its_PRP$ settlement_NN plan_NN in_IN the_DT W._NNP Herbert_NNP Hunt_NNP case_NN is_VBZ approved_VBN by_IN Judge_NNP Abramson_NNP ,_, who_WP will_MD consider_VB the_DT proposal_NN at_IN a_DT hearing_NN next_JJ week_NN ._. 
Minpeco_NNP attorney_NN Thomas_NNP Gorman_NNP decribed_VBD the_DT plan_NN as_IN one_CD step_NN toward_IN an_DT overall_JJ settlement_NN of_IN the_DT W._NNP Herbert_NNP Hunt_NNP case_NN but_CC Hugh_NNP Ray_NNP ,_, attorney_NN for_IN Manufacturers_NNP Hanover_NNP ,_, called_VBD it_PRP ``_`` silly_JJ ''_'' and_CC said_VBD he_PRP would_MD fight_VB it_PRP in_IN court_NN ._. 
``_`` The_DT thing_NN is_VBZ so_RB fluid_NN right_RB now_RB that_IN there_EX 's_VBZ really_RB no_DT way_NN to_TO say_VB what_WP will_MD happen_VB ,_, ''_'' says_VBZ Justice_NNP Department_NNP attorney_NN Grover_NNP Hartt_NNP III_NNP ,_, who_WP represents_VBZ the_DT IRS_NNP in_IN the_DT case_NN ._. 
``_`` Developments_NNPS like_IN this_DT are_VBP hard_JJ to_TO predict_VB ._. 
Banc_NNP One_CD Corp._NNP said_VBD it_PRP agreed_VBD in_IN principle_NN to_TO buy_VB five_CD branch_NN offices_NNS from_IN Trustcorp_NNP Inc._NNP ,_, Toledo_NNP ,_, Ohio_NNP ,_, following_VBG the_DT planned_VBN merger_NN of_IN Trustcorp_NNP into_IN Society_NNP Corp._NNP ,_, Cleveland_NNP ._. 
The_DT five_CD offices_NNS in_IN Erie_NNP and_CC Ottawa_NNP counties_NNS in_IN northern_JJ Ohio_NNP have_VBP total_JJ assets_NNS of_IN about_RB $_$ 88_CD million_CD ,_, Banc_NNP One_CD said_VBD ._. 
The_DT purchase_NN price_NN will_MD be_VB established_VBN after_IN Banc_NNP One_CD has_VBZ an_DT opportunity_NN to_TO study_VB the_DT quality_NN of_IN the_DT assets_NNS ,_, Banc_NNP One_CD said_VBD ._. 
Society_NNP Corp._NNP already_RB has_VBZ branches_NNS in_IN the_DT area_NN ,_, and_CC selling_VBG the_DT Trustcorp_NNP offices_NNS could_MD avoid_VB a_DT problem_NN with_IN regulators_NNS over_IN excessive_JJ concentration_NN of_IN banking_NN in_IN the_DT two_CD counties_NNS after_IN the_DT merger_NN of_IN Trustcorp_NNP into_IN Society_NNP ,_, according_VBG to_TO industry_NN sources_NNS ._. 
The_DT merger_NN is_VBZ scheduled_VBN to_TO take_VB place_NN in_IN the_DT 1990_CD first_JJ quarter_NN ._. 
Stock-market_NN fears_NNS and_CC relatively_RB more_RBR attractive_JJ interest_NN rates_NNS pushed_VBD money-market_JJ mutual_JJ fund_NN assets_NNS up_IN $_$ 6.07_CD billion_CD in_IN the_DT latest_JJS week_NN ,_, the_DT sharpest_JJS increase_NN in_IN almost_RB two_CD years_NNS ._. 
The_DT 473_CD funds_NNS tracked_VBN by_IN the_DT Investment_NNP Company_NNP Institute_NNP ,_, a_DT Washington-based_JJ trade_NN group_NN ,_, rose_VBD to_TO $_$ 356.1_CD billion_CD ,_, a_DT record_NN ._. 
The_DT $_$ 6.07_CD billion_CD increase_NN was_VBD the_DT strongest_JJS weekly_JJ inflow_NN since_IN January_NNP 1988_CD ._. 
The_DT increase_NN was_VBD spread_NN fairly_RB evenly_RB among_IN all_DT three_CD types_NNS of_IN funds_NNS ._. 
Individual_JJ investors_NNS ,_, represented_VBN in_IN the_DT general-purpose_JJ and_CC broker-dealer_NN fund_NN categories_NNS ,_, pulled_VBD money_NN from_IN the_DT stock_NN market_NN after_IN its_PRP$ big_JJ drop_NN last_JJ Friday_NNP and_CC put_VB the_DT money_NN into_IN funds_NNS ,_, said_VBD Jacob_NNP Dreyer_NNP ,_, vice_NN president_NN and_CC chief_JJ economist_NN of_IN the_DT Institute_NNP ._. 
``_`` Insitutional_JJ investors_NNS ,_, on_IN the_DT other_JJ hand_NN ,_, reacted_VBD to_TO the_DT steep_JJ decline_NN in_IN yields_NNS on_IN direct_JJ money-market_JJ instruments_NNS following_VBG the_DT stock-market_NN decline_NN last_JJ Friday_NNP ,_, ''_'' Mr._NNP Dreyer_NNP said_VBD ._. 
Yields_NNS on_IN money_NN funds_NNS dropped_VBD in_IN the_DT week_NN ended_VBN Tuesday_NNP ,_, according_VBG to_TO Donoghue_NNP 's_POS Money_NNP Fund_NNP Report_NNP ,_, a_DT Holliston_NNP ,_, Mass._NNP ,_, newsletter_NN ._. 
The_DT average_JJ seven-day_JJ compounded_VBN yield_VB fell_VBD to_TO 8.55_CD %_NN from_IN 8.60_CD %_NN the_DT week_NN earlier_RBR ,_, Donoghue_NNP 's_POS said_VBD ._. 
At_IN the_DT auction_NN of_IN six-month_JJ U.S._NNP Treasury_NNP bills_NNS on_IN Monday_NNP ,_, the_DT average_JJ yield_NN fell_VBD to_TO 7.61_CD %_NN from_IN 7.82_CD %_NN ._. 
Likewise_RB ,_, certificates_NNS of_IN deposit_NN on_IN average_NN posted_VBD lower_JJR yields_NNS in_IN the_DT week_NN ended_VBN Tuesday_NNP ._. 
The_DT 142_CD institutional-type_JJ money_NN funds_NNS rose_VBD $_$ 2.23_CD billion_CD to_TO $_$ 85.49_CD billion_CD ._. 
The_DT 235_CD general-purpose_JJ funds_NNS increased_VBN $_$ 2.53_CD billion_CD to_TO $_$ 116.56_CD billion_CD ,_, while_IN 96_CD broker-dealer_NN funds_NNS increased_VBN $_$ 1.3_CD billion_CD to_TO $_$ 154.05_CD billion_CD ._. 
Domestic_JJ lending_NN for_IN real_JJ estate_NN and_CC property_NN development_NN was_VBD the_DT source_NN of_IN Bank_NNP Bumiputra_NNP Malaysia_NNP Bhd._NNP 's_POS most_RBS recent_JJ spate_NN of_IN financial_JJ troubles_NNS ,_, the_DT institution_NN 's_POS executive_JJ chairman_NN ,_, Mohamed_NNP Basir_NNP Ismail_NNP ,_, said_VBD ._. 
Speaking_VBG to_TO reporters_NNS this_DT week_NN after_IN Bank_NNP Bumiputra_NNP 's_POS shareholders_NNS approved_VBD a_DT rescue_NN plan_NN ,_, Tan_NNP Sri_NNP Basir_NNP said_VBD heavy_JJ lending_NN to_TO the_DT property_NN sector_NN rocked_VBD the_DT bank_NN when_WRB property_NN prices_NNS in_IN Malaysia_NNP plummeted_VBD in_IN 1984-85_CD ._. 
He_PRP said_VBD the_DT bank_NN could_MD n't_RB wait_VB any_RB longer_RB for_IN prices_NNS to_TO recover_VB and_CC for_IN borrowers_NNS to_TO service_VB their_PRP$ loans_NNS ._. 
So_RB the_DT bank_NN 's_POS board_NN decided_VBD to_TO make_VB 1.23_CD billion_CD Malaysian_JJ dollars_NNS -LRB-_( US$_$ 457_CD million_CD -RRB-_) in_IN provisions_NNS for_IN interest_NN payments_NNS from_IN loans_NNS previously_RB recorded_VBN as_IN revenue_NN but_CC never_RB actually_RB received_VBN by_IN the_DT bank_NN ,_, and_CC to_TO submit_VB a_DT bailout_NN package_NN to_TO replenish_VB the_DT bank_NN 's_POS paid-up_JJ capital_NN ._. 
The_DT predicament_NN ,_, he_PRP added_VBD ,_, was_VBD similar_JJ to_TO the_DT Hong_NNP Kong_NNP 1982-83_CD property-price_JJ collapse_NN ,_, which_WDT exposed_VBD the_DT involvement_NN of_IN Bank_NNP Bumiputra_NNP 's_POS former_JJ subsidiary_NN in_IN the_DT colony_NN in_IN the_DT largest_JJS banking_NN scandal_NN in_IN Malaysia_NNP 's_POS history_NN ._. 
The_DT subsidiary_NN ,_, Bumiputra_NNP Malaysia_NNP Finance_NNP Ltd._NNP ,_, was_VBD left_VBN with_IN M$_$ 2.26_CD billion_CD in_IN bad_JJ loans_NNS made_VBN to_TO Hong_NNP Kong_NNP property_NN speculators_NNS ._. 
Both_DT episodes_NNS wiped_VBD out_IN Bank_NNP Bumiputra_NNP 's_POS shareholders_NNS '_POS funds_NNS ._. 
Each_DT time_NN ,_, the_DT bank_NN 's_POS 90_CD %_NN shareholder_NN --_: Petroliam_NNP Nasional_NNP Bhd._NNP ,_, or_CC Petronas_NNP ,_, the_DT national_JJ oil_NN company_NN --_: has_VBZ been_VBN called_VBN upon_IN to_TO rescue_VB the_DT institution_NN ._. 
In_IN five_CD years_NNS ,_, Petronas_NNP ,_, which_WDT became_VBD the_DT dominant_JJ shareholder_NN in_IN a_DT 1984_CD rescue_NN exercise_NN ,_, has_VBZ spent_VBN about_IN M$_$ 3.5_CD billion_CD to_TO prop_VB up_IN the_DT troubled_JJ bank_NN ._. 
Tan_NNP Sri_NNP Basir_NNP said_VBD the_DT capital_NN restructuring_NN plan_NN has_VBZ been_VBN approved_VBN by_IN Malaysia_NNP 's_POS Capital_NNP Issues_NNP Committee_NNP and_CC central_JJ bank_NN ._. 
Malaysia_NNP 's_POS High_NNP Court_NNP is_VBZ expected_VBN to_TO approve_VB the_DT plan_NN ._. 
Once_RB the_DT plan_NN is_VBZ approved_VBN ,_, Tan_NNP Sri_NNP Basir_NNP said_VBD ,_, most_RBS of_IN Bank_NNP Bumiputra_NNP 's_POS nonperforming_JJ loans_NNS will_MD have_VB been_VBN fully_RB provided_VBN for_IN and_CC the_DT bank_NN will_MD be_VB on_IN track_NN to_TO report_VB a_DT pretax_JJ profit_NN of_IN between_IN M$_$ 160_CD million_CD and_CC M$_$ 170_CD million_CD for_IN the_DT fiscal_JJ year_NN ending_VBG March_NNP 31_CD ._. 
For_IN the_DT previous_JJ financial_JJ year_NN ,_, the_DT bank_NN would_MD have_VB reported_VBN a_DT pretax_JJ profit_NN of_IN M$_$ 168_CD million_CD if_IN it_PRP had_VBD n't_RB made_VBN provisions_NNS for_IN the_DT nonperforming_JJ loans_NNS ,_, he_PRP said_VBD ._. 
Malaysia_NNP 's_POS Banking_NNP Secrecy_NNP Act_NNP prohibited_VBD the_DT bank_NN from_IN identifying_VBG delinquent_JJ borrowers_NNS ,_, said_VBD Tan_NNP Sri_NNP Basir_NNP ._. 
But_CC public_JJ documents_NNS indicate_VBP 10_CD %_NN or_CC more_JJR of_IN the_DT bank_NN 's_POS provisions_NNS were_VBD made_VBN for_IN foregone_JJ interest_NN on_IN a_DT M$_$ 200_CD million_CD loan_NN to_TO Malaysia_NNP 's_POS dominant_JJ political_JJ party_NN ,_, the_DT United_NNP Malays_NNP National_NNP Organization_NNP ,_, to_TO build_VB its_PRP$ convention_NN and_CC headquarters_NN complex_JJ in_IN Kuala_NNP Lumpur_NNP ._. 
The_DT loan_NN to_TO UMNO_NNP was_VBD made_VBN in_IN September_NNP 1983_CD ._. 
``_`` We_PRP lent_VBD a_DT lot_NN of_IN money_NN all_DT over_IN the_DT place_NN ,_, ''_'' said_VBD Tan_NNP Sri_NNP Basir_NNP ,_, who_WP refused_VBD to_TO discuss_VB the_DT bank_NN 's_POS outstanding_JJ loans_NNS to_TO 
As_RB well_RB as_IN the_DT M$_$ 1.23_CD billion_CD in_IN provisions_NNS announced_VBD on_IN Oct._NNP 6_CD ,_, the_DT restructuring_NN package_NN covers_VBZ an_DT additional_JJ M$_$ 450_CD million_CD in_IN provisions_NNS made_VBN in_IN earlier_JJR years_NNS but_CC never_RB reflected_VBD in_IN a_DT reduction_NN of_IN the_DT bank_NN 's_POS paid-up_JJ capital_NN ._. 
At_IN the_DT end_NN of_IN the_DT exercise_NN ,_, the_DT cash_NN injection_NN from_IN Petronas_NNP will_MD increase_VB the_DT bank_NN 's_POS paid-up_JJ capital_NN to_TO M$_$ 1.15_CD billion_CD after_IN virtually_RB being_VBG wiped_VBN out_IN by_IN the_DT new_JJ provisions_NNS ._. 
Heidi_NNP Ehman_NNP might_MD have_VB stepped_VBN from_IN a_DT recruiting_VBG poster_NN for_IN young_JJ Republicans_NNPS ._. 
White_NNP ,_, 24_CD years_NNS old_JJ ,_, a_DT singer_NN in_IN her_PRP$ church_NN choir_NN ,_, she_PRP symbolizes_VBZ a_DT generation_NN that_WDT gave_VBD its_PRP$ heart_NN and_CC its_PRP$ vote_NN to_TO Ronald_NNP Reagan_NNP ._. 
``_`` I_PRP felt_VBD kind_NN of_IN safe_JJ ,_, ''_'' she_PRP says_VBZ ._. 
No_RB longer_RB ._. 
When_WRB the_DT Supreme_NNP Court_NNP opened_VBD the_DT door_NN this_DT year_NN to_TO new_JJ restrictions_NNS on_IN abortion_NN ,_, Ms._NNP Ehman_NNP opened_VBD her_PRP$ mind_NN to_TO Democratic_JJ politics_NNS ._. 
Then_RB a_DT political_JJ novice_NN ,_, she_PRP stepped_VBD into_IN a_DT whirl_NN of_IN ``_`` pro-choice_JJ ''_'' marches_NNS ,_, house_NN parties_NNS and_CC fund-raisers_NNS ._. 
Now_RB she_PRP leads_VBZ a_DT grassroots_NNS abortion-rights_NNS campaign_NN in_IN Passaic_NNP County_NNP for_IN pro-choice_JJ Democratic_JJ gubernatorial_JJ candidate_NN James_NNP Florio_NNP ._. 
``_`` This_DT is_VBZ one_CD where_WRB I_PRP cross_VBP party_NN lines_NNS ,_, ''_'' she_PRP says_VBZ ,_, rejecting_VBG the_DT anti-abortion_JJ stance_NN of_IN Rep._NNP Florio_NNP 's_POS opponent_NN ,_, Reagan-Republican_JJ Rep._NNP James_NNP Courter_NNP ._. 
``_`` People_NNS my_PRP$ age_NN thought_VBD it_PRP was_VBD n't_RB going_VBG to_TO be_VB an_DT issue_NN ._. 
Now_RB it_PRP has_VBZ --_: especially_RB for_IN people_NNS my_PRP$ age_NN ._. ''_'' 
Polls_NNS bear_VBP out_RP this_DT warning_NN ,_, but_CC after_IN a_DT decade_NN of_IN increased_VBN Republican_NNP influence_NN here_RB ,_, the_DT new_JJ politics_NNS of_IN abortion_NN have_VBP contributed_VBN to_TO a_DT world_NN turned_VBD upside_RB down_RB for_IN Mr._NNP Courter_NNP ._. 
Unless_IN he_PRP closes_VBZ the_DT gap_NN ,_, Republicans_NNPS risk_NN losing_VBG not_RB only_RB the_DT governorship_NN but_CC also_RB the_DT assembly_NN next_JJ month_NN ._. 
Going_VBG into_IN the_DT 1990s_CD ,_, the_DT GOP_NNP is_VBZ paying_VBG a_DT price_NN for_IN the_DT same_JJ conservative_JJ social_JJ agenda_NN that_IN it_PRP used_VBD to_TO torment_VB Democrats_NNPS in_IN the_DT past_NN ._. 
This_DT change_NN comes_VBZ less_JJR from_IN a_DT shift_NN in_IN public_JJ opinion_NN ,_, which_WDT has_VBZ n't_RB changed_VBN much_JJ on_IN abortion_NN over_IN the_DT past_JJ decade_NN ,_, than_IN in_IN the_DT boundaries_NNS of_IN the_DT debate_NN ._. 
New_NNP Jersey_NNP 's_POS own_JJ highest_JJS court_NN remains_VBZ a_DT liberal_JJ bulwark_NN against_IN major_JJ restrictions_NNS on_IN abortion_NN ,_, but_CC the_DT U.S._NNP Supreme_NNP Court_NNP ruling_NN ,_, Webster_NNP vs._IN Missouri_NNP ,_, has_VBZ engaged_VBN voters_NNS across_IN the_DT nation_NN who_WP had_VBD been_VBN insulated_VBN from_IN the_DT issue_NN ._. 
Before_IN July_NNP ,_, pro-choice_JJ voters_NNS could_MD safely_RB make_VB political_JJ decisions_NNS without_IN focusing_VBG narrowly_RB on_IN abortion_NN ._. 
Now_RB ,_, the_DT threat_NN of_IN further_JJ restrictions_NNS adds_VBZ a_DT new_JJ dimension_NN ,_, bringing_VBG an_DT upsurge_NN in_IN political_JJ activity_NN by_IN abortion-rights_NNS forces_NNS ._. 
A_DT recent_JJ pro-choice_JJ rally_NN in_IN Trenton_NNP drew_VBD thousands_NNS ,_, and_CC in_IN a_DT major_JJ reversal_NN ,_, Congress_NNP is_VBZ defying_VBG a_DT presidential_JJ veto_NN and_CC demanding_VBG that_IN Medicaid_NNP abortions_NNS be_VBP permitted_VBN in_IN cases_NNS of_IN rape_NN and_CC incest_NN ._. 
``_`` If_IN Webster_NNP had_VBD n't_RB happened_VBN ,_, you_PRP would_MD n't_RB be_VB here_RB ,_, ''_'' Linda_NNP Bowker_NNP tells_VBZ a_DT reporter_NN in_IN the_DT Trenton_NNP office_NN of_IN the_DT National_NNP Organization_NNP for_IN Women_NNP ._. 
``_`` We_PRP could_MD have_VB shouted_VBN from_IN the_DT rooftops_NNS about_IN Courter_NNP ..._: and_CC no_DT one_PRP would_MD have_VB heard_VBN us_PRP ._. ''_'' 
New_NNP Jersey_NNP is_VBZ a_DT proving_VBG ground_NN for_IN this_DT aggressive_JJ women's-rights_JJ movement_NN this_DT year_NN ._. 
The_DT infusion_NN of_IN activists_NNS can_MD bring_VB a_DT clash_NN of_IN cultures_NNS ._. 
In_IN Cherry_NNP Hill_NNP ,_, the_DT National_NNP Abortion_NNP Rights_NNP Action_NNP League_NNP ,_, whose_WP$ goal_NN is_VBZ to_TO sign_VB up_IN 50,000_CD pro-choice_JJ voters_NNS ,_, targets_VBZ a_DT union_NN breakfast_NN to_TO build_VB labor_NN support_NN for_IN its_PRP$ cause_NN ._. 
The_DT league_NN organizers_NNS seem_VBP more_JJR a_DT fit_NN with_IN a_DT convention_NN next_JJ door_NN of_IN young_JJ aerobics_NN instructors_NNS in_IN leotards_NNS than_IN the_DT beefy_JJ union_NN leaders_NNS ;_: ``_`` I_PRP wish_VBP I_PRP could_MD go_VB work_NN out_IN ,_, ''_'' says_VBZ a_DT slim_JJ activist_NN ._. 
A_DT labor_NN chief_NN speaks_VBZ sardonically_RB of_IN having_VBG to_TO ``_`` man_NN and_CC woman_NN ''_'' Election_NNP Day_NNP phones_NNS ._. 
No_DT age_NN group_NN is_VBZ more_RBR sensitive_JJ than_IN younger_JJR voters_NNS ,_, like_IN Ms._NNP Ehman_NNP ._. 
A_DT year_NN ago_RB this_DT fall_NN ,_, New_NNP Jersey_NNP voters_NNS under_IN 30_CD favored_VBN George_NNP Bush_NNP by_IN 56_CD %_NN to_TO 39_CD %_NN over_IN Michael_NNP Dukakis_NNP ,_, according_VBG to_TO a_DT survey_NN then_RB by_IN Rutgers_NNP University_NNP 's_POS Eagleton_NNP Institute_NNP ._. 
A_DT matching_VBG Eagleton-Newark_NNP Star_NNP Ledger_NNP poll_NN last_JJ month_NN showed_VBD a_DT complete_JJ reversal_NN ._. 
Voters_NNS in_IN the_DT same_JJ age_NN group_NN backed_VBN Democrat_NNP Florio_NNP 55_NN %_NN to_TO 29_CD %_NN over_IN Republican_NNP Courter_NNP ._. 
Abortion_NNP alone_RB ca_MD n't_RB explain_VB this_DT shift_NN ,_, but_CC New_NNP Jersey_NNP is_VBZ a_DT model_NN of_IN how_WRB so_RB personal_JJ an_DT issue_NN can_MD become_VB a_DT baseline_NN of_IN sorts_NNS in_IN judging_VBG a_DT candidate_NN ._. 
By_IN a_DT 2-to-1_JJ ratio_NN ,_, voters_NNS appear_VBP more_JJR at_IN ease_NN with_IN Mr._NNP Florio_NNP 's_POS stance_NN on_IN abortion_NN ,_, and_CC polls_NNS indicate_VBP his_PRP$ lead_NN widens_VBZ when_WRB the_DT candidates_NNS are_VBP specifically_RB linked_VBN to_TO the_DT issue_NN ._. 
``_`` The_DT times_NNS are_VBP my_PRP$ times_NNS ,_, ''_'' says_VBZ Mr._NNP Florio_NNP ._. 
The_DT Camden_NNP County_NNP congressman_NN still_RB carries_VBZ himself_PRP with_IN a_DT trademark_NN ``_`` I'm-coming-down-your-throat_JJ ''_'' intensity_NN ,_, but_CC at_IN a_DT pause_NN in_IN Newark_NNP 's_POS Columbus_NNP Day_NNP parade_NN recently_RB ,_, he_PRP was_VBD dancing_VBG with_IN his_PRP$ wife_NN in_IN the_DT middle_NN of_IN the_DT avenue_NN in_IN the_DT city_NN 's_POS old_JJ Italian-American_JJ ward_NN ._. 
After_IN losing_VBG by_IN fewer_JJR than_IN 1,800_CD votes_NNS in_IN the_DT 1981_CD governor_NN 's_POS race_NN ,_, he_PRP has_VBZ prepared_VBN himself_PRP methodically_RB for_IN this_DT moment_NN ,_, including_VBG deciding_VBG in_IN recent_JJ years_NNS he_PRP could_MD no_RB longer_RB support_VB curbs_NNS on_IN federal_JJ funding_NN for_IN Medicaid_NNP abortions_NNS ._. 
``_`` If_IN you_PRP 're_VBP going_VBG to_TO be_VB consistent_JJ and_CC say_VBP it_PRP is_VBZ a_DT constitutionally_RB protected_VBN right_NN ,_, ''_'' he_PRP asks_VBZ ,_, ``_`` how_WRB are_VBP you_PRP going_VBG to_TO say_VB an_DT upscale_JJ woman_NN who_WP can_MD drive_VB to_TO the_DT hospital_NN or_CC clinic_NN in_IN a_DT nice_JJ car_NN has_VBZ a_DT constitutional_JJ right_NN and_CC someone_NN who_WP is_VBZ not_RB in_IN great_JJ shape_NN financially_RB does_VBZ not_RB ?_. ''_'' 
Mr._NNP Courter_NNP ,_, by_IN comparison_NN ,_, seems_VBZ a_DT shadow_NN of_IN the_DT confident_JJ hawk_NN who_WP defended_VBD Oliver_NNP North_NNP before_IN national_JJ cameras_NNS at_IN Iran-Contra_NNP hearings_NNS two_CD years_NNS ago_RB ._. 
Looking_VBG back_RB ,_, he_PRP says_VBZ he_PRP erred_VBN by_IN stating_VBG his_PRP$ ``_`` personal_JJ ''_'' opposition_NN to_TO abortion_NN instead_RB of_IN assuring_VBG voters_NNS that_IN he_PRP would_MD n't_RB impose_VB his_PRP$ views_NNS on_IN ``_`` policy_NN ''_'' as_IN governor_NN ._. 
It_PRP is_VBZ a_DT distinction_NN that_WDT satisfies_VBZ neither_DT side_NN in_IN the_DT debate_NN ._. 
``_`` He_PRP does_VBZ n't_RB know_VB himself_PRP ,_, ''_'' Kathy_NNP Stanwick_NNP of_IN the_DT Abortion_NNP Rights_NNP League_NNP says_NNS of_IN Mr._NNP Courter_NNP 's_POS position_NN ._. 
Even_JJ abortion_NN opponents_NNS ,_, however_RB angry_JJ with_IN Mr._NNP Florio_NNP ,_, ca_MD n't_RB hide_VB their_PRP$ frustration_NN with_IN the_DT Republican_NNP 's_POS ambivalence_NN ._. 
``_`` He_PRP does_VBZ n't_RB want_VB to_TO lead_VB the_DT people_NNS ,_, ''_'' says_VBZ Richard_NNP Traynor_NNP ,_, president_NN of_IN New_NNP Jersey_NNP Right_NNP to_TO Life_NNP ._. 
Moreover_RB ,_, by_IN stepping_VBG outside_IN the_DT state_NN 's_POS pro-choice_JJ tradition_NN ,_, Mr._NNP Courter_NNP aggravates_VBZ fears_NNS that_IN he_PRP is_VBZ too_RB conservative_JJ as_IN well_RB on_IN more_JJR pressing_VBG concerns_NNS such_JJ as_IN auto_NN insurance_NN rates_NNS and_CC the_DT environment_NN ._. 
He_PRP hurt_VBD himself_PRP further_VB this_DT summer_NN by_IN bringing_VBG homosexual_JJ issues_NNS into_IN the_DT debate_NN ;_: and_CC by_IN wavering_VBG on_IN this_DT issue_NN and_CC abortion_NN ,_, he_PRP has_VBZ weakened_VBN his_PRP$ credibility_NN in_IN what_WP is_VBZ already_RB a_DT mean-spirited_JJ campaign_NN on_IN both_DT sides_NNS ._. 
Elected_VBN to_TO Congress_NNP in_IN 1978_CD ,_, the_DT 48-year-old_NNP Mr._NNP Courter_NNP is_VBZ part_NN of_IN a_DT generation_NN of_IN young_JJ conservatives_NNS who_WP were_VBD once_RB very_RB much_RB in_IN the_DT lead_NN of_IN the_DT rightward_JJ shift_NN under_IN Mr._NNP Reagan_NNP ._. 
Like_IN many_NN of_IN his_PRP$ colleagues_NNS ,_, he_PRP did_VBD n't_RB serve_VB in_IN Vietnam_NNP in_IN the_DT 1960s_CD yet_RB embraced_VBN a_DT hawkish_JJ defense_NN and_CC foreign_JJ policy_NN --_: even_JJ voting_NN against_IN a_DT 1984_CD resolution_NN critical_JJ of_IN the_DT U.S._NNP mining_NN of_IN Nicaraguan_JJ harbors_NNS ._. 
Jack_NNP Kemp_NNP and_CC the_DT writers_NNS Irving_NNP Kristol_NNP and_CC George_NNP Gilder_NNP were_VBD influences_NNS ,_, and_CC Mr._NNP Courter_NNP 's_POS own_JJ conservative_JJ credentials_NNS proved_VBD useful_JJ to_TO the_DT current_JJ New_NNP Jersey_NNP GOP_NNP governor_NN ,_, Thomas_NNP Kean_NNP ,_, in_IN the_DT 1981_CD Republican_NNP primary_JJ here_RB ._. 
The_DT same_JJ partnership_NN is_VBZ now_RB crucial_JJ to_TO Mr._NNP Courter_NNP 's_POS fortunes_NNS ,_, but_CC the_DT abortion_NN issue_NN is_VBZ only_RB a_DT reminder_NN of_IN the_DT gap_NN between_IN his_PRP$ record_NN and_CC that_IN of_IN the_DT more_RBR moderate_JJ ,_, pro-choice_JJ Gov._NNP Kean_NNP ._. 
While_IN the_DT Warren_NNP County_NNP congressman_NN pursued_VBD an_DT anti-government_NN ,_, anti-tax_JJ agenda_NN in_IN Washington_NNP ,_, Gov._NNP Kean_NNP was_VBD approving_VBG increased_VBN income_NN and_CC sales_NNS taxes_NNS at_IN home_NN and_CC overseeing_VBG a_DT near_IN doubling_VBG in_IN the_DT size_NN of_IN New_NNP Jersey_NNP 's_POS budget_NN in_IN his_PRP$ eight_CD years_NNS in_IN office_NN ._. 
Kean_NNP forces_NNS play_VBP down_RP any_DT differences_NNS with_IN Mr._NNP Courter_NNP ,_, but_CC this_DT history_NN makes_VBZ it_PRP harder_JJR for_IN the_DT conservative_JJ to_TO run_VB against_IN government_NN ._. 
Mr._NNP Courter_NNP 's_POS free-market_JJ plan_NN to_TO bring_VB down_JJ auto_NN insurance_NN rates_NNS met_VBD criticism_NN from_IN Gov._NNP Kean_NNP 's_POS own_JJ insurance_NN commissioner_NN ._. 
Mr._NNP Courter_NNP is_VBZ further_RB hobbled_VBN by_IN a_DT record_NN of_IN votes_NNS opposed_VBN to_TO government_NN regulation_NN on_IN behalf_NN of_IN consumers_NNS ._. 
Fluent_JJ in_IN Spanish_JJ from_IN his_PRP$ days_NNS in_IN the_DT Peace_NNP Corps_NNP ,_, Mr._NNP Courter_NNP actively_RB courts_VBZ minority_NN voters_NNS but_CC seems_VBZ oddly_RB over_IN his_PRP$ head_NN ._. 
He_PRP is_VBZ warm_JJ and_CC polished_VBN before_IN a_DT Puerto_NNP Rican_NNP Congress_NNP in_IN Asbury_NNP Park_NNP ._. 
Yet_RB minutes_NNS after_IN promising_JJ to_TO appoint_VB Hispanics_NNPS to_TO high_JJ posts_NNS in_IN state_NN government_NN ,_, he_PRP is_VBZ unable_JJ to_TO say_VB whether_IN he_PRP has_VBZ ever_RB employed_VBN any_DT in_NN his_PRP$ congressional_JJ office_NN ._. 
``_`` I_PRP do_VBP n't_RB think_VB we_PRP do_VB now_RB ,_, ''_'' he_PRP says_VBZ ._. 
``_`` I_PRP think_VBP we_PRP did_VBD ._. ''_'' 
Asked_VBN the_DT same_JJ question_NN after_IN his_PRP$ appearance_NN ,_, Democrat_NNP Florio_NNP identifies_VBZ a_DT staff_NN member_NN by_IN name_NN and_CC explains_VBZ her_PRP$ whereabouts_NN today_NN ._. 
When_WRB he_PRP is_VBZ presented_VBN with_IN a_DT poster_NN celebrating_VBG the_DT organization_NN 's_POS 20th_JJ anniversary_NN ,_, he_PRP recognizes_VBZ a_DT photograph_NN of_IN one_CD of_IN the_DT founders_NNS and_CC recalls_VBZ time_NN spent_VBN together_RB in_IN Camden_NNP ._. 
Details_NNS and_CC Camden_NNP are_VBP essential_JJ Florio_NNP ._. 
Elected_VBN to_TO Congress_NNP as_IN a_DT ``_`` Watergate_NNP baby_NN ''_'' in_IN 1974_CD ,_, he_PRP ran_VBD for_IN governor_NN three_CD years_NNS later_RB ._. 
In_IN the_DT opinion_NN of_IN many_JJ ,_, he_PRP has_VBZ n't_RB stopped_VBN running_VBG since_IN ,_, even_RB though_IN he_PRP declined_VBD a_DT rematch_NN with_IN Gov._NNP Kean_NNP in_IN 1985_CD ._. 
His_PRP$ base_NN in_IN South_NNP Jersey_NNP and_CC on_IN the_DT House_NNP Energy_NNP and_CC Commerce_NNP Committee_NNP helped_VBD him_PRP sustain_VBP a_DT network_NN of_IN political-action_JJ committees_NNS to_TO preserve_VB his_PRP$ edge_NN ._. 
With_IN limited_JJ budgets_NNS for_IN television_NN in_IN a_DT high-priced_JJ market_NN ,_, Mr._NNP Florio_NNP 's_POS higher_JJR recognition_NN than_IN his_PRP$ rival_NN is_VBZ a_DT major_JJ advantage_NN ._. 
More_RBR than_IN ever_RB ,_, his_PRP$ pro-consumer_NN and_CC pro-environment_NN record_NN is_VBZ in_IN sync_NN with_IN the_DT state_NN ._. 
Auto_NN insurance_NN rates_NNS are_VBP soaring_VBG ._. 
A_DT toxic-waste-dump_JJ fire_NN destroyed_VBD part_NN of_IN an_DT interstate_JJ highway_NN this_DT summer_NN ._. 
In_IN Monmouth_NNP ,_, an_DT important_JJ swing_NN area_NN ,_, Republican_NNP freeholders_NNS now_RB run_VBP on_IN a_DT slogan_NN promising_JJ to_TO keep_VB the_DT county_NN ``_`` clean_JJ and_CC green_JJ ._. ''_'' 
Mr._NNP Florio_NNP savors_NNS this_DT vindication_NN ,_, but_CC at_IN age_NN 52_CD ,_, the_DT congressman_NN is_VBZ also_RB a_DT product_NN of_IN his_PRP$ times_NNS and_CC losses_NNS ._. 
He_PRP speaks_VBZ for_IN the_DT death_NN penalty_NN as_IN if_IN reading_NN from_IN Exodus_NNP 21_CD ;_: to_TO increase_VB state_NN revenue_NN he_PRP focuses_VBZ not_RB on_IN ``_`` taxes_NNS ''_'' but_CC on_IN ``_`` audits_NN ''_'' to_TO cut_VB waste_NN ._. 
Hard-hitting_JJ consultants_NNS match_VBP ads_NNS with_IN Mr._NNP Courter_NNP 's_POS team_NN ,_, and_CC Mr._NNP Florio_NNP retools_VBZ himself_PRP as_IN the_DT lean_JJ ,_, mean_VB Democratic_JJ fighting_NN machine_NN of_IN the_DT 1990s_CD ._. 
Appealing_VBG to_TO a_DT young_JJ audience_NN ,_, he_PRP scraps_VBZ an_DT old_JJ reference_NN to_TO Ozzie_NNP and_CC Harriet_NNP and_CC instead_RB quotes_VBZ the_DT Grateful_NNP Dead_NNP ._. 
The_DT lyric_JJ chosen_VBN --_: ``_`` long_JJ strange_JJ night_NN ''_'' --_: may_MD be_VB an_DT apt_JJ footnote_NN to_TO television_NN spots_NNS by_IN both_DT candidates_NNS intended_VBN to_TO portray_VB each_DT other_NN as_IN a_DT liar_NN ._. 
The_DT Democratic_JJ lawmaker_NN fits_VBZ a_DT pattern_NN of_IN younger_JJR reformers_NNS arising_VBG out_IN of_IN old_JJ machines_NNS ,_, but_CC his_PRP$ ties_NNS to_TO Camden_NNP remain_VB a_DT sore_JJ point_NN because_IN of_IN the_DT county_NN 's_POS past_JJ corruption_NN ._. 
His_PRP$ campaign_NN hierarchy_NN is_VBZ chosen_VBN from_IN elsewhere_RB in_IN the_DT state_NN ,_, and_CC faced_VBD with_IN criticism_NN of_IN a_DT sweetheart_NN bank_NN investment_NN ,_, he_PRP has_VBZ so_RB far_RB blunted_VBN the_DT issue_NN by_IN donating_VBG the_DT bulk_NN of_IN his_PRP$ profits_NNS to_TO his_PRP$ alma_JJ mater_NN ,_, Trenton_NNP State_NNP College_NNP ._. 
Mr._NNP Florio_NNP 's_POS forcefulness_NN on_IN the_DT abortion_NN issue_NN after_IN the_DT Webster_NNP ruling_NN divides_VBZ some_DT of_IN his_PRP$ old_JJ constituency_NN ._. 
Pasquale_NNP Pignatelli_NNP ,_, an_DT unlikely_JJ but_CC enthusiastic_JJ pipe_NN major_JJ in_IN an_DT Essex_NNP County_NNP Irish_JJ bagpipe_NN band_NN ,_, speaks_VBZ sadly_RB of_IN Mr._NNP Florio_NNP ._. 
``_`` I_PRP am_VBP a_DT devout_JJ Catholic_NNP ,_, ''_'' says_VBZ Mr._NNP Pignatelli_NNP ,_, a_DT 40-year-old_JJ health_NN officer_NN ._. 
``_`` I_PRP ca_MD n't_RB support_VB him_PRP because_IN of_IN abortion_NN ._. ''_'' 
Bill_NNP Wames_NNP Sr._NNP ,_, 72_CD ,_, is_VBZ Catholic_NNP too_RB ,_, but_CC unfazed_VBN by_IN Mr._NNP Florio_NNP 's_POS stand_NN on_IN abortion_NN ._. 
A_DT security_NN guard_NN at_IN a_DT cargo_NN terminal_NN ,_, he_PRP wears_VBZ a_DT Sons_NNP of_IN Italy_NNP jacket_NN and_CC cap_NN celebrating_VBG ``_`` The_DT US_PRP 1_CD Band_NNP ._. ''_'' 
``_`` I_PRP still_RB think_VBP the_DT woman_NN has_VBZ the_DT right_NN to_TO do_VB with_IN her_PRP$ body_NN as_IN she_PRP pleases_VBZ ,_, ''_'' he_PRP says_VBZ ._. 
``_`` If_IN you_PRP want_VBP more_JJR opinions_NNS ask_VBP my_PRP$ wife_NN ._. 
She_PRP has_VBZ lots_NNS of_IN opinions_NNS ._. 
Consumer_NN prices_NNS rose_VBD a_DT surprisingly_RB moderate_JJ 0.2_CD %_NN in_IN September_NNP ,_, pushed_VBD up_IN mostly_RB by_IN a_DT jump_NN in_IN clothing_NN costs_NNS ,_, the_DT Labor_NNP Department_NNP reported_VBD ._. 
Energy_NN costs_NNS ,_, which_WDT drove_VBD wholesale_JJ prices_NNS up_IN sharply_RB during_IN the_DT month_NN ,_, continued_VBD to_TO decline_VB at_IN the_DT retail_JJ level_NN ,_, pulling_VBG down_JJ transportation_NN and_CC helping_VBG to_TO ease_VB housing_NN costs_NNS ._. 
The_DT report_NN was_VBD the_DT brightest_JJS news_NN the_DT financial_JJ markets_NNS had_VBD seen_VBN since_IN before_IN the_DT stock_NN market_NN plunged_VBD more_JJR than_IN 190_CD points_NNS last_JJ Friday_NNP ._. 
The_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP rallied_VBD on_IN the_DT news_NN ,_, closing_VBG 39.55_CD points_NNS higher_JJR at_IN 2683.20_CD ._. 
Bond_NN prices_NNS also_RB jumped_VBD as_IN traders_NNS appeared_VBD to_TO read_VB the_DT data_NNS as_IN a_DT sign_NN that_IN interest_NN rates_NNS may_MD fall_VB ._. 
But_CC many_JJ economists_NNS were_VBD not_RB nearly_RB as_IN jubilant_JJ ._. 
The_DT climb_NN in_IN wholesale_JJ energy_NN prices_NNS is_VBZ certain_JJ to_TO push_VB up_IN retail_JJ energy_NN prices_NNS in_IN the_DT next_JJ few_JJ months_NNS ,_, they_PRP warned_VBD ._. 
They_PRP also_RB said_VBD the_DT dollar_NN is_VBZ leveling_VBG off_IN after_IN a_DT rise_NN this_DT summer_NN that_WDT helped_VBD to_TO reduce_VB the_DT prices_NNS of_IN imported_VBN goods_NNS ._. 
``_`` I_PRP think_VBP inflation_NN is_VBZ going_VBG to_TO pick_VB up_IN through_IN the_DT fall_NN ,_, ''_'' said_VBD Joel_NNP Popkin_NNP ,_, a_DT specialist_NN on_IN inflation_NN who_WP runs_VBZ an_DT economic_JJ consulting_NN firm_NN here_RB ._. 
``_`` It_PRP has_VBZ been_VBN in_IN what_WP I_PRP would_MD describe_VB as_IN a_DT lull_NN for_IN the_DT past_JJ several_JJ months_NNS ._. ''_'' 
``_`` We_PRP 've_VBP had_VBD whopping_JJ declines_NNS in_IN consumer_NN energy_NN prices_NNS in_IN each_DT of_IN the_DT past_JJ three_CD months_NNS ,_, and_CC at_IN the_DT wholesale_JJ level_NN those_DT are_VBP fully_RB behind_IN us_PRP now_RB ,_, ''_'' said_VBD Jay_NNP Woodworth_NNP ,_, chief_JJ domestic_JJ economist_NN at_IN Bankers_NNP Trust_NNP Co._NNP in_IN New_NNP York_NNP ._. 
Because_IN wholesale_JJ energy_NN prices_NNS shot_NN up_IN by_IN a_DT steep_JJ 6.5_CD %_NN last_JJ month_NN ,_, many_JJ analysts_NNS expected_VBD energy_NN prices_NNS to_TO rise_VB at_IN the_DT consumer_NN level_NN too_RB ._. 
As_IN a_DT result_NN ,_, many_JJ economists_NNS were_VBD expecting_VBG the_DT consumer_NN price_NN index_NN to_TO increase_VB significantly_RB more_JJR than_IN it_PRP did_VBD ._. 
But_CC retail_JJ energy_NN prices_NNS declined_VBD 0.9_CD %_NN in_IN September_NNP ._. 
Though_IN analysts_NNS say_VBP competition_NN will_MD probably_RB hold_VB down_RB increases_VBZ in_IN retail_JJ energy_NN prices_NNS ,_, many_JJ expect_VBP some_DT of_IN the_DT wholesale_JJ rise_NN to_TO be_VB passed_VBN along_IN to_TO the_DT consumer_NN before_IN the_DT end_NN of_IN the_DT year_NN ._. 
Still_RB ,_, some_DT analysts_NNS insisted_VBD that_IN the_DT worst_JJS of_IN the_DT inflation_NN is_VBZ behind_RB ._. 
``_`` It_PRP increasingly_RB appears_VBZ that_IN 1987-88_CD was_VBD a_DT temporary_JJ inflation_NN blip_NN and_CC not_RB the_DT beginning_NN of_IN a_DT cyclical_JJ inflation_NN problem_NN ,_, ''_'' argued_VBD Edward_NNP Yardeni_NNP ,_, chief_JJ economist_NN at_IN Prudential-Bache_NNP Securities_NNP Inc._NNP in_IN New_NNP York_NNP ._. 
In_IN both_DT 1987_CD and_CC 1988_CD ,_, consumer_NN prices_NNS rose_VBD 4.4_CD %_NN ._. 
A_DT run-up_NN in_IN world_NN oil_NN prices_NNS last_JJ winter_NN sent_VBD consumer_NN prices_NNS soaring_VBG at_IN a_DT 6.7_CD %_NN annual_JJ rate_NN in_IN the_DT first_JJ five_CD months_NNS of_IN this_DT year_NN ,_, but_CC the_DT subsequent_JJ decline_NN in_IN energy_NN prices_NNS has_VBZ pulled_VBN the_DT annual_JJ rate_NN back_RB down_RB to_TO 4.4_CD %_NN ._. 
Mr._NNP Yardeni_NNP predicted_VBD that_DT world_NN business_NN competition_NN will_MD continue_VB to_TO restrain_VB prices_NNS ._. 
``_`` The_DT bottom_NN line_NN is_VBZ ,_, it_PRP seems_VBZ to_TO me_PRP that_IN the_DT economic_JJ environment_NN has_VBZ become_VBN very_RB ,_, very_RB competitve_JJ for_IN a_DT lot_NN of_IN businesses_NNS ,_, ''_'' he_PRP said_VBD ._. 
``_`` Back_RB in_IN 1987-88_CD ,_, business_NN was_VBD operating_VBG at_IN fairly_RB tight_JJ capacity_NN ,_, so_RB businesses_NNS felt_VBD they_PRP could_MD raise_VB prices_NNS ._. ''_'' 
Now_RB ,_, he_PRP said_VBD ,_, a_DT slowdown_NN in_IN economic_JJ activity_NN has_VBZ slackened_VBN demand_NN ._. 
The_DT mild_JJ inflation_NN figures_NNS renewed_VBD investors_NNS '_POS hopes_VBZ that_IN the_DT Federal_NNP Reserve_NNP will_MD ease_VB its_PRP$ interest-rate_NN stance_NN ._. 
The_DT steep_JJ climb_NN in_IN producer_NN prices_NNS reported_VBD last_JJ Friday_NNP fostered_VBD pessimism_NN about_IN lower_JJR interest_NN rates_NNS and_CC contributed_VBD to_TO the_DT stock_NN market_NN 's_POS 6.9_CD %_NN plunge_NN that_DT day_NN ._. 
In_IN the_DT past_JJ several_JJ days_NNS ,_, however_RB ,_, the_DT U.S._NNP 's_POS central_JJ bank_NN has_VBZ allowed_VBN a_DT key_JJ interest_NN rate_NN to_TO fall_VB slightly_RB to_TO try_VB to_TO stabilize_VB the_DT markets_NNS ._. 
Analysts_NNS say_VBP Fed_NNP policy_NN makers_NNS have_VBP been_VBN wary_JJ of_IN relaxing_VBG credit_NN too_RB much_JJ because_IN they_PRP were_VBD still_RB uncertain_JJ about_IN the_DT level_NN of_IN inflation_NN in_IN the_DT economy_NN ._. 
Excluding_VBG the_DT volatile_JJ categories_NNS of_IN energy_NN and_CC food_NN --_: leaving_VBG what_WP some_DT economists_NNS call_VBP the_DT core_NN inflation_NN rate_NN --_: consumer_NN prices_NNS still_RB rose_VBD only_RB 0.2_CD %_NN in_IN September_NNP ._. 
Transportation_NN costs_NNS actually_RB fell_VBD 0.5_CD %_NN ,_, and_CC housing_NN costs_NNS gained_VBD only_RB 0.1_CD %_NN ._. 
Apparel_NN prices_NNS rocketed_VBD up_IN 1.7_CD %_NN ,_, but_CC that_DT was_VBD after_IN three_CD months_NNS of_IN declines_NNS ._. 
Medical_JJ costs_NNS continued_VBD their_PRP$ steep_JJ ascent_NN ,_, rising_VBG 0.8_CD %_NN after_IN four_CD consecutive_JJ months_NNS of_IN 0.7_CD %_NN increases_NNS ._. 
Car_NN prices_NNS ,_, another_DT area_NN that_WDT contributed_VBD to_TO the_DT steep_JJ rise_NN in_IN the_DT wholesale_JJ index_NN last_JJ month_NN ,_, still_RB showed_VBD declines_NNS at_IN the_DT consumer_NN level_NN ._. 
They_PRP dropped_VBD 0.4_CD %_NN as_IN dealers_NNS continued_VBD to_TO offer_VB rebates_NNS to_TO attract_VB customers_NNS ._. 
Food_NN prices_NNS rose_VBD 0.2_CD %_NN for_IN the_DT second_JJ month_NN in_IN a_DT row_NN ,_, far_RB slower_JJR than_IN the_DT monthly_JJ rises_NNS earlier_RBR in_IN the_DT year_NN ._. 
Separately_RB ,_, the_DT Labor_NNP Department_NNP reported_VBD that_IN average_JJ weekly_JJ earnings_NNS rose_VBD 0.3_CD %_NN in_IN September_NNP ,_, after_IN adjusting_VBG for_IN inflation_NN ,_, following_VBG a_DT 0.7_CD %_NN decline_NN in_IN August_NNP ._. 
All_DT the_DT numbers_NNS are_VBP adjusted_VBN for_IN seasonal_JJ fluctuations_NNS ._. 
Here_RB are_VBP the_DT seasonally_RB adjusted_VBN changes_NNS in_IN the_DT components_NNS of_IN the_DT Labor_NNP Department_NNP 's_POS consumer_NN price_NN index_NN for_IN September_NNP ._. 
After_IN watching_VBG interest_NN in_IN the_DT sport_NN plummet_NN for_IN years_NNS ,_, the_DT ski_NN industry_NN is_VBZ trying_VBG to_TO give_VB itself_PRP a_DT lift_NN ._. 
Across_IN the_DT country_NN ,_, resorts_NNS are_VBP using_VBG everything_NN from_IN fireworks_NNS to_TO classical-music_JJ concerts_NNS to_TO attract_VB new_JJ customers_NNS ._. 
Some_DT have_NN built_VBD health_NN spas_NNS ,_, business_NN centers_NNS and_CC shopping_NN villages_NNS so_RB visitors_NNS have_VBP more_JJR to_TO do_VB than_IN ski_NN ._. 
And_CC this_DT week_NN ,_, the_DT industry_NN 's_POS efforts_NNS will_MD go_VB national_JJ for_IN the_DT first_JJ time_NN when_WRB it_PRP unveils_VBZ a_DT $_$ 7_CD million_CD advertising_NN campaign_NN ._. 
Such_JJ efforts_NNS --_: unheard_JJ of_IN only_RB a_DT few_JJ years_NNS ago_RB --_: are_VBP the_DT latest_JJS attempts_NNS to_TO revive_VB the_DT sagging_VBG $_$ 1.76_CD billion_CD U.S._NNP ski_NN industry_NN ._. 
Since_IN the_DT start_NN of_IN the_DT decade_NN ,_, lift-ticket_JJ sales_NNS have_NN grown_VBN only_RB 3_CD %_NN a_DT year_NN on_IN average_JJ ,_, compared_VBN with_IN 16_CD %_NN annual_JJ growth_NN rates_NNS in_IN the_DT '60s_NNS and_CC '70s_NNS ._. 
Last_JJ season_NN ,_, lift-ticket_JJ sales_NNS fell_VBD for_IN the_DT first_JJ time_NN in_IN seven_CD years_NNS ._. 
By_IN some_DT estimates_NNS ,_, nearly_RB a_DT fourth_JJ of_IN all_DT U.S._NNP ski_NN areas_NNS have_VBP been_VBN forced_VBN to_TO shut_VB down_RB since_IN the_DT early_JJ '80s_NNS ._. 
Competition_NN and_CC mounting_VBG insurance_NN and_CC equipment_NN costs_NNS have_VBP been_VBN the_DT undoing_NN of_IN many_JJ resorts_NNS ._. 
But_CC another_DT big_JJ problem_NN has_VBZ been_VBN the_DT aging_NN of_IN baby_NN boomers_NNS ._. 
Skiing_NN ,_, after_IN all_DT ,_, has_VBZ mainly_RB been_VBN for_IN the_DT young_JJ and_CC daring_JJ and_CC many_JJ baby_NN boomers_NNS have_VBP outgrown_VBN skiing_NN or_CC have_VBP too_RB many_JJ family_NN responsibilities_NNS to_TO stick_VB with_IN the_DT sport_NN ._. 
In_IN its_PRP$ new_JJ ad_NN campaign_NN ,_, created_VBN by_IN D'Arcy_NNP Masius_NNP Benton_NNP &_CC Bowles_NNP Inc._NNP ,_, Chicago_NNP ,_, the_DT ski_NN industry_NN is_VBZ trying_VBG to_TO change_VB its_PRP$ image_NN as_IN a_DT sport_NN primarily_RB for_IN young_JJ white_JJ people_NNS ._. 
One_CD 60-second_JJ TV_NN spot_NN features_VBZ a_DT diverse_JJ group_NN of_IN skiers_NNS gracefully_RB gliding_VBG down_RB sun-drenched_JJ slopes_NNS :_: senior_JJ citizens_NNS ,_, minorities_NNS ,_, families_NNS with_IN children_NNS --_: even_RB a_DT blind_JJ skier_NN ._. 
``_`` Ski_NNP school_NN is_VBZ great_JJ ,_, ''_'' cries_NNS out_IN a_DT tot_NN ,_, bundled_VBN in_IN a_DT snowsuit_NN as_IN he_PRP plows_VBZ down_RP a_DT bunny_NN slope_NN ._. 
``_`` You_PRP 'll_MD never_RB know_VB 'til_NN you_PRP try_VBP ,_, ''_'' says_VBZ a_DT black_JJ skier_NN ._. 
``_`` We_PRP used_VBD to_TO show_VB some_DT hot-dog_JJ skier_NN in_IN his_PRP$ twenties_NNS or_CC thirties_NNS going_VBG over_IN the_DT edge_NN of_IN a_DT cliff_NN ,_, ''_'' says_VBZ Kathe_NNP Dillmann_NNP ,_, a_DT spokeswoman_NN for_IN the_DT United_NNP Ski_NNP Industries_NNP Association_NNP ,_, the_DT trade_NN group_NN sponsoring_VBG the_DT campaign_NN ._. 
Ski_NN promotions_NNS have_VBP traditionally_RB avoided_VBN the_DT touchy_JJ issue_NN of_IN safety_NN ._. 
But_CC the_DT new_JJ commercials_NNS deal_VBP with_IN it_PRP indirectly_RB by_IN showing_VBG a_DT woman_NN smiling_VBG as_IN she_PRP tries_VBZ to_TO get_VB up_IN from_IN a_DT fall_NN ._. 
``_`` We_PRP wanted_VBD to_TO show_VB it_PRP 's_VBZ okay_JJ if_IN you_PRP fall_VBP ,_, ''_'' says_VBZ Ms._NNP Dillmann_NNP ._. 
``_`` Most_JJS people_NNS think_VBP if_IN you_PRP slip_VBP ,_, you_PRP 'll_MD wind_VB up_IN in_IN a_DT body_NN cast_NN ._. ''_'' 
The_DT ad_NN campaign_NN represents_VBZ an_DT unusual_JJ spirit_NN of_IN cooperation_NN among_IN resorts_NNS and_CC ski_NN equipment_NN makers_NNS ;_: normally_RB ,_, they_PRP only_RB run_VBP ads_NNS hyping_VBG their_PRP$ own_JJ products_NNS and_CC facilities_NNS ._. 
But_CC in_IN these_DT crunch_NN times_NNS for_IN the_DT ski_NN industry_NN ,_, some_DT resorts_NNS ,_, such_JJ as_IN the_DT Angel_NNP Fire_NNP ,_, Red_NNP River_NNP and_CC Taos_NNP ski_NN areas_NNS in_IN New_NNP Mexico_NNP ,_, have_VBP even_RB started_VBN shuttle-busing_NN skiers_NNS to_TO each_DT other_NN 's_POS slopes_NNS and_CC next_JJ year_NN plan_NN to_TO sell_VB tickets_NNS good_JJ for_IN all_DT local_JJ lifts_NNS ._. 
Many_JJ resorts_NNS also_RB are_VBP focusing_VBG more_JJR on_IN the_DT service_NN side_NN of_IN their_PRP$ business_NN ._. 
Since_IN 40_CD %_NN of_IN skiers_NNS are_VBP parents_NNS ,_, many_JJ slopes_NNS are_VBP building_VBG nurseries_NNS ,_, expanding_VBG ski_NN schools_NNS and_CC adding_VBG entertainment_NN for_IN kids_NNS ._. 
Vail_NNP ,_, Colo._NNP ,_, now_RB has_VBZ a_DT playland_NN that_WDT looks_VBZ like_IN an_DT old_JJ mining_NN town_NN ;_: kids_NNS can_MD ski_VB through_IN and_CC pan_NN for_IN fool_NN 's_POS gold_NN ._. 
For_IN $_$ 15_CD ,_, they_PRP can_MD enjoy_VB their_PRP$ own_JJ nightly_JJ entertainment_NN ,_, with_IN dinner_NN ,_, without_IN mom_NN and_CC dad_NN ._. 
A_DT few_JJ years_NNS ago_RB ,_, parents_NNS usually_RB had_VBD to_TO hire_VB a_DT sitter_NN or_CC take_VB turns_VBZ skiing_NN while_IN one_CD spouse_NN stayed_VBD with_IN the_DT children_NNS ._. 
``_`` Most_JJS parents_NNS who_WP had_VBD to_TO go_VB through_IN that_DT never_RB came_VBD back_RB ,_, ''_'' says_VBZ Michael_NNP Shannon_NNP ,_, president_NN of_IN Vail_NNP Associates_NNP Inc._NNP ,_, which_WDT owns_VBZ and_CC operates_VBZ the_DT Vail_NNP and_CC nearby_JJ Beaver_NNP Creek_NNP resorts_NNS ._. 
To_TO make_VB skiing_NN more_RBR convenient_JJ for_IN time-strapped_JJ visitors_NNS ,_, several_JJ resorts_NNS are_VBP buying_VBG or_CC starting_VBG their_PRP$ own_JJ travel_NN agencies_NNS ._. 
In_IN one_CD phone_NN call_NN ,_, ski_NN buffs_NNS can_MD make_VB hotel_NN and_CC restaurant_NN reservations_NNS ,_, buy_VB lift_NN tickets_NNS ,_, rent_NN ski_NN equipment_NN and_CC sign_NN up_IN for_IN lessons_NNS ._. 
And_CC resorts_NNS are_VBP adding_VBG other_JJ amenities_NNS ,_, such_JJ as_IN pricey_JJ restaurants_NNS ,_, health_NN spas_NNS and_CC vacation_NN packages_NNS with_IN a_DT twist_NN ._. 
During_IN Winter_NNP Carnival_NNP week_NN ,_, for_IN example_NN ,_, visitors_NNS at_IN Sunday_NNP River_NNP in_IN Maine_NNP can_MD take_VB a_DT hot-air_JJ balloon_NN ride_NN ._. 
``_`` People_NNS these_DT days_NNS want_VBP something_NN else_RB to_TO do_VB besides_IN ski_NN and_CC sit_VB in_IN the_DT bar_NN ,_, ''_'' says_VBZ Don_NNP Borgeson_NNP ,_, executive_JJ director_NN of_IN Angel_NNP Fire_NNP ,_, N.M._NNP 's_POS Chamber_NNP of_IN Commerce_NNP ._. 
The_DT ski_NN industry_NN hopes_VBZ to_TO increase_VB the_DT number_NN of_IN skiers_NNS by_IN 3.5_CD million_CD to_TO about_IN 21.7_CD million_CD in_IN the_DT next_JJ five_CD years_NNS with_IN its_PRP$ latest_JJS ads_NNS and_CC promotions_NNS ._. 
But_CC some_DT think_NN that_WDT 's_VBZ being_VBG overly_RB optimistic_JJ ._. 
For_IN one_CD thing_NN ,_, it_PRP may_MD be_VB tough_JJ to_TO attract_VB people_NNS because_IN skiing_NN is_VBZ still_RB expensive_JJ :_: a_DT lift_NN ticket_NN can_MD cost_VB up_IN to_TO $_$ 35_CD a_DT day_NN and_CC equipment_NN prices_NNS are_VBP rising_VBG ._. 
And_CC most_RBS vacationers_NNS still_RB prefer_VBP a_DT warm_JJ climate_NN for_IN their_PRP$ winter_NN excursions_NNS ._. 
An_DT American_NNP Express_NNP Co._NNP survey_NN of_IN its_PRP$ travel_NN agents_NNS revealed_VBD that_IN only_RB 34_CD %_NN believe_VBP their_PRP$ clients_NNS will_MD pick_VB a_DT trip_NN this_DT winter_NN based_VBN on_IN the_DT availability_NN of_IN winter_NN sports_NNS ,_, as_IN opposed_VBN to_TO 69_CD %_NN who_WP think_VBP that_IN warm-weather_JJ sports_NNS will_MD be_VB the_DT deciding_VBG factor_NN ._. 
``_`` Even_RB if_IN they_PRP could_MD bring_VB in_IN that_DT many_JJ new_JJ skiers_NNS ,_, I_PRP do_VBP n't_RB know_VB if_IN -LCB-_( the_DT industry_NN -RCB-_) could_MD handle_VB that_DT kind_NN of_IN an_DT increase_NN ,_, ''_'' says_VBZ I._NNP William_NNP Berry_NNP ,_, editor_NN and_CC publisher_NN of_IN the_DT Ski_NNP Industry_NNP Letter_NNP in_IN Katonah_NNP ,_, N.Y_NNP ._. 
``_`` Most_JJS people_NNS will_MD come_VB on_IN the_DT weekend_NN ,_, the_DT slopes_NNS will_MD be_VB overcrowded_JJ and_CC then_RB these_DT -LCB-_( new_JJ skiers_NNS -RCB-_) wo_MD n't_RB come_VB back_RB ._. 
They_PRP did_VBD n't_RB play_VB the_DT third_JJ game_NN of_IN the_DT World_NNP Series_NNP on_IN Tuesday_NNP night_NN as_IN scheduled_VBN ,_, and_CC they_PRP did_VBD n't_RB play_VB it_PRP on_IN Wednesday_NNP or_CC Thursday_NNP either_RB ._. 
But_CC you_PRP knew_VBD that_IN ,_, did_VBD n't_RB you_PRP ?_. 
They_PRP are_VBP supposed_VBN to_TO play_VB the_DT game_NN next_JJ Tuesday_NNP ,_, in_IN Candlestick_NNP Park_NNP here_RB ._. 
The_DT theory_NN is_VBZ that_IN the_DT stadium_NN ,_, damaged_VBN by_IN Tuesday_NNP 's_POS earthquake_NN ,_, will_MD be_VB repaired_VBN by_IN then_RB ,_, and_CC that_IN people_NNS will_MD be_VB able_JJ to_TO get_VB there_RB ._. 
Like_IN just_RB about_IN everything_NN else_RB ,_, that_WDT remains_VBZ to_TO be_VB seen_VBN ._. 
Aftershocks_NNS could_MD intervene_VB ._. 
But_CC ,_, at_IN least_JJS ,_, the_DT law_NN of_IN averages_NNS should_MD have_VB swung_VBN to_TO the_DT favorable_JJ side_NN ._. 
It_PRP may_MD seem_VB trivial_JJ to_TO worry_VB about_IN the_DT World_NNP Series_NNP amid_IN the_DT destruction_NN to_TO the_DT Bay_NNP Area_NNP wrought_VBN by_IN Tuesday_NNP 's_POS quake_NN ,_, but_CC the_DT name_NN of_IN this_DT column_NN is_VBZ ``_`` On_IN Sports_NNPS ,_, ''_'' so_IN I_PRP feel_VBP obliged_VBN to_TO do_VB so_RB ._. 
You_PRP might_MD be_VB interested_JJ to_TO know_VB that_DT baseball_NN ,_, not_RB survival_NN ,_, appeared_VBD to_TO be_VB the_DT first_JJ thought_VBD of_IN most_RBS of_IN the_DT crowd_NN of_IN 60,000-odd_JJ that_WDT had_VBD gathered_VBN at_IN Candlestick_NNP at_IN 5:04_CD p.m._NN Tuesday_NNP ,_, a_DT half-hour_NN before_IN game_NN time_NN ,_, when_WRB the_DT quake_NN struck_VBD ._. 
As_RB soon_RB as_IN the_DT tremor_NN passed_VBN ,_, many_JJ people_NNS spontaneously_RB arose_VBD and_CC cheered_VBD ,_, as_IN though_IN it_PRP had_VBD been_VBN a_DT novel_NN kind_NN of_IN pre-game_JJ show_NN ._. 
One_CD fan_NN ,_, seated_VBN several_JJ rows_NNS in_IN front_NN of_IN the_DT open_NN ,_, upper-deck_JJ auxiliary_JJ press_NN section_NN where_WRB I_PRP was_VBD stationed_VBN ,_, faced_VBD the_DT assembled_VBN newsies_NNS and_CC laughingly_RB shouted_VBD ,_, ``_`` We_PRP arranged_VBD that_IN just_RB for_IN you_PRP guys_NNS !_. ''_'' 
I_PRP thought_VBD and_CC ,_, I_PRP 'm_VBP sure_JJ ,_, others_NNS did_VBD :_: ``_`` You_PRP should_MD n't_RB have_VB bothered_VBN ._. ''_'' 
I_PRP 'd_MD slept_VBD through_IN my_PRP$ only_RB previous_JJ brush_NN with_IN natural_JJ disaster_NN ,_, a_DT tornado_NN 15_CD or_CC so_RB summers_NNS ago_RB near_IN Traverse_NNP City_NNP ,_, Mich._NNP ,_, so_IN I_PRP was_VBD unprepared_JJ for_IN one_CD reaction_NN to_TO such_JJ things_NNS :_: the_DT urge_NN to_TO talk_VB about_IN them_PRP ._. 
Perhaps_RB primed_VBN by_IN the_DT daily_JJ diet_NN of_IN radio_NN and_CC TV_NN reporters_NNS thrusting_VBG microphones_NNS into_IN people_NNS 's_POS faces_VBZ and_CC asking_VBG how_WRB they_PRP ``_`` feel_VB ''_'' about_IN one_CD calamity_NN or_CC another_DT ,_, fellow_NN reporters_NNS and_CC civilians_NNS who_WP spied_VBD my_PRP$ press_NN credential_NN were_VBD eager_JJ to_TO chat_VB ._. 
``_`` It_PRP felt_VBD like_IN I_PRP was_VBD on_IN a_DT station_NN platform_NN and_CC a_DT train_NN went_VBN by_IN ,_, ''_'' said_VBD one_CD man_NN ,_, describing_VBG my_PRP$ own_JJ reaction_NN ._. 
A_DT women_NNS said_VBD she_PRP saw_VBD the_DT park_NN 's_POS light_NN standards_NNS sway_VBP ._. 
A_DT man_NN said_VBD he_PRP saw_VBD the_DT upper_JJ rim_NN undulate_VB ._. 
I_PRP saw_VBD neither_DT ._. 
Dictates_NNS of_IN good_JJ sense_NN to_TO the_DT contrary_JJ not_RB withstanding_VBG ,_, the_DT general_JJ inclination_NN was_VBD to_TO believe_VB that_IN the_DT disturbance_NN would_MD be_VB brief_JJ and_CC that_DT ball_NN would_MD be_VB played_VBN ._. 
``_`` I_PRP was_VBD near_IN the_DT top_NN of_IN the_DT stadium_NN ,_, and_CC saw_VBD a_DT steel_NN girder_NN bow_NN six_CD feet_NNS from_IN where_WRB I_PRP sat_VBD ,_, but_CC I_PRP stayed_VBD put_VBN for_IN 10_CD or_CC 15_CD minutes_NNS ,_, ''_'' confessed_VBD a_DT friend_NN ._. 
``_`` I_PRP guess_VBP I_PRP thought_VBD ,_, `_`` This_DT is_VBZ the_DT World_NNP Series_NNP and_CC I_PRP 'm_VBP not_RB gon_VBG na_TO wimp_VB out_IN !_. '_'' ''_'' 
Here_RB in_IN the_DT Global_NNP Village_NNP ,_, though_RB ,_, folks_NNS do_VBP not_RB stay_VB uninformed_JJ for_IN long_JJ ._. 
Electrical_JJ power_NN was_VBD out_IN in_IN still-daylighted_JJ Candlestick_NNP Park_NNP ,_, but_CC battery-operated_JJ radios_NNS and_CC television_NN sets_NNS were_VBD plentiful_JJ ._. 
Within_IN a_DT few_JJ minutes_NNS ,_, the_DT true_JJ extent_NN of_IN the_DT catastrophe_NN was_VBD becoming_VBG clear_JJ ._. 
Its_PRP$ Richter_NNP Scale_NNP measurement_NN was_VBD reported_VBN as_IN 6.5_CD ,_, then_RB 6.9_CD ,_, then_RB 7.0_CD ._. 
A_DT section_NN of_IN the_DT Bay_NNP Bridge_NNP had_VBD collapsed_VBN ,_, as_IN had_VBN a_DT part_NN of_IN Interstate_NNP Highway_NNP 880_CD in_IN Oakland_NNP ._. 
People_NNS had_VBD died_VBN ._. 
At_IN 5:40_CD p.m._NN ,_, scheduled_VBN game_NN time_NN having_VBG passed_VBN ,_, some_DT fans_NNS chanted_VBD ``_`` Let_VB 's_POS Play_NNP Ball_NNP ._. ''_'' 
No_RB longer_RB innocent_JJ ,_, they_PRP qualified_VBD as_IN fools_NNS ._. 
The_DT stadium_NN was_VBD ordered_VBN evacuated_VBN soon_RB afterward_RB ;_: the_DT announcement_NN ,_, made_VBN over_IN police_NN bullhorns_NNS ,_, cited_VBD the_DT power_NN outage_NN ,_, but_CC it_PRP later_RB was_VBD revealed_VBN that_IN there_EX also_RB had_VBD been_VBN damage_NN of_IN the_DT sort_NN reported_VBN by_IN my_PRP$ friend_NN ._. 
Outside_IN ,_, I_PRP spotted_VBD two_CD young_JJ men_NNS lugging_VBG blocks_NNS of_IN concrete_NN ._. 
``_`` Pieces_NNP of_IN Candlestick_NNP ,_, ''_'' they_PRP said_VBD ._. 
The_DT crowd_NN remained_VBD good_JJ natured_JJ ,_, even_RB bemused_JJ ._. 
TV_NN reporters_NNS interviewed_VBD fans_NNS in_IN the_DT parking_NN lots_NNS while_IN ,_, a_DT few_JJ feet_NNS away_RB ,_, others_NNS watched_VBD the_DT interviews_NNS on_IN their_PRP$ portable_JJ TVs_NNS ._. 
The_DT only_JJ frenzy_NN I_PRP saw_VBD was_VBD commercial_JJ :_: Booths_NNS selling_VBG World_NNP Series_NNP commemorative_JJ stamps_NNS and_CC dated_VBN postmarks_NNS were_VBD besieged_VBN by_IN fledgling_NN speculators_NNS who_WP saw_VBD future_NN profit_NN in_IN the_DT items_NNS ._. 
The_DT traffic_NN jam_NN out_IN of_IN the_DT park_NN was_VBD monumental_JJ ._. 
It_PRP took_VBD me_PRP a_DT half-hour_NN to_TO move_VB 10_CD feet_NNS from_IN my_PRP$ parking_NN spot_NN in_IN an_DT outer_JJ lot_NN to_TO an_DT aisle_NN ,_, and_CC an_DT additional_JJ hour_NN to_TO reach_VB an_DT inner_JJ roadway_NN a_DT half-block_NN away_RB ._. 
The_DT six-mile_JJ trip_NN to_TO my_PRP$ airport_NN hotel_NN that_WDT had_VBD taken_VBN 20_CD minutes_NNS earlier_RBR in_IN the_DT day_NN took_VBD more_JJR than_IN three_CD hours_NNS ._. 
At_IN my_PRP$ hotel_NN ,_, the_DT Westin_NNP ,_, power_NN was_VBD out_IN ,_, some_DT interior_JJ plaster_NN had_VBD broken_VBN loose_JJ and_CC there_EX had_VBD been_VBN water_NN damage_NN ,_, but_CC little_JJ else_RB ._. 
With_IN Garpian_JJ randomness_NN ,_, a_DT hotel_NN across_IN the_DT street_NN ,_, the_DT Amfac_NNP ,_, had_VBD been_VBN hit_VBN harder_JJR :_: A_DT large_JJ sheet_NN of_IN its_PRP$ concrete_JJ facade_NN and_CC several_JJ window_NN balconies_NNS were_VBD torn_VBN away_RB ._. 
The_DT Westin_NNP staff_NN had_VBD ,_, kindly_RB ,_, set_VBN out_RP lighted_VBN candles_NNS in_IN the_DT ballroom_NN ,_, prepared_VBD a_DT cold-cuts_NNS buffet_VBP and_CC passed_VBN around_IN pillows_NNS and_CC blankets_NNS ._. 
I_PRP fell_VBD asleep_RB on_IN the_DT lobby_NN floor_NN ,_, next_JJ to_TO a_DT man_NN wearing_VBG a_DT Chicago_NNP Cubs_NNPS jacket_NN ._. 
I_PRP expected_VBD him_PRP to_TO say_VB ,_, ``_`` I_PRP told_VBD you_PRP so_RB ,_, ''_'' but_CC he_PRP already_RB was_VBD snoring_VBG ._. 
The_DT journalistic_JJ consensus_NN was_VBD that_IN the_DT earthquake_NN made_VBD the_DT World_NNP Series_NNP seem_VB unimportant_JJ ._. 
My_PRP$ response_NN was_VBD that_IN sports_NNS rarely_RB are_VBP important_JJ ,_, only_RB diverting_VBG ,_, and_CC the_DT quake_NN merely_RB highlighted_VBD that_DT fact_NN ._. 
Should_MD the_DT rest_NN of_IN the_DT Series_NNP be_VB played_VBN at_IN all_DT ?_. 
Sure_RB ._. 
The_DT quake_NN and_CC baseball_NN were_VBD n't_RB related_VBN ,_, unlike_IN the_DT massacre_NN of_IN athletes_NNS that_WDT attended_VBD the_DT 1972_CD Olympics_NNPS ._. 
That_DT heavily_RB politicized_VBN event_NN learned_VBD nothing_NN from_IN the_DT horrifying_JJ experience_NN ,_, and_CC seems_VBZ doomed_VBN to_TO repeat_VB it_PRP ._. 
Two_CD ironies_NNS intrude_VBP ._. 
This_DT has_VBZ been_VBN widely_RB dubbed_VBN the_DT BART_NNP Series_NNP ,_, after_IN the_DT local_JJ subway_NN line_NN ,_, and_CC the_DT Bay_NNP Bridge_NNP Series_NNP ._. 
Flags_NNS fly_VBP at_IN half-staff_JJ for_IN the_DT death_NN of_IN Bart_NNP Giamatti_NNP ,_, the_DT late_JJ baseball_NN commissioner_NN ,_, and_CC now_RB the_DT Bay_NNP Bridge_NNP lies_VBZ in_IN ruins_NNS ._. 
A_DT Series_NNP that_WDT was_VBD shaping_VBG up_IN as_IN the_DT dullest_JJS since_IN the_DT one-sided_JJ Detroit-over-San_JJ Diego_NNP go_VB of_IN 1984_CD has_VBZ become_VBN memorable_JJ in_IN the_DT least_JJS fortunate_JJ way_NN ._. 
Still_RB ,_, its_PRP$ edge_NN is_VBZ lost_VBN ._. 
It_PRP now_RB will_MD be_VB played_VBN mostly_RB for_IN the_DT record_NN ,_, and_CC should_MD be_VB wrapped_VBN up_IN as_RB quickly_RB as_IN possible_JJ ,_, without_IN ``_`` off_IN ''_'' days_NNS ._. 
And_CC I_PRP will_MD never_RB again_RB complain_VB about_IN a_DT rainout_NN ._. 
The_DT disarray_NN in_IN the_DT junk-bond_NN market_NN that_WDT began_VBD last_JJ month_NN with_IN a_DT credit_NN crunch_NN at_IN Campeau_NNP Corp._NNP has_VBZ offered_VBN commercial_JJ banks_NNS a_DT golden_JJ opportunity_NN to_TO play_VB a_DT greater_JJR role_NN in_IN financing_VBG billion-dollar_JJ takeovers_NNS ._. 
But_CC two_CD big_JJ New_NNP York_NNP banks_NNS seem_VBP to_TO have_VB kicked_VBN those_DT chances_NNS away_RB ,_, for_IN the_DT moment_NN ,_, with_IN the_DT embarrassing_JJ failure_NN of_IN Citicorp_NNP and_CC Chase_NNP Manhattan_NNP Corp._NNP to_TO deliver_VB $_$ 7.2_CD billion_CD in_IN bank_NN financing_NN for_IN a_DT leveraged_JJ buy-out_NN of_IN United_NNP Airlines_NNPS parent_NN UAL_NNP Corp_NNP ._. 
For_IN more_JJR than_IN a_DT decade_NN ,_, banks_NNS have_VBP been_VBN pressing_VBG Congress_NNP and_CC banking_NN regulators_NNS for_IN expanded_VBN powers_NNS to_TO act_VB like_IN securities_NNS firms_NNS in_IN playing_VBG Wall_NNP Street_NNP 's_POS lucrative_JJ takeover_NN game_NN ,_, from_IN giving_VBG mergers_NNS advice_NN all_PDT the_DT way_NN to_TO selling_VBG and_CC trading_NN high-yield_JJ junk_NN bonds_NNS ._. 
Those_DT expanded_VBN powers_NNS reached_VBD their_PRP$ zenith_NN in_IN July_NNP when_WRB Bankers_NNP Trust_NNP New_NNP York_NNP Corp._NNP provided_VBD mergers_NNS advice_NN ,_, an_DT equity_NN investment_NN and_CC bank_NN loans_NNS for_IN the_DT $_$ 3.65_CD billion_CD leveraged_JJ buy-out_NN of_IN Northwest_NNP Airlines_NNPS parent_NN NWA_NNP Inc_NNP ._. 
One_CD of_IN the_DT major_JJ selling_NN points_NNS used_VBN by_IN Los_NNP Angeles_NNP financier_NN Alfred_NNP Checchi_NNP in_IN getting_VBG the_DT takeover_NN approved_VBD was_VBD that_IN the_DT deal_NN did_VBD n't_RB include_VB any_DT junk_NN bonds_NNS ._. 
That_DT was_VBD seen_VBN as_IN an_DT advantage_NN in_IN lobbying_VBG airline_NN employees_NNS and_CC Washington_NNP regulators_NNS for_IN approval_NN of_IN the_DT contested_VBN takeover_NN ._. 
All_DT $_$ 3.35_CD billion_CD in_IN debt_NN for_IN the_DT deal_NN was_VBD supplied_VBN by_IN banks_NNS ._. 
Charles_NNP Nathan_NNP ,_, co-head_NN of_IN mergers_NNS and_CC acquisitions_NNS at_IN Salomon_NNP Brothers_NNP Inc._NNP ,_, says_VBZ it_PRP is_VBZ natural_JJ for_IN banks_NNS to_TO try_VB to_TO expand_VB beyond_IN their_PRP$ bread-and-butter_JJ business_NN of_IN providing_VBG senior_JJ debt_NN for_IN buy-outs_NNS ._. 
But_CC the_DT UAL_NNP collapse_NN ,_, he_PRP says_VBZ ,_, ``_`` may_MD tell_VB you_PRP it_PRP 's_VBZ not_RB going_VBG to_TO work_VB that_IN easily_RB ._. ''_'' 
David_NNP Batchelder_NNP ,_, a_DT mergers_NNS adviser_NN in_IN La_NNP Jolla_NNP ,_, Calif._NNP ,_, who_WP aided_VBD Los_NNP Angeles_NNP investor_NN Marvin_NNP Davis_NNP on_IN the_DT bids_NNS which_WDT put_VBP both_DT UAL_NNP and_CC NWA_NNP in_IN play_NN as_IN takeover_NN candidates_NNS this_DT year_NN ,_, says_VBZ that_IN banks_NNS have_VBP been_VBN ``_`` preparing_VBG to_TO play_VB a_DT larger_JJR and_CC larger_JJR role_NN in_IN acquisition_NN financing_NN ._. ''_'' 
Mr._NNP Batchelder_NNP says_VBZ that_IN in_IN the_DT past_NN ,_, banks_NNS would_MD normally_RB have_VB loaned_VBN 65_CD %_NN of_IN a_DT total_JJ buy-out_NN price_NN ,_, with_IN the_DT loans_NNS secured_VBN by_IN the_DT target_NN company_NN 's_POS assets_NNS ._. 
Another_DT 20_CD %_NN of_IN the_DT borrowed_VBN funds_NNS would_MD come_VB from_IN the_DT sale_NN to_TO investors_NNS of_IN junk_NN bonds_NNS ,_, which_WDT offer_VBP less_JJR security_NN and_CC typically_RB carry_VB higher_JJR yields_NNS than_IN bank_NN loans_NNS ._. 
Mr._NNP Checchi_NNP 's_POS purchase_NN of_IN NWA_NNP ,_, Mr._NNP Batchelder_NNP notes_VBZ ,_, ``_`` was_VBD probably_RB the_DT most_RBS aggressive_JJ to_TO date_VB ,_, ''_'' with_IN bank_NN debt_NN at_IN 85_CD %_NN of_IN the_DT purchase_NN price_NN ._. 
But_CC Mr._NNP Batchelder_NNP says_VBZ that_IN Citicorp_NNP 's_POS ``_`` failure_NN to_TO deliver_VB ''_'' on_IN its_PRP$ promise_NN to_TO raise_VB the_DT UAL_NNP bank_NN debt_NN for_IN a_DT labor-management_JJ buy-out_NN group_NN ``_`` is_VBZ very_RB distressing_JJ to_TO potential_JJ users_NNS of_IN a_DT `_`` highly-confident_JJ '_'' letter_NN from_IN commercial_JJ banks_NNS ._. ''_'' 
His_PRP$ client_NN ,_, Mr._NNP Davis_NNP ,_, used_VBD just_RB such_JJ a_DT letter_NN from_IN Citicorp_NNP in_IN pursuing_VBG UAL_NNP ;_: Citicorp_NNP later_RB agreed_VBD to_TO work_VB with_IN a_DT competing_VBG UAL_NNP buy-out_NN group_NN ._. 
Executives_NNS of_IN Citicorp_NNP and_CC Chase_NNP Manhattan_NNP declined_VBD to_TO comment_VB on_IN either_DT the_DT UAL_NNP situation_NN ,_, or_CC on_IN the_DT changing_VBG nature_NN of_IN banks_NNS '_POS role_NN in_IN financing_NN takeovers_NNS ._. 
In_IN the_DT wake_NN of_IN Campeau_NNP 's_POS problems_NNS ,_, prices_VBZ of_IN junk_NN bonds_NNS tumbled_VBD ,_, throwing_VBG into_IN doubt_NN the_DT ability_NN of_IN corporate_JJ acquirers_NNS to_TO finance_VB large_JJ takeovers_NNS with_IN the_DT help_NN of_IN junk_NN bond_NN sales_NNS ._. 
Mark_NNP Solow_NNP ,_, senior_JJ managing_NN director_NN at_IN Manufacturers_NNP Hanover_NNP Trust_NNP Co._NNP ,_, says_VBZ the_DT falloff_NN in_IN junk_NN bonds_NNS may_MD yet_RB open_JJ new_JJ business_NN opportunities_NNS to_TO banks_NNS in_IN structuring_VBG takeovers_NNS ._. 
But_CC he_PRP warns_VBZ that_IN banks_NNS will_MD have_VB ``_`` to_TO have_VB enough_JJ discipline_NN ''_'' not_RB to_TO make_VB loans_NNS that_WDT are_VBP too_RB risky_JJ ._. 
In_IN fact_NN ,_, Manufacturers_NNP Hanover_NNP said_VBD in_IN its_PRP$ third-quarter_JJ earnings_NNS report_NN that_IN fees_NNS from_IN syndicating_VBG loans_NNS to_TO other_JJ banks_NNS dropped_VBD 48_CD %_NN ,_, to_TO $_$ 21_CD million_CD ._. 
``_`` We_PRP did_VBD n't_RB take_VB part_NN in_IN a_DT lot_NN of_IN deals_NNS because_IN their_PRP$ credit_NN quality_NN was_VBD poor_JJ ,_, ''_'' says_VBZ a_DT bank_NN spokesman_NN ._. 
James_NNP B._NNP Lee_NNP ,_, head_NN of_IN syndications_NNS and_CC private_JJ placements_NNS at_IN Chemical_NNP Banking_NNP Corp._NNP ,_, said_VBD he_PRP believes_VBZ banks_NNS can_MD still_RB make_VB a_DT credible_JJ offer_NN of_IN one-stop_JJ shopping_NN for_IN takeover_NN finance_NN ._. 
As_IN evidence_NN ,_, he_PRP cites_VBZ yesterday_NN 's_POS arrangement_NN for_IN the_DT final_JJ financing_NN of_IN a_DT $_$ 3_CD billion_CD bid_NN for_IN American_NNP Medical_NNP International_NNP Inc._NNP in_IN which_WDT Chemical_NNP served_VBD as_IN both_DT the_DT lead_NN bank_NN and_CC an_DT equity_NN investor_NN ._. 
Beyond_IN the_DT current_JJ weakness_NN in_IN the_DT junk_NN bond_NN market_NN ,_, banks_NNS have_VBP another_DT advantage_NN over_IN investment_NN banks_NNS in_IN financing_NN contested_VBD takeovers_NNS ._. 
Arthur_NNP Fleischer_NNP Jr._NNP ,_, a_DT takeover_NN lawyer_NN at_IN Fried_NNP Frank_NNP Harris_NNP Shriver_NNP &_CC Jacobson_NNP ,_, notes_VBZ that_IN ``_`` a_DT political_JJ and_CC emotional_JJ bias_NN ''_'' has_VBZ developed_VBN against_IN junk_NN bonds_NNS ._. 
One_CD hostile_JJ bidder_NN who_WP deliberately_RB avoided_VBN using_VBG junk_NN bonds_NNS was_VBD Paramount_NNP Communications_NNP Inc._NNP in_IN its_PRP$ initial_JJ offer_NN to_TO acquire_VB Time_NNP Inc._NNP for_IN $_$ 10.7_CD billion_CD ,_, or_CC $_$ 175_CD a_DT share_NN ._. 
A_DT Paramount_NNP spokesman_NN says_VBZ that_DT decision_NN was_VBD based_VBN on_IN the_DT financial_JJ ,_, not_RB political_JJ ,_, drawbacks_NNS of_IN junk_NN bonds_NNS ._. 
But_CC some_DT observers_NNS believe_VBP Paramount_NNP Chairman_NNP Martin_NNP Davis_NNP wanted_VBD to_TO avoid_VB the_DT possible_JJ taint_NN of_IN being_VBG perceived_VBN as_IN a_DT corporate_JJ raider_NN in_IN his_PRP$ controversial_JJ bid_NN for_IN Time_NNP ._. 
In_IN the_DT end_NN ,_, Mr._NNP Davis_NNP used_VBD junk_NN bonds_NNS so_RB that_IN he_PRP could_MD raise_VB Paramount_NNP 's_POS bid_NN to_TO $_$ 200_CD a_DT share_NN ._. 
Some_DT Monday-morning_JJ quarterbacks_NNS said_VBD the_DT initial_JJ lower_JJR bid_NN ,_, without_IN junk_NN bonds_NNS ,_, was_VBD a_DT factor_NN in_IN his_PRP$ losing_NN the_DT company_NN ._. 
Time_NNP eluded_VBD Paramount_NNP by_IN acquiring_VBG Warner_NNP Communications_NNP Inc_NNP ._. 
The_DT success_NN of_IN the_DT NWA_NNP financing_NN ,_, and_CC the_DT failure_NN of_IN the_DT UAL_NNP deal_NN ,_, also_RB seem_VB to_TO highlight_VB the_DT important_JJ new_JJ role_NN in_IN takeover_NN financing_NN being_VBG played_VBN by_IN Japanese_JJ banks_NNS ._. 
Japanese_JJ banks_NNS accounted_VBD for_IN 50_CD %_NN of_IN the_DT NWA_NNP bank_NN debt_NN ,_, according_VBG to_TO a_DT report_NN by_IN Transportation_NNP Secretary_NNP Samuel_NNP Skinner_NNP ._. 
But_CC it_PRP was_VBD broad-scale_JJ rejection_NN by_IN Japanese_JJ banks_NNS that_WDT helped_VBD seal_NN the_DT fate_NN of_IN the_DT attempt_NN to_TO buy_VB UAL_NNP ._. 
Citicorp_NNP and_CC Chase_NNP are_VBP attempting_VBG to_TO put_VB together_RB a_DT new_JJ ,_, lower_JJR bid_NN ._. 
Takanori_NNP Mizuno_NNP ,_, chief_JJ economist_NN of_IN the_DT Institute_NNP for_IN Financial_NNP Affairs_NNP Inc._NNP ,_, a_DT Tokyo_NNP research_NN center_NN on_IN finance_NN and_CC economics_NNS ,_, says_VBZ ,_, ``_`` The_DT junk_NN bond_NN market_NN became_VBD very_RB jittery_JJ ,_, and_CC there_EX 's_VBZ a_DT fear_NN of_IN a_DT coming_VBG recession_NN and_CC the_DT possible_JJ bankruptcy_NN of_IN LBO_NNP companies_NNS ._. 
Harley-Davidson_NNP Inc._NNP filed_VBD suit_NN in_IN federal_JJ court_NN here_RB ,_, alleging_VBG that_IN a_DT group_NN that_WDT holds_VBZ 6.2_CD %_NN of_IN its_PRP$ stock_NN made_VBN ``_`` false_JJ ,_, deceptive_JJ and_CC misleading_JJ ''_'' statements_NNS in_IN recent_JJ regulatory_JJ filings_NNS and_CC public_JJ announcements_NNS ._. 
Harley-Davidson_NNP 's_POS complaint_NN claims_NNS that_IN the_DT group_NN ,_, led_VBN by_IN investor_NN Malcolm_NNP I._NNP Glazer_NNP ,_, violated_VBD securities_NNS laws_NNS by_IN failing_VBG to_TO disclose_VB plans_NNS to_TO purchase_VB 15_CD %_NN of_IN the_DT company_NN 's_POS shares_NNS outstanding_JJ and_CC that_IN when_WRB the_DT required_VBN Hart-Scott-Rodino_NNP filing_NN eventually_RB was_VBD made_VBN ,_, it_PRP did_VBD n't_RB disclose_VB the_DT group_NN 's_POS alleged_VBN earlier_JJR violation_NN of_IN the_DT so-called_JJ prior-notice_JJ requirements_NNS of_IN the_DT law_NN ._. 
Mr._NNP Glazer_NNP could_MD n't_RB immediately_RB be_VB reached_VBN to_TO comment_VB ._. 
But_CC when_WRB Harley_NNP last_JJ week_NN publicly_RB questioned_VBD the_DT legality_NN of_IN the_DT group_NN 's_POS filing_NN procedures_NNS ,_, the_DT Rochester_NNP ,_, N.Y._NNP ,_, investor_NN said_VBD ``_`` we_PRP complied_VBD with_IN every_DT law_NN ,_, ''_'' and_CC he_PRP denied_VBD any_DT wrongdoing_NN ._. 
The_DT Glazer_NNP group_NN said_VBD in_IN a_DT Securities_NNP and_CC Exchange_NNP Commission_NNP filing_NN in_IN early_JJ October_NNP that_IN it_PRP may_MD seek_VB a_DT controlling_VBG interest_NN in_IN Harley-Davidson_NNP ,_, or_CC seek_VB representation_NN on_IN the_DT company_NN 's_POS board_NN ._. 
Harley_NNP has_VBZ said_VBD it_PRP does_VBZ n't_RB intend_VB to_TO be_VB acquired_VBN by_IN the_DT Glazer_NNP group_NN or_CC any_DT other_JJ party_NN ._. 
Inland_NNP Steel_NNP Industries_NNP Inc._NNP ,_, battered_VBN by_IN lower_JJR volume_NN and_CC higher_JJR costs_NNS ,_, posted_VBD a_DT 75_CD %_NN drop_NN in_IN third-quarter_JJ earnings_NNS ._. 
The_DT nation_NN 's_POS fourth-largest_JJ steelmaker_NN earned_VBD $_$ 18.3_CD million_CD ,_, or_CC 43_CD cents_NNS a_DT share_NN ,_, compared_VBN with_IN $_$ 61_CD million_CD ,_, or_CC $_$ 1.70_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ,_, when_WRB the_DT industry_NN was_VBD enjoying_VBG peak_NN demand_NN and_CC strong_JJ pricing_NN ._. 
Sales_NNS fell_VBD to_TO $_$ 981.2_CD million_CD from_IN $_$ 1.02_CD billion_CD ._. 
The_DT earnings_NNS also_RB mark_VBP a_DT significant_JJ drop_NN from_IN the_DT second_JJ quarter_NN 's_POS $_$ 45.3_CD million_CD or_CC $_$ 1.25_CD a_DT share_NN ._. 
Moreover_RB ,_, the_DT earnings_NNS were_VBD well_RB below_IN analysts_NNS '_POS expectations_NNS of_IN about_RB $_$ 1.16_CD a_DT share_NN ._. 
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, Inland_NNP closed_VBD yesterday_NN at_IN $_$ 35.875_CD a_DT share_NN ,_, down_RB $_$ 1_CD ._. 
The_DT company_NN attributed_VBD the_DT earnings_NNS drop_NN to_TO lower_JJR volume_NN related_VBN to_TO seasonal_JJ demand_NN and_CC the_DT soft_JJ consumer_NN durable_JJ market_NN ,_, especially_RB in_IN the_DT automotive_JJ sector_NN ._. 
However_RB ,_, the_DT company_NN also_RB lost_VBD orders_NNS because_IN of_IN prolonged_VBN labor_NN talks_NNS in_IN the_DT second_JJ quarter_NN ._. 
Third-quarter_JJ shipments_NNS slipped_VBD 7_CD %_NN from_IN the_DT year-ago_JJ period_NN ,_, and_CC 17_CD %_NN from_IN this_DT year_NN 's_POS second_JJ quarter_NN ._. 
Profit_NN of_IN steel_NN shipped_VBN for_IN the_DT company_NN 's_POS steel_NN segment_NN slid_VBD to_TO $_$ 26_CD a_DT ton_NN ,_, from_IN $_$ 66_CD a_DT ton_NN a_DT year_NN earlier_RBR and_CC $_$ 57_CD a_DT ton_NN a_DT quarter_NN earlier_RBR ._. 
Analysts_NNS noted_VBD that_IN the_DT disappointing_JJ results_NNS do_VBP n't_RB reflect_VB lower_JJR prices_NNS for_IN steel_NN products_NNS ._. 
Charles_NNP Bradford_NNP ,_, an_DT analyst_NN with_IN Merrill_NNP Lynch_NNP Capital_NNP Markets_NNPS ,_, said_VBD higher_JJR prices_NNS for_IN galvanized_JJ and_CC cold-rolled_JJ products_NNS offset_VBP lower_JJR prices_NNS for_IN bar_NN ,_, hot-rolled_JJ and_CC structural_JJ steel_NN ._. 
Structural_JJ steel_NN ,_, which_WDT primarily_RB serves_VBZ the_DT construction_NN market_NN ,_, was_VBD especially_RB hurt_VBN by_IN a_DT 15_CD %_NN price_NN drop_NN ,_, Mr._NNP Bradford_NNP said_VBD ._. 
The_DT company_NN said_VBD its_PRP$ integrated_VBN steel_NN sector_NN was_VBD also_RB hurt_VBN by_IN higher_JJR raw_JJ material_NN ,_, repair_NN and_CC maintenance_NN ,_, and_CC labor_NN costs_NNS ._. 
The_DT increased_VBN labor_NN costs_NNS became_VBD effective_JJ Aug._NNP 1_CD under_IN terms_NNS of_IN the_DT four-year_JJ labor_NN agreement_NN with_IN the_DT United_NNP Steelworkers_NNPS union_NN ._. 
Meanwhile_RB ,_, the_DT company_NN 's_POS service_NN center_NN segment_NN ,_, which_WDT saw_VBD operating_VBG profit_NN drop_NN to_TO $_$ 11.5_CD million_CD from_IN $_$ 30.7_CD million_CD a_DT year_NN ago_RB ,_, experienced_VBN much_NN of_IN the_DT same_JJ demand_NN and_CC cost_NN problems_NNS ,_, as_RB well_RB as_IN start-up_JJ costs_NNS associated_VBN with_IN a_DT coil_NN processing_NN facility_NN in_IN Chicago_NNP and_CC an_DT upgraded_VBN computer_NN information_NN system_NN ._. 
Inland_NNP Chairman_NNP Frank_NNP W._NNP Luerssen_NNP said_VBD the_DT company_NN 's_POS short-term_JJ outlook_NN is_VBZ ``_`` clouded_VBN by_IN uncertainties_NNS in_IN the_DT economy_NN and_CC financial_JJ markets_NNS ._. ''_'' 
However_RB ,_, he_PRP noted_VBD that_DT steel_NN mill_NN bookings_NNS are_VBP up_IN from_IN early_JJ summer_NN levels_NNS ,_, and_CC that_IN he_PRP expects_VBZ the_DT company_NN to_TO improve_VB its_PRP$ cost_NN performance_NN in_IN the_DT fourth_JJ quarter_NN ._. 
In_IN the_DT first_JJ nine_CD months_NNS ,_, profit_NN was_VBD $_$ 113_CD million_CD ,_, or_CC $_$ 3.04_CD a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 3.19_CD billion_CD ,_, compared_VBN with_IN $_$ 204.5_CD million_CD ,_, or_CC $_$ 5.76_CD a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 3.03_CD billion_CD ,_, a_DT year_NN earlier_RBR ._. 
The_DT ``_`` seismic_JJ ''_'' activity_NN of_IN a_DT financial_JJ market_NN bears_VBZ a_DT resemblance_NN to_TO the_DT seismic_JJ activity_NN of_IN the_DT earth_NN ._. 
When_WRB things_NNS are_VBP quiet_JJ -LRB-_( low_JJ volatility_NN -RRB-_) ,_, the_DT structures_NNS on_IN which_WDT markets_NNS stand_VBP can_MD be_VB relatively_RB inefficient_JJ and_CC still_RB perform_VB their_PRP$ functions_NNS adequately_RB ._. 
However_RB ,_, when_WRB powerful_JJ forces_NNS start_VBP shaking_VBG the_DT market_NN 's_POS structure_NN ,_, the_DT more_JJR ``_`` earthquake-resistant_JJ ''_'' it_PRP is_VBZ ,_, the_DT better_JJR its_PRP$ chance_NN for_IN survival_NN ._. 
America_NNP 's_POS financial_JJ markets_NNS do_VBP not_RB yet_RB have_VB all_PDT the_DT required_VBN modern_JJ features_NNS required_VBN to_TO make_VB them_PRP fully_RB ``_`` aftershock-resistant_JJ ._. ''_'' 
Investors_NNS lack_VBP equal_JJ access_NN to_TO the_DT markets_NNS '_POS trading_NN arena_NN and_CC its_PRP$ information_NN ._. 
That_DT structural_JJ lack_NN is_VBZ crucial_JJ because_IN investors_NNS are_VBP the_DT only_JJ source_NN of_IN market_NN liquidity_NN ._. 
And_CC liquidity_NN is_VBZ what_WP markets_VBZ need_VBP to_TO damp_VB quakes_NNS and_CC aftershocks_NNS ._. 
In_IN today_NN 's_POS markets_NNS ,_, specialists_NNS -LRB-_( on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP -RRB-_) and_CC ``_`` upstairs_NN ''_'' market_NN makers_NNS -LRB-_( in_IN the_DT over-the-counter_JJ market_NN -RRB-_) are_VBP the_DT only_JJ market_NN participants_NNS allowed_VBN to_TO play_VB a_DT direct_JJ role_NN in_IN the_DT price-determination_JJ process_NN ._. 
When_WRB they_PRP halt_VBP trading_VBG ,_, all_DT market_NN liquidity_NN is_VBZ gone_VBN ._. 
And_CC when_WRB any_DT component_NN of_IN the_DT market_NN --_: cash_NN ,_, futures_NNS or_CC options_NNS --_: loses_VBZ liquidity_NN ,_, the_DT price_NN discovery_NN system_NN -LRB-_( the_DT way_NN prices_NNS are_VBP determined_VBN -RRB-_) becomes_VBZ flawed_JJ or_CC is_VBZ lost_VBN entirely_RB for_IN a_DT time_NN ._. 
Last_NNP Friday_NNP the_DT 13th_JJ -LRB-_( as_RB well_RB as_IN two_CD years_NNS ago_RB this_DT week_NN -RRB-_) the_DT markets_NNS became_VBD unlinked_JJ ._. 
When_WRB that_WDT happened_VBD ,_, ``_`` seismic_JJ ''_'' tremors_NNS of_IN fear_NN --_: much_JJ like_IN the_DT shock_NN waves_NNS created_VBN by_IN an_DT earthquake_NN --_: coursed_VBN through_IN the_DT market_NN and_CC increased_VBD the_DT market_NN 's_POS volatility_NN ._. 
Lack_NN of_IN important_JJ ,_, needed_VBN information_NN can_MD cause_VB fear_NN ._. 
Fear_NN is_VBZ the_DT father_NN of_IN panic_NN ._. 
Panic_NN frequently_RB results_VBZ in_IN irrational_JJ behavior_NN ._. 
And_CC in_IN financial_JJ markets_NNS ,_, irrational_JJ behavior_NN is_VBZ sometimes_RB translated_VBN into_IN catastrophe_NN ._. 
When_WRB market_NN tremors_NNS start_VBP ,_, it_PRP is_VBZ crucial_JJ that_IN as_IN much_JJ information_NN about_IN transaction_NN prices_NNS and_CC the_DT supply-demand_JJ curve_NN -LRB-_( buy_VB and_CC sell_VB orders_NNS at_IN various_JJ prices_NNS -RRB-_) be_VB made_VBN available_JJ to_TO all_DT ,_, not_RB just_RB to_TO market_VB makers_NNS ._. 
Because_IN of_IN a_DT lack_NN of_IN information_NN and_CC access_NN ,_, many_JJ investors_NNS --_: including_VBG the_DT very_JJ ones_NNS whose_WP$ buying_VBG power_NN could_MD restore_VB stability_NN and_CC damp_VB volatility_NN --_: are_VBP forced_VBN to_TO stand_VB on_IN the_DT sidelines_NNS when_WRB they_PRP are_VBP most_RBS needed_VBN ,_, because_IN of_IN their_PRP$ ignorance_NN of_IN important_JJ market_NN information_NN ._. 
To_TO add_VB aftershock-damping_JJ power_NN to_TO America_NNP 's_POS markets_NNS ,_, a_DT modern_NN ,_, electronic_JJ trading_NN system_NN should_MD be_VB implemented_VBN that_WDT permits_VBZ equal_JJ access_NN to_TO the_DT trading_NN arena_NN -LRB-_( and_CC the_DT information_NN that_WDT would_MD automatically_RB accompany_VB such_JJ access_NN -RRB-_) by_IN investors_NNS --_: particularly_RB institutional_JJ investors_NNS ._. 
Contrary_JJ to_TO some_DT opinions_NNS ,_, the_DT trading_NN activities_NNS of_IN specialists_NNS and_CC other_JJ market_NN makers_NNS do_VBP not_RB provide_VB liquidity_NN to_TO the_DT market_NN as_IN a_DT whole_NN ._. 
What_WP market_NN makers_NNS provide_VBP is_VBZ immediacy_NN ,_, a_DT very_RB valuable_JJ service_NN ._. 
Liquidity_NN is_VBZ not_RB a_DT service_NN ._. 
It_PRP is_VBZ a_DT market_NN attribute_VBP --_: the_DT ability_NN to_TO absorb_VB selling_VBG orders_NNS without_IN causing_VBG significant_JJ price_NN changes_NNS in_IN the_DT absence_NN of_IN news_NN ._. 
Market_NN makers_NNS buy_VBP what_WP investors_NNS wish_VBP to_TO sell_VB ;_: their_PRP$ business_NN is_VBZ reselling_VBG these_DT unwanted_JJ positions_NNS as_RB quickly_RB as_IN possible_JJ to_TO other_JJ investors_NNS ,_, and_CC at_IN a_DT profit_NN ._. 
As_IN a_DT result_NN ,_, while_IN any_DT one_CD customer_NN may_MD purchase_VB immediacy_NN by_IN selling_VBG to_TO a_DT market_NN maker_NN -LRB-_( which_WDT is_VBZ micro-liquidity_NN for_IN the_DT investor_NN -RRB-_) ,_, the_DT market_NN as_IN a_DT whole_JJ remains_NNS in_IN the_DT same_JJ circumstances_NNS it_PRP was_VBD before_IN the_DT transaction_NN :_: The_DT unwanted_JJ position_NN is_VBZ still_RB an_DT unwanted_JJ position_NN ;_: only_RB the_DT identity_NN of_IN the_DT seller_NN has_VBZ changed_VBN ._. 
In_IN fact_NN it_PRP can_MD be_VB argued_VBN that_IN increasing_VBG capital_NN commitments_NNS by_IN market_NN makers_NNS -LRB-_( a_DT result_NN of_IN some_DT post-1987_JJ crash_NN studies_NNS -RRB-_) also_RB increases_NNS market_NN volatility_NN ,_, since_IN the_DT more_JJR securities_NNS are_VBP held_VBN by_IN market_NN makers_NNS at_IN any_DT given_VBN time_NN ,_, the_DT more_JJR selling_VBG pressure_NN is_VBZ overhanging_VBG the_DT market_NN ._. 
In_IN an_DT open_JJ electronic_JJ system_NN ,_, any_DT investor_NN wishing_VBG to_TO pay_VB for_IN real-time_JJ access_NN to_TO the_DT trading_NN arena_NN through_IN a_DT registered_VBN broker-dealer_NN would_MD be_VB able_JJ to_TO see_VB the_DT entire_JJ supply-demand_JJ curve_NN -LRB-_( buy_VB and_CC sell_VB orders_NNS at_IN each_DT price_NN -RRB-_) entered_VBN by_IN dealers_NNS and_CC investors_NNS alike_RB ,_, and_CC to_TO enter_VB and_CC execute_VB orders_NNS ._. 
Current_JJ quotations_NNS would_MD reflect_VB the_DT combined_VBN financial_JJ judgment_NN of_IN all_DT market_NN participants_NNS --_: not_RB just_RB those_DT of_IN intermediaries_NNS who_WP become_VBP extremely_RB risk-averse_JJ during_IN times_NNS of_IN crisis_NN ._. 
Investors_NNS and_CC professionals_NNS alike_RB would_MD compete_VB on_IN the_DT level_NN playing_VBG field_NN Congress_NNP sought_VBD and_CC called_VBD a_DT ``_`` national_JJ market_NN system_NN ''_'' -LRB-_( not_RB yet_RB achieved_VBN -RRB-_) almost_RB 15_CD years_NNS ago_RB when_WRB it_PRP passed_VBD the_DT Securities_NNP Reform_NNP Act_NNP of_IN 1975_CD ._. 
Last_NNP Friday_NNP 's_POS market_NN gyrations_NNS did_VBD not_RB result_VB in_IN severe_JJ ``_`` aftershocks_NNS ._. ''_'' 
Were_VBD we_PRP smart_JJ or_CC just_RB lucky_JJ ?_. 
I_PRP 'm_VBP not_RB certain_JJ ._. 
But_CC I_PRP am_VBP sure_JJ we_PRP need_VBP to_TO maximize_VB our_PRP$ ``_`` earthquake_NN ''_'' protection_NN by_IN making_VBG certain_JJ that_IN our_PRP$ market_NN structures_NNS let_VBP investors_NNS add_VBP their_PRP$ mighty_JJ shock-damping_JJ power_NN to_TO our_PRP$ nation_NN 's_POS markets_NNS ._. 
Mr._NNP Peake_NNP is_VBZ chairman_NN of_IN his_PRP$ own_JJ consulting_NN company_NN in_IN Englewood_NNP ,_, N.J_NNP ._. 
NOW_RB YOU_PRP SEE_VBP IT_PRP ,_, now_RB you_PRP do_VBP n't_RB ._. 
The_DT recession_NN ,_, that_WDT is_VBZ ._. 
The_DT economy_NN 's_POS stutter_NN steps_NNS leave_VBP investors_NNS wondering_VBG whether_IN things_NNS are_VBP slowing_VBG down_RB or_CC speeding_VBG up_RB ._. 
So_RB often_RB are_VBP government_NN statistics_NNS revised_VBN that_IN they_PRP seem_VBP to_TO resemble_VB a_DT spinning_VBG weather_NN vane_NN ._. 
For_IN the_DT past_JJ seven_CD years_NNS ,_, investors_NNS have_VBP had_VBN the_DT wind_NN at_IN their_PRP$ backs_NNS ,_, in_IN the_DT form_NN of_IN a_DT generally_RB growing_VBG economy_NN ._. 
Some_DT may_MD have_VB forgotten_VBN --_: and_CC some_DT younger_JJR ones_NNS may_MD never_RB have_VB experienced_VBN --_: what_WP it_PRP 's_VBZ like_VB to_TO invest_VB during_IN a_DT recession_NN ._. 
Different_JJ tactics_NNS are_VBP called_VBN for_IN ,_, as_IN losing_VBG money_NN becomes_VBZ easier_JJR and_CC making_VBG money_NN becomes_VBZ tougher_JJR ._. 
For_IN those_DT investors_NNS who_WP believe_VBP --_: or_CC fear_NN --_: that_IN 1990_CD will_MD be_VB a_DT recession_NN year_NN ,_, many_JJ economists_NNS and_CC money_NN managers_NNS agree_VBP on_IN steps_NNS that_WDT can_MD be_VB taken_VBN to_TO lower_JJR the_DT risks_NNS in_IN a_DT portfolio_NN ._. 
In_IN a_DT nutshell_NN ,_, pros_NNS advise_VBP investors_NNS who_WP expect_VBP a_DT slowdown_NN to_TO hold_VB fewer_JJR stocks_NNS than_IN usual_JJ and_CC to_TO favor_VB shares_NNS of_IN big_JJ companies_NNS in_IN ``_`` defensive_JJ ''_'' industries_NNS ._. 
A_DT heavy_JJ dose_NN of_IN cash_NN is_VBZ prescribed_VBN ,_, along_IN with_IN a_DT heavier-than-usual_JJ allotment_NN to_TO bonds_NNS --_: preferably_RB government_NN bonds_NNS ._. 
It_PRP 's_VBZ tempting_JJ to_TO think_VB these_DT defensive_JJ steps_NNS can_MD be_VB delayed_VBN until_IN a_DT recession_NN is_VBZ clearly_RB at_IN hand_NN ._. 
But_CC that_DT may_MD not_RB be_VB possible_JJ ,_, because_IN recessions_NNS often_RB take_VBP investors_NNS by_IN surprise_NN ._. 
``_`` They_PRP always_RB seem_VBP to_TO come_VB a_DT bit_NN later_RB than_IN you_PRP expect_VBP ._. 
When_WRB they_PRP do_VBP hit_VBD ,_, they_PRP hit_VBD fast_RB ,_, ''_'' says_VBZ David_NNP A._NNP Wyss_NNP ,_, chief_JJ financial_JJ economist_NN at_IN the_DT Data_NNP Resources_NNPS division_NN of_IN McGraw-Hill_NNP Inc_NNP ._. 
Though_IN he_PRP himself_PRP does_VBZ n't_RB expect_VB a_DT recession_NN soon_RB ,_, Mr._NNP Wyss_NNP advises_VBZ people_NNS who_WP do_VBP that_IN ``_`` the_DT best_JJS thing_NN to_TO be_VB in_IN is_VBZ long_JJ that_DT is_VBZ ,_, 20-year_JJ to_TO 30-year_NNP Treasury_NNP bonds_NNS ._. ''_'' 
The_DT reason_NN is_VBZ simple_JJ ,_, Mr._NNP Wyss_NNP says_VBZ :_: ``_`` Interest_NN rates_NNS almost_RB always_RB decline_VBP during_IN recession_NN ._. ''_'' 
As_RB surely_RB as_IN a_DT seesaw_NN tilts_VBZ ,_, falling_VBG interest_NN rates_NNS force_VBP up_IN the_DT price_NN of_IN previously_RB issued_VBN bonds_NNS ._. 
They_PRP are_VBP worth_RB more_JJR because_IN they_PRP pay_VBP higher_JJR interest_NN than_IN newly_RB issued_VBN bonds_NNS do_VBP ._. 
That_DT effect_NN holds_VBZ true_JJ for_IN both_DT short-term_JJ and_CC long-term_JJ bonds_NNS ._. 
But_CC short-term_JJ bonds_NNS ca_MD n't_RB rise_VB too_RB much_JJ ,_, because_IN everyone_NN knows_VBZ they_PRP will_MD be_VB redeemed_VBN at_IN a_DT preset_JJ price_NN fairly_RB soon_RB ._. 
Long-term_JJ bonds_NNS ,_, with_IN many_JJ years_NNS left_VBN before_IN maturity_NN ,_, swing_NN more_RBR widely_RB in_IN price_NN ._. 
But_CC not_RB just_RB any_DT bonds_NNS will_MD do_VB ._. 
Corporate_JJ bonds_NNS ``_`` are_VBP usually_RB not_RB a_DT good_JJ bet_NN in_IN a_DT recession_NN ,_, ''_'' Mr._NNP Wyss_NNP says_VBZ ._. 
As_IN times_NNS get_VBP tougher_JJR ,_, investors_NNS fret_VBP about_IN whether_IN companies_NNS will_MD have_VB enough_JJ money_NN to_TO pay_VB their_PRP$ debts_NNS ._. 
This_DT hurts_VBZ the_DT price_NN of_IN corporate_JJ bonds_NNS ._. 
Also_RB ,_, he_PRP notes_VBZ ,_, ``_`` most_RBS corporate_JJ bonds_NNS are_VBP callable_JJ ._. ''_'' 
That_DT means_VBZ that_IN a_DT corporation_NN ,_, after_IN a_DT specified_VBN amount_NN of_IN time_NN has_VBZ passed_VBN ,_, can_MD buy_VB back_RB its_PRP$ bonds_NNS by_IN paying_VBG investors_NNS the_DT face_NN value_NN -LRB-_( plus_CC ,_, in_IN some_DT cases_NNS ,_, a_DT sweetener_NN -RRB-_) ._. 
When_WRB interest_NN rates_NNS have_VBP dropped_VBN ,_, it_PRP makes_VBZ sense_NN for_IN corporations_NNS to_TO do_VB just_RB that_IN ;_: they_PRP then_RB save_VBP on_IN interest_NN costs_NNS ._. 
But_CC the_DT investors_NNS are_VBP left_VBN stranded_VBN with_IN money_NN to_TO reinvest_VB at_IN a_DT time_NN when_WRB interest_NN rates_NNS are_VBP puny_JJ ._. 
If_IN corporate_JJ bonds_NNS are_VBP bad_JJ in_IN recessions_NNS ,_, junk_NN bonds_NNS are_VBP likely_JJ to_TO be_VB the_DT worst_JJS of_IN all_DT ._. 
It_PRP 's_VBZ an_DT ``_`` absolute_JJ necessity_NN ''_'' to_TO get_VB out_IN of_IN junk_NN bonds_NNS when_WRB a_DT recession_NN is_VBZ in_IN the_DT offing_NN ,_, says_VBZ Avner_NNP Arbel_NNP ,_, professor_NN of_IN finance_NN at_IN Cornell_NNP University_NNP ._. 
``_`` Such_JJ bonds_NNS are_VBP very_RB sensitive_JJ to_TO the_DT downside_NN ,_, and_CC this_DT could_MD be_VB a_DT disaster_NN ._. ''_'' 
Municipal_JJ bonds_NNS are_VBP generally_RB a_DT bit_NN safer_JJR than_IN corporate_JJ bonds_NNS in_IN a_DT recession_NN ,_, but_CC not_RB as_RB safe_JJ as_IN bonds_NNS issued_VBN by_IN the_DT federal_JJ government_NN ._. 
During_IN an_DT economic_JJ slump_NN ,_, local_JJ tax_NN revenues_NNS often_RB go_VBP down_RB ,_, raising_VBG the_DT risks_NNS associated_VBN with_IN at_IN least_JJS some_DT municipals_NNS ._. 
And_CC ,_, like_IN corporates_NNS ,_, many_JJ municipal_JJ bonds_NNS are_VBP callable_JJ ._. 
But_CC a_DT few_JJ experts_NNS ,_, going_VBG against_IN the_DT consensus_NN ,_, do_VBP n't_RB think_VB bonds_NNS would_MD help_VB investors_NNS even_RB if_IN a_DT recession_NN is_VBZ in_IN the_DT offing_NN ._. 
One_CD of_IN these_DT is_VBZ Jeffrey_NNP L._NNP Beach_NNP ,_, director_NN of_IN research_NN for_IN Underwood_NNP Neuhaus_NNP &_CC Co._NNP ,_, a_DT brokerage_NN house_NN in_IN Houston_NNP ,_, who_WP thinks_VBZ that_IN ``_`` we_PRP 're_VBP either_DT in_NN a_DT recession_NN or_CC about_IN to_TO go_VB into_IN one_CD ._. ''_'' 
What_WP 's_VBZ more_JJR ,_, he_PRP thinks_VBZ this_DT could_MD be_VB a_DT nastier_JJR recession_NN than_IN usual_JJ :_: ``_`` Once_RB the_DT downturn_NN comes_VBZ ,_, it_PRP 's_VBZ going_VBG to_TO be_VB very_RB hard_JJ to_TO reverse_VB ._. ''_'' 
Investors_NNS ,_, he_PRP advises_VBZ ,_, ``_`` should_MD be_VB cautious_JJ ,_, ''_'' holding_VBG fewer_JJR stocks_NNS than_IN usual_JJ and_CC also_RB shunning_VBG bonds_NNS ._. 
Because_IN he_PRP sees_VBZ a_DT ``_`` 5_NN %_NN to_TO 6_CD %_NN base_NN rate_NN of_IN inflation_NN in_IN the_DT economy_NN ,_, ''_'' he_PRP doubts_VBZ that_IN interest_NN rates_NNS will_MD fall_VB much_JJ any_DT time_NN soon_RB ._. 
Instead_RB ,_, Mr._NNP Beach_NNP says_VBZ ,_, investors_NNS ``_`` probably_RB should_MD be_VB carrying_VBG a_DT very_RB high_JJ level_NN of_IN cash_NN ,_, ''_'' by_IN which_WDT he_PRP means_VBZ such_JJ so-called_JJ cash_NN equivalents_NNS as_IN money-market_JJ funds_NNS and_CC Treasury_NNP bills_NNS ._. 
Greg_NNP Confair_NNP ,_, president_NN of_IN Sigma_NNP Financial_NNP Inc._NNP in_IN Allentown_NNP ,_, Pa._NNP ,_, also_RB recommends_VBZ that_IN investors_NNS go_VBP heavily_RB for_IN cash_NN ._. 
He_PRP is_VBZ n't_RB sure_JJ a_DT recession_NN is_VBZ coming_VBG ,_, but_CC says_VBZ the_DT other_JJ likely_JJ alternative_NN --_: reignited_VBD inflation_NN --_: is_VBZ just_RB as_IN bad_NN ._. 
``_`` This_DT late_RB in_IN an_DT expansion_NN ,_, ''_'' the_DT economy_NN tends_VBZ to_TO veer_VB off_IN either_DT into_IN damaging_JJ inflation_NN or_CC into_IN a_DT recession_NN ,_, Mr._NNP Confair_NNP says_VBZ ._. 
The_DT Federal_NNP Reserve_NNP Board_NNP 's_POS plan_NN for_IN a_DT ``_`` soft_JJ landing_NN ,_, ''_'' he_PRP says_VBZ ,_, requires_VBZ the_DT Fed_NNP to_TO navigate_VB ``_`` an_DT ever-narrowing_JJ corridor_NN ._. ''_'' 
A_DT soft_JJ landing_NN is_VBZ n't_RB something_NN that_WDT can_MD be_VB achieved_VBN once_RB and_CC for_IN all_DT ,_, Mr._NNP Confair_NNP adds_VBZ ._. 
It_PRP has_VBZ to_TO be_VB engineered_VBN over_IN and_CC over_IN again_RB ,_, month_NN after_IN month_NN ._. 
He_PRP believes_VBZ that_IN the_DT task_NN facing_VBG Fed_NNP Chairman_NNP Alan_NNP Greenspan_NNP is_VBZ so_RB difficult_JJ that_IN it_PRP resembles_VBZ ``_`` juggling_VBG a_DT double-bladed_JJ ax_NN and_CC a_DT buzz_NN saw_VBD ._. ''_'' 
And_CC ,_, in_IN a_DT sense_NN ,_, that_DT 's_VBZ the_DT kind_NN of_IN task_NN individuals_NNS face_VBP in_IN deciding_VBG what_WP to_TO do_VB about_IN stocks_NNS --_: the_DT mainstay_NN of_IN most_RBS serious_JJ investors_NNS '_POS portfolios_NNS ._. 
It_PRP comes_VBZ down_RB to_TO a_DT question_NN of_IN whether_IN to_TO try_VB to_TO ``_`` time_NN ''_'' the_DT market_NN ._. 
For_IN people_NNS who_WP can_MD ride_VB out_RP market_NN waves_NNS through_IN good_JJ times_NNS and_CC bad_JJ ,_, stocks_NNS have_VBP been_VBN rewarding_JJ long-term_JJ investments_NNS ._. 
Most_JJS studies_NNS show_VBP that_IN buy-and-hold_JJ investors_NNS historically_RB have_VBP earned_VBN an_DT annual_JJ return_NN from_IN stocks_NNS of_IN 9_CD %_NN to_TO 10_CD %_NN ,_, including_VBG both_DT dividends_NNS and_CC price_NN appreciation_NN ._. 
That_DT 's_VBZ well_RB above_IN what_WP bonds_NNS or_CC bank_NN certificates_NNS have_VBP paid_VBN ._. 
Moreover_RB ,_, because_IN no_DT one_CD knows_VBZ for_IN sure_JJ just_RB when_WRB a_DT recession_NN is_VBZ coming_VBG ,_, some_DT analysts_NNS think_VBP investors_NNS should_MD n't_RB even_RB worry_VB too_RB much_JJ about_IN timing_NN ._. 
``_`` Trying_VBG to_TO time_VB the_DT economy_NN is_VBZ a_DT mistake_NN ,_, ''_'' says_VBZ David_NNP Katz_NNP ,_, chief_JJ investment_NN officer_NN of_IN Value_NNP Matrix_NNP Management_NNP Inc._NNP in_IN New_NNP York_NNP ._. 
Mr._NNP Katz_NNP notes_VBZ that_IN some_DT economists_NNS have_VBP been_VBN predicting_VBG a_DT recession_NN for_IN at_IN least_JJS two_CD years_NNS ._. 
Investors_NNS who_WP listened_VBD ,_, and_CC lightened_VBD up_IN on_IN stocks_NNS ,_, ``_`` have_VBP just_RB hurt_VBN themselves_PRP ,_, ''_'' he_PRP says_VBZ ._. 
Mr._NNP Katz_NNP adds_VBZ that_IN people_NNS who_WP jump_VBP in_IN and_CC out_IN of_IN the_DT stock_NN market_NN need_NN to_TO be_VB right_NN about_IN 70_CD %_NN of_IN the_DT time_NN to_TO beat_VB a_DT buy-and-hold_JJ strategy_NN ._. 
Frequent_JJ trading_NN runs_VBZ up_IN high_JJ commission_NN costs_NNS ._. 
And_CC the_DT in-and-outer_NN might_MD miss_VB the_DT sudden_JJ spurts_NNS that_WDT account_VBP for_IN much_NN of_IN the_DT stock_NN market_NN 's_POS gains_NNS over_IN time_NN ._. 
Still_RB ,_, few_JJ investors_NNS are_VBP able_JJ to_TO sit_VB tight_JJ when_WRB they_PRP are_VBP convinced_VBN a_DT recession_NN is_VBZ coming_VBG ._. 
After_IN all_DT ,_, in_IN all_DT five_CD recessions_NNS since_IN 1960_CD ,_, stocks_NNS declined_VBD ._. 
According_VBG to_TO Ned_NNP Davis_NNP ,_, president_NN of_IN Ned_NNP Davis_NNP Research_NNP Inc._NNP in_IN Nokomis_NNP ,_, Fla._NNP ,_, the_DT average_JJ drop_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP was_VBD about_IN 21_CD %_NN ,_, and_CC the_DT decrease_NN began_VBD an_DT average_NN of_IN six_CD months_NNS before_IN a_DT recession_NN officially_RB started_VBD ._. 
By_IN the_DT time_NN a_DT recession_NN is_VBZ ``_`` official_NN ''_'' -LRB-_( two_CD consecutive_JJ quarters_NNS of_IN declining_VBG gross_JJ national_JJ product_NN -RRB-_) ,_, much_NN of_IN the_DT damage_NN to_TO stocks_NNS has_VBZ already_RB been_VBN done_VBN -_: and_CC ,_, in_IN the_DT typical_JJ case_NN ,_, the_DT recession_NN is_VBZ already_RB half_NN over_RB ._. 
About_IN six_CD months_NNS before_IN a_DT recession_NN ends_NNS ,_, stocks_NNS typically_RB begin_VBP to_TO rise_VB again_RB ,_, as_IN investors_NNS anticipate_VBP a_DT recovery_NN ._. 
The_DT average_JJ recession_NN lasts_VBZ about_IN a_DT year_NN ._. 
Unfortunately_RB ,_, though_RB ,_, recessions_NNS vary_VBP enough_RB in_IN length_NN so_RB that_IN the_DT average_JJ ca_MD n't_RB reliably_RB be_VB used_VBN to_TO guide_VB investors_NNS in_IN timing_NN stock_NN sales_NNS or_CC purchases_NNS ._. 
But_CC whatever_WDT their_PRP$ advice_NN about_IN timing_NN ,_, none_NN of_IN these_DT experts_NNS recommend_VBP jettisoning_VBG stocks_NNS entirely_RB during_IN a_DT recession_NN ._. 
For_IN the_DT portion_NN of_IN an_DT investor_NN 's_POS portfolio_NN that_WDT stays_VBZ in_IN stocks_NNS ,_, professionals_NNS have_VBP a_DT number_NN of_IN suggestions_NNS ._. 
Mr._NNP Katz_NNP advocates_VBZ issues_NNS with_IN low_JJ price-earnings_JJ ratios_NNS --_: that_DT is_VBZ ,_, low_JJ prices_NNS in_IN relation_NN to_TO the_DT company_NN 's_POS earnings_NNS per_IN share_NN ._. 
``_`` Low_NNP P-E_NNP ''_'' stocks_NNS ,_, he_PRP says_VBZ ,_, vastly_RB outperform_VB others_NNS ``_`` during_IN a_DT recession_NN or_CC bear_VB market_NN ._. ''_'' 
In_IN good_JJ times_NNS ,_, he_PRP says_VBZ ,_, they_PRP lag_VBP a_DT bit_NN ,_, but_CC overall_JJ they_PRP provide_VBP superior_JJ performance_NN ._. 
Prof._NNP Arbel_NNP urges_VBZ investors_NNS to_TO discard_VB stocks_NNS in_IN small_JJ companies_NNS ._. 
Small-company_JJ shares_NNS typically_RB fall_VBP more_JJR than_IN big-company_JJ stocks_NNS in_IN a_DT recession_NN ,_, he_PRP says_VBZ ._. 
And_CC in_IN any_DT case_NN ,_, he_PRP argues_VBZ ,_, stocks_VBZ of_IN small_JJ companies_NNS are_VBP ``_`` almost_RB as_RB overpriced_VBN as_IN they_PRP were_VBD Sept._NNP 30_CD ,_, 1987_CD ,_, just_RB before_IN the_DT crash_NN ._. ''_'' 
For_IN example_NN ,_, Mr._NNP Arbel_NNP says_VBZ ,_, stocks_VBZ of_IN small_JJ companies_NNS are_VBP selling_VBG for_IN about_IN 19_CD times_NNS cash_NN flow_NN ._. 
-LRB-_( Cash_NNP flow_NN ,_, basically_RB earnings_NNS plus_CC depreciation_NN ,_, is_VBZ one_CD common_JJ gauge_NN of_IN a_DT company_NN 's_POS financial_JJ health_NN ._. -RRB-_) 
That_DT ratio_NN is_VBZ dangerously_RB close_RB to_TO the_DT ratio_NN of_IN 19.7_CD that_WDT prevailed_VBD before_IN the_DT 1987_CD stock-market_NN crash_NN ,_, Mr._NNP Arbel_NNP says_VBZ ._. 
And_CC it_PRP 's_VBZ way_NN above_IN the_DT ratio_NN -LRB-_( 7.5_CD times_NNS cash_NN flow_NN -RRB-_) that_IN bigger_JJR companies_NNS are_VBP selling_VBG for_RB ._. 
Another_DT major_JJ trick_NN in_IN making_VBG a_DT portfolio_NN recession-resistant_JJ is_VBZ choosing_VBG stocks_NNS in_IN ``_`` defensive_JJ ''_'' industries_NNS ._. 
Food_NNP ,_, tobacco_NN ,_, drugs_NNS and_CC utilities_NNS are_VBP the_DT classic_JJ examples_NNS ._. 
Recession_NN or_CC not_RB ,_, people_NNS still_RB eat_VBP ,_, smoke_NN ,_, and_CC take_VB medicine_NN when_WRB they_PRP 're_VBP sick_JJ ._. 
George_NNP Putnam_NNP III_NNP ,_, editor_NN of_IN Turnaround_NNP Letter_NNP in_IN Boston_NNP ,_, offers_VBZ one_CD final_JJ tip_NN for_IN recession-wary_JJ investors_NNS ._. 
``_`` Keep_VB some_DT money_NN available_JJ for_IN opportunities_NNS ,_, ''_'' he_PRP says_VBZ ._. 
``_`` If_IN the_DT recession_NN does_VBZ hit_VBN ,_, there_EX will_MD be_VB some_DT great_JJ investment_NN opportunities_NNS just_RB when_WRB things_NNS seem_VBP the_DT blackest_JJS ._. ''_'' 
Mr._NNP Dorfman_NNP covers_VBZ investing_VBG issues_NNS from_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS New_NNP York_NNP bureau_NN ._. 
Some_DT industry_NN groups_NNS consistently_RB weather_VBP the_DT storm_NN better_JJR than_IN others_NNS ._. 
The_DT following_VBG shows_VBZ the_DT number_NN of_IN times_VBZ these_DT industries_NNS outperformed_VBD the_DT Standard_NNP &_CC Poor_NNP 's_POS 500-Stock_NNP Index_NNP during_IN the_DT first_JJ six_CD months_NNS of_IN the_DT past_JJ seven_CD recessions_NNS ._. 
Bond_NN prices_NNS posted_VBD strong_JJ gains_NNS as_IN investors_NNS went_VBD on_IN a_DT bargain_NN hunt_NN ._. 
But_CC while_IN the_DT overall_JJ market_NN improved_VBN ,_, the_DT new-issue_JJ junk-bond_NN market_NN continued_VBD to_TO count_VB casualties_NNS ,_, even_RB as_IN junk-bond_NN prices_NNS rose_VBD ._. 
Yesterday_NN ,_, Prudential-Bache_NNP Securities_NNP Inc._NNP said_VBD it_PRP postponed_VBD a_DT $_$ 220_CD million_CD senior_JJ subordinated_VBN debenture_NN offering_NN by_IN York_NNP International_NNP Corp_NNP ._. 
And_CC Donaldson_NNP ,_, Lufkin_NNP &_CC Jenrette_NNP Securities_NNP Corp._NNP scrambled_VBD to_TO restructure_VB and_CC improve_VB the_DT potential_JJ returns_NNS on_IN a_DT $_$ 475_CD million_CD debenture_NN offering_NN by_IN Chicago_NNP &_CC North_NNP Western_NNP Acquisition_NNP Corp._NNP that_WDT was_VBD still_RB being_VBG negotiated_VBN late_JJ last_JJ night_NN ._. 
The_DT issue_NN by_IN Chicago_NNP &_CC North_NNP Western_NN is_VBZ one_CD of_IN the_DT so-called_JJ good_JJ junk-bond_NN offerings_NNS on_IN the_DT new-issue_JJ calendar_NN ._. 
Some_DT analysts_NNS said_VBD the_DT restructuring_NN of_IN the_DT railroad_NN concern_NN 's_POS issue_NN shows_VBZ how_WRB tough_JJ it_PRP is_VBZ for_IN underwriters_NNS to_TO sell_VB even_RB the_DT junk_NN bonds_NNS of_IN a_DT company_NN considered_VBN to_TO be_VB a_DT relatively_RB good_JJ credit_NN risk_NN ._. 
Since_IN last_JJ week_NN 's_POS junk-bond_NN market_NN debacle_NN ,_, many_JJ new_JJ issues_NNS of_IN high-yield_JJ ,_, high-risk_JJ corporate_JJ bonds_NNS have_VBP either_DT been_VBN scaled_VBN back_RB ,_, delayed_VBN or_CC dropped_VBD ._. 
On_IN Wednesday_NNP ,_, Drexel_NNP Burnham_NNP Lambert_NNP Inc._NNP had_VBD to_TO slash_VB the_DT size_NN of_IN Continental_NNP Airlines_NNPS '_POS junk-bond_NN offering_NN to_TO $_$ 71_CD million_CD from_IN $_$ 150_CD million_CD ._. 
Salomon_NNP Brothers_NNP Inc._NNP has_VBZ delayed_VBN Grand_NNP Union_NNP Co._NNP 's_POS $_$ 1.16_CD billion_CD junk-bond_NN offering_NN while_IN it_PRP restructures_VBZ the_DT transaction_NN ._. 
Last_JJ week_NN ,_, the_DT Grand_NNP Union_NNP offering_NN was_VBD sweetened_VBN to_TO include_VB warrants_NNS that_WDT allow_VBP bondholders_NNS to_TO acquire_VB common_JJ stock_NN ._. 
Prudential-Bache_NNP said_VBD the_DT York_NNP issue_NN was_VBD delayed_VBN because_IN of_IN market_NN conditions_NNS ._. 
``_`` Everything_NN is_VBZ going_VBG through_IN firehoops_NNS right_RB now_RB ,_, and_CC -LCB-_( Chicago_NNP &_CC North_NNP Western_JJ -RCB-_) is_VBZ no_DT exception_NN ,_, ''_'' said_VBD Mariel_NNP Clemensen_NNP ,_, vice_NN president_NN ,_, high-yield_JJ research_NN ,_, at_IN Citicorp_NNP ._. 
Portfolio_NN managers_NNS say_VBP sweeteners_NNS like_IN equity_NN kickers_NNS and_CC stricter_JJR protective_JJ covenants_NNS may_MD increasingly_RB be_VB required_VBN to_TO sell_VB junk-bond_NN deals_NNS ._. 
Dan_NNP Baldwin_NNP ,_, managing_VBG director_NN of_IN high-yield_JJ investments_NNS at_IN Chancellor_NNP Capital_NNP Management_NNP ,_, said_VBD the_DT Chicago_NNP &_CC North_NNP Western_JJ offering_NN was_VBD restructured_VBN in_IN part_NN because_IN ``_`` several_JJ large_JJ insurance_NN buyers_NNS right_RB now_RB are_VBP demanding_VBG equity_NN as_IN part_NN of_IN the_DT package_NN ._. 
If_IN you_PRP 're_VBP going_VBG to_TO take_VB the_DT risk_NN in_IN this_DT market_NN ,_, you_PRP want_VBP something_NN extra_JJ ._. ''_'' 
Mr._NNP Baldwin_NNP likes_VBZ the_DT offering_NN ._. 
But_CC several_JJ mutual-fund_JJ managers_NNS ,_, nervous_JJ about_IN the_DT deteriorating_VBG quality_NN of_IN their_PRP$ junk-bond_NN portfolios_NNS and_CC shy_JJ about_IN buying_VBG new_JJ issues_NNS ,_, said_VBD they_PRP 're_VBP staying_VBG away_RB from_IN any_DT junk_NN security_NN that_WDT is_VBZ n't_RB considered_VBN first_JJ rate_NN for_IN its_PRP$ class_NN ._. 
While_IN they_PRP consider_VBP the_DT Chicago_NNP &_CC North_NNP Western_JJ issue_NN to_TO be_VB good_JJ ,_, they_PRP do_VBP n't_RB view_VB it_PRP as_IN the_DT best_JJS ._. 
To_TO lure_VB buyers_NNS to_TO the_DT Chicago_NNP &_CC North_NNP Western_JJ bonds_NNS ,_, portfolio_NN managers_NNS said_VBD Donaldson_NNP Lufkin_NNP sweetened_VBD the_DT transaction_NN by_IN offering_VBG the_DT bonds_NNS with_IN a_DT resettable_JJ interest_NN rate_NN and_CC a_DT 10_CD %_NN equity_NN kicker_NN ._. 
The_DT bonds_NNS are_VBP expected_VBN to_TO have_VB a_DT 14_CD 1\/2_CD %_NN coupon_NN rate_NN ._. 
The_DT equity_NN arrangement_NN apparently_RB would_MD allow_VB bondholders_NNS to_TO buy_VB a_DT total_NN of_IN 10_CD %_NN of_IN the_DT stock_NN of_IN CNW_NNP Corp._NNP ,_, Chicago_NNP &_CC North_NNP Western_NN 's_POS parent_NN company_NN ._. 
Donaldson_NNP Lufkin_NNP declined_VBD to_TO comment_VB on_IN the_DT restructuring_NN ._. 
According_VBG to_TO some_DT analysts_NNS familiar_JJ with_IN the_DT negotiations_NNS ,_, the_DT 10_CD %_NN of_IN equity_NN would_MD come_VB directly_RB from_IN Donaldson_NNP Lufkin_NNP and_CC a_DT fund_NN affiliated_VBN with_IN the_DT investment_NN bank_NN Blackstone_NNP Group_NNP ,_, which_WDT would_MD reduce_VB their_PRP$ CNW_NNP equity_NN holdings_NNS by_IN 5_NN %_NN each_DT ._. 
That_DT would_MD leave_VB the_DT Blackstone_NNP fund_NN with_IN a_DT 60_CD %_NN stake_NN and_CC Donaldson_NNP Lufkin_NNP with_IN 15_CD %_NN ._. 
Despite_IN the_DT problems_NNS with_IN new_JJ issues_NNS ,_, high-yield_JJ bonds_NNS showed_VBD gains_NNS in_IN the_DT secondary_JJ ,_, or_CC resell_VB ,_, market_NN ._. 
Junk_NN bonds_NNS ended_VBD about_IN one-half_NN point_NN higher_JJR with_IN so-called_JJ high-quality_JJ issues_NNS from_IN RJR_NNP Capital_NNP Holdings_NNP Corp._NNP and_CC Petrolane_NNP Gas_NNP Service_NNP Limited_NNP Partnership_NNP rising_VBG one_CD point_NN ._. 
In_IN the_DT Treasury_NNP market_NN ,_, the_DT benchmark_NN 30-year_JJ bond_NN rose_VBD seven-eighths_NNS point_VBP ,_, or_CC $_$ 8.75_CD for_IN each_DT $_$ 1,000_CD face_NN amount_NN ._. 
The_DT gain_NN reflects_VBZ fresh_JJ economic_JJ evidence_NN that_DT inflation_NN is_VBZ moderating_VBG while_IN the_DT economy_NN slows_NNS ._. 
That_DT raised_VBN hopes_VBZ that_IN interest_NN rates_NNS will_MD continue_VB to_TO move_VB lower_JJR ._. 
The_DT Labor_NNP Department_NNP reported_VBD that_IN consumer_NN prices_NNS rose_VBD just_RB 0.2_CD %_NN last_JJ month_NN ,_, slightly_RB lower_JJR than_IN some_DT economists_NNS had_VBD expected_VBN ._. 
But_CC there_EX were_VBD also_RB rumors_VBZ yesterday_NN that_IN several_JJ Japanese_JJ institutional_JJ investors_NNS were_VBD shifting_VBG their_PRP$ portfolios_NNS and_CC buying_VBG long-term_JJ bonds_NNS while_IN selling_VBG shorter-term_JJ Treasurys_NNPS ._. 
Short-term_NNP Treasury_NNP securities_NNS ended_VBD narrowly_RB mixed_VBN ,_, with_IN two-year_JJ notes_NNS posting_VBG slight_JJ declines_NNS while_IN three-year_JJ notes_NNS were_VBD slightly_RB higher_JJR ._. 
Yesterday_NN ,_, the_DT Fed_NNP executed_VBD four-day_JJ matched_VBN sales_NNS ,_, a_DT technical_JJ trading_NN operation_NN designed_VBN to_TO drain_VB reserves_NNS from_IN the_DT banking_NN system_NN ._. 
The_DT move_NN was_VBD interpreted_VBN by_IN some_DT economists_NNS as_IN a_DT sign_NN that_IN the_DT Fed_NNP does_VBZ n't_RB want_VB the_DT federal_JJ funds_NNS rate_NN to_TO move_VB any_DT lower_JJR than_IN the_DT 8_CD 3\/4_CD %_NN at_IN which_WDT it_PRP has_VBZ been_VBN hovering_VBG around_IN during_IN the_DT past_JJ week_NN ._. 
The_DT closely_RB watched_VBN funds_NNS rate_NN is_VBZ what_WP banks_VBZ charge_VBP each_DT other_NN on_IN overnight_JJ loans_NNS ._. 
It_PRP is_VBZ considered_VBN an_DT early_JJ signal_NN of_IN Fed_NNP credit_NN policy_NN changes_NNS ._. 
``_`` The_DT fact_NN that_IN they_PRP did_VBD four-day_JJ matched_VBN sales_NNS means_VBZ they_PRP are_VBP not_RB in_IN a_DT mood_NN to_TO ease_VB aggressively_RB ._. 
They_PRP are_VBP telling_VBG us_PRP that_IN -LCB-_( 8_CD 3\/4_CD %_NN -RCB-_) is_VBZ as_RB low_JJ as_IN they_PRP want_VBP to_TO see_VB the_DT fed_VBN funds_NNS rate_NN ,_, ''_'' said_VBD Robert_NNP Chandross_NNP at_IN Lloyds_NNP Bank_NNP PLC_NNP ._. 
Treasury_NNP Securities_NNPS 
The_DT benchmark_NN 30-year_JJ bond_NN was_VBD quoted_VBN late_RB at_IN a_DT price_NN of_IN 101_CD 25\/32_CD to_TO yield_VB 7.955_CD %_NN ,_, compared_VBN with_IN 100_CD 29\/32_CD to_TO yield_VB 8.032_CD %_NN Wednesday_NNP ._. 
The_DT latest_JJS 10-year_JJ notes_NNS were_VBD quoted_VBN late_RB at_IN 100_CD 9\/32_CD to_TO yield_VB 7.937_CD %_NN ,_, compared_VBN with_IN 99_CD 26\/32_CD to_TO yield_VB 8.007_CD %_NN ._. 
Short-term_JJ rates_NNS rose_VBD yesterday_NN ._. 
The_DT discount_NN rate_NN on_IN three-month_JJ Treasury_NNP bills_NNS rose_VBD to_TO 7.56_CD %_NN from_IN 7.51_CD %_NN Wednesday_NNP ,_, while_IN the_DT rate_NN on_IN six-month_JJ bills_NNS rose_VBD to_TO 7.57_CD %_NN from_IN 7.53_CD %_NN ._. 
Meanwhile_RB ,_, the_DT Treasury_NNP sold_VBD $_$ 9.75_CD billion_CD of_IN 52-week_JJ bills_NNS yesterday_NN ._. 
The_DT average_JJ yield_NN on_IN the_DT bills_NNS was_VBD 7.35_CD %_NN ,_, down_RB from_IN 7.61_CD %_NN at_IN the_DT previous_JJ 52-week_JJ bill_NN auction_NN Sept._NNP 21_CD ._. 
Yesterday_NN 's_POS yield_NN was_VBD the_DT lowest_JJS since_IN 7.22_CD %_NN on_IN July_NNP 27_CD ._. 
Here_RB are_VBP details_NNS of_IN the_DT auction_NN :_: 
Rates_NNS are_VBP determined_VBN by_IN the_DT difference_NN between_IN the_DT purchase_NN price_NN and_CC face_NN value_NN ._. 
Thus_RB ,_, higher_JJR bidding_NN narrows_VBZ the_DT investor_NN 's_POS return_NN while_IN lower_JJR bidding_NN widens_VBZ it_PRP ._. 
The_DT percentage_NN rates_NNS are_VBP calculated_VBN on_IN a_DT 360-day_JJ year_NN ,_, while_IN the_DT coupon-equivalent_JJ yield_NN is_VBZ based_VBN on_IN a_DT 365-day_JJ year_NN ._. 
Corporate_JJ Issues_NNS 
Junk_NN bond_NN price_NN climbed_VBD yesterday_NN despite_IN skittishness_NN in_IN the_DT new-issue_JJ market_NN for_IN high-yield_JJ securities_NNS ._. 
Dealers_NNS said_VBD junk_NN bond_NN issues_NNS on_IN average_NN were_VBD up_IN by_IN 1\/4_CD to_TO 1\/2_CD point_NN with_IN so-called_JJ quality_NN issues_NNS from_IN RJR_NNP Capital_NNP Holdings_NNP Corp._NNP and_CC Petrolane_NNP Gas_NNP Service_NNP Limited_NNP Partnership_NNP posting_VBG one-point_JJ gains_NNS ._. 
Petrolane_NNP Gas_NNP Service_NNP 's_POS 13_CD 1\/4_CD %_NN debentures_NNS traded_VBN at_IN 102_CD ,_, after_IN trading_NN around_IN par_NN earlier_RBR this_DT week_NN ,_, and_CC RJR_NNP 's_POS 13_CD 1\/2_CD %_NN subordinated_VBD debentures_NNS of_IN 2001_CD were_VBD at_IN 101_CD 5\/8_CD after_IN trading_NN at_IN below_IN par_NN earlier_RBR this_DT week_NN ._. 
Investment-grade_JJ bonds_NNS were_VBD unchanged_JJ ._. 
Municipals_NNS 
Activity_NN was_VBD brisk_JJ in_IN the_DT high-grade_JJ general_JJ obligation_NN market_NN ,_, as_IN a_DT series_NN of_IN sell_NN lists_NNS hit_VBD the_DT Street_NNP and_CC capped_VBD upward_JJ price_NN movement_NN in_IN the_DT sector_NN ._. 
Traders_NNS estimated_VBN that_IN more_JJR than_IN $_$ 140_CD million_CD of_IN high-grade_JJ bonds_NNS was_VBD put_VBN up_IN for_IN sale_NN via_IN bid-wanted_JJ lists_NNS circulated_VBN by_IN a_DT handful_NN of_IN major_JJ brokers_NNS ._. 
There_EX was_VBD speculation_NN that_IN the_DT supply_NN was_VBD coming_VBG from_IN a_DT commercial_JJ bank_NN 's_POS portfolios_NNS ._. 
According_VBG to_TO market_VB participants_NNS ,_, the_DT bonds_NNS were_VBD met_VBN with_IN decent_JJ bids_NNS ,_, but_CC the_DT volume_NN of_IN paper_NN left_VBD high_JJ grades_NNS in_IN the_DT 10-year_JJ and_CC under_IN maturity_NN range_NN unchanged_JJ to_TO 0.05_CD percentage_NN point_NN higher_JJR in_IN yield_NN ._. 
Away_RB from_IN the_DT general_JJ obligation_NN sector_NN ,_, activity_NN was_VBD modest_JJ ._. 
Long_JJ dollar_NN bonds_NNS were_VBD flat_JJ to_TO up_IN 3\/8_CD point_NN ._. 
New_NNP Jersey_NNP Turnpike_NNP Authority_NNP 's_POS 7.20_CD %_NN issue_NN of_IN 2018_CD was_VBD up_IN 3\/8_CD at_IN 98_CD 3\/8_CD bid_NN to_TO yield_VB about_IN 7.32_CD %_NN ,_, down_RB 0.03_CD percentage_NN point_NN ._. 
The_DT debt_NN of_IN some_DT California_NNP issuers_NNS pulled_VBD off_IN lows_NNS reached_VBN after_IN Tuesday_NNP 's_POS massive_JJ earthquake_NN ,_, although_IN traders_NNS said_VBD market_NN participants_NNS remained_VBD cautious_JJ ._. 
California_NNP expects_VBZ to_TO rely_VB on_IN federal_JJ emergency_NN funds_NNS and_CC its_PRP$ $_$ 1.06_CD billion_CD in_IN general_JJ fund_NN reserves_NNS to_TO meet_VB the_DT estimated_VBN $_$ 500_CD million_CD to_TO $_$ 1_CD billion_CD in_IN damages_NNS resulting_VBG from_IN the_DT quake_NN ,_, according_VBG to_TO a_DT state_NN official_NN ._. 
It_PRP 's_VBZ also_RB unclear_JJ precisely_RB how_WRB the_DT state_NN will_MD rebuild_VB its_PRP$ reserve_NN ,_, said_VBD Cindy_NNP Katz_NNP ,_, assistant_NN director_NN of_IN California_NNP 's_POS department_NN of_IN finance_NN ,_, although_IN she_PRP noted_VBD that_IN a_DT bond_NN offering_NN for_IN that_DT purpose_NN is_VBZ n't_RB anticipated_VBN ._. 
Meanwhile_RB ,_, new_JJ issuance_NN was_VBD slow_JJ ._. 
The_DT largest_JJS sale_NN in_IN the_DT competitive_JJ arena_NN was_VBD a_DT $_$ 55.7_CD million_CD issue_NN of_IN school_NN financing_NN bonds_NNS from_IN the_DT Virginia_NNP Public_NNP School_NNP Authority_NNP ._. 
A_DT balance_NN of_IN $_$ 25.8_CD million_CD remained_VBD in_IN late_JJ order-taking_NN ,_, according_VBG to_TO the_DT lead_NN manager_NN ._. 
Mortgage-Backed_JJ Securities_NNPS 
Mortgage_NN securities_NNS generally_RB ended_VBD 6\/32_CD to_TO 9\/32_CD point_NN higher_JJR ,_, but_CC lagged_VBD gains_NNS in_IN the_DT Treasury_NNP market_NN because_IN of_IN a_DT shift_NN in_IN the_DT shape_NN of_IN the_DT Treasury_NNP yield_NN curve_NN and_CC rumored_VBN mortgage_NN sales_NNS by_IN thrifts_NNS ._. 
Premium_NNP Government_NNP National_NNP Mortgage_NNP Association_NNP securities_NNS with_IN coupon_NN rates_NNS of_IN 13_CD %_NN and_CC higher_JJR actually_RB declined_VBD amid_IN concerns_NNS about_IN increased_VBN prepayments_NNS because_IN of_IN a_DT plan_NN being_VBG considered_VBN by_IN Congress_NNP to_TO speed_VB the_DT refinancing_NN of_IN government-subsidized_JJ mortgages_NNS ._. 
Ginnie_NNP Mae_NNP 13_CD %_NN securities_NNS were_VBD down_RB about_IN 1\/4_CD at_IN 109_CD 30\/32_CD ._. 
If_IN the_DT refinancing_NN plan_NN clears_VBZ Congress_NNP ,_, there_EX could_MD be_VB fairly_RB heavy_JJ prepayments_NNS on_IN the_DT premium_NN securities_NNS ,_, hurting_VBG any_DT investor_NN paying_VBG much_JJ above_IN par_NN for_IN them_PRP ._. 
In_IN the_DT current-coupon_JJ sector_NN ,_, a_DT shift_NN in_IN the_DT Treasury_NNP yield_NN curve_NN resulting_VBG from_IN the_DT better_JJR performance_NN of_IN long-dated_JJ issues_NNS over_IN short-dated_JJ securities_NNS hurt_VBD major_JJ coupons_NNS because_IN it_PRP will_MD become_VB more_RBR difficult_JJ to_TO structure_VB new_JJ derivative_JJ securities_NNS offerings_NNS ._. 
Ginnie_NNP Mae_NNP 9_CD %_NN securities_NNS ended_VBD at_IN 98_CD 6\/32_CD ,_, up_IN 9\/32_CD ,_, and_CC Federal_NNP Home_NNP Loan_NNP Mortgage_NNP Corp._NNP 9_CD %_NN securities_NNS were_VBD at_IN 97_CD 10\/32_CD ,_, up_IN 6\/32_CD ._. 
The_DT Ginnie_NNP Mae_NNP 9_CD %_NN issue_NN was_VBD yielding_VBG 9.42_CD %_NN to_TO a_DT 12-year_JJ average_JJ life_NN assumption_NN ,_, as_IN the_DT spread_NN above_IN the_DT Treasury_NNP 10-year_JJ note_NN widened_VBD 0.03_CD percentage_NN point_NN to_TO 1.48_CD ._. 
While_IN Remic_NNP issuance_NN may_MD slow_VB in_IN the_DT coming_VBG days_NNS because_IN of_IN the_DT shift_NN in_IN the_DT Treasury_NNP yield_NN curve_NN ,_, underwriters_NNS continued_VBD to_TO crank_VB out_IN new_JJ real_JJ estate_NN mortgage_NN investment_NN conduits_NNS structured_VBN when_WRB the_DT yield_NN curve_NN was_VBD more_RBR favorable_JJ ._. 
Two_CD new_JJ Remics_NNS totaling_VBG $_$ 900_CD million_CD were_VBD announced_VBN by_IN Freddie_NNP Mac_NNP yesterday_NN ._. 
Foreign_JJ Bonds_NNS 
British_JJ government_NN bonds_NNS ended_VBD little_RB changed_VBN as_IN investors_NNS awaited_VBD an_DT economic_JJ policy_NN address_NN last_JJ night_NN by_IN Chancellor_NNP of_IN the_DT Exchequer_NNP Nigel_NNP Lawson_NNP ._. 
The_DT Treasury_NNP 11_CD 3\/4_CD %_NN bond_NN due_JJ 2003\/2007_CD was_VBD down_RB 2\/32_CD at_IN 111_CD 29\/32_CD to_TO yield_VB 10.09_CD %_NN ,_, while_IN the_DT 11_CD 3\/4_CD %_NN notes_NNS due_JJ 1991_CD were_VBD unchanged_JJ at_IN 98_CD 19\/32_CD to_TO yield_VB 12.94_CD %_NN ._. 
In_IN Japan_NNP ,_, the_DT bellwether_NN No._NN 111_CD 4.6_CD %_NN bond_NN of_IN 1998_CD ended_VBD off_IN 0.03_CD at_IN 95.72_CD ,_, to_TO yield_VB 5.32_CD %_NN ,_, and_CC in_IN West_NNP Germany_NNP ,_, the_DT 7_CD %_NN benchmark_NN issue_NN due_JJ October_NNP 1999_CD ended_VBD 0.05_CD point_NN lower_JJR at_IN 99.85_CD to_TO yield_VB 7.02_CD %_NN ._. 
THE_DT PANHANDLER_NN approaches_NNS ,_, makes_VBZ his_PRP$ pitch_NN ._. 
It_PRP may_MD be_VB straightforward_JJ --_: he_PRP wants_VBZ money_NN for_IN food_NN --_: or_CC incredibly_RB convoluted_JJ ;_: his_PRP$ sister_NN is_VBZ at_IN this_DT very_JJ moment_NN near_IN death_NN in_IN Hoboken_NNP ,_, he_PRP has_VBZ lost_VBN his_PRP$ wallet_NN and_CC has_VBZ only_RB $_$ 1.22_CD in_IN change_NN to_TO put_VB toward_IN a_DT bus_NN ticket_NN costing_VBG $_$ 3.83_CD ,_, and_CC wo_MD n't_RB you_PRP give_VB him_PRP the_DT difference_NN ?_. 
No_DT ?_. 
Well_UH ,_, how_WRB about_IN a_DT loan_NN ,_, he_PRP 'll_MD take_VB your_PRP$ name_NN and_CC address_NN ..._: 
Figuring_VBG that_IN their_PRP$ money_NN would_MD more_RBR likely_JJ go_NN toward_IN a_DT bottle_NN of_IN Night_NNP Train_NNP Express_NNP ,_, most_RBS people_NNS have_VBP little_JJ trouble_NN saying_VBG no_DT to_TO propositions_NNS like_IN this_DT ._. 
But_CC healthy_JJ skepticism_NN vanishes_VBZ when_WRB they_PRP are_VBP solicited_VBN by_IN an_DT organized_VBN charity_NN to_TO help_VB fight_VB cancer_NN ,_, famine_NN ,_, child_NN abuse_NN ,_, or_CC what_WP have_VBP you_PRP ._. 
Most_JJS see_VB little_JJ reason_NN to_TO doubt_VB that_IN their_PRP$ cash_NN will_MD go_VB toward_IN these_DT noble_JJ goals_NNS ._. 
But_CC will_MD it_PRP ?_. 
In_IN a_DT distressing_JJ number_NN of_IN cases_NNS ,_, no_DT ._. 
In_IN fact_NN ,_, the_DT donors_NNS sometimes_RB might_MD be_VB better_JJR off_IN giving_VBG the_DT money_NN to_TO the_DT panhandler_NN :_: at_IN least_JJS he_PRP has_VBZ no_DT overhead_NN ,_, and_CC he_PRP might_MD even_RB be_VB telling_VBG the_DT truth_NN ._. 
Last_JJ year_NN ,_, more_JJR than_IN $_$ 100_CD billion_CD was_VBD donated_VBN to_TO the_DT nation_NN 's_POS 400,000_CD charities_NNS ._. 
While_IN the_DT vast_JJ bulk_NN of_IN it_PRP was_VBD indeed_RB spent_VBN by_IN reputable_JJ organizations_NNS on_IN the_DT good_JJ works_NNS it_PRP was_VBD raised_VBN for_IN ,_, it_PRP 's_VBZ equally_RB true_JJ that_IN a_DT sizable_JJ hunk_NN was_VBD consumed_VBN in_IN ``_`` expenses_NNS ''_'' claimed_VBN by_IN other_JJ operators_NNS ,_, including_VBG fraudulent_JJ expenses_NNS ._. 
In_IN many_JJ cases_NNS the_DT costs_NNS claimed_VBD were_VBD so_RB high_JJ that_IN only_RB a_DT dribble_NN of_IN cash_NN was_VBD left_VBN for_IN the_DT purported_JJ beneficiaries_NNS ._. 
It_PRP 's_VBZ impossible_JJ to_TO say_VB exactly_RB how_WRB much_NN of_IN the_DT total_JJ charity_NN intake_NN is_VBZ devoured_VBN by_IN stratospheric_JJ fund-raising_NN costs_NNS ,_, high-living_JJ operators_NNS ,_, and_CC downright_JJ fraud_NN ._. 
But_CC the_DT problem_NN clearly_RB is_VBZ widespread_JJ and_CC persistent_JJ ._. 
State_NN law_NN enforcers_NNS can_MD barely_RB keep_VB up_IN with_IN charity_NN scams_NNS ,_, and_CC reports_NNS from_IN watchdog_NN groups_NNS such_JJ as_IN the_DT Council_NNP of_IN Better_NNP Business_NNP Bureaus_NNP are_VBP not_RB encouraging_VBG ._. 
The_DT Philanthropic_NNP Advisory_NNP Service_NNP of_IN the_DT BBB_NNP reviews_NNS hundreds_NNS of_IN new_JJ charities_NNS every_DT year_NN ,_, measuring_VBG them_PRP against_IN minimum_JJ standards_NNS for_IN accountability_NN ;_: for_IN accuracy_NN and_CC honesty_NN in_IN solicitation_NN ;_: and_CC for_IN percentage_NN of_IN funds_NNS actually_RB going_VBG to_TO work_VB for_IN which_WDT the_DT charity_NN was_VBD supposedly_RB established_VBN ._. 
The_DT Service_NNP figures_NNS at_IN least_JJS half_NN of_IN the_DT money_NN taken_VBN in_IN should_MD be_VB spent_VBN on_IN program_NN ._. 
Roughly_RB a_DT third_JJ of_IN the_DT charities_NNS reviewed_VBN flunk_VBP the_DT test_NN ._. 
Which_WDT ,_, it_PRP should_MD be_VB added_VBN ,_, does_VBZ n't_RB prevent_VB the_DT charities_NNS from_IN raking_VBG in_IN a_DT lot_NN of_IN money_NN anyway_RB ._. 
Without_IN a_DT microscope_NN and_CC a_DT subpoena_NN ,_, it_PRP 's_VBZ often_RB hard_JJ to_TO sort_VB out_RP worthwhile_JJ causes_NNS from_IN ripoffs_NNS if_IN all_DT you_PRP 've_VBP got_VBD to_TO go_VB on_IN is_VBZ the_DT solicitation_NN itself_PRP ._. 
On_IN this_DT basis_NN ,_, ``_`` there_EX 's_VBZ no_DT way_NN the_DT average_JJ person_NN can_MD know_VB a_DT good_JJ charity_NN from_IN a_DT bad_JJ one_CD ,_, ''_'' says_VBZ David_NNP Ormstedt_NNP ,_, an_DT assistant_NN attorney_NN general_JJ in_IN Connecticut_NNP ._. 
``_`` A_DT lot_NN of_IN donors_NNS just_RB get_VBP taken_VBN ._. ''_'' 
Including_VBG those_DT ,_, he_PRP contends_VBZ ,_, who_WP put_VBP about_RB $_$ 1_CD million_CD into_IN the_DT kitty_NN for_IN the_DT Connecticut_NNP Association_NNP of_IN Concerned_NNP Veterans_NNP and_CC the_DT Vietnam_NNP Veterans_NNP Service_NNP Center_NNP ._. 
The_DT state_NN has_VBZ sued_VBN these_DT charities_NNS in_IN state_NN court_NN ,_, complaining_VBG that_IN much_NN of_IN the_DT money_NN was_VBD grossly_RB misspent_VBN ;_: 82_CD %_NN ,_, says_VBZ Mr._NNP Ormstedt_NNP ,_, went_VBD to_TO fund_VB raisers_NNS and_CC most_RBS of_IN the_DT rest_NN to_TO the_DT people_NNS who_WP ran_VBD the_DT charities_NNS and_CC to_TO their_PRP$ relatives_NNS --_: for_IN fur_NN coats_NNS ,_, trips_NNS to_TO Florida_NNP ,_, Lucullan_JJ restaurant_NN tabs_NNS ._. 
The_DT telephone_NN number_NN for_IN the_DT charity_NN in_IN Shelton_NNP ,_, Conn._NNP ,_, has_VBZ been_VBN disconnected_VBN ,_, and_CC the_DT former_JJ officials_NNS could_MD n't_RB be_VB located_VBN ._. 
Running_VBG a_DT charity_NN does_VBZ cost_NN money_NN ,_, but_CC reputable_JJ organizations_NNS manage_VBP to_TO get_VB the_DT lion_NN 's_POS share_NN of_IN donations_NNS out_IN to_TO where_WRB they_PRP are_VBP really_RB needed_VBN ._. 
The_DT Arthritis_NNP Foundation_NNP ,_, the_DT American_NNP Cancer_NNP Society_NNP and_CC the_DT United_NNP Way_NN of_IN America_NNP all_DT say_NN that_IN they_PRP spend_VBP roughly_RB 90_CD %_NN of_IN their_PRP$ income_NN on_IN programs_NNS ,_, not_RB overhead_JJ ._. 
With_IN some_DT other_JJ charities_NNS ,_, however_RB ,_, it_PRP s_PRP the_DT other_JJ way_NN around_RB ._. 
The_DT fledgling_NN National_NNP Children_NNS 's_POS Cancer_NNP Society_NNP ,_, for_IN example_NN ,_, took_VBD in_IN $_$ 2.5_CD million_CD last_JJ year_NN to_TO finance_VB bone-marrow_NN transplants_NNS for_IN children_NNS ._. 
By_IN the_DT time_NN it_PRP paid_VBD its_PRP$ expenses_NNS it_PRP only_RB had_VBD $_$ 120,000_CD left_VBN --_: not_RB enough_RB to_TO treat_VB even_RB one_CD child_NN ._. 
The_DT state_NN of_IN Illinois_NNP is_VBZ suing_VBG the_DT charity_NN for_IN fraud_NN in_IN Chicago_NNP ,_, along_IN with_IN Telesystems_NNP Marketing_NNP Inc._NNP ,_, its_PRP$ Houston-based_JJ fund_NN raiser_NN ._. 
Both_DT deny_VB wrongdoing_NN ._. 
The_DT charity_NN admits_VBZ spending_VBG a_DT lot_NN on_IN fund_NN raising_VBG ,_, but_CC says_VBZ that_WDT was_VBD necessary_JJ to_TO establish_VB a_DT donor_NN base_NN it_PRP can_MD tap_VB at_IN much_RB lower_JJR cost_NN in_IN years_NNS to_TO come_VB ._. 
Michael_NNP Burns_NNP ,_, president_NN of_IN Telesystems_NNP ,_, says_VBZ his_PRP$ concern_NN has_VBZ only_RB benefited_VBN from_IN the_DT publicity_NN surrounding_VBG the_DT case_NN ,_, noting_VBG that_IN three_CD other_JJ charities_NNS have_VBP signed_VBN on_IN as_IN clients_NNS because_IN they_PRP were_VBD impressed_VBN with_IN the_DT amount_NN he_PRP raised_VBD for_IN National_NNP Children_NNS 's_POS ._. 
Meanwhile_RB ,_, a_DT state_NN court_NN judge_NN has_VBZ allowed_VBN the_DT charity_NN to_TO go_VB on_IN soliciting_VBG funds_NNS ._. 
Enforcers_NNS ca_MD n't_RB put_VB charities_NNS out_IN of_IN business_NN simply_RB because_IN they_PRP spend_VBP the_DT lion_NN 's_POS share_NN of_IN their_PRP$ income_NN on_IN fund_NN raising_VBG ._. 
State_NN laws_NNS previously_RB used_VBN as_IN a_DT yardstick_NN minimum_JJ percentages_NNS of_IN income_NN --_: usually_RB half_NN --_: that_WDT had_VBD to_TO be_VB spent_VBN on_IN the_DT program_NN rather_RB than_IN overhead_JJ ,_, but_CC these_DT have_NN been_VBN overturned_VBN by_IN the_DT U.S._NNP Supreme_NNP Court_NNP ._. 
It_PRP has_VBZ ruled_VBN that_IN such_JJ laws_NNS might_MD work_VB to_TO stifle_VB fund_NN raising_VBG ,_, which_WDT would_MD amount_VB to_TO limiting_VBG the_DT charities_NNS '_POS first-amendment_JJ right_NN to_TO freedom_NN of_IN expression_NN ._. 
This_DT puts_VBZ upon_IN enforcers_NNS the_DT burden_NN of_IN proving_VBG outright_JJ fraud_NN or_CC misrepresentation_NN ,_, and_CC such_JJ actions_NNS have_VBP been_VBN brought_VBN against_IN hundreds_NNS of_IN charities_NNS recently_RB ._. 
The_DT attorney_NN general_NN 's_POS office_NN in_IN Connecticut_NNP alone_RB has_VBZ put_VBN seven_CD of_IN them_PRP out_IN of_IN business_NN over_IN the_DT past_JJ couple_NN of_IN years_NNS ,_, and_CC the_DT enforcement_NN drive_NN is_VBZ continuing_VBG there_EX and_CC elsewhere_RB ._. 
In_IN making_VBG cases_NNS ,_, the_DT authorities_NNS frequently_RB zero_CD in_IN on_IN alleged_VBN misrepresentations_NNS made_VBN by_IN the_DT charities_NNS '_POS fund_NN raisers_NNS ._. 
Illinois_NNP ,_, for_IN instance_NN ,_, currently_RB has_VBZ under_IN investigation_NN 10_CD of_IN the_DT 30_CD companies_NNS drumming_VBG up_IN funds_NNS for_IN charities_NNS soliciting_VBG there_RB ._. 
Enforcers_NNS pay_VBP special_JJ attention_NN to_TO operators_NNS using_VBG sweepstakes_NN prizes_NNS as_IN an_DT additional_JJ inducement_NN to_TO give_VB ._. 
Attorneys_NNS general_JJ in_IN several_JJ states_NNS ,_, including_VBG Illinois_NNP ,_, are_VBP already_RB suing_VBG Watson_NNP &_CC Hughey_NNP Co._NNP ,_, an_DT Alexandria_NNP ,_, Va.-based_JJ outfit_NN that_IN they_PRP say_VBP has_VBZ used_VBN deceptive_JJ sweepstakes_NN ads_NNS to_TO solicit_VB donations_NNS for_IN the_DT American_NNP Heart_NNP Disease_NNP Foundation_NNP and_CC the_DT Cancer_NNP Fund_NNP of_IN America_NNP ._. 
According_VBG to_TO the_DT Illinois_NNP attorney_NN general_NN 's_POS suit_NN ,_, Watson_NNP &_CC Hughey_NNP sent_VBD mailings_NNS indicating_VBG that_IN recipients_NNS were_VBD guaranteed_VBN cash_NN prizes_NNS ,_, and_CC could_MD win_VB up_IN to_TO an_DT additional_JJ $_$ 1,000_CD on_IN top_NN of_IN them_PRP ,_, if_IN they_PRP contributed_VBD as_RB little_JJ as_IN $_$ 7_CD ._. 
But_CC the_DT total_JJ value_NN of_IN the_DT prizes_NNS was_VBD only_RB $_$ 5,000_CD and_CC most_RBS ``_`` winners_NNS ''_'' will_MD receive_VB just_RB 10_CD cents_NNS ,_, according_VBG to_TO the_DT attorney_NN general_NN 's_POS office_NN ._. 
The_DT suit_NN is_VBZ still_RB pending_VBG in_IN Illinois_NNP state_NN court_NN ._. 
Watson_NNP &_CC Hughey_NNP has_VBZ denied_VBN the_DT allegations_NNS in_IN court_NN ;_: officials_NNS decline_VBP to_TO comment_VB further_JJ ._. 
While_IN they_PRP can_MD target_VB some_DT of_IN the_DT most_RBS obvious_JJ miscreants_NNS ,_, enforcers_NNS concede_VBP that_IN they_PRP are_VBP only_RB scratching_VBG the_DT surface_NN ._. 
There_EX are_VBP so_RB many_JJ cunning_JJ ploys_NNS used_VBN by_IN so_RB many_JJ dubious_JJ operators_NNS ,_, they_PRP say_VBP ,_, that_IN it_PRP is_VBZ probably_RB impossible_JJ to_TO stop_VB them_PRP all_DT ._. 
One_CD maneuver_NN :_: the_DT ``_`` public_JJ education_NN ''_'' gambit_NN ._. 
The_DT solicitation_NN material_NN indicates_VBZ that_IN donations_NNS will_MD go_VB toward_IN a_DT campaign_NN alerting_VBG and_CC informing_VBG the_DT public_NN about_IN some_DT health_NN or_CC other_JJ issue_NN ._. 
What_WP it_PRP does_VBZ n't_RB say_VB is_VBZ that_IN the_DT entire_JJ ``_`` campaign_NN ''_'' may_MD be_VB the_DT fund-raising_NN letter_NN itself_PRP ._. 
``_`` All_DT too_RB often_RB this_DT will_MD merely_RB be_VB a_DT statement_NN on_IN the_DT solicitation_NN such_JJ as_IN ,_, `_`` Do_VBP n't_RB smoke_VB !_. '_'' or_CC `_`` Wear_VB suntan_NN lotion_NN ,_, '_POS ``_`` says_VBZ William_NNP Webster_NNP ,_, attorney_NN general_NN of_IN Missouri_NNP ._. 
``_`` By_IN putting_VBG these_DT pithy_JJ statements_NNS on_IN the_DT solicitations_NNS ,_, hundreds_NNS of_IN thousands_NNS of_IN dollars_NNS are_VBP claimed_VBN to_TO have_VB been_VBN spent_VBN on_IN education_NN to_TO consumers_NNS when_WRB in_IN fact_NN this_DT represents_VBZ the_DT costs_NNS of_IN sending_VBG the_DT newsletters_NNS ._. ''_'' 
Mr._NNP Webster_NNP cites_VBZ a_DT four-page_JJ mailing_NN from_IN the_DT United_NNP Cancer_NNP Council_NNP that_WDT offers_VBZ a_DT chance_NN to_TO win_VB $_$ 5,000_CD in_IN gold_NN bullion_NN to_TO those_DT giving_VBG as_RB little_JJ as_IN $_$ 5_NN to_TO cancer_NN education_NN ._. 
``_`` A_DT few_JJ boilerplate_NN warnings_NNS about_IN cancer_NN appear_VB but_CC that_DT 's_VBZ only_RB two_CD inches_NNS in_IN all_DT four_CD pages_NNS ._. 
I_PRP think_VBP some_DT people_NNS may_MD believe_VB they_PRP 're_VBP helping_VBG fund_NN a_DT massive_JJ TV_NN and_CC print_NN campaign_NN ,_, but_CC we_PRP could_MD n't_RB find_VB that_IN the_DT charity_NN does_VBZ anything_NN except_IN write_VB these_DT letters_NNS ,_, ''_'' he_PRP says_VBZ ._. 
Officials_NNS at_IN the_DT Washington_NNP D.C.-based_JJ charity_NN did_VBD n't_RB return_VB repeated_VBN phone_NN calls_NNS ._. 
Many_JJ fly-by-night_JJ charities_NNS ride_VBP the_DT coattails_NNS of_IN the_DT biggest_JJS ,_, best-known_JJ and_CC most_RBS reputable_JJ ones_NNS by_IN adopting_VBG names_NNS similar_JJ to_TO theirs_PRP ._. 
The_DT established_VBN charities_NNS are_VBP bothered_VBN by_IN this_DT but_CC say_VBP they_PRP can_MD do_VB little_JJ about_IN it_PRP ._. 
``_`` We_PRP ca_MD n't_RB police_VB the_DT many_JJ organizations_NNS that_WDT have_VBP sprung_VBN up_IN in_IN the_DT last_JJ few_JJ years_NNS using_VBG part_NN of_IN our_PRP$ name_NN ._. 
Most_JJS of_IN them_PRP do_VBP n't_RB last_JJ for_IN long_JJ ,_, but_CC in_IN the_DT meantime_NN all_DT we_PRP can_MD do_VB is_VBZ tell_VB people_NNS they_PRP are_VBP n't_RB connected_VBN with_IN us_PRP ,_, ''_'' says_VBZ a_DT spokeswoman_NN for_IN the_DT American_NNP Heart_NNP Association_NNP ._. 
And_CC sometimes_RB a_DT reputable_JJ charity_NN with_IN a_DT household_NN name_NN gets_VBZ used_VBN and_CC does_VBZ n't_RB even_RB know_VB it_PRP ._. 
A_DT couple_NN in_IN Rockford_NNP ,_, Ill._NNP ,_, raised_VBD $_$ 12,591_CD earlier_RBR this_DT year_NN using_VBG the_DT name_NN and_CC logo_NN of_IN Mothers_NNPS Against_IN Drunk_JJ Driving_VBG ,_, without_IN permission_NN from_IN the_DT group_NN ._. 
MADD_NNP did_VBD n't_RB learn_VB of_IN the_DT fund_NN raising_VBG until_IN the_DT couple_NN sent_VBD it_PRP a_DT check_NN for_IN $_$ 613_CD ,_, along_IN with_IN a_DT letter_NN saying_VBG that_WDT was_VBD the_DT charity_NN 's_POS ``_`` share_NN ._. ''_'' 
The_DT Illinois_NNP Attorney_NNP General_NNP won_VBD a_DT court_NN order_NN to_TO prevent_VB the_DT couple_NN from_IN raising_VBG further_JJ funds_NNS without_IN MADD_NNP 's_POS permission_NN ._. 
The_DT couple_NN could_MD n't_RB be_VB reached_VBN for_IN comment_NN and_CC apparently_RB have_VBP left_VBN Rockford_NNP ,_, law_NN enforcement_NN officials_NNS report_VBP ._. 
Denise_NNP McDonald_NNP ,_, a_DT spokeswoman_NN for_IN MADD_NNP ,_, says_VBZ ,_, ``_`` It_PRP 's_VBZ scary_JJ ,_, because_IN anybody_NN could_MD do_VB this_DT ._. ''_'' 
Mr._NNP Johnson_NNP is_VBZ a_DT staff_NN reporter_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS Chicago_NNP bureau_NN ._. 
Overhead_NN costs_NNS at_IN some_DT of_IN the_DT largest_JJS charities_NNS ,_, in_IN millions_NNS of_IN dollars_NNS 
British_JJ Airways_NNP PLC_NNP ,_, a_DT crucial_JJ participant_NN in_IN the_DT proposed_VBN buy-out_NN of_IN UAL_NNP Corp._NNP ,_, washed_VBD its_PRP$ hands_NNS of_IN the_DT current_JJ efforts_NNS to_TO revive_VB a_DT bid_NN for_IN the_DT parent_NN of_IN United_NNP Airlines_NNPS ._. 
Specifically_RB ,_, the_DT British_JJ carrier_NN said_VBD it_PRP currently_RB has_VBZ no_DT plans_NNS to_TO participate_VB in_IN any_DT new_JJ offer_NN for_IN UAL_NNP ._. 
In_IN addition_NN ,_, British_NNP Air_NNP officially_RB withdrew_VBD its_PRP$ support_NN for_IN the_DT previous_JJ $_$ 300-a-share_JJ bid_NN in_IN a_DT terse_JJ statement_NN that_WDT said_VBD ``_`` the_DT original_JJ deal_NN is_VBZ closed_VBN ._. ''_'' 
Company_NN officials_NNS said_VBD later_RB that_IN British_JJ Airways_NNPS believes_VBZ its_PRP$ involvement_NN in_IN the_DT UAL_NNP buy-out_NN ended_VBD last_JJ Friday_NNP when_WRB the_DT buy-out_NN group_NN ,_, which_WDT also_RB includes_VBZ UAL_NNP 's_POS management_NN and_CC pilot_NN union_NN ,_, failed_VBD to_TO obtain_VB financing_NN for_IN the_DT $_$ 6.79_CD billion_CD transaction_NN ._. 
The_DT carrier_NN stopped_VBD short_NN of_IN saying_VBG it_PRP would_MD n't_RB at_IN some_DT point_NN reconsider_VB participating_VBG in_IN any_DT new_JJ bid_NN for_IN UAL_NNP ._. 
However_RB ,_, company_NN officials_NNS said_VBD they_PRP plan_VBP to_TO take_VB ``_`` no_DT initiatives_NNS ''_'' to_TO resurrect_VB the_DT transaction_NN ,_, and_CC ``_`` are_VBP n't_RB aware_JJ ''_'' of_IN any_DT restructured_VBN bid_NN in_IN the_DT making_NN ._. 
Collectively_RB ,_, the_DT statements_NNS raised_VBD questions_NNS about_IN whether_IN a_DT new_JJ bid_NN for_IN UAL_NNP will_MD ever_RB get_VB off_IN the_DT ground_NN ._. 
The_DT transaction_NN has_VBZ had_VBN a_DT series_NN of_IN setbacks_NNS since_IN the_DT financing_NN problems_NNS became_VBD known_VBN last_JJ Friday_NNP ,_, with_IN no_DT signs_NNS or_CC statements_NNS from_IN the_DT buy-out_NN group_NN to_TO indicate_VB that_IN any_DT progress_NN has_VBZ taken_VBN place_NN ._. 
However_RB ,_, in_IN response_NN to_TO the_DT British_NNP Air_NNP decision_NN ,_, United_NNP 's_POS pilot_NN union_NN vowed_VBD to_TO continue_VB efforts_NNS to_TO revive_VB the_DT buy-out_NN ._. 
Pilot_NN union_NN Chairman_NNP Frederick_NNP C._NNP Dubinsky_NNP said_VBD advisers_NNS to_TO UAL_NNP management_NN and_CC the_DT union_NN will_MD begin_VB meeting_NN in_IN New_NNP York_NNP today_NN and_CC will_MD work_VB through_IN the_DT weekend_NN to_TO devise_VB a_DT new_JJ proposal_NN to_TO present_VB to_TO UAL_NNP 's_POS board_NN ``_`` at_IN the_DT earliest_JJS time_NN possible_JJ ._. ''_'' 
Pilot_NN union_NN advisers_NNS appeared_VBD confident_JJ that_IN a_DT new_JJ bid_NN could_MD go_VB forward_RB even_RB without_IN British_NNP Air_NNP 's_POS participation_NN ._. 
UAL_NNP declined_VBD to_TO comment_VB on_IN British_NNP Air_NNP 's_POS statement_NN ._. 
UAL_NNP Chairman_NNP Stephen_NNP M._NNP Wolf_NNP ,_, who_WP is_VBZ leading_VBG the_DT management_NN end_NN of_IN the_DT buy-out_NN ,_, has_VBZ n't_RB provided_VBN investors_NNS with_IN any_DT assurances_NNS about_IN the_DT prospect_NN of_IN a_DT new_JJ deal_NN ._. 
In_IN another_DT setback_NN yesterday_NN ,_, United_NNP 's_POS machinist_NN union_NN asked_VBD the_DT Treasury_NNP Department_NNP to_TO investigate_VB whether_IN certain_JJ aspects_NNS of_IN the_DT original_JJ buy-out_NN proposal_NN violated_VBD tax_NN laws_NNS ._. 
In_IN an_DT effort_NN to_TO derail_VB the_DT buy-out_NN ,_, the_DT union_NN has_VBZ already_RB called_VBN for_IN investigations_NNS by_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ,_, Transportation_NNP Department_NNP and_CC Labor_NNP Department_NNP ._. 
But_CC there_EX was_VBD one_CD bright_JJ spot_NN yesterday_NN ._. 
The_DT United_NNP flight-attendants_NNS union_NN agreed_VBD to_TO negotiations_NNS that_WDT could_MD lead_VB to_TO the_DT flight_NN attendants_NNS contributing_VBG concessions_NNS to_TO a_DT revived_VBN bid_NN in_IN exchange_NN for_IN an_DT ownership_NN stake_NN ._. 
The_DT pilot_NN union_NN ,_, the_DT only_RB one_CD to_TO support_VB the_DT buy-out_NN thus_RB far_RB ,_, said_VBD the_DT flight_NN attendants_NNS '_POS decision_NN ``_`` enforces_VBZ our_PRP$ belief_NN that_IN an_DT all-employee_JJ owned_VBN airline_NN is_VBZ practical_JJ and_CC achievable_JJ ._. ''_'' 
Still_RB ,_, without_IN the_DT assurance_NN of_IN British_JJ Airways_NNPS '_POS financial_JJ backing_NN ,_, it_PRP will_MD be_VB tougher_JJR for_IN the_DT buy-out_NN group_NN to_TO convince_VB already-reluctant_JJ banks_NNS to_TO make_VB loan_NN commitments_NNS for_IN a_DT revised_VBN bid_NN ,_, especially_RB since_IN British_NNP Air_NNP 's_POS original_JJ investment_NN represented_VBN 78_CD %_NN of_IN the_DT cash_NN equity_NN contribution_NN for_IN the_DT bid_NN ._. 
Under_IN the_DT previous_JJ plan_NN ,_, British_NNP Air_NNP would_MD have_VB received_VBN a_DT 15_CD %_NN stake_NN in_IN UAL_NNP in_IN exchange_NN for_IN a_DT $_$ 750_CD million_CD equity_NN investment_NN ,_, with_IN a_DT 75_CD %_NN stake_NN going_VBG to_TO UAL_NNP employees_NNS and_CC 10_CD %_NN to_TO UAL_NNP management_NN ._. 
British_NNP Air_NNP officials_NNS said_VBD the_DT airline_NN 's_POS chairman_NN ,_, Lord_NNP King_NNP ,_, was_VBD concerned_VBN about_IN news_NN reports_NNS indicating_VBG that_IN British_NNP Air_NNP might_MD be_VB willing_JJ to_TO participate_VB in_IN a_DT bid_NN that_WDT included_VBD a_DT lower_JJR purchase_NN price_NN and_CC better_JJR investment_NN terms_NNS for_IN the_DT British_JJ carrier_NN ._. 
The_DT previous_JJ reports_NNS were_VBD based_VBN on_IN remarks_NNS by_IN British_NNP Air_NNP 's_POS chief_JJ financial_JJ officer_NN ,_, Derek_NNP Stevens_NNP ,_, who_WP said_VBD any_DT revised_VBN bid_NN would_MD have_VB to_TO include_VB a_DT lower_JJR purchase_NN price_NN to_TO reflect_VB the_DT sharp_JJ drop_NN in_IN UAL_NNP 's_POS stock_NN in_IN the_DT past_JJ week_NN ._. 
UAL_NNP stock_NN dropped_VBD $_$ 1.625_CD yesterday_NN to_TO $_$ 190.125_CD on_IN volume_NN of_IN 923,500_CD shares_NNS in_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ._. 
UAL_NNP declined_VBD to_TO comment_VB on_IN British_NNP Air_NNP 's_POS statement_NN ._. 
In_IN an_DT interview_NN Wednesday_NNP with_IN Dow_NNP Jones_NNP Professional_NNP Investor_NNP Report_NNP ,_, Mr._NNP Stevens_NNP said_VBD ,_, ``_`` We_PRP 're_VBP in_IN no_DT way_NN committed_VBN to_TO a_DT deal_NN going_VBG through_IN at_IN all_DT ._. 
We_PRP 're_VBP not_RB rushing_VBG into_IN anything_NN ._. 
We_PRP do_VBP n't_RB want_VB to_TO be_VB party_NN to_TO a_DT second_JJ rejection_NN ._. ''_'' 
Indeed_RB ,_, British_NNP Air_NNP seemed_VBD to_TO be_VB distancing_VBG itself_PRP from_IN the_DT troubled_JJ transaction_NN early_RB in_IN an_DT effort_NN to_TO avoid_VB any_DT further_JJ embarrassment_NN ._. 
The_DT original_JJ transaction_NN fell_VBD through_IN on_IN the_DT same_JJ day_NN British_NNP Air_NNP shareholders_NNS approved_VBD the_DT plan_NN at_IN a_DT special_JJ meeting_NN after_IN the_DT British_JJ succeeded_VBN in_IN arranging_VBG the_DT financing_NN for_IN its_PRP$ equity_NN contribution_NN ._. 
The_DT carrier_NN also_RB seemed_VBD eager_JJ to_TO place_VB blame_NN on_IN its_PRP$ American_JJ counterparts_NNS ._. 
``_`` The_DT -LCB-_( buy-out_NN -RCB-_) consortium_NN ceased_VBD to_TO exist_VB because_IN our_PRP$ American_JJ partners_NNS were_VBD not_RB capable_JJ of_IN organizing_VBG the_DT financing_NN ,_, ''_'' a_DT British_NNP Air_NNP spokesman_NN said_VBD ._. 
British_JJ Airways_NNPS may_MD have_VB begun_VBN to_TO have_VB second_JJ thoughts_NNS about_IN the_DT transaction_NN after_IN the_DT Transportation_NNP Department_NNP forced_VBD Northwest_NNP 's_POS Airlines_NNPS '_POS new_JJ owners_NNS to_TO restructure_VB the_DT equity_NN contribution_NN of_IN KLM_NNP Royal_NNP Dutch_JJ Airlines_NNPS in_IN that_DT carrier_NN ._. 
Most_JJS of_IN the_DT department_NN 's_POS statements_NNS since_IN the_DT Northwest_NNP transaction_NN indicated_VBD it_PRP planned_VBD to_TO curtail_VB foreign_JJ ownership_NN stakes_NNS in_IN U.S._NNP carriers_NNS ._. 
Even_RB before_IN British_NNP Air_NNP 's_POS announcement_NN ,_, pilot_NN union_NN leaders_NNS had_VBD been_VBN meeting_NN in_IN Chicago_NNP yesterday_NN to_TO consider_VB their_PRP$ options_NNS ._. 
The_DT leaders_NNS expressed_VBD support_NN for_IN trying_VBG to_TO revive_VB the_DT bid_NN following_VBG a_DT briefing_NN Wednesday_NNP by_IN the_DT union_NN 's_POS advisers_NNS ,_, Lazard_NNP Freres_NNP &_CC Co._NNP and_CC Paul_NNP ,_, Weiss_NNP ,_, Rifkind_NNP Wharton_NNP &_CC Garrison_NNP ._. 
They_PRP also_RB unanimously_RB re-elected_VBN Mr._NNP Dubinsky_NNP ,_, the_DT union_NN chairman_NN who_WP has_VBZ led_VBN the_DT pilots_NNS '_POS 2_CD 1\/2-year_JJ fight_NN to_TO take_VB control_NN of_IN the_DT airline_NN ._. 
UAL_NNP 's_POS advisers_NNS have_VBP indicated_VBN previously_RB that_IN it_PRP may_MD take_VB a_DT while_JJ to_TO come_VB forward_RB with_IN a_DT revised_VBN plan_NN since_IN they_PRP want_VBP to_TO have_VB firm_NN bank_NN commitments_NNS before_IN launching_VBG a_DT new_JJ bid_NN ._. 
They_PRP have_VBP maintained_VBN that_IN banks_NNS remain_VBP interested_JJ in_IN financing_VBG the_DT transaction_NN ._. 
The_DT buy-out_NN fell_VBD through_IN after_IN Citicorp_NNP and_CC Chase_NNP Manhattan_NNP Corp._NNP ,_, the_DT lead_NN banks_NNS in_IN the_DT transaction_NN ,_, failed_VBD to_TO obtain_VB $_$ 7.2_CD billion_CD in_IN financing_NN needed_VBN for_IN the_DT plan_NN ._. 
Italy_NNP 's_POS industrial_JJ wholesale_JJ sales_NNS index_NN rose_VBD 13.2_CD %_NN in_IN June_NNP from_IN a_DT year_NN earlier_RBR ,_, the_DT state_NN statistical_JJ institute_NN Istat_NNP said_VBD ._. 
The_DT June_NNP increase_NN compared_VBN with_IN a_DT rise_NN of_IN 10.5_CD %_NN in_IN May_NNP from_IN a_DT year_NN earlier_RBR ._. 
Domestic_JJ wholesale_JJ sales_NNS rose_VBD 11.9_CD %_NN from_IN a_DT year_NN earlier_RBR ,_, while_IN foreign_JJ sales_NNS jumped_VBD 17.3_CD %_NN ,_, Istat_NNP said_VBD ._. 
For_IN the_DT first_JJ six_CD months_NNS ,_, wholesale_JJ sales_NNS rose_VBD 12.3_CD %_NN from_IN the_DT year_NN before_RB ,_, reflecting_VBG to_TO a_DT 11.5_CD %_NN jump_NN in_IN domestic_JJ sales_NNS and_CC a_DT 14.6_CD %_NN boost_NN in_IN foreign_JJ sales_NNS ._. 
Sales_NNS of_IN capital_NN goods_NNS to_TO foreign_JJ and_CC domestic_JJ destinations_NNS increased_VBN 16.6_CD %_NN in_IN the_DT January-June_JJ period_NN from_IN a_DT year_NN earlier_RBR ._. 
Sales_NNS of_IN consumer_NN goods_NNS rose_VBD 6.9_CD %_NN in_IN the_DT same_JJ period_NN ,_, while_IN sales_NNS of_IN intermediate_JJ goods_NNS were_VBD up_IN 13.8_CD %_NN from_IN a_DT year_NN ago_RB ._. 
Senate_NNP Democrats_NNPS favoring_VBG a_DT cut_NN in_IN the_DT capital-gains_NNS tax_VBP have_VBP decided_VBN ,_, under_IN pressure_NN from_IN their_PRP$ leaders_NNS ,_, not_RB to_TO offer_VB their_PRP$ own_JJ proposal_NN ,_, placing_VBG another_DT obstacle_NN in_IN the_DT path_NN of_IN President_NNP Bush_NNP 's_POS legislative_JJ priority_NN ._. 
A_DT core_NN group_NN of_IN six_CD or_CC so_RB Democratic_JJ senators_NNS has_VBZ been_VBN working_VBG behind_IN the_DT scenes_NNS to_TO develop_VB a_DT proposal_NN to_TO reduce_VB the_DT tax_NN on_IN the_DT gain_NN from_IN the_DT sale_NN of_IN assets_NNS ._. 
The_DT plan_NN was_VBD complete_JJ except_IN for_IN finishing_VBG touches_NNS ,_, and_CC there_EX was_VBD talk_VB that_IN it_PRP would_MD be_VB unveiled_VBN as_RB early_RB as_IN yesterday_NN ._. 
But_CC Senate_NNP Majority_NNP Leader_NNP George_NNP Mitchell_NNP -LRB-_( D._NNP ,_, Maine_NNP -RRB-_) ,_, a_DT vigorous_JJ opponent_NN of_IN the_DT capital-gains_NNS tax_VBP cut_VB ,_, called_VBD the_DT group_NN to_TO meet_VB with_IN him_PRP Wednesday_NNP night_NN and_CC again_RB yesterday_NN ._. 
Sen._NNP Mitchell_NNP urged_VBD them_PRP to_TO desist_VB ._. 
Afterward_RB ,_, leaders_NNS of_IN the_DT dissident_JJ Democrats_NNPS relented_VBD ,_, and_CC said_VBD they_PRP would_MD n't_RB offer_VB their_PRP$ own_JJ proposal_NN as_IN they_PRP had_VBD planned_VBN ._. 
The_DT decision_NN is_VBZ a_DT setback_NN for_IN President_NNP Bush_NNP ,_, who_WP needs_VBZ the_DT support_NN of_IN Democrats_NNPS to_TO pass_VB the_DT tax_NN cut_NN through_IN the_DT Democratic-controlled_JJ Senate_NNP ._. 
Having_VBG a_DT proposal_NN sponsored_VBN by_IN Democrats_NNPS would_MD have_VB given_VBN the_DT president_NN an_DT advantage_NN ._. 
Having_VBG only_RB a_DT Republican_NNP measure_NN makes_VBZ the_DT task_NN harder_JJR ._. 
Still_RB ,_, Sen._NNP Bob_NNP Packwood_NNP -LRB-_( R._NNP ,_, Ore._NNP -RRB-_) ,_, the_DT lead_NN sponsor_NN of_IN the_DT Republican_NNP capital-gains_NNS amendment_NN ,_, predicted_VBD that_IN the_DT tax_NN cut_NN would_MD be_VB enacted_VBN this_DT year_NN ._. 
He_PRP said_VBD a_DT clear_JJ majority_NN of_IN senators_NNS back_RB the_DT tax_NN reduction_NN and_CC that_IN ultimately_RB there_EX would_MD be_VB enough_JJ senators_NNS to_TO overcome_VB any_DT procedural_JJ hurdle_NN the_DT Democratic_JJ leadership_NN might_MD erect_VB ._. 
But_CC Sen._NNP Mitchell_NNP ,_, buoyed_VBN by_IN his_PRP$ victory_NN among_IN fellow_NN Democrats_NNPS ,_, strongly_RB disagreed_VBD ._. 
Mr._NNP Mitchell_NNP has_VBZ been_VBN predicting_VBG that_IN the_DT president_NN 's_POS initiative_NN would_MD fail_VB this_DT year_NN ._. 
Yesterday_NN ,_, in_IN an_DT interview_NN ,_, he_PRP added_VBD that_IN the_DT Democrats_NNPS '_POS decision_NN ``_`` increases_VBZ the_DT likelihood_NN that_IN a_DT capital-gains_NNS tax_VBP cut_VB will_MD not_RB pass_VB this_DT year_NN ._. ''_'' 
Mr._NNP Mitchell_NNP 's_POS first_JJ victory_NN came_VBD last_JJ week_NN ,_, when_WRB the_DT Senate_NNP passed_VBD a_DT deficit-reduction_NN bill_NN that_WDT did_VBD n't_RB contain_VB a_DT capital-gains_NNS provision_NN ._. 
That_DT vote_NN made_VBD it_PRP unlikely_JJ that_IN a_DT capital-gains_NNS tax_VBP cut_VB would_MD be_VB included_VBN in_IN the_DT final_JJ bill_NN ,_, now_RB being_VBG drafted_VBN by_IN House_NNP and_CC Senate_NNP negotiators_NNS ._. 
The_DT House_NNP version_NN of_IN the_DT bill_NN does_VBZ include_VBP the_DT tax_NN cut_NN ._. 
Now_RB Republican_NNP leaders_NNS are_VBP concentrating_VBG on_IN attaching_VBG a_DT capital-gains_NNS amendment_NN to_TO some_DT other_JJ bill_NN ,_, perhaps_RB a_DT measure_NN raising_VBG the_DT federal_JJ borrowing_NN limit_NN or_CC a_DT second_JJ tax_NN bill_NN that_WDT would_MD follow_VB on_IN the_DT heels_NNS of_IN the_DT deficit-reduction_NN legislation_NN ._. 
To_TO help_VB lay_VBD the_DT groundwork_NN for_IN that_DT fight_NN ,_, President_NNP Bush_NNP plans_VBZ early_JJ next_JJ week_NN to_TO meet_VB at_IN the_DT White_NNP House_NNP with_IN some_DT 20_CD Democratic_JJ senators_NNS who_WP favor_VBP cutting_VBG the_DT capital-gains_NNS tax_VBP or_CC are_VBP undecided_JJ on_IN the_DT issue_NN ._. 
The_DT president_NN apparently_RB will_MD have_VB only_RB one_CD bill_NN to_TO push_VB ,_, Sen._NNP Packwood_NNP 's_POS ,_, and_CC at_IN least_JJS some_DT of_IN the_DT dissident_JJ Democrats_NNPS plan_NN to_TO support_VB it_PRP ._. 
``_`` I_PRP may_MD want_VB to_TO offer_VB additional_JJ amendments_NNS to_TO improve_VB it_PRP when_WRB the_DT bill_NN comes_VBZ to_TO the_DT floor_NN ,_, ''_'' said_VBD Sen._NNP David_NNP Boren_NNP -LRB-_( D._NNP ,_, Okla._NNP -RRB-_) ,_, a_DT leader_NN of_IN those_DT Democrats_NNPS ._. 
The_DT Packwood_NNP plan_NN ,_, as_IN expected_VBN ,_, would_MD allow_VB individuals_NNS to_TO exclude_VB from_IN income_NN 5_NN %_NN of_IN the_DT gain_NN from_IN the_DT sale_NN of_IN a_DT capital_NN asset_NN held_VBN for_IN more_JJR than_IN one_CD year_NN ._. 
The_DT exclusion_NN would_MD rise_VB five_CD percentage_NN points_NNS for_IN each_DT year_NN the_DT asset_NN was_VBD held_VBN ,_, until_IN it_PRP reached_VBD a_DT maximum_NN of_IN 35_CD %_NN after_IN seven_CD years_NNS ._. 
The_DT exclusion_NN would_MD apply_VB to_TO assets_NNS sold_VBN after_IN Oct._NNP 1_CD ._. 
As_IN an_DT alternative_NN ,_, taxpayers_NNS could_MD chose_VBD to_TO reduce_VB their_PRP$ gains_NNS by_IN an_DT inflation_NN index_NN ._. 
For_IN corporations_NNS ,_, the_DT top_JJ tax_NN rate_NN on_IN the_DT sale_NN of_IN assets_NNS held_VBN for_IN more_JJR than_IN three_CD years_NNS would_MD be_VB cut_VBN to_TO 33_CD %_NN from_IN the_DT current_JJ top_JJ rate_NN of_IN 34_CD %_NN ._. 
That_DT rate_NN would_MD gradually_RB decline_VB to_TO as_RB little_JJ as_IN 29_CD %_NN for_IN corporate_JJ assets_NNS held_VBN for_IN 15_CD years_NNS ._. 
The_DT Packwood_NNP plan_NN also_RB would_MD include_VB a_DT proposal_NN ,_, designed_VBN by_IN Sen._NNP William_NNP Roth_NNP -LRB-_( R._NNP ,_, Del._NNP -RRB-_) ,_, that_WDT would_MD create_VB new_JJ tax_NN benefits_NNS for_IN individual_JJ retirement_NN accounts_NNS ._. 
The_DT Roth_NNP plan_NN would_MD create_VB a_DT new_JJ ,_, non-deductible_JJ IRA_NNP from_IN which_WDT money_NN could_MD be_VB withdrawn_VBN tax-free_JJ not_RB only_RB for_IN retirement_NN ,_, but_CC also_RB for_IN the_DT purchase_NN of_IN a_DT first_JJ home_NN ,_, education_NN expenses_NNS and_CC medical_JJ expenses_NNS ._. 
Current_JJ IRAs_NNS could_MD be_VB rolled_VBN over_IN into_IN the_DT new_JJ IRAs_NNS ,_, but_CC would_MD be_VB subject_NN to_TO tax_VB though_IN no_DT penalty_NN ._. 
Westmoreland_NNP Coal_NNP Co._NNP ,_, realizing_VBG benefits_NNS of_IN a_DT sustained_VBN effort_NN to_TO cut_VB costs_NNS and_CC boost_VB productivity_NN ,_, reported_VBD sharply_RB improved_VBN third-quarter_JJ results_NNS ._. 
The_DT producer_NN and_CC marketer_NN of_IN low-sulfur_JJ coal_NN said_VBD net_JJ income_NN for_IN the_DT quarter_NN was_VBD $_$ 5.9_CD million_CD ,_, or_CC 71_CD cents_NNS a_DT share_NN ,_, on_IN revenue_NN of_IN $_$ 145.4_CD million_CD ._. 
For_IN the_DT year-earlier_JJ period_NN ,_, the_DT company_NN reported_VBD a_DT loss_NN of_IN $_$ 520,000_CD or_CC six_CD cents_NNS a_DT share_NN ._. 
In_IN the_DT latest_JJS nine_CD months_NNS ,_, the_DT company_NN earned_VBD $_$ 8.5_CD million_CD ,_, or_CC $_$ 1.03_CD a_DT share_NN ._. 
Last_JJ year_NN 's_POS net_JJ loss_NN of_IN $_$ 3,524,000_CD included_VBD a_DT benefit_NN of_IN $_$ 1,640,000_CD from_IN an_DT accounting_NN change_NN ._. 
Revenue_NN for_IN the_DT nine_CD months_NNS rose_VBD to_TO $_$ 449_CD million_CD from_IN $_$ 441.1_CD million_CD ._. 
In_IN an_DT interview_NN ,_, Pemberton_NNP Hutchinson_NNP ,_, president_NN and_CC chief_JJ executive_NN ,_, cited_VBD several_JJ reasons_NNS for_IN the_DT improvement_NN :_: higher_JJR employee_NN productivity_NN and_CC ``_`` good_JJ natural_JJ conditions_NNS ''_'' in_IN the_DT mines_NNS ,_, as_RB well_RB as_IN lower_JJR costs_NNS for_IN materials_NNS ,_, administrative_JJ overhead_NN and_CC debt_NN interest_NN ._. 
In_IN the_DT latest_JJS nine_CD months_NNS ,_, Mr._NNP Hutchinson_NNP said_VBD ,_, total_JJ coal_NN sales_NNS rose_VBD to_TO about_IN 14.6_CD million_CD tons_NNS from_IN about_IN 14.3_CD million_CD tons_NNS a_DT year_NN earlier_RBR ._. 
In_IN addition_NN ,_, long-term_JJ debt_NN has_VBZ been_VBN trimmed_VBN to_TO about_RB $_$ 72_CD million_CD from_IN $_$ 96_CD million_CD since_IN Jan._NNP 1_CD ._. 
He_PRP predicted_VBD the_DT debt_NN ratio_NN will_MD improve_VB further_JJ in_IN coming_VBG quarters_NNS ._. 
Westmoreland_NNP 's_POS strategy_NN is_VBZ to_TO retain_VB and_CC expand_VB its_PRP$ core_NN business_NN of_IN mining_NN and_CC selling_VBG low-sulphur_JJ coal_NN in_IN the_DT Appalachia_NNP region_NN ._. 
The_DT operating_VBG territory_NN includes_VBZ coal_NN terminals_NNS on_IN the_DT Ohio_NNP River_NNP and_CC in_IN Newport_NNP News_NNP ,_, Va_NNP ._. 
Westmoreland_NNP exports_NNS about_IN a_DT fourth_JJ of_IN its_PRP$ coal_NN tonnage_NN ,_, including_VBG a_DT significant_JJ amount_NN of_IN metallurgical_JJ coal_NN produced_VBN by_IN others_NNS that_WDT is_VBZ used_VBN by_IN steelmakers_NNS overseas_JJ ._. 
For_IN the_DT past_JJ couple_NN of_IN years_NNS ,_, Westmoreland_NNP has_VBZ undertaken_VBN an_DT aggressive_JJ streamlining_NN of_IN all_DT aspects_NNS of_IN its_PRP$ business_NN ._. 
Marginal_JJ operations_NNS and_CC assets_NNS have_VBP been_VBN sold_VBN ._. 
The_DT size_NN of_IN the_DT company_NN 's_POS board_NN has_VBZ been_VBN reduced_VBN to_TO eight_CD directors_NNS from_IN 13_CD ._. 
About_IN 140_CD salaried_JJ management_NN jobs_NNS and_CC hundreds_NNS of_IN hourly_JJ wage_NN positions_NNS have_VBP been_VBN eliminated_VBN ._. 
Even_JJ perks_NNS have_VBP been_VBN reduced_VBN ._. 
For_IN example_NN ,_, the_DT chief_JJ executive_NN himself_PRP now_RB pays_VBZ 20_CD %_NN of_IN the_DT cost_NN of_IN his_PRP$ health_NN benefits_NNS ;_: the_DT company_NN used_VBN to_TO pay_VB 100_CD %_NN ._. 
``_`` I_PRP think_VBP the_DT ship_NN is_VBZ now_RB righted_VBN ,_, the_DT bilges_NNS are_VBP pumped_VBN and_CC we_PRP are_VBP on_IN course_NN ,_, ''_'' Mr._NNP Hutchinson_NNP said_VBD of_IN the_DT restructuring_NN program_NN ._. 
``_`` Much_RB of_IN what_WP we_PRP set_VBD out_IN to_TO do_VB is_VBZ completed_VBN ._. ''_'' 
But_CC he_PRP cautioned_VBD that_IN Westmoreland_NNP 's_POS third_JJ quarter_NN is_VBZ typically_RB better_JJR than_IN the_DT fourth_JJ ,_, so_RB investors_NNS ``_`` should_MD n't_RB just_RB multiply_VB the_DT third_JJ quarter_NN by_IN four_CD ''_'' and_CC assume_VB the_DT same_JJ rate_NN of_IN improvement_NN can_MD be_VB sustained_VBN ._. 
One_CD difference_NN ,_, he_PRP said_VBD ,_, is_VBZ that_IN the_DT fourth_JJ quarter_NN has_VBZ significantly_RB fewer_JJR workdays_NNS because_IN of_IN holidays_NNS and_CC the_DT hunting_NN season_NN ._. 
``_`` I_PRP do_VBP n't_RB want_VB to_TO give_VB the_DT impression_NN that_DT everybody_NN can_MD relax_VB now_RB ,_, ''_'' he_PRP said_VBD ._. 
``_`` We_PRP have_VBP to_TO keep_VB working_VBG at_IN improving_VBG our_PRP$ core_NN business_NN to_TO stay_VB efficient_JJ ._. 
It_PRP 's_VBZ a_DT process_NN that_IN never_RB really_RB ends_VBZ ._. ''_'' 
Nevertheless_RB ,_, Mr._NNP Hutchinson_NNP predicted_VBD that_IN 1989_CD would_MD be_VB ``_`` solidly_RB profitable_JJ ''_'' for_IN Westmoreland_NNP and_CC that_IN 1990_CD would_MD bring_VB ``_`` more_JJR of_IN the_DT same_JJ ._. ''_'' 
For_IN all_DT of_IN 1988_CD ,_, the_DT company_NN reported_VBD an_DT after-tax_JJ operating_NN loss_NN of_IN $_$ 134,000_CD on_IN revenue_NN of_IN $_$ 593.5_CD million_CD ._. 
An_DT accounting_NN adjustment_NN made_VBD net_JJ income_NN $_$ 1.5_CD million_CD ,_, or_CC 18_CD cents_NNS a_DT share_NN ._. 
In_IN a_DT move_NN that_WDT complements_VBZ the_DT company_NN 's_POS basic_JJ strategy_NN ,_, its_PRP$ Westmoreland_NNP Energy_NNP Inc._NNP unit_NN is_VBZ developing_VBG four_CD coal-fired_JJ cogeneration_NN plants_NNS with_IN a_DT partner_NN in_IN Virginia_NNP ._. 
Some_DT of_IN the_DT coal_NN the_DT plants_NNS buy_VBP will_MD come_VB from_IN Westmoreland_NNP mines_NNS ._. 
Mr._NNP Hutchinson_NNP predicted_VBD that_IN the_DT unit_NN 's_POS contribution_NN to_TO company_NN results_NNS in_IN the_DT 1990s_CD ``_`` will_MD be_VB exciting_JJ ._. ''_'' 
He_PRP said_VBD Westmoreland_NNP is_VBZ looking_VBG at_IN investment_NN stakes_NNS in_IN other_JJ cogeneration_NN plants_NNS east_NN of_IN the_DT Mississippi_NNP River_NNP ._. 
Westmoreland_NNP expects_VBZ energy_NN demand_NN to_TO grow_VB annually_RB in_IN the_DT 2.5_CD %_NN range_NN in_IN the_DT early_JJ 1990s_CD ._. 
``_`` We_PRP see_VBP coal_NN 's_POS piece_NN of_IN the_DT action_NN growing_VBG ,_, ''_'' Mr._NNP Hutchinson_NNP said_VBD ._. 
``_`` Coal_NNP prices_NNS ,_, while_IN not_RB skyrocketing_VBG ,_, will_MD grow_VB modestly_RB in_IN real_JJ terms_NNS ,_, we_PRP think_VBP ._. 
Chase_NNP Manhattan_NNP Corp._NNP ,_, after_IN trying_VBG unsuccessfully_RB to_TO sell_VB its_PRP$ interest_NN in_IN its_PRP$ lower_JJR Manhattan_NNP operations_NNS building_NN ,_, has_VBZ exercised_VBN its_PRP$ option_NN to_TO purchase_VB the_DT 50-story_JJ office_NN tower_NN ._. 
Chase_NNP had_VBD purchased_VBN an_DT option_NN to_TO buy_VB the_DT building_NN at_IN One_CD New_NNP York_NNP Plaza_NNP for_IN an_DT undisclosed_JJ sum_NN from_IN the_DT late_JJ Sol_NNP Atlas_NNP as_IN part_NN of_IN its_PRP$ original_JJ lease_NN in_IN 1970_CD ._. 
The_DT current_JJ transaction_NN cost_NN the_DT bank_NN approximately_RB $_$ 140_CD million_CD ._. 
Of_IN that_DT amount_NN ,_, $_$ 20_CD million_CD was_VBD payment_NN for_IN the_DT land_NN underneath_IN the_DT building_NN and_CC the_DT rest_NN was_VBD for_IN the_DT building_NN itself_PRP ._. 
The_DT building_NN houses_NNS about_IN 4,500_CD Chase_NNP workers_NNS ,_, most_RBS of_IN whom_WP will_MD be_VB moved_VBN to_TO downtown_NN Brooklyn_NNP after_IN the_DT bank_NN 's_POS new_JJ back_JJ office_NN center_NN is_VBZ completed_VBN in_IN 1993_CD ._. 
The_DT move_NN is_VBZ part_NN of_IN Chase_NNP 's_POS strategy_NN to_TO consolidate_VB its_PRP$ back_JJ offices_NNS under_IN one_CD roof_NN ._. 
The_DT headquarters_NN is_VBZ located_VBN a_DT few_JJ blocks_NNS away_RB at_IN 1_CD Chase_NNP Manhattan_NNP Plaza_NNP ._. 
As_IN part_NN of_IN its_PRP$ decision_NN to_TO leave_VB the_DT building_NN ,_, Chase_NNP tried_VBD to_TO sell_VB its_PRP$ interest_NN ,_, along_IN with_IN the_DT Atlas_NNP estate_NN 's_POS interest_NN ,_, shortly_RB after_IN the_DT October_NNP 1987_CD stock_NN market_NN crash_NN ._. 
Chase_NNP Senior_NNP Vice_NNP President_NNP George_NNP Scandalios_NNP said_VBD the_DT bank_NN decided_VBD to_TO exercise_VB its_PRP$ option_NN after_IN bids_NNS fell_VBD short_NN of_IN expectations_NNS ._. 
He_PRP said_VBD Chase_NNP and_CC the_DT Atlas_NNP estate_NN were_VBD looking_VBG to_TO sell_VB the_DT entire_JJ building_NN for_IN $_$ 400_CD million_CD to_TO $_$ 475_CD million_CD ,_, but_CC did_VBD n't_RB get_VB an_DT offer_NN for_IN more_JJR than_IN $_$ 375_CD million_CD ._. 
As_IN the_DT building_NN 's_POS new_JJ owner_NN ,_, Chase_NNP will_MD have_VB its_PRP$ work_NN cut_NN out_IN for_IN it_PRP ._. 
Chase_NNP is_VBZ vacating_VBG 1.1_CD million_CD square_NN feet_NNS of_IN space_NN ,_, and_CC Salomon_NNP Brothers_NNP Inc._NNP ,_, whose_WP$ headquarters_NN is_VBZ in_IN the_DT building_NN ,_, also_RB plans_VBZ to_TO move_VB shortly_RB ._. 
In_IN addition_NN ,_, another_DT major_JJ building_NN tenant_NN ,_, Thomson_NNP McKinnon_NNP Inc._NNP 's_POS Thomson_NNP McKinnon_NNP Securities_NNPS ,_, likely_JJ will_MD vacate_VB the_DT premises_NNS as_IN part_NN of_IN its_PRP$ liquidation_NN ._. 
New_NNP York_NNP real_JJ estate_NN brokerage_NN Edward_NNP S._NNP Gordon_NNP Co._NNP will_MD have_VB the_DT difficult_JJ task_NN of_IN finding_VBG new_JJ tenants_NNS ._. 
Even_RB with_IN its_PRP$ striking_JJ views_NNS of_IN the_DT New_NNP York_NNP harbor_NN ,_, the_DT building_NN is_VBZ considered_VBN antiquated_JJ by_IN modern_JJ office_NN standards_NNS ._. 
And_CC Chase_NNP will_MD have_VB to_TO spend_VB approximately_RB $_$ 50_CD million_CD to_TO remove_VB asbestos_NN from_IN the_DT premises_NNS ._. 
WALL_NNP STREET_NNP ,_, SHAKE_VB hands_NNS with_IN George_NNP Orwell_NNP ._. 
The_DT author_NN of_IN the_DT futuristic_JJ novel_NN ``_`` 1984_CD ''_'' invented_VBN a_DT language_NN called_VBN Newspeak_NNP that_WDT made_VBD it_PRP impossible_JJ to_TO fully_RB develop_VB a_DT heretical_JJ thought_VBD --_: that_DT is_VBZ ,_, anything_NN negative_JJ about_IN the_DT policies_NNS and_CC practices_NNS of_IN the_DT state_NN ._. 
Wall_NNP Street_NNP has_VBZ n't_RB gotten_VBN that_IN far_RB yet_RB ,_, but_CC it_PRP has_VBZ made_VBN a_DT promising_JJ start_NN ._. 
Its_PRP$ language_NN --_: call_VB it_PRP Streetspeak_NNP --_: is_VBZ increasingly_RB mellifluous_JJ ,_, reassuring_VBG ,_, and_CC designed_VBD to_TO make_VB financial_JJ products_NNS and_CC maneuvers_NNS appear_VBP better_JJR ,_, safer_JJR or_CC cheaper_JJR than_IN they_PRP really_RB are_VBP ._. 
When_WRB something_NN undeniably_RB nasty_JJ happens_VBZ ,_, a_DT few_JJ euphemisms_NNS are_VBP deployed_VBN to_TO simply_RB make_VB it_PRP disappear_VB ,_, much_JJ as_IN a_DT fresh_JJ grave_NN may_MD be_VB covered_VBN by_IN a_DT blanket_NN of_IN flowers_NNS ._. 
For_IN example_NN ,_, we_PRP 'll_MD bet_VB you_PRP thought_VBD that_IN the_DT stock_NN market_NN crashed_VBD two_CD years_NNS ago_RB ._. 
Wrong_JJ ._. 
According_VBG to_TO some_DT of_IN the_DT grand_JJ panjandrums_NNS of_IN the_DT market_NN ,_, it_PRP never_RB happened_VBD ._. 
In_IN their_PRP$ lexicon_NN the_DT 508-point_JJ collapse_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP on_IN Oct._NNP 19_CD ,_, 1987_CD ,_, was_VBD just_RB a_DT big_JJ blip_NN ._. 
Trotting_VBG out_RP a_DT much-beloved_JJ Streetspeak_NNP term_NN ,_, New_NNP York_NNP Stock_NNP Exchange_NNP Chairman_NNP John_NNP Phelan_NNP recently_RB declared_VBD that_DT history_NN would_MD record_VB the_DT event_NN as_IN only_RB ``_`` a_DT major_JJ technical_JJ correction_NN ._. ''_'' 
-LRB-_( Another_DT much-beloved_JJ saying_NN ,_, however_RB ,_, this_DT one_CD in_IN plain_JJ English_NNP ,_, holds_VBZ that_IN if_IN something_NN walks_VBZ like_IN a_DT duck_NN and_CC quacks_NNS like_IN a_DT duck_NN ,_, it_PRP is_VBZ a_DT duck_NN ._. 
On_IN Oct._NNP 29_CD ,_, 1929_CD --_: a_DT date_NN historians_NNS stubbornly_RB insist_VBP on_IN associating_VBG with_IN the_DT dreaded_VBN C-word_NN --_: the_DT DJ_NNP industrials_NNS fell_VBD 12.8_CD %_NN ._. 
In_IN the_DT ``_`` technical_JJ correction_NN ''_'' of_IN two_CD years_NNS ago_RB ,_, they_PRP lost_VBD a_DT whopping_JJ 22.6_CD %_NN ._. -RRB-_) 
Customers_NNS hear_VBP a_DT lot_NN of_IN this_DT stuff_NN from_IN people_NNS who_WP try_VBP to_TO sell_VB them_PRP stock_VB ._. 
These_DT people_NNS used_VBN to_TO be_VB called_VBN brokers_NNS ,_, but_CC apparently_RB this_DT word_NN either_DT is_VBZ not_RB grandiose_JJ enough_RB or_CC carries_VBZ too_RB many_JJ negative_JJ connotations_NNS from_IN the_DT aforementioned_JJ technical_JJ correction_NN ,_, when_WRB terrified_VBN customers_NNS could_MD n't_RB raise_VB brokers_NNS on_IN the_DT phone_NN ._. 
Either_CC way_NN ,_, the_DT word_NN ``_`` broker_NN ''_'' is_VBZ clearly_RB out_IN of_IN favor_NN ._. 
Of_IN the_DT major_JJ New_NNP York-based_JJ securities_NNS firms_NNS ,_, only_RB Morgan_NNP Stanley_NNP &_CC Co._NNP still_RB calls_VBZ its_PRP$ salespeople_NN brokers_NNS ._. 
At_IN Merrill_NNP Lynch_NNP &_CC Co._NNP and_CC Shearson_NNP Lehman_NNP Hutton_NNP Inc._NNP ,_, they_PRP are_VBP ``_`` financial_JJ consultants_NNS ._. ''_'' 
At_IN Drexel_NNP Burnham_NNP Lambert_NNP Inc._NNP ,_, Prudential_NNP Bache_NNP Securities_NNPS ,_, and_CC Dean_NNP Witter_NNP Reynolds_NNP Inc._NNP ,_, they_PRP are_VBP ``_`` account_NN executives_NNS ._. ''_'' 
At_IN PaineWebber_NNP Inc._NNP ,_, they_PRP are_VBP ``_`` investment_NN executives_NNS ._. ''_'' 
Such_JJ titles_NNS are_VBP designed_VBN to_TO convey_VB a_DT sense_NN of_IN dignified_VBN ,_, broad-scale_JJ competence_NN and_CC expertise_NN in_IN selling_VBG today_NN 's_POS myriad_JJ financial_JJ products_NNS ._. 
It_PRP is_VBZ a_DT competence_NN and_CC expertise_NN that_IN some_DT brokers_NNS themselves_PRP ,_, overwhelmed_VBN by_IN all_PDT the_DT new_JJ things_NNS being_VBG dreamed_VBN up_IN for_IN them_PRP to_TO peddle_VB ,_, do_VB n't_RB feel_VB ._. 
``_`` It_PRP s_PRP almost_JJ product_NN de_FW jour_FW ,_, ''_'' grouses_VBZ one_CD account_NN executive_NN at_IN Dean_NNP Witter_NNP ._. 
The_DT transmogrified_VBD brokers_NNS never_RB let_VBP the_DT C-word_NN cross_VB their_PRP$ lips_NNS ,_, instead_RB stressing_VBG such_JJ terms_NNS as_IN ``_`` safe_JJ ,_, ''_'' ``_`` insured_VBN ''_'' and_CC ``_`` guaranteed_VBN ''_'' --_: even_RB though_IN these_DT terms_NNS may_MD be_VB severely_RB limited_JJ in_IN their_PRP$ application_NN to_TO a_DT particular_JJ new_JJ financial_JJ product_NN ._. 
The_DT names_NNS of_IN some_DT of_IN these_DT products_NNS do_VBP n't_RB suggest_VB the_DT risk_NN involved_VBN in_IN buying_VBG them_PRP ,_, either_RB ._. 
A_DT case_NN in_IN point_NN :_: ``_`` government-plus_JJ ''_'' bond_NN funds_NNS ._. 
What_WP could_MD imply_VB more_JJR safety_NN than_IN investing_VBG in_IN government_NN bonds_NNS ?_. 
What_WP could_MD be_VB better_JJR than_IN getting_VBG a_DT tad_NN more_JJR income_NN from_IN them_PRP -LRB-_( the_DT plus_CC -RRB-_) than_IN other_JJ people_NNS ?_. 
Indeed_RB ,_, conservative_JJ investors_NNS ,_, many_NN of_IN them_PRP elderly_JJ ,_, have_VBP poured_VBN more_JJR than_IN $_$ 50_CD billion_CD into_IN such_JJ funds_NNS ,_, which_WDT promise_VBP fatter_JJR yields_NNS than_IN ordinary_JJ Treasury_NNP bonds_NNS --_: only_RB to_TO learn_VB later_RB that_IN these_DT funds_NNS use_VBP part_NN of_IN their_PRP$ money_NN to_TO dabble_VB in_IN high-risk_JJ bond_NN options_NNS ,_, a_DT gambler_NN 's_POS game_NN ._. 
When_WRB a_DT certain_JJ class_NN of_IN investment_NN performs_VBZ so_RB poorly_RB that_IN its_PRP$ reputation_NN is_VBZ tarnished_VBN ,_, look_VB for_IN Wall_NNP Street_NNP to_TO give_VB it_PRP a_DT new_JJ moniker_NN ._. 
This_DT seems_VBZ to_TO be_VB happening_VBG now_RB to_TO limited_JJ partnerships_NNS ,_, many_NN of_IN which_WDT either_DT have_NN gone_VBN into_IN the_DT tank_NN in_IN recent_JJ years_NNS or_CC have_VBP otherwise_RB been_VBN grievous_JJ disappointments_NNS ._. 
They_PRP are_VBP still_RB being_VBG sold_VBN ,_, but_CC more_JJR and_CC more_RBR often_RB as_IN ``_`` direct_JJ investments_NNS ''_'' --_: with_IN all_PDT the_DT same_JJ risks_NNS they_PRP had_VBD under_IN the_DT old_JJ label_NN ._. 
In_IN such_JJ cases_NNS ,_, the_DT game_NN has_VBZ n't_RB changed_VBN ,_, only_RB the_DT name_NN ._. 
In_IN others_NNS a_DT familiar_JJ old_JJ name_NN still_RB prevails_VBZ ,_, but_CC the_DT underlying_VBG game_NN has_VBZ changed_VBN ._. 
For_IN example_NN ,_, ``_`` no_DT load_NN ''_'' mutual_JJ funds_NNS remain_VBP a_DT favorite_NN with_IN investors_NNS because_IN they_PRP do_VBP n't_RB carry_VB a_DT frontend_NN sales_NNS commission_NN ._. 
Getting_VBG out_IN of_IN them_PRP ,_, however_RB ,_, may_MD be_VB a_DT different_JJ story_NN now_RB ._. 
Traditional_JJ no-loads_NNS made_VBD their_PRP$ money_NN by_IN charging_VBG an_DT annual_JJ management_NN fee_NN ,_, usually_RB a_DT modest_JJ one_CD ;_: they_PRP imposed_VBD no_DT other_JJ fees_NNS ,_, and_CC many_JJ still_RB do_VBP n't_RB ._. 
In_IN recent_JJ years_NNS ,_, though_RB ,_, a_DT passel_NN of_IN others_NNS flying_VBG the_DT no-load_JJ flag_NN have_VBP been_VBN imposing_VBG hefty_JJ charges_NNS --_: all_PDT the_DT way_NN up_IN to_TO 6_CD %_NN --_: when_WRB an_DT investor_NN sells_VBZ his_PRP$ shares_NNS ._. 
Should_MD n't_RB they_PRP properly_RB be_VBP called_VBN exit-load_JJ funds_NNS ?_. 
The_DT mutual-fund_JJ industry_NN is_VBZ debating_VBG the_DT question_NN ,_, but_CC do_VBP n't_RB expect_VB a_DT new_JJ name_NN while_IN the_DT old_JJ one_CD is_VBZ working_VBG so_RB well_RB ._. 
And_CC do_VBP n't_RB expect_VB anyone_NN to_TO change_VB the_DT term_NN ``_`` blue_JJ chip_NN ,_, ''_'' either_DT ,_, even_RB though_IN some_DT of_IN the_DT companies_NNS that_WDT still_RB enjoy_VB the_DT title_NN may_MD be_VB riskier_JJR investments_NNS than_IN they_PRP were_VBD ._. 
American_NNP Telephone_NNP &_CC Telegraph_NNP Co._NNP ,_, for_IN one_CD ,_, is_VBZ still_RB a_DT favorite_NN of_IN widows_NNS ,_, orphans_NNS and_CC trust_NN departments_NNS --_: but_CC shorn_VB of_IN its_PRP$ regional_JJ telephone_NN units_NNS and_CC exposed_VBN to_TO competition_NN on_IN every_DT side_NN ,_, it_PRP is_VBZ a_DT far_RB different_JJ investment_NN prospect_NN than_IN it_PRP was_VBD before_IN divestiture_NN ._. 
Also_RB ,_, blue_JJ chips_NNS in_IN general_JJ have_NN suffered_VBN much_RB more_RBR short-term_JJ price_NN volatility_NN in_IN recent_JJ years_NNS ._. 
Larry_NNP Biehl_NNP ,_, a_DT money_NN manager_NN in_IN San_NNP Mateo_NNP ,_, Calif._NNP ,_, blames_VBZ that_IN on_IN the_DT advent_NN of_IN program_NN trading_NN ,_, in_IN which_WDT computers_NNS used_VBN by_IN big_JJ institutional_JJ investors_NNS are_VBP programmed_VBN to_TO buy_VB and_CC sell_VB big_JJ blocks_NNS when_WRB certain_JJ market_NN conditions_NNS prevail_VBP ._. 
Blue_JJ chips_NNS ,_, he_PRP says_VBZ ,_, ``_`` are_VBP now_RB being_VBG referred_VBN to_TO as_IN poker_NN chips_NNS ._. ''_'' 
Finally_RB ,_, even_RB the_DT time-honored_JJ strategy_NN called_VBN ``_`` value_NN investing_VBG ''_'' no_RB longer_RB means_VBZ what_WP it_PRP once_RB did_VBD ._. 
Before_IN the_DT takeover_NN mania_NN of_IN the_DT '80s_NNS ,_, it_PRP referred_VBD to_TO rooting_VBG out_IN through_IN analysis_NN undervalued_VBD stocks_NNS ,_, especially_RB those_DT with_IN shrewd_JJ management_NN ,_, sound_NN fundamentals_NNS and_CC decent_JJ prospects_NNS ._. 
Now_RB ,_, says_VBZ Mr._NNP Biehl_NNP ,_, value_NN investing_VBG often_RB means_VBZ ``_`` looking_VBG for_IN downtrodden_JJ companies_NNS with_IN terrible_JJ management_NN that_WDT are_VBP in_IN real_JJ trouble_NN ._. ''_'' 
To_TO institutional_JJ investors_NNS or_CC brokers_NNS ,_, he_PRP adds_VBZ ,_, a_DT company_NN with_IN value_NN is_VBZ a_DT company_NN at_IN risk_NN of_IN being_VBG swallowed_VBN up_RB ._. 
Ms._NNP Bettner_NNP covers_VBZ personal_JJ finance_NN from_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS Los_NNP Angeles_NNP bureau_NN ._. 
I_PRP was_VBD amused_VBN to_TO read_VB your_PRP$ recent_JJ news_NN stories_NNS on_IN the_DT banking_NN industry_NN 's_POS reserve_NN additions_NNS and_CC concomitant_JJ threats_NNS to_TO cease_VB making_VBG new_JJ loans_NNS to_TO less-developed_JJ countries_NNS ._. 
If_IN the_DT whole_JJ story_NN were_VBD told_VBN ,_, it_PRP would_MD read_VB something_NN like_IN this_DT :_: 
--_: During_IN the_DT 1970s_NNS the_DT commercial_JJ banks_NNS lured_VBD the_DT country_NN loan_NN business_NN away_RB from_IN the_DT bond_NN markets_NNS where_WRB the_DT discipline_NN of_IN a_DT prospectus_NN and_CC ``_`` Use_VB of_IN Proceeds_NNS ''_'' confirmation_NN allowed_VBD lenders_NNS to_TO audit_VB expenditures_NNS of_IN old_JJ loans_NNS before_IN new_JJ loans_NNS were_VBD made_VBN ._. 
--_: The_DT reward_NN for_IN that_DT reckless_JJ lending_NN was_VBD high_NN reported_VBD earnings_NNS -LRB-_( and_CC management_NN bonuses_NNS -RRB-_) ;_: the_DT price_NN ,_, a_DT sea_NN of_IN bad_JJ loans_NNS ._. 
--_: For_IN the_DT past_JJ several_JJ years_NNS ,_, the_DT banks_NNS ,_, lacking_VBG a_DT private_JJ navy_NN to_TO enforce_VB their_PRP$ interests_NNS ,_, have_VBP been_VBN pressuring_VBG the_DT U.S._NNP Treasury_NNP to_TO underwrite_VB their_PRP$ bad_JJ LDC_NNP credits_NNS ._. 
--_: The_DT Treasury_NNP wisely_RB has_VBZ refused_VBN ,_, but_CC has_VBZ concluded_VBN that_IN indirect_JJ credit_NN support_NN through_IN various_JJ multinational_JJ agencies_NNS should_MD be_VB made_VBN available_JJ for_IN a_DT price_NN :_: either_DT debt_NN reduction_NN or_CC debt-service_JJ reduction_NN or_CC new_JJ loans_NNS -LRB-_( the_DT Brady_NNP Plan_NNP -RRB-_) ._. 
--_: The_DT banks_NNS will_MD threaten_VB not_RB to_TO make_VB further_JJ loans_NNS ,_, but_CC in_IN truth_NN ,_, lacking_VBG the_DT capital_NN to_TO write_VB off_IN their_PRP$ mistakes_NNS or_CC to_TO build_VB a_DT navy_NN ,_, they_PRP have_VBP no_DT alternative_NN but_CC to_TO go_VB along_RB ._. 
George_NNP A._NNP Wiegers_NNP 
Gillette_NNP Co._NNP elected_VBD Warren_NNP E._NNP Buffett_NNP ,_, chairman_NN of_IN Berkshire_NNP Hathaway_NNP Inc._NNP ,_, to_TO its_PRP$ board_NN ,_, increasing_VBG the_DT number_NN of_IN directors_NNS to_TO 12_CD from_IN 11_CD ._. 
Berkshire_NNP Hathaway_NNP earlier_RBR this_DT year_NN bought_VBD $_$ 600_CD million_CD of_IN preferred_JJ stock_NN in_IN Gillette_NNP that_WDT is_VBZ convertible_JJ into_IN an_DT 11_CD %_NN stake_NN ,_, and_CC Gillette_NNP said_VBD at_IN the_DT time_NN that_IN Mr._NNP Buffett_NNP would_MD be_VB added_VBN to_TO the_DT board_NN ._. 
Separately_RB ,_, Gillette_NNP said_VBD its_PRP$ third-quarter_JJ earnings_NNS rose_VBD 2_CD %_NN to_TO $_$ 65.2_CD million_CD ,_, or_CC 57_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 63.9_CD million_CD ,_, or_CC 57_CD cents_NNS a_DT share_NN ,_, in_IN the_DT year-earlier_JJ period_NN ;_: per-share_JJ earnings_NNS remained_VBD flat_JJ despite_IN an_DT increase_NN in_IN net_JJ income_NN in_IN part_NN because_IN the_DT company_NN paid_VBD a_DT $_$ 10.4_CD million_CD dividend_NN on_IN the_DT new_JJ preferred_JJ stock_NN in_IN the_DT period_NN ._. 
Sales_NNS rose_VBD 9_CD %_NN to_TO $_$ 921.6_CD million_CD from_IN $_$ 845.7_CD million_CD ,_, with_IN sales_NNS of_IN the_DT company_NN 's_POS international\/diversified_VBN operations_NNS ``_`` well_RB above_IN ''_'' the_DT year_NN earlier-period_NN ._. 
For_IN the_DT nine_CD months_NNS ,_, Gillette_NNP 's_POS net_JJ income_NN declined_VBD 1_CD %_NN to_TO $_$ 205.3_CD million_CD ,_, or_CC $_$ 2.02_CD a_DT share_NN ,_, from_IN $_$ 207_CD million_CD ,_, or_CC $_$ 1.82_CD a_DT share_NN ,_, in_IN the_DT 1988_CD period_NN ._. 
Sales_NNS rose_VBD 6_CD %_NN to_TO $_$ 2.77_CD billion_CD from_IN $_$ 2.61_CD billion_CD ._. 
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, the_DT company_NN closed_VBD yesterday_NN at_IN $_$ 45.50_CD a_DT share_NN ,_, up_IN 25_CD cents_NNS ._. 
When_WRB Walter_NNP Yetnikoff_NNP ,_, the_DT president_NN of_IN Sony_NNP Corp._NNP 's_POS CBS_NNP Records_NNPS ,_, last_JJ month_NN told_VBD producer_NN Peter_NNP Guber_NNP that_IN Sony_NNP was_VBD about_IN to_TO make_VB a_DT $_$ 3.4_CD billion_CD bid_NN for_IN Columbia_NNP Pictures_NNPS and_CC needed_VBN someone_NN to_TO run_VB the_DT studio_NN ,_, Mr._NNP Guber_NNP jumped_VBD at_IN the_DT chance_NN ._. 
Within_IN two_CD days_NNS ,_, he_PRP was_VBD on_IN his_PRP$ way_NN to_TO New_NNP York_NNP and_CC Tokyo_NNP to_TO meet_VB with_IN top_JJ brass_NN at_IN Sony_NNP ._. 
And_CC before_IN the_DT week_NN was_VBD out_IN ,_, Sony_NNP had_VBD offered_VBN Mr._NNP Guber_NNP and_CC his_PRP$ partner_NN ,_, Jon_NNP Peters_NNP ,_, the_DT most_RBS lucrative_JJ employment_NN contracts_NNS in_IN the_DT history_NN of_IN the_DT movie_NN business_NN ._. 
Not_RB only_RB that_IN ,_, Sony_NNP also_RB agreed_VBD to_TO give_VB them_PRP a_DT stake_NN in_IN Columbia_NNP 's_POS future_NN profits_NNS and_CC buy_VB their_PRP$ company_NN ,_, Guber_NNP Peters_NNP Entertainment_NNP Co._NNP ,_, for_IN $_$ 200_CD million_CD ,_, almost_RB 40_CD %_NN more_JJR than_IN the_DT market_NN value_NN of_IN the_DT company_NN ._. 
There_EX was_VBD just_RB one_CD sticking_VBG point_NN :_: The_DT two_CD had_VBD a_DT prior_JJ commitment_NN ._. 
Just_RB seven_CD months_NNS earlier_RBR ,_, they_PRP had_VBD signed_VBN a_DT five-year_JJ exclusive_JJ contract_NN to_TO make_VB movies_NNS for_IN Warner_NNP Bros._NNP for_IN which_WDT they_PRP had_VBD just_RB produced_VBN the_DT smash_NN hit_VBD ``_`` Batman_NNP ._. ''_'' 
But_CC Mr._NNP Guber_NNP figured_VBD that_IN Warner_NNP Communications_NNP Inc._NNP chairman_NN Steven_NNP Ross_NNP ,_, would_MD empathize_VB and_CC let_VB the_DT producers_NNS go_VBP ,_, knowing_VBG the_DT Sony_NNP offer_NN was_VBD ``_`` the_DT culmination_NN of_IN a_DT life_NN 's_POS work_NN ._. ''_'' 
He_PRP figured_VBD wrong_JJ ._. 
Last_JJ week_NN ,_, following_VBG fruitless_JJ settlement_NN talks_NNS ,_, Warner_NNP ,_, now_RB merging_VBG with_IN Time_NNP Inc._NNP ,_, filed_VBD a_DT $_$ 1_CD billion_CD breach_NN of_IN contract_NN suit_NN in_IN Los_NNP Angeles_NNP Superior_NNP Court_NNP against_IN both_DT Sony_NNP and_CC Guber_NNP Peters_NNP ._. 
Sony_NNP promptly_RB countersued_VBD ,_, charging_VBG Warner_NNP with_IN trying_VBG to_TO sabotage_VB its_PRP$ acquisitions_NNS and_CC hurt_VBN its_PRP$ efforts_NNS to_TO enter_VB the_DT U.S._NNP movie_NN business_NN ._. 
The_DT accusations_NNS of_IN lying_VBG and_CC duplicity_NN are_VBP flying_VBG thick_JJ and_CC fast_RB on_IN both_DT sides_NNS :_: As_IN one_CD Sony_NNP executive_NN puts_VBZ it_PRP ,_, ``_`` It_PRP 's_VBZ World_NNP War_NNP III_NNP ._. ''_'' 
That_DT two_CD successful_JJ producers_NNS who_WP are_VBP n't_RB all_DT that_NN well_RB known_VBN outside_IN Hollywood_NNP could_MD occasion_VB such_JJ a_DT clash_NN of_IN corporate_JJ titans_NNS suggests_VBZ how_WRB desperate_JJ the_DT quest_NN for_IN proven_VBN talent_NN is_VBZ in_IN the_DT movie_NN business_NN ._. 
And_CC they_PRP are_VBP a_DT very_RB odd_JJ team_NN in_IN any_DT case_NN ._. 
Mr._NNP Guber_NNP was_VBD raised_VBN in_IN Boston_NNP and_CC educated_VBN in_IN New_NNP York_NNP ._. 
He_PRP is_VBZ a_DT lawyer_NN with_IN a_DT string_NN of_IN academic_JJ degrees_NNS ._. 
Mr._NNP Peters_NNP is_VBZ a_DT high-school_NN dropout_NN who_WP came_VBD to_TO fame_VB as_IN Barbra_NNP Streisand_NNP 's_POS hairdresser_NN ._. 
Yet_RB ,_, they_PRP are_VBP far_RB and_CC away_RB the_DT most_RBS prolific_JJ producers_NNS in_IN Hollywood_NNP ._. 
And_CC despite_IN their_PRP$ share_NN of_IN duds_NNS ,_, they_PRP make_VBP movies_NNS that_WDT make_VBP money_NN ._. 
That_DT is_VBZ a_DT skill_NN Sony_NNP badly_RB needs_VBZ --_: and_CC Warner_NNP is_VBZ loath_JJ to_TO lose_VB ._. 
Although_IN Columbia_NNP had_VBD a_DT good_JJ summer_NN with_IN ``_`` Ghostbusters_NNP II_NNP ''_'' and_CC ``_`` When_WRB Harry_NNP Met_NNP Sally_NNP ,_, ''_'' rivals_NNS such_JJ as_IN Warner_NNP ,_, Paramount_NNP Pictures_NNPS ,_, Walt_NNP Disney_NNP Co._NNP and_CC Universal_NNP Studios_NNP have_VBP been_VBN thrashing_NN Columbia_NNP at_IN the_DT box_NN office_NN ._. 
After_IN five_CD years_NNS of_IN management_NN turmoil_NN ,_, with_IN four_CD different_JJ studio_NN heads_NNS ,_, Columbia_NNP sorely_RB needs_VBZ a_DT stable_NN ,_, savvy_JJ team_NN to_TO restore_VB its_PRP$ credibility_NN and_CC get_VB it_PRP back_RB in_IN the_DT business_NN of_IN making_VBG hits_NNS ._. 
Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP are_VBP n't_RB universally_RB loved_VBD in_IN Hollywood_NNP but_CC they_PRP are_VBP well_RB connected_VBN ._. 
Their_PRP$ stock_NN in_IN trade_NN as_IN ``_`` executive_NN producers_NNS ''_'' is_VBZ sniffing_VBG out_RP hot_JJ properties_NNS ,_, locking_JJ them_PRP up_IN and_CC then_RB getting_VBG big_JJ studios_NNS to_TO bankroll_VB and_CC distribute_VB them_PRP ._. 
Sometimes_RB Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP do_VBP little_RB more_JJR than_IN grab_NN the_DT first_JJ draft_NN of_IN a_DT screenplay_NN for_IN a_DT ``_`` Flashdance_NNP ,_, ''_'' or_CC buy_VB rights_NNS to_TO a_DT best_JJS seller_NN such_JJ as_IN ``_`` The_DT Color_NNP Purple_NNP ._. ''_'' 
It_PRP falls_VBZ to_TO others_NNS to_TO do_VB the_DT writing_NN ,_, directing_VBG and_CC producing_VBG ._. 
With_IN MGM\/UA_NNP 's_POS ``_`` Rainman_NNP ,_, ''_'' for_IN instance_NN ,_, Messrs._NNP Guber_NNP and_CC Peters_NNP had_VBD virtually_JJ nothing_NN to_TO do_VB with_IN day-to-day_JJ production_NN ,_, but_CC their_PRP$ names_NNS still_RB appear_VBP in_IN big_JJ letters_NNS on_IN the_DT credits_NNS ,_, and_CC they_PRP are_VBP inevitably_RB associated_VBN with_IN its_PRP$ success_NN ._. 
Sometimes_RB ,_, as_IN with_IN ``_`` Batman_NNP ,_, ''_'' the_DT pair_NN really_RB do_VBP make_VB the_DT film_NN ._. 
In_IN that_DT case_NN ,_, Guber_NNP Peters_NNP acquired_VBD the_DT rights_NNS in_IN 1979_CD ,_, nursed_VBD the_DT movie_NN through_IN a_DT dozen_NN scripts_NNS ,_, and_CC were_VBD on_IN the_DT set_NN in_IN London_NNP for_IN 11_CD months_NNS hovering_VBG over_IN the_DT most_RBS minute_NN changes_NNS in_IN casting_VBG and_CC production_NN ._. 
``_`` They_PRP 're_VBP the_DT best_JJS production_NN talent_NN around_IN ,_, ''_'' says_VBZ Brian_NNP De_NNP Palma_NNP ,_, beholden_JJ to_TO Guber_NNP Peters_NNP for_IN hiring_VBG him_PRP to_TO direct_VB the_DT Warner_NNP movie_NN of_IN Tom_NNP Wolfe_NNP 's_POS novel_NN ``_`` Bonfire_NN of_IN the_DT Vanities_NNS ._. ''_'' 
On_IN that_DT film_NN ,_, which_WDT is_VBZ to_TO start_VB shooting_NN in_IN a_DT few_JJ months_NNS ,_, ``_`` they_PRP 've_VBP been_VBN very_RB much_RB involved_VBN ,_, hiring_VBG talent_NN and_CC discussing_VBG the_DT development_NN of_IN the_DT script_NN ._. 
And_CC when_WRB you_PRP 're_VBP making_VBG a_DT movie_NN this_DT big_JJ ,_, you_PRP need_VBP all_PDT the_DT help_NN you_PRP can_MD get_VB ,_, ''_'' Mr._NNP De_NNP Palma_NNP adds_VBZ ._. 
``_`` I_PRP wish_VBP they_PRP were_VBD around_IN 24_CD hours_VBZ a_DT day_NN ._. ''_'' 
And_CC some_DT movies_NNS seem_VBP to_TO have_VB been_VBN hurt_VBN by_IN their_PRP$ inattention_NN ._. 
Warner_NNP executives_NNS blame_VBP Mr._NNP Guber_NNP 's_POS and_CC Mr._NNP Peters_NNP 's_POS lack_NN of_IN involvement_NN in_IN ``_`` Caddyshack_NNP II_NNP ''_'' for_IN casting_VBG and_CC production_NN problems_NNS and_CC the_DT film_NN 's_POS ultimate_JJ dismal_JJ failure_NN ._. 
``_`` We_PRP 've_VBP had_VBD a_DT few_JJ bombs_NNS ,_, ''_'' admits_VBZ Mr._NNP Peters_NNP ._. 
``_`` But_CC by_IN and_CC large_JJ this_DT company_NN has_VBZ only_RB been_VBN profitable_JJ ._. ''_'' 
He_PRP says_VBZ his_PRP$ company_NN 's_POS prowess_NN at_IN packaging_NN and_CC marketing_NN ``_`` is_VBZ why_WRB we_PRP 'll_MD be_VB good_JJ at_IN Columbia_NNP ._. 
We_PRP practically_RB ran_VBD our_PRP$ own_JJ studio_NN ._. ''_'' 
Longtime_JJ Hollywood_NNP associates_NNS describe_VBP Mr._NNP Guber_NNP as_IN the_DT intellectual_JJ powerhouse_NN of_IN the_DT two_CD ,_, a_DT man_NN with_IN a_DT flair_NN for_IN deal-making_NN and_CC marketing_NN ._. 
``_`` Peter_NNP is_VBZ a_DT major_JJ piece_NN of_IN Hollywood_NNP manpower_NN who_WP has_VBZ really_RB earned_VBN his_PRP$ success_NN ,_, ''_'' says_VBZ Robert_NNP Bookman_NNP ,_, an_DT agent_NN at_IN Creative_NNP Artists_NNP Agency_NNP ._. 
Mark_NNP Johnson_NNP ,_, the_DT producer_NN of_IN ``_`` Rainman_NNP ,_, ''_'' chimes_VBZ in_IN :_: ``_`` He_PRP has_VBZ a_DT great_JJ ability_NN to_TO hire_VB terrific_JJ people_NNS and_CC delegate_NN authority_NN ..._: ._. 
It_PRP 's_VBZ no_DT accident_NN that_IN they_PRP 've_VBP been_VBN able_JJ to_TO develop_VB such_JJ successful_JJ material_NN ._. ''_'' 
Mr._NNP Peters_NNP ,_, on_IN the_DT other_JJ hand_NN ,_, has_VBZ fewer_JJR fans_NNS in_IN Hollywood_NNP ,_, and_CC his_PRP$ detractors_NNS like_NN to_TO characterize_VB him_PRP as_IN something_NN of_IN a_DT hot-tempered_JJ bully_NN ._. 
He_PRP gets_VBZ better_JJR reviews_NNS as_IN a_DT creative_JJ whiz_NN ,_, an_DT enthusiast_NN ,_, an_DT idea_NN man_NN ._. 
He_PRP also_RB had_VBD to_TO fight_VB harder_JJR for_IN credibility_NN than_IN his_PRP$ partner_NN did_VBD ._. 
Barbra_NNP Streisand_NNP made_VBD him_PRP famous_JJ ._. 
He_PRP cut_VBP her_PRP$ hair_NN ._. 
He_PRP lived_VBD with_IN her_PRP$ ._. 
He_PRP came_VBD to_TO produce_VB her_PRP$ records_NNS and_CC her_PRP$ movies_NNS --_: ``_`` A_DT Star_NNP Is_VBZ Born_VBN ''_'' and_CC ``_`` The_DT Main_NNP Event_NN ._. ''_'' 
Thrice_RB married_VBN but_CC now_RB single_JJ ,_, Mr._NNP Peters_NNP got_VBD plenty_NN of_IN ink_NN last_JJ summer_NN for_IN an_DT on-set_JJ romance_NN with_IN actress_NN Kim_NNP Basinger_NNP during_IN the_DT making_NN of_IN ``_`` Batman_NNP ._. ''_'' 
Mr._NNP Guber_NNP ,_, by_IN contrast_NN ,_, has_VBZ been_VBN married_VBN to_TO one_CD woman_NN for_IN more_JJR than_IN 20_CD years_NNS ._. 
But_CC for_IN all_DT their_PRP$ intellectual_JJ and_CC stylistic_JJ differences_NNS ,_, they_PRP make_VBP the_DT perfect_JJ ``_`` good_JJ cop_NN ,_, bad_JJ cop_NN ''_'' team_NN ,_, Hollywood_NNP associates_NNS say_VBP ._. 
``_`` Peter_NNP is_VBZ the_DT bright_JJ ,_, sympathetic_JJ guy_NN when_WRB you_PRP 're_VBP doing_VBG a_DT deal_NN ,_, ''_'' says_VBZ one_CD agent_NN ._. 
``_`` If_IN there_EX 's_VBZ a_DT problem_NN ,_, Peter_NNP disappears_VBZ ,_, and_CC all_DT of_IN a_DT sudden_JJ Jon_NNP shows_VBZ up_IN ._. ''_'' 
Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP rub_NN many_JJ people_NNS in_IN Hollywood_NNP the_DT wrong_JJ way_NN ._. 
Producers_NNP Don_NNP Simpson_NNP and_CC Jerry_NNP Bruckheimer_NNP ,_, who_WP shepherded_VBD ``_`` Flashdance_NNP ''_'' through_IN several_JJ scripts_NNS and_CC ultimately_RB produced_VBN the_DT movie_NN ,_, bristle_VBP when_WRB Messrs._NNP Guber_NNP and_CC Peters_NNP take_VB credit_NN for_IN the_DT film_NN ._. 
Says_VBZ Mr._NNP Simpson_NNP :_: ``_`` The_DT script_NN was_VBD unreadable_JJ ._. 
We_PRP reinvented_VBD it_PRP ._. 
We_PRP are_VBP the_DT producers_NNS of_IN that_DT movie_NN ._. 
They_PRP got_VBD a_DT small_JJ piece_NN of_IN the_DT net_JJ profits_NNS and_CC a_DT screen_NN credit_NN ''_'' as_IN executive_NN producers_NNS ._. 
When_WRB Roger_NNP Birnbaum_NNP ,_, an_DT executive_NN who_WP worked_VBD for_IN Guber_NNP Peters_NNP in_IN the_DT early_JJ 1980s_CD ,_, left_VBN to_TO take_VB a_DT job_NN as_IN head_NN of_IN production_NN at_IN the_DT United_NNP Artists_NNPS studio_NN ,_, they_PRP made_VBD him_PRP forfeit_VB all_DT credits_NNS and_CC financial_JJ interest_NN in_IN the_DT films_NNS he_PRP had_VBD helped_VBN develop_VB ,_, including_VBG ``_`` Rainman_NNP ''_'' and_CC ``_`` Batman_NNP ._. ''_'' 
Mr._NNP Peters_NNP acknowledges_VBZ that_IN and_CC says_VBZ it_PRP 's_VBZ not_RB unlike_IN the_DT situation_NN he_PRP and_CC Mr._NNP Guber_NNP are_VBP in_IN with_IN Warner_NNP ._. 
``_`` I_PRP was_VBD upset_VBN with_IN Roger_NNP ,_, I_PRP fumpered_VBD and_CC schmumpered_VBD ,_, ''_'' says_VBZ Mr._NNP Peters_NNP ._. 
``_`` But_CC he_PRP wanted_VBD to_TO pursue_VB his_PRP$ own_JJ dream_NN ,_, and_CC he_PRP went_VBD ._. ''_'' 
Still_RB ,_, Mr._NNP Birnbaum_NNP says_VBZ his_PRP$ relationship_NN with_IN Guber_NNP Peters_NNP was_VBD ``_`` one_CD of_IN the_DT most_RBS successful_JJ I_PRP 've_VBP had_VBD in_IN Hollywood_NNP ._. ''_'' 
The_DT two_CD ``_`` have_VBP a_DT wonderful_JJ chemistry_NN --_: Jon_NNP is_VBZ very_RB impulsive_JJ ,_, and_CC Peter_NNP is_VBZ very_RB compulsive_JJ ,_, ''_'' adds_VBZ Mr._NNP Birnbaum_NNP ,_, who_WP is_VBZ now_JJ head_NN of_IN production_NN at_IN News_NNP Corp._NNP 's_POS 20th_NNP Century_NNP Fox_NNP Film_NNP Co_NNP ._. 
``_`` Jon_NNP Peters_NNP will_MD come_VB barreling_VBG into_IN a_DT room_NN ,_, say_VBP he_PRP 's_VBZ got_VBD a_DT great_JJ idea_NN ,_, and_CC be_VB gone_VBN ._. 
Peter_NNP will_MD take_VB the_DT kernel_NN of_IN that_DT idea_NN and_CC make_VB it_PRP grow_VB into_IN something_NN specific_JJ ..._: ._. ''_'' 
Mr._NNP Birnbaum_NNP recalls_VBZ that_IN Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP shifted_VBD into_IN high_JJ gear_NN a_DT few_JJ years_NNS back_RB upon_IN learning_VBG that_IN they_PRP had_VBD competition_NN for_IN the_DT story_NN of_IN the_DT murdered_VBN naturalist_NN Dian_NNP Fossey_NNP ,_, which_WDT became_VBD ``_`` Gorillas_NNP in_IN the_DT Mist_NNP ._. ''_'' 
He_PRP says_VBZ ,_, ``_`` Within_IN a_DT few_JJ weeks_NNS ,_, we_PRP made_VBD deals_NNS with_IN the_DT government_NN of_IN Rwanda_NNP and_CC everyone_NN who_WP had_VBD ever_RB met_VBN or_CC talked_VBD to_TO Dian_NNP Fossey_NNP ._. 
I_PRP think_VBP Peter_NNP even_RB made_VBD some_DT deals_NNS with_IN the_DT gorillas_NNS ._. ''_'' 
Universal_NNP Studios_NNP was_VBD working_VBG on_IN a_DT competing_VBG film_NN ,_, but_CC the_DT studio_NN and_CC its_PRP$ producers_NNS ultimately_RB agreed_VBD to_TO co-produce_VB the_DT film_NN with_IN Guber_NNP Peters_NNP and_CC Warner_NNP ._. 
More_RBR recently_RB ,_, Guber_NNP Peters_NNP beat_VB out_RP a_DT dozen_NN other_JJ producers_NNS ,_, reportedly_RB including_VBG Robert_NNP Redford_NNP and_CC Ted_NNP Turner_NNP ,_, for_IN rights_NNS to_TO the_DT life_NN story_NN of_IN Chico_NNP Mendes_NNP ,_, the_DT murdered_VBN Brazilian_JJ union_NN leader_NN who_WP fought_VBD developers_NNS in_IN the_DT Amazon_NNP rain_NN forest_NN ._. 
Messrs._NNP Guber_NNP and_CC Peters_NNP assiduously_RB courted_VBD the_DT man_NN 's_POS widow_NN for_IN months_NNS ,_, showing_VBG her_PRP$ a_DT tape_NN of_IN ``_`` Gorillas_NNP in_IN the_DT Mist_NNP ''_'' to_TO impress_VB her_PRP with_IN the_DT quality_NN of_IN their_PRP$ work_NN ._. 
Money_NNP helped_VBD ,_, too_RB ._. 
Ultimately_RB ,_, they_PRP paid_VBD more_JJR than_IN $_$ 1_CD million_CD for_IN the_DT rights_NNS ._. 
-LRB-_( The_DT sale_NN caused_VBD a_DT rift_NN between_IN the_DT widow_NN and_CC some_DT of_IN her_PRP$ husband_NN 's_POS followers_NNS ._. 
Some_DT of_IN the_DT money_NN will_MD go_VB to_TO the_DT Chico_NNP Mendes_NNP Foundation_NNP ,_, but_CC it_PRP is_VBZ n't_RB earmarked_VBN for_IN groups_NNS trying_VBG to_TO save_VB the_DT rain_NN forest_NN ._. -RRB-_) 
It_PRP 's_VBZ hardly_RB astonishing_JJ -LRB-_( given_VBN the_DT men_NNS 's_POS track_NN record_NN -RRB-_) that_IN Sony_NNP wants_VBZ Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP ._. 
But_CC it_PRP is_VBZ puzzling_JJ to_TO some_DT Hollywood_NNP executives_NNS that_IN Sony_NNP rushed_VBD to_TO hire_VB them_PRP without_IN clearing_VBG up_IN the_DT Warner_NNP situation_NN first_JJ ._. 
Some_DT note_NN that_IN Sony_NNP might_MD have_VB saved_VBN itself_PRP some_DT trouble_NN by_IN just_RB hiring_VBG Mr._NNP Guber_NNP and_CC letting_VBG Mr._NNP Peters_NNP stay_VB on_IN to_TO fulfill_VB the_DT Warner_NNP contract_NN ._. 
But_CC though_IN ``_`` people_NNS in_IN town_NN may_MD ask_VB why_WRB Guber_NNP needs_VBZ Peters_NNP ,_, it_PRP 's_VBZ good_JJ to_TO have_VB a_DT partner_NN ,_, and_CC obviously_RB the_DT chemistry_NN works_NNS ,_, ''_'' says_VBZ Steven_NNP Tisch_NNP ,_, a_DT producer_NN who_WP once_RB worked_VBD for_IN Mr._NNP Guber_NNP ._. 
``_`` This_DT business_NN is_VBZ n't_RB about_IN personalities_NNS at_IN the_DT end_NN of_IN the_DT day_NN --_: it_PRP s_PRP about_IN whether_IN the_DT ink_NN is_VBZ red_JJ or_CC black_JJ ._. 
In_IN the_DT case_NN of_IN Peter_NNP and_CC Jon_NNP ,_, the_DT ink_NN has_VBZ been_VBN very_RB ,_, very_RB black_JJ ._. ''_'' 
Mr._NNP Guber_NNP got_VBD his_PRP$ start_NN in_IN the_DT movie_NN business_NN at_IN Columbia_NNP two_CD decades_NNS ago_RB ._. 
Recruited_VBN from_IN New_NNP York_NNP University_NNP 's_POS MBA_NN program_NN ,_, he_PRP rose_VBD within_IN two_CD years_NNS to_TO head_VB of_IN production_NN ,_, overseeing_VBG such_JJ films_NNS as_IN ``_`` The_DT Way_NN We_PRP Were_VBD ,_, ''_'' ``_`` Taxi_NN Driver_NNP ,_, ''_'' ``_`` Tommy_NNP ''_'' and_CC ``_`` Shampoo_NNP ._. ''_'' 
In_IN 1976_CD ,_, he_PRP teamed_VBD up_IN with_IN record_NN producer_NN Neil_NNP Bogart_NNP in_IN Casablanca_NNP Records_NNPS and_CC Filmworks_NNP --_: later_RB called_VBN Polygram_NNP Pictures_NNPS --_: where_WRB they_PRP produced_VBD such_JJ hits_NNS as_IN as_IN ``_`` The_DT Deep_NNP ,_, ''_'' and_CC ``_`` Midnight_NNP Express_NNP ._. ''_'' 
In_IN 1980_CD ,_, Mr._NNP Guber_NNP got_VBD together_RB with_IN Mr._NNP Peters_NNP ,_, by_IN then_RB a_DT successful_JJ producer_NN in_IN his_PRP$ own_JJ right_NN ,_, after_IN the_DT death_NN of_IN Mr._NNP Bogart_NNP ._. 
While_IN Guber_NNP Peters_NNP produced_VBD a_DT number_NN of_IN hits_NNS for_IN Warner_NNP and_CC others_NNS ,_, their_PRP$ record_NN was_VBD n't_RB always_RB so_RB impressive_JJ ._. 
Among_IN their_PRP$ clinkers_NNS were_VBD ``_`` The_DT Legend_NNP of_IN Billie_NNP Jean_NNP ,_, ''_'' ``_`` VisionQuest_NNP ,_, ''_'' ``_`` Clue_NNP ''_'' and_CC ``_`` Clan_NNP of_IN the_DT Cave_NNP Bear_NNP ._. ''_'' 
And_CC the_DT failures_NNS make_VBP it_PRP possible_JJ for_IN Warner_NNP in_IN its_PRP$ current_JJ lawsuit_NN to_TO paint_VB the_DT producers_NNS as_IN ingrates_NNS ._. 
The_DT studio_NN says_VBZ it_PRP stuck_VBD with_IN them_PRP ``_`` even_RB in_IN the_DT early_JJ years_NNS when_WRB the_DT creative_JJ partnership_NN was_VBD not_RB particularly_RB profitable_JJ for_IN Warner_NNP ._. ''_'' 
Mr._NNP Guber_NNP replies_VBZ that_IN ``_`` this_DT is_VBZ a_DT Goliath_NNP ,_, this_DT Time_NNP Warner_NNP ,_, trying_VBG to_TO chew_VB up_IN two_CD fellows_NNS who_WP have_VBP done_VBN only_RB well_RB for_IN them_PRP for_IN a_DT long_JJ period_NN of_IN time_NN ._. ''_'' 
Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP maintain_VB that_IN executives_NNS at_IN Warner_NNP have_VBP always_RB known_VBN of_IN their_PRP$ ambitions_NNS to_TO run_VB a_DT major_JJ entertainment_NN powerhouse_NN ,_, but_CC that_IN Warner_NNP never_RB felt_VBD threatened_VBN until_IN they_PRP linked_VBD up_IN with_IN Sony_NNP ._. 
``_`` From_IN the_DT beginning_NN ,_, -LCB-_( they_PRP -RCB-_) knew_VBD we_PRP had_VBD a_DT goal_NN and_CC a_DT dream_NN ,_, ''_'' says_VBZ Mr._NNP Guber_NNP ._. 
On_IN a_DT number_NN of_IN occasions_NNS ,_, he_PRP adds_VBZ ,_, he_PRP tried_VBD to_TO get_VB Warner_NNP to_TO buy_VB Guber_NNP Peters_NNP outright_JJ ._. 
``_`` They_PRP always_RB listened_VBD ,_, but_CC they_PRP never_RB acted_VBD ,_, ''_'' Mr._NNP Guber_NNP says_VBZ ._. 
In_IN 1987_CD ,_, Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP contributed_VBD their_PRP$ company_NN 's_POS assets_NNS in_IN exchange_NN for_IN a_DT 28_CD %_NN stake_NN in_IN Barris_NNP Entertainment_NNP ,_, a_DT small-fry_JJ TV_NN production_NN company_NN controlled_VBN by_IN Giant_NNP Industries_NNP Inc._NNP Chairman_NNP Burt_NNP Sugarman_NNP ._. 
In_IN July_NNP a_DT year_NN later_RB ,_, Warner_NNP agreed_VBD to_TO release_VB the_DT producers_NNS from_IN their_PRP$ old_JJ contract_NN when_WRB Messrs._NNP Guber_NNP ,_, Peters_NNP and_CC Sugarman_NNP made_VBD a_DT $_$ 100_CD million_CD offer_NN to_TO buy_VB 25_CD %_NN of_IN MGM\/UA_NNP ._. 
Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP planned_VBD to_TO run_VB the_DT nearly_RB dormant_JJ MGM_NNP studio_NN ,_, and_CC the_DT two_CD even_RB tried_VBD to_TO interest_VB Warner_NNP Bros_NNP ._. '_'' President_NNP Terry_NNP Semel_NNP in_IN becoming_VBG a_DT partner_NN after_IN he_PRP advised_VBD them_PRP on_IN the_DT deal_NN ._. 
But_CC the_DT MGM_NNP plan_NN collapsed_VBD just_RB two_CD weeks_NNS later_RB ._. 
Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP say_VBP they_PRP got_VBD a_DT look_NN at_IN the_DT books_NNS and_CC balked_VBD at_IN the_DT price_NN ._. 
Their_PRP$ relationship_NN with_IN Mr._NNP Sugarman_NNP soured_VBD shortly_RB thereafter_RB ._. 
Last_NNP May_NNP ,_, he_PRP sold_VBD his_PRP$ 24_CD %_NN stake_NN in_IN Barris_NNP to_TO a_DT passive_JJ Australian_JJ investor_NN and_CC Barris_NNP was_VBD renamed_VBN Guber_NNP Peters_NNP Entertainment_NNP Co_NNP ._. 
Meanwhile_RB ,_, Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP had_VBD agreed_VBN to_TO extend_VB their_PRP$ Warner_NNP agreement_NN with_IN the_DT new_JJ five-year_JJ exclusive_JJ contract_NN ._. 
The_DT new_JJ deal_NN was_VBD considered_VBN the_DT most_RBS generous_JJ of_IN its_PRP$ kind_NN ,_, both_DT financially_RB and_CC in_IN terms_NNS of_IN creative_JJ freedom_NN ._. 
But_CC it_PRP paled_VBN by_IN comparison_NN to_TO what_WP Sony_NNP was_VBD to_TO offer_VB last_JJ month_NN :_: the_DT chance_NN ,_, at_IN last_JJ ,_, to_TO run_VB a_DT major_JJ studio_NN ,_, about_RB $_$ 50_CD million_CD in_IN deferred_VBN compensation_NN ,_, up_IN to_TO 10_CD %_NN of_IN Columbia_NNP 's_POS future_NN cash_NN flow_NN ,_, 8_CD %_NN of_IN the_DT future_NN appreciation_NN of_IN Columbia_NNP 's_POS market_NN value_NN ,_, and_CC annual_JJ salaries_NNS of_IN $_$ 2.7_CD million_CD for_IN each_DT ._. 
The_DT producers_NNS '_POS 28_CD %_NN share_NN of_IN publicly_RB held_VBN Guber_NNP Peters_NNP would_MD net_VB them_PRP an_DT additional_JJ $_$ 50_CD million_CD ._. 
Sony_NNP also_RB agreed_VBD to_TO indemnify_VB the_DT producers_NNS against_IN any_DT liability_NN to_TO Warner_NNP ._. 
Sony_NNP is_VBZ paying_VBG a_DT hefty_JJ price_NN for_IN a_DT company_NN that_WDT had_VBD revenue_NN of_IN only_RB $_$ 42_CD million_CD last_JJ year_NN ._. 
And_CC earnings_NNS have_NN been_VBN erratic_JJ ._. 
In_IN the_DT the_DT latest_JJS quarter_NN ,_, thanks_VBZ in_IN part_NN to_TO ``_`` Batman_NNP ,_, ''_'' Guber_NNP Peters_NNP earned_VBD $_$ 5.8_CD million_CD ,_, or_CC 50_CD cents_NNS a_DT share_NN ,_, compared_VBN to_TO a_DT loss_NN of_IN $_$ 6.8_CD million_CD ,_, or_CC 62_CD cents_NNS a_DT share_NN ,_, in_IN last_JJ year_NN 's_POS quarter_NN ._. 
Guber_NNP Peters_NNP stock_NN ,_, which_WDT traded_VBD as_RB low_JJ as_IN $_$ 6_CD a_DT share_NN last_JJ year_NN ,_, closed_VBD yesterday_NN at_IN $_$ 16.625_CD ._. 
The_DT two_CD sides_NNS now_RB are_VBP accusing_VBG each_DT other_NN of_IN lying_VBG ._. 
Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP claim_NN they_PRP have_VBP an_DT oral_JJ agreement_NN with_IN Warner_NNP executives_NNS that_WDT allows_VBZ them_PRP to_TO terminate_VB their_PRP$ contract_NN should_MD the_DT opportunity_NN to_TO run_VB a_DT major_JJ studio_NN arise_VB ._. 
But_CC in_IN affidavits_NNS filed_VBD yesterday_NN in_IN the_DT Los_NNP Angeles_NNP court_NN ,_, Mr._NNP Ross_NNP ,_, Warner_NNP Bros._NNP Chairman_NNP Robert_NNP Daly_NNP and_CC President_NNP Semel_NNP deny_VB that_IN such_JJ an_DT oral_JJ agreement_NN was_VBD ever_RB made_VBN ._. 
Warner_NNP ,_, in_IN its_PRP$ court_NN filings_NNS ,_, calls_VBZ it_PRP ``_`` a_DT piece_NN of_IN fiction_NN created_VBN for_IN this_DT litigation_NN ._. ''_'' 
Mr._NNP Daly_NNP in_IN his_PRP$ affidavit_NN acknowledges_VBZ that_IN Warner_NNP agreed_VBD to_TO release_VB the_DT producers_NNS last_JJ year_NN to_TO take_VB over_IN MGM_NNP but_CC says_VBZ that_DT situation_NN was_VBD altogether_RB different_JJ ._. 
For_IN one_CD thing_NN ,_, according_VBG to_TO Mr._NNP Daly_NNP ,_, the_DT producers_NNS requested_VBD a_DT release_NN in_IN advance_NN ._. 
Moreover_RB ,_, the_DT old_JJ contract_NN was_VBD about_IN to_TO expire_VB ,_, and_CC the_DT lineup_NN of_IN Guber_NNP Peters_NNP pictures_NNS for_IN Warner_NNP was_VBD n't_RB as_RB strong_JJ as_IN it_PRP is_VBZ now_RB ._. 
Warner_NNP itself_PRP was_VBD in_IN negotiations_NNS with_IN MGM_NNP over_IN certain_JJ movie_NN and_CC other_JJ rights_NNS ,_, and_CC it_PRP was_VBD ``_`` in_IN Warner_NNP 's_POS interest_NN to_TO accommodate_VB MGM\/UA_NNP ,_, Guber_NNP and_CC Peters_NNP by_IN permitting_VBG them_PRP to_TO become_VB MGM_NNP executives_NNS ,_, ''_'' Mr._NNP Daly_NNP said_VBD in_IN his_PRP$ affidavit_NN ._. 
Warner_NNP obviously_RB does_VBZ n't_RB think_VB that_IN it_PRP is_VBZ in_IN its_PRP$ own_JJ interests_NNS to_TO let_VB Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP go_VB off_IN to_TO Columbia_NNP ._. 
At_IN the_DT very_RB least_JJS ,_, Mr._NNP Ross_NNP clearly_RB sees_VBZ an_DT opportunity_NN to_TO use_VB the_DT two_CD men_NNS to_TO get_VB a_DT pound_NN of_IN flesh_NN from_IN Sony_NNP ._. 
During_IN settlement_NN talks_NNS ,_, for_IN example_NN ,_, Warner_NNP demanded_VBD such_JJ things_NNS as_IN cable_NN TV_NN rights_NNS to_TO Columbia_NNP movies_NNS and_CC Columbia_NNP 's_POS interest_NN in_IN the_DT studio_NN it_PRP jointly_RB owns_VBZ with_IN Warner_NNP ,_, according_VBG to_TO executives_NNS involved_VBN in_IN the_DT talks_NNS ._. 
In_IN any_DT settlement_NN ,_, Warner_NNP is_VBZ almost_RB certain_JJ to_TO demand_VB rights_NNS to_TO most_RBS of_IN the_DT 50_CD or_CC so_RB projects_VBZ Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP have_VBP locked_VBN up_IN for_IN the_DT next_JJ few_JJ years_NNS ,_, notably_RB sequels_NNS to_TO ``_`` Batman_NNP ._. ''_'' 
Mr._NNP Guber_NNP and_CC Mr._NNP Peters_NNP refuse_VB to_TO concede_VB that_IN they_PRP may_MD have_VB made_VBN a_DT tactical_JJ error_NN in_IN accepting_VBG the_DT Sony_NNP offer_NN before_IN taking_VBG it_PRP up_IN with_IN Warner_NNP ._. 
And_CC they_PRP say_VBP there_EX are_VBP plenty_NN of_IN precedents_NNS in_IN Hollywood_NNP for_IN letting_VBG people_NNS out_IN of_IN contracts_NNS ._. 
The_DT last_JJ time_NN Columbia_NNP Pictures_NNPS was_VBD looking_VBG for_IN a_DT studio_NN chief_NN ,_, they_PRP note_VBP ,_, Warner_NNP released_VBD producer_NN David_NNP Puttnam_NNP from_IN his_PRP$ contract_NN ,_, then_RB took_VBD him_PRP back_RB after_IN he_PRP was_VBD subsequently_RB fired_VBN by_IN his_PRP$ bosses_NNS at_IN Columbia_NNP ._. 
In_IN his_PRP$ affidavit_NN filed_VBD yesterday_NN ,_, Warner_NNP 's_POS Mr._NNP Ross_NNP indicated_VBD he_PRP is_VBZ n't_RB buying_VBG any_DT such_JJ argument_NN :_: ``_`` If_IN Sony_NNP succeeds_VBZ here_RB ,_, no_DT written_VBN contract_NN in_IN Hollywood_NNP will_MD be_VB worth_JJ the_DT paper_NN it_PRP 's_VBZ written_VBN on_RB ._. 
THE_DT SALES_NNP PITCH_NNP could_MD n't_RB sound_VB better_JJR ._. 
First_RB ,_, there_EX 's_VBZ the_DT name_NN :_: ``_`` asset-backed_JJ securities_NNS ._. ''_'' 
Better_NNP than_IN all_PDT those_DT offers_VBZ you_PRP get_VBP to_TO buy_VB securities_NNS backed_VBN by_IN nothing_NN ._. 
And_CC there_EX 's_VBZ more_JJR ._. 
The_DT assets_NNS backing_VBG the_DT securities_NNS come_VBP from_IN some_DT of_IN the_DT country_NN 's_POS biggest_JJS --_: and_CC most_RBS secure_VB --_: institutions_NNS ._. 
Most_JJS earn_VB high_JJ ratings_NNS from_IN credit_NN agencies_NNS ._. 
Their_PRP$ yields_NNS are_VBP higher_JJR than_IN those_DT of_IN U.S._NNP Treasury_NNP issues_NNS ._. 
And_CC the_DT booming_JJ market_NN has_VBZ already_RB attracted_VBN many_NN of_IN the_DT nation_NN 's_POS biggest_JJS institutional_JJ investors_NNS ._. 
Ready_JJ to_TO jump_VB ?_. 
Well_UH ,_, think_VBP twice_RB ._. 
The_DT concept_NN may_MD be_VB simple_JJ :_: Take_VB a_DT bunch_NN of_IN loans_NNS ,_, tie_NN them_PRP up_IN in_IN one_CD neat_JJ package_NN ,_, and_CC sell_VB pieces_NNS of_IN the_DT package_NN to_TO investors_NNS ._. 
But_CC the_DT simplicity_NN may_MD be_VB misleading_JJ ._. 
Skeptics_NNS say_VBP the_DT slightly_RB higher_JJR returns_NNS are_VBP n't_RB enough_RB to_TO compensate_VB for_IN the_DT extra_JJ risk_NN ._. 
They_PRP warn_VBP that_IN asset-backed_JJ securities_NNS are_VBP only_RB as_RB good_JJ as_IN the_DT assets_NNS and_CC credit_NN backing_VBG that_DT support_NN them_PRP --_: and_CC those_DT are_VBP hard_JJ to_TO evaluate_VB ._. 
Moreover_RB ,_, the_DT securities_NNS were_VBD introduced_VBN only_RB about_IN 4_CD 1\/2_CD years_NNS ago_RB ;_: the_DT biggest_JJS unknown_NN is_VBZ how_WRB they_PRP will_MD fare_VB in_IN a_DT recession_NN ._. 
``_`` A_DT lot_NN of_IN this_DT stuff_NN really_RB is_VBZ in_IN untested_JJ waters_NNS ,_, ''_'' says_VBZ Owen_NNP Carney_NNP ,_, director_NN of_IN the_DT investment_NN securities_NNS division_NN of_IN the_DT U.S._NNP comptroller_NN of_IN the_DT currency_NN ._. 
``_`` We_PRP do_VBP n't_RB know_VB how_WRB this_DT whole_JJ market_NN will_MD work_VB in_IN a_DT serious_JJ economic_JJ downturn_NN ._. ''_'' 
Such_JJ concerns_NNS ,_, however_RB ,_, have_VBP n't_RB stopped_VBN asset-backed_JJ securities_NNS from_IN becoming_VBG one_CD of_IN Wall_NNP Street_NNP 's_POS hottest_JJS new_JJ products_NNS ._. 
Since_IN the_DT spring_NN of_IN 1985_CD ,_, financial_JJ alchemists_NNS have_VBP transformed_VBN a_DT wide_JJ variety_NN of_IN debt_NN into_IN these_DT new_JJ securities_NNS ._. 
They_PRP have_VBP sold_VBN issues_NNS backed_VBN by_IN car_NN loans_NNS ,_, boat_NN loans_NNS and_CC recreational-vehicle_NN loans_NNS ._. 
They_PRP have_VBP offered_VBN bundles_NNS of_IN homeequity_NN loans_NNS ,_, as_RB well_RB as_IN packages_NNS of_IN loans_NNS used_VBN to_TO buy_VB vacation_NN time-shares_NNS ._. 
Last_JJ year_NN ,_, there_EX was_VBD an_DT issue_NN of_IN ``_`` death-backed_JJ bonds_NNS ''_'' --_: securities_NNS backed_VBN by_IN loans_NNS to_TO life-insurance_NN policyholders_NNS ._. 
Some_DT predict_VBP there_EX will_MD be_VB ``_`` Third_NNP World_NNP bonds_NNS ,_, ''_'' backed_VBN by_IN loans_NNS to_TO Brazil_NNP ,_, Argentina_NNP and_CC other_JJ debt-ridden_JJ nations_NNS ._. 
And_CC the_DT biggest_JJS volume_NN this_DT year_NN has_VBZ been_VBN on_IN securities_NNS backed_VBN by_IN credit-card_NN receivables_NN ,_, sometimes_RB known_VBN as_IN ``_`` plastic_NN bonds_NNS ._. ''_'' 
``_`` This_DT is_VBZ the_DT heyday_NN of_IN debt_NN ,_, ''_'' says_VBZ James_NNP Grant_NNP ,_, editor_NN of_IN Grant_NNP 's_POS Interest_NNP Rate_NNP Observer_NNP ,_, a_DT newsletter_NN ._. 
``_`` Before_IN the_DT sun_NN sets_NNS on_IN the_DT '80s_NNS ,_, it_PRP seems_VBZ nothing_NN will_MD be_VB left_VBN unhocked_VBN ._. ''_'' 
The_DT result_NN is_VBZ a_DT $_$ 45_CD billion_CD market_NN ,_, according_VBG to_TO Securities_NNP Data_NNP Co_NNP ._. 
That_DT includes_VBZ more_JJR than_IN $_$ 9.5_CD billion_CD issued_VBN through_IN August_NNP of_IN this_DT year_NN ,_, up_IN sharply_RB from_IN $_$ 6.5_CD billion_CD in_IN the_DT comparable_JJ 1988_CD period_NN --_: and_CC more_JJR than_IN in_IN all_DT of_IN 1987_CD ._. 
Most_JJS issues_NNS have_VBP been_VBN sold_VBN to_TO professional_JJ money_NN managers_NNS ,_, pension_NN funds_NNS ,_, bank_NN trust_NN departments_NNS and_CC other_JJ institutions_NNS ._. 
But_CC wealthy_JJ individuals_NNS also_RB have_VBP been_VBN jumping_VBG in_IN ,_, and_CC lately_RB brokers_NNS have_VBP been_VBN pushing_VBG smaller_JJR investors_NNS into_IN the_DT asset-backed_JJ market_NN ._. 
The_DT entry_NN fee_NN is_VBZ affordable_JJ :_: Issues_NNS typically_RB are_VBP sold_VBN in_IN minimum_JJ denominations_NNS of_IN $_$ 1,000_CD ._. 
``_`` We_PRP expect_VBP additional_JJ offerings_NNS ''_'' of_IN asset-backed_JJ securities_NNS targeted_VBN toward_IN individual_JJ investors_NNS ,_, says_VBZ Bill_NNP Addiss_NNP ,_, a_DT senior_JJ vice_NN president_NN at_IN Shearson_NNP Lehman_NNP Hutton_NNP Inc_NNP ._. 
The_DT process_NN typically_RB begins_VBZ when_WRB an_DT institution_NN ,_, such_JJ as_IN Citibank_NNP or_CC Sears_NNP ,_, Roebuck_NNP &_CC Co._NNP ,_, takes_VBZ a_DT pool_NN of_IN credit-card_NN or_CC other_JJ receivables_NN and_CC sells_VBZ them_PRP to_TO a_DT specially_RB created_VBN trust_NN ._. 
The_DT trust_NN then_RB issues_VBZ securities_NNS --_: generally_RB due_JJ in_IN five_CD years_NNS or_CC less_JJR --_: that_WDT are_VBP underwritten_VBN by_IN Wall_NNP Street_NNP brokerage_NN firms_NNS and_CC offered_VBN to_TO investors_NNS ._. 
Issues_NNS typically_RB come_VBP with_IN ``_`` credit_NN enhancements_NNS ,_, ''_'' such_JJ as_IN a_DT bank_NN letter_NN of_IN credit_NN ,_, and_CC thus_RB have_VBP received_VBN high_JJ credit_NN ratings_NNS ._. 
Enthusiasts_NNS say_VBP the_DT booming_JJ market_NN has_VBZ opened_VBN up_IN a_DT valuable_JJ new_JJ source_NN of_IN funds_NNS to_TO issuers_NNS ,_, while_IN providing_VBG a_DT valuable_JJ new_JJ investment_NN for_IN individuals_NNS and_CC institutions_NNS ._. 
Asset-backed_JJ securities_NNS ``_`` are_VBP an_DT attractive_JJ investment_NN compared_VBN to_TO bank_VB certificates_NNS of_IN deposit_NN or_CC other_JJ corporate_JJ bonds_NNS ,_, ''_'' says_VBZ Craig_NNP J._NNP Goldberg_NNP ,_, managing_VBG director_NN and_CC head_NN of_IN the_DT asset-backed_JJ securities_NNS group_VBP at_IN Merrill_NNP Lynch_NNP Capital_NNP Markets_NNPS ._. 
But_CC skeptics_NNS question_VBP whether_IN asset-backed_JJ bonds_NNS offer_VBP sufficient_JJ rewards_NNS to_TO compensate_VB for_IN the_DT extra_JJ risks_NNS ._. 
Consider_VB a_DT $_$ 500_CD million_CD offering_NN of_IN 9_CD %_NN securities_NNS issued_VBD last_JJ spring_NN and_CC backed_VBN by_IN Citibank_NNP credit-card_NN receivables_NN ._. 
The_DT triple-A-rated_JJ issue_NN offered_VBD a_DT yield_NN of_IN only_RB about_IN 0.5_CD percentage_NN point_NN above_IN four-year_JJ Treasury_NNP issues_NNS ._. 
On_IN a_DT $_$ 10,000_CD investment_NN ,_, that_DT 's_VBZ a_DT difference_NN of_IN only_RB $_$ 50_CD a_DT year_NN ._. 
That_DT kind_NN of_IN spread_NN can_MD be_VB critical_JJ for_IN money_NN managers_NNS who_WP buy_VBP bonds_NNS in_IN large_JJ quantities_NNS and_CC whose_WP$ livelihood_NN depends_VBZ on_IN outperforming_VBG the_DT money_NN manager_NN across_IN the_DT street_NN ._. 
But_CC for_IN individuals_NNS who_WP buy_VBP much_RB smaller_JJR amounts_NNS and_CC care_NN less_JJR about_IN relative_JJ performance_NN than_IN in_IN preserving_VBG what_WP they_PRP have_VBP ,_, that_DT margin_NN is_VBZ meaningless_JJ ._. 
``_`` If_IN you_PRP 're_VBP in_IN the_DT bond_NN business_NN playing_VBG the_DT relative-performance_JJ derby_NN ,_, then_RB even_RB an_DT extra_JJ 25_CD basis_NN points_NNS -LRB-_( 0.25_CD percentage_NN point_NN -RRB-_) becomes_VBZ an_DT important_JJ consideration_NN on_IN a_DT career_NN basis_NN ,_, ''_'' says_VBZ Mr._NNP Grant_NNP ._. 
``_`` But_CC if_IN you_PRP 're_VBP an_DT individual_JJ investing_NN money_NN and_CC trying_VBG to_TO get_VB it_PRP back_RB again_RB ,_, then_RB that_WDT is_VBZ n't_RB of_IN overwhelming_JJ importance_NN ._. ''_'' 
Moreover_RB ,_, the_DT interest_NN on_IN asset-backed_JJ securities_NNS is_VBZ fully_RB taxable_JJ ,_, while_IN interest_NN on_IN Treasury_NNP issues_NNS is_VBZ tax-free_JJ at_IN the_DT state_NN and_CC local_JJ level_NN ._. 
That_DT 's_VBZ why_WRB some_DT investment_NN managers_NNS ,_, such_JJ as_IN Alex_NNP Powers_NNP ,_, a_DT vice_NN president_NN of_IN Chase_NNP Manhattan_NNP Bank_NNP 's_POS private_JJ banking_NN division_NN ,_, do_VBP n't_RB recommend_VB most_RBS asset-backed_JJ issues_NNS for_IN individuals_NNS in_IN high-tax_JJ states_NNS ,_, such_JJ as_IN New_NNP York_NNP or_CC California_NNP ._. 
But_CC Mr._NNP Powers_NNP has_VBZ purchased_VBN asset-backed_JJ issues_NNS for_IN individuals_NNS with_IN tax-deferred_JJ accounts_NNS ,_, such_JJ as_IN retirement_NN plans_NNS ._. 
He_PRP points_VBZ out_RP that_IN institutions_NNS buying_VBG asset-backed_JJ issues_NNS in_IN large_JJ quantities_NNS can_MD earn_VB higher_JJR spreads_VBZ over_IN Treasurys_NNPS than_IN individuals_NNS buying_VBG smaller_JJR amounts_NNS ._. 
Another_DT concern_NN is_VBZ liquidity_NN ,_, or_CC how_WRB easily_RB a_DT security_NN can_MD be_VB converted_VBN into_IN cash_NN ._. 
The_DT secondary_JJ ,_, or_CC resale_NN ,_, market_NN for_IN asset-backed_JJ securities_NNS is_VBZ relatively_RB new_JJ and_CC much_RB less_RBR active_JJ than_IN for_IN Treasury_NNP issues_NNS ._. 
That_DT could_MD make_VB it_PRP tricky_JJ for_IN investors_NNS who_WP need_VBP to_TO sell_VB their_PRP$ holdings_NNS quickly_RB before_IN the_DT securities_NNS mature_JJ ._. 
That_DT 's_VBZ particularly_RB true_JJ ,_, analysts_NNS say_VBP ,_, for_IN certain_JJ of_IN the_DT securities_NNS ,_, such_JJ as_IN those_DT backed_VBN by_IN time-share_JJ loans_NNS ._. 
``_`` You_PRP could_MD see_VB massive_JJ gyrations_NNS here_RB because_IN it_PRP 's_VBZ such_JJ a_DT thinly_RB traded_VBN market_NN ,_, ''_'' says_VBZ Jonathan_NNP S._NNP Paris_NNP ,_, a_DT vice_NN president_NN of_IN European_JJ Investors_NNP Inc._NNP ,_, a_DT New_NNP York_NNP investment-management_NN firm_NN ._. 
In_IN addition_NN ,_, an_DT investor_NN who_WP wants_VBZ to_TO know_VB the_DT daily_JJ value_NN of_IN Treasury_NNP bonds_NNS ,_, or_CC corporate_JJ bonds_NNS traded_VBN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, can_MD simply_RB check_VB newspaper_NN listings_NNS ._. 
There_EX are_VBP n't_RB any_DT such_JJ listings_NNS for_IN asset-backed_JJ securities_NNS ._. 
Evaluating_VBG asset-backed_JJ securities_NNS poses_VBZ another_DT problem_NN ._. 
Investors_NNS ,_, for_IN instance_NN ,_, may_MD mistakenly_RB assume_VB that_IN the_DT bank_NN or_CC company_NN that_IN originally_RB held_VBN the_DT assets_NNS is_VBZ guaranteeing_VBG the_DT securities_NNS ._. 
It_PRP is_VBZ n't_RB ._. 
The_DT front_NN cover_NN of_IN the_DT prospectus_NN for_IN the_DT Citibank_NNP credit-card_NN receivables_NN offering_NN points_NNS out_IN in_IN bold_JJ capital_NN letters_NNS that_IN the_DT certificates_NNS represent_VBP an_DT interest_NN only_RB in_IN the_DT specially_RB created_VBN trust_NN and_CC ``_`` do_VBP not_RB represent_VB interests_NNS in_IN or_CC obligations_NNS of_IN the_DT banks_NNS ,_, Citibank_NNP N.A._NNP ,_, Citicorp_NNP or_CC any_DT affiliate_NN thereof_RB ._. ''_'' 
In_IN other_JJ words_NNS ,_, if_IN there_EX 's_VBZ a_DT problem_NN ,_, do_VBP n't_RB expect_VB Citibank_NNP to_TO come_VB to_TO the_DT rescue_NN ._. 
The_DT prospectus_NN also_RB notes_VBZ that_IN the_DT securities_NNS are_VBP not_RB guaranteed_VBN by_IN any_DT government_NN agency_NN ._. 
That_DT means_VBZ investors_NNS have_VBP to_TO focus_VB on_IN the_DT quality_NN of_IN the_DT debt_NN that_WDT lies_VBZ beneath_IN the_DT securities_NNS ,_, as_RB well_RB as_IN on_IN the_DT credit_NN enhancement_NN for_IN the_DT issue_NN and_CC the_DT credit_NN ratings_NNS the_DT issue_NN has_VBZ received_VBN ._. 
That_DT also_RB is_VBZ n't_RB easy_JJ ._. 
Take_VB the_DT ``_`` credit_NN enhancements_NNS ,_, ''_'' which_WDT typically_RB include_VBP a_DT bank_NN letter_NN of_IN credit_NN or_CC insurance_NN from_IN a_DT bond-insurance_JJ company_NN ._. 
The_DT letter_NN of_IN credit_NN typically_RB is_VBZ not_RB offered_VBN by_IN the_DT bank_NN selling_VBG the_DT assets_NNS to_TO back_RB the_DT securities_NNS ._. 
Nor_CC does_VBZ it_PRP cover_VBP the_DT entire_JJ portfolio_NN ._. 
Details_NNS of_IN credit_NN enhancements_NNS vary_VBP widely_RB from_IN issue_NN to_TO issue_VB ._. 
Still_RB ,_, they_PRP play_VBP a_DT crucial_JJ role_NN in_IN winning_VBG top_JJ ratings_NNS for_IN most_RBS asset-backed_JJ issues_NNS --_: which_WDT in_IN turn_NN is_VBZ why_WRB the_DT yield_NN above_IN Treasurys_NNPS is_VBZ so_RB slim_JJ ._. 
But_CC skeptics_NNS ask_VBP why_WRB you_PRP should_MD bother_VB buying_VBG this_DT stuff_NN when_WRB you_PRP can_MD get_VB only_RB slightly_RB lower_JJR yields_NNS on_IN government-guaranteed_JJ paper_NN ._. 
When_WRB you_PRP buy_VBP an_DT asset-backed_JJ issue_NN ,_, you_PRP take_VBP the_DT risk_NN that_IN a_DT bank_NN or_CC an_DT insurer_NN could_MD run_VB into_IN unexpected_JJ difficulties_NNS ._. 
If_IN a_DT bank_NN 's_POS credit_NN rating_NN was_VBD lowered_VBN because_IN of_IN ,_, say_VBP ,_, its_PRP$ loans_NNS to_TO Third_NNP World_NNP nations_NNS ,_, that_WDT could_MD also_RB affect_VB the_DT ratings_NNS ,_, liquidity_NN and_CC prices_NNS of_IN the_DT asset-backed_JJ issues_NNS that_IN the_DT bank_NN supports_NNS ._. 
Underwriters_NNS insist_VBP these_DT issues_NNS are_VBP constructed_VBN to_TO withstand_VB extremely_RB tough_JJ economic_JJ conditions_NNS ._. 
But_CC despite_IN the_DT credit_NN enhancements_NNS ,_, despite_IN the_DT high_JJ ratings_NNS ,_, some_DT money_NN managers_NNS still_RB worry_VBP that_IN a_DT recession_NN could_MD wreak_VB havoc_NN on_IN the_DT underlying_VBG assets_NNS ._. 
At_IN a_DT time_NN when_WRB Americans_NNPS are_VBP leveraged_JJ to_TO their_PRP$ eyeballs_NNS ,_, asset-backed_JJ investors_NNS may_MD be_VB taking_VBG a_DT heady_JJ gamble_NN that_IN consumers_NNS will_MD be_VB able_JJ to_TO repay_VB loans_NNS in_IN hard_JJ times_NNS ._. 
At_IN the_DT very_RB least_JJS ,_, a_DT recession_NN would_MD prompt_VB investors_NNS to_TO buy_VB the_DT highest-quality_JJ bonds_NNS they_PRP can_MD find_VB --_: that_DT is_VBZ ,_, Treasurys_NNPS ._. 
That_DT could_MD widen_VB the_DT yield_NN spread_NN between_IN Treasurys_NNPS and_CC asset-backed_JJ securities_NNS ,_, as_RB well_RB as_IN make_NN it_PRP tougher_JJR to_TO unload_VB the_DT latter_NN ._. 
But_CC it_PRP could_MD be_VB much_RB worse_JJR ._. 
Some_DT analysts_NNS are_VBP especially_RB wary_JJ of_IN credit-card_NN issues_NNS ._. 
For_IN one_CD thing_NN ,_, credit-card_NN loans_NNS are_VBP unsecured_JJ ._. 
In_IN addition_NN ,_, they_PRP fear_VBP that_IN banks_NNS have_VBP been_VBN overeager_JJ to_TO issue_VB cards_NNS to_TO the_DT public_JJ --_: giving_VBG cards_NNS to_TO too_RB many_JJ big_JJ spenders_NNS who_WP will_MD default_VB during_IN a_DT recession_NN ._. 
``_`` A_DT day_NN of_IN reckoning_NN is_VBZ coming_VBG where_WRB we_PRP think_VBP the_DT market_NN will_MD place_VB a_DT high_JJ premium_NN on_IN the_DT highest-quality_JJ debt_NN issues_NNS ,_, and_CC therefore_RB we_PRP think_VBP the_DT best_JJS debt_NN investment_NN is_VBZ U.S._NNP government_NN bonds_NNS ,_, ''_'' says_VBZ Craig_NNP Corcoran_NNP of_IN Davis\/Zweig_NNP Futures_NNP Inc._NNP ,_, an_DT investment_NN advisory_JJ firm_NN ._. 
What_WP about_IN triple-A-rated_JJ asset-backed_JJ issues_NNS ?_. 
``_`` Nope_UH ,_, we_PRP still_RB say_VBP to_TO stick_VB with_IN Treasurys_NNPS ,_, ''_'' Mr._NNP Corcoran_NNP replies_VBZ ._. 
Ratings_NNS ,_, he_PRP notes_VBZ ,_, ``_`` are_VBP subject_NN to_TO change_VB ._. ''_'' 
All_DT this_DT makes_VBZ asset-backed_JJ securities_NNS seem_VBP too_RB risky_JJ for_IN many_JJ people_NNS ._. 
And_CC it_PRP reminds_VBZ Raymond_NNP F._NNP DeVoe_NNP Jr._NNP ,_, a_DT market_NN strategist_NN at_IN Legg_NNP Mason_NNP Wood_NNP Walker_NNP Inc._NNP ,_, of_IN what_WP he_PRP calls_VBZ ``_`` DeVoe_NNP 's_POS Unprovable_JJ but_CC Highly_RB Probable_NNP Theory_NNP No._NN 1_CD :_: 
``_`` More_JJR money_NN has_VBZ been_VBN lost_VBN reaching_VBG for_IN yield_NN than_IN in_IN all_PDT the_DT stock_NN speculations_NNS ,_, scams_NNS and_CC frauds_NNS of_IN all_DT time_NN ._. ''_'' 
Mr._NNP Herman_NNP is_VBZ a_DT staff_NN reporter_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS New_NNP York_NNP bureau_NN ._. 
Volume_NN of_IN asset-backed_JJ securities_NNS issued_VBN annually_RB 
\*_SYM Principal_NNP amount_NN 
\*\*_SYM As_IN of_IN August_NNP 30_CD 
\*_SYM Principal_NNP amount_NN 
Source_NN :_: Securities_NNP Data_NNP Co_NNP ._. 
IF_IN YOU_PRP FORCE_VBP financial_JJ planners_NNS to_TO sum_VB up_IN their_PRP$ most_RBS important_JJ advice_NN in_IN a_DT single_JJ sentence_NN ,_, it_PRP would_MD probably_RB be_VB a_DT one-word_JJ sentence_NN :_: Diversify_VB ._. 
Judging_VBG by_IN a_DT poll_NN of_IN Wall_NNP Street_NNP Journal_NNP readers_NNS conducted_VBD this_DT summer_NN by_IN Erdos_NNP &_CC Morgan_NNP Inc._NNP ,_, serious_JJ investors_NNS have_VBP taken_VBN that_DT advice_NN to_TO heart_VB ._. 
Nearly_RB 1,000_CD investors_NNS responded_VBD to_TO the_DT Journal_NNP 's_POS poll_NN ,_, providing_VBG an_DT in-depth_JJ look_NN at_IN their_PRP$ portfolios_NNS ._. 
Those_DT portfolios_NNS are_VBP remarkably_RB diversified_JJ ._. 
By_IN spreading_VBG their_PRP$ wealth_NN among_IN several_JJ investment_NN alternatives_NNS ,_, the_DT respondents_NNS have_VBP protected_VBN themselves_PRP against_IN squalls_NNS in_IN any_DT one_CD area_NN ,_, be_VB it_PRP stocks_VBZ ,_, bonds_NNS or_CC real_JJ estate_NN ._. 
For_IN example_NN ,_, about_IN 88_CD %_NN of_IN Journal_NNP readers_NNS owned_VBD stock_NN -LRB-_( down_RB slightly_RB from_IN 91_CD %_NN in_IN a_DT similar_JJ poll_NN last_JJ year_NN -RRB-_) ._. 
But_CC only_RB 17.5_CD %_NN said_VBD they_PRP had_VBD more_JJR than_IN half_VB their_PRP$ money_NN in_IN the_DT stock_NN market_NN ._. 
Similarly_RB ,_, 57_CD %_NN of_IN respondents_NNS own_JJ shares_NNS in_IN a_DT money-market_JJ mutual_JJ fund_NN ,_, and_CC 33_CD %_NN own_JJ municipal_JJ bonds_NNS ._. 
But_CC only_RB 6_CD %_NN to_TO 7_CD %_NN of_IN the_DT investors_NNS were_VBD committing_VBG more_JJR than_IN half_VB their_PRP$ funds_NNS to_TO either_DT of_IN those_DT alternatives_NNS ._. 
The_DT poll_NN ,_, conducted_VBN Aug._NNP 7-28_JJ ,_, also_RB provides_VBZ a_DT glimpse_NN into_IN the_DT thinking_NN of_IN serious_JJ investors_NNS on_IN a_DT variety_NN of_IN other_JJ topics_NNS ._. 
It_PRP found_VBD them_PRP in_IN a_DT cautious_JJ ,_, but_CC not_RB downbeat_JJ ,_, mood_NN ._. 
Of_IN 1,500_CD people_NNS sent_VBD a_DT questionnaire_NN ,_, 951_CD replied_VBD ._. 
The_DT response_NN rate_NN ,_, more_JJR than_IN 63_CD %_NN ,_, allows_VBZ the_DT results_NNS to_TO be_VB interpreted_VBN with_IN a_DT high_JJ degree_NN of_IN confidence_NN ._. 
The_DT results_NNS ca_MD n't_RB be_VB extrapolated_VBN to_TO all_DT investors_NNS ,_, though_RB ._. 
Journal_NN readers_NNS are_VBP relatively_RB affluent_JJ ,_, with_IN a_DT median_JJ household_NN income_NN of_IN between_IN $_$ 75,000_CD and_CC $_$ 99,000_CD ._. 
Nearly_RB half_NN of_IN the_DT respondents_NNS -LRB-_( 47_CD %_NN -RRB-_) said_VBD their_PRP$ investment_NN portfolio_NN was_VBD worth_JJ $_$ 250,000_CD or_CC more_JJR ,_, and_CC 17_CD %_NN said_VBD it_PRP was_VBD worth_JJ $_$ 1_CD million_CD or_CC more_JJR ._. 
The_DT respondents_NNS were_VBD mildly_RB optimistic_JJ about_IN the_DT economy_NN and_CC investment_NN markets_NNS ,_, but_CC their_PRP$ collective_JJ judgments_NNS were_VBD a_DT notch_NN more_RBR sober_JJ than_IN they_PRP were_VBD a_DT year_NN ago_RB ._. 
For_IN example_NN ,_, 12_CD %_NN of_IN this_DT year_NN 's_POS respondents_NNS said_VBD they_PRP expect_VBP a_DT recession_NN within_IN 12_CD months_NNS ._. 
Last_JJ year_NN ,_, only_RB 8_CD %_NN were_VBD expecting_VBG a_DT recession_NN ._. 
An_DT additional_JJ 56_CD %_NN of_IN this_DT year_NN 's_POS respondents_NNS expect_VBP the_DT economy_NN to_TO slow_VB down_RB during_IN the_DT next_JJ 12_CD months_NNS ._. 
Only_RB 42_CD %_NN of_IN last_JJ year_NN 's_POS respondents_NNS anticipated_VBN slowing_VBG growth_NN ._. 
Apparently_RB ,_, the_DT respondents_NNS do_VBP n't_RB think_VB that_IN an_DT economic_JJ slowdown_NN would_MD harm_VB the_DT major_JJ investment_NN markets_NNS very_RB much_RB ._. 
A_DT slim_JJ majority_NN -LRB-_( 51_CD %_NN -RRB-_) think_VBP stock_NN prices_NNS will_MD be_VB higher_JJR in_IN August_NNP 1990_CD than_IN they_PRP were_VBD in_IN August_NNP 1989_CD ._. 
Their_PRP$ verdict_NN on_IN real_JJ estate_NN is_VBZ almost_RB the_DT same_JJ ._. 
Some_DT 50_CD %_NN expect_VBP real_JJ estate_NN in_IN their_PRP$ local_JJ area_NN to_TO increase_VB in_IN value_NN over_IN the_DT next_JJ 12_CD months_NNS ._. 
By_IN contrast_NN ,_, only_RB 32_CD %_NN expect_VBP an_DT increase_NN in_IN the_DT price_NN of_IN gold_NN ._. 
Since_IN gold_NN tends_VBZ to_TO soar_VB when_WRB inflation_NN is_VBZ high_JJ ,_, that_IN finding_VBG suggests_VBZ that_IN people_NNS believe_VBP inflation_NN remains_VBZ under_IN control_NN ._. 
Even_RB though_IN only_RB 12_CD %_NN actually_RB predicted_VBD a_DT recession_NN ,_, many_JJ respondents_NNS were_VBD taking_VBG a_DT better-safe-than_JJ sorry_JJ investment_NN stance_NN ._. 
Nearly_RB a_DT third_JJ said_VBD they_PRP have_VBP made_VBN some_DT portfolio_NN changes_NNS to_TO anticipate_VB a_DT possible_JJ recession_NN ._. 
For_IN the_DT most_RBS part_NN ,_, the_DT changes_NNS were_VBD ``_`` slight_JJ ._. ''_'' 
The_DT two-thirds_NNS who_WP have_VBP n't_RB tried_VBN to_TO make_VB their_PRP$ portfolios_NNS more_RBR recession-resistant_JJ were_VBD split_NN about_IN evenly_RB between_IN investors_NNS who_WP ``_`` do_VBP n't_RB believe_VB in_IN trying_VBG to_TO predict_VB the_DT markets_NNS ''_'' -LRB-_( about_IN 31_CD %_NN -RRB-_) and_CC investors_NNS who_WP ``_`` do_VBP n't_RB expect_VB a_DT recession_NN ''_'' -LRB-_( about_IN 15_CD %_NN -RRB-_) or_CC are_VBP ``_`` unsure_JJ if_IN and_CC when_WRB a_DT recession_NN might_MD come_VB ''_'' -LRB-_( about_IN 22_CD %_NN -RRB-_) ._. 
A_DT buy-and-hold_JJ approach_NN to_TO stocks_NNS continues_VBZ to_TO be_VB the_DT rule_NN among_IN respondents_NNS ._. 
Most_JJS own_JJ two_CD to_TO 10_CD stocks_NNS ,_, and_CC buy_VB or_CC sell_VB no_DT more_JJR than_IN three_CD times_VBZ a_DT year_NN ._. 
Some_DT 71_CD %_NN had_VBD bought_VBN some_DT stock_NN in_IN the_DT past_JJ year_NN ;_: only_RB 57_CD %_NN had_VBD sold_VBN any_DT ._. 
But_CC the_DT lurking_VBG shadow_NN of_IN 1987_CD 's_POS stock-market_NN crash_NN still_RB seems_VBZ dark_JJ ._. 
About_IN 33_CD %_NN considered_VBD another_DT crash_NN ``_`` likely_JJ ,_, ''_'' while_IN about_IN 63_CD %_NN said_VBD one_CD is_VBZ ``_`` unlikely_JJ ._. ''_'' 
Those_DT percentages_NNS hardly_RB changed_VBN from_IN the_DT previous_JJ year_NN 's_POS poll_NN ._. 
And_CC the_DT respondents_NNS '_POS commitment_NN to_TO the_DT stock_NN market_NN remains_VBZ somewhat_RB lighter_JJR than_IN usual_JJ ._. 
About_IN 60_CD %_NN of_IN them_PRP said_VBD they_PRP would_MD ``_`` ordinarily_RB ''_'' have_VBP at_IN least_JJS 25_CD %_NN of_IN their_PRP$ money_NN in_IN stocks_NNS ._. 
But_CC as_IN of_IN August_NNP ,_, only_RB 50_CD %_NN actually_RB had_VBD stock-market_NN investments_NNS of_IN that_DT size_NN ._. 
Most_JJS stock-market_NN indexes_NNS were_VBD hitting_VBG all-time_JJ highs_NNS at_IN around_IN the_DT time_NN of_IN the_DT poll_NN ._. 
But_CC it_PRP appears_VBZ that_IN many_JJ Journal_NNP readers_NNS were_VBD taking_VBG that_DT news_NN as_IN a_DT sign_NN to_TO be_VB cautious_JJ ,_, rather_RB than_IN a_DT signal_NN to_TO jump_VB on_IN the_DT bandwagon_NN ._. 
Mr._NNP Dorfman_NNP covers_VBZ investing_VBG issues_NNS from_IN The_DT Wall_NNP Street_NNP Journal_NNP 's_POS New_NNP York_NNP bureau_NN ._. 
Canadian_JJ steel_NN ingot_NN production_NN totaled_VBD 276,334_CD metric_JJ tons_NNS in_IN the_DT week_NN ended_VBN Oct._NNP 14_CD ,_, down_RB 5.3_CD %_NN from_IN the_DT preceding_VBG week_NN 's_POS total_NN of_IN 291,890_CD tons_NNS ,_, Statistics_NNP Canada_NNP ,_, a_DT federal_JJ agency_NN ,_, said_VBD ._. 
The_DT week_NN 's_POS total_NN was_VBD down_RB 7.1_CD %_NN from_IN 297,446_CD tons_NNS a_DT year_NN earlier_RBR ._. 
A_DT metric_JJ ton_NN is_VBZ equal_JJ to_TO 2,204.62_CD pounds_NNS ._. 
The_DT cumulative_JJ total_NN in_IN 1989_CD was_VBD 12,283,217_CD tons_NNS ,_, up_IN 7.5_CD %_NN from_IN 11,429,243_CD tons_NNS a_DT year_NN earlier_RBR ._. 
Health_NNP Care_NNP Property_NNP Investors_NNP Inc._NNP said_VBD it_PRP acquired_VBD three_CD long-term_JJ care_NN facilities_NNS and_CC one_CD assisted-living_JJ facility_NN in_IN a_DT purchase-and-lease_JJ transaction_NN valued_VBN at_IN $_$ 15_CD million_CD ._. 
The_DT real_JJ estate_NN investment_NN trust_NN said_VBD that_IN it_PRP leased_VBD the_DT three_CD Florida_NNP facilities_NNS to_TO National_NNP Health_NNP Care_NNP Affiliates_NNP Inc._NNP of_IN Buffalo_NNP ,_, N.Y_NNP ._. 
Health_NNP Care_NNP Property_NNP holds_VBZ an_DT interest_NN in_IN 139_CD facilities_NNS in_IN 30_CD states_NNS ._. 
Moody_NNP 's_POS Investors_NNP Service_NNP said_VBD it_PRP lowered_VBD its_PRP$ rating_NN on_IN about_RB $_$ 75_CD million_CD of_IN this_DT Chatsworth_NNP ,_, Calif._NNP ,_, concern_NN 's_POS convertible_JJ subordinated_VBN debentures_NNS ,_, due_JJ 2012_CD ,_, to_TO Caa_NNP from_IN B2_NN ._. 
It_PRP said_VBD the_DT reduction_NN reflects_VBZ impaired_VBN business_NN prospects_NNS and_CC reduced_VBN financial_JJ flexibility_NN caused_VBN by_IN continuing_VBG losses_NNS at_IN the_DT maker_NN of_IN Winchester_NNP disk_NN drives_NNS ._. 
VALLEY_NNP National_NNP Corp._NNP --_: 
Moody_NNP 's_POS Investors_NNP Service_NNP Inc._NNP said_VBD it_PRP lowered_VBD its_PRP$ rating_NN on_IN about_RB $_$ 400_CD million_CD of_IN this_DT bank_NN holding_VBG company_NN 's_POS senior_JJ debt_NN to_TO B2_NN from_IN Ba3_NN ._. 
Moody_NNP 's_POS said_VBD it_PRP expects_VBZ Valley_NNP National_NNP ,_, of_IN Phoenix_NNP ,_, Ariz._NNP ,_, to_TO make_VB substantial_JJ further_JJ provisions_NNS against_IN its_PRP$ real-estate_NN portfolio_NN ,_, and_CC that_IN it_PRP continues_VBZ to_TO suffer_VB from_IN the_DT high_JJ cost_NN of_IN carrying_VBG nonperforming_JJ assets_NNS ,_, and_CC from_IN high_JJ loan-loss_NN provisions_NNS ._. 
Electronic_JJ theft_NN by_IN foreign_JJ and_CC industrial_JJ spies_NNS and_CC disgruntled_JJ employees_NNS is_VBZ costing_VBG U.S._NNP companies_NNS billions_NNS and_CC eroding_VBG their_PRP$ international_JJ competitive_JJ advantage_NN ._. 
That_DT was_VBD the_DT message_NN delivered_VBN by_IN government_NN and_CC private_JJ security_NN experts_NNS at_IN an_DT all-day_JJ conference_NN on_IN corporate_JJ electronic_JJ espionage_NN ._. 
``_`` Hostile_JJ and_CC even_RB friendly_JJ nations_NNS routinely_RB steal_VBP information_NN from_IN U.S._NNP companies_NNS and_CC share_NN it_PRP with_IN their_PRP$ own_JJ companies_NNS ,_, ''_'' said_VBD Noel_NNP D._NNP Matchett_NNP ,_, a_DT former_JJ staffer_NN at_IN the_DT federal_JJ National_NNP Security_NNP Agency_NNP and_CC now_JJ president_NN of_IN Information_NNP Security_NNP Inc._NNP ,_, Silver_NNP Spring_NNP ,_, Md_NNP ._. 
It_PRP ``_`` may_MD well_RB be_VB ''_'' that_DT theft_NN of_IN business_NN data_NNS is_VBZ ``_`` as_IN serious_JJ a_DT strategic_JJ threat_NN to_TO national_JJ security_NN ''_'' as_IN it_PRP is_VBZ a_DT threat_NN to_TO the_DT survival_NN of_IN victimized_VBN U.S._NNP firms_NNS ,_, said_VBD Michelle_NNP Van_NNP Cleave_NNP ,_, the_DT White_NNP House_NNP 's_POS assistant_NN director_NN for_IN National_NNP Security_NNP Affairs_NNP ._. 
The_DT conference_NN was_VBD jointly_RB sponsored_VBN by_IN the_DT New_NNP York_NNP Institute_NNP of_IN Technology_NNP School_NNP of_IN Management_NNP and_CC the_DT Armed_NNP Forces_NNPS Communications_NNPS and_CC Electronics_NNP Association_NNP ,_, a_DT joint_JJ industry-government_JJ trade_NN group_NN ._. 
Any_DT secret_NN can_MD be_VB pirated_VBN ,_, the_DT experts_NNS said_VBD ,_, if_IN it_PRP is_VBZ transmitted_VBN over_IN the_DT air_NN ._. 
Even_JJ rank_NN amateurs_NNS can_MD do_VB it_PRP if_IN they_PRP spend_VBP a_DT few_JJ thousand_CD dollars_NNS for_IN a_DT commercially_RB available_JJ microwave_NN receiver_NN with_IN amplifier_NN and_CC a_DT VCR_NNP recorder_NN ._. 
They_PRP need_VBP only_JJ position_NN themselves_PRP near_IN a_DT company_NN 's_POS satellite_NN dish_NN and_CC wait_VB ._. 
``_`` You_PRP can_MD have_VB a_DT dozen_NN competitors_NNS stealing_VBG your_PRP$ secrets_NNS at_IN the_DT same_JJ time_NN ,_, ''_'' Mr._NNP Matchett_NNP said_VBD ,_, adding_VBG :_: ``_`` It_PRP 's_VBZ a_DT pretty_RB good_JJ bet_NN they_PRP wo_MD n't_RB get_VB caught_VBN ._. ''_'' 
The_DT only_JJ way_NN to_TO catch_VB an_DT electronic_JJ thief_NN ,_, he_PRP said_VBD ,_, is_VBZ to_TO set_VB him_PRP up_IN with_IN erroneous_JJ information_NN ._. 
Even_RB though_IN electronic_JJ espionage_NN may_MD cost_VB U.S._NNP firms_NNS billions_NNS of_IN dollars_NNS a_DT year_NN ,_, most_RBS are_VBP n't_RB yet_RB taking_VBG precautions_NNS ,_, the_DT experts_NNS said_VBD ._. 
By_IN contrast_NN ,_, European_JJ firms_NNS will_MD spend_VB $_$ 150_CD million_CD this_DT year_NN on_IN electronic_JJ security_NN ,_, and_CC are_VBP expected_VBN to_TO spend_VB $_$ 1_CD billion_CD by_IN 1992_CD ._. 
Already_RB many_JJ foreign_JJ firms_NNS ,_, especially_RB banks_VBZ ,_, have_VBP their_PRP$ own_JJ cryptographers_NNS ,_, conference_NN speakers_NNS reported_VBD ._. 
Still_RB ,_, encrypting_VBG corporate_JJ communications_NNS is_VBZ only_RB a_DT partial_JJ remedy_NN ._. 
One_CD expert_NN ,_, whose_WP$ job_NN is_VBZ so_RB politically_RB sensitive_JJ that_IN he_PRP spoke_VBD on_IN condition_NN that_IN he_PRP would_MD n't_RB be_VB named_VBN or_CC quoted_VBN ,_, said_VBD the_DT expected_VBN influx_NN of_IN East_NNP European_JJ refugees_NNS over_IN the_DT next_JJ few_JJ years_NNS will_MD greatly_RB increase_VB the_DT chances_NNS of_IN computer-maintenance_NN workers_NNS ,_, for_IN example_NN ,_, doubling_VBG as_IN foreign_JJ spies_NNS ._. 
Moreover_RB ,_, he_PRP said_VBD ,_, technology_NN now_RB exists_VBZ for_IN stealing_VBG corporate_JJ secrets_NNS after_IN they_PRP 've_VBP been_VBN ``_`` erased_VBN ''_'' from_IN a_DT computer_NN 's_POS memory_NN ._. 
He_PRP said_VBD that_IN Oliver_NNP North_NNP of_IN Iran-Contra_NNP notoriety_NN thought_VBD he_PRP had_VBD erased_VBN his_PRP$ computer_NN but_CC that_IN the_DT information_NN was_VBD later_RB retrieved_VBN for_IN congressional_JJ committees_NNS to_TO read_VB ._. 
No_DT personal_JJ computer_NN ,_, not_RB even_RB the_DT one_CD on_IN a_DT chief_JJ executive_NN 's_POS desk_NN ,_, is_VBZ safe_JJ ,_, this_DT speaker_NN noted_VBD ._. 
W._NNP Mark_NNP Goode_NNP ,_, president_NN of_IN Micronyx_NNP Inc._NNP ,_, a_DT Richardson_NNP ,_, Texas_NNP ,_, firm_NN that_WDT makes_VBZ computer-security_JJ products_NNS ,_, provided_VBD a_DT new_JJ definition_NN for_IN Mikhail_NNP Gorbachev_NNP 's_POS campaign_NN for_IN greater_JJR openness_NN ,_, known_VBN commonly_RB as_IN glasnost_FW ._. 
Under_IN Mr._NNP Gorbachev_NNP ,_, Mr._NNP Goode_NNP said_VBD ,_, the_DT Soviets_NNPS are_VBP openly_RB stealing_VBG Western_JJ corporate_JJ communications_NNS ._. 
He_PRP cited_VBD the_DT case_NN of_IN a_DT Swiss_JJ oil_NN trader_NN who_WP recently_RB put_VB out_RP bids_NNS via_IN telex_NN for_IN an_DT oil_NN tanker_NN to_TO pick_VB up_IN a_DT cargo_NN of_IN crude_NN in_IN the_DT Middle_NNP East_NNP ._. 
Among_IN the_DT responses_NNS the_DT Swiss_JJ trader_NN got_VBD was_VBD one_CD from_IN the_DT Soviet_JJ national_JJ shipping_NN company_NN ,_, which_WDT had_VBD n't_RB been_VBN invited_VBN to_TO submit_VB a_DT bid_NN ._. 
The_DT Soviets_NNPS '_POS eavesdropping_NN paid_VBN off_IN ,_, however_RB ,_, because_IN they_PRP got_VBD the_DT contract_NN ._. 
The_DT University_NNP of_IN Toronto_NNP stepped_VBD deeper_JJR into_IN the_DT contest_NN for_IN Connaught_NNP BioSciences_NNP Inc._NNP by_IN reaching_VBG an_DT unusual_JJ agreement_NN with_IN Ciba-Geigy_NNP Ltd._NNP and_CC Chiron_NNP Corp_NNP ._. 
The_DT University_NNP said_VBD the_DT two_CD companies_NNS agreed_VBD to_TO spend_VB 25_CD million_CD Canadian_JJ dollars_NNS -LRB-_( $_$ 21.3_CD million_CD -RRB-_) over_IN 10_CD years_NNS on_IN research_NN at_IN Canadian_JJ universities_NNS if_IN they_PRP are_VBP successful_JJ in_IN acquiring_VBG the_DT vaccine_NN maker_NN ._. 
It_PRP said_VBD $_$ 10_CD million_CD would_MD go_VB to_TO the_DT University_NNP of_IN Toronto_NNP ._. 
Ciba-Geigy_NNP and_CC Chiron_NNP have_VBP made_VBN a_DT joint_JJ bid_NN of_IN C$_$ 866_CD million_CD for_IN Connaught_NNP ,_, and_CC Institut_NNP Merieux_NNP S.A._NNP of_IN France_NNP has_VBZ made_VBN a_DT rival_JJ bid_NN of_IN C$_$ 942_CD million_CD ._. 
The_DT University_NNP is_VBZ seeking_VBG an_DT injunction_NN against_IN the_DT Merieux_NNP bid_NN ,_, arguing_VBG that_IN Connaught_NNP 's_POS predecessor_NN company_NN agreed_VBD in_IN 1972_CD that_IN Connaught_NNP 's_POS ownership_NN would_MD n't_RB be_VB transferred_VBN to_TO foreigners_NNS ._. 
The_DT university_NN implied_VBN that_IN it_PRP would_MD drop_VB its_PRP$ opposition_NN to_TO foreign_JJ ownership_NN if_IN Ciba-Geigy_NNP and_CC Chiron_NNP are_VBP successful_JJ with_IN their_PRP$ lower_JJR bid_NN ._. 
It_PRP said_VBD the_DT new_JJ agreement_NN would_MD ``_`` replace_VB ''_'' the_DT old_JJ one_CD that_IN forms_VBZ the_DT basis_NN of_IN its_PRP$ suit_NN against_IN the_DT Merieux_NNP takeover_NN ._. 
``_`` Notwithstanding_IN foreign_JJ ownership_NN of_IN Connaught_NNP ,_, this_DT accord_NN would_MD enhance_VB research_NN and_CC development_NN in_IN Canada_NNP ,_, ''_'' said_VBD James_NNP Keffer_NNP ,_, the_DT university_NN 's_POS vice_NN president_NN of_IN research_NN ._. 
Ciba-Geigy_NNP is_VBZ a_DT Swiss_JJ pharmaceutical_JJ company_NN and_CC Chiron_NNP is_VBZ based_VBN in_IN Emeryville_NNP ,_, Calif_NNP ._. 
In_IN a_DT statement_NN ,_, Jacques-Francois_NNP Martin_NNP ,_, director_NN general_NN of_IN Merieux_NNP ,_, said_VBD the_DT French_JJ company_NN is_VBZ still_RB determined_VBN to_TO acquire_VB Connaught_NNP ._. 
While_IN he_PRP did_VBD n't_RB comment_VB directly_RB on_IN the_DT pact_NN between_IN Ciba-Geigy_NNP and_CC the_DT university_NN ,_, he_PRP said_VBD Merieux_NNP can_MD transfer_VB new_JJ products_NNS and_CC technologies_NNS to_TO Connaught_NNP more_RBR rapidly_RB than_IN other_JJ companies_NNS ``_`` not_RB currently_RB producing_VBG and_CC marketing_NN vaccines_NNS -LCB-_( who_WP -RCB-_) can_MD only_RB promise_VB this_DT for_IN some_DT ..._: years_NNS in_IN the_DT future_NN ._. ''_'' 
In_IN national_JJ over-the-counter_JJ trading_NN yesterday_NN ,_, Connaught_NNP closed_VBD at_IN $_$ 28.625_CD ,_, up_IN $_$ 1.25_CD ._. 
Microsoft_NNP and_CC other_JJ software_NN stocks_NNS surged_VBD ,_, leading_VBG the_DT Nasdaq_NNP composite_JJ index_NN of_IN over-the-counter_JJ stocks_NNS to_TO its_PRP$ biggest_JJS advance_NN of_IN the_DT year_NN on_IN breathtaking_JJ volume_NN ._. 
Leading_VBG the_DT pack_NN ,_, Microsoft_NNP soared_VBD 3_CD 3\/4_CD ,_, or_CC 4_CD %_NN ,_, to_TO a_DT record_NN price_NN of_IN 84_CD 1\/4_CD on_IN 1.2_CD million_CD shares_NNS ._. 
On_IN the_DT other_JJ hand_NN ,_, Valley_NNP National_NNP tumbled_VBD 24_CD %_NN after_IN reporting_VBG a_DT sizable_JJ third-quarter_JJ loss_NN ._. 
The_DT Nasdaq_NNP composite_NN leaped_VBD 7.52_CD points_NNS ,_, or_CC 1.6_CD %_NN ,_, to_TO 470.80_CD ._. 
Its_PRP$ largest_JJS previous_JJ rise_NN this_DT year_NN came_VBD Aug._NNP 7_CD ,_, when_WRB it_PRP gained_VBD 4.31_CD ._. 
The_DT OTC_NNP market_NN 's_POS largest_JJS stocks_NNS soared_VBD as_IN well_RB ,_, as_IN the_DT Nasdaq_NNP 100_CD Index_NNP jumped_VBD 10.01_CD ,_, or_CC 2_CD %_NN ,_, to_TO 463.06_CD ._. 
The_DT Nasdaq_NNP Financial_NNP Index_NNP rose_VBD 5.04_CD ,_, or_CC 1.1_CD %_NN ,_, to_TO 460.33_CD ._. 
By_IN comparison_NN ,_, the_DT Dow_NNP Jones_NNP Industrials_NNP and_CC the_DT New_NNP York_NNP Stock_NNP Exchange_NNP Composite_NNP each_DT rose_VBD 1.5_CD %_NN ._. 
Volume_NN totaled_VBD 173.5_CD million_CD shares_NNS ,_, 30_CD %_NN above_IN this_DT year_NN 's_POS average_JJ daily_JJ turnover_NN on_IN Nasdaq_NNP ._. 
Among_IN broader_JJR Nasdaq_NNP industry_NN groups_NNS ,_, the_DT utility_NN index_NN gained_VBD 18.11_CD to_TO 761.38_CD ._. 
The_DT transportation_NN and_CC insurance_NN sectors_NNS each_DT posted_VBD gains_NNS of_IN 8.59_CD ,_, with_IN the_DT transports_NNS finishing_VBG at_IN 486.74_CD and_CC the_DT insurers_NNS at_IN 537.91_CD ._. 
The_DT Nasdaq_NNP industrial_JJ index_NN climbed_VBD 8.17_CD to_TO 458.52_CD ,_, and_CC the_DT ``_`` other_JJ finance_NN ''_'' index_NN ,_, made_VBN up_IN of_IN commercial_JJ banks_NNS and_CC real_JJ estate_NN and_CC brokerage_NN firms_NNS ,_, rose_VBD 3.97_CD to_TO 545.96_CD ._. 
The_DT index_NN of_IN smaller_JJR banks_NNS improved_VBN 1.97_CD ._. 
Of_IN the_DT 4,346_CD issues_NNS that_WDT changed_VBD hands_NNS ,_, 1,435_CD rose_VBD and_CC 629_CD fell_VBD ._. 
Jeremiah_NNP Mullins_NNP ,_, head_NN of_IN OTC_NNP trading_NN at_IN Dean_NNP Witter_NNP Reynolds_NNP ,_, said_VBD both_DT institutional_JJ and_CC retail_JJ investors_NNS were_VBD buying_VBG ._. 
But_CC there_EX was_VBD a_DT dearth_NN of_IN sellers_NNS ,_, traders_NNS said_VBD ,_, so_RB buyers_NNS had_VBD to_TO bid_VB prices_NNS up_VB to_TO entice_VB them_PRP ._. 
``_`` There_EX 's_VBZ no_DT pressure_NN on_IN OTC_NNP stocks_NNS at_IN this_DT point_NN ,_, ''_'' said_VBD Mr._NNP Mullins_NNP ,_, who_WP said_VBD some_DT buyers_NNS are_VBP beginning_VBG to_TO shop_VB among_IN smaller_JJR OTC_NNP issues_NNS ._. 
Microsoft_NNP 's_POS surge_NN followed_VBD a_DT report_NN this_DT week_NN of_IN substantially_RB improved_VBN earnings_NNS for_IN its_PRP$ first_JJ quarter_NN ,_, ended_VBN Sept._NNP 30_CD ._. 
The_DT stock_NN was_VBD trading_VBG at_IN 69_CD just_RB two_CD weeks_NNS ago_RB ._. 
Rick_NNP Sherlund_NNP ,_, a_DT Goldman_NNP Sachs_NNP analyst_NN ,_, has_VBZ raised_VBN his_PRP$ earnings_NNS estimates_NNS for_IN the_DT company_NN twice_RB in_IN the_DT past_JJ two_CD weeks_NNS ,_, citing_VBG improved_VBN margins_NNS ._. 
After_IN the_DT earnings_NNS were_VBD announced_VBN ,_, he_PRP raised_VBD his_PRP$ fiscal_JJ 1990_CD estimate_NN to_TO between_IN $_$ 3.80_CD and_CC $_$ 4_CD a_DT share_NN ._. 
Microsoft_NNP earned_VBD $_$ 3.03_CD a_DT share_NN in_IN fiscal_JJ 1989_CD ._. 
Among_IN other_JJ software_NN issues_NNS ,_, Autodesk_NNP jumped_VBD 1_CD 1\/4_CD to_TO 42_CD ,_, Lotus_NNP Development_NNP was_VBD unchanged_JJ at_IN 32_CD 1\/2_CD ,_, Novell_NNP jumped_VBD 7\/8_CD to_TO 30_CD 3\/4_CD ,_, Ashton-Tate_NNP gained_VBD 1\/4_CD to_TO 10_CD 5\/8_CD ,_, and_CC Oracle_NNP Systems_NNP rose_VBD 3\/4_CD to_TO 25_CD 3\/4_CD ._. 
Caere_NNP ,_, a_DT new_JJ software_NN issue_NN ,_, surged_VBD from_IN its_PRP$ offering_NN price_NN of_IN 12_CD to_TO close_VB at_IN 16_CD 1\/8_CD ._. 
The_DT company_NN also_RB makes_VBZ optical_JJ character_NN recognition_NN equipment_NN ._. 
Caere_NNP was_VBD underwritten_VBN by_IN Alex_NNP ._. Brown_NNP &_CC Sons_NNP ._. 
Another_DT recently_RB offered_VBN Alex_NNP ._. Brown_NNP issue_NN ,_, Rally_NNP 's_POS ,_, surged_VBD 3_CD 1\/8_CD to_TO 23_CD ._. 
The_DT operator_NN of_IN fast-food_NN restaurants_NNS ,_, whose_WP$ shares_NNS began_VBD trading_NN last_JJ Friday_NNP ,_, climbed_VBD 3_CD 1\/8_CD to_TO 23_CD on_IN 944,000_CD shares_NNS ._. 
Its_PRP$ 1.7_CD million-share_JJ offering_NN was_VBD priced_VBN at_IN 15_CD ._. 
Valley_NNP National_NNP 's_POS slide_NN of_IN 5_NN 3\/4_CD points_NNS to_TO 18_CD 1\/2_CD on_IN 4.2_CD million_CD shares_NNS followed_VBD its_PRP$ report_NN late_JJ Wednesday_NNP of_IN a_DT $_$ 72.2_CD million_CD third-quarter_JJ loss_NN ._. 
In_IN the_DT 1988_CD quarter_NN ,_, the_DT Phoenix_NNP ,_, Ariz._NNP ,_, commercial_JJ banking_NN concern_NN earned_VBD $_$ 18.7_CD million_CD ._. 
Valley_NNP National_NNP said_VBD its_PRP$ $_$ 110_CD million_CD provision_NN for_IN credit_NN losses_NNS and_CC $_$ 11_CD million_CD provision_NN for_IN other_JJ real_JJ estate_NN owned_VBN is_VBZ related_VBN to_TO weakness_NN in_IN the_DT Arizona_NNP real_JJ estate_NN market_NN ._. 
Additionally_RB ,_, Moody_NNP 's_POS Investors_NNP Service_NNP said_VBD it_PRP downgraded_VBD Valley_NNP National_NNP 's_POS senior_JJ debt_NN and_CC confirmed_VBD the_DT company_NN 's_POS commercial_JJ paper_NN rating_NN of_IN ``_`` not_RB prime_JJ ._. ''_'' 
A_DT new_JJ issue_NN ,_, Exabyte_NNP ,_, surged_VBD 2_CD 1\/8_CD from_IN its_PRP$ initial_JJ offering_NN price_NN to_TO close_VB at_IN 12_CD 1\/8_CD ._. 
The_DT offering_NN was_VBD for_IN about_IN 2.8_CD million_CD shares_NNS of_IN the_DT data_NNS storage_NN equipment_NN maker_NN ;_: more_JJR than_IN 2.2_CD million_CD shares_NNS changed_VBD hands_NNS after_IN trading_NN began_VBD ._. 
Dell_NNP Computer_NNP dropped_VBD 7\/8_CD to_TO 6_CD ._. 
The_DT company_NN said_VBD earnings_NNS for_IN the_DT year_NN ending_VBG Jan._NNP 28_CD ,_, 1990_CD ,_, are_VBP expected_VBN to_TO be_VB 25_CD to_TO 35_CD cents_NNS a_DT share_NN ,_, compared_VBN with_IN a_DT previous_JJ estimate_NN of_IN 50_CD to_TO 60_CD cents_NNS a_DT share_NN ._. 
Nutmeg_NNP Industries_NNPS lost_VBD 1_CD 3\/4_CD to_TO 14_CD ._. 
Raymond_NNP James_NNP &_CC Associates_NNPS in_IN St._NNP Petersburg_NNP ,_, Fla._NNP ,_, lowered_VBD its_PRP$ third-quarter_JJ earnings_NNS estimate_NN for_IN the_DT company_NN ,_, according_VBG to_TO Dow_NNP Jones_NNP Professional_NNP Investor_NNP Report_NNP ._. 
A.P._NNP Green_NNP Industries_NNPS advanced_VBD 1_CD 5\/8_CD to_TO 36_CD 1\/8_CD ._. 
East_NNP Rock_NNP Partners_NNPS ,_, which_WDT has_VBZ indicated_VBN it_PRP might_MD make_VB a_DT bid_NN for_IN the_DT company_NN ,_, said_VBD A.P._NNP Green_NNP ,_, a_DT refractory_JJ products_NNS maker_NN ,_, told_VBD the_DT partnership_NN it_PRP is_VBZ n't_RB for_IN sale_NN ._. 
Row_NNP 21_CD of_IN Section_NN 9_CD of_IN the_DT Upper_NNP Reserved_NNP at_IN Candlestick_NNP Park_NNP is_VBZ a_DT lofty_JJ perch_NN ,_, only_RB a_DT few_JJ steps_NNS from_IN the_DT very_JJ top_NN of_IN the_DT stands_NNS ._. 
From_IN my_PRP$ orange_JJ seat_NN ,_, I_PRP looked_VBD over_IN the_DT first-base_JJ line_NN and_CC the_DT new-mown_JJ ball_NN field_NN in_IN the_DT warm_JJ sun_NN of_IN the_DT last_JJ few_JJ minutes_NNS before_IN what_WP was_VBD to_TO have_VB been_VBN the_DT third_JJ game_NN of_IN the_DT World_NNP Series_NNP ._. 
It_PRP was_VBD five_CD in_IN the_DT afternoon_NN ,_, but_CC that_DT was_VBD Pacific_NNP time_NN ._. 
Back_RB in_IN New_NNP York_NNP the_DT work_NN day_NN was_VBD already_RB over_IN ,_, so_IN I_PRP did_VBD n't_RB have_VB to_TO feel_VB guilty_JJ ._. 
Even_RB still_RB ,_, I_PRP did_VBD feel_VB self-indulgent_JJ ,_, and_CC I_PRP could_MD n't_RB help_VB remembering_VBG my_PRP$ father_NN 's_POS contempt_NN for_IN a_DT rich_JJ medical_JJ colleague_NN who_WP would_MD go_VB to_TO watch_VB the_DT Tigers_NNP on_IN summer_NN afternoons_NNS ._. 
This_DT ballpark_NN ,_, the_DT Stick_NNP ,_, was_VBD not_RB a_DT classic_JJ baseball_NN stadium_NN --_: too_RB symmetrical_JJ ,_, too_RB much_JJ bald_JJ concrete_NN ._. 
And_CC it_PRP did_VBD n't_RB have_VB the_DT crowded_VBN wild_JJ intimacy_NN of_IN Yankee_NNP Stadium_NNP ._. 
But_CC I_PRP liked_VBD the_DT easy_JJ friendliness_NN of_IN the_DT people_NNS around_IN me_PRP ,_, liked_VBD it_PRP that_IN they_PRP 'd_MD brought_VBN their_PRP$ children_NNS ,_, found_VBD it_PRP charming_JJ that_IN ,_, true_JJ citizens_NNS of_IN the_DT state_NN of_IN the_DT future_NN ,_, they_PRP had_VBD brought_VBN so_RB many_JJ TVs_NNS and_CC radios_NNS to_TO stay_VB in_IN touch_NN with_IN electroreality_NN at_IN a_DT live_JJ event_NN ._. 
Maybe_RB it_PRP was_VBD their_PRP$ peculiar_JJ sense_NN of_IN history_NN ._. 
The_DT broadcasters_NNS were_VBD ,_, after_IN all_DT ,_, documenting_VBG the_DT game_NN ,_, ratifying_VBG its_PRP$ occurrence_NN for_IN millions_NNS outside_IN the_DT Stick_NNP ._. 
Why_WRB not_RB watch_VB or_CC hear_VB your_PRP$ experience_NN historicized_VBN while_IN you_PRP were_VBD living_VBG it_PRP ?_. 
The_DT day_NN was_VBD saturated_VBN with_IN the_DT weight_NN of_IN its_PRP$ own_JJ impending_JJ history_NN ._. 
Long_JJ lines_NNS of_IN people_NNS waited_VBD to_TO buy_VB special_JJ souvenir_NN World_NNP Series_NNP postcards_NNS with_IN official_JJ postmarks_NNS ._. 
Thousands_NNS of_IN us_PRP had_VBD paid_VBN $_$ 5_NN for_IN the_DT official_JJ souvenir_NN book_NN with_IN its_PRP$ historical_JJ essays_NNS on_IN Series_NNP trivia_NNS ,_, its_PRP$ historical_JJ photographs_NNS of_IN great_JJ moments_NNS in_IN Series_NNP past_JJ ,_, and_CC its_PRP$ instructions_NNS ,_, in_IN English_NNP and_CC Spanish_JJ ,_, for_IN filling_VBG in_IN the_DT scorecard_NN ._. 
Pitcher_NN =_SYM lanzador_FW ._. 
Homerun_NN =_SYM jonron_FW ._. 
Players_NNS ran_VBD out_IN on_IN the_DT field_NN way_NN below_IN ,_, and_CC the_DT stands_NNS began_VBD to_TO reverberate_VB ._. 
It_PRP must_MD be_VB a_DT local_JJ custom_NN ,_, I_PRP thought_VBD ,_, stamping_VBG feet_NNS to_TO welcome_VB the_DT team_NN ._. 
But_CC then_RB the_DT noise_NN turned_VBD into_IN a_DT roar_NN ._. 
And_CC no_DT one_CD was_VBD shouting_VBG ._. 
No_DT one_CD around_IN me_PRP was_VBD saying_VBG anything_NN ._. 
Because_IN we_PRP all_DT were_VBD busy_JJ riding_VBG a_DT wave_NN ._. 
Sixty_CD thousand_CD surfers_NNS atop_IN a_DT concrete_JJ wall_NN ,_, waiting_VBG for_IN the_DT wipeout_NN ._. 
Only_RB at_IN the_DT moment_NN of_IN maximum_JJ roll_NN did_VBD I_PRP grasp_VBP what_WP was_VBD going_VBG on_RB ._. 
Then_RB I_PRP remembered_VBD the_DT quake_NN of_IN '71_CD ,_, which_WDT I_PRP experienced_VBD in_IN Santa_NNP Barbara_NNP in_IN a_DT second-story_JJ motel_NN room_NN ._. 
When_WRB the_DT swaying_NN of_IN the_DT building_NN woke_VBD me_PRP up_IN ,_, I_PRP reasoned_VBD that_IN a_DT -RRB-_) I_PRP was_VBD in_IN Southern_NNP California_NNP ;_: b_NN -RRB-_) the_DT bed_NN was_VBD moving_VBG ;_: c_NN -RRB-_) it_PRP must_MD be_VB a_DT Magic_NNP Fingers_NNP bed_NN that_WDT had_VBD short-circuited_VBN ._. 
Then_RB I_PRP noticed_VBD the_DT overhead_JJ light_NN was_VBD swaying_VBG on_IN its_PRP$ cord_NN and_CC realized_VBD what_WP had_VBD happened_VBN ._. 
What_WP should_MD I_PRP do_VB ?_. 
Get_VB out_IN of_IN the_DT possibly_RB collapsing_VBG building_NN to_TO the_DT parking_NN lot_NN ._. 
But_CC the_DT lot_NN might_MD split_VB into_IN crevasses_NNS ,_, so_IN I_PRP had_VBD better_JJR stand_VB on_IN my_PRP$ car_NN ,_, which_WDT probably_RB was_VBD wider_JJR than_IN the_DT average_JJ crevasse_NN ._. 
Fortunately_RB ,_, the_DT quake_NN was_VBD over_IN before_IN I_PRP managed_VBD to_TO run_VB out_IN and_CC stand_NN naked_JJ on_IN the_DT hood_NN ._. 
At_IN the_DT Stick_NNP ,_, while_IN the_DT world_NN shook_VBD ,_, I_PRP thought_VBD of_IN that_DT morning_NN and_CC then_RB it_PRP struck_VBD me_PRP that_IN this_DT time_NN was_VBD different_JJ ._. 
If_IN I_PRP survived_VBD ,_, I_PRP would_MD have_VB achieved_VBN every_DT journalist_NN 's_POS highest_JJS wish_VBP ._. 
I_PRP was_VBD an_DT eyewitness_NN of_IN the_DT most_RBS newsworthy_JJ event_NN on_IN the_DT planet_NN at_IN that_DT moment_NN ._. 
What_WP was_VBD my_PRP$ angle_NN ?_. 
How_WRB would_MD I_PRP file_VB ?_. 
All_DT these_DT thoughts_NNS raced_VBD through_IN my_PRP$ head_NN in_IN the_DT 15_CD seconds_NNS of_IN the_DT earthquake_NN 's_POS actual_JJ duration_NN ._. 
The_DT rest_NN is_VBZ ,_, of_IN course_NN ,_, history_NN ._. 
The_DT Stick_NNP did_VBD n't_RB fall_VB ._. 
The_DT real_JJ tragedies_NNS occurred_VBD elsewhere_RB ,_, as_IN we_PRP soon_RB found_VBD out_RB ._. 
But_CC for_IN a_DT few_JJ minutes_NNS there_EX ,_, relief_NN abounded_VBD ._. 
A_DT young_JJ mother_NN found_VBD her_PRP$ boy_NN ,_, who_WP had_VBD been_VBN out_IN buying_VBG a_DT hotdog_NN ._. 
The_DT wall_NN behind_IN me_PRP was_VBD slightly_RB deformed_JJ ,_, but_CC the_DT center_NN had_VBD held_VBN ._. 
And_CC most_RBS of_IN us_PRP waited_VBD for_IN a_DT while_NN for_IN the_DT game_NN to_TO start_VB ._. 
Then_RB we_PRP began_VBD to_TO file_VB out_IN ,_, to_TO wait_VB safely_RB on_IN terra_FW firma_FW for_IN the_DT opening_NN pitch_NN ._. 
It_PRP was_VBD during_IN the_DT quiet_JJ exodus_NN down_RP the_DT pristine_JJ concrete_JJ ramps_NNS of_IN the_DT Stick_NNP that_IN I_PRP really_RB understood_VBD the_DT point_NN of_IN all_PDT those_DT Walkmen_NNP and_CC Watchmen_NNP ._. 
The_DT crowd_NN moved_VBD in_IN clumps_NNS ,_, clumps_NNS magnetized_VBN around_IN an_DT electronic_JJ nucleus_NN ._. 
In_IN this_DT way_NN ,_, while_IN the_DT Stick_NNP itself_PRP was_VBD blacked_VBN out_IN ,_, we_PRP kept_VBD up_VB to_TO date_VB on_IN events_NNS ._. 
Within_IN 15_CD minutes_NNS of_IN the_DT quake_NN itself_PRP ,_, I_PRP was_VBD able_JJ to_TO see_VB pictures_NNS of_IN the_DT collapsed_VBN section_NN of_IN the_DT Bay_NNP Bridge_NNP ._. 
Increasingly_RB accurate_JJ estimates_NNS of_IN the_DT severity_NN of_IN the_DT quake_NN became_VBD available_JJ before_IN I_PRP got_VBD to_TO my_PRP$ car_NN ._. 
And_CC by_IN then_RB ,_, expensive_JJ automobile_NN sound_NN systems_NNS were_VBD keeping_VBG the_DT gridlocked_VBN parking_NN lot_NN by_IN the_DT bay_NN informed_VBN about_IN the_DT fire_NN causing_VBG the_DT big_JJ black_JJ plume_NN of_IN smoke_NN we_PRP saw_VBD on_IN the_DT northern_JJ horizon_NN ._. 
Darkness_NN fell_VBD ._. 
But_CC the_DT broadcasts_NNS continued_VBD through_IN the_DT blacked-out_JJ night_NN ,_, with_IN pictures_NNS of_IN the_DT sandwiched_VBN highway_NN ganglion_NN in_IN Oakland_NNP and_CC firefighting_NN in_IN the_DT Marina_NNP district_NN ._. 
By_IN then_RB ,_, our_PRP$ little_JJ sand_NN village_NN of_IN cars_NNS had_VBD been_VBN linked_VBN with_IN a_DT global_JJ village_NN of_IN listeners_NNS and_CC viewers_NNS ._. 
Everyone_NN at_IN the_DT Stick_NNP that_DT day_NN had_VBD started_VBN out_IN as_IN a_DT spectator_NN and_CC ended_VBD up_IN as_IN a_DT participant_NN ._. 
In_IN fact_NN ,_, the_DT entire_JJ population_NN of_IN the_DT Bay_NNP Area_NNP had_VBD ended_VBN up_IN with_IN this_DT dual_JJ role_NN of_IN actor_NN and_CC audience_NN ._. 
The_DT reporters_NNS were_VBD victims_NNS and_CC some_DT of_IN the_DT victims_NNS turned_VBD into_IN unofficial_JJ reporters_NNS ._. 
The_DT outstanding_JJ example_NN of_IN this_DT was_VBD the_DT motorist_NN on_IN the_DT Bay_NNP Bridge_NNP who_WP had_VBD the_DT presence_NN of_IN mind_NN to_TO take_VB out_RP a_DT video_NN camera_NN at_IN the_DT absolutely_RB crucial_JJ moment_NN and_CC record_VB the_DT car_NN in_IN front_NN as_IN it_PRP fell_VBD into_IN the_DT gap_NN in_IN the_DT roadway_NN ._. 
The_DT tape_NN was_VBD on_IN tv_NN before_IN the_DT night_NN was_VBD out_RB ._. 
Marshall_NNP McLuhan_NNP ,_, you_PRP should_MD have_VB been_VBN there_RB at_IN that_DT hour_NN ._. 
Investors_NNS who_WP received_VBD Shearson_NNP Lehman_NNP Hutton_NNP Inc._NNP 's_POS latest_JJS stock_NN commentary_NN may_MD be_VB left_VBN with_IN blank_JJ expressions_NNS ._. 
The_DT first_JJ 10_CD pages_NNS of_IN the_DT 76-page_NNP Weekly_NNP Portfolio_NNP Perspective_NNP are_VBP completely_RB blank_JJ ,_, except_IN for_IN the_DT page_NN numbers_NNS ._. 
Rather_RB than_IN printing_NN devils_NNS ,_, Shearson_NNP puts_VBZ all_PDT the_DT blame_NN on_IN the_DT unpredictable_JJ stock_NN market_NN ._. 
The_DT plunge_NN made_VBN Shearson_NNP 's_POS market_NN commentary_NN instantly_RB out_IN of_IN date_NN ._. 
In_IN fact_NN ,_, last_JJ Friday_NNP 's_POS 190.58-point_JJ tumble_NN in_IN the_DT stock_NN market_NN caught_VBD many_JJ people_NNS and_CC businesses_NNS by_IN surprise_NN ,_, not_RB the_DT least_JJS of_IN them_PRP brokerage_NN firms_NNS such_JJ as_IN Shearson_NNP that_DT print_VB their_PRP$ weekly_JJ market_NN commentaries_NNS on_IN Fridays_NNPS for_IN dissemination_NN the_DT following_VBG week_NN ._. 
Shearson_NNP ,_, a_DT 62%-owned_JJ unit_NN of_IN American_NNP Express_NNP Co._NNP ,_, did_VBD n't_RB have_VB enough_JJ time_NN to_TO update_VB its_PRP$ market_NN commentary_NN so_RB ,_, ``_`` We_PRP decided_VBD to_TO kill_VB our_PRP$ strategy_NN pieces_NNS ,_, ''_'' says_VBZ Jack_NNP Rivkin_NNP ,_, the_DT head_NN of_IN Shearson_NNP 's_POS research_NN department_NN ._. 
The_DT first_JJ thought_VBD some_DT investors_NNS had_VBD was_VBD that_IN a_DT red-faced_JJ Shearson_NNP must_MD have_VB been_VBN wildly_RB bullish_JJ on_IN stocks_NNS in_IN its_PRP$ original_JJ commentary_NN ,_, and_CC that_DT 's_VBZ why_WRB it_PRP purged_VBD its_PRP$ pages_NNS ._. 
Investors_NNS recalled_VBD that_IN Shearson_NNP last_JJ week_NN had_VBD been_VBN advising_VBG that_IN ``_`` the_DT market_NN is_VBZ still_RB exhibiting_VBG all_PDT the_DT signs_NNS of_IN a_DT further_JJ advance_NN ._. ''_'' 
Many_JJ other_JJ brokerage_NN firms_NNS had_VBD similarly_RB bullish_JJ views_NNS ._. 
But_CC Mr._NNP Rivkin_NNP insists_VBZ that_IN the_DT 10_CD pages_NNS were_VBD n't_RB pulled_VBN because_IN they_PRP were_VBD too_RB bullish_JJ ._. 
Instead_RB ,_, he_PRP says_VBZ ,_, ``_`` they_PRP were_VBD cautious_JJ ,_, and_CC that_DT was_VBD n't_RB the_DT message_NN we_PRP wanted_VBD to_TO deliver_VB ''_'' on_IN Monday_NNP ._. 
As_IN Mr._NNP Rivkin_NNP explains_VBZ it_PRP ,_, ``_`` We_PRP were_VBD raising_VBG some_DT caution_NN flags_NNS about_IN rate_NN rises_VBZ in_IN Europe_NNP and_CC concerns_NNS about_IN the_DT LBO_NNP market_NN ._. 
And_CC by_IN late_JJ Friday_NNP afternoon_NN ,_, actually_RB after_IN the_DT close_NN ,_, we_PRP decided_VBD that_WDT was_VBD the_DT wrong_JJ tone_NN to_TO take_VB ._. 
With_IN the_DT market_NN down_RB ,_, we_PRP wanted_VBD to_TO tell_VB people_NNS to_TO put_VB their_PRP$ orders_NNS in_IN on_IN the_DT opening_NN ._. ''_'' 
Both_DT before_IN and_CC after_IN the_DT Friday_NNP plunge_NN ,_, Shearson_NNP has_VBZ maintained_VBN a_DT recommended_VBN portfolio_NN weighting_NN of_IN 65_CD %_NN stocks_NNS ,_, 20_CD %_NN bonds_NNS and_CC 15_CD %_NN cash_NN ._. 
Sheldon_NNP B._NNP Lubar_NNP ,_, chairman_NN of_IN Lubar_NNP &_CC Co._NNP ,_, and_CC John_NNP L._NNP Murray_NNP ,_, chairman_NN of_IN Universal_NNP Foods_NNP Corp._NNP ,_, were_VBD elected_VBN to_TO the_DT board_NN of_IN this_DT engine_NN maker_NN ._. 
They_PRP succeed_VBP Robert_NNP W._NNP Kasten_NNP and_CC John_NNP R._NNP Parker_NNP ,_, who_WP reached_VBD the_DT mandatory_JJ retirement_NN age_NN ._. 
China_NNP 's_POS slide_NN toward_IN recession_NN is_VBZ beginning_VBG to_TO look_VB like_IN a_DT free_JJ fall_NN ._. 
In_IN a_DT report_NN on_IN China_NNP 's_POS foundering_VBG economy_NN ,_, the_DT official_NN State_NNP Statistical_NNP Bureau_NNP disclosed_VBD that_IN industrial_JJ output_NN last_JJ month_NN rose_VBD 0.9_CD %_NN from_IN a_DT year_NN earlier_RBR -_: the_DT lowest_JJS growth_NN rate_NN in_IN a_DT decade_NN for_IN September_NNP ._. 
Retail_JJ sales_NNS are_VBP plummeting_VBG ,_, while_IN consumer_NN prices_NNS still_RB are_VBP rising_VBG ._. 
Chinese_JJ and_CC foreign_JJ economists_NNS now_RB predict_VBP prolonged_VBN stagflation_NN :_: low_JJ growth_NN and_CC high_JJ inflation_NN ._. 
``_`` The_DT economy_NN is_VBZ crashing_VBG hard_JJ ,_, ''_'' says_VBZ an_DT Asian_JJ economist_NN in_IN Beijing_NNP ._. 
``_`` The_DT slowdown_NN is_VBZ taking_VBG hold_VB a_DT lot_NN more_RBR quickly_RB and_CC devastatingly_RB than_IN anyone_NN had_VBD expected_VBN ._. ''_'' 
A_DT lengthy_JJ recession_NN ,_, if_IN it_PRP materializes_VBZ ,_, would_MD drain_VB state_NN coffers_NNS and_CC create_VB severe_JJ hardships_NNS for_IN urban_JJ workers_NNS ._. 
Experts_NNS predict_VBP the_DT coming_VBG year_NN will_MD be_VB characterized_VBN by_IN flat_JJ or_CC negative_JJ industrial_JJ growth_NN ,_, rising_VBG unemployment_NN and_CC a_DT widening_VBG budget_NN deficit_NN ._. 
Unless_IN the_DT government_NN suddenly_RB reverses_VBZ course_NN ,_, wages_NNS for_IN most_RBS workers_NNS wo_MD n't_RB keep_VB pace_NN with_IN inflation_NN ,_, creating_VBG a_DT potential_JJ source_NN of_IN urban_JJ unrest_NN ._. 
The_DT economy_NN 's_POS slowdown_NN is_VBZ due_JJ only_RB partly_RB to_TO the_DT austerity_NN program_NN launched_VBN in_IN September_NNP 1988_CD to_TO cool_VB an_DT overheated_VBN economy_NN and_CC tame_JJ inflation_NN ._. 
-LRB-_( Industrial_NNP output_NN surged_VBD 21_CD %_NN in_IN 1988_CD ,_, while_IN inflation_NN peaked_VBD last_JJ February_NNP at_IN nearly_RB 30_CD %_NN ._. -RRB-_) 
The_DT slowdown_NN also_RB results_VBZ from_IN chronic_JJ energy_NN and_CC raw-materials_NNS shortages_NNS that_WDT force_VBP many_JJ factories_NNS to_TO restrict_VB operations_NNS to_TO two_CD or_CC three_CD days_NNS a_DT week_NN ._. 
In_IN Western_JJ ,_, market-driven_JJ countries_NNS ,_, recessions_NNS often_RB have_VBP a_DT bright_JJ side_NN :_: prodding_VBG the_DT economy_NN to_TO greater_JJR efficiency_NN ._. 
In_IN China_NNP ,_, however_RB ,_, there_EX is_VBZ n't_RB likely_JJ to_TO be_VB any_DT silver_NN lining_VBG because_IN the_DT economy_NN remains_VBZ guided_VBN primarily_RB by_IN the_DT state_NN ._. 
Instead_RB ,_, China_NNP is_VBZ likely_JJ to_TO shell_VB out_RP ever-greater_JJ subsidies_NNS to_TO its_PRP$ coddled_VBN state-run_JJ enterprises_NNS ,_, which_WDT ate_VBD up_IN $_$ 18_CD billion_CD in_IN bailouts_NNS last_JJ year_NN ._. 
Nor_CC are_VBP any_DT of_IN these_DT inefficient_JJ monoliths_NNS likely_JJ to_TO be_VB allowed_VBN to_TO go_VB bankrupt_JJ ._. 
Rather_RB ,_, the_DT brunt_NN of_IN the_DT slowdown_NN will_MD be_VB felt_VBN in_IN the_DT fast-growing_JJ private_JJ and_CC semi-private_JJ ``_`` township_NN ''_'' enterprises_NNS ,_, which_WDT have_VBP fallen_VBN into_IN disfavor_NN as_IN China_NNP 's_POS leaders_NNS re-emphasize_VBP an_DT orthodox_JJ Marxist_JJ preference_NN for_IN public_JJ ownership_NN ._. 
``_`` When_WRB the_DT going_VBG gets_VBZ rough_JJ ,_, China_NNP penalizes_VBZ the_DT efficient_JJ and_CC rewards_VBZ the_DT incompetent_JJ ,_, ''_'' says_VBZ a_DT Western_JJ economist_NN ._. 
Reports_NNS of_IN an_DT economy_NN near_VB recession_NN come_VB as_IN officials_NNS prepare_VBP a_DT major_JJ Communist_NNP Party_NNP plenum_NN for_IN sometime_RB in_IN the_DT next_JJ few_JJ weeks_NNS ._. 
The_DT meeting_NN is_VBZ expected_VBN to_TO call_VB for_IN heightened_VBN austerity_NN for_IN two_CD years_NNS ._. 
But_CC with_IN industrial_JJ growth_NN stagnant_JJ and_CC inflation_NN showing_VBG signs_NNS of_IN easing_VBG ,_, some_DT voices_NNS may_MD call_VB for_IN measures_NNS to_TO pump_VB new_JJ life_NN into_IN the_DT economy_NN ._. 
Some_DT analysts_NNS believe_VBP China_NNP soon_RB will_MD begin_VB relaxing_VBG economic_JJ controls_NNS ,_, particularly_RB by_IN loosening_VBG credit_NN ._. 
That_DT would_MD benefit_VB Chinese_JJ enterprises_NNS as_RB well_RB as_IN Sino-foreign_JJ joint_JJ ventures_NNS ,_, both_DT of_IN which_WDT have_VBP been_VBN plagued_VBN by_IN shortages_NNS of_IN working_VBG capital_NN ._. 
A_DT dangerous_JJ buildup_NN this_DT year_NN of_IN billions_NNS of_IN dollars_NNS in_IN inter-company_JJ debts_NNS threatens_VBZ ,_, if_IN unchecked_JJ ,_, to_TO bring_VB the_DT economy_NN to_TO a_DT collapse_NN ._. 
One_CD sign_NN of_IN a_DT possible_JJ easing_NN of_IN credit_NN policy_NN was_VBD the_DT decision_NN this_DT week_NN of_IN People_NNS 's_POS Bank_NNP of_IN China_NNP ,_, the_DT central_JJ bank_NN ,_, to_TO allocate_VB $_$ 5.4_CD billion_CD in_IN short-term_JJ loans_NNS to_TO pay_VB farmers_NNS for_IN the_DT autumn_NN harvest_NN ,_, the_DT official_NN China_NNP Daily_NNP reported_VBD ._. 
But_CC while_IN pumping_VBG more_JJR money_NN into_IN the_DT economy_NN would_MD bring_VB relief_NN to_TO many_VB industries_NNS ,_, it_PRP also_RB runs_VBZ the_DT risk_NN of_IN triggering_VBG another_DT period_NN of_IN runaway_JJ growth_NN and_CC steep_JJ inflation_NN ._. 
The_DT cycle_NN has_VBZ been_VBN repeated_VBN several_JJ times_NNS since_IN China_NNP began_VBD reforming_VBG its_PRP$ planned_VBN economy_NN in_IN 1979_CD ._. 
And_CC ,_, because_IN China_NNP 's_POS leaders_NNS have_VBP abandoned_VBN plans_NNS to_TO drastically_RB reform_NN the_DT economy_NN ,_, it_PRP is_VBZ likely_JJ to_TO continue_VB ,_, analysts_NNS say_VBP ._. 
The_DT statistical_JJ bureau_NN 's_POS report_NN ,_, cited_VBD in_IN China_NNP Daily_NNP ,_, notes_VBZ that_IN industrial_JJ output_NN in_IN September_NNP totaled_VBD $_$ 29.4_CD billion_CD ,_, a_DT rise_NN of_IN just_RB 0.9_CD %_NN from_IN a_DT year_NN earlier_RBR ._. 
Output_NN declined_VBD in_IN several_JJ provinces_NNS ,_, including_VBG Jiangsu_NNP and_CC Zhejiang_NNP ,_, two_CD key_JJ coastal_JJ areas_NNS ,_, and_CC Sichuan_NNP ,_, the_DT nation_NN 's_POS agricultural_JJ breadbasket_NN ._. 
Production_NN in_IN Shanghai_NNP ,_, China_NNP 's_POS industrial_JJ powerhouse_NN and_CC the_DT largest_JJS source_NN of_IN tax_NN revenue_NN for_IN the_DT central_JJ government_NN ,_, fell_VBD 1.8_CD %_NN for_IN the_DT month_NN ._. 
Nationwide_NNP ,_, output_NN of_IN light_NN industrial_JJ products_NNS declined_VBD 1.8_CD %_NN --_: ``_`` the_DT first_JJ decline_NN in_IN 10_CD years_NNS ,_, ''_'' a_DT bureau_NN spokesman_NN told_VBD China_NNP Daily_NNP ._. 
In_IN an_DT unusually_RB direct_JJ statement_NN ,_, the_DT bureau_NN spokesman_NN recommended_VBD that_IN state_NN banks_NNS extend_VBP more_JJR credit_NN to_TO shopkeepers_NNS so_RB that_IN they_PRP can_MD purchase_VB manufacturers_NNS '_POS goods_NNS ._. 
``_`` This_DT will_MD prevent_VB a_DT slide_NN in_IN industrial_JJ production_NN ,_, which_WDT will_MD otherwise_RB cause_VB new_JJ panic_NN buyings_NNS ,_, ''_'' the_DT spokesman_NN said_VBD ._. 
The_DT 1986_CD tax_NN overhaul_NN ,_, the_DT biggest_JJS achievement_NN of_IN President_NNP Reagan_NNP 's_POS second_JJ term_NN ,_, is_VBZ beginning_VBG to_TO fall_VB apart_RB ,_, and_CC interest_NN groups_NNS are_VBP lining_VBG up_IN for_IN tax_NN goodies_NNS all_DT over_IN Capitol_NNP Hill_NNP ._. 
Real-estate_NN executives_NNS are_VBP lobbying_VBG to_TO ease_VB anti-tax-shelter_JJ rules_NNS ._. 
Charitable_JJ groups_NNS are_VBP trying_VBG to_TO reinstate_VB the_DT write-off_NN for_IN contributions_NNS made_VBN by_IN individuals_NNS who_WP do_VBP n't_RB itemize_VB their_PRP$ deductions_NNS ._. 
Big_JJ auction_NN houses_NNS want_VBP to_TO make_VB collectibles_NNS eligible_JJ for_IN lower_JJR capital-gains_NNS taxes_NNS ._. 
And_CC heavy-industry_NN lobbyists_NNS are_VBP quietly_RB discussing_VBG the_DT possibility_NN of_IN reinstating_VBG the_DT investment_NN tax_NN credit_NN ._. 
``_`` Everything_NN is_VBZ up_IN for_IN grabs_NNS ,_, ''_'' says_VBZ Theodore_NNP Groom_NNP ,_, a_DT lobbyist_NN for_IN mutual_JJ life-insurance_NN companies_NNS ._. 
Adds_VBZ Robert_NNP Juliano_NNP ,_, the_DT head_NN lobbyist_NN for_IN a_DT variety_NN of_IN interests_NNS that_WDT want_VBP to_TO protect_VB the_DT tax_NN deduction_NN for_IN travel_NN and_CC entertainment_NN expenses_NNS :_: ``_`` It_PRP appears_VBZ as_IN though_IN the_DT whole_JJ thing_NN is_VBZ wide_JJ open_JJ again_RB ._. ''_'' 
The_DT catalyst_NN has_VBZ been_VBN the_DT congressional_JJ move_NN to_TO restore_VB preferential_JJ tax_NN treatment_NN for_IN capital_NN gains_NNS ,_, an_DT effort_NN that_WDT is_VBZ likely_JJ to_TO succeed_VB in_IN this_DT Congress_NNP ._. 
Other_JJ fundamental_JJ ``_`` reforms_NNS ''_'' of_IN the_DT 1986_CD act_NN have_VBP been_VBN threatened_VBN as_IN well_RB ._. 
The_DT House_NNP seriously_RB considered_VBD raising_VBG the_DT top_JJ tax_NN rate_NN paid_VBN by_IN individuals_NNS with_IN the_DT highest_JJS incomes_NNS ._. 
The_DT Senate_NNP Finance_NNP Committee_NNP voted_VBD to_TO expand_VB the_DT deduction_NN for_IN individual_JJ retirement_NN accounts_NNS ,_, and_CC also_RB to_TO bring_VB back_JJ income_NN averaging_VBG for_IN farmers_NNS ,_, a_DT tax_NN preference_NN that_WDT allows_VBZ income_NN to_TO be_VB spread_VBN out_IN over_IN several_JJ years_NNS ._. 
As_IN part_NN of_IN the_DT same_JJ bill_NN ,_, the_DT finance_NN panel_NN also_RB voted_VBD in_IN favor_NN of_IN billions_NNS of_IN dollars_NNS in_IN narrow_JJ tax_NN breaks_NNS for_IN individuals_NNS and_CC corporations_NNS ,_, in_IN what_WP committee_NN member_NN Sen._NNP David_NNP Pryor_NNP -LRB-_( D._NNP ,_, Ark_NNP ._. -RRB-_) calls_VBZ a_DT ``_`` feeding_VBG frenzy_NN ''_'' of_IN special-interest_JJ legislating_NN ._. 
The_DT beneficiaries_NNS would_MD range_VB from_IN pineapple_NN growers_NNS to_TO rich_JJ grandparents_NNS to_TO tuxedo-rental_JJ shops_NNS ._. 
To_TO be_VB sure_JJ ,_, the_DT full_JJ Senate_NNP ,_, facing_VBG a_DT fast-approaching_JJ budget_NN deadline_NN ,_, last_JJ Friday_NNP stripped_VBD away_RB all_DT of_IN the_DT tax_NN breaks_NNS that_WDT were_VBD contained_VBN in_IN the_DT Finance_NNP Committee_NNP bill_NN ._. 
But_CC lawmakers_NNS of_IN both_DT parties_NNS agree_VBP that_IN the_DT streamlining_VBG was_VBD temporary_JJ ._. 
Other_JJ bills_NNS will_MD be_VB moving_VBG soon_RB that_WDT are_VBP expected_VBN to_TO carry_VB many_NN of_IN the_DT tax_NN cuts_NNS ,_, including_VBG both_DT the_DT capital-gains_NNS and_CC IRA_NNP provisions_NNS ._. 
``_`` There_EX is_VBZ n't_RB any_DT doubt_NN that_IN the_DT thread_NN of_IN the_DT '86_CD code_NN has_VBZ been_VBN given_VBN a_DT mighty_JJ tug_NN ,_, ''_'' says_VBZ Rep._NNP Thomas_NNP Downey_NNP -LRB-_( D._NNP ,_, N.Y_NNP ._. -RRB-_) ._. 
``_`` You_PRP 'll_MD see_VB the_DT annual_JJ unraveling_NN of_IN it_PRP ._. ''_'' 
``_`` It_PRP 's_VBZ back_RB to_TO tax-give-away_JJ time_NN for_IN the_DT select_JJ few_NN ,_, ''_'' says_VBZ Rep._NNP William_NNP Gray_NNP of_IN Pennsylvania_NNP ,_, the_DT third-ranking_JJ Democrat_NNP in_IN the_DT House_NNP ._. 
Referring_VBG to_TO the_DT chairmen_NNS of_IN the_DT Senate_NNP and_CC House_NNP tax-writing_JJ committees_NNS ,_, he_PRP adds_VBZ ,_, ``_`` Next_JJ year_NN ,_, every_DT special-interest_JJ group_NN is_VBZ going_VBG to_TO be_VB there_RB knocking_VBG on_IN Lloyd_NNP Bentsen_NNP 's_POS door_NN ,_, on_IN Danny_NNP Rostenkowski_NNP 's_POS door_NN ._. ''_'' 
Many_JJ groups_NNS are_VBP n't_RB waiting_VBG that_DT long_JJ ._. 
Just_RB last_JJ week_NN ,_, a_DT House_NNP Ways_NNPS and_CC Means_NNP subcommittee_NN held_VBD a_DT lengthy_JJ meeting_NN to_TO hear_VB the_DT pleas_NNS of_IN individual_JJ cities_NNS ,_, companies_NNS and_CC interest_NN groups_NNS who_WP want_VBP to_TO open_VB their_PRP$ own_JJ special_JJ loopholes_NNS ._. 
``_`` It_PRP 's_VBZ a_DT Swiss-cheese_NN factory_NN and_CC the_DT cheese_NN smells_VBZ pretty_RB good_JJ ,_, ''_'' commented_VBD one_CD veteran_NN lobbyist_NN who_WP was_VBD watching_VBG the_DT proceedings_NNS ._. 
Even_JJ lobbyists_NNS for_IN heavy_JJ industry_NN ,_, one_CD of_IN the_DT interests_NNS hit_VBD hardest_JJS in_IN the_DT 1986_CD bill_NN ,_, are_VBP encouraged_VBN ._. 
The_DT return_NN of_IN pro-investment_JJ tax_NN breaks_NNS such_JJ as_IN those_DT for_JJ capital_NN gains_NNS and_CC IRAs_NNS ``_`` creates_VBZ more_JJR of_IN a_DT mood_NN or_CC a_DT mindset_NN that_WDT is_VBZ helpful_JJ for_IN getting_VBG better_JJR depreciation_NN -LRB-_( write-offs_NNS -RRB-_) or_CC investment_NN credits_NNS ,_, ''_'' says_VBZ Paul_NNP Huard_NNP ,_, a_DT vice_NN president_NN for_IN the_DT National_NNP Association_NNP of_IN Manufacturers_NNPS ._. 
Corporate_JJ lobbyist_NN Charls_NNP Walker_NNP is_VBZ planning_VBG a_DT spring_NN conference_NN to_TO discuss_VB what_WP tax_NN changes_NNS to_TO make_VB to_TO improve_VB ``_`` competitiveness_NN ._. ''_'' 
In_IN reaction_NN to_TO proposed_VBN capital-gains_NNS legislation_NN ,_, groups_NNS are_VBP lobbying_VBG to_TO make_VB sure_JJ they_PRP are_VBP n't_RB left_VBN off_IN the_DT gravy_NN train_NN ._. 
Real-estate_NN interests_NNS ,_, for_IN example_NN ,_, are_VBP protesting_VBG an_DT omission_NN in_IN President_NNP Bush_NNP 's_POS capital-gains_NNS proposal_NN :_: It_PRP does_VBZ n't_RB include_VB real-estate_NN gains_NNS ._. 
``_`` If_IN there_EX is_VBZ going_VBG to_TO be_VB a_DT tax_NN scheme_NN that_WDT contemplates_VBZ lower_JJR treatment_NN of_IN capital_NN gains_NNS ,_, they_PRP certainly_RB want_VBP to_TO be_VB part_NN of_IN it_PRP ,_, ''_'' says_VBZ real-estate_NN lobbyist_NN Wayne_NNP Thevenot_NNP of_IN Concord_NNP Associates_NNPS ._. 
In_IN the_DT House-passed_JJ tax_NN bill_NN ,_, Mr._NNP Thevenot_NNP got_VBD his_PRP$ wish_VBP ;_: real-estate_NN assets_NNS are_VBP included_VBN in_IN the_DT capital-gains_NNS provision_NN ._. 
But_CC Sotheby_NNP 's_POS ,_, Christie_NNP 's_POS and_CC the_DT National_NNP Association_NNP of_IN Antique_NNP Dealers_NNS are_VBP still_RB trying_VBG to_TO get_VB theirs_PRP ._. 
They_PRP have_VBP sent_VBN a_DT letter_NN to_TO congressional_JJ tax-writers_NNS asking_VBG that_IN gains_NNS from_IN the_DT sale_NN of_IN collectibles_NNS also_RB be_VBP given_VBN preferential_JJ treatment_NN ._. 
``_`` Collectibles_NNS should_MD continue_VB to_TO be_VB recognized_VBN as_IN capital_NN assets_NNS ,_, ''_'' the_DT letter_NN states_NNS ._. 
All_DT of_IN this_DT talk_NN is_VBZ antithetical_JJ to_TO the_DT Tax_NNP Reform_NNP Act_NNP of_IN 1986_CD ._. 
In_IN exchange_NN for_IN dramatically_RB lower_JJR tax_NN rates_NNS ,_, the_DT framers_NNS of_IN that_DT legislation_NN sought_VBD to_TO eliminate_VB most_RBS of_IN the_DT exemptions_NNS ,_, deductions_NNS and_CC credits_NNS that_WDT gave_VBD some_DT taxpayers_NNS an_DT advantage_NN over_IN others_NNS ._. 
The_DT goal_NN was_VBD to_TO tax_VB people_NNS with_IN roughly_RB equivalent_NN incomes_NNS equally_RB ,_, and_CC to_TO eliminate_VB the_DT many_JJ shelters_NNS that_WDT allowed_VBD the_DT wealthy_JJ to_TO escape_VB taxes_NNS ._. 
Two_CD of_IN the_DT major_JJ ways_NNS that_IN tax-writers_NNS managed_VBD to_TO attain_VB these_DT ends_NNS were_VBD to_TO scrap_VB the_DT preferential_JJ treatment_NN of_IN capital_NN gains_NNS and_CC to_TO curtail_VB the_DT use_NN of_IN paper_NN losses_NNS ,_, also_RB known_VBN as_IN passive_JJ losses_NNS ,_, that_WDT made_VBD many_JJ tax_NN shelters_NNS possible_JJ ._. 
Many_JJ other_JJ tax_NN benefits_NNS also_RB were_VBD swept_VBN away_RB ._. 
This_DT year_NN Congress_NNP ,_, with_IN prodding_VBG from_IN President_NNP Bush_NNP ,_, has_VBZ been_VBN busy_JJ trying_NN to_TO put_VB many_NN of_IN these_DT same_JJ tax_NN preferences_NNS back_RB into_IN the_DT code_NN ._. 
It_PRP appears_VBZ likely_JJ that_IN ,_, this_DT year_NN or_CC next_JJ ,_, some_DT form_NN of_IN capital-gains_NNS preference_NN and_CC passive-loss_JJ restoration_NN will_MD be_VB enacted_VBN ._. 
Other_JJ tax_NN benefits_NNS probably_RB will_MD be_VB restored_VBN and_CC created_VBN ._. 
The_DT main_JJ obstacle_NN is_VBZ finding_VBG a_DT way_NN to_TO pay_VB for_IN them_PRP ._. 
``_`` The_DT '86_CD act_NN was_VBD a_DT fluke_NN ._. 
They_PRP wanted_VBD reform_NN and_CC they_PRP got_VBD a_DT revolution_NN ,_, ''_'' says_VBZ overhaul_NN advocate_NN Rep._NNP Willis_NNP Gradison_NNP -LRB-_( R._NNP ,_, Ohio_NNP -RRB-_) ._. 
So_RB ,_, is_VBZ the_DT tax_NN code_NN now_RB open_JJ game_NN again_RB ?_. 
Mr._NNP Juliano_NNP thinks_VBZ so_RB ._. 
One_CD recent_JJ Saturday_NNP morning_NN he_PRP stayed_VBD inside_IN the_DT Capitol_NNP monitoring_VBG tax-and-budget_JJ talks_NNS instead_RB of_IN flying_VBG to_TO San_NNP Francisco_NNP for_IN a_DT fund-raiser_NN and_CC then_RB to_TO his_PRP$ hometown_NN of_IN Chicago_NNP for_IN the_DT 30th_JJ reunion_NN of_IN St._NNP Ignatius_NNP High_NNP School_NNP ._. 
``_`` I_PRP 'm_VBP too_RB old_JJ to_TO waste_VB a_DT weekend_NN ,_, but_CC that_DT 's_VBZ what_WP I_PRP did_VBD ,_, ''_'' the_DT 48-year-old_NNP Mr._NNP Juliano_NNP moans_VBZ ._. 
``_`` These_DT days_NNS ,_, anything_NN can_MD happen_VB ._. 
Lufthansa_NNP AG_NNP said_VBD passenger_NN volume_NN climbed_VBD 5.2_CD %_NN for_IN the_DT first_JJ nine_CD months_NNS of_IN 1989_CD to_TO 15.3_CD million_CD passengers_NNS from_IN 14.5_CD million_CD passengers_NNS in_IN the_DT year-earlier_JJ period_NN ._. 
The_DT West_JJ German_JJ national_JJ air_NN carrier_NN said_VBD cargo_NN volume_NN jumped_VBD 12_CD %_NN to_TO 638,000_CD metric_JJ tons_NNS from_IN 569,000_CD tons_NNS a_DT year_NN ago_RB ._. 
Load_NN factor_NN ,_, or_CC percentage_NN of_IN seats_NNS filled_VBN ,_, climbed_VBD to_TO 67.1_CD %_NN from_IN 66.6_CD %_NN ,_, even_RB though_IN the_DT number_NN of_IN flights_NNS rose_VBD 6.9_CD %_NN to_TO 215,845_CD in_IN the_DT first-three_JJ quarters_NNS ._. 
From_IN January_NNP through_IN September_NNP ,_, the_DT distance_NN flown_VBN by_IN Lufthansa_NNP airplanes_NNS rose_VBD 5.6_CD %_NN to_TO 266.2_CD million_CD kilometers_NNS from_IN a_DT year_NN earlier_RBR ,_, the_DT company_NN added_VBD ._. 
Raymond_NNP Chandler_NNP ,_, in_IN a_DT 1950_CD letter_NN defending_VBG a_DT weak_JJ Hemingway_NNP book_NN ,_, likened_VBD a_DT champion_NN writer_NN to_TO a_DT baseball_NN pitcher_NN ._. 
When_WRB the_DT champ_NN has_VBZ lost_VBN his_PRP$ stuff_NN ,_, the_DT great_JJ mystery_NN novelist_NN wrote_VBD ,_, ``_`` when_WRB he_PRP can_MD no_RB longer_RB throw_VB the_DT high_JJ hard_JJ one_CD ,_, he_PRP throws_VBZ his_PRP$ heart_NN instead_RB ._. 
He_PRP throws_VBZ something_NN ._. 
He_PRP does_VBZ n't_RB just_RB walk_VB off_IN the_DT mound_NN and_CC weep_VB ._. ''_'' 
Chandler_NNP might_MD have_VB been_VBN predicting_VBG the_DT course_NN of_IN his_PRP$ own_JJ career_NN ._. 
His_PRP$ last_RB published_VBN novel_NN featuring_VBG private_JJ detective_NN Philip_NNP Marlowe_NNP ,_, the_DT inferior_JJ ``_`` Playback_NNP ''_'' -LRB-_( 1958_CD -RRB-_) ,_, at_IN times_NNS read_VBP almost_RB like_IN a_DT parody_NN of_IN his_PRP$ previous_JJ work_NN ._. 
When_WRB he_PRP died_VBD in_IN 1959_CD ,_, Chandler_NNP left_VBD behind_IN four_CD chapters_NNS of_IN yet_RB another_DT Marlowe_NNP book_NN ,_, ``_`` The_DT Poodle_NNP Springs_NNP Story_NNP ,_, ''_'' which_WDT seemed_VBD to_TO go_VB beyond_IN parody_NN into_IN something_NN like_IN burlesque_JJ ._. 
``_`` Champ_NNP ''_'' Chandler_NNP 's_POS last_JJ pitch_NN ,_, apparently_RB ,_, was_VBD a_DT screwball_NN ._. 
Now_RB Robert_NNP Parker_NNP ,_, author_NN of_IN several_JJ best_JJS sellers_NNS featuring_VBG Spenser_NNP ,_, a_DT contemporary_JJ private_JJ eye_NN in_IN the_DT Marlowe_NNP mold_NN ,_, has_VBZ with_IN the_DT blessings_NNS of_IN the_DT Chandler_NNP estate_NN been_VBN hired_VBN to_TO complete_VB ``_`` The_DT Poodle_NNP Springs_NNP Story_NNP ._. ''_'' 
The_DT result_NN ,_, ``_`` Poodle_NNP Springs_NNP ''_'' -LRB-_( Putnam_NNP 's_POS ,_, 288_CD pages_NNS ,_, $_$ 18.95_CD -RRB-_) is_VBZ an_DT entertaining_NN ,_, easy_JJ to_TO read_VB and_CC fairly_RB graceful_JJ extension_NN of_IN the_DT Marlowe_NNP chronicle_NN ,_, full_JJ of_IN hard-boiled_JJ wisecracks_NNS and_CC California_NNP color_NN ._. 
If_IN it_PRP does_VBZ not_RB quite_RB have_VB Chandler_NNP 's_POS special_JJ magic_NN --_: well_RB ,_, at_IN the_DT end_NN ,_, neither_DT did_VBD Chandler_NNP ._. 
As_IN the_DT book_NN begins_VBZ ,_, a_DT newly_RB wed_VBN Marlowe_NNP roars_VBZ into_IN the_DT desert_NN resort_NN of_IN Poodle_NNP -LRB-_( a.k.a_JJ ._. Palm_NNP -RRB-_) Springs_NNP at_IN the_DT wheel_NN of_IN a_DT Cadillac_NNP Fleetwood_NNP ._. 
His_PRP$ bride_NN is_VBZ the_DT rich_JJ and_CC beautiful_JJ Linda_NNP Loring_NNP ,_, a_DT character_NN who_WP also_RB appeared_VBD in_IN Chandler_NNP 's_POS ``_`` The_DT Long_NNP Goodbye_NNP ''_'' and_CC ``_`` Playback_NNP ._. ''_'' 
Philip_NNP and_CC Linda_NNP move_NN into_IN her_PRP$ mansion_NN and_CC ca_MD n't_RB keep_VB their_PRP$ hands_NNS off_IN each_DT other_NN ,_, even_RB in_IN front_NN of_IN the_DT Hawaiian\/Japanese_JJ houseman_NN ._. 
But_CC the_DT lovebirds_NNS have_VBP a_DT conflict_NN ._. 
He_PRP wants_VBZ to_TO continue_VB being_VBG a_DT low-paid_JJ private_JJ eye_NN ,_, and_CC she_PRP wants_VBZ him_PRP to_TO live_VB off_IN the_DT million_CD dollars_NNS she_PRP 's_VBZ settled_VBD on_IN him_PRP ._. 
That_DT 's_VBZ Chandler_NNP 's_POS setup_NN ._. 
Mr._NNP Parker_NNP spins_VBZ it_PRP into_IN a_DT pretty_RB satisfying_JJ tale_NN involving_VBG Poodle_NNP Springs_NNP high_JJ life_NN ,_, Hollywood_NNP low_JJ life_NN and_CC various_JJ folk_NN who_WP hang_VBP their_PRP$ hats_NNS in_IN both_DT worlds_NNS ._. 
The_DT supporting_VBG lineup_NN is_VBZ solid_JJ ,_, the_DT patter_NN is_VBZ amusing_JJ and_CC there_EX 's_VBZ even_RB a_DT cameo_NN by_IN Bernie_NNP Ohls_NNP ,_, the_DT ``_`` good_JJ cop_NN ''_'' of_IN previous_JJ Chandler_NNP books_NNS who_WP still_RB does_VBZ n't_RB hesitate_VB to_TO have_VB Marlowe_NNP jailed_VBN when_WRB it_PRP suits_VBZ his_PRP$ purposes_NNS ._. 
The_DT style_NN throughout_IN bears_VBZ a_DT strong_JJ resemblance_NN to_TO Chandler_NNP 's_POS prose_NN at_IN its_PRP$ most_RBS pared_VBN down_RB ._. 
All_DT told_VBD ,_, Mr._NNP Parker_NNP does_VBZ a_DT better_JJR job_NN of_IN making_VBG a_DT novel_NN out_IN of_IN this_DT abandoned_VBN fragment_NN than_IN anyone_NN might_MD have_VB had_VBN a_DT right_NN to_TO expect_VB ._. 
But_CC there_EX are_VBP grounds_NNS for_IN complaint_NN ._. 
At_IN one_CD point_NN ,_, the_DT reader_NN is_VBZ two_CD steps_NNS ahead_RB of_IN Marlowe_NNP in_IN catching_VBG on_IN to_TO a_DT double_JJ identity_NN scam_NN --_: and_CC Marlowe_NNP is_VBZ supposed_VBN to_TO be_VB the_DT pro_FW ._. 
More_RBR bothersome_JJ ,_, there_EX are_VBP several_JJ apparent_JJ anachronisms_NNS ._. 
Contact_NN lenses_NNS ,_, tank_NN tops_NNS ,_, prostitutes_NNS openly_RB working_VBG the_DT streets_NNS of_IN Hollywood_NNP and_CC the_DT Tequila_NNP Sunrise_NNP cocktail_NN all_DT seem_VB out_IN of_IN place_NN in_IN the_DT 1950s_CD ._. 
A_DT little_RB more_JJR care_NN in_IN re-creating_NN Marlowe_NNP 's_POS universe_NN would_MD have_VB made_VBN the_DT book_NN that_IN much_RB more_RBR enjoyable_JJ ._. 
Mr._NNP Nolan_NNP is_VBZ a_DT contributing_VBG editor_NN at_IN Los_NNP Angeles_NNP Magazine_NNP ._. 
Ko_NNP Shioya_NNP spent_VBD eight_CD years_NNS as_IN the_DT editor_NN in_IN chief_NN of_IN the_DT Japanese_JJ edition_NN of_IN Reader_NNP 's_POS Digest_NNP ._. 
``_`` Japan_NNP has_VBZ been_VBN a_DT major_JJ importer_NN of_IN foreign_JJ information_NN and_CC news_NN ,_, ''_'' says_VBZ Mr._NNP Shioya_NNP ._. 
``_`` But_CC one_CD gets_VBZ fed_VBN up_IN with_IN importing_VBG information_NN and_CC news_NN ._. ''_'' 
Mr._NNP Shioya_NNP has_VBZ turned_VBN the_DT tables_NNS ._. 
Today_NN ,_, he_PRP is_VBZ publisher_NN of_IN Business_NNP Tokyo_NNP magazine_NN ,_, the_DT first_JJ English-language_JJ business_NN magazine_NN devoted_VBN to_TO coverage_NN of_IN Japanese_JJ business_NN ._. 
After_IN a_DT slick_JJ redesign_NN ,_, the_DT two-year-old_JJ magazine_NN has_VBZ been_VBN relaunched_VBN this_DT month_NN by_IN its_PRP$ parent_NN company_NN ,_, Keizaikai_NNP Corp._NNP ,_, the_DT Tokyo-based_JJ company_NN with_IN interests_NNS that_WDT include_VBP financial_JJ services_NNS ,_, book_NN publishing_NN and_CC a_DT tourist_NN agency_NN ._. 
Printed_JJ in_IN the_DT U.S._NNP and_CC carrying_VBG the_DT line_NN ``_`` The_DT Insider_NNP 's_POS Japan_NNP ,_, ''_'' Business_NNP Tokyo_NNP 's_POS October_NNP cover_NN story_NN was_VBD ``_`` The_DT World_NNP 's_POS No._NN 1_CD Customer_NN ''_'' --_: Japanese_JJ women_NNS ._. 
Keizaikai_NNP is_VBZ one_CD of_IN a_DT small_JJ but_CC growing_VBG band_NN of_IN Japanese_JJ companies_NNS taking_VBG their_PRP$ first_JJ steps_NNS into_IN American_JJ publishing_NN ,_, after_IN making_VBG major_JJ investments_NNS in_IN entertainment_NN ,_, real_JJ estate_NN and_CC banking_NN companies_NNS here_RB ._. 
Japanese_JJ concerns_NNS have_VBP retained_VBN a_DT number_NN of_IN publishing_NN consultants_NNS and_CC media_NNS brokers_NNS to_TO study_VB the_DT U.S._NNP market_NN ,_, including_VBG the_DT New_NNP York-based_JJ investment_NN banker_NN Veronis_NNP ,_, Suhler_NNP &_CC Associates_NNPS ._. 
And_CC they_PRP are_VBP quietly_RB linking_VBG up_IN with_IN U.S._NNP publishing_NN trade_NN groups_NNS ._. 
``_`` Japanese_JJ publishers_NNS want_VBP to_TO be_VB introduced_VBN to_TO the_DT publishing_NN and_CC information_NN industries_NNS ,_, ''_'' said_VBD John_NNP Veronis_NNP ,_, chairman_NN of_IN Veronis_NNP Suhler_NNP ._. 
While_IN there_EX are_VBP n't_RB any_DT major_JJ deals_NNS in_IN the_DT works_NNS currently_RB on_IN the_DT scale_NN of_IN Sony_NNP Corp._NNP 's_POS recent_JJ $_$ 3.4_CD billion_CD agreement_NN to_TO buy_VB Columbia_NNP Pictures_NNP Entertainment_NNP Inc._NNP ,_, observers_NNS do_VBP n't_RB rule_VB out_RP a_DT transaction_NN of_IN that_DT size_NN ._. 
``_`` The_DT Japanese_JJ take_NN the_DT long_JJ view_NN ._. ''_'' said_VBD Mr._NNP Veronis_NNP ._. 
``_`` It_PRP may_MD not_RB be_VB weeks_NNS or_CC months_NNS ,_, but_CC they_PRP are_VBP also_RB opportunistic_JJ and_CC if_IN they_PRP feel_VBP comfortable_JJ ,_, they_PRP will_MD move_VB on_IN a_DT deal_NN ,_, ''_'' he_PRP said_VBD ._. 
In_IN recent_JJ months_NNS ,_, three_CD big_JJ Tokyo-based_JJ publishing_NN concerns_NNS --_: including_VBG Nikkei_NNP Business_NNP Publications_NNPS ,_, Nikkei_NNP Home_NNP -LRB-_( no_DT relation_NN -RRB-_) ,_, and_CC Magazine_NNP House_NNP --_: applied_VBN for_IN membership_NN in_IN Magazine_NNP Publishers_NNPS of_IN America_NNP ,_, which_WDT represents_VBZ almost_RB all_DT U.S._NNP consumer_NN magazines_NNS ._. 
Japanese_JJ involvement_NN in_IN American_JJ publishing_NN has_VBZ been_VBN so_RB small_JJ to_TO date_VB that_IN magazines_NNS such_JJ as_IN Business_NNP Tokyo_NNP are_VBP considered_VBN groundbreakers_NNS ._. 
When_WRB Keizaikai_NNP launched_VBD Business_NNP Tokyo_NNP in_IN 1987_CD ,_, it_PRP appealed_VBD to_TO a_DT more_RBR multinational_JJ audience_NN ._. 
The_DT magazine_NN was_VBD overhauled_VBN with_IN the_DT aid_NN of_IN American_JJ magazine_NN design_NN gurus_NNS Milton_NNP Glaser_NNP and_CC Walter_NNP Bernard_NNP ,_, and_CC targets_NNS top-level_JJ U.S._NNP executives_NNS with_IN Japanese_JJ and_CC American_JJ advertisers_NNS ._. 
American_JJ publishers_NNS appear_VBP more_JJR than_IN ready_JJ to_TO do_VB some_DT selling_NN ._. 
Susumu_NNP Ohara_NNP ,_, president_NN of_IN Nihon_NNP Keizai_NNP Shinbun_NNP America_NNP Inc._NNP ,_, publisher_NN of_IN the_DT Japan_NNP Economic_NNP Journal_NNP ,_, said_VBD he_PRP receives_VBZ telephone_NN calls_VBZ weekly_JJ from_IN media_NNS bankers_NNS on_IN whether_IN his_PRP$ parent_NN company_NN is_VBZ interested_JJ in_IN buying_VBG a_DT U.S._NNP consumer_NN or_CC business_NN magazine_NN ._. 
``_`` The_DT Japanese_JJ are_VBP in_IN the_DT early_JJ stage_NN right_RB now_RB ,_, ''_'' said_VBD Thomas_NNP Kenney_NNP ,_, a_DT onetime_JJ media_NNS adviser_NN for_IN First_NNP Boston_NNP Corp._NNP who_WP was_VBD recently_RB appointed_VBN president_NN of_IN Reader_NNP 's_POS Digest_NNP Association_NNP 's_POS new_JJ Magazine_NNP Publishing_NNP Group_NNP ._. 
``_`` Before_IN ,_, they_PRP were_VBD interested_JJ in_IN hard_JJ assets_NNS and_CC they_PRP saw_VBD magazines_NNS as_IN soft_JJ ._. 
Now_RB they_PRP realize_VBP magazines_NNS are_VBP as_IN much_JJ a_DT franchise_NN as_IN Nabisco_NNP is_VBZ a_DT franchise_NN ._. 
Bell_NNP Atlantic_NNP Corp._NNP and_CC Southern_NNP New_NNP England_NNP Telecommunications_NNPS posted_VBD strong_JJ profit_NN gains_NNS for_IN the_DT third_JJ quarter_NN ,_, while_IN Nynex_NNP Corp._NNP ,_, Pacific_NNP Telesis_NNP Group_NNP and_CC U_NNP S_NNP West_NNP Inc._NNP reported_VBD earnings_NNS declines_NNS for_IN the_DT period_NN ._. 
Rate_NN settlements_NNS in_IN Minnesota_NNP and_CC Colorado_NNP depressed_JJ U_NNP S_NNP West_NNP 's_POS third-quarter_JJ profit_NN ._. 
Denver-based_NNP U_NNP S_NNP West_NNP said_VBD net_JJ income_NN dropped_VBD 8.9_CD %_NN ,_, noting_VBG that_IN the_DT year-ago_JJ quarter_NN included_VBD the_DT sale_NN of_IN a_DT building_NN by_IN its_PRP$ BetaWest_NNP Properties_NNP unit_NN ._. 
Revenue_NN dropped_VBD 4.3_CD %_NN to_TO $_$ 2.3_CD billion_CD from_IN $_$ 2.4_CD billion_CD ,_, reflecting_VBG declines_NNS in_IN its_PRP$ consumer-telephone_JJ sector_NN ,_, long-distance_JJ carrier_NN business_NN and_CC diversified_JJ division_NN ._. 
Revenue_NN from_IN business-telephone_JJ operations_NNS grew_VBD 3.3_CD %_NN to_TO $_$ 618.9_CD million_CD from_IN $_$ 599.4_CD million_CD a_DT year_NN ago_RB ._. 
New_JJ telephone_NN lines_NNS posted_VBD healthy_JJ growth_NN ._. 
Overall_RB they_PRP increased_VBD 2.8_CD %_NN to_TO 12.1_CD million_CD ,_, putting_VBG U_NNP S_NNP West_NNP over_IN the_DT 12_CD million_CD mark_NN for_IN the_DT first_JJ time_NN ._. 
Business_NN lines_NNS increased_VBN 3.7_CD %_NN to_TO 3.3_CD million_CD ._. 
``_`` On_IN a_DT truly_RB comparable_JJ basis_NN ,_, we_PRP 've_VBP seen_VBN modest_JJ earnings_NNS growth_NN this_DT year_NN from_IN the_DT operations_NNS of_IN our_PRP$ company_NN ,_, ''_'' said_VBD Jack_NNP MacAllister_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN ._. 
``_`` The_DT major_JJ negative_JJ factor_NN was_VBD the_DT cumulative_JJ impact_NN of_IN regulatory_JJ activity_NN over_IN the_DT past_JJ two_CD years_NNS ._. ''_'' 
He_PRP said_VBD the_DT company_NN expects_VBZ to_TO be_VB ``_`` on_IN target_NN ''_'' with_IN analysts_NNS '_POS projections_NNS by_IN year_NN end_NN but_CC conceded_VBD that_IN the_DT fourth_JJ quarter_NN represents_VBZ ``_`` a_DT significant_JJ challenge_NN ._. ''_'' 
Expenses_NNS in_IN the_DT quarter_NN dropped_VBD 11.2_CD %_NN to_TO $_$ 664.3_CD million_CD from_IN $_$ 747.7_CD million_CD a_DT year_NN ago_RB ._. 
Yesterday_NN ,_, U_NNP S_NNP West_NNP shares_NNS rose_VBD 75_CD cents_NNS to_TO close_VB at_IN $_$ 71.25_CD in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ._. 
Philadelphia-based_JJ Bell_NNP Atlantic_NNP said_VBD net_NN rose_VBD 6.5_CD %_NN ,_, aided_VBN by_IN strong_JJ growth_NN in_IN the_DT network-services_JJ business_NN and_CC an_DT increase_NN in_IN the_DT number_NN of_IN new_JJ telephone_NN lines_NNS ._. 
Revenue_NN jumped_VBD 5.6_CD %_NN to_TO $_$ 2.9_CD billion_CD from_IN $_$ 2.8_CD billion_CD in_IN the_DT year-ago_JJ quarter_NN ._. 
Revenue_NN from_IN financial_JJ and_CC real-estate_NN services_NNS jumped_VBD 23_CD %_NN to_TO $_$ 177.4_CD million_CD from_IN $_$ 144.1_CD million_CD a_DT year_NN ago_RB ._. 
Network-access_JJ revenue_NN from_IN long-distance_JJ telephone_NN companies_NNS increased_VBN 6.4_CD %_NN to_TO $_$ 618.6_CD million_CD ._. 
Bell_NNP Atlantic_NNP added_VBD 148,000_CD new_JJ telephone_NN lines_NNS in_IN the_DT quarter_NN for_IN a_DT total_NN of_IN 16.9_CD million_CD ._. 
The_DT company_NN said_VBD per-share_JJ earnings_NNS were_VBD slightly_RB reduced_VBN by_IN the_DT sale_NN of_IN 4.1_CD million_CD shares_NNS of_IN treasury_NN stock_NN to_TO the_DT company_NN 's_POS newly_RB formed_VBN Employee_NNP Stock_NNP Ownership_NNP Plans_NNS ._. 
In_IN composite_JJ trading_NN on_IN the_DT Big_NNP Board_NNP ,_, Bell_NNP Atlantic_NNP closed_VBD at_IN $_$ 100.625_CD ,_, up_IN $_$ 1.50_CD a_DT share_NN ._. 
At_IN Nynex_NNP ,_, net_NN slumped_VBD 14.8_CD %_NN ,_, primarily_RB because_IN of_IN a_DT continuing_VBG strike_NN by_IN 60,000_CD employees_NNS ,_, lower-than-expected_JJ profit_NN at_IN its_PRP$ New_NNP York_NNP Telephone_NNP unit_NN and_CC significantly_RB higher_JJR taxes_NNS and_CC costs_NNS ._. 
State_NNP and_CC local_JJ taxes_NNS increased_VBN to_TO $_$ 131.3_CD million_CD from_IN $_$ 99.1_CD million_CD a_DT year_NN ago_RB ._. 
Nynex_NNP said_VBD expenses_NNS rose_VBD 4.5_CD %_NN to_TO $_$ 2.73_CD billion_CD from_IN $_$ 2.61_CD billion_CD ,_, a_DT $_$ 119_CD million_CD increase_NN ._. 
Most_JJS of_IN the_DT higher_JJR costs_NNS were_VBD associated_VBN with_IN acquisitions_NNS and_CC growth_NN in_IN nonregulated_JJ business_NN units_NNS ,_, it_PRP added_VBD ._. 
``_`` Our_PRP$ net_JJ income_NN is_VBZ n't_RB where_WRB we_PRP would_MD want_VB it_PRP to_TO be_VB at_IN this_DT point_NN ,_, ''_'' said_VBD William_NNP C._NNP Ferguson_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN ._. 
``_`` This_DT deviation_NN from_IN our_PRP$ past_JJ growth_NN patterns_NNS is_VBZ caused_VBN largely_RB by_IN lower_JJR earnings_NNS at_IN New_NNP York_NNP Telephone_NNP ._. ''_'' 
Mr._NNP Ferguson_NNP said_VBD a_DT continued_VBN softness_NN in_IN New_NNP York_NNP City_NNP area_NN 's_POS economy_NN and_CC increased_VBN competition_NN ,_, particularly_RB in_IN the_DT private-line_JJ market_NN ,_, took_VBD a_DT heavy_JJ toll_NN on_IN earnings_NNS ._. 
The_DT three-month-old_JJ strike_NN at_IN Nynex_NNP seriously_RB hurt_VBD the_DT installation_NN of_IN new_JJ telephone_NN lines_NNS in_IN the_DT quarter_NN ._. 
Nynex_NNP said_VBD access_NN lines_NNS in_IN service_NN at_IN the_DT end_NN of_IN the_DT quarter_NN were_VBD off_IN 18,000_CD from_IN the_DT previous_JJ quarter_NN ,_, which_WDT reported_VBD an_DT increase_NN of_IN 160,000_CD new_JJ access_NN lines_NNS ._. 
Revenue_NN rose_VBD to_TO $_$ 3.31_CD billion_CD from_IN $_$ 3.18_CD billion_CD ,_, mostly_RB from_IN acquisition_NN of_IN AGS_NNP Computers_NNPS and_CC robust_JJ non-regulated_JJ businesses_NNS ._. 
In_IN Big_NNP Board_NNP composite_JJ trading_NN yesterday_NN ,_, Nynex_NNP common_NN closed_VBD at_IN $_$ 81.125_CD ,_, up_IN $_$ 1.625_CD ._. 
Southern_NNP New_NNP England_NNP Telecommunications_NNPS ,_, which_WDT bolstered_VBD its_PRP$ marketing_NN efforts_NNS for_IN telephone_NN and_CC non-telephone_JJ subsidiaries_NNS ,_, reported_VBD that_IN net_JJ increased_VBN 8.1_CD %_NN ._. 
Walter_NNP H._NNP Monteith_NNP Jr._NNP ,_, SNET_NNP chairman_NN and_CC chief_JJ executive_JJ officer_NN ,_, said_VBD :_: ``_`` Innovative_JJ marketing_NN of_IN our_PRP$ products_NNS and_CC services_NNS contributed_VBD to_TO increase_VB revenue_NN ._. ''_'' 
Revenue_NN and_CC sales_NNS increased_VBN 7.5_CD %_NN to_TO $_$ 423.9_CD million_CD from_IN $_$ 394.4_CD million_CD a_DT year_NN earlier_RBR ._. 
Yellow_JJ pages_NNS advertising_NN sales_NNS rose_VBD 11.8_CD %_NN to_TO $_$ 41.2_CD million_CD ._. 
Cost_NN and_CC expenses_NNS for_IN the_DT quarter_NN ,_, excluding_VBG interest_NN ,_, increased_VBN 6.1_CD %_NN to_TO $_$ 333.3_CD million_CD from_IN $_$ 314_CD million_CD the_DT year_NN before_RB ._. 
SNET_NNP common_NN rose_VBD $_$ 1.25_CD to_TO $_$ 85.50_CD a_DT share_NN yesterday_NN in_IN composite_JJ trading_NN on_IN the_DT Big_NNP Board_NNP ._. 
San_NNP Francisco-based_JJ Pacific_NNP Telesis_NNP said_VBD net_NN declined_VBD 12.6_CD %_NN ,_, primarily_RB because_IN of_IN regulatory_JJ action_NN ._. 
Revenue_NN was_VBD about_IN flat_JJ at_IN $_$ 2.4_CD billion_CD ._. 
Revenue_NN was_VBD reduced_VBN $_$ 33_CD million_CD by_IN three_CD extraordinary_JJ items_NNS :_: a_DT California_NNP Public_NNP Utilities_NNP Commission_NNP refund_NN for_IN an_DT American_NNP Telephone_NNP &_CC Telegraph_NNP Co._NNP billing_NN adjustment_NN ;_: a_DT provision_NN for_IN productivity_NN sharing_VBG to_TO be_VB paid_VBN to_TO customers_NNS in_IN 1990_CD and_CC a_DT one-time_JJ accrual_NN for_IN a_DT toll_NN settlement_NN with_IN long-distance_JJ telephone_NN companies_NNS ._. 
Excluding_VBG the_DT one-time_JJ charges_NNS ,_, the_DT company_NN would_MD have_VB posted_VBN earnings_NNS of_IN $_$ 298_CD million_CD ,_, or_CC 73_CD cents_NNS a_DT share_NN ._. 
The_DT company_NN also_RB was_VBD hurt_VBN by_IN a_DT $_$ 289_CD million_CD rate_NN reduction_NN that_WDT went_VBD into_IN effect_NN in_IN 1989_CD ._. 
``_`` This_DT is_VBZ a_DT good_JJ quarter_NN for_IN us_PRP in_IN terms_NNS of_IN our_PRP$ business_NN fundamentals_NNS ,_, ''_'' said_VBD Sam_NNP Ginn_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN ._. 
Pacific_NNP Telesis_NNP said_VBD new_JJ telephone_NN lines_NNS increased_VBN 4.5_CD %_NN for_IN a_DT total_NN of_IN about_RB $_$ 13.5_CD million_CD for_IN the_DT quarter_NN ;_: toll_NN calls_VBZ increased_VBN 9.6_CD %_NN to_TO 807_CD million_CD and_CC minutes_NNS of_IN telephone_NN usage_NN increased_VBN to_TO 9.9_CD billion_CD ._. 
In_IN Big_NNP Board_NNP composite_JJ trading_NN yesterday_NN ,_, Pacific_NNP Telesis_NNP common_NN closed_VBD at_IN $_$ 45.50_CD ,_, up_IN 87.5_CD cents_NNS ._. 
a_DT -_: Includes_VBZ a_DT one-time_JJ gain_NN of_IN $_$ 88.7_CD million_CD from_IN a_DT commonstock_NN sale_NN by_IN U_NNP S_NNP West_NNP 's_POS U_NNP S_NNP West_NNP New_NNP Vector_NNP Group_NNP ._. 
b_NN -_: Includes_VBZ a_DT $_$ 41.3_CD million_CD gain_NN on_IN the_DT sale_NN of_IN FiberCom_NNP ._. 
Amoco_NNP Corp._NNP said_VBD third-quarter_JJ net_JJ income_NN plunged_VBD 39_CD %_NN to_TO $_$ 336_CD million_CD ,_, or_CC 65_CD cents_NNS a_DT share_NN ,_, as_IN gasoline_NN refining_NN and_CC marketing_NN profits_NNS lagged_VBN substantially_RB behind_IN last_JJ year_NN 's_POS record_NN level_NN ._. 
A_DT charge_NN of_IN $_$ 80_CD million_CD related_VBN to_TO projected_VBN environmental_JJ costs_NNS in_IN its_PRP$ refining_NN and_CC marketing_NN operations_NNS further_JJ depressed_JJ results_NNS ._. 
A_DT spokesman_NN said_VBD Amoco_NNP completed_VBD an_DT environmental_JJ analysis_NN last_JJ quarter_NN but_CC that_IN no_DT single_JJ clean-up_JJ project_NN was_VBD responsible_JJ ._. 
In_IN the_DT 1988_CD third_JJ quarter_NN ,_, the_DT Chicago-based_JJ oil_NN company_NN earned_VBD $_$ 552_CD million_CD ,_, or_CC $_$ 1.07_CD a_DT share_NN ._. 
Revenue_NN in_IN the_DT latest_JJS quarter_NN rose_VBD 12_CD %_NN to_TO $_$ 6.6_CD billion_CD from_IN $_$ 5.91_CD billion_CD ._. 
Aside_RB from_IN the_DT special_JJ charge_NN ,_, Amoco_NNP 's_POS results_NNS were_VBD in_IN line_NN with_IN Wall_NNP Street_NNP estimates_NNS ._. 
The_DT company_NN 's_POS stock_NN ended_VBD at_IN $_$ 48.375_CD ,_, up_IN 25_CD cents_NNS in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ._. 
Amoco_NNP is_VBZ the_DT first_JJ major_JJ oil_NN company_NN to_TO report_VB third-quarter_JJ results_NNS ._. 
Analysts_NNS expect_VBP others_NNS to_TO show_VB a_DT similar_JJ pattern_NN ._. 
Generally_RB in_IN the_DT quarter_NN ,_, overproduction_NN of_IN gasoline_NN and_CC higher_JJR crude_JJ oil_NN prices_NNS pressured_VBD profitability_NN ._. 
The_DT industry_NN 's_POS chemical_NN profits_NNS also_RB declined_VBD because_IN excess_JJ capacity_NN has_VBZ depressed_JJ prices_NNS ._. 
Gasoline_NN margins_NNS may_MD rebound_VB this_DT quarter_NN ,_, some_DT industry_NN officials_NNS say_VBP ,_, but_CC they_PRP believe_VBP chemical_NN margins_NNS could_MD worsen_VB ._. 
American_NNP Petrofina_NNP Inc._NNP ,_, a_DT Dallas-based_JJ integrated_VBN oil_NN company_NN ,_, yesterday_NN said_VBD its_PRP$ third-quarter_JJ earnings_NNS declined_VBN by_IN more_JJR than_IN half_NN ._. 
Fina_NNP blamed_VBD lower_JJR chemical_NN prices_NNS ,_, reduced_VBN gasoline_NN margins_NNS and_CC refinery_NN maintenance_NN shutdowns_NNS ._. 
It_PRP said_VBD net_JJ income_NN dropped_VBD to_TO $_$ 15.1_CD million_CD ,_, or_CC 98_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 35.2_CD million_CD ,_, or_CC $_$ 2.66_CD a_DT share_NN ._. 
Sales_NNS rose_VBD 2.2_CD %_NN to_TO $_$ 711.9_CD million_CD from_IN $_$ 696.1_CD million_CD ._. 
Amoco_NNP 's_POS refining_NN and_CC marketing_NN profit_NN in_IN the_DT quarter_NN fell_VBD to_TO $_$ 134_CD million_CD from_IN $_$ 319_CD million_CD ._. 
Chemical_JJ earnings_NNS declined_VBN by_IN one-third_NN to_TO $_$ 120_CD million_CD last_JJ year_NN 's_POS robust_JJ levels_NNS ._. 
Amoco_NNP 's_POS domestic_JJ oil_NN and_CC natural_JJ gas_NN operations_NNS recorded_VBD a_DT profit_NN of_IN $_$ 104_CD million_CD in_IN the_DT quarter_NN compared_VBN with_IN a_DT loss_NN of_IN $_$ 5_NN million_CD ,_, ``_`` primarily_RB on_IN the_DT strength_NN of_IN higher_JJR crude_JJ oil_NN prices_NNS ,_, ''_'' said_VBD Chairman_NNP Richard_NNP M._NNP Morrow_NNP ._. 
Amoco_NNP also_RB sharply_RB boosted_VBD natural-gas_NN output_NN ,_, part_NN of_IN it_PRP from_IN properties_NNS acquired_VBN from_IN Tenneco_NNP Inc._NNP last_JJ year_NN ._. 
But_CC foreign_JJ exploration_NN and_CC production_NN earnings_NNS fell_VBD sharply_RB ,_, to_TO $_$ 12_CD million_CD from_IN $_$ 95_CD million_CD ._. 
Higher_JJR oil_NN prices_NNS were_VBD n't_RB enough_RB to_TO offset_VB a_DT roughly_RB $_$ 20_CD million_CD charge_NN related_VBN to_TO a_DT 10_CD %_NN reduction_NN in_IN Amoco_NNP 's_POS Canadian_JJ work_NN force_NN as_RB well_RB as_IN increased_VBN exploration_NN expenses_NNS ._. 
For_IN the_DT nine_CD months_NNS ,_, Amoco_NNP said_VBD that_IN net_JJ income_NN fell_VBD to_TO $_$ 1.29_CD billion_CD from_IN $_$ 1.69_CD billion_CD but_CC if_IN unusual_JJ items_NNS are_VBP excluded_VBN ,_, operations_NNS produced_VBN essentially_RB flat_JJ results_NNS ._. 
Revenue_NN rose_VBD 12_CD %_NN to_TO $_$ 19.93_CD billion_CD from_IN $_$ 17.73_CD billion_CD ._. 
James_NNP F._NNP Gero_NNP ,_, former_JJ chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN Varo_NNP Inc._NNP ,_, and_CC Richard_NNP J._NNP Hatchett_NNP III_NNP ,_, a_DT Dallas_NNP investment_NN banker_NN ,_, were_VBD elected_VBN directors_NNS of_IN this_DT medical-products_NNS concern_VBP ,_, boosting_VBG the_DT board_NN to_TO seven_CD members_NNS ._. 
For_IN retailers_NNS ,_, Christmas_NNP ,_, not_RB Halloween_NNP ,_, promises_VBZ to_TO be_VB this_DT year_NN 's_POS spookiest_JJS season_NN ._. 
Many_JJ retailers_NNS fear_VBP a_DT price_NN war_NN will_MD erupt_VB if_IN cash-strapped_JJ companies_NNS such_JJ as_IN Campeau_NNP Corp._NNP slash_VB tags_NNS to_TO spur_VB sales_NNS ._. 
Concerns_NNS about_IN the_DT stock_NN market_NN ,_, doubts_VBZ about_IN the_DT economy_NN in_IN general_JJ and_CC rising_VBG competition_NN from_IN catalog_NN companies_NNS also_RB haunt_VBP store_NN operators_NNS ._. 
``_`` Profits_NNS at_IN Christmas_NNP could_MD be_VB under_IN attack_NN for_IN every_DT retailer_NN ,_, ''_'' asserts_VBZ Norman_NNP Abramson_NNP ,_, president_NN and_CC chief_JJ operating_VBG officer_NN of_IN Clothestime_NNP Inc._NNP ,_, an_DT off-price_JJ chain_NN ._. 
Even_RB if_IN there_EX is_VBZ n't_RB any_DT widespread_JJ discounting_NN ,_, the_DT outlook_NN for_IN industry_NN profits_NNS is_VBZ n't_RB good_JJ ._. 
Management_NNP Horizons_NNP forecasts_VBZ a_DT 1.4_CD %_NN profit_NN decline_NN for_IN non-auto_JJ retailers_NNS this_DT year_NN ,_, after_IN annual_JJ drops_NNS that_WDT averaged_VBD 4.5_CD %_NN in_IN 1988_CD and_CC 1987_CD ._. 
``_`` For_IN the_DT last_JJ two_CD and_CC a_DT half_NN years_NNS ,_, retailing_NN has_VBZ been_VBN in_IN a_DT mild_JJ recession_NN ,_, ''_'' says_VBZ Carl_NNP Steidtmann_NNP ,_, chief_JJ economist_NN at_IN the_DT Columbus_NNP ,_, Ohio_NNP ,_, consulting_NN firm_NN ._. 
This_DT year_NN ,_, many_JJ stores_NNS are_VBP entering_VBG the_DT Christmas_NNP season_NN in_IN turmoil_NN :_: Bonwit_NNP Teller_NNP and_CC B._NNP Altman_NNP parent_NN L.J._NNP Hooker_NNP Corp._NNP is_VBZ operating_VBG under_IN Chapter_NN 11_CD of_IN the_DT federal_JJ Bankruptcy_NNP Code_NNP ;_: B.A.T_NNP Industries_NNP PLC_NNP 's_POS healthy_JJ Saks_NNP Fifth_NNP Avenue_NNP and_CC Marshall_NNP Field_NNP 's_POS chains_NNS are_VBP on_IN the_DT auction_NN block_NN ;_: Campeau_NNP 's_POS Bloomingdale_NNP 's_POS is_VBZ also_RB on_IN the_DT block_NN ._. 
Industry_NN observers_NNS expect_VBP a_DT wide_JJ divergence_NN in_IN performance_NN ._. 
Stores_NNS in_IN a_DT state_NN of_IN confusion_NN are_VBP likely_JJ to_TO fare_VB poorly_RB ,_, and_CC to_TO lose_VB customers_NNS to_TO stable_JJ chains_NNS such_JJ as_IN Limited_NNP Inc._NNP ,_, May_NNP Department_NNP Stores_NNP Co._NNP and_CC Dillard_NNP Department_NNP Stores_NNP Inc._NNP ,_, which_WDT should_MD do_VB well_RB ._. 
``_`` There_EX are_VBP going_VBG to_TO be_VB very_RB clear_JJ winners_NNS and_CC very_RB clear_JJ losers_NNS ,_, ''_'' says_VBZ Cynthia_NNP Turk_NNP ,_, a_DT Touche_NNP Ross_NNP &_CC Co._NNP retail_JJ consultant_NN ._. 
Says_VBZ Mr._NNP Steidtmann_NNP :_: ``_`` I_PRP 'm_VBP looking_VBG for_IN a_DT bi-polar_JJ Christmas_NNP ._. ''_'' 
Economists_NNS expect_VBP general_JJ merchandise_NN sales_NNS in_IN the_DT fourth_JJ quarter_NN to_TO rise_VB 4.5_CD %_NN to_TO 6_CD %_NN from_IN year-ago_JJ figures_NNS ._. 
But_CC Mr._NNP Steidtmann_NNP predicts_VBZ that_IN healthy_JJ stores_NNS hawking_VBG mostly_JJ apparel_NN could_MD ring_VB up_IN gains_NNS of_IN as_RB much_JJ as_IN 25_CD %_NN to_TO 30_CD %_NN ._. 
Troubled_JJ chains_NNS could_MD see_VB their_PRP$ sales_NNS drop_NN as_RB much_JJ as_IN 8_CD %_NN ,_, he_PRP believes_VBZ ,_, as_IN managers_NNS distracted_VBN by_IN fears_NNS about_IN the_DT future_NN allow_VB their_PRP$ stores_NNS to_TO get_VB sloppy_JJ ._. 
Thin_JJ merchandise_NN selections_NNS at_IN the_DT most_RBS troubled_JJ chains_NNS are_VBP also_RB expected_VBN to_TO hurt_VB sales_NNS ._. 
Catalog_NN companies_NNS are_VBP likely_JJ to_TO pose_VB a_DT bigger_JJR threat_NN to_TO all_DT stores_VBZ this_DT year_NN ,_, particularly_RB in_IN December_NNP ._. 
More_RBR than_IN 200_CD catalog_NN outfits_NN are_VBP promoting_VBG a_DT low-cost_JJ Federal_NNP Express_NNP service_NN that_IN guarantees_NNS pre-Christmas_JJ delivery_NN of_IN orders_NNS made_VBN by_IN a_DT certain_JJ date_NN ._. 
``_`` Traditionally_RB ,_, consumers_NNS were_VBD concerned_VBN about_IN ordering_VBG after_IN the_DT first_JJ of_IN December_NNP because_IN they_PRP did_VBD n't_RB believe_VB they_PRP would_MD get_VB it_PRP by_IN Christmas_NNP ,_, ''_'' says_VBZ Adam_NNP Strum_NNP ,_, chairman_NN of_IN the_DT Wine_NNP Enthusiast_NNP Inc._NNP ,_, which_WDT sells_VBZ wine_NN cellars_NNS and_CC accessories_NNS through_IN the_DT mail_NN ._. 
Using_VBG Federal_NNP Express_NNP delivery_NN last_JJ year_NN ,_, Mr._NNP Strum_NNP says_VBZ ,_, ``_`` December_NNP was_VBD our_PRP$ biggest_JJS month_NN ._. ''_'' 
Even_RB Sears_NNP ,_, Roebuck_NNP &_CC Co._NNP is_VBZ getting_VBG into_IN the_DT act_NN ,_, offering_NN for_IN the_DT first_JJ time_NN to_TO have_VB Federal_NNP Express_NNP deliver_VB toys_NNS ordered_VBN by_IN Dec._NNP 20_CD from_IN its_PRP$ Wish_VB Book_NNP catalog_NN ._. 
K_NNP mart_NNP Corp._NNP Chairman_NNP Joseph_NNP E._NNP Antonini_NNP summed_VBD up_IN his_PRP$ outlook_NN for_IN the_DT Christmas_NNP season_NN as_IN ``_`` not_RB troublesome_JJ ._. ''_'' 
He_PRP 's_VBZ not_RB predicting_VBG a_DT blockbuster_NN ,_, but_CC he_PRP is_VBZ ``_`` more_RBR optimistic_JJ than_IN three_CD months_NNS ago_RB ''_'' because_IN employment_NN remains_VBZ strong_JJ and_CC inflation_NN low_JJ ._. 
Other_JJ retailers_NNS are_VBP also_RB preparing_VBG for_IN a_DT ho-hum_JJ holiday_NN ._. 
Philip_NNP M._NNP Hawley_NNP ,_, chairman_NN of_IN Carter_NNP Hawley_NNP Hale_NNP Stores_NNP Inc._NNP ,_, expects_VBZ sales_NNS at_IN department_NN stores_NNS open_JJ at_IN least_JJS a_DT year_NN to_TO rise_VB a_DT modest_JJ 3_CD %_NN to_TO 5_VB %_NN over_IN last_JJ year_NN 's_POS totals_VBZ ,_, both_DT for_IN his_PRP$ company_NN and_CC the_DT industry_NN in_IN general_NN ._. 
``_`` I_PRP 'm_VBP not_RB looking_VBG for_IN a_DT runaway_JJ Christmas_NNP at_IN all_DT ,_, ''_'' he_PRP says_VBZ ._. 
``_`` It_PRP is_VBZ n't_RB a_DT real_JJ boom_NN holiday_NN season_NN in_IN our_PRP$ eyes_NNS ,_, ''_'' says_VBZ Woolworth_NNP Corp._NNP Chairman_NNP Harold_NNP E._NNP Sells_NNP ,_, ``_`` but_CC it_PRP is_VBZ n't_RB going_VBG to_TO be_VB a_DT bust_NN either_RB ._. ''_'' 
Mr._NNP Sells_NNP expects_VBZ fourth-quarter_JJ sales_NNS at_IN his_PRP$ company_NN --_: which_WDT besides_IN Woolworth_NNP stores_NNS includes_VBZ Kinney_NNP and_CC Foot_NNP Locker_NNP shoe_NN stores_NNS and_CC other_JJ specialty_NN chains_NNS --_: to_TO rise_VB ``_`` pretty_RB much_JJ in_IN line_NN ''_'' with_IN its_PRP$ year-to-date_JJ increases_NNS of_IN between_IN 8_CD %_NN and_CC 9_CD %_NN ._. 
The_DT estimate_NN includes_VBZ the_DT results_NNS of_IN new_JJ stores_NNS ._. 
A_DT consumer_NN poll_NN conducted_VBN in_IN early_JJ September_NNP by_IN Leo_NNP J._NNP Shapiro_NNP &_CC Associates_NNPS ,_, a_DT market_NN researcher_NN based_VBN in_IN Chicago_NNP ,_, also_RB suggests_VBZ a_DT modest_JJ holiday_NN ._. 
Of_IN the_DT 450_CD survey_NN respondents_NNS ,_, 35_CD %_NN said_VBD they_PRP expect_VBP to_TO spend_VB less_JJR buying_VBG Christmas_NNP gifts_NNS this_DT year_NN than_IN last_JJ year_NN ,_, while_IN 28_CD %_NN said_VBD they_PRP expect_VBP to_TO spend_VB more_JJR and_CC 37_CD %_NN said_VBD their_PRP$ gift_NN budget_NN would_MD stay_VB the_DT same_JJ ._. 
The_DT results_NNS are_VBP almost_RB identical_JJ to_TO Shapiro_NNP 's_POS September_NNP 1988_CD numbers_NNS ._. 
Retailers_NNS could_MD get_VB a_DT boost_NN this_DT year_NN from_IN the_DT calendar_NN ._. 
Christmas_NNP falls_VBZ on_IN a_DT Monday_NNP ,_, creating_VBG a_DT big_JJ last-minute_JJ weekend_NN opportunity_NN for_IN stores_NNS ._. 
Most_JJS will_MD stay_VB open_JJ late_JJ Saturday_NNP night_NN and_CC open_JJ their_PRP$ doors_NNS again_RB Sunday_NNP ._. 
But_CC many_JJ consumers_NNS probably_RB will_MD use_VB the_DT extra_JJ time_NN to_TO put_VB off_IN some_DT purchasing_NN until_IN the_DT last_JJ minute_NN ._. 
``_`` What_WP you_PRP 'll_MD hear_VB as_IN we_PRP get_VBP into_IN December_NNP is_VBZ that_IN sales_NNS are_VBP sluggish_JJ ,_, ''_'' predicts_VBZ Woolworth_NNP 's_POS Mr._NNP Sells_NNP ._. 
``_`` The_DT week_NN ending_VBG the_DT 24th_NN is_VBZ going_VBG to_TO save_VB the_DT entire_JJ month_NN for_IN everyone_NN ._. 
The_DT Spanish_JJ author_NN Camilo_NNP Jose_NNP Cela_NNP won_VBD the_DT Nobel_NNP Prize_NNP for_IN literature_NN yesterday_NN ,_, a_DT surprising_JJ choice_NN ,_, but_CC given_VBN the_DT Swedish_NNP Academy_NNP 's_POS past_JJ perversities_NNS ,_, hardly_RB the_DT most_RBS undeserved_JJ and_CC ridiculous_JJ accolade_NN handed_VBD out_IN by_IN the_DT awarding_VBG committee_NN ._. 
In_IN Spain_NNP ,_, anyway_RB ,_, the_DT 73-year-old_NNP Mr._NNP Cela_NNP enjoys_VBZ some_DT renown_NN for_IN the_DT novels_NNS and_CC travel_NN books_NNS he_PRP wrote_VBD during_IN the_DT parched_VBN Franco_NNP years_NNS ,_, the_DT everyday_JJ poverty_NN and_CC stagnant_JJ atmosphere_NN of_IN which_WDT he_PRP described_VBD in_IN brutally_RB direct_JJ ,_, vivid_JJ prose_NN ,_, beginning_VBG with_IN ``_`` The_DT Family_NNP of_IN Pascal_NNP Duarte_NNP ''_'' -LRB-_( 1942_CD -RRB-_) ._. 
Unlike_IN other_JJ writers_NNS who_WP either_DT battled_VBD the_DT fascists_NNS during_IN the_DT Civil_NNP War_NNP ,_, or_CC left_VBD Spain_NNP when_WRB Franco_NNP triumphed_VBD ,_, Mr._NNP Cela_NNP fought_VBD briefly_NN on_IN the_DT general_NN 's_POS side_NN ,_, no_DT doubt_NN earning_VBG with_IN his_PRP$ war_NN wound_NN some_DT forbearance_NN when_WRB he_PRP went_VBD on_IN to_TO depict_VB a_DT country_NN with_IN a_DT high_JJ population_NN of_IN vagabonds_NNS ,_, murderers_NNS and_CC rural_JJ idiots_NNS trudging_VBG aimlessly_RB through_IN a_DT dried-out_JJ land_NN ._. 
Still_RB ,_, it_PRP was_VBD in_IN Argentine_JJ editions_NNS that_IN his_PRP$ countrymen_NNS first_JJ read_VB his_PRP$ story_NN of_IN Pascal_NNP Duarte_NNP ,_, a_DT field_NN worker_NN who_WP stabbed_VBD his_PRP$ mother_NN to_TO death_NN and_CC has_VBZ no_DT regrets_VBZ as_IN he_PRP awaits_VBZ his_PRP$ end_NN in_IN a_DT prison_NN cell_NN :_: ``_`` Fate_NNP directs_VBZ some_DT men_NNS down_IN the_DT flower-bordered_JJ path_NN ,_, and_CC others_NNS down_IN the_DT road_NN bordered_VBN with_IN thistles_NNS and_CC prickly_JJ pears_NNS ._. 
The_DT lucky_JJ ones_NNS gaze_VBP out_IN at_IN life_NN with_IN serene_JJ eyes_NNS and_CC smile_NN with_IN a_DT face_NN of_IN innocence_NN at_IN their_PRP$ perfumed_JJ happiness_NN ._. 
The_DT others_NNS endure_VBP the_DT hot_JJ sun_NN of_IN the_DT plains_NNS and_CC scowl_VBP like_IN cornered_VBN wild_JJ beasts_NNS ._. ''_'' 
Mr._NNP Cela_NNP himself_PRP was_VBD one_CD of_IN the_DT lucky_JJ ones_NNS ,_, his_PRP$ fortunes_NNS steadily_RB increasing_VBG over_IN the_DT decades_NNS he_PRP spent_VBD putting_VBG out_RP some_DT 70_CD travelogues_NNS ,_, novels_NNS ,_, short_JJ story_NN collections_NNS and_CC poetry_NN ._. 
These_DT days_NNS ,_, he_PRP is_VBZ as_IN known_VBN for_IN his_PRP$ flamboyant_JJ tastes_NNS and_CC the_DT youthful_JJ muse_NN who_WP shares_VBZ his_PRP$ life_NN as_IN he_PRP is_VBZ for_IN his_PRP$ books_NNS ._. 
The_DT man_NN who_WP wore_VBD out_RP his_PRP$ shoes_NNS wandering_VBG around_IN Guadalajara_NNP in_IN 1958_CD ,_, describing_VBG in_IN his_PRP$ travel_NN book_NN ``_`` Viaje_NNP a_DT la_FW Alcarria_NNP ''_'' how_WRB he_PRP scrounged_VBD for_IN food_NN and_CC stayed_VBD in_IN squalid_JJ inns_NNS ,_, now_RB tours_VBZ Spain_NNP in_IN a_DT Rolls-Royce_NNP ._. 
Of_IN his_PRP$ 10_CD novels_NNS ,_, ``_`` The_DT Hive_NNP ''_'' -LRB-_( 1951_CD -RRB-_) ,_, full_JJ of_IN sharp_JJ vignettes_NNS of_IN Madrid_NNP life_NN and_CC centered_VBN on_IN a_DT cafe_NN run_NN by_IN Dona_NNP Rosa_NNP ,_, a_DT foul-mouthed_JJ ,_, broad-based_JJ woman_NN with_IN blackened_VBN little_JJ teeth_NNS encrusted_VBN in_IN filth_NN ,_, used_VBN to_TO be_VB available_JJ in_IN English_NNP ,_, translated_VBN by_IN J.M._NNP Cohen_NNP and_CC published_VBN by_IN Ecco_NNP Press_NNP ,_, which_WDT now_RB no_DT doubt_NN regrets_VBZ relinquishing_VBG its_PRP$ copyright_NN ._. 
Here_RB is_VBZ an_DT excerpt_NN :_: 
The_DT lonely_JJ woman_NN walks_VBZ on_IN in_IN the_DT direction_NN of_IN the_DT Plaza_NNP de_FW Alonso_NNP Martinez_NNP ._. 
Two_CD men_NNS have_VBP a_DT conversation_NN behind_IN one_CD of_IN the_DT windows_NNS of_IN the_DT cafe_NN on_IN the_DT corner_NN of_IN the_DT boulevard_NN ._. 
Both_DT are_VBP young_JJ ,_, one_CD twenty_CD odd_JJ ,_, the_DT other_JJ thirty_CD odd_JJ ._. 
The_DT older_JJR one_CD looks_VBZ like_IN a_DT member_NN of_IN the_DT jury_NN for_IN a_DT literary_JJ award_NN ,_, the_DT younger_JJR one_CD looks_VBZ like_IN a_DT novelist_NN ._. 
It_PRP is_VBZ evident_JJ that_IN their_PRP$ conversation_NN runs_VBZ more_JJR or_CC less_JJR on_IN the_DT following_VBG lines_NNS :_: ``_`` I_PRP 've_VBP submitted_VBN the_DT manuscript_NN of_IN my_PRP$ novel_NN under_IN the_DT title_NN `_`` Teresa_NNP de_FW Cepeda_NNP ,_, '_POS and_CC in_IN it_PRP I_PRP 've_VBP treated_VBN a_DT few_RB neglected_VBN aspects_NNS of_IN that_DT eternal_JJ problem_NN which_WDT ..._: ''_'' 
``_`` Oh_UH ,_, yes_UH ._. 
Will_MD you_PRP pour_VB me_PRP a_DT drop_NN of_IN water_NN ,_, if_IN you_PRP do_VBP n't_RB mind_VB ?_. ''_'' 
``_`` With_IN pleasure_NN ._. 
I_PRP 've_VBP revised_VBN it_PRP several_JJ times_NNS and_CC I_PRP think_VBP I_PRP may_MD say_VB with_IN pride_NN that_IN there_EX is_VBZ not_RB a_DT single_JJ discordant_JJ word_NN in_IN the_DT whole_JJ text_NN ._. ''_'' 
``_`` How_WRB interesting_JJ ._. ''_'' 
``_`` I_PRP think_VBP so_RB ._. 
I_PRP do_VBP n't_RB know_VB the_DT quality_NN of_IN the_DT works_NNS my_PRP$ colleagues_NNS have_VBP sent_VBN in_IN ,_, but_CC in_IN any_DT case_NN I_PRP feel_VBP confident_JJ that_IN good_JJ sense_NN and_CC honest_JJ judgment_NN ..._: ''_'' 
``_`` Rest_VB assured_VBN ,_, we_PRP proceed_VBP with_IN exemplary_JJ fairness_NN ._. ''_'' 
``_`` I_PRP do_VBP n't_RB doubt_VB it_PRP for_IN a_DT moment_NN ._. 
It_PRP does_VBZ not_RB matter_VB if_IN one_CD is_VBZ defeated_VBN ,_, provided_VBD the_DT work_NN that_WDT gets_VBZ the_DT award_NN has_VBZ unmistakable_JJ qualities_NNS ._. 
What_WP 's_VBZ so_RB discouraging_VBG is_VBZ ..._: ''_'' 
In_IN passing_VBG the_DT window_NN ,_, Senorita_NNP Elvira_NNP gives_VBZ them_PRP a_DT smile_NN --_: simply_RB out_IN of_IN habit_NN ._. 
Ashland_NNP Oil_NNP Inc._NNP said_VBD it_PRP will_MD take_VB after-tax_JJ charges_NNS of_IN $_$ 78_CD million_CD ,_, or_CC $_$ 1.40_CD a_DT share_NN ,_, in_IN its_PRP$ fiscal_JJ fourth_JJ quarter_NN ,_, ended_VBN Sept._NNP 30_CD ._. 
Because_IN of_IN the_DT charge_NN ,_, Ashland_NNP expects_VBZ to_TO report_VB a_DT loss_NN for_IN the_DT fourth_JJ quarter_NN and_CC ``_`` significantly_RB lower_JJR results_NNS ''_'' for_IN fiscal_JJ 1989_CD ._. 
The_DT oil_NN refiner_NN said_VBD it_PRP will_MD report_VB fiscal_JJ fourth_JJ quarter_NN and_CC 1989_CD results_NNS next_JJ week_NN ._. 
The_DT company_NN earned_VBD $_$ 66_CD million_CD ,_, or_CC $_$ 1.19_CD a_DT share_NN ,_, on_IN revenue_NN of_IN $_$ 2.1_CD billion_CD in_IN the_DT year-ago_JJ fourth_JJ quarter_NN ._. 
For_IN fiscal_JJ 1988_CD ,_, Ashland_NNP had_VBD net_NN of_IN $_$ 224_CD million_CD ,_, or_CC $_$ 4.01_CD a_DT share_NN ,_, on_IN revenue_NN of_IN $_$ 7.8_CD billion_CD ._. 
Both_DT revenue_NN figures_NNS exclude_VBP excise_NN taxes_NNS ._. 
The_DT charges_NNS consist_VBP of_IN :_: a_DT $_$ 25_CD million_CD after-tax_JJ charge_NN to_TO cover_VB cost_NN overruns_NNS in_IN Ashland_NNP 's_POS Riley_NNP Consolidated_NNP subsidiary_NN ;_: a_DT previously_RB announced_VBN $_$ 38_CD million_CD after-tax_JJ charge_NN resulting_VBG from_IN a_DT $_$ 325_CD million_CD settlement_NN with_IN National_NNP Iranian_NNP Oil_NNP Co._NNP and_CC a_DT $_$ 15_CD million_CD after-tax_JJ charge_NN from_IN the_DT previously_RB announced_VBN sale_NN of_IN its_PRP$ Ashland_NNP Technology_NNP Corp._NNP subsidiary_NN ._. 
Ashland_NNP expects_VBZ that_DT sale_NN to_TO be_VB complete_JJ next_JJ year_NN ._. 
The_DT charge_NN for_IN the_DT Riley_NNP subsidiary_NN is_VBZ for_IN expected_VBN costs_NNS to_TO correct_VB problems_NNS with_IN certain_JJ bed_NN boilers_NNS built_VBN for_IN utilities_NNS ._. 
The_DT charge_NN will_MD be_VB added_VBN to_TO $_$ 20_CD million_CD in_IN reserves_NNS established_VBD a_DT year_NN ago_RB to_TO cover_VB the_DT cost_NN overruns_NNS ._. 
When_WRB President_NNP Bush_NNP arrives_VBZ here_RB next_JJ week_NN for_IN a_DT hemispheric_JJ summit_NN organized_VBN to_TO commemorate_VB a_DT century_NN of_IN Costa_NNP Rican_JJ democracy_NN ,_, will_MD he_PRP be_VB able_JJ to_TO deliver_VB a_DT credible_JJ message_NN in_IN the_DT wake_NN of_IN the_DT Panamanian_JJ fiasco_NN ?_. 
Undoubtedly_RB Mr._NNP Bush_NNP will_MD be_VB praised_VBN by_IN some_DT Latin_NNP leaders_NNS prone_JJ to_TO pay_VB lip_NN service_NN to_TO nonintervention_NN ,_, while_IN they_PRP privately_RB encourage_VBP more_RBR assertive_JJ U.S._NNP action_NN to_TO remove_VB Gen._NNP Manuel_NNP Noriega_NNP and_CC safeguard_VB their_PRP$ countries_NNS from_IN a_DT Sandinista_NNP onslaught_NN ._. 
The_DT Panamanian_JJ affair_NN is_VBZ only_RB the_DT tip_NN of_IN a_DT more_RBR alarming_JJ iceberg_NN ._. 
It_PRP originates_VBZ in_IN a_DT Bush_NNP administration_NN decision_NN not_RB to_TO antagonize_VB the_DT U.S._NNP Congress_NNP and_CC avoid_VB ,_, at_IN all_DT costs_NNS ,_, being_VBG accused_VBN of_IN meddling_VBG in_IN the_DT region_NN ._. 
The_DT result_NN has_VBZ been_VBN a_DT dangerous_JJ vacuum_NN of_IN U.S._NNP leadership_NN ,_, which_WDT leaves_VBZ Central_NNP America_NNP open_JJ to_TO Soviet_JJ adventurism_NN ._. 
``_`` The_DT -LCB-_( influence_NN of_IN the_DT -RCB-_) U.S._NNP is_VBZ not_RB being_VBG felt_VBN in_IN Central_NNP America_NNP ;_: Washington_NNP 's_POS decisions_NNS do_VBP not_RB respond_VB to_TO a_DT policy_NN ,_, and_CC are_VBP divorced_VBN from_IN reality_NN ,_, ''_'' says_VBZ Fernando_NNP Volio_NNP ,_, a_DT Costa_NNP Rican_JJ congressman_NN and_CC former_JJ foreign_JJ minister_NN ._. 
The_DT disarray_NN of_IN the_DT Bush_NNP administration_NN 's_POS Latin_NNP diplomacy_NN was_VBD evident_JJ in_IN the_DT failure_NN of_IN the_DT Organization_NNP of_IN American_NNP States_NNPS to_TO condemn_VB categorically_RB Gen._NNP Noriega_NNP ._. 
Faced_VBN with_IN this_DT embarrassment_NN ,_, U.S._NNP diplomats_NNS expressed_VBD confidence_NN that_IN the_DT influential_JJ Rio_NNP Group_NNP of_IN South_JJ American_JJ nations_NNS ,_, which_WDT gathered_VBD last_JJ week_NN in_IN Peru_NNP ,_, would_MD take_VB a_DT stronger_JJR posture_NN toward_IN the_DT Panamanian_JJ dictator_NN ._. 
But_CC other_JJ than_IN a_DT few_JJ slaps_NNS on_IN the_DT wrist_NN ,_, Gen._NNP Noriega_NNP went_VBD unpunished_JJ by_IN that_DT body_NN ,_, too_RB ;_: he_PRP was_VBD not_RB even_RB singled_VBD out_IN in_IN the_DT closing_VBG statement_NN ._. 
Now_RB Mr._NNP Bush_NNP will_MD come_VB to_TO Costa_NNP Rica_NNP and_CC encounter_NN Nicaraguan_JJ strongman_NN Daniel_NNP Ortega_NNP ,_, eager_JJ for_IN photo_NN opportunities_NNS with_IN the_DT U.S._NNP president_NN ._. 
The_DT host_NN ,_, Costa_NNP Rican_NNP President_NNP Oscar_NNP Arias_NNP ,_, did_VBD not_RB invite_VB Chile_NNP ,_, Cuba_NNP ,_, Panama_NNP or_CC Haiti_NNP to_TO the_DT summit_NN ,_, which_WDT was_VBD to_TO be_VB restricted_VBN to_TO democracies_NNS ._. 
However_RB ,_, Mr._NNP Ortega_NNP was_VBD included_VBN ._. 
Formally_RB upgrading_VBG the_DT Sandinistas_NNPS to_TO a_DT democratic_JJ status_NN was_VBD an_DT initiative_NN harshly_RB criticized_VBD in_IN the_DT Costa_NNP Rican_JJ press_NN ._. 
Even_RB Carlos_NNP Manuel_NNP Castillo_NNP --_: the_DT presidential_JJ candidate_NN for_IN Mr._NNP Arias_NNP 's_POS National_NNP Liberation_NNP Party_NNP --_: made_VBN public_JJ his_PRP$ opposition_NN to_TO the_DT presence_NN of_IN Nicaragua_NNP ``_`` in_IN a_DT democratic_JJ festivity_NN ._. ''_'' 
Nevertheless_RB ,_, the_DT Bush_NNP administration_NN agreed_VBD to_TO the_DT dubious_JJ arrangement_NN in_IN July_NNP ,_, a_DT few_JJ weeks_NNS before_IN the_DT Central_NNP American_JJ presidents_NNS met_VBD in_IN Tela_NNP ,_, Honduras_NNP ,_, to_TO discuss_VB a_DT timetable_NN for_IN disbanding_VBG the_DT anti-Sandinista_JJ rebels_NNS ._. 
According_VBG to_TO officials_NNS in_IN Washington_NNP ,_, the_DT State_NNP Department_NNP hoped_VBD that_IN by_IN pleasing_JJ President_NNP Arias_NNP ,_, it_PRP would_MD gain_VB his_PRP$ support_NN to_TO postpone_VB any_DT decision_NN on_IN the_DT Contras_NNPS until_IN after_IN Mr._NNP Ortega_NNP 's_POS promises_NNS of_IN democratic_JJ elections_NNS were_VBD tested_VBN next_JJ February_NNP ._. 
However_RB ,_, relying_VBG on_IN an_DT ardent_JJ critic_NN of_IN the_DT Reagan_NNP administration_NN and_CC the_DT Contra_NNP movement_NN for_IN help_NN in_IN delaying_VBG the_DT disarming_VBG of_IN the_DT Contras_NNPS was_VBD risky_JJ business_NN ._. 
And_CC even_RB some_DT last-minute_JJ phone_NN calls_NNS that_IN Mr._NNP Bush_NNP made_VBD -LRB-_( at_IN the_DT behest_NN of_IN some_DT conservative_JJ U.S._NNP senators_NNS -RRB-_) to_TO enlist_VB backing_VBG for_IN the_DT U.S._NNP position_NN failed_VBD to_TO stop_VB the_DT march_NN of_IN Mr._NNP Arias_NNP 's_POS agenda_NN ._. 
Prior_RB to_TO this_DT episode_NN ,_, Sen._NNP Christopher_NNP Dodd_NNP -LRB-_( D._NNP ,_, Conn._NNP -RRB-_) ,_, sensing_VBG an_DT open_JJ field_NN ,_, undertook_VBD a_DT personal_JJ diplomatic_JJ mission_NN through_IN Central_NNP America_NNP to_TO promote_VB an_DT early_JJ disbanding_NN of_IN the_DT rebels_NNS ._. 
Visiting_VBG Nicaragua_NNP ,_, he_PRP praised_VBD the_DT Sandinistas_NNPS for_IN their_PRP$ electoral_JJ system_NN and_CC chided_VBD the_DT Bush_NNP administration_NN for_IN not_RB rewarding_JJ the_DT Sandinistas_NNPS ._. 
In_IN Honduras_NNP ,_, where_WRB the_DT Contras_NNPS are_VBP a_DT hot_JJ political_JJ issue_NN ,_, he_PRP promised_VBD to_TO help_VB unblock_VB some_DT $_$ 70_CD million_CD in_IN assistance_NN withheld_VBD due_JJ to_TO the_DT failure_NN of_IN local_JJ agencies_NNS to_TO comply_VB with_IN conditions_NNS agreed_VBD upon_IN with_IN Washington_NNP ._. 
Aid_NNP was_VBD also_RB the_DT gist_NN of_IN the_DT talks_NNS Sen._NNP Dodd_NNP had_VBD with_IN Salvadoran_NNP President_NNP Alfredo_NNP Cristiani_NNP ;_: Mr._NNP Cristiani_NNP 's_POS government_NN is_VBZ very_RB much_RB at_IN the_DT mercy_NN of_IN U.S._NNP largess_NN and_CC is_VBZ forced_VBN to_TO listen_VB very_RB carefully_RB to_TO Sen._NNP Dodd_NNP 's_POS likes_VBZ and_CC dislikes_VBZ ._. 
It_PRP was_VBD therefore_RB not_RB surprising_JJ that_WDT close_VBP allies_NNS of_IN the_DT U.S._NNP ,_, virtually_RB neglected_VBN by_IN the_DT Bush_NNP administration_NN ,_, ordered_VBD the_DT Nicaraguan_JJ insurgents_NNS dismantled_VBN by_IN December_NNP ,_, long_RB before_IN the_DT elections_NNS ._. 
Fittingly_RB ,_, the_DT Tela_NNP Accords_NNPS were_VBD nicknamed_VBN by_IN Hondurans_NNS ``_`` the_DT Dodd_NNP plan_NN ._. ''_'' 
The_DT individual_JJ foreign_JJ policy_NN carried_VBD out_IN by_IN U.S._NNP legislators_NNS adds_VBZ to_TO a_DT confusing_JJ U.S._NNP performance_NN that_WDT has_VBZ emboldened_VBN Soviet_JJ initiatives_NNS in_IN Central_NNP America_NNP ._. 
On_IN Oct._NNP 3_CD ,_, following_VBG conversations_NNS with_IN Secretary_NNP of_IN State_NNP James_NNP Baker_NNP ,_, Soviet_NNP Foreign_NNP Minister_NNP Eduard_NNP Shevardnadze_NNP arrived_VBD in_IN Managua_NNP to_TO acclaim_VB ``_`` Nicaragua_NNP 's_POS great_JJ peace_NN efforts_NNS ._. ''_'' 
There_EX ,_, Mr._NNP Shevardnadze_NNP felt_VBD legitimized_VBN to_TO unveil_VB his_PRP$ own_JJ peace_NN plan_NN :_: The_DT U.S.S.R._NNP would_MD prolong_VB a_DT suspension_NN of_IN arms_NNS shipments_NNS to_TO Nicaragua_NNP after_IN the_DT February_NNP election_NN if_IN the_DT U.S._NNP did_VBD likewise_RB with_IN its_PRP$ allies_NNS in_IN Central_NNP America_NNP ._. 
He_PRP also_RB called_VBD on_IN Nicaragua_NNP 's_POS neighbors_NNS to_TO accept_VB a_DT ``_`` military_JJ equilibrium_NN ''_'' guaranteed_VBN by_IN both_DT superpowers_NNS ._. 
The_DT Pentagon_NNP claims_NNS that_IN in_IN spite_NN of_IN Moscow_NNP 's_POS words_NNS ,_, East_NNP bloc_NN weapons_NNS continue_VBP to_TO flow_VB into_IN Nicaragua_NNP through_IN Cuba_NNP at_IN near-record_JJ levels_NNS ._. 
Since_IN Mr._NNP Shevardnadze_NNP 's_POS proposals_NNS followed_VBD discussions_NNS with_IN Mr._NNP Baker_NNP ,_, speculations_NNS arose_VBD that_IN the_DT Bush_NNP administration_NN was_VBD seeking_VBG an_DT accommodation_NN with_IN the_DT Soviets_NNPS in_IN Central_NNP America_NNP ._. 
This_DT scheme_NN would_MD fit_VB the_DT Arias_NNP Plan_NNP ,_, which_WDT declared_VBD a_DT false_JJ symmetry_NN between_IN Soviet_JJ military_JJ aid_NN to_TO the_DT Sandinista_NNP dictatorship_NN and_CC that_DT provided_VBD by_IN Washington_NNP to_TO freely_RB elected_VBN governments_NNS ._. 
Furthermore_RB ,_, it_PRP is_VBZ also_RB likely_JJ to_TO encourage_VB those_DT on_IN Capitol_NNP Hill_NNP asking_VBG for_IN cuts_NNS in_IN the_DT assistance_NN to_TO El_NNP Salvador_NNP if_IN President_NNP Cristiani_NNP does_VBZ not_RB bend_VB to_TO demands_NNS of_IN the_DT Marxist_JJ guerrillas_NNS ._. 
The_DT sad_JJ condition_NN of_IN U.S._NNP policy_NN in_IN Central_NNP America_NNP is_VBZ best_RBS depicted_VBN by_IN the_DT recent_JJ end_NN to_TO U.S._NNP sponsorship_NN of_IN Radio_NNP Costa_NNP Rica_NNP ._. 
In_IN 1984_CD ,_, the_DT Costa_NNP Rican_JJ government_NN requested_VBD help_VB to_TO establish_VB a_DT radio_NN station_NN in_IN the_DT northern_JJ part_NN of_IN the_DT country_NN ,_, flooded_VBN by_IN airwaves_NNS of_IN Sandinista_NNP propaganda_NN ._. 
Recovering_VBG radiophonic_JJ sovereignty_NN was_VBD the_DT purpose_NN of_IN Radio_NNP Costa_NNP Rica_NNP ,_, funded_VBN by_IN the_DT U.S._NNP and_CC affiliated_VBN with_IN the_DT Voice_NNP of_IN America_NNP -LRB-_( VOA_NNP -RRB-_) ._. 
A_DT few_JJ months_NNS ago_RB ,_, the_DT Bush_NNP administration_NN decided_VBD to_TO stop_VB this_DT cooperation_NN ,_, leaving_VBG Radio_NNP Costa_NNP Rica_NNP operating_VBG on_IN a_DT shoestring_NN ._. 
According_VBG to_TO news_NN reports_NNS ,_, the_DT abrupt_JJ termination_NN was_VBD due_JJ to_TO fears_NNS that_IN VOA_NNP transmissions_NNS could_MD interfere_VB with_IN the_DT peace_NN process_NN ._. 
In_IN the_DT meantime_NN ,_, Russia_NNP gave_VBD Nicaragua_NNP another_DT powerful_JJ radio_NN transmitter_NN ,_, which_WDT has_VBZ been_VBN installed_VBN in_IN the_DT city_NN of_IN Esteli_NNP ._. 
It_PRP is_VBZ capable_JJ of_IN reaching_VBG the_DT entire_JJ Caribbean_NNP area_NN and_CC deep_JJ into_IN North_NNP America_NNP ._. 
Perhaps_RB its_PRP$ loud_JJ signal_NN may_MD generate_VB some_DT awareness_NN of_IN the_DT Soviet_JJ condominium_NN being_VBG created_VBN in_IN the_DT isthmus_NN thanks_NNS to_TO U.S._NNP default_NN ._. 
The_DT Soviet_JJ entrenchment_NN in_IN Nicaragua_NNP is_VBZ alarming_JJ for_IN Costa_NNP Rica_NNP ,_, a_DT peaceful_JJ democracy_NN without_IN an_DT army_NN ._. 
Questioned_VBN in_IN Washington_NNP about_IN what_WP would_MD happen_VB if_IN his_PRP$ much-heralded_JJ peace_NN plan_NN would_MD fail_VB ,_, President_NNP Arias_NNP voiced_VBD expectations_NNS of_IN direct_JJ U.S._NNP action_NN ._. 
A_DT poll_NN conducted_VBN in_IN July_NNP by_IN a_DT Gallup_NNP affiliate_NN showed_VBD that_IN 64_CD %_NN of_IN Costa_NNP Ricans_NNS believe_VBP that_IN if_IN their_PRP$ country_NN is_VBZ militarily_RB attacked_VBN by_IN either_DT Nicaragua_NNP or_CC Panama_NNP ,_, the_DT U.S._NNP will_MD come_VB to_TO its_PRP$ defense_NN ._. 
But_CC in_IN the_DT light_NN of_IN events_NNS in_IN Panama_NNP ,_, where_WRB the_DT U.S._NNP has_VBZ such_JJ clear_JJ strategic_JJ interests_NNS ,_, waiting_VBG for_IN the_DT Delta_NNP Force_NNP may_MD prove_VB to_TO be_VB a_DT dangerous_JJ gambit_NN ._. 
Mr._NNP Daremblum_NNP is_VBZ a_DT lawyer_NN and_CC a_DT columnist_NN for_IN La_NNP Nacion_NNP newspaper_NN ._. 
Holiday_NNP Corp._NNP said_VBD net_JJ income_NN jumped_VBD 89_CD %_NN ,_, partly_RB on_IN the_DT strength_NN of_IN record_NN operating_VBG income_NN in_IN its_PRP$ gaming_NN division_NN ._. 
Separately_RB ,_, the_DT hotel_NN and_CC gambling_NN giant_NN said_VBD it_PRP was_VBD proceeding_VBG with_IN plans_NNS to_TO make_VB a_DT tender_NN offer_NN and_CC solicit_VB consents_NNS with_IN respect_NN to_TO approximately_RB $_$ 1.4_CD billion_CD of_IN its_PRP$ publicly_RB traded_VBN debt_NN ._. 
That_DT debt_NN is_VBZ part_NN of_IN the_DT $_$ 2.1_CD billion_CD of_IN Holiday_NNP debt_NN that_IN Bass_NNP PLC_NNP of_IN Britain_NNP said_VBD it_PRP would_MD retire_VB or_CC assume_VB when_WRB it_PRP agreed_VBD to_TO buy_VB the_DT Holiday_NNP Inn_NNP business_NN in_IN August_NNP ._. 
Holiday_NNP said_VBD third-quarter_JJ earnings_NNS rose_VBD to_TO $_$ 39.8_CD million_CD ,_, or_CC $_$ 1.53_CD a_DT share_NN ,_, from_IN $_$ 21_CD million_CD ,_, or_CC 84_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Results_NNS for_IN the_DT quarter_NN included_VBD $_$ 19.2_CD million_CD in_IN pretax_JJ gains_NNS from_IN property_NN transactions_NNS ,_, including_VBG the_DT sale_NN of_IN one_CD Embassy_NNP Suites_NNPS hotel_NN ,_, and_CC $_$ 3.5_CD million_CD of_IN nonrecurring_VBG costs_NNS associated_VBN with_IN the_DT acquisition_NN of_IN the_DT Holiday_NNP Inn_NNP business_NN by_IN Bass_NNP ._. 
Holiday_NNP said_VBD operating_VBG income_NN related_VBN to_TO gaming_NN increased_VBN 4.5_CD %_NN to_TO a_DT record_NN $_$ 61.4_CD million_CD from_IN $_$ 58.8_CD million_CD a_DT year_NN earlier_RBR ._. 
The_DT jump_NN reflected_VBD record_NN results_NNS in_IN Las_NNP Vegas_NNP ,_, Nev._NNP ,_, and_CC Atlantic_NNP City_NNP ,_, N.J._NNP ,_, as_RB well_RB as_IN a_DT full_JJ quarter_NN 's_POS results_NNS from_IN Harrah_NNP 's_POS Del_NNP Rio_NNP in_IN Laughlin_NNP ,_, Nev_NNP ._. 
Third-quarter_JJ revenue_NN rose_VBD 2.7_CD %_NN to_TO $_$ 433.5_CD million_CD from_IN $_$ 422.1_CD million_CD ._. 
For_IN the_DT nine_CD months_NNS ,_, earnings_NNS fell_VBD 2.9_CD %_NN to_TO $_$ 99.1_CD million_CD ,_, or_CC $_$ 3.86_CD a_DT share_NN ,_, from_IN $_$ 102.1_CD million_CD ,_, or_CC $_$ 4.10_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Revenue_NN dropped_VBD 1.6_CD %_NN to_TO $_$ 1.21_CD billion_CD from_IN $_$ 1.23_CD billion_CD ._. 
The_DT tender_NN offer_NN and_CC consent_NN solicitation_NN will_MD be_VB made_VBN to_TO debtholders_NNS in_IN December_NNP ._. 
In_IN effect_NN ,_, Holiday_NNP is_VBZ asking_VBG holders_NNS for_IN permission_NN for_IN Bass_NNP to_TO buy_VB their_PRP$ debt_NN ._. 
Holiday_NNP said_VBD Salomon_NNP Brothers_NNP Inc._NNP has_VBZ been_VBN retained_VBN to_TO act_VB as_IN the_DT dealer-manager_NN and_CC financial_JJ adviser_NN in_IN connection_NN with_IN the_DT offer_NN and_CC solicitation_NN ._. 
The_DT debt_NN issues_NNS involved_VBN and_CC the_DT proposed_VBN consent_NN fees_NNS and_CC cash_NN tender_NN offer_NN prices_NNS -LRB-_( expressed_VBN per_IN $_$ 1,000_CD of_IN principal_JJ amount_NN -RRB-_) are_VBP as_IN follows_VBZ :_: 10_CD 1\/2_CD %_NN senior_JJ notes_NNS due_JJ 1994_CD at_IN 101_CD %_NN ;_: 11_CD %_NN subordinated_VBD debt_NN due_JJ 1999_CD at_IN 102_CD %_NN ;_: 9_CD 3\/8_CD %_NN notes_NNS due_JJ 1993_CD at_IN 100_CD %_NN ;_: and_CC 8_CD 3\/8_CD %_NN notes_NNS due_JJ 1996_CD at_IN 95.25_CD %_NN ._. 
Holiday_NNP said_VBD its_PRP$ 15_CD %_NN notes_NNS due_JJ 1992_CD also_RB will_MD be_VB included_VBN in_IN the_DT tender_NN offer_NN and_CC consent_NN solicitation_NN at_IN a_DT price_NN to_TO be_VB determined_VBN by_IN Holiday_NNP prior_RB to_TO the_DT commencement_NN of_IN the_DT offer_NN ._. 
The_DT television_NN units_NNS of_IN Paramount_NNP Communications_NNP Inc._NNP and_CC MCA_NNP Inc._NNP are_VBP exploring_VBG the_DT possibility_NN of_IN offering_NN prime-time_JJ programming_NN to_TO independent_JJ stations_NNS two_CD nights_NNS a_DT week_NN ,_, industry_NN executives_NNS say_VBP ._. 
Although_IN such_JJ a_DT venture_NN would_MD n't_RB match_VB the_DT ``_`` fourth_JJ network_NN ''_'' created_VBN by_IN News_NNP Corp._NNP 's_POS Fox_NNP Broadcasting_NNP Co._NNP ,_, MCA_NNP and_CC Paramount_NNP may_MD have_VB similar_JJ ambitions_NNS ._. 
Fox_NNP ,_, which_WDT also_RB owns_VBZ six_CD TV_NN stations_NNS ,_, provides_VBZ programs_NNS three_CD nights_NNS a_DT week_NN to_TO those_DT and_CC other_JJ affiliates_NNS ._. 
Paramount_NNP Domestic_JJ TV_NN and_CC MCA_NNP TV_NN formed_VBD a_DT joint_JJ venture_NN last_JJ month_NN ,_, named_VBN Premier_NNP Advertiser_NNP Sales_NNS ,_, to_TO sell_VB advertising_NN in_IN programs_NNS syndicated_VBN by_IN both_DT companies_NNS ,_, such_JJ as_IN ``_`` Star_NNP Trek_NNP :_: the_DT Next_NNP Generation_NNP ,_, ''_'' ``_`` Charles_NNP in_IN Charge_NNP ''_'' and_CC ``_`` Friday_NNP the_DT 13th_JJ :_: the_DT Series_NNP ._. ''_'' 
A_DT spokeswoman_NN for_IN Paramount_NNP said_VBD the_DT company_NN does_VBZ n't_RB comment_VB on_IN speculation_NN ._. 
Calls_NNS to_TO Shelly_NNP Schwab_NNP ,_, president_NN of_IN MCA_NNP TV_NN ,_, were_VBD n't_RB returned_VBN ._. 
The_DT two_CD companies_NNS ,_, like_IN Fox_NNP ,_, already_RB have_VBP their_PRP$ own_JJ TV_NN stations_NNS ._. 
MCA_NNP owns_VBZ WWOR_NNP in_IN New_NNP York_NNP and_CC Paramount_NNP last_JJ month_NN agreed_VBD to_TO purchase_VB a_DT 79_CD %_NN stake_NN in_IN the_DT TVX_NNP Broadcast_NNP Group_NNP from_IN Salomon_NNP Inc._NNP in_IN a_DT deal_NN valued_VBN at_IN $_$ 140_CD million_CD ._. 
TVX_NNP owns_VBZ five_CD stations_NNS ,_, including_VBG WTXF_NNP ,_, a_DT Fox_NNP affiliate_NN ,_, in_IN Philadelphia_NNP ._. 
One_CD broadcasting_NN executive_NN familiar_JJ with_IN the_DT project_NN said_VBD the_DT co-venture_NN would_MD target_VB stations_NNS affiliated_VBN with_IN Fox_NNP because_IN Fox_NNP has_VBZ the_DT desirable_JJ independent_JJ stations_NNS in_IN most_RBS of_IN the_DT key_JJ cities_NNS ._. 
Currently_RB ,_, Fox_NNP supplies_NNS programs_NNS on_IN Saturdays_NNPS ,_, Sundays_NNPS and_CC Mondays_NNPS ,_, although_IN the_DT company_NN plans_NNS to_TO expand_VB to_TO other_JJ weeknights_NNS ._. 
Jamie_NNP Kellner_NNP ,_, president_NN of_IN Fox_NNP Broadcasting_NNP ,_, said_VBD ,_, ``_`` We_PRP believe_VBP the_DT partnership_NN of_IN Fox_NNP ,_, its_PRP$ affiliates_NNS and_CC advertisers_NNS is_VBZ succeeding_VBG and_CC will_MD continue_VB to_TO grow_VB ._. ''_'' 
Another_DT Fox_NNP official_NN ,_, who_WP declined_VBD to_TO be_VB identified_VBN ,_, said_VBD Fox_NNP was_VBD n't_RB pleased_VBN by_IN the_DT possible_JJ Paramount-MCA_JJ venture_NN into_IN prime-time_JJ programming_NN ._. 
``_`` To_TO make_VB the_DT venture_NN work_NN ,_, they_PRP would_MD need_VB Fox_NNP affiliates_NNS ,_, ''_'' he_PRP said_VBD ._. 
``_`` We_PRP spent_VBD a_DT lot_NN of_IN time_NN and_CC money_NN in_IN building_VBG our_PRP$ group_NN of_IN stations_NNS ,_, ''_'' he_PRP said_VBD ,_, adding_VBG that_IN Fox_NNP does_VBZ n't_RB ``_`` appreciate_VB ''_'' another_DT company_NN attempting_VBG to_TO usurp_VB its_PRP$ station_NN lineup_NN ._. 
Fox_NNP said_VBD it_PRP plans_VBZ to_TO offer_VB its_PRP$ stations_NNS movies_NNS ,_, theatrical_JJ and_CC made-for-TV_JJ ventures_NNS ,_, probably_RB on_IN Wednesdays_NNS ,_, sometime_RB next_JJ year_NN ._. 
It_PRP is_VBZ also_RB planning_VBG another_DT night_NN of_IN original_JJ series_NN ._. 
Paramount_NNP and_CC MCA_NNP ,_, according_VBG to_TO the_DT broadcasting_NN executive_NN ,_, plan_NN to_TO offer_VB theatrical_JJ movies_NNS produced_VBN separately_RB by_IN Paramount_NNP and_CC MCA_NNP for_IN Wednesdays_NNS and_CC perhaps_RB a_DT block_NN of_IN original_JJ shows_NNS Fridays_NNPS ._. 
The_DT executive_NN said_VBD Paramount_NNP and_CC MCA_NNP have_VBP also_RB held_VBN discussions_NNS with_IN Chris-Craft_NNP Industries_NNPS '_POS broadcasting_NN unit_NN ,_, which_WDT owns_VBZ five_CD independent_JJ stations_NNS in_IN cities_NNS such_JJ as_IN Los_NNP Angeles_NNP ,_, San_NNP Francisco_NNP and_CC Portland_NNP ,_, Ore_NNP ._. 
A_DT Chris-Craft_NNP station_NN manager_NN said_VBD there_EX have_VBP been_VBN no_DT formal_JJ talks_NNS ._. 
``_`` I_PRP think_VBP it_PRP 's_VBZ to_TO Fox_NNP 's_POS advantage_NN to_TO be_VB associated_VBN with_IN the_DT Paramount-MCA_JJ venture_NN ,_, ''_'' said_VBD Michael_NNP Conway_NNP ,_, station_NN manager_NN of_IN WTXF_NNP ,_, the_DT TVX_NNP station_NN that_WDT is_VBZ a_DT Fox_NNP affiliate_NN ._. 
Mr._NNP Conway_NNP said_VBD the_DT Fox_NNP shows_VBZ appearing_VBG on_IN nights_NNS when_WRB Paramount-MCA_JJ shows_NNS would_MD n't_RB be_VB offered_VBN could_MD be_VB promoted_VBN on_IN the_DT programs_NNS produced_VBN by_IN Paramount-MCA_JJ ._. 
Michael_NNP Fisher_NNP ,_, general_JJ manager_NN of_IN KTXL_NNP ,_, a_DT Fox_NNP affiliate_NN in_IN Sacramento_NNP ,_, Calif._NNP ,_, said_VBD ,_, ``_`` The_DT real_JJ question_NN is_VBZ whether_IN the_DT Paramount-MCA_JJ offering_NN is_VBZ practical_JJ ._. 
It_PRP is_VBZ n't_RB ..._: ._. 
Why_WRB would_MD I_PRP consider_VB giving_VBG up_IN Fox_NNP ,_, a_DT proven_VBN commodity_NN ,_, ''_'' for_IN an_DT unknown_JJ venture_NN ?_. 
Fox_NNP attracts_VBZ a_DT young_JJ audience_NN with_IN shows_VBZ such_JJ as_IN ``_`` Married_VBN ..._: With_IN Children_NNS ,_, ''_'' its_PRP$ most_RBS successful_JJ series_NN ._. 
Banco_NNP Popular_NNP de_FW Puerto_NNP Rico_NNP and_CC BanPonce_NNP Corp._NNP --_: agreed_VBD to_TO merge_VB in_IN a_DT transaction_NN valued_VBN at_IN $_$ 324_CD million_CD ._. 
Under_IN the_DT agreement_NN ,_, BanPonce_NNP stockholders_NNS will_MD be_VB able_JJ to_TO exchange_VB each_DT of_IN their_PRP$ shares_NNS for_IN either_DT shares_NNS in_IN the_DT new_JJ entity_NN or_CC cash_NN ._. 
In_IN each_DT case_NN ,_, the_DT exchange_NN is_VBZ valued_VBN at_IN $_$ 56.25_CD a_DT share_NN ._. 
The_DT two_CD companies_NNS ,_, both_DT based_VBN in_IN San_NNP Juan_NNP ,_, will_MD form_VB a_DT bank_NN holding_VBG company_NN with_IN assets_NNS of_IN just_RB over_IN $_$ 9_CD billion_CD ._. 
The_DT holding_VBG company_NN will_MD be_VB called_VBN BanPonce_NNP Corp_NNP ._. 
The_DT primary_JJ subsidiary_NN will_MD be_VB the_DT combined_VBN banking_NN operations_NNS of_IN the_DT two_CD companies_NNS and_CC will_MD be_VB known_VBN as_IN Banco_NNP Popular_NNP de_FW Puerto_NNP Rico_NNP ._. 
Rafael_NNP Carrion_NNP Jr._NNP ,_, chairman_NN of_IN Banco_NNP Popular_NNP ,_, will_MD be_VB the_DT chairman_NN of_IN the_DT holding_VBG company_NN ._. 
Alberto_NNP M._NNP Paracchini_NNP ,_, currently_JJ chairman_NN of_IN BanPonce_NNP ,_, will_MD serve_VB as_IN president_NN of_IN the_DT bank_NN holding_VBG company_NN and_CC chairman_NN of_IN the_DT subsidiary_NN ._. 
Banco_NNP Popular_NNP originally_RB proposed_VBD the_DT merger_NN in_IN July_NNP ,_, in_IN a_DT cash_NN and_CC stock_NN transaction_NN valued_VBN at_IN $_$ 50_CD a_DT share_NN ,_, or_CC about_RB $_$ 293_CD million_CD ._. 
BanPonce_NNP reacted_VBD cooly_RB at_IN first_JJ ,_, but_CC appeared_VBD to_TO be_VB won_VBN over_IN ,_, analysts_NNS said_VBD ,_, by_IN Banco_NNP Popular_NNP 's_POS assurances_NNS that_IN it_PRP wanted_VBD only_RB a_DT friendly_JJ transaction_NN ._. 
``_`` Banco_NNP Popular_NNP just_RB kept_VBD waiting_VBG ,_, ''_'' said_VBD Edward_NNP Thompson_NNP ,_, a_DT vice_NN president_NN and_CC analyst_NN at_IN Thomson_NNP BankWatch_NNP Inc._NNP in_IN New_NNP York_NNP ._. 
``_`` They_PRP got_VBD a_DT transaction_NN that_WDT 's_VBZ good_JJ for_IN both_DT companies_NNS ._. ''_'' 
The_DT two_CD banks_NNS appear_VBP to_TO be_VB a_DT good_JJ fit_NN ._. 
BanPonce_NNP caters_VBZ to_TO a_DT more_RBR affluent_JJ customer_NN ,_, while_IN Banco_NNP Popular_NNP has_VBZ always_RB had_VBN a_DT large_JJ presence_NN among_IN middle-income_JJ and_CC lower-income_JJ markets_NNS ._. 
The_DT merger_NN should_MD also_RB allow_VB the_DT companies_NNS to_TO reduce_VB costs_NNS by_IN combining_VBG operations_NNS in_IN many_JJ locations_NNS in_IN Puerto_NNP Rico_NNP ._. 
``_`` They_PRP 're_VBP often_RB right_NN across_IN the_DT street_NN from_IN one_CD another_DT ,_, ''_'' Mr._NNP Thompson_NNP said_VBD ._. 
Richard_NNP Carrion_NNP ,_, who_WP is_VBZ currently_JJ president_NN and_CC chief_JJ executive_JJ officer_NN of_IN Banco_NNP Popular_NNP ,_, said_VBD the_DT merger_NN will_MD result_VB in_IN a_DT ``_`` larger_JJR and_CC stronger_RBR locally_RB based_VBN bank_NN ._. ''_'' 
Mr._NNP Carrion_NNP ,_, who_WP will_MD now_RB serve_VB as_IN president_NN and_CC chief_JJ executive_JJ officer_NN of_IN the_DT subsidiary_NN bank_NN ,_, added_VBD :_: ``_`` We_PRP 'll_MD be_VB able_JJ to_TO better_JJR compete_VB with_IN large_JJ foreign_JJ banks_NNS ._. 
It_PRP makes_VBZ sense_NN from_IN a_DT strategic_JJ standpoint_NN ._. ''_'' 
The_DT newly_RB merged_VBN company_NN will_MD have_VB 165_CD branches_NNS in_IN Puerto_NNP Rico_NNP and_CC 27_CD branches_NNS outside_IN of_IN the_DT island_NN ._. 
The_DT banks_NNS said_VBD they_PRP do_VBP n't_RB expect_VB the_DT merger_NN to_TO face_VB any_DT regulatory_JJ hurdles_NNS ._. 
Mr._NNP Carrion_NNP said_VBD the_DT merger_NN should_MD be_VB completed_VBN in_IN six_CD to_TO nine_CD months_NNS ._. 
Hit_VBN by_IN higher_JJR costs_NNS and_CC lower_JJR sales_NNS ,_, Caterpillar_NNP Inc._NNP said_VBD third-quarter_JJ earnings_NNS tumbled_VBD 43_CD %_NN and_CC full-year_JJ earnings_NNS will_MD trail_VB last_JJ year_NN 's_POS results_NNS ._. 
The_DT construction_NN equipment_NN maker_NN said_VBD third-quarter_JJ profit_NN fell_VBD to_TO $_$ 108_CD million_CD ,_, or_CC $_$ 1.07_CD a_DT share_NN ,_, from_IN $_$ 190_CD million_CD ,_, or_CC $_$ 1.87_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS dropped_VBD 6_CD %_NN to_TO $_$ 2.58_CD billion_CD from_IN $_$ 2.74_CD billion_CD ,_, reflecting_VBG eight_CD fewer_JJR business_NN days_NNS in_IN the_DT latest_JJS quarter_NN ._. 
The_DT company_NN ,_, which_WDT is_VBZ in_IN a_DT costly_JJ modernization_NN program_NN ,_, said_VBD earnings_NNS were_VBD hurt_VBN by_IN higher_JJR start-up_JJ and_CC new_JJ program_NN costs_NNS ,_, increased_VBN costs_NNS of_IN materials_NNS ,_, higher_JJR wages_NNS and_CC an_DT $_$ 11_CD million_CD provision_NN for_IN bad_JJ debts_NNS in_IN Latin_NNP America_NNP ._. 
In_IN announcing_VBG a_DT 1989_CD capital_NN spending_NN plan_NN of_IN $_$ 950_CD million_CD early_JJ this_DT year_NN ,_, Caterpillar_NNP said_VBD full-year_JJ earnings_NNS would_MD be_VB flat_RB compared_VBN with_IN last_JJ year_NN 's_POS $_$ 616_CD million_CD ,_, or_CC $_$ 6.07_CD a_DT share_NN ._. 
But_CC yesterday_NN ,_, the_DT company_NN said_VBD this_DT year_NN 's_POS profit_NN will_MD be_VB lower_JJR ._. 
It_PRP did_VBD n't_RB say_VB by_IN how_WRB much_JJ ._. 
Suffering_VBG from_IN a_DT downturn_NN in_IN heavy_JJ truck_NN production_NN that_WDT cut_VBP orders_NNS for_IN its_PRP$ engines_NNS ,_, Caterpillar_NNP also_RB said_VBD it_PRP will_MD indefinitely_RB lay_VB off_IN about_IN 325_CD workers_NNS in_IN the_DT Peoria_NNP area_NN and_CC temporarily_RB shut_VBN its_PRP$ plant_NN in_IN York_NNP ,_, Pa._NNP ,_, for_IN two_CD weeks_NNS in_IN both_DT November_NNP and_CC December_NNP ._. 
For_IN the_DT first_JJ nine_CD months_NNS of_IN the_DT year_NN ,_, Caterpillar_NNP said_VBD earnings_NNS fell_VBD 14_CD %_NN to_TO $_$ 390_CD million_CD ,_, or_CC $_$ 3.85_CD a_DT share_NN ,_, from_IN $_$ 453_CD million_CD ,_, or_CC $_$ 4.46_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS rose_VBD to_TO $_$ 8.19_CD billion_CD from_IN $_$ 7.65_CD billion_CD ._. 
Millicom_NNP Inc._NNP said_VBD it_PRP is_VBZ one_CD of_IN two_CD companies_NNS to_TO receive_VB a_DT license_NN to_TO introduce_VB and_CC operate_VB a_DT cellular_JJ mobile_JJ telephone_NN system_NN in_IN Pakistan_NNP ._. 
The_DT market_NN during_IN the_DT start-up_NN is_VBZ estimated_VBN at_IN 25,000_CD subscribers_NNS ._. 
A_DT spokeswoman_NN for_IN Millicom_NNP ,_, a_DT telecommunications_NNS company_NN ,_, said_VBD she_PRP did_VBD n't_RB know_VB the_DT value_NN of_IN the_DT contract_NN ._. 
Cable_NNP &_CC Wireless_NNP PLC_NNP of_IN Britain_NNP won_VBD the_DT other_JJ license_NN ._. 
Millicom_NNP said_VBD it_PRP would_MD build_VB and_CC operate_VB the_DT system_NN in_IN Pakistan_NNP with_IN Comvik_NNP International_NNP AB_NNP ,_, part_NN of_IN the_DT Kinnevik_NNP group_NN of_IN Sweden_NNP ,_, and_CC Arfeen_NNP International_NNP ,_, Pakistan_NNP ._. 
B.A.T_NNP Industries_NNP PLC_NNP won_VBD overwhelming_JJ shareholder_NN approval_NN for_IN a_DT defensive_JJ restructuring_NN to_TO fend_VB off_IN a_DT #_# 13.35_CD billion_CD -LRB-_( $_$ 21.23_CD billion_CD -RRB-_) takeover_NN bid_NN from_IN Sir_NNP James_NNP Goldsmith_NNP ._. 
At_IN a_DT shareholders_NNS '_POS meeting_NN in_IN London_NNP ,_, the_DT tobacco_NN ,_, financial-services_NNS and_CC retailing_NN giant_NN said_VBD it_PRP received_VBD 99.9_CD %_NN approval_NN from_IN voting_NN holders_NNS for_IN plans_NNS to_TO spin_VB off_IN about_RB $_$ 6_CD billion_CD in_IN assets_NNS ._. 
B.A.T_NNP aims_VBZ to_TO sell_VB such_JJ U.S._NNP retailing_NN units_NNS as_IN Marshall_NNP Field_NNP and_CC Saks_NNP Fifth_NNP Avenue_NNP and_CC float_VB its_PRP$ big_JJ paper_NN and_CC British_JJ retailing_NN businesses_NNS via_IN share_NN issues_NNS to_TO existing_VBG holders_NNS ._. 
Proceeds_NNS will_MD help_VB pay_VB for_IN a_DT planned_VBN buy-back_NN of_IN 10_CD %_NN ,_, or_CC about_IN 153_CD million_CD ,_, of_IN its_PRP$ shares_NNS and_CC a_DT 50_CD %_NN dividend_NN increase_NN ._. 
B.A.T_NN yesterday_NN started_VBD its_PRP$ share_NN buy-back_NN ._. 
The_DT company_NN said_VBD it_PRP acquired_VBD 2.5_CD million_CD shares_NNS for_IN 785_CD pence_NN -LRB-_( $_$ 12.48_CD -RRB-_) each_DT ,_, or_CC a_DT total_NN of_IN #_# 19.6_CD million_CD -LRB-_( $_$ 31.2_CD million_CD -RRB-_) ,_, from_IN its_PRP$ broker_NN ,_, Barclays_NNP de_FW Zoete_NNP Wedd_NNP ._. 
The_DT share_NN buy-back_NN plan_NN is_VBZ likely_JJ to_TO underpin_VB B.A.T_NNP 's_POS share_NN price_NN ._. 
B.A.T_NNP said_VBD it_PRP may_MD make_VB more_JJR equity_NN purchases_NNS until_IN the_DT close_NN of_IN business_NN today_NN ,_, depending_VBG on_IN market_NN conditions_NNS ,_, but_CC will_MD cease_VB further_JJ purchases_NNS until_IN Nov._NNP 22_CD ,_, when_WRB it_PRP releases_VBZ third-quarter_JJ results_NNS ._. 
B.A.T_NN shares_NNS rose_VBD 29_CD pence_NN to_TO 783_CD pence_NN on_IN London_NNP 's_POS stock_NN exchange_NN yesterday_NN ._. 
Shareholder_NN approval_NN sets_VBZ the_DT stage_NN for_IN a_DT lengthy_JJ process_NN of_IN restructuring_NN that_WDT might_MD not_RB be_VB completed_VBN until_IN next_JJ year_NN 's_POS second_JJ half_NN ._. 
Before_IN the_DT recent_JJ tumult_NN in_IN global_JJ financial_JJ markets_NNS ,_, B.A.T_NNP officials_NNS ,_, holders_NNS and_CC analysts_NNS had_VBD expected_VBN a_DT substantial_JJ part_NN of_IN the_DT restructuring_NN to_TO be_VB complete_JJ by_IN the_DT end_NN of_IN the_DT first_JJ half_NN ._. 
``_`` We_PRP are_VBP not_RB in_IN any_DT hurry_NN to_TO sell_VB ''_'' Saks_NNP ,_, Marshall_NNP Field_NNP or_CC B.A.T_NNP 's_POS other_JJ U.S._NNP retail_JJ properties_NNS ,_, said_VBD Chairman_NNP Patrick_NNP Sheehy_NNP ._. 
``_`` This_DT is_VBZ n't_RB a_DT distress_NN sale_NN ._. 
We_PRP are_VBP determined_VBN to_TO get_VB good_JJ prices_NNS ._. ''_'' 
Company_NN officials_NNS say_VBP the_DT flotations_NNS of_IN the_DT paper_NN and_CC British_JJ retailing_NN businesses_NNS are_VBP likely_JJ only_RB after_IN the_DT disposals_NNS of_IN the_DT U.S._NNP retailing_NN assets_NNS ._. 
Meanwhile_RB ,_, Sir_NNP James_NNP still_RB is_VBZ pursuing_VBG efforts_NNS to_TO gain_VB U.S._NNP insurance_NN regulators_NNS '_POS approval_NN for_IN a_DT change_NN in_IN control_NN of_IN B.A.T_NNP 's_POS Farmers_NNP Group_NNP Inc._NNP unit_NN ._. 
The_DT Anglo-French_JJ financier_NN has_VBZ indicated_VBN he_PRP intends_VBZ to_TO bid_VB again_RB for_IN B.A.T_NNP if_IN he_PRP receives_VBZ approval_NN ._. 
Hasbro_NNP Inc._NNP ,_, the_DT nation_NN 's_POS largest_JJS toy_NN maker_NN ,_, reported_VBD third-quarter_JJ earnings_NNS increased_VBN 73_CD %_NN from_IN a_DT year_NN earlier_RBR on_IN a_DT 9.4_CD %_NN sales_NNS gain_NN ,_, reflecting_VBG improved_VBN margins_NNS ._. 
Hasbro_NNP said_VBD it_PRP had_VBD net_JJ income_NN of_IN $_$ 31.3_CD million_CD ,_, or_CC 53_CD cents_NNS a_DT share_NN ,_, up_IN from_IN $_$ 18.1_CD million_CD ,_, or_CC 31_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ,_, when_WRB it_PRP took_VBD a_DT pretax_JJ charge_NN of_IN $_$ 10_CD million_CD after_IN dropping_VBG development_NN of_IN an_DT interactive_JJ video_NN entertainment_NN system_NN ._. 
Revenue_NN rose_VBD to_TO $_$ 403_CD million_CD from_IN $_$ 368.4_CD million_CD ._. 
The_DT company_NN cited_VBD sales_NNS gains_NNS at_IN its_PRP$ Milton_NNP Bradley_NNP and_CC Playskool_NNP units_NNS and_CC in_IN its_PRP$ international_JJ business_NN for_IN the_DT increase_NN in_IN revenue_NN ._. 
Alan_NNP G._NNP Hassenfeld_NNP ,_, chairman_NN and_CC chief_JJ executive_NN ,_, added_VBD that_IN Hasbro_NNP 's_POS new_JJ line_NN of_IN battery-powered_JJ racing_NN cars_NNS ,_, called_VBN Record_NNP Breakers_NNP ,_, and_CC its_PRP$ acquisition_NN of_IN Cabbage_NNP Patch_NNP Kids_NNP ,_, Scrabble_NNP and_CC other_JJ lines_NNS from_IN Coleco_NNP Industries_NNP Inc._NNP puts_VBZ the_DT company_NN ``_`` in_IN a_DT good_JJ position_NN as_IN we_PRP enter_VBP the_DT Christmas_NNP buying_VBG season_NN ._. ''_'' 
For_IN the_DT first_JJ nine_CD months_NNS of_IN the_DT year_NN ,_, Hasbro_NNP 's_POS net_JJ income_NN rose_VBD 33_CD %_NN to_TO $_$ 68.2_CD million_CD ,_, or_CC $_$ 1.15_CD a_DT share_NN ,_, from_IN $_$ 51.3_CD million_CD ,_, or_CC 88_CD cents_NNS a_DT share_NN ,_, on_IN a_DT 3.1_CD %_NN increase_NN in_IN revenue_NN to_TO $_$ 992.7_CD million_CD from_IN $_$ 963_CD million_CD a_DT year_NN earlier_RBR ._. 
Reebok_NNP International_NNP Ltd._NNP posted_VBD a_DT 35_CD %_NN increase_NN in_IN third-quarter_JJ net_JJ income_NN despite_IN a_DT slight_JJ decline_NN in_IN sales_NNS ._. 
The_DT athletic_JJ footwear_NN maker_NN said_VBD net_NN rose_VBD to_TO $_$ 49.9_CD million_CD ,_, or_CC 44_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 37.1_CD million_CD ,_, or_CC 32_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS declined_VBD 3_CD %_NN to_TO $_$ 524.5_CD million_CD from_IN $_$ 539.4_CD million_CD ._. 
Paul_NNP Fireman_NNP ,_, Reebok_NNP chairman_NN and_CC chief_JJ executive_JJ officer_NN ,_, said_VBD ,_, ``_`` Our_PRP$ gains_NNS in_IN earnings_NNS provide_VBP further_JJ evidence_NN that_IN the_DT controls_NNS we_PRP have_VBP put_VBN in_IN place_NN and_CC our_PRP$ sales_NNS mix_NN are_VBP continuing_VBG to_TO improve_VB the_DT company_NN 's_POS overall_JJ profit_NN performance_NN ._. ''_'' 
The_DT company_NN said_VBD it_PRP expects_VBZ sales_NNS to_TO improve_VB due_JJ to_TO a_DT number_NN of_IN new_JJ products_NNS ,_, including_VBG a_DT ``_`` pump_NN ''_'' basketball_NN shoe_NN that_WDT can_MD be_VB inflated_JJ to_TO better_JJR fit_VB the_DT foot_NN ._. 
In_IN the_DT first_JJ nine_CD months_NNS ,_, net_NN was_VBD $_$ 140_CD million_CD ,_, or_CC $_$ 1.23_CD a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 1.44_CD billion_CD ._. 
Separately_RB ,_, Reebok_NNP completed_VBD the_DT acquisition_NN of_IN CML_NNP Group_NNP Inc._NNP 's_POS Boston_NNP Whaler_NNP unit_NN ,_, a_DT builder_NN of_IN power_NN boats_NNS ._. 
CML_NNP ,_, Acton_NNP ,_, Mass._NNP ,_, had_VBD agreed_VBN to_TO sell_VB the_DT unit_NN to_TO Reebok_NNP for_IN about_RB $_$ 42_CD million_CD ._. 
The_DT agreement_NN also_RB called_VBD for_IN Reebok_NNP to_TO receive_VB warrants_NNS to_TO purchase_VB 400,000_CD shares_NNS of_IN CML_NNP common_JJ at_IN $_$ 31.25_CD a_DT share_NN ,_, exercisable_JJ at_IN any_DT time_NN before_IN July_NNP 1_CD ,_, 
An_DT outside_JJ spokesman_NN for_IN CML_NNP said_VBD the_DT terms_NNS were_VBD changed_VBN to_TO a_DT minor_JJ extent_NN but_CC would_MD n't_RB disclose_VB what_WP those_DT changes_NNS were_VBD ._. 
Pitney_NNP Bowes_NNP Inc._NNP directors_NNS authorized_VBD the_DT company_NN to_TO seek_VB buyers_NNS for_IN its_PRP$ Wheeler_NNP Group_NNP Inc._NNP subsidiary_NN ,_, a_DT direct_JJ mail_NN marketer_NN of_IN office_NN supplies_NNS ._. 
Pitney_NNP Bowes_NNP said_VBD the_DT decision_NN was_VBD based_VBN on_IN a_DT long-term_JJ analysis_NN of_IN the_DT compatibility_NN of_IN Wheeler_NNP Group_NNP 's_POS marketing_NN business_NN with_IN other_JJ Pitney_NNP Bowes_NNP operations_NNS ._. 
Pitney_NNP Bowes_NNP acquired_VBD the_DT core_NN of_IN what_WP evolved_VBD into_IN Wheeler_NNP Group_NNP in_IN 1979_CD by_IN buying_VBG Dictaphone_NNP Corp_NNP ._. 
A_DT spokeswoman_NN would_MD n't_RB comment_VB on_IN whether_IN the_DT company_NN had_VBD talked_VBN with_IN any_DT potential_JJ buyers_NNS for_IN the_DT New_NNP Hartford_NNP ,_, Conn._NNP ,_, unit_NN ,_, which_WDT had_VBD 1988_CD sales_NNS of_IN about_RB $_$ 75_CD million_CD ._. 
She_PRP said_VBD Wheeler_NNP Group_NNP was_VBD profitable_JJ but_CC would_MD n't_RB give_VB figures_NNS ._. 
The_DT spokeswoman_NN said_VBD the_DT company_NN does_VBZ n't_RB have_VB a_DT timetable_NN for_IN the_DT sale_NN ,_, adding_VBG that_IN the_DT board_NN 's_POS decision_NN just_RB starts_VBZ the_DT search_NN for_IN a_DT buyer_NN ._. 
Separately_RB ,_, Pitney_NNP Bowes_NNP said_VBD third-quarter_JJ net_JJ income_NN gained_VBD 15_CD %_NN to_TO $_$ 62_CD million_CD ,_, or_CC 78_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 54_CD million_CD ,_, or_CC 68_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Revenue_NN grew_VBD 13_CD %_NN to_TO $_$ 734.8_CD million_CD from_IN $_$ 650.9_CD million_CD ._. 
The_DT company_NN said_VBD the_DT growth_NN was_VBD led_VBN by_IN its_PRP$ major_JJ operations_NNS ,_, particularly_RB mailing_VBG ,_, shipping_VBG ,_, dictating_VBG and_CC facsimile_NN businesses_NNS ._. 
Steel_NN jackets_NNS of_IN a_DT type_NN that_WDT may_MD have_VB prevented_VBN collapse_NN of_IN the_DT columns_NNS of_IN a_DT 1.5-mile_CD stretch_NN of_IN the_DT Nimitz_NNP Freeway_NNP had_VBD been_VBN installed_VBN on_IN at_IN least_JJS a_DT small_JJ test_NN section_NN of_IN the_DT double-decker_JJ highway_NN last_JJ year_NN by_IN California_NNP 's_POS Department_NNP of_IN Transportation_NNP ,_, employees_NNS familiar_JJ with_IN the_DT project_NN say_VBP ._. 
The_DT test_NN project_NN --_: which_WDT reportedly_RB survived_VBD Tuesday_NNP 's_POS earthquake_NN --_: was_VBD a_DT prelude_NN to_TO a_DT state_NN plan_NN to_TO retrofit_VB that_IN critical_JJ section_NN of_IN the_DT freeway_NN with_IN the_DT steel_NN casings_NNS ._. 
State_NN engineers_NNS have_VBP made_VBN a_DT preliminary_JJ finding_NN that_IN it_PRP was_VBD failure_NN of_IN the_DT concrete_JJ columns_NNS ,_, wrenched_VBD and_CC separated_VBN from_IN the_DT double-decker_JJ roadbed_NN ,_, that_WDT was_VBD responsible_JJ for_IN the_DT collapse_NN ._. 
The_DT failure_NN in_IN Oakland_NNP of_IN the_DT freeway_NN segment_NN known_VBN as_IN the_DT Cypress_NNP structure_NN was_VBD the_DT deadliest_JJS aspect_NN of_IN the_DT quake_NN ,_, although_IN officials_NNS were_VBD hopeful_JJ yesterday_NN that_IN the_DT death_NN toll_NN there_EX might_MD be_VB significantly_RB lower_JJR than_IN the_DT 250_CD initially_RB feared_VBD ._. 
Sorting_VBG out_RP the_IN wreckage_NN is_VBZ expected_VBN to_TO take_VB several_JJ days_NNS ._. 
Red_JJ tractors_NNS gingerly_RB picked_VBD at_IN the_DT rubble_NN while_IN jackhammers_NNS tried_VBD to_TO break_VB up_IN some_DT of_IN the_DT massive_JJ slabs_NNS of_IN concrete_NN ._. 
Giant_NNP yellow_JJ cranes_NNS were_VBD wheeled_VBN up_IN alongside_IN the_DT collapsed_VBN segment_NN ,_, preparing_VBG to_TO lift_VB off_IN chunks_NNS of_IN the_DT debris_NN ._. 
In_IN Sacramento_NNP ,_, a_DT transportation_NN department_NN spokesman_NN said_VBD he_PRP could_MD n't_RB immediately_RB confirm_VB or_CC deny_VB existence_NN of_IN the_DT test_NN work_NN ._. 
However_RB ,_, he_PRP asserted_VBD that_IN the_DT department_NN had_VBD n't_RB mastered_VBN the_DT technology_NN needed_VBN to_TO retrofit_VB the_DT entire_JJ Cypress_NNP structure_NN ._. 
Moreover_RB ,_, other_JJ officials_NNS noted_VBD ,_, snafus_NNS in_IN transportation_NN funding_NN that_IN the_DT state_NN has_VBZ experienced_VBN over_IN the_DT years_NNS may_MD have_VB restricted_VBN the_DT availability_NN of_IN funds_NNS for_IN such_JJ a_DT retrofitting_NN ,_, even_RB if_IN it_PRP were_VBD technologically_RB feasible_JJ ._. 
Knowledgeable_JJ employees_NNS said_VBD the_DT retrofitting_NN ,_, which_WDT had_VBD n't_RB yet_RB been_VBN budgeted_VBN ,_, was_VBD part_NN of_IN a_DT planned_VBN ,_, three-stage_JJ reinforcement_NN of_IN the_DT Cypress_NNP structure_NN begun_VBN by_IN the_DT California_NNP transportation_NN department_NN several_JJ years_NNS ago_RB ._. 
The_DT Cypress_NNP reinforcement_NN project_NN itself_PRP was_VBD part_NN of_IN an_DT annual_JJ effort_NN to_TO shore_VB up_IN structures_NNS believed_VBD vulnerable_JJ to_TO earthquakes_NNS ._. 
The_DT state_NN began_VBD such_JJ work_NN after_IN a_DT 1971_CD tremblor_NN in_IN Southern_NNP California_NNP ,_, when_WRB numerous_JJ bridges_NNS collapsed_VBD ._. 
``_`` We_PRP had_VBD just_RB finished_VBN phase_NN two_CD ''_'' of_IN the_DT Cypress_NNP project_NN that_WDT involved_VBD installing_VBG a_DT series_NN of_IN retaining_VBG cables_NNS designed_VBN to_TO prevent_VB sections_NNS of_IN the_DT roadway_NN from_IN separating_VBG as_IN a_DT result_NN of_IN seismic_JJ shock_NN ,_, a_DT state_NN DOT_NNP engineer_NN said_VBD ._. 
After_IN completing_VBG installation_NN of_IN the_DT jackets_NNS on_IN ``_`` one_CD frame_NN ''_'' of_IN the_DT freeway_NN last_JJ year_NN ,_, the_DT state_NN DOT_NNP had_VBD sent_VBN the_DT project_NN over_IN to_TO its_PRP$ Sacramento_NNP engineers_NNS to_TO draw_VB up_IN a_DT final_JJ design_NN ._. 
Knowledgeable_JJ employees_NNS said_VBD the_DT project_NN had_VBD been_VBN stymied_VBN somewhat_RB by_IN ``_`` the_DT difficulty_NN of_IN designing_VBG ''_'' the_DT jackets_NNS ._. 
The_DT procedure_NN involves_VBZ encasing_VBG the_DT concrete_JJ columns_NNS with_IN steel_NN ,_, then_RB connecting_VBG them_PRP more_RBR securely_RB to_TO the_DT double-decker_JJ roadbed_NN ._. 
The_DT employees_NNS also_RB said_VBD the_DT project_NN may_MD have_VB been_VBN snagged_VBN by_IN budgetary_JJ concerns_NNS ._. 
One_CD preliminary_JJ estimate_NN put_NN the_DT retrofitting_NN cost_NN at_IN as_RB much_JJ as_IN $_$ 50_CD million_CD ._. 
The_DT collapse_NN of_IN the_DT span_NN has_VBZ provoked_VBN surprise_NN and_CC anger_NN among_IN state_NN officials_NNS ._. 
Gov._NNP George_NNP Deukmejian_NNP ,_, who_WP said_VBD he_PRP had_VBD been_VBN assured_VBN by_IN state_NN transportation_NN officials_NNS that_IN the_DT structure_NN could_MD withstand_VB an_DT even_RB larger_JJR quake_NN ,_, called_VBN for_IN an_DT immediate_JJ investigation_NN ._. 
``_`` I_PRP want_VBP to_TO know_VB who_WP made_VBD the_DT decision_NN that_IN it_PRP was_VBD safe_JJ for_IN 186,000_CD people_NNS to_TO use_VB every_DT day_NN ,_, ''_'' said_VBD Richard_NNP Katz_NNP ,_, a_DT state_NN legislator_NN who_WP is_VBZ chairman_NN of_IN the_DT California_NNP Assembly_NNP 's_POS transportation_NN committee_NN ._. 
He_PRP said_VBD he_PRP would_MD convene_VB hearings_NNS within_IN two_CD weeks_NNS ._. 
The_DT Cypress_NNP structure_NN opened_VBD in_IN June_NNP 1957_CD ,_, and_CC as_IN such_JJ ,_, like_IN many_JJ buildings_NNS in_IN the_DT San_NNP Francisco_NNP Bay_NNP area_NN ,_, does_VBZ not_RB meet_VB current_JJ building_NN codes_NNS requiring_VBG considerably_RB more_JJR steel_NN support_NN ._. 
The_DT northern_JJ piers_NNS of_IN the_DT span_NN lie_NN in_IN estuarian_NN deposits_NNS that_WDT were_VBD of_IN a_DT type_NN to_TO have_VB liquefied_VBN easily_RB during_IN the_DT 1906_CD quake_NN ._. 
Transportation_NN department_NN officials_NNS ,_, however_RB ,_, said_VBD they_PRP were_VBD as_RB surprised_VBN as_IN anyone_NN by_IN the_DT Cypress_NNP destruction_NN ._. 
They_PRP said_VBD previous_JJ earthquakes_NNS suggested_VBD that_IN multiple-column_JJ viaducts_NNS would_MD stand_VB up_IN well_RB ,_, although_IN they_PRP were_VBD working_VBG on_IN ways_NNS to_TO bolster_VB them_PRP ._. 
``_`` Unfortunately_RB ,_, there_EX is_VBZ only_RB one_CD laboratory_NN for_IN developing_VBG techniques_NNS to_TO withstand_VB earthquakes_NNS ,_, and_CC that_DT is_VBZ an_DT earthquake_NN ,_, ''_'' said_VBD Burch_NNP Bachtold_NNP ,_, San_NNP Francisco_NNP district_NN director_NN for_IN the_DT transportation_NN department_NN ._. 
He_PRP said_VBD :_: ``_`` We_PRP know_VBP of_IN no_DT technology_NN that_WDT exists_VBZ anywhere_RB in_IN the_DT world_NN that_WDT would_MD allow_VB us_PRP to_TO ''_'' reinforce_VB the_DT columns_NNS ._. 
Financial_NNP Corp._NNP of_IN Santa_NNP Barbara_NNP said_VBD it_PRP rescheduled_VBD to_TO Nov._NNP 29_CD a_DT special_JJ shareholder_NN meeting_NN to_TO vote_VB on_IN a_DT $_$ 75_CD million_CD stock-for-debt_JJ exchange_NN ._. 
The_DT meeting_NN had_VBD been_VBN scheduled_VBN for_IN Nov._NNP 10_CD but_CC the_DT company_NN delayed_VBD the_DT meeting_NN to_TO allow_VB time_NN for_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP to_TO review_VB the_DT proposal_NN ._. 
As_IN part_NN of_IN a_DT restructuring_NN announced_VBD earlier_RBR this_DT year_NN ,_, the_DT company_NN proposed_VBN in_IN August_NNP to_TO exchange_VB 168_CD newly_RB issued_VBN common_JJ shares_NNS for_IN each_DT $_$ 1,000_CD face_NN value_NN of_IN debt_NN ._. 
However_RB ,_, that_DT figure_NN could_MD be_VB revised_VBN ,_, Financial_NNP Corp._NNP said_VBD ._. 
Currently_RB ,_, the_DT company_NN has_VBZ about_IN six_CD million_CD common_JJ shares_NNS outstanding_JJ ._. 
If_IN all_PDT the_DT debt_NN was_VBD converted_VBN ,_, about_IN 13_CD million_CD new_JJ shares_NNS would_MD be_VB issued_VBN ._. 
In_IN composite_JJ trading_NN Wednesday_NNP on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, Financial_NNP Corp._NNP closed_VBD at_IN $_$ 1.125_CD ,_, unchanged_JJ ._. 
The_DT debt_NN consists_VBZ of_IN $_$ 50_CD million_CD of_IN 13_CD 3\/8_CD %_NN subordinated_VBD notes_NNS due_JJ 1998_CD ,_, and_CC $_$ 25_CD million_CD of_IN 9_CD %_NN convertible_JJ subordinated_VBN debentures_NNS due_JJ 2012_CD ._. 
Financial_NNP Corp._NNP also_RB is_VBZ proposing_VBG to_TO exchange_VB each_DT of_IN its_PRP$ 130,000_CD outstanding_JJ shares_NNS of_IN cumulative_JJ convertible_JJ preferred_JJ series_NN A_DT stock_NN for_IN two_CD shares_NNS of_IN common_NN ._. 
After_IN years_NNS of_IN quarreling_VBG over_IN Bonn_NNP 's_POS ``_`` Ostpolitik_NNP ''_'' ,_, West_NNP Germany_NNP and_CC the_DT U.S._NNP appear_VB to_TO have_VB shifted_VBN onto_IN a_DT united_VBN course_NN in_IN Eastern_NNP Europe_NNP ._. 
Bonn_NNP and_CC Washington_NNP have_VBP taken_VBN a_DT leading_VBG role_NN in_IN aid_NN for_IN the_DT reformist_NN countries_NNS ,_, pledging_VBG billions_NNS of_IN dollars_NNS in_IN fresh_JJ credit_NN and_CC forgiving_VBG old_JJ debt_NN while_IN urging_VBG other_JJ industrial_JJ nations_NNS to_TO follow_VB suit_NN ._. 
Both_DT hope_NN to_TO encourage_VB pressure_NN for_IN change_NN in_IN East_NNP bloc_NN countries_NNS still_RB ruled_VBN by_IN Stalinist_JJ holdouts_NNS by_IN arranging_VBG liberal_JJ financial_JJ aid_NN and_CC trade_NN benefits_NNS for_IN Poland_NNP ,_, Hungary_NNP and_CC ,_, to_TO a_DT lesser_JJR extent_NN ,_, the_DT Soviet_NNP Union_NNP ._. 
West_JJ German_JJ officials_NNS also_RB have_VBP the_DT special_JJ goal_NN of_IN holding_VBG out_RP hope_NN for_IN East_NNP Germany_NNP 's_POS fledgling_NN reform_NN movement_NN ._. 
``_`` The_DT change_NN taking_VBG place_NN in_IN the_DT Soviet_NNP Union_NNP ,_, Poland_NNP and_CC Hungary_NNP has_VBZ aroused_VBN new_JJ hope_NN in_IN both_DT German_JJ states_NNS that_IN reforms_NNS will_MD be_VB undertaken_VBN in_IN -LCB-_( East_NNP Germany_NNP -RCB-_) ,_, and_CC that_IN relations_NNS between_IN the_DT two_CD German_JJ states_NNS ,_, too_RB ,_, will_MD get_VB better_JJR ,_, ''_'' said_VBD Foreign_NNP Minister_NNP Hans-Dietrich_NNP Genscher_NNP ._. 
Addressing_VBG a_DT conference_NN of_IN the_DT New_NNP York-based_JJ Institute_NNP for_IN East-West_NNP Security_NNP Studies_NNS in_IN Frankfurt_NNP yesterday_NN ,_, Mr._NNP Genscher_NNP said_VBD ,_, ``_`` History_NN will_MD judge_VB us_PRP by_IN whether_IN we_PRP have_VBP taken_VBN the_DT opportunities_NNS that_WDT emerge_VBP from_IN these_DT reforms_NNS ._. ''_'' 
The_DT ultimate_JJ aim_NN of_IN Western_JJ support_NN for_IN East_NNP bloc_NN reforms_NNS ,_, he_PRP said_VBD ,_, is_VBZ to_TO create_VB ``_`` an_DT equitable_JJ and_CC stable_JJ peaceful_JJ order_NN in_IN Europe_NNP from_IN the_DT Atlantic_NNP to_TO the_DT Urals_NNPS ._. ''_'' 
Mr._NNP Genscher_NNP and_CC U.S._NNP Secretary_NNP of_IN Commerce_NNP Robert_NNP A._NNP Mosbacher_NNP ,_, in_IN separate_JJ speeches_NNS at_IN the_DT conference_NN ,_, appealed_VBD for_IN more_RBR Western_JJ contributions_NNS to_TO economic_JJ reforms_NNS and_CC business_NN development_NN in_IN Hungary_NNP and_CC Poland_NNP ._. 
Bonn_NNP and_CC Washington_NNP are_VBP leading_VBG supporters_NNS of_IN Poland_NNP 's_POS request_NN for_IN a_DT $_$ 1_CD billion_CD stand-by_JJ credit_NN from_IN the_DT International_NNP Monetary_NNP Fund_NNP ._. 
``_`` We_PRP want_VBP the_DT bold_JJ programs_NNS of_IN market_NN development_NN and_CC political_JJ freedom_NN in_IN Hungary_NNP and_CC in_IN Poland_NNP to_TO succeed_VB ._. 
We_PRP are_VBP prepared_VBN to_TO support_VB those_DT changes_NNS ,_, ''_'' said_VBD Mr._NNP Mosbacher_NNP ._. 
U.S._NNP curbs_NNS on_IN the_DT exports_NNS of_IN sensitive_JJ technology_NN to_TO East_NNP bloc_NN countries_NNS will_MD remain_VB in_IN place_NN ,_, however_RB ._. 
Meanwhile_RB ,_, the_DT U.S._NNP House_NNP of_IN Representatives_NNPS yesterday_NN approved_VBD an_DT $_$ 837.5_CD million_CD aid_NN package_NN for_IN Poland_NNP and_CC Hungary_NNP that_IN more_JJR than_IN doubles_VBZ the_DT amount_NN President_NNP Bush_NNP had_VBD requested_VBN ._. 
The_DT package_NN was_VBD brought_VBN to_TO the_DT House_NNP just_RB 15_CD days_NNS after_IN it_PRP was_VBD introduced_VBN ,_, indicating_VBG Congress_NNP 's_POS eagerness_NN to_TO reward_VB Poland_NNP and_CC Hungary_NNP for_IN their_PRP$ moves_NNS toward_IN democracy_NN and_CC freemarket_JJ economic_JJ reforms_NNS ._. 
The_DT legislation_NN ,_, approved_VBD 345-47_JJ and_CC sent_VBD to_TO the_DT Senate_NNP ,_, establishes_VBZ two_CD enterprise_NN funds_NNS ,_, to_TO be_VB governed_VBN by_IN independent_JJ nonprofit_JJ boards_NNS ,_, which_WDT will_MD make_VB loans_NNS and_CC investments_NNS in_IN new_JJ business_NN ventures_NNS in_IN Hungary_NNP and_CC Poland_NNP ._. 
The_DT Polish_JJ fund_NN would_MD be_VB seeded_VBN with_IN $_$ 160_CD million_CD ,_, the_DT Hungarian_JJ fund_NN with_IN $_$ 40_CD million_CD ._. 
In_IN addition_NN ,_, a_DT group_NN of_IN 24_CD industrialized_VBN countries_NNS ,_, including_VBG the_DT U.S._NNP and_CC Japan_NNP and_CC coordinated_VBN by_IN the_DT European_NNP Community_NNP Commission_NNP ,_, has_VBZ promised_VBN Poland_NNP and_CC Hungary_NNP trade_NN advice_NN and_CC a_DT line_NN of_IN credit_NN equivalent_NN to_TO $_$ 1.11_CD billion_CD through_IN the_DT European_NNP Investment_NNP Bank_NNP ,_, while_IN the_DT EC_NNP plans_VBZ $_$ 222_CD million_CD in_IN direct_JJ aid_NN ._. 
When_WRB Chancellor_NNP Helmut_NNP Kohl_NNP travels_VBZ to_TO Poland_NNP Nov._NNP 9_CD ,_, he_PRP is_VBZ expected_VBN to_TO take_VB with_IN him_PRP a_DT promise_NN of_IN three_CD billion_CD West_JJ German_JJ marks_NNS -LRB-_( $_$ 1.6_CD billion_CD -RRB-_) in_IN new_JJ credit_NN guarantees_NNS for_IN industrial_JJ projects_NNS ._. 
Last_JJ week_NN ,_, Bonn_NNP agreed_VBD to_TO reschedule_VB 2.5_CD billion_CD marks_NNS in_IN Polish_JJ debt_NN that_WDT came_VBD due_JJ last_JJ year_NN ._. 
In_IN addition_NN ,_, a_DT one_CD billion_CD mark_NN credit_NN dating_VBG from_IN 1974_CD is_VBZ to_TO be_VB written_VBN off_RB ._. 
Poland_NNP 's_POS plan_NN to_TO switch_VB to_TO a_DT free-market_JJ economy_NN by_IN 1991_CD is_VBZ hampered_VBN by_IN a_DT foreign_JJ debt_NN load_NN of_IN $_$ 39.2_CD billion_CD ._. 
West_NNP Germany_NNP also_RB has_VBZ increased_VBN its_PRP$ credit_NN guarantees_NNS to_TO Hungary_NNP by_IN 500_CD million_CD marks_NNS to_TO 1.5_CD billion_CD marks_NNS as_IN the_DT emerging_VBG democratic_JJ state_NN rushes_VBZ through_IN its_PRP$ own_JJ economic_JJ reforms_NNS ,_, including_VBG a_DT broad_JJ privatization_NN of_IN state-owned_JJ industry_NN and_CC tax_NN incentives_NNS for_IN industrial_JJ investment_NN ._. 
An_DT additional_JJ 500_CD million_CD marks_NNS in_IN credit-backing_NN was_VBD promised_VBN by_IN the_DT West_JJ German_JJ state_NN governments_NNS of_IN Bavaria_NNP and_CC Baden-Wuerttemberg_NNP ._. 
Deutsche_NNP Bank_NNP AG_NNP ,_, which_WDT last_JJ year_NN arranged_VBD a_DT three_CD billion_CD mark_NN credit_NN for_IN the_DT Soviet_NNP Union_NNP ,_, is_VBZ now_RB moving_VBG to_TO become_VB the_DT first_JJ West_JJ German_JJ bank_NN to_TO set_VB up_IN independent_JJ business_NN offices_NNS in_IN Hungary_NNP and_CC Poland_NNP as_IN they_PRP shift_VBP to_TO free-market_JJ economies_NNS ._. 
A_DT maxim_NN of_IN Frankfurt_NNP banking_NN holds_VBZ that_IN wherever_WRB Deutsche_NNP Bank_NNP goes_VBZ ,_, other_JJ West_JJ German_JJ banks_NNS follow_VBP ._. 
Indeed_RB ,_, at_IN least_JJS four_CD other_JJ West_JJ German_JJ banks_NNS are_VBP believed_VBN to_TO be_VB making_VBG inquiries_NNS ._. 
Mattel_NNP Inc._NNP said_VBD third-quarter_JJ net_JJ income_NN rose_VBD 73_CD %_NN ,_, to_TO $_$ 38_CD million_CD ,_, or_CC 76_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 21.9_CD million_CD ,_, or_CC 45_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Revenue_NN rose_VBD 34_CD %_NN to_TO $_$ 410_CD million_CD from_IN $_$ 306.6_CD million_CD a_DT year_NN earlier_RBR ._. 
``_`` Mattel_NNP 's_POS world-wide_JJ volume_NN has_VBZ grown_VBN 25_CD %_NN in_IN a_DT climate_NN of_IN relatively_RB flat_JJ industry_NN sales_NNS ,_, ''_'' said_VBD John_NNP W._NNP Amerman_NNP ,_, chairman_NN ._. 
He_PRP said_VBD the_DT toy_NN company_NN 's_POS ``_`` prospects_NNS for_IN a_DT strong_JJ fourth_JJ quarter_NN ''_'' are_VBP also_RB good_JJ ._. 
Mattel_NNP attributed_VBD the_DT jump_NN in_IN quarter_NN net_JJ to_TO strong_JJ world-wide_JJ sales_NNS of_IN its_PRP$ Barbie_NNP doll_NN ,_, Hot_NNP Wheels_NNP cars_NNS ,_, Disney_NNP toys_NNS and_CC other_JJ well-known_JJ toy_NN lines_NNS ._. 
The_DT company_NN also_RB cited_VBD retail_JJ trade_NN and_CC consumer_NN demand_NN for_IN new_JJ products_NNS introduced_VBD this_DT year_NN ,_, such_JJ as_IN Cherry_NNP Merry_NNP Muffin_NNP and_CC Turtle_NNP Tots_NNP ._. 
For_IN the_DT nine_CD months_NNS ,_, Mattel_NNP net_JJ more_RBR than_IN doubled_VBN to_TO $_$ 58.9_CD million_CD ,_, or_CC $_$ 1.19_CD a_DT share_NN ,_, from_IN $_$ 25.4_CD million_CD ,_, or_CC 53_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Revenue_NN rose_VBD 25_CD %_NN ,_, to_TO $_$ 877.6_CD million_CD ,_, from_IN $_$ 702.4_CD million_CD ._. 
Mattel_NNP said_VBD the_DT company_NN 's_POS sale_NN of_IN rights_NNS to_TO land_VB and_CC buildings_NNS at_IN its_PRP$ Hawthorne_NNP ,_, Calif._NNP ,_, headquarters_NN resulted_VBD in_IN a_DT $_$ 13_CD million_CD charge_NN to_TO third-quarter_JJ operating_NN profit_NN ._. 
The_DT charge_NN did_VBD n't_RB affect_VB net_JJ for_IN the_DT quarter_NN as_IN it_PRP was_VBD offset_VBN by_IN tax_NN benefits_NNS ._. 
Mattel_NNP has_VBZ purchased_VBN a_DT new_JJ headquarters_NN building_NN in_IN El_NNP Segundo_NNP ,_, Calif._NNP ,_, which_WDT it_PRP will_MD occupy_VB by_IN the_DT end_NN of_IN next_JJ year_NN ._. 
Democracy_NNP can_MD be_VB cruel_JJ to_TO politicians_NNS :_: Sometimes_RB it_PRP forces_VBZ them_PRP to_TO make_VB choices_NNS ._. 
Now_RB that_IN the_DT Supreme_NNP Court_NNP opened_VBD the_DT door_NN on_IN the_DT subject_NN of_IN abortion_NN ,_, politicians_NNS are_VBP squinting_VBG under_IN the_DT glare_NN of_IN democratic_JJ choice_NN ._. 
Their_PRP$ discomfort_NN is_VBZ a_DT healthy_JJ sign_NN for_IN the_DT rest_NN of_IN us_PRP ._. 
Republicans_NNS are_VBP squinting_VBG most_RBS painfully_RB ,_, at_IN least_JJS at_IN first_JJ ,_, which_WDT is_VBZ only_RB fair_JJ because_IN they_PRP 've_VBP been_VBN shielded_VBN the_DT most_RBS ._. 
So_RB long_RB as_IN abortion_NN was_VBD a_DT question_NN for_IN litigation_NN ,_, not_RB legislation_NN ,_, Republicans_NNPS could_MD find_VB political_JJ security_NN in_IN absolutism_NN ._. 
They_PRP could_MD attract_VB one-issue_JJ voters_NNS by_IN adopting_VBG the_DT right-to-life_JJ movement_NN 's_POS strongest_JJS position_NN ,_, even_RB as_IN pro-choice_JJ Republicans_NNPS knew_VBD this_DT mattered_VBD little_JJ on_IN an_DT issue_NN monopolized_VBN by_IN the_DT court_NN ._. 
Now_RB it_PRP matters_VBZ ._. 
Much_RB of_IN Washington_NNP thought_VBD it_PRP detected_VBD George_NNP Bush_NNP in_IN a_DT characteristic_JJ waffle_NN on_IN abortion_NN the_DT past_JJ week_NN ._. 
Only_RB a_DT month_NN ago_RB he_PRP 'd_MD warned_VBD Congress_NNP not_RB to_TO pass_VB legislation_NN to_TO pay_VB for_IN abortions_NNS in_IN cases_NNS of_IN rape_NN or_CC incest_NN ._. 
Last_NNP Friday_NNP ,_, after_IN Congress_NNP passed_VBD it_PRP anyway_RB ,_, he_PRP hinted_VBD he_PRP was_VBD looking_VBG for_IN compromise_NN ._. 
Was_VBD the_DT man_NN who_WP once_RB was_VBD pro-choice_JJ ,_, but_CC later_RB pro-life_JJ ,_, converting_VBG again_RB ?_. 
In_IN fact_NN ,_, Mr._NNP Bush_NNP 's_POS dance_NN was_VBD more_JJR wiggle_NN than_IN waffle_NN ._. 
Pro-life_JJ advocates_NNS say_VBP the_DT White_NNP House_NNP never_RB wavered_VBD over_IN the_DT veto_NN ._. 
Christopher_NNP Smith_NNP -LRB-_( R._NNP ,_, N.J._NNP -RRB-_) ,_, a_DT pro-life_JJ leader_NN in_IN the_DT House_NNP ,_, suggested_VBD a_DT compromise_NN that_WDT would_MD have_VB adapted_VBN restrictive_JJ language_NN from_IN rape_NN and_CC incest_NN exceptions_NNS in_IN the_DT states_NNS ._. 
The_DT White_NNP House_NNP ,_, never_RB eager_JJ for_IN a_DT fight_NN ,_, was_VBD happy_JJ to_TO try_VB ,_, which_WDT is_VBZ why_WRB George_NNP Bush_NNP said_VBD he_PRP was_VBD looking_VBG for_IN ``_`` flexibility_NN ''_'' last_JJ week_NN ._. 
When_WRB Democrats_NNPS refused_VBD to_TO budge_VB ,_, pro-life_JJ Republicans_NNPS met_VBD at_IN the_DT White_NNP House_NNP with_IN Chief_NNP of_IN Staff_NNP John_NNP Sununu_NNP on_IN Monday_NNP ,_, and_CC Mr._NNP Bush_NNP quickly_RB signaled_VBD a_DT veto_NN ._. 
Amid_IN charges_NNS of_IN ``_`` timidity_NN ''_'' on_IN Panama_NNP and_CC elsewhere_RB ,_, the_DT president_NN was_VBD n't_RB about_IN to_TO offend_VB his_PRP$ most_RBS energetic_JJ constituency_NN ._. 
The_DT GOP_NNP doubters_NNS were_VBD in_IN Congress_NNP ._. 
In_IN last_JJ week_NN 's_POS House_NNP vote_NN ,_, 41_CD Republicans_NNPS defected_VBD ._. 
After_IN the_DT vote_NN ,_, Connecticut_NNP Rep._NNP Nancy_NNP Johnson_NNP rounded_VBD up_IN nearly_RB as_IN many_JJ signatures_NNS on_IN a_DT letter_NN to_TO Mr._NNP Bush_NNP urging_VBG him_PRP not_RB to_TO veto_VB ._. 
Even_RB such_JJ a_DT pro-life_JJ stalwart_NN as_IN Sen._NNP Orrin_NNP Hatch_NNP -LRB-_( R._NNP ,_, Utah_NNP -RRB-_) had_VBD counseled_VBN some_DT kind_NN of_IN compromise_NN ._. 
The_DT Senate_NNP passed_VBD the_DT same_JJ bill_NN yesterday_NN ,_, with_IN a_DT veto-proof_JJ majority_NN of_IN 67_CD ._. 
The_DT manuevering_NN illustrates_VBZ an_DT emerging_VBG Republican_NNP donnybrook_NN ,_, pacified_VBD since_IN the_DT early_JJ 1980s_CD ._. 
At_IN the_DT 1988_CD GOP_NNP convention_NN ,_, abortion_NN was_VBD barely_RB discussed_VBN at_IN all_DT ,_, though_IN delegates_NNS were_VBD evenly_RB divided_VBN on_IN the_DT question_NN of_IN an_DT anti-abortion_JJ constitutional_JJ amendment_NN ._. 
Ms._NNP Johnson_NNP made_VBD a_DT passionate_JJ statement_NN to_TO the_DT platform_NN committee_NN ,_, but_CC she_PRP was_VBD talking_VBG to_TO herself_PRP ._. 
Now_RB many_JJ Republicans_NNPS are_VBP listening_VBG ._. 
They_PRP 're_VBP frightened_VBN by_IN what_WP they_PRP see_VBP in_IN New_NNP Jersey_NNP ,_, and_CC especially_RB Virginia_NNP ,_, where_WRB pro-life_JJ GOP_NNP candidates_NNS for_IN governor_NN are_VBP being_VBG pummeled_VBN on_IN abortion_NN ._. 
Eddie_NNP Mahe_NNP ,_, a_DT Republican_NNP consultant_NN ,_, says_VBZ the_DT two_CD GOP_NNP candidates_NNS could_MD have_VB avoided_VBN trouble_NN if_IN they_PRP had_VBD framed_VBN the_DT issue_NN first_JJ ._. 
-LRB-_( In_IN Virginia_NNP ,_, Marshall_NNP Coleman_NNP and_CC his_PRP$ running_NN mate_NN ,_, Eddy_NNP Dalton_NNP ,_, are_VBP both_DT on_IN the_DT defensive_NN for_IN opposing_VBG abortions_NNS even_RB in_IN cases_NNS of_IN rape_NN or_CC incest_NN ._. -RRB-_) 
But_CC Mr._NNP Mahe_NNP adds_VBZ ,_, ``_`` The_DT net_JJ loser_NN in_IN the_DT next_JJ few_JJ years_NNS is_VBZ the_DT right-to-life_JJ side_NN ._. ''_'' 
Darla_NNP St._NNP Martin_NNP ,_, of_IN the_DT National_NNP Right_NNP to_TO Life_NNP Committee_NNP ,_, says_VBZ exit_NN polls_NNS from_IN the_DT 1988_CD election_NN had_VBD single-issue_JJ ,_, pro-life_JJ voters_NNS giving_VBG Mr._NNP Bush_NNP about_IN five_CD more_JJR percentage_NN points_NNS of_IN support_NN than_IN pro-choice_JJ voters_NNS gave_VBD Michael_NNP Dukakis_NNP ._. 
But_CC the_DT Supreme_NNP Court_NNP 's_POS opening_NN of_IN debate_NN may_MD have_VB changed_VBN even_RB that_DT ._. 
GOP_NNP pollster_NN Neil_NNP Newhouse_NNP ,_, of_IN the_DT Wirthlin_NNP Group_NNP ,_, says_VBZ polls_VBZ this_DT summer_NN showed_VBD that_IN the_DT single-issue_JJ voters_NNS had_VBD about_IN evened_VBN out_RB ._. 
Polls_NNS are_VBP no_DT substitute_NN for_IN principle_NN ,_, but_CC they_PRP 'll_MD do_VB for_IN some_DT politicians_NNS ._. 
The_DT Republican_NNP danger_NN is_VBZ that_DT abortion_NN could_MD become_VB for_IN them_PRP what_WP it_PRP 's_VBZ long_RB been_VBN for_IN Democrats_NNPS ,_, a_DT divisive_JJ litmus_NN test_NN ._. 
It_PRP 's_VBZ already_RB that_IN in_IN the_DT Bush_NNP administration_NN ,_, at_IN least_JJS for_IN any_DT job_NN in_IN which_WDT abortion_NN is_VBZ even_RB remotely_RB an_DT issue_NN ._. 
Oklahoma_NNP official_NN Robert_NNP Fulton_NNP lost_VBD a_DT chance_NN for_IN a_DT senior_JJ job_NN in_IN the_DT Department_NNP of_IN Health_NNP and_CC Human_NNP Services_NNP after_IN right-to-life_JJ activists_NNS opposed_VBN him_PRP ._. 
Caldwell_NNP Butler_NNP ,_, a_DT conservative_JJ former_JJ congressman_NN ,_, was_VBD barred_VBN from_IN a_DT Legal_NNP Services_NNPS post_NN ,_, after_IN he_PRP gave_VBD wrong_JJ answers_NNS on_IN abortion_NN ._. 
Even_RB the_DT president_NN 's_POS doctor_NN ,_, Burton_NNP Lee_NNP ,_, has_VBZ said_VBD on_IN the_DT record_NN that_IN he_PRP 'd_MD love_VB to_TO be_VB surgeon_NN general_JJ but_CC could_MD n't_RB pass_VB the_DT pro-life_JJ test_NN ._. 
In_IN the_DT case_NN of_IN HHS_NNP Secretary_NNP Louis_NNP Sullivan_NNP ,_, the_DT litmus_NN test_NN could_MD yet_RB damage_VB issues_NNS important_JJ to_TO other_JJ parts_NNS of_IN the_DT Republican_NNP coalition_NN ._. 
After_IN Mr._NNP Sullivan_NNP waffled_VBD on_IN abortion_NN last_JJ year_NN ,_, the_DT White_NNP House_NNP appeased_VBD right-to-lifers_NNS by_IN surrounding_VBG him_PRP with_IN pro-life_JJ deputies_NNS ._. 
Their_PRP$ views_NNS on_IN health_NN care_NN and_CC welfare_NN did_VBD n't_RB much_JJ matter_NN ,_, though_IN HHS_NNP spends_VBZ billions_NNS a_DT year_NN on_IN both_DT ._. 
It_PRP makes_VBZ only_RB a_DT handful_NN of_IN abortion-related_JJ decisions_NNS ._. 
Though_IN Democrats_NNPS can_MD gloat_VB at_IN all_PDT this_DT for_IN now_RB ,_, they_PRP may_MD want_VB to_TO contain_VB their_PRP$ glee_NN ._. 
On_IN abortion_NN ,_, their_PRP$ own_JJ day_NN will_MD come_VB ._. 
Eventually_RB even_RB Republicans_NNPS will_MD find_VB a_DT way_NN to_TO frame_VB the_DT issue_NN in_IN ways_NNS that_WDT expose_VBP pro-choice_JJ absolutism_NN ._. 
Does_VBZ the_DT candidate_NN favor_NN parental_JJ consent_NN for_IN teen-age_JJ abortions_NNS ?_. 
-LRB-_( The_DT pro-choice_JJ lobby_NN does_VBZ n't_RB ._. 
-RRB-_) What_WP about_IN banning_VBG abortions_NNS in_IN the_DT second_JJ and_CC third_JJ trimesters_NNS ?_. 
-LRB-_( The_DT lobby_NN says_VBZ no_DT again_RB ._. -RRB-_) 
Democracy_NNP is_VBZ forcing_VBG the_DT abortion_NN debate_NN toward_IN healthy_JJ compromise_NN ,_, toward_IN the_DT unpolarizing_VBG middle_NN ._. 
Roe_NNP v._CC Wade_NNP pre-empted_VBD political_JJ debate_NN ,_, so_RB the_DT extremes_NNS blossomed_VBD ._. 
Now_RB the_DT ambivalent_JJ middle_NN ,_, a_DT moral_JJ majority_NN of_IN sorts_NNS ,_, is_VBZ reasserting_VBG itself_PRP ._. 
Within_IN a_DT few_JJ years_NNS ,_, the_DT outcome_NN in_IN most_RBS states_NNS is_VBZ likely_JJ to_TO be_VB that_DT abortion_NN will_MD be_VB more_RBR restricted_VBN ,_, but_CC not_RB completely_RB banned_VBN ._. 
This_DT is_VBZ where_WRB the_DT voters_NNS are_VBP ,_, which_WDT is_VBZ where_WRB politicians_NNS usually_RB end_VBP up_RB ._. 
Union_NNP Pacific_NNP Corp_NNP ._. third-quarter_JJ net_JJ income_NN fell_VBD 17_CD %_NN ._. 
Excluding_VBG earnings_NNS from_IN discontinued_VBN operations_NNS a_DT year_NN earlier_RBR ,_, net_NN fell_VBD only_RB 2_CD %_NN ._. 
The_DT energy_NN ,_, natural_JJ resources_NNS and_CC railroad_NN concern_NN had_VBD net_NN of_IN $_$ 137.4_CD million_CD ,_, or_CC $_$ 1.35_CD a_DT share_NN ,_, down_RB from_IN $_$ 165_CD million_CD ,_, or_CC $_$ 1.44_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
In_IN the_DT 1988_CD third_JJ quarter_NN ,_, profit_NN from_IN continuing_VBG operations_NNS totaled_VBD $_$ 140.1_CD million_CD ._. 
A_DT year_NN earlier_RBR ,_, the_DT company_NN had_VBD profit_NN from_IN discontinued_VBN operations_NNS of_IN $_$ 24.9_CD million_CD from_IN sale_NN of_IN a_DT pipeline_NN ,_, a_DT refinery_NN and_CC an_DT interest_NN in_IN a_DT second_JJ refinery_NN ._. 
Revenue_NN rose_VBD 2_CD %_NN to_TO $_$ 1.58_CD billion_CD from_IN $_$ 1.54_CD billion_CD ._. 
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, Union_NNP Pacific_NNP jumped_VBD $_$ 1.375_CD to_TO $_$ 75_CD a_DT share_NN ._. 
The_DT company_NN said_VBD its_PRP$ Union_NNP Pacific_NNP Railroad_NNP had_VBD a_DT 3_CD %_NN profit_NN increase_NN ,_, despite_IN a_DT 14_CD %_NN rise_NN in_IN fuel_NN costs_NNS and_CC a_DT 4_CD %_NN drop_NN in_IN car_NN loadings_NNS ._. 
Most_JJS of_IN the_DT commodity_NN traffic_NN was_VBD off_IN ,_, the_DT company_NN said_VBD ._. 
Earnings_NNS from_IN continuing_VBG operations_NNS of_IN the_DT Union_NNP Pacific_NNP Resources_NNPS unit_NN almost_RB doubled_VBD ,_, the_DT company_NN said_VBD ._. 
It_PRP added_VBD that_IN higher_JJR revenue_NN ,_, strong_JJ crude_JJ oil_NN prices_NNS and_CC higher_JJR natural_JJ gas_NN prices_NNS offset_VBP declines_NNS in_IN production_NN of_IN oil_NN ,_, gas_NN and_CC plant_NN liquids_NNS ._. 
In_IN addition_NN ,_, the_DT company_NN cited_VBD cost-reduction_JJ moves_NNS and_CC interest_NN income_NN ._. 
Earnings_NNS from_IN Union_NNP Pacific_NNP Realty_NNP dropped_VBD 50_CD %_NN to_TO $_$ 3_CD million_CD ._. 
Before_IN good_JJ will_NN ,_, Overnite_NNP Transportation_NNP earnings_NNS fell_VBD 11_CD %_NN to_TO $_$ 15_CD million_CD ,_, Union_NNP Pacific_NNP said_VBD ._. 
In_IN the_DT nine_CD months_NNS ,_, net_NN fell_VBD 6.3_CD %_NN to_TO $_$ 427.7_CD million_CD ,_, or_CC $_$ 3.98_CD a_DT share_NN ,_, from_IN $_$ 456.4_CD million_CD ,_, or_CC $_$ 4_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Profit_NN from_IN continuing_VBG operations_NNS in_IN the_DT year-earlier_JJ period_NN was_VBD $_$ 402.7_CD million_CD ._. 
Revenue_NN was_VBD $_$ 4.75_CD billion_CD ,_, up_IN 6_CD %_NN from_IN $_$ 4.49_CD billion_CD ._. 
The_DT Federal_NNP Trade_NNP Commission_NNP ruled_VBD that_IN five_CD major_JJ title-insurance_JJ companies_NNS illegally_RB fixed_VBN prices_NNS for_IN title_NN search-and-examination_JJ services_NNS by_IN participating_VBG in_IN joint_JJ ``_`` rating_NN bureaus_NN ''_'' in_IN six_CD states_NNS ._. 
The_DT FTC_NNP ordered_VBD the_DT companies_NNS not_RB to_TO use_VB rating_NN bureaus_NN in_IN those_DT six_CD states_NNS ._. 
The_DT commission_NN order_NN named_VBD the_DT following_VBG companies_NNS :_: Ticor_NNP Title_NNP Insurance_NNP Co._NNP of_IN California_NNP ,_, a_DT unit_NN of_IN Los_NNP Angeles-based_JJ Ticor_NNP ;_: Chicago_NNP Title_NNP Insurance_NNP Co._NNP and_CC Safeco_NNP Title_NNP Insurance_NNP Co._NNP ,_, units_NNS of_IN Chicago_NNP Title_NN &_CC Trust_NNP Co._NNP ;_: Lawyers_NNS Title_NNP Insurance_NNP Corp._NNP ,_, a_DT unit_NN of_IN Richmond_NNP ,_, Va.-based_JJ Universal_NNP Corp._NNP ;_: and_CC Stewart_NNP Title_NNP Guaranty_NNP Co._NNP ,_, a_DT unit_NN of_IN Houston-based_NNP Stewart_NNP Information_NNP Services_NNP Corp_NNP ._. 
Chicago_NNP Title_NN &_CC Trust_NNP acquired_VBD Safeco_NNP in_IN 1987_CD and_CC changed_VBD the_DT unit_NN 's_POS name_NN to_TO Security_NNP Union_NNP Title_NNP Insurance_NNP Co_NNP ._. 
The_DT FTC_NNP ruled_VBD that_IN the_DT companies_NNS violated_VBD federal_JJ antitrust_JJ law_NN by_IN fixing_VBG rates_NNS in_IN the_DT following_VBG states_NNS :_: New_NNP Jersey_NNP ,_, Pennsylvania_NNP ,_, Connecticut_NNP ,_, Wisconsin_NNP ,_, Arizona_NNP and_CC Montana_NNP ._. 
The_DT FTC_NNP first_RB issued_VBN an_DT administrative_JJ complaint_NN in_IN the_DT case_NN in_IN 1985_CD ._. 
John_NNP Christie_NNP ,_, a_DT lawyer_NN here_RB for_IN the_DT two_CD Chicago_NNP Title_NN &_CC Trust_NNP units_NNS accused_VBD the_DT FTC_NNP of_IN ``_`` second-guessing_NN ''_'' state-level_JJ regulations_NNS ,_, with_IN which_WDT ,_, he_PRP said_VBD ,_, his_PRP$ clients_NNS had_VBD complied_VBN ._. 
``_`` I_PRP expect_VBP all_PDT the_DT companies_NNS to_TO appeal_VB ,_, ''_'' he_PRP added_VBD ._. 
A_DT lawyer_NN for_IN Lawyers_NNS Title_NN said_VBD that_IN ,_, because_IN the_DT named_VBN companies_NNS no_RB longer_RB use_VBP the_DT type_NN of_IN cooperative_JJ rating_NN bureaus_NN attacked_VBN by_IN the_DT FTC_NNP ,_, the_DT commission_NN 's_POS order_NN wo_MD n't_RB have_VB much_JJ practical_JJ impact_NN ._. 
Officials_NNS for_IN the_DT other_JJ named_VBN companies_NNS did_VBD n't_RB return_VB telephone_NN calls_VBZ seeking_VBG comment_VB ._. 
MARK_NNP RESOURCES_NNP INC._NNP ,_, Calgary_NNP ,_, Alberta_NNP ,_, said_VBD it_PRP agreed_VBD to_TO sell_VB 75_CD million_CD Canadian_JJ dollars_NNS -LRB-_( US$_$ 63.9_CD million_CD -RRB-_) of_IN 8_CD %_NN convertible_JJ debentures_NNS to_TO a_DT group_NN of_IN securities_NNS dealers_NNS ._. 
Mark_NNP ,_, an_DT oil_NN and_CC gas_NN concern_NN ,_, said_VBD the_DT 15-year_JJ debentures_NNS are_VBP convertible_JJ before_IN maturity_NN at_IN C$_$ 12.50_CD for_IN each_DT Mark_NNP common_JJ share_NN ,_, and_CC can_MD be_VB redeemed_VBN at_IN the_DT company_NN 's_POS option_NN ,_, under_IN certain_JJ conditions_NNS ,_, after_IN Nov._NNP 30_CD ,_, 1992_CD ._. 
The_DT government_NN will_MD try_VB to_TO sell_VB all_PDT the_DT real_JJ estate_NN managed_VBN by_IN the_DT Federal_NNP Asset_NNP Disposition_NNP Association_NNP in_IN one_CD fell_VBD swoop_NN ,_, said_VBD William_NNP Seidman_NNP ,_, chairman_NN of_IN the_DT Federal_NNP Deposit_NNP Insurance_NNP Corp_NNP ._. 
The_DT FADA_NNP real-estate_NN package_NN ,_, with_IN an_DT asking_VBG price_NN of_IN $_$ 428_CD million_CD ,_, is_VBZ comprised_VBN of_IN 150_CD properties_NNS in_IN Texas_NNP ,_, California_NNP ,_, Colorado_NNP ,_, Arizona_NNP and_CC Florida_NNP ._. 
It_PRP includes_VBZ apartments_NNS ,_, shopping_NN centers_NNS ,_, office_NN buildings_NNS and_CC undeveloped_JJ land_NN ._. 
Mr._NNP Seidman_NNP is_VBZ chairman_NN of_IN the_DT Resolution_NNP Trust_NNP Corp._NNP ,_, established_VBN to_TO sell_VB or_CC merge_VB the_DT nation_NN 's_POS hundreds_NNS of_IN insolvent_JJ savings-and-loan_JJ associations_NNS ._. 
The_DT RTC_NNP ,_, created_VBN by_IN this_DT year_NN 's_POS S&L_NNP bailout_NN legislation_NN ,_, is_VBZ trying_VBG to_TO sell_VB FADA_NNP 's_POS network_NN of_IN offices_NNS separately_RB ._. 
FADA_NNP ,_, which_WDT holds_VBZ problem_NN assets_NNS of_IN thrifts_NNS that_WDT were_VBD closed_VBN before_IN the_DT bailout_NN legislation_NN was_VBD enacted_VBN ,_, is_VBZ being_VBG liquidated_VBN ._. 
The_DT properties_NNS held_VBN by_IN FADA_NNP wo_MD n't_RB be_VB sold_VBN piecemeal_RB ,_, Mr._NNP Seidman_NNP said_VBD in_IN a_DT speech_NN before_IN Southern_NNP Methodist_NNP University_NNP Business_NNP School_NNP in_IN Dallas_NNP ._. 
``_`` You_PRP need_VBP to_TO buy_VB the_DT entire_JJ lot_NN ,_, ''_'' Mr._NNP Seidman_NNP said_VBD ,_, ``_`` so_RB get_VB out_RP your_PRP$ checkbooks_NNS ._. 
The_DT following_VBG were_VBD among_IN yesterday_NN 's_POS offerings_NNS and_CC pricings_NNS in_IN the_DT U.S._NNP and_CC non-U.S._JJ capital_NN markets_NNS ,_, with_IN terms_NNS and_CC syndicate_NN manager_NN ,_, as_IN compiled_VBN by_IN Dow_NNP Jones_NNP Capital_NNP Markets_NNP Report_NNP :_: 
Sequa_NNP Corp._NNP --_: $_$ 150_CD million_CD of_IN 9_CD 5\/8_CD %_NN notes_NNS due_JJ Oct._NNP 15_CD ,_, 1999_CD ,_, priced_VBN at_IN 99.75_CD to_TO yield_VB 9.664_CD %_NN ._. 
The_DT noncallable_JJ issue_NN was_VBD priced_VBN at_IN a_DT spread_NN of_IN 170_CD basis_NN points_NNS above_IN the_DT Treasury_NNP 's_POS 10-year_JJ note_NN ._. 
Rated_VBN Baa-2_JJ by_IN Moody_NNP 's_POS Investors_NNP Service_NNP Inc._NNP and_CC triple-B-minus_NNP by_IN Standard_NNP &_CC Poor_NNP 's_POS Corp._NNP ,_, the_DT issue_NN will_MD be_VB sold_VBN through_IN underwriters_NNS led_VBN by_IN Merrill_NNP Lynch_NNP Capital_NNP Markets_NNPS ._. 
Virginia_NNP Public_NNP School_NNP Authority_NNP --_: $_$ 55.7_CD million_CD of_IN school_NN financing_NN bonds_NNS ,_, 1989_CD Series_NNP B_NNP -LRB-_( 1987_CD resolution_NN -RRB-_) ,_, due_JJ 19912000_CD ,_, 2005_CD and_CC 2010_CD ,_, through_IN a_DT BT_NNP Securities_NNP Corp._NNP group_NN ._. 
The_DT bonds_NNS ,_, rated_VBN double-A_JJ by_IN Moody_NNP 's_POS and_CC S&P_NNP ,_, were_VBD priced_VBN to_TO yield_VB from_IN 6_CD %_NN in_IN 1991_CD to_TO 7.10_CD %_NN in_IN 2010_CD ._. 
Serial_JJ bonds_NNS were_VBD priced_VBN to_TO yield_VB to_TO 6.75_CD %_NN in_IN 2000_CD ._. 
Bonds_NNS due_JJ 1991-1996_CD carry_VB 6.70_CD %_NN coupons_NNS and_CC bonds_NNS due_JJ 1997-2000_CD carry_VB 6_CD 3\/4_CD %_NN coupons_NNS ._. 
Term_NN bonds_NNS due_JJ 2005_CD are_VBP n't_RB being_VBG formally_RB reoffered_VBN ._. 
They_PRP carry_VBP a_DT 7_CD %_NN coupon_NN ._. 
Term_NN bonds_NNS due_JJ 2010_CD are_VBP 7.10_CD %_NN securities_NNS priced_VBN at_IN par_NN ._. 
St._NNP Johns_NNP River_NNP Water_NNP Management_NNP District_NNP ,_, Fla._NNP --_: $_$ 50,005,000_CD of_IN land_NN acquisition_NN revenue_NN bonds_NNS ,_, Series_NNP 1989_CD ,_, due_JJ 1990-2000_CD ,_, 2003_CD ,_, 2006_CD and_CC 2009_CD ,_, tentatively_RB priced_VBN by_IN a_DT Smith_NNP Barney_NNP ,_, Harris_NNP Upham_NNP &_CC Co._NNP group_NN to_TO yield_VB from_IN 6_CD %_NN in_IN 1990_CD to_TO about_IN 7.03_CD %_NN in_IN 2003_CD ._. 
There_EX are_VBP $_$ 9.76_CD million_CD of_IN 7_CD %_NN term_NN bonds_NNS due_JJ 2003_CD ,_, priced_VBN at_IN 99_CD 3\/4_CD to_TO yield_VB about_IN 7.03_CD %_NN ._. 
The_DT $_$ 11,775,000_CD of_IN term_NN bonds_NNS due_JJ 2006_CD and_CC the_DT $_$ 13,865,000_CD of_IN term_NN bonds_NNS due_JJ 2009_CD are_VBP n't_RB being_VBG formally_RB reoffered_VBN ._. 
Serial_JJ bonds_NNS were_VBD priced_VBN at_IN par_NN to_TO yield_VB to_TO 6.90_CD %_NN in_IN 2000_CD ._. 
The_DT bonds_NNS are_VBP insured_VBN and_CC rated_VBN triple-A_JJ by_IN Moody_NNP 's_POS and_CC S&P_NNP ._. 
Federal_NNP Home_NNP Loan_NNP Mortgage_NNP Corp._NNP --_: $_$ 500_CD million_CD of_IN Remic_NNP mortgage_NN securities_NNS being_VBG offered_VBN in_IN 12_CD classes_NNS by_IN Salomon_NNP Brothers_NNP Inc_NNP ._. 
The_DT offering_NN ,_, Series_NNP 105_CD ,_, is_VBZ backed_VBN by_IN Freddie_NNP Mac_NNP 9_CD 1\/2_CD %_NN securities_NNS ._. 
Separately_RB ,_, $_$ 400_CD million_CD of_IN Freddie_NNP Mac_NNP Remic_NNP mortgage_NN securities_NNS is_VBZ being_VBG offered_VBN in_IN 10_CD classes_NNS by_IN Kidder_NNP ,_, Peabody_NNP &_CC Co_NNP ._. 
The_DT offering_NN ,_, Series_NNP 106_CD ,_, is_VBZ backed_VBN by_IN Freddie_NNP Mac_NNP 9_CD 1\/2_CD %_NN securities_NNS ._. 
According_VBG to_TO available_JJ details_NNS ,_, yields_NNS range_VBP from_IN 8.70_CD %_NN ,_, a_DT spread_NN of_IN 80_CD basis_NN points_NNS over_IN three-year_JJ Treasury_NNP securities_NNS ,_, to_TO 10.37_CD %_NN ,_, a_DT spread_NN of_IN 230_CD basis_NN points_NNS over_IN 20-year_JJ Treasurys_NNPS ._. 
The_DT offerings_NNS bring_VBP Freddie_NNP Mac_NNP 's_POS 1989_CD Remic_NNP issuance_NN to_TO $_$ 32.6_CD billion_CD and_CC its_PRP$ total_JJ volume_NN to_TO $_$ 46.5_CD billion_CD since_IN the_DT program_NN began_VBD in_IN February_NNP 1988_CD ._. 
European_NNP Investment_NNP Bank_NNP -LRB-_( agency_NN -RRB-_) --_: 200_CD billion_CD lire_NNS of_IN 12_CD %_NN bonds_NNS due_JJ Nov._NNP 16_CD ,_, 1995_CD ,_, priced_VBN at_IN 101_CD 3\/4_CD to_TO yield_VB 12_CD %_NN less_RBR full_JJ fees_NNS ,_, via_IN lead_NN manager_NN Banco_NNP Commercial_NNP Italiana_NNP ._. 
Fees_NNS 1_CD 3\/4_CD ._. 
IBM_NNP International_NNP Finance_NNP -LRB-_( U.S._NNP parent_NN -RRB-_) --_: 125_CD million_CD European_JJ currency_NN units_NNS of_IN 9_CD 1\/8_CD %_NN bonds_NNS due_JJ Nov._NNP 10_CD ,_, 1994_CD ,_, priced_VBN at_IN 101_CD 5\/8_CD to_TO yield_VB 9.13_CD %_NN at_IN the_DT recommended_VBN reoffered_VBN price_NN of_IN par_NN ,_, via_IN Banque_NNP Paribas_NNP Capital_NNP Markets_NNPS ._. 
Societe_NNP Generale_NNP Australia_NNP Ltd_NNP ._. -LRB-_( French_JJ parent_NN -RRB-_) --_: 50_CD million_CD Australian_JJ dollars_NNS of_IN 17_CD %_NN bonds_NNS due_JJ Nov._NNP 20_CD ,_, 1991_CD ,_, priced_VBN at_IN 101.90_CD to_TO yield_VB 16.59_CD less_JJR fees_NNS ,_, via_IN Westpac_NNP Banking_NNP Corp_NNP ._. 
Guaranteed_VBN by_IN Societe_NNP Generale_NNP ._. 
Fees_NNS 1_CD 1\/4_CD ._. 
Mitsubishi_NNP Trust_NNP &_CC Banking_NNP Corp_NNP ._. -LRB-_( Japan_NNP -RRB-_) --_: 200_CD million_CD Swiss_JJ francs_NNS of_IN privately_RB placed_VBN convertible_JJ notes_NNS due_JJ March_NNP 31_CD ,_, 1994_CD ,_, with_IN a_DT fixed_VBN 0.75_CD %_NN coupon_NN at_IN par_NN ,_, via_IN Union_NNP Bank_NNP of_IN Switzerland_NNP ._. 
Put_VB option_NN on_IN March_NNP 31_CD ,_, 1992_CD ,_, at_IN a_DT fixed_VBN 107_CD 3\/4_CD to_TO yield_VB 3.5_CD %_NN ._. 
Callable_JJ from_IN March_NNP 31_CD ,_, 1992_CD ,_, at_IN 107_CD 3\/4_CD ,_, declining_VBG two_CD points_NNS semi-annually_RB to_TO par_NN ._. 
Each_DT 50,000_CD Swiss_JJ franc_NN note_NN is_VBZ convertible_JJ from_IN Nov_NNP ,_, 27_CD ,_, 1989_CD ,_, to_TO March_NNP 21_CD ,_, 1994_CD ,_, at_IN a_DT premium_NN over_IN the_DT closing_VBG share_NN price_NN Oct._NNP 25_CD ,_, when_WRB terms_NNS are_VBP scheduled_VBN to_TO be_VB fixed_VBN ._. 
Also_RB ,_, the_DT company_NN issued_VBN 300_CD million_CD marks_NNS of_IN convertible_JJ bonds_NNS with_IN an_DT indicated_VBD 2_CD 3\/4_CD %_NN coupon_NN due_JJ March_NNP 31_CD ,_, 1995_CD ,_, at_IN par_NN ,_, via_IN Westdeutsche_NNP Landesbank_NNP Girozentrale_NNP Bank_NNP ._. 
Put_VB on_IN March_NNP 31_CD ,_, 1992_CD ,_, at_IN an_DT indicated_VBD 105_CD to_TO yield_VB 4.80_CD %_NN ._. 
Call_VB option_NN beginning_VBG March_NNP 31_CD ,_, 1992_CD ,_, if_IN the_DT price_NN of_IN the_DT stock_NN rises_VBZ more_JJR than_IN 50_CD %_NN within_IN 30_CD trading_NN days_NNS as_RB well_RB as_IN a_DT call_NN option_NN for_IN tax_NN reasons_NNS ._. 
Each_DT 1,000_CD mark_NN and_CC 10,000_CD mark_NN bond_NN is_VBZ convertible_JJ from_IN Nov._NNP 27_CD ,_, 1989_CD ,_, to_TO March_NNP 21_CD ,_, 1995_CD ,_, at_IN a_DT price_NN to_TO be_VB determined_VBN when_WRB terms_NNS are_VBP fixed_VBN Oct._NNP 25_CD ._. 
Scandinavian_NNP Airlines_NNP System_NNP -LRB-_( Sweden_NNP -RRB-_) --_: 100_CD million_CD Swiss_JJ francs_NNS of_IN 6_CD 1\/8_CD %_NN bonds_NNS due_JJ Nov._NNP 24_CD ,_, 1999_CD ,_, priced_VBN at_IN 100_CD 3\/4_CD to_TO yield_VB 6.03_CD %_NN ,_, via_IN Union_NNP Bank_NNP of_IN Switzerland_NNP ._. 
Call_VB from_IN Nov._NNP 24_CD ,_, 1994_CD ,_, at_IN 101_CD 1\/2_CD ,_, declining_VBG 1\/4_CD point_NN a_DT year_NN ._. 
Federal_NNP Home_NNP Loan_NNP Mortgage_NNP Corp._NNP --_: $_$ 400_CD million_CD of_IN 10-year_JJ debentures_NNS with_IN a_DT coupon_NN rate_NN of_IN 8.80_CD %_NN ,_, priced_VBN at_IN par_NN ._. 
The_DT debentures_NNS ,_, callable_JJ at_IN par_NN in_IN five_CD years_NNS ,_, were_VBD priced_VBN at_IN a_DT yield_NN spread_NN of_IN about_IN 86_CD basis_NN points_NNS above_IN the_DT Treasury_NNP 10-year_JJ note_NN ._. 
The_DT issue_NN is_VBZ being_VBG sold_VBN through_IN Freddie_NNP Mac_NNP 's_POS 17-member_JJ securities_NNS selling_VBG group_NN ._. 
The_DT debentures_NNS mature_NNP Oct._NNP 27_CD ,_, 1999_CD ._. 
The_DT debentures_NNS will_MD be_VB available_JJ in_IN book-entry_JJ form_NN only_RB in_IN a_DT minimum_JJ amount_NN of_IN $_$ 5,000_CD and_CC additional_JJ increments_NNS of_IN $_$ 5,000_CD ._. 
Interest_NN will_MD be_VB paid_VBN semi-annually_RB ._. 
First_NNP they_PRP get_VBP us_PRP to_TO buy_VB computers_NNS so_IN we_PRP can_MD get_VB more_JJR information_NN ._. 
Then_RB the_DT computers_NNS give_VBP us_PRP more_JJR information_NN than_IN we_PRP can_MD ever_RB read_VB ._. 
Now_RB they_PRP plan_VBP to_TO sell_VB us_PRP products_NNS that_WDT sift_VBP through_IN all_PDT the_DT information_NN to_TO give_VB us_PRP what_WP we_PRP really_RB want_VBP to_TO know_VB ._. 
The_DT products_NNS range_VBP from_IN computer-edited_JJ ,_, personal_JJ newsletters_NNS to_TO systems_NNS that_WDT sit_VBP inside_IN a_DT personal_JJ computer_NN and_CC pick_VB stories_NNS on_IN selected_VBN topics_NNS off_IN news_NN wires_NNS ._. 
``_`` Filtered_VBN news_NN is_VBZ what_WP people_NNS want_VBP ,_, ''_'' says_VBZ Esther_NNP Dyson_NNP ,_, editor_NN of_IN Release_NNP 1.0_CD ,_, an_DT industry_NN newsletter_NN that_IN spots_VBZ new_JJ developments_NNS ._. 
``_`` Most_JJS people_NNS read_VBP 10_CD times_NNS more_JJR than_IN necessary_JJ in_IN order_NN to_TO find_VB out_IN what_WP they_PRP really_RB need_VBP ._. ''_'' 
Geoffrey_NNP Goodfellow_NNP ,_, who_WP dropped_VBD out_IN of_IN high_JJ school_NN back_RB in_IN the_DT 1970s_NNS to_TO manage_VB a_DT computer_NN network_NN at_IN a_DT California_NNP research_NN firm_NN ,_, says_VBZ :_: ``_`` Old_NNP network_NN hands_NNS have_VBP started_VBN to_TO turn_VB off_IN the_DT network_NN because_IN they_PRP do_VBP n't_RB have_VB time_NN to_TO wade_VB through_IN the_DT muck_NN ._. ''_'' 
Mr._NNP Goodfellow_NNP has_VBZ started_VBN a_DT Menlo_NNP Park_NNP ,_, Calif._NNP ,_, company_NN called_VBN Anterior_NNP Technology_NNP that_WDT provides_VBZ human_JJ editors_NNS for_IN public_JJ electronic_JJ networks_NNS ._. 
``_`` I_PRP see_VBP it_PRP as_IN a_DT sewage_NN treatment_NN plant_NN ,_, ''_'' he_PRP says_VBZ ._. 
A_DT new_JJ product_NN ,_, NewsEdge_NNP ,_, carries_VBZ five_CD business_NN news_NN wires_NNS simultaneously_RB into_IN a_DT user_NN 's_POS computer_NN and_CC beeps_NNS and_CC flashes_NNS whenever_WRB an_DT article_NN appears_VBZ that_WDT is_NNS of_IN interest_NN to_TO the_DT user_NN ._. 
The_DT product_NN ,_, developed_VBN by_IN Desktop_NNP Data_NNP Corp._NNP ,_, a_DT new_JJ company_NN based_VBN in_IN Waltham_NNP ,_, Mass._NNP ,_, scans_VBZ the_DT wires_NNS looking_VBG for_IN articles_NNS that_WDT contain_VBP key_JJ words_NNS specified_VBN by_IN the_DT user_NN ._. 
One_CD early_JJ user_NN ,_, David_NNP Semmel_NNP ,_, a_DT Chicago_NNP venture_NN capitalist_NN and_CC investor_NN in_IN Desktop_NNP Data_NNP ,_, says_VBZ he_PRP uses_VBZ it_PRP to_TO track_VB takeover_NN developments_NNS ._. 
He_PRP says_VBZ he_PRP told_VBD NewsEdge_NNP to_TO look_VB for_IN stories_NNS containing_VBG such_JJ words_NNS as_IN takeover_NN ,_, acquisition_NN ,_, acquire_VB ,_, LBO_NNP ,_, tender_NN ,_, merger_NN ,_, junk_NN and_CC halted_VBN ._. 
``_`` I_PRP 'm_VBP pretty_RB confident_JJ I_PRP 'm_VBP catching_VBG everything_NN ,_, ''_'' he_PRP says_VBZ ._. 
NewsEdge_NNP is_VBZ pricey_JJ :_: $_$ 7,500_CD a_DT year_NN for_IN a_DT limited_JJ version_NN ,_, $_$ 40,000_CD a_DT year_NN if_IN the_DT cost_NN of_IN all_PDT the_DT news_NN wires_NNS is_VBZ included_VBN ._. 
And_CC it_PRP works_VBZ best_JJS in_IN high-powered_JJ personal_JJ computers_NNS ._. 
But_CC some_DT investors_NNS and_CC consultants_NNS who_WP have_VBP tried_VBN it_PRP are_VBP enthusiastic_JJ ._. 
Jeffrey_NNP Tarter_NNP ,_, editor_NN of_IN SoftLetter_NNP ,_, a_DT Watertown_NNP ,_, Mass._NNP ,_, industry_NN newsletter_NN ,_, says_VBZ :_: ``_`` I_PRP 've_VBP seen_VBN a_DT lot_NN of_IN people_NNS fooling_VBG around_IN on_IN the_DT fringes_NNS of_IN filtering_VBG information_NN ._. 
This_DT is_VBZ the_DT first_JJ time_NN I_PRP 've_VBP seen_VBN something_NN I_PRP could_MD imagine_VB a_DT lot_NN of_IN people_NNS using_VBG ._. ''_'' 
NewsEdge_NNP uses_VBZ an_DT FM_NNP radio_NN band_NN to_TO carry_VB news_NN wires_NNS provided_VBN by_IN Reuters_NNP ,_, McGraw-Hill_NNP and_CC Dow_NNP Jones_NNP &_CC Co._NNP ,_, as_RB well_RB as_IN PR_NNP Newswire_NNP ,_, which_WDT carries_VBZ corporate_JJ press_NN releases_NNS ._. 
An_DT FM_NNP receiver_NN attached_VBN to_TO a_DT user_NN 's_POS personal_JJ computer_NN receives_VBZ the_DT information_NN ._. 
Some_DT organizations_NNS have_VBP devised_VBN their_PRP$ own_JJ systems_NNS to_TO sort_VB through_IN news_NN wire_NN items_NNS as_IN they_PRP come_VBP in_RB ._. 
George_NNP Goodwin_NNP ,_, an_DT account_NN manager_NN at_IN Royal_NNP Bank_NNP of_IN Canada_NNP ,_, adapted_VBD a_DT Lotus_NNP Development_NNP Corp._NNP program_NN called_VBN Agenda_NNP to_TO sort_VB through_IN international_JJ news_NN wires_NNS ._. 
It_PRP automatically_RB selects_VBZ stories_NNS from_IN particular_JJ countries_NNS for_IN reading_NN by_IN the_DT international_JJ bankers_NNS responsible_JJ for_IN lending_NN in_IN those_DT areas_NNS ._. 
For_IN those_DT who_WP do_VBP n't_RB need_VB their_PRP$ personalized_VBN information_NN moment_NN by_IN moment_NN ,_, some_DT services_NNS are_VBP offering_VBG overnight_JJ newsletters_NNS ._. 
Individual_NNP Inc._NNP ,_, a_DT new_JJ company_NN in_IN Brookline_NNP ,_, Mass._NNP ,_, uses_VBZ filtering_VBG technology_NN developed_VBN by_IN Cornell_NNP University_NNP computer_NN scientist_NN Gerard_NNP Salton_NNP ,_, to_TO automatically_RB produce_VB customized_VBN newsletters_NNS it_PRP sends_VBZ electronically_RB to_TO subscribers_NNS by_IN 8_CD a.m._NN the_DT next_JJ day_NN ._. 
``_`` We_PRP are_VBP operating_VBG an_DT information_NN refinery_NN that_WDT takes_VBZ a_DT broad_JJ stream_NN of_IN raw_JJ data_NNS and_CC turns_VBZ it_PRP into_IN actionable_JJ knowledge_NN ,_, ''_'' says_VBZ Yosi_NNP Amram_NNP ,_, founder_NN and_CC president_NN ._. 
The_DT daily_JJ newsletter_NN ,_, which_WDT is_VBZ n't_RB widely_RB available_JJ yet_RB ,_, will_MD have_VB a_DT base_NN cost_NN of_IN $_$ 2,000_CD a_DT year_NN and_CC provides_VBZ full_JJ text_NN of_IN relevant_JJ articles_NNS under_IN license_NN agreements_NNS with_IN Reuters_NNP ,_, McGraw_NNP Hill_NNP ,_, United_NNP Press_NNP International_NNP ,_, two_CD press_NN release_NN news_NN wires_NNS and_CC Japan_NNP 's_POS Kyodo_NNP news_NN service_NN ._. 
One_CD early_JJ user_NN is_VBZ NEC_NNP Corp._NNP 's_POS U.S._NNP printer_NN marketing_NN arm_NN ._. 
``_`` They_PRP want_VBP the_DT full_JJ press_NN releases_NNS on_IN printer_NN announcements_NNS by_IN their_PRP$ competition_NN ,_, ''_'' Mr._NNP Amram_NNP says_VBZ ._. 
It_PRP also_RB tracks_VBZ personnel_NNS and_CC financial_JJ announcements_NNS by_IN NEC_NNP 's_POS distributors_NNS and_CC customers_NNS ._. 
Individual_NNP Inc._NNP 's_POS technology_NN goes_VBZ beyond_IN word_NN searches_NNS by_IN using_VBG a_DT computerized_JJ thesaurus_NN ._. 
If_IN a_DT customer_NN asks_VBZ for_IN stories_NNS about_IN ``_`` IBM_NNP ,_, ''_'' the_DT computer_NN will_MD also_RB supply_VB stories_NNS that_WDT mention_VBP ``_`` I.B.M._NNP ,_, International_NNP Business_NNP Machines_NNPS ,_, or_CC Big_NNP Blue_NNP ,_, ''_'' Mr._NNP Amram_NNP says_VBZ ._. 
Moreover_RB ,_, Individual_NNP Inc._NNP 's_POS computers_NNS can_MD weigh_VB the_DT value_NN of_IN an_DT article_NN based_VBN on_IN how_WRB closely_RB the_DT story_NN matches_VBZ the_DT subscriber_NN 's_POS interest_NN area_NN ._. 
It_PRP compares_VBZ the_DT position_NN of_IN key_JJ words_NNS in_IN the_DT story_NN ;_: words_NNS in_IN the_DT headline_NN or_CC first_JJ paragraph_NN get_VB a_DT higher_JJR value_NN ._. 
And_CC it_PRP calculates_VBZ how_WRB often_RB the_DT words_NNS appear_VBP in_IN the_DT story_NN compared_VBN with_IN how_WRB often_RB they_PRP appear_VBP in_IN the_DT entire_JJ data_NNS base_VBP ._. 
The_DT higher_JJR the_DT ratio_NN of_IN hits_NNS to_TO total_VB words_NNS ,_, the_DT higher_JJR the_DT presumed_VBN value_NN to_TO the_DT reader_NN ._. 
Pinpoint_NNP Information_NNP Corp._NNP ,_, Chantilly_NNP ,_, Va._NNP ,_, a_DT producer_NN of_IN $_$ 1,800-a-year_RB personalized_VBN newsletters_NNS about_IN the_DT computer_NN industry_NN that_WDT started_VBD full_JJ operation_NN last_JJ month_NN ,_, relies_VBZ on_IN 12_CD human_JJ readers_NNS to_TO code_VB news_NN releases_NNS by_IN topic_NN in_IN order_NN to_TO select_VB items_NNS for_IN each_DT subscriber_NN ._. 
``_`` The_DT computers_NNS find_VBP all_PDT the_DT key_JJ words_NNS they_PRP can_MD ,_, but_CC the_DT editors_NNS confirm_VBP every_DT one_CD ._. 
Computer_NNP picking_VBG is_VBZ n't_RB perfect_JJ ,_, ''_'' says_VBZ Harvey_NNP Golomb_NNP ,_, president_NN and_CC founder_NN of_IN Pinpoint_NNP ._. 
The_DT humans_NNS also_RB write_VBP abstracts_NNS of_IN articles_NNS from_IN some_DT 200_CD computer_NN industry_NN publications_NNS ._. 
Once_RB all_PDT the_DT articles_NNS are_VBP coded_VBN and_CC put_VB in_IN a_DT data_NNS base_VBP ,_, Pinpoint_NNP 's_POS computers_NNS pick_VBP the_DT most_RBS relevant_JJ for_IN each_DT subscriber_NN and_CC lay_VBD them_PRP out_IN in_IN a_DT three-to-five-page_JJ newsletter_NN format_NN ;_: each_DT newsletter_NN is_VBZ sent_VBN directly_RB from_IN the_DT computer_NN to_TO the_DT subscriber_NN 's_POS fax_NN machine_NN ._. 
Mr._NNP Golomb_NNP says_VBZ each_DT of_IN his_PRP$ computers_NNS can_MD produce_VB and_CC send_VB about_IN 75_CD unique_JJ newsletters_NNS a_DT night_NN ._. 
Many_JJ computer_NN network_NN users_NNS who_WP never_RB see_VB news_NN wires_NNS would_MD like_VB to_TO sort_VB through_IN their_PRP$ electronic_JJ mail_NN automatically_RB ._. 
So-called_JJ E-mail_NN is_VBZ the_DT collection_NN of_IN inter-office_JJ memos_NNS ,_, gossip_NN ,_, technical_JJ data_NNS ,_, schedules_NNS and_CC directives_NNS distributed_VBN over_IN local_JJ and_CC national_JJ computer_NN networks_NNS ._. 
``_`` All_DT these_DT interconnected_VBN computers_NNS make_VBP it_PRP difficult_JJ to_TO sort_VB out_IN what_WP 's_VBZ junk_NN and_CC what_WP 's_VBZ important_JJ ,_, ''_'' says_VBZ Chuck_NNP Digate_NNP ,_, a_DT former_JJ Lotus_NNP Development_NNP executive_NN who_WP has_VBZ started_VBN a_DT new_JJ company_NN to_TO cope_VB with_IN the_DT problem_NN ._. 
Mr._NNP Digate_NNP says_VBZ his_PRP$ firm_NN ,_, Beyond_IN Inc._NNP ,_, has_VBZ licensed_VBN technology_NN known_VBN as_IN Information_NNP Lens_NNP from_IN Massachusetts_NNP Institute_NNP of_IN Technology_NNP and_CC plans_NNS to_TO develop_VB it_PRP for_IN commercial_JJ use_NN ._. 
The_DT MIT_NNP project_NN devised_VBD ways_NNS for_IN E-mail_NN to_TO be_VB automatically_RB categorized_VBN as_IN top_JJ priority_NN if_IN it_PRP comes_VBZ from_IN certain_RB designated_VBN senders_NNS or_CC requires_VBZ action_NN in_IN the_DT next_JJ couple_NN of_IN days_NNS ._. 
Mr._NNP Digate_NNP says_VBZ that_IN Beyond_IN will_MD refine_VB the_DT product_NN ``_`` so_RB the_DT message_NN will_MD be_VB smart_JJ enough_RB to_TO know_VB to_TO come_VB back_RB and_CC bother_VB you_PRP again_RB next_JJ week_NN ._. ''_'' 
And_CC if_IN a_DT user_NN is_VBZ busy_JJ ,_, ``_`` he_PRP can_MD set_VB it_PRP for_IN crisis_NN mode_NN :_: `_`` Do_VBP n't_RB bother_VB me_PRP with_IN reports_NNS until_IN Monday_NNP ._. '_'' ''_'' 
A_DT program_NN called_VBD Notes_NNS ,_, which_WDT is_VBZ under_IN development_NN by_IN Lotus_NNP ,_, also_RB is_VBZ designed_VBN to_TO sort_VB E-mail_NN sent_VBD within_IN work_NN groups_NNS ._. 
One_CD thing_NN that_WDT makes_VBZ E-mail_NN difficult_JJ to_TO sift_VB through_IN is_VBZ that_IN each_DT item_NN looks_VBZ the_DT same_JJ ._. 
Notes_NNS ,_, which_WDT is_VBZ designed_VBN for_IN advanced_VBN computers_NNS that_IN display_NN graphics_NNS ,_, allows_VBZ mail_NN senders_NNS to_TO put_VB different_JJ logos_NNS on_IN their_PRP$ mail_NN ._. 
A_DT daily_JJ news_NN briefing_NN from_IN the_DT company_NN librarian_NN ,_, for_IN example_NN ,_, would_MD have_VB a_DT distinctive_JJ format_NN on_IN the_DT screen_NN ,_, just_RB as_IN a_DT paper_NN version_NN would_MD have_VB ._. 
``_`` With_IN E-mail_NN ,_, you_PRP do_VBP n't_RB have_VB the_DT visual_JJ clues_NNS of_IN paper_NN ,_, ''_'' says_VBZ Mr._NNP Tarter_NNP ,_, the_DT editor_NN of_IN SoftLetter_NNP ._. 
``_`` With_IN Notes_NNS ,_, they_PRP 're_VBP visually_RB distinct_JJ ._. 
Dean_NNP Witter_NNP Reynolds_NNP Inc._NNP lost_VBD its_PRP$ second_JJ recent_JJ arbitration_NN case_NN involving_VBG a_DT former_JJ bond-trading_JJ executive_NN ._. 
A_DT New_NNP York_NNP Stock_NNP Exchange_NNP arbitration_NN panel_NN ordered_VBD Dean_NNP Witter_NNP to_TO pay_VB $_$ 404,294_CD in_IN back_RB bonuses_VBZ to_TO William_NNP Kelly_NNP ,_, the_DT company_NN 's_POS former_JJ head_NN of_IN high-yield_JJ ,_, high-risk_JJ junk-bond_NN trading_NN and_CC sales_NNS ._. 
It_PRP also_RB awarded_VBD $_$ 196,785_CD in_IN back_RB bonuses_VBZ to_TO former_JJ trader_NN Michael_NNP Newcomb_NNP and_CC $_$ 69,105_CD in_IN fees_NNS to_TO the_DT two_CD men_NNS 's_POS attorneys_NNS ._. 
The_DT sums_NNS awarded_VBN to_TO Messrs._NNP Kelly_NNP and_CC Newcomb_NNP represent_VB bonuses_VBZ the_DT two_CD men_NNS said_VBD they_PRP deserved_VBD from_IN the_DT first_JJ half_NN of_IN 1988_CD ,_, but_CC which_WDT were_VBD n't_RB paid_VBN because_IN of_IN a_DT dispute_NN over_IN an_DT incentive_NN contract_NN ._. 
Jeffrey_NNP L._NNP Liddle_NNP ,_, the_DT two_CD men_NNS 's_POS attorney_NN at_IN Liddle_NNP ,_, O'Connor_NNP ,_, Finkelstein_NNP &_CC Robinson_NNP ,_, said_VBD Mr._NNP Kelly_NNP began_VBD working_VBG at_IN Dean_NNP Witter_NNP in_IN 1987_CD ._. 
Mr._NNP Kelly_NNP built_VBD the_DT company_NN 's_POS high-yield_JJ bond_NN group_NN ,_, which_WDT has_VBZ been_VBN a_DT minor_JJ player_NN in_IN the_DT junk-bond_NN arena_NN ._. 
Dean_NNP Witter_NNP lost_VBD a_DT separate_JJ case_NN involving_VBG a_DT former_JJ bond_NN executive_NN earlier_RBR this_DT year_NN ;_: in_IN August_NNP it_PRP paid_VBD $_$ 666,666_CD in_IN back_JJ pay_NN and_CC a_DT bonus_NN to_TO a_DT former_JJ corporate-bond_JJ trading_NN chief_NN ,_, Harold_NNP Bachman_NNP ._. 
That_DT award_NN ended_VBD a_DT dispute_NN between_IN Dean_NNP Witter_NNP and_CC Mr._NNP Bachman_NNP over_IN who_WP was_VBD responsible_JJ for_IN certain_JJ bond-trading_JJ losses_NNS around_IN the_DT time_NN of_IN the_DT 1987_CD stock-market_NN crash_NN ._. 
A_DT spokesman_NN for_IN Dean_NNP Witter_NNP ,_, a_DT unit_NN of_IN Sears_NNP ,_, Roebuck_NNP &_CC Co._NNP ,_, declined_VBD to_TO comment_VB ._. 
DILLARD_NNP DEPARTMENT_NNP STORES_NNP Inc._NNP said_VBD it_PRP offered_VBD $_$ 50_CD million_CD of_IN 9_CD 1\/2_CD %_NN debentures_NNS due_JJ 2001_CD at_IN par_NN ._. 
The_DT Little_NNP Rock_NNP ,_, Ark._NNP ,_, department-store_NN retailer_NN said_VBD proceeds_NNS will_MD be_VB used_VBN to_TO reduce_VB short-term_JJ debt_NN ._. 
Goldman_NNP ,_, Sachs_NNP &_CC Co._NNP was_VBD the_DT underwriter_NN ._. 
American_NNP Brands_NNP Inc._NNP said_VBD third-quarter_JJ net_JJ income_NN rose_VBD 13_CD %_NN ,_, reflecting_VBG strong_JJ gains_NNS in_IN its_PRP$ tobacco_NN and_CC distilled_VBN spirits_NNS businesses_NNS ._. 
The_DT company_NN ,_, which_WDT also_RB has_VBZ businesses_NNS in_IN life_NN insurance_NN ,_, office_NN products_NNS and_CC hardware_NN ,_, and_CC home-improvement_NN products_NNS ,_, said_VBD net_JJ income_NN rose_VBD to_TO $_$ 166.4_CD million_CD ,_, or_CC $_$ 1.71_CD a_DT share_NN ,_, from_IN $_$ 146.8_CD million_CD ,_, or_CC $_$ 1.53_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Year-earlier_JJ results_NNS for_IN the_DT quarter_NN and_CC the_DT nine_CD months_NNS were_VBD restated_VBN to_TO reflect_VB a_DT change_NN in_IN accounting_NN standards_NNS ._. 
Revenue_NN declined_VBD 2_CD %_NN ,_, to_TO $_$ 3.06_CD billion_CD from_IN $_$ 3.13_CD billion_CD ,_, because_IN of_IN the_DT sale_NN of_IN Southland_NNP Life_NNP in_IN March_NNP ,_, and_CC the_DT impact_NN of_IN the_DT stronger_JJR U.S._NNP dollar_NN on_IN overseas_JJ results_NNS ._. 
Operating_NN profit_NN for_IN world-wide_JJ tobacco_NN products_NNS rose_VBD 10_CD %_NN to_TO $_$ 247.6_CD million_CD ._. 
For_IN distilled_VBN spirits_NNS ,_, operating_VBG profit_NN rose_VBD 36_CD %_NN ,_, to_TO $_$ 24.8_CD million_CD ._. 
In_IN the_DT first_JJ nine_CD months_NNS ,_, net_NN rose_VBD 1.5_CD %_NN ,_, to_TO $_$ 458.8_CD million_CD ,_, or_CC $_$ 4.76_CD a_DT share_NN ,_, from_IN $_$ 452_CD million_CD ,_, or_CC $_$ 4.50_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
The_DT year-earlier_JJ period_NN included_VBD $_$ 40.1_CD million_CD ,_, or_CC 41_CD cents_NNS a_DT share_NN ,_, from_IN discontinued_VBN operations_NNS ._. 
Revenue_NN rose_VBD to_TO $_$ 9.03_CD billion_CD from_IN $_$ 8.98_CD billion_CD ._. 
The_DT average_JJ number_NN of_IN shares_NNS outstanding_JJ rose_VBD 2_CD %_NN in_IN the_DT third_JJ quarter_NN but_CC was_VBD down_RB 4_CD %_NN for_IN the_DT nine_CD months_NNS ._. 
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, American_NNP Brands_NNP shares_NNS rose_VBD $_$ 1.75_CD to_TO $_$ 73_CD ._. 
SANTA_NNP FE_NNP PACIFIC_NNP PIPELINE_NNP PARTNERS_NNP Limited_NNP Partnership_NNP ,_, of_IN Los_NNP Angeles_NNP ,_, increased_VBD its_PRP$ quarterly_JJ cash_NN dividend_NN to_TO 60_CD cents_NNS a_DT unit_NN from_IN 55_NN cents_NNS ,_, payable_JJ Nov._NNP 14_CD to_TO units_NNS of_IN record_NN Oct._NNP 31_CD ._. 
The_DT company_NN is_VBZ an_DT independent_JJ refined-petroleum-products_JJ pipeline_NN serving_VBG six_CD Western_JJ states_NNS ._. 
WASHINGTON_NNP LIES_VBZ LOW_RB after_IN the_DT stock_NN market_NN 's_POS roller-coaster_NN ride_NN ._. 
Lawmakers_NNS ,_, haunted_VBN by_IN charges_NNS that_IN some_DT of_IN their_PRP$ comments_NNS contributed_VBD to_TO the_DT 1987_CD crash_NN ,_, generally_RB shy_JJ away_RB from_IN calls_VBZ for_IN sweeping_VBG new_JJ legislation_NN ._. 
But_CC a_DT House_NNP Energy_NNP and_CC Commerce_NNP subcommittee_NN will_MD quiz_VB SEC_NNP Chairman_NNP Breeden_NNP Wednesday_NNP ,_, and_CC Treasury_NNP Secretary_NNP Brady_NNP will_MD go_VB before_IN the_DT Senate_NNP Banking_NNP panel_NN Thursday_NNP ._. 
The_DT market_NN 's_POS wild_JJ week_NN may_MD speed_VB along_IN the_DT market-reform_JJ legislation_NN that_WDT has_VBZ been_VBN pending_VBG for_IN months_NNS in_IN the_DT aftermath_NN of_IN the_DT 1987_CD crash_NN ._. 
It_PRP may_MD also_RB expedite_VB the_DT SEC_NNP 's_POS modest_JJ pending_VBG changes_NNS in_IN junk-bond_NN disclosure_NN rules_NNS and_CC intensify_VB the_DT Treasury_NNP 's_POS look_NN at_IN plans_NNS for_IN giving_VBG new_JJ tax_NN breaks_NNS on_IN dividends_NNS and_CC raising_VBG taxes_NNS on_IN short-term_JJ trades_NNS by_IN pension_NN funds_NNS ._. 
Brady_NNP and_CC Breeden_NNP work_NN well_RB together_RB on_IN the_DT plunge_NN ,_, despite_IN the_DT fact_NN that_IN the_DT Treasury_NNP secretary_NN opposed_VBN Breeden_NNP 's_POS nomination_NN to_TO the_DT SEC_NNP post_NN ._. 
BAKER_NNP FALTERS_NNP in_IN the_DT Mideast_NNP amid_IN Israeli_JJ paralysis_NN and_CC Palestinian_JJ politics_NNS ._. 
Despite_IN seeing_VBG his_PRP$ plan_NN for_IN Israeli-Palestinian_JJ elections_NNS wither_VBP ,_, the_DT cautious_JJ secretary_NN of_IN state_NN is_VBZ so_RB far_RB unwilling_JJ to_TO cut_VB U.S._NNP economic_JJ or_CC military_JJ aid_NN to_TO force_VB Israeli_JJ cooperation_NN ._. 
Baker_NNP nonetheless_RB remains_VBZ furious_JJ both_DT at_IN Shamir_NNP ,_, for_IN backing_VBG down_RB on_IN the_DT elections_NNS ,_, and_CC at_IN Shamir_NNP 's_POS rival_JJ ,_, Peres_NNP ,_, for_IN political_JJ ineptitude_NN in_IN forcing_VBG a_DT premature_JJ cabinet_NN vote_NN on_IN Baker_NNP 's_POS plan_NN ._. 
Meanwhile_RB ,_, some_DT U.S._NNP officials_NNS fear_VBP PLO_NNP chief_JJ Arafat_NNP is_VBZ getting_VBG cold_JJ feet_NNS and_CC may_MD back_RB off_IN from_IN his_PRP$ recent_JJ moderation_NN and_CC renunciation_NN of_IN terrorism_NN ._. 
He_PRP is_VBZ under_IN intense_JJ fire_NN from_IN other_JJ Palestinian_JJ groups_NNS ;_: Syria_NNP is_VBZ pushing_VBG Ahmad_NNP Jibril_NNP ,_, whose_WP$ terrorist_JJ band_NN is_VBZ blamed_VBN for_IN the_DT Pan_NNP Am_NNP 103_CD bombing_NN ,_, as_IN an_DT alternative_NN to_TO Arafat_NNP ._. 
DARMAN'S_NNP MANEUVERS_NNS on_IN the_DT budget_NN and_CC capital_NN gains_NNS hurt_VBN him_PRP in_IN Congress_NNP ._. 
Republicans_NNS as_RB well_RB as_IN Democrats_NNPS were_VBD angered_VBN by_IN the_DT budget_NN director_NN 's_POS rejection_NN of_IN Speaker_NNP Foley_NNP 's_POS effort_NN to_TO expedite_VB a_DT deficitcutting_NN measure_NN by_IN stripping_VBG it_PRP of_IN the_DT capital-gains_NNS tax_VBP cut_VB as_RB well_RB as_IN pet_NN Democratic_JJ projects_NNS ._. 
Darman_NNP now_RB blames_VBZ the_DT clash_NN on_IN miscommunication_NN ,_, but_CC House_NNP GOP_NNP leader_NN Michel_NNP ,_, who_WP carried_VBD the_DT offer_NN to_TO him_PRP ,_, observes_VBZ ,_, ``_`` I_PRP was_VBD speaking_VBG English_NNP at_IN the_DT time_NN ,_, and_CC quite_RB loud_JJ so_IN I_PRP could_MD be_VB understood_VBN ._. ''_'' 
Senate_NNP GOP_NNP leader_NN Dole_NNP ridicules_VBZ the_DT budget_NN chief_NN on_IN the_DT Senate_NNP floor_NN ._. 
Democratic_JJ counterpart_NN Mitchell_NNP ,_, asked_VBD to_TO interpret_VB Darman_NNP 's_POS threat_NN to_TO make_VB permanent_JJ the_DT across-the-board_JJ Gramm-Rudman_NNP cuts_NNS that_WDT took_VBD effect_NN this_DT week_NN ,_, says_VBZ ,_, ``_`` I_PRP do_VBP n't_RB even_RB bother_VB to_TO interpret_VB them_PRP ._. ''_'' 
But_CC Darman_NNP suggests_VBZ such_JJ tensions_NNS will_MD dissipate_VB quickly_RB ._. 
``_`` If_IN I_PRP can_MD show_VB signs_NNS of_IN maturity_NN ,_, almost_JJ anybody_NN can_MD ,_, ''_'' he_PRP jokes_VBZ ._. 
HHS_NNP OFFICIALS_NNS expect_VBP Secretary_NNP Sullivan_NNP to_TO continue_VB a_DT ban_NN on_IN research_NN using_VBG fetal_JJ tissue_NN ._. 
Before_IN he_PRP was_VBD confirmed_VBN ,_, Sullivan_NNP said_VBD he_PRP had_VBD ``_`` reservations_NNS about_IN any_DT blanket_NN prohibitions_NNS on_IN medical_JJ research_NN ._. ''_'' 
But_CC now_RB ,_, an_DT official_NN says_VBZ ,_, he_PRP is_VBZ ``_`` surrounded_VBN by_IN right-to-lifers_NNS ,_, ''_'' who_WP contend_VBP that_IN any_DT breakthroughs_NNS in_IN fetal-tissue_JJ research_NN could_MD increase_VB the_DT demand_NN for_IN abortions_NNS ._. 
COOPERATION_NN WANES_VBZ on_IN weapons_NNS development_NN between_IN the_DT U.S._NNP and_CC Europe_NNP ._. 
Britain_NNP ,_, France_NNP and_CC Italy_NNP pull_VB out_IN of_IN a_DT proposal_NN to_TO build_VB new_JJ NATO_NNP frigates_NNS ;_: the_DT U.S._NNP and_CC West_NNP Germany_NNP have_VBP each_DT withdrawn_VBN from_IN missile_NN projects_NNS ._. 
Defense_NN experts_NNS say_VBP joint_JJ projects_NNS are_VBP increasingly_RB squeezed_VBN by_IN budget_NN pressures_NNS and_CC the_DT desire_NN to_TO save_VB domestic_JJ jobs_NNS ;_: some_DT also_RB fear_VBP rising_VBG protectionism_NN as_IN European_JJ unity_NN nears_NNS ._. 
BOTH_DT SIDES_NNS NOW_RB :_: 
Virginia_NNP GOP_NNP lieutenant_NN governor_NN candidate_NN Eddy_NNP Dalton_NNP tries_VBZ to_TO have_VB it_PRP both_DT ways_NNS on_IN the_DT abortion_NN issue_NN ._. 
Though_IN she_PRP opposes_VBZ abortion_NN in_IN almost_RB all_DT cases_NNS ,_, she_PRP airs_VBZ a_DT TV_NN commercial_JJ using_VBG pro-choice_JJ buzzwords_NNS ._. 
``_`` A_DT woman_NN ought_MD to_TO have_VB a_DT choice_NN in_IN cases_NNS where_WRB her_PRP$ life_NN or_CC health_NN are_VBP in_IN danger_NN and_CC in_IN cases_NNS of_IN rape_NN or_CC incest_NN ,_, ''_'' she_PRP proclaims_VBZ ._. 
HOT_JJ TOPIC_NN :_: 
Interest_NN in_IN the_DT abortion_NN issue_NN is_VBZ so_RB great_JJ that_IN the_DT Hotline_NNP ,_, a_DT daily_NN ,_, computer-distributed_JJ political_JJ newsletter_NN ,_, comes_VBZ up_IN with_IN a_DT spinoff_NN product_NN called_VBD the_DT Abortion_NNP Report_NNP dealing_VBG solely_RB with_IN its_PRP$ political_JJ implications_NNS ._. 
CONSERVATIVES_NNS EXPECT_VBP Bush_NNP to_TO solidify_VB their_PRP$ majority_NN on_IN a_DT key_JJ court_NN ._. 
Bush_NNP has_VBZ three_CD vacancies_NNS to_TO fill_VB on_IN the_DT prestigious_JJ D.C._NNP Circuit_NNP Court_NNP ,_, which_WDT handles_VBZ many_JJ important_JJ regulatory_JJ issues_NNS and_CC is_VBZ often_RB considered_VBN a_DT warm-up_NN for_IN future_NN Supreme_NNP Court_NNP nominees_NNS ._. 
Conservatives_NNS now_RB hold_VBP only_RB a_DT 5-4_JJ edge_NN ._. 
One_CD slot_NN is_VBZ expected_VBN to_TO go_VB to_TO EEOC_NNP Chairman_NNP Clarence_NNP Thomas_NNP ,_, a_DT black_JJ conservative_JJ ;_: after_IN mulling_VBG a_DT fight_NN ,_, liberals_NNS now_RB probably_RB wo_MD n't_RB put_VB up_IN a_DT major_JJ struggle_NN against_IN him_PRP ._. 
Other_JJ conservatives_NNS thought_VBD to_TO be_VB on_IN the_DT administration_NN 's_POS short_JJ list_NN include_VBP Washington_NNP lawyer_NN Michael_NNP Uhlmann_NNP ,_, who_WP was_VBD passed_VBN over_IN for_IN the_DT No._NN 2_CD job_NN at_IN the_DT Justice_NNP Department_NNP ,_, and_CC Marshall_NNP Breger_NNP ,_, chairman_NN of_IN a_DT U.S._NNP agency_NN on_IN administration_NN ._. 
The_DT Bush_NNP administration_NN would_MD also_RB like_VB to_TO nominate_VB a_DT woman_NN ;_: one_CD possibility_NN is_VBZ former_JJ Justice_NNP Department_NNP official_NN Victoria_NNP Toensing_NNP ._. 
MINOR_JJ MEMOS_NNS :_: 
In_IN the_DT wake_NN of_IN the_DT failed_VBN Panama_NNP coup_NN ,_, a_DT bumper_NN sticker_NN appears_VBZ :_: ``_`` Ollie_NNP Would_MD Have_VB Got_VB Him_PRP ._. ''_'' ..._: 
Rep._NNP Garcia_NNP ,_, on_IN trial_NN for_IN bribery_NN and_CC extortion_NN ,_, puts_VBZ statements_NNS in_IN the_DT Congressional_NNP Record_NNP attributing_VBG missed_VBN votes_NNS to_TO ``_`` scheduling_NN conflicts_NNS ._. ''_'' ..._: 
A_DT GOP_NNP Senate_NNP fund-raising_NN letter_NN from_IN Sen._NNP Burns_NNP of_IN Montana_NNP is_VBZ made_VBN to_TO appear_VB personally_RB written_VBN ,_, and_CC its_PRP$ opening_NN line_NN is_VBZ ,_, ``_`` Please_VB excuse_VB my_PRP$ handwriting_NN ._. ''_'' 
But_CC Burns_NNP confesses_VBZ in_IN an_DT interview_NN :_: ``_`` That_DT 's_VBZ not_RB my_PRP$ handwriting_NN ._. 
MC_NNP SHIPPING_NNP Inc._NNP ,_, New_NNP York_NNP ,_, declared_VBD an_DT initial_JJ quarterly_NN of_IN 60_CD cents_NNS a_DT share_NN payable_JJ Nov._NNP 15_CD to_TO shares_NNS of_IN record_NN Oct._NNP 30_CD ._. 
The_DT announcement_NN boosted_VBD the_DT charter-shipping_JJ company_NN 's_POS shares_NNS ,_, which_WDT closed_VBD at_IN $_$ 15.125_CD ,_, up_IN $_$ 1.25_CD a_DT share_NN ,_, in_IN composite_JJ trading_NN on_IN the_DT American_NNP Stock_NNP Exchange_NNP ._. 
The_DT company_NN ,_, which_WDT went_VBD public_JJ in_IN May_NNP ,_, intends_VBZ to_TO pay_VB dividends_NNS from_IN available_JJ cash_NN flow_NN ;_: the_DT amount_NN may_MD vary_VB from_IN quarter_NN to_TO quarter_NN ._. 
Ever_RB since_IN the_DT hotly_RB contested_VBN America_NNP 's_POS Cup_NNP race_NN last_JJ year_NN ,_, the_DT famous_JJ yachting_NN match_NN has_VBZ run_VBN into_IN more_RBR rough_JJ sailing_NN out_IN of_IN the_DT water_NN than_IN in_IN it_PRP ._. 
Now_RB that_IN a_DT key_JJ member_NN of_IN the_DT San_NNP Diego_NNP Yacht_NNP Club_NNP team_NN is_VBZ splitting_VBG off_IN to_TO form_VB his_PRP$ own_JJ team_NN ,_, even_RB more_JJR competition_NN lies_VBZ ahead_RB ._. 
Peter_NNP Isler_NNP ,_, the_DT winning_VBG navigator_NN in_IN the_DT past_JJ two_CD America_NNP 's_POS Cup_NNP challenges_NNS ,_, has_VBZ split_NN from_IN the_DT team_NN led_VBN by_IN Dennis_NNP Conner_NNP ,_, skipper_NN of_IN the_DT victorious_JJ Stars_NNP &_CC Stripes_NNP ,_, to_TO form_VB his_PRP$ own_JJ team_NN for_IN the_DT next_JJ contest_NN in_IN 1992_CD ._. 
And_CC ,_, in_IN addition_NN to_TO a_DT crack_NN team_NN of_IN sailors_NNS ,_, Mr._NNP Isler_NNP has_VBZ lined_VBN up_IN some_DT real_JJ brass_NN to_TO help_VB him_PRP finance_VB the_DT syndicate_NN ._. 
Isler_NNP Sailing_NNP International_NNP 's_POS advisory_JJ board_NN includes_VBZ Ted_NNP Turner_NNP ,_, Turner_NNP Broadcasting_NNP chairman_NN and_CC a_DT former_JJ Cup_NNP victor_NN ;_: Peter_NNP G._NNP Diamandis_NNP ,_, head_NN of_IN Diamandis_NNP Communications_NNPS ,_, and_CC Joseph_NNP B._NNP Vittoria_NNP ,_, chairman_NN and_CC chief_JJ executive_NN of_IN Avis_NNP Inc_NNP ._. 
His_PRP$ steering_NN committee_NN includes_VBZ other_JJ notable_JJ businessmen_NNS ,_, including_VBG the_DT California_NNP investor_NN and_CC old_JJ salt_NN Roy_NNP E._NNP Disney_NNP ._. 
``_`` We_PRP have_VBP the_DT structure_NN ,_, people_NNS and_CC plan_NN ,_, ''_'' Mr._NNP Isler_NNP said_VBD in_IN a_DT statement_NN ._. 
Now_RB ,_, the_DT first_JJ order_NN of_IN business_NN is_VBZ raising_VBG enough_JJ money_NN to_TO keep_VB his_PRP$ team_NN afloat_RB --_: a_DT new_JJ yacht_NN will_MD cost_VB about_RB $_$ 3_CD million_CD alone_RB ,_, and_CC sailing_NN syndicate_NN budgets_NNS can_MD easily_RB run_VB to_TO $_$ 25_CD million_CD for_IN a_DT Cup_NNP challenge_NN ._. 
The_DT split_NN comes_VBZ in_IN the_DT midst_NN of_IN a_DT court_NN battle_NN over_IN whether_IN the_DT San_NNP Diego_NNP Yacht_NNP Club_NNP should_MD be_VB allowed_VBN to_TO keep_VB the_DT international_JJ trophy_NN for_IN sailing_VBG a_DT catamaran_NN against_IN the_DT New_NNP Zealand_NNP challengers_NNS '_POS 90-foot_JJ monohull_NN ._. 
In_IN September_NNP ,_, a_DT New_NNP York_NNP appellate_JJ court_NN overturned_VBD a_DT state_NN judge_NN 's_POS ruling_NN that_WDT awarded_VBD the_DT Cup_NNP to_TO the_DT New_NNP Zealand_NNP team_NN ._. 
Pending_VBG an_DT appeal_NN by_IN the_DT New_NNP Zealand_NNP team_NN ,_, led_VBN by_IN Michael_NNP Fay_NNP ,_, the_DT finals_NNS for_IN the_DT next_JJ Cup_NNP challenge_NN are_VBP scheduled_VBN to_TO be_VB held_VBN in_IN mid-1992_NN in_IN San_NNP Diego_NNP ._. 
But_CC because_IN of_IN the_DT uncertainty_NN of_IN the_DT outcome_NN of_IN the_DT suit_NN ,_, Mr._NNP Conner_NNP 's_POS team_NN has_VBZ done_VBN little_JJ to_TO begin_VB gearing_VBG up_VB to_TO defend_VB its_PRP$ title_NN ._. 
``_`` If_IN you_PRP do_VBP n't_RB know_VB what_WP the_DT rules_NNS of_IN the_DT game_NN are_VBP ,_, it_PRP 's_VBZ hard_JJ to_TO start_VB your_PRP$ fund-raising_NN or_CC design_NN ,_, ''_'' said_VBD Dana_NNP Smith_NNP ,_, an_DT official_NN with_IN Team_NNP Dennis_NNP Conner_NNP ._. 
The_DT Conner_NNP team_NN wo_MD n't_RB be_VB able_JJ to_TO negotiate_VB with_IN corporate_JJ sponsors_NNS until_IN the_DT suit_NN is_VBZ resolved_VBN and_CC the_DT race_NN site_NN is_VBZ determined_VBN ,_, Mr._NNP Smith_NNP said_VBD ,_, and_CC the_DT syndicate_NN 's_POS budget_NN could_MD easily_RB reach_VB $_$ 30_CD million_CD ._. 
But_CC spokesmen_NNS for_IN both_DT Mr._NNP Isler_NNP and_CC Mr._NNP Conner_NNP say_VBP the_DT formation_NN of_IN the_DT new_JJ syndicate_NN has_VBZ to_TO do_VB with_IN Mr._NNP Isler_NNP 's_POS desire_NN to_TO skipper_VB his_PRP$ own_JJ team_NN and_CC begin_VB planning_NN now_RB ,_, rather_RB than_IN any_DT falling_NN out_IN between_IN the_DT two_CD sportsmen_NNS ._. 
Mr._NNP Smith_NNP and_CC a_DT spokesman_NN for_IN the_DT America_NNP 's_POS Cup_NNP Organizing_NNP Committee_NNP insist_VBP that_IN the_DT added_VBN competition_NN for_IN the_DT defender_NN 's_POS spot_NN will_MD only_RB improve_VB the_DT race_NN ._. 
Missouri_NNP farmer_NN Blake_NNP Hurst_NNP writing_VBG in_IN the_DT fall_NN issue_NN of_IN the_DT Heritage_NNP Foundation_NNP 's_POS Policy_NNP Review_NNP about_IN the_DT proposed_VBN location_NN of_IN a_DT hazardous-waste_NN incinerator_NN in_IN his_PRP$ county_NN :_: 
Of_IN course_NN I_PRP 'd_MD rather_RB have_VB a_DT computer_NN software_NN firm_NN in_IN my_PRP$ backyard_NN than_IN a_DT hazardous_JJ waste_NN incinerator_NN ._. 
But_CC I_PRP 'd_MD also_RB rather_RB live_VB next_JJ door_NN to_TO an_DT incinerator_NN than_IN to_TO some_DT of_IN the_DT hog_NN farms_NNS I_PRP 've_VBP seen_VBN -LRB-_( and_CC smelt_VBD -RRB-_) in_IN these_DT parts_NNS ._. 
An_DT incinerator_NN is_VBZ also_RB probably_RB better_JJR than_IN having_VBG nobody_NN next_JJ door_NN --_: on_IN our_PRP$ farm_NN there_EX are_VBP four_CD unoccupied_JJ houses_NNS ._. 
On_IN my_PRP$ four-mile_JJ drive_NN to_TO farm_VB headquarters_NN each_DT morning_NN ,_, I_PRP drive_VBP by_IN another_DT four_CD empty_JJ houses_NNS ._. 
A_DT community_NN of_IN abandoned_VBN farmsteads_NNS ,_, failing_VBG businesses_NNS ,_, and_CC crumbling_VBG roads_NNS and_CC bridges_NNS is_VBZ hardly_RB a_DT desirable_JJ one_CD ..._: ._. 
The_DT loss_NN of_IN 40_CD jobs_NNS by_IN a_DT depressed_JJ county_NN in_IN rural_JJ Missouri_NNP is_VBZ hardly_RB of_IN national_JJ importance_NN except_IN for_IN this_DT :_: If_IN the_DT most_RBS environmentally_RB safe_JJ way_NN of_IN dealing_VBG with_IN a_DT national_JJ problem_NN can_MD not_RB be_VB built_VBN in_IN Atchinson_NNP County_NNP ,_, what_WP hope_NN have_VBP we_PRP for_IN dealing_VBG with_IN the_DT wastes_NNS our_PRP$ economy_NN produces_VBZ ?_. 
After_IN all_DT ,_, farmers_NNS here_RB work_VBP with_IN ``_`` hazardous_JJ ''_'' chemicals_NNS every_DT day_NN ,_, many_NN of_IN them_PRP the_DT same_JJ chemicals_NNS that_WDT would_MD have_VB been_VBN destroyed_VBN in_IN the_DT incinerator_NN ._. 
We_PRP know_VBP they_PRP are_VBP dangerous_JJ ,_, but_CC if_IN handled_VBN with_IN care_NN ,_, their_PRP$ benefits_NNS far_RB outweigh_VBP any_DT risk_NN to_TO the_DT environment_NN ._. 
Just_RB because_IN Stamford_NNP ,_, Conn._NNP ,_, High_NNP School_NNP did_VBD nothing_NN when_WRB its_PRP$ valuable_JJ 1930s_CD mural_NN was_VBD thrown_VBN in_IN the_DT trash_NN does_VBZ n't_RB mean_VB the_DT city_NN no_RB longer_RB owns_VBZ the_DT work_NN of_IN art_NN ,_, a_DT federal_JJ judge_NN ruled_VBD ._. 
The_DT mural_NN ,_, now_RB valued_VBN at_IN $_$ 1.3_CD million_CD according_VBG to_TO appraisers_NNS ,_, was_VBD tossed_VBN in_IN a_DT trash_NN heap_NN in_IN 1971_CD by_IN workers_NNS who_WP were_VBD renovating_VBG the_DT building_NN ._. 
The_DT 100-foot-long_JJ mural_NN ,_, painted_VBN by_IN James_NNP Daugherty_NNP in_IN 1934_CD ,_, was_VBD commissioned_VBN by_IN the_DT federal_JJ Works_NNP Project_NNP Administration_NNP ._. 
After_IN the_DT discarded_VBN mural_NN was_VBD found_VBN outside_IN the_DT school_NN by_IN a_DT concerned_VBN Stamford_NNP graduate_NN ,_, it_PRP eventually_RB was_VBD turned_VBN over_IN to_TO Hiram_NNP Hoelzer_NNP ,_, a_DT professional_JJ art_NN restorer_NN ._. 
Throughout_IN the_DT 1970s_NNS ,_, Stamford_NNP school_NN and_CC city_NN officials_NNS made_VBD no_DT effort_NN to_TO locate_VB the_DT mural_NN ._. 
Apparently_RB the_DT officials_NNS did_VBD n't_RB even_RB know_VB the_DT mural_NN was_VBD missing_VBG until_IN 1980_CD ,_, when_WRB a_DT researcher_NN found_VBD that_IN the_DT painting_NN was_VBD in_IN Mr._NNP Hoelzer_NNP 's_POS studio_NN and_CC questioned_VBD school_NN officials_NNS about_IN it_PRP ._. 
In_IN 1986_CD ,_, Stamford_NNP officials_NNS thanked_VBD Mr._NNP Hoelzer_NNP for_IN taking_VBG care_NN of_IN the_DT mural_NN --_: and_CC demanded_VBD he_PRP return_VBP it_PRP as_RB soon_RB as_IN possible_JJ ._. 
Mr._NNP Hoelzer_NNP ,_, however_RB ,_, sued_VBD Stamford_NNP ,_, claiming_VBG that_IN the_DT city_NN had_VBD abandoned_VBN the_DT artwork_NN and_CC that_IN it_PRP had_VBD waited_VBN too_RB long_JJ to_TO reclaim_VB it_PRP ._. 
But_CC Judge_NNP Louis_NNP L._NNP Stanton_NNP of_IN federal_JJ court_NN in_IN Manhattan_NNP ruled_VBD that_IN the_DT city_NN could_MD n't_RB be_VB faulted_VBN for_IN waiting_VBG too_RB long_RB because_IN it_PRP did_VBD n't_RB realize_VB until_IN 1986_CD that_IN its_PRP$ ownership_NN of_IN the_DT painting_NN was_VBD in_IN dispute_NN ._. 
The_DT judge_NN also_RB ruled_VBD that_IN the_DT painting_NN was_VBD n't_RB abandoned_VBN because_IN officials_NNS did_VBD n't_RB intend_VB for_IN it_PRP to_TO be_VB thrown_VBN away_RB and_CC were_VBD unaware_JJ that_IN the_DT workmen_NNS had_VBD discarded_VBN it_PRP ._. 
Mr._NNP Hoelzer_NNP did_VBD n't_RB return_VB phone_NN calls_NNS seeking_VBG comment_VB on_IN the_DT judge_NN 's_POS decision_NN ._. 
The_DT judge_NN ordered_VBD that_IN a_DT hearing_NN be_VB held_VBN Nov._NNP 17_CD to_TO determine_VB how_WRB much_JJ the_DT city_NN should_MD pay_VB Mr._NNP Hoelzer_NNP for_IN his_PRP$ services_NNS ._. 
Mary_NNP E._NNP Sommer_NNP ,_, corporate_JJ counsel_NN for_IN Stamford_NNP ,_, said_VBD the_DT city_NN has_VBZ discussed_VBN several_JJ possible_JJ plans_NNS for_IN displaying_VBG the_DT mural_NN ,_, which_WDT portrays_VBZ various_JJ scenes_NNS from_IN the_DT Great_NNP Depression_NNP ._. 
She_PRP said_VBD the_DT mural_NN ``_`` preserves_VBZ an_DT era_NN in_IN Stamford_NNP and_CC in_IN our_PRP$ country_NN when_WRB this_DT type_NN of_IN work_NN was_VBD being_VBG done_VBN ._. 
The_DT prices_NNS of_IN corn_NN futures_NNS contracts_NNS jumped_VBD amid_IN rumors_NNS that_IN the_DT Soviet_NNP Union_NNP is_VBZ keeping_VBG up_IN its_PRP$ dizzying_JJ October_NNP buying_VBG binge_NN of_IN U.S._NNP corn_NN ._. 
Those_DT rumors_NNS were_VBD confirmed_VBN after_IN the_DT end_NN of_IN trading_NN yesterday_NN when_WRB the_DT U.S._NNP Agriculture_NNP Department_NNP announced_VBD that_IN the_DT Soviets_NNPS had_VBD bought_VBN 1.2_CD million_CD metric_JJ tons_NNS of_IN U.S._NNP corn_NN ,_, bringing_VBG their_PRP$ U.S._NNP corn_NN purchases_NNS confirmed_VBD so_RB far_RB this_DT month_NN to_TO about_IN five_CD million_CD metric_JJ tons_NNS ._. 
In_IN trading_NN at_IN the_DT Chicago_NNP Board_NNP of_IN Trade_NNP ,_, the_DT corn_NN contract_NN for_IN December_NNP delivery_NN jumped_VBD 5.75_CD cents_NNS a_DT bushel_NN to_TO settle_VB at_IN $_$ 2.44_CD a_DT bushel_NN ._. 
The_DT Soviet_JJ purchases_NNS are_VBP close_RB to_TO exceeding_VBG what_WP some_DT analysts_NNS had_VBD expected_VBN the_DT Soviet_NNP Union_NNP to_TO buy_VB this_DT fall_NN ,_, the_DT season_NN in_IN which_WDT it_PRP usually_RB buys_VBZ much_NN of_IN the_DT corn_NN it_PRP imports_VBZ from_IN the_DT U.S._NNP ._. 
That_DT pace_NN is_VBZ causing_VBG some_DT analysts_NNS to_TO speculate_VB that_IN the_DT Soviet_NNP Union_NNP might_MD soon_RB purchase_VB as_RB much_JJ as_IN another_DT two_CD million_CD metric_JJ tons_NNS ._. 
One_CD sign_NN that_IN more_RBR Soviet_JJ purchases_NNS are_VBP possible_JJ is_VBZ that_IN U.S._NNP grain_NN companies_NNS yesterday_NN bought_VBD an_DT unusually_RB large_JJ amount_NN of_IN corn_NN futures_NNS contracts_NNS ._. 
That_DT sometimes_RB signals_VBZ that_IN they_PRP are_VBP laying_VBG plans_NNS to_TO export_VB corn_NN ._. 
By_IN some_DT estimates_NNS ,_, several_JJ grain_NN companies_NNS combined_VBN bought_VBD contracts_NNS for_IN the_DT possession_NN of_IN roughly_RB one_CD million_CD metric_JJ tons_NNS of_IN corn_NN ._. 
By_IN buying_VBG futures_NNS contracts_NNS ,_, these_DT companies_NNS attempt_VBP to_TO protect_VB themselves_PRP from_IN swings_NNS in_IN the_DT price_NN of_IN the_DT corn_NN that_IN they_PRP are_VBP obligated_VBN to_TO deliver_VB ._. 
Rumors_NNS of_IN Soviet_JJ interest_NN also_RB pushed_VBD up_IN the_DT prices_NNS of_IN soybean_NN futures_NNS contracts_NNS ._. 
Among_IN other_JJ things_NNS ,_, the_DT Agriculture_NNP Department_NNP is_VBZ widely_RB thought_VBN to_TO be_VB mulling_VBG whether_IN to_TO subsidize_VB the_DT sale_NN of_IN soybean_NN oil_NN to_TO the_DT Soviet_NNP Union_NNP ._. 
On_IN top_NN of_IN all_PDT this_DT ,_, corn_NN and_CC soybean_NN prices_NNS rose_VBD on_IN reports_NNS that_IN the_DT Midwest_NNP harvest_NN was_VBD disrupted_VBN by_IN a_DT freakishly_RB early_JJ snow_NN storm_NN that_WDT dumped_VBD several_JJ inches_NNS in_IN parts_NNS of_IN Indiana_NNP and_CC Ohio_NNP ._. 
The_DT harvest_NN delays_NNS ,_, however_RB ,_, are_VBP expected_VBN to_TO be_VB temporary_JJ ._. 
Balmy_JJ temperatures_NNS are_VBP forecast_NN for_IN next_JJ week_NN ,_, said_VBD Robert_NNP Lekberg_NNP ,_, an_DT analyst_NN at_IN Farmers_NNP Grain_NNP &_CC Livestock_NNP Corp._NNP ,_, Chicago_NNP ._. 
Many_JJ farmers_NNS used_VBD the_DT jump_NN in_IN prices_NNS to_TO sell_VB their_PRP$ recently_RB harvested_VBN crop_NN to_TO grain_NN elevator_NN companies_NNS ._. 
The_DT heavy_JJ selling_NN by_IN farmers_NNS helped_VBD to_TO damp_VB the_DT price_NN rally_NN ._. 
Wheat_JJ futures_NNS prices_NNS rose_VBD slightly_RB ._. 
In_IN other_JJ commodity_NN markets_NNS yesterday_NN :_: 
PRECIOUS_JJ METALS_NNS :_: 
Futures_NNS prices_NNS declined_VBD ._. 
A_DT number_NN of_IN developments_NNS were_VBD negatively_RB interpreted_VBN by_IN traders_NNS ._. 
December_NNP delivery_NN gold_NN fell_VBD $_$ 1.80_CD an_DT ounce_NN to_TO $_$ 370.60_CD ._. 
December_NNP silver_NN eased_VBD 2.7_CD cents_NNS an_DT ounce_NN to_TO $_$ 5.133_CD ._. 
January_NNP platinum_NN was_VBD down_RB $_$ 3.60_CD an_DT ounce_NN at_IN $_$ 491.10_CD ._. 
One_CD price-depressing_JJ development_NN was_VBD the_DT lower-than-expected_JJ increase_NN of_IN only_RB 0.2_CD %_NN in_IN the_DT consumer_NN price_NN index_NN for_IN September_NNP ,_, an_DT analyst_NN said_VBD ._. 
He_PRP noted_VBD that_IN the_DT ``_`` core_NN inflation_NN rate_NN ,_, ''_'' which_WDT excludes_VBZ food_NN and_CC energy_NN ,_, was_VBD also_RB low_JJ at_IN 0.2_CD %_NN ._. 
Other_JJ news_NN that_WDT weighed_VBD on_IN the_DT market_NN :_: Initial_JJ unemployment_NN claims_NNS rose_VBD by_IN 62,000_CD last_JJ week_NN ;_: American_NNP Telephone_NNP &_CC Telegraph_NNP Co._NNP will_MD reduce_VB its_PRP$ managerial_JJ staff_NN by_IN 15,000_CD through_IN attrition_NN ;_: the_DT oil_NN market_NN turned_VBD weaker_JJR ;_: there_EX was_VBD n't_RB any_DT investor_NN demand_NN for_IN bullion_NN ;_: and_CC the_DT dollar_NN strengthened_VBN during_IN the_DT day_NN ,_, putting_VBG pressure_NN on_IN gold_NN ._. 
Also_RB ,_, the_DT analyst_NN said_VBD ,_, economic_JJ circumstances_NNS are_VBP such_JJ that_IN both_DT South_NNP Africa_NNP and_CC the_DT Soviet_NNP Union_NNP ,_, the_DT principal_JJ gold_NN and_CC platinum_NN producers_NNS ,_, are_VBP being_VBG forced_VBN to_TO continue_VB selling_VBG the_DT metals_NNS ._. 
Both_DT are_VBP in_IN great_JJ need_NN of_IN foreign_JJ exchange_NN ,_, and_CC South_NNP Africa_NNP is_VBZ also_RB under_IN pressure_NN to_TO meet_VB foreign_JJ loan_NN commitments_NNS ,_, he_PRP said_VBD ._. 
``_`` Putting_VBG it_PRP all_DT together_RB ,_, we_PRP have_VBP a_DT negative_JJ scenario_NN that_WDT does_VBZ n't_RB look_VB like_IN it_PRP will_MD improve_VB overnight_JJ ,_, ''_'' he_PRP said_VBD ._. 
COPPER_NN :_: 
Futures_NNS prices_NNS recovered_VBD in_IN quiet_JJ trading_NN ._. 
The_DT December_NNP contract_NN rose_VBD 1.50_CD cents_NNS a_DT pound_NN to_TO $_$ 1.2795_CD ._. 
That_DT contract_NN fell_VBD a_DT total_NN of_IN 5.75_CD cents_NNS during_IN the_DT first_JJ three_CD days_NNS of_IN this_DT week_NN ,_, mostly_RB in_IN reaction_NN to_TO last_VB Friday_NNP 's_POS stock_NN market_NN plunge_NN ,_, which_WDT prompted_VBD concern_NN that_IN it_PRP might_MD signal_VB a_DT similar_JJ sharp_JJ slowing_NN of_IN the_DT U.S._NNP economy_NN and_CC thus_RB reduced_VBN demand_NN for_IN copper_NN ,_, a_DT leading_VBG industrial_JJ metal_NN ._. 
In_IN recent_JJ days_NNS ,_, however_RB ,_, there_EX has_VBZ been_VBN increased_VBN purchasing_VBG of_IN copper_NN in_IN London_NNP ,_, an_DT analyst_NN said_VBD ._. 
Some_DT of_IN this_DT buying_VBG was_VBD by_IN Japan_NNP ,_, which_WDT has_VBZ had_VBN its_PRP$ supplies_NNS sharply_RB reduced_VBN by_IN long_JJ production_NN stoppages_NNS at_IN the_DT Bougainville_NNP mine_NN in_IN Papua_NNP New_NNP Guinea_NNP ,_, Highland_NNP Valley_NNP mine_NN in_IN British_NNP Columbia_NNP ,_, and_CC the_DT Cananea_NNP mine_NN in_IN Mexico_NNP ,_, which_WDT are_VBP major_JJ shippers_NNS to_TO Japan_NNP ._. 
The_DT increasing_VBG likelihood_NN that_IN Cananea_NNP and_CC Highland_NNP Valley_NNP will_MD soon_RB return_VB to_TO production_NN may_MD have_VB cut_VBN some_DT of_IN that_DT purchasing_NN ,_, but_CC even_RB if_IN any_DT of_IN these_DT mines_NNS begin_VBP operating_VBG soon_RB ,_, their_PRP$ output_NN wo_MD n't_RB be_VB significant_JJ until_IN at_IN least_JJS the_DT end_NN of_IN the_DT year_NN ,_, analysts_NNS note_VBP ._. 
So_RB ,_, one_CD analyst_NN said_VBD ,_, even_RB though_IN the_DT long-term_JJ production_NN problems_NNS may_MD be_VB easing_VBG ,_, there_EX will_MD still_RB be_VB a_DT significant_JJ need_NN for_IN copper_NN over_IN the_DT next_JJ three_CD months_NNS ,_, when_WRB inventories_NNS will_MD remain_VB relatively_RB low_JJ ._. 
ENERGY_NN :_: 
Crude_JJ oil_NN prices_NNS ended_VBD mixed_VBN ._. 
West_NNP Texas_NNP Intermediate_NNP for_IN November_NNP delivery_NN fell_VBD 14_CD cents_NNS a_DT barrel_NN to_TO $_$ 20.42_CD ._. 
But_CC so-called_JJ outer_JJ month_NN contracts_NNS finished_VBD higher_JJR ._. 
For_IN instance_NN ,_, December_NNP contracts_NNS for_IN WTI_NNP rose_VBD 17_CD cents_NNS to_TO $_$ 20.42_CD ._. 
Most_JJS energy_NN futures_NNS opened_VBD lower_JJR ,_, following_VBG Wednesday_NNP 's_POS market_NN downturn_NN ._. 
But_CC a_DT flurry_NN of_IN late_JJ trading_NN yesterday_NN beefed_VBN up_IN prices_NNS ._. 
Heating_NN oil_NN and_CC gasoline_NN futures_NNS ended_VBD higher_JJR as_IN well_RB ._. 
Melvin_NNP Belli_NNP 's_POS San_NNP Francisco_NNP law_NN offices_NNS may_MD have_VB been_VBN the_DT epicenter_NN of_IN legal_JJ activity_NN after_IN Tuesday_NNP 's_POS earthquake_NN ._. 
In_IN the_DT first_JJ 25_CD minutes_NNS after_IN his_PRP$ office_NN 's_POS telephone_NN service_NN was_VBD restored_VBN yesterday_NN morning_NN ,_, 17_CD potential_JJ clients_NNS had_VBD called_VBN seeking_VBG the_DT services_NNS of_IN the_DT self-proclaimed_JJ King_NNP of_IN Torts_NNP ._. 
Mr._NNP Belli_NNP ,_, like_IN many_JJ other_JJ personal-injury_JJ lawyers_NNS ,_, suspects_VBZ that_IN the_DT earthquake_NN ,_, which_WDT measured_VBD 6.9_CD on_IN the_DT Richter_NNP scale_NN ,_, will_MD generate_VB enough_JJ lawsuits_NNS to_TO keep_VB this_DT city_NN 's_POS personal-injury_NN and_CC construction_NN lawyers_NNS busy_JJ for_IN quite_RB some_DT time_NN ._. 
Suits_NNS are_VBP likely_JJ to_TO be_VB filed_VBN against_IN engineering_NN firms_NNS ,_, contractors_NNS and_CC developers_NNS ,_, as_RB well_RB as_IN against_IN local-government_JJ agencies_NNS ._. 
But_CC lawyers_NNS looking_VBG to_TO cash_VB in_IN on_IN the_DT quake_NN may_MD have_VB a_DT tough_JJ time_NN once_RB their_PRP$ cases_NNS reach_VBP a_DT judge_NN ._. 
Experts_NNS on_IN California_NNP tort_NN law_NN say_VBP protections_NNS afforded_VBD government_NN agencies_NNS in_IN such_JJ cases_NNS are_VBP pretty_RB ironclad_JJ ._. 
Even_RB claims_VBZ against_IN individuals_NNS and_CC companies_NNS face_VBP significant_JJ roadblocks_NNS ._. 
The_DT major_JJ legal_JJ barrier_NN is_VBZ the_DT principle_NN that_IN no_DT one_PRP can_MD be_VB held_VBN liable_JJ for_IN an_DT ``_`` act_NN of_IN God_NNP ._. ''_'' 
For_IN now_RB ,_, says_VBZ Laurence_NNP Drivon_NNP ,_, president-elect_NN of_IN the_DT 6,000-member_NNP California_NNP Trial_NNP Lawyers_NNP Association_NNP ,_, ``_`` the_DT last_JJ thing_NN we_PRP really_RB need_VBP to_TO worry_VB about_IN is_VBZ whether_IN anybody_NN is_VBZ going_VBG to_TO get_VB sued_VBD ,_, or_CC whether_IN they_PRP have_VBP liability_NN or_CC not_RB ._. 
We_PRP still_RB have_VBP people_NNS wandering_VBG around_IN in_IN a_DT daze_NN in_IN San_NNP Francisco_NNP worrying_VBG about_IN whether_IN it_PRP 's_VBZ going_VBG to_TO rain_VB tonight_RB ._. ''_'' 
But_CC that_DT wo_MD n't_RB stop_VB plaintiffs_NNS '_POS lawyers_NNS from_IN seeking_VBG a_DT little_JJ room_NN for_IN maneuvering_NN ._. 
In_IN San_NNP Francisco_NNP ,_, they_PRP argue_VBP ,_, an_DT earthquake_NN was_VBD a_DT near_JJ certainty_NN ._. 
Therefore_RB ,_, engineering_NN firms_NNS ,_, construction_NN contractors_NNS and_CC developers_NNS can_MD be_VB sued_VBN for_IN not_RB keeping_VBG structures_NNS up_IN to_TO standard_JJ ,_, and_CC government_NN agencies_NNS can_MD be_VB held_VBN accountable_JJ for_IN failing_VBG to_TO properly_RB protect_VB citizens_NNS from_IN such_JJ a_DT foreseeable_JJ disaster_NN ,_, if_IN negligence_NN can_MD be_VB proven_VBN ._. 
``_`` My_PRP$ prediction_NN is_VBZ there_EX will_MD be_VB mass_NN litigation_NN over_IN errors_NNS and_CC omissions_NNS in_IN engineering_NN and_CC contracting_NN ,_, ''_'' says_VBZ Stanley_NNP Chesley_NNP ,_, a_DT well-known_JJ Cincinnati_NNP plaintiffs_NNS lawyer_NN ._. 
From_IN what_WP he_PRP saw_VBD on_IN television_NN ,_, Mr._NNP Chesley_NNP points_VBZ out_RP that_IN Interstate_NNP 880_CD ,_, which_WDT collapsed_VBD and_CC killed_VBN more_JJR than_IN 200_CD commuters_NNS ,_, suffered_VBD serious_JJ damage_NN while_IN surrounding_VBG buildings_NNS appeared_VBD to_TO sustain_VB no_DT damage_NN whatsoever_RB ._. 
He_PRP adds_VBZ that_IN ``_`` they_PRP were_VBD aware_JJ of_IN the_DT propensity_NN for_IN earthquakes_NNS and_CC the_DT San_NNP Andreas_NNP Fault_NNP ._. ''_'' 
The_DT flamboyant_JJ and_CC publicity-conscious_JJ Mr._NNP Belli_NNP says_VBZ he_PRP already_RB has_VBZ investigators_NNS looking_VBG into_IN who_WP could_MD be_VB held_VBN liable_JJ for_IN the_DT damage_NN on_IN the_DT Bay_NNP Bridge_NNP and_CC the_DT interstate_JJ approaching_VBG it_PRP ._. 
``_`` We_PRP wo_MD n't_RB know_VB until_IN the_DT smoke_NN clears_VBZ --_: but_CC yes_UH ,_, we_PRP 're_VBP looking_VBG into_IN it_PRP ,_, ''_'' he_PRP says_VBZ ._. 
Mr._NNP Belli_NNP says_VBZ he_PRP wants_VBZ to_TO know_VB whether_IN state_NN or_CC federal_JJ engineers_NNS or_CC private_JJ companies_NNS could_MD have_VB prevented_VBN the_DT damage_NN ._. 
Mr._NNP Belli_NNP ,_, who_WP was_VBD at_IN Candlestick_NNP Park_NNP for_IN the_DT World_NNP Series_NNP Tuesday_NNP night_NN ,_, says_VBZ he_PRP has_VBZ hired_VBN civil_JJ engineers_NNS to_TO check_VB out_IN his_PRP$ own_JJ mildly_RB damaged_VBN building_NN and_CC to_TO investigate_VB the_DT bridge_NN collapse_NN ._. 
Defense_NN lawyers_NNS ,_, perhaps_RB understandably_RB ,_, say_VBP that_IN plaintiffs_NNS '_POS lawyers_NNS taking_VBG such_JJ an_DT approach_NN will_MD have_VB little_JJ success_NN in_IN pursuing_VBG their_PRP$ claims_NNS ,_, though_IN they_PRP add_VBP that_IN the_DT facts_NNS of_IN each_DT case_NN must_MD be_VB looked_VBN at_IN individually_RB ._. 
``_`` A_DT lot_NN of_IN this_DT is_VBZ going_VBG to_TO be_VB code-related_JJ ,_, ''_'' says_VBZ Ignazio_NNP J._NNP Ruvolo_NNP ,_, a_DT construction_NN law_NN specialist_NN at_IN Bronson_NNP ,_, Bronson_NNP &_CC McKinnon_NNP ,_, a_DT San_NNP Francisco_NNP law_NN firm_NN ._. 
Plaintiffs_NNS ,_, he_PRP says_VBZ ,_, will_MD argue_VB that_WDT damaged_VBD structures_NNS were_VBD n't_RB built_VBN to_TO proper_JJ design_NN standards_NNS ._. 
But_CC if_IN defendants_NNS can_MD prove_VB that_IN they_PRP met_VBD San_NNP Francisco_NNP 's_POS stringent_JJ building_NN codes_NNS ,_, ``_`` that_DT 's_VBZ probably_RB going_VBG to_TO protect_VB them_PRP ,_, ''_'' Mr._NNP Ruvolo_NNP says_VBZ ._. 
Government_NN entities_NNS ,_, continues_VBZ Mr._NNP Ruvolo_NNP ,_, could_MD be_VB protected_VBN by_IN the_DT California_NNP Government_NNP Tort_NNP Liability_NNP Act_NNP ._. 
Under_IN the_DT statute_NN ,_, agencies_NNS are_VBP provided_VBN ``_`` defenses_NNS that_IN normally_RB are_VBP n't_RB available_JJ in_IN the_DT private_JJ sector_NN ,_, ''_'' Mr._NNP Ruvolo_NNP says_VBZ ._. 
``_`` The_DT legislature_NN does_VBZ not_RB want_VB to_TO inhibit_VB the_DT unique_JJ government_NN activities_NNS by_IN exposing_VBG public_JJ entities_NNS to_TO liability_NN ._. ''_'' 
Built_VBN into_IN the_DT statute_NN are_VBP so-called_JJ design_NN immunities_NNS ,_, which_WDT are_VBP likely_JJ to_TO protect_VB government_NN agencies_NNS ,_, according_VBG to_TO Mr._NNP Ruvolo_NNP and_CC Richard_NNP Covert_NNP ,_, a_DT lawyer_NN with_IN the_DT California_NNP Department_NNP of_IN Transportation_NNP ,_, which_WDT oversees_VBZ the_DT damaged_VBN Bay_NNP Bridge_NNP ._. 
The_DT state_NN is_VBZ protected_VBN when_WRB plans_NNS and_CC designs_NNS for_IN public_JJ structures_NNS were_VBD approved_VBN ahead_RB of_IN time_NN or_CC when_WRB structures_NNS met_VBD previously_RB approved_VBN standards_NNS ,_, says_VBZ Mr._NNP Covert_NNP ._. 
He_PRP believes_VBZ those_DT defenses_NNS might_MD well_RB apply_VB to_TO the_DT Bay_NNP Bridge_NNP collapse_NN ._. 
Nevertheless_RB ,_, he_PRP adds_VBZ ,_, ``_`` I_PRP would_MD n't_RB get_VB totally_RB shocked_VBN if_IN we_PRP get_VBP lawsuits_NNS out_IN of_IN the_DT Bay_NNP Bridge_NNP ._. ''_'' 
If_IN there_EX 's_VBZ going_VBG to_TO be_VB a_DT race_NN to_TO the_DT courthouse_NN ,_, it_PRP has_VBZ n't_RB started_VBN yet_RB ._. 
Mr._NNP Covert_NNP had_VBD to_TO search_VB through_IN law_NN books_NNS scattered_VBN on_IN the_DT floor_NN of_IN his_PRP$ office_NN yesterday_NN ,_, and_CC Mr._NNP Belli_NNP 's_POS courtyard_NN was_VBD strewn_VBN with_IN bricks_NNS ._. 
Wednesday_NNP ,_, Mr._NNP Belli_NNP 's_POS staff_NN was_VBD n't_RB permitted_VBN into_IN his_PRP$ office_NN by_IN city_NN officials_NNS worried_VBN about_IN their_PRP$ safety_NN ._. 
He_PRP said_VBD he_PRP set_VBD up_IN shop_NN on_IN the_DT sidewalk_NN in_IN front_NN of_IN his_PRP$ town-house_JJ office_NN and_CC helped_VBD victims_NNS apply_VBP for_IN federal_JJ aid_NN --_: free_JJ of_IN charge_NN ._. 
In_IN a_DT news_NN release_NN issued_VBN by_IN Mr._NNP Drivon_NNP ,_, the_DT trial_NN lawyers_NNS association_NN also_RB promised_VBD free_JJ assistance_NN to_TO victims_NNS ._. 
The_DT association_NN said_VBD it_PRP would_MD monitor_VB the_DT conduct_NN of_IN lawyers_NNS and_CC warned_VBD that_DT solicitation_NN of_IN business_NN is_VBZ unethical_JJ ._. 
What_WP 's_VBZ in_IN a_DT name_NN ?_. 
Apparently_RB a_DT lot_NN ,_, according_VBG to_TO the_DT British_JJ firm_NN of_IN Deloitte_NNP ,_, Haskins_NNP &_CC Sells_NNP ._. 
The_DT British_JJ firm_NN has_VBZ begun_VBN court_NN proceedings_NNS in_IN London_NNP to_TO prevent_VB the_DT use_NN of_IN the_DT name_NN ``_`` Deloitte_NNP ''_'' by_IN Deloitte_NNP ,_, Haskins_NNP &_CC Sells_NNP and_CC Touche_NNP Ross_NNP &_CC Co._NNP in_IN England_NNP and_CC the_DT rest_NN of_IN the_DT world_NN ._. 
The_DT British_NNP Deloitte_NNP firm_NN recently_RB withdrew_VBD from_IN the_DT merger_NN of_IN Deloitte_NNP and_CC Touche_NNP world-wide_JJ and_CC joined_VBD Coopers_NNP &_CC Lybrand_NNP ._. 
John_NNP Bullock_NNP ,_, senior_JJ partner_NN of_IN Deloitte_NNP in_IN the_DT U.K._NNP ,_, said_VBD ``_`` the_DT decision_NN to_TO start_VB these_DT proceedings_NNS has_VBZ n't_RB been_VBN taken_VBN lightly_RB ._. ''_'' 
Mr._NNP Bullock_NNP said_VBD the_DT British_JJ firm_NN has_VBZ used_VBN the_DT name_NN ``_`` Deloitte_NNP ''_'' since_IN 1845_CD ._. 
In_IN the_DT U.S._NNP ,_, Deloitte_NNP ,_, Haskins_NNP &_CC Sells_NNP was_VBD known_VBN as_IN Haskins_NNP &_CC Sells_NNP until_IN 1978_CD ,_, when_WRB it_PRP added_VBD the_DT ``_`` Deloitte_NNP ''_'' name_NN of_IN its_PRP$ British_JJ affiliate_NN ._. 
John_NNP C._NNP Burton_NNP ,_, an_DT accounting_NN professor_NN at_IN Columbia_NNP University_NNP 's_POS Graduate_NNP School_NNP of_IN Business_NNP ,_, said_VBD ``_`` there_EX 's_VBZ a_DT lot_NN of_IN emotion_NN involved_VBN in_IN the_DT name_NN of_IN an_DT accounting_NN firm_NN with_IN a_DT long_JJ history_NN and_CC with_IN roots_NNS in_IN England_NNP ,_, where_WRB accounting_NN predates_VBZ the_DT U.S._NNP ._. ''_'' 
Although_IN accountants_NNS are_VBP n't_RB noted_VBN as_IN ``_`` being_VBG deeply_RB emotional_JJ ,_, they_PRP really_RB hold_VBP it_PRP all_DT in_NN ,_, ''_'' said_VBD Mr._NNP Burton_NNP ,_, former_JJ chief_JJ accountant_NN of_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ._. 
J._NNP Michael_NNP Cook_NNP ,_, chairman_NN of_IN Deloitte_NNP ,_, Haskins_NNP &_CC Sells_NNP International_NNP ,_, said_VBD he_PRP believes_VBZ the_DT legal_JJ action_NN by_IN the_DT British_JJ firm_NN ``_`` to_TO be_VB without_IN merit_NN ._. ''_'' 
Mr._NNP Cook_NNP said_VBD that_IN last_JJ June_NNP ,_, the_DT international_JJ executive_NN committes_NNS of_IN Deloitte_NNP and_CC Touche_NNP agreed_VBD to_TO a_DT world-wide_JJ merger_NN ._. 
``_`` The_DT merger_NN is_VBZ proceeding_VBG according_VBG to_TO plan_VB ,_, except_IN as_IN to_TO the_DT withdrawal_NN of_IN the_DT Deloitte_NNP U.K._NNP firm_NN ,_, ''_'' he_PRP said_VBD ._. 
Partners_NNS at_IN other_JJ accounting_NN firms_NNS say_VBP that_IN the_DT Deloitte_NNP firm_NN in_IN the_DT U.K._NNP is_VBZ filing_VBG the_DT suit_NN to_TO get_VB even_RB with_IN the_DT merged_VBN Deloitte-Touche_NNP firm_NN for_IN keeping_VBG major_JJ auditing_NN work_NN in_IN England_NNP ._. 
General_NNP Motors_NNPS Corp._NNP ,_, a_DT Deloitte_NNP audit_NN client_NN ,_, for_IN example_NN ,_, has_VBZ agreed_VBN to_TO keep_VB its_PRP$ annual_JJ $_$ 18_CD million_CD world-wide_JJ audit_NN and_CC associated_VBN tax_NN work_NN with_IN the_DT merged_VBN Deloitte-Touche_NNP firm_NN ,_, to_TO be_VB known_VBN as_IN Deloitte_NNP &_CC Touche_NNP in_IN the_DT U.S._NNP ._. 
In_IN England_NNP ,_, this_DT would_MD mean_VB that_IN the_DT British_NNP Deloitte_NNP would_MD lose_VB revenue_NN for_IN its_PRP$ audit_NN of_IN GM_NNP 's_POS Vauxhill_NNP unit_NN ._. 
The_DT defection_NN of_IN Deloitte_NNP 's_POS affiliates_NNS in_IN Britain_NNP and_CC the_DT Netherlands_NNP to_TO Coopers_NNP &_CC Lybrand_NNP will_MD make_VB Coopers_NNP one_CD of_IN the_DT biggest_JJS accounting_NN firms_NNS in_IN Europe_NNP ,_, rivaling_VBG KPMG_NNP Peat_NNP Marwick_NNP there_RB ._. 
Although_IN Coopers_NNP has_VBZ n't_RB been_VBN courted_VBN by_IN other_JJ major_JJ accounting_NN firms_NNS for_IN a_DT merger_NN ,_, it_PRP is_VBZ benefiting_VBG greatly_RB from_IN fallout_NN from_IN the_DT Deloitte-Touche_NNP merger_NN ._. 
In_IN New_NNP York_NNP ,_, Harris_NNP Amhowitz_NNP ,_, general_JJ counsel_NN of_IN Coopers_NNP ,_, said_VBD Coopers_NNP ``_`` was_VBD aware_JJ of_IN the_DT litigation_NN ,_, ''_'' but_CC he_PRP declined_VBD further_JJ comment_NN ._. 
He_PRP also_RB declined_VBD to_TO comment_VB on_IN the_DT name_NN that_IN Coopers_NNP would_MD use_VB in_IN England_NNP if_IN Deloitte_NNP UK_NNP won_VBD its_PRP$ litigation_NN to_TO keep_VB its_PRP$ name_NN ._. 
Coopers_NNP uses_VBZ the_DT Coopers_NNP &_CC Lybrand_NNP name_NN world-wide_JJ ._. 
William_NNP Bennett_NNP ,_, the_DT White_NNP House_NNP drug-policy_NN director_NN ,_, accused_VBN local_JJ officials_NNS in_IN the_DT Washington_NNP area_NN of_IN blocking_VBG construction_NN of_IN prison_NN facilities_NNS to_TO house_VB convicted_VBN drug_NN dealers_NNS ._. 
``_`` Politics_NNP has_VBZ essentially_RB put_VB up_IN a_DT roadblock_NN ''_'' to_TO finding_VBG sites_NNS for_IN new_JJ federal_JJ prisons_NNS ,_, Mr._NNP Bennett_NNP said_VBD at_IN a_DT news_NN conference_NN called_VBN to_TO report_VB on_IN his_PRP$ ``_`` emergency_NN assistance_NN program_NN ''_'' for_IN the_DT capital_NN ._. 
Without_IN more_JJR space_NN to_TO incarcerate_VB convicted_VBN criminals_NNS ,_, he_PRP added_VBD ,_, ``_`` we_PRP will_MD not_RB win_VB the_DT war_NN on_IN drugs_NNS ._. ''_'' 
Mr._NNP Bennett_NNP declared_VBD in_IN April_NNP that_IN he_PRP would_MD make_VB Washington_NNP a_DT ``_`` test_NN case_NN ''_'' for_IN how_WRB the_DT Bush_NNP administration_NN would_MD aid_VB cities_NNS afflicted_VBN by_IN heavy_JJ drug_NN trafficking_NN and_CC violence_NN ._. 
The_DT drug_NN czar_NN claimed_VBD that_IN enforcement_NN efforts_NNS are_VBP working_VBG here_RB ,_, ``_`` albeit_IN at_IN a_DT slower_JJR and_CC more_JJR halting_VBG pace_NN than_IN we_PRP would_MD like_IN ._. ''_'' 
He_PRP acknowledged_VBD ,_, however_RB ,_, that_IN Washington_NNP 's_POS ``_`` drug-related_JJ murder_NN rate_NN is_VBZ intolerably_RB high_JJ ._. 
The_DT prisons_NNS are_VBP too_RB crowded_VBN ._. 
Drugs_NNS continue_VBP to_TO be_VB sold_VBN openly_RB around_IN schools_NNS ,_, parks_NNS and_CC housing_NN projects_NNS ._. ''_'' 
Mr._NNP Bennett_NNP declined_VBD to_TO name_VB the_DT area_NN officials_NNS who_WP he_PRP believes_VBZ have_VBP impeded_VBN plans_NNS for_IN building_NN more_RBR federal_JJ prisons_NNS to_TO ease_VB Washington_NNP 's_POS problem_NN ._. 
But_CC other_JJ Bush_NNP administration_NN officials_NNS have_VBP criticized_VBN Maryland_NNP Gov._NNP William_NNP Schaefer_NNP for_IN blocking_VBG the_DT use_NN of_IN possible_JJ sites_NNS in_IN that_DT state_NN ._. 
Administration_NN officials_NNS also_RB have_VBP said_VBD that_IN Washington_NNP Mayor_NNP Marion_NNP Barry_NNP has_VBZ delayed_VBN consideration_NN of_IN sites_NNS in_IN the_DT city_NN ._. 
In_IN a_DT letter_NN to_TO Mr._NNP Bennett_NNP 's_POS office_NN ,_, released_VBN yesterday_NN ,_, Washington_NNP 's_POS city_NN administrator_NN ,_, Carol_NNP Thompson_NNP ,_, complained_VBD that_IN the_DT drug_NN czar_NN had_VBD exaggerated_VBN the_DT amount_NN of_IN federal_JJ drug-related_JJ assistance_NN provided_VBN to_TO the_DT capital_NN ._. 
Referring_VBG to_TO Mr._NNP Bennett_NNP 's_POS claim_NN that_IN the_DT federal_JJ government_NN would_MD provide_VB $_$ 97_CD million_CD in_IN emergency_NN federal_JJ support_NN ,_, Ms._NNP Thompson_NNP wrote_VBD ,_, ``_`` Our_PRP$ analysis_NN was_VBD unable_JJ to_TO even_RB come_VB close_RB to_TO documenting_VBG that_DT figure_NN ._. ''_'' 
Of_IN his_PRP$ successes_NNS in_IN Washington_NNP ,_, Mr._NNP Bennett_NNP stressed_VBD that_IN existing_VBG federal_JJ prisons_NNS have_VBP taken_VBN custody_NN of_IN 375_CD local_JJ inmates_NNS ._. 
He_PRP also_RB noted_VBD that_IN the_DT federal_JJ Drug_NNP Enforcement_NNP Administration_NNP has_VBZ established_VBN a_DT federal-local_JJ task_NN force_NN responsible_JJ since_IN April_NNP for_IN 106_CD arrests_NNS and_CC more_JJR than_IN $_$ 2_CD million_CD in_IN seizures_NNS of_IN drug_NN dealers_NNS '_POS assets_NNS ._. 
The_DT Defense_NNP Department_NNP has_VBZ lent_VBN the_DT Washington_NNP U.S._NNP attorney_NN 10_CD prosecutors_NNS ,_, and_CC the_DT Federal_NNP Bureau_NNP of_IN Investigation_NNP has_VBZ provided_VBN crime_NN laboratory_NN facilities_NNS and_CC training_NN ,_, he_PRP added_VBD ._. 
What_WP if_IN it_PRP happened_VBD to_TO us_PRP ?_. 
In_IN the_DT wake_NN of_IN the_DT earthquake_NN in_IN California_NNP and_CC the_DT devastation_NN of_IN Hurricane_NNP Hugo_NNP ,_, many_JJ companies_NNS in_IN disaster-prone_JJ areas_NNS are_VBP pondering_VBG the_DT question_NN of_IN preparedness_NN ._. 
Some_DT ,_, particularly_RB in_IN West_NNP Coast_NNP earthquake_NN zones_NNS ,_, are_VBP dusting_VBG off_IN their_PRP$ evacuation_NN plans_NNS ,_, checking_VBG food_NN stocks_NNS and_CC reminding_VBG employees_NNS of_IN what_WP to_TO do_VB if_IN emergency_NN strikes_NNS ._. 
Others_NNS say_VBP they_PRP feel_VBP confident_JJ that_IN steps_NNS they_PRP 've_VBP already_RB taken_VBN would_MD see_VB them_PRP through_IN a_DT disaster_NN ._. 
Preparedness_NN involves_VBZ more_JJR than_IN flashlights_NNS and_CC fire_NN alarms_VBZ these_DT days_NNS ._. 
Some_DT big_JJ companies_NNS have_VBP teams_NNS of_IN in-house_JJ experts_NNS focusing_VBG on_IN safety_NN and_CC business_NN resumption_NN ._. 
Many_JJ companies_NNS in_IN the_DT path_NN of_IN potential_JJ disaster_NN have_VBP set_VBN up_IN contingency_NN offices_NNS in_IN safe_JJ regions_NNS ,_, hoping_VBG they_PRP can_MD transport_VB employees_NNS there_EX and_CC resume_VB operations_NNS quickly_RB ._. 
That_DT means_VBZ making_VBG sure_JJ that_IN copies_NNS of_IN vital_JJ computer_NN software_NN and_CC company_NN records_NNS are_VBP out_IN of_IN harm_NN 's_POS way_NN ._. 
Some_DT businesses_NNS --_: like_IN Disneyland_NNP --_: claim_NN that_IN even_RB if_IN they_PRP became_VBD isolated_VBN in_IN a_DT crisis_NN ,_, they_PRP would_MD be_VB able_JJ to_TO feed_VB and_CC care_NN for_IN their_PRP$ people_NNS for_IN as_RB long_RB as_IN five_CD days_NNS ._. 
``_`` Self-sufficiency_NN has_VBZ to_TO be_VB the_DT cornerstone_NN of_IN your_PRP$ plan_NN ,_, ''_'' says_VBZ Stephanie_NNP Masaki-Schatz_NNP ,_, manager_NN of_IN corporate_JJ emergency_NN planning_NN at_IN Atlantic_NNP Richfield_NNP Co._NNP in_IN Los_NNP Angeles_NNP ._. 
``_`` If_IN you_PRP do_VBP n't_RB save_VB your_PRP$ critical_JJ people_NNS ,_, you_PRP wo_MD n't_RB be_VB able_JJ to_TO bring_VB up_IN your_PRP$ vital_JJ business_NN functions_NNS ._. ''_'' 
Although_IN ARCO_NNP 's_POS head_NN office_NN ,_, more_JJR than_IN 300_CD miles_NNS from_IN the_DT epicenter_NN ,_, was_VBD n't_RB affected_VBN by_IN this_DT week_NN 's_POS tremors_NNS ,_, Ms._NNP Masaki-Schatz_NNP used_VBD the_DT occasion_NN to_TO distribute_VB a_DT three-page_JJ memo_NN of_IN ``_`` Earthquake_NNP Tips_NNP ''_'' to_TO 1,200_CD ARCO_NNP employees_NNS ._. 
``_`` You_PRP need_VBP to_TO capitalize_VB on_IN these_DT moments_NNS when_WRB you_PRP have_VBP everyone_NN 's_POS attention_NN ,_, ''_'' she_PRP says_VBZ ._. 
``_`` It_PRP was_VBD a_DT good_JJ reminder_NN that_IN we_PRP all_DT need_NN to_TO prepare_VB prior_RB to_TO an_DT event_NN ._. ''_'' 
The_DT ARCO_NNP memo_NN urges_VBZ employees_NNS to_TO keep_VB certain_JJ supplies_NNS at_IN work_NN ,_, such_JJ as_IN solid_JJ shoes_NNS and_CC ``_`` heavy_JJ gloves_NNS to_TO clear_VB debris_NN ._. ''_'' 
It_PRP also_RB recommends_VBZ that_IN employees_NNS be_VBP aware_JJ of_IN everyday_JJ office_NN items_NNS that_WDT could_MD be_VB used_VBN for_IN emergency_NN care_NN or_CC shelter_NN ._. 
Among_IN the_DT suggestions_NNS :_: Pantyhose_NN and_CC men_NNS 's_POS ties_NNS could_MD be_VB used_VBN for_IN slings_NNS ,_, while_IN removable_JJ wooden_JJ shelves_NNS might_MD aid_VB in_IN ``_`` breaking_VBG through_IN office_NN walls_NNS ._. ''_'' 
ARCO_NNP maintains_VBZ an_DT office_NN in_IN Dallas_NNP that_WDT would_MD take_VB over_IN if_IN payroll_NN operations_NNS in_IN Pasadena_NNP were_VBD disrupted_VBN ._. 
Two_CD months_NNS ago_RB the_DT company_NN set_VBN up_IN a_DT toll-free_JJ number_NN ,_, based_VBN outside_IN California_NNP ,_, to_TO handle_VB queries_NNS from_IN employees_NNS about_IN when_WRB they_PRP should_MD report_VB back_RB to_TO work_VB after_IN an_DT earthquake_NN or_CC other_JJ disaster_NN ._. 
The_DT ARCO_NNP plan_NN takes_VBZ into_IN account_NN such_JJ details_NNS as_IN which_WDT aspects_NNS of_IN business_NN are_VBP busier_JJR at_IN certain_JJ times_NNS of_IN the_DT year_NN ._. 
This_DT way_NN ,_, depending_VBG on_IN when_WRB a_DT quake_NN might_MD strike_VB ,_, priorities_NNS can_MD be_VB assigned_VBN to_TO departments_NNS that_WDT should_MD be_VB brought_VBN back_RB on_IN line_NN first_JJ ._. 
At_IN Hewlett-Packard_NNP Co._NNP ,_, the_DT earthquake_NN came_VBD just_RB as_IN the_DT company_NN was_VBD reviewing_VBG its_PRP$ own_JJ emergency_NN procedures_NNS ._. 
``_`` We_PRP were_VBD talking_VBG about_IN scheduling_VBG a_DT practice_NN drill_NN for_IN November_NNP ,_, ''_'' says_VBZ Joan_NNP Tharp_NNP ,_, a_DT spokeswoman_NN ._. 
``_`` Then_RB we_PRP had_VBD a_DT real_JJ one_CD in_IN the_DT afternoon_NN ._. ''_'' 
The_DT Palo_NNP Alto_NNP ,_, Calif._NNP ,_, computer_NN maker_NN scrambled_VBD to_TO set_VB up_IN a_DT special_JJ phone_NN line_NN to_TO tell_VB manufacturing_NN and_CC support_NN staff_NN to_TO stay_VB home_NN Wednesday_NNP ._. 
Sales_NNS and_CC service_NN employees_NNS were_VBD asked_VBN to_TO report_VB to_TO work_VB to_TO help_VB Bay_NNP area_NN clients_NNS who_WP called_VBD with_IN computer_NN problems_NNS ._. 
Hewlett-Packard_NNP also_RB called_VBD in_IN its_PRP$ systems_NNS experts_NNS to_TO restore_VB its_PRP$ own_JJ computer_NN operations_NNS ._. 
``_`` That_DT means_VBZ we_PRP can_MD accept_VB orders_NNS ''_'' and_CC begin_VB getting_VBG back_RB to_TO normal_JJ ,_, says_VBZ Ms._NNP Tharp_NNP ._. 
Prompted_VBN by_IN an_DT earlier_RBR California_NNP earthquake_NN ,_, as_RB well_RB as_IN a_DT fire_NN in_IN a_DT Los_NNP Angeles_NNP office_NN tower_NN ,_, Great_NNP Western_NNP Bank_NNP in_IN the_DT past_JJ year_NN hired_VBN three_CD emergency_NN planners_NNS and_CC spent_VBD $_$ 75,000_CD equipping_VBG a_DT trailer_NN with_IN communications_NNS gear_VBP to_TO serve_VB as_IN an_DT emergency_NN headquarters_NN ._. 
Although_IN officials_NNS of_IN the_DT savings_NNS and_CC loan_NN ,_, a_DT unit_NN of_IN Great_NNP Western_NNP Financial_NNP Corp._NNP ,_, used_VBD some_DT of_IN their_PRP$ new_JJ plans_NNS and_CC equipment_NN during_IN this_DT week_NN 's_POS quake_NN ,_, they_PRP still_RB lost_VBD touch_NN for_IN more_JJR than_IN 24_CD hours_NNS with_IN 15_CD branches_NNS in_IN the_DT affected_VBN areas_NNS ,_, not_RB knowing_VBG if_IN employees_NNS were_VBD injured_VBN or_CC vaults_NNS were_VBD broken_VBN open_JJ ._. 
``_`` Some_DT people_NNS flat_JJ out_IN did_VBD n't_RB know_VB what_WP to_TO do_VB ,_, ''_'' says_VBZ Robert_NNP G._NNP Lee_NNP ,_, vice_NN president_NN for_IN emergency_NN planning_NN and_CC corporate_JJ security_NN at_IN Great_NNP Western_JJ ._. 
As_IN it_PRP turned_VBD out_IN ,_, bank_NN employees_NNS were_VBD n't_RB hurt_VBN and_CC the_DT vaults_NNS withstood_VBD the_DT jolts_NNS ._. 
Still_RB ,_, says_VBZ Mr._NNP Lee_NNP :_: ``_`` We_PRP need_VBP to_TO educate_VB people_NNS that_IN they_PRP need_VBP to_TO get_VB to_TO a_DT phone_NN somehow_RB ,_, some_DT way_NN ,_, to_TO let_VB someone_NN know_NN what_WP their_PRP$ status_NN is_NNS ._. ''_'' 
Some_DT companies_NNS are_VBP confident_JJ that_IN they_PRP 're_VBP prepared_VBN ._. 
Occidental_NNP Petroleum_NNP Corp._NNP holds_VBZ regular_JJ evacuation_NN drills_NNS and_CC stocks_NNS food_NN ,_, oxygen_NN and_CC non-prescription_JJ drugs_NNS at_IN checkpoints_NNS in_IN its_PRP$ 16-story_JJ headquarters_NN ._. 
The_DT company_NN also_RB maintains_VBZ rechargeable_JJ flashlights_NNS in_IN offices_NNS and_CC changes_NNS its_PRP$ standby_JJ supply_NN of_IN drinking_NN water_NN every_DT three_CD months_NNS ._. 
``_`` We_PRP feel_VBP we_PRP are_VBP doing_VBG everything_NN we_PRP can_MD ,_, ''_'' an_DT Occidental_NNP spokesman_NN says_NNS ._. 
Walt_NNP Disney_NNP Co._NNP 's_POS Disneyland_NNP in_IN Anaheim_NNP ,_, Calif._NNP ,_, stocks_NNS rescue_NN equipment_NN ,_, medical_JJ supplies_NNS ,_, and_CC enough_JJ food_NN and_CC water_NN to_TO feed_VB at_IN least_JJS 10,000_CD visitors_NNS for_IN as_RB long_RB as_IN five_CD days_NNS in_IN the_DT event_NN that_IN a_DT calamity_NN isolates_VBZ the_DT theme_NN park_NN ._. 
The_DT park_NN also_RB has_VBZ emergency_NN centers_NNS where_WRB specially_RB trained_VBN employees_NNS would_MD go_VB to_TO coordinate_VB evacuation_NN and_CC rescue_NN plans_NNS using_VBG walkie-talkies_NNS ,_, cellular_JJ phones_NNS ,_, and_CC a_DT public-address_JJ system_NN ._. 
The_DT centers_NNS are_VBP complete_JJ with_IN maps_NNS detailing_VBG utility_NN lines_NNS beneath_IN rides_NNS and_CC ``_`` safe_JJ havens_NNS ''_'' where_WRB people_NNS can_MD be_VB assembled_VBN away_RB from_IN major_JJ structures_NNS ._. 
Vista_NNP Chemical_NNP Co._NNP ,_, with_IN three_CD chemical_NN plants_NNS in_IN and_CC near_IN Lake_NNP Charles_NNP ,_, La._NNP ,_, ``_`` prepares_VBZ for_IN every_DT hurricane_NN that_WDT enters_VBZ the_DT Gulf_NNP of_IN Mexico_NNP ,_, ''_'' says_VBZ Keith_NNP L._NNP Fogg_NNP ,_, a_DT company_NN safety_NN director_NN ._. 
Hurricane_NNP Hugo_NNP ,_, an_DT Atlantic_NNP storm_NN ,_, did_VBD n't_RB affect_VB Vista_NNP ._. 
But_CC two_CD other_JJ major_JJ storms_NNS have_VBP threatened_VBN operations_NNS so_RB far_RB this_DT year_NN ,_, most_RBS recently_RB Hurricane_NNP Jerry_NNP this_DT week_NN ._. 
Because_IN hurricanes_NNS can_MD change_VB course_NN rapidly_RB ,_, the_DT company_NN sends_VBZ employees_NNS home_VBP and_CC shuts_VBZ down_JJ operations_NNS in_IN stages_NNS --_: the_DT closer_JJR a_DT storm_NN gets_VBZ ,_, the_DT more_RBR complete_VB the_DT shutdown_NN ._. 
The_DT company_NN does_VBZ n't_RB wait_VB until_IN the_DT final_JJ hours_NNS to_TO get_VB ready_JJ for_IN hurricanes_NNS ._. 
``_`` There_EX are_VBP just_RB tons_NNS of_IN things_NNS that_WDT have_VBP to_TO be_VB considered_VBN ,_, ''_'' Mr._NNP Fogg_NNP says_VBZ ._. 
``_`` Empty_JJ tank_NN cars_NNS will_MD float_VB away_RB on_IN you_PRP if_IN you_PRP get_VBP a_DT big_JJ tidal_JJ surge_NN ._. ''_'' 
Still_RB ,_, Vista_NNP officials_NNS realize_VBP they_PRP 're_VBP relatively_RB fortunate_JJ ._. 
``_`` With_IN a_DT hurricane_NN you_PRP know_VBP it_PRP 's_VBZ coming_VBG ._. 
You_PRP have_VBP time_NN to_TO put_VB precautionary_JJ mechanisms_NNS in_IN place_NN ,_, ''_'' notes_VBZ a_DT Vista_NNP spokeswoman_NN ._. 
``_`` A_DT situation_NN like_IN San_NNP Francisco_NNP is_VBZ so_RB frightening_JJ because_IN there_EX 's_VBZ no_DT warning_NN ._. 
Former_JJ Democratic_JJ fund-raiser_NN Thomas_NNP M._NNP Gaubert_NNP ,_, whose_WP$ savings_NNS and_CC loan_NN was_VBD wrested_VBN from_IN his_PRP$ control_NN by_IN federal_JJ thrift_NN regulators_NNS ,_, has_VBZ been_VBN granted_VBN court_NN permission_NN to_TO sue_VB the_DT regulators_NNS ._. 
In_IN a_DT ruling_NN by_IN the_DT Fifth_NNP U.S._NNP Circuit_NNP Court_NNP of_IN Appeals_NNPS in_IN New_NNP Orleans_NNP ,_, Mr._NNP Gaubert_NNP received_VBD the_DT go-ahead_NN to_TO pursue_VB a_DT claim_NN against_IN the_DT Federal_NNP Home_NNP Loan_NNP Bank_NNP Board_NNP and_CC the_DT Federal_NNP Home_NNP Loan_NNP Bank_NNP of_IN Dallas_NNP for_IN losses_NNS he_PRP suffered_VBD when_WRB the_DT Bank_NNP Board_NNP closed_VBD the_DT Independent_NNP American_NNP Savings_NNP Association_NNP of_IN Irving_NNP ,_, Texas_NNP ._. 
Mr._NNP Gaubert_NNP ,_, who_WP was_VBD chairman_NN and_CC the_DT majority_NN stockholder_NN of_IN Independent_NNP American_NNP ,_, had_VBD relinquished_VBN his_PRP$ control_NN in_IN exchange_NN for_IN federal_JJ regulators_NNS '_POS agreement_NN to_TO drop_VB their_PRP$ inquiry_NN into_IN his_PRP$ activities_NNS at_IN another_DT savings_NNS and_CC loan_NN ._. 
As_IN part_NN of_IN the_DT agreement_NN ,_, Mr._NNP Gaubert_NNP contributed_VBD real_JJ estate_NN valued_VBN at_IN $_$ 25_CD million_CD to_TO the_DT assets_NNS of_IN Independent_NNP American_NNP ._. 
While_IN under_IN the_DT control_NN of_IN federal_JJ regulators_NNS ,_, Independent_NNP American_NNP 's_POS net_JJ worth_NN dropped_VBD from_IN $_$ 75_CD million_CD to_TO a_DT negative_JJ $_$ 400_CD million_CD ,_, wiping_VBG out_IN the_IN value_NN of_IN Mr._NNP Gaubert_NNP 's_POS real_JJ estate_NN contribution_NN and_CC his_PRP$ stock_NN in_IN the_DT institution_NN ._. 
Mr._NNP Gaubert_NNP 's_POS suit_NN to_TO recover_VB his_PRP$ damages_NNS was_VBD dismissed_VBN last_JJ year_NN by_IN U.S._NNP District_NNP Judge_NNP Robert_NNP Maloney_NNP of_IN Dallas_NNP under_IN the_DT Federal_NNP Tort_NNP Claims_NNP Act_NNP ,_, which_WDT offers_VBZ broad_JJ protection_NN for_IN actions_NNS by_IN federal_JJ agencies_NNS and_CC employees_NNS ._. 
Earlier_RBR this_DT week_NN ,_, a_DT Fifth_NNP Circuit_NNP appellate_JJ panel_NN upheld_VBD Judge_NNP Maloney_NNP 's_POS dismissal_NN of_IN Mr._NNP Gaubert_NNP 's_POS claim_NN as_IN a_DT shareholder_NN but_CC said_VBD the_DT judge_NN should_MD reconsider_VB Mr._NNP Gaubert_NNP 's_POS claim_NN for_IN the_DT loss_NN of_IN his_PRP$ property_NN ._. 
``_`` It_PRP may_MD depend_VB on_IN whether_IN there_EX was_VBD an_DT express_NN or_CC implied_VBN promise_NN ..._: that_IN the_DT federal_JJ officials_NNS would_MD not_RB negligently_RB cause_VBG the_DT deterioration_NN ''_'' of_IN Independent_NNP American_NNP ,_, the_DT court_NN wrote_VBD ._. 
Mr._NNP Gaubert_NNP 's_POS lawyer_NN ,_, Abbe_NNP David_NNP Lowell_NNP of_IN Washington_NNP ,_, D.C._NNP ,_, says_VBZ the_DT impact_NN of_IN the_DT ruling_NN on_IN other_JJ cases_NNS involving_VBG thrift_NN takeovers_NNS will_MD depend_VB on_IN the_DT degree_NN of_IN similarity_NN in_IN the_DT facts_NNS ._. 
``_`` I_PRP do_VBP n't_RB know_VB if_IN this_DT will_MD affect_VB one_CD institution_NN or_CC a_DT hundred_CD ,_, ''_'' Mr._NNP Lowell_NNP says_VBZ ._. 
``_`` It_PRP does_VBZ establish_VB a_DT very_RB clear_JJ precedent_NN for_IN suing_VBG the_DT FHLBB_NNP where_WRB there_EX was_VBD none_NN before_IN ._. ''_'' 
MAITRE'D_NNP CLAIMS_VBZ in_IN suit_NN that_DT restaurant_NN fired_VBD her_PRP because_IN she_PRP was_VBD pregnant_JJ ._. 
In_IN a_DT suit_NN filed_VBN in_IN state_NN court_NN in_IN Manhattan_NNP ,_, the_DT American_NNP Civil_NNP Liberties_NNP Union_NNP is_VBZ representing_VBG the_DT former_JJ maitre_NNP 'd_MD of_IN the_DT chic_JJ Odeon_NNP restaurant_NN ._. 
The_DT suit_NN ,_, which_WDT seeks_VBZ compensatory_JJ and_CC punitive_JJ damages_NNS of_IN $_$ 1_CD million_CD ,_, alleges_VBZ that_IN the_DT firing_NN of_IN Marcia_NNP Trees_NNP Levine_NNP violated_VBD New_NNP York_NNP state_NN 's_POS human-rights_JJ law_NN ._. 
Among_IN other_JJ things_NNS ,_, the_DT law_NN prohibits_VBZ discrimination_NN on_IN the_DT basis_NN of_IN sex_NN and_CC pregnancy_NN ._. 
The_DT suit_NN alleges_VBZ that_IN Ms._NNP Levine_NNP was_VBD fired_VBN after_IN she_PRP refused_VBD to_TO accept_VB a_DT lower_JJR paying_VBG ,_, less_RBR visible_JJ job_NN upon_IN reaching_VBG her_PRP$ sixth_JJ month_NN of_IN pregnancy_NN ._. 
Ms._NNP Levine_NNP told_VBD her_PRP$ employer_NN that_IN she_PRP was_VBD pregnant_JJ in_IN February_NNP ;_: a_DT month_NN later_RB ,_, the_DT suit_NN says_VBZ ,_, the_DT restaurant_NN manager_NN told_VBD Ms._NNP Levine_NNP that_IN she_PRP would_MD be_VB demoted_VBN to_TO his_PRP$ assistant_NN because_IN he_PRP felt_VBD customers_NNS would_MD be_VB uncomfortable_JJ with_IN a_DT pregnant_JJ maitre_NNP 'd_MD ._. 
Kary_NNP Moss_NNP ,_, an_DT attorney_NN with_IN the_DT ACLU_NNP 's_POS Women_NNP 's_POS Rights_NNP Project_NNP ,_, said_VBD ,_, ``_`` They_PRP wanted_VBD a_DT svelte-looking_JJ woman_NN ,_, and_CC a_DT pregnant_JJ woman_NN is_VBZ not_RB svelte_JJ ._. 
They_PRP told_VBD her_PRP$ ,_, `_`` We_PRP do_VBP n't_RB hire_VB fat_JJ people_NNS and_CC we_PRP do_VBP n't_RB hire_VB cripples_NNS ._. 
And_CC pregnant_JJ women_NNS are_VBP fat_JJ ._. '_'' ''_'' 
Ms._NNP Moss_NNP said_VBD Ms._NNP Levine_NNP secretly_RB taped_VBD many_JJ conversations_NNS with_IN her_PRP$ bosses_NNS at_IN the_DT Odeon_NNP in_IN which_WDT they_PRP told_VBD her_PRP$ she_PRP was_VBD being_VBG fired_VBN as_IN maitre_NNP 'd_MD because_IN she_PRP was_VBD pregnant_JJ ._. 
Paul_NNP H._NNP Aloe_NNP ,_, an_DT attorney_NN for_IN Odeon_NNP owner_NN Keith_NNP McNally_NNP ,_, denied_VBD the_DT allegations_NNS ._. 
He_PRP said_VBD Ms._NNP Levine_NNP had_VBD never_RB been_VBN fired_VBN ,_, although_IN she_PRP had_VBD stopped_VBN working_VBG at_IN the_DT restaurant_NN ._. 
``_`` The_DT Odeon_NNP made_VBD a_DT written_VBN offer_NN to_TO Marcia_NNP Levine_NNP on_IN July_NNP 10_CD to_TO return_VB to_TO work_VB as_IN the_DT maitre_NNP 'd_MD ,_, at_IN the_DT same_JJ pay_NN ,_, same_JJ hours_NNS and_CC with_IN back_JJ pay_NN accrued_VBN ,_, ''_'' he_PRP said_VBD ._. 
Mr._NNP Aloe_NNP said_VBD the_DT Odeon_NNP ``_`` has_VBZ no_DT policy_NN against_IN hiring_VBG pregnant_JJ people_NNS ._. ''_'' 
LAWYERS_NNS IN_IN Texas_NNP 's_POS biggest_JJS bank-fraud_NN case_NN want_VBP out_IN in_IN face_NN of_IN retrial_NN ._. 
Lawyers_NNS representing_VBG five_CD of_IN the_DT seven_CD defendants_NNS in_IN the_DT case_NN say_VBP their_PRP$ clients_NNS can_MD no_RB longer_RB afford_VB their_PRP$ services_NNS ._. 
The_DT trial_NN of_IN the_DT case_NN lasted_VBD seven_CD months_NNS and_CC ended_VBD in_IN September_NNP with_IN a_DT hung_VBN jury_NN ._. 
The_DT defendants_NNS were_VBD indicted_VBN two_CD years_NNS ago_RB on_IN charges_NNS that_IN they_PRP conspired_VBD to_TO defraud_VB five_CD thrifts_NNS of_IN more_JJR than_IN $_$ 130_CD million_CD through_IN a_DT complicated_VBN scheme_NN to_TO inflate_VB the_DT price_NN of_IN land_NN and_CC condominium_NN construction_NN along_IN Interstate_NNP 30_CD ,_, east_NN of_IN Dallas_NNP ._. 
The_DT defense_NN lawyers_NNS ,_, three_CD of_IN whom_WP are_VBP solo_NN practitioners_NNS ,_, say_VBP they_PRP ca_MD n't_RB afford_VB to_TO put_VB their_PRP$ law_NN practices_NNS on_IN hold_NN for_IN another_DT seven-month_JJ trial_NN ._. 
Some_DT of_IN the_DT lawyers_NNS say_VBP they_PRP would_MD continue_VB to_TO represent_VB their_PRP$ clients_NNS if_IN the_DT government_NN pays_VBZ their_PRP$ tab_NN as_IN court-appointed_JJ lawyers_NNS ._. 
Assistant_NNP U.S._NNP Attorney_NNP Terry_NNP Hart_NNP of_IN Dallas_NNP says_VBZ the_DT government_NN will_MD oppose_VB any_DT efforts_NNS to_TO bring_VB in_IN a_DT new_JJ defense_NN team_NN because_IN it_PRP would_MD delay_VB a_DT retrial_NN ._. 
FEDERAL_JJ JUDGE_NNP ALCEE_NNP HASTINGS_NNP of_IN Florida_NNP ,_, facing_VBG impeachment_NN ,_, received_VBD an_DT unanticipated_JJ boost_NN yesterday_NN ._. 
Sen._NNP Arlen_NNP Specter_NNP -LRB-_( R._NNP ,_, Pa_NNP ._. -RRB-_) urged_VBD acquittal_NN of_IN the_DT judge_NN in_IN a_DT brief_NN circulated_VBD to_TO his_PRP$ Senate_NNP colleagues_NNS during_IN closed-door_JJ deliberations_NNS ._. 
Among_IN other_JJ things_NNS ,_, the_DT brief_NN cited_VBD insufficient_JJ evidence_NN ._. 
Sen._NNP Specter_NNP was_VBD vice_NN chairman_NN of_IN the_DT impeachment_NN trial_NN committee_NN that_WDT heard_VBD evidence_NN in_IN the_DT Hastings_NNP case_NN last_JJ summer_NN ._. 
A_DT former_JJ prosecutor_NN and_CC member_NN of_IN the_DT Senate_NNP Judiciary_NNP Committee_NNP ,_, Sen._NNP Specter_NNP is_VBZ expected_VBN to_TO exercise_VB influence_NN when_WRB the_DT Senate_NNP votes_NNS on_IN the_DT impeachment_NN today_NN ._. 
RICHMOND_NNP RESIGNATIONS_NNS :_: 
Six_CD partners_NNS in_IN the_DT Richmond_NNP ,_, Va._NNP ,_, firm_NN of_IN Browder_NNP ,_, Russell_NNP ,_, Morris_NNP &_CC Butcher_NNP announced_VBD they_PRP are_VBP resigning_VBG ._. 
Five_CD of_IN the_DT partners_NNS --_: James_NNP W._NNP Morris_NNP ,_, Philip_NNP B._NNP Morris_NNP ,_, Robert_NNP M._NNP White_NNP ,_, Ann_NNP Adams_NNP Webster_NNP and_CC Jacqueline_NNP G._NNP Epps_NNP --_: are_VBP opening_VBG a_DT boutique_NN in_IN Richmond_NNP to_TO concentrate_VB on_IN corporate_JJ defense_NN litigation_NN ,_, particularly_RB in_IN product_NN liability_NN cases_NNS ._. 
The_DT sixth_JJ partner_NN ,_, John_NNP H._NNP OBrion_NNP ,_, Jr._NNP ,_, is_VBZ joining_VBG Cowan_NNP &_CC Owen_NNP ,_, a_DT smaller_JJR firm_NN outside_IN Richmond_NNP ._. 
LAW_NN FIRM_NN NOTES_NNS :_: 
Nixon_NNP ,_, Hargrave_NNP ,_, Devans_NNP &_CC Doyle_NNP ,_, based_VBN in_IN Rochester_NNP ,_, N.Y._NNP ,_, has_VBZ opened_VBN an_DT office_NN in_IN Buffalo_NNP ,_, N.Y_NNP ..._: ._. 
Mayer_NNP ,_, Brown_NNP &_CC Platt_NNP ,_, Chicago_NNP ,_, added_VBD two_CD partners_NNS to_TO its_PRP$ Houston_NNP office_NN ,_, Eddy_NNP J._NNP Roger_NNP Jr._NNP ,_, and_CC Jeff_NNP C._NNP Dodd_NNP ..._: ._. 
Copyright_NN specialist_NN Neil_NNP Boorstyn_NNP ,_, who_WP writes_VBZ the_DT monthly_JJ Copyright_NNP Law_NNP Journal_NNP newsletter_NN ,_, is_VBZ joining_VBG McCutchen_NNP ,_, Doyle_NNP ,_, Brown_NNP &_CC Enersen_NNP ._. 
New_NNP York_NNP Times_NNP Co._NNP 's_POS third-quarter_JJ earnings_NNS report_NN is_VBZ reinforcing_VBG analysts_NNS '_POS belief_NN that_IN newspaper_NN publishers_NNS will_MD be_VB facing_VBG continued_VBN poor_JJ earnings_NNS comparisons_NNS through_IN 1990_CD ._. 
The_DT publisher_NN was_VBD able_JJ to_TO register_VB soaring_VBG quarter_NN net_JJ income_NN because_IN of_IN a_DT onetime_JJ gain_NN on_IN the_DT sale_NN of_IN its_PRP$ cable-TV_NN system_NN ._. 
However_RB ,_, operating_VBG profit_NN fell_VBD 35_CD %_NN to_TO $_$ 16.4_CD million_CD ._. 
The_DT decline_NN reflected_VBD the_DT expense_NN of_IN buying_VBG three_CD magazines_NNS ,_, lower_JJR earnings_NNS from_IN the_DT forest-products_NNS group_VBP ,_, and_CC what_WP is_VBZ proving_VBG to_TO be_VB a_DT nagging_JJ major_JJ problem_NN ,_, continued_VBD declines_NNS in_IN advertising_NN linage_NN at_IN the_DT New_NNP York_NNP Times_NNP ,_, the_DT company_NN 's_POS flagship_NN daily_JJ newspaper_NN ._. 
In_IN composite_JJ trading_NN on_IN the_DT American_NNP Stock_NNP Exchange_NNP ,_, New_NNP York_NNP Times_NNP closed_VBD at_IN $_$ 28.125_CD a_DT share_NN ,_, down_RB 37.5_CD cents_NNS ._. 
Analysts_NNS said_VBD the_DT company_NN 's_POS troubles_NNS mirror_VBP those_DT of_IN the_DT industry_NN ._. 
Retail_JJ advertising_NN ,_, which_WDT often_RB represents_VBZ half_NN of_IN the_DT advertising_NN volume_NN at_IN most_RBS daily_JJ newspapers_NNS ,_, largely_RB is_VBZ n't_RB rebounding_VBG in_IN the_DT second_JJ half_NN from_IN extended_VBN doldrums_NNS as_IN expected_VBN ._. 
At_IN the_DT same_JJ time_NN ,_, newspapers_NNS are_VBP bedeviled_VBN by_IN lagging_VBG national_JJ advertising_NN ,_, especially_RB in_IN its_PRP$ financial_JJ component_NN ._. 
Dow_NNP Jones_NNP &_CC Co._NNP recently_RB reported_VBD net_NN fell_VBD 9.9_CD %_NN ,_, a_DT reflection_NN ,_, in_IN part_NN ,_, of_IN continued_VBN softness_NN in_IN financial_JJ advertising_NN at_IN The_DT Wall_NNP Street_NNP Journal_NNP and_CC Barron_NNP 's_POS magazine_NN ._. 
``_`` We_PRP expect_VBP next_JJ year_NN to_TO be_VB a_DT fairly_RB soft_JJ year_NN in_IN newspaper-industry_JJ advertising_NN ,_, ''_'' said_VBD John_NNP Morton_NNP ,_, an_DT analyst_NN for_IN Lynch_NNP ,_, Jones_NNP &_CC Ryan_NNP ._. 
``_`` Next_JJ year_NN ,_, earnings_NNS will_MD hold_VB steady_JJ ,_, but_CC we_PRP just_RB do_VBP n't_RB see_VB a_DT big_JJ turnaround_NN in_IN the_DT trend_NN in_IN advertising_NN ._. ''_'' 
John_NNP S._NNP Reidy_NNP ,_, an_DT analyst_NN for_IN Drexel_NNP Burnham_NNP Lambert_NNP Inc._NNP ,_, said_VBD ,_, ``_`` The_DT Times_NNP faces_VBZ the_DT same_JJ problem_NN of_IN other_JJ publishers_NNS :_: linage_NN is_VBZ down_RB ._. 
It_PRP will_MD be_VB hard_JJ to_TO do_VB handstands_NNS until_IN real_JJ linage_NN starts_VBZ heading_VBG back_RB up_IN ._. ''_'' 
In_IN the_DT quarterly_JJ report_NN ,_, Arthur_NNP Ochs_NNP Sulzberger_NNP ,_, New_NNP York_NNP Times_NNP Co._NNP chairman_NN and_CC chief_JJ executive_JJ officer_NN ,_, said_VBD negative_JJ factors_NNS affecting_VBG third-quarter_JJ earnings_NNS will_MD continue_VB ._. 
Analysts_NNS agreed_VBD with_IN company_NN expectations_NNS that_IN operating_VBG profit_NN will_MD be_VB down_RP this_DT year_NN and_CC in_IN 1990_CD ._. 
Mr._NNP Sulzberger_NNP said_VBD the_DT scheduled_VBN opening_NN of_IN a_DT new_JJ color-printing_JJ plant_NN in_IN Edison_NNP ,_, N.J._NNP ,_, in_IN 1990_CD would_MD involve_VB heavy_JJ startup_NN and_CC depreciation_NN costs_NNS ._. 
``_`` With_IN the_DT Edison_NNP plant_NN coming_VBG on_IN line_NN next_JJ summer_NN ,_, the_DT Times_NNP is_VBZ facing_VBG some_DT tough_JJ earnings_NNS comparison_NN in_IN the_DT future_NN ,_, ''_'' said_VBD Peter_NNP Appert_NNP ,_, an_DT analyst_NN with_IN C.J._NNP Lawrence_NNP ,_, Morgan_NNP Grenfell_NNP ._. 
``_`` But_CC many_JJ newspapers_NNS are_VBP facing_VBG similar_JJ comparisons_NNS ._. ''_'' 
The_DT sale_NN of_IN the_DT company_NN 's_POS cable_NN franchise_NN brought_VBD an_DT after-tax_JJ gain_NN of_IN $_$ 193.3_CD million_CD ,_, part_NN of_IN which_WDT will_MD be_VB used_VBN to_TO reduce_VB debt_NN ._. 
The_DT company_NN also_RB has_VBZ a_DT stock-repurchase_JJ plan_NN ._. 
Analysts_NNS said_VBD they_PRP were_VBD impressed_VBN by_IN the_DT performance_NN of_IN the_DT company_NN 's_POS newspaper_NN group_NN ,_, which_WDT consists_VBZ of_IN the_DT Times_NNP ,_, 35_CD regional_JJ newspapers_NNS and_CC a_DT one-third_NN interest_NN in_IN the_DT International_NNP Herald_NNP Tribune_NNP ;_: group_NN operating_VBG profit_NN for_IN the_DT quarter_NN increased_VBN slightly_RB to_TO $_$ 34.9_CD million_CD from_IN $_$ 34.5_CD million_CD on_IN flat_JJ revenue_NN ._. 
Drexel_NNP Burnham_NNP 's_POS Mr._NNP Reidy_NNP pointed_VBD out_RP that_IN ``_`` profits_NNS held_VBN up_IN in_IN a_DT tough_JJ revenue_NN environment_NN ._. 
That_DT 's_VBZ a_DT good_JJ sign_NN when_WRB profits_NNS are_VBP stable_JJ during_IN a_DT time_NN revenue_NN is_VBZ in_IN the_DT trough_NN ._. 
Investors_NNS celebrated_VBD the_DT second_JJ anniversary_NN of_IN Black_NNP Monday_NNP with_IN a_DT buying_VBG spree_NN in_IN both_DT stocks_NNS and_CC bonds_NNS ._. 
But_CC the_DT dollar_NN was_VBD mixed_VBN ._. 
Stock_NNP and_CC bond_NN investors_NNS were_VBD cheered_VBN by_IN last_JJ month_NN 's_POS encouragingly_RB low_JJ inflation_NN rate_NN ._. 
This_DT news_NN raised_VBN hopes_VBZ for_IN further_JJ interest-rate_NN cuts_NNS ._. 
Treasury-bond_JJ prices_NNS immediately_RB rallied_VBD ,_, setting_VBG the_DT stock_NN market_NN rolling_VBG from_IN the_DT opening_NN bell_NN ._. 
The_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP ,_, up_IN about_IN 60_CD points_NNS in_IN mid-afternoon_JJ ,_, finished_VBD with_IN a_DT gain_NN of_IN 39.55_CD points_NNS ,_, to_TO 2683.20_CD ._. 
That_DT brought_VBN the_DT average_NN 's_POS cumulative_JJ gain_NN this_DT week_NN to_TO about_IN 114_CD points_NNS ._. 
Since_IN the_DT 1987_CD crash_NN ,_, the_DT industrials_NNS have_VBP soared_VBN more_JJR than_IN 54_CD %_NN ,_, and_CC the_DT widely_RB watched_VBN market_NN barometer_NN is_VBZ about_IN 4_CD %_NN below_IN its_PRP$ record_NN high_RB set_VBD earlier_RBR this_DT month_NN ._. 
The_DT stock-market_NN rally_NN was_VBD led_VBN by_IN blue-chip_JJ issues_NNS ,_, but_CC ,_, unlike_IN Monday_NNP 's_POS rebound_NN ,_, was_VBD broadly_RB based_VBN ._. 
Indeed_RB ,_, over-the-counter_JJ stocks_NNS ,_, led_VBN by_IN technology_NN issues_NNS ,_, outleaped_VBD the_DT industrial_JJ average_NN ._. 
The_DT Nasdaq_NNP Composite_NNP Index_NNP soared_VBD 7.52_CD ,_, or_CC 1.6_CD %_NN ,_, to_TO 470.80_CD ,_, its_PRP$ highest_JJS one-day_JJ jump_NN in_IN points_VBZ this_DT year_NN ._. 
Many_JJ takeover-related_JJ stocks_NNS rose_VBD after_IN news_NN that_IN a_DT group_NN obtained_VBD financing_NN commitments_NNS for_IN the_DT proposed_VBN buy-out_NN of_IN American_NNP Medical_NNP International_NNP Inc_NNP ._. 
Among_IN the_DT biggest_JJS winners_NNS were_VBD brokerage-house_NN stocks_NNS ,_, responding_VBG to_TO heavy_JJ trading_NN volume_NN ._. 
The_DT government_NN said_VBD consumer_NN prices_NNS rose_VBD only_RB 0.2_CD %_NN last_JJ month_NN ._. 
Economists_NNS expected_VBN twice_RB as_IN large_JJ an_DT increase_NN ._. 
That_DT news_NN ,_, plus_CC recent_JJ signs_NNS of_IN economic_JJ sluggishness_NN ,_, greatly_RB increases_NNS pressure_VBP on_IN the_DT Federal_NNP Reserve_NNP to_TO ease_VB credit_NN further_RBR ,_, which_WDT in_IN turn_NN would_MD be_VB good_JJ news_NN for_IN stocks_NNS ,_, investment_NN managers_NNS say_VBP ._. 
``_`` I_PRP see_VBP a_DT lot_NN of_IN evidence_NN indicating_VBG a_DT slower_JJR economy_NN ,_, and_CC that_DT means_VBZ my_PRP$ interest-rate_NN outlook_NN has_VBZ a_DT downward_JJ tilt_NN ,_, ''_'' said_VBD Garnett_NNP L._NNP Keith_NNP Jr._NNP ,_, vice_NN chairman_NN of_IN Prudential_NNP Insurance_NNP Co._NNP of_IN America_NNP ,_, one_CD of_IN the_DT nation_NN 's_POS largest_JJS institutional_JJ investors_NNS ._. 
Fed_JJ officials_NNS probably_RB wo_MD n't_RB drive_VB down_RB rates_VBZ immediately_RB ,_, Mr._NNP Keith_NNP said_VBD ._. 
Despite_IN the_DT inflation_NN news_NN ,_, several_JJ Fed_NNP officials_NNS still_JJ fear_NN consumer-price_JJ pressures_NNS will_MD intensify_VB because_IN they_PRP insist_VBP the_DT economy_NN is_VBZ stronger_JJR than_IN generally_RB believed_VBD ._. 
But_CC Wall_NNP Street_NNP analysts_NNS expect_VBP further_JJ signs_NNS of_IN economic_JJ weakness_NN in_IN government_NN reports_NNS during_IN the_DT next_JJ few_JJ weeks_NNS ._. 
If_IN so_RB ,_, that_WDT will_MD cinch_VB the_DT case_NN for_IN another_DT shot_NN of_IN credit-easing_JJ within_IN a_DT month_NN or_CC so_RB ._. 
That_DT ,_, in_IN turn_NN ,_, is_VBZ expected_VBN to_TO persuade_VB banks_NNS to_TO cut_VB their_PRP$ prime_JJ lending_NN rate_NN ,_, a_DT benchmark_NN rate_NN on_IN many_JJ corporate_JJ and_CC consumer_NN loans_NNS ,_, by_IN half_PDT a_DT percentage_NN point_NN ,_, to_TO 10_CD %_NN ._. 
``_`` We_PRP 're_VBP not_RB out_IN of_IN the_DT woods_NNS yet_RB by_IN any_DT means_VBZ ,_, ''_'' said_VBD George_NNP R._NNP Mateyo_NNP ,_, president_NN and_CC chief_JJ executive_NN of_IN Carnegie_NNP Capital_NNP Management_NNP Co._NNP ,_, Cleveland_NNP ._. 
But_CC the_DT economy_NN ``_`` is_VBZ slowing_VBG enough_RB to_TO give_VB the_DT Federal_NNP Reserve_NNP leeway_NN to_TO reduce_VB interest_NN rates_NNS ._. ''_'' 
But_CC many_JJ individual_JJ investors_NNS are_VBP leery_JJ about_IN stocks_NNS because_IN of_IN fresh_JJ signs_NNS of_IN fragility_NN in_IN the_DT huge_JJ junk-bond_NN market_NN ._. 
Investors_NNS also_RB are_VBP anxious_JJ about_IN today_NN 's_POS ``_`` witching_JJ hour_NN ,_, ''_'' the_DT monthly_JJ expiration_NN of_IN stock-index_NN futures_NNS and_CC options_NNS ,_, and_CC options_NNS on_IN individual_JJ stocks_NNS ._. 
This_DT phenomenon_NN often_RB makes_VBZ stock_NN prices_NNS swing_VBP wildly_RB at_IN the_DT end_NN of_IN the_DT trading_NN session_NN ._. 
In_IN major_JJ market_NN activity_NN :_: Stock_NNP prices_NNS surged_VBD in_IN heavy_JJ trading_NN ._. 
Volume_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP rose_VBD to_TO 198.1_CD million_CD shares_NNS from_IN 166.9_CD million_CD Wednesday_NNP ._. 
Gaining_VBG Big_NNP Board_NNP issues_NNS outnumbered_VBD decliners_NNS by_IN 1,235_CD to_TO 355_CD ._. 
The_DT dollar_NN was_VBD mixed_VBN ._. 
In_IN New_NNP York_NNP late_JJ yesterday_NN ,_, it_PRP was_VBD at_IN 141.70_CD yen_NN ,_, up_IN from_IN 141.45_CD yen_NN late_JJ Wednesday_NNP ._. 
But_CC it_PRP fell_VBD to_TO 1.8470_CD marks_NNS from_IN 1.8485_CD ._. 
Tuesday_NNP 's_POS rout_NN of_IN a_DT GOP_NNP congressional_JJ hopeful_NN in_IN a_DT Mississippi_NNP district_NN that_WDT has_VBZ n't_RB backed_VBN a_DT Democratic_JJ presidential_JJ candidate_NN since_IN Adlai_NNP Stevenson_NNP is_VBZ another_DT reminder_NN that_IN ,_, at_IN least_JJS at_IN the_DT federal_JJ level_NN ,_, political_JJ ``_`` ticket_NN splitting_NN ''_'' has_VBZ been_VBN on_IN the_DT rise_NN over_IN the_DT past_JJ half_NN century_NN ._. 
In_IN only_RB one_CD presidential_JJ election_NN year_NN prior_RB to_TO 1948_CD did_VBD more_JJR than_IN 20_CD %_NN of_IN the_DT nation_NN 's_POS congressional_JJ districts_NNS choose_VBP a_DT different_JJ party_NN 's_POS candidate_NN for_IN the_DT White_NNP House_NNP than_IN for_IN the_DT House_NNP of_IN Representatives_NNPS ._. 
Now_RB that_DT percentage_NN routinely_RB equals_VBZ a_DT third_JJ and_CC twice_RB has_VBZ been_VBN above_IN 40_CD %_NN ._. 
As_IN we_PRP know_VBP ,_, voters_NNS tend_VBP to_TO favor_VB Republicans_NNPS more_JJR in_IN races_NNS for_IN president_NN than_IN in_IN those_DT for_IN Congress_NNP ._. 
In_IN every_DT presidential_JJ election_NN over_IN the_DT past_JJ half_NN century_NN ,_, except_IN for_IN the_DT Goldwater_NNP presidential_JJ candidacy_NN ,_, the_DT GOP_NNP has_VBZ captured_VBN a_DT greater_JJR percentage_NN of_IN the_DT major-party_JJ popular_JJ vote_NN for_IN president_NN than_IN it_PRP has_VBZ of_IN congressional_JJ seats_NNS or_CC the_DT popular_JJ vote_NN for_IN Congress_NNP ._. 
Prior_RB to_TO 1932_CD ,_, the_DT pattern_NN was_VBD nearly_RB the_DT opposite_NN ._. 
What_WP accounts_VBZ for_IN the_DT results_NNS of_IN recent_JJ decades_NNS ?_. 
A_DT simple_JJ economic_JJ theory_NN may_MD provide_VB at_IN least_JJS a_DT partial_JJ explanation_NN for_IN the_DT split_NN personality_NN displayed_VBN by_IN Americans_NNPS in_IN the_DT voting_NN booth_NN ._. 
The_DT theory_NN relies_VBZ on_IN three_CD assumptions_NNS :_: 
1_CD -RRB-_) Voters_NNS can_MD ``_`` buy_VB ''_'' one_CD of_IN two_CD brands_NNS when_WRB they_PRP select_VBP their_PRP$ political_JJ agents_NNS --_: a_DT Republican_NNP brand_NN that_WDT believes_VBZ in_IN the_DT minimalist_JJ state_NN and_CC in_IN the_DT virtues_NNS of_IN private_JJ markets_NNS over_IN the_DT vices_NNS of_IN public_JJ action_NN ,_, and_CC a_DT Democratic_JJ brand_NN that_WDT believes_VBZ in_IN big_JJ government_NN and_CC in_IN public_JJ intervention_NN to_TO remedy_VB the_DT excesses_NNS attendant_NN to_TO the_DT pursuit_NN of_IN private_JJ interest_NN ._. 
2_CD -RRB-_) Congressional_NNP representatives_NNS have_VBP two_CD basic_JJ responsibilities_NNS while_IN voting_NN in_IN office_NN --_: dealing_VBG with_IN national_JJ issues_NNS -LRB-_( programmatic_JJ actions_NNS such_JJ as_IN casting_VBG roll_NN call_NN votes_NNS on_IN legislation_NN that_WDT imposes_VBZ costs_NNS and\/or_NN confers_VBZ benefits_NNS on_IN the_DT population_NN at_IN large_JJ -RRB-_) and_CC attending_VBG to_TO local_JJ issues_NNS -LRB-_( constituency_NN service_NN and_CC pork_NN barrel_NN -RRB-_) ._. 
3_CD -RRB-_) Republican_NNP congressional_JJ representatives_NNS ,_, because_IN of_IN their_PRP$ belief_NN in_IN a_DT minimalist_JJ state_NN ,_, are_VBP less_RBR willing_JJ to_TO engage_VB in_IN local_JJ benefit-seeking_NN than_IN are_VBP Democratic_JJ members_NNS of_IN Congress_NNP ._. 
If_IN these_DT assumptions_NNS hold_VBP ,_, voters_NNS in_IN races_NNS for_IN Congress_NNP face_NN what_WP in_IN economic_JJ theory_NN is_VBZ called_VBN a_DT prisoner_NN 's_POS dilemma_NN and_CC have_VBP an_DT incentive_NN ,_, at_IN the_DT margin_NN ,_, to_TO lean_VB Democratic_JJ ._. 
If_IN they_PRP put_VBP a_DT Republican_NNP into_IN office_NN ,_, not_RB only_RB will_MD they_PRP acquire_VB less_JJR in_IN terms_NNS of_IN local_JJ benefits_NNS but_CC their_PRP$ selected_VBN legislator_NN will_MD be_VB relatively_RB powerless_JJ to_TO prevent_VB other_JJ legislators_NNS from_IN ``_`` bringing_VBG home_NN the_DT bacon_NN ''_'' to_TO their_PRP$ respective_JJ constituencies_NNS ._. 
Each_DT legislator_NN ,_, after_IN all_DT ,_, is_VBZ only_RB one_CD out_IN of_IN 535_CD when_WRB it_PRP comes_VBZ to_TO national_JJ policy_NN making_VBG ._. 
In_IN races_NNS for_IN the_DT White_NNP House_NNP ,_, a_DT voter_NN 's_POS incentive_NN ,_, at_IN the_DT margin_NN ,_, is_VBZ to_TO lean_VB Republican_NNP ._. 
Although_IN a_DT GOP_NNP president_NN may_MD limit_VB local_JJ benefits_NNS to_TO the_DT voter_NN 's_POS particular_JJ district\/state_NN ,_, such_JJ a_DT president_NN is_VBZ also_RB likely_JJ to_TO be_VB more_RBR effective_JJ at_IN preventing_VBG other_JJ districts\/states_NNS and_CC their_PRP$ legislators_NNS from_IN bringing_VBG home_NN the_DT local_JJ benefits_NNS ._. 
The_DT individual_JJ voter_NN 's_POS standing_VBG consequently_RB will_MD be_VB enhanced_VBN through_IN lower_JJR taxes_NNS ._. 
While_IN this_DT theory_NN is_VBZ exceedingly_RB simple_JJ ,_, it_PRP appears_VBZ to_TO explain_VB several_JJ things_NNS ._. 
First_RB ,_, why_WRB ticket_NN splitting_NN has_VBZ increased_VBN and_CC taken_VBN the_DT peculiar_JJ pattern_NN that_IN it_PRP has_VBZ over_IN the_DT past_JJ half_NN century_NN :_: Prior_RB to_TO the_DT election_NN of_IN Franklin_NNP Roosevelt_NNP as_IN president_NN and_CC the_DT advent_NN of_IN the_DT New_NNP Deal_NNP ,_, government_NN occupied_VBD a_DT much_RB smaller_JJR role_NN in_IN society_NN and_CC the_DT prisoner_NN 's_POS dilemma_NN problem_NN confronting_VBG voters_NNS in_IN races_NNS for_IN Congress_NNP was_VBD considerably_RB less_RBR severe_JJ ._. 
Second_JJ ,_, it_PRP explains_VBZ why_WRB voters_NNS hold_VBP Congress_NNP in_IN disdain_NN but_CC generally_RB love_VBP their_PRP$ own_JJ congressional_JJ representatives_NNS :_: Any_DT individual_JJ legislator_NN 's_POS constituents_NNS appreciate_VBP the_DT specific_JJ benefits_NNS that_IN the_DT legislator_NN wins_VBZ for_IN them_PRP but_CC not_RB the_DT overall_JJ cost_NN associated_VBN with_IN every_DT other_JJ legislator_NN doing_VBG likewise_RB for_IN his_PRP$ own_JJ constituency_NN ._. 
Third_NNP ,_, the_DT theory_NN suggests_VBZ why_WRB legislators_NNS who_WP pay_VBP too_RB much_JJ attention_NN to_TO national_JJ policy_NN making_VBG relative_JJ to_TO local_JJ benefit-seeking_NN have_VBP lower_JJR security_NN in_IN office_NN ._. 
For_IN example_NN ,_, first-term_JJ members_NNS of_IN the_DT House_NNP ,_, once_RB the_DT most_RBS vulnerable_JJ of_IN incumbents_NNS ,_, have_VBP become_VBN virtually_RB immune_JJ to_TO defeat_VB ._. 
The_DT one_CD exception_NN to_TO this_DT recent_JJ trend_NN was_VBD the_DT defeat_NN of_IN 13_CD of_IN the_DT 52_CD freshman_NN Republicans_NNPS brought_VBN into_IN office_NN in_IN 1980_CD by_IN the_DT Reagan_NNP revolution_NN and_CC running_VBG for_IN re-election_NN in_IN 1982_CD ._. 
Because_IN these_DT freshmen_NNS placed_VBN far_RB more_JJR emphasis_NN on_IN their_PRP$ partisan_JJ role_NN --_: spreading_VBG the_DT Reagan_NNP revolution_NN --_: in_IN national_JJ policy_NN making_VBG ,_, they_PRP were_VBD more_RBR vulnerable_JJ to_TO defeat_VB ._. 
Fourth_NNP ,_, the_DT theory_NN indicates_VBZ why_WRB the_DT Republican_NNP Party_NNP may_MD have_VB a_DT difficult_JJ time_NN attracting_VBG viable_JJ candidates_NNS for_IN congressional_JJ office_NN ._. 
Potential_JJ candidates_NNS may_MD be_VB discouraged_VBN from_IN running_VBG less_JJR by_IN the_DT congressional_JJ salary_NN than_IN by_IN the_DT prospect_NN of_IN defeat_NN at_IN the_DT hands_NNS of_IN a_DT Democratic_JJ opponent_NN ._. 
To_TO the_DT extent_NN that_IN potential_JJ Republican_NNP candidates_NNS and_CC their_PRP$ financial_JJ backers_NNS realize_VBP that_IN the_DT congressional_JJ prisoner_NN 's_POS dilemma_NN game_NN works_NNS to_TO their_PRP$ disadvantage_NN ,_, the_DT Republican_NNP Party_NNP will_MD be_VB hindered_VBN in_IN its_PRP$ attempts_NNS to_TO field_VB a_DT competitive_JJ slate_NN of_IN congressional_JJ candidates_NNS ._. 
Fifth_NNP ,_, the_DT theory_NN may_MD provide_VB at_IN least_JJS a_DT partial_JJ reason_NN for_IN why_WRB ticket_NN splitting_NN has_VBZ been_VBN particularly_RB pronounced_VBN in_IN the_DT South_NNP ._. 
To_TO the_DT extent_NN that_IN Democratic_JJ legislators_NNS from_IN the_DT South_NNP have_VBP held_VBN a_DT disproportionate_JJ share_NN of_IN power_NN in_IN Congress_NNP since_IN 1932_CD and_CC have_VBP been_VBN able_JJ to_TO translate_VB such_JJ clout_NN into_IN relatively_RB more_RBR local_JJ benefits_NNS for_IN their_PRP$ respective_JJ constituencies_NNS ,_, voters_NNS in_IN the_DT South_NNP have_VBP had_VBN an_DT especially_RB strong_JJ incentive_NN to_TO keep_VB such_JJ Democrats_NNPS in_IN office_NN ._. 
Finally_RB ,_, the_DT theory_NN suggests_VBZ why_WRB Republicans_NNPS generally_RB have_VBP fared_VBN better_JJR in_IN Senate_NNP races_NNS than_IN in_IN campaigns_NNS for_IN the_DT House_NNP ._. 
Since_IN local_JJ benefit-seeking_NN matters_NNS more_JJR and_CC national_JJ policy_NN making_VBG matters_NNS less_JJR in_IN the_DT lower_JJR chamber_NN of_IN Congress_NNP ,_, this_DT is_VBZ precisely_RB the_DT pattern_NN one_PRP would_MD expect_VB if_IN Republicans_NNPS are_VBP less_RBR willing_JJ to_TO engage_VB in_IN local_JJ benefit-seeking_NN than_IN their_PRP$ Democratic_JJ counterparts_NNS ._. 
Is_VBZ there_EX any_DT empirical_JJ support_NN for_IN this_DT theory_NN ?_. 
Three_CD pieces_NNS of_IN evidence_NN corroborate_VB the_DT key_JJ assumption_NN that_IN Democratic_JJ legislators_NNS are_VBP more_RBR willing_JJ to_TO engage_VB in_IN local_JJ benefit-seeking_NN than_IN their_PRP$ Republican_NNP colleagues_NNS ._. 
First_RB ,_, economists_NNS James_NNP Bennett_NNP and_CC Thomas_NNP DiLorenzo_NNP find_VB that_IN GOP_NNP senators_NNS turn_VBP back_RB roughly_RB 10_CD %_NN more_JJR of_IN their_PRP$ allocated_VBN personal_JJ staff_NN budgets_NNS than_IN Democrats_NNPS do_VBP ._. 
To_TO the_DT extent_NN that_IN the_DT primary_JJ duty_NN of_IN personal_JJ staff_NN involves_VBZ local_JJ benefit-seeking_NN ,_, this_DT indicates_VBZ that_IN political_JJ philosophy_NN leads_VBZ congressional_JJ Republicans_NNPS to_TO pay_VB less_JJR attention_NN to_TO narrow_VB constituent_NN concerns_NNS ._. 
Second_JJ ,_, if_IN the_DT key_JJ assumption_NN is_VBZ valid_JJ ,_, Democrats_NNPS should_MD have_VB lower_JJR attendance_NN rates_NNS on_IN roll-call_JJ votes_NNS than_IN Republicans_NNPS do_VBP to_TO the_DT extent_NN that_IN such_JJ votes_NNS reflect_VBP national_JJ policy_NN making_VBG and_CC that_IN participating_VBG in_IN such_JJ votes_NNS takes_VBZ away_RB from_IN the_DT time_NN a_DT legislator_NN could_MD otherwise_RB devote_VB to_TO local_JJ benefit-seeking_NN ._. 
This_DT is_VBZ indeed_RB what_WP the_DT data_NNS indicate_VBP ,_, particularly_RB in_IN the_DT case_NN of_IN the_DT House_NNP ._. 
The_DT Democratic_NNP House_NNP attendance_NN rate_NN has_VBZ not_RB exceeded_VBN the_DT Republican_NNP House_NNP attendance_NN rate_NN since_IN 1959_CD ._. 
Finally_RB ,_, as_IN shown_VBN in_IN the_DT table_NN ,_, Democrats_NNPS allocate_VBP a_DT higher_JJR proportion_NN of_IN their_PRP$ personal_JJ staffs_NNS to_TO district_NN offices_NNS --_: where_WRB local_JJ benefit-seeking_NN duties_NNS matter_VBP more_JJR and_CC national_JJ policy_NN making_VBG activities_NNS matter_VBP less_RBR relative_JJ to_TO Washington_NNP offices_NNS ._. 
An_DT examination_NN of_IN changes_NNS in_IN personal_JJ staffing_NN decisions_NNS in_IN the_DT Senate_NNP between_IN 1986_CD and_CC 1987_CD -LRB-_( when_WRB control_NN of_IN that_DT body_NN changed_VBD party_NN hands_NNS -RRB-_) ,_, moreover_RB ,_, reveals_VBZ that_IN the_DT personal_JJ staffing_NN differences_NNS noted_VBD in_IN the_DT table_NN can_MD not_RB be_VB attributed_VBN to_TO the_DT disproportionate_JJ control_NN Democrats_NNPS exercise_NN ,_, due_JJ to_TO their_PRP$ majority-party_JJ status_NN ,_, over_IN other_JJ resources_NNS such_JJ as_IN committee_NN staff_NN ._. 
An_DT additional_JJ piece_NN of_IN evidence_NN from_IN the_DT Senate_NNP :_: Holding_NNP other_JJ factors_NNS constant_JJ ,_, such_JJ as_IN incumbency_NN advantages_NNS and_CC regional_JJ factors_NNS ,_, the_DT difference_NN between_IN popular_JJ votes_NNS for_IN Republican_NNP presidential_JJ and_CC senatorial_JJ candidates_NNS in_IN states_NNS conducting_VBG a_DT Senate_NNP election_NN turns_VBZ out_IN to_TO be_VB a_DT positive_JJ function_NN of_IN how_WRB onerous_JJ the_DT federal_JJ government_NN 's_POS tax_NN burden_NN is_VBZ per_IN state_NN -LRB-_( a_DT progressive_JJ tax_NN rate_NN hits_VBZ higher-income_JJ states_NNS harder_JJR -RRB-_) ._. 
Put_VB more_RBR simply_RB ,_, GOP_NNP candidates_NNS for_IN president_NN are_VBP looked_VBN on_IN more_RBR kindly_RB by_IN voters_NNS than_IN Republican_NNP candidates_NNS for_IN the_DT Senate_NNP when_WRB the_DT prisoner_NN 's_POS dilemma_NN is_VBZ more_RBR severe_JJ ._. 
Moreover_RB ,_, ticket_NN splitting_NN appears_VBZ to_TO take_VB the_DT same_JJ peculiar_JJ pattern_NN at_IN the_DT state_NN government_NN level_NN as_IN it_PRP does_VBZ at_IN the_DT federal_JJ level_NN ._. 
State_NN government_NN is_VBZ more_RBR typically_RB split_VBP along_IN Republican-governor\/Democratic-legislature_NNP lines_NNS than_IN the_DT reverse_NN ._. 
A_DT cross-state_JJ econometric_JJ investigation_NN ,_, furthermore_RB ,_, reveals_VBZ that_IN ,_, holding_VBG other_JJ factors_NNS constant_JJ ,_, the_DT difference_NN between_IN a_DT state_NN 's_POS major-party_JJ vote_NN going_VBG to_TO the_DT Republican_NNP gubernatorial_JJ candidate_NN and_CC the_DT Republican_NNP share_NN of_IN the_DT lower_JJR state_NN house_NN is_VBZ a_DT positive_JJ function_NN of_IN the_DT state_NN tax_NN rate_NN ._. 
In_IN sum_NN ,_, at_IN both_DT the_DT federal_JJ and_CC state_NN government_NN levels_NNS at_IN least_JJS part_NN of_IN the_DT seemingly_RB irrational_JJ behavior_NN voters_NNS display_VBP in_IN the_DT voting_NN booth_NN may_MD have_VB an_DT exceedingly_RB rational_JJ explanation_NN ._. 
Mr._NNP Zupan_NNP teaches_VBZ at_IN the_DT University_NNP of_IN Southern_NNP California_NNP 's_POS business_NN school_NN ._. 
A_DT House-Senate_NNP conference_NN approved_VBD a_DT nearly_RB $_$ 17_CD billion_CD State_NNP ,_, Justice_NNP and_CC Commerce_NNP Department_NNP bill_NN that_WDT makes_VBZ federal_JJ reparations_NNS for_IN Japanese-Americans_NNPS held_VBN in_IN World_NNP War_NNP II_NNP internment_NN camps_NNS a_DT legal_JJ entitlement_NN after_IN next_JJ Oct._NNP 1_CD ._. 
The_DT measure_NN provides_VBZ no_DT money_NN for_IN the_DT promised_VBN payments_NNS until_IN then_RB ,_, but_CC beginning_VBG in_IN fiscal_JJ 1991_CD ,_, the_DT government_NN would_MD be_VB committed_VBN to_TO meeting_VBG annual_JJ payments_NNS of_IN as_RB much_JJ as_IN $_$ 500_CD million_CD until_IN the_DT total_JJ liability_NN of_IN approximately_RB $_$ 1.25_CD billion_CD is_VBZ paid_VBN ._. 
The_DT action_NN abandons_VBZ earlier_JJR efforts_NNS to_TO find_VB offsetting_VBG cuts_NNS to_TO fund_VB the_DT payments_NNS ,_, but_CC is_VBZ widely_RB seen_VBN as_IN a_DT more_RBR realistic_JJ means_NNS of_IN expediting_VBG reparations_NNS first_RB authorized_VBN in_IN 1988_CD ._. 
The_DT action_NN came_VBD as_IN Congress_NNP sent_VBD to_TO President_NNP Bush_NNP a_DT fiscal_JJ 1990_CD bill_NN providing_VBG an_DT estimated_VBN $_$ 156.7_CD billion_CD for_IN the_DT Departments_NNPS of_IN Labor_NNP ,_, Education_NNP ,_, Health_NNP and_CC Human_NNP Services_NNP ._. 
Final_JJ approval_NN was_VBD on_IN a_DT 67-31_JJ roll_NN call_NN in_IN the_DT Senate_NNP ,_, which_WDT sets_VBZ the_DT stage_NN for_IN a_DT veto_NN confrontation_NN with_IN Mr._NNP Bush_NNP over_IN the_DT issue_NN of_IN publicly_RB financed_VBN abortions_NNS for_IN poor_JJ women_NNS ._. 
Reversing_VBG an_DT eight-year_JJ federal_JJ policy_NN ,_, the_DT measure_NN supports_VBZ Medicaid_NNP abortions_NNS in_IN cases_NNS of_IN rape_NN and_CC incest_NN ,_, but_CC Mr._NNP Bush_NNP has_VBZ so_RB far_RB refused_VBN to_TO support_VB any_DT specific_JJ exemption_NN beyond_IN instances_NNS in_IN which_WDT the_DT mother_NN 's_POS life_NN is_VBZ in_IN danger_NN ._. 
Mr._NNP Bush_NNP 's_POS veto_NN power_NN puts_VBZ him_PRP a_DT commanding_VBG position_NN in_IN the_DT narrowly_RB divided_VBN House_NNP ,_, but_CC a_DT vote_NN to_TO override_VB his_PRP$ position_NN could_MD well_RB pick_VB up_IN new_JJ support_NN because_IN of_IN the_DT wealth_NN of_IN health_NN and_CC education_NN programs_NNS financed_VBN in_IN the_DT underlying_VBG bill_NN ._. 
The_DT measure_NN before_IN the_DT conference_NN yesterday_NN funds_VBZ the_DT Departments_NNPS of_IN State_NNP ,_, Justice_NNP and_CC Commerce_NNP through_IN fiscal_JJ 1990_CD ._. 
An_DT estimated_VBN $_$ 1.32_CD billion_CD is_VBZ provided_VBN for_IN next_JJ year_NN 's_POS census_NN ,_, and_CC negotiators_NNS stripped_VBD a_DT Senate-passed_JJ rider_NN seeking_VBG to_TO block_VB the_DT counting_NN of_IN illegal_JJ aliens_NNS ._. 
Elsewhere_RB in_IN the_DT Commerce_NNP Department_NNP ,_, nearly_RB $_$ 191.2_CD million_CD is_VBZ preserved_VBN for_IN assistance_NN programs_NNS under_IN the_DT Economic_NNP Development_NNP Administration_NNP ._. 
And_CC in_IN a_DT footnote_NN to_TO the_DT fall_NN of_IN House_NNP Speaker_NNP James_NNP Wright_NNP this_DT year_NN ,_, the_DT conference_NN voted_VBD to_TO rescind_VB $_$ 11.8_CD million_CD in_IN unspent_JJ EDA_NNP funds_NNS for_IN a_DT Fort_NNP Worth_NNP ,_, Texas_NNP ,_, stockyards_NNS project_VBP that_WDT figured_VBD in_IN ethics_NNS charges_NNS against_IN the_DT former_JJ Democratic_JJ leader_NN ._. 
Fiscal_JJ pressures_NNS also_RB forced_VBN the_DT adoption_NN of_IN new_JJ fees_NNS charged_VBN by_IN federal_JJ agencies_NNS ,_, and_CC an_DT 18_CD %_NN increase_NN in_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP 's_POS budget_NN would_MD be_VB financed_VBN entirely_RB by_IN an_DT added_VBD $_$ 26_CD million_CD in_IN filing_NN fees_NNS ._. 
In_IN an_DT unprecedented_JJ step_NN ,_, the_DT measure_NN anticipates_VBZ another_DT $_$ 30_CD million_CD in_IN receipts_NNS by_IN having_VBG the_DT Federal_NNP Bureau_NNP of_IN Investigation_NNP charge_NN for_IN fingerprint_NN services_NNS in_IN civil_JJ cases_NNS --_: a_DT change_NN that_WDT is_VBZ almost_RB certain_JJ to_TO increase_VB Pentagon_NNP costs_NNS in_IN processing_NN personnel_NNS and_CC security_NN clearances_NNS ._. 
The_DT bill_NN does_VBZ n't_RB include_VB an_DT estimated_VBN $_$ 1.9_CD billion_CD in_IN supplemental_JJ anti-drug_JJ funds_NNS for_IN Justice_NNP Department_NNP and_CC law-enforcement_NN accounts_NNS that_WDT are_VBP still_RB in_IN conference_NN with_IN the_DT House_NNP ._. 
But_CC yesterday_NN 's_POS agreement_NN would_MD make_VB it_PRP easier_JJR for_IN state_NN governments_NNS to_TO handle_VB the_DT promised_VBN aid_NN by_IN deferring_VBG for_IN one_CD year_NN a_DT scheduled_VBN 50_CD %_NN increase_NN in_IN the_DT required_VBN state_NN matching_VBG funds_NNS for_IN law-enforcement_NN grants_NNS ._. 
Similarly_RB ,_, the_DT measure_NN adjusts_VBZ the_DT current_JJ funding_NN formula_NN to_TO promise_VB smaller_JJR states_NNS such_JJ as_IN New_NNP Hampshire_NNP and_CC Delaware_NNP a_DT minimum_JJ allocation_NN of_IN $_$ 1.6_CD million_CD each_DT in_NN drug_NN grants_NNS ,_, or_CC three_CD times_VBZ the_DT current_JJ minimum_NN ._. 
The_DT odd_JJ mix_NN of_IN departments_NNS in_IN the_DT bill_NN makes_VBZ it_PRP one_CD of_IN the_DT more_JJR eclectic_NN of_IN the_DT annual_JJ appropriations_NNS measures_NNS ,_, and_CC the_DT assorted_JJ provisions_NNS attached_VBN by_IN lawmakers_NNS run_VBP from_IN $_$ 1.5_CD million_CD for_IN a_DT fish_NN farm_NN in_IN Arkansas_NNP to_TO a_DT music_NN festival_NN in_IN Moscow_NNP under_IN the_DT United_NNP States_NNP Information_NNP Agency_NNP ._. 
Lawmakers_NNS scrapped_VBD all_DT of_IN a_DT $_$ 7.4_CD million_CD State_NNP Department_NNP request_NN for_IN the_DT 1992_CD Expo_NNP in_IN Seville_NNP ,_, Spain_NNP ,_, but_CC agreed_VBD elsewhere_RB to_TO $_$ 15,000_CD for_IN an_DT oil_NN portrait_NN of_IN former_JJ Chief_NNP Justice_NNP Warren_NNP Burger_NNP ._. 
Senate_NNP Commerce_NNP Committee_NNP Chairman_NNP Ernest_NNP Hollings_NNP -LRB-_( D._NNP ,_, S.C._NNP -RRB-_) ,_, who_WP also_RB chairs_VBZ the_DT Senate_NNP appropriations_NNS subcommittee_NN for_IN the_DT department_NN ,_, attached_VBD $_$ 10_CD million_CD for_IN an_DT advanced_VBN technology_NN initiative_NN ,_, including_VBG work_NN on_IN high-definition_JJ television_NN ._. 
His_PRP$ Republican_NNP counterpart_NN ,_, Sen._NNP Warren_NNP Rudman_NNP -LRB-_( R._NNP ,_, N.H._NNP -RRB-_) ,_, has_VBZ used_VBN his_PRP$ position_NN to_TO wage_VB a_DT legislative_JJ war_NN with_IN the_DT conservative_JJ board_NN of_IN the_DT Legal_NNP Services_NNP Corp_NNP ._. 
An_DT estimated_VBN $_$ 321_CD million_CD is_VBZ provided_VBN to_TO maintain_VB the_DT program_NN ,_, but_CC Mr._NNP Rudman_NNP also_RB succeeded_VBD in_IN attaching_VBG language_NN seeking_VBG to_TO curb_VB the_DT authority_NN of_IN the_DT current_JJ board_NN until_IN new_JJ members_NNS are_VBP confirmed_VBN ._. 
The_DT effective_JJ date_NN of_IN any_DT new_JJ regulations_NNS by_IN the_DT current_JJ board_NN would_MD be_VB delayed_VBN until_IN Oct._NNP 1_CD next_JJ year_NN ,_, and_CC the_DT bill_NN seeks_VBZ to_TO reverse_VB efforts_NNS by_IN the_DT corporation_NN to_TO cut_VB off_IN funds_NNS to_TO service_VB organizations_NNS such_JJ as_IN the_DT Food_NNP Research_NNP and_CC Action_NNP Center_NNP ._. 
The_DT bill_NN also_RB provides_VBZ $_$ 620.5_CD million_CD to_TO meet_VB U.S._NNP contributions_NNS to_TO international_JJ organizations_NNS and_CC $_$ 80_CD million_CD for_IN peace-keeping_NN activities_NNS ._. 
Both_DT accounts_NNS reflect_VBP significant_JJ increases_NNS from_IN fiscal_JJ 1989_CD ,_, although_IN the_DT amount_NN for_IN peace-keeping_NN shows_VBZ a_DT 27_CD %_NN cut_NN from_IN the_DT administration_NN 's_POS request_NN ._. 
Mercury_NNP Savings_NNP &_CC Loan_NNP Association_NNP said_VBD it_PRP retained_VBD Merrill_NNP Lynch_NNP Capital_NNP Markets_NNPS as_IN its_PRP$ lead_NN investment_NN banker_NN to_TO advise_VB it_PRP regarding_VBG a_DT possible_JJ sale_NN or_CC other_JJ combination_NN of_IN the_DT Huntington_NNP Beach_NNP ,_, Calif._NNP ,_, thrift_NN ._. 
Mercury_NNP ,_, which_WDT has_VBZ assets_NNS of_IN more_JJR than_IN $_$ 2_CD billion_CD and_CC 24_CD branches_NNS in_IN California_NNP ,_, said_VBD the_DT action_NN to_TO improve_VB its_PRP$ regulatory_JJ capital_NN position_NN is_VBZ related_VBN directly_RB to_TO new_JJ capital_NN requirements_NNS mandated_VBN by_IN recently_RB adopted_VBN federal_JJ legislation_NN ._. 
Mercury_NNP also_RB said_VBD it_PRP extended_VBD its_PRP$ two-year_JJ advisory_JJ relationship_NN with_IN Montgomery_NNP Securities_NNP of_IN San_NNP Francisco_NNP ._. 
Mercury_NNP 's_POS stock_NN closed_VBD yesterday_NN at_IN $_$ 4.875_CD ,_, unchanged_JJ in_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ._. 
Watching_VBG Congress_NNP sweat_NN and_CC grimace_NN through_IN its_PRP$ annual_JJ budget_NN labors_NNS ,_, fighting_VBG the_DT urge_NN to_TO spend_VB more_JJR ,_, we_PRP 're_VBP reminded_VBD of_IN those_DT late-night_JJ movies_NNS in_IN which_WDT the_DT anguished_JJ serial_JJ killer_NN turns_VBZ himself_PRP in_IN to_TO police_VB and_CC says_VBZ ,_, ``_`` Stop_VB me_PRP before_IN I_PRP kill_VBP again_RB ._. ''_'' 
The_DT Members_NNS know_VBP they_PRP 're_VBP doing_VBG wrong_JJ ,_, but_CC they_PRP need_VBP help_NN to_TO restrain_VB their_PRP$ darker_JJR compulsions_NNS ._. 
Arkansas_NNP Democrat_NNP David_NNP Pryor_NNP spilled_VBD his_PRP$ guts_NNS on_IN the_DT Senate_NNP floor_NN the_DT other_JJ day_NN after_IN he_PRP 'd_MD joined_VBD the_DT Finance_NNP Committee_NNP 's_POS early-morning_JJ pork-barrel_JJ revels_NNS :_: ``_`` I_PRP must_MD tell_VB you_PRP ..._: 
I_PRP come_VBP to_TO the_DT floor_NN tonight_RB as_IN one_CD who_WP ended_VBD up_IN with_IN a_DT busload_NN of_IN extraneous_JJ matter_NN ._. 
It_PRP was_VBD nothing_NN more_JJR or_CC nothing_NN less_JJR than_IN a_DT feeding_VBG frenzy_NN ._. ''_'' 
He_PRP was_VBD turning_VBG himself_PRP in_RB ._. 
``_`` Frankly_RB ,_, as_IN I_PRP was_VBD walking_VBG back_RB to_TO get_VB in_IN my_PRP$ car_NN ,_, I_PRP heard_VBD many_JJ ,_, many_JJ people_NNS ..._: opening_NN champagne_NN bottles_NNS and_CC celebrating_VBG individual_JJ victories_NNS that_IN some_DT of_IN us_PRP had_VBD accomplished_VBN in_IN getting_VBG our_PRP$ little_JJ deal_NN in_IN the_DT tax_NN bill_NN and_CC winking_VBG at_IN this_DT person_NN for_IN slipping_VBG this_DT in_NN ,_, ''_'' he_PRP said_VBD ._. 
``_`` As_IN I_PRP was_VBD driving_VBG home_NN ,_, I_PRP did_VBD not_RB feel_VB very_RB good_JJ about_IN myself_PRP ._. ''_'' 
We_PRP can_MD applaud_VB Mr._NNP Pryor_NNP 's_POS moment_NN of_IN epiphany_NN ,_, even_RB as_IN we_PRP understand_VBP that_IN he_PRP and_CC his_PRP$ confreres_FW need_NN restraint_NN lest_IN they_PRP kill_VBP again_RB ._. 
A_DT good_JJ place_NN to_TO start_VB the_DT rehabilitation_NN is_VBZ a_DT ``_`` legislative_JJ line-item_JJ veto_NN ''_'' bill_NN now_RB being_VBG offered_VBN by_IN Indiana_NNP Senator_NNP Dan_NNP Coats_NNP ._. 
The_DT Coats_NNP bill_NN ,_, which_WDT already_RB has_VBZ 32_CD Senate_NNP co-sponsors_NNS ,_, is_VBZ n't_RB a_DT pure_JJ line-item_JJ veto_NN because_IN it_PRP would_MD apply_VB only_RB to_TO spending_NN bills_NNS ._. 
Instead_RB it_PRP 's_VBZ a_DT form_NN of_IN ``_`` enhanced_VBN rescission_NN ,_, ''_'' giving_VBG a_DT President_NNP a_DT chance_NN to_TO rescind_VB ,_, or_CC strike_NN ,_, specific_JJ spending_NN items_NNS that_WDT just_RB go_VB too_RB far_RB ._. 
Under_IN the_DT proposal_NN ,_, a_DT President_NNP would_MD have_VB a_DT chance_NN twice_RB each_DT year_NN to_TO return_VB a_DT package_NN of_IN ``_`` rescissions_NNS ''_'' to_TO the_DT Hill_NNP --_: once_RB when_WRB he_PRP proposes_VBZ his_PRP$ budget_NN and_CC again_RB after_IN Congress_NNP disposes_VBZ ._. 
Congress_NNP would_MD have_VB 20_CD days_NNS to_TO reject_VB the_DT package_NN with_IN a_DT 50_CD %_NN majority_NN ,_, but_CC then_RB a_DT President_NNP could_MD veto_VB that_DT rejection_NN ._. 
Congress_NNP would_MD then_RB need_VB the_DT usual_JJ two-thirds_NNS majority_NN to_TO override_VB any_DT veto_NN ._. 
The_DT proposal_NN would_MD restore_VB some_DT discipline_NN erased_VBN from_IN the_DT budget_NN process_NN by_IN the_DT 1974_CD Budget_NNP ``_`` Reform_NNP ''_'' Act_NNP ._. 
Before_IN 1974_CD ,_, a_DT President_NNP could_MD ``_`` impound_VB ,_, ''_'' or_CC refuse_VB to_TO spend_VB ,_, funds_NNS appropriated_VBN by_IN Congress_NNP ._. 
Presidents_NNP Kennedy_NNP and_CC Johnson_NNP were_VBD both_DT big_JJ users_NNS of_IN the_DT impoundment_NN power_NN ,_, but_CC Congress_NNP saw_VBD its_PRP$ chance_NN against_IN a_DT weakened_VBN President_NNP Nixon_NNP and_CC stripped_VBN it_PRP away_RB ._. 
Today_NN a_DT President_NNP can_MD still_RB send_VB up_IN spending_NN rescissions_NNS ,_, but_CC they_PRP 're_VBP meaningless_JJ unless_IN Congress_NNP has_VBZ a_DT guilty_JJ conscience_NN and_CC changes_NNS its_PRP$ mind_NN ._. 
This_DT is_VBZ like_IN asking_VBG foxes_NNS to_TO feel_VB remorse_NN about_IN chickens_NNS ,_, and_CC naturally_RB rescissions_NNS are_VBP almost_RB never_RB approved_VBD ._. 
In_IN 1987_CD ,_, President_NNP Reagan_NNP sent_VBD 73_CD rescissions_NNS back_RB to_TO the_DT Hill_NNP ,_, but_CC only_RB 3_CD %_NN of_IN the_DT spending_NN total_NN was_VBD approved_VBN by_IN Congress_NNP ._. 
Senator_NNP Coats_NNP 's_POS proposal_NN would_MD let_VB the_DT proposed_VBN spending_NN cuts_NNS take_VBP place_NN automatically_RB unless_IN Congress_NNP acts_NNS ._. 
The_DT Members_NNS could_MD still_RB try_VB to_TO serve_VB their_PRP$ constituents_NNS with_IN special-interest_JJ goodies_NNS ,_, but_CC the_DT police_NN -LRB-_( in_IN the_DT form_NN of_IN a_DT President_NNP -RRB-_) would_MD be_VB there_RB with_IN a_DT straitjacket_NN if_IN they_PRP really_RB get_VBP crazy_JJ ,_, as_IN they_PRP do_VBP now_RB ._. 
Mr._NNP Coats_NNP plans_VBZ to_TO offer_VB his_PRP$ proposal_NN as_IN an_DT amendment_NN to_TO a_DT bill_NN to_TO raise_VB the_DT federal_JJ debt_NN limit_NN before_IN the_DT end_NN of_IN the_DT month_NN ._. 
President_NNP Bush_NNP has_VBZ endorsed_VBN the_DT idea_NN ,_, and_CC at_IN least_JJS 50_CD sitting_VBG Senators_NNS have_VBP voted_VBN to_TO support_VB enhanced_VBN rescission_NN authority_NN in_IN the_DT past_NN ._. 
We_PRP 're_VBP told_VBD Senator_NNP Pryor_NNP is_VBZ n't_RB yet_RB a_DT co-sponsor_NN ,_, but_CC if_IN he_PRP and_CC his_PRP$ colleagues_NNS are_VBP serious_JJ about_IN kicking_VBG their_PRP$ compulsions_NNS ,_, they_PRP 'll_MD sign_VB up_RB ._. 
Business_NN and_CC civic_JJ operations_NNS lurched_VBD back_RB toward_IN normalcy_NN here_RB as_IN congressional_JJ officials_NNS estimated_VBN that_IN the_DT price_NN tag_NN for_IN emergency_NN assistance_NN to_TO earthquake-ravaged_JJ California_NNP would_MD total_VB at_IN least_JJS $_$ 2.5_CD billion_CD ._. 
``_`` That_DT is_VBZ a_DT minimum_JJ figure_NN ,_, and_CC I_PRP underscore_VBP minimum_JJ ,_, ''_'' said_VBD House_NNP Speaker_NNP Thomas_NNP Foley_NNP -LRB-_( D._NNP ,_, Wash_NNP ._. -RRB-_) after_IN conferring_VBG with_IN California_NNP lawmakers_NNS ._. 
``_`` It_PRP 's_VBZ impossible_JJ to_TO put_VB an_DT exact_JJ figure_NN on_IN it_PRP at_IN this_DT time_NN ._. ''_'' 
The_DT Office_NNP of_IN Management_NNP and_CC Budget_NNP has_VBZ begun_VBN looking_VBG into_IN legislation_NN to_TO provide_VB more_JJR funds_NNS for_IN earthquake_NN repairs_NNS ._. 
And_CC California_NNP 's_POS 45-member_JJ delegation_NN in_IN the_DT House_NNP is_VBZ expected_VBN to_TO propose_VB that_IN emergency_NN funds_NNS be_VBP added_VBN to_TO a_DT stop-gap_JJ spending_NN bill_NN that_IN the_DT House_NNP Appropriations_NNP Committee_NNP is_VBZ to_TO consider_VB Monday_NNP ._. 
For_IN the_DT most_RBS part_NN ,_, major_JJ corporations_NNS '_POS headquarters_NN and_CC plants_NNS were_VBD unaffected_JJ or_CC only_RB slightly_RB damaged_VBN by_IN Tuesday_NNP 's_POS earthquake_NN ,_, which_WDT registered_VBD 6.9_CD on_IN the_DT Richter_NNP scale_NN ._. 
One_CD of_IN the_DT last_JJ big_JJ employers_NNS in_IN the_DT Silicon_NNP Valley_NNP to_TO report_VB in_IN ,_, Seagate_NNP Technology_NNP ,_, said_VBD it_PRP expects_VBZ to_TO be_VB back_RB at_IN full_JJ strength_NN Monday_NNP ._. 
The_DT day_NN before_IN the_DT quake_NN ,_, Seagate_NNP completed_VBD three_CD days_NNS of_IN emergency_NN training_NN and_CC drills_NNS ._. 
Echoing_VBG the_DT response_NN of_IN almost_RB all_DT big_JJ corporations_NNS in_IN the_DT Bay_NNP Area_NNP ,_, Don_NNP Waite_NNP ,_, Seagate_NNP 's_POS chief_JJ financial_JJ officer_NN ,_, said_VBD ,_, ``_`` I_PRP would_MD n't_RB expect_VB this_DT to_TO have_VB any_DT significant_JJ financial_JJ impact_NN ._. ''_'' 
The_DT city_NN 's_POS recovery_NN from_IN the_DT earthquake_NN was_VBD uneven_JJ ._. 
Banks_NNP indicated_VBD they_PRP were_VBD operating_VBG at_IN greater_JJR than_IN 90_CD %_NN of_IN their_PRP$ usual_JJ capacity_NN ,_, but_CC a_DT Nob_NNP Hill_NNP hotel_NN said_VBD tourists_NNS had_VBD fled_VBN ,_, leaving_VBG the_DT previously_RB full_JJ hotel_NN with_IN an_DT 80_CD %_NN vacancy_NN rate_NN ._. 
City_NN crews_NNS tallied_VBD the_DT wreckage_NN to_TO buildings_NNS ,_, but_CC lacked_VBD a_DT clear_JJ sense_NN of_IN how_WRB gravely_RB transportation_NN arteries_NNS were_VBD disabled_JJ ._. 
Among_IN the_DT city_NN 's_POS banks_NNS ,_, Bank_NNP of_IN America_NNP said_VBD all_DT but_CC eight_CD of_IN its_PRP$ 850_CD branches_NNS were_VBD open_JJ ._. 
The_DT closed_VBD branches_NNS ,_, in_IN San_NNP Francisco_NNP ,_, Hayward_NNP ,_, Santa_NNP Clara_NNP and_CC Santa_NNP Cruz_NNP ,_, sustained_VBN structural_JJ damage_NN ._. 
Power_NN failures_NNS kept_VBD just_RB seven_CD of_IN its_PRP$ 1,500_CD automated-teller_JJ machines_NNS off-line_JJ ._. 
Securities-trading_JJ operations_NNS were_VBD moved_VBN to_TO Bank_NNP of_IN America_NNP 's_POS Concord_NNP office_NN ,_, and_CC foreign-exchange_JJ trading_NN operations_NNS were_VBD shifted_VBN to_TO Los_NNP Angeles_NNP ,_, the_DT bank_NN said_VBD ._. 
Wells_NNP Fargo_NNP &_CC Co._NNP said_VBD its_PRP$ Emergency_NNP Operations_NNP Committee_NNP --_: which_WDT met_VBD all_DT night_NN Tuesday_NNP --_: moved_VBD its_PRP$ global-funds_JJ transfer_NN system_NN to_TO El_NNP Monte_NNP ,_, Calif._NNP ,_, 500_CD miles_NNS to_TO the_DT south_RB ._. 
Only_RB five_CD of_IN 496_CD branches_NNS statewide_JJ remain_VB closed_VBD ,_, while_IN 23_CD of_IN 600_CD automated-teller_JJ machines_NNS remained_VBD out_IN of_IN order_NN ._. 
The_DT most_RBS extensive_JJ damage_NN was_VBD in_IN small_JJ towns_NNS near_IN the_DT quake_NN 's_POS epicenter_NN ,_, 80_CD miles_NNS south_RB of_IN San_NNP Francisco_NNP ._. 
Santa_NNP Cruz_NNP County_NNP estimates_NNS total_JJ damage_NN at_IN nearly_RB $_$ 600_CD million_CD ._. 
Santa_NNP Clara_NNP County_NNP has_VBZ a_DT running_VBG total_JJ so_RB far_RB of_IN $_$ 504_CD million_CD ,_, excluding_VBG the_DT hard-hit_JJ city_NN of_IN Los_NNP Gatos_NNP ._. 
Oakland_NN officials_NNS were_VBD still_RB uncertain_JJ about_IN the_DT magnitude_NN of_IN structural_JJ damage_NN late_JJ yesterday_NN ;_: a_DT section_NN of_IN I-880_NN ,_, a_DT twotiered_JJ highway_NN ,_, collapsed_VBD in_IN Oakland_NNP ,_, causing_VBG a_DT majority_NN of_IN the_DT deaths_NNS resulting_VBG from_IN the_DT quake_NN ._. 
San_NNP Francisco_NNP Mayor_NNP Art_NNP Agnos_NNP estimated_VBD that_IN damages_NNS to_TO the_DT city_NN total_JJ $_$ 2_CD billion_CD ._. 
That_DT includes_VBZ dwellings_NNS in_IN the_DT ravaged_VBN Marina_NNP district_NN that_WDT must_MD be_VB demolished_VBN ,_, peeled_VBN business_NN facades_NNS south_RB of_IN Market_NNP Street_NNP ,_, and_CC houses_NNS in_IN the_DT city_NN 's_POS outer_JJ Richmond_NNP district_NN that_WDT were_VBD heaved_VBN off_IN their_PRP$ foundations_NNS ._. 
Many_JJ streets_NNS and_CC sidewalks_NNS buckled_VBD ,_, and_CC subterranean_JJ water_NN mains_NNS and_CC service_NN connections_NNS ruptured_VBN ._. 
The_DT federal_JJ funds_NNS would_MD go_VB to_TO a_DT range_NN of_IN programs_NNS ,_, including_VBG the_DT Federal_NNP Emergency_NNP Management_NNP Agency_NNP ,_, highway_NN construction_NN accounts_NNS and_CC the_DT Small_NNP Business_NNP Administration_NNP ,_, according_VBG to_TO Rep._NNP Vic_NNP Fazio_NNP -LRB-_( D._NNP ,_, Calif_NNP ._. -RRB-_) ._. 
FEMA_NNP ,_, which_WDT coordinates_VBZ federal_JJ disaster_NN relief_NN ,_, is_VBZ already_RB strapped_VBN by_IN the_DT costs_NNS of_IN cleaning_NN up_IN after_IN Hurricane_NNP Hugo_NNP ,_, which_WDT hit_VBD the_DT Carolinas_NNPS last_JJ month_NN ._. 
It_PRP is_VBZ likely_JJ to_TO get_VB as_RB much_JJ as_IN $_$ 800_CD million_CD initially_RB in_IN additional_JJ funds_NNS ,_, and_CC eventually_RB could_MD get_VB more_JJR than_IN $_$ 1_CD billion_CD ,_, according_VBG to_TO Mr._NNP Fazio_NNP ,_, a_DT member_NN of_IN the_DT House_NNP Appropriations_NNP Committee_NNP ._. 
White_NNP House_NNP spokesman_NN Marlin_NNP Fitzwater_NNP said_VBD there_EX is_VBZ enough_JJ money_NN on_IN hand_NN to_TO deal_VB with_IN immediate_JJ requirements_NNS ._. 
The_DT Bush_NNP administration_NN has_VBZ at_IN its_PRP$ disposal_NN $_$ 273_CD million_CD in_IN funds_NNS remaining_VBG from_IN the_DT $_$ 1.1_CD billion_CD Congress_NNP released_VBD for_IN the_DT cleanup_NN after_IN Hurricane_NNP Hugo_NNP ._. 
``_`` We_PRP feel_VBP we_PRP have_VBP the_DT money_NN necessary_JJ to_TO handle_VB the_DT immediate_JJ ,_, short-term_JJ requirements_NNS ,_, ''_'' Mr._NNP Fitzwater_NNP said_VBD ._. 
He_PRP added_VBD that_IN the_DT Office_NNP of_IN Management_NNP and_CC Budget_NNP ,_, the_DT Transportation_NNP Department_NNP and_CC other_JJ agencies_NNS are_VBP ``_`` developing_VBG longer-term_JJ legislation_NN ''_'' that_WDT should_MD be_VB ready_JJ soon_RB ._. 
Much_RB of_IN the_DT cost_NN of_IN cleaning_NN up_IN after_IN the_DT earthquake_NN will_MD involve_VB repairing_VBG highways_NNS and_CC bridges_NNS ._. 
California_JJ lawmakers_NNS are_VBP seeking_VBG changes_NNS in_IN rules_NNS governing_VBG the_DT federal_JJ highway_NN relief_NN program_NN so_RB more_JJR money_NN can_MD be_VB made_VBN available_JJ for_IN the_DT state_NN ._. 
Some_DT things_NNS ca_MD n't_RB be_VB repaired_VBN ._. 
The_DT Asian_NNP Art_NNP Museum_NNP in_IN Golden_NNP Gate_NNP Park_NNP reports_NNS $_$ 10_CD million_CD to_TO $_$ 15_CD million_CD in_IN damage_NN ,_, including_VBG shattered_VBN porcelains_NNS and_CC stone_NN figures_NNS ._. 
Its_PRP$ neighbor_NN ,_, the_DT De_NNP Young_NNP Museum_NNP ,_, totaled_VBD $_$ 3_CD million_CD to_TO $_$ 5_NN million_CD in_IN structural_JJ damage_NN and_CC shattered_VBN sculpture_NN ._. 
The_DT city_NN 's_POS main_JJ library_NN is_VBZ closed_VBN because_IN of_IN fissures_NNS that_WDT opened_VBD in_IN its_PRP$ walls_NNS ,_, and_CC marble_NN facings_NNS and_CC ornamental_JJ plaster_NN at_IN the_DT Beaux_NNP Arts_NNP City_NNP Hall_NNP broke_VBD off_IN in_IN the_DT temblor_NN ._. 
The_DT ground_NN along_IN the_DT Embarcadero_NNP the_DT street_NN that_IN skirts_VBZ the_DT city_NN 's_POS eastern_JJ boundary_NN and_CC piers_NNS --_: dropped_VBD six_CD inches_NNS after_IN the_DT quake_NN ,_, wreaking_VBG major_JJ damage_NN to_TO at_IN least_JJS one_CD of_IN the_DT piers_NNS ._. 
At_IN San_NNP Francisco_NNP International_NNP Airport_NNP ,_, shock_NN waves_NNS wrecked_VBD the_DT control_NN tower_NN ,_, knocking_VBG down_JJ computers_NNS and_CC shattering_VBG glass_NN ._. 
Offices_NNS of_IN the_DT city_NN 's_POS Rent_NNP Board_NNP were_VBD destroyed_VBN ._. 
Mayor_NNP Agnos_NNP 's_POS $_$ 2_CD billion_CD estimate_NN does_VBZ n't_RB include_VB damage_NN to_TO freeway_NN arteries_NNS leading_VBG into_IN the_DT city_NN ,_, some_DT of_IN which_WDT remained_VBD closed_VBN ._. 
A_DT major_JJ chunk_NN of_IN the_DT $_$ 2_CD billion_CD is_VBZ expected_VBN to_TO be_VB eaten_VBN up_IN by_IN overtime_NN for_IN city_NN workers_NNS deployed_VBN in_IN the_DT emergency_NN ,_, said_VBD a_DT spokesman_NN for_IN Mr._NNP Agnos_NNP ._. 
``_`` All_DT of_IN the_DT city_NN 's_POS $_$ 5.9_CD million_CD emergency_NN reserve_NN was_VBD spent_VBN in_IN the_DT first_JJ 24_CD hours_NNS ''_'' on_IN overtime_NN salaries_NNS ,_, he_PRP said_VBD ._. 
Insurers_NNS struggled_VBD to_TO to_TO get_VB a_DT firm_NN grasp_NN on_IN the_DT volume_NN of_IN claims_NNS pouring_VBG into_IN their_PRP$ offices_NNS ._. 
At_IN Fireman_NNP 's_POS Fund_NNP Corp._NNP ,_, a_DT spokesman_NN said_VBD 142_CD claims_NNS were_VBD received_VBN in_IN the_DT first_JJ 24_CD hours_NNS after_IN the_DT quake_NN ,_, and_CC the_DT company_NN is_VBZ braced_VBN for_IN as_RB many_JJ as_IN 5,000_CD claims_NNS from_IN its_PRP$ 35,000_CD residential_JJ and_CC 35,000_CD business_NN policyholders_NNS in_IN the_DT affected_VBN area_NN ._. 
``_`` Claims_NNPS range_NN from_IN a_DT scratched_VBN fender_NN --_: and_CC there_EX were_VBD an_DT awful_JJ lot_NN of_IN cars_NNS damaged_VBN in_IN this_DT --_: to_TO a_DT major_JJ processing_NN plant_NN ,_, ''_'' a_DT spokesman_NN said_VBD ._. 
``_`` We_PRP 're_VBP delivering_VBG a_DT check_NN for_IN $_$ 750,000_CD to_TO an_DT automotive_JJ business_NN in_IN Berkeley_NNP that_WDT burned_VBD on_IN Tuesday_NNP ._. ''_'' 
Fireman_NNP 's_POS is_VBZ part_NN of_IN a_DT $_$ 38_CD million_CD syndicate_NN that_IN supplies_NNS business_NN interruption_NN insurance_NN to_TO the_DT city_NN on_IN the_DT Bay_NNP Bridge_NNP ,_, which_WDT must_MD pay_VB employees_NNS during_IN the_DT three_CD weeks_NNS or_CC more_JJR it_PRP is_VBZ expected_VBN to_TO be_VB out_IN of_IN service_NN and_CC deprived_VBN of_IN toll_NN income_NN ._. 
California_JJ lawmakers_NNS want_VBP to_TO eliminate_VB temporarily_RB a_DT $_$ 100_CD million_CD cap_NN on_IN the_DT amount_NN of_IN federal_JJ highway_NN relief_NN for_IN each_DT state_NN for_IN each_DT disaster_NN ,_, as_RB well_RB as_IN a_DT prohibition_NN on_IN using_VBG the_DT emergency_NN highway_NN aid_NN to_TO repair_VB toll_NN roads_NNS ._. 
In_IN addition_NN ,_, under_IN the_DT highway-relief_JJ program_NN ,_, the_DT federal_JJ government_NN provides_VBZ 100_CD %_NN of_IN emergency_NN highway_NN aid_NN for_IN only_RB the_DT first_JJ 90_CD days_NNS of_IN a_DT repair_NN effort_NN ._. 
After_IN that_DT ,_, the_DT federal_JJ share_NN diminishes_VBZ ._. 
For_IN interstate_JJ highways_NNS ,_, the_DT federal_JJ share_NN normally_RB would_MD drop_VB to_TO 90_CD %_NN of_IN the_DT cost_NN of_IN repairs_NNS ,_, and_CC the_DT state_NN would_MD have_VB to_TO pick_VB up_IN the_DT remainder_NN of_IN the_DT cost_NN ._. 
But_CC lawmakers_NNS want_VBP to_TO extend_VB the_DT period_NN for_IN 100_CD %_NN federal_JJ funding_NN for_IN several_JJ months_NNS ._. 
Those_DT changes_NNS also_RB would_MD apply_VB to_TO two_CD areas_NNS hit_VBD hard_JJ by_IN Hurricane_NNP Hugo_NNP --_: South_NNP Carolina_NNP and_CC the_DT U.S._NNP Virgin_NNP Islands_NNPS ,_, according_VBG to_TO an_DT aide_NN to_TO Rep._NNP Fazio_NNP ._. 
Meanwhile_RB ,_, the_DT FEMA_NNP announced_VBD a_DT toll-free_JJ telephone_NN number_NN -LRB-_( 800-462-9029_CD -RRB-_) to_TO expedite_VB service_NN to_TO victims_NNS of_IN the_DT earthquake_NN ._. 
Lines_NNS will_MD be_VB available_JJ 24_CD hours_VBZ a_DT day_NN to_TO take_VB applications_NNS for_IN such_JJ disaster_NN relief_NN as_IN temporary_JJ housing_NN and_CC emergency_NN home_NN repairs_NNS by_IN phone_NN ._. 
Transportation_NN officials_NNS are_VBP expecting_VBG utter_JJ traffic_NN pandemonium_NN beginning_VBG Monday_NNP and_CC growing_VBG worse_JJR over_IN the_DT next_JJ several_JJ weeks_NNS ._. 
Some_DT 250,000_CD cars_NNS normally_RB cross_VBP the_DT closed_VBN Bay_NNP Bridge_NNP between_IN Oakland_NNP and_CC San_NNP Francisco_NNP daily_JJ ._. 
Officials_NNS say_VBP it_PRP is_VBZ clear_JJ that_IN alternate_JJ routes_NNS ca_MD n't_RB handle_VB the_DT overflow_NN ._. 
The_DT state_NN is_VBZ calling_VBG in_IN a_DT flotilla_NN of_IN navy_NN landing_NN vessels_NNS and_CC other_JJ boats_NNS to_TO expand_VB ferry_NN service_NN across_IN the_DT bay_NN and_CC hopes_VBZ to_TO add_VB numerous_JJ new_JJ bus_NN routes_NNS and_CC train_NN departures_NNS to_TO help_VB alleviate_VB the_DT traffic_NN problem_NN ._. 
Moreover_RB ,_, state_NN officials_NNS are_VBP urging_VBG freight_NN haulers_NNS to_TO bypass_VB many_NN of_IN the_DT area_NN 's_POS main_JJ highways_NNS and_CC to_TO travel_VB late_RB at_IN night_NN or_CC during_IN predawn_JJ hours_NNS ._. 
Even_RB so_RB ,_, ``_`` We_PRP 're_VBP looking_VBG for_IN chaos_NN ,_, ''_'' said_VBD George_NNP Gray_NNP ,_, a_DT deputy_NN district_NN director_NN at_IN the_DT California_NNP Department_NNP of_IN Transportation_NNP ._. 
``_`` If_IN there_EX 's_VBZ any_DT way_NN you_PRP can_MD do_VB it_PRP ,_, you_PRP ought_MD to_TO go_VB to_TO Idaho_NNP and_CC go_VB fishing_NN for_IN a_DT while_NN ._. ''_'' 
Most_JJS of_IN San_NNP Francisco_NNP 's_POS tourists_NNS and_CC business_NN travelers_NNS already_RB have_VBP left_VBN --_: despite_IN hotel_NN 's_POS offers_NNS of_IN rate_NN cuts_NNS ._. 
``_`` Everyone_NN left_VBN ,_, ''_'' said_VBD Peter_NNP Lang_NNP ,_, reservations_NNS manager_NN of_IN the_DT Mark_NNP Hopkins_NNP Hotel_NNP ._. 
The_DT Westin_NNP St._NNP Francis_NNP hotel_NN ,_, which_WDT survived_VBD the_DT 1906_CD earthquake_NN and_CC fire_NN ,_, currently_RB is_VBZ less_JJR than_IN 50_CD %_NN occupied_VBN ._. 
``_`` We_PRP still_RB have_VBP our_PRP$ die-hard_JJ baseball_NN fans_NNS ,_, ''_'' a_DT spokesman_NN said_VBD ._. 
``_`` One_CD lady_NN from_IN New_NNP York_NNP said_VBD she_PRP 's_VBZ not_RB going_VBG home_NN until_IN the_DT -LCB-_( World_NNP Series_NNP -RCB-_) is_VBZ over_IN ._. ''_'' 
Gerald_NNP F._NNP Seib_NNP and_CC Joe_NNP Davidson_NNP in_IN Washington_NNP contributed_VBD to_TO this_DT article_NN ._. 
Is_VBZ an_DT American_NNP Secretary_NNP of_IN State_NNP seriously_RB suggesting_VBG that_IN the_DT Khmer_NNP Rouge_NNP should_MD help_VB govern_VB Cambodia_NNP ?_. 
Apparently_RB so_RB ._. 
There_EX are_VBP no_DT easy_JJ choices_NNS in_IN Cambodia_NNP ,_, but_CC we_PRP ca_MD n't_RB imagine_VB that_IN it_PRP benefits_VBZ the_DT U.S._NNP to_TO become_VB the_DT catalyst_NN for_IN an_DT all-too-familiar_JJ process_NN that_WDT could_MD end_VB in_IN another_DT round_NN of_IN horror_NN in_IN Cambodia_NNP ._. 
Now_RB that_IN Vietnam_NNP appears_VBZ to_TO have_VB pulled_VBN out_IN its_PRP$ occupation_NN army_NN ,_, the_DT State_NNP Department_NNP is_VBZ talking_VBG again_RB about_IN accepting_VBG an_DT ``_`` interim_JJ ''_'' coalition_NN government_NN in_IN the_DT Cambodian_JJ capital_NN of_IN Phnom_NNP Penh_NNP ._. 
The_DT coalition_NN would_MD include_VB the_DT current_JJ Vietnamese-backed_JJ Hun_NNP Sen_NNP regime_NN ,_, the_DT two_CD non-communist_JJ resistance_NN groups_NNS led_VBN by_IN Son_NNP Sann_NNP and_CC Prince_NNP Sihanouk_NNP ,_, and_CC the_DT Khmer_NNP Rouge_NNP ._. 
The_DT aim_NN would_MD be_VB to_TO end_VB the_DT guerrilla_NN war_NN for_IN control_NN of_IN Cambodia_NNP by_IN allowing_VBG the_DT Khmer_NNP Rouge_NNP a_DT small_JJ share_NN of_IN power_NN ._. 
The_DT State_NNP Department_NNP says_VBZ that_IN any_DT Khmer_NNP Rouge_NNP participation_NN would_MD have_VB to_TO be_VB ``_`` minimal_JJ ._. ''_'' 
The_DT usual_JJ problem_NN with_IN including_VBG communists_NNS in_IN ``_`` interim_JJ ''_'' coalition_NN governments_NNS is_VBZ that_IN their_PRP$ ideology_NN and_CC methods_NNS require_VBP they_PRP squeeze_VBP out_IN everyone_NN else_RB ._. 
Recall_VB that_IN Nicaragua_NNP 's_POS Sandinistas_NNPS came_VBD into_IN Managua_NNP as_IN partners_NNS in_IN a_DT coalition_NN government_NN with_IN anti-Somoza_JJ moderates_NNS ._. 
Within_IN two_CD years_NNS ,_, the_DT moderates_NNS were_VBD exiled_VBN or_CC in_IN prison_NN ,_, Nicaragua_NNP had_VBD gone_VBN communist_JJ ,_, and_CC the_DT Sandinistas_NNPS were_VBD building_NN one_CD of_IN the_DT biggest_JJS armies_NNS in_IN Latin_NNP America_NNP and_CC threatening_VBG their_PRP$ neighbors_NNS ._. 
In_IN Laos_NNP ,_, when_WRB the_DT Western_JJ powers_NNS bowed_VBD to_TO pressure_VB for_IN such_JJ a_DT coalition_NN it_PRP turned_VBD out_IN they_PRP were_VBD opening_VBG the_DT door_NN to_TO communist_JJ domination_NN ._. 
Even_RB Mao_NNP Tse-tung_NNP 's_POS China_NNP began_VBD in_IN 1949_CD with_IN a_DT partnership_NN between_IN the_DT communists_NNS and_CC a_DT number_NN of_IN smaller_JJR ,_, non-communist_JJ parties_NNS ._. 
What_WP complicates_VBZ the_DT scene_NN in_IN Cambodia_NNP is_VBZ that_IN the_DT current_JJ regime_NN is_VBZ already_RB communist_JJ ,_, as_IN are_VBP its_PRP$ Vietnamese_JJ overseers_NNS back_RB in_IN Hanoi_NNP ,_, as_IN are_VBP the_DT Khmer_NNP Rouge_NNP --_: who_WP are_VBP the_DT strongest_JJS of_IN the_DT three_CD guerrilla_NN groups_NNS ._. 
It_PRP 's_VBZ not_RB clear_JJ which_WDT crew_NN of_IN communists_NNS might_MD prevail_VB in_IN a_DT coalition_NN government_NN ,_, but_CC the_DT one_CD good_JJ bet_NN is_VBZ that_IN the_DT non-communists_NNS would_MD disappear_VB ._. 
That_DT would_MD leave_VB Hun_NNP Sen_NNP and_CC the_DT Khmer_NNP Rouge_NNP ._. 
The_DT Hun_NNP Sen_NNP regime_NN has_VBZ sent_VBN thousands_NNS of_IN conscript_NN laborers_NNS to_TO die_VB of_IN malaria_NN and_CC malnourishment_NN while_IN building_NN Cambodia_NNP 's_POS equivalent_NN of_IN the_DT Berlin_NNP Wall_NNP near_IN the_DT Thai_NNP border_NN ._. 
The_DT Khmer_NNP Rouge_NNP ,_, however_RB ,_, carry_VB an_DT unsurpassed_JJ record_NN for_IN Cambodian_JJ tyranny_NN ._. 
These_DT utopians_NNS caused_VBD the_DT deaths_NNS --_: by_IN starvation_NN ,_, disease_NN or_CC execution_NN --_: of_IN well_RB over_IN one_CD million_CD Cambodians_NNPS ._. 
The_DT Cambodian_JJ horror_NN was_VBD so_RB bad_JJ that_IN the_DT Vietnamese_JJ occupation_NN in_IN 1978_CD was_VBD a_DT perverse_JJ form_NN of_IN relief_NN ._. 
The_DT world_NN might_MD want_VB to_TO believe_VB that_IN the_DT Khmer_NNP Rouge_NNP ca_MD n't_RB still_RB be_VB such_JJ bad_JJ guys_NNS ,_, just_RB as_IN in_IN the_DT late_JJ 1970s_NNS it_PRP was_VBD reluctant_JJ to_TO credit_VB the_DT reports_NNS of_IN genocide_NN then_RB taking_VBG place_NN ._. 
But_CC there_EX is_VBZ no_DT solid_JJ evidence_NN that_IN the_DT Khmer_NNP Rouge_NNP have_VBP changed_VBN ._. 
Some_DT of_IN our_PRP$ sources_NNS in_IN Thailand_NNP say_VBP the_DT notorious_JJ old_JJ Khmer_NNP Rouge_NNP leader_NN ,_, Pol_NNP Pot_NNP ,_, has_VBZ been_VBN holed_VBN up_IN this_DT summer_NN in_IN Khmer_NNP Rouge_NNP camps_NNS near_IN the_DT Thai-Cambodian_JJ border_NN ._. 
So_RB it_PRP 's_VBZ difficult_JJ to_TO swallow_VB the_DT notion_NN that_IN Mr._NNP Baker_NNP is_VBZ willing_JJ to_TO accept_VB conditions_NNS that_WDT would_MD help_VB the_DT Khmer_NNP Rouge_NNP set_VBD up_IN shop_NN again_RB in_IN Phnom_NNP Penh_NNP ._. 
True_JJ ,_, Prince_NNP Sihanouk_NNP backs_VBZ the_DT idea_NN of_IN such_JJ a_DT coalition_NN ,_, at_IN least_JJS for_IN this_DT week_NN ._. 
But_CC Prince_NNP Sihanouk_NNP has_VBZ backed_VBN all_DT sorts_NNS of_IN ideas_NNS over_IN the_DT years_NNS ,_, and_CC done_VBD rather_RB better_JJR by_IN himself_PRP than_IN by_IN Cambodia_NNP ._. 
Nor_CC should_MD the_DT U.S._NNP worry_NN much_JJ about_IN offending_VBG China_NNP ,_, which_WDT still_RB aids_VBZ the_DT Khmer_NNP Rouge_NNP ._. 
It_PRP 's_VBZ time_NN the_DT State_NNP Department_NNP recognized_VBD that_IN China_NNP does_VBZ not_RB play_VB by_IN gentlemen_NNS 's_POS rules_NNS ._. 
For_IN the_DT U.S._NNP to_TO lend_VB even_RB the_DT slightest_JJS support_NN to_TO the_DT most_RBS infamous_JJ killers_NNS on_IN Indochina_NNP 's_POS bleak_JJ scene_NN could_MD only_RB disturb_VB America_NNP 's_POS allies_NNS elsewhere_RB ._. 
It_PRP would_MD be_VB entirely_RB rational_JJ for_IN communist_JJ insurgents_NNS in_IN countries_NNS such_JJ as_IN the_DT Philippines_NNP or_CC Peru_NNP to_TO conclude_VB the_DT following_VBG :_: Fight_VB viciously_RB enough_RB and_CC the_DT U.S._NNP ,_, under_IN the_DT banner_NN of_IN pragmatism_NN ,_, might_MD eventually_RB help_VB negotiate_VB your_PRP$ way_NN to_TO victory_NN ._. 
U.S._NNP diplomacy_NN has_VBZ done_VBN it_PRP before_RB ,_, and_CC it_PRP will_MD likely_RB do_NN it_PRP again_RB ._. 
The_DT administration_NN and_CC Congress_NNP have_VBP lately_RB tangoed_VBD around_IN the_DT idea_NN of_IN sending_VBG military_JJ aid_NN to_TO Cambodia_NNP 's_POS non-communists_NNS ._. 
But_CC now_RB the_DT possibility_NN of_IN ``_`` diplomatic_JJ movement_NN ''_'' -LRB-_( Vietnam_NNP 's_POS withdrawal_NN ,_, the_DT Baker_NNP initiative_NN -RRB-_) has_VBZ put_VBN that_DT plan_NN on_IN hold_NN ,_, with_IN the_DT proviso_NN that_IN if_IN the_DT going_VBG got_VBN rough_JJ ,_, the_DT U.S._NNP would_MD then_RB rearm_VB the_DT opposition_NN ._. 
Why_WRB the_DT timidity_NN ?_. 
At_IN the_DT very_RB least_JJS ,_, the_DT odds_NNS are_VBP heavily_RB weighted_JJ against_IN the_DT prospects_NNS of_IN preventing_VBG the_DT Khmer_NNP Rouge_NNP and_CC Cambodia_NNP 's_POS communists_NNS from_IN ultimately_RB moving_VBG against_IN their_PRP$ opponents_NNS ._. 
When_WRB that_DT day_NN comes_VBZ ,_, it_PRP would_MD be_VB particularly_RB awful_JJ to_TO know_VB that_IN the_DT United_NNP States_NNPS sat_VBD on_IN military_JJ aid_NN and_CC deprived_VBD these_DT people_NNS of_IN the_DT means_NNS to_TO settle_VB their_PRP$ fate_NN with_IN at_IN least_JJS a_DT little_JJ honor_NN ._. 
Michael_NNP F._NNP Harris_NNP ,_, 53_CD ,_, was_VBD named_VBN executive_JJ vice_NN president_NN ,_, North_NNP America_NNP ,_, for_IN the_DT Financial_NNP Times_NNP ,_, the_DT business_NN newspaper_NN published_VBN by_IN this_DT company_NN that_WDT also_RB has_VBZ interests_NNS in_IN book_NN publishing_NN ,_, fine_JJ china_NN ,_, oil_NN services_NNS and_CC investment_NN banking_NN ._. 
Mr._NNP Harris_NNP had_VBD been_VBN vice_NN president_NN for_IN the_DT newspaper_NN 's_POS advertising_NN in_IN New_NNP York_NNP ._. 
He_PRP takes_VBZ additional_JJ responsibility_NN for_IN newspaper_NN sales_NNS and_CC distribution_NN of_IN the_DT Financial_NNP Times_NNP in_IN North_NNP America_NNP ._. 
Laurance_NNP V._NNP Allen_NNP ,_, 44_CD ,_, who_WP had_VBD been_VBN director_NN for_IN North_NNP America_NNP ,_, resigned_VBD to_TO pursue_VB other_JJ business_NN interests_NNS and_CC do_VBP some_DT consulting_NN ._. 
Cipher_NNP Data_NNP Products_NNP Inc._NNP posted_VBD a_DT net_JJ loss_NN of_IN $_$ 14.2_CD million_CD ,_, or_CC 97_CD cents_NNS a_DT share_NN ,_, for_IN its_PRP$ fiscal_JJ first_JJ quarter_NN ,_, compared_VBN with_IN net_JJ income_NN of_IN $_$ 3.8_CD million_CD ,_, or_CC 27_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Revenue_NN for_IN the_DT quarter_NN ended_VBN Sept._NNP 30_CD fell_VBD 20_CD %_NN ,_, to_TO $_$ 41.3_CD million_CD from_IN $_$ 51.9_CD million_CD in_IN the_DT year-earlier_JJ period_NN ._. 
Cipher_NNP Data_NNP ,_, a_DT San_NNP Diego_NNP maker_NN of_IN magnetic_JJ tape_NN peripherals_NNS and_CC optical_JJ disc_NN drives_NNS ,_, said_VBD the_DT loss_NN included_VBD reserves_NNS of_IN $_$ 3.8_CD million_CD related_VBN to_TO a_DT corporate_JJ restructuring_NN ._. 
The_DT restructuring_NN calls_VBZ for_IN a_DT 24_CD %_NN reduction_NN in_IN its_PRP$ work_NN force_NN over_IN the_DT next_JJ two_CD months_NNS ,_, affecting_VBG about_IN 525_CD jobs_NNS ,_, Cipher_NNP Data_NNP said_VBD ._. 
It_PRP is_VBZ eliminating_VBG the_DT positions_NNS of_IN president_NN and_CC chief_JJ operating_VBG officer_NN ,_, formerly_RB held_VBN by_IN Edward_NNP L._NNP Marinaro_NNP ._. 
Cipher_NNP Data_NNP said_VBD Mr._NNP Marinaro_NNP consequently_RB has_VBZ resigned_VBN from_IN those_DT posts_NNS and_CC from_IN the_DT company_NN 's_POS board_NN ._. 
Mr._NNP Marinaro_NNP could_MD n't_RB immediately_RB be_VB reached_VBN for_IN comment_NN ._. 
FileNet_NNP Corp._NNP ,_, Costa_NNP Mesa_NNP ,_, Calif._NNP ,_, said_VBD it_PRP expects_VBZ to_TO report_VB a_DT third-quarter_JJ loss_NN of_IN about_RB $_$ 1.8_CD million_CD ,_, or_CC 17_CD cents_NNS a_DT share_NN ,_, because_IN of_IN a_DT $_$ 2.5_CD million_CD reserve_NN to_TO be_VB taken_VBN against_IN potential_JJ losses_NNS on_IN a_DT contract_NN with_IN the_DT state_NN of_IN California_NNP ._. 
Revenue_NN is_VBZ estimated_VBN at_IN $_$ 18.6_CD million_CD ._. 
The_DT maker_NN of_IN document_NN image_NN processing_NN equipment_NN said_VBD the_DT state_NN procurement_NN division_NN had_VBD declared_VBN FileNet_NNP in_IN default_NN on_IN its_PRP$ contract_NN with_IN the_DT secretary_NN of_IN state_NN uniform_NN commercial_JJ code_NN division_NN ._. 
FileNet_NNP said_VBD it_PRP does_VBZ n't_RB believe_VB the_DT state_NN has_VBZ a_DT valid_JJ basis_NN of_IN default_NN and_CC is_VBZ reviewing_VBG its_PRP$ legal_JJ rights_NNS under_IN the_DT contract_NN ,_, but_CC said_VBD it_PRP ca_MD n't_RB predict_VB the_DT outcome_NN of_IN the_DT dispute_NN ._. 
The_DT disagreement_NN centers_NNS on_IN testing_NN deadlines_NNS and_CC other_JJ issues_NNS involving_VBG a_DT FileNet_NNP system_NN installed_VBN earlier_RBR this_DT year_NN ._. 
State_NN officials_NNS could_MD n't_RB be_VB reached_VBN for_IN comment_NN late_JJ yesterday_NN ._. 
FileNet_NNP noted_VBD that_IN it_PRP had_VBD cash_NN and_CC marketable_JJ securities_NNS totaling_VBG $_$ 22.5_CD million_CD on_IN Sept._NNP 30_CD ,_, and_CC stockholders_NNS '_POS equity_NN is_VBZ $_$ 60.1_CD million_CD ._. 
The_DT company_NN made_VBD the_DT announcement_NN after_IN the_DT close_NN of_IN the_DT markets_NNS ,_, where_WRB its_PRP$ stock_NN finished_VBD at_IN $_$ 10.75_CD ,_, up_IN 25_CD cents_NNS ,_, in_IN over-the-counter_JJ trading_NN ._. 
Clinton_NNP Gas_NNP Systems_NNP Inc._NNP said_VBD it_PRP received_VBD a_DT contract_NN from_IN Timken_NNP Co._NNP ,_, Canton_NNP ,_, Ohio_NNP ,_, to_TO manage_VB the_DT natural_JJ gas_NN purchasing_VBG ,_, scheduling_NN and_CC transportation_NN activities_NNS for_IN Timken_NNP 's_POS seven_CD Ohio_NNP and_CC two_CD Pennsylvania_NNP plants_NNS ._. 
Clinton_NNP and_CC Timken_NNP agreed_VBD not_RB to_TO disclose_VB the_DT value_NN of_IN the_DT contract_NN ._. 
Timken_NNP ,_, a_DT producer_NN of_IN bearings_NNS and_CC specialty_NN steel_NN ,_, already_RB buys_VBZ gas_NN from_IN Clinton_NNP ._. 
Clinton_NNP said_VBD in_IN Columbus_NNP ,_, Ohio_NNP ,_, that_IN its_PRP$ Clinton_NNP Gas_NNP Marketing_NNP unit_NN wants_VBZ to_TO line_VB up_IN a_DT number_NN of_IN such_JJ gas_NN management_NN contracts_NNS ._. 
Manufacturers_NNS frequently_RB do_VBP n't_RB have_VB anyone_NN who_WP is_VBZ a_DT specialist_NN in_IN natural_JJ gas_NN ,_, Clinton_NNP said_VBD ,_, and_CC a_DT specialist_NN such_JJ as_IN Clinton_NNP can_MD save_VB them_PRP substantial_JJ amounts_NNS of_IN money_NN ._. 
The_DT scene_NN opens_VBZ with_IN pinstripe-suited_JJ executives_NNS --_: Easterners_NNS ,_, obviously_RB --_: glued_VBN to_TO cellular_JJ phones_NNS and_CC hightailing_VBG it_PRP out_IN of_IN town_NN in_IN chauffeur-driven_JJ limousines_NNS ._. 
``_`` The_DT carpetbaggers_NNS ,_, ''_'' snorts_VBZ the_DT narrator_NN with_IN a_DT Texas_NNP twang_NN ,_, ``_`` have_VBP packed_VBN their_PRP$ bags_NNS and_CC went_VBD ._. ''_'' 
But_CC ,_, he_PRP continues_VBZ ,_, ``_`` They_PRP 're_VBP forgetting_VBG we_PRP 're_VBP all_DT Texans_NNPS ._. 
The_DT Lone_NNP Star_NNP is_VBZ on_IN the_DT rise_NN again_RB ._. ''_'' 
As_IN the_DT music_NN swells_NNS ,_, viewers_NNS discover_VBP they_PRP 're_VBP watching_VBG a_DT commercial_NN for_IN Lone_NNP Star_NNP Beer_NN ,_, the_DT pride_NN of_IN Texas_NNP ,_, a_DT product_NN of_IN G._NNP Heileman_NNP Brewing_NNP Co._NNP ,_, a_DT La_NNP Crosse_NNP ,_, Wis._NNP ,_, unit_NN of_IN Bond_NNP Corp_NNP ._. 
As_IN the_DT ad_NN 's_POS tone_NN implies_VBZ ,_, the_DT Texas_NNP spirit_NN is_VBZ pretty_RB xenophobic_JJ these_DT days_NNS ,_, and_CC Lone_NNP Star_NNP is_VBZ n't_RB alone_RB in_IN trying_VBG to_TO take_VB advantage_NN of_IN that_DT ._. 
From_IN Chevy_NNP trucks_NNS to_TO Lipton_NNP iced_JJ tea_NN to_TO a_DT host_NN of_IN battling_VBG banks_NNS ,_, the_DT state_NN has_VBZ been_VBN inundated_VBN with_IN broadcast_NN commercials_NNS and_CC print_NN advertising_NN campaigns_NNS celebrating_VBG Texans_NNPS and_CC castigating_VBG outsiders_NNS ._. 
While_IN advertisers_NNS have_VBP long_RB appealed_VBN to_TO Texans_NNPS '_POS state_NN pride_NN and_CC prejudices_NNS ,_, the_DT latest_JJS trend_NN has_VBZ been_VBN sparked_VBN ,_, in_IN part_NN ,_, by_IN the_DT state_NN 's_POS recent_JJ hard_JJ economic_JJ times_NNS ._. 
That_DT has_VBZ taken_VBN some_DT of_IN the_DT swagger_NN out_RP of_IN natives_NNS who_WP like_VB to_TO brag_VB that_IN Texas_NNP is_VBZ the_DT only_JJ state_NN that_WDT was_VBD once_RB a_DT nation_NN ,_, but_CC it_PRP has_VBZ increased_VBN their_PRP$ legendary_JJ resentment_NN of_IN outsiders_NNS ._. 
In_IN the_DT past_NN ,_, writes_VBZ Houston_NNP Chronicle_NNP columnist_NN Jim_NNP Barlow_NNP ,_, outlanders_NNS were_VBD accepted_VBN only_RB after_IN passing_VBG a_DT series_NN of_IN tests_NNS to_TO prove_VB they_PRP had_VBD the_DT ``_`` right_NN ''_'' Texas_NNP attitudes_NNS and_CC ``_`` of_IN course_NN they_PRP had_VBD to_TO be_VB dipped_VBN for_IN parasites_NNS ._. ''_'' 
There_EX is_VBZ no_DT small_JJ irony_NN in_IN the_DT fact_NN that_IN some_DT of_IN the_DT most-jingoistic_JJ advertising_NN comes_VBZ courtesy_NN of_IN --_: you_PRP guessed_VBD it_PRP --_: outsiders_NNS ._. 
Lone_NNP Star_NNP 's_POS Bond_NNP Corp._NNP parent_NN ,_, for_IN instance_NN ,_, hails_VBZ from_IN Perth_NNP ,_, Australia_NNP ._. 
North_NNP Carolinians_NNPS ,_, New_NNP Yorkers_NNPS ,_, Californians_NNS ,_, Chicagoans_NNPS and_CC Ohioans_NNPS own_JJ Texas_NNP banks_NNS ._. 
All_DT kinds_NNS of_IN landmark_NN Texas_NNP real_JJ estate_NN has_VBZ been_VBN snapped_VBN up_IN by_IN out-of-staters_NNS ._. 
Even_RB the_DT beloved_JJ Dallas_NNP Cowboys_NNPS were_VBD bought_VBN by_IN an_DT Arkansas_NNP oil_NN man_NN ._. 
``_`` Texas_NNP has_VBZ lost_VBN its_PRP$ distinctiveness_NN ,_, leaving_VBG Texans_NNPS with_IN a_DT hunger_NN to_TO feel_VB proud_JJ about_IN themselves_PRP ,_, ''_'' says_VBZ Stephen_NNP Klineberg_NNP ,_, a_DT sociology_NN professor_NN at_IN Rice_NNP University_NNP ,_, Houston_NNP ._. 
``_`` This_DT plays_VBZ right_NN into_IN the_DT hands_NNS of_IN the_DT advertising_NN agencies_NNS ._. ''_'' 
For_IN example_NN ,_, the_DT iced-tea_NN radio_NN campaign_NN for_IN Thomas_NNP J._NNP Lipton_NNP Co._NNP ,_, an_DT Englewood_NNP Cliffs_NNP ,_, N.J._NNP ,_, unit_NN of_IN Anglo-Dutch_NNP Unilever_NNP Group_NNP ,_, emphatically_RB proclaims_VBZ :_: ``_`` Real_JJ Texans_NNPS do_VBP not_RB wear_VB dock-siders_NNS --_: ever_RB ._. 
Real_JJ Texans_NNPS do_VBP n't_RB play_VB paddleball_NN ,_, at_IN least_JJS I_PRP hope_VBP not_RB ._. 
This_DT is_VBZ football_NN country_NN ._. 
And_CC another_DT thing_NN --_: real_JJ Texans_NNPS drink_NN Lipton_NNP iced_JJ tea_NN ._. ''_'' 
In_IN developing_VBG that_DT theme_NN at_IN Interpublic_NNP Group_NNP of_IN Cos_NNP ._. '_'' Lintas_NNP :_: New_NNP York_NNP unit_NN ,_, account_NN supervisor_NN Lisa_NNP Buksbaum_NNP says_VBZ she_PRP made_VBD a_DT ``_`` couple_NN of_IN phone_NN calls_NNS ''_'' to_TO Dallas_NNP ad_NN friends_NNS and_CC reported_VBD her_PRP$ ``_`` findings_NNS ''_'' to_TO a_DT team_NN of_IN writers_NNS ._. 
Her_PRP$ findings_NNS ?_. 
``_`` You_PRP know_VBP ,_, ''_'' she_PRP says_VBZ ,_, ``_`` stereotypical_JJ stuff_NN like_IN armadillos_NNS ,_, cowboys_NNS and_CC football_NN ._. ''_'' 
Not_RB exactly_RB sophisticated_JJ market_NN research_NN ,_, but_CC who_WP cares_VBZ as_RB long_RB as_IN the_DT campaigns_NNS work_VBP ._. 
And_CC ad_NN agencies_NNS insist_VBP that_IN they_PRP do_VBP ._. 
Stan_NNP Richards_NNP of_IN Richards_NNP Group_NNP Inc._NNP ,_, Dallas_NNP ,_, tells_VBZ of_IN the_DT Texan_NNP who_WP saw_VBD the_DT agency_NN 's_POS tear-jerking_JJ commercial_NN for_IN First_NNP Gibraltar_NNP Bank_NNP F.S.B._NNP --_: complete_JJ with_IN the_DT state_NN 's_POS anthem_NN --_: and_CC promptly_RB invested_VBN $_$ 100,000_CD in_IN the_DT thrift_NN 's_POS CDs_NNS ._. 
Never_RB mind_NN that_IN First_NNP Gibraltar_NNP is_VBZ one_CD of_IN the_DT failed_VBN Texas_NNP thrifts_NNS taken_VBN over_IN by_IN outsiders_NNS --_: in_IN this_DT case_NN ,_, an_DT investor_NN group_NN headed_VBN by_IN New_NNP York_NNP financier_NN Ronald_NNP Perelman_NNP ._. 
The_DT North_NNP Texas_NNP Chevy_NNP Dealers_NNS recently_RB had_VBD a_DT record_NN sales_NNS month_NN after_IN the_DT debut_NN of_IN ad_NN campaign_NN that_IN thumbs_NNS its_PRP$ nose_NN at_IN elite_NN Easterners_NNS ._. 
And_CC deposits_NNS at_IN NCNB_NNP Texas_NNP National_NNP Bank_NNP ,_, a_DT unit_NN of_IN NCNB_NNP Corp._NNP ,_, Charlotte_NNP ,_, N.C._NNP ,_, have_VBP increased_VBN $_$ 2_CD billion_CD since_IN last_JJ year_NN after_IN heavy_JJ advertising_NN stressing_VBG commitment_NN to_TO Texas_NNP ._. 
``_`` Obviously_RB ,_, pride_NN sells_VBZ in_IN Texas_NNP ,_, ''_'' says_VBZ a_DT spokeswoman_NN for_IN Bozell_NNP Inc._NNP ,_, Omaha_NNP ,_, Neb._NNP ,_, which_WDT represents_VBZ 
The_DT ad_NN campaigns_NNS usually_RB follow_VBP one_CD of_IN three_CD tracks_VBZ --_: stressing_VBG the_DT company_NN 's_POS `_`` Texasness_NN ,_, '_'' pointing_VBG out_RP the_IN competition_NN 's_POS lack_NN thereof_RB ,_, or_CC trying_VBG to_TO be_VB more_JJR Texan_NNP than_IN Texans_NNPS ._. 
Ford_NNP trucks_NNS may_MD outsell_VB Chevy_NNP trucks_NNS in_IN places_NNS like_IN ``_`` Connecticut_NNP and_CC Long_NNP Island_NNP ,_, ''_'' sniffs_VBZ a_DT commercial_NN for_IN Chevrolet_NNP ,_, a_DT division_NN of_IN General_NNP Motors_NNPS Corp_NNP ._. 
The_DT commercial_NN ,_, created_VBN by_IN Bateman_NNP ,_, Bryan_NNP &_CC Galles_NNP Inc._NNP ,_, of_IN Dallas_NNP ,_, adds_VBZ derisively_RB :_: ``_`` I_PRP bet_VBP it_PRP takes_VBZ a_DT real_JJ tough_JJ truck_NN to_TO haul_VB your_PRP$ Ivy_NNP League_NNP buddies_NNS to_TO the_DT yacht_NN club_NN ._. ''_'' 
Because_IN they_PRP want_VBP a_DT truck_NN that_WDT is_VBZ ``_`` Texas_NNP tough_JJ ,_, ''_'' the_DT commercial_NN concludes_VBZ ,_, ``_`` Texans_NNPS drive_NN Chevy_NNP ._. ''_'' 
J.C._NNP Penney_NNP Co._NNP ,_, which_WDT relocated_VBD from_IN New_NNP York_NNP to_TO suburban_JJ Dallas_NNP two_CD years_NNS ago_RB ,_, gently_RB wraps_VBZ itself_PRP in_IN Texas_NNP pride_NN through_IN a_DT full-page_JJ magazine_NN ad_NN :_: ``_`` Taking_VBG the_DT long-range_JJ view_NN to_TO conserve_VB what_WP is_VBZ of_IN value_NN to_TO future_NN generations_NNS is_VBZ part_NN of_IN the_DT Lone_NNP Star_NNP lifestyle_NN ,_, ''_'' the_DT ad_NN reads_VBZ ._. 
``_`` It_PRP 's_VBZ part_NN of_IN our_PRP$ style_NN ,_, too_RB ._. ''_'' 
According_VBG to_TO several_JJ ad-agency_NN sources_NNS ,_, newcomers_NNS to_TO the_DT Texas_NNP banking_NN market_NN are_VBP spending_VBG a_DT combined_VBN $_$ 50_CD million_CD this_DT year_NN to_TO woo_VB Texans_NNPS ._. 
Meanwhile_RB ,_, surviving_VBG Texas_NNP banking_NN institutions_NNS are_VBP busily_RB pitching_VBG themselves_PRP as_IN the_DT only_JJ lenders_NNS who_WP truly_RB care_VBP about_IN the_DT state_NN ._. 
The_DT most-strident_JJ anti-outsider_NN sentiment_NN among_IN bankers_NNS comes_VBZ from_IN the_DT Independent_NNP Bankers_NNP Association_NNP of_IN Texas_NNP ,_, although_IN it_PRP 's_VBZ hard_JJ to_TO tell_VB from_IN previews_NNS of_IN the_DT $_$ 5_NN million_CD ``_`` The_DT I_PRP 's_NNS of_IN Texas_NNP ''_'' TV_NN campaign_NN ._. 
Commercials_NNS will_MD highlight_VB heart-rending_JJ scenes_NNS of_IN Texas_NNP and_CC chest-swelling_JJ ,_, ain't-it-great-to-be-a-Texan_JJ music_NN ._. 
Supporting_VBG banks_NNS will_MD sign_VB a_DT ``_`` Texas_NNP Declaration_NNP of_IN Independents_NNPS ._. ''_'' 
But_CC in_IN introductory_JJ material_NN for_IN the_DT campaign_NN ,_, the_DT trade_NN group_NN urges_VBZ members_NNS to_TO ``_`` arm_NN ''_'' for_IN a_DT ``_`` revolution_NN ''_'' against_IN big_JJ ,_, out-of-state_JJ bank-holding_JJ companies_NNS ._. 
A_DT video_NN sent_VBD to_TO association_NN members_NNS ,_, featuring_VBG shots_NNS of_IN the_DT Alamo_NNP ,_, cowboys_NNS ,_, fajitas_NNS and_CC a_DT statue_NN of_IN Sam_NNP Houston_NNP ,_, does_VBZ n't_RB mince_VB words_NNS ._. 
``_`` Texans_NNPS can_MD sniff_VB a_DT phony_JJ a_DT mile_NN away_RB ,_, ''_'' the_DT narrator_NN warns_VBZ outsiders_NNS ._. 
``_`` So_RB ,_, do_VBP n't_RB come_VB and_CC try_VB to_TO con_VB us_PRP with_IN a_DT howdy_UH y'all_PRP or_CC a_DT cowboy_NN hat_NN ._. ''_'' 
Young_NNP &_CC Rubicam_NNP 's_POS Pact_NNP 
Young_NNP &_CC Rubicam_NNP ,_, fighting_VBG charges_NNS that_IN it_PRP bribed_VBD Jamaican_JJ officials_NNS to_TO win_VB the_DT Jamaica_NNP Tourist_NNP Board_NNP ad_NN account_NN in_IN 1981_CD ,_, said_VBD it_PRP will_MD no_RB longer_RB create_VB the_DT tourist_NN board_NN 's_POS advertising_NN ._. 
In_IN a_DT statement_NN ,_, Alex_NNP Kroll_NNP ,_, Young_NNP &_CC Rubicam_NNP 's_POS chairman_NN ,_, said_VBD ``_`` under_IN the_DT present_JJ circumstances_NNS -LCB-_( we_PRP -RCB-_) have_VBP agreed_VBN that_IN it_PRP is_VBZ prudent_JJ to_TO discontinue_VB that_DT contract_NN ._. ''_'' 
Young_NNP &_CC Rubicam_NNP has_VBZ pleaded_VBN innocent_JJ to_TO the_DT charges_NNS ._. 
The_DT board_NN would_MD n't_RB comment_VB on_IN its_PRP$ impending_JJ search_NN for_IN a_DT new_JJ ad_NN agency_NN to_TO handle_VB its_PRP$ estimated_VBN $_$ 5_NN million_CD to_TO $_$ 6_CD million_CD account_NN ._. 
Ad_NN Notes_NNS ..._: ._. 
NEW_JJ ACCOUNT_NN :_: 
Sunshine_NNP Biscuits_NNP Inc._NNP ,_, Woodbridge_NNP ,_, N.J._NNP ,_, awarded_VBD its_PRP$ estimated_VBN $_$ 5_NN million_CD account_NN to_TO Waring_NNP &_CC LaRosa_NNP ,_, New_NNP York_NNP ._. 
The_DT account_NN had_VBD been_VBN at_IN Della_NNP Femina_NNP McNamee_NNP WCRS_NNP ,_, New_NNP York_NNP ._. 
MEDIA_NNP POLICY_NNP :_: 
MacNamara_NNP Clapp_NNP &_CC Klein_NNP ,_, a_DT small_JJ New_NNP York_NNP shop_NN ,_, is_VBZ asking_VBG magazine_NN ad_NN representatives_NNS to_TO tell_VB it_PRP when_WRB major_JJ advertising_NN inserts_NNS will_MD run_VB in_IN their_PRP$ publications_NNS ._. 
It_PRP says_VBZ it_PRP may_MD pull_VB its_PRP$ clients_NNS '_POS ads_NNS from_IN those_DT magazines_NNS ._. 
COKE_NNP ADS_NNPS :_: 
Coca-Cola_NNP Co._NNP said_VBD it_PRP produced_VBD a_DT new_JJ version_NN of_IN its_PRP$ 1971_CD ``_`` I_PRP 'd_MD like_VB to_TO teach_VB the_DT world_NN to_TO sing_VB ''_'' commercial_JJ ._. 
The_DT ad_NN is_VBZ part_NN of_IN Classic_NNP Coke_NNP 's_POS 1990_CD ad_NN campaign_NN ,_, with_IN the_DT tag_NN line_NN ,_, ``_`` Ca_MD n't_RB beat_VB the_DT Real_NNP Thing_NNP ._. ''_'' 
Basketball_NN star_NN Michael_NNP Jordan_NNP and_CC singer_NN Randy_NNP Travis_NNP have_VBP also_RB agreed_VBN to_TO appear_VB in_IN ads_NNS ._. 
Dell_NNP Computer_NNP Corp._NNP ,_, squeezed_VBN by_IN price_NN pressure_NN from_IN its_PRP$ larger_JJR competitors_NNS and_CC delays_NNS in_IN its_PRP$ new_JJ product_NN line_NN ,_, said_VBD its_PRP$ per-share_JJ earnings_NNS for_IN fiscal_JJ 1990_CD will_MD be_VB half_VB its_PRP$ previous_JJ forecasts_NNS ._. 
Although_IN the_DT personal_JJ computer_NN maker_NN said_VBD it_PRP expects_VBZ revenue_NN to_TO meet_VB or_CC exceed_VB previous_JJ projections_NNS of_IN $_$ 385_CD million_CD for_IN the_DT year_NN ending_VBG Jan._NNP 28_CD ,_, 1990_CD ,_, earnings_NNS are_VBP expected_VBN to_TO be_VB 25_CD cents_NNS to_TO 35_CD cents_NNS a_DT share_NN ,_, down_RB from_IN previous_JJ estimates_NNS of_IN 50_CD cents_NNS to_TO 60_CD cents_NNS ._. 
Earnings_NNS for_IN fiscal_JJ 1989_CD were_VBD $_$ 14.4_CD million_CD ,_, or_CC 80_CD cents_NNS a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 257.8_CD million_CD ._. 
Results_NNS for_IN the_DT third_JJ quarter_NN ending_VBG Oct._NNP 31_CD ,_, are_VBP expected_VBN to_TO be_VB released_VBN the_DT third_JJ week_NN of_IN November_NNP ,_, according_VBG to_TO Michael_NNP Dell_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN ._. 
Mr._NNP Dell_NNP said_VBD he_PRP does_VBZ n't_RB expect_VB a_DT loss_NN in_IN either_DT the_DT third_JJ or_CC fourth_JJ quarter_NN ,_, but_CC said_VBD third-quarter_JJ earnings_NNS could_MD be_VB as_RB low_JJ as_IN four_CD cents_NNS a_DT share_NN ._. 
In_IN the_DT third_JJ quarter_NN last_JJ year_NN ,_, Dell_NNP had_VBD net_JJ income_NN of_IN $_$ 5_NN million_CD ,_, or_CC 26_CD cents_NNS a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 75.2_CD million_CD ._. 
Mr._NNP Dell_NNP attributed_VBD the_DT earnings_NNS slide_NN to_TO new_JJ product_NN delays_NNS ,_, such_JJ as_IN a_DT laptop_NN scheduled_VBN for_IN September_NNP that_WDT wo_MD n't_RB be_VB introduced_VBN until_IN early_JJ November_NNP ._. 
Some_DT delays_NNS have_VBP been_VBN caused_VBN by_IN a_DT shortage_NN of_IN micoprocessors_NNS --_: notably_RB Intel_NNP Corp._NNP 's_POS newest_JJS chip_NN ,_, the_DT 486_CD --_: but_CC others_NNS apparently_RB have_VBP been_VBN caused_VBN by_IN Dell_NNP 's_POS explosive_JJ growth_NN and_CC thinly_RB stretched_VBD resources_NNS ._. 
``_`` They_PRP 've_VBP got_VBD a_DT lot_NN of_IN different_JJ balls_NNS in_IN the_DT air_NN at_IN the_DT same_JJ time_NN ,_, ''_'' observes_VBZ Jim_NNP Poyner_NNP ,_, a_DT computer_NN securities_NNS analyst_NN with_IN Dallas-based_JJ William_NNP K._NNP Woodruff_NNP &_CC Co_NNP ._. 
Mr._NNP Dell_NNP ,_, meanwhile_RB ,_, concedes_VBZ the_DT company_NN was_VBD ``_`` definitely_RB too_RB optimistic_JJ ''_'' in_IN its_PRP$ expectations_NNS ._. 
Product_NN delays_NNS ,_, however_RB ,_, have_VBP left_VBN Dell_NNP buffeted_VBN by_IN harsher_JJR competition_NN in_IN its_PRP$ bread-and-butter_JJ line_NN of_IN desktop_NN computers_NNS ,_, as_IN powerhouse_NN competitors_NNS Compaq_NNP Computer_NNP Corp._NNP and_CC International_NNP Business_NNP Machines_NNP Corp._NNP price_VB their_PRP$ PCs_NNS more_RBR aggressively_RB ._. 
The_DT result_NN has_VBZ been_VBN thinner_JJR margins_NNS ,_, which_WDT have_VBP been_VBN further_RB eroded_VBN by_IN an_DT ambitious_JJ research_NN and_CC development_NN effort_NN and_CC rapid_JJ overseas_JJ expansion_NN ._. 
Analyst_NNP James_NNP Weil_NNP of_IN the_DT Soundview_NNP Financial_NNP Group_NNP believes_VBZ Dell_NNP 's_POS response_NN has_VBZ been_VBN to_TO place_VB increased_VBN emphasis_NN on_IN product_NN quality_NN ,_, ``_`` in_IN an_DT effort_NN to_TO rise_VB above_IN some_DT of_IN that_DT price_NN pressure_NN ._. ''_'' 
But_CC that_DT has_VBZ been_VBN the_DT key_JJ to_TO Compaq_NNP 's_POS success_NN ,_, he_PRP adds_VBZ ,_, whereas_IN Dell_NNP carved_VBD out_IN its_PRP$ market_NN niche_NN as_IN a_DT direct_JJ seller_NN of_IN low-cost_JJ but_CC reliable_JJ computers_NNS --_: and_CC it_PRP might_MD be_VB too_RB late_RB in_IN the_DT game_NN for_IN a_DT shift_NN in_IN strategy_NN ._. 
In_IN national_JJ over-the-counter_JJ trading_NN ,_, Dell_NNP closed_VBD yesterday_NN at_IN $_$ 6_CD a_DT share_NN ,_, down_RB 87.5_CD cents_NNS ._. 
TransAtlantic_NNP Holdings_NNP PLC_NNP ,_, a_DT British-based_JJ ,_, South_JJ African-controlled_JJ financial_JJ services_NNS investment_NN group_NN ,_, and_CC France_NNP 's_POS Societe_NNP Centrale_NNP Union_NNP des_NNP Assurances_NNP de_FW Paris_NNP reached_VBD an_DT accord_NN effectively_RB reducing_VBG chances_NNS of_IN an_DT unfriendly_JJ takeover_NN for_IN Sun_NNP Life_NNP Assurance_NNP Society_NNP PLC_NNP ._. 
In_IN a_DT joint_JJ statement_NN ,_, the_DT two_CD companies_NNS ,_, whose_WP$ combined_VBN holdings_NNS equal_JJ 52.7_CD %_NN of_IN Sun_NNP Life_NNP 's_POS ordinary_JJ shares_NNS ,_, said_VBD their_PRP$ agreement_NN is_VBZ aimed_VBN at_IN reducing_VBG ``_`` the_DT uncertainty_NN and_CC instability_NN for_IN Sun_NNP Life_NNP that_WDT has_VBZ resulted_VBN from_IN two_CD major_JJ shareholders_NNS owning_VBG ''_'' a_DT controlling_VBG interest_NN in_IN the_DT company_NN ._. 
TransAtlantic_NNP ,_, whose_WP$ Transol_NNP Investments_NNP Ltd._NNP unit_NN owns_VBZ the_DT largest_JJS minority_NN stake_NN in_IN Sun_NNP Life_NNP ,_, has_VBZ agreed_VBN not_RB to_TO make_VB a_DT takeover_NN bid_NN for_IN the_DT British_JJ life_NN insurer_NN without_IN the_DT prior_JJ consent_NN of_IN the_DT French_JJ company_NN ,_, known_VBN as_IN UAP_NNP ._. 
In_IN return_NN ,_, the_DT agreement_NN would_MD force_VB UAP_NNP to_TO buy_VB TransAtlantic_NNP 's_POS 29.8_CD %_NN holding_VBG in_IN Sun_NNP Life_NNP or_CC sell_VB its_PRP$ 22.9_CD %_NN stake_NN to_TO TransAtlantic_NNP at_IN a_DT price_NN set_VBN by_IN Transatlantic_NNP ._. 
Pride_NNP Petroleum_NNP Services_NNP Inc._NNP said_VBD it_PRP agreed_VBD to_TO buy_VB well-servicing_JJ assets_NNS of_IN two_CD companies_NNS and_CC expects_VBZ to_TO report_VB higher_JJR third-quarter_JJ revenue_NN and_CC earnings_NNS ._. 
In_IN the_DT year-earlier_JJ quarter_NN ,_, the_DT well-servicing_JJ contractor_NN had_VBD net_JJ income_NN of_IN $_$ 319,000_CD ,_, or_CC 3_CD cents_NNS a_DT share_NN ,_, on_IN revenue_NN of_IN about_RB $_$ 15_CD million_CD ._. 
Results_NNS for_IN the_DT earlier_JJR quarter_NN included_VBD a_DT $_$ 100,000_CD restructuring_NN charge_NN ._. 
Separately_RB ,_, the_DT Houston_NNP concern_NN said_VBD it_PRP signed_VBD letters_NNS of_IN intent_NN for_IN the_DT cash_NN and_CC stock_NN purchases_NNS of_IN a_DT total_NN of_IN 29_CD well-servicing_JJ rigs_NNS from_IN two_CD concerns_NNS located_VBN in_IN New_NNP Mexico_NNP and_CC California_NNP ._. 
It_PRP did_VBD n't_RB disclose_VB specifics_NNS but_CC said_VBD it_PRP expects_VBZ to_TO complete_VB the_DT purchases_NNS by_IN Nov._NNP 1_CD ._. 
Schlumberger_NNP Ltd._NNP ,_, New_NNP York_NNP ,_, reported_VBD third-quarter_JJ net_JJ income_NN edged_VBD up_IN as_IN growth_NN in_IN its_PRP$ oil-field_NN services_NNS sector_NN offset_VB a_DT decline_NN in_IN interest_NN income_NN ._. 
The_DT lower_JJR interest_NN income_NN occurred_VBD because_IN Schlumberger_NNP spent_VBD $_$ 1.2_CD billion_CD buying_VBG back_RB its_PRP$ stock_NN last_JJ year_NN ._. 
Net_JJ for_IN the_DT oil-field_NN services_NNS and_CC electronic_JJ measurements_NNS and_CC systems_NNS concern_VBP rose_VBD to_TO $_$ 114.2_CD million_CD ,_, or_CC 48_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 112.2_CD million_CD ,_, or_CC 42_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Per-share_JJ earnings_NNS advanced_VBD 14_CD %_NN because_IN of_IN the_DT buy-back_NN ._. 
Revenue_NN declined_VBD 6.3_CD %_NN to_TO $_$ 1.11_CD billion_CD from_IN $_$ 1.18_CD billion_CD ._. 
But_CC excluding_VBG businesses_NNS acquired_VBN or_CC sold_VBN ,_, revenue_NN was_VBD flat_JJ at_IN about_RB $_$ 1.24_CD billion_CD ._. 
Nine-month_JJ net_NN fell_VBD 9.5_CD %_NN to_TO $_$ 323.4_CD million_CD ,_, or_CC $_$ 1.36_CD a_DT share_NN ,_, from_IN $_$ 357.2_CD million_CD ,_, or_CC $_$ 1.32_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Revenue_NN dropped_VBD 5.4_CD %_NN to_TO $_$ 3.48_CD billion_CD from_IN $_$ 3.68_CD billion_CD ._. 
This_DT year_NN 's_POS nine-month_JJ results_NNS include_VBP gains_NNS of_IN $_$ 13_CD million_CD ,_, or_CC five_CD cents_NNS a_DT share_NN ,_, from_IN the_DT sale_NN of_IN Schlumberger_NNP 's_POS defense_NN systems_NNS business_NN ,_, and_CC $_$ 22_CD million_CD ,_, or_CC nine_CD cents_NNS a_DT share_NN ,_, from_IN an_DT award_NN by_IN the_DT IranU.S_NNP ._. Claims_NNP Tribunal_NNP ._. 
The_DT year-earlier_JJ nine_CD months_NNS include_VBP a_DT gain_NN of_IN $_$ 35_CD million_CD ,_, or_CC 13_CD cents_NNS a_DT share_NN ,_, from_IN sale_NN of_IN the_DT company_NN 's_POS Electricity_NNP Control_NNP &_CC Transformers_NNPS division_NN ._. 
NEW_NNP ENGLAND_NNP CRITICAL_NNP CARE_NNP Inc._NNP offered_VBD $_$ 35_CD million_CD in_IN convertible_JJ subordinated_VBN debentures_NNS through_IN Morgan_NNP Stanley_NNP &_CC Co._NNP and_CC Prudential-Bache_NNP Capital_NNP Funding_NNP ._. 
The_DT debentures_NNS ,_, due_JJ in_IN 2014_CD ,_, have_VBP a_DT coupon_NN of_IN 7_CD 3\/4_CD %_NN ,_, payable_JJ semiannually_RB ._. 
The_DT debentures_NNS may_MD be_VB converted_VBN into_IN common_JJ stock_NN of_IN the_DT Westborough_NNP ,_, Mass._NNP ,_, home_NN health_NN care_NN concern_NN at_IN $_$ 52.50_CD a_DT share_NN ._. 
Proceeds_NNS will_MD be_VB used_VBN for_IN working_VBG capital_NN and_CC general_JJ corporate_JJ purposes_NNS ,_, including_VBG expansion_NN of_IN the_DT company_NN 's_POS operations_NNS ._. 
The_DT French_JJ building_NN group_NN Dumez_NNP S.A._NNP said_VBD profit_NN jumped_VBD 70_CD %_NN in_IN the_DT first_JJ half_NN of_IN 1989_CD ,_, partly_RB on_IN the_DT strength_NN of_IN nonrecurring_VBG gains_NNS from_IN a_DT share_NN issue_NN by_IN its_PRP$ Canadian_JJ unit_NN ._. 
Dumez_NNP said_VBD group_NN profit_NN after_IN payments_NNS to_TO minority_NN interests_NNS rose_VBD to_TO 252_CD million_CD francs_NNS -LRB-_( $_$ 40.1_CD million_CD -RRB-_) from_IN 148_CD million_CD a_DT year_NN earlier_RBR ._. 
Revenue_NN rose_VBD 40_CD %_NN to_TO 13.32_CD billion_CD francs_NNS from_IN 9.53_CD billion_CD ._. 
The_DT group_NN noted_VBD that_IN 75_CD million_CD francs_NNS of_IN the_DT advance_NN reflected_VBD a_DT one-time_JJ gain_NN from_IN the_DT June_NNP offering_NN by_IN its_PRP$ United_NNP Westburne_NNP unit_NN in_IN Canada_NNP ._. 
It_PRP did_VBD n't_RB say_VB if_IN its_PRP$ year-earlier_JJ results_NNS were_VBD influenced_VBN significantly_RB by_IN nonrecurring_VBG elements_NNS ._. 
For_IN all_DT of_IN 1988_CD ,_, Dumez_NNP had_VBD group_NN profit_NN of_IN 452_CD million_CD francs_NNS after_IN payment_NN to_TO minority_NN interests_NNS ._. 
Revenue_NN was_VBD 21.98_CD billion_CD francs_NNS ._. 
The_DT group_NN has_VBZ n't_RB forecast_VB full-year_JJ earnings_NNS for_IN 1989_CD ,_, although_IN it_PRP said_VBD that_IN its_PRP$ first-half_JJ results_NNS are_VBP n't_RB a_DT good_JJ indication_NN because_IN of_IN one-time_JJ elements_NNS and_CC the_DT seasonal_JJ nature_NN of_IN its_PRP$ operations_NNS ._. 
Tuesday_NNP 's_POS earthquake_NN will_MD depress_VB local_JJ real-estate_NN values_NNS in_IN the_DT short_JJ term_NN and_CC force_NN companies_NNS to_TO reconsider_VB expanding_VBG in_IN or_CC relocating_VBG to_TO the_DT Bay_NNP Area_NNP and_CC California_NNP ,_, real-estate_NN and_CC relocation_NN specialists_NNS said_VBD ._. 
Few_JJ specialists_NNS said_VBD they_PRP expect_VBP the_DT quake_NN to_TO have_VB much_NN of_IN an_DT effect_NN on_IN most_RBS California_NNP property_NN values_NNS ._. 
But_CC real-estate_NN experts_NNS and_CC brokers_NNS said_VBD the_DT quake_NN undoubtedly_RB will_MD drag_VB down_RB prices_VBZ in_IN neighborhoods_NNS built_VBN on_IN less_RBR stable_JJ ground_NN ,_, especially_RB in_IN the_DT Bay_NNP Area_NNP ._. 
``_`` California_NNP prices_NNS were_VBD already_RB coming_VBG down_RB ._. 
This_DT is_VBZ n't_RB going_VBG to_TO help_VB ,_, ''_'' said_VBD Kenneth_NNP T._NNP Rosen_NNP ,_, chairman_NN of_IN the_DT Center_NNP for_IN Real_NNP Estate_NNP and_CC Urban_NNP Economics_NNP at_IN the_DT University_NNP of_IN California_NNP at_IN Berkeley_NNP ._. 
State_NN housing_NN prices_NNS ,_, at_IN a_DT median_JJ $_$ 201,028_CD ,_, have_VBP declined_VBN in_IN recent_JJ months_NNS because_IN of_IN potential_JJ buyers_NNS '_POS inability_NN to_TO afford_VB homes_NNS ._. 
Mr._NNP Rosen_NNP ,_, among_IN others_NNS ,_, suggested_VBD that_IN the_DT quake_NN ,_, the_DT strongest_JJS since_IN the_DT 1906_CD temblor_NN that_WDT struck_VBD San_NNP Francisco_NNP ,_, will_MD in_IN the_DT short_JJ term_NN create_VB a_DT two-tier_JJ price_NN system_NN for_IN quake-prone_JJ communities_NNS ,_, with_IN dwellings_NNS built_VBN on_IN sturdy_JJ ground_NN likely_JJ to_TO demand_VB higher_JJR prices_NNS ._. 
One_CD San_NNP Francisco_NNP neighborhood_NN likely_JJ to_TO test_VB Mr._NNP Rosen_NNP 's_POS theory_NN soon_RB is_VBZ the_DT city_NN 's_POS fashionable_JJ Marina_NNP district_NN ,_, which_WDT boasts_VBZ some_DT of_IN the_DT highest_JJS home_NN prices_NNS in_IN the_DT state_NN ._. 
The_DT district_NN ,_, built_VBN on_IN landfill_NN ,_, suffered_VBD heavy_JJ quake_NN damage_NN ,_, including_VBG collapsed_VBN buildings_NNS ._. 
Yesterday_NN ,_, the_DT city_NN demolished_VBN two_CD dwellings_NNS in_IN the_DT district_NN because_IN of_IN severe_JJ structural_JJ damage_NN and_CC said_VBD as_RB many_JJ as_IN 19_CD of_IN the_DT district_NN 's_POS 350_CD dwellings_NNS might_MD have_VB to_TO be_VB razed_VBN ._. 
Brokers_NNS agreed_VBD with_IN the_DT two-tier_JJ price_NN theory_NN ._. 
``_`` My_PRP$ gut_NN feeling_NN is_VBZ that_IN the_DT Marina_NNP properties_NNS will_MD be_VB affected_VBN ,_, ''_'' said_VBD Grace_NNP Perkins_NNP ,_, senior_JJ vice_NN president_NN at_IN Grubb_NNP &_CC Ellis_NNP Residential_NNP Brokerage_NNP Inc_NNP ._. 
Neither_CC she_PRP nor_CC other_JJ real-estate_NN executives_NNS and_CC brokers_NNS could_MD project_VB how_WRB much_RB less_JJR Marina_NNP properties_NNS might_MD bring_VB ,_, but_CC she_PRP said_VBD the_DT two-tier_JJ price_NN structure_NN would_MD affect_VB prices_NNS ``_`` for_IN a_DT while_NN ._. ''_'' 
Mr._NNP Rosen_NNP said_VBD the_DT quake_NN will_MD revive_VB consumer_NN interest_NN in_IN a_DT little-publicized_JJ 1972_CD state_NN law_NN that_WDT requires_VBZ brokers_NNS to_TO disclose_VB to_TO potential_JJ buyers_NNS how_WRB close_VB a_DT property_NN sits_VBZ to_TO a_DT fault_NN line_NN ._. 
Because_IN of_IN the_DT size_NN of_IN the_DT California_NNP market_NN ,_, few_JJ relocation_NN specialists_NNS expect_VBP a_DT widespread_JJ corporate_JJ flight_NN in_IN the_DT quake_NN 's_POS aftermath_NN ._. 
But_CC they_PRP said_VBD the_DT quake_NN will_MD force_VB some_DT companies_NNS to_TO relocate_VB or_CC expand_VB part_NN or_CC all_DT of_IN their_PRP$ operations_NNS outside_IN the_DT state_NN ._. 
``_`` What_WP you_PRP 're_VBP going_VBG to_TO get_VB is_VBZ `_`` We_PRP do_VBP n't_RB want_VB to_TO put_VB all_DT of_IN our_PRP$ eggs_NNS in_IN one_CD basket_NN '_POS theory_NN ,_, ''_'' said_VBD James_NNP H._NNP Renzas_NNP ,_, president_NN of_IN Location_NNP Management_NNP Services_NNP Inc._NNP ,_, a_DT Palo_NNP Alto_NNP ,_, Calif._NNP ,_, relocation_NN concern_NN ._. 
Mr._NNP Renzas_NNP ,_, among_IN others_NNS ,_, said_VBD the_DT quake_NN will_MD prod_VB companies_NNS in_IN certain_JJ industries_NNS ,_, like_IN semiconductors_NNS ,_, computers_NNS and_CC aerospace_NN ,_, to_TO consider_VB moving_VBG operations_NNS that_WDT involve_VBP particularly_RB sensitive_JJ machinery_NN to_TO locations_NNS outside_IN California_NNP ._. 
Because_IN of_IN the_DT quake_NN threat_NN ,_, ``_`` some_DT firms_NNS have_VBP evaluated_VBN what_WP the_DT cost_NN is_VBZ to_TO shore_VB up_IN their_PRP$ buildings_NNS and_CC compared_VBN it_PRP with_IN the_DT cost_NN of_IN building_NN it_PRP elswehere_NN ,_, ''_'' he_PRP said_VBD ._. 
One_CD Southern_NNP California_NNP aerospace_NN firm_NN ,_, for_IN example_NN ,_, two_CD months_NNS ago_RB asked_VBD Location_NNP Management_NNP to_TO compare_VB the_DT costs_NNS of_IN reinforcing_VBG its_PRP$ current_JJ building_NN against_IN earthquakes_NNS with_IN the_DT cost_NN of_IN building_VBG a_DT new_JJ structure_NN elsewhere_RB ._. 
A_DT new_JJ dwelling_NN would_MD cost_VB $_$ 21_CD million_CD ,_, Location_NNP Management_NNP found_VBD ,_, compared_VBN with_IN $_$ 22_CD million_CD to_TO make_VB the_DT present_JJ building_NN earthquake-proof_JJ ._. 
The_DT company_NN ,_, Mr._NNP Renzas_NNP said_VBD ,_, has_VBZ n't_RB yet_RB determined_VBN what_WP to_TO do_VB ._. 
NATIONWIDE_NNP HEALTH_NN PROPERTIES_NNPS ,_, Pasadena_NNP ,_, Calif._NNP ,_, said_VBD it_PRP would_MD n't_RB pay_VB its_PRP$ fourth-quarter_JJ dividend_NN ,_, despite_IN a_DT 44_CD %_NN increase_NN in_IN third-quarter_JJ earnings_NNS ,_, to_TO $_$ 3.5_CD million_CD ,_, or_CC 42_CD cents_NNS a_DT share_NN ._. 
Net_JJ income_NN included_VBD a_DT gain_NN of_IN $_$ 708,000_CD on_IN asset_NN sales_NNS ,_, the_DT real_JJ estate_NN investment_NN trust_NN said_VBD ._. 
A_DT year_NN earlier_RBR ,_, Nationwide_NNP Health_NNP earned_VBD $_$ 2.4_CD million_CD ,_, or_CC 29_CD cents_NNS a_DT share_NN ._. 
Revenue_NN rose_VBD 3_CD %_NN to_TO $_$ 9_CD million_CD from_IN $_$ 8.8_CD million_CD ._. 
Nationwide_NNP Health_NNP said_VBD that_IN although_IN it_PRP has_VBZ the_DT cash_NN to_TO cover_VB the_DT 25-cent-a-share_JJ dividend_NN ,_, its_PRP$ banks_NNS have_VBP denied_VBN the_DT company_NN 's_POS request_NN to_TO pay_VB it_PRP because_IN the_DT trust_NN has_VBZ n't_RB met_VBN certain_JJ terms_NNS ._. 
Nationwide_NNP Health_NNP said_VBD it_PRP has_VBZ ``_`` numerous_JJ financing_NN activities_NNS ''_'' under_IN way_NN to_TO remedy_VB the_DT problem_NN and_CC will_MD make_VB up_IN the_DT dividend_NN payment_NN later_RB if_IN possible_JJ ._. 
Aussedat_NNP Rey_NNP S.A._NNP ,_, a_DT French_JJ paper_NN producer_NN ,_, said_VBD it_PRP concluded_VBD an_DT agreement_NN with_IN Japan_NNP 's_POS Fuji_NNP Photo_NNP Film_NNP Co._NNP that_WDT will_MD allow_VB Aussedat_NNP Rey_NNP to_TO manufacture_VB and_CC sell_VB thermal_JJ paper_NN using_VBG Fuji_NNP technology_NN ._. 
Aussedat_NNP Rey_NNP is_VBZ a_DT leading_VBG French_JJ maker_NN of_IN copying_NN and_CC electronic_JJ printing_NN paper_NN ._. 
Thermal_JJ paper_NN is_VBZ used_VBN in_IN facsimile_NN machines_NNS ._. 
Terms_NNS of_IN the_DT agreement_NN were_VBD n't_RB disclosed_VBN ._. 
Aussedat_NNP Rey_NNP 's_POS move_NN follows_VBZ similar_JJ technology-licensing_JJ agreements_NNS between_IN Japanese_JJ producers_NNS of_IN thermal_JJ paper_NN and_CC European_JJ paper_NN groups_NNS ._. 
W.R._NNP Grace_NNP &_CC Co._NNP ,_, New_NNP York_NNP ,_, said_VBD its_PRP$ earnings_NNS for_IN the_DT third_JJ quarter_NN nearly_RB doubled_VBD as_IN a_DT result_NN of_IN a_DT $_$ 114.4_CD million_CD pre-tax_JJ gain_NN from_IN restructuring_VBG its_PRP$ energy_NN operations_NNS and_CC other_JJ adjustments_NNS ._. 
Net_JJ income_NN rose_VBD to_TO $_$ 97.9_CD million_CD ,_, or_CC $_$ 1.15_CD a_DT share_NN ,_, from_IN $_$ 50.5_CD million_CD ,_, or_CC 60_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS increased_VBN 7_CD %_NN to_TO $_$ 1.49_CD billion_CD from_IN $_$ 1.39_CD billion_CD ._. 
The_DT gain_NN resulted_VBD from_IN the_DT sale_NN of_IN Grace_NNP Equipment_NNP Co._NNP ,_, the_DT initial_JJ public_JJ offering_NN of_IN a_DT one-sixth_JJ interest_NN in_IN Grace_NNP Energy_NNP Corp._NNP and_CC an_DT adjustment_NN in_IN the_DT carrying_VBG value_NN of_IN certain_JJ natural_JJ resource_NN assets_NNS not_RB part_NN of_IN Grace_NNP Energy_NNP ._. 
The_DT international_JJ specialty_NN chemical_NN company_NN 's_POS earnings_NNS were_VBD hurt_VBN by_IN an_DT accrual_NN for_IN stock-appreciation_NN rights_NNS that_WDT reflected_VBD a_DT 19_CD %_NN increase_NN in_IN the_DT stock_NN price_NN ,_, and_CC higher_JJR interest_NN expenses_NNS ._. 
Anglo_NNP American_NNP Corp._NNP of_IN South_NNP Africa_NNP Ltd._NNP said_VBD the_DT third-quarter_JJ combined_VBN profit_NN of_IN its_PRP$ six_CD gold_NN mines_NNS dropped_VBD 8.5_CD %_NN from_IN the_DT previous_JJ quarter_NN ._. 
Total_JJ net_JJ income_NN fell_VBD to_TO 471.6_CD million_CD rand_NN -LRB-_( $_$ 178.0_CD million_CD -RRB-_) from_IN 515.4_CD million_CD rand_NN in_IN the_DT June_NNP quarter_NN ._. 
Total_JJ gold_NN production_NN by_IN all_DT six_CD mines_NNS rose_VBD 4_CD %_NN to_TO 63,971_CD kilograms_NNS from_IN 61,493_CD kilograms_NNS in_IN the_DT previous_JJ quarter_NN ._. 
Doman_NNP Industries_NNP Ltd._NNP said_VBD it_PRP increased_VBD its_PRP$ stake_NN in_IN Western_NNP Forest_NNP Products_NNP Ltd._NNP to_TO 56_CD %_NN from_IN 22_CD %_NN ,_, through_IN a_DT two-step_JJ transaction_NN valued_VBN at_IN 137_CD million_CD Canadian_JJ dollars_NNS -LRB-_( $_$ US116.7_CD million_CD -RRB-_) ._. 
Doman_NNP is_VBZ based_VBN in_IN Duncan_NNP ,_, British_NNP Columbia_NNP ._. 
The_DT company_NN ,_, founded_VBN and_CC controlled_VBN by_IN Harbanse_NNP Doman_NNP ,_, its_PRP$ chairman_NN and_CC president_NN ,_, said_VBD the_DT purchase_NN would_MD make_VB it_PRP Canada_NNP 's_POS 10th_JJ largest_JJS forest_NN products_NNS company_NN ._. 
Under_IN terms_NNS of_IN the_DT transaction_NN ,_, which_WDT was_VBD proposed_VBN in_IN June_NNP ,_, Doman_NNP said_VBD it_PRP acquired_VBD International_NNP Forest_NNP Products_NNP Ltd._NNP 's_POS 22_CD %_NN stake_NN in_IN Western_NNP Forest_NNP ,_, and_CC Western_NNP Forest_NNP ,_, in_IN a_DT related_VBN transaction_NN ,_, bought_VBD back_RB a_DT 22_CD %_NN interest_NN in_IN the_DT company_NN from_IN Fletcher_NNP Challenge_NNP Canada_NNP Ltd_NNP ._. 
The_DT Fletcher_NNP Challenge_NNP Canada_NNP stake_NN was_VBD then_RB canceled_VBN ,_, Doman_NNP said_VBD ,_, raising_VBG Doman_NNP 's_POS interest_NN in_IN Western_NNP Forest_NNP to_TO 56_CD %_NN ._. 
Doman_NNP said_VBD it_PRP was_VBD also_RB granted_VBN an_DT option_NN to_TO acquire_VB the_DT remaining_VBG 44_CD %_NN interest_NN in_IN Western_NNP Forest_NNP ,_, which_WDT is_VBZ currently_RB held_VBN by_IN two_CD Canadian_JJ banks_NNS ._. 
International_NNP Forest_NNP ,_, Western_NNP Forest_NNP ,_, and_CC Fletcher_NNP Challenge_NNP Canada_NNP are_VBP Vancouver-based_JJ forest_NN products_NNS concerns_NNS ._. 
The_DT Canadian_JJ government_NN introduced_VBN in_IN the_DT House_NNP of_IN Commons_NNP legislation_NN to_TO extend_VB federal_JJ regulatory_JJ authority_NN over_IN provincial_JJ government-owned_JJ telephone_NN utilities_NNS in_IN Alberta_NNP ,_, Saskatchewan_NNP and_CC Manitoba_NNP ._. 
The_DT legislation_NN would_MD open_VB the_DT way_NN for_IN more_JJR telephone_NN services_NNS and_CC more_JJR competition_NN in_IN the_DT telephone_NN business_NN in_IN the_DT three_CD provinces_NNS ,_, federal_JJ officials_NNS said_VBD ._. 
The_DT federal_JJ government_NN initiative_NN follows_VBZ a_DT recent_JJ Canadian_NNP Supreme_NNP Court_NNP decision_NN that_WDT held_VBD that_IN the_DT major_JJ telephone_NN companies_NNS in_IN Alberta_NNP ,_, Saskatchewan_NNP and_CC Manitoba_NNP and_CC in_IN the_DT Atlantic_NNP coast_NN provinces_NNS were_VBD interprovincial_JJ undertakings_NNS and_CC subject_NN to_TO federal_JJ legislative_JJ authority_NN ._. 
Prior_RB to_TO the_DT ruling_VBG the_DT federal_JJ government_NN had_VBD regulated_VBN only_RB the_DT telephone_NN companies_NNS in_IN Quebec_NNP ,_, Ontario_NNP ,_, British_NNP Columbia_NNP and_CC the_DT Northwest_NNP Territories_NNP ._. 
The_DT governments_NNS of_IN Alberta_NNP ,_, Saskatchewan_NNP and_CC Manitoba_NNP have_VBP strongly_RB opposed_VBN federal_JJ regulation_NN of_IN their_PRP$ telephone_NN companies_NNS ._. 
The_DT extension_NN of_IN federal_JJ regulatory_JJ authority_NN over_IN telephone_NN utilities_NNS in_IN the_DT Atlantic_NNP provinces_NNS has_VBZ n't_RB required_VBN special_JJ legislation_NN because_IN they_PRP are_VBP investor-owned_JJ ._. 
Amdura_NNP Corp._NNP said_VBD its_PRP$ bank_NN group_NN ,_, led_VBN by_IN Chicago-based_JJ Continental_NNP Bank_NNP ,_, agreed_VBD to_TO extend_VB its_PRP$ $_$ 40_CD million_CD bridge_NN loan_NN until_IN March_NNP 31_CD ,_, 1990_CD ,_, and_CC gave_VBD it_PRP a_DT new_JJ $_$ 30_CD million_CD credit_NN line_NN ._. 
Under_IN terms_NNS of_IN the_DT loan_NN agreement_NN ,_, Amdura_NNP said_VBD it_PRP will_MD omit_VB the_DT next_JJ quarterly_JJ dividends_NNS on_IN its_PRP$ Series_NNP A_DT ,_, B_NNP ,_, C_NN and_CC D_NN preferred_JJ shares_NNS ,_, which_WDT are_VBP due_JJ Nov._NNP 15_CD ._. 
Since_IN the_DT preferred_JJ stock_NN is_VBZ cumulative_JJ ,_, Amdura_NNP said_VBD it_PRP will_MD pay_VB all_DT omitted_VBN dividends_NNS ,_, which_WDT range_VBP from_IN $_$ 1.19_CD to_TO $_$ 4.88_CD a_DT share_NN ,_, when_WRB debt-reduction_NN requirements_NNS have_VBP been_VBN met_VBN ._. 
Amdura_NNP 's_POS bridge_NN loan_NN ,_, part_NN of_IN the_DT financing_NN for_IN Amdura_NNP 's_POS acquisition_NN of_IN CoastAmerica_NNP in_IN December_NNP 1988_CD ,_, was_VBD to_TO come_VB due_JJ next_JJ Friday_NNP ._. 
The_DT company_NN 's_POS new_JJ management_NN ,_, which_WDT took_VBD control_NN of_IN Amdura_NNP 's_POS board_NN after_IN a_DT consent_NN solicitation_NN last_JJ month_NN ,_, wanted_VBD to_TO extend_VB the_DT loan_NN while_IN it_PRP tries_VBZ to_TO sell_VB two_CD units_NNS ._. 
Proceeds_NNS from_IN those_DT sales_NNS will_MD be_VB used_VBN to_TO reduce_VB debt_NN ._. 
Amdura_NNP ,_, a_DT Denver_NNP hardware_NN and_CC automotive_JJ distributor_NN ,_, said_VBD the_DT new_JJ credit_NN agreement_NN will_MD provide_VB the_DT working_VBG capital_NN needed_VBN to_TO meet_VB ongoing_JJ requirements_NNS ._. 
Three_CD savings-and-loan_JJ institutions_NNS in_IN Kansas_NNP and_CC Texas_NNP were_VBD added_VBN to_TO the_DT Resolution_NNP Trust_NNP Corp._NNP 's_POS conservatorship_NN program_NN after_IN federal_JJ regulators_NNS declared_VBD the_DT thrifts_NNS insolvent_JJ and_CC named_VBD the_DT RTC_NNP their_PRP$ receiver_NN ._. 
The_DT deposits_NNS ,_, assets_NNS and_CC certain_JJ liabilities_NNS of_IN the_DT three_CD thrifts_NNS were_VBD transferred_VBN to_TO newly_RB chartered_JJ federal_JJ mutual_JJ institutions_NNS ._. 
The_DT three_CD institutions_NNS are_VBP :_: Mid_NNP Kansas_NNP Federal_NNP Savings_NNP &_CC Loan_NNP Association_NNP ,_, Wichita_NNP ,_, which_WDT had_VBD $_$ 830.5_CD million_CD in_IN assets_NNS ;_: Valley_NNP Federal_NNP Savings_NNP &_CC Loan_NNP Association_NNP of_IN McAllen_NNP ,_, McAllen_NNP ,_, Texas_NNP ,_, with_IN $_$ 582.6_CD million_CD in_IN assets_NNS ;_: and_CC Surety_NNP Savings_NNP Association_NNP ,_, El_NNP Paso_NNP ,_, with_IN $_$ 309.3_CD million_CD in_IN assets_NNS ._. 
The_DT three_CD insolvent_JJ thrifts_NNS will_MD maintain_VB normal_JJ business_NN hours_NNS and_CC operations_NNS under_IN RTC-appointed_JJ managing_NN agents_NNS ,_, while_IN the_DT RTC_NNP tries_VBZ to_TO negotiate_VB permanent_JJ resolutions_NNS ._. 
Separately_RB ,_, Century_NNP Bank_NNP ,_, Phoenix_NNP ,_, Ariz._NNP ,_, was_VBD closed_VBN by_IN Arizona_NNP banking_NN officials_NNS ._. 
The_DT Federal_NNP Deposit_NNP Insurance_NNP Corp._NNP approved_VBD the_DT assumption_NN of_IN Century_NNP 's_POS deposits_NNS and_CC fully_RB secured_VBN liabilities_NNS by_IN a_DT newly_RB chartered_JJ subsidiary_NN of_IN Valley_NNP Capital_NNP Corp._NNP ,_, Las_NNP Vegas_NNP ._. 
The_DT new_JJ institution_NN is_VBZ also_RB called_VBN Century_NNP Bank_NNP ,_, and_CC the_DT failed_VBN bank_NN 's_POS five_CD offices_NNS will_MD reopen_VB today_NN ._. 
The_DT failed_VBN bank_NN had_VBD assets_NNS of_IN about_RB $_$ 129.6_CD million_CD ._. 
The_DT newly_RB chartered_JJ bank_NN will_MD assume_VB about_RB $_$ 125.7_CD million_CD in_IN 10,300_CD deposit_NN accounts_NNS and_CC pay_VB the_DT FDIC_NNP a_DT purchase_NN premium_NN of_IN $_$ 2.9_CD million_CD ._. 
It_PRP also_RB will_MD buy_VB about_RB $_$ 91.7_CD million_CD of_IN assets_NNS ,_, and_CC the_DT FDIC_NNP will_MD advance_VB $_$ 31.8_CD million_CD to_TO the_DT assuming_VBG bank_NN ._. 
Lonrho_NNP PLC_NNP of_IN Britain_NNP is_VBZ to_TO come_VB to_TO the_DT rescue_NN of_IN the_DT French_JJ distribution_NN group_NN Societe_NNP Commerciale_NNP de_FW l'Ouest_NNP Africaine_NNP in_IN an_DT operation_NN that_WDT has_VBZ been_VBN engineered_VBN with_IN the_DT Paribas_NNP financial_JJ group_NN ,_, Societe_NNP Commerciale_NNP 's_POS main_JJ shareholder_NN ._. 
The_DT announcement_NN came_VBD as_IN Societe_NNP Commerciale_NNP ,_, a_DT trading_NN company_NN with_IN activities_NNS in_IN more_JJR than_IN 40_CD countries_NNS ,_, reported_VBD a_DT loss_NN of_IN 320.5_CD million_CD francs_NNS -LRB-_( $_$ 51_CD million_CD -RRB-_) for_IN the_DT first_JJ six_CD months_NNS of_IN this_DT year_NN ,_, partly_RB because_IN of_IN provisions_NNS on_IN future_NN losses_NNS ._. 
The_DT rescue_NN operation_NN will_MD consist_VB of_IN a_DT capital_NN boost_NN for_IN Societe_NNP Commerciale_NNP of_IN one_CD billion_CD francs_NNS through_IN issues_NNS of_IN new_JJ shares_NNS and_CC convertible_JJ bonds_NNS ._. 
Cie_NNP ._. Financiere_NNP de_FW Paribas_NNP said_VBD it_PRP intends_VBZ to_TO transfer_VB its_PRP$ 30_CD %_NN shareholding_NN in_IN Societe_NNP Commerciale_NNP to_TO a_DT new_JJ company_NN which_WDT will_MD be_VB jointly_RB owned_VBN with_IN Lonrho_NNP ._. 
This_DT will_MD give_VB Paribas_NNP and_CC Lonrho_NNP joint_JJ control_NN of_IN Societe_NNP Commerciale_NNP ._. 
Paribas_NNP said_VBD Lonrho_NNP will_MD participate_VB in_IN the_DT forthcoming_JJ capital_NN boost_NN for_IN Societe_NNP Commerciale_NNP ._. 
International_NNP Business_NNP Machines_NNP Corp._NNP and_CC MCA_NNP Inc._NNP said_VBD they_PRP agreed_VBD to_TO sell_VB their_PRP$ Discovision_NNP Associates_NNPS joint_JJ venture_NN to_TO U.S._NNP units_NNS of_IN Pioneer_NNP Electronic_NNP Corp._NNP for_IN $_$ 200_CD million_CD ._. 
The_DT joint_JJ venture_NN licenses_VBZ a_DT portfolio_NN of_IN about_IN 1,400_CD patents_NNS and_CC patent_NN applications_NNS relating_VBG to_TO optical-disk_JJ recording_NN technology_NN ._. 
IBM_NNP and_CC MCA_NNP formed_VBD Discovision_NNP in_IN 1979_CD to_TO make_VB laser-read_JJ optical_JJ products_NNS ._. 
But_CC the_DT partners_NNS did_VBD n't_RB believe_VB the_DT market_NN for_IN the_DT systems_NNS was_VBD developing_VBG as_RB rapidly_RB as_IN they_PRP had_VBD hoped_VBN ._. 
After_IN reportedly_RB investing_VBG $_$ 100_CD million_CD in_IN the_DT business_NN ,_, Discovision_NNP ceased_VBD manufacturing_NN operations_NNS in_IN 1982_CD and_CC sold_VBN many_NN of_IN its_PRP$ assets_NNS to_TO Tokyo-based_NNP Pioneer_NNP ,_, among_IN others_NNS ._. 
Discovision_NNP now_RB has_VBZ world-wide_JJ license_NN agreements_NNS with_IN major_JJ manufacturers_NNS covering_VBG CD_NNP audio_JJ disks_NNS ,_, audio_JJ disk_NN players_NNS ,_, videodisks_NNS and_CC videodisk_NN players_NNS ._. 
It_PRP also_RB licenses_VBZ optically_RB based_VBN data_NNS storage_NN and_CC retrieval_NN devices_NNS ._. 
James_NNP N._NNP Fiedler_NNP ,_, president_NN of_IN Discovision_NNP and_CC a_DT vice_NN president_NN of_IN MCA_NNP ,_, said_VBD that_IN IBM_NNP and_CC MCA_NNP had_VBD n't_RB planned_VBN to_TO sell_VB the_DT joint_JJ venture_NN ,_, which_WDT is_VBZ now_RB profitable_JJ ,_, but_CC that_IN Pioneer_NNP approached_VBD Discovision_NNP earlier_RBR this_DT year_NN ._. 
He_PRP said_VBD it_PRP is_VBZ n't_RB certain_JJ whether_IN Discovision_NNP 's_POS current_JJ management_NN will_MD remain_VB when_WRB Pioneer_NNP buys_VBZ the_DT company_NN ._. 
The_DT agreement_NN is_VBZ contingent_JJ on_IN certain_JJ government_NN approvals_NNS and_CC should_MD be_VB completed_VBN later_RB this_DT year_NN ._. 
Tokyo_NNP stocks_NNS closed_VBD higher_JJR in_IN moderately_RB active_JJ but_CC directionless_JJ trading_NN as_IN the_DT recent_JJ anxiety_NN in_IN world_NN stock_NN markets_NNS continued_VBD to_TO fade_VB ._. 
London_JJ shares_NNS also_RB closed_VBD firmer_JJR in_IN thin_JJ trading_NN driven_VBN largely_RB by_IN technical_JJ factors_NNS and_CC support_NN from_IN a_DT new_JJ Wall_NNP Street_NNP rally_NN ._. 
Prices_NNS also_RB rose_VBD on_IN almost_RB every_DT other_JJ major_JJ exchange_NN in_IN Europe_NNP ,_, Asia_NNP and_CC the_DT Pacific_NNP ._. 
Tokyo_NNP 's_POS Nikkei_NNP index_NN of_IN 225_CD issues_NNS ,_, which_WDT gained_VBD 111.48_CD points_NNS Wednesday_NNP ,_, climbed_VBD 266.66_CD ,_, or_CC 0.76_CD %_NN ,_, to_TO 35374.22_CD ._. 
Volume_NN on_IN the_DT first_JJ section_NN was_VBD estimated_VBN at_IN 800_CD million_CD shares_NNS ,_, compared_VBN with_IN 841_CD million_CD Wednesday_NNP ._. 
Winners_NNS outnumbered_VBD losers_NNS 645-293_CD ,_, with_IN 186_CD issues_NNS unchanged_JJ ._. 
In_IN early_JJ trading_NN in_IN Tokyo_NNP Friday_NNP ,_, the_DT Nikkei_NNP index_NN rose_VBD 170.65_CD points_NNS ,_, to_TO 35544.87_CD ._. 
On_IN Thursday_NNP ,_, the_DT Tokyo_NNP Stock_NNP Price_NNP Index_NNP of_IN all_DT issues_NNS listed_VBN in_IN the_DT first_JJ section_NN ,_, which_WDT gained_VBD 0.24_CD point_NN Wednesday_NNP ,_, was_VBD up_IN 22.78_CD ,_, or_CC 0.86_CD %_NN ,_, at_IN 2665.66_CD ._. 
The_DT morning_NN session_NN was_VBD dominated_VBN by_IN individuals_NNS and_CC dealers_NNS ,_, but_CC some_DT institutions_NNS participated_VBD in_IN the_DT afternoon_NN ,_, encouraged_VBN by_IN the_DT market_NN 's_POS firmness_NN ,_, traders_NNS said_VBD ._. 
Sentiment_NN was_VBD helped_VBN by_IN the_DT small_JJ gain_NN made_VBN by_IN New_NNP York_NNP stocks_NNS Wednesday_NNP despite_IN anxiety_NN over_IN possible_JJ effects_NNS of_IN the_DT major_JJ earthquake_NN that_WDT struck_VBD northern_JJ California_NNP Tuesday_NNP ._. 
Having_VBG survived_VBN both_DT last_JJ Friday_NNP 's_POS 6.9_CD %_NN Wall_NNP Street_NNP plunge_NN and_CC the_DT immediate_JJ aftermath_NN of_IN the_DT San_NNP Francisco_NNP Bay_NNP area_NN earthquake_NN ,_, Tokyo_NNP market_NN participants_NNS expressed_VBD relief_NN that_DT trading_NN had_VBD returned_VBN to_TO normal_JJ ._. 
Hiroyuki_NNP Murai_NNP ,_, general_JJ manager_NN of_IN the_DT stock_NN trading_NN division_NN at_IN Nikko_NNP Securities_NNP ,_, said_VBD that_IN after_IN looking_VBG at_IN the_DT reasons_NNS for_IN Friday_NNP 's_POS Wall_NNP Street_NNP plunge_NN ,_, participants_NNS realized_VBD that_IN the_DT Tokyo_NNP and_CC New_NNP York_NNP markets_NNS have_VBP different_JJ economic_JJ fundamentals_NNS ._. 
This_DT conclusion_NN ,_, he_PRP said_VBD ,_, restored_VBD the_DT credibility_NN of_IN Tokyo_NNP stocks_NNS ._. 
Yoshiaki_NNP Mitsuoka_NNP ,_, head_NN of_IN the_DT investment_NN information_NN department_NN at_IN Daiwa_NNP Investment_NNP Trust_NNP &_CC Management_NNP ,_, said_VBD that_IN if_IN New_NNP York_NNP stocks_NNS just_RB fluctuate_VBP in_IN or_CC near_IN their_PRP$ current_JJ range_NN ,_, the_DT Tokyo_NNP market_NN will_MD remain_VB firm_NN with_IN a_DT moderately_RB upward_JJ trend_NN for_IN the_DT rest_NN of_IN the_DT year_NN ._. 
But_CC traders_NNS said_VBD the_DT market_NN lacks_VBZ a_DT base_NN on_IN which_WDT to_TO set_VB long-term_JJ buying_NN strategy_NN ,_, as_IN the_DT future_NN direction_NN of_IN U.S._NNP interest_NN rates_NNS remains_VBZ unclear_JJ ._. 
``_`` Investor_NNP interest_NN switches_NNS back_RB and_CC forth_RB ceaselessly_RB as_IN they_PRP are_VBP unable_JJ to_TO shift_VB their_PRP$ weight_NN to_TO one_CD side_NN for_IN sure_JJ ,_, ''_'' Mr._NNP Mitsuoka_NNP of_IN Daiwa_NNP Investment_NNP Trust_NNP said_VBD ._. 
Many_JJ of_IN Wednesday_NNP 's_POS winners_NNS were_VBD losers_NNS yesterday_NN as_IN investors_NNS quickly_RB took_VBD profits_NNS and_CC rotated_VBN their_PRP$ buying_NN to_TO other_JJ issues_NNS ,_, traders_NNS said_VBD ._. 
Pharmaceuticals_NNP made_VBD across-the-board_JJ advances_NNS ._. 
Fujisawa_NNP Pharmaceutical_NNP gained_VBD 130_CD to_TO 1,930_CD yen_NN -LRB-_( $_$ 13.64_CD -RRB-_) a_DT share_NN ,_, Mochida_NNP Pharmaceutical_NNP was_VBD up_IN 150_CD at_IN 4,170_CD ,_, and_CC Eisai_NNP advanced_VBD 60_CD to_TO 2,360_CD ._. 
Housing_NN issues_NNS were_VBD boosted_VBN by_IN a_DT report_NN that_IN Daiwa_NNP House_NNP expects_VBZ to_TO post_VB 43_CD %_NN higher_JJR earnings_NNS for_IN its_PRP$ latest_JJS fiscal_JJ year_NN ,_, traders_NNS said_VBD ._. 
Daiwa_NNP House_NNP advanced_VBD 100_CD to_TO 2,610_CD ,_, Misawa_NNP Homes_NNP was_VBD up_IN 60_CD at_IN 2,940_CD ,_, and_CC Sekisui_NNP House_NNP gained_VBD 100_CD to_TO 2,490_CD ._. 
Leading_VBG construction_NN companies_NNS also_RB attracted_VBN interest_NN for_IN their_PRP$ strong_JJ earnings_NNS outlooks_NNS ,_, traders_NNS said_VBD ._. 
They_PRP and_CC many_JJ other_JJ major_JJ Japanese_JJ corporations_NNS will_MD issue_VB results_NNS soon_RB for_IN the_DT fiscal_JJ first_JJ half_NN ended_VBN Sept._NNP 30_CD ._. 
Ohbayashi_NNP was_VBD up_IN 60_CD to_TO close_VB at_IN 1,680_CD ,_, Shimizu_NNP gained_VBD 50_CD to_TO 2,120_CD ,_, and_CC Kumagai-Gumi_NNP advanced_VBD 40_CD to_TO 1,490_CD ._. 
Other_JJ winners_NNS included_VBD real_JJ estate_NN issues_NNS Mitsubishi_NNP Estate_NNP ,_, which_WDT closed_VBD at_IN 2,500_CD ,_, up_IN 130_CD ,_, and_CC Mitsui_NNP Real_NNP Estate_NNP Development_NNP ,_, which_WDT gained_VBD 100_CD to_TO 2,890_CD ._. 
Steel_NN shares_NNS fell_VBD back_RB after_IN advancing_VBG for_IN three_CD days_NNS ._. 
Kawasaki_NNP Steel_NNP was_VBD down_RB 11_CD at_IN 788_CD ,_, Kobe_NNP Steel_NNP lost_VBD 5_NN to_TO 723_CD ,_, and_CC Nippon_NNP Steel_NNP slipped_VBD 6_CD to_TO 729_CD ._. 
Mitsubishi_NNP Rayon_NNP ,_, a_DT leading_VBG advancer_NN Wednesday_NNP ,_, fell_VBD 44_CD to_TO 861_CD as_IN investors_NNS grabbed_VBD profits_NNS ._. 
London_NNP 's_POS Financial_NNP Times-Stock_NNP Exchange_NNP 100-share_JJ index_NN finished_VBD 19.2_CD points_NNS higher_JJR at_IN 2189.3_CD ._. 
The_DT Financial_NNP Times_NNP 30-share_JJ index_NN ended_VBD 13.6_CD higher_JJR at_IN 1772.1_CD ._. 
Volume_NN continued_VBD to_TO ease_VB from_IN the_DT active_JJ dealings_NNS at_IN the_DT start_NN of_IN the_DT week_NN ._. 
Turnover_NN was_VBD 382.9_CD million_CD shares_NNS ,_, compared_VBN with_IN 449.3_CD million_CD Wednesday_NNP ._. 
Dealers_NNS said_VBD the_DT market_NN was_VBD underpinned_VBN by_IN a_DT squeeze_NN in_IN FT-SE_NNP 100_CD stocks_NNS ,_, particularly_RB among_IN market-makers_NNS seeking_VBG shares_NNS that_WDT had_VBD been_VBN hit_VBN hard_JJ in_IN recent_JJ weeks_NNS ,_, such_JJ as_IN retailers_NNS and_CC building-related_JJ concerns_NNS ._. 
But_CC despite_IN the_DT flurry_NN of_IN interest_NN in_IN those_DT shares_NNS ,_, dealers_NNS said_VBD ,_, the_DT market_NN remains_VBZ nervous_JJ about_IN Wall_NNP Street_NNP 's_POS volatility_NN and_CC high_JJ U.K._NNP interest_NN rates_NNS ._. 
U.K._JJ money_NN supply_NN figures_NNS for_IN September_NNP ,_, released_VBN yesterday_NN ,_, showed_VBD continued_VBN growth_NN in_IN corporate_JJ and_CC personal_JJ lending_NN ,_, which_WDT will_MD keep_VB pressure_NN on_IN the_DT government_NN to_TO maintain_VB tight_JJ credit_NN ._. 
Among_IN the_DT stocks_NNS featured_VBN in_IN the_DT market-makers_NNS '_POS squeeze_NN was_VBD Sears_NNP ,_, which_WDT closed_VBD at_IN 107_CD pence_NN -LRB-_( $_$ 1.70_CD -RRB-_) a_DT share_NN ,_, up_IN 3_CD ._. 
General_NNP Universal_NNP Stores_NNPS ,_, another_DT top-tier_JJ stock_NN hit_VBD recently_RB by_IN concerns_NNS over_IN retail_JJ demand_NN in_IN the_DT face_NN of_IN high_JJ interest_NN rates_NNS ,_, gained_VBD 20_CD to_TO #_# 10.44_CD ._. 
Storehouse_NNP gained_VBD 2_CD to_TO 
Another_DT active_JJ FT-SE_NNP 100_CD stock_NN was_VBD clothing_NN and_CC furniture_NN retailer_NN Burton_NNP ,_, which_WDT gained_VBD 6_CD to_TO 196_CD ._. 
Insurers_NNS recovered_VBD ground_NN again_RB on_IN market-maker_NN demand_NN and_CC speculative_JJ buying_NN linked_VBN to_TO talk_VB of_IN mergers_NNS in_IN the_DT industry_NN before_IN the_DT European_NNP Community_NNP 's_POS planned_VBN market_NN unification_NN in_IN 
Royal_NNP Insurance_NNP was_VBD the_DT sector_NN 's_POS hottest_JJS issue_NN ,_, ending_VBG 15_CD higher_JJR at_IN 465_CD ._. 
Sun_NNP Alliance_NNP fell_VBD 1_CD to_TO close_VB at_IN 289_CD ,_, and_CC General_NNP Accident_NNP jumped_VBD 10_CD to_TO #_# 10.13_CD ._. 
B.A.T_NNP Industries_NNPS surged_VBD in_IN afternoon_NN dealings_NNS after_IN its_PRP$ shareholders_NNS approved_VBD a_DT plan_NN to_TO dispose_VB of_IN its_PRP$ U.S._NNP and_CC U.K._NNP retailing_NN operations_NNS to_TO fend_VB off_IN Hoylake_NNP Investment_NNP 's_POS #_# 13.4_CD billion_CD -LRB-_( $_$ 21.33_CD billion_CD -RRB-_) hostile_JJ bid_NN ._. 
With_IN the_DT company_NN also_RB exercising_VBG a_DT plan_NN to_TO buy_VB back_RB as_RB many_JJ as_IN 10_CD %_NN of_IN its_PRP$ shares_NNS outstanding_JJ ,_, B.A.T_NNP closed_VBD at_IN 783_CD ,_, up_IN 27_CD ._. 
Turnover_NN was_VBD 6.8_CD million_CD shares_NNS ,_, including_VBG about_IN four_CD million_CD shares_NNS traded_VBN in_IN the_DT afternoon_NN after_IN the_DT shareholders_NNS '_POS meeting_NN ._. 
B.A.T_NNP said_VBD it_PRP purchased_VBD 2.5_CD million_CD shares_NNS at_IN 785_CD ._. 
In_IN other_JJ European_JJ markets_NNS ,_, shares_NNS closed_VBD sharply_RB higher_JJR in_IN Stockholm_NNP ,_, Frankfurt_NNP ,_, Zurich_NNP and_CC Paris_NNP and_CC higher_JJR in_IN Milan_NNP ,_, Amsterdam_NNP and_CC Brussels_NNP ._. 
South_JJ African_JJ gold_NN stocks_NNS closed_VBD firmer_JJR ._. 
Prices_NNS also_RB closed_VBD higher_JJR in_IN Singapore_NNP ,_, Sydney_NNP ,_, Taipei_NNP ,_, Wellington_NNP ,_, Hong_NNP Kong_NNP and_CC Manila_NNP but_CC were_VBD lower_JJR in_IN Seoul_NNP ._. 
Here_RB are_VBP price_NN trends_NNS on_IN the_DT world_NN 's_POS major_JJ stock_NN markets_NNS ,_, as_IN calculated_VBN by_IN Morgan_NNP Stanley_NNP Capital_NNP International_NNP Perspective_NNP ,_, Geneva_NNP ._. 
To_TO make_VB them_PRP directly_RB comparable_JJ ,_, each_DT index_NN is_VBZ based_VBN on_IN the_DT close_NN of_IN 1969_CD equaling_VBG 100_CD ._. 
The_DT percentage_NN change_NN is_VBZ since_IN year-end_NN ._. 
The_DT federal_JJ response_NN to_TO California_NNP 's_POS earthquake_NN crisis_NN was_VBD marred_VBN by_IN coast-to-coast_JJ name-calling_NN between_IN the_DT White_NNP House_NNP and_CC San_NNP Francisco_NNP 's_POS Mayor_NNP Art_NNP Agnos_NNP ._. 
Mr._NNP Agnos_NNP complained_VBD that_IN he_PRP was_VBD ``_`` ticked_VBD off_IN ''_'' that_IN Vice_NNP President_NNP Dan_NNP Quayle_NNP ,_, who_WP toured_VBD the_DT earthquake_NN site_NN Wednesday_NNP ,_, did_VBD n't_RB schedule_VB a_DT private_JJ meeting_NN with_IN him_PRP ._. 
The_DT mayor_NN said_VBD the_DT Quayle_NNP visit_NN was_VBD ``_`` a_DT publicity_NN stunt_NN ._. ''_'' 
The_DT White_NNP House_NNP said_VBD Mr._NNP Quayle_NNP 's_POS staff_NN had_VBD invited_VBN the_DT mayor_NN to_TO two_CD meetings_NNS of_IN the_DT vice_NN president_NN and_CC groups_NNS of_IN local_JJ officials_NNS and_CC had_VBD offered_VBN to_TO dispatch_VB a_DT helicopter_NN to_TO pick_VB him_PRP up_RB ._. 
Mr._NNP Agnos_NNP declined_VBD the_DT invitations_NNS ,_, the_DT White_NNP House_NNP said_VBD ._. 
Marlin_NNP Fitzwater_NNP ,_, White_NNP House_NNP press_NN secretary_NN ,_, also_RB asserted_VBD that_IN Mr._NNP Agnos_NNP had_VBD failed_VBN to_TO return_VB telephone_NN calls_VBZ from_IN John_NNP Sununu_NNP ,_, White_NNP House_NNP chief_NN of_IN staff_NN ._. 
``_`` We_PRP regret_VBP very_RB much_RB that_IN the_DT mayor_NN of_IN San_NNP Francisco_NNP has_VBZ decided_VBN not_RB to_TO cooperate_VB with_IN us_PRP on_IN this_DT matter_NN in_IN making_VBG sure_JJ that_IN there_EX is_VBZ adequate_JJ federal_JJ support_NN for_IN the_DT disaster_NN in_IN his_PRP$ city_NN ,_, ''_'' Mr._NNP Fitzwater_NNP said_VBD ._. 
By_IN late_JJ yesterday_NN ,_, both_DT sides_NNS appeared_VBD prepared_VBN to_TO bury_VB the_DT hatchet_NN ._. 
The_DT White_NNP House_NNP announced_VBD that_IN Mr._NNP Agnos_NNP ,_, along_IN with_IN the_DT mayors_NNS of_IN Oakland_NNP and_CC Alameda_NNP ,_, are_VBP to_TO accompany_VB President_NNP Bush_NNP on_IN a_DT tour_NN of_IN the_DT earthquake_NN area_NN today_NN ._. 
And_CC one_CD White_NNP House_NNP official_NN reported_VBD that_IN Mr._NNP Agnos_NNP had_VBD been_VBN ``_`` very_RB helpful_JJ ''_'' in_IN making_VBG arrangements_NNS for_IN Mr._NNP Bush_NNP 's_POS hastily_RB scheduled_VBN trip_NN to_TO California_NNP ._. 
Gold_NNP and_CC silver_NN broker_NN Preston_NNP Semel_NNP asked_VBD a_DT federal_JJ court_NN to_TO halt_VB the_DT Commodity_NNP Exchange_NNP from_IN imposing_VBG a_DT record_NN $_$ 550,000_CD fine_JJ on_IN his_PRP$ firm_NN ._. 
The_DT suit_NN ,_, filed_VBN in_IN federal_JJ court_NN in_IN Manhattan_NNP ,_, also_RB asks_VBZ that_IN the_DT Comex_NNP 's_POS nine-month_JJ suspension_NN of_IN Mr._NNP Semel_NNP be_VB lifted_VBN ,_, pending_VBG the_DT broker_NN 's_POS appeal_NN of_IN the_DT disciplinary_JJ measures_NNS ._. 
The_DT fine_NN and_CC suspension_NN ,_, announced_VBD in_IN August_NNP ,_, are_VBP the_DT stiffest_JJS sanctions_VBZ the_DT Comex_NNP has_VBZ ever_RB ordered_VBN against_IN one_CD of_IN its_PRP$ members_NNS ._. 
The_DT Comex_NNP accused_VBD the_DT 39-year-old_NNP Mr._NNP Semel_NNP of_IN ``_`` fraudulent_JJ conduct_NN ''_'' and_CC improper_JJ trading_NN ._. 
The_DT disciplinary_JJ proceedings_NNS stem_VBP from_IN trading_NN in_IN April_NNP 1987_CD ._. 
Mr._NNP Semel_NNP and_CC his_PRP$ firm_NN ,_, Semel_NNP &_CC Co._NNP ,_, have_VBP appealed_VBN the_DT Comex_NNP decision_NN and_CC the_DT sanctions_NNS to_TO the_DT Commodity_NNP Futures_NNS Trading_NNP Commission_NNP ._. 
The_DT commission_NN denied_VBN Mr._NNP Semel_NNP 's_POS request_NN that_IN the_DT fine_NN and_CC suspension_NN be_VB delayed_VBN pending_VBG the_DT appeal_NN ._. 
The_DT lawsuit_NN states_NNS that_IN unless_IN the_DT sanctions_NNS are_VBP halted_VBN pending_VBG an_DT appeal_NN ,_, the_DT broker_NN and_CC his_PRP$ firm_NN ``_`` will_MD be_VB irreparably_RB injured_VBN and_CC their_PRP$ business_NN will_MD be_VB totally_RB and_CC permanently_RB destroyed_VBN ._. ''_'' 
Already_RB the_DT firm_NN has_VBZ paid_VBN $_$ 211,666_CD of_IN the_DT fine_NN ,_, the_DT suit_NN said_VBD ,_, and_CC it_PRP will_MD have_VB to_TO liquidate_VB additional_JJ assets_NNS in_IN order_NN to_TO pay_VB the_DT rest_NN ._. 
A_DT spokesman_NN for_IN the_DT Comex_NNP could_MD n't_RB be_VB reached_VBN to_TO comment_VB ._. 
The_DT Federal_NNP National_NNP Mortgage_NNP Association_NNP said_VBD 39_CD lenders_NNS across_IN the_DT U.S._NNP have_VBP agreed_VBN to_TO offer_VB home_NN loans_NNS under_IN Fannie_NNP Mae_NNP 's_POS pilot_NN program_NN for_IN elderly_JJ people_NNS ._. 
Fannie_NNP Mae_NNP ,_, a_DT federally_RB chartered_JJ and_CC shareholder-owned_JJ company_NN ,_, said_VBD the_DT lenders_NNS include_VBP Prudential_NNP Home_NNP Mortgage_NNP Co._NNP ,_, a_DT unit_NN of_IN Prudential_NNP Insurance_NNP Co._NNP of_IN America_NNP that_WDT operates_VBZ in_IN every_DT state_NN ._. 
Prudential_NNP Insurance_NNP is_VBZ based_VBN in_IN Newark_NNP ,_, N.J_NNP ._. 
Fannie_NNP Mae_NNP has_VBZ agreed_VBN to_TO buy_VB as_RB much_JJ as_IN $_$ 100_CD million_CD of_IN loans_NNS under_IN its_PRP$ Seniors_NNS '_POS Housing_NNP Opportunities_NNS pilot_NN program_NN ,_, which_WDT offers_VBZ four_CD types_NNS of_IN loans_NNS to_TO people_NNS 62_CD years_NNS of_IN age_NN or_CC older_JJR to_TO help_VB them_PRP maintain_VB their_PRP$ home_NN or_CC obtain_VB housing_NN ._. 
The_DT loans_NNS can_MD be_VB for_IN accessory_NN apartments_NNS ,_, for_IN cottages_NNS built_VBN in_IN a_DT relative_NN 's_POS yard_NN ,_, for_IN home-sharing_NN or_CC for_IN sale-lease-back_JJ transactions_NNS ._. 
Fannie_NNP Mae_NNP makes_VBZ a_DT secondary_JJ market_NN in_IN home_NN loans_NNS ._. 
It_PRP buys_VBZ loans_NNS from_IN lenders_NNS ,_, packages_VBZ some_DT into_IN securities_NNS for_IN sale_NN to_TO investors_NNS and_CC holds_VBZ the_DT remainder_NN in_IN a_DT portfolio_NN ._. 
Robert_NNP M._NNP Gintel_NNP ,_, senior_JJ partner_NN of_IN a_DT Greenwich_NNP ,_, Conn._NNP ,_, investment_NN firm_NN ,_, said_VBD he_PRP plans_VBZ to_TO launch_VB a_DT proxy_NN fight_NN against_IN the_DT board_NN of_IN Boston-based_JJ Xtra_NNP Corp_NNP ._. 
Mr._NNP Gintel_NNP ,_, head_NN of_IN Gintel_NNP &_CC Co._NNP ,_, said_VBD he_PRP plans_VBZ to_TO conduct_VB a_DT proxy_NN contest_NN to_TO elect_VB a_DT majority_NN of_IN Xtra_NNP 's_POS board_NN at_IN the_DT next_JJ annual_JJ stockholders_NNS meeting_NN ._. 
Xtra_NNP ,_, a_DT transportation_NN leasing_NN company_NN ,_, said_VBD in_IN a_DT statement_NN it_PRP would_MD have_VB no_DT comment_NN on_IN Mr._NNP Gintel_NNP 's_POS plans_NNS until_IN ``_`` further_JJ information_NN has_VBZ been_VBN disclosed_VBN by_IN him_PRP ._. ''_'' 
The_DT company_NN also_RB said_VBD its_PRP$ 1990_CD annual_JJ meeting_NN has_VBZ not_RB been_VBN scheduled_VBN ._. 
Mr._NNP Gintel_NNP owns_VBZ 300,000_CD of_IN the_DT company_NN 's_POS 6.3_CD million_CD common_JJ shares_NNS outstanding_JJ ._. 
Xtra_NNP said_VBD it_PRP recently_RB bought_VBD back_RB approximately_RB 55,000_CD of_IN its_PRP$ shares_NNS pursuant_JJ to_TO its_PRP$ existing_VBG authorization_NN to_TO acquire_VB as_RB many_JJ as_IN 650,000_CD shares_NNS ._. 
Mr._NNP Gintel_NNP has_VBZ filed_VBN suit_NN in_IN Delaware_NNP Chancery_NNP Court_NNP ,_, seeking_VBG to_TO block_VB Xtra_NNP 's_POS anti-takeover_JJ tactic_NN ._. 
In_IN a_DT filing_NN with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ,_, Mr._NNP Gintel_NNP said_VBD Xtra_NNP ``_`` has_VBZ pursued_VBN business_NN strategies_NNS that_WDT are_VBP n't_RB in_IN the_DT best_JJS interest_NN of_IN stockholders_NNS ._. 
STOCKS_NNS AND_CC BONDS_NNS SURGED_VBD on_IN the_DT second_JJ anniversary_NN of_IN Black_NNP Monday_NNP as_IN a_DT favorable_JJ inflation_NN report_NN prompted_VBD speculation_NN of_IN lower_JJR interest_NN rates_NNS ._. 
The_DT Dow_NNP Jones_NNP industrials_NNS closed_VBD up_IN 39.55_CD ,_, at_IN 2683.20_CD ,_, after_IN rising_VBG over_IN 60_CD points_NNS in_IN mid-afternoon_NN ._. 
The_DT rally_NN brought_VBD the_DT gain_NN so_RB far_RB this_DT week_NN to_TO about_IN 114_CD points_NNS ._. 
The_DT dollar_NN finished_VBD mixed_VBN ,_, while_IN gold_NN declined_VBD ._. 
Consumer_NN prices_NNS climbed_VBD a_DT moderate_JJ 0.2_CD %_NN in_IN September_NNP ,_, mostly_RB due_JJ to_TO higher_JJR clothing_NN costs_NNS ._. 
Energy_NN prices_NNS continued_VBD to_TO fall_VB at_IN the_DT retail_JJ level_NN ,_, but_CC economists_NNS worried_VBN about_IN a_DT big_JJ rise_NN in_IN wholesale_JJ energy_NN costs_NNS ._. 
British_JJ Airways_NNPS dropped_VBD out_IN of_IN the_DT current_JJ bidding_NN for_IN United_NNP Air_NNP 's_POS parent_NN ,_, leaving_VBG a_DT UAL_NNP management-pilots_JJ group_NN without_IN a_DT key_JJ partner_NN ._. 
British_NNP Air_NNP 's_POS move_NN raised_VBD new_JJ questions_NNS about_IN the_DT buy-out_NN group_NN 's_POS efforts_NNS to_TO revive_VB a_DT stalled_VBN bid_NN for_IN UAL_NNP ._. 
A_DT capital-gains_NNS tax-cut_JJ plan_NN was_VBD dropped_VBN by_IN Senate_NNP Democrats_NNPS under_IN pressure_NN from_IN their_PRP$ leadership_NN ._. 
The_DT move_NN is_VBZ a_DT setback_NN for_IN Bush_NNP ,_, who_WP needs_VBZ Democratic_JJ support_NN to_TO pass_VB a_DT capital-gains_NNS cut_VBP in_IN the_DT Senate_NNP ._. 
Other_JJ tax_NN breaks_NNS also_RB are_VBP likely_JJ to_TO be_VB restored_VBN or_CC created_VBN in_IN the_DT coming_VBG months_NNS as_IN special_JJ interest_NN groups_NNS try_VBP to_TO undo_VB the_DT 1986_CD tax_NN overhaul_NN ._. 
Many_JJ retailers_NNS are_VBP worried_VBN that_IN a_DT price_NN war_NN could_MD erupt_VB this_DT Christmas_NNP if_IN cash-strapped_JJ firms_NNS such_JJ as_IN Campeau_NNP slash_NN prices_NNS to_TO spur_VB sales_NNS ._. 
AT&T_NNP unveiled_VBD a_DT sweetened_VBN early_JJ retirement_NN plan_NN for_IN management_NN that_IN the_DT company_NN hopes_VBZ will_MD save_VB it_PRP $_$ 450_CD million_CD in_IN the_DT next_JJ year_NN ._. 
Also_RB ,_, profit_NN rose_VBD 19_CD %_NN in_IN the_DT third_JJ quarter_NN ._. 
Chrysler_NNP will_MD idle_VB a_DT Toledo_NNP assembly_NN plant_NN temporarily_RB due_JJ to_TO slowing_VBG sales_NNS of_IN its_PRP$ profitable_JJ Jeep_NNP Cherokee_NNP and_CC Wagoneer_NNP sport_NN utility_NN vehicles_NNS ._. 
Digital_NNP Equipment_NNP 's_POS profit_NN fell_VBD 32_CD %_NN in_IN the_DT latest_JJS quarter_NN ,_, prompting_VBG forecasts_NNS of_IN weaker_JJR results_NNS ahead_RB ._. 
Analysts_NNS were_VBD troubled_JJ by_IN signs_NNS of_IN flat_JJ U.S._NNP orders_NNS at_IN the_DT computer_NN maker_NN ._. 
IBM_NN plans_NNS to_TO unveil_VB over_IN 50_CD software_NN products_NNS on_IN Tuesday_NNP to_TO try_VB to_TO end_VB some_DT of_IN the_DT problems_NNS in_IN computerizing_VBG manufacturing_NN operations_NNS ._. 
The_DT TV_NN units_NNS of_IN Paramount_NNP and_CC MCA_NNP are_VBP exploring_VBG offering_NN prime-time_JJ programming_NN to_TO independent_JJ stations_NNS two_CD nights_NNS a_DT week_NN ._. 
BankAmerica_NNP 's_POS profit_NN jumped_VBD 34_CD %_NN in_IN the_DT third_JJ quarter_NN ._. 
The_DT rapid_JJ recovery_NN continued_VBD to_TO be_VB fueled_VBN by_IN growth_NN in_IN consumer_NN loans_NNS ,_, higher_JJR interest_NN margins_NNS and_CC only_RB minor_JJ loan_NN losses_NNS ._. 
Big_NNP Board_NNP short_JJ interest_NN fell_VBD 4.2_CD %_NN for_IN the_DT month_NN ended_VBN Oct._NNP 13_CD ,_, the_DT second_JJ decline_NN in_IN a_DT row_NN ._. 
Borrowed_VBN shares_NNS on_IN the_DT Amex_NNP rose_VBD to_TO another_DT record_NN ._. 
Bell_NNP Atlantic_NNP posted_VBD a_DT strong_JJ earnings_NNS gain_NN for_IN the_DT third_JJ quarter_NN ,_, as_IN did_VBD Southern_NNP New_NNP England_NNP Telecommunications_NNPS ._. 
But_CC Nynex_NNP ,_, Pacific_NNP Telesis_NNP and_CC U_NNP S_NNP West_NNP had_VBD lower_JJR profits_NNS ._. 
B.A.T_NNP Industries_NNPS won_VBD shareholder_NN approval_NN for_IN a_DT defensive_JJ restructuring_NN to_TO fend_VB off_IN Sir_NNP James_NNP Goldsmith_NNP ._. 
American_NNP Express_NNP 's_POS profit_NN climbed_VBD 21_CD %_NN in_IN the_DT quarter_NN ,_, aided_VBN by_IN a_DT surge_NN in_IN its_PRP$ travel_NN business_NN and_CC despite_IN a_DT big_JJ rise_NN in_IN Third_NNP World_NNP loan_NN reserves_NNS ._. 
Markets_NNS --_: 
Stocks_NNS :_: Volume_NN 198,120,000_CD shares_NNS ._. 
Dow_NNP Jones_NNP industrials_NNS 2683.20_CD ,_, up_IN 39.55_CD ;_: transportation_NN 1263.51_CD ,_, up_IN 15.64_CD ;_: utilities_NNS 215.42_CD ,_, up_IN 1.45_CD ._. 
Bonds_NNS :_: Shearson_NNP Lehman_NNP Hutton_NNP Treasury_NNP index_NN 3398.65_CD ,_, up_IN 
Commodities_NNS :_: Dow_NNP Jones_NNP futures_NNS index_NN 130.13_CD ,_, up_IN 0.23_CD ;_: spot_NN index_NN 130.46_CD ,_, up_IN 0.10_CD ._. 
Dollar_NN :_: 141.70_CD yen_NN ,_, up_IN 0.25_CD ;_: 1.8470_CD marks_NNS ,_, off_IN 0.0015_CD ._. 
Computer_NNP Sciences_NNP Corp._NNP ,_, El_NNP Segundo_NNP ,_, Calif._NNP ,_, said_VBD the_DT National_NNP Aeronautics_NNP and_CC Space_NNP Administration_NNP will_MD negotiate_VB details_NNS of_IN a_DT contract_NN valued_VBN at_IN about_RB $_$ 170_CD million_CD to_TO provide_VB software_NN for_IN the_DT Ames_NNP Research_NNP Center_NNP ._. 
Included_VBN in_IN the_DT three-year_JJ contract_NN are_VBP options_NNS for_IN two_CD one-year_JJ renewals_NNS ._. 
NASA_NNP awarded_VBD the_DT contract_NN to_TO CSC_NNP in_IN November_NNP but_CC an_DT appeal_NN by_IN Sterling_NNP Software_NNP Inc._NNP of_IN Dallas_NNP sent_VBD the_DT contract_NN to_TO the_DT General_NNP Services_NNP Administration_NNP Board_NNP of_IN Contract_NNP Appeals_NNPS and_CC the_DT board_NN required_VBN NASA_NNP to_TO re-evaluate_VB bidders_NNS '_POS proposals_NNS ._. 
Sterling_NNP had_VBD completed_VBN a_DT five-year_JJ contract_NN for_IN NASA_NNP but_CC lost_VBD its_PRP$ bid_NN for_IN renewal_NN ._. 
As_IN directed_VBN by_IN the_DT board_NN ,_, NASA_NNP completed_VBD the_DT evaluation_NN and_CC again_RB chose_VBD CSC_NNP ._. 
For_IN its_PRP$ fiscal_JJ year_NN ended_VBN March_NNP 31_CD ,_, CSC_NNP had_VBD revenue_NN of_IN $_$ 1.3_CD billion_CD ._. 
AFTERSHOCKS_NNS RATTLED_VBD Northern_NNP California_NNP amid_IN an_DT earthquake_NN cleanup_NN ._. 
As_IN power_NN and_CC commuters_NNS returned_VBD to_TO much_NN of_IN downtown_NN San_NNP Francisco_NNP for_IN the_DT first_JJ time_NN since_IN Tuesday_NNP 's_POS temblor_NN in_IN the_DT Bay_NNP area_NN ,_, three_CD strong_JJ aftershocks_NNS ,_, one_CD measuring_VBG 5.0_CD on_IN the_DT Richter_NNP scale_NN ,_, jolted_VBD the_DT region_NN ._. 
Serious_JJ injuries_NNS or_CC damages_NNS were_VBD n't_RB reported_VBN ._. 
Californians_NNS ,_, meanwhile_RB ,_, tried_VBD to_TO cope_VB with_IN still-limited_JJ services_NNS ,_, blocked_VBN roadways_NNS and_CC water_NN shortages_NNS in_IN the_DT aftermath_NN of_IN the_DT tremor_NN that_WDT left_VBD scores_NNS dead_JJ and_CC injured_VBN ._. 
Thousands_NNS remained_VBD homeless_JJ ._. 
Bush_NNP is_VBZ to_TO visit_VB the_DT area_NN today_NN ,_, and_CC officials_NNS in_IN Washington_NNP estimated_VBD that_DT emergency_NN assistance_NN would_MD total_VB at_IN least_JJS $_$ 2.5_CD billion_CD ._. 
A_DT series_NN of_IN earthquakes_NNS struck_VBD northern_JJ China_NNP ,_, killing_VBG at_IN least_JJS 29_CD people_NNS ,_, injuring_VBG hundreds_NNS and_CC razing_VBG about_IN 8,000_CD homes_NNS ,_, the_DT Xinhua_NNP News_NNP Agency_NNP said_VBD ._. 
The_DT Senate_NNP rejected_VBD a_DT constitutional_JJ amendment_NN sought_VBN by_IN Bush_NNP to_TO prohibit_VB desecration_NN of_IN the_DT U.S._NNP flag_NN ._. 
While_IN the_DT proposal_NN won_VBD a_DT slight_JJ majority_NN ,_, the_DT 51-48_JJ vote_NN was_VBD well_JJ short_NN of_IN the_DT two-thirds_NNS needed_VBN to_TO approve_VB changes_NNS in_IN the_DT Constitution_NNP ._. 
It_PRP was_VBD considered_VBN a_DT victory_NN for_IN Democratic_JJ leaders_NNS ,_, who_WP favor_VBP a_DT law_NN barring_VBG flag_NN burning_VBG ._. 
The_DT House_NNP approved_VBD an_DT $_$ 837_CD million_CD aid_NN package_NN for_IN Poland_NNP and_CC Hungary_NNP ,_, nearly_RB double_JJ what_WP Bush_NNP had_VBD requested_VBN ._. 
The_DT vote_NN of_IN 345-47_NN sent_VBD the_DT measure_NN to_TO the_DT Senate_NNP ._. 
Britain_NNP 's_POS chief_JJ justice_NN quashed_VBD the_DT murder_NN convictions_NNS of_IN four_CD people_NNS for_IN Irish_JJ Republican_NNP Army_NNP bombings_NNS that_WDT killed_VBD seven_CD people_NNS in_IN 1974_CD ._. 
The_DT reversal_NN came_VBD after_IN the_DT government_NN conceded_VBD that_IN investigators_NNS may_MD have_VB faked_VBN evidence_NN ._. 
The_DT ``_`` Guildford_NNP Four_CD ,_, ''_'' three_CD Irishmen_NNPS and_CC an_DT Englishwoman_NNP ,_, have_VBP been_VBN imprisoned_VBN since_IN 1975_CD ._. 
The_DT Nobel_NNP Prize_NNP in_IN literature_NN was_VBD won_VBN by_IN Camilo_NNP Jose_NNP Cela_NNP ,_, a_DT Spanish_JJ writer_NN ._. 
His_PRP$ 1942_CD novel_NN ``_`` The_DT Family_NNP of_IN Pascual_NNP Duarte_NNP ''_'' is_VBZ considered_VBN the_DT most_RBS popular_JJ work_NN of_IN fiction_NN in_IN Spanish_JJ since_IN Cervantes_NNP 's_POS ``_`` Don_NNP Quixote_NNP ''_'' was_VBD published_VBN 400_CD years_NNS ago_RB ._. 
The_DT Swedish_NNP Academy_NNP in_IN Stockholm_NNP cited_VBD the_DT 73-year-old_NNP Cela_NNP for_IN ``_`` rich_JJ and_CC intensive_JJ prose_NN ._. ''_'' 
The_DT editor_NN of_IN Pravda_NNP was_VBD dismissed_VBN and_CC succeeded_VBN by_IN a_DT confidant_NN of_IN Soviet_JJ leader_NN Gorbachev_NNP ._. 
The_DT action_NN at_IN the_DT Communist_NNP Party_NNP daily_JJ ,_, viewed_VBN as_IN the_DT Soviet_NNP Union_NNP 's_POS most_RBS authoritative_JJ newspaper_NN ,_, was_VBD considered_VBN the_DT most_RBS significant_JJ development_NN in_IN a_DT week_NN of_IN Kremlin_NNP wrangling_VBG over_IN the_DT press_NN ,_, including_VBG sharp_JJ criticism_NN from_IN Gorbachev_NNP ._. 
East_NNP Germany_NNP 's_POS new_JJ leader_NN met_VBD with_IN Lutheran_NNP Church_NNP officials_NNS to_TO discuss_VB a_DT growing_VBG opposition_NN movement_NN demanding_VBG democratic_JJ freedoms_NNS ._. 
As_IN they_PRP conferred_VBD near_IN East_NNP Berlin_NNP ,_, a_DT pro-democracy_JJ protest_NN erupted_VBD in_IN the_DT Baltic_JJ city_NN of_IN Greifswald_NNP ,_, and_CC activists_NNS threatened_VBD further_JJ rallies_NNS against_IN leader_NN Krenz_NNP 's_POS expected_VBN hard-line_JJ policies_NNS ._. 
Police_NNS in_IN Prague_NNP raided_VBD an_DT international_JJ meeting_NN on_IN human_JJ rights_NNS ,_, detaining_VBG Czechoslovakia_NNP 's_POS former_JJ foreign_JJ minister_NN ,_, Jiri_NNP Hajak_NNP ,_, and_CC 14_CD other_JJ activists_NNS ._. 
A_DT leading_VBG U.S._NNP human-rights_JJ monitor_NN also_RB was_VBD briefly_NN held_VBN ._. 
Dissident_JJ playwright_NN Vaclav_NNP Havel_NNP reportedly_RB escaped_VBD the_DT crackdown_NN ,_, the_DT fourth_JJ against_IN activists_NNS in_IN recent_JJ days_NNS ._. 
Bush_NNP met_VBD in_IN Washington_NNP with_IN Spain_NNP 's_POS Prime_NNP Minister_NNP Gonzalez_NNP and_CC discussed_VBN what_WP the_DT president_NN called_VBN ``_`` the_DT unique_JJ role_NN ''_'' that_IN Madrid_NNP can_MD play_VB in_IN furthering_VBG democracy_NN in_IN Eastern_NNP Europe_NNP and_CC Latin_NNP America_NNP ._. 
Gonzalez_NNP ,_, who_WP pledged_VBD to_TO help_VB monitor_VB voting_NN in_IN Nicaragua_NNP ,_, was_VBD said_VBD to_TO be_VB carrying_VBG proposals_NNS for_IN free_JJ elections_NNS in_IN Panama_NNP ._. 
The_DT Galileo_NNP spacecraft_NN sped_VBD unerringly_RB toward_IN the_DT planet_NN Jupiter_NNP ,_, while_IN five_CD astronauts_NNS aboard_IN the_DT space_NN shuttle_NN Atlantis_NNP measured_VBD the_DT Earth_NNP 's_POS ozone_NN layer_NN ._. 
The_DT robot_NN probe_NN was_VBD dispatched_VBN Wednesday_NNP by_IN the_DT shuttle_NN crew_NN ,_, which_WDT is_VBZ to_TO conduct_VB a_DT series_NN of_IN medical_JJ and_CC other_JJ experiments_NNS before_IN their_PRP$ scheduled_VBN landing_NN Monday_NNP in_IN California_NNP ._. 
Argentina_NNP and_CC Britain_NNP agreed_VBD to_TO resume_VB diplomatic_JJ and_CC economic_JJ relations_NNS ,_, seven_CD years_NNS after_IN the_DT two_CD nations_NNS battled_VBD over_IN the_DT Falkland_NNP Islands_NNPS ._. 
The_DT announcement_NN ,_, in_IN which_WDT they_PRP said_VBD hostilities_NNS had_VBD ceased_VBN ,_, followed_VBD a_DT two-day_JJ meeting_NN in_IN Madrid_NNP ._. 
Rebel_NN artillerists_NNS bombarded_VBD the_DT capital_NN of_IN Afghanistan_NNP ,_, killing_VBG at_IN least_JJS 12_CD people_NNS ,_, as_IN the_DT Soviet_NNP Union_NNP was_VBD reported_VBN to_TO be_VB airlifting_VBG arms_NNS and_CC food_NN to_TO Kabul_NNP 's_POS forces_NNS ._. 
Fighting_NNP also_RB was_VBD reported_VBN around_IN the_DT strategic_JJ town_NN of_IN Khost_NNP ,_, near_IN the_DT Pakistani_JJ border_NN ._. 
Saudi_NNP Arabia_NNP 's_POS foreign_JJ minister_NN met_VBD in_IN Damascus_NNP with_IN President_NNP Assad_NNP to_TO develop_VB a_DT plan_NN for_IN the_DT withdrawal_NN of_IN Syria_NNP 's_POS 40,000_CD troops_NNS from_IN Lebanon_NNP as_IN part_NN of_IN a_DT settlement_NN of_IN that_DT nation_NN 's_POS 14-year-old_JJ civil_JJ war_NN ._. 
The_DT talks_NNS came_VBD as_IN Lebanese_JJ negotiations_NNS on_IN political_JJ changes_NNS appeared_VBD deadlocked_VBN ._. 
GOP_NNP Sen._NNP Specter_NNP of_IN Pennsylvania_NNP said_VBD he_PRP would_MD vote_VB to_TO acquit_VB federal_JJ Judge_NNP Alcee_NNP Hastings_NNP in_IN his_PRP$ impeachment_NN trial_NN on_IN charges_NNS of_IN perjury_NN and_CC bribery_NN conspiracy_NN ._. 
Specter_NNP ,_, the_DT vice_NN chairman_NN of_IN the_DT Senate_NNP 's_POS evidence_NN panel_NN ,_, said_VBD there_EX was_VBD ``_`` insufficient_JJ evidence_NN to_TO convict_VB ''_'' the_DT Miami_NNP jurist_NN ._. 
After_IN slipping_VBG on_IN news_NN of_IN a_DT smaller-than-expected_JJ U.S._NNP inflation_NN figure_NN ,_, the_DT dollar_NN rebounded_VBD later_RB in_IN the_DT trading_NN day_NN ._. 
The_DT U.S._NNP unit_NN dipped_VBD to_TO a_DT session_NN low_JJ against_IN the_DT mark_NN just_RB after_IN the_DT release_NN of_IN the_DT U.S._NNP consumer_NN price_NN index_NN ._. 
The_DT report_NN showed_VBD that_IN September_NNP consumer_NN prices_NNS rose_VBD just_RB 0.2_CD %_NN ,_, a_DT smaller_JJR increase_NN than_IN expected_VBN ._. 
The_DT market_NN had_VBD anticipated_VBN a_DT 0.4_CD %_NN rise_NN in_IN the_DT price_NN index_NN ._. 
The_DT September_NNP index_NN fueled_VBD speculation_NN ,_, damaging_JJ to_TO the_DT dollar_NN ,_, that_IN the_DT Federal_NNP Reserve_NNP soon_RB will_MD ease_VB monetary_JJ policy_NN further_JJ ._. 
But_CC foreign-exchange_JJ dealers_NNS said_VBD the_DT dollar_NN staged_VBD a_DT quick_JJ comeback_NN ,_, prompted_VBN by_IN a_DT round_NN of_IN short_JJ covering_NN and_CC some_DT fresh_JJ buying_NN interest_NN later_RB in_IN the_DT trading_NN day_NN ._. 
Traders_NNS said_VBD that_IN a_DT nearly_RB 40-point_JJ gain_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP ,_, fueled_VBN in_IN part_NN by_IN news_NN of_IN a_DT lower-than-expected_JJ price_NN index_NN ,_, had_VBD little_JJ influence_NN on_IN the_DT dollar_NN 's_POS moves_NNS ._. 
``_`` The_DT market_NN is_VBZ beginning_VBG to_TO disassociate_VB itself_PRP from_IN Wall_NNP Street_NNP ,_, ''_'' said_VBD one_CD New_NNP York_NNP trader_NN ._. 
In_IN late_JJ New_NNP York_NNP trading_NN yesterday_NN ,_, the_DT dollar_NN was_VBD quoted_VBN at_IN 1.8470_CD marks_NNS ,_, down_RB from_IN 1.8485_CD marks_NNS late_JJ Wednesday_NNP ,_, and_CC at_IN 141.70_CD yen_NN ,_, up_IN from_IN 141.45_CD yen_NN late_JJ Wednesday_NNP ._. 
Sterling_NNP was_VBD quoted_VBN at_IN $_$ 1.5990_CD ,_, up_IN from_IN $_$ 1.5920_CD late_JJ Wednesday_NNP ._. 
In_IN Tokyo_NNP Friday_NNP ,_, the_DT U.S._NNP currency_NN opened_VBD for_IN trading_NN at_IN 141.93_CD yen_NN ,_, up_IN from_IN Thursday_NNP 's_POS Tokyo_NNP close_NN of_IN 141.55_CD yen_NN ._. 
Some_DT analysts_NNS said_VBD the_DT consumer_NN price_NN index_NN reflects_VBZ a_DT more_RBR significant_JJ slowdown_NN in_IN the_DT U.S._NNP economy_NN than_IN earlier_RBR indicated_VBD ._. 
They_PRP point_VBP out_RP that_IN September_NNP 's_POS producer-price_JJ index_NN showed_VBD a_DT 0.9_CD %_NN increase_NN ._. 
They_PRP noted_VBD that_IN because_IN the_DT consumer_NN price_NN index_NN ,_, known_VBN as_IN the_DT CPI_NNP ,_, is_VBZ a_DT more_RBR comprehensive_JJ measure_NN of_IN inflation_NN and_CC is_VBZ rising_VBG less_RBR rapidly_RB than_IN the_DT producer-price_JJ index_NN ,_, or_CC PPI_NNP ,_, it_PRP could_MD signal_VB further_JJ easing_NN by_IN Fed_NNP ._. 
Others_NNS suggested_VBD ,_, however_RB ,_, that_IN the_DT Fed_NNP will_MD hold_VB any_DT changes_NNS in_IN monetary_JJ policy_NN in_IN check_NN ,_, leaving_VBG fed_VBN funds_NNS at_IN around_IN 8_CD 3\/4_CD %_NN ,_, down_RB from_IN the_DT 9_CD %_NN level_NN that_WDT prevailed_VBD from_IN July_NNP through_IN September_NNP ._. 
Kevin_NNP Logan_NNP ,_, chief_JJ economist_NN with_IN the_DT Swiss_NNP Bank_NNP Corp._NNP ,_, said_VBD that_IN both_DT PPI_NNP and_CC CPI_NNP climbed_VBD around_IN 4_CD 1\/2_CD %_NN year-to-year_JJ in_IN September_NNP ._. 
He_PRP argued_VBD that_IN both_DT CPI_NNP and_CC PPI_NNP have_VBP in_IN fact_NN decelerated_VBN since_IN spring_NN ._. 
``_`` The_DT Fed_NNP wo_MD n't_RB be_VB stampeded_VBN into_IN easing_VBG ,_, ''_'' Mr._NNP Logan_NNP said_VBD ,_, predicting_VBG that_IN for_IN now_RB ,_, interest_NN rates_NNS will_MD stay_VB where_WRB they_PRP are_VBP ._. 
A_DT four-day_JJ matched_VBN sale-purchase_NN agreement_NN ,_, a_DT move_NN to_TO drain_VB liquidity_NN from_IN the_DT system_NN ,_, was_VBD viewed_VBN as_IN a_DT technical_JJ move_NN ,_, rather_RB than_IN an_DT indication_NN of_IN tightening_VBG credit_NN ._. 
Market_NN participants_NNS note_VBP that_IN the_DT mark_NN continues_VBZ to_TO post_VB heftier_JJR gains_NNS against_IN its_PRP$ U.S._NNP counterpart_NN than_IN any_DT other_JJ major_JJ currency_NN ,_, particularly_RB the_DT yen_NN ._. 
``_`` There_EX 's_VBZ a_DT bottomless_JJ pit_NN of_IN dollar_NN demand_NN ''_'' by_IN Japanese_JJ investors_NNS ,_, said_VBD Graham_NNP Beale_NNP ,_, managing_VBG director_NN of_IN foreign_JJ exchange_NN at_IN Hongkong_NNP &_CC Shanghai_NNP Banking_NNP Corp._NNP in_IN New_NNP York_NNP ,_, adding_VBG that_IN purely_RB speculative_JJ demand_NN would_MD n't_RB hold_VB the_DT dollar_NN at_IN its_PRP$ recent_JJ levels_NNS against_IN the_DT Japanese_JJ currency_NN ._. 
Mr._NNP Beale_NNP commented_VBD that_IN the_DT mark_NN remains_VBZ well_JJ bid_NN against_IN other_JJ currencies_NNS as_IN well_RB ._. 
Robert_NNP White_NNP ,_, manager_NN of_IN corporate_JJ trading_NN at_IN First_NNP Interstate_NNP of_IN California_NNP ,_, called_VBD the_DT market_NN ``_`` psychologically_RB pro-mark_JJ ,_, ''_'' noting_VBG that_IN the_DT U.S._NNP remains_VBZ a_DT ``_`` veritable_JJ grab_NN bag_NN ''_'' for_IN Japanese_JJ investors_NNS which_WDT accounts_NNS for_IN the_DT unabated_JJ demand_NN for_IN U.S._NNP dollars_NNS ._. 
On_IN the_DT Commodity_NNP Exchange_NNP in_IN New_NNP York_NNP ,_, gold_NN dropped_VBD $_$ 1.60_CD to_TO $_$ 367.10_CD an_DT ounce_NN in_IN moderate_JJ trading_NN ._. 
Estimated_VBN volume_NN was_VBD three_CD million_CD ounces_NNS ._. 
In_IN early_JJ trading_NN in_IN Hong_NNP Kong_NNP Friday_NNP ,_, gold_NN was_VBD at_IN about_RB $_$ 366.85_CD an_DT ounce_NN ._. 
Hotel_NNP Investors_NNP Trust_NNP and_CC its_PRP$ affiliate_NN ,_, Hotel_NNP Investors_NNP Corp._NNP ,_, said_VBD the_DT companies_NNS plan_VBP to_TO sell_VB all_DT of_IN the_DT hotels_NNS the_DT companies_NNS own_JJ and_CC operate_VB ,_, except_IN for_IN two_CD hotel-casinos_NNS in_IN Las_NNP Vegas_NNP ,_, Nev_NNP ._. 
The_DT hotels_NNS and_CC management_NN interests_NNS will_MD be_VB sold_VBN at_IN an_DT auction_NN ,_, said_VBD John_NNP Rothman_NNP ,_, president_NN and_CC chief_JJ executive_JJ officer_NN of_IN the_DT trust_NN and_CC a_DT director_NN of_IN the_DT corporation_NN ._. 
Value_NNP of_IN the_DT properties_NNS and_CC management_NN interests_NNS was_VBD n't_RB disclosed_VBN ._. 
In_IN all_DT ,_, the_DT Los_NNP Angeles-based_JJ trust_NN plans_NNS to_TO sell_VB its_PRP$ interests_NNS in_IN 36_CD hotels_NNS ,_, while_IN the_DT corporation_NN will_MD sell_VB its_PRP$ management_NN interests_NNS in_IN 32_CD of_IN those_DT properties_NNS ._. 
Excluded_VBN from_IN the_DT sale_NN are_VBP the_DT interests_NNS of_IN the_DT trust_NN and_CC the_DT corporation_NN in_IN two_CD Las_NNP Vegas_NNP hotel-casinos_NNS ._. 
After_IN completing_VBG the_DT sale_NN and_CC paying_VBG debts_NNS ,_, the_DT trust_NN and_CC corporation_NN will_MD consider_VB a_DT number_NN of_IN options_NNS including_VBG a_DT stock_NN repurchase_NN ,_, payment_NN of_IN special_JJ dividend_NN or_CC investment_NN in_IN more_JJR gaming_NN properties_NNS ._. 
The_DT companies_NNS will_MD retain_VB their_PRP$ current_JJ regular_JJ quarterly_JJ dividend_NN of_IN 25_CD cents_NNS during_IN the_DT sale_NN process_NN ,_, Mr._NNP Rothman_NNP said_VBD ._. 
For_IN the_DT first_JJ six_CD months_NNS ,_, the_DT trust_NN and_CC corporation_NN had_VBD a_DT net_JJ loss_NN of_IN $_$ 244,000_CD ._. 
Baxter_NNP International_NNP Inc._NNP ,_, citing_VBG cost-cutting_JJ moves_NNS and_CC increased_VBN sales_NNS of_IN its_PRP$ home-care_JJ products_NNS and_CC dialysis_NN treatments_NNS ,_, posted_VBD a_DT 20_CD %_NN rise_NN in_IN third-quarter_JJ net_JJ income_NN on_IN a_DT 5.9_CD %_NN sales_NNS boost_NN ._. 
The_DT Deerfield_NNP ,_, Ill._NNP ,_, medical_JJ products_NNS and_CC services_NNS company_NN posted_VBD net_NN of_IN $_$ 102_CD million_CD ,_, or_CC 34_CD cents_NNS a_DT share_NN ,_, compared_VBN with_IN $_$ 85_CD million_CD ,_, or_CC 28_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Sales_NNS totaled_VBD $_$ 1.81_CD billion_CD up_IN from_IN $_$ 1.71_CD billion_CD the_DT previous_JJ year_NN ._. 
For_IN the_DT nine-month_JJ period_NN ,_, Baxter_NNP said_VBD net_NN rose_VBD 15_CD %_NN to_TO $_$ 307_CD million_CD ,_, or_CC $_$ 1.02_CD a_DT share_NN ,_, from_IN $_$ 267_CD million_CD ,_, or_CC 89_CD cents_NNS a_DT share_NN ,_, during_IN the_DT year-ago_JJ period_NN ._. 
Sales_NNS for_IN the_DT nine_CD months_NNS were_VBD up_IN 8_CD %_NN to_TO $_$ 5.44_CD billion_CD from_IN $_$ 5.04_CD billion_CD in_IN the_DT same_JJ period_NN in_IN 1988_CD ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Baxter_NNP closed_VBD at_IN $_$ 22.25_CD a_DT share_NN ,_, down_RB 12.5_CD cents_NNS ._. 
A_DT group_NN bidding_NN for_IN American_NNP Medical_NNP International_NNP Inc._NNP ,_, New_NNP York_NNP ,_, said_VBD it_PRP formally_RB received_VBD the_DT final_JJ financing_NN needed_VBN for_IN a_DT $_$ 3_CD billion_CD bid_NN for_IN about_IN 86_CD %_NN of_IN the_DT hospital_NN operator_NN 's_POS stock_NN ._. 
The_DT offer_NN from_IN IMA_NNP Acquisition_NNP Corp._NNP ,_, for_IN as_RB many_JJ as_IN 63_CD million_CD shares_NNS ,_, is_VBZ set_VBN to_TO expire_VB Wednesday_NNP ._. 
Earlier_RBR this_DT month_NN ,_, IMA_NNP said_VBD it_PRP had_VBD received_VBN about_RB $_$ 1_CD billion_CD of_IN senior_JJ debt_NN financing_NN from_IN Chemical_NNP Bank_NNP and_CC six_CD other_JJ banks_NNS ;_: Chemical_NNP Bank_NNP said_VBD it_PRP was_VBD ``_`` highly_RB confident_JJ ''_'' it_PRP could_MD arrange_VB the_DT balance_NN of_IN about_RB $_$ 509_CD million_CD ._. 
In_IN addition_NN ,_, the_DT $_$ 3_CD billion_CD bid_NN includes_VBZ $_$ 1_CD billion_CD of_IN debt_NN that_WDT will_MD be_VB assumed_VBN by_IN IMA_NNP ,_, $_$ 600_CD million_CD of_IN high-yield_JJ junk_NN bonds_NNS that_WDT will_MD be_VB sold_VBN by_IN First_NNP Boston_NNP Corp._NNP and_CC $_$ 285_CD million_CD of_IN equity_NN ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN yesterday_NN ,_, American_NNP Medical_NNP closed_VBD at_IN $_$ 23.625_CD ,_, up_IN $_$ 1.875_CD ._. 
American_NNP Medical_NNP has_VBZ agreed_VBN to_TO the_DT offer_NN ,_, but_CC earlier_RBR this_DT month_NN said_VBD it_PRP had_VBD received_VBN new_JJ ``_`` expressions_NNS of_IN interest_NN ''_'' from_IN two_CD previous_JJ bidders_NNS ._. 
American_NNP Medical_NNP said_VBD it_PRP would_MD pursue_VB the_DT inquiries_NNS from_IN the_DT companies_NNS ,_, but_CC would_MD n't_RB identify_VB them_PRP unless_IN they_PRP make_VBP firm_NN offers_NNS ._. 
H&R_NNP Block_NNP is_VBZ one_CD of_IN the_DT great_JJ success_NN stories_NNS of_IN U.S._NNP business_NN ._. 
Oddly_RB enough_RB ,_, this_DT presents_VBZ a_DT problem_NN for_IN the_DT stock_NN ._. 
Some_DT money_NN managers_NNS are_VBP disenchanted_VBN with_IN H&R_NNP Block_NNP because_IN they_PRP suspect_VBP the_DT company_NN 's_POS glory_NN days_NNS are_VBP past_JJ ,_, or_CC at_IN least_JJS passing_VBG ._. 
Block_NNP 's_POS tax-preparation_NN business_NN is_VBZ mature_JJ ,_, they_PRP say_VBP ,_, and_CC some_DT of_IN its_PRP$ diversifications_NNS are_VBP facing_VBG tough_JJ competition_NN ._. 
It_PRP 's_VBZ no_DT secret_NN that_IN Block_NNP dominates_VBZ the_DT mass-market_JJ tax-preparation_NN business_NN ._. 
The_DT Street_NNP knows_VBZ all_DT about_IN the_DT predictability_NN of_IN its_PRP$ earnings_NNS ,_, which_WDT are_VBP headed_VBN for_IN a_DT ninth_JJ consecutive_JJ yearly_JJ increase_NN ._. 
The_DT company_NN has_VBZ consistently_RB earned_VBN more_JJR than_IN a_DT 20_CD %_NN annual_JJ return_NN on_IN its_PRP$ net_JJ worth_NN while_IN many_JJ companies_NNS would_MD be_VB happy_JJ with_IN 15_CD %_NN ._. 
But_CC the_DT tax-preparation_NN business_NN simply_RB has_VBZ no_DT more_JJR room_NN to_TO grow_VB ,_, says_VBZ Mark_NNP Cremonie_NNP ,_, director_NN of_IN research_NN for_IN Capital_NNP Supervisors_NNP Inc._NNP ,_, a_DT Chicago_NNP firm_NN that_WDT manages_VBZ $_$ 6.5_CD billion_CD ._. 
``_`` You_PRP go_VBP to_TO any_DT medium-sized_JJ town_NN in_IN the_DT U.S._NNP and_CC you_PRP 're_VBP going_VBG to_TO see_VB H&R_NNP Block_NNP tax_NN services_NNS ._. ''_'' 
Mr._NNP Cremonie_NNP 's_POS firm_NN once_RB held_VBD about_IN 4.8_CD %_NN of_IN H&R_NNP Block_NNP ._. 
That_DT was_VBD before_IN the_DT 1986_CD tax_NN ``_`` reform_NN ''_'' made_VBN taxes_NNS more_RBR complex_JJ than_IN ever_RB ._. 
``_`` One_CD thing_NN you_PRP can_MD bet_VB on_IN ,_, ''_'' he_PRP says_VBZ ,_, ``_`` is_VBZ that_IN Congress_NNP will_MD do_VB stupid_JJ things_NNS with_IN the_DT Tax_NNP Code_NNP ._. ''_'' 
But_CC Capital_NNP Supervisors_NNP sold_VBN the_DT last_NN of_IN its_PRP$ H&R_NNP Block_NNP holdings_NNS earlier_RBR this_DT year_NN ._. 
``_`` They_PRP 're_VBP thrashing_VBG around_IN for_IN diversification_NN ,_, ''_'' he_PRP says_VBZ ._. 
``_`` I_PRP think_VBP a_DT lot_NN of_IN their_PRP$ businesses_NNS are_VBP just_RB so-so_JJ ._. ''_'' 
Last_JJ week_NN the_DT stock_NN hit_VBD an_DT all-time_JJ high_NN of_IN 37_CD 1\/4_CD before_IN getting_VBG roughed_VBD up_IN in_IN the_DT Friday-the-13th_JJ minicrash_NN ._. 
It_PRP closed_VBD yesterday_NN at_IN 34_CD 3\/4_CD ._. 
To_TO be_VB sure_JJ ,_, the_DT stock_NN still_RB has_VBZ a_DT lot_NN of_IN fans_NNS ._. 
``_`` If_IN you_PRP invested_VBD $_$ 10,000_CD in_IN the_DT initial_JJ public_JJ offering_NN in_IN 1962_CD ,_, it_PRP would_MD be_VB worth_JJ well_RB over_IN $_$ 5_NN million_CD today_NN ,_, ''_'' says_VBZ Fredric_NNP E._NNP Russell_NNP ,_, a_DT Tulsa_NNP ,_, Okla._NNP ,_, money_NN manager_NN ._. 
``_`` I_PRP do_VBP n't_RB know_VB what_WP the_DT risk_NN is_VBZ -LCB-_( of_IN holding_VBG the_DT stock_NN -RCB-_) ._. 
Taxes_NNS are_VBP not_RB going_VBG out_IN of_IN business_NN ._. ''_'' 
Many_JJ of_IN his_PRP$ peers_NNS feel_VBP the_DT same_JJ way_NN ._. 
The_DT number_NN of_IN big_JJ institutions_NNS that_IN own_JJ H&R_NNP Block_NNP shares_NNS is_VBZ 207_CD and_CC growing_VBG ,_, according_VBG to_TO a_DT midyear_NN tally_NN by_IN CDA_NNP Investment_NNP Technologies_NNP ._. 
Brokerage_NN houses_NNS are_VBP sweet_JJ on_IN H&R_NNP Block_NNP ,_, too_RB ._. 
Zacks_NNP Investment_NNP Research_NNP counts_NNS five_CD brokerage_NN houses_NNS that_WDT consider_VBP the_DT stock_NN a_DT buy_NN ,_, and_CC four_CD that_WDT call_VBP it_PRP a_DT hold_NN ._. 
None_NN dare_NN say_VBP to_TO sell_VB it_PRP ._. 
But_CC some_DT money_NN managers_NNS are_VBP doing_VBG just_RB that_DT ._. 
Eugene_NNP Sit_VB ,_, president_NN of_IN Sit_VB Investment_NNP Associates_NNPS in_IN Minneapolis_NNP ,_, says_VBZ ,_, ``_`` When_WRB we_PRP bought_VBD it_PRP ,_, we_PRP thought_VBD the_DT growth_NN rate_NN was_VBD going_VBG to_TO accelerate_VB ''_'' because_IN of_IN computerized_JJ tax_NN filing_NN and_CC instant_NN refunds_NNS -LRB-_( the_DT customer_NN gets_VBZ a_DT refund_NN immediately_RB but_CC pays_VBZ extra_JJ to_TO the_DT tax_NN preparer_NN ,_, which_WDT waits_VBZ for_IN Uncle_NNP Sam_NNP 's_POS check_NN -RRB-_) ._. 
But_CC neither_DT of_IN those_DT developments_NNS did_VBD much_JJ to_TO juice_NN up_IN growth_NN ,_, Mr._NNP Sit_VB says_VBZ ._. 
He_PRP figures_VBZ Block_NNP earnings_NNS are_VBP now_RB growing_VBG at_IN about_IN a_DT 10_CD %_NN annual_JJ rate_NN -LRB-_( down_RB from_IN about_IN 14_CD %_NN the_DT past_JJ five_CD years_NNS -RRB-_) and_CC will_MD grow_VB at_IN an_DT 8%-10_JJ %_NN rate_NN in_IN the_DT future_NN ._. 
That_DT 's_VBZ ``_`` not_RB bad_JJ ,_, ''_'' Mr._NNP Sit_VB says_VBZ ,_, but_CC it_PRP sure_JJ does_VBZ n't_RB justify_VB Block_NNP shares_NNS being_VBG priced_VBN at_IN 15_CD to_TO 16_CD times_NNS estimated_VBD earnings_NNS for_IN fiscal_JJ 1990_CD ._. 
He_PRP wants_VBZ stocks_NNS whose_WP$ price\/earnings_NNS ratio_NN is_VBZ less_JJR than_IN their_PRP$ growth_NN rate_NN ;_: as_IN he_PRP figures_VBZ it_PRP ,_, H&R_NNP Block_NNP does_VBZ n't_RB even_RB come_VB close_NN ._. 
Two_CD other_JJ money_NN managers_NNS ,_, in_IN explaining_VBG why_WRB they_PRP have_VBP sold_VBN large_JJ amounts_NNS of_IN H&R_NNP Block_NNP stock_NN this_DT year_NN ,_, spoke_VBD on_IN the_DT condition_NN they_PRP not_RB be_VBP named_VBN ._. 
``_`` The_DT stock_NN was_VBD going_VBG no_DT place_NN and_CC the_DT earnings_NNS were_VBD so-so_JJ ,_, ''_'' said_VBD one_CD ._. 
-LRB-_( In_IN the_DT past_JJ two_CD years_NNS ,_, the_DT stock_NN almost_RB stalled_VBD out_RB ._. 
It_PRP was_VBD above_IN 33_CD ,_, adjusted_VBN for_IN a_DT subsequent_JJ split_NN ,_, in_IN 1987_CD ,_, and_CC has_VBZ n't_RB gotten_VBN much_RB higher_JJR since_IN ._. -RRB-_) 
``_`` There_EX 's_VBZ no_DT more_JJR growth_NN in_IN the_DT tax_NN business_NN -LCB-_( except_IN -RCB-_) for_IN increasing_VBG prices_NNS ,_, ''_'' the_DT money_NN manager_NN added_VBD ._. 
The_DT CompuServe_NNP subsidiary_NN -LRB-_( which_WDT provides_VBZ information_NN to_TO home-computer_NN users_NNS -RRB-_) is_VBZ ``_`` where_WRB the_DT growth_NN is_VBZ ,_, ''_'' he_PRP said_VBD ,_, but_CC its_PRP$ format_NN is_VBZ ``_`` still_RB too_RB complicated_VBN ._. ''_'' 
CompuServe_NNP provides_VBZ about_IN 20_CD %_NN of_IN both_DT sales_NNS and_CC earnings_NNS ._. 
The_DT tax_NN business_NN still_RB provides_VBZ about_IN 70_CD %_NN of_IN earnings_NNS ,_, on_IN about_IN 50_CD %_NN of_IN sales_NNS ._. 
Personnel_NNP Pool_NNP -LRB-_( temporary_JJ workers_NNS ,_, mostly_RB in_IN the_DT health-care_NN area_NN -RRB-_) chips_NNS in_IN close_RB to_TO 25_CD %_NN of_IN sales_NNS but_CC only_RB about_IN 9_CD %_NN of_IN earnings_NNS ._. 
The_DT shortage_NN of_IN nurses_NNS is_VBZ crimping_VBG profit_NN at_IN Personnel_NNP Pool_NNP ,_, said_VBD the_DT second_JJ money_NN manager_NN ._. 
He_PRP concedes_VBZ H&R_NNP Block_NNP is_VBZ ``_`` well-entrenched_JJ ''_'' and_CC ``_`` a_DT great_JJ company_NN ,_, ''_'' but_CC says_VBZ ``_`` it_PRP does_VBZ n't_RB grow_VB fast_RB enough_RB for_IN us_PRP ._. 
We_PRP 're_VBP looking_VBG for_IN something_NN that_WDT grows_VBZ faster_RBR and_CC sells_VBZ at_IN a_DT comparable_JJ -LCB-_( price-earnings_JJ -RCB-_) multiple_JJ ._. ''_'' 
Thomas_NNP M._NNP Bloch_NNP ,_, president_NN and_CC chief_JJ operating_VBG officer_NN ,_, says_VBZ ``_`` I_PRP would_MD disagree_VB ''_'' that_IN the_DT tax_NN business_NN is_VBZ mature_JJ ._. 
For_IN example_NN ,_, he_PRP says_VBZ ,_, the_DT company_NN is_VBZ planning_VBG to_TO go_VB nationwide_JJ with_IN a_DT new_JJ service_NN ,_, tested_VBN in_IN parts_NNS of_IN the_DT country_NN ,_, aimed_VBN at_IN taxpayers_NNS who_WP want_VBP refunds_NNS in_IN a_DT hurry_NN ._. 
Mr._NNP Bloch_NNP concedes_VBZ that_IN a_DT recent_JJ diversification_NN attempt_NN fell_VBD through_RB ._. 
``_`` We_PRP 're_VBP still_RB interested_JJ -LCB-_( in_IN diversifying_VBG -RCB-_) ,_, ''_'' he_PRP says_VBZ ,_, ``_`` but_CC we_PRP 'd_MD rather_RB be_VB prudent_JJ than_IN make_NN a_DT mistake_NN ._. ''_'' 
He_PRP also_RB says_VBZ CompuServe_NNP 's_POS earnings_NNS continue_VBP to_TO grow_VB ``_`` 20_CD %_NN to_TO 30_CD %_NN a_DT year_NN ''_'' in_IN spite_NN of_IN tough_JJ competition_NN from_IN giants_NNS like_IN Sears_NNP and_CC IBM_NNP ._. 
And_CC he_PRP says_VBZ Block_NNP 's_POS other_JJ businesses_NNS are_VBP growing_VBG ,_, although_IN less_RBR consistently_RB ._. 
H&R_NNP Block_NNP -LRB-_( NYSE_NNP ;_: Symbol:HRB_NNP -RRB-_) 
Business_NN :_: Tax_NNP Preparation_NN 
Year_NN ended_VBN April_NNP 30_CD ,_, 1989_CD :_: 
Revenue_NN :_: $_$ 899.6_CD million_CD 
Net_JJ loss_NN :_: $_$ 100.2_CD million_CD ;_: $_$ 1.90_CD a_DT share_NN 
First_JJ quarter_NN ,_, July_NNP 31_CD ,_, 1989_CD :_: 
Per-share_JJ earnings_NNS :_: Loss_NN of_IN 8_CD cents_NNS vs._IN loss_NN of_IN 9_CD cents_NNS 
Average_NNP daily_JJ trading_NN volume_NN :_: 145,954_CD shares_NNS 
Philips_NNP Industries_NNP Inc._NNP said_VBD its_PRP$ board_NN authorized_VBD the_DT redemption_NN Dec._NNP 6_CD of_IN the_DT company_NN 's_POS $_$ 1_CD cumulative_JJ convertible_JJ special_JJ preferred_JJ stock_NN at_IN $_$ 37.50_CD a_DT share_NN ,_, not_RB including_VBG a_DT 25_CD cent_NN dividend_NN for_IN the_DT current_JJ quarter_NN ,_, and_CC the_DT $_$ 3_CD cumulative_JJ convertible_JJ preferred_JJ stock_NN at_IN $_$ 75_CD ,_, plus_CC a_DT 75_CD cent_NN dividend_NN for_IN the_DT current_JJ quarter_NN ._. 
The_DT Dayton_NNP ,_, Ohio_NNP ,_, maker_NN of_IN parts_NNS for_IN the_DT building_NN and_CC transportation_NN industries_NNS said_VBD holders_NNS of_IN the_DT two_CD issues_NNS can_MD convert_VB their_PRP$ stock_NN into_IN common_JJ shares_NNS through_IN the_DT close_NN of_IN business_NNP Dec._NNP 1_CD ._. 
Each_DT $_$ 1_CD cumulative_JJ share_NN can_MD be_VB converted_VBN into_IN 4.92_CD common_JJ shares_NNS ;_: the_DT ratio_NN on_IN the_DT $_$ 3_CD cumulative_JJ is_VBZ eight_CD common_JJ shares_NNS for_IN each_DT $_$ 3_CD cumulative_JJ preferred_JJ ._. 
Philips_NNP did_VBD n't_RB indicate_VB how_WRB many_JJ shares_NNS outstanding_JJ it_PRP has_VBZ of_IN either_DT issue_NN ._. 
Company_NN officials_NNS could_MD n't_RB be_VB reached_VBN ._. 
Earlier_RBR this_DT month_NN the_DT company_NN said_VBD its_PRP$ board_NN approved_VBD a_DT proposed_VBN management-led_JJ leveraged_JJ buy-out_NN at_IN $_$ 25.50_CD a_DT share_NN ,_, or_CC $_$ 750_CD million_CD ._. 
-LRB-_( During_IN its_PRP$ centennial_NN year_NN ,_, The_DT Wall_NNP Street_NNP Journal_NNP will_MD report_VB events_NNS of_IN the_DT past_JJ century_NN that_WDT stand_VBP as_IN milestones_NNS of_IN American_JJ business_NN history_NN ._. -RRB-_) 
PUTS_NNPS AND_CC CALLS_NNPS ,_, STOCK_NNP MARKET_NNP PATOIS_NNP for_IN options_NNS to_TO sell_VB or_CC buy_VB a_DT company_NN 's_POS shares_NNS ,_, were_VBD long_JJ an_DT arcane_JJ Wall_NNP Street_NNP art_NN best_RBS left_VBN to_TO the_DT experts_NNS ,_, who_WP used_VBD them_PRP either_DT as_IN a_DT hedge_NN or_CC for_IN pure_JJ speculation_NN ._. 
Options_NNS lost_VBD some_DT of_IN their_PRP$ mystery_NN in_IN 1973_CD when_WRB the_DT Chicago_NNP Board_NNP of_IN Trade_NNP set_VBD up_IN a_DT special_JJ exchange_NN to_TO deal_VB in_IN them_PRP ._. 
Until_IN then_RB ,_, options_NNS had_VBD been_VBN traded_VBN only_RB in_IN the_DT over-the-counter_JJ market_NN ,_, mostly_RB in_IN New_NNP York_NNP ,_, and_CC in_IN an_DT almost_RB invisible_JJ secondary_JJ market_NN operating_VBG chiefly_RB by_IN telephone_NN ._. 
The_DT Chicago_NNP Board_NNP of_IN Trade_NNP ,_, the_DT No._NN 1_CD U.S._NNP grain_NN market_NN ,_, had_VBD long_RB chafed_VBN under_IN the_DT attention_NN won_VBN by_IN its_PRP$ innovative_JJ archrival_NN ,_, the_DT livestock-dealing_JJ Mercantile_NNP Exchange_NNP ._. 
So_RB the_DT men_NNS who_WP ran_VBD the_DT grain_NN pits_NNS listened_VBD when_WRB Joseph_NNP Sullivan_NNP ,_, a_DT 35-year-old_JJ former_JJ Wall_NNP Street_NNP Journal_NNP newsman_NN ,_, offered_VBD them_PRP the_DT idea_NN of_IN all-options_JJ trading_NN ._. 
After_IN four_CD year_NN of_IN tinkering_NN and_CC $_$ 2.4_CD million_CD in_IN seed_NN money_NN ,_, the_DT board_NN set_VBN up_IN the_DT new_JJ marketplace_NN ,_, titled_VBD it_PRP the_DT Chicago_NNP Board_NNP Options_NNP Exchange_NNP ,_, and_CC named_VBD Sullivan_NNP its_PRP$ first_JJ president_NN ._. 
The_DT beginnings_NNS were_VBD modest_JJ ._. 
The_DT CBOE_NNP opened_VBD for_IN business_NN on_IN April_NNP 26_CD ,_, 1973_CD ,_, in_IN what_WP had_VBD been_VBN a_DT Board_NNP of_IN Trade_NNP lunchroom_NN ._. 
It_PRP listed_VBD just_RB 16_CD options_NNS to_TO buy_VB a_DT ``_`` pilot_NN list_NN ''_'' of_IN stocks_NNS on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ._. 
-LRB-_( Puts_VBZ ,_, or_CC sell_VB options_NNS ,_, would_MD not_RB be_VB added_VBN until_IN 1977_CD ._. -RRB-_) 
The_DT 282_CD members_NNS had_VBD paid_VBN $_$ 10,000_CD apiece_RB for_IN seats_NNS ._. 
-LRB-_( The_DT 1989_CD price_NN :_: $_$ 250,000_CD ._. -RRB-_) 
The_DT first_JJ day_NN 's_POS business_NN was_VBD 911_CD contracts_NNS -LRB-_( each_DT for_IN 100_CD shares_NNS of_IN one_CD of_IN the_DT listed_VBN stocks_NNS -RRB-_) ._. 
By_IN the_DT end_NN of_IN 1973_CD ,_, the_DT number_NN of_IN ``_`` underlying_VBG ''_'' Big_NNP Board_NNP stocks_NNS had_VBD been_VBN increased_VBN to_TO 50_CD and_CC the_DT options_NNS exchange_VBP had_VBD run_VBN up_IN volume_NN of_IN 1.1_CD million_CD contracts_NNS ._. 
A_DT year_NN later_RB ,_, it_PRP was_VBD 5.7_CD million_CD ._. 
Last_JJ year_NN ,_, more_JJR than_IN 1,800_CD traders_NNS on_IN the_DT CBOE_NNP bought_VBD and_CC sold_VBN 112_CD million_CD contracts_NNS on_IN 178_CD listed_VBN stocks_NNS ,_, 60_CD %_NN of_IN all_DT U.S._NNP listed_VBD options_NNS trading_NN ._. 
The_DT new_JJ exchange_NN drew_VBD instant_NN recognition_NN from_IN an_DT unwelcome_JJ quarter_NN ._. 
The_DT government_NN ,_, campaigning_VBG against_IN fixed_VBN brokerage_NN commissions_NNS ,_, promptly_RB sued_VBD the_DT CBOE_NNP over_IN its_PRP$ minimum-fee_JJ system_NN ._. 
The_DT Nuclear_NNP Regulatory_NNP Commission_NNP ruled_VBD unanimously_RB that_IN the_DT financial_JJ troubles_NNS facing_VBG the_DT Seabrook_NNP ,_, N.H._NNP ,_, nuclear-power_JJ plant_NN have_VBP no_DT impact_NN on_IN whether_IN the_DT plant_NN receives_VBZ a_DT full-power_JJ license_NN ._. 
Massachusetts_NNP Attorney_NNP General_NNP James_NNP Shannon_NNP ,_, opposing_VBG the_DT license_NN ,_, said_VBD he_PRP will_MD appeal_VB the_DT ruling_NN in_IN federal_JJ court_NN ._. 
Seabrook_NNP officials_NNS said_VBD the_DT plant_NN could_MD receive_VB a_DT full-power_JJ license_NN by_IN the_DT end_NN of_IN the_DT year_NN ._. 
The_DT NRC_NNP rejected_VBD Mr._NNP Shannon_NNP 's_POS argument_NN that_IN Public_NNP Service_NNP Co._NNP of_IN New_NNP Hampshire_NNP ,_, which_WDT owns_VBZ the_DT largest_JJS share_NN of_IN Seabrook_NNP ,_, and_CC 11_CD other_JJ owners_NNS are_VBP financially_RB unable_JJ to_TO guarantee_VB the_DT plant_NN 's_POS safe_JJ operation_NN ._. 
Mr._NNP Shannon_NNP was_VBD seeking_VBG a_DT waiver_NN of_IN NRC_NNP policy_NN that_WDT ignores_VBZ financial_JJ considerations_NNS in_IN making_VBG licensing_NN decisions_NNS ._. 
In_IN its_PRP$ ruling_NN ,_, the_DT NRC_NNP said_VBD that_IN because_IN Seabrook_NNP will_MD be_VB allowed_VBN to_TO charge_VB rates_NNS sufficient_JJ to_TO run_VB the_DT plant_NN and_CC make_VB payments_NNS on_IN past_JJ construction_NN costs_NNS ,_, consideration_NN of_IN the_DT owners_NNS '_POS financial_JJ condition_NN is_VBZ pointless_JJ ._. 
``_`` The_DT commissioners_NNS found_VBD the_DT circumstances_NNS of_IN the_DT case_NN did_VBD n't_RB undercut_VB the_DT assurance_NN from_IN government_NN rate_NN setters_NNS of_IN available_JJ funds_NNS adequate_JJ for_IN safe_JJ operation_NN ,_, ''_'' said_VBD a_DT commission_NN spokesman_NN ._. 
In_IN January_NNP 1988_CD ,_, the_DT utility_NN filed_VBN for_IN protection_NN under_IN Chapter_NN 11_CD of_IN the_DT federal_JJ Bankruptcy_NNP Code_NNP ,_, allowing_VBG it_PRP to_TO continue_VB to_TO operate_VB while_IN protected_VBN from_IN creditors_NNS '_POS lawsuits_NNS ._. 
Bristol-Myers_NNP Squibb_NNP Co._NNP ,_, New_NNP York_NNP ,_, the_DT newly_RB merged_VBN drug_NN and_CC health-care-product_NN company_NN ,_, reported_VBD record_NN third-quarter_JJ earnings_NNS for_IN both_DT companies_NNS in_IN the_DT merger_NN ._. 
Bristol-Myers_NNP Co._NNP and_CC Squibb_NNP Corp._NNP ,_, Princeton_NNP ,_, N.J._NNP ,_, merged_VBN Oct._NNP 4_CD ,_, but_CC the_DT new_JJ company_NN reported_VBD third-period_JJ earnings_NNS for_IN both_DT companies_NNS ._. 
For_IN the_DT fourth_JJ quarter_NN ,_, Bristol-Myers_NNP Squibb_NNP will_MD report_VB one_CD set_VBN of_IN earnings_NNS ._. 
Bristol-Myers_NNP said_VBD net_JJ income_NN rose_VBD 15_CD %_NN to_TO $_$ 266.2_CD million_CD ,_, or_CC 93_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 232.3_CD million_CD ,_, or_CC 81_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS gained_VBD 5_NN %_NN to_TO $_$ 1.59_CD billion_CD from_IN $_$ 1.52_CD billion_CD ._. 
Squibb_NNP Corp._NNP said_VBD net_NN rose_VBD 17_CD %_NN to_TO $_$ 144.5_CD million_CD ,_, or_CC $_$ 1.47_CD a_DT share_NN ,_, from_IN $_$ 123_CD million_CD ,_, or_CC $_$ 1.25_CD a_DT share_NN ._. 
Sales_NNS were_VBD $_$ 730.1_CD million_CD ,_, up_IN 7_CD %_NN from_IN $_$ 679.5_CD million_CD ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Bristol-Myers_NNP Squibb_NNP rose_VBD $_$ 1.75_CD to_TO $_$ 52.75_CD ._. 
PPG_NNP Industries_NNP Inc._NNP ,_, hurt_VBN by_IN softness_NN in_IN the_DT U.S._NNP automotive_JJ and_CC construction_NN industries_NNS ,_, said_VBD third-quarter_JJ net_JJ income_NN fell_VBD 5.5_CD %_NN to_TO $_$ 106.7_CD million_CD ,_, or_CC 97_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 112.9_CD million_CD ,_, or_CC $_$ 1.03_CD a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
Sales_NNS were_VBD nearly_RB identical_JJ to_TO the_DT year-earlier_JJ $_$ 1.36_CD billion_CD ._. 
The_DT drop_NN in_IN earnings_NNS did_VBD n't_RB surprise_VB analysts_NNS who_WP said_VBD the_DT Pittsburgh_NNP glass_NN ,_, coatings_NNS and_CC chemical_NN concern_NN had_VBD been_VBN predicting_VBG a_DT slow_JJ quarter_NN because_IN of_IN the_DT sluggish_JJ construction_NN industry_NN ,_, a_DT major_JJ market_NN for_IN the_DT company_NN 's_POS flat_JJ glass_NN ._. 
Glass_NN sales_NNS to_TO Canadian_JJ and_CC European_JJ auto_NN makers_NNS and_CC sales_NNS of_IN replacement_NN auto_NN glass_NN in_IN all_DT markets_NNS increased_VBN ._. 
The_DT coating_NN segment_NN also_RB posted_VBD higher_JJR sales_NNS particularly_RB in_IN North_NNP America_NNP and_CC Europe_NNP ._. 
But_CC sale_NN increases_NNS were_VBD offset_VBN by_IN slumping_VBG sales_NNS in_IN flat_JJ glass_NN and_CC fiberglass_NNS reinforcements_NNS ,_, the_DT company_NN said_VBD ._. 
Also_RB ,_, chemicals_NNS sales_NNS were_VBD slightly_RB down_RB because_IN of_IN lower_JJR prices_NNS for_IN vinyl_NN chloride_NN monomer_NN and_CC other_JJ chlorine_NN derivatives_NNS ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, PPG_NNP closed_VBD at_IN $_$ 41_CD a_DT share_NN ,_, down_RB 37.5_CD cents_NNS ._. 
Jefferies_NNP Group_NNP Inc._NNP said_VBD third-quarter_JJ net_JJ income_NN fell_VBD 4_CD %_NN ,_, to_TO $_$ 2.2_CD million_CD ,_, or_CC 35_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 2.3_CD million_CD ,_, or_CC 31_CD cents_NNS a_DT share_NN on_IN more_JJR shares_NNS ,_, a_DT year_NN earlier_RBR ._. 
Revenue_NN rose_VBD 15_CD %_NN ,_, to_TO $_$ 36_CD million_CD from_IN $_$ 31.2_CD million_CD ._. 
Jefferies_NNP ,_, a_DT Los_NNP Angeles_NNP holding_VBG company_NN primarily_RB engaged_VBD in_IN securities_NNS trading_NN ,_, also_RB said_VBD stock_NN market_NN declines_NNS since_IN the_DT quarter_NN ended_VBN Sept._NNP 30_CD created_VBN an_DT unrealized_JJ pretax_JJ loss_NN of_IN about_RB $_$ 6_CD million_CD in_IN its_PRP$ risk_NN arbitrage_NN account_NN ._. 
For_IN the_DT nine_CD months_NNS ,_, Jefferies_NNP said_VBD net_NN fell_VBD 39_CD %_NN ,_, to_TO $_$ 6.8_CD million_CD ,_, or_CC $_$ 1.07_CD a_DT share_NN ,_, from_IN $_$ 11.1_CD million_CD ,_, or_CC $_$ 1.50_CD a_DT share_NN ._. 
Revenue_NN fell_VBD 3_CD %_NN ,_, to_TO $_$ 105.2_CD million_CD from_IN $_$ 108.4_CD million_CD ._. 
Sony_NNP Corp._NNP ,_, New_NNP York_NNP ,_, said_VBD its_PRP$ bids_NNS for_IN Columbia_NNP Pictures_NNP Entertainment_NNP Inc._NNP and_CC Guber-Peters_NNP Entertainment_NNP Co._NNP have_VBP been_VBN cleared_VBN by_IN federal_JJ antitrust_JJ regulators_NNS ._. 
The_DT Japanese_JJ company_NN said_VBD the_DT waiting_VBG period_NN under_IN the_DT Hart-Scott-Rodino_NNP antitrust_JJ act_NN for_IN the_DT $_$ 3.4_CD billion_CD bid_NN for_IN Columbia_NNP and_CC the_DT $_$ 200_CD million_CD offer_NN for_IN Guber-Peters_NNP expired_VBD Monday_NNP ._. 
Sony_NNP has_VBZ agreed_VBN to_TO buy_VB both_DT companies_NNS ,_, but_CC is_VBZ in_IN a_DT legal_JJ battle_NN with_IN Warner_NNP Communications_NNP Inc._NNP over_IN the_DT services_NNS of_IN producers_NNS Peter_NNP Guber_NNP and_CC Jon_NNP Peters_NNP ._. 
In_IN a_DT filing_NN with_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ,_, Sony_NNP also_RB said_VBD two_CD more_JJR suits_NNS have_VBP been_VBN filed_VBN opposing_VBG the_DT company_NN 's_POS agreement_NN to_TO buy_VB Columbia_NNP ._. 
Sony_NNP added_VBD that_IN a_DT hearing_NN has_VBZ been_VBN set_VBN for_IN Thursday_NNP in_IN the_DT Delaware_NNP Chancery_NNP Court_NNP in_IN one_CD of_IN the_DT suits_NNS ._. 
Thursday_NNP ,_, October_NNP 19_CD ,_, 1989_CD 
The_DT key_JJ U.S._NNP and_CC foreign_JJ annual_JJ interest_NN rates_NNS below_IN are_VBP a_DT guide_NN to_TO general_JJ levels_NNS but_CC do_VBP n't_RB always_RB represent_VB actual_JJ transactions_NNS ._. 
PRIME_JJ RATE_NN :_: 10_CD 1\/2_CD %_NN ._. 
The_DT base_NN rate_NN on_IN corporate_JJ loans_NNS at_IN large_JJ U.S._NNP money_NN center_NN commercial_JJ banks_NNS ._. 
FEDERAL_JJ FUNDS_NNS :_: 8_CD 3\/4_CD %_NN high_JJ ,_, 8_CD 5\/8_CD %_NN low_JJ ,_, 8_CD 11\/16_CD %_NN near_IN closing_VBG bid_NN ,_, 8_CD 11\/16_CD %_NN offered_VBN ._. 
Reserves_NNS traded_VBN among_IN commercial_JJ banks_NNS for_IN overnight_JJ use_NN in_IN amounts_NNS of_IN $_$ 1_CD million_CD or_CC more_JJR ._. 
Source_NN :_: Fulton_NNP Prebon_NNP -LRB-_( U.S.A_NNP ._. -RRB-_) Inc_NNP ._. 
DISCOUNT_NN RATE_NN :_: 7_CD %_NN ._. 
The_DT charge_NN on_IN loans_NNS to_TO depository_NN institutions_NNS by_IN the_DT New_NNP York_NNP Federal_NNP Reserve_NNP Bank_NNP ._. 
CALL_NN MONEY_NN :_: 9_CD 3\/4_CD %_NN to_TO 10_CD %_NN ._. 
The_DT charge_NN on_IN loans_NNS to_TO brokers_NNS on_IN stock_NN exchange_NN collateral_NN ._. 
COMMERCIAL_JJ PAPER_NN placed_VBN directly_RB by_IN General_NNP Motors_NNPS Acceptance_NNP Corp._NNP :_: 8.45_CD %_NN 30_CD to_TO 44_CD days_NNS ;_: 8.25_CD %_NN 45_CD to_TO 73_CD days_NNS ;_: 8.325_CD %_NN 74_CD to_TO 99_CD days_NNS ;_: 7.75_CD %_NN 100_CD to_TO 179_CD days_NNS ;_: 7.50_CD %_NN 180_CD to_TO 270_CD days_NNS ._. 
COMMERCIAL_JJ PAPER_NN :_: High-grade_JJ unsecured_JJ notes_NNS sold_VBN through_IN dealers_NNS by_IN major_JJ corporations_NNS in_IN multiples_NNS of_IN $_$ 1,000_CD :_: 8.525_CD %_NN 30_CD days_NNS ;_: 8.425_CD %_NN 60_CD days_NNS ;_: 8.375_CD %_NN 90_CD days_NNS ._. 
CERTIFICATES_NNS OF_IN DEPOSIT_NN :_: 8.05_CD %_NN one_CD month_NN ;_: 8.02_CD %_NN two_CD months_NNS ;_: 8_CD %_NN three_CD months_NNS ;_: 7.98_CD %_NN six_CD months_NNS ;_: 7.95_CD %_NN one_CD year_NN ._. 
Average_NNP of_IN top_JJ rates_NNS paid_VBN by_IN major_JJ New_NNP York_NNP banks_NNS on_IN primary_JJ new_JJ issues_NNS of_IN negotiable_JJ C.D.s_NNS ,_, usually_RB on_IN amounts_NNS of_IN $_$ 1_CD million_CD and_CC more_JJR ._. 
The_DT minimum_JJ unit_NN is_VBZ $_$ 100,000_CD ._. 
Typical_JJ rates_NNS in_IN the_DT secondary_JJ market_NN :_: 8.60_CD %_NN one_CD month_NN ;_: 8.60_CD %_NN three_CD months_NNS ;_: 8.45_CD %_NN six_CD months_NNS ._. 
BANKERS_NNS ACCEPTANCES_NNS :_: 8.45_CD %_NN 30_CD days_NNS ;_: 8.32_CD %_NN 60_CD days_NNS ;_: 8.32_CD %_NN 90_CD days_NNS ;_: 8.17_CD %_NN 120_CD days_NNS ;_: 8.08_CD %_NN 150_CD days_NNS ;_: 7.98_CD %_NN 180_CD days_NNS ._. 
Negotiable_JJ ,_, bank-backed_JJ business_NN credit_NN instruments_NNS typically_RB financing_VBG an_DT import_NN order_NN ._. 
LONDON_NNP LATE_JJ EURODOLLARS_NNS :_: 8_CD 11\/16_CD %_NN to_TO 8_CD 9\/16_CD %_NN one_CD month_NN ;_: 8_CD 11\/16_CD %_NN to_TO 8_CD 9\/16_CD %_NN two_CD months_NNS ;_: 8_CD 11\/16_CD %_NN to_TO 8_CD 9\/16_CD %_NN three_CD months_NNS ;_: 8_CD 5\/8_CD %_NN to_TO 8_CD 1\/2_CD %_NN four_CD months_NNS ;_: 8_CD 9\/16_CD %_NN to_TO 8_CD 7\/16_CD %_NN five_CD months_NNS ;_: 8_CD 9\/16_CD %_NN to_TO 8_CD 7\/16_CD %_NN six_CD months_NNS ._. 
LONDON_NNP INTERBANK_NNP OFFERED_NNP RATES_NNS -LRB-_( LIBOR_NNP -RRB-_) :_: 8_CD 3\/4_CD %_NN one_CD month_NN ;_: 8_CD 11\/16_CD %_NN three_CD months_NNS ;_: 8_CD 9\/16_CD %_NN six_CD months_NNS ;_: 8_CD 9\/16_CD %_NN one_CD year_NN ._. 
The_DT average_NN of_IN interbank_NN offered_VBD rates_NNS for_IN dollar_NN deposits_NNS in_IN the_DT London_NNP market_NN based_VBN on_IN quotations_NNS at_IN five_CD major_JJ banks_NNS ._. 
FOREIGN_JJ PRIME_JJ RATES_NNS :_: Canada_NNP 13.50_CD %_NN ;_: Germany_NNP 8.50_CD %_NN ;_: Japan_NNP 4.875_CD %_NN ;_: Switzerland_NNP 8.50_CD %_NN ;_: Britain_NNP 15_CD %_NN ._. 
These_DT rate_NN indications_NNS are_VBP n't_RB directly_RB comparable_JJ ;_: lending_NN practices_NNS vary_VBP widely_RB by_IN location_NN ._. 
TREASURY_NN BILLS_NNS :_: Results_NNS of_IN the_DT Monday_NNP ,_, October_NNP 16_CD ,_, 1989_CD ,_, auction_NN of_IN short-term_NNP U.S._NNP government_NN bills_NNS ,_, sold_VBN at_IN a_DT discount_NN from_IN face_NN value_NN in_IN units_NNS of_IN $_$ 10,000_CD to_TO $_$ 1_CD million_CD :_: 7.37_CD %_NN 13_CD weeks_NNS ;_: 7.42_CD %_NN 26_CD weeks_NNS ._. 
FEDERAL_NNP HOME_NNP LOAN_NNP MORTGAGE_NNP CORP_NNP ._. -LRB-_( Freddie_NNP Mac_NNP -RRB-_) :_: Posted_VBN yields_NNS on_IN 30-year_JJ mortgage_NN commitments_NNS for_IN delivery_NN within_IN 30_CD days_NNS ._. 
9.87_CD %_NN ,_, standard_JJ conventional_JJ fixed-rate_JJ mortgages_NNS ;_: 7.875_CD %_NN ,_, 2_CD %_NN rate_NN capped_VBD one-year_JJ adjustable_JJ rate_NN mortgages_NNS ._. 
Source_NN :_: Telerate_NNP Systems_NNP Inc_NNP ._. 
FEDERAL_NNP NATIONAL_NNP MORTGAGE_NNP ASSOCIATION_NNP -LRB-_( Fannie_NNP Mae_NNP -RRB-_) :_: Posted_VBN yields_NNS on_IN 30_CD year_NN mortgage_NN commitments_NNS for_IN delivery_NN within_IN 30_CD days_NNS -LRB-_( priced_VBN at_IN par_NN -RRB-_) 9.81_CD %_NN ,_, standard_JJ conventional_JJ fixed-rate_JJ mortgages_NNS ;_: 8.70_CD %_NN ,_, 6\/2_CD rate_NN capped_VBD one-year_JJ adjustable_JJ rate_NN mortgages_NNS ._. 
Source_NN :_: Telerate_NNP Systems_NNP Inc_NNP ._. 
MERRILL_NNP LYNCH_NNP READY_NNP ASSETS_NNP TRUST_NNP :_: 8.50_CD %_NN ._. 
Annualized_VBN average_JJ rate_NN of_IN return_NN after_IN expenses_NNS for_IN the_DT past_JJ 30_CD days_NNS ;_: not_RB a_DT forecast_NN of_IN future_NN returns_NNS ._. 
China_NNP said_VBD the_DT question_NN of_IN Taiwan_NNP 's_POS membership_NN in_IN the_DT General_NNP Agreement_NNP on_IN Tariffs_NNPS and_CC Trade_NNP should_MD be_VB considered_VBN only_RB after_IN China_NNP 's_POS own_JJ membership_NN in_IN the_DT 97-nation_JJ organization_NN is_VBZ restored_VBN ._. 
Both_DT China_NNP and_CC Taiwan_NNP are_VBP seeking_VBG seats_NNS in_IN GATT_NNP ,_, which_WDT sponsors_VBZ trade-liberalizing_JJ agreements_NNS and_CC sets_VBZ world-commerce_JJ rules_NNS ._. 
``_`` As_IN one_CD of_IN China_NNP 's_POS provinces_NNS ,_, Taiwan_NNP has_VBZ no_DT right_NN to_TO join_VB GATT_NNP on_IN its_PRP$ own_JJ ,_, ''_'' Foreign_NNP Ministry_NNP spokesman_NN Li_NNP Zhaoxing_NNP said_VBD ._. 
China_NNP ,_, under_IN the_DT Nationalist_JJ government_NN of_IN Chiang_NNP Kai-shek_NNP ,_, was_VBD a_DT founding_NN member_NN of_IN GATT_NNP in_IN 1947_CD ._. 
The_DT Nationalists_NNPS withdrew_VBD in_IN 1950_CD ,_, after_IN their_PRP$ flight_NN to_TO Taiwan_NNP ,_, and_CC the_DT Communist_NNP government_NN in_IN Beijing_NNP applied_VBD for_IN restoration_NN of_IN China_NNP 's_POS membership_NN in_IN July_NNP 1986_CD ._. 
The_DT U.S._NNP has_VBZ voiced_VBN opposition_NN to_TO China_NNP 's_POS bid_NN for_IN GATT_NNP membership_NN ,_, saying_VBG China_NNP has_VBZ yet_RB to_TO undertake_VB needed_VBN economic_JJ reforms_NNS ._. 
Japan_NNP 's_POS biggest_JJS women_NNS 's_POS underwear_NN maker_NN ,_, Wacoal_NNP Corp._NNP ,_, said_VBD that_IN it_PRP developed_VBD a_DT sports_NNS car_NN that_IN it_PRP plans_VBZ to_TO market_VB in_IN two_CD years_NNS ._. 
The_DT ``_`` Jiotto_NNP Caspita_NNP ''_'' can_MD run_VB at_IN over_IN 188_CD miles_NNS an_DT hour_NN ,_, a_DT company_NN spokesman_NN said_VBD ._. 
The_DT base_NN price_NN of_IN the_DT car_NN is_VBZ estimated_VBN at_IN 30_CD million_CD yen_NN -LRB-_( about_RB $_$ 213,000_CD -RRB-_) ._. 
Wacoal_NNP said_VBD it_PRP intends_VBZ to_TO produce_VB the_DT cars_NNS through_IN a_DT car_NN manufacturer_NN ._. 
Along_IN with_IN the_DT car_NN ,_, Wacoal_NNP plans_VBZ to_TO launch_VB a_DT series_NN of_IN Caspita-brand_JJ men_NNS 's_POS underwear_NN ._. 
``_`` Our_PRP$ image_NN is_VBZ a_DT company_NN that_WDT makes_VBZ women_NNS 's_POS products_NNS ,_, ''_'' said_VBD a_DT Wacoal_NNP spokesman_NN ._. 
``_`` Now_RB ,_, we_PRP 're_VBP going_VBG to_TO sell_VB to_TO men_NNS ._. ''_'' 
The_DT British_JJ satirical_JJ magazine_NN Private_NNP Eye_NNP won_VBD an_DT appeal_NN against_IN the_DT size_NN of_IN a_DT $_$ 960,000_CD libel_NN award_NN to_TO Sonia_NNP Sutcliffe_NNP ,_, the_DT estranged_VBN wife_NN of_IN the_DT ``_`` Yorkshire_NNP Ripper_NNP ''_'' mass_NN murderer_NN ._. 
An_DT appeals-court_NN panel_NN slashed_VBD all_DT but_CC $_$ 40,000_CD from_IN the_DT award_NN ,_, the_DT largest_JJS ever_RB set_VBN by_IN a_DT British_JJ jury_NN ,_, pending_VBG a_DT reassessment_NN of_IN the_DT damages_NNS ._. 
But_CC the_DT panel_NN dismissed_VBD the_DT magazine_NN 's_POS contention_NN that_IN it_PRP had_VBD n't_RB libeled_VBN Mrs._NNP Sutcliffe_NNP when_WRB it_PRP accused_VBD her_PRP of_IN trying_VBG to_TO sell_VB her_PRP$ story_NN to_TO capitalize_VB on_IN the_DT notoriety_NN of_IN her_PRP$ husband_NN ._. 
Private_NNP Eye_NNP had_VBD been_VBN threatened_VBN with_IN closure_NN because_IN it_PRP could_MD n't_RB afford_VB the_DT libel_NN payment_NN ._. 
Senshukai_NNP Co._NNP ,_, a_DT travel_NN agent_NN based_VBN in_IN Osaka_NNP ,_, Japan_NNP ,_, announced_VBD that_IN it_PRP and_CC Nissho_NNP Iwai_NNP Corp._NNP ,_, a_DT major_JJ Japanese_JJ trading_NN house_NN ,_, will_MD jointly_RB build_VB a_DT 130-unit_JJ condominium_NN in_IN Queensland_NNP ,_, Australia_NNP ._. 
Senshukai_NNP said_VBD the_DT partners_NNS plan_VBP to_TO rent_VB to_TO tourists_NNS but_CC will_MD also_RB sell_VB to_TO interested_JJ parties_NNS ._. 
Senshukai_NNP has_VBZ a_DT 60_CD %_NN stake_NN in_IN the_DT venture_NN and_CC Nissho_NNP Iwai_NNP has_VBZ the_DT rest_NN ._. 
Construction_NN of_IN the_DT 34-floor_JJ building_NN will_MD begin_VB next_JJ May_NNP and_CC should_MD be_VB completed_VBN in_IN April_NNP 1992_CD ._. 
Units_NNP will_MD cost_VB from_IN 500,000_CD to_TO 3.5_CD million_CD Australian_JJ dollars_NNS -LRB-_( about_IN US$_$ 386,000_CD to_TO US$_$ 2.7_CD million_CD -RRB-_) ._. 
The_DT Soviet_NNP Union_NNP has_VBZ halted_VBN construction_NN of_IN two_CD Chernobyl-type_JJ nuclear_JJ reactors_NNS and_CC is_VBZ reassessing_VBG the_DT future_NN of_IN 12_CD other_JJ existing_VBG reactors_NNS ._. 
Viktor_NNP Sidorenko_NNP ,_, vice_NN chairman_NN of_IN the_DT State_NNP Committee_NNP on_IN Nuclear_NNP Safety_NNP ,_, said_VBD the_DT two_CD reactors_NNS were_VBD at_IN Kursk_NNP and_CC Smolensk_NNP ._. 
News_NNS of_IN the_DT halt_NN comes_VBZ amid_IN growing_VBG anger_NN in_IN the_DT Ukraine_NNP and_CC Byelorussia_NNP over_IN continuing_VBG high_JJ levels_NNS of_IN radiation_NN from_IN Chernobyl_NNP ._. 
A_DT former_JJ vice_NN president_NN of_IN the_DT Singapore_NNP branch_NN of_IN Drexel_NNP Burnham_NNP Lambert_NNP Group_NNP Inc._NNP was_VBD charged_VBN in_IN court_NN yesterday_NN on_IN 19_CD counts_NNS of_IN cheating_NN ._. 
Francis_NNP Dang_NNP ,_, 41_CD ,_, is_VBZ alleged_VBN to_TO have_VB been_VBN involved_VBN in_IN cheating_NN Drexel_NNP Burnham_NNP Lambert_NNP of_IN up_IN to_TO 2.1_CD million_CD Singapore_NNP dollars_NNS -LRB-_( US$_$ 1.1_CD million_CD -RRB-_) by_IN carrying_VBG out_RP unauthorized_JJ transactions_NNS on_IN the_DT London_NNP Commodities_NNP Exchange_NNP and_CC the_DT International_NNP Petroleum_NNP Exchange_NNP ._. 
Mr._NNP Dang_NNP is_VBZ alleged_VBN to_TO have_VB used_VBN the_DT account_NN of_IN Singapore_NNP hotel_NN and_CC property_NN magnate_NN Ong_NNP Beng_NNP Seng_NNP to_TO effect_VB the_DT transactions_NNS ._. 
Japan_NNP says_VBZ its_PRP$ economic_JJ growth_NN will_MD fall_VB sharply_RB if_IN it_PRP cuts_VBZ back_RB on_IN the_DT use_NN of_IN oil_NN ,_, coal_NN and_CC gas_NN to_TO cap_VB emissions_NNS of_IN carbon_NN dioxide_NN ._. 
A_DT Ministry_NNP of_IN International_NNP Trade_NNP and_CC Industry_NN official_NN said_VBD that_IN a_DT study_NN found_VBD that_IN Japan_NNP 's_POS annual_JJ economic_JJ growth_NN rate_NN would_MD eventually_RB be_VB only_RB 0.8_CD %_NN if_IN carbon-dioxide_NN emissions_NNS remained_VBD at_IN this_DT year_NN 's_POS level_NN of_IN 300_CD million_CD tons_NNS ._. 
The_DT study_NN will_MD support_VB arguments_NNS against_IN capping_VBG carbon-dioxide_NN emissions_NNS that_IN Japan_NNP will_MD make_VB at_IN a_DT U.N.-backed_JJ conference_NN on_IN atmospheric_JJ pollution_NN next_JJ month_NN ._. 
The_DT study_NN said_VBD Japan_NNP 's_POS carbon-dioxide_NN emissions_NNS would_MD slightly_RB more_JJR than_IN double_JJ by_IN 2010_CD unless_IN the_DT nation_NN reduced_VBD its_PRP$ dependence_NN on_IN fossil_JJ fuels_NNS ._. 
It_PRP said_VBD that_IN expanding_VBG nuclear-power_JJ capability_NN is_VBZ the_DT quickest_JJS way_NN to_TO lessen_VB that_DT dependence_NN ._. 
But_CC increased_VBN reliance_NN on_IN nuclear_JJ power_NN would_MD meet_VB stiff_JJ opposition_NN from_IN environmentalists_NNS ,_, a_DT second_JJ ministry_NN official_NN said_VBD ._. 
Just_RB in_IN time_NN for_IN Halloween_NNP ,_, Britain_NNP 's_POS Oxford_NNP University_NNP Press_NNP is_VBZ publishing_VBG a_DT ``_`` Dictionary_NNP of_IN Superstitions_NNPS ._. ''_'' 
The_DT books_NNS 1,500_CD entries_NNS include_VBP stepping_VBG on_IN cracks_NNS and_CC knocking_VBG on_IN wood_NN ..._: ._. 
In_IN New_NNP Zealand_NNP 's_POS tiny_JJ township_NN of_IN Kaitaia_NNP ,_, which_WDT has_VBZ had_VBN direct_JJ dialing_NN for_IN less_JJR than_IN a_DT year_NN ,_, about_IN 30_CD angry_JJ phone-company_NN customers_NNS questioned_VBD the_DT size_NN of_IN their_PRP$ bills_NNS ._. 
It_PRP turned_VBD out_RP their_PRP$ children_NNS had_VBD been_VBN dialing_VBG a_DT ``_`` sex_NN fantasy_NN ''_'' service_NN in_IN the_DT U.S._NNP ._. 
Slowing_VBG sales_NNS of_IN its_PRP$ profitable_JJ Jeep_NNP Cherokee_NNP and_CC Wagoneer_NNP sport_NN utility_NN vehicles_NNS are_VBP forcing_VBG Chrysler_NNP Corp._NNP to_TO temporarily_RB idle_JJ its_PRP$ Toledo_NNP ,_, Ohio_NNP ,_, assembly_NN plant_NN for_IN the_DT first_JJ time_NN since_IN April_NNP 1986_CD ._. 
About_IN 5,500_CD hourly_JJ workers_NNS will_MD be_VB laid_VBN off_IN for_IN a_DT week_NN beginning_VBG Oct._NNP 23_CD ,_, and_CC overtime_NN has_VBZ been_VBN eliminated_VBN at_IN the_DT plant_NN for_IN the_DT fourth_JJ quarter_NN ,_, a_DT Chrysler_NNP spokesman_NN said_VBD ._. 
That_DT 's_VBZ a_DT significant_JJ change_NN from_IN earlier_RBR this_DT year_NN when_WRB the_DT plant_NN worked_VBD substantial_JJ overtime_NN only_RB to_TO have_VB sales_NNS fall_VB short_NN of_IN the_DT company_NN 's_POS bullish_JJ expectations_NNS ._. 
Sales_NNS of_IN Cherokee_NNP ,_, the_DT best-selling_JJ Jeep_NN ,_, and_CC the_DT lower-volume_JJ Wagoneer_NNP were_VBD actually_RB up_IN about_IN 10_CD %_NN through_IN the_DT end_NN of_IN last_JJ month_NN ._. 
But_CC that_DT 's_VBZ less_JJR than_IN Chrysler_NNP officials_NNS had_VBD hoped_VBN when_WRB they_PRP set_VBD ambitious_JJ production_NN schedules_NNS for_IN the_DT Toledo_NNP plant_NN earlier_RBR this_DT year_NN ._. 
Even_RB when_WRB it_PRP became_VBD clear_VB this_DT spring_NN that_DT demand_NN was_VBD n't_RB coming_VBG up_IN to_TO expectations_NNS ,_, Chrysler_NNP officials_NNS ``_`` resisted_VBN ''_'' cutting_VBG output_NN because_IN Cherokee_NNP and_CC Wagoneer_NNP are_VBP ``_`` very_RB profitable_JJ vehicles_NNS ,_, ''_'' the_DT spokesman_NN said_VBD ._. 
Instead_RB ,_, Chrysler_NNP officials_NNS in_IN late_JJ May_NNP slapped_VBD $_$ 1,000_CD cash_NN rebates_NNS on_IN the_DT vehicles_NNS ,_, including_VBG the_DT first_JJ such_JJ incentives_NNS on_IN the_DT popular_JJ four-door_JJ Cherokee_NNP since_IN Chrysler_NNP bought_VBD Jeep_NN in_IN 1987_CD ._. 
The_DT incentives_NNS boosted_VBD sales_NNS for_IN a_DT while_NN ,_, but_CC the_DT pace_NN had_VBD cooled_VBN by_IN last_JJ month_NN ._. 
The_DT result_NN :_: Chrysler_NNP dealers_NNS had_VBD a_DT bloated_JJ 82-day_JJ supply_NN of_IN the_DT Cherokee_NNP as_IN of_IN the_DT end_NN of_IN last_JJ month_NN and_CC a_DT 161-day_JJ supply_NN of_IN the_DT Comanche_NNP pickup_NN ,_, which_WDT Toledo_NNP also_RB builds_VBZ ._. 
A_DT 60-day_JJ to_TO 65-day_VB supply_NN is_VBZ considered_VBN normal_JJ ._. 
At_IN Jasper_NNP Jeep-Eagle_NNP ,_, one_CD of_IN the_DT largest_JJS Jeep_NN dealerships_NNS in_IN the_DT country_NN ,_, inventories_NNS have_VBP continued_VBN to_TO swell_VB ._. 
Steve_NNP Lowe_NNP ,_, general_JJ manager_NN of_IN Jasper_NNP ,_, Ga._NNP ,_, dealership_NN ,_, said_VBD new_JJ rebates_NNS of_IN $_$ 500_CD to_TO $_$ 1,000_CD on_IN the_DT models_NNS have_VBP stimulated_VBN sales_NNS ,_, but_CC not_RB enough_RB to_TO significantly_RB cut_VB dealer_NN stocks_NNS ._. 
``_`` If_IN people_NNS are_VBP n't_RB buying_VBG ,_, you_PRP have_VBP to_TO close_VB plants_NNS ,_, ''_'' he_PRP said_VBD ._. 
Separately_RB ,_, Chrysler_NNP said_VBD it_PRP will_MD idle_VB for_IN four_CD weeks_NNS the_DT St._NNP Louis_NNP assembly_NN plant_NN that_WDT builds_VBZ the_DT Chrysler_NNP LeBaron_NNP and_CC Dodge_NNP Daytona_NNP models_NNS ._. 
Chrysler_NNP officials_NNS said_VBD the_DT plant_NN is_VBZ scheduled_VBN to_TO resume_VB production_NN on_IN Nov._NNP 20._CD ,_, and_CC 3,300_CD hourly_JJ workers_NNS will_MD be_VB affected_VBN ._. 
General_NNP Motors_NNPS Corp._NNP ,_, meanwhile_RB ,_, said_VBD it_PRP will_MD idle_VB for_IN yet_RB another_DT week_NN its_PRP$ Linden_NNP ,_, N.J._NNP ,_, assembly_NN plant_NN ,_, bringing_VBG to_TO three_CD weeks_NNS the_DT total_JJ time_NN that_DT plant_NN will_MD be_VB idled_VBN during_IN October_NNP ._. 
GM_NNP said_VBD the_DT assembly_NN plant_NN ,_, which_WDT builds_VBZ the_DT Chevrolet_NNP Corsica_NNP and_CC Beretta_NNP compact_JJ cars_NNS ,_, originally_RB was_VBD scheduled_VBN to_TO reopen_VB Monday_NNP but_CC now_RB will_MD not_RB resume_VB production_NN until_IN Oct._NNP 30_CD ._. 
The_DT shutdown_NN affects_VBZ 3,000_CD workers_NNS and_CC will_MD cut_VB output_NN by_IN about_IN 4,320_CD cars_NNS ._. 
Sluggish_JJ sales_NNS of_IN the_DT Beretta_NNP and_CC Corsica_NNP spurred_VBD GM_NNP to_TO offer_VB $_$ 800_CD rebates_NNS on_IN those_DT cars_NNS ._. 
The_DT Corsica_NNP and_CC Beretta_NNP make_VB up_IN the_DT highest-volume_JJ car_NN line_NN at_IN Chevrolet_NNP ,_, but_CC sales_NNS of_IN the_DT cars_NNS are_VBP off_IN 9.6_CD %_NN for_IN the_DT year_NN ,_, and_CC fell_VBD a_DT steep_JJ 34.2_CD %_NN early_JJ this_DT month_NN ._. 
GM_NNP has_VBZ scheduled_VBN overtime_NN at_IN its_PRP$ Lordstown_NNP ,_, Ohio_NNP ,_, and_CC Janesville_NNP ,_, Wis._NNP ,_, assembly_NN plants_NNS ,_, which_WDT build_VBP the_DT Chevrolet_NNP Cavalier_NNP ._. 
Ford_NNP Motor_NNP Co._NNP said_VBD it_PRP will_MD shut_VB down_RB for_IN one_CD week_NN its_PRP$ Kentucky_NNP Truck_NNP Plant_NNP because_IN of_IN a_DT ``_`` shortage_NN of_IN dealer_NN orders_NNS ._. ''_'' 
The_DT shutdown_NN will_MD idle_VB 2,000_CD hourly_JJ employees_NNS and_CC eliminate_VB production_NN of_IN about_IN 1,300_CD medium_NN and_CC heavy_JJ duty_NN trucks_NNS ._. 
The_DT assembly_NN plant_NN is_VBZ scheduled_VBN to_TO resume_VB production_NN on_IN Oct._NNP 30_CD ._. 
Meanwhile_RB ,_, the_DT nine_CD major_JJ U.S._NNP auto_NN makers_NNS plan_VBP to_TO build_VB 143,178_CD cars_NNS this_DT week_NN ,_, down_RB 11.7_CD %_NN from_IN 162,190_CD a_DT year_NN ago_RB and_CC flat_JJ with_IN last_JJ week_NN 's_POS 142,117_CD car_NN output_NN ._. 
f_NN -_: Includes_VBZ Chevrolet_NNP Prizm_NNP and_CC Toyota_NNP Corolla_NNP ._. 
r_NN -_: Revised_NNP ._. 
x_NN -_: Year-to-date_JJ 1988_CD figure_NN includes_VBZ Volkswagen_NNP domestic-production_NN through_IN July_NNP ._. 
LOTUS_NNP DEVELOPMENT_NNP Corp._NNP 's_POS net_JJ income_NN rose_VBD 61_CD %_NN in_IN the_DT third_JJ quarter_NN from_IN the_DT year-earlier_JJ period_NN ._. 
Yesterday_NN 's_POS edition_NN misstated_VBD the_DT percentage_NN increase_NN ._. 
First_NNP Fidelity_NNP Bancorp._NNP ,_, Lawrenceville_NNP ,_, N.J._NNP ,_, reported_VBD a_DT 24_CD %_NN drop_NN in_IN third-quarter_JJ profit_NN ,_, because_IN of_IN a_DT decline_NN in_IN earning_VBG assets_NNS ,_, lower_JJR loan_NN volume_NN and_CC tighter_JJR interest_NN margins_NNS ._. 
The_DT bank_NN holding_VBG company_NN posted_VBD net_JJ income_NN of_IN $_$ 54.4_CD million_CD ,_, or_CC 87_CD cents_NNS a_DT share_NN ,_, including_VBG $_$ 1.7_CD million_CD ,_, or_CC three_CD cents_NNS a_DT share_NN ,_, in_IN one-time_JJ tax_NN benefits_NNS ._. 
A_DT year_NN earlier_RBR ,_, net_NN was_VBD $_$ 71.6_CD million_CD ,_, or_CC $_$ 1.22_CD a_DT share_NN ._. 
First_NNP Fidelity_NNP said_VBD non-performing_JJ assets_NNS increased_VBN to_TO $_$ 482.3_CD million_CD Sept._NNP 30_CD from_IN $_$ 393.1_CD million_CD June_NNP 30_CD ._. 
The_DT rise_NN resulted_VBD from_IN the_DT transfer_NN to_TO non-accrual_JJ status_NN of_IN $_$ 96_CD million_CD ``_`` owed_VBN by_IN two_CD national_JJ borrowers_NNS and_CC one_CD local_JJ commercial_JJ real-estate_NN customer_NN ,_, ''_'' First_NNP Fidelity_NNP said_VBD ._. 
It_PRP said_VBD it_PRP does_VBZ n't_RB anticipate_VB any_DT loss_NN of_IN principal_JJ on_IN two_CD of_IN the_DT loans_NNS ,_, comprising_VBG $_$ 85_CD million_CD of_IN these_DT credits_NNS ._. 
First_NNP Fidelity_NNP said_VBD it_PRP boosted_VBD its_PRP$ loan-loss_NN provision_NN to_TO $_$ 50.9_CD million_CD from_IN $_$ 20.4_CD million_CD a_DT year_NN ago_RB ,_, primarily_RB because_IN of_IN a_DT weaker_JJR real-estate_NN sector_NN in_IN the_DT region_NN ._. 
VIACOM_NNP Inc._NNP 's_POS loss_NN narrowed_VBD to_TO $_$ 21.7_CD million_CD in_IN the_DT third_JJ quarter_NN from_IN $_$ 56.9_CD million_CD a_DT year_NN ago_RB ._. 
Thursday_NNP 's_POS edition_NN misstated_VBD the_DT narrowing_NN ._. 
Coastal_NNP Corp._NNP said_VBD it_PRP signed_VBD a_DT definitive_JJ agreement_NN with_IN Aruba_NNP to_TO restart_VB a_DT 150,000-barrel-a-day_JJ oil_NN refinery_NN ._. 
Coastal_NNP would_MD n't_RB disclose_VB the_DT terms_NNS ._. 
Coastal_NNP ,_, a_DT Houston_NNP oil_NN and_CC gas_NN company_NN ,_, said_VBD it_PRP expects_VBZ to_TO begin_VB operations_NNS in_IN October_NNP 1990_CD ._. 
The_DT company_NN said_VBD it_PRP may_MD install_VB additional_JJ processing_NN units_NNS at_IN the_DT refinery_NN to_TO produce_VB higher_JJR octane_NN gasolines_NNS and_CC other_JJ products_NNS ._. 
The_DT company_NN said_VBD it_PRP was_VBD leasing_VBG the_DT site_NN of_IN the_DT refinery_NN from_IN Aruba_NNP ._. 
Exxon_NNP Corp._NNP built_VBD the_DT plant_NN but_CC closed_VBD it_PRP in_IN 1985_CD and_CC sold_VBN off_IN much_NN of_IN the_DT equipment_NN to_TO dismantling_VBG contractors_NNS ,_, from_IN whom_WP Coastal_NNP bought_VBD back_JJ much_NN of_IN the_DT equipment_NN ._. 
A_DT Coastal_NNP spokesman_NN said_VBD the_DT biggest_JJS expense_NN will_MD be_VB to_TO refurbish_VB the_DT refinery_NN but_CC would_MD n't_RB say_VB how_WRB much_JJ that_WDT would_MD be_VB ._. 
The_DT prime_JJ minister_NN of_IN Aruba_NNP has_VBZ said_VBD it_PRP could_MD cost_VB around_IN $_$ 100_CD million_CD ._. 
Coastal_NNP said_VBD the_DT refinery_NN 's_POS expected_VBN daily_JJ production_NN will_MD include_VB 34,000_CD barrels_NNS of_IN jet_NN fuel_NN ,_, 32,000_CD barrels_NNS of_IN low-sulfur_JJ diesel_NN fuel_NN ,_, 30,000_CD barrels_NNS of_IN naphtha_NN ,_, 17,000_CD barrels_NNS of_IN residual_JJ fuel_NN oil_NN ,_, 8,000_CD barrels_NNS of_IN asphalt_NN and_CC 25,000_CD barrels_NNS of_IN low-sulfur_JJ catalytic_JJ cracker_NN feedstock_NN ._. 
Loral_NNP Corp._NNP said_VBD fiscal_JJ second-quarter_JJ net_JJ income_NN was_VBD $_$ 19.8_CD million_CD ,_, or_CC 79_CD cents_NNS a_DT share_NN ,_, compared_VBN with_IN year-earlier_JJ earnings_NNS from_IN continuing_VBG operations_NNS of_IN $_$ 15.6_CD million_CD ,_, or_CC 62_CD cents_NNS a_DT share_NN ._. 
Year-earlier_JJ net_NN of_IN $_$ 21_CD million_CD ,_, or_CC 84_CD cents_NNS a_DT share_NN ,_, included_VBD the_DT results_NNS of_IN Loral_NNP 's_POS former_JJ Aircraft_NNP Braking_NNP Systems_NNPS and_CC Engineered_NNP Fabrics_NNP divisions_NNS ,_, which_WDT were_VBD sold_VBN April_NNP 27_CD to_TO the_DT company_NN 's_POS chairman_NN ,_, Bernard_NNP L._NNP Schwartz_NNP ._. 
The_DT defense_NN electronics_NNS concern_VBP attributed_VBD the_DT operating_VBG improvement_NN to_TO higher_JJR profit_NN margins_NNS and_CC lower_JJR net_JJ interest_NN expense_NN ._. 
Loral_NNP also_RB reported_VBD that_IN its_PRP$ bookings_NNS more_RBR than_IN doubled_VBN to_TO $_$ 654_CD million_CD in_IN the_DT quarter_NN ,_, ended_VBN Sept._NNP 30_CD ,_, from_IN $_$ 257_CD million_CD ,_, in_IN the_DT year-before_JJ period_NN ._. 
The_DT increase_NN was_VBD due_JJ mainly_RB to_TO a_DT $_$ 325_CD million_CD order_NN from_IN Turkey_NNP to_TO equip_VB its_PRP$ fleet_NN of_IN F-16_NNP fighters_NNS with_IN Loral_NNP 's_POS ALQ-178_NNP Rapport_NNP III_NNP electronic_JJ countermeasures_NNS system_NN ._. 
The_DT order_NN is_VBZ the_DT biggest_JJS in_IN the_DT company_NN 's_POS history_NN ._. 
Sales_NNS in_IN the_DT latest_JJS period_NN edged_VBD up_IN to_TO $_$ 295.7_CD million_CD from_IN $_$ 293.9_CD million_CD ._. 
Mr._NNP Schwartz_NNP said_VBD the_DT recent_JJ increase_NN in_IN orders_NNS ``_`` puts_VBZ us_PRP well_RB on_IN the_DT way_NN to_TO our_PRP$ goal_NN of_IN $_$ 1.6_CD billion_CD in_IN bookings_NNS for_IN the_DT year_NN ._. ''_'' 
He_PRP added_VBD :_: ``_`` I_PRP expect_VBP to_TO see_VB the_DT earnings_NNS momentum_NN we_PRP experienced_VBD this_DT quarter_NN continue_VB for_IN the_DT rest_NN of_IN the_DT year_NN ._. ''_'' 
Loral_NNP said_VBD it_PRP expects_VBZ sales_NNS to_TO accelerate_VB in_IN both_DT the_DT third_JJ and_CC fourth_JJ quarters_NNS of_IN this_DT fiscal_JJ year_NN ._. 
Loral_NNP 's_POS profit_NN from_IN continuing_VBG operations_NNS for_IN the_DT first_JJ six_CD months_NNS of_IN fiscal_JJ 1990_CD was_VBD $_$ 36.4_CD million_CD ,_, or_CC $_$ 1.44_CD a_DT share_NN ,_, up_IN 31_CD %_NN from_IN $_$ 27.8_CD million_CD ,_, or_CC $_$ 1.11_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Net_JJ income_NN fell_VBD 8.6_CD %_NN to_TO $_$ 37.1_CD million_CD ,_, or_CC $_$ 1.43_CD a_DT share_NN ,_, from_IN $_$ 40.6_CD million_CD ,_, or_CC $_$ 1.56_CD a_DT share_NN ._. 
Fiscal_JJ first-half_JJ sales_NNS slipped_VBD 3.9_CD %_NN to_TO $_$ 528.4_CD million_CD from_IN $_$ 549.9_CD million_CD ._. 
Bookings_NNS for_IN the_DT first_JJ half_NN totaled_VBD $_$ 813_CD million_CD ,_, compared_VBN with_IN the_DT $_$ 432_CD million_CD recorded_VBN last_JJ year_NN ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Loral_NNP closed_VBD at_IN $_$ 33.25_CD ,_, down_RB 37.5_CD cents_NNS ._. 
HealthVest_NNP said_VBD two_CD of_IN its_PRP$ lenders_NNS have_VBP given_VBN it_PRP notices_NNS of_IN default_NN on_IN bank_NN loans_NNS and_CC said_VBD they_PRP may_MD take_VB actions_NNS to_TO recover_VB their_PRP$ loans_NNS ._. 
HealthVest_NNP ,_, an_DT Austin_NNP ,_, Texas_NNP ,_, real_JJ estate_NN investment_NN trust_NN ,_, said_VBD that_IN Chemical_NNP Bank_NNP ,_, the_DT lead_NN bank_NN under_IN its_PRP$ domestic_JJ bank_NN agreement_NN ,_, told_VBD it_PRP that_IN if_IN $_$ 3.3_CD million_CD owed_VBN to_TO the_DT bank_NN group_NN is_VBZ n't_RB paid_VBN by_IN today_NN ,_, the_DT group_NN will_MD call_VB the_DT $_$ 120_CD million_CD that_IN HealthVest_NNP has_VBZ outstanding_JJ under_IN the_DT credit_NN line_NN ._. 
The_DT bank_NN group_NN also_RB said_VBD that_IN it_PRP wo_MD n't_RB make_VB additional_JJ advances_NNS under_IN the_DT $_$ 150_CD million_CD credit_NN line_NN ._. 
HealthVest_NNP missed_VBD a_DT payment_NN to_TO the_DT group_NN that_WDT was_VBD due_JJ in_IN late_JJ September_NNP ._. 
In_IN addition_NN ,_, HealthVest_NNP said_VBD Bank_NNP of_IN Tokyo_NNP Trust_NNP Co._NNP also_RB has_VBZ notified_VBN it_PRP of_IN a_DT default_NN and_CC said_VBD it_PRP might_MD take_VB action_NN to_TO cure_VB the_DT default_NN ._. 
HealthVest_NNP missed_VBD an_DT interest_NN payment_NN to_TO Bank_NNP of_IN Tokyo_NNP on_IN Oct._NNP 1_CD ._. 
However_RB ,_, HealthVest_NNP said_VBD the_DT Tokyo_NNP bank_NN indicated_VBD that_IN it_PRP wo_MD n't_RB accelerate_VB HealthVest_NNP 's_POS $_$ 50_CD million_CD loan_NN ._. 
HealthVest_NNP is_VBZ in_IN a_DT severe_JJ liquidity_NN bind_NN because_IN its_PRP$ affiliate_NN ,_, Healthcare_NNP International_NNP Inc._NNP ,_, has_VBZ failed_VBN to_TO make_VB about_RB $_$ 10.6_CD million_CD in_IN principal_NN and_CC interest_NN payments_NNS owed_VBN since_IN August_NNP ._. 
Healthcare_NNP operates_VBZ many_NN of_IN the_DT health-care_NN properties_NNS that_IN HealthVest_NNP owns_VBZ ._. 
EMPIRE_NNP PENCIL_NNP ,_, later_RB called_VBN Empire-Berol_NNP ,_, developed_VBD the_DT plastic_NN pencil_NN in_IN 1973_CD ._. 
Yesterday_NN 's_POS Centennial_NNP Journal_NNP misstated_VBD the_DT company_NN 's_POS name_NN ._. 
Storage_NNP Technology_NNP Corp._NNP had_VBD net_JJ income_NN of_IN $_$ 8.3_CD million_CD ,_, or_CC 32_CD cents_NNS a_DT share_NN ,_, for_IN its_PRP$ fiscal-third_JJ quarter_NN ended_VBN Sept._NNP 29_CD ,_, almost_RB 15_CD times_VBZ the_DT $_$ 557,000_CD ,_, or_CC two_CD cents_NNS a_DT share_NN ,_, it_PRP posted_VBD for_IN the_DT year-ago_JJ period_NN ._. 
Storage_NNP ,_, Louisville_NNP ,_, Colo._NNP ,_, which_WDT makes_VBZ data-storage_JJ devices_NNS for_IN mainframe_NN computers_NNS ,_, said_VBD the_DT huge_JJ increase_NN in_IN net_NN reflects_VBZ ``_`` strong_JJ sales_NNS ''_'' of_IN its_PRP$ tape_NN products_NNS ,_, particularly_RB the_DT 4400_CD Automated_NNP Cartridge_NNP System_NNP ,_, which_WDT holds_VBZ a_DT library_NN of_IN tape_NN cartridges_NNS ._. 
The_DT company_NN said_VBD it_PRP recently_RB sold_VBD its_PRP$ 750th_JJ cartridge_NN system_NN ,_, which_WDT cost_VBP $_$ 400,000_CD to_TO $_$ 500,000_CD each_DT ._. 
Quarter_NN revenue_NN was_VBD $_$ 232.6_CD million_CD ,_, up_IN 12_CD %_NN from_IN $_$ 206_CD million_CD last_JJ year_NN ._. 
The_DT stock_NN market_NN reacted_VBD strongly_RB to_TO the_DT news_NN ._. 
Storage_NNP rose_VBD $_$ 1.125_CD a_DT share_NN ,_, to_TO close_VB at_IN $_$ 14_CD ,_, in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ._. 
For_IN the_DT nine_CD months_NNS ,_, Storage_NNP had_VBD net_NN of_IN $_$ 25.5_CD million_CD ,_, or_CC 98_CD cents_NNS a_DT share_NN ,_, including_VBG an_DT $_$ 11.3_CD million_CD extraordinary_JJ gain_NN for_IN the_DT anticipated_VBN proceeds_NNS from_IN liquidating_VBG an_DT Irish_JJ unit_NN ._. 
Net_NN was_VBD up_IN 69_CD %_NN from_IN $_$ 15.1_CD million_CD ,_, or_CC 57_CD cents_NNS a_DT share_NN ,_, last_JJ year_NN ._. 
Revenue_NN for_IN the_DT latest_JJS period_NN was_VBD up_IN 11_CD %_NN to_TO $_$ 682.7_CD million_CD ,_, from_IN $_$ 614.6_CD million_CD ._. 
A_DT Canadian_JJ government_NN agency_NN conditionally_RB approved_VBD proposed_VBN exports_NNS to_TO the_DT U.S._NNP of_IN natural_JJ gas_NN from_IN big_JJ ,_, untapped_JJ fields_NNS in_IN the_DT Mackenzie_NNP River_NNP delta_NN area_NN of_IN the_DT western_JJ Canadian_NNP Arctic_NNP ._. 
Three_CD companies_NNS ,_, Esso_NNP Resources_NNP Canada_NNP Ltd._NNP ,_, Shell_NNP Canada_NNP Ltd._NNP and_CC Gulf_NNP Canada_NNP Resources_NNP Ltd._NNP ,_, applied_VBN to_TO the_DT Canadian_NNP National_NNP Energy_NNP Board_NNP to_TO export_VB 9.2_CD trillion_CD cubic_JJ feet_NNS of_IN Mackenzie_NNP delta_NN natural_JJ gas_NN over_IN 20_CD years_NNS starting_VBG in_IN 1996_CD ._. 
To_TO be_VB economically_RB feasible_JJ ,_, the_DT 11_CD billion_CD Canadian_JJ dollar_NN -LRB-_( US$_$ 9.37_CD billion_CD -RRB-_) project_NN requires_VBZ almost_RB a_DT doubling_NN of_IN natural_JJ gas_NN export_NN prices_NNS ._. 
It_PRP also_RB faces_VBZ numerous_JJ other_JJ hurdles_NNS including_VBG an_DT agreement_NN on_IN a_DT pipeline_NN route_NN for_IN the_DT gas_NN ._. 
The_DT board_NN said_VBD the_DT export_NN licenses_NNS would_MD be_VB issued_VBN on_IN the_DT condition_NN that_IN Canadian_JJ interests_NNS would_MD also_RB be_VB allowed_VBN to_TO bid_VB for_IN the_DT Mackenzie_NNP delta_NN gas_NN on_IN terms_NNS similar_JJ to_TO those_DT offered_VBN to_TO U.S._NNP customers_NNS ._. 
U.S._NNP buyers_NNS have_VBP already_RB been_VBN lined_VBN up_RB ._. 
They_PRP include_VBP Enron_NNP Corp._NNP ,_, Texas_NNP Eastern_NNP Corp._NNP ,_, Pacific_NNP Interstate_NNP Transmission_NNP Co._NNP and_CC Tennessee_NNP Gas_NNP Pipeline_NNP Co_NNP ._. 
The_DT project_NN could_MD result_VB in_IN the_DT U.S._NNP taking_VBG more_JJR than_IN 10_CD %_NN of_IN its_PRP$ natural_JJ gas_NN supplies_NNS from_IN Canada_NNP ,_, up_IN from_IN about_IN 5_NN %_NN currently_RB ._. 
It_PRP would_MD bring_VB 13_CD gas_NN fields_NNS into_IN production_NN at_IN a_DT combined_VBN rate_NN of_IN about_IN 1.2_CD billion_CD cubic_JJ feet_NNS a_DT day_NN ._. 
The_DT board_NN estimated_VBN that_IN the_DT cost_NN of_IN building_VBG a_DT pipeline_NN from_IN the_DT Mackenzie_NNP delta_NN to_TO Alberta_NNP would_MD be_VB about_IN C$_$ 5.9_CD million_CD ._. 
It_PRP also_RB said_VBD projections_NNS of_IN surging_VBG U.S._NNP demand_NN for_IN natural_JJ gas_NN and_CC price_NN forecasts_NNS of_IN C$_$ 5.25_CD per_IN thousand_CD cubic_JJ feet_NNS by_IN 2005_CD would_MD make_VB the_DT project_NN economically_RB viable_JJ ._. 
Esso_NNP ,_, a_DT unit_NN of_IN Imperial_NNP Oil_NNP Ltd._NNP which_WDT is_VBZ 71%-owned_JJ by_IN Exxon_NNP Corp._NNP ,_, will_MD be_VB allowed_VBN to_TO export_VB 5.1_CD trillion_CD cubic_JJ feet_NNS to_TO the_DT U.S._NNP in_IN the_DT 20-year_JJ period_NN ._. 
Shell_NNP ,_, a_DT subsidiary_NN of_IN Royal_NNP Dutch\/Shell_NNP Group_NNP ,_, will_MD be_VB allowed_VBN to_TO export_VB 0.9_CD trillion_CD cubic_JJ feet_NNS ,_, and_CC Gulf_NNP ,_, a_DT unit_NN of_IN Olympia_NNP &_CC York_NNP Developments_NNP Ltd._NNP will_MD be_VB allowed_VBN to_TO export_VB 3.2_CD trillion_CD cubic_JJ feet_NNS ._. 
Combustion_NNP Engineering_NNP Inc._NNP ,_, Stamford_NNP ,_, Conn._NNP ,_, said_VBD it_PRP sold_VBD and_CC agreed_VBD to_TO sell_VB several_JJ investments_NNS and_CC nonstrategic_JJ businesses_NNS for_IN about_RB $_$ 100_CD million_CD ,_, which_WDT will_MD be_VB used_VBN for_IN reducing_VBG debt_NN and_CC general_JJ purposes_NNS ._. 
The_DT transactions_NNS are_VBP unrelated_JJ ._. 
The_DT company_NN agreed_VBD to_TO sell_VB its_PRP$ minority_NN investments_NNS in_IN makers_NNS of_IN steam-generating_NN and_CC related_VBN equipment_NN ,_, Stein_NNP Industrie_NNP and_CC Energie_NNP &_CC Verfahrenstechnik_NNP ,_, to_TO the_DT major_JJ shareholder_NN in_IN the_DT companies_NNS ,_, Dutch-based_JJ GEC_NNP Alsthom_NNP N.V_NNP ._. 
Combustion_NNP Engineering_NNP ,_, which_WDT provides_VBZ engineered_VBN products_NNS ,_, systems_NNS and_CC services_NNS for_IN power_NN generation_NN ,_, also_RB sold_VBN Illinois_NNP Minerals_NNP Co._NNP ,_, based_VBN in_IN Cairo_NNP ,_, Ill_NNP ._. 
That_DT unit_NN of_IN its_PRP$ Georgia_NNP Kaolin_NNP Co._NNP subsidiary_NN was_VBD sold_VBN to_TO a_DT unit_NN of_IN Unimin_NNP Corp_NNP ._. 
Assets_NNS of_IN Construction_NNP Equipment_NNP International_NNP ,_, Houston_NNP ,_, were_VBD sold_VBN to_TO Essex_NNP Crane_NNP Inc._NNP ,_, and_CC the_DT assets_NNS of_IN Elgin_NNP Electronics_NNP ,_, Erie_NNP ,_, Pa._NNP ,_, were_VBD sold_VBN to_TO closely_RB held_VBN Charter_NNP Technologies_NNP Inc_NNP ._. 
Where_WRB do_VBP Americans_NNPS put_VB their_PRP$ money_NN ?_. 
It_PRP depends_VBZ on_IN when_WRB you_PRP look_VBP ._. 
In_IN 1900_CD ,_, for_IN instance_NN ,_, less_JJR than_IN 8_CD %_NN of_IN assets_NNS went_VBD into_IN bank_NN deposits_NNS ._. 
That_DT rose_VBD to_TO nearly_RB 18_CD %_NN during_IN the_DT Depression_NNP ,_, and_CC has_VBZ n't_RB changed_VBN much_JJ since_RB ._. 
Pension_NN reserves_NNS ,_, on_IN the_DT other_JJ hand_NN ,_, made_VBN up_IN a_DT relatively_RB small_JJ part_NN of_IN household_NN assets_NNS until_IN the_DT last_JJ decade_NN ,_, when_WRB they_PRP skyrocketed_VBD ._. 
And_CC there_EX has_VBZ been_VBN a_DT drastic_JJ decline_NN in_IN the_DT importance_NN of_IN unincorporated_JJ business_NN assets_NNS --_: thanks_NNS to_TO industry_NN consolidation_NN and_CC a_DT decline_NN in_IN family_NN farms_NNS ._. 
That_DT 's_VBZ some_DT of_IN what_WP emerges_VBZ from_IN the_DT following_VBG charts_NNS ,_, which_WDT show_VBP how_WRB Americans_NNPS have_VBP changed_VBN their_PRP$ investment_NN patterns_NNS over_IN the_DT past_JJ 90_CD years_NNS ._. 
Some_DT results_NNS are_VBP self-explanatory_JJ ._. 
But_CC other_JJ figures_NNS are_VBP surprising_JJ ._. 
Housing_NNP ,_, for_IN instance_NN ,_, has_VBZ remained_VBN a_DT fairly_RB steady_JJ component_NN of_IN household_NN assets_NNS over_IN the_DT past_JJ decade_NN --_: although_IN common_JJ wisdom_NN would_MD have_VB expected_VBN an_DT increase_NN ._. 
``_`` There_EX is_VBZ a_DT lot_NN of_IN attention_NN paid_VBN to_TO housing_NN as_IN a_DT form_NN of_IN household_NN wealth_NN ,_, ''_'' says_VBZ Edward_NNP N._NNP Wolff_NNP ,_, professor_NN of_IN economics_NNS at_IN New_NNP York_NNP University_NNP ._. 
``_`` But_CC it_PRP has_VBZ n't_RB increased_VBN much_JJ relative_JJ to_TO other_JJ assets_NNS ._. 
It_PRP suggests_VBZ that_IN households_NNS accumulate_VBP wealth_NN across_IN a_DT broad_JJ spectrum_NN of_IN assets_NNS ._. 
And_CC housing_NN though_IN it_PRP appears_VBZ in_IN the_DT popular_JJ mind_NN as_IN being_VBG the_DT major_JJ -LCB-_( growing_VBG -RCB-_) household_NN asset_NN ,_, is_VBZ n't_RB ._. ''_'' 
In_IN addition_NN ,_, investors_NNS '_POS desire_NN to_TO hold_VB stocks_NNS --_: directly_RB and_CC through_IN mutual_JJ funds_NNS --_: has_VBZ held_VBN surprisingly_RB steady_JJ ;_: stocks_NNS '_POS importance_NN among_IN assets_NNS largely_RB reflects_VBZ the_DT ups_NNS and_CC downs_NNS of_IN the_DT stock_NN market_NN ,_, and_CC not_RB a_DT shift_NN in_IN stock-holding_JJ preferences_NNS ._. 
``_`` Stocks_NNS have_VBP not_RB spread_VB to_TO the_DT general_JJ public_NN ,_, despite_IN the_DT fact_NN that_IN the_DT environment_NN is_VBZ much_JJ different_JJ ,_, ''_'' concludes_VBZ Robert_NNP Avery_NNP ,_, an_DT economist_NN at_IN Cornell_NNP University_NNP ._. 
``_`` To_TO me_PRP it_PRP says_VBZ that_IN despite_IN all_PDT the_DT views_NNS that_IN we_PRP spend_VBP too_RB much_NN of_IN our_PRP$ wealth_NN on_IN paper_NN assets_NNS ,_, we_PRP have_VBP ways_NNS of_IN holding_VBG wealth_NN similar_JJ to_TO 100_CD years_NNS ago_RB ._. ''_'' 
--_: The_DT charts_NNS show_VBP how_WRB househld_JJ assets_NNS have_VBP been_VBN distributed_VBN over_IN time_NN ._. 
The_DT main_JJ components_NNS of_IN the_DT various_JJ asseet_NN categories_NNS :_: Housing_NNP :_: Primary_JJ home_NN ,_, but_CC not_RB the_DT land_NN it_PRP 's_VBZ on_RB ._. 
Land_NNP and_CC Other_JJ Real_NNP Estate_NNP :_: Land_NNP on_IN which_WDT primary_JJ home_NN is_VBZ built_VBN ,_, investment_NN property_NN ._. 
Consumer_NNP Durables_NNPS :_: Automobiles_NNS ,_, appliances_NNS ,_, furniture_NN ._. 
Bank_NN Deposits_NNS :_: Currency_NN ,_, checking-account_JJ deposits_NNS ,_, small_JJ savings_NNS and_CC time_NN deposits_NNS ,_, certificates_NNS of_IN deposits_NNS ,_, money-market_JJ fund_NN shares_NNS ._. 
Bonds_NNS :_: Excludes_VBZ bond_NN funds_NNS ._. 
Stocks\/Mutual_NNP Funds_NNS :_: Stocks_NNS and_CC mutual_JJ funds_NNS other_JJ than_IN money-market_JJ funds_NNS ._. 
Unincorporated_NNP Business_NNP :_: Partnerships_NNS and_CC sole_JJ proprietorships_NNS ,_, professional_JJ corporations_NNS ._. 
Pension_NN Reserves_NNS :_: Holdings_NNP by_IN pension_NN funds_NNS ._. 
McCaw_NNP Cellular_NNP Communications_NNP Inc._NNP said_VBD it_PRP sent_VBD a_DT letter_NN to_TO LIN_NNP Broadcasting_NNP Corp._NNP clarifying_VBG its_PRP$ revised_VBN tender_NN offer_NN for_IN LIN_NNP and_CC asking_VBG LIN_NNP to_TO conduct_VB ``_`` a_DT fair_JJ auction_NN ._. ''_'' 
The_DT letter_NN apparently_RB came_VBD in_IN response_NN to_TO a_DT request_NN for_IN clarification_NN by_IN LIN_NNP earlier_RBR this_DT week_NN ._. 
LIN_NNP ,_, which_WDT has_VBZ agreed_VBN with_IN BellSouth_NNP Corp._NNP to_TO merge_VB their_PRP$ cellular-telephone_JJ businesses_NNS ,_, said_VBD then_RB that_IN it_PRP would_MD n't_RB take_VB a_DT position_NN on_IN McCaw_NNP 's_POS revised_VBN tender_NN offer_NN ._. 
Earlier_RBR this_DT month_NN ,_, McCaw_NNP revised_VBD its_PRP$ offer_NN to_TO $_$ 125_CD a_DT share_NN for_IN 22_CD million_CD LIN_NNP shares_NNS ._. 
McCaw_NNP is_VBZ seeking_VBG 50.3_CD %_NN of_IN the_DT cellular_JJ and_CC broadcasting_NN concern_NN ;_: the_DT revised_VBN offer_NN includes_VBZ a_DT feature_NN requiring_VBG McCaw_NNP to_TO begin_VB an_DT auction_NN process_NN in_IN July_NNP 1994_CD that_WDT would_MD buy_VB out_RP remaining_VBG holders_NNS at_IN a_DT per-share_JJ price_NN roughly_RB equivalent_NN to_TO what_WP a_DT third_JJ party_NN might_MD then_RB have_VB to_TO pay_VB for_IN all_DT of_IN LIN_NNP ._. 
The_DT letter_NN outlines_VBZ broad_JJ powers_NNS for_IN an_DT independent_JJ group_NN of_IN directors_NNS provided_VBN for_IN in_IN the_DT revised_VBN offer_NN ._. 
In_IN a_DT statement_NN ,_, Craig_NNP O._NNP McCaw_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN McCaw_NNP ,_, said_VBD :_: ``_`` We_PRP trust_VBP LIN_NNP will_MD take_VB no_DT further_JJ actions_NNS that_WDT favor_VBP BellSouth_NNP ._. ''_'' 
McCaw_NNP said_VBD the_DT three_CD independent_JJ directors_NNS provided_VBN for_IN in_IN the_DT offer_NN would_MD be_VB designated_VBN by_IN the_DT current_JJ board_NN ._. 
The_DT successors_NNS would_MD be_VB nominated_VBN by_IN the_DT independent_JJ directors_NNS ._. 
LIN_NNP would_MD have_VB a_DT priority_NN right_NN to_TO pursue_VB all_DT opportunities_NNS to_TO acquire_VB U.S._NNP cellular_JJ interests_NNS in_IN markets_NNS other_JJ than_IN those_DT in_NN which_WDT McCaw_NNP holds_VBZ an_DT interest_NN ,_, or_CC which_WDT are_VBP contiguous_JJ to_TO those_DT markets_NNS ,_, unless_IN LIN_NNP has_VBZ an_DT interest_NN there_EX or_CC contiguous_JJ to_TO it_PRP ._. 
Independent_JJ directors_NNS would_MD have_VB veto_NN rights_NNS to_TO any_DT acquisition_NN if_IN they_PRP unanimously_RB decide_VBP it_PRP is_VBZ n't_RB in_IN LIN_NNP 's_POS best_JJS interest_NN ._. 
Independent_JJ directors_NNS would_MD be_VB able_JJ to_TO block_VB transactions_NNS they_PRP unanimously_RB deem_VBP would_MD be_VB likely_JJ to_TO depress_VB the_DT private_JJ market_NN value_NN of_IN LIN_NNP at_IN the_DT time_NN it_PRP is_VBZ to_TO be_VB sold_VBN in_IN five_CD years_NNS ._. 
If_IN LIN_NNP is_VBZ put_VBN up_IN for_IN sale_NN rather_RB than_IN purchased_VBN by_IN McCaw_NNP in_IN five_CD years_NNS ,_, McCaw_NNP wo_MD n't_RB submit_VB a_DT bid_NN unless_IN the_DT independent_JJ directors_NNS request_VBP it_PRP ,_, and_CC the_DT independent_JJ directors_NNS will_MD run_VB the_DT bidding_NN ._. 
The_DT directors_NNS would_MD be_VB able_JJ to_TO sell_VB particular_JJ assets_NNS to_TO enable_VB such_JJ buyers_NNS as_IN the_DT regional_JJ Bell_NNP operating_VBG companies_NNS to_TO purchase_VB the_DT company_NN 's_POS interests_NNS ._. 
MCA_NNP Inc._NNP said_VBD third-quarter_JJ net_NN fell_VBD 6.3_CD %_NN to_TO $_$ 50.8_CD million_CD ,_, or_CC 69_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 54.3_CD million_CD ,_, or_CC 74_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
MCA_NNP said_VBD revenue_NN rose_VBD 14_CD %_NN to_TO $_$ 918.4_CD million_CD from_IN $_$ 806.7_CD million_CD ._. 
The_DT entertainment_NN concern_NN said_VBD the_DT success_NN of_IN several_JJ movies_NNS released_VBN during_IN the_DT quarter_NN ,_, including_VBG ``_`` Parenthood_NNP ''_'' and_CC ``_`` Uncle_NNP Buck_NNP ,_, ''_'' contributed_VBD to_TO record_VB revenue_NN for_IN its_PRP$ film_NN unit_NN ._. 
Both_DT MCA_NNP 's_POS music-entertainment_NN and_CC book-publishing_NN units_NNS also_RB posted_VBD record_NN revenue_NN and_CC operating_VBG profit_NN ._. 
The_DT parent_NN company_NN 's_POS net_NN included_VBD a_DT loss_NN --_: which_WDT it_PRP did_VBD n't_RB specify_VB --_: that_WDT was_VBD related_VBN to_TO the_DT company_NN 's_POS 50_CD %_NN stake_NN in_IN Cineplex_NNP Odeon_NNP Corp_NNP ._. 
Cineplex_NNP ,_, a_DT Toronto_NNP theater_NN chain_NN ,_, had_VBD a_DT second-quarter_JJ net_JJ loss_NN of_IN $_$ 38.7_CD million_CD ._. 
MCA_NNP said_VBD net_JJ also_RB included_VBD certain_JJ reserves_NNS related_VBN to_TO the_DT restructuring_NN of_IN its_PRP$ LJN_NNP Toys_NNPS '_POS international_JJ operations_NNS ._. 
These_DT items_NNS were_VBD partly_RB offset_VB ,_, MCA_NNP said_VBD ,_, by_IN an_DT unspecified_JJ gain_NN on_IN the_DT sale_NN of_IN its_PRP$ Miller_NNP International_NNP unit_NN ,_, a_DT maker_NN and_CC distributor_NN of_IN budget-priced_JJ audio_JJ cassettes_NNS ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, MCA_NNP rose_VBD $_$ 1.50_CD to_TO $_$ 64_CD ._. 
In_IN the_DT nine_CD months_NNS ,_, net_NN rose_VBD 35_CD %_NN to_TO $_$ 120.1_CD million_CD ,_, or_CC $_$ 1.64_CD a_DT share_NN ,_, from_IN $_$ 89.2_CD million_CD ,_, or_CC $_$ 1.22_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Revenue_NN increased_VBN 22_CD %_NN to_TO $_$ 2.5_CD billion_CD from_IN $_$ 2.1_CD billion_CD ._. 
Past_JJ Due_NNP Impasse_NNP 
I_PRP never_RB pay_VBP my_PRP$ bills_NNS Till_IN the_DT very_RB last_JJ day_NN ;_: I_PRP lose_VBP far_RB less_JJR interest_NN By_IN proceeding_VBG that_DT way_NN ._. 
But_CC it_PRP all_DT evens_VBZ out_IN ,_, It_PRP 's_VBZ so_RB easy_JJ to_TO see_VB :_: Not_RB till_IN the_DT last_JJ moment_NN Am_NNP I_PRP paid_VBD what_WP 's_VBZ due_JJ me_PRP ._. 
--_: Arnold_NNP J._NNP Zarett_NNP ._. 
Rex_NNP Tremendae_NNP 
The_DT effete_JJ Tyrannosaurus_NNP Rex_NNP Had_VBD strict_JJ Cretaceous_NNP views_NNS on_IN sex_NN ,_, And_CC that_DT is_VBZ why_WRB you_PRP only_RB see_VBP him_PRP Reproduced_VBN in_IN the_DT museum_NN ._. 
--_: Laurence_NNP W._NNP Thomas_NNP ._. 
Helmsley_NNP Enterprises_NNPS Inc._NNP plans_VBZ to_TO close_VB its_PRP$ company-owned_JJ insurance_NN business_NN and_CC is_VBZ seeking_VBG other_JJ brokers_NNS to_TO take_VB over_IN its_PRP$ policies_NNS ,_, according_VBG to_TO individuals_NNS familiar_JJ with_IN the_DT New_NNP York_NNP firm_NN ._. 
Helmsley_NNP Enterprises_NNPS is_VBZ the_DT umbrella_NN organization_NN for_IN companies_NNS controlled_VBN by_IN Harry_NNP B._NNP Helmsley_NNP ._. 
These_DT include_VBP office_NN and_CC residential_JJ real_JJ estate_NN giant_NN ,_, HelmsleySpear_NNP Inc._NNP ,_, and_CC Helmsley_NNP Hotels_NNP ._. 
The_DT insurance_NN brokerage_NN agency_NN ,_, just_RB a_DT fragment_NN of_IN Helmsley_NNP 's_POS vast_JJ empire_NN ,_, would_MD be_VB the_DT first_JJ piece_NN of_IN the_DT company_NN to_TO be_VB stripped_VBN away_RB since_IN last_JJ summer_NN when_WRB Mr._NNP Helmsley_NNP 's_POS wife_NN ,_, Leona_NNP Helmsley_NNP ,_, was_VBD found_VBN guilty_JJ of_IN tax_NN evasion_NN ._. 
Industry_NN sources_NNS estimate_VBP the_DT agency_NN brokers_NNS property_NN and_CC casualty_NN premiums_NNS worth_JJ about_RB $_$ 25_CD million_CD annually_RB ,_, and_CC has_VBZ revenue_NN ,_, based_VBN on_IN a_DT standard_JJ 10_CD %_NN commission_NN rate_NN ,_, of_IN about_RB $_$ 2.5_CD million_CD ._. 
The_DT insurance_NN firm_NN acts_NNS as_IN a_DT broker_NN on_IN policies_NNS covering_VBG buildings_NNS managed_VBN by_IN HelmsleySpear_NNP and_CC others_NNS ._. 
Many_JJ of_IN the_DT properties_NNS are_VBP owned_VBN through_IN limited_JJ partnerships_NNS controlled_VBN by_IN Mr._NNP Helmsley_NNP ._. 
New_NNP York_NNP State_NNP law_NN prohibits_VBZ insurance_NN brokerages_NNS from_IN deriving_VBG more_JJR than_IN 10_CD %_NN of_IN revenue_NN from_IN insuring_VBG affiliated_VBN companies_NNS ._. 
Helmsley_NNP 's_POS insurance_NN division_NN had_VBD slightly_RB exceeded_VBN that_DT percentage_NN ,_, sources_NNS say_VBP ,_, but_CC the_DT division_NN was_VBD n't_RB considered_VBN significant_JJ enough_RB to_TO the_DT company_NN to_TO be_VB restructured_VBN ,_, particularly_RB at_IN a_DT difficult_JJ time_NN for_IN the_DT firm_NN ._. 
Adverse_JJ publicity_NN from_IN the_DT scandal_NN surrounding_VBG its_PRP$ founder_NN 's_POS wife_NN and_CC related_VBN management_NN strife_NN have_VBP put_VBN pressure_NN on_IN the_DT entire_JJ Helmsley_NNP organization_NN ._. 
However_RB ,_, individuals_NNS close_VBP to_TO the_DT company_NN insist_VBP shuttering_VBG the_DT insurance_NN division_NN ,_, a_DT sideline_NN from_IN the_DT company_NN 's_POS core_NN property_NN management_NN business_NN ,_, is_VBZ n't_RB the_DT beginning_NN of_IN a_DT sale_NN of_IN assets_NNS ._. 
Helmsley_NNP 's_POS insurance_NN premiums_NNS are_VBP expected_VBN to_TO be_VB transferred_VBN to_TO several_JJ different_JJ insurance_NN brokerage_NN companies_NNS ._. 
Frank_NNP B._NNP Hall_NNP Inc._NNP of_IN Briarcliff_NNP Manor_NNP ,_, N.Y._NNP is_VBZ reportedly_RB working_VBG out_RP an_DT agreement_NN with_IN Helmsley_NNP ._. 
Officials_NNS there_EX declined_VBD to_TO comment_VB ,_, as_IN did_VBD Helmsley_NNP management_NN ._. 
Outside_IN the_DT white-walled_JJ headquarters_NN of_IN the_DT socalled_JJ Society_NNP of_IN Orange_NNP Workers_NNPS ,_, all_DT seems_VBZ normal_JJ in_IN South_NNP Africa_NNP 's_POS abnormal_JJ society_NN ._. 
A_DT pickup_NN truck_NN driven_VBN by_IN a_DT white_JJ farmer_NN rumbles_VBZ past_JJ with_IN a_DT load_NN of_IN black_JJ workers_NNS bouncing_VBG in_IN the_DT back_RB ._. 
Over_IN at_IN Conradies_NNP ,_, the_DT general_JJ store_NN ,_, a_DT black_JJ stock_NN boy_NN scurries_NNS to_TO help_VB an_DT elderly_JJ white_JJ woman_NN with_IN her_PRP$ packages_NNS ._. 
Down_IN the_DT street_NN ,_, a_DT car_NN pulls_VBZ into_IN the_DT Shell_NNP station_NN and_CC is_VBZ surrounded_VBN by_IN black_JJ attendants_NNS ._. 
But_CC inside_IN the_DT white_JJ walls_NNS of_IN the_DT Orange_NNP Workers_NNPS '_POS office_NN --_: just_RB about_IN the_DT largest_JJS building_NN in_IN town_NN ,_, save_VB for_IN the_DT Dutch_NNP Reformed_NNP Church_NNP and_CC the_DT school_NN --_: South_NNP Africa_NNP 's_POS neat_JJ racial_JJ order_NN is_VBZ awry_RB ._. 
A_DT dozen_NN white_JJ office_NN workers_NNS fold_VBP newsletters_NNS and_CC stuff_NN them_PRP into_IN envelopes_NNS ._. 
White_JJ women_NNS serve_VBP tea_NN and_CC coffee_NN ,_, and_CC then_JJ wash_NN the_DT cups_NNS and_CC saucers_NNS afterwards_RB ._. 
White_JJ children_NNS empty_VB the_DT wastepaper_NN baskets_NNS and_CC squeegee_VBP the_DT windows_NNS ._. 
There_EX is_VBZ n't_RB a_DT black_JJ worker_NN in_IN sight_NN ._. 
Not_RB in_IN the_DT kitchen_NN ,_, or_CC the_DT storeroom_NN or_CC the_DT book_NN shop_NN ._. 
``_`` If_IN we_PRP want_VBP to_TO have_VB our_PRP$ own_JJ nation_NN ,_, then_RB we_PRP must_MD be_VB willing_JJ to_TO do_VB all_PDT the_DT work_NN ourselves_PRP ,_, ''_'' says_VBZ Hendrik_NNP Verwoerd_NNP Jr._NNP ,_, son_NN of_IN the_DT former_JJ prime_JJ minister_NN and_CC the_DT leader_NN of_IN the_DT Orange_NNP Workers_NNPS ,_, founded_VBN in_IN 1980_CD ._. 
They_PRP do_VBP indeed_RB want_VB their_PRP$ own_JJ nation_NN ._. 
The_DT pillars_NNS of_IN apartheid_NN may_MD be_VB trembling_VBG in_IN the_DT rest_NN of_IN South_NNP Africa_NNP ,_, with_IN Johannesburg_NNP opening_VBG its_PRP$ public_JJ facilities_NNS to_TO all_DT races_NNS ,_, blacks_NNS storming_VBG the_DT all-white_JJ beaches_NNS of_IN the_DT Cape_NNP and_CC the_DT government_NN releasing_VBG seven_CD leaders_NNS of_IN the_DT banned_VBN African_NNP National_NNP Congress_NNP ._. 
But_CC here_RB in_IN Morgenzon_NNP ,_, a_DT sleepy_JJ town_NN amid_IN the_DT corn_NN fields_NNS of_IN the_DT eastern_JJ Transvaal_NNP ,_, the_DT Orange_NNP Workers_NNPS are_VBP holding_VBG the_DT pillars_NNS steady_JJ ._. 
The_DT Orange_NNP Workers_NNPS --_: who_WP take_VBP their_PRP$ name_NN from_IN William_NNP of_IN Orange_NNP of_IN the_DT Netherlands_NNP ,_, a_DT hero_NN of_IN the_DT Dutch-descended_JJ Afrikaners_NNPS --_: believe_VBP that_IN the_DT solution_NN to_TO South_NNP Africa_NNP 's_POS racial_JJ problems_NNS is_VBZ n't_RB the_DT abolition_NN of_IN apartheid_NN ,_, it_PRP 's_VBZ the_DT perfection_NN of_IN apartheid_NN --_: complete_JJ and_CC total_JJ separation_NN of_IN the_DT races_NNS ._. 
Here_RB ,_, then_RB ,_, is_VBZ where_WRB the_DT Orange_NNP Workers_NNPS have_VBP come_VBN to_TO make_VB apartheid_NN 's_POS last_JJ stand_NN ._. 
Their_PRP$ idea_NN is_VBZ to_TO create_VB a_DT city_NN ,_, first_JJ ,_, and_CC then_RB an_DT entire_JJ nation_NN --_: without_IN blacks_NNS ._. 
This_DT may_MD seem_VB to_TO be_VB a_DT preposterous_JJ and_CC utterly_RB futile_JJ effort_NN in_IN Africa_NNP ._. 
And_CC the_DT fact_NN that_IN there_EX are_VBP only_RB 3,000_CD card-carrying_JJ Orange_NNP Workers_NNPS may_MD put_VB them_PRP on_IN the_DT loony_JJ fringe_NN ._. 
But_CC their_PRP$ ideal_NN of_IN an_DT Afrikaner_JJ homeland_NN ,_, an_DT all-white_JJ reserve_NN to_TO be_VB carved_VBN out_IN of_IN present-day_JJ South_NNP Africa_NNP ,_, is_VBZ a_DT mainstream_NN desire_NN of_IN the_DT right-wing_NN ,_, which_WDT embraces_VBZ about_IN one-third_NN of_IN the_DT country_NN 's_POS five_CD million_CD whites_NNS ._. 
Afrikaner_JJ philosophers_NNS and_CC theologians_NNS have_VBP long_RB ruminated_VBN on_IN the_DT need_NN for_IN a_DT white_JJ homeland_NN ._. 
The_DT Orange_NNP Workers_NNPS are_VBP just_RB putting_VBG this_DT preaching_NN into_IN practice_NN ._. 
Thus_RB ,_, farmer_NN Johan_NNP Fischer_NNP ,_, his_PRP$ T-shirt_NN and_CC jeans_NNS covered_VBN in_IN grease_NN ,_, crawls_VBZ around_IN under_IN his_PRP$ planter_NN ,_, tightening_VBG bolts_NNS and_CC fixing_VBG dents_NNS ._. 
On_IN almost_RB every_DT other_JJ farm_NN in_IN South_NNP Africa_NNP ,_, black_JJ workers_NNS do_VBP the_DT repairs_NNS ._. 
But_CC not_RB here_RB ._. 
Mr._NNP Fischer_NNP plows_VBZ his_PRP$ own_JJ fields_NNS ,_, sows_VBZ his_PRP$ own_JJ corn_NN and_CC sunflowers_NNS ,_, and_CC feeds_VBZ his_PRP$ own_JJ sheep_NN ._. 
Over_IN at_IN the_DT fiberglass_NNS factory_NN ,_, four_CD white_JJ workers_NNS assemble_VBP water_NN tanks_NNS on_IN their_PRP$ own_JJ ,_, and_CC in_IN their_PRP$ spare_JJ time_NN they_PRP build_VBP townhouses_NNS across_IN the_DT road_NN ._. 
On_IN Main_NNP Street_NNP ,_, Alida_NNP Verwoerd_NNP and_CC her_PRP$ daughters_NNS look_VBP after_IN the_DT clothes_NNS and_CC fabric_NN shop_NN ,_, then_JJ hurry_NN home_NN to_TO fix_VB lunch_NN for_IN the_DT rest_NN of_IN the_DT family_NN ._. 
Down_IN by_IN the_DT stream_NN ,_, a_DT group_NN of_IN Orange_NNP Workers_NNPS puts_VBZ the_DT finishing_VBG touches_NNS on_IN a_DT golf_NN course_NN ._. 
If_IN whites_NNS want_VBP to_TO play_VB there_RB by_IN themselves_PRP ,_, says_VBZ consulting_NN engineer_NN Willem_NNP van_NNP Heerden_NNP ,_, whites_NNS should_MD also_RB build_VB it_PRP by_IN themselves_PRP ._. 
``_`` If_IN we_PRP want_VBP to_TO survive_VB as_IN a_DT people_NNS ,_, ''_'' he_PRP says_VBZ ,_, ``_`` we_PRP have_VBP to_TO change_VB our_PRP$ way_NN of_IN life_NN ._. 
The_DT Afrikaner_JJ must_MD end_VB his_PRP$ reliance_NN on_IN others_NNS ._. ''_'' 
In_IN their_PRP$ quest_NN to_TO perfect_JJ apartheid_NN ,_, the_DT Orange_NNP Workers_NNPS have_VBP discovered_VBN a_DT truth_NN that_IN most_RBS of_IN privileged_JJ white_JJ South_NNP Africa_NNP tries_VBZ mightily_RB to_TO deny_VB :_: The_DT master_NN ca_MD n't_RB become_VB dependent_JJ on_IN the_DT slave_NN and_CC expect_VBP to_TO remain_VB master_NN forever_RB ._. 
``_`` If_IN apartheid_NN means_VBZ you_PRP want_VBP cheap_JJ black_JJ labor_NN and_CC all_PDT the_DT comforts_NNS that_WDT go_VBP with_IN it_PRP ,_, but_CC you_PRP also_RB want_VBP to_TO exclude_VB the_DT blacks_NNS from_IN social_JJ and_CC political_JJ integration_NN ,_, then_RB these_DT are_VBP two_CD contradictions_NNS that_WDT ca_MD n't_RB go_VB on_IN forever_RB ,_, ''_'' says_VBZ Mr._NNP Verwoerd_NNP ._. 
He_PRP is_VBZ sitting_VBG in_IN his_PRP$ living_NN room_NN ,_, beneath_IN a_DT huge_JJ portrait_NN of_IN his_PRP$ late_JJ father_NN ,_, Hendrik_NNP F._NNP Verwoerd_NNP ,_, apartheid_NN 's_POS architect_NN and_CC South_JJ African_JJ prime_JJ minister_NN from_IN 1958_CD to_TO 1966_CD ._. 
Somewhere_RB ,_, the_DT son_NN sighs_VBZ ,_, things_NNS went_VBN terribly_RB wrong_JJ with_IN apartheid_NN ;_: today_NN ,_, whites_NNS even_RB rely_VBP on_IN blacks_NNS to_TO police_VB their_PRP$ separation_NN ._. 
``_`` People_NNS took_VBD separate_JJ development_NN as_IN an_DT opportunity_NN to_TO use_VB black_JJ labor_NN without_IN ever_RB getting_VBG rid_JJ of_IN it_PRP ._. 
But_CC my_PRP$ father_NN meant_VBD it_PRP to_TO mean_VB real_JJ separation_NN ,_, ''_'' says_VBZ the_DT son_NN ._. 
The_DT Orange_NNP Workers_NNPS speak_VBP sincerely_RB ._. 
``_`` We_PRP agree_VBP with_IN world_NN opinion_NN that_IN the_DT status_NN quo_FW in_IN South_NNP Africa_NNP is_VBZ morally_RB wrong_JJ ,_, ''_'' says_VBZ Pieter_NNP Bruwer_NNP ,_, the_DT Orange_NNP Workers_NNPS '_POS chief_JJ scribe_NN and_CC pamphleteer_NN ._. 
``_`` We_PRP must_MD either_DT integrate_VB honestly_RB or_CC segregate_VB honestly_RB ._. ''_'' 
Morgenzon_NNP has_VBZ long_RB been_VBN a_DT special_JJ domain_NN of_IN Afrikanerdom_NNP ._. 
According_VBG to_TO Mr._NNP Verwoerd_NNP ,_, the_DT early_JJ Afrikaner_JJ pioneers_NNS were_VBD the_DT first_JJ people_NNS to_TO settle_VB in_IN the_DT eastern_JJ Transvaal_NNP ,_, even_RB before_IN the_DT blacks_NNS ._. 
Then_RB ,_, when_WRB Morgenzon_NNP was_VBD incorporated_VBN in_IN 1908_CD ,_, the_DT farmer_NN who_WP owned_VBD the_DT land_NN stipulated_VBD that_IN only_JJ whites_NNS could_MD reside_VB in_IN town_NN ;_: blacks_NNS could_MD work_VB there_EX ,_, but_CC they_PRP had_VBD to_TO leave_VB at_IN night_NN ._. 
Today_NN ,_, Morgenzon_NNP is_VBZ a_DT town_NN of_IN 800_CD whites_NNS and_CC two_CD paved_JJ roads_NNS ._. 
Weeds_NNS push_VBP up_IN through_IN the_DT cracks_NNS in_IN the_DT sidewalks_NNS ,_, and_CC many_JJ houses_NNS and_CC storefronts_NNS are_VBP empty_JJ ._. 
There_EX are_VBP few_JJ factories_NNS and_CC no_DT mines_NNS ._. 
It_PRP was_VBD an_DT ideal_JJ place_NN for_IN the_DT Orange_NNP Workers_NNPS to_TO start_VB their_PRP$ new_JJ nation_NN ,_, unencumbered_JJ by_IN the_DT demographics_NNS that_WDT have_VBP undermined_VBN apartheid_NN elsewhere_RB in_IN South_NNP Africa_NNP ._. 
So_RB far_RB ,_, about_IN 150_CD Orange_NNP Workers_NNPS have_VBP moved_VBN here_RB ,_, spending_NN nearly_RB $_$ 1_CD million_CD buying_VBG up_IN property_NN over_IN the_DT past_JJ three_CD years_NNS ._. 
Still_RB ,_, complete_JJ and_CC total_JJ segregation_NN remains_VBZ elusive_JJ ._. 
Just_RB beyond_IN the_DT city_NN limits_NNS is_VBZ a_DT shantytown_NN of_IN 2,000_CD blacks_NNS who_WP are_VBP employed_VBN throughout_IN the_DT area_NN ._. 
Despite_IN the_DT Orange_NNP Workers_NNPS '_POS intention_NN to_TO put_VB them_PRP all_DT out_NN of_IN work_NN ,_, they_PRP are_VBP in_IN no_DT hurry_NN to_TO leave_VB ._. 
A_DT young_JJ man_NN called_VBN July_NNP -LRB-_( that_DT 's_VBZ when_WRB he_PRP was_VBD born_VBN -RRB-_) ,_, who_WP works_VBZ at_IN the_DT railroad_NN station_NN just_RB up_IN the_DT street_NN from_IN the_DT Orange_NNP Workers_NNPS office_NN ,_, points_VBZ at_IN the_DT whitewalled_JJ building_NN and_CC says_VBZ matter-of-factly_RB ,_, ``_`` We_PRP 're_VBP not_RB allowed_VBN in_IN there_EX ,_, that_DT 's_VBZ all_DT I_PRP know_VBP ._. ''_'' 
The_DT 650-or-so_JJ local_JJ whites_NNS who_WP are_VBP n't_RB Orange_NNP Workers_NNPS are_VBP more_RBR troubled_JJ ._. 
Try_VB as_IN they_PRP might_MD ,_, they_PRP just_RB ca_MD n't_RB conceive_VB of_IN life_NN without_IN black_JJ workers_NNS ._. 
``_`` Impossible_JJ ,_, impossible_JJ ,_, ''_'' say_VBP the_DT Conradies_NNP ,_, an_DT elderly_JJ couple_NN who_WP have_VBP run_VBN the_DT general_JJ store_NN for_IN decades_NNS ._. 
``_`` We_PRP ca_MD n't_RB do_VB without_IN their_PRP$ help_NN ,_, ''_'' says_VBZ Mrs._NNP Conradie_NNP ._. 
``_`` Oh_UH no_DT ._. 
We_PRP need_VBP them_PRP and_CC I_PRP thank_VBP God_NNP for_IN them_PRP ._. ''_'' 
Over_IN at_IN the_DT Shell_NNP station_NN ,_, owner_NN Rudi_NNP van_NNP Dyk_NNP ,_, who_WP doubles_VBZ as_IN Morgenzon_NNP 's_POS mayor_NN ,_, worries_VBZ that_IN the_DT Orange_NNP Workers_NNPS have_VBP made_VBN his_PRP$ town_NN the_DT laughingstock_NN of_IN the_DT nation_NN ._. 
``_`` What_WP they_PRP want_VBP us_PRP to_TO do_VB just_RB is_VBZ n't_RB practical_JJ ,_, ''_'' he_PRP says_VBZ ,_, noting_VBG that_IN he_PRP employs_VBZ 16_CD blacks_NNS ._. 
``_`` I_PRP could_MD n't_RB afford_VB to_TO hire_VB 16_CD whites_NNS ._. 
The_DT only_RB Afrikaners_NNPS who_WP would_MD be_VB willing_JJ to_TO work_VB for_IN this_DT salary_NN would_MD n't_RB know_VB how_WRB to_TO handle_VB money_NN ._. ''_'' 
Back_RB at_IN the_DT Verwoerd_NNP house_NN ,_, Hendrik_NNP Sr._NNP peers_NNS down_RB over_IN the_DT shoulder_NN of_IN Hendrik_NNP Jr_NNP ._. 
The_DT son_NN believes_VBZ that_IN when_WRB the_DT Afrikaners_NNPS finally_RB realize_VB there_EX is_VBZ no_DT turning_VBG back_RB the_DT integration_NN of_IN South_JJ African_JJ society_NN and_CC politics_NNS ,_, Morgenzon_NNP will_MD boom_VB ._. 
``_`` We_PRP urge_VBP our_PRP$ people_NNS not_RB to_TO wait_VB until_IN they_PRP have_VBP to_TO fight_VB for_IN their_PRP$ own_JJ nation_NN ,_, ''_'' says_VBZ Mr._NNP Verwoerd_NNP ._. 
``_`` By_IN populating_VBG a_DT place_NN now_RB ,_, we_PRP make_VBP ourselves_PRP a_DT power_NN any_DT new_JJ government_NN will_MD have_VB to_TO take_VB into_IN account_NN ._. ''_'' 
Curiously_RB ,_, he_PRP compares_VBZ the_DT Orange_NNP Workers_NNPS to_TO the_DT ANC_NNP ,_, which_WDT his_PRP$ father_NN outlawed_VBN in_IN 1960_CD ._. 
``_`` The_DT ANC_NNP wo_MD n't_RB be_VB stopped_VBN until_IN there_EX is_VBZ a_DT provision_NN for_IN black_JJ aspirations_NNS ,_, ''_'' says_VBZ Mr._NNP Verwoerd_NNP ._. 
``_`` Likewise_RB ,_, no_DT government_NN will_MD stop_VB this_DT idea_NN of_IN the_DT Afrikaners_NNPS ._. ''_'' 
He_PRP apologizes_VBZ for_IN sounding_VBG pushy_JJ ._. 
``_`` Look_VB ,_, ''_'' he_PRP says_VBZ ,_, ``_`` If_IN the_DT rest_NN of_IN South_NNP Africa_NNP wants_VBZ to_TO have_VB an_DT integrated_VBN melting_VBG pot_NN ,_, that_DT 's_VBZ their_PRP$ choice_NN ._. 
We_PRP 'll_MD leave_VB them_PRP alone_RB ._. 
We_PRP just_RB want_VBP to_TO have_VB our_PRP$ own_JJ cup_NN of_IN tea_NN ._. ''_'' 
And_CC they_PRP will_MD even_RB serve_VB it_PRP themselves_PRP ._. 
Okay_UH ,_, now_RB you_PRP can_MD pick_VB up_IN that_DT phone_NN ._. 
But_CC do_VBP n't_RB do_VB anything_NN rash_NN ._. 
After_IN last_JJ Friday_NNP 's_POS stock-market_NN plunge_NN ,_, investment_NN professionals_NNS cautioned_VBD people_NNS to_TO resist_VB the_DT urge_NN to_TO call_VB their_PRP$ brokers_NNS and_CC sell_VB stocks_NNS ._. 
Not_RB selling_VBG into_IN a_DT panic_NN turned_VBD out_IN to_TO be_VB very_RB good_JJ advice_NN :_: Despite_IN the_DT market_NN 's_POS volatility_NN ,_, the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP has_VBZ surged_VBN 114_CD points_NNS in_IN the_DT past_JJ four_CD days_NNS ._. 
Now_RB ,_, with_IN a_DT semblance_NN of_IN normalcy_NN returning_VBG ,_, some_DT advisers_NNS say_VBP it_PRP 's_VBZ time_NN for_IN investors_NNS to_TO take_VB a_DT hard_JJ ,_, cold_JJ look_NN at_IN the_DT stocks_NNS they_PRP own_JJ and_CC consider_VB some_DT careful_JJ pruning_NN ._. 
``_`` The_DT market_NN is_VBZ sending_VBG nervous_JJ signals_NNS ,_, ''_'' says_VBZ Peter_NNP J._NNP Canelo_NNP ,_, chief_JJ market_NN strategist_NN for_IN Bear_NNP ,_, Stearns_NNP &_CC Co._NNP ,_, and_CC it_PRP 's_VBZ ``_`` unwise_JJ ''_'' to_TO be_VB overcommitted_VBN to_TO stocks_NNS ._. 
Alan_NNP Weston_NNP ,_, president_NN of_IN Weston_NNP Capital_NNP Management_NNP ,_, a_DT Los_NNP Angeles_NNP money-management_NN firm_NN ,_, adds_VBZ that_IN in_IN periods_NNS of_IN uncertainty_NN like_IN today_NN ,_, ``_`` it_PRP 's_VBZ a_DT good_JJ time_NN to_TO cut_VB out_RP the_IN dead_JJ branches_NNS of_IN your_PRP$ portfolio_NN ._. ''_'' 
Not_RB everybody_NN agrees_VBZ that_IN it_PRP 's_VBZ time_NN to_TO trim_VB ._. 
``_`` We_PRP are_VBP n't_RB inclined_VBN to_TO prune_VB stock_NN portfolios_NNS now_RB ,_, ''_'' says_VBZ Steven_NNP G._NNP Einhorn_NNP ,_, chairman_NN of_IN the_DT investment_NN policy_NN committee_NN of_IN Goldman_NNP ,_, Sachs_NNP &_CC Co_NNP ._. 
``_`` Investors_NNS should_MD stay_VB with_IN their_PRP$ stocks_NNS ._. 
We_PRP expect_VBP a_DT choppy_JJ and_CC sloppy_JJ market_NN for_IN a_DT short_JJ period_NN ,_, but_CC we_PRP do_VBP n't_RB think_VB it_PRP will_MD be_VB ugly_JJ ._. 
The_DT downside_NN is_VBZ limited_JJ ._. ''_'' 
And_CC even_RB those_DT who_WP say_VBP some_DT selective_JJ selling_NN may_MD be_VB in_IN order_NN stress_NN that_IN individuals_NNS need_VBP to_TO be_VB in_IN the_DT stock_NN market_NN to_TO achieve_VB their_PRP$ long-term_JJ investment_NN objectives_NNS and_CC to_TO help_VB balance_VB their_PRP$ other_JJ assets_NNS ._. 
Any_DT selling_NN ,_, they_PRP say_VBP ,_, should_MD be_VB well_RB thought-out_JJ ,_, and_CC executed_VBD gradually_RB ,_, during_IN market_NN rallies_NNS ._. 
They_PRP offer_VBP these_DT suggestions_NNS :_: 
GET_VB RID_VB OF_IN THE_DT DOGS_NNS ._. 
``_`` Sell_VB stocks_NNS that_WDT are_VBP n't_RB doing_VBG well_RB now_RB ,_, and_CC that_DT do_VBP n't_RB have_VB good_JJ earnings_NNS prospects_NNS ,_, ''_'' says_VBZ Alfred_NNP Goldman_NNP ,_, technical_JJ analyst_NN at_IN St._NNP Louis-based_JJ A.G._NNP Edwards_NNP &_CC Sons_NNP ._. 
``_`` Most_JJS people_NNS do_VBP just_RB the_DT opposite_JJ :_: They_PRP sell_VBP their_PRP$ winners_NNS and_CC keep_VB their_PRP$ losers_NNS ._. ''_'' 
Which_WDT types_NNS of_IN stocks_NNS are_VBP most_RBS likely_JJ to_TO qualify_VB ?_. 
Technology_NN stocks_NNS ,_, says_VBZ Mr._NNP Goldman_NNP ._. 
WATCH_VB FOR_IN EARNINGS_NNS DISAPPOINTMENTS_NNS ._. 
A_DT company_NN does_VBZ n't_RB have_VB to_TO post_VB a_DT loss_NN to_TO be_VB a_DT candidate_NN for_IN sale_NN ,_, says_VBZ Charles_NNP I._NNP Clough_NNP Jr._NNP ,_, chief_JJ market_NN strategist_NN at_IN Merrill_NNP Lynch_NNP &_CC Co_NNP ._. 
If_IN earnings_NNS do_NN n't_RB live_VB up_IN to_TO analysts_NNS '_POS expectations_NNS ,_, he_PRP says_VBZ ,_, that_DT 's_VBZ enough_RB to_TO dump_VB the_DT stock_NN ._. 
John_NNP Markese_NNP ,_, director_NN of_IN research_NN for_IN the_DT American_NNP Association_NNP of_IN Individual_JJ Investors_NNS ,_, raises_VBZ a_DT cautionary_JJ note_NN ._. 
``_`` Substituting_VBG a_DT rule_NN of_IN thumb_NN for_IN your_PRP$ own_JJ judgment_NN ''_'' can_MD be_VB a_DT mistake_NN ,_, he_PRP says_VBZ ._. 
An_DT earnings_NNS disappointment_NN may_MD reflect_VB a_DT situation_NN that_WDT 's_VBZ short-term_JJ ._. 
But_CC Mr._NNP Clough_NNP says_VBZ ,_, ``_`` The_DT risk_NN is_VBZ that_IN earnings_NNS disappointments_NNS will_MD continue_VB ._. ''_'' 
The_DT economy_NN is_VBZ decelerating_VBG after_IN six_CD good_JJ years_NNS ,_, and_CC ``_`` right_RB now_RB it_PRP 's_VBZ better_JJR to_TO shoot_VB first_JJ and_CC ask_VB questions_NNS later_RB ._. ''_'' 
Which_WDT types_NNS of_IN stocks_NNS currently_RB have_VBP the_DT greatest_JJS earnings_NNS risks_NNS ?_. 
Computer_NN companies_NNS ;_: commodity_NN cyclical_JJ stocks_NNS ,_, like_IN autos_NNS ;_: and_CC retailing_NN stocks_NNS ,_, he_PRP says_VBZ ._. 
BEWARE_VB OF_IN HEAVY_JJ DEBT_NN ._. 
The_DT companies_NNS apt_JJ to_TO run_VB into_IN earnings_NNS problems_NNS soonest_JJS are_VBP the_DT ones_NNS with_IN heavy_JJ debt_NN loads_NNS ,_, says_VBZ Larry_NNP Biehl_NNP ,_, partner_NN in_IN the_DT San_NNP Mateo_NNP ,_, Calif._NNP ,_, money-management_NN firm_NN of_IN Bailard_NNP ,_, Biehl_NNP &_CC Kaiser_NNP ._. 
Mr._NNP Canelo_NNP of_IN Bear_NNP Stearns_NNP agrees_VBZ :_: ``_`` If_IN we_PRP do_VBP have_VB an_DT economic_JJ slowdown_NN ,_, ''_'' he_PRP says_VBZ ,_, ``_`` companies_NNS with_IN high_JJ debt_NN ratios_NNS will_MD be_VB dumped_VBN en_IN masse_FW ._. ''_'' 
The_DT best_JJS course_NN for_IN individual_JJ investors_NNS is_VBZ to_TO sell_VB these_DT stocks_NNS now_RB ,_, the_DT two_CD advisers_NNS say_VBP ._. 
SELL_VB `_`` WHISPER_NN '_'' STOCKS_NNS ._. 
UAL_NNP Corp._NNP 's_POS difficulty_NN in_IN obtaining_VBG bank_NN financing_NN for_IN its_PRP$ leveraged_JJ buy-out_NN and_CC its_PRP$ resulting_VBG price_NN plunge_NN is_VBZ a_DT tip-off_NN to_TO what_WP 's_VBZ going_VBG to_TO happen_VB to_TO ``_`` takeover_NN stocks_NNS ,_, ''_'' says_VBZ Mr._NNP Canelo_NNP ._. 
Takeover_NN activity_NN will_MD slow_VB down_RB as_IN more_JJR and_CC more_JJR banks_NNS tighten_VBP their_PRP$ lending_NN requirements_NNS ,_, he_PRP says_VBZ ._. 
``_`` There_EX 'll_MD be_VB fewer_JJR and_CC fewer_JJR deals_NNS ._. ''_'' 
Moreover_RB ,_, many_JJ financial_JJ advisers_NNS say_VBP individuals_NNS should_MD be_VB in_IN the_DT stock_NN market_NN as_IN long-term_JJ investors_NNS ,_, not_RB as_IN traders_NNS trying_VBG to_TO catch_VB the_DT next_JJ hot_JJ stock_NN ._. 
In_IN general_JJ ,_, they_PRP say_VBP ,_, avoid_VB takeover_NN stocks_NNS ._. 
COMPARE_VB P\/E_NNP RATIOS_NNS WITH_IN PROSPECTS_NNS ._. 
Mr._NNP Canelo_NNP suggests_VBZ that_IN investors_NNS compare_VBP price\/earnings_NNS ratios_NNS -LRB-_( the_DT price_NN of_IN a_DT share_NN of_IN stock_NN divided_VBN by_IN a_DT company_NN 's_POS per-share_JJ earnings_NNS for_IN a_DT 12-month_JJ period_NN -RRB-_) with_IN projected_VBN growth_NN rates_NNS ._. 
``_`` If_IN you_PRP think_VBP earnings_NNS will_MD grow_VB at_IN 20_CD %_NN a_DT year_NN ,_, it_PRP 's_VBZ all_DT right_NN to_TO pay_VB 20_CD times_NNS earnings_NNS ,_, ''_'' he_PRP says_VBZ ._. 
``_`` But_CC do_VBP n't_RB pay_VB 30_CD times_NNS earnings_NNS for_IN a_DT company_NN that_WDT 's_VBZ expected_VBN to_TO grow_VB at_IN 15_CD %_NN a_DT year_NN ._. ''_'' 
Mr._NNP Canelo_NNP thinks_VBZ the_DT market_NN will_MD probably_RB go_VB higher_JJR ,_, but_CC ``_`` will_MD be_VB ruthless_JJ with_IN stocks_NNS if_IN the_DT earnings_NNS are_VBP n't_RB there_RB ._. ''_'' 
Mr._NNP Markese_NNP cautions_VBZ that_IN investors_NNS should_MD n't_RB slavishly_RB follow_VB any_DT specific_JJ price\/earnings_NNS sell_VBP trigger_VB ._. 
``_`` If_IN you_PRP say_VBP sell_VB anytime_RB a_DT company_NN 's_POS price\/earnings_NNS ratio_NN exceeds_VBZ 15_CD ,_, that_WDT knocks_VBZ out_RP all_DT your_PRP$ growth_NN stocks_NNS ,_, ''_'' he_PRP says_VBZ ._. 
``_`` You_PRP eliminate_VBP companies_NNS with_IN substantial_JJ prospects_NNS that_WDT are_VBP moving_VBG up_IN in_IN price_NN ._. ''_'' 
EXAMINE_VB WHAT_WP HAS_VBZ CHANGED_VBN ._. 
Tom_NNP Schlesinger_NNP ,_, market_NN analyst_NN at_IN A.G._NNP Edwards_NNP &_CC Sons_NNP Inc._NNP ,_, says_VBZ investors_NNS should_MD consider_VB selling_VBG if_IN there_EX has_VBZ been_VBN a_DT fundamental_JJ change_NN in_IN a_DT company_NN since_IN they_PRP bought_VBD its_PRP$ stock_NN ._. 
Say_VB you_PRP purchased_VBD a_DT stock_NN because_IN of_IN a_DT new_JJ product_NN that_WDT was_VBD in_IN the_DT works_NNS ._. 
Now_RB ,_, because_IN of_IN various_JJ difficulties_NNS ,_, the_DT product_NN has_VBZ been_VBN scrapped_VBN ._. 
Time_NNP to_TO sell_VB ,_, says_VBZ Mr._NNP Schlesinger_NNP ._. 
Similarly_RB ,_, he_PRP says_VBZ ,_, suppose_VBP you_PRP were_VBD attracted_VBN to_TO a_DT company_NN because_IN of_IN expectations_NNS that_IN sales_NNS would_MD hit_VB $_$ 200_CD million_CD by_IN 1990_CD ._. 
If_IN things_NNS have_VBP n't_RB worked_VBN out_RP that_IN well_RB ,_, and_CC sales_NNS wo_MD n't_RB hit_VB $_$ 200_CD million_CD until_IN 1992_CD ,_, it_PRP 's_VBZ time_NN to_TO consider_VB selling_VBG ,_, he_PRP says_VBZ ._. 
USX_NNP Corp._NNP declined_VBD a_DT United_NNP Steelworkers_NNPS request_NN for_IN a_DT reopening_VBG of_IN its_PRP$ four-year_JJ labor_NN contract_NN that_WDT is_VBZ due_JJ to_TO expire_VB Jan._NNP 31_CD ,_, 1991_CD ._. 
The_DT union_NN on_IN Oct._NNP 5_NN requested_VBD that_IN the_DT contract_NN be_VB reopened_VBN to_TO restore_VB all_DT pay_NN and_CC benefits_NNS that_IN the_DT union_NN gave_VBD up_IN in_IN the_DT 1982-83_CD and_CC 1986-87_CD rounds_NNS of_IN bargaining_NN ._. 
A_DT United_NNP Steelworkers_NNPS spokeman_NN said_VBD Lynn_NNP Williams_NNP ,_, the_DT union_NN 's_POS president_NN ,_, was_VBD out_IN of_IN town_NN ._. 
The_DT union_NN wo_MD n't_RB respond_VB to_TO the_DT USX_NNP statement_NN until_IN Mr._NNP Williams_NNP has_VBZ studied_VBN it_PRP ,_, the_DT spokesman_NN said_VBD ._. 
Robert_NNP A._NNP Oswald_NNP ,_, chief_JJ financial_JJ officer_NN and_CC a_DT director_NN of_IN this_DT natural-gas_NN pipeline_NN company_NN ,_, was_VBD elected_VBN to_TO the_DT additional_JJ position_NN of_IN executive_JJ vice_NN president_NN ._. 
In_IN addition_NN ,_, Michael_NNP W._NNP O'Donnell_NNP ,_, executive_JJ vice_NN president_NN of_IN a_DT Columbia_NNP unit_NN ,_, was_VBD named_VBN assistant_NN chief_NN financial_JJ officer_NN and_CC a_DT senior_JJ vice_NN president_NN of_IN the_DT parent_NN company_NN ._. 
The_DT appointments_NNS take_VBP effect_NN Nov._NNP 1_CD ._. 
Both_DT men_NNS are_VBP 44_CD years_NNS old_JJ ._. 
This_DT magazine_NN and_CC book_NN publisher_NN said_VBD three_CD men_NNS were_VBD elected_VBN directors_NNS ,_, increasing_VBG the_DT board_NN to_TO 10_CD ._. 
They_PRP are_VBP :_: James_NNP R._NNP Eiszner_NNP ,_, 62_CD years_NNS old_JJ and_CC chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN CPC_NNP International_NNP Inc._NNP ;_: Robert_NNP G._NNP Schwartz_NNP ,_, 61_CD ,_, chairman_NN ,_, president_NN and_CC chief_JJ executive_JJ officer_NN of_IN Metropolitan_NNP Life_NNP Insurance_NNP Co._NNP ,_, and_CC Walter_NNP V._NNP Shipley_NNP ,_, 53_CD ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN Chemical_NNP Banking_NNP Corp_NNP ._. 
BankAmerica_NNP Corp._NNP reported_VBD a_DT 34_CD %_NN jump_NN in_IN third-quarter_JJ earnings_NNS ,_, as_IN its_PRP$ rocket-like_JJ recovery_NN from_IN nearly_RB ruinous_JJ losses_NNS several_JJ years_NNS ago_RB continued_VBD to_TO be_VB fueled_VBN by_IN growth_NN in_IN consumer_NN loans_NNS ,_, higher_JJR interest_NN margins_NNS and_CC negligible_JJ loan_NN losses_NNS ._. 
For_IN the_DT quarter_NN ,_, BankAmerica_NNP said_VBD it_PRP earned_VBD $_$ 254_CD million_CD ,_, or_CC $_$ 1.16_CD a_DT share_NN ,_, compared_VBN with_IN $_$ 190_CD million_CD ,_, or_CC 97_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
BankAmerica_NNP spokesmen_NNS said_VBD preliminary_JJ reports_NNS indicate_VBP the_DT company_NN was_VBD n't_RB materially_RB affected_VBN by_IN the_DT Tuesday_NNP earthquake_NN ._. 
All_DT but_CC eight_CD of_IN the_DT 850_CD branches_NNS ,_, which_WDT had_VBD some_DT structural_JJ damage_NN ,_, reopened_VBD yesterday_NN for_IN business_NN ._. 
Automated_NNP teller_NN machine_NN operations_NNS also_RB were_VBD up_IN and_CC operating_VBG yesterday_NN ,_, a_DT bank_NN spokesman_NN said_VBD ._. 
For_IN the_DT first_JJ time_NN in_IN nearly_RB two_CD years_NNS ,_, BankAmerica_NNP results_NNS failed_VBD to_TO improve_VB in_IN consecutive_JJ quarters_NNS ,_, but_CC the_DT decline_NN from_IN the_DT second_JJ quarter_NN was_VBD attributable_JJ to_TO special_JJ factors_NNS ._. 
Third-quarter_JJ profit_NN was_VBD 16_CD %_NN below_IN the_DT $_$ 304_CD million_CD ,_, or_CC $_$ 1.50_CD a_DT share_NN ,_, earned_VBD in_IN the_DT 1989_CD second_JJ quarter_NN ._. 
The_DT company_NN cited_VBD higher_JJR tax_NN credits_NNS in_IN the_DT second_JJ quarter_NN ,_, totaling_VBG $_$ 63_CD million_CD ,_, compared_VBN with_IN $_$ 28_CD million_CD in_IN the_DT third_JJ quarter_NN ._. 
Excluding_VBG tax_NN credits_NNS ,_, profit_NN was_VBD 6_CD %_NN below_IN the_DT second_JJ quarter_NN ._. 
But_CC that_DT drop_NN was_VBD caused_VBN entirely_RB by_IN a_DT decline_NN in_IN Brazilian_JJ interest_NN paid_VBN ,_, to_TO $_$ 5_NN million_CD from_IN $_$ 54_CD million_CD the_DT second_JJ quarter_NN ._. 
Moreover_RB ,_, BankAmerica_NNP continued_VBD to_TO build_VB its_PRP$ reserve_NN against_IN troubled_JJ foreign_JJ loans_NNS by_IN boosting_VBG its_PRP$ loan-loss_NN provision_NN to_TO $_$ 170_CD million_CD ,_, about_IN the_DT same_JJ as_IN the_DT previous_JJ quarter_NN but_CC well_RB above_IN the_DT $_$ 100_CD million_CD in_IN the_DT year-earlier_JJ quarter_NN ._. 
The_DT provision_NN rate_NN was_VBD far_RB above_IN BankAmerica_NNP 's_POS actual_JJ net_JJ credit_NN losses_NNS of_IN $_$ 24_CD million_CD in_IN the_DT third_JJ quarter_NN ,_, compared_VBN with_IN $_$ 18_CD million_CD in_IN the_DT second_JJ period_NN and_CC $_$ 38_CD million_CD a_DT year_NN earlier_RBR ._. 
As_IN a_DT result_NN ,_, BankAmerica_NNP said_VBD its_PRP$ reserve_NN against_IN troubled_JJ foreign-country_JJ loans_NNS ,_, once_RB below_IN 25_CD %_NN ,_, now_RB amounts_VBZ to_TO 45_CD %_NN of_IN the_DT $_$ 6.4_CD billion_CD of_IN non-trade_JJ debt_NN it_PRP calculates_VBZ it_PRP is_VBZ owed_VBN by_IN those_DT nations_NNS ._. 
That_DT level_NN is_VBZ about_IN the_DT same_JJ as_IN some_DT other_JJ big_JJ banks_NNS ,_, but_CC far_RB below_IN the_DT 85_CD %_NN and_CC 100_CD %_NN reserves_NNS of_IN Bankers_NNP Trust_NNP New_NNP York_NNP Corp._NNP and_CC J.P._NNP Morgan_NNP &_CC Co._NNP ,_, respectively_RB ._. 
By_IN any_DT measure_NN ,_, third-quarter_JJ earnings_NNS were_VBD still_RB robust_JJ ,_, equivalent_NN to_TO a_DT 0.92_CD %_NN return_NN on_IN assets_NNS even_RB excluding_VBG tax_NN credits_NNS ._. 
By_IN that_DT key_JJ measure_NN of_IN operating_VBG efficiency_NN ,_, BankAmerica_NNP turned_VBD in_IN a_DT better_JJR performance_NN than_IN its_PRP$ well-regarded_JJ Los_NNP Angeles-based_JJ competitor_NN ,_, Security_NNP Pacific_NNP Corp._NNP ,_, which_WDT posted_VBD a_DT 0.89_CD %_NN return_NN in_IN the_DT third_JJ quarter_NN ._. 
But_CC it_PRP continued_VBD to_TO badly_RB trail_VBP its_PRP$ San_NNP Francisco_NNP neighbor_NN ,_, Wells_NNP Fargo_NNP &_CC Co._NNP ,_, which_WDT reported_VBD an_DT extraordinary_JJ 1.25_CD %_NN return_NN on_IN assets_NNS ._. 
Both_DT returns_NNS do_VBP n't_RB include_VB any_DT tax_NN credits_NNS ._. 
``_`` They_PRP -LCB-_( BankAmerica_NNP -RCB-_) continue_VB to_TO show_VB good_JJ performance_NN ,_, ''_'' said_VBD Donald_NNP K._NNP Crowley_NNP ,_, an_DT analyst_NN with_IN Keefe_NNP ,_, Bruyette_NNP &_CC Woods_NNP Inc._NNP ,_, San_NNP Francisco_NNP ._. 
In_IN composite_JJ trading_NN yesterday_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, BankAmerica_NNP common_JJ stock_NN edged_VBD up_IN 12.5_CD cents_NNS to_TO close_VB at_IN $_$ 32_CD a_DT share_NN ._. 
Shareholder_NN equity_NN improved_VBN to_TO 4.68_CD %_NN from_IN 4.23_CD %_NN in_IN the_DT previous_JJ quarter_NN ._. 
The_DT 4.52_CD %_NN net_JJ interest_NN margin_NN ,_, or_CC the_DT difference_NN between_IN the_DT yield_NN on_IN a_DT bank_NN 's_POS investments_NNS and_CC the_DT rate_NN it_PRP pays_VBZ for_IN deposits_NNS and_CC other_JJ borrowings_NNS ,_, was_VBD still_RB markedly_RB higher_JJR than_IN the_DT 3.91_CD %_NN ratio_NN a_DT year_NN earlier_RBR ,_, and_CC is_VBZ among_IN the_DT best_JJS in_IN the_DT industry_NN ,_, analysts_NNS said_VBD ._. 
The_DT high_JJ margin_NN partly_RB stems_VBZ from_IN continued_VBN strong_JJ growth_NN in_IN high-yielding_JJ consumer_NN loans_NNS ,_, which_WDT jumped_VBD 31_CD %_NN to_TO $_$ 17.47_CD billion_CD from_IN a_DT year_NN earlier_RBR ,_, and_CC residential_JJ mortgages_NNS ,_, which_WDT rose_VBD 25_CD %_NN to_TO $_$ 12_CD billion_CD ._. 
BankAmerica_NNP 's_POS total_JJ loans_NNS rose_VBD 8_CD %_NN to_TO $_$ 71.36_CD billion_CD ._. 
For_IN the_DT nine_CD months_NNS ,_, BankAmerica_NNP profit_NN soared_VBD 81_CD %_NN to_TO $_$ 833_CD million_CD ,_, or_CC $_$ 4.07_CD a_DT share_NN ,_, from_IN $_$ 461_CD million_CD ,_, or_CC $_$ 2.40_CD a_DT share_NN ._. 
International_NNP Business_NNP Machines_NNP Corp._NNP will_MD announce_VB on_IN Tuesday_NNP a_DT slew_NN of_IN software_NN products_NNS aimed_VBN at_IN eliminating_VBG some_DT of_IN the_DT major_JJ problems_NNS involved_VBN in_IN computerizing_VBG manufacturing_NN operations_NNS ,_, industry_NN executives_NNS said_VBD ._. 
Many_JJ plant_NN floors_NNS currently_RB resemble_VBP a_DT Tower_NNP of_IN Babel_NNP ,_, with_IN computers_NNS ,_, robots_NNS and_CC machine_NN tools_NNS that_WDT generally_RB speak_VB their_PRP$ own_JJ language_NN and_CC have_VBP trouble_NN talking_VBG to_TO each_DT other_NN ._. 
As_IN a_DT result_NN ,_, if_IN a_DT problem_NN develops_VBZ on_IN a_DT production_NN line_NN ,_, it_PRP is_VBZ unlikely_JJ some_DT supervisor_NN sitting_VBG in_IN front_NN of_IN a_DT personal_JJ computer_NN or_CC workstation_NN will_MD know_VB about_IN it_PRP or_CC be_VB able_JJ to_TO correct_VB it_PRP ._. 
So_RB IBM_NNP will_MD be_VB announcing_VBG more_JJR than_IN 50_CD products_NNS that_WDT will_MD be_VB aimed_VBN at_IN letting_VBG even_RB the_DT dumbest_JJS machine_NN tool_NN talk_NN to_TO the_DT smartest_JJS mainframe_NN ,_, or_CC anything_NN in_IN between_RB ._. 
In_IN an_DT unusual_JJ display_NN of_IN openness_NN ,_, IBM_NNP also_RB will_MD be_VB helping_VBG customers_NNS tie_VBP together_RB operations_NNS that_WDT include_VBP lots_NNS of_IN equipment_NN made_VBN by_IN IBM_NNP 's_POS competitors_NNS ._. 
In_IN addition_NN ,_, the_DT executives_NNS said_VBD IBM_NNP will_MD be_VB offering_NN programming_NN tools_NNS designed_VBN to_TO let_VB anyone_NN working_VBG on_IN a_DT factory_NN floor_NN write_VB ad-hoc_JJ software_NN ,_, for_IN instance_NN ,_, to_TO do_VB statistical_JJ analysis_NN that_WDT would_MD pinpoint_VB a_DT problem_NN on_IN a_DT manufacturing_NN line_NN ._. 
In_IN Armonk_NNP ,_, N.Y._NNP ,_, an_DT IBM_NNP spokeswoman_NN confirmed_VBD that_IN IBM_NNP executives_NNS will_MD be_VB announcing_VBG some_DT computer-integrated-manufacturing_JJ plans_NNS next_JJ week_NN but_CC declined_VBD to_TO elaborate_VB ._. 
The_DT industry_NN executives_NNS said_VBD that_IN ,_, as_IN usual_JJ with_IN such_JJ broad_JJ announcements_NNS from_IN IBM_NNP ,_, this_DT one_PRP will_MD be_VB part_NN reality_NN and_CC part_NN strategy_NN ._. 
So_RB it_PRP will_MD take_VB many_JJ quarters_NNS for_IN IBM_NNP to_TO roll_VB out_IN all_PDT the_DT products_NNS that_IN customers_NNS need_VBP ,_, and_CC it_PRP will_MD take_VB years_NNS for_IN customers_NNS to_TO integrate_VB the_DT products_NNS into_IN their_PRP$ operations_NNS ._. 
Also_RB as_IN usual_JJ ,_, the_DT products_NNS will_MD appeal_VB mostly_RB to_TO heavy_JJ users_NNS of_IN IBM_NNP equipment_NN ,_, at_IN least_JJS initially_RB ._. 
Still_RB ,_, consultants_NNS and_CC industry_NN executives_NNS said_VBD the_DT products_NNS could_MD help_VB make_VB manufacturing_NN operations_NNS more_RBR efficient_JJ ,_, and_CC provide_VB a_DT boost_NN to_TO the_DT computer-integrated-manufacturing_JJ market_NN --_: a_DT market_NN that_IN Yankee_NNP Group_NNP ,_, a_DT research_NN firm_NN ,_, has_VBZ said_VBD may_MD double_VB to_TO $_$ 40_CD billion_CD by_IN 1993_CD ._. 
``_`` This_DT is_VBZ a_DT step_NN in_IN the_DT right_JJ direction_NN ,_, ''_'' said_VBD Martin_NNP Piszczalski_NNP ,_, a_DT Yankee_NNP Group_NNP analyst_NN ._. 
He_PRP added_VBD ,_, though_RB ,_, that_IN ``_`` a_DT lot_NN of_IN this_DT is_VBZ intentions_NNS ..._: ._. 
We_PRP 'll_MD have_VB to_TO wait_VB and_CC see_VB ''_'' how_WRB the_DT plan_NN develops_VBZ ._. 
The_DT announcements_NNS also_RB should_MD help_VB IBM_NNP go_VB on_IN the_DT offensive_NN against_IN Digital_NNP Equipment_NNP Corp._NNP on_IN the_DT plant_NN floor_NN ._. 
While_IN IBM_NNP has_VBZ traditionally_RB dominated_VBN the_DT market_NN for_IN computers_NNS on_IN the_DT business_NN side_NN of_IN manufacturing_NN operations_NNS and_CC has_VBZ done_VBN well_RB in_IN the_DT market_NN for_IN design_NN tools_NNS ,_, Digital_NNP has_VBZ dominated_VBN computerized_JJ manufacturing_NN ._. 
Hewlett-Packard_NNP Co._NNP also_RB has_VBZ begun_VBN to_TO gain_VB share_NN in_IN the_DT whole_JJ computer-integrated-manufacturing_JJ arena_NN ._. 
IBM_NNP will_MD face_VB an_DT uphill_JJ climb_NN against_IN Digital_NNP ,_, given_VBN Digital_NNP 's_POS reputation_NN for_IN being_VBG better_JJR than_IN IBM_NNP at_IN hooking_VBG together_RB different_JJ manufacturers_NNS '_POS computers_NNS ._. 
In_IN addition_NN ,_, Hewlett-Packard_NNP ,_, while_IN a_DT much_RB smaller_JJR player_NN ,_, has_VBZ made_VBN a_DT big_JJ commitment_NN to_TO the_DT sorts_NNS of_IN industry_NN standards_NNS that_WDT facilitate_VBP those_DT hookups_NNS and_CC could_MD give_VB IBM_NNP some_DT problems_NNS ._. 
Both_DT can_MD be_VB expected_VBN to_TO go_VB after_IN the_DT market_NN aggressively_RB :_: Gartner_NNP Group_NNP Inc._NNP ,_, a_DT research_NN firm_NN ,_, estimated_VBD the_DT Digital_NNP gets_VBZ 30_CD %_NN of_IN its_PRP$ revenue_NN from_IN the_DT manufacturing_NN market_NN ,_, and_CC Hewlett-Packard_NNP gets_VBZ 50_CD %_NN ._. 
IBM_NNP ,_, which_WDT Gartner_NNP Group_NNP said_VBD generates_VBZ 22_CD %_NN of_IN its_PRP$ revenue_NN in_IN this_DT market_NN ,_, should_MD be_VB able_JJ to_TO take_VB advantage_NN of_IN its_PRP$ loyal_JJ following_NN among_IN buyers_NNS of_IN equipment_NN ._. 
That_DT is_VBZ because_IN many_JJ companies_NNS will_MD standardize_VB on_IN certain_JJ types_NNS of_IN equipment_NN as_IN the_DT various_JJ parts_NNS of_IN the_DT manufacturing_NN market_NN merge_NN ,_, and_CC IBM_NNP is_VBZ the_DT biggest_JJS player_NN ._. 
But_CC much_NN will_MD depend_VB on_IN how_WRB quickly_RB IBM_NNP can_MD move_VB ._. 
The_DT whole_JJ idea_NN of_IN computer-integrated_JJ manufacturing_NN ,_, CIM_NNP ,_, seems_VBZ to_TO be_VB making_VBG a_DT comeback_NN after_IN losing_VBG a_DT little_JJ luster_NN over_IN the_DT past_JJ couple_NN of_IN years_NNS when_WRB it_PRP became_VBD apparent_JJ that_IN it_PRP was_VBD n't_RB a_DT panacea_NN that_WDT would_MD make_VB U.S._NNP plants_NNS more_RBR efficient_JJ and_CC banish_VB foreign_JJ competition_NN ._. 
Erik_NNP Keller_NNP ,_, a_DT Gartner_NNP Group_NNP analyst_NN ,_, said_VBD organizational_JJ changes_NNS may_MD still_RB be_VB required_VBN to_TO really_RB take_VB advantage_NN of_IN CIM_NNP 's_POS capabilities_NNS --_: someone_NN on_IN the_DT shop_NN floor_NN may_MD not_RB like_IN having_VBG someone_NN in_IN an_DT office_NN using_VBG a_DT personal_JJ computer_NN to_TO look_VB over_IN his_PRP$ shoulder_NN ,_, for_IN instance_NN ,_, and_CC may_MD be_VB able_JJ to_TO prevent_VB that_IN from_IN happening_VBG ._. 
But_CC he_PRP said_VBD a_DT system_NN such_JJ as_IN IBM_NNP 's_POS should_MD help_VB significantly_RB ._. 
In_IN making_VBG polyethylene_NN sheets_NNS out_IN of_IN plastic_NN chips_NNS ,_, for_IN instance_NN ,_, a_DT chip_NN sometimes_RB does_VBZ n't_RB melt_VB ,_, gets_VBZ caught_VBN in_IN the_DT machinery_NN and_CC creates_VBZ a_DT run_NN in_IN the_DT sheets_NNS ._. 
That_DT can_MD be_VB expensive_JJ ,_, because_IN the_DT problem_NN may_MD not_RB be_VB noticed_VBN for_IN a_DT while_NN ,_, and_CC the_DT sheets_NNS are_VBP typically_RB thrown_VBN away_RB ._. 
But_CC Mr._NNP Keller_NNP said_VBD that_IN ,_, if_IN computers_NNS can_MD be_VB integrated_VBN into_IN the_DT process_NN ,_, they_PRP could_MD alert_VB an_DT operator_NN as_RB soon_RB as_IN the_DT problem_NN occurred_VBD ._. 
They_PRP could_MD also_RB check_VB through_IN the_DT orders_NNS on_IN file_NN to_TO find_VB a_DT customer_NN that_WDT was_VBD willing_JJ to_TO accept_VB a_DT lower_JJR grade_NN of_IN polyethylene_NN ._. 
The_DT computer_NN would_MD let_VB the_DT machine_NN run_NN just_RB until_IN that_DT order_NN was_VBD filled_VBN ,_, eliminating_VBG waste_NN ._. 
This_DT sort_NN of_IN improved_VBN link_NN figures_NNS to_TO eventually_RB become_VB a_DT significant_JJ weapon_NN for_IN some_DT companies_NNS ._. 
Companies_NNS might_MD be_VB able_JJ to_TO tell_VB salespeople_NN daily_JJ ,_, for_IN instance_NN ,_, about_IN idle_JJ equipment_NN ,_, so_IN they_PRP could_MD offer_VB discounts_NNS on_IN whatever_WDT that_DT equipment_NN produces_VBZ ._. 
Salespeople_NNS also_RB could_MD get_VB a_DT precise_JJ reading_NN on_IN when_WRB products_NNS could_MD be_VB delivered_VBN --_: in_IN much_JJ the_DT same_JJ way_NN that_IN Federal_NNP Express_NNP has_VBZ marketed_VBN its_PRP$ ability_NN to_TO tell_VB exactly_RB where_WRB a_DT package_NN is_VBZ in_IN the_DT delivery_NN system_NN ._. 
Ford_NNP Motor_NNP Co._NNP 's_POS Merkur_NNP ,_, the_DT company_NN 's_POS first_JJ new_JJ car_NN franchise_NN in_IN the_DT U.S._NNP since_IN the_DT Edsel_NNP was_VBD unveiled_VBN in_IN 1957_CD ,_, now_RB will_MD share_VB Edsel_NNP 's_POS fate_NN ._. 
Ford_NNP said_VBD yesterday_NN it_PRP will_MD halt_VB imports_NNS of_IN the_DT Merkur_NNP Scorpio_NNP ,_, a_DT $_$ 28,000_CD luxury_NN sedan_NN built_VBN by_IN Ford_NNP of_IN Europe_NNP in_IN West_NNP Germany_NNP ._. 
The_DT cars_NNS are_VBP sold_VBN under_IN a_DT separate_JJ franchise_NN with_IN its_PRP$ own_JJ sign_NN in_IN front_NN of_IN Lincoln-Mercury_NNP dealers_NNS --_: as_IN opposed_VBN to_TO new_JJ models_NNS such_JJ as_IN Taurus_NNP or_CC Escort_NNP ,_, which_WDT are_VBP sold_VBN under_IN existing_VBG Ford_NNP divisions_NNS ._. 
The_DT move_NN to_TO halt_VB imports_NNS --_: announced_VBD 29_CD years_NNS and_CC 11_CD months_NNS to_TO the_DT day_NN after_IN Henry_NNP Ford_NNP II_NNP declared_VBD that_IN the_DT Edsel_NNP division_NN and_CC its_PRP$ gawky_JJ car_NN would_MD be_VB scrapped_VBN --_: kills_VBZ the_DT four-year-old_JJ Merkur_NNP brand_NN in_IN the_DT U.S._NNP market_NN ._. 
It_PRP will_MD continue_VB to_TO be_VB sold_VBN in_IN the_DT European_JJ market_NN ._. 
Merkur_NNP 's_POS death_NN is_VBZ n't_RB nearly_RB as_IN costly_JJ to_TO Ford_NNP as_IN was_VBD the_DT Edsel_NNP debacle_NN ,_, because_IN Merkur_NNP was_VBD a_DT relatively_RB low-budget_JJ project_NN with_IN limited_JJ sales_NNS goals_NNS ._. 
Still_RB ,_, Merkur_NNP 's_POS demise_NN is_VBZ a_DT setback_NN for_IN Ford_NNP at_IN a_DT time_NN when_WRB the_DT company_NN 's_POS image_NN as_IN the_DT U.S._NNP auto_NN maker_NN with_IN the_DT golden_JJ touch_NN is_VBZ showing_VBG signs_NNS of_IN strain_NN ._. 
The_DT No._NN 2_CD auto_NN maker_NN 's_POS new_JJ Thunderbird_NNP and_CC Mercury_NNP Cougar_NNP models_NNS have_VBP n't_RB met_VBN sales_NNS expectations_NNS in_IN the_DT year_NN since_IN they_PRP were_VBD introduced_VBN ,_, and_CC Ford_NNP 's_POS trucks_NNS are_VBP losing_VBG ground_NN to_TO their_PRP$ GM_NNP rivals_NNS ._. 
This_DT fall_NN ,_, Ford_NNP introduced_VBD only_RB one_CD new_JJ product_NN :_: A_DT restyled_VBN version_NN of_IN its_PRP$ hulking_JJ Lincoln_NNP Town_NNP Car_NNP luxury_NN model_NN ._. 
The_DT demise_NN of_IN Merkur_NNP -LRB-_( pronounced_VBN mare-COOR_NNP -RRB-_) comes_VBZ after_IN a_DT September_NNP in_IN which_WDT 670_CD Merkur_NNP dealers_NNS managed_VBD to_TO sell_VB only_RB 93_CD Scorpios_NNPS ._. 
Total_NNP Merkur_NNP sales_NNS for_IN the_DT first_JJ nine_CD months_NNS dropped_VBD 46_CD %_NN from_IN a_DT year_NN ago_RB to_TO just_RB 6,320_CD cars_NNS ._. 
Merkur_NNP is_VBZ n't_RB the_DT only_RB European_JJ luxury_NN brand_NN having_VBG problems_NNS in_IN the_DT U.S._NNP ._. 
The_DT Japanese_JJ assault_NN on_IN the_DT luxury_NN market_NN is_VBZ rapidly_RB overshadowing_VBG such_JJ European_JJ makes_NNS as_IN Audi_NNP and_CC Saab_NNP ,_, which_WDT at_IN least_JJS have_VBP clear_JJ brand_NN images_NNS ._. 
Merkur_NNP ,_, as_IN an_DT import_NN on_IN domestic_JJ car_NN lots_NNS ,_, suffered_VBD from_IN the_DT same_JJ sort_NN of_IN image_NN confusion_NN that_WDT is_VBZ hobbling_VBG sales_NNS of_IN imports_NNS at_IN General_NNP Motors_NNPS Corp._NNP and_CC Chrysler_NNP Corp_NNP ._. 
Merkur_NNP was_VBD originally_RB aimed_VBN at_IN enticing_VBG into_IN Lincoln-Mercury_NNP dealerships_NNS the_DT kind_NN of_IN young_JJ ,_, affluent_JJ buyers_NNS who_WP would_MD n't_RB be_VB caught_VBN dead_JJ in_IN a_DT Town_NNP Car_NNP --_: a_DT vehicle_NN so_RB bargelike_JJ that_IN Ford_NNP is_VBZ staging_VBG a_DT press_NN event_NN next_JJ month_NN linking_VBG the_DT Town_NNP Car_NNP 's_POS launch_NN to_TO the_DT commissioning_NN of_IN a_DT new_JJ aircraft_NN carrier_NN in_IN Norfolk_NNP ,_, Va_NNP ._. 
But_CC the_DT brand_NN had_VBD trouble_NN from_IN the_DT start_NN ._. 
The_DT first_JJ Merkur_NNP ,_, the_DT XR4Ti_NNP ,_, went_VBD on_IN sale_NN in_IN early_JJ 1985_CD ._. 
The_DT sporty_JJ coupe_NN foundered_VBD in_IN part_NN because_IN American_JJ buyers_NNS did_VBD n't_RB go_VB for_IN the_DT car_NN 's_POS unusual_JJ double-wing_JJ rear_JJ spoiler_NN ._. 
In_IN May_NNP 1987_CD ,_, Ford_NNP began_VBD importing_VBG the_DT Scorpio_NNP sedan_NN from_IN West_NNP Germany_NNP to_TO sell_VB next_JJ to_TO a_DT redesigned_VBN XR4Ti_NNP in_IN showrooms_NNS ._. 
Ford_NNP officials_NNS said_VBD they_PRP expected_VBD the_DT two_CD Merkurs_NNPS would_MD sell_VB about_IN 15,000_CD cars_NNS a_DT year_NN ,_, and_CC in_IN 1988_CD they_PRP reached_VBD that_DT goal_NN ,_, as_IN sales_NNS hit_VBD 15,261_CD cars_NNS ._. 
It_PRP was_VBD downhill_RB from_IN there_EX ,_, however_RB ._. 
One_CD major_JJ factor_NN was_VBD the_DT decline_NN of_IN the_DT dollar_NN against_IN the_DT mark_NN ,_, which_WDT began_VBD less_JJR than_IN a_DT year_NN after_IN Merkur_NNP 's_POS 1985_CD launch_NN ._. 
As_IN the_DT West_JJ German_JJ currency_NN rose_VBD ,_, so_RB did_VBD Merkur_NNP prices_NNS ._. 
The_DT Merkur_NNP cars_NNS also_RB suffered_VBD from_IN spotty_JJ quality_NN ,_, some_DT dealers_NNS say_VBP ._. 
``_`` It_PRP was_VBD like_IN a_DT comedy_NN of_IN errors_NNS ,_, ''_'' says_VBZ Martin_NNP J._NNP ``_`` Hoot_NNP ''_'' McInerney_NNP ,_, a_DT big_JJ dealer_NN whose_WP$ Star_NNP Lincoln-Mercury-Merkur_NNP operation_NN in_IN Southfield_NNP ,_, Mich._NNP ,_, sold_VBN more_JJR XR4Ti_NNP 's_POS than_IN any_DT other_JJ dealership_NN ._. 
But_CC by_IN the_DT third_JJ quarter_NN of_IN 1988_CD ,_, Scorpios_NNPS had_VBD a_DT high_JJ satisfaction_NN rating_NN in_IN internal_JJ Ford_NNP studies_NNS ,_, a_DT spokesman_NN said_VBD ._. 
Apparently_RB ,_, however_RB ,_, the_DT improvement_NN came_VBD too_RB late_JJ ._. 
Last_JJ fall_NN ,_, Ford_NNP announced_VBD it_PRP would_MD discontinue_VB the_DT XR4Ti_NNP in_IN the_DT U.S._NNP at_IN the_DT end_NN of_IN the_DT 1989_CD model_NN year_NN ._. 
Ford_NNP said_VBD then_RB it_PRP would_MD keep_VB the_DT Scorpio_NNP ._. 
This_DT year_NN ,_, Scorpio_NNP sales_NNS plummeted_VBD ,_, and_CC at_IN the_DT current_JJ sales_NNS pace_NN it_PRP would_MD take_VB Ford_NNP 242_CD days_NNS to_TO sell_VB off_IN the_DT current_JJ Scorpio_NNP inventory_NN of_IN about_IN 4,600_CD cars_NNS ._. 
Canadian_NNP Pacific_NNP Ltd._NNP said_VBD it_PRP proposed_VBD acquiring_VBG the_DT 44_CD %_NN of_IN Soo_NNP Line_NNP Corp._NNP it_PRP does_VBZ n't_RB already_RB own_JJ for_IN $_$ 19.50_CD a_DT share_NN ,_, or_CC about_RB $_$ 81.9_CD million_CD ,_, after_IN failing_VBG to_TO find_VB a_DT buyer_NN for_IN its_PRP$ majority_NN stake_NN earlier_RBR this_DT year_NN ._. 
Soo_NNP Line_NNP said_VBD its_PRP$ board_NN appointed_VBD a_DT special_JJ committee_NN of_IN independent_JJ directors_NNS to_TO study_VB the_DT proposal_NN ._. 
The_DT troubled_JJ Minneapolis-based_JJ railroad_NN concern_NN said_VBD the_DT committee_NN has_VBZ the_DT authority_NN to_TO hire_VB financial_JJ and_CC legal_JJ advisers_NNS to_TO assist_VB it_PRP ._. 
The_DT proposed_VBN acquisition_NN will_MD be_VB subject_NN to_TO approval_NN by_IN the_DT Interstate_NNP Commerce_NNP Commission_NNP ,_, Soo_NNP Line_NNP said_VBD ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN yesterday_NN ,_, Soo_NNP Line_NNP shares_NNS jumped_VBD well_RB above_IN the_DT proposed_VBN price_NN ,_, closing_VBG at_IN $_$ 20.25_CD ,_, up_IN $_$ 2.75_CD ._. 
Canadian_NNP Pacific_NNP put_VB its_PRP$ 56_CD %_NN stake_NN in_IN Soo_NNP Line_NNP up_IN for_IN sale_NN last_JJ year_NN but_CC could_MD n't_RB find_VB any_DT takers_NNS ._. 
Canadian_NNP Pacific_NNP ,_, which_WDT has_VBZ interests_NNS in_IN transportation_NN ,_, telecommunications_NNS ,_, forest_NN products_NNS ,_, energy_NN and_CC real_JJ estate_NN ,_, finally_RB took_VBD its_PRP$ majority_NN block_NN off_IN the_DT market_NN this_DT spring_NN ._. 
``_`` It_PRP turned_VBD out_IN we_PRP could_MD n't_RB sell_VB it_PRP ,_, ''_'' a_DT Canadian_NNP Pacific_NNP official_NN said_VBD ,_, adding_VBG that_IN acquiring_VBG the_DT remainder_NN of_IN Soo_NNP Line_NNP is_VBZ now_RB ``_`` the_DT best_JJS way_NN to_TO rationalize_VB operations_NNS ._. ''_'' 
Canadian_NNP Pacific_NNP is_VBZ Soo_NNP Line_NNP 's_POS biggest_JJS customer_NN and_CC has_VBZ owned_VBN a_DT majority_NN stake_NN in_IN the_DT U.S._NNP railroad_NN since_IN 1947_CD ._. 
Canadian_NNP Pacific_NNP and_CC Soo_NNP Line_NNP tracks_VBZ connect_VB at_IN two_CD points_NNS in_IN the_DT West_NNP on_IN the_DT Canada-U.S._NNP border_NN and_CC the_DT two_CD companies_NNS operate_VBP a_DT very_RB successful_JJ Chicago-Montreal_NNP rail_NN service_NN ._. 
Separately_RB ,_, for_IN the_DT first_JJ nine_CD months_NNS ,_, Soo_NNP Line_NNP reported_VBD a_DT loss_NN of_IN $_$ 398,000_CD ,_, or_CC four_CD cents_NNS a_DT share_NN ,_, compared_VBN with_IN net_JJ income_NN of_IN $_$ 12.5_CD million_CD ,_, or_CC $_$ 1.32_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Revenue_NN fell_VBD 5.8_CD %_NN to_TO $_$ 407.9_CD million_CD from_IN $_$ 433.2_CD million_CD ._. 
The_DT company_NN had_VBD a_DT loss_NN from_IN operations_NNS of_IN $_$ 1.7_CD million_CD ._. 
Golden_NNP Nugget_NNP Inc._NNP reported_VBD a_DT third-quarter_JJ net_JJ loss_NN of_IN $_$ 13.1_CD million_CD ,_, or_CC 76_CD cents_NNS a_DT share_NN ,_, based_VBN on_IN 17.2_CD million_CD common_JJ shares_NNS and_CC dilutive_JJ equivalents_NNS outstanding_JJ ._. 
The_DT results_NNS compare_VBP with_IN a_DT year-earlier_JJ net_JJ loss_NN of_IN $_$ 1.5_CD million_CD ,_, or_CC seven_CD cents_NNS a_DT share_NN ,_, based_VBN on_IN 20.3_CD million_CD common_JJ and_CC dilutive_JJ equivalents_NNS outstanding_JJ ._. 
Operating_NN revenue_NN rose_VBD 25_CD %_NN to_TO $_$ 52.1_CD million_CD from_IN $_$ 41.8_CD million_CD a_DT year_NN ago_RB ._. 
Results_NNS for_IN the_DT latest_JJS quarter_NN include_VBP nonoperating_VBG items_NNS of_IN $_$ 23.9_CD million_CD ,_, versus_IN $_$ 8.4_CD million_CD a_DT year_NN earlier_RBR ._. 
Most_JJS of_IN the_DT expenses_NNS stem_VBP from_IN the_DT company_NN 's_POS huge_JJ Mirage_NNP resort-casino_NN scheduled_VBN to_TO open_VB next_JJ month_NN along_IN the_DT Strip_NNP ,_, and_CC an_DT April_NNP 1989_CD financing_NN by_IN units_NNS operating_VBG the_DT downtown_NN Golden_NNP Nugget_NNP property_NN ._. 
For_IN the_DT nine_CD months_NNS ,_, Golden_NNP Nugget_NNP reported_VBD a_DT net_JJ loss_NN of_IN $_$ 11.4_CD million_CD ,_, or_CC 69_CD cents_NNS a_DT share_NN ,_, based_VBN on_IN 16.6_CD million_CD common_JJ and_CC dilutive_JJ equivalents_NNS outstanding_JJ ._. 
The_DT year_NN earlier_RBR ,_, the_DT company_NN had_VBD a_DT net_JJ loss_NN of_IN $_$ 4.3_CD million_CD ,_, or_CC 20_CD cents_NNS a_DT share_NN ,_, based_VBN on_IN 21_CD million_CD common_JJ shares_NNS and_CC dilutive_JJ equivalents_NNS outstanding_JJ ._. 
The_DT 1988_CD results_NNS include_VBP a_DT $_$ 10.7_CD million_CD charge_NN stemming_VBG from_IN a_DT litigation_NN judgment_NN ._. 
Separately_RB ,_, the_DT casino_NN operator_NN said_VBD its_PRP$ board_NN approved_VBD a_DT plan_NN to_TO buy-back_VB as_RB many_JJ as_IN three_CD million_CD common_JJ shares_NNS from_IN time_NN to_TO time_VB ,_, either_DT in_NN the_DT open_JJ market_NN or_CC through_IN private_JJ transactions_NNS ._. 
An_DT additional_JJ 299,000_CD shares_NNS are_VBP authorized_VBN for_IN repurchase_NN under_IN an_DT earlier_JJR stock_NN buy-back_NN program_NN ._. 
John_NNP Uphoff_NNP ,_, an_DT analyst_NN with_IN Raymond_NNP James_NNP &_CC Associates_NNPS ,_, said_VBD the_DT results_NNS were_VBD n't_RB surprising_JJ ,_, and_CC attributed_VBD the_DT buy-back_NN to_TO management_NN 's_POS confidence_NN in_IN the_DT Mirage_NNP 's_POS ability_NN to_TO generate_VB strong_JJ cash_NN flow_NN in_IN 1990_CD ._. 
Yesterday_NN ,_, in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Golden_NNP Nugget_NNP common_NN closed_VBD at_IN $_$ 28.25_CD ,_, up_IN $_$ 2_CD ._. 
Capital_NNP Holding_NNP Corp._NNP said_VBD it_PRP requested_VBD and_CC received_VBD the_DT resignation_NN of_IN John_NNP A._NNP Franco_NNP ,_, its_PRP$ vice_NN chairman_NN ,_, as_IN an_DT officer_NN and_CC a_DT director_NN of_IN the_DT life_NN insurance_NN holding_VBG company_NN ._. 
The_DT company_NN said_VBD Mr._NNP Franco_NNP developed_VBD a_DT plan_NN to_TO establish_VB a_DT business_NN that_WDT might_MD be_VB competitive_JJ with_IN Capital_NNP Holding_NNP Corp._NNP 's_POS Accumulation_NNP and_CC Investment_NNP Group_NNP ,_, which_WDT Mr._NNP Franco_NNP headed_VBD ._. 
The_DT group_NN temporarily_RB will_MD report_VB to_TO Irving_NNP W._NNP Bailey_NNP II_NNP ,_, chairman_NN ,_, president_NN and_CC chief_JJ executive_JJ officer_NN of_IN Capital_NNP Holding_NNP ._. 
Mr._NNP Franco_NNP ,_, 47_CD years_NNS old_JJ ,_, said_VBD in_IN a_DT telephone_NN interview_NN that_IN he_PRP has_VBZ been_VBN considering_VBG and_CC discussing_VBG a_DT number_NN of_IN possible_JJ business_NN ventures_NNS ,_, but_CC that_IN ``_`` nothing_NN is_VBZ at_IN a_DT mature_JJ stage_NN ._. ''_'' 
He_PRP said_VBD he_PRP ``_`` did_VBD n't_RB argue_VB with_IN ''_'' the_DT company_NN 's_POS decision_NN to_TO seek_VB his_PRP$ resignation_NN because_IN contemplating_VBG outside_IN business_NN ventures_NNS can_MD distract_VB an_DT executive_NN from_IN performing_VBG his_PRP$ best_JJS ``_`` at_IN the_DT job_NN he_PRP is_VBZ paid_VBN to_TO do_VB ._. ''_'' 
Martin_NNP H._NNP Ruby_NNP ,_, a_DT managing_VBG director_NN of_IN Capital_NNP Holding_NNP 's_POS Accumulation_NNP and_CC Investment_NNP Group_NNP ,_, also_RB resigned_VBD to_TO pursue_VB other_JJ business_NN interests_NNS ,_, Capital_NNP Holding_NNP said_VBD ._. 
Mr._NNP Ruby_NNP ,_, 39_CD ,_, said_VBD that_IN he_PRP had_VBD ``_`` an_DT amicable_JJ parting_NN ''_'' with_IN Capital_NNP Holding_NNP and_CC that_IN he_PRP has_VBZ ``_`` a_DT number_NN of_IN ventures_NNS in_IN the_DT financial-services_NNS area_NN ''_'' under_IN consideration_NN ._. 
He_PRP said_VBD that_IN his_PRP$ resignation_NN was_VBD a_DT mutual_JJ decision_NN with_IN Capital_NNP Holding_NNP management_NN ,_, but_CC that_IN he_PRP was_VBD n't_RB actually_RB asked_VBD to_TO resign_VB ._. 
The_DT Accumulation_NNP and_CC Investment_NNP Group_NNP is_VBZ responsible_JJ for_IN the_DT investment_NN operations_NNS of_IN all_DT Capital_NNP Holding_NNP 's_POS insurance_NN businesses_NNS and_CC markets_NNS guaranteed_VBD investment_NN contracts_NNS to_TO bank_VB trust_NN departments_NNS and_CC other_JJ institutions_NNS ._. 
It_PRP also_RB sells_VBZ single-premium_JJ annuities_NNS to_TO individuals_NNS ._. 
Mr._NNP Bailey_NNP said_VBD he_PRP expects_VBZ to_TO name_VB a_DT new_JJ group_NN president_NN to_TO head_VB that_DT operation_NN following_VBG the_DT Nov._NNP 8_CD board_NN meeting_NN ._. 
@_IN 
Money_NNP Market_NNP Deposits_NNS -_: a_DT 6.23_CD %_NN 
a_DT -_: Average_NNP rate_NN paid_VBD yesterday_NN by_IN 100_CD large_JJ banks_NNS and_CC thrifts_NNS in_IN the_DT 10_CD largest_JJS metropolitan_JJ areas_NNS as_IN compiled_VBN by_IN Bank_NNP Rate_NNP Monitor_NNP ._. 
b_NN -_: Current_JJ annual_JJ yield_NN ._. 
Guaranteed_VBN minimum_JJ 6_CD %_NN ._. 
-LRB-_( During_IN its_PRP$ centennial_NN year_NN ,_, The_DT Wall_NNP Street_NNP Journal_NNP will_MD report_VB events_NNS of_IN the_DT past_JJ century_NN that_WDT stand_VBP as_IN milestones_NNS of_IN American_JJ business_NN history_NN ._. -RRB-_) 
PLASTIC_NN PENCILS_NNS ,_, CODE-NAMED_VBN E-71_NNP ,_, made_VBD their_PRP$ hush-hush_JJ debut_NN in_IN children_NNS 's_POS pencil_NN boxes_NNS at_IN five-and-dime_JJ stores_NNS in_IN 1973_CD ._. 
But_CC few_NN knew_VBD it_PRP then_RB and_CC most_RBS still_RB think_VBP all_DT pencils_NNS are_VBP wooden_JJ ._. 
Eagle_NNP Pencil_NNP of_IN Shelbyville_NNP ,_, Tenn._NNP ,_, ``_`` Pencil_NNP City_NNP U.S.A._NNP ,_, ''_'' had_VBD made_VBN its_PRP$ earliest_JJS pilot_NN plastic_NN pencils_NNS in_IN 1971_CD ._. 
But_CC it_PRP was_VBD n't_RB until_IN after_IN it_PRP hired_VBD Arthur_NNP D._NNP Little_NNP ,_, a_DT Cambridge_NNP ,_, Mass._NNP ,_, research_NN concern_NN ,_, that_IN its_PRP$ new_JJ product_NN was_VBD refined_JJ for_IN commercial_JJ sale_NN in_IN 1973_CD ._. 
Three_CD A.D.L._NNP inventors_NNS applied_VBD April_NNP 6_CD ,_, 1973_CD ,_, for_IN the_DT patent_NN ,_, which_WDT was_VBD assigned_VBN and_CC awarded_VBN in_IN 1976_CD to_TO Hasbro_NNP Industries_NNPS ,_, then_RB Eagle_NNP 's_POS parent_NN ._. 
Pencil_NN pushers_NNS chew_VBP and_CC put_VB the_DT plastic_NN models_NNS behind_IN their_PRP$ ears_NNS just_RB like_IN traditional_JJ pencils_NNS made_VBN of_IN glued_VBN strips_NNS of_IN California_NNP incense_NN cedar_NN filled_VBN with_IN ceramic_JJ lead_NN ._. 
It_PRP takes_VBZ five_CD steps_NNS to_TO make_VB standard_JJ pencils_NNS ,_, just_RB one_CD for_IN the_DT plastic_NN type_NN ._. 
Automated_NNP machines_NNS coextrude_VBP long_JJ plastic_NN sheaths_NNS with_IN graphite-plastic_JJ cores_NNS that_WDT are_VBP printed_VBN ,_, cut_VB ,_, painted_VBN and_CC eraser-fitted_JJ ._. 
``_`` After_IN more_JJR than_IN 200_CD years_NNS ,_, something_NN new_JJ has_VBZ happened_VBN to_TO pencils_NNS ,_, ''_'' said_VBD Arthur_NNP D._NNP Little_NNP in_IN a_DT 1974_CD report_NN that_IN publicly_RB described_VBN the_DT previously_RB secret_JJ item_NN ._. 
Eagle_NNP 's_POS plastic_NN type_NN sharpens_VBZ and_CC looks_VBZ like_IN a_DT wooden_JJ pencil_NN ._. 
A_DT major_JJ difference_NN is_VBZ that_IN a_DT snapped_VBN wooden_JJ pencil_NN will_MD have_VB a_DT slivered_VBN break_NN while_IN a_DT plastic_NN model_NN will_MD break_VB cleanly_RB ._. 
The_DT softness_NN of_IN the_DT core_NN constrains_VBZ the_DT plastic_NN models_NNS to_TO No._VB 1_CD ,_, No._NN 2_CD or_CC No._NN 3-type_JJ pencils_NNS ,_, which_WDT account_VBP for_IN the_DT bulk_NN of_IN the_DT market_NN ._. 
Artists_NNS and_CC draftsmen_NNS need_VBP harder_JJR ``_`` leads_VBZ ._. ''_'' 
Eagle_NNP ,_, now_RB called_VBN Eagle-Berol_NNP ,_, remains_VBZ a_DT leading_VBG company_NN among_IN the_DT 10_CD in_IN the_DT U.S._NNP that_WDT produced_VBD about_IN 2.3_CD billion_CD pencils_NNS last_JJ year_NN ,_, according_VBG to_TO the_DT Pencil_NNP Makers_NNP Association_NNP ._. 
It_PRP 's_VBZ a_DT trade_NN secret_JJ how_WRB many_NN were_VBD plastic_NN ,_, and_CC most_RBS writers_NNS still_RB do_VBP n't_RB know_VB what_WP they_PRP 're_VBP using_VBG ._. 
H.F._NNP Ahmanson_NNP &_CC Co._NNP ,_, the_DT nation_NN 's_POS largest_JJS thrift_NN holding_VBG company_NN ,_, posted_VBD a_DT 12_CD %_NN earnings_NNS decline_NN for_IN the_DT third_JJ quarter_NN while_IN another_DT large_JJ California_NNP savings_NNS and_CC loan_NN ,_, Great_NNP Western_NNP Financial_NNP Corp._NNP ,_, reported_VBD a_DT slight_JJ earnings_NNS gain_NN ._. 
H.F._NNP Ahmanson_NNP ,_, parent_NN of_IN Home_NNP Savings_NNP of_IN America_NNP ,_, reported_VBD third-quarter_JJ net_NN of_IN $_$ 49.2_CD million_CD ,_, or_CC 50_CD cents_NNS a_DT share_NN ,_, down_RB from_IN $_$ 56.1_CD million_CD ,_, or_CC 57_CD cents_NNS a_DT share_NN ,_, in_IN the_DT year-earlier_JJ period_NN ._. 
Most_JJS of_IN the_DT earnings_NNS decline_NN reflected_VBD an_DT increase_NN in_IN the_DT company_NN 's_POS effective_JJ tax_NN rate_NN to_TO 44_CD %_NN from_IN 37_CD %_NN in_IN the_DT year-ago_JJ third_JJ quarter_NN when_WRB nonrecurring_VBG tax_NN credits_NNS were_VBD recorded_VBN ,_, the_DT company_NN said_VBD ._. 
Pretax_JJ earnings_NNS declined_VBD 1.3_CD %_NN ._. 
For_IN the_DT nine_CD months_NNS ,_, Los_NNP Angeles-based_JJ H.F._NNP Ahmanson_NNP had_VBD profit_NN of_IN $_$ 128.1_CD million_CD ,_, or_CC $_$ 1.29_CD a_DT share_NN ,_, a_DT 4.6_CD %_NN decline_NN from_IN earnings_NNS of_IN $_$ 134.2_CD million_CD in_IN the_DT year-ago_JJ nine_CD months_NNS ._. 
The_DT company_NN said_VBD the_DT decline_NN was_VBD attributable_JJ to_TO a_DT 79_CD %_NN reduction_NN in_IN net_JJ gains_NNS on_IN loan_NN sales_VBZ this_DT year_NN ._. 
Third-quarter_JJ spreads_NNS widened_VBN to_TO the_DT highest_JJS level_NN in_IN two_CD years_NNS as_IN loan_NN portfolio_NN yields_NNS rose_VBD and_CC money_NN costs_NNS declined_VBD ,_, the_DT company_NN said_VBD ._. 
Great_NNP Western_NNP Financial_NNP said_VBD third-quarter_JJ profit_NN rose_VBD slightly_RB to_TO $_$ 68.4_CD million_CD ,_, or_CC 52_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 67.9_CD million_CD ,_, or_CC 53_CD cents_NNS a_DT share_NN ,_, from_IN a_DT year_NN ago_RB ._. 
Great_NNP Western_JJ ,_, based_VBN in_IN Beverly_NNP Hills_NNP ,_, Calif._NNP ,_, is_VBZ a_DT financial_JJ services_NNS firm_NN and_CC parent_NN to_TO Great_NNP Western_NNP Bank_NNP ,_, an_DT S&L_NNP ._. 
Great_JJ Western_NN said_VBD it_PRP had_VBD a_DT sharp_JJ increase_NN in_IN margins_NNS in_IN the_DT recent_JJ third_JJ quarter_NN ._. 
Margins_NNS are_VBP the_DT difference_NN between_IN the_DT yield_NN on_IN the_DT company_NN 's_POS earning_VBG assets_NNS and_CC its_PRP$ own_JJ cost_NN of_IN funds_NNS ._. 
But_CC a_DT reduction_NN in_IN one-time_JJ gains_NNS on_IN the_DT sale_NN of_IN various_JJ assets_NNS and_CC an_DT increase_NN in_IN the_DT company_NN 's_POS provision_NN for_IN loan_NN losses_NNS held_VBN down_RP the_DT earnings_NNS gain_NN ,_, the_DT company_NN said_VBD ._. 
Great_NNP Western_NN 's_POS provision_NN for_IN loan_NN losses_NNS was_VBD increased_VBN to_TO $_$ 27.9_CD million_CD for_IN the_DT recent_JJ quarter_NN compared_VBN with_IN $_$ 21.8_CD million_CD a_DT year_NN ago_RB primarily_RB as_IN a_DT result_NN of_IN ``_`` continued_VBD weakness_NN in_IN various_JJ commercial_JJ and_CC multifamily_JJ real_JJ estate_NN markets_NNS outside_IN California_NNP ._. ''_'' 
For_IN the_DT nine_CD months_NNS Great_NNP Western_NN posted_VBD net_NN of_IN $_$ 177.5_CD million_CD ,_, or_CC $_$ 1.37_CD a_DT share_NN ,_, a_DT 5.9_CD %_NN decline_NN from_IN $_$ 188.7_CD million_CD ,_, or_CC $_$ 1.48_CD a_DT share_NN ,_, in_IN the_DT year-ago_JJ period_NN ._. 
Dun_NNP &_CC Bradstreet_NNP Corp._NNP posted_VBD a_DT 15_CD %_NN rise_NN in_IN third-quarter_JJ earnings_NNS ._. 
But_CC revenue_NN declined_VBD more_JJR than_IN 2_CD %_NN ,_, reflecting_VBG in_IN part_NN a_DT continuing_VBG drop_NN in_IN sales_NNS of_IN credit_NN services_NNS in_IN the_DT wake_NN of_IN controversy_NN over_IN the_DT company_NN 's_POS sales_NNS practices_NNS ._. 
The_DT information_NN company_NN also_RB cited_VBD the_DT stronger_JJR dollar_NN ,_, the_DT sale_NN last_JJ year_NN of_IN its_PRP$ former_JJ Official_NNP Airline_NNP Guides_NNS unit_NN and_CC other_JJ factors_NNS ._. 
Net_JJ income_NN rose_VBD to_TO a_DT record_NN $_$ 155.3_CD million_CD ,_, or_CC 83_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 134.8_CD million_CD ,_, or_CC 72_CD cents_NNS a_DT share_NN ._. 
Revenue_NN fell_VBD to_TO $_$ 1.04_CD billion_CD from_IN $_$ 1.07_CD billion_CD ._. 
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, Dun_NNP &_CC Bradstreet_NNP closed_VBD yesterday_NN at_IN $_$ 53.75_CD ,_, down_RB 25_CD cents_NNS a_DT share_NN ._. 
Analysts_NNS said_VBD the_DT results_NNS were_VBD as_IN expected_VBN ,_, but_CC several_JJ added_VBD that_IN the_DT earnings_NNS masked_VBN underlying_VBG weaknesses_NNS in_IN several_JJ businesses_NNS ._. 
``_`` The_DT quality_NN of_IN earnings_NNS was_VBD n't_RB as_RB high_JJ as_IN I_PRP expected_VBD ,_, ''_'' said_VBD Eric_NNP Philo_NNP ,_, an_DT analyst_NN for_IN Goldman_NNP ,_, Sachs_NNP &_CC Co_NNP ._. 
For_IN example_NN ,_, he_PRP noted_VBD ,_, operating_VBG profit_NN was_VBD weaker_JJR than_IN he_PRP had_VBD anticipated_VBN ,_, but_CC nonoperating_VBG earnings_NNS of_IN $_$ 14.6_CD million_CD and_CC a_DT lower_JJR tax_NN rate_NN helped_VBD boost_VB net_JJ income_NN ._. 
Dun_NNP &_CC Bradstreet_NNP said_VBD operating_VBG earnings_NNS rose_VBD 8_CD %_NN ,_, excluding_VBG the_DT sale_NN of_IN Official_NNP Airline_NNP Guides_NNS ._. 
Third-quarter_JJ sales_NNS of_IN U.S._NNP credit_NN services_NNS were_VBD ``_`` disappointingly_RB below_IN sales_NNS ''_'' of_IN a_DT year_NN earlier_RBR ,_, Dun_NNP &_CC Bradstreet_NNP said_VBD ._. 
As_IN previously_RB reported_VBD ,_, those_DT sales_NNS have_NN been_VBN declining_VBG this_DT year_NN in_IN the_DT wake_NN of_IN allegations_NNS that_IN the_DT company_NN engaged_VBN in_IN unfair_JJ sales_NNS practices_NNS that_WDT encouraged_VBD customers_NNS to_TO overpurchase_VB services_NNS ._. 
The_DT company_NN has_VBZ denied_VBN the_DT allegations_NNS but_CC has_VBZ negotiated_VBN a_DT proposed_VBN $_$ 18_CD million_CD settlement_NN of_IN related_VBN lawsuits_NNS ._. 
Analysts_NNS predict_VBP the_DT sales_NNS impact_NN will_MD linger_VB ._. 
``_`` There_EX is_VBZ n't_RB much_JJ question_NN there_EX will_MD continue_VB to_TO be_VB a_DT ripple_NN effect_NN ,_, ''_'' said_VBD John_NNP Reidy_NNP ,_, an_DT analyst_NN with_IN Drexel_NNP Burnham_NNP Lambert_NNP Inc_NNP ._. 
Dun_NNP &_CC Bradstreet_NNP noted_VBD that_DT price_NN competition_NN in_IN its_PRP$ Nielsen_NNP Marketing_NNP Research_NNP ,_, Nielsen_NNP Clearing_NNP House_NNP and_CC Donnelley_NNP Marketing_NNP businesses_NNS also_RB restrained_VBN revenue_NN growth_NN ._. 
It_PRP cited_VBD cyclical_JJ conditions_NNS in_IN its_PRP$ Moody_NNP 's_POS Investors_NNP Service_NNP Inc._NNP and_CC D&B_NNP Plan_NNP Services_NNPS units_NNS ._. 
For_IN the_DT nine_CD months_NNS ,_, net_JJ income_NN rose_VBD 19_CD %_NN to_TO $_$ 449_CD million_CD ,_, or_CC $_$ 2.40_CD a_DT share_NN ,_, from_IN $_$ 375.9_CD million_CD ,_, or_CC $_$ 2.01_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Year-earlier_JJ earnings_NNS reflected_VBD costs_NNS of_IN $_$ 14.3_CD million_CD related_VBN to_TO the_DT acquisition_NN of_IN IMS_NNP International_NNP ._. 
Revenue_NN rose_VBD slightly_RB to_TO $_$ 3.16_CD billion_CD from_IN $_$ 3.13_CD billion_CD ._. 
Control_NNP Data_NNP Corp._NNP said_VBD it_PRP licensed_VBD its_PRP$ airline_NN yield-management_NN software_NN to_TO the_DT International_NNP Air_NNP Transport_NNP Association_NNP ._. 
Terms_NNS include_VBP a_DT royalty_NN arrangement_NN ,_, but_CC details_NNS were_VBD n't_RB disclosed_VBN ._. 
The_DT computer_NN equipment_NN and_CC financial_JJ services_NNS company_NN said_VBD IATA_NNP ,_, a_DT trade_NN group_NN ,_, will_MD sell_VB access_NN to_TO the_DT package_NN to_TO its_PRP$ 180_CD airline_NN members_NNS world-wide_JJ ._. 
Control_NNP Data_NNP will_MD receive_VB revenue_NN linked_VBN to_TO the_DT number_NN of_IN passengers_NNS served_VBN by_IN the_DT software_NN ,_, IATA_NNP said_VBD ._. 
The_DT package_NN helps_VBZ carriers_NNS solve_VBP pricing_VBG problems_NNS ,_, such_JJ as_IN how_WRB to_TO react_VB to_TO discounts_NNS offered_VBN by_IN competitors_NNS or_CC what_WP would_MD be_VB the_DT optimum_JJ number_NN of_IN seats_NNS to_TO offer_VB at_IN a_DT given_VBN price_NN ._. 
Wheeling-Pittsburgh_NNP Steel_NNP Corp._NNP said_VBD it_PRP decided_VBD to_TO proceed_VB with_IN installation_NN of_IN automatic_JJ gauge_NN and_CC shape_NN controls_NNS at_IN its_PRP$ 60-inch_JJ tandem_NN cold_JJ rolling_NN mill_NN in_IN Allenport_NNP ,_, Pa_NNP ._. 
The_DT new_JJ equipment_NN ,_, which_WDT will_MD produce_VB steel_NN sheet_NN with_IN more_JJR uniform_NN thickness_NN and_CC flatness_NN ,_, is_VBZ likely_JJ to_TO cost_VB more_JJR than_IN $_$ 20_CD million_CD ,_, the_DT company_NN said_VBD ._. 
When_WRB the_DT company_NN last_RB considered_VBD adding_VBG the_DT equipment_NN two_CD years_NNS ago_RB ,_, it_PRP estimated_VBD the_DT cost_NN at_IN $_$ 21_CD million_CD to_TO $_$ 22_CD million_CD ,_, but_CC a_DT task_NN force_NN will_MD have_VB to_TO prepare_VB a_DT detailed_VBN plan_NN before_IN the_DT company_NN can_MD predict_VB the_DT current_JJ cost_NN ._. 
The_DT time_NN schedule_NN for_IN installing_VBG the_DT equipment_NN also_RB will_MD be_VB developed_VBN by_IN the_DT task_NN force_NN ,_, the_DT company_NN said_VBD ._. 
Sir_NNP Richard_NNP Butler_NNP ,_, 60-year-old_JJ chairman_NN of_IN Agricola_NNP -LRB-_( U.K_NNP ._. -RRB-_) Ltd._NNP ,_, was_VBD named_VBN chairman_NN of_IN County_NNP NatWest_NNP Investment_NNP Management_NNP Ltd._NNP ,_, the_DT investment_NN management_NN subsidiary_NN of_IN County_NNP NatWest_NNP Ltd._NNP ,_, the_DT investment_NN banking_NN arm_NN of_IN this_DT British_JJ bank_NN ._. 
Sir_NNP Richard_NNP succeeds_VBZ John_NNP Plastow_NNP ,_, who_WP resigned_VBD in_IN July_NNP ._. 
Sir_NNP Richard_NNP is_VBZ also_RB a_DT non-executive_JJ director_NN at_IN National_NNP Westminister_NNP Bank_NNP and_CC NatWest_NNP Investment_NNP Bank_NNP Ltd_NNP ._. 
In_IN the_DT long_JJ ,_, frightening_JJ night_NN after_IN Tuesday_NNP 's_POS devastating_JJ earthquake_NN ,_, Bay_NNP Area_NNP residents_NNS searched_VBD for_IN comfort_NN and_CC solace_NN wherever_WRB they_PRP could_MD ._. 
Some_DT found_VBD it_PRP on_IN the_DT screen_NN of_IN a_DT personal_JJ computer_NN ._. 
Hundreds_NNS of_IN Californians_NNS made_VBD their_PRP$ way_NN to_TO their_PRP$ computers_NNS after_IN the_DT quake_NN ,_, and_CC checked_VBD in_IN with_IN each_DT other_NN on_IN electronic_JJ bulletin_NN boards_NNS ,_, which_WDT link_VBP computers_NNS CB-radio-style_JJ ,_, via_IN phone_NN lines_NNS ._. 
Some_DT of_IN the_DT most_RBS vivid_JJ bulletins_NNS came_VBD over_IN The_DT Well_UH ,_, a_DT Sausalito_NNP ,_, Calif._NNP ,_, board_NN that_WDT is_VBZ one_CD of_IN the_DT liveliest_JJS outposts_NNS of_IN the_DT electronic_JJ underground_NN ._. 
About_IN two-thirds_NNS of_IN the_DT Well_UH 's_POS 3,000_CD subscribers_NNS live_VBP in_IN the_DT Bay_NNP Area_NNP ._. 
The_DT quake_NN knocked_VBD The_DT Well_UH out_IN for_IN six_CD hours_NNS ,_, but_CC when_WRB it_PRP came_VBD back_RB up_IN ,_, it_PRP teemed_VBD with_IN emotional_JJ first-hand_JJ reports_NNS ._. 
Following_VBG are_VBP excerpts_NNS from_IN the_DT electronic_JJ traffic_NN that_DT night_NN ._. 
The_DT time_NN is_VBZ Pacific_NNP Daylight_NNP Time_NNP ,_, and_CC the_DT initials_NNS or_CC nicknames_NNS are_VBP those_DT subscribers_NNS use_VBP to_TO identify_VB themselves_PRP ._. 
11:54_CD p.m_RB ._. 
JCKC_NNP :_: 
Wow_UH !_. 
I_PRP was_VBD in_IN the_DT avenues_NNS ,_, on_IN the_DT third_JJ floor_NN of_IN an_DT old_JJ building_NN ,_, and_CC except_IN for_IN my_PRP$ heart_NN -LRB-_( Beat_NNP ,_, BEAT_NN !_. -RRB-_) I_PRP 'm_VBP OK_JJ ._. 
Got_VBD back_RB to_TO Bolinas_NNP ,_, and_CC everything_NN had_VBD fallen_VBN :_: broken_VBN poster_NN frames_NNS with_IN glass_NN on_IN the_DT floor_NN ,_, file_VB cabinets_NNS open_JJ or_CC dumped_VBD onto_IN the_DT floor_NN ._. 
11:59_CD p.m_RB ._. 
JKD_NNP :_: 
I_PRP was_VBD in_IN my_PRP$ favorite_JJ watering_NN hole_NN ,_, waiting_VBG for_IN the_DT game_NN to_TO start_VB ._. 
I_PRP felt_VBD the_DT temblor_NN begin_VB and_CC glanced_VBD at_IN the_DT table_NN next_JJ to_TO mine_VB ,_, smiled_VBD that_IN guilty_JJ smile_NN and_CC we_PRP both_DT mouthed_VBD the_DT words_NNS ,_, ``_`` Earth-quake_NN !_. ''_'' together_RB ._. 
That_DT 's_VBZ usually_RB how_WRB long_JJ it_PRP takes_VBZ for_IN the_DT temblors_NNS to_TO pass_VB ._. 
This_DT time_NN ,_, it_PRP just_RB got_VBD stronger_JJR and_CC then_RB the_DT building_NN started_VBD shaking_VBG violently_RB up_IN and_CC down_RB as_IN though_IN it_PRP were_VBD a_DT child_NN 's_POS toy_NN block_NN that_WDT was_VBD being_VBG tossed_VBN ._. 
12:06_CD a.m_RB ._. 
HRH_NNP :_: 
I_PRP was_VBD in_IN the_DT Berkeley_NNP Main_NNP library_NN when_WRB it_PRP hit_VBD ._. 
Endless_JJ seconds_NNS wondering_VBG if_IN those_DT huge_JJ windows_NNS would_MD buckle_VB and_CC shower_NN us_PRP with_IN glass_NN ._. 
Only_RB a_DT few_JJ books_NNS fell_VBD in_IN the_DT reading_NN room_NN ._. 
Then_RB the_DT auto_NN paint_NN shop_NN fire_NN sent_VBD an_DT evil-looking_JJ cloud_NN of_IN black_JJ smoke_NN into_IN the_DT air_NN ._. 
12:07_CD a.m_RB ._. 
ONEZIE_NNP :_: 
My_PRP$ younger_JJR daughter_NN and_CC I_PRP are_VBP fine_JJ ._. 
This_DT building_NN shook_VBD like_IN hell_NN and_CC it_PRP kept_VBD getting_VBG stronger_JJR ._. 
Except_IN for_IN the_DT gas_NN tank_NN at_IN Hustead_NNP 's_POS Towing_NNP Service_NNP exploding_VBG and_CC burning_VBG in_IN downtown_NN Berkeley_NNP ,_, things_NNS here_RB are_VBP quite_RB peaceful_JJ ._. 
A_DT lot_NN of_IN car_NN alarms_NNS went_VBD off_RB ._. 
The_DT cats_NNS are_VBP fine_JJ ,_, although_IN nervous_JJ ._. 
12:15_CD a.m_RB ._. 
DHAWK_NNP :_: 
Huge_JJ fire_NN from_IN broken_VBN gas_NN main_JJ in_IN the_DT Marina_NNP in_IN SF_NNP ._. 
Areas_NNS that_WDT are_VBP made_VBN of_IN `_`` fill_NN '_'' liquefy_VB ._. 
A_DT woman_NN in_IN a_DT three-story_JJ apartment_NN was_VBD able_JJ to_TO walk_VB out_RP the_IN window_NN of_IN the_DT third_JJ floor_NN onto_IN street_NN level_NN after_IN the_DT quake_NN ._. 
The_DT house_NN just_RB settled_VBD right_RB down_RB into_IN the_DT ground_NN ._. 
12:38_CD a.m_RB ._. 
DAYAC_NNP :_: 
I_PRP was_VBD driving_VBG my_PRP$ truck_NN ,_, stopped_VBD at_IN a_DT red_JJ light_NN at_IN the_DT corner_NN of_IN Shattuck_NNP and_CC Alcatraz_NNP at_IN the_DT Oakland-Berkeley_NNP border_NN when_WRB it_PRP hit_VBD ._. 
Worst_JJS part_NN was_VBD watching_VBG power_NN lines_NNS waving_VBG above_IN my_PRP$ head_NN and_CC no_DT way_NN to_TO drive_VB away_RB ._. 
12:48_CD a.m_RB ._. 
LMEYER_NNP :_: 
Was_VBD 300_CD ft._NN out_IN on_IN a_DT pier_NN in_IN San_NNP Rafael_NNP ._. 
It_PRP flopped_VBD all_DT around_IN ,_, real_JJ dramatic_JJ !_. 
Many_JJ hairline_NN cracks_NNS in_IN the_DT concrete_JJ slabs_NNS afterwards_RB ._. 
Ruined_VBN the_DT damn_JJ fishing_NN !_. 
1:00_CD a.m_RB ._. 
HEYNOW_NNP :_: 
I_PRP rode_VBD it_PRP out_IN on_IN the_DT second_JJ floor_NN of_IN Leo_NNP 's_POS at_IN 55th_NN and_CC Telegraph_NNP in_IN Oakland_NNP ._. 
I_PRP heard_VBD parts_NNS of_IN the_DT building_NN above_IN my_PRP$ head_NN cracking_VBG ._. 
I_PRP actually_RB thought_VBD that_IN I_PRP might_MD die_VB ._. 
I_PRP could_MD n't_RB decide_VB if_IN I_PRP should_MD come_VB home_NN to_TO Marin_NNP ,_, because_IN my_PRP$ house_NN is_VBZ on_IN stilts_NNS ._. 
I_PRP decided_VBD to_TO brave_VB the_DT storm_NN ._. 
There_EX was_VBD a_DT horrible_JJ smell_NN of_IN gas_NN as_IN I_PRP passed_VBD the_DT Chevron_NNP refinery_NN before_IN crossing_VBG the_DT Richmond-San_NNP Rafael_NNP Bridge_NNP ._. 
I_PRP could_MD also_RB see_VB the_DT clouds_NNS across_IN the_DT bay_NN from_IN the_DT horrible_JJ fire_NN in_IN the_DT Marina_NNP District_NNP of_IN San_NNP Francisco_NNP ._. 
I_PRP have_VBP felt_VBN many_JJ aftershocks_NNS ._. 
My_PRP$ back_RB is_VBZ still_RB in_IN knots_NNS and_CC my_PRP$ hands_NNS are_VBP still_RB shaking_VBG ._. 
I_PRP think_VBP a_DT few_NN of_IN the_DT aftershocks_NNS might_MD just_RB be_VB my_PRP$ body_NN shaking_VBG ._. 
1:11_CD a.m._NN 
GR8FLRED_CD :_: 
I_PRP could_MD see_VB the_DT flames_NNS from_IN San_NNP Francisco_NNP from_IN my_PRP$ house_NN across_IN the_DT bay_NN ._. 
It_PRP 's_VBZ hard_JJ to_TO believe_VB this_DT really_RB is_VBZ happening_VBG ._. 
1:11_CD a.m_RB ._. 
RD_NNP :_: 
Building_NNP on_IN the_DT corner_NN severely_RB damaged_VBD ,_, so_RB an_DT old_JJ lady_NN and_CC her_PRP$ very_RB old_JJ mother_NN are_VBP in_IN the_DT guest_NN room_NN ._. 
Books_NNS and_CC software_NN everywhere_RB ._. 
This_DT being_VBG typed_VBN in_IN a_DT standing_VBG position_NN ._. 
1:20_CD a.m_RB ._. 
DGAULT_NNP :_: 
Bolinas_NNP --_: astride_IN the_DT San_NNP Andreas_NNP Fault_NNP ._. 
Did_VBD n't_RB feel_VB a_DT thing_NN ,_, but_CC noticed_VBD some_DT strange_JJ bird_NN behavior_NN ._. 
Duck_NN swarms_NNS ._. 
3:25_CD a.m_RB ._. 
SAMURAI_NNP :_: 
I_PRP just_RB felt_VBD another_DT aftershock_NN a_DT few_JJ seconds_NNS ago_RB ._. 
I_PRP 'm_VBP just_RB numb_JJ ._. 
3:25_CD a.m_RB ._. 
MACPOST_NNP :_: 
Downtown_NNP Bolinas_NNP seems_VBZ to_TO be_VB the_DT part_NN of_IN town_NN that_WDT 's_VBZ worst_JJS off_RB ._. 
No_DT power_NN ,_, minimal_JJ phones_NNS ,_, and_CC a_DT mess_NN of_IN mayonnaise_NN ,_, wine_NN ,_, and_CC everything_NN else_RB all_DT over_IN the_DT floors_NNS of_IN the_DT big_JJ old_JJ general_JJ store_NN and_CC the_DT People_NNS 's_POS Co-op_NN ._. 
The_DT quivers_NNS move_VBP through_IN my_PRP$ house_NN every_DT few_JJ minutes_NNS at_IN unpredictable_JJ intervals_NNS ,_, and_CC the_DT mouse_NN that_WDT 's_VBZ been_VBN living_VBG in_IN my_PRP$ kitchen_NN has_VBZ taken_VBN refuge_NN under_IN my_PRP$ desk_NN ._. 
It_PRP runs_VBZ out_IN frantically_RB now_RB and_CC then_RB ,_, and_CC is_VBZ clearly_RB pretty_RB distressed_JJ ._. 
I_PRP was_VBD in_IN Stinson_NNP Beach_NNP when_WRB the_DT quake_NN rolled_VBD through_IN town_NN ._. 
At_IN first_JJ ,_, we_PRP were_VBD unfazed_VBN ._. 
Then_RB as_IN things_NNS got_VBD rougher_JJR ,_, we_PRP ran_VBD for_IN the_DT door_NN and_CC spent_VBD the_DT next_JJ few_JJ minutes_NNS outside_IN watching_VBG the_DT brick_NN sidewalk_NN under_IN our_PRP$ feet_NNS oozing_VBG up_IN and_CC down_RB ,_, and_CC the_DT flowers_NNS waving_VBG in_IN an_DT eerie_JJ rhythm_NN ._. 
Amazing_JJ what_WP it_PRP does_VBZ to_TO one_CD 's_POS heart_NN rate_NN and_CC one_CD 's_POS short-term_JJ memory_NN ._. 
Everyone_NN looked_VBD calm_JJ ,_, but_CC there_EX was_VBD this_DT surreal_JJ low_JJ level_NN of_IN confusion_NN as_IN the_DT aftershocks_NNS continued_VBD ._. 
4:02_CD a.m_RB ._. 
SHIBUMI_NNP :_: 
Power_NNP is_VBZ back_RB on_IN ,_, and_CC UCSF_NNP -LCB-_( medical_JJ center_NN -RCB-_) seems_VBZ to_TO have_VB quieted_VBN down_RB for_IN the_DT night_NN -LRB-_( they_PRP were_VBD doing_VBG triage_NN out_IN in_IN the_DT parking_NN lot_NN from_IN the_DT sound_NN and_CC lights_NNS of_IN it_PRP -RRB-_) ._. 
A_DT friend_NN of_IN mine_NN was_VBD in_IN an_DT underground_JJ computer_NN center_NN in_IN downtown_NN SF_NNP when_WRB the_DT quake_NN hit_VBD ._. 
He_PRP said_VBD that_IN one_CD of_IN the_DT computers_NNS took_VBD a_DT three-foot_JJ trip_NN sliding_VBG across_IN the_DT floor_NN ._. 
Today_NN should_MD be_VB interesting_JJ as_IN people_NNS realize_VBP how_WRB hard_JJ life_NN is_VBZ going_VBG to_TO be_VB here_RB for_IN a_DT while_NN ._. 
4:30_CD a.m_RB ._. 
KIM_NNP :_: 
I_PRP got_VBD home_NN ,_, let_VB the_DT dogs_NNS into_IN the_DT house_NN and_CC noticed_VBD some_DT sounds_VBZ above_IN my_PRP$ head_NN ,_, as_IN if_IN someone_NN were_VBD walking_VBG on_IN the_DT roof_NN ,_, or_CC upstairs_NN ._. 
Then_RB I_PRP noticed_VBD the_DT car_NN was_VBD bouncing_VBG up_IN and_CC down_RB as_IN if_IN someone_NN were_VBD jumping_VBG on_IN it_PRP ._. 
I_PRP realized_VBD what_WP was_VBD happening_VBG and_CC screamed_VBD into_IN the_DT house_NN for_IN the_DT dogs_NNS ._. 
Cupboard_NN doors_NNS were_VBD flying_VBG ,_, the_DT trash_NN can_MD in_IN the_DT kitchen_NN walked_VBD a_DT few_JJ feet_NNS ,_, the_DT dogs_NNS came_VBD running_VBG ,_, and_CC I_PRP scooted_VBD them_PRP into_IN the_DT dog_NN run_NN and_CC stood_VBD in_IN the_DT doorway_NN myself_PRP ,_, watching_VBG the_DT outside_JJ trash_NN cans_NNS dance_VBP across_IN the_DT concrete_NN ._. 
When_WRB I_PRP realized_VBD it_PRP was_VBD over_IN ,_, I_PRP went_VBD and_CC stood_VBD out_IN in_IN front_NN of_IN the_DT house_NN ,_, waiting_VBG and_CC praying_VBG for_IN Merrill_NNP to_TO come_VB home_NN ,_, shivering_VBG as_IN if_IN it_PRP were_VBD 20_CD below_IN zero_CD until_IN he_PRP got_VBD there_RB ._. 
Never_RB in_IN my_PRP$ life_NN have_VBP I_PRP been_VBN so_RB frightened_VBN ._. 
When_WRB I_PRP saw_VBD the_DT pictures_NNS of_IN 880_CD and_CC the_DT Bay_NNP Bridge_NNP ,_, I_PRP began_VBD to_TO cry_VB ._. 
5:09_CD a.m_RB ._. 
JROE_NNP :_: 
The_DT Sunset_NNP -LCB-_( District_NNP -RCB-_) was_VBD more_JJR or_CC less_JJR like_IN a_DT pajama_NN party_NN all_DT evening_NN ,_, lots_NNS of_IN people_NNS &_CC dogs_NNS walking_VBG around_IN ,_, drinking_NN beer_NN ._. 
6:50_CD a.m_RB ._. 
CAROLG_NNP :_: 
I_PRP was_VBD just_RB sitting_VBG down_RB to_TO meet_VB with_IN some_DT new_JJ therapy_NN clients_NNS ,_, a_DT couple_NN ,_, and_CC the_DT building_NN started_VBD shaking_VBG like_IN crazy_JJ ._. 
It_PRP 's_VBZ a_DT flimsy_JJ structure_NN ,_, built_VBN up_IN on_IN supports_VBZ ,_, and_CC it_PRP was_VBD really_RB rocking_VBG around_RB ._. 
The_DT three_CD of_IN us_PRP stopped_VBD breathing_NN for_IN a_DT moment_NN ,_, and_CC then_RB when_WRB it_PRP kept_VBD on_IN coming_VBG we_PRP lunged_VBD for_IN the_DT doorway_NN ._. 
Needless_JJ to_TO say_VB ,_, it_PRP was_VBD an_DT interesting_JJ first_JJ session_NN !_. 
7:13_CD a.m_RB ._. 
CALLIOPE_NNP :_: 
Albany_NNP escaped_VBD embarrassingly_RB unscathed_JJ ._. 
Biggest_JJS trouble_NN was_VBD scared_VBN family_NN who_WP could_MD n't_RB get_VB a_DT phone_NN line_NN through_IN ,_, and_CC spent_VBD a_DT really_RB horrible_JJ hour_NN not_RB knowing_VBG ._. 
8:01_CD a.m_RB ._. 
HLR_NNP :_: 
Judy_NNP and_CC I_PRP were_VBD in_IN our_PRP$ back_JJ yard_NN when_WRB the_DT lawn_NN started_VBD rolling_VBG like_IN ocean_NN waves_NNS ._. 
We_PRP ran_VBD into_IN the_DT house_NN to_TO get_VB Mame_NNP ,_, but_CC the_DT next_JJ tremor_NN threw_VBD me_PRP in_IN the_DT air_NN and_CC bounced_VBD me_PRP as_IN I_PRP tried_VBD to_TO get_VB to_TO my_PRP$ feet_NNS ._. 
We_PRP are_VBP all_DT fine_JJ here_RB ,_, although_IN Mame_NNP was_VBD extremely_RB freaked_VBN ._. 
Kitchen_NNP full_JJ of_IN broken_VBN crystal_NN ._. 
Books_NNS and_CC tapes_NNS all_DT over_IN my_PRP$ room_NN ._. 
Not_RB one_CD thing_NN in_IN the_DT house_NN is_VBZ where_WRB it_PRP is_VBZ supposed_VBN to_TO be_VB ,_, but_CC the_DT structure_NN is_VBZ fine_JJ ._. 
While_IN I_PRP was_VBD standing_VBG on_IN the_DT lawn_NN with_IN Mame_NNP ,_, waiting_VBG for_IN another_DT tremor_NN ,_, I_PRP noticed_VBD that_IN all_PDT the_DT earthworms_NNS were_VBD emerging_VBG from_IN the_DT ground_NN and_CC slithering_VBG across_IN the_DT lawn_NN !_. 
9:31_CD a.m._NN 
GR8FLRED_CD :_: 
It_PRP 's_VBZ amazing_JJ how_WRB one_CD second_JJ can_MD so_RB completely_RB change_VB your_PRP$ life_NN ._. 
9:38_CD a.m_RB ._. 
FIG_NNP :_: 
I_PRP guess_VBP we_PRP 're_VBP all_DT living_VBG very_RB tentatively_RB here_RB ,_, waiting_VBG for_IN the_DT expected_VBN but_CC dreaded_VBN aftershock_NN ._. 
It_PRP 's_VBZ hard_JJ to_TO accept_VB that_IN it_PRP 's_VBZ over_IN and_CC only_RB took_VBD 15_CD seconds_NNS ._. 
I_PRP wonder_VBP when_WRB we_PRP 'll_MD be_VB able_JJ to_TO relax_VB ._. 
9:53_CD a.m_RB ._. 
PANDA_NNP :_: 
Flesh_NN goes_VBZ to_TO total_VB alert_JJ for_IN flight_NN or_CC fight_NN ._. 
Nausea_NN seems_VBZ a_DT commonplace_JJ symptom_NN ._. 
Berkeley_NNP very_RB quiet_JJ right_RB now_RB ._. 
I_PRP walked_VBD along_IN Shattuck_NNP between_IN Delaware_NNP and_CC Cedar_NNP at_IN a_DT few_JJ minutes_NNS before_IN eight_CD this_DT morning_NN ._. 
Next_JJ to_TO Chez_NNP Panisse_NNP a_DT homeless_JJ couple_NN ,_, bundled_VBN into_IN a_DT blue_JJ sleeping_NN bag_NN ,_, sat_VBD up_IN ,_, said_VBD ,_, ``_`` Good_JJ morning_NN ''_'' and_CC then_RB the_DT woman_NN smiled_VBD ,_, said_VBD ,_, ``_`` Is_VBZ n't_RB it_PRP great_JJ just_RB to_TO be_VB alive_JJ ?_. ''_'' 
I_PRP agreed_VBD ._. 
It_PRP is_VBZ ._. 
Great_NNP ._. 
Georgia-Pacific_NNP Corp._NNP ,_, exceeding_VBG some_DT analysts_NNS '_POS expectations_NNS ,_, said_VBD third-quarter_JJ earnings_NNS rose_VBD 56_CD %_NN to_TO $_$ 178_CD million_CD ,_, or_CC $_$ 2.03_CD a_DT share_NN ,_, from_IN $_$ 114_CD million_CD ,_, or_CC $_$ 1.19_CD a_DT share_NN ,_, in_IN the_DT year-earlier_JJ period_NN ._. 
Sales_NNS increased_VBN 10_CD %_NN to_TO $_$ 2.65_CD billion_CD from_IN $_$ 2.41_CD billion_CD ._. 
Per-share_JJ earnings_NNS were_VBD enhanced_VBN by_IN the_DT company_NN 's_POS share_NN buy-back_NN program_NN ,_, which_WDT reduced_VBD the_DT average_JJ shares_NNS outstanding_JJ to_TO 87.5_CD million_CD in_IN the_DT quarter_NN from_IN 95.8_CD million_CD in_IN the_DT same_JJ quarter_NN of_IN 1988_CD ._. 
With_IN strong_JJ prices_NNS in_IN the_DT company_NN 's_POS two_CD major_JJ areas_NNS --_: building_NN products_NNS as_RB well_RB as_IN pulp_NN and_CC paper_NN --_: analysts_NNS had_VBD expected_VBN a_DT roaring_VBG quarter_NN ._. 
But_CC the_DT performance_NN exceeded_VBD some_DT estimates_NNS of_IN around_IN $_$ 1.90_CD a_DT share_NN ._. 
Fueling_VBG the_DT growth_NN ,_, among_IN other_JJ things_NNS ,_, were_VBD higher-than-expected_JJ prices_NNS for_IN certain_JJ building_NN products_NNS ._. 
One_CD reason_NN :_: efforts_NNS to_TO protect_VB the_DT spotted_VBN owl_NN led_VBN to_TO restrictions_NNS on_IN logging_NN in_IN the_DT Pacific_NNP Northwest_NNP ,_, constricting_VBG supply_NN and_CC forcing_VBG prices_NNS up_RB ._. 
Another_DT reason_NN :_: strikes_NNS ,_, both_DT at_IN Georgia-Pacific_NNP and_CC other_JJ lumber_NN companies_NNS also_RB cut_VBP supplies_NNS and_CC raised_VBN prices_NNS ,_, analysts_NNS said_VBD ._. 
For_IN the_DT nine_CD months_NNS ,_, Georgia-Pacific_NNP 's_POS earnings_NNS increased_VBN 49_CD %_NN to_TO $_$ 504_CD million_CD ,_, or_CC $_$ 5.58_CD a_DT share_NN ,_, from_IN $_$ 338_CD million_CD ,_, or_CC $_$ 3.41_CD a_DT share_NN ._. 
Sales_NNS rose_VBD 11_CD %_NN to_TO $_$ 7.73_CD billion_CD from_IN $_$ 6.94_CD billion_CD ._. 
In_IN composite_JJ New_NNP York_NNP Stock_NNP Exchange_NNP Trading_NN ,_, Georgia-Pacific_NNP stock_NN rose_VBD $_$ 1.25_CD a_DT share_NN yesterday_NN to_TO close_VB at_IN $_$ 58_CD ._. 
The_DT House_NNP Public_NNP Works_NNP and_CC Transportation_NNP Committee_NNP approved_VBD a_DT bill_NN that_WDT would_MD give_VB the_DT Transportation_NNP Department_NNP power_NN to_TO block_VB airline_NN leveraged_JJ buy-outs_NNS ,_, despite_IN a_DT clear_JJ veto_NN threat_NN from_IN the_DT Bush_NNP administration_NN ._. 
The_DT 23-5_JJ vote_NN clears_VBZ the_DT way_NN for_IN consideration_NN on_IN the_DT House_NNP floor_NN next_JJ week_NN or_CC the_DT week_NN after_RB ._. 
Transportation_NNP Secretary_NNP Samuel_NNP Skinner_NNP ,_, in_IN a_DT letter_NN to_TO the_DT committee_NN ,_, warned_VBD that_IN he_PRP would_MD urge_VB President_NNP Bush_NNP to_TO veto_VB the_DT legislation_NN if_IN it_PRP passed_VBD Congress_NNP ._. 
The_DT Senate_NNP Commerce_NNP Committee_NNP already_RB has_VBZ approved_VBN similar_JJ legislation_NN ._. 
On_IN Monday_NNP ,_, a_DT letter_NN from_IN Mr._NNP Skinner_NNP 's_POS deputy_NN ,_, Elaine_NNP Chao_NNP ,_, said_VBD the_DT administration_NN opposed_VBD the_DT legislation_NN ``_`` in_IN its_PRP$ present_JJ form_NN ._. ''_'' 
Some_DT of_IN the_DT bill_NN 's_POS supporters_NNS had_VBD taken_VBN heart_NN from_IN the_DT fact_NN that_IN the_DT letter_NN was_VBD n't_RB signed_VBN by_IN Mr._NNP Skinner_NNP and_CC that_IN it_PRP did_VBD n't_RB contain_VB a_DT veto_NN threat_NN ._. 
The_DT stepped-up_JJ administration_NN warnings_NNS annoyed_VBD some_DT lawmakers_NNS ,_, especially_RB senior_JJ Republicans_NNPS who_WP supported_VBD the_DT bill_NN because_IN they_PRP thought_VBD the_DT Transportation_NNP Department_NNP favored_VBD it_PRP ._. 
``_`` We_PRP backed_VBD this_DT bill_NN because_IN we_PRP thought_VBD it_PRP would_MD help_VB Skinner_NNP ,_, ''_'' one_CD Republican_NNP said_VBD ,_, ``_`` and_CC now_RB we_PRP 're_VBP out_IN there_RB dangling_VBG in_IN the_DT wind_NN ._. ''_'' 
A_DT few_JJ weeks_NNS ago_RB ,_, Mr._NNP Skinner_NNP testified_VBD before_IN Congress_NNP that_IN it_PRP would_MD be_VB ``_`` cleaner_JJR ,_, more_RBR efficient_JJ ''_'' if_IN he_PRP had_VBD authority_NN to_TO block_VB buy-outs_NNS in_IN advance_NN ._. 
But_CC he_PRP never_RB took_VBD an_DT official_JJ position_NN on_IN the_DT bill_NN and_CC has_VBZ steadfastly_RB maintained_VBN that_IN he_PRP already_RB has_VBZ enough_JJ authority_NN to_TO deal_VB with_IN buy-outs_NNS ._. 
Under_IN the_DT committee_NN bill_NN ,_, the_DT Transportation_NNP secretary_NN would_MD have_VB 30_CD days_NNS ,_, and_CC an_DT additional_JJ 20_CD days_NNS if_IN needed_VBN ,_, to_TO review_VB any_DT proposed_VBN purchase_NN of_IN 15_CD %_NN or_CC more_JJR of_IN a_DT major_JJ U.S._NNP airline_NN 's_POS voting_NN stock_NN ._. 
The_DT secretary_NN would_MD be_VB required_VBN to_TO block_VB an_DT acquisition_NN if_IN he_PRP concluded_VBD that_IN it_PRP would_MD so_RB weaken_VB an_DT airline_NN financially_RB that_IN it_PRP would_MD hurt_VB safety_VB or_CC reduce_VB the_DT carrier_NN 's_POS ability_NN to_TO compete_VB ,_, or_CC if_IN it_PRP gave_VBD control_NN to_TO a_DT foreign_JJ interest_NN ._. 
Although_IN the_DT legislation_NN would_MD apply_VB to_TO any_DT acquisition_NN of_IN a_DT major_JJ airline_NN ,_, it_PRP is_VBZ aimed_VBN at_IN transactions_NNS financed_VBN by_IN large_JJ amounts_NNS of_IN debt_NN ._. 
Supporters_NNS of_IN the_DT bill_NN are_VBP concerned_VBN an_DT airline_NN might_MD sacrifice_VB costly_JJ safety_NN measures_NNS in_IN order_NN to_TO repay_VB debt_NN ._. 
The_DT panel_NN 's_POS action_NN occurs_VBZ in_IN a_DT politically_RB charged_VBN atmosphere_NN surrounding_VBG recent_JJ buy-out_NN proposals_NNS ,_, their_PRP$ apparent_JJ collapse_NN and_CC the_DT volatile_JJ conditions_NNS in_IN the_DT stock_NN market_NN ._. 
``_`` It_PRP became_VBD apparent_JJ in_IN hearings_NNS that_IN there_EX ought_MD to_TO be_VB regulation_NN of_IN leveraged_JJ buy-outs_NNS of_IN some_DT sort_NN ,_, ''_'' Rep._NNP James_NNP Oberstar_NNP -LRB-_( D._NNP ,_, Minn._NNP -RRB-_) ,_, chairman_NN of_IN the_DT House_NNP Aviation_NNP Subcommittee_NNP ,_, said_VBD during_IN the_DT panel_NN 's_POS deliberations_NNS ._. 
``_`` I_PRP do_VBP n't_RB believe_VB in_IN the_DT airline_NN business_NN you_PRP can_MD be_VB totally_RB laissez-faire_FW because_IN of_IN the_DT high_JJ degree_NN of_IN public_JJ interest_NN ''_'' at_IN stake_NN ._. 
But_CC Mr._NNP Skinner_NNP disagreed_VBD ,_, calling_VBG the_DT legislation_NN ``_`` a_DT retreat_NN from_IN the_DT policy_NN of_IN deregulaton_NN of_IN the_DT airline_NN industry_NN ._. ''_'' 
In_IN his_PRP$ letter_NN to_TO Committee_NNP Chairman_NNP Glenn_NNP Anderson_NNP -LRB-_( D._NNP ,_, Calif._NNP -RRB-_) ,_, the_DT secretary_NN also_RB said_VBD the_DT bill_NN ``_`` would_MD be_VB at_IN odds_NNS with_IN the_DT administration_NN 's_POS policies_NNS welcoming_VBG open_JJ foreign_JJ investment_NN and_CC market_NN allocation_NN of_IN resources_NNS ._. ''_'' 
Currently_RB ,_, the_DT Transportation_NNP Department_NNP does_VBZ n't_RB have_VB the_DT authority_NN to_TO block_VB a_DT takeover_NN in_IN advance_NN ._. 
However_RB ,_, if_IN the_DT secretary_NN concludes_VBZ that_IN a_DT transaction_NN has_VBZ made_VBN a_DT carrier_NN unfit_JJ to_TO operate_VB ,_, the_DT department_NN may_MD revoke_VB its_PRP$ certificate_NN ,_, grounding_VBG the_DT airline_NN ._. 
Such_JJ authority_NN is_VBZ more_JJR than_IN adequate_JJ ,_, say_VBP opponents_NNS of_IN the_DT legislation_NN ._. 
But_CC supporters_NNS argue_VBP that_IN grounding_VBG an_DT airline_NN is_VBZ so_RB drastic_JJ that_IN the_DT department_NN would_MD hesitate_VB doing_VBG it_PRP ._. 
The_DT panel_NN rejected_VBD a_DT proposal_NN pushed_VBN by_IN AMR_NNP Corp._NNP ,_, the_DT parent_NN of_IN American_NNP Airlines_NNPS ,_, to_TO allow_VB the_DT Transportation_NNP secretary_NN to_TO block_VB corporate_JJ raiders_NNS from_IN waging_VBG proxy_NN fights_NNS to_TO oust_VB boards_NNS that_WDT oppose_VBP a_DT leveraged_JJ buy-out_NN ._. 
It_PRP also_RB voted_VBD down_JJ proposals_NNS to_TO give_VB the_DT secretary_NN much_RB more_JJR discretion_NN on_IN whether_IN to_TO block_VB a_DT buy-out_NN and_CC to_TO require_VB the_DT department_NN to_TO consider_VB the_DT impact_NN of_IN a_DT buy-out_NN on_IN workers_NNS ._. 
London_JJ shares_NNS rallied_VBD to_TO post_VB strong_JJ gains_NNS after_IN initial_JJ fears_NNS evaporated_VBD that_IN the_DT California_NNP earthquake_NN would_MD depress_VB Wall_NNP Street_NNP prices_NNS ._. 
Tokyo_NNP stocks_NNS ,_, which_WDT rebounded_VBD strongly_RB Tuesday_NNP ,_, extended_VBD their_PRP$ gains_NNS yesterday_NN ,_, but_CC most_RBS other_JJ Asian_JJ and_CC Pacific_NNP markets_NNS closed_VBD sharply_RB lower_JJR ._. 
In_IN London_NNP ,_, the_DT Financial_NNP Times-Stock_NNP Exchange_NNP 100-share_JJ index_NN jumped_VBD 34.6_CD points_NNS to_TO close_VB at_IN its_PRP$ intraday_JJ high_NN of_IN 2170.1_CD ._. 
The_DT index_NN was_VBD under_IN pressure_NN for_IN most_RBS of_IN the_DT morning_NN over_IN concerns_NNS that_IN the_DT effects_NNS of_IN Tuesday_NNP night_NN 's_POS major_JJ earthquake_NN in_IN the_DT San_NNP Francisco_NNP area_NN would_MD undermine_VB the_DT U.S._NNP market_NN ._. 
The_DT mood_NN changed_VBN after_IN dealers_NNS reappraised_VBD the_DT direct_JJ impact_NN of_IN the_DT disaster_NN on_IN shares_NNS and_CC Wall_NNP Street_NNP rebounded_VBD from_IN early_JJ losses_NNS ._. 
The_DT Financial_NNP Times_NNP 30-share_JJ index_NN settled_VBD 27.8_CD points_NNS higher_JJR at_IN 1758.5_CD ._. 
Volume_NN was_VBD 449.3_CD million_CD shares_NNS ,_, the_DT slowest_JJS of_IN a_DT hectic_JJ week_NN ,_, compared_VBN with_IN 643.4_CD million_CD Tuesday_NNP ._. 
U.K._NNP composite_JJ ,_, or_CC non-life_JJ ,_, insurers_NNS ,_, which_WDT some_DT equity_NN analysts_NNS said_VBD might_MD be_VB heavily_RB hit_VBN by_IN the_DT earthquake_NN disaster_NN ,_, helped_VBD support_NN the_DT London_NNP market_NN by_IN showing_VBG only_RB narrow_JJ losses_NNS in_IN early_JJ trading_NN ._. 
The_DT insurers_NNS '_POS relative_JJ resilience_NN gave_VBD the_DT market_NN time_NN to_TO reappraise_VB the_DT impact_NN of_IN the_DT California_NNP disaster_NN on_IN U.K._NNP equities_NNS ,_, dealers_NNS said_VBD ._. 
Dealers_NNS said_VBD the_DT market_NN still_RB has_VBZ n't_RB shaken_VBN off_IN its_PRP$ nervousness_NN after_IN its_PRP$ bumpy_JJ ride_NN of_IN the_DT past_JJ several_JJ sessions_NNS ,_, caused_VBN by_IN interest-rate_NN increases_NNS last_JJ week_NN and_CC Wall_NNP Street_NNP 's_POS 6.9_CD %_NN plunge_NN Friday_NNP ._. 
But_CC technical_JJ factors_NNS ,_, including_VBG modest_JJ gains_NNS in_IN the_DT value_NN of_IN the_DT pound_NN ,_, helped_VBD draw_VB buying_VBG back_RB into_IN the_DT market_NN and_CC reverse_VB losses_NNS posted_VBD a_DT day_NN earlier_RBR ._. 
Among_IN composite_JJ insurers_NNS ,_, General_NNP Accident_NNP rose_VBD 10_CD pence_NN to_TO #_# 10.03_CD -LRB-_( $_$ 15.80_CD -RRB-_) a_DT share_NN ,_, Guardian_NNP Royal_NNP climbed_VBD 5_NN to_TO 217_CD pence_NN ,_, Sun_NNP Alliance_NNP rose_VBD 3_CD to_TO 290_CD ,_, and_CC Royal_NNP Insurance_NNP jumped_VBD 12_CD to_TO 450_CD ._. 
Life_NN insurers_NNS fared_VBD similarly_RB ,_, with_IN Legal_NNP &_CC General_NNP advancing_VBG 3_CD to_TO 344_CD ,_, although_IN Prudential_NNP fell_VBD 2_CD to_TO 184_CD 1\/2_CD ._. 
Pearl_NNP Group_NNP rose_VBD 5_NN to_TO 628_CD ,_, and_CC Sun_NNP Life_NNP finished_VBD unchanged_JJ at_IN #_# 10.98_CD ._. 
Most_JJS banking_NN issues_NNS retreated_VBD after_IN a_DT sector_NN downgrade_NN by_IN Warburg_NNP Securities_NNP ,_, although_IN National_NNP Westminister_NNP showed_VBD strength_NN on_IN positive_JJ comments_NNS from_IN brokerage_NN firms_NNS about_IN its_PRP$ long-term_JJ prospects_NNS ._. 
NatWest_NNP ,_, the_DT most_RBS actively_RB traded_VBN of_IN the_DT banks_NNS ,_, finished_VBD at_IN 300_CD ,_, up_IN 1_CD ._. 
B.A.T_NNP Industries_NNPS fell_VBD in_IN early_JJ dealings_NNS but_CC recovered_VBD to_TO finish_VB at_IN 754_CD ,_, up_IN 5_NN ._. 
Dealers_NNS said_VBD the_DT market_NN was_VBD nervous_JJ ahead_RB of_IN a_DT special_JJ B.A.T_NNP holders_NNS '_POS meeting_NN today_NN ._. 
The_DT session_NN is_VBZ to_TO consider_VB a_DT defensive_JJ plan_NN to_TO spin_VB off_IN assets_NNS to_TO fend_VB off_IN Sir_NNP James_NNP Goldsmith_NNP 's_POS #_# 13.4_CD billion_CD bid_NN for_IN B.A.T_NNP ._. 
The_DT recent_JJ stock_NN market_NN drop_NN has_VBZ shaken_VBN confidence_NN in_IN the_DT plan_NN ,_, but_CC dealers_NNS said_VBD the_DT shares_NNS fell_VBD initially_RB on_IN questions_NNS about_IN whether_IN Mr._NNP Goldsmith_NNP 's_POS highly_RB leveraged_JJ bid_NN will_MD come_VB to_TO fruition_NN ._. 
Trading_NN was_VBD suspended_VBN in_IN WCRS_NNP Group_NNP ,_, a_DT U.K._NNP advertising_NN concern_NN ,_, pending_VBG an_DT announcement_NN that_IN it_PRP is_VBZ buying_VBG the_DT remaining_VBG 50_CD %_NN of_IN France_NNP 's_POS Carat_NNP Holding_NNP for_IN 2.02_CD billion_CD French_JJ francs_NNS -LRB-_( $_$ 318.7_CD million_CD -RRB-_) and_CC expanding_VBG commercial_NN and_CC equity_NN ties_NNS with_IN advertising_NN group_NN Eurocom_NNP ._. 
Merchant_NN banker_NN Morgan_NNP Grenfell_NNP climbed_VBD 14_CD to_TO 406_CD on_IN renewed_VBN takeover_NN speculation_NN ._. 
S.G._NNP Warburg_NNP ,_, also_RB mentioned_VBN in_IN the_DT rumor_NN mill_NN ,_, jumped_VBD 14_CD at_IN to_TO 414_CD ._. 
Jaguar_NNP advanced_VBD 19_CD to_TO 673_CD as_IN traders_NNS contemplated_VBD a_DT potential_JJ battle_NN between_IN General_NNP Motors_NNPS and_CC Ford_NNP Motor_NNP for_IN control_NN of_IN the_DT U.K._NNP luxury_NN auto_NN maker_NN ._. 
Tokyo_NNP 's_POS Nikkei_NNP index_NN of_IN 225_CD issues_NNS rose_VBD 111.48_CD points_NNS ,_, or_CC 0.32_CD %_NN ,_, to_TO 35107.56_CD ._. 
The_DT index_NN gained_VBD 527.39_CD Tuesday_NNP ._. 
Volume_NN was_VBD estimated_VBN at_IN 800_CD million_CD shares_NNS ,_, compared_VBN with_IN 678_CD million_CD Tuesday_NNP ._. 
Declining_VBG issues_NNS outnumbered_VBD advancers_NNS 505-455_JJ ,_, with_IN 172_CD unchanged_JJ ._. 
The_DT Tokyo_NNP Stock_NNP Price_NNP Index_NNP of_IN all_DT issues_NNS listed_VBN in_IN the_DT first_JJ section_NN ,_, which_WDT gained_VBD 41.76_CD Tuesday_NNP ,_, was_VBD up_IN 0.24_CD points_NNS ,_, or_CC 0.01_CD %_NN ,_, at_IN 2642.88_CD ._. 
In_IN early_JJ trading_NN in_IN Tokyo_NNP Thursday_NNP ,_, the_DT Nikkei_NNP index_NN rose_VBD 135.09_CD points_NNS to_TO 35242.65_CD ._. 
On_IN Wednesday_NNP ,_, shares_NNS were_VBD pushed_VBN up_IN by_IN index-related_JJ buying_NN on_IN the_DT part_NN of_IN investment_NN trusts_NNS as_RB well_RB as_IN small_JJ orders_NNS from_IN individuals_NNS and_CC corporations_NNS ,_, traders_NNS said_VBD ._. 
Institutions_NNS ,_, meanwhile_RB ,_, stepped_VBD back_RB to_TO the_DT sidelines_NNS as_IN the_DT direction_NN of_IN U.S._NNP interest_NN rates_NNS remained_VBD unclear_JJ ._. 
The_DT uncertainty_NN was_VBD multiplied_VBN by_IN the_DT persistent_JJ strength_NN of_IN the_DT dollar_NN ,_, traders_NNS said_VBD ,_, and_CC by_IN the_DT U.S._NNP trade_NN deficit_NN ,_, which_WDT widened_VBD by_IN 31_CD %_NN in_IN August_NNP from_IN the_DT previous_JJ month_NN ._. 
Traders_NNS and_CC analysts_NNS said_VBD they_PRP did_VBD n't_RB see_VB any_DT effect_NN on_IN Tokyo_NNP stocks_NNS from_IN the_DT California_NNP earthquake_NN ._. 
The_DT impact_NN on_IN Japanese_JJ insurers_NNS and_CC property_NN owners_NNS with_IN interests_NNS in_IN the_DT San_NNP Francisco_NNP area_NN is_VBZ still_RB being_VBG assessed_VBN ,_, they_PRP said_VBD ._. 
Buying_VBG was_VBD scattered_VBN across_IN a_DT wide_JJ range_NN of_IN issues_NNS ,_, making_VBG the_DT session_NN fairly_RB characterless_JJ ,_, traders_NNS said_VBD ._. 
With_IN uncertainty_NN still_RB hanging_VBG over_IN interest_NN rates_NNS and_CC the_DT dollar_NN ,_, the_DT market_NN failed_VBD to_TO find_VB a_DT focus_NN that_WDT might_MD lead_VB to_TO further_VB investor_NN commitments_NNS ,_, they_PRP said_VBD ._. 
Some_DT traders_NNS said_VBD the_DT popularity_NN of_IN issues_NNS that_WDT gained_VBD yesterday_NN wo_MD n't_RB last_JJ long_JJ ,_, as_IN investors_NNS will_MD rotate_VB their_PRP$ buying_NN choices_NNS over_IN the_DT short_JJ term_NN ._. 
Interest_NN rate-sensitive_JJ shares_NNS such_JJ as_IN steel_NN ,_, construction_NN and_CC electric_JJ utility_NN companies_NNS ,_, which_WDT rose_VBD early_RB in_IN the_DT week_NN ,_, saw_VBD their_PRP$ advance_NN weaken_VB yesterday_NN ._. 
Traders_NNS said_VBD these_DT issues_NNS need_VBP large-volume_JJ buying_NN to_TO push_VB up_IN their_PRP$ prices_NNS ,_, so_RB substantial_JJ gains_NNS are_VBP n't_RB likely_JJ unless_IN institutional_JJ investors_NNS participate_VBP ._. 
An_DT outstanding_JJ issue_NN in_IN yesterday_NN 's_POS session_NN was_VBD Mitsubishi_NNP Rayon_NNP ,_, which_WDT surged_VBD 95_CD to_TO 905_CD yen_NN -LRB-_( $_$ 6.34_CD -RRB-_) a_DT share_NN ._. 
Its_PRP$ popularity_NN was_VBD due_JJ to_TO speculation_NN about_IN the_DT strong_JJ earnings_NNS potential_NN of_IN a_DT new_JJ type_NN of_IN plastic_NN wrap_NN for_IN household_NN use_NN ,_, a_DT trader_NN at_IN County_NNP Natwest_NNP Securities_NNP Japan_NNP said_VBD ._. 
Some_DT laggard_JJ food_NN issues_NNS attracted_VBD bargain-hunters_NNS ,_, traders_NNS said_VBD ._. 
Kirin_NNP Brewery_NNP was_VBD up_IN 100_CD at_IN 2,000_CD ,_, and_CC Ajinomoto_NNP gained_VBD 70_CD to_TO 2,840_CD ._. 
Pharmaceuticals_NNP were_VBD mostly_RB higher_JJR ,_, with_IN SS_NNP Pharmaceutical_NNP gaining_VBG 140_CD to_TO 1,980_CD ._. 
Shares_NNS closed_VBD lower_JJR in_IN other_JJ major_JJ Asian_JJ and_CC Pacific_NNP markets_NNS ,_, including_VBG Sydney_NNP ,_, Hong_NNP Kong_NNP ,_, Singapore_NNP ,_, Taipei_NNP ,_, Wellington_NNP ,_, Seoul_NNP and_CC Manila_NNP ._. 
Most_JJS of_IN those_DT markets_NNS had_VBD rebounded_VBN the_DT day_NN before_IN from_IN Monday_NNP 's_POS slide_NN ._. 
But_CC unlike_IN the_DT Tokyo_NNP exchange_NN ,_, they_PRP failed_VBD to_TO extend_VB the_DT rise_NN to_TO a_DT second_JJ session_NN ._. 
Elsewhere_RB ,_, prices_NNS surged_VBD for_IN a_DT second_JJ day_NN in_IN Frankfurt_NNP ,_, closed_VBD higher_JJR in_IN Zurich_NNP ,_, Stockholm_NNP and_CC Amsterdam_NNP and_CC were_VBD broadly_RB lower_JJR in_IN Milan_NNP ,_, Paris_NNP and_CC Brussels_NNP ._. 
South_JJ African_JJ gold_NN stocks_NNS ended_VBD marginally_RB firmer_JJR ._. 
In_IN Brussels_NNP ,_, it_PRP was_VBD the_DT first_JJ trading_NN day_NN for_IN most_RBS major_JJ shares_NNS since_IN stocks_NNS tumbled_VBD on_IN Wall_NNP Street_NNP Friday_NNP ._. 
Trading_NN had_VBD been_VBN impeded_VBN by_IN a_DT major_JJ computer_NN failure_NN that_WDT took_VBD place_NN before_IN the_DT start_NN of_IN Monday_NNP 's_POS session_NN ._. 
Here_RB are_VBP price_NN trends_NNS on_IN the_DT world_NN 's_POS major_JJ stock_NN markets_NNS ,_, as_IN calculated_VBN by_IN Morgan_NNP Stanley_NNP Capital_NNP International_NNP Perspective_NNP ,_, Geneva_NNP ._. 
To_TO make_VB them_PRP directly_RB comparable_JJ ,_, each_DT index_NN is_VBZ based_VBN on_IN the_DT close_NN of_IN 1969_CD equaling_VBG 100_CD ._. 
The_DT percentage_NN change_NN is_VBZ since_IN year-end_NN ._. 
Housing_NN construction_NN sank_VBD in_IN September_NNP to_TO its_PRP$ lowest_JJS level_NN since_IN the_DT last_JJ recession_NN ,_, the_DT Commerce_NNP Department_NNP reported_VBD ._. 
Work_NN began_VBD on_IN homes_NNS and_CC apartments_NNS at_IN an_DT annual_JJ rate_NN of_IN 1,263,000_CD units_NNS last_JJ month_NN ,_, down_RB 5.2_CD %_NN from_IN August_NNP ,_, the_DT department_NN said_VBD ._. 
The_DT September_NNP decline_NN followed_VBD an_DT even_RB steeper_JJR drop_NN of_IN 6.2_CD %_NN in_IN August_NNP and_CC left_VBN housing_NN starts_VBZ at_IN their_PRP$ weakest_JJS since_IN October_NNP 1982_CD ,_, when_WRB the_DT country_NN was_VBD nearing_VBG the_DT end_NN of_IN a_DT recession_NN ._. 
Originally_RB the_DT department_NN had_VBD reported_VBN the_DT August_NNP decline_NN as_IN 5_NN %_NN ._. 
The_DT numbers_NNS suggest_VBP that_IN the_DT housing_NN industry_NN is_VBZ still_RB suffering_VBG the_DT effects_NNS of_IN the_DT Federal_NNP Reserve_NNP 's_POS battle_NN against_IN inflation_NN ._. 
The_DT industry_NN had_VBD shown_VBN signs_NNS of_IN recovery_NN this_DT summer_NN ,_, after_IN the_DT central_JJ bank_NN began_VBD to_TO relax_VB its_PRP$ clamp_NN on_IN credit_NN ,_, allowing_VBG interest_NN rates_NNS to_TO drop_VB a_DT bit_NN after_IN pushing_VBG them_PRP up_IN for_IN a_DT year_NN ._. 
Sales_NNS of_IN new_JJ homes_NNS rose_VBD and_CC inventories_NNS of_IN houses_NNS ,_, which_WDT had_VBD been_VBN climbing_VBG ,_, dropped_VBD ._. 
But_CC last_JJ month_NN new_JJ construction_NN in_IN all_DT types_NNS of_IN homes_NNS waned_VBD ,_, from_IN single-family_JJ houses_NNS to_TO large_JJ apartment_NN complexes_NNS ._. 
``_`` It_PRP 's_VBZ pretty_RB much_JJ weak_JJ across_IN the_DT board_NN ,_, ''_'' said_VBD Martin_NNP Regalia_NNP ,_, chief_JJ economist_NN of_IN the_DT National_NNP Council_NNP of_IN Savings_NNP Institutions_NNS ._. 
Mr._NNP Regalia_NNP said_VBD the_DT industry_NN may_MD be_VB reluctant_JJ to_TO step_VB up_IN building_NN at_IN the_DT moment_NN for_IN fear_NN the_DT inventories_NNS of_IN unsold_JJ homes_NNS will_MD increase_VB again_RB ._. 
Another_DT reason_NN for_IN the_DT weakness_NN ,_, he_PRP said_VBD ,_, may_MD be_VB that_IN mortgage_NN rates_NNS have_VBP hit_VBN a_DT plateau_NN since_IN they_PRP began_VBD edging_VBG down_RB after_IN a_DT peak_NN in_IN March_NNP ._. 
In_IN August_NNP ,_, rates_VBZ on_IN 30-year_JJ fixed-rate_JJ mortgages_NNS started_VBD creeping_VBG up_IN a_DT bit_NN ,_, but_CC they_PRP inched_VBD down_RB again_RB through_IN September_NNP ._. 
``_`` Rates_NNS have_VBP n't_RB really_RB peeled_VBN off_IN that_DT much_NN ,_, ''_'' Mr._NNP Regalia_NNP said_VBD ._. 
``_`` We_PRP 've_VBP kind_NN of_IN settled_VBN now_RB into_IN an_DT interest-rate_NN environment_NN that_WDT 's_VBZ fairly_RB high_JJ ._. ''_'' 
Work_NN was_VBD begun_VBN on_IN single_JJ family_NN homes_NNS --_: the_DT core_NN of_IN the_DT housing_NN market_NN --_: at_IN an_DT annual_JJ rate_NN of_IN 971,000_CD in_IN September_NNP ,_, a_DT drop_NN of_IN 2.1_CD %_NN from_IN the_DT previous_JJ month_NN ._. 
That_DT followed_VBD a_DT 3.3_CD %_NN decline_NN in_IN August_NNP ._. 
Construction_NN of_IN apartments_NNS and_CC other_JJ multi-family_JJ dwellings_NNS slipped_VBD 2.2_CD %_NN to_TO an_DT annual_JJ rate_NN of_IN 1,022,000_CD following_VBG a_DT 3.5_CD %_NN decline_NN in_IN August_NNP ._. 
The_DT number_NN of_IN building_NN permits_VBZ issued_VBN for_IN future_NN construction_NN dropped_VBD 2.4_CD %_NN to_TO a_DT 1,296,000_CD annual_JJ rate_NN after_IN rising_VBG 3.7_CD %_NN in_IN August_NNP ._. 
All_DT the_DT numbers_NNS were_VBD adjusted_VBN for_IN normal_JJ seasonal_JJ variations_NNS in_IN building_NN activity_NN ._. 
The_DT housing_NN starts_VBZ numbers_NNS ,_, however_RB ,_, are_VBP one_CD of_IN the_DT least_JJS precise_JJ of_IN the_DT government_NN 's_POS economic_JJ indicators_NNS and_CC are_VBP often_RB revised_VBN significantly_RB as_IN more_JJR information_NN is_VBZ collected_VBN ._. 
Shearson_NNP Lehman_NNP Hutton_NNP Holdings_NNP Inc._NNP posted_VBD a_DT sharp_JJ third-quarter_JJ turnaround_NN from_IN a_DT year_NN earlier_RBR ,_, but_CC net_JJ income_NN would_MD have_VB dropped_VBN from_IN the_DT second_JJ quarter_NN without_IN a_DT $_$ 37_CD million_CD after-tax_JJ gain_NN ._. 
The_DT securities_NNS firm_NN posted_VBD third-quarter_JJ net_NN of_IN $_$ 66_CD million_CD ,_, or_CC 64_CD cents_NNS a_DT share_NN ,_, compared_VBN with_IN a_DT restated_VBN year-earlier_JJ loss_NN of_IN $_$ 3_CD million_CD ,_, or_CC 11_CD cents_NNS a_DT share_NN ._. 
Revenue_NN climbed_VBD 25_CD %_NN to_TO $_$ 3.3_CD billion_CD from_IN $_$ 2.6_CD billion_CD ._. 
The_DT latest_JJS period_NN included_VBD the_DT gain_NN ,_, which_WDT was_VBD $_$ 77_CD million_CD before_IN tax_NN ,_, from_IN the_DT previously_RB announced_VBN sale_NN of_IN the_DT institutional_JJ money_NN management_NN business_NN of_IN Lehman_NNP Management_NNP Co_NNP ._. 
The_DT 1988_CD period_NN was_VBD restated_VBN from_IN net_JJ income_NN of_IN $_$ 8_CD million_CD to_TO correct_VB an_DT overstatement_NN in_IN the_DT company_NN 's_POS Boston_NNP Co._NNP subsidiary_NN ._. 
In_IN the_DT 1989_CD second_JJ quarter_NN ,_, Shearson_NNP had_VBD net_JJ income_NN of_IN $_$ 55_NN million_CD ,_, or_CC 54_CD cents_NNS a_DT share_NN ._. 
An_DT average_JJ 102.5_CD million_CD common_JJ shares_NNS were_VBD outstanding_JJ in_IN the_DT latest_JJS quarter_NN ,_, up_IN from_IN 87.1_CD million_CD ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN yesterday_NN ,_, Shearson_NNP shares_NNS lost_VBD 37.5_CD cents_NNS to_TO $_$ 18.125_CD ._. 
The_DT company_NN said_VBD the_DT improved_VBN performance_NN from_IN a_DT year_NN ago_RB reflects_VBZ higher_JJR commissions_NNS and_CC revenue_NN from_IN marketmaking_NN and_CC trading_NN for_IN its_PRP$ own_JJ account_NN ._. 
Commission_NN revenue_NN was_VBD $_$ 522_CD million_CD ,_, up_IN 49_CD %_NN ._. 
But_CC industrywide_JJ trading_NN activity_NN slowed_VBD in_IN September_NNP as_IN institutional_JJ investors_NNS turned_VBD cautious_JJ and_CC individuals_NNS continued_VBD to_TO shy_VB away_RB from_IN the_DT market_NN ._. 
Investment_NN banking_NN revenue_NN fell_VBD 32_CD %_NN to_TO $_$ 205_CD million_CD ,_, in_IN part_NN reflecting_VBG the_DT continued_VBN slowdown_NN of_IN the_DT underwriting_NN business_NN ._. 
In_IN the_DT nine_CD months_NNS ,_, net_NN fell_VBD 3_CD %_NN to_TO $_$ 106_CD million_CD ,_, or_CC 98_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 110_CD million_CD ,_, or_CC $_$ 1.05_CD a_DT share_NN ._. 
Revenue_NN advanced_VBD 26_CD %_NN to_TO $_$ 9.6_CD billion_CD from_IN $_$ 7.6_CD billion_CD ._. 
Two_CD major_JJ drug_NN companies_NNS posted_VBD strong_JJ third-quarter_JJ earnings_NNS ,_, in_IN line_NN with_IN profits_NNS already_RB reported_VBN by_IN industry_NN leaders_NNS and_CC analysts_NNS '_POS expectations_NNS ._. 
But_CC Pfizer_NNP Inc._NNP ,_, based_VBN in_IN New_NNP York_NNP ,_, reported_VBD flat_JJ earnings_NNS ._. 
Schering-Plough_NNP Corp._NNP ,_, based_VBN in_IN Madison_NNP ,_, N.J._NNP ,_, reported_VBD a_DT 21_CD %_NN rise_NN in_IN earnings_NNS as_IN American_NNP Home_NNP Products_NNP Corp._NNP of_IN New_NNP York_NNP posted_VBD an_DT 11_CD %_NN increase_NN in_IN net_NN ._. 
American_NNP Home_NNP Products_NNPS 
American_NNP Home_NNP Products_NNPS said_VBD sales_NNS and_CC earnings_NNS for_IN the_DT third_JJ quarter_NN and_CC nine_CD months_NNS were_VBD at_IN record_NN levels_NNS ._. 
Sales_NNS for_IN the_DT third_JJ quarter_NN increased_VBN 6.5_CD %_NN to_TO $_$ 1.51_CD billion_CD from_IN $_$ 1.42_CD billion_CD ._. 
Sales_NNS of_IN health-care_NN products_NNS increased_VBN 6_CD %_NN in_IN the_DT third_JJ quarter_NN ,_, based_VBN in_IN part_NN on_IN strong_JJ sales_NNS of_IN prescription_NN drugs_NNS such_JJ as_IN Premarin_NNP ,_, an_DT estrogen-replacement_NN drug_NN ,_, and_CC sales_NNS of_IN the_DT company_NN 's_POS infant_NN formula_NN ._. 
American_NNP Home_NNP Products_NNPS said_VBD net_JJ income_NN benefited_VBD from_IN a_DT ``_`` lower_JJR effective_JJ tax_NN rate_NN ,_, ''_'' reflecting_VBG a_DT reduction_NN of_IN foreign_JJ tax_NN rates_NNS ,_, and_CC additional_JJ operations_NNS in_IN Puerto_NNP Rico_NNP ._. 
Net_JJ also_RB was_VBD aided_VBN by_IN a_DT gain_NN on_IN the_DT sale_NN of_IN the_DT company_NN 's_POS equity_NN interests_NNS in_IN South_NNP Africa_NNP effective_JJ Sept._NNP 1_CD ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN yesterday_NN ,_, American_NNP Home_NNP Products_NNPS closed_VBD at_IN $_$ 102.25_CD a_DT share_NN ,_, down_RB 75_CD cents_NNS ._. 
Pfizer_NNP 
Pfizer_NNP said_VBD third-quarter_JJ sales_NNS increased_VBN 4_CD %_NN to_TO $_$ 1.44_CD billion_CD from_IN $_$ 1.38_CD billion_CD ._. 
The_DT company_NN said_VBD net_JJ income_NN was_VBD flat_JJ because_IN of_IN investment_NN in_IN research_NN and_CC development_NN and_CC costs_NNS related_VBN to_TO launches_NNS of_IN several_JJ products_NNS ._. 
The_DT company_NN said_VBD the_DT dollar_NN 's_POS continued_VBD strengthening_VBG reduced_VBN world-wide_JJ sales_NNS growth_NN by_IN three_CD percentage_NN points_NNS ._. 
Pfizer_NNP posted_VBD its_PRP$ largest_JJS gains_NNS in_IN healthcare_NN sales_NNS ,_, up_IN 3_CD %_NN ,_, and_CC consumer_NN products_NNS ,_, up_IN 23_CD %_NN ._. 
Sales_NNS by_IN the_DT specialty_NN chemicals_NNS and_CC materials_NNS science_NN segments_NNS were_VBD flat_JJ ,_, and_CC sales_NNS by_IN the_DT agriculture_NN segment_NN declined_VBD 5_NN %_NN ._. 
In_IN the_DT health-care_NN segment_NN ,_, pharmaceutical_JJ sales_NNS increased_VBN 4_CD %_NN and_CC sales_NNS of_IN hospital_NN products_NNS increased_VBN 1_CD %_NN ._. 
During_IN the_DT quarter_NN ,_, Pfizer_NNP received_VBD federal_JJ approval_NN of_IN Procardia_NNP XL_NNP ,_, a_DT calcium_NN channel_NN blocker_NN approved_VBD for_IN both_DT angina_NN and_CC hypertension_NN ,_, and_CC Monorail_NNP Piccolino_NNP ,_, used_VBN to_TO open_VB obstructed_VBN coronary_JJ arteries_NNS ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN yesterday_NN ,_, Pfizer_NNP closed_VBD at_IN $_$ 67.75_CD a_DT share_NN ,_, up_IN 75_CD cents_NNS ._. 
Schering-Plough_NNP 
Schering-Plough_NNP said_VBD sales_NNS gained_VBD 2.7_CD %_NN to_TO $_$ 743.7_CD million_CD from_IN $_$ 724.4_CD million_CD ._. 
In_IN the_DT period_NN ,_, the_DT company_NN completed_VBD the_DT sale_NN of_IN its_PRP$ European_JJ cosmetics_NNS businesses_NNS ,_, sold_VBD a_DT majority_NN interest_NN in_IN its_PRP$ Brazilian_JJ affiliate_NN ,_, and_CC announced_VBD the_DT reorganization_NN of_IN its_PRP$ over-the-counter_JJ drug_NN businesses_NNS into_IN a_DT new_JJ unit_NN ,_, Schering-Plough_NNP Health_NNP Care_NNP Products_NNPS ._. 
These_DT actions_NNS did_VBD n't_RB affect_VB results_NNS because_IN the_DT gain_NN on_IN the_DT sale_NN of_IN the_DT European_JJ cosmetics_NNS businesses_NNS was_VBD offset_VBN by_IN provisions_NNS relating_VBG to_TO the_DT Brazil_NNP divestiture_NN and_CC drug_NN restructuring_NN ._. 
U.S._NNP pharmaceutical_JJ sales_NNS rose_VBD 15_CD %_NN ,_, led_VBN by_IN allergy_NN ,_, asthma_NN and_CC cold_JJ products_NNS ;_: dermatological_JJ products_NNS ;_: anti-infectives_NNS and_CC anti-cancer_JJ products_NNS ;_: and_CC cardiovascular_JJ products_NNS ._. 
World-wide_JJ consumer_NN product_NN sales_NNS declined_VBD 12_CD %_NN ,_, primarily_RB because_IN of_IN the_DT European_JJ cosmetics_NNS sale_NN ._. 
Significantly_RB lower_JJR sales_NNS of_IN `_`` Stay_VB Trim_NN '_'' diet_NN aids_NNS also_RB were_VBD a_DT factor_NN in_IN the_DT drop_NN ._. 
The_DT Maybelline_NNP beauty_NN product_NN line_NN had_VBD higher_JJR sales_NNS following_VBG a_DT sluggish_JJ first_JJ half_NN ._. 
In_IN Big_NNP Board_NNP composite_JJ trading_NN ,_, Schering-Plough_NNP shares_NNS fell_VBD 75_CD cents_NNS to_TO close_VB at_IN $_$ 74.125_CD ._. 
Swedish_JJ auto_NN and_CC aerospace_NN concern_NN Saab-Scania_NNP AB_NNP said_VBD it_PRP received_VBD a_DT 250_CD million_CD krona_NN -LRB-_( $_$ 39_CD million_CD -RRB-_) order_NN from_IN Swiss_NNP Crossair_NNP ,_, one_CD of_IN Europe_NNP 's_POS leading_VBG regional_JJ air_NN companies_NNS ,_, for_IN five_CD Saab_NNP 340B_CD turboprop_NN commuter_NN aircraft_NN ._. 
It_PRP is_VBZ quite_RB unfortunate_JJ that_IN you_PRP failed_VBD so_RB miserably_RB in_IN reporting_VBG the_DT Hurricane_NNP Hugo_NNP disaster_NN ._. 
Your_PRP$ Sept._NNP 27_CD page-one_JJ article_NN ``_`` Charleston_NNP Lost_JJ Quite_RB a_DT Lot_NN to_TO Hugo_NNP ,_, Especially_RB Gentility_NN ''_'' leaves_VBZ the_DT impression_NN that_IN the_DT storm_NN was_VBD little_RB more_JJR than_IN an_DT inconvenience_NN ._. 
The_DT damage_NN reported_VBD focused_VBN on_IN a_DT select_JJ few_JJ who_WP owned_VBD irreplaceable_JJ historic_JJ homes_NNS on_IN the_DT Battery_NNP ._. 
Not_RB mentioned_VBN were_VBD the_DT 50,000_CD people_NNS rendered_VBD homeless_JJ ,_, and_CC the_DT more_JJR than_IN 200,000_CD out_IN of_IN work_NN for_IN an_DT indeterminable_JJ period_NN ;_: the_DT $_$ 1_CD billion-plus_JJ in_IN losses_NNS to_TO homes_NNS and_CC personal_JJ property_NN on_IN the_DT barrier_NN islands_NNS ;_: the_DT near_IN -_: and_CC long-term_JJ impact_NN on_IN the_DT state_NN 's_POS largest_JJS industry_NN ,_, tourism_NN ,_, not_RB to_TO mention_VB the_DT human_JJ suffering_NN ._. 
In_IN centering_VBG on_IN the_DT disruption_NN of_IN a_DT few_JJ proud_JJ local_JJ customs_NNS such_JJ as_IN the_DT historic_JJ homes_NNS tour_NN and_CC the_DT damage_NN to_TO the_DT antiquities_NNS ,_, your_PRP$ reporter_NN served_VBN to_TO only_RB perpetuate_VB an_DT outdated_JJ and_CC stereotypically_RB provincial_JJ view_NN of_IN this_DT otherwise_RB thriving_VBG port_NN city_NN ._. 
The_DT damage_NN will_MD undoubtedly_RB prove_VB to_TO be_VB one_CD of_IN the_DT epic_NN human_JJ and_CC economic_JJ disasters_NNS of_IN the_DT decade_NN in_IN this_DT country_NN ._. 
David_NNP M._NNP Carroll_NNP 
Columbia_NNP ,_, S.C_NNP ._. 
Your_PRP$ story_NN was_VBD tasteless_JJ and_CC insensitive_JJ ._. 
Depicting_VBG the_DT people_NNS of_IN a_DT traumatized_VBN city_NN reeling_VBG from_IN a_DT disaster_NN of_IN unprecedented_JJ proportions_NNS was_VBD at_IN the_DT very_RB best_JJS ludicrous_JJ under_IN the_DT circumstances_NNS ._. 
Your_PRP$ narrow_JJ focus_NN appears_VBZ to_TO be_VB a_DT contrived_VBN attempt_NN to_TO show_VB the_DT people_NNS of_IN that_DT historic_JJ city_NN to_TO be_VB doddering_JJ fools_NNS ._. 
You_PRP had_VBD to_TO have_VB been_VBN blind_JJ not_RB to_TO see_VB the_DT scenario_NN there_RB for_IN what_WP it_PRP was_VBD and_CC is_VBZ and_CC will_MD continue_VB to_TO be_VB for_IN months_NNS and_CC even_JJ years_NNS --_: a_DT part_NN of_IN South_NNP Carolina_NNP that_WDT has_VBZ sustained_VBN a_DT blow_NN that_IN the_DT Red_NNP Cross_NNP expects_VBZ will_MD cost_VB that_DT organization_NN alone_RB some_DT $_$ 38_CD million_CD ._. 
William_NNP C._NNP Barksdale_NNP Jr_NNP ._. 
Columbia_NNP ,_, S.C_NNP ._. 
Charleston_NNP is_VBZ historic_JJ and_CC aristocratic_JJ ,_, as_IN your_PRP$ reporter_NN said_VBD ,_, but_CC not_RB haughty_JJ ,_, as_IN he_PRP suggested_VBD ._. 
Charlestonians_NNS are_VBP instead_RB indomitable_JJ and_CC have_VBP contributed_VBN mightily_RB to_TO the_DT culture_NN and_CC history_NN of_IN our_PRP$ country_NN for_IN more_JJR than_IN 300_CD years_NNS ._. 
I_PRP suggest_VBP your_PRP$ reporter_NN see_VB Charleston_NNP next_JJ spring_NN in_IN its_PRP$ full_JJ glory_NN ._. 
William_NNP C._NNP Stuart_NNP III_NNP 
Silver_NNP Spring_NNP ,_, Md_NNP ._. 
Affiliated_NNP Bankshares_NNPS of_IN Colorado_NNP Inc._NNP said_VBD it_PRP agreed_VBD to_TO sell_VB its_PRP$ 10_CD %_NN interest_NN in_IN Rocky_NNP Mountain_NNP Bankcard_NNP Systems_NNPS for_IN $_$ 18.5_CD million_CD to_TO Colorado_NNP National_NNP Bank_NNP of_IN Denver_NNP and_CC Central_NNP Bank_NNP of_IN Denver_NNP ._. 
Colorado_NNP National_NNP is_VBZ a_DT unit_NN of_IN Colorado_NNP National_NNP Bankshares_NNPS Inc._NNP and_CC Central_NNP is_VBZ a_DT unit_NN of_IN First_NNP Bank_NNP System_NNP of_IN Minneapolis_NNP ._. 
Affiliated_NNP said_VBD it_PRP expects_VBZ to_TO record_VB a_DT pretax_JJ gain_NN of_IN about_RB $_$ 18.5_CD million_CD from_IN the_DT sale_NN of_IN the_DT credit-card_NN business_NN ,_, which_WDT should_MD more_JJR than_IN offset_VB any_DT reduction_NN in_IN the_DT carrying_VBG value_NN of_IN real_JJ estate_NN and_CC real-estate_NN loans_NNS on_IN its_PRP$ books_NNS ._. 
The_DT U.S._NNP Export-Import_NNP Bank_NNP tentatively_RB decided_VBD to_TO guarantee_VB commercial_JJ bank_NN financing_NN for_IN the_DT purchase_NN of_IN two_CD Boeing_NNP Co._NNP 767_CD airliners_NNS by_IN Avianca_NNP ,_, Colombia_NNP 's_POS international_JJ airline_NN ,_, at_IN a_DT cost_NN of_IN about_RB $_$ 150_CD million_CD ._. 
The_DT loan_NN guarantee_NN would_MD amount_VB to_TO about_RB $_$ 127.5_CD million_CD ,_, or_CC 85_CD %_NN of_IN the_DT cost_NN of_IN the_DT aircraft_NN ._. 
Because_IN of_IN the_DT size_NN of_IN the_DT proposed_VBN loan_NN guarantee_NN ,_, the_DT Ex-Im_NNP Bank_NNP 's_POS preliminary_JJ commitment_NN is_VBZ subject_NN to_TO review_VB by_IN the_DT House_NNP and_CC Senate_NNP Banking_NNP committees_NNS ._. 
Ex-Im_NNP Bank_NNP officials_NNS said_VBD this_DT review_NN process_NN currently_RB is_VBZ under_IN way_NN ._. 
Sebastian_NNP Guzman_NNP Cabrera_NNP took_VBD over_IN the_DT oil_NN workers_NNS union_NN ,_, Mexico_NNP 's_POS most_RBS powerful_JJ labor_NN organization_NN ,_, only_RB last_JJ January_NNP ._. 
But_CC even_RB in_IN that_DT short_JJ time_NN Mr._NNP Guzman_NNP Cabrera_NNP has_VBZ become_VBN as_IN controversial_JJ in_IN his_PRP$ own_JJ way_NN as_IN his_PRP$ deposed_VBN predecessor_NN ,_, Joaquin_NNP Hernandez_NNP Galicia_NNP ,_, known_VBN as_IN La_NNP Quina_NNP ._. 
President_NNP Carlos_NNP Salinas_NNP de_FW Gortari_NNP used_VBD the_DT army_NN to_TO oust_VB La_NNP Quina_NNP ,_, who_WP reigned_VBD for_IN 28_CD years_NNS over_IN a_DT graft-riddled_JJ empire_NN that_WDT made_VBD state-run_JJ Petroleos_NNP Mexicanos_NNP ,_, or_CC Pemex_NNP ,_, one_CD of_IN the_DT world_NN 's_POS most_RBS inefficient_JJ oil_NN companies_NNS ._. 
Now_RB ,_, Mr._NNP Guzman_NNP Cabrera_NNP is_VBZ facing_VBG accusations_NNS that_IN he_PRP 's_VBZ as_IN much_JJ a_DT company_NN man_NN as_IN La_NNP Quina_NNP was_VBD a_DT crook_NN ._. 
In_IN recent_JJ contract_NN negotiations_NNS with_IN Pemex_NNP management_NN ,_, Mr._NNP Guzman_NNP Cabrera_NNP accepted_VBD major_JJ concessions_NNS that_WDT greatly_RB curtail_VB the_DT union_NN 's_POS role_NN in_IN subcontracting_NN ,_, long_JJ a_DT source_NN of_IN millions_NNS of_IN dollars_NNS in_IN illicit_JJ earnings_NNS ._. 
And_CC with_IN the_DT quiet_JJ pragmatism_NN of_IN Mr._NNP Guzman_NNP Cabrera_NNP replacing_VBG the_DT prickly_JJ populism_NN of_IN La_NNP Quina_NNP ,_, government_NN technocrats_NNS have_VBP been_VBN given_VBN a_DT free_JJ hand_NN to_TO open_VB the_DT petrochemical_NN sector_NN to_TO wider_RBR private_JJ and_CC foreign_JJ investment_NN ._. 
Mr._NNP Guzman_NNP Cabrera_NNP 's_POS new_JJ order_NN has_VBZ n't_RB arrived_VBN without_IN resistance_NN ._. 
Brawls_NNS between_IN union_NN factions_NNS still_RB erupt_VBP at_IN Pemex_NNP installations_NNS ._. 
Leftist_JJ leader_NN Cuauhtemoc_NNP Cardenas_NNP publicly_RB questioned_VBD Mr._NNP Guzman_NNP Cabrera_NNP 's_POS ``_`` moral_JJ quality_NN ,_, ''_'' suggesting_VBG he_PRP is_VBZ part_NN of_IN a_DT conspiracy_NN to_TO turn_VB over_IN the_DT country_NN 's_POS oil_NN ,_, a_DT symbol_NN of_IN Mexican_JJ nationalism_NN ,_, to_TO foreigners_NNS ._. 
The_DT 61-year-old_NNP Mr._NNP Guzman_NNP Cabrera_NNP takes_VBZ such_JJ criticisms_NNS in_IN stride_NN ._. 
``_`` This_DT is_VBZ n't_RB a_DT new_JJ kind_NN of_IN union_NN leadership_NN ,_, it_PRP 's_VBZ a_DT new_JJ Mexico_NNP ._. 
We_PRP 're_VBP no_RB longer_RB afraid_JJ of_IN associating_VBG with_IN private_JJ or_CC foreign_JJ capital_NN ,_, ''_'' he_PRP says_VBZ ._. 
Pemex_NNP ,_, which_WDT produces_VBZ 40_CD %_NN of_IN government_NN revenue_NN ,_, desperately_RB needs_VBZ new_JJ investment_NN ._. 
Since_IN world_NN oil_NN prices_NNS collapsed_VBD in_IN 1982_CD ,_, the_DT government_NN has_VBZ siphoned_VBN Pemex_NNP 's_POS coffers_NNS to_TO make_VB payments_NNS on_IN Mexico_NNP 's_POS $_$ 97_CD billion_CD foreign_JJ debt_NN ._. 
Little_JJ money_NN has_VBZ been_VBN returned_VBN to_TO upgrade_VB Pemex_NNP 's_POS aging_VBG facilities_NNS ._. 
While_IN the_DT government_NN drains_NNS Pemex_NNP from_IN above_IN ,_, the_DT union_NN has_VBZ drained_VBN it_PRP from_IN below_RB ._. 
A_DT bloated_JJ payroll_NN and_CC pervasive_JJ graft_NN caused_VBN Pemex_NNP 's_POS operating_VBG costs_NNS to_TO balloon_VB to_TO 95_CD cents_NNS of_IN each_DT $_$ 1_CD in_IN sales_NNS ,_, far_RB above_IN the_DT industry_NN norm_NN ._. 
The_DT declines_NNS in_IN investment_NN and_CC efficiency_NN explain_VB in_IN part_NN why_WRB Mexico_NNP has_VBZ been_VBN importing_VBG gasoline_NN this_DT year_NN ._. 
Some_DT projections_NNS show_VBP Mexico_NNP importing_VBG crude_NN by_IN the_DT end_NN of_IN the_DT century_NN ,_, barring_VBG an_DT overhaul_NN of_IN operations_NNS ._. 
``_`` Whatever_WDT you_PRP tried_VBD to_TO change_VB ,_, whether_IN it_PRP was_VBD cutting_VBG costs_NNS or_CC attracting_VBG new_JJ partners_NNS ,_, the_DT big_JJ obstacle_NN was_VBD the_DT old_JJ union_NN leadership_NN ,_, ''_'' says_VBZ oil_NN consultant_NN George_NNP Baker_NNP ._. 
Enter_VB Mr._NNP Guzman_NNP Cabrera_NNP ,_, who_WP has_VBZ a_DT clear_JJ understanding_NN of_IN where_WRB union_NN leaders_NNS fit_VBP in_IN the_DT pro-enterprise_JJ regime_NN of_IN President_NNP Salinas_NNP ._. 
``_`` I_PRP 'm_VBP the_DT secretary-general_NN ,_, if_IN there_EX is_VBZ one_CD ,_, ''_'' he_PRP says_VBZ ,_, greeting_VBG a_DT visitor_NN to_TO his_PRP$ office_NN ._. 
Beginning_VBG as_IN a_DT laborer_NN in_IN a_DT refinery_NN ,_, Mr._NNP Guzman_NNP Cabrera_NNP put_VB in_IN more_JJR than_IN 40_CD years_NNS at_IN Pemex_NNP before_IN being_VBG pushed_VBN into_IN retirement_NN by_IN La_NNP Quina_NNP after_IN a_DT dispute_NN two_CD years_NNS ago_RB ._. 
Though_IN he_PRP also_RB long_JJ benefited_VBD from_IN the_DT system_NN built_VBN by_IN La_NNP Quina_NNP ,_, Mr._NNP Guzman_NNP Cabrera_NNP says_VBZ union_NN perks_NNS had_VBN simply_RB gotten_VBN out_IN of_IN hand_NN ._. 
They_PRP are_VBP ``_`` at_IN the_DT base_NN of_IN all_DT of_IN the_DT problems_NNS of_IN corruption_NN ,_, ''_'' he_PRP says_VBZ ._. 
Thus_RB ,_, in_IN recent_JJ contract_NN negotiations_NNS ,_, Mr._NNP Guzman_NNP Cabrera_NNP gave_VBD up_IN the_DT union_NN 's_POS right_NN to_TO assign_VB 40_CD %_NN of_IN all_DT of_IN Pemex_NNP 's_POS outside_IN contracts_NNS --_: an_DT enormous_JJ source_NN of_IN kickbacks_NNS ._. 
The_DT union_NN also_RB ceded_VBD the_DT 2_CD %_NN commission_NN it_PRP had_VBD received_VBN on_IN all_DT Pemex_NNP maintenance_NN contracts_NNS ._. 
-LRB-_( The_DT union_NN will_MD keep_VB a_DT 2_CD %_NN commission_NN on_IN construction_NN projects_NNS ._. -RRB-_) 
The_DT new_JJ contract_NN also_RB eliminates_VBZ the_DT $_$ 15_CD monthly_JJ coupon_NN ,_, good_JJ only_RB at_IN union-owned_JJ grocery_NN stores_NNS ,_, that_WDT was_VBD part_NN of_IN the_DT salary_NN of_IN every_DT worker_NN ,_, from_IN roughneck_NN to_TO chief_JJ executive_NN ._. 
About_IN 9,800_CD technical_JJ workers_NNS ,_, notably_RB chemists_NNS and_CC lawyers_NNS ,_, were_VBD switched_VBN to_TO non-union_JJ status_NN ._. 
Also_RB ,_, because_IN of_IN its_PRP$ reduced_VBN capital_NN budget_NN ,_, Pemex_NNP has_VBZ phased_VBN out_IN about_IN 50,000_CD transitory_JJ construction_NN workers_NNS ,_, reducing_VBG the_DT work_NN force_NN to_TO about_IN 140,000_CD ,_, the_DT union_NN leader_NN says_NNS ._. 
Mr._NNP Guzman_NNP Cabrera_NNP says_VBZ the_DT union_NN 's_POS sacrifices_NNS will_MD be_VB offset_VB by_IN a_DT wage_NN and_CC benefit_NN package_NN that_IN amounts_NNS to_TO a_DT 22_CD %_NN increase_NN in_IN compensation_NN ._. 
But_CC Pemex_NNP managers_NNS are_VBP the_DT ones_NNS most_RBS thrilled_VBN by_IN the_DT contract_NN ._. 
``_`` We_PRP are_VBP retaking_VBG the_DT instruments_NNS of_IN administration_NN ,_, ''_'' says_VBZ Raul_NNP Robles_NNP ,_, a_DT Pemex_NNP subdirector_NN ._. 
Pemex_NNP officials_NNS would_MD n't_RB say_VB how_WRB much_JJ money_NN the_DT new_JJ contract_NN would_MD save_VB the_DT company_NN ,_, but_CC one_CD previous_JJ government_NN estimate_NN pegged_VBD savings_NNS at_IN around_IN $_$ 500_CD million_CD a_DT year_NN ._. 
Pemex_NNP 's_POS customers_NNS also_RB are_VBP pleased_VBN with_IN the_DT company_NN 's_POS new_JJ spirit_NN ._. 
Grupo_NNP Desc_NNP ,_, a_DT big_JJ conglomerate_NN ,_, has_VBZ long_RB depended_VBN on_IN Pemex_NNP petrochemicals_NNS to_TO produce_VB plastic_NN packing_VBG material_NN ._. 
But_CC when_WRB the_DT Pemex_NNP plant_NN shut_VBN down_RB for_IN an_DT annual_JJ overhaul_NN ,_, it_PRP would_MD never_RB give_VB notice_NN to_TO its_PRP$ customers_NNS ._. 
``_`` The_DT capriciousness_NN would_MD completely_RB disrupt_VB our_PRP$ operations_NNS ,_, ''_'' says_VBZ Ernesto_NNP Vega_NNP Velasco_NNP ,_, Desc_NNP 's_POS finance_NN director_NN ._. 
This_DT year_NN ,_, for_IN the_DT first_JJ time_NN ,_, Desc_NNP and_CC other_JJ customers_NNS were_VBD consulted_VBN well_RB in_IN advance_NN of_IN the_DT Pemex_NNP plant_NN 's_POS shutdown_NN to_TO ensure_VB minimal_JJ inconvenience_NN ._. 
Taming_VBG the_DT union_NN complements_VBZ previous_JJ moves_NNS by_IN the_DT government_NN to_TO attract_VB private_JJ investment_NN in_IN petrochemicals_NNS ,_, which_WDT Mexico_NNP has_VBZ been_VBN forced_VBN to_TO import_VB in_IN large_JJ quantities_NNS in_IN recent_JJ years_NNS ._. 
In_IN May_NNP ,_, the_DT government_NN unveiled_VBD new_JJ foreign_JJ investment_NN regulations_NNS that_WDT create_VBP special_JJ trusts_NNS allowing_VBG foreigners_NNS ,_, long_JJ limited_JJ to_TO a_DT 40_CD %_NN stake_NN in_IN secondary_JJ petrochemical_NN companies_NNS ,_, to_TO own_VB up_IN to_TO 100_CD %_NN ._. 
Later_RB ,_, the_DT government_NN reclassified_VBD several_JJ basic_JJ petrochemicals_NNS as_IN secondary_JJ products_NNS ._. 
But_CC Pemex_NNP 's_POS courtship_NN with_IN private_JJ companies_NNS ,_, and_CC especially_RB foreign_JJ ones_NNS ,_, is_VBZ controversial_JJ in_IN a_DT country_NN where_WRB oil_NN has_VBZ been_VBN a_DT symbol_NN of_IN national_JJ sovereignty_NN since_IN foreign_JJ oil_NN holdings_NNS were_VBD nationalized_VBN in_IN 1938_CD ._. 
``_`` They_PRP are_VBP preparing_VBG the_DT workers_NNS for_IN what_WP 's_VBZ coming_VBG :_: foreign_JJ control_NN ,_, ''_'' wrote_VBD Heberto_NNP Castillo_NNP ,_, a_DT leftist_JJ leader_NN ._. 
Mr._NNP Guzman_NNP Cabrera_NNP and_CC government_NN officials_NNS insist_VBP that_IN foreigners_NNS will_MD be_VB limited_JJ to_TO investing_VBG in_IN secondary_JJ petroleum_NN products_NNS ._. 
But_CC the_DT new_JJ union_NN leader_NN makes_VBZ no_DT apologies_NNS for_IN Pemex_NNP 's_POS more_RBR outward-looking_JJ attitude_NN ._. 
``_`` If_IN we_PRP do_VBP not_RB integrate_VB into_IN this_DT new_JJ world_NN of_IN interdependence_NN ,_, sooner_RBR or_CC later_RB we_PRP 're_VBP going_VBG to_TO become_VB victims_NNS of_IN our_PRP$ own_JJ isolation_NN ,_, ''_'' he_PRP says_VBZ ._. 
Couple_JJ Counseling_NN Grows_VBZ to_TO Defuse_VB Stress_NN 
MORE_JJR EXECUTIVES_NNPS and_CC their_PRP$ spouses_NNS are_VBP seeking_VBG counseling_NN as_IN work_NN and_CC family_NN pressures_NNS mount_VBP ._. 
Some_DT employers_NNS initiate_VBP referrals_NNS ,_, especially_RB if_IN work_NN problems_NNS threaten_VBP a_DT top_JJ manager_NN 's_POS job_NN ._. 
Many_JJ couples_NNS ``_`` are_VBP like_IN ships_NNS passing_VBG in_IN the_DT night_NN ,_, ''_'' a_DT communications_NNS gulf_NN that_WDT sparks_VBZ problems_NNS on_IN the_DT job_NN and_CC at_IN home_NN ,_, says_VBZ psychologist_NN Harry_NNP Levinson_NNP ._. 
His_PRP$ Levinson_NNP Institute_NNP in_IN Belmont_NNP ,_, Mass._NNP ,_, has_VBZ seen_VBN in_IN recent_JJ years_NNS a_DT doubling_NN in_IN the_DT number_NN of_IN executives_NNS and_CC spouses_NNS at_IN its_PRP$ weeklong_JJ counseling_NN program_NN ._. 
Employers_NNS foot_VBP the_DT bill_NN ,_, he_PRP says_VBZ ,_, figuring_VBG what_WP 's_VBZ good_JJ for_IN the_DT couple_NN is_VBZ good_JJ for_IN the_DT company_NN ._. 
One_CD East_NNP Coast_NNP manufacturing_NN executive_NN ,_, faced_VBN with_IN a_DT job_NN transfer_VB his_PRP$ wife_NN resented_VBD ,_, found_VBD that_DT counseling_NN helped_VBD them_PRP both_DT come_JJ to_TO grips_NNS with_IN the_DT move_NN ._. 
And_CC the_DT vice_NN president_NN of_IN a_DT large_JJ Midwestern_JJ company_NN realized_VBD that_IN an_DT abrasive_JJ temperament_NN threatened_VBD his_PRP$ career_NN when_WRB his_PRP$ wife_NN confided_VBD that_IN similar_JJ behavior_NN at_IN home_NN harmed_VBD their_PRP$ marriage_NN ._. 
More_RBR dual-career_JJ couples_NNS also_RB are_VBP getting_VBG help_VB ,_, with_IN men_NNS increasingly_RB bringing_VBG their_PRP$ working_NN wives_NNS for_IN joint_JJ counseling_NN ._. 
``_`` The_DT level_NN of_IN stress_NN for_IN a_DT woman_NN is_VBZ often_RB so_RB high_JJ ,_, it_PRP 's_VBZ the_DT husband_NN who_WP says_VBZ ,_, `_`` I_PRP 'm_VBP worried_VBN about_IN her_PRP$ ,_, '_'' ''_'' says_VBZ psychologist_NN Marjorie_NNP Hansen_NNP Shaevitz_NNP ._. 
Her_PRP$ Institute_NNP for_IN Family_NNP and_CC Work_NN Relationships_NNPS in_IN La_NNP Jolla_NNP ,_, Calif._NNP ,_, has_VBZ noted_VBN a_DT doubling_NN in_IN the_DT number_NN of_IN couples_NNS seeking_VBG help_VB the_DT past_JJ two_CD years_NNS ._. 
``_`` No_DT matter_NN how_WRB competent_JJ and_CC smart_JJ you_PRP both_DT are_VBP ,_, the_DT relationship_NN almost_RB certainly_RB will_MD erode_VB if_IN you_PRP do_VBP n't_RB have_VB time_NN to_TO talk_VB ,_, to_TO have_VB fun_NN and_CC to_TO be_VB sexual_JJ ,_, ''_'' says_VBZ Ms._NNP Shaevitz_NNP ._. 
She_PRP urges_VBZ client_NN couples_NNS to_TO begin_VB a_DT ``_`` detoxification_NN ''_'' period_NN ,_, purging_VBG social_JJ and_CC other_JJ nonproductive_JJ activities_NNS and_CC setting_VBG time_NN apart_RB for_IN themselves_PRP ._. 
``_`` Putting_VBG those_DT times_NNS on_IN the_DT calendar_NN ,_, ''_'' she_PRP says_VBZ ,_, ``_`` is_VBZ as_RB important_JJ as_IN remembering_VBG business_NN appointments_NNS ._. ''_'' 
Power_NNP of_IN Suggestion_NNP Stronger_JJR in_IN Japan_NNP 
HERE_NNP 'S_VBZ ONE_CD more_JJR explanation_NN for_IN why_WRB Japan_NNP is_VBZ a_DT tough_JJ industrial_JJ competitor_NN :_: Two_CD of_IN three_CD Japanese_JJ employees_NNS submit_VBP suggestions_NNS to_TO save_VB money_NN ,_, increase_NN efficiency_NN and_CC boost_VB morale_NN ,_, while_IN only_RB 8_CD %_NN of_IN American_JJ workers_NNS do_VBP ._. 
And_CC the_DT Japanese_JJ make_NN far_RB more_JJR suggestions_NNS --_: 2,472_CD per_IN 100_CD eligible_JJ employees_NNS vs._IN only_RB 13_CD per_IN 100_CD employees_NNS in_IN the_DT 
Data_NNS for_IN 1987_CD from_IN the_DT National_NNP Association_NNP of_IN Suggestion_NNP Systems_NNPS and_CC the_DT Japan_NNP Human_NNP Relations_NNP Association_NNP also_RB indicate_VB that_IN Japanese_JJ employers_NNS adopt_VBP four_CD of_IN five_CD suggestions_NNS ,_, while_IN their_PRP$ U.S._NNP counterparts_NNS accept_VBP just_RB one_CD in_IN four_CD ._. 
In_IN Japan_NNP ,_, small_JJ suggestions_NNS are_VBP encouraged_VBN ._. 
Each_DT new_JJ employee_NN is_VBZ expected_VBN to_TO submit_VB four_CD daily_JJ in_IN the_DT first_JJ few_JJ months_NNS on_IN the_DT job_NN ._. 
U.S._NNP companies_NNS tend_VBP to_TO favor_VB suggestions_NNS ``_`` that_WDT go_VBP for_IN the_DT home_NN runs_VBZ ,_, ''_'' says_VBZ Gary_NNP Floss_NNP ,_, vice_NN president_NN of_IN corporate_JJ quality_NN at_IN Control_NNP Data_NNP Corp_NNP ._. 
That_DT helps_VBZ explain_VB why_WRB American_JJ employers_NNS grant_VBP an_DT average_JJ award_NN of_IN $_$ 604.72_CD per_IN suggestion_NN ,_, while_IN Japan_NNP 's_POS payment_NN is_VBZ $_$ 3.23_CD ._. 
Still_RB ,_, suggestions_NNS '_POS net_JJ savings_NNS per_IN 100_CD employees_NNS is_VBZ $_$ 274,475_CD in_IN Japan_NNP vs._IN $_$ 24,891_CD in_IN the_DT U.S._NNP ._. 
U.S._NNP companies_NNS developing_VBG management_NN teams_NNS are_VBP wrestling_VBG with_IN how_WRB to_TO handle_VB individual_JJ suggestion_NN systems_NNS ._. 
Control_NNP Data_NNP ,_, for_IN one_CD ,_, plays_VBZ down_RB its_PRP$ employee_NN suggestion_NN program_NN because_IN it_PRP favors_VBZ the_DT team-management_NN focus_NN ._. 
Merger_NNP Fallout_NNP :_: Beware_VB Employee_NNP Dishonesty_NN 
CORPORATE_JJ security_NN directors_NNS increasingly_RB worry_VBP that_DT merger_NN mania_NN spawns_VBZ a_DT rise_NN in_IN employee_NN dishonesty_NN ._. 
A_DT Security_NNP magazine_NN survey_NN places_VBZ the_DT effect_NN of_IN takeovers_NNS and_CC buy-outs_NNS among_IN the_DT industry_NN 's_POS 10_CD biggest_JJS challenges_NNS ._. 
``_`` If_IN it_PRP causes_VBZ management_NN to_TO take_VB their_PRP$ eye_NN off_IN the_DT ball_NN ,_, inventory_NN shrinkage_NN is_VBZ going_VBG to_TO be_VB affected_VBN ,_, ''_'' says_VBZ Lewis_NNP Shealy_NNP ,_, vice_NN president_NN for_IN loss_NN prevention_NN at_IN Marshall_NNP Field_NNP 's_POS ,_, the_DT department_NN store_NN chain_NN ._. 
A_DT separate_JJ study_NN of_IN the_DT extent_NN of_IN employee_NN misconduct_NN linked_VBD general_JJ job_NN satisfaction_NN to_TO property_NN loss_NN ._. 
Co-author_NN Richard_NNP Hollinger_NNP cites_VBZ what_WP happened_VBD at_IN one_CD family-owned_JJ company_NN absorbed_VBN by_IN a_DT foreign_JJ giant_NN ._. 
Pilferage_NN climbed_VBD dramatically_RB as_IN many_JJ angry_JJ employees_NNS ``_`` felt_VBD abandoned_VBN by_IN the_DT former_JJ owners_NNS ,_, ''_'' says_VBZ the_DT University_NNP of_IN Florida_NNP sociologist_NN ._. 
But_CC top_JJ management_NN should_MD watch_VB for_IN other_JJ tell-tale_JJ signs_NNS of_IN employee_NN misdeeds_NNS ,_, like_IN expense-account_NN fudging_NN and_CC phone_NN misuse_NN ._. 
Security_NN consultant_NN Dennis_NNP Dalton_NNP of_IN Ventura_NNP ,_, Calif._NNP ,_, thinks_VBZ mergers_NNS often_RB trigger_VBP longer_RB lunch_NN hours_NNS and_CC increased_VBN absenteeism_NN ,_, conduct_NN which_WDT can_MD sap_VB the_DT bottom_NN line_NN more_JJR than_IN thefts_NNS ._. 
New_JJ management_NN can_MD take_VB several_JJ steps_NNS to_TO reduce_VB dishonesty_NN ._. 
Most_JJS important_JJ ,_, experts_NNS say_VBP ,_, is_VBZ to_TO show_VB that_IN a_DT company_NN 's_POS ethical_JJ tone_NN is_VBZ set_VBN at_IN the_DT top_NN ._. 
Mr._NNP Dalton_NNP also_RB recommends_VBZ that_IN the_DT chief_JJ executive_NN establish_VB a_DT rumor_NN control_NN center_NN and_CC move_NN swiftly_RB to_TO bolster_VB morale_NN ._. 
Consultant_NNP John_NNP Keller_NNP of_IN Southlake_NNP ,_, Texas_NNP ,_, urges_VBZ that_IN top_JJ management_NN adopt_VB a_DT ``_`` tough_JJ hands-on_JJ approach_NN ''_'' with_IN very_RB tight_JJ controls_NNS and_CC monitoring_NN ._. 
And_CC security_NN authority_NN Robert_NNP L._NNP Duston_NNP favors_VBZ disciplining_VBG all_DT employees_NNS who_WP cheat_VBP ._. 
Firms_NNS Walk_VBP Fine_NNP Line_NNP In_IN Distributing_VBG Profits_NNS 
ARE_VBP CORPORATE_JJ profits_NNS distributed_VBN fairly_RB ?_. 
A_DT survey_NN by_IN Sirota_NNP ,_, Alper_NNP &_CC Pfau_NNP ,_, a_DT New_NNP York_NNP consulting_NN firm_NN ,_, underscores_VBZ the_DT difficulty_NN for_IN top_JJ management_NN in_IN satisfying_JJ employees_NNS and_CC investors_NNS on_IN that_DT score_NN ._. 
Nearly_RB seven_CD of_IN 10_CD investors_NNS think_VBP companies_NNS reinvest_VBP ``_`` too_RB little_JJ ''_'' of_IN their_PRP$ profits_NNS in_IN the_DT business_NN ._. 
And_CC half_PDT the_DT employees_NNS surveyed_VBN think_VBP companies_NNS dole_VBP out_IN too_RB little_JJ to_TO them_PRP ._. 
But_CC both_DT see_VB a_DT common_JJ enemy_NN :_: About_IN 66_CD %_NN of_IN employees_NNS and_CC 73_CD %_NN of_IN investors_NNS think_VBP senior_JJ managers_NNS get_VBP too_RB big_JJ a_DT slice_NN of_IN the_DT profit_NN pie_NN ._. 
Bank_NNP of_IN New_NNP York_NNP Co._NNP said_VBD it_PRP agreed_VBD in_IN principle_NN to_TO acquire_VB the_DT credit-card_NN business_NN of_IN Houston-based_NNP First_NNP City_NNP Bancorp._NNP of_IN Texas_NNP for_IN between_IN $_$ 130_CD million_CD and_CC $_$ 134_CD million_CD ._. 
The_DT move_NN ,_, subject_NN to_TO a_DT definitive_JJ agreement_NN ,_, is_VBZ part_NN of_IN a_DT trend_NN by_IN big-city_JJ banks_NNS that_WDT have_VBP been_VBN buying_VBG up_IN credit-card_NN portfolios_NNS to_TO expand_VB their_PRP$ business_NN ._. 
Just_RB last_JJ month_NN ,_, a_DT Bank_NNP of_IN New_NNP York_NNP subsidiary_NN agreed_VBD to_TO buy_VB the_DT credit-card_NN operation_NN of_IN Dreyfus_NNP Corp._NNP 's_POS Dreyfus_NNP Consumer_NNP Bank_NNP for_IN $_$ 168_CD million_CD ,_, a_DT transaction_NN that_WDT is_VBZ expected_VBN to_TO be_VB completed_VBN by_IN the_DT end_NN of_IN the_DT year_NN ._. 
First_NNP City_NNP 's_POS portfolio_NN includes_VBZ approximately_RB 640,000_CD accounts_NNS with_IN about_RB $_$ 550_CD million_CD in_IN loans_NNS outstanding_JJ ._. 
First_NNP City_NNP ,_, which_WDT issues_VBZ both_DT MasterCard_NNP and_CC Visa_NNP cards_NNS ,_, has_VBZ agreed_VBN to_TO act_VB as_IN an_DT agent_NN bank_NN ._. 
At_IN the_DT end_NN of_IN the_DT third_JJ quarter_NN ,_, Bank_NNP of_IN New_NNP York_NNP 's_POS credit-card_NN business_NN consisted_VBD of_IN 2.4_CD million_CD accounts_NNS with_IN $_$ 3.6_CD billion_CD in_IN loans_NNS outstanding_JJ ._. 
Bank_NNP of_IN New_NNP York_NNP is_VBZ currently_RB the_DT seventh-largest_JJ issuer_NN of_IN credit_NN cards_NNS in_IN the_DT 
First_NNP City_NNP said_VBD that_IN because_IN of_IN increased_VBN competition_NN in_IN the_DT credit-card_NN business_NN ,_, it_PRP had_VBD decided_VBN it_PRP either_DT had_VBD to_TO expand_VB its_PRP$ own_JJ holdings_NNS substantially_RB or_CC sell_VB them_PRP ._. 
``_`` We_PRP think_VBP there_EX 's_VBZ a_DT good_JJ prospect_NN that_DT competition_NN is_VBZ going_VBG to_TO get_VB pretty_RB fierce_JJ in_IN this_DT market_NN ,_, ''_'' said_VBD James_NNP E._NNP Day_NNP ,_, a_DT First_NNP City_NNP vice_NN president_NN ._. 
``_`` We_PRP see_VBP it_PRP becoming_VBG a_DT bargain-basement_JJ kind_NN of_IN business_NN ._. ''_'' 
The_DT company_NN estimated_VBN that_IN the_DT transaction_NN would_MD enhance_VB its_PRP$ book_NN value_NN ,_, which_WDT stood_VBD at_IN $_$ 28.55_CD a_DT share_NN on_IN Sept._NNP 30_CD ,_, by_IN more_JJR than_IN $_$ 100_CD million_CD ,_, or_CC about_RB $_$ 4_CD a_DT share_NN ._. 
The_DT company_NN also_RB said_VBD the_DT transaction_NN would_MD bolster_VB after-tax_JJ earnings_NNS by_IN $_$ 3.25_CD a_DT share_NN when_WRB completed_VBN and_CC boost_VB its_PRP$ primary_JJ capital_NN ratio_NN to_TO 7_CD %_NN from_IN 6.63_CD %_NN ._. 
First_NNP City_NNP ,_, which_WDT recently_RB purchased_VBN three_CD small_JJ Texas_NNP banking_NN concerns_NNS ,_, said_VBD it_PRP would_MD use_VB the_DT proceeds_NNS to_TO pursue_VB additional_JJ expansion_NN opportunities_NNS in_IN the_DT Southwest_NNP and_CC elsewhere_RB ._. 
With_IN that_DT possibility_NN in_IN mind_NN ,_, analysts_NNS said_VBD the_DT transaction_NN was_VBD a_DT positive_JJ move_NN for_IN First_NNP City_NNP ._. 
``_`` I_PRP think_VBP they_PRP 'll_MD be_VB able_JJ to_TO move_VB faster_RBR to_TO make_VB acquisitions_NNS in_IN Texas_NNP ,_, ''_'' said_VBD Brent_NNP Erensel_NNP ,_, an_DT analyst_NN with_IN Donaldson_NNP ,_, Lufkin_NNP &_CC Jenrette_NNP ._. 
``_`` That_DT 's_VBZ something_NN they_PRP can_MD do_VB very_RB well_RB ._. 
British_JJ Airways_NNP PLC_NNP said_VBD it_PRP is_VBZ seeking_VBG improved_VBN terms_NNS and_CC a_DT sharply_RB lower_JJR price_NN in_IN any_DT revised_VBN bid_NN for_IN United_NNP Airlines_NNPS parent_NN UAL_NNP Corp._NNP following_VBG the_DT collapse_NN of_IN a_DT $_$ 6.79_CD billion_CD ,_, $_$ 300-a-share_JJ buy-out_NN bid_NN ._. 
Derek_NNP Stevens_NNP ,_, British_NNP Air_NNP 's_POS chief_JJ financial_JJ officer_NN ,_, told_VBD Dow_NNP Jones_NNP Professional_NNP Investor_NNP Report_NNP a_DT price_NN of_IN $_$ 230_CD a_DT share_NN is_VBZ ``_`` certainly_RB not_RB too_RB low_JJ ,_, ''_'' and_CC indicated_VBD his_PRP$ company_NN would_MD like_VB to_TO reduce_VB the_DT size_NN of_IN its_PRP$ $_$ 750_CD million_CD cash_NN investment_NN ._. 
He_PRP added_VBD the_DT airline_NN is_VBZ n't_RB committed_VBN to_TO going_VBG forward_RB with_IN any_DT new_JJ bid_NN ,_, and_CC has_VBZ n't_RB participated_VBN in_IN bankers_NNS '_POS efforts_NNS to_TO revive_VB the_DT transaction_NN that_WDT collapsed_VBD ._. 
``_`` We_PRP 're_VBP in_IN no_DT way_NN committed_VBN to_TO a_DT deal_NN going_VBG through_IN at_IN all_DT ._. 
We_PRP 're_VBP not_RB rushing_VBG into_IN anything_NN ._. 
We_PRP do_VBP n't_RB want_VB to_TO be_VB party_NN to_TO a_DT second_JJ rejection_NN ,_, ''_'' he_PRP said_VBD ,_, adding_VBG that_IN coming_VBG up_IN with_IN a_DT revised_VBN offer_NN could_MD easily_RB take_VB several_JJ weeks_NNS ._. 
Mr._NNP Stevens_NNP 's_POS remarks_NNS ,_, confirming_VBG a_DT report_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP that_IN British_NNP Air_NNP wants_VBZ to_TO start_VB from_IN scratch_NN in_IN any_DT new_JJ bid_NN for_IN the_DT nation_NN 's_POS second-largest_JJ airline_NN ,_, helped_VBD push_VB UAL_NNP stock_NN lower_JJR for_IN the_DT fourth_JJ straight_JJ day_NN ._. 
UAL_NNP fell_VBD $_$ 6.25_CD a_DT share_NN to_TO $_$ 191.75_CD on_IN volume_NN of_IN 2.3_CD million_CD shares_NNS in_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP as_IN concern_NN deepened_VBD among_IN takeover_NN stock_NN traders_NNS about_IN the_DT length_NN of_IN time_NN it_PRP will_MD take_VB to_TO revive_VB the_DT purchase_NN ._. 
Under_IN the_DT original_JJ buy-out_NN approved_VBN by_IN the_DT UAL_NNP board_NN Sept._NNP 14_CD ,_, UAL_NNP 's_POS pilots_NNS planned_VBN to_TO put_VB up_IN $_$ 200_CD million_CD in_IN cash_NN and_CC make_VB $_$ 200_CD million_CD in_IN annual_JJ cost_NN concessions_NNS for_IN a_DT 75_CD %_NN stake_NN ._. 
UAL_NNP management_NN was_VBD to_TO pay_VB $_$ 15_CD million_CD for_IN 10_CD %_NN ,_, and_CC British_NNP Air_NNP was_VBD to_TO receive_VB a_DT 15_CD %_NN stake_NN ._. 
The_DT buy-out_NN fell_VBD through_IN when_WRB Citicorp_NNP and_CC Chase_NNP Manhattan_NNP Corp._NNP unexpectedly_RB failed_VBD to_TO obtain_VB bank_NN financing_NN ._. 
Since_IN then_RB ,_, UAL_NNP stock_NN has_VBZ fallen_VBN 33_CD %_NN in_IN what_WP may_MD rank_VB as_IN the_DT largest_JJS collapse_NN of_IN a_DT takeover_NN stock_NN ever_RB ._. 
The_DT tenor_NN of_IN Mr._NNP Stevens_NNP 's_POS remarks_NNS seemed_VBD to_TO indicate_VB that_IN British_NNP Air_NNP will_MD take_VB a_DT more_RBR active_JJ ,_, high-profile_JJ role_NN in_IN pursuing_VBG any_DT new_JJ bid_NN ._. 
He_PRP said_VBD he_PRP believes_VBZ UAL_NNP management_NN was_VBD badly_RB advised_VBN on_IN the_DT funding_NN of_IN its_PRP$ original_JJ transaction_NN ._. 
Mr._NNP Stevens_NNP said_VBD British_NNP Air_NNP has_VBZ n't_RB received_VBN any_DT new_JJ buy-out_NN proposals_NNS from_IN the_DT labor-management_JJ group_NN ,_, led_VBN by_IN UAL_NNP Chairman_NNP Stephen_NNP Wolf_NNP ,_, and_CC has_VBZ n't_RB received_VBN any_DT indication_NN of_IN when_WRB one_PRP might_MD be_VB forthcoming_JJ ._. 
``_`` As_RB far_RB as_IN we_PRP 're_VBP concerned_VBN ,_, we_PRP 're_VBP waiting_VBG for_IN the_DT dust_NN to_TO settle_VB ,_, ''_'' he_PRP said_VBD ._. 
Although_IN British_NNP Air_NNP is_VBZ waiting_VBG to_TO see_VB what_WP the_DT buy-out_NN group_NN comes_VBZ up_IN with_IN ,_, Mr._NNP Stevens_NNP said_VBD a_DT revised_VBN transaction_NN with_IN less_JJR debt_NN leverage_NN is_VBZ likely_JJ to_TO be_VB more_RBR attractive_JJ to_TO banks_NNS ._. 
He_PRP said_VBD the_DT original_JJ proposal_NN is_VBZ dead_JJ ,_, and_CC all_DT aspects_NNS of_IN a_DT revised_VBN version_NN are_VBP up_IN for_IN change_NN ,_, in_IN light_NN of_IN the_DT changes_NNS in_IN UAL_NNP 's_POS market_NN price_NN ,_, the_DT amount_NN of_IN debt_NN banks_NNS are_VBP willing_JJ to_TO fund_VB ,_, and_CC the_DT price_NN British_NNP Air_NNP would_MD be_VB willing_JJ to_TO pay_VB ._. 
Mr._NNP Stevens_NNP said_VBD he_PRP expects_VBZ the_DT new_JJ price_NN will_MD be_VB considerably_RB lower_JJR ,_, but_CC declined_VBD to_TO specify_VB a_DT figure_NN ._. 
Asked_VBN whether_IN a_DT $_$ 230-a-share_JJ figure_NN circulating_VBG in_IN the_DT market_NN yesterday_NN is_VBZ too_RB low_JJ ,_, he_PRP said_VBD ,_, ``_`` It_PRP 's_VBZ certainly_RB not_RB too_RB low_JJ ._. ''_'' 
He_PRP added_VBD the_DT original_JJ offer_NN was_VBD ``_`` a_DT pretty_RB full_JJ price_NN ,_, ''_'' and_CC that_IN British_NNP Air_NNP 's_POS contribution_NN ``_`` was_VBD quite_RB a_DT large_JJ chunk_NN for_IN us_PRP ._. ''_'' 
British_NNP Air_NNP was_VBD originally_RB attracted_VBN to_TO the_DT chance_NN of_IN obtaining_VBG a_DT 15_CD %_NN stake_NN in_IN the_DT company_NN ,_, but_CC was_VBD n't_RB particularly_RB happy_JJ with_IN paying_VBG $_$ 750_CD million_CD ._. 
``_`` If_IN the_DT -LCB-_( new_JJ -RCB-_) deal_NN had_VBD us_PRP putting_VBG up_IN less_JJR money_NN but_CC still_RB having_VBG 15_CD %_NN ,_, that_WDT would_MD be_VB a_DT point_NN in_IN our_PRP$ favor_NN ,_, ''_'' he_PRP said_VBD ._. 
In_IN any_DT new_JJ proposal_NN ,_, British_NNP Air_NNP would_MD expect_VB a_DT greater_JJR rate_NN of_IN return_NN than_IN the_DT 20%-plus_NN in_IN the_DT original_JJ proposal_NN ._. 
In_IN the_DT event_NN that_IN the_DT buy-out_NN group_NN stalls_NNS in_IN reviving_VBG its_PRP$ bid_NN ,_, the_DT UAL_NNP board_NN could_MD remain_VB under_IN some_DT pressure_NN to_TO seek_VB another_DT transaction_NN ,_, even_RB without_IN any_DT legal_JJ obligation_NN to_TO do_VB so_RB ._. 
Roughly_RB one-third_NN of_IN its_PRP$ stock_NN is_VBZ believed_VBN held_VBN by_IN takeover_NN stock_NN traders_NNS ,_, who_WP could_MD vote_VB to_TO oust_VB the_DT board_NN if_IN they_PRP become_VBP impatient_JJ ._. 
Meanwhile_RB ,_, the_DT buy-out_NN group_NN 's_POS task_NN of_IN holding_VBG its_PRP$ fragile_JJ coalition_NN together_RB ,_, in_IN the_DT face_NN of_IN the_DT bid_NN 's_POS collapse_NN and_CC internal_JJ opposition_NN from_IN two_CD other_JJ employee_NN groups_NNS ,_, has_VBZ been_VBN further_RB complicated_VBN by_IN an_DT apparent_JJ rift_NN in_IN the_DT ranks_NNS of_IN the_DT pilot_NN union_NN itself_PRP ._. 
A_DT pilot_NN representing_VBG a_DT group_NN of_IN 220_CD pilots_NNS hired_VBN during_IN United_NNP 's_POS 1985_CD strike_NN filed_VBD suit_NN Friday_NNP in_IN Chicago_NNP federal_JJ court_NN to_TO block_VB the_DT takeover_NN ._. 
The_DT dissident_JJ pilots_NNS oppose_VBP the_DT plan_NN because_IN it_PRP would_MD cause_VB them_PRP to_TO lose_VB their_PRP$ seniority_NN ._. 
UAL_NNP 's_POS management_NN agreed_VBD to_TO reduce_VB the_DT seniority_NN of_IN those_DT pilots_NNS in_IN exchange_NN for_IN the_DT support_NN of_IN the_DT United_NNP pilot_NN union_NN for_IN the_DT buy-out_NN proposal_NN ._. 
The_DT 220_CD pilots_NNS involved_VBN in_IN the_DT suit_NN are_VBP n't_RB members_NNS of_IN the_DT union_NN ._. 
The_DT airline_NN had_VBD allowed_VBN them_PRP to_TO move_VB ahead_RB of_IN some_DT union_NN members_NNS in_IN seniority_NN following_VBG the_DT 1985_CD strike_NN ,_, a_DT move_NN the_DT union_NN had_VBD contested_VBN in_IN a_DT previous_JJ lawsuit_NN ._. 
Judith_NNP Valente_NNP contributed_VBD to_TO this_DT article_NN ._. 
Corporate_JJ efforts_NNS to_TO control_VB health-care_NN costs_NNS by_IN requiring_VBG evaluations_NNS prior_RB to_TO planned_VBN hospitalization_NN and_CC surgery_NN have_VBP n't_RB been_VBN sweeping_VBG enough_RB to_TO reduce_VB the_DT long-term_JJ rate_NN of_IN cost_NN increases_NNS ,_, according_VBG to_TO a_DT study_NN by_IN the_DT Institute_NNP of_IN Medicine_NNP ._. 
In_IN the_DT last_JJ decade_NN ,_, many_JJ corporations_NNS have_VBP embraced_VBN the_DT ``_`` utilization_NN management_NN ''_'' cost_NN containment_NN strategy_NN as_IN a_DT way_NN to_TO control_VB health-care_NN costs_NNS for_IN employees_NNS ._. 
These_DT programs_NNS vary_VBP widely_RB ,_, but_CC often_RB require_VB second_JJ opinions_NNS on_IN proposed_VBN surgery_NN ,_, preadmission_NN reviews_NNS of_IN elective_JJ hospitalizations_NNS and_CC reviews_NNS of_IN treatment_NN during_IN illnesses_NNS or_CC recovery_NN periods_NNS ._. 
Between_IN 50_CD %_NN and_CC 75_CD %_NN of_IN today_NN 's_POS workers_NNS are_VBP covered_VBN by_IN such_JJ plans_NNS ,_, up_IN from_IN 5_NN %_NN five_CD years_NNS ago_RB ._. 
``_`` Although_IN it_PRP probably_RB has_VBZ reduced_VBN the_DT level_NN of_IN expenditures_NNS for_IN some_DT purchasers_NNS ,_, utilization_NN management_NN --_: like_IN most_RBS other_JJ cost_NN containment_NN strategies_NNS --_: does_VBZ n't_RB appear_VB to_TO have_VB altered_VBN the_DT long-term_JJ rate_NN of_IN increase_NN in_IN health-care_NN costs_NNS ,_, ''_'' the_DT Institute_NNP of_IN Medicine_NNP ,_, an_DT affiliate_NN of_IN the_DT National_NNP Academy_NNP of_IN Sciences_NNPS ,_, concluded_VBD after_IN a_DT two-year_JJ study_NN ._. 
``_`` Employers_NNS who_WP saw_VBD a_DT short-term_JJ moderation_NN in_IN benefit_NN expenditures_NNS are_VBP seeing_VBG a_DT return_NN to_TO previous_JJ trends_NNS ._. ''_'' 
While_IN utilization_NN management_NN frequently_RB reduces_VBZ hospitalization_NN costs_NNS ,_, these_DT savings_NNS are_VBP often_RB offset_VB by_IN increases_NNS in_IN outpatient_NN services_NNS and_CC higher_JJR administrative_JJ costs_NNS ,_, according_VBG to_TO the_DT report_NN by_IN a_DT panel_NN of_IN health-care_NN experts_NNS ._. 
The_DT report_NN suggested_VBD that_IN current_JJ review_NN programs_NNS are_VBP too_RB narrow_JJ ._. 
``_`` The_DT unnecessary_JJ and_CC inappropriate_JJ use_NN of_IN the_DT hospital_NN ,_, and_CC not_RB the_DT actual_JJ need_NN for_IN a_DT particular_JJ procedure_NN ,_, has_VBZ been_VBN the_DT main_JJ focus_NN ,_, ''_'' the_DT panel_NN said_VBD ._. 
``_`` As_IN a_DT general_JJ rule_NN ,_, prior-review_JJ programs_NNS have_VBP not_RB made_VBN case-by-case_JJ assessments_NNS of_IN the_DT comparative_JJ costs_NNS of_IN alternative_NN treatments_NNS or_CC sites_NNS of_IN care_NN ._. ''_'' 
The_DT report_NN said_VBD that_DT utilization_NN management_NN should_MD have_VB more_JJR of_IN an_DT impact_NN as_IN federal_JJ research_NN on_IN the_DT effectiveness_NN of_IN medical_JJ treatments_NNS helps_VBZ lead_VBN to_TO medical_JJ practice_NN guidelines_NNS ._. 
Howard_NNP Bailit_NNP ,_, a_DT panel_NN member_NN and_CC a_DT vice_NN president_NN of_IN Aetna_NNP Life_NNP &_CC Casualty_NNP ,_, said_VBD that_DT utilization_NN management_NN will_MD also_RB do_VB a_DT better_JJR job_NN of_IN containing_VBG costs_NNS as_IN it_PRP spreads_VBZ to_TO cover_VB medical_JJ services_NNS delivered_VBN outside_IN of_IN hospitals_NNS ._. 
``_`` There_EX 's_VBZ pretty_RB good_JJ evidence_NN that_DT utilization_NN management_NN has_VBZ reduced_VBN inappropriate_JJ hospitalization_NN ,_, ''_'' he_PRP said_VBD ._. 
But_CC at_IN the_DT same_JJ time_NN ,_, spending_NN on_IN physician_NN services_NNS and_CC ambulatory_JJ care_NN have_VBP mushroomed_VBN ._. 
``_`` It_PRP 's_VBZ like_IN squeezing_VBG a_DT balloon_NN ,_, ''_'' Dr._NNP Bailit_NNP said_VBD ._. 
David_NNP Rahill_NNP of_IN A._NNP Foster_NNP Higgins_NNP &_CC Co._NNP said_VBD that_IN clients_NNS of_IN his_PRP$ consulting_NN firm_NN report_NN that_DT utilization_NN management_NN reduces_VBZ their_PRP$ hospital_NN care_NN bills_NNS by_IN about_IN 5_NN %_NN ,_, but_CC he_PRP agreed_VBD that_IN for_IN the_DT health-care_NN system_NN as_IN whole_JJ ,_, some_DT of_IN these_DT savings_NNS are_VBP offset_VB by_IN administrative_JJ and_CC outpatient_NN care_NN costs_NNS ._. 
Jerome_NNP Grossman_NNP ,_, chairman_NN of_IN the_DT panel_NN ,_, agrees_VBZ that_IN administrative_JJ costs_NNS of_IN utilization_NN management_NN programs_NNS can_MD be_VB high_JJ ._. 
``_`` You_PRP have_VBP a_DT whole_JJ staff_NN standing_VBG ready_JJ ''_'' to_TO evaluate_VB the_DT appropriateness_NN of_IN recommended_VBN treatment_NN ,_, he_PRP said_VBD ._. 
Dr._NNP Grossman_NNP ,_, who_WP also_RB is_VBZ president_NN of_IN New_NNP England_NNP Medical_NNP Center_NNP Hospitals_NNS in_IN Boston_NNP ,_, noted_VBD that_IN the_DT hospitals_NNS he_PRP runs_VBZ deal_NN with_IN more_JJR than_IN 100_CD utilization_NN management_NN firms_NNS and_CC that_IN many_NN of_IN them_PRP have_VBP different_JJ procedures_NNS and_CC requirements_NNS ._. 
The_DT panel_NN urged_VBD greater_JJR efforts_NNS to_TO reduce_VB the_DT complexity_NN ,_, paperwork_NN and_CC cost_NN of_IN utilization_NN review_NN ._. 
``_`` Utilization_NN management_NN needs_VBZ to_TO better_JJR demonstrate_VB that_IN it_PRP reduces_VBZ the_DT wasteful_JJ use_NN of_IN resources_NNS ,_, improves_VBZ the_DT appropriateness_NN of_IN patient_NN care_NN and_CC imposes_VBZ only_RB reasonable_JJ burdens_NNS on_IN patients_NNS and_CC providers_NNS ,_, ''_'' the_DT panel_NN concluded_VBD ._. 
Renault_NNP and_CC DAF_NNP Trucks_NNS NV_NNP announced_VBD a_DT preliminary_JJ agreement_NN to_TO jointly_RB manufacture_VB a_DT line_NN of_IN trucks_NNS in_IN Britain_NNP and_CC France_NNP ._. 
Philippe_NNP Gras_NNP ,_, a_DT Renault_NNP managing_VBG director_NN ,_, said_VBD the_DT new_JJ line_NN will_MD cover_VB trucks_NNS of_IN between_IN 2.5_CD tons_NNS and_CC 4.2_CD tons_NNS and_CC will_MD be_VB built_VBN at_IN Renault_NNP 's_POS Bapilly_NNP plant_NN in_IN France_NNP and_CC at_IN DAF_NNP 's_POS British_JJ plant_NN ._. 
The_DT French_JJ state-controlled_JJ auto_NN group_NN and_CC the_DT Dutch_JJ truck_NN maker_NN plan_NN to_TO incorporate_VB the_DT new_JJ trucks_NNS into_IN their_PRP$ product_NN lines_NNS when_WRB they_PRP begin_VBP production_NN toward_IN the_DT middle_NN of_IN the_DT 1990s_CD ._. 
Mr._NNP Gras_NNP said_VBD he_PRP expects_VBZ a_DT definitive_JJ agreement_NN between_IN the_DT two_CD companies_NNS to_TO be_VB completed_VBN in_IN the_DT next_JJ few_JJ months_NNS ._. 
The_DT venture_NN is_VBZ the_DT latest_JJS example_NN of_IN the_DT trend_NN toward_IN cooperative_JJ projects_NNS in_IN Europe_NNP ahead_RB of_IN the_DT 1992_CD deadline_NN for_IN eliminating_VBG trade_NN barriers_NNS within_IN the_DT European_NNP Community_NNP ._. 
Renault_NNP and_CC DAF_NNP are_VBP expected_VBN to_TO invest_VB a_DT total_NN of_IN about_IN three_CD billion_CD French_JJ francs_NNS -LRB-_( $_$ 157.8_CD million_CD -RRB-_) in_IN the_DT venture_NN ,_, including_VBG FFr_NNP 1_CD billion_CD for_IN design_NN and_CC development_NN costs_NNS ._. 
In_IN addition_NN ,_, the_DT companies_NNS will_MD each_DT spend_VB about_IN FFr_NNP 1_CD billion_CD on_IN tooling_VBG up_IN their_PRP$ plants_NNS ._. 
Mr._NNP Gras_NNP said_VBD the_DT joint_JJ venture_NN represents_VBZ considerable_JJ savings_NNS for_IN both_DT Renault_NNP and_CC DAF_NNP ,_, since_IN both_DT companies_NNS would_MD in_IN any_DT case_NN have_VBP had_VBN to_TO renew_VB their_PRP$ existing_VBG ranges_NNS of_IN light_NN goods_NNS vehicles_NNS ._. 
By_IN pooling_VBG their_PRP$ resources_NNS ,_, the_DT two_CD groups_NNS have_VBP effectively_RB halved_VBN the_DT design_NN and_CC development_NN costs_NNS that_WDT would_MD otherwise_RB have_VB been_VBN entailed_VBN ,_, he_PRP said_VBD ._. 
Renault_NNP officials_NNS said_VBD the_DT potential_JJ European_JJ market_NN for_IN light_NN trucks_NNS in_IN the_DT 2.5-ton_JJ to_TO 4.2-ton_VB range_NN is_VBZ between_IN 700,000_CD and_CC 800,000_CD vehicles_NNS annually_RB ,_, and_CC Renault_NNP and_CC DAF_NNP are_VBP aiming_VBG for_IN a_DT combined_VBN market_NN share_NN of_IN about_IN 11_CD %_NN ._. 
Both_DT Renault_NNP and_CC DAF_NNP will_MD have_VB world-wide_JJ marketing_NN rights_NNS for_IN the_DT new_JJ range_NN of_IN vans_NNS and_CC light_NN trucks_NNS ._. 
Under_IN a_DT separate_JJ arrangement_NN ,_, British_NNP Aerospace_NNP PLC_NNP 's_POS Rover_NNP Group_NNP PLC_NNP subsidiary_NN will_MD also_RB be_VB able_JJ to_TO offer_VB the_DT vehicles_NNS through_IN its_PRP$ dealers_NNS in_IN the_DT U.K._NNP ,_, and_CC Renault_NNP 's_POS truck-building_JJ subsidiary_NN Renault_NNP Vehicles_NNPS Industriels_NNPS will_MD have_VB similar_JJ rights_NNS in_IN France_NNP ._. 
DAF_NNP is_VBZ 16%-owned_JJ by_IN British_NNP Aerospace_NNP ,_, with_IN a_DT further_JJ 6.5_CD %_NN held_VBN by_IN the_DT Dutch_JJ state-owned_JJ chemical_NN group_NN NV_NNP DSM_NNP ._. 
The_DT van_NNP Doorne_NNP family_NN of_IN the_DT Netherlands_NNP holds_VBZ an_DT additional_JJ 11_CD %_NN of_IN DAF_NNP 's_POS capital_NN ._. 
The_DT Federal_NNP Reserve_NNP System_NNP is_VBZ the_DT standard_JJ object_NN of_IN suggestions_NNS for_IN organizational_JJ and_CC institutional_JJ changes_NNS ,_, for_IN two_CD reasons_NNS ._. 
First_RB ,_, its_PRP$ position_NN in_IN the_DT government_NN is_VBZ anomalous_JJ ._. 
It_PRP has_VBZ an_DT unusual_JJ kind_NN of_IN independence_NN from_IN elected_VBN officials_NNS and_CC still_RB has_VBZ authority_NN over_IN one_CD of_IN the_DT most_RBS powerful_JJ of_IN government_NN 's_POS instruments_NNS --_: the_DT control_NN of_IN the_DT money_NN supply_NN ._. 
Thus_RB we_PRP have_VBP a_DT condition_NN that_WDT is_VBZ easily_RB described_VBN as_IN undemocratic_JJ ._. 
Second_JJ ,_, the_DT responsibilities_NNS of_IN the_DT Federal_NNP Reserve_NNP as_IN guardian_NN of_IN the_DT currency_NN ,_, which_WDT means_VBZ as_IN guardian_NN of_IN the_DT stability_NN of_IN the_DT price_NN level_NN ,_, sometimes_RB lead_VB it_PRP to_TO take_VB measures_NNS that_WDT are_VBP unpopular_JJ ._. 
As_IN former_JJ Fed_NNP Chairman_NNP William_NNP McChesney_NNP Martin_NNP used_VBD to_TO say_VB ,_, they_PRP would_MD have_VB to_TO take_VB the_DT punch_NN bowl_NN away_RB just_RB as_IN the_DT party_NN is_VBZ getting_VBG interesting_JJ ._. 
So_RB the_DT Federal_NNP Reserve_NNP is_VBZ an_DT attractive_JJ target_NN for_IN complaint_NN by_IN politicians_NNS ._. 
The_DT Fed_NNP is_VBZ easily_RB assigned_VBN the_DT blame_NN for_IN unpleasantness_NN ,_, like_IN high_JJ interest_NN rates_NNS or_CC slow_JJ economic_JJ growth_NN ,_, while_IN the_DT politicians_NNS can_MD escape_VB responsibility_NN by_IN pointing_VBG to_TO the_DT Fed_NNP 's_POS independence_NN ._. 
This_DT leads_VBZ to_TO proposals_NNS for_IN ``_`` reform_NN ''_'' of_IN the_DT Fed_NNP ,_, which_WDT have_VBP the_DT common_JJ feature_NN of_IN making_VBG the_DT Fed_NNP more_RBR responsive_JJ to_TO the_DT administration_NN ,_, to_TO the_DT Congress_NNP and_CC to_TO public_JJ opinion_NN --_: without_IN ,_, however_RB ,_, any_DT assumption_NN of_IN additional_JJ responsibility_NN by_IN the_DT politicians_NNS ._. 
These_DT proposals_NNS include_VBP changing_VBG the_DT term_NN of_IN the_DT chairman_NN ,_, shortening_VBG the_DT terms_NNS of_IN the_DT members_NNS ,_, eliminating_VBG the_DT presidents_NNS of_IN the_DT Federal_NNP Reserve_NNP Banks_NNP from_IN the_DT decision-making_NN process_NN ,_, putting_VBG the_DT Secretary_NNP of_IN the_DT Treasury_NNP on_IN the_DT Federal_NNP Reserve_NNP Board_NNP ,_, having_VBG the_DT Fed_NNP audited_VBN by_IN an_DT arm_NN of_IN Congress_NNP -LRB-_( the_DT General_NNP Accounting_NNP Office_NNP -RRB-_) ,_, putting_VBG the_DT Fed_NNP 's_POS expenditures_NNS in_IN the_DT budget_NN ,_, and_CC requiring_VBG prompt_VB publication_NN of_IN the_DT Fed_NNP 's_POS minutes_NNS ._. 
Some_DT of_IN these_DT ideas_NNS are_VBP again_RB under_IN consideration_NN in_IN Congress_NNP ._. 
But_CC these_DT proposals_NNS do_VBP not_RB rest_VB on_IN a_DT view_NN of_IN what_WP the_DT Fed_NNP 's_POS problem_NN is_VBZ or_CC ,_, if_IN they_PRP do_VBP ,_, they_PRP rest_VBP on_IN an_DT incorrect_JJ view_NN ._. 
They_PRP would_MD not_RB solve_VB the_DT problem_NN ;_: they_PRP would_MD make_VB it_PRP worse_JJR ._. 
The_DT problem_NN is_VBZ not_RB that_IN the_DT Fed_NNP is_VBZ too_RB unresponsive_JJ to_TO the_DT public_JJ interest_NN ._. 
On_IN the_DT contrary_NN ,_, it_PRP is_VBZ too_RB responsive_JJ to_TO an_DT incorrect_JJ view_NN of_IN the_DT public_JJ interest_NN ._. 
The_DT price_NN level_NN in_IN the_DT U.S._NNP is_VBZ now_RB about_IN 4_CD 1\/4_CD times_NNS as_RB high_JJ as_IN it_PRP was_VBD 30_CD years_NNS ago_RB ._. 
On_IN average_JJ ,_, something_NN that_DT cost_NN $_$ 100_CD 30_CD years_NNS ago_RB now_RB costs_VBZ $_$ 425_CD ._. 
Or_CC ,_, a_DT wage_NN that_WDT was_VBD $_$ 100_CD 30_CD years_NNS ago_RB would_MD buy_VB only_RB $_$ 23.53_CD worth_NN of_IN stuff_NN today_NN ._. 
On_IN two_CD occasions_VBZ the_DT inflation_NN rate_NN rose_VBD to_TO more_JJR than_IN 10_CD %_NN a_DT year_NN ._. 
In_IN each_DT case_NN the_DT ending_NN of_IN this_DT unsustainable_JJ inflation_NN caused_VBD a_DT severe_JJ recession_NN --_: the_DT two_CD worst_JJS of_IN the_DT postwar_JJ period_NN ._. 
The_DT enormous_JJ inflation_NN over_IN the_DT past_JJ 30_CD years_NNS was_VBD largely_RB due_JJ to_TO monetary_JJ policy_NN ._. 
At_IN least_JJS ,_, it_PRP would_MD not_RB have_VB happened_VBN without_IN the_DT support_NN of_IN monetary_JJ policy_NN that_WDT provided_VBD for_IN a_DT 10-fold_JJ increase_NN in_IN the_DT money_NN supply_NN during_IN the_DT same_JJ period_NN ._. 
And_CC that_DT increase_NN in_IN the_DT money_NN supply_NN would_MD not_RB have_VB happened_VBN without_IN the_DT consent_NN of_IN the_DT Federal_NNP Reserve_NNP ._. 
The_DT basic_JJ problem_NN of_IN monetary_JJ policy_NN ,_, to_TO which_WDT reform_NN of_IN the_DT Fed_NNP should_MD be_VB addressed_VBN ,_, is_VBZ to_TO prevent_VB a_DT recurrence_NN of_IN this_DT experience_NN ._. 
There_EX were_VBD two_CD general_JJ reasons_NNS for_IN the_DT mistaken_VBN monetary_JJ policy_NN of_IN the_DT past_JJ 30_CD years_NNS :_: 
1_CD ._. To_TO some_DT extent_NN the_DT Federal_NNP Reserve_NNP shared_VBD the_DT popular_JJ but_CC incorrect_JJ view_NN that_IN expansionary_JJ monetary_JJ policy_NN could_MD yield_VB a_DT net_JJ improvement_NN in_IN employment_NN and_CC output_NN ._. 
2_CD ._. Even_RB where_WRB the_DT Fed_NNP did_VBD not_RB share_VB this_DT view_NN it_PRP felt_VBD the_DT need_NN to_TO accommodate_VB to_TO it_PRP ._. 
Despite_IN all_PDT the_DT formal_JJ provisions_NNS for_IN its_PRP$ independence_NN ,_, the_DT Fed_NNP seems_VBZ constantly_RB to_TO feel_VB that_IN if_IN it_PRP uses_VBZ its_PRP$ independence_NN too_RB freely_RB it_PRP will_MD lose_VB it_PRP ._. 
The_DT common_JJ proposals_NNS for_IN reforming_VBG the_DT Fed_NNP would_MD only_RB make_VB the_DT situation_NN worse_JJR ,_, if_IN they_PRP had_VBD any_DT effect_NN at_IN all_DT ._. 
Putting_VBG the_DT Secretary_NNP of_IN the_DT Treasury_NNP on_IN the_DT Board_NNP of_IN Governors_NNP ,_, one_CD of_IN the_DT leading_VBG proposals_NNS today_NN ,_, is_VBZ an_DT example_NN ._. 
The_DT secretary_NN is_VBZ the_DT world_NN 's_POS biggest_JJS borrower_NN of_IN money_NN ._. 
He_PRP has_VBZ a_DT built-in_NN ,_, constant_JJ longing_NN for_IN lower_JJR interest_NN rates_NNS ._. 
Moreover_RB ,_, he_PRP is_VBZ a_DT political_JJ agent_NN of_IN a_DT political_JJ president_NN ,_, who_WP naturally_RB gives_VBZ extraordinary_JJ weight_NN to_TO the_DT way_NN the_DT economy_NN will_MD perform_VB before_IN the_DT next_JJ election_NN ,_, and_CC less_JJR to_TO its_PRP$ longer-run_JJ health_NN ._. 
These_DT days_NNS ,_, the_DT secretary_NN suffers_VBZ the_DT further_JJ disqualification_NN that_IN he_PRP is_VBZ a_DT member_NN of_IN a_DT club_NN of_IN seven_CD finance_NN ministers_NNS who_WP meet_VBP occasionally_RB to_TO decide_VB what_WP exchange_NN rates_NNS should_MD be_VB ,_, which_WDT is_VBZ a_DT diversion_NN from_IN the_DT real_JJ business_NN of_IN the_DT Federal_NNP Reserve_NNP to_TO stabilize_VB the_DT price_NN level_NN ._. 
How_WRB should_MD a_DT reasonable_JJ member_NN of_IN the_DT Federal_NNP Reserve_NNP Board_NNP interpret_VB a_DT congressional_JJ decision_NN to_TO put_VB the_DT secretary_NN on_IN the_DT board_NN ?_. 
Could_MD he_PRP plausibly_RB interpret_VB it_PRP as_IN encouragement_NN for_IN the_DT Fed_NNP to_TO give_VB primary_JJ emphasis_NN to_TO stabilizing_VBG the_DT price_NN level_NN ?_. 
Or_CC would_MD he_PRP interpret_VB it_PRP as_IN instruction_NN to_TO give_VB more_JJR weight_NN to_TO these_DT other_JJ objectives_NNS that_IN the_DT secretary_NN represents_VBZ --_: low_JJ interest_NN rates_NNS ,_, short-run_JJ economic_JJ expansion_NN ,_, and_CC stabilization_NN of_IN exchange_NN rates_NNS at_IN internationally_RB managed_VBD levels_NNS ?_. 
The_DT answer_NN seems_VBZ perfectly_RB clear_JJ ._. 
-LRB-_( True_JJ ,_, a_DT succession_NN of_IN Fed_NNP chairmen_NNS has_VBZ given_VBN color_NN to_TO the_DT notion_NN that_IN the_DT Secretary_NNP of_IN the_DT Treasury_NNP belongs_VBZ on_IN the_DT Fed_NNP ._. 
By_IN their_PRP$ constant_JJ readiness_NN to_TO advise_VB all_DT and_CC sundry_JJ about_IN federal_JJ budgetary_JJ matters_NNS the_DT chairmen_NNS have_VBP encouraged_VBN the_DT belief_NN that_IN fiscal_JJ policy_NN and_CC monetary_JJ policy_NN are_VBP ingredients_NNS of_IN a_DT common_JJ stew_NN ,_, in_IN which_WDT case_NN it_PRP is_VBZ natural_JJ that_IN the_DT Fed_NNP and_CC the_DT Treasury_NNP ,_, and_CC probably_RB also_RB the_DT Congress_NNP ,_, should_MD be_VB jointly_RB engaged_VBN in_IN stirring_VBG the_DT pot_NN ._. 
The_DT Fed_NNP 's_POS case_NN for_IN its_PRP$ own_JJ independence_NN would_MD be_VB a_DT little_RB stronger_JJR if_IN it_PRP were_VBD more_RBR solicitous_JJ of_IN the_DT independence_NN of_IN the_DT rest_NN of_IN the_DT government_NN ._. -RRB-_) 
The_DT Fed_NNP 's_POS problem_NN is_VBZ not_RB that_IN it_PRP is_VBZ too_RB independent_JJ ,_, or_CC too_RB unpolitical_JJ ._. 
The_DT Fed_NNP is_VBZ responsive_JJ to_TO ,_, and_CC can_MD not_RB help_VB being_VBG responsive_JJ to_TO ,_, the_DT more_RBR overtly_RB political_JJ part_NN of_IN the_DT government_NN ._. 
The_DT Fed_NNP exercises_VBZ a_DT power_NN given_VBN to_TO it_PRP by_IN Congress_NNP and_CC the_DT president_NN ._. 
But_CC Congress_NNP and_CC the_DT president_NN accept_VB no_DT responsibility_NN for_IN the_DT exercise_NN of_IN the_DT power_NN they_PRP have_VBP given_VBN the_DT Fed_NNP ._. 
Critics_NNS of_IN the_DT present_JJ arrangement_NN are_VBP correct_JJ to_TO say_VB that_IN it_PRP is_VBZ undemocratic_JJ ._. 
What_WP is_VBZ undemocratic_JJ is_VBZ the_DT unwillingness_NN of_IN the_DT more_RBR political_JJ parts_NNS of_IN the_DT government_NN to_TO take_VB the_DT responsibility_NN for_IN deciding_VBG the_DT basic_JJ question_NN of_IN monetary_JJ policy_NN ,_, which_WDT is_VBZ what_WP priority_NN should_MD be_VB given_VBN to_TO stabilizing_VBG the_DT price_NN level_NN ._. 
To_TO leave_VB this_DT decision_NN to_TO an_DT ``_`` independent_JJ ''_'' agency_NN is_VBZ not_RB only_RB undemocratic_JJ ._. 
It_PRP also_RB prevents_VBZ the_DT conduct_NN of_IN a_DT policy_NN that_WDT has_VBZ a_DT long-term_JJ rationale_NN ,_, because_IN it_PRP leaves_VBZ the_DT Fed_NNP guessing_VBG about_IN what_WP are_VBP the_DT expectations_NNS of_IN its_PRP$ masters_NNS ,_, the_DT politicians_NNS ,_, who_WP have_VBP never_RB had_VBN to_TO consider_VB the_DT long-term_JJ consequences_NNS of_IN monetary_JJ policy_NN ._. 
The_DT greatest_JJS contribution_NN Congress_NNP could_MD make_VB at_IN this_DT time_NN would_MD be_VB to_TO declare_VB that_IN stabilizing_VBG the_DT price_NN level_NN is_VBZ the_DT primary_JJ responsibility_NN of_IN the_DT Federal_NNP Reserve_NNP System_NNP ._. 
Legislation_NN to_TO this_DT effect_NN has_VBZ been_VBN introduced_VBN in_IN Congress_NNP in_IN this_DT session_NN by_IN Rep._NNP Stephen_NNP Neal_NNP -LRB-_( D._NNP ,_, N.C_NNP ._. -RRB-_) ._. 
It_PRP is_VBZ not_RB the_DT kind_NN of_IN thing_NN that_WDT is_VBZ likely_JJ to_TO be_VB enacted_VBN ,_, however_RB ._. 
Congress_NNP would_MD be_VB required_VBN to_TO make_VB a_DT hard_JJ decision_NN ,_, and_CC Congress_NNP would_MD much_RB prefer_VB to_TO leave_VB the_DT hard_JJ decision_NN to_TO the_DT Fed_NNP and_CC retain_VB its_PRP$ rights_NNS of_IN complaint_NN after_IN the_DT fact_NN ._. 
People_NNS will_MD say_VB that_IN the_DT nation_NN and_CC the_DT government_NN have_VBP other_JJ objectives_NNS ,_, in_IN addition_NN to_TO stabilizing_VBG the_DT price_NN level_NN ,_, which_WDT is_VBZ true_JJ ._. 
But_CC that_DT is_VBZ not_RB the_DT same_JJ as_IN saying_VBG that_IN the_DT Federal_NNP Reserve_NNP has_VBZ other_JJ objectives_NNS ._. 
The_DT government_NN has_VBZ other_JJ agencies_NNS and_CC instruments_NNS for_IN pursuing_VBG these_DT other_JJ objectives_NNS ._. 
But_CC it_PRP has_VBZ only_RB the_DT Fed_NNP to_TO pursue_VB price-level_JJ stability_NN ._. 
And_CC the_DT Fed_NNP has_VBZ at_IN most_RBS very_RB limited_JJ ability_NN to_TO contribute_VB to_TO the_DT achievement_NN of_IN other_JJ objectives_NNS by_IN means_VBZ other_JJ than_IN by_IN stabilizing_VBG the_DT price_NN level_NN ._. 
The_DT two_CD objectives_NNS most_RBS commonly_RB thought_VBD to_TO be_VB legitimate_JJ competitors_NNS for_IN the_DT attention_NN of_IN the_DT Fed_NNP are_VBP high_JJ employment_NN and_CC rapid_JJ real_JJ growth_NN ._. 
But_CC the_DT main_JJ lesson_NN of_IN economic_JJ policy_NN in_IN the_DT past_JJ 30_CD years_NNS is_VBZ that_IN if_IN the_DT Fed_NNP compromises_NNS with_IN the_DT price-stability_NN objective_NN in_IN the_DT pursuit_NN of_IN these_DT other_JJ goals_NNS ,_, the_DT result_NN is_VBZ not_RB high_JJ employment_NN and_CC rapid_JJ growth_NN but_CC is_VBZ inflation_NN ._. 
A_DT former_JJ chairman_NN of_IN the_DT president_NN 's_POS Council_NNP of_IN Economic_NNP Advisers_NNPS ,_, Mr._NNP Stein_NNP is_VBZ an_DT American_NNP Enterprise_NNP Institute_NNP fellow_NN ._. 
Republic_NNP New_NNP York_NNP Corp._NNP joined_VBD the_DT list_NN of_IN banks_NNS boosting_VBG reserves_NNS for_IN losses_NNS on_IN loans_NNS to_TO less-developed_JJ countries_NNS ,_, setting_VBG out_IN a_DT $_$ 200_CD million_CD provision_NN and_CC posting_VBG a_DT $_$ 155.4_CD million_CD third-quarter_JJ net_JJ loss_NN as_IN a_DT result_NN ._. 
The_DT per-share_JJ loss_NN was_VBD $_$ 5.32_CD ._. 
In_IN the_DT year_NN earlier_JJR period_NN ,_, the_DT New_NNP York_NNP parent_NN of_IN Republic_NNP National_NNP Bank_NNP had_VBD net_JJ income_NN of_IN $_$ 38.7_CD million_CD ,_, or_CC $_$ 1.12_CD a_DT share_NN ._. 
Excluding_VBG the_DT provision_NN ,_, Republic_NNP earned_VBD $_$ 44.6_CD million_CD ,_, up_IN 15_CD %_NN from_IN a_DT year_NN ago_RB ._. 
The_DT bank_NN 's_POS medium-term_JJ and_CC long-term_JJ loans_NNS to_TO less-developed_JJ countries_NNS total_JJ $_$ 293_CD million_CD ,_, of_IN which_WDT $_$ 146_CD million_CD are_VBP n't_RB accruing_VBG interest_NN ,_, the_DT bank_NN said_VBD ._. 
Republic_NNP 's_POS total_NN of_IN nonperforming_JJ assets_NNS was_VBD $_$ 167_CD million_CD at_IN Sept._NNP 30_CD ,_, with_IN its_PRP$ reserve_NN for_IN loan_NN losses_NNS now_RB standing_VBG at_IN $_$ 357_CD million_CD ._. 
Abortion-rights_NNS advocates_NNS won_VBD last_JJ week_NN 's_POS battles_NNS ,_, but_CC the_DT war_NN over_IN the_DT nation_NN 's_POS most-contentious_RBS social_JJ question_NN is_VBZ about_IN to_TO pick_VB up_IN again_RB on_IN turf_NN that_WDT favors_VBZ those_DT seeking_VBG to_TO restrict_VB abortions_NNS ._. 
Strict_JJ new_JJ regulations_NNS seem_VBP certain_JJ to_TO pass_VB the_DT state_NN House_NNP in_IN Pennsylvania_NNP next_JJ week_NN ,_, with_IN easy_JJ approval_NN by_IN the_DT Senate_NNP and_CC by_IN Democratic_NNP Gov._NNP Bob_NNP Casey_NNP expected_VBD shortly_RB thereafter_RB ._. 
Legislation_NN to_TO require_VB the_DT consent_NN of_IN parents_NNS before_IN their_PRP$ daughters_NNS under_IN the_DT age_NN of_IN 18_CD can_MD have_VB abortions_NNS will_MD probably_RB pass_VB both_DT houses_NNS of_IN the_DT Michigan_NNP legislature_NN and_CC set_VBN up_IN a_DT grinding_VBG battle_NN to_TO override_VB the_DT expected_VBN veto_NN of_IN Democratic_NNP Gov._NNP James_NNP Blanchard_NNP ._. 
The_DT short-term_JJ shift_NN in_IN the_DT political_JJ climate_NN surrounding_VBG abortion_NN reflects_VBZ two_CD factors_NNS that_WDT are_VBP likely_JJ to_TO govern_VB the_DT debate_NN in_IN the_DT next_JJ several_JJ months_NNS :_: the_DT reawakening_VBG of_IN the_DT abortion-rights_NNS movement_NN as_IN a_DT potent_JJ force_NN after_IN years_NNS of_IN lassitude_NN ,_, and_CC the_DT ability_NN of_IN each_DT side_NN to_TO counter_VB the_DT other_NN 's_POS advance_NN in_IN one_CD arena_NN with_IN a_DT victory_NN of_IN its_PRP$ own_JJ elsewhere_RB ._. 
The_DT action_NN in_IN Pennsylvania_NNP ,_, for_IN example_NN ,_, will_MD follow_VB last_JJ week_NN 's_POS collapse_NN of_IN a_DT special_JJ session_NN of_IN the_DT Florida_NNP legislature_NN to_TO enact_VB restrictions_NNS on_IN abortions_NNS in_IN that_DT state_NN ,_, and_CC the_DT vote_NN here_RB in_IN Washington_NNP by_IN the_DT House_NNP to_TO permit_VB federally_RB paid_VBN abortions_NNS for_IN poor_JJ women_NNS who_WP are_VBP victims_NNS of_IN rape_NN or_CC incest_NN ._. 
But_CC President_NNP Bush_NNP is_VBZ expected_VBN to_TO veto_VB the_DT congressional_JJ legislation_NN and_CC that_IN ,_, along_IN with_IN the_DT easy_JJ approval_NN of_IN the_DT Pennsylvania_NNP measure_NN ,_, is_VBZ likely_JJ to_TO mute_VB the_DT abortion-rights_NNS activists_NNS '_POS claims_NNS of_IN momentum_NN and_CC underline_VB the_DT challenges_NNS faced_VBN by_IN this_DT resurgent_JJ movement_NN ._. 
``_`` It_PRP 's_VBZ great_JJ to_TO feel_VB good_JJ for_IN once_RB in_IN 15_CD years_NNS ,_, ''_'' says_VBZ Harrison_NNP Hickman_NNP ,_, a_DT consultant_NN to_TO abortion-rights_NNS advocates_NNS ,_, reflecting_VBG the_DT relief_NN of_IN his_PRP$ compatriots_NNS after_IN last_JJ week_NN 's_POS victories_NNS ,_, the_DT first_JJ major_JJ events_NNS since_IN the_DT Supreme_NNP Court_NNP ,_, in_IN its_PRP$ July_NNP 3_CD Webster_NNP decision_NN ,_, permitted_VBD the_DT states_NNS to_TO enact_VB restrictions_NNS on_IN abortions_NNS ._. 
``_`` But_CC how_WRB many_RB more_JJR times_NNS we_PRP 're_VBP going_VBG to_TO feel_VB good_JJ in_IN the_DT next_JJ 15_CD is_VBZ another_DT question_NN ._. ''_'' 
Indeed_RB ,_, abortion-rights_NNS activists_NNS still_JJ face_VB their_PRP$ greatest_JJS tests_NNS ._. 
``_`` The_DT pro-choice_JJ movement_NN has_VBZ shown_VBN --_: finally_RB --_: that_IN it_PRP can_MD mobilize_VB ,_, ''_'' says_VBZ Glen_NNP Halva-Neubauer_NNP ,_, a_DT Furman_NNP University_NNP political_JJ scientist_NN who_WP specializes_VBZ in_IN how_WRB state_NN legislators_NNS handle_VBP the_DT abortion_NN question_NN ._. 
``_`` But_CC it_PRP still_RB has_VBZ n't_RB shown_VBN that_IN it_PRP can_MD win_VB in_IN a_DT state_NN like_IN Pennsylvania_NNP or_CC Missouri_NNP ,_, where_WRB abortion_NN has_VBZ been_VBN clearly_RB an_DT electoral_JJ issue_NN and_CC where_WRB it_PRP 's_VBZ been_VBN an_DT emotional_JJ issue_NN for_IN a_DT long_JJ time_NN ._. ''_'' 
The_DT foes_NNS of_IN abortion_NN hold_NN the_DT strong_JJ whip_NN hand_NN in_IN Pennsylvania_NNP ,_, where_WRB abortion-rights_NNS activists_NNS are_VBP so_RB much_JJ on_IN the_DT defensive_NN that_IN their_PRP$ strategy_NN is_VBZ less_JJR to_TO fight_VB the_DT proposed_VBN legislation_NN than_IN it_PRP is_VBZ to_TO stress_VB how_WRB the_DT state_NN legislature_NN does_VBZ n't_RB reflect_VB the_DT viewpoints_NNS of_IN the_DT state_NN 's_POS citizens_NNS ._. 
As_IN a_DT result_NN ,_, GOP_NNP state_NN Rep._NNP Stephen_NNP Freind_NNP of_IN Delaware_NNP County_NNP ,_, the_DT legislature_NN 's_POS leading_VBG foe_NN of_IN abortion_NN ,_, has_VBZ been_VBN given_VBN all_DT but_CC free_JJ rein_NN to_TO press_VB a_DT strict_JJ seven-point_JJ plan_NN to_TO restrict_VB abortion_NN and_CC ,_, he_PRP hopes_VBZ ,_, to_TO force_VB the_DT Supreme_NNP Court_NNP directly_RB to_TO reassess_VB its_PRP$ 1973_CD Roe_NNP v._CC Wade_NNP decision_NN that_WDT established_VBD the_DT right_NN of_IN abortion_NN in_IN the_DT first_JJ place_NN ._. 
The_DT Freind_NNP legislation_NN --_: the_DT state_NN 's_POS House_NNP Judiciary_NNP Committee_NNP approved_VBD it_PRP in_IN Harrisburg_NNP this_DT week_NN and_CC the_DT full_JJ Pennsylvania_NNP House_NNP is_VBZ expected_VBN to_TO take_VB up_IN the_DT bill_NN next_JJ Tuesday_NNP --_: includes_VBZ a_DT provision_NN to_TO ban_VB abortions_NNS after_IN 24_CD weeks_NNS of_IN pregnancy_NN ,_, except_VB to_TO avert_VB the_DT death_NN of_IN the_DT mother_NN ._. 
Mr._NNP Freind_NNP calculates_VBZ that_IN the_DT provision_NN ,_, which_WDT attacks_VBZ the_DT trimester_NN standards_NNS that_IN Roe_NNP established_VBD ,_, will_MD ``_`` make_VB it_PRP necessary_JJ ''_'' for_IN the_DT Supreme_NNP Court_NNP to_TO review_VB Roe_NNP and_CC ,_, perhaps_RB ,_, to_TO overturn_VB it_PRP ._. 
But_CC the_DT Pennsylvania_NNP measure_NN also_RB includes_VBZ an_DT ``_`` informed_VBN consent_NN ''_'' provision_NN that_WDT may_MD become_VB widely_RB imitated_VBN by_IN abortion_NN foes_NNS who_WP want_VBP to_TO make_VB women_NNS contemplating_VBG abortion_NN as_RB uncomfortable_JJ as_IN possible_JJ with_IN the_DT procedure_NN and_CC with_IN themselves_PRP ._. 
Under_IN this_DT legislation_NN ,_, a_DT woman_NN must_MD be_VB informed_VBN 24_CD hours_NNS before_IN the_DT operation_NN of_IN the_DT details_NNS of_IN the_DT procedure_NN and_CC its_PRP$ risks_NNS ._. 
``_`` Regardless_RB of_IN whether_IN one_CD supports_VBZ or_CC opposes_VBZ the_DT right_NN to_TO an_DT abortion_NN ,_, ''_'' Mr._NNP Freind_NNP argues_VBZ ,_, ``_`` it_PRP is_VBZ virtually_RB impossible_JJ for_IN any_DT rational_JJ human_JJ being_NN to_TO disagree_VB with_IN the_DT concept_NN that_IN a_DT woman_NN has_VBZ the_DT right_NN to_TO have_VB all_DT of_IN the_DT appropriate_JJ materials_NNS and_CC advice_NN made_VBD available_JJ to_TO her_PRP before_IN she_PRP makes_VBZ a_DT decision_NN which_WDT ,_, one_CD way_NN or_CC the_DT other_NN ,_, might_MD remain_VB with_IN her_PRP for_IN the_DT rest_NN of_IN her_PRP$ life_NN ._. ''_'' 
In_IN Michigan_NNP ,_, where_WRB the_DT state_NN Senate_NNP is_VBZ expected_VBN to_TO approve_VB parental-consent_JJ legislation_NN by_IN the_DT end_NN of_IN next_JJ week_NN ,_, Gov._NNP Blanchard_NNP is_VBZ the_DT principal_JJ obstacle_NN for_IN anti-abortionists_NNS ._. 
Susan_NNP Rogin_NNP ,_, a_DT consultant_NN to_TO abortion-rights_NNS activists_NNS in_IN the_DT state_NN ,_, takes_VBZ comfort_NN from_IN the_DT fact_NN that_IN the_DT state_NN 's_POS House_NNP abortion_NN opponents_NNS ``_`` have_VBP n't_RB been_VBN able_JJ to_TO muster_VB the_DT votes_NNS to_TO overturn_VB a_DT veto_NN on_IN abortion_NN in_IN 16_CD years_NNS ._. ''_'' 
But_CC proponents_NNS believe_VBP they_PRP may_MD be_VB able_JJ to_TO shake_VB enough_RB votes_VBZ loose_JJ to_TO override_VB the_DT veto_NN if_IN they_PRP are_VBP successful_JJ in_IN portraying_VBG the_DT legislation_NN as_IN a_DT matter_NN of_IN parents_NNS '_POS rights_NNS ._. 
In_IN Illinois_NNP ,_, lawmakers_NNS will_MD vote_VB before_IN next_JJ spring_NN on_IN legislation_NN requiring_VBG physicians_NNS to_TO perform_VB tests_NNS on_IN fetuses_NNS at_IN 20_CD weeks_NNS to_TO determine_VB their_PRP$ gestational_JJ age_NN ,_, weight_NN and_CC lung_NN maturity_NN along_IN with_IN a_DT provision_NN requiring_VBG that_IN ,_, if_IN fetuses_NNS survive_VBP an_DT abortion_NN ,_, a_DT second_JJ doctor_NN must_MD be_VB on_IN hand_NN to_TO help_VB it_PRP survive_VB ._. 
The_DT legislation_NN failed_VBN by_IN one_CD vote_NN to_TO clear_VB the_DT House_NNP Rules_NNP Committee_NNP Tuesday_NNP ,_, but_CC anti-abortionists_NNS still_RB may_MD succeed_VB in_IN bringing_VBG the_DT measure_NN to_TO the_DT floor_NN this_DT fall_NN ._. 
Pamela_NNP Sutherland_NNP ,_, executive_JJ director_NN of_IN the_DT Illinois_NNP Planned_NNP Parenthood_NNP Council_NNP ,_, says_VBZ she_PRP and_CC her_PRP$ allies_NNS are_VBP ``_`` cautiously_RB optimistic_JJ ''_'' they_PRP can_MD defeat_VB it_PRP if_IN it_PRP comes_VBZ to_TO a_DT floor_NN vote_NN ._. 
Abortion_NN foes_NNS in_IN Wisconsin_NNP ,_, meanwhile_RB ,_, expect_VBP a_DT parental-consent_JJ bill_NN to_TO be_VB sent_VBN to_TO the_DT state_NN assembly_NN floor_NN by_IN early_JJ November_NNP and_CC are_VBP hopeful_NN of_IN prevailing_VBG in_IN both_DT houses_NNS by_IN next_JJ March_NNP ._. 
In_IN Texas_NNP ,_, abortion_NN opponents_NNS want_VBP to_TO pass_VB parental-consent_JJ legislation_NN along_IN with_IN a_DT statewide_JJ ban_NN on_IN the_DT use_NN of_IN public_JJ funds_NNS ,_, personnel_NNS and_CC facilities_NNS for_IN abortion_NN ,_, and_CC viability_NN tests_NNS for_IN fetuses_NNS 19_CD weeks_NNS and_CC older_JJR ._. 
The_DT anti-abortionists_NNS are_VBP urging_VBG GOP_NNP Gov._NNP Bill_NNP Clements_NNP to_TO press_VB the_DT issues_NNS in_IN a_DT special_JJ session_NN scheduled_VBN to_TO run_VB Nov._NNP 14_CD to_TO Dec._NNP 13_CD ._. 
``_`` The_DT prognosis_NN is_VBZ only_RB fair_JJ ,_, ''_'' says_VBZ Kathie_NNP Roberts_NNP ,_, administrative_JJ director_NN of_IN the_DT Texas_NNP Right_NNP to_TO Life_NNP Committee_NNP ._. 
``_`` Next_JJ year_NN is_VBZ an_DT election_NN year_NN and_CC the_DT legislators_NNS just_RB do_VBP n't_RB want_VB to_TO do_VB anything_NN about_IN this_DT now_RB ._. ''_'' 
This_DT legislative_JJ activity_NN comes_VBZ as_IN both_DT sides_NNS are_VBP undertaking_VBG new_JJ mobilization_NN efforts_NNS ,_, plunging_VBG into_IN gubernatorial_JJ races_NNS in_IN Virginia_NNP and_CC New_NNP Jersey_NNP ,_, and_CC girding_VBG for_IN next_JJ autumn_NN 's_POS state_NN elections_NNS ._. 
At_IN the_DT same_JJ time_NN ,_, abortion_NN foes_NNS have_VBP developed_VBN a_DT national_JJ legislative_JJ strategy_NN ,_, deciding_VBG to_TO move_VB on_IN what_WP Jacki_NNP Ragan_NNP ,_, the_DT National_NNP Right_NNP to_TO Life_NNP Committee_NNP 's_POS director_NN of_IN state_NN organizational_JJ development_NN ,_, calls_VBZ ``_`` reasonable_JJ measures_NNS that_IN an_DT overwhelming_JJ mainstream_NN majority_NN of_IN Americans_NNPS support_NN ._. ''_'' 
These_DT include_VBP bans_NNS on_IN the_DT use_NN of_IN abortion_NN for_IN birth_NN control_NN and_CC sex_NN selection_NN ,_, and_CC the_DT public_JJ funding_NN of_IN alternatives_NNS for_IN abortion_NN ._. 
``_`` Those_DT who_WP are_VBP on_IN the_DT other_JJ side_NN can_MD hardly_RB oppose_VB alternative_NN funding_NN if_IN they_PRP continue_VBP to_TO insist_VB on_IN calling_VBG themselves_PRP `_`` pro-choice_JJ '_'' rather_RB than_IN `_`` pro-abortion_JJ ,_, '_'' ''_'' says_VBZ Mary_NNP Spaulding_NNP ,_, the_DT group_NN 's_POS associate_JJ state_NN legislative_JJ coordinator_NN ._. 
Over_IN the_DT weekend_NN ,_, the_DT National_NNP Abortion_NNP Rights_NNP Action_NNP League_NNP singled_VBD out_RP eight_CD politicians_NNS ,_, including_VBG Pennsylvania_NNP 's_POS Mr._NNP Freind_NNP ,_, as_IN 1990_CD targets_NNS and_CC held_VBD a_DT Washington_NNP seminar_NN designed_VBN to_TO train_VB its_PRP$ leaders_NNS in_IN political_JJ techniques_NNS ,_, including_VBG how_WRB to_TO put_VB the_DT anti-abortionists_NNS on_IN the_DT defensive_NN in_IN state_NN legislatures_NNS ._. 
``_`` We_PRP now_RB see_VBP pro-choice_JJ legislators_NNS going_VBG on_IN the_DT offensive_NN for_IN the_DT first_JJ time_NN ,_, ''_'' says_VBZ Kate_NNP Michelman_NNP ,_, executive_JJ director_NN of_IN the_DT group_NN ._. 
Wall_NNP Street_NNP 
When_WRB I_PRP was_VBD just_RB a_DT child_NN And_CC confronted_VBN by_IN my_PRP$ fears_NNS ,_, The_DT things_NNS that_IN I_PRP thought_VBD would_MD get_VB me_PRP Had_VBD fangs_NNS and_CC pointed_VBD ears_NNS ._. 
Nothing_NN much_NN has_VBZ changed_VBN --_: My_PRP$ periodic_JJ scares_NNS Are_VBP still_RB from_IN hostile_JJ animals_NNS ,_, Only_RB now_RB ,_, they_PRP 're_VBP bulls_NNS and_CC bears_VBZ ._. 
--_: Pat_NNP D'Amico_NNP ._. 
Daffynition_NN 
Trained_VBN dolphins_NNS :_: pur-poises_NNS ._. 
--_: Marrill_NNP J._NNP Pederson_NNP ._. 
This_DT maker_NN and_CC marketer_NN of_IN cartridge_NN tape_NN systems_NNS said_VBD it_PRP completed_VBD the_DT sale_NN of_IN 2.85_CD million_CD shares_NNS of_IN common_JJ priced_VBN at_IN $_$ 10_CD a_DT share_NN in_IN an_DT initial_JJ public_JJ offering_NN ._. 
The_DT company_NN said_VBD that_IN it_PRP is_VBZ selling_VBG two_CD million_CD shares_NNS and_CC that_IN the_DT rest_NN are_VBP being_VBG sold_VBN by_IN certain_JJ stockholders_NNS ._. 
Proceeds_NNS will_MD be_VB used_VBN for_IN capital_NN expenditures_NNS and_CC working_VBG capital_NN ._. 
Goldman_NNP ,_, Sachs_NNP &_CC Co._NNP and_CC Montgomery_NNP Securities_NNP Inc._NNP are_VBP co-managing_JJ the_DT offering_NN ._. 
Congress_NNP sent_VBD President_NNP Bush_NNP an_DT $_$ 18.4_CD billion_CD fiscal_JJ 1990_CD Treasury_NNP and_CC Postal_NNP Service_NNP bill_NN providing_VBG $_$ 5.5_CD billion_CD for_IN the_DT Internal_NNP Revenue_NNP Service_NNP and_CC increasing_VBG the_DT Customs_NNP Service_NNP 's_POS air-interdiction_NN program_NN nearly_RB a_DT third_JJ ._. 
Final_JJ approval_NN came_VBD on_IN a_DT simple_JJ voice_NN vote_NN in_IN the_DT Senate_NNP ,_, and_CC the_DT swift_JJ passage_NN contrasted_VBN with_IN months_NNS of_IN negotiations_NNS over_IN the_DT underlying_VBG bill_NN which_WDT is_VBZ laced_VBN with_IN special-interest_JJ provisions_NNS for_IN both_DT members_NNS and_CC the_DT executive_JJ branch_NN ._. 
An_DT estimated_VBN $_$ 33_CD million_CD was_VBD added_VBN for_IN university_NN and_CC science_NN grants_NNS ,_, including_VBG $_$ 1.5_CD million_CD for_IN Smith_NNP College_NNP ._. 
And_CC Southwest_NNP lawmakers_NNS were_VBD a_DT driving_VBG force_NN behind_IN $_$ 54.6_CD million_CD for_IN U.S.-Mexico_JJ border_NN facilities_NNS ,_, or_CC more_JJR than_IN double_VB the_DT administration_NN 's_POS request_NN ._. 
More_RBR than_IN $_$ 1.8_CD million_CD is_VBZ allocated_VBN for_IN pensions_NNS and_CC expenses_NNS for_IN former_JJ presidents_NNS ,_, and_CC the_DT budget_NN for_IN the_DT official_JJ residence_NN of_IN Vice_NNP President_NNP Quayle_NNP is_VBZ more_RBR than_IN doubled_VBN ,_, with_IN $_$ 200,000_CD designated_VBN for_IN improvements_NNS to_TO the_DT property_NN ._. 
Even_RB the_DT Office_NNP of_IN Management_NNP and_CC Budget_NNP is_VBZ remembered_VBN with_IN an_DT extra_JJ $_$ 1_CD million_CD to_TO help_VB offset_VB pay_NN costs_NNS that_IN other_JJ government_NN departments_NNS are_VBP being_VBG asked_VBN to_TO absorb_VB ._. 
Within_IN the_DT IRS_NNP ,_, nearly_RB $_$ 1.95_CD billion_CD is_VBZ provided_VBN for_IN processing_NN tax_NN returns_NNS ,_, a_DT 12_CD %_NN increase_NN over_IN fiscal_JJ 1989_CD and_CC double_JJ what_WP the_DT government_NN was_VBD spending_VBG five_CD years_NNS ago_RB ._. 
Investigation_NNP and_CC taxpayer_NN service_NN accounts_NNS would_MD grow_VB to_TO $_$ 1.6_CD billion_CD ,_, and_CC Congress_NNP specifically_RB added_VBD $_$ 7.4_CD million_CD for_IN stepped_VBN up_IN criminal_JJ investigations_NNS of_IN money_NN laundering_NN related_VBN to_TO drug_NN traffic_NN ._. 
The_DT large_JJ increase_NN in_IN Customs_NNP Service_NNP air-interdiction_NN funds_NNS is_VBZ also_RB intended_VBN to_TO counter_VB smuggling_VBG ,_, and_CC the_DT annual_JJ appropriations_NNS level_VBP has_VBZ more_RBR than_IN quadrupled_VBN in_IN five_CD years_NNS ._. 
The_DT $_$ 196.7_CD million_CD provided_VBN for_IN fiscal_JJ 1990_CD anticipates_VBZ the_DT purchase_NN of_IN a_DT Lockheed_NNP P-3_NN surveillance_NN aircraft_NN and_CC five_CD Cessna_NNP Citation_NNP II_NNP jets_NNS ._. 
Despite_IN administration_NN reservations_NNS ,_, the_DT plan_NN has_VBZ had_VBN the_DT quiet_JJ backing_NN of_IN customs_NNS officials_NNS as_RB well_RB as_IN influential_JJ lawmakers_NNS from_IN Cessna_NNP 's_POS home_NN state_NN ,_, Kansas_NNP ._. 
Among_IN legislative_JJ provisions_NNS attached_VBN to_TO the_DT bill_NN is_VBZ a_DT ban_NN on_IN any_DT Treasury_NNP Department_NNP expenditure_NN for_IN enforcement_NN of_IN a_DT 1986_CD tax_NN provision_NN intended_VBN to_TO counter_VB discrimination_NN in_IN employee-benefit_JJ plans_NNS ._. 
Small-business_NN interests_NNS have_VBP lobbied_VBN against_IN the_DT so-called_JJ Section_NN 89_CD tax_NN rules_NNS ._. 
Repeal_NN is_VBZ considered_VBN likely_JJ now_RB ,_, but_CC the_DT Treasury_NNP Department_NNP bill_NN has_VBZ been_VBN used_VBN as_IN a_DT vehicle_NN to_TO raise_VB the_DT profile_NN of_IN the_DT issue_NN and_CC block_VB any_DT action_NN in_IN the_DT interim_NN ._. 
Less_RBR noticed_VBD is_VBZ a_DT bit_NN of_IN legislative_JJ legerdemain_NN by_IN Houston_NNP Republicans_NNPS on_IN behalf_NN of_IN HEI_NNP Corp._NNP of_IN Texas_NNP to_TO retroactively_RB ``_`` move_NN ''_'' a_DT Missouri_NNP hospital_NN from_IN one_CD county_NN to_TO the_DT next_JJ to_TO justify_VB higher_JJR Medicare_NNP reimbursements_NNS ._. 
The_DT provision_NN seeks_VBZ to_TO wipe_VB out_RP an_DT estimated_VBN $_$ 1.4_CD million_CD in_IN claims_NNS made_VBN by_IN the_DT Health_NNP Care_NNP Finance_NNP Administration_NNP against_IN HEI_NNP ,_, which_WDT owned_VBD the_DT hospital_NN in_IN Sullivan_NNP ,_, Mo._NNP ,_, during_IN most_RBS of_IN the_DT four-year_JJ period_NN --_: 1983-1987_CD --_: covered_VBN in_IN the_DT amendment_NN ._. 
In_IN a_DT separate_JJ development_NN ,_, a_DT private_JJ meeting_NN is_VBZ scheduled_VBN this_DT morning_NN between_IN House_NNP Appropriations_NNP Committee_NNP Chairman_NNP Jamie_NNP Whitten_NNP -LRB-_( D._NNP ,_, Miss_NNP ._. -RRB-_) and_CC Sen._NNP Dale_NNP Bumpers_NNP -LRB-_( D._NNP ,_, Ark_NNP ._. -RRB-_) in_IN an_DT effort_NN to_TO end_VB a_DT dispute_NN which_WDT for_IN two_CD weeks_NNS has_VBZ delayed_VBN action_NN on_IN an_DT estimated_VBN $_$ 44_CD billion_CD agriculture_NN bill_NN ._. 
A_DT House-Senate_NNP conference_NN reached_VBD agreement_NN Oct._NNP 5_NN on_IN virtually_RB all_DT major_JJ provisions_NNS of_IN the_DT bill_NN ,_, but_CC final_JJ settlement_NN has_VBZ been_VBN stalled_VBN because_IN of_IN differences_NNS between_IN the_DT two_CD men_NNS over_IN the_DT fate_NN of_IN a_DT modest_JJ Arkansas-based_JJ program_NN to_TO provide_VB technical_JJ information_NN to_TO farmers_NNS seeking_VBG to_TO reduce_VB their_PRP$ dependence_NN on_IN chemical_NN fertilizers_NNS and_CC pesticides_NNS ._. 
The_DT program_NN 's_POS nonprofit_JJ sponsors_NNS received_VBD $_$ 900,000_CD in_IN fiscal_JJ 1989_CD through_IN an_DT Extension_NNP Service_NNP grant_NN ,_, but_CC Mr._NNP Whitten_NNP has_VBZ been_VBN adamant_JJ in_IN insisting_VBG that_IN the_DT program_NN be_VB cut_VBN in_IN 1990_CD ._. 
The_DT 79-year-old_NNP Mississippian_NNP takes_VBZ a_DT more_RBR orthodox_JJ ,_, entrenched_VBN view_NN of_IN agriculture_NN policy_NN than_IN those_DT in_NN the_DT movement_NN to_TO reduce_VB chemical_NN use_NN ,_, but_CC as_IN a_DT master_NN of_IN pork-barrel_JJ politics_NNS ,_, he_PRP is_VBZ believed_VBN to_TO be_VB annoyed_VBN as_IN well_RB that_IN the_DT project_NN moved_VBD to_TO Arkansas_NNP from_IN a_DT Tennessee_NNP center_NN near_IN Memphis_NNP and_CC the_DT northern_JJ Mississippi_NNP border_NN ._. 
Michael_NNP F._NNP Klatman_NNP ,_, director_NN of_IN corporate_JJ public_JJ relations_NNS at_IN Data_NNP General_NNP Corp._NNP ,_, was_VBD named_VBN to_TO the_DT new_JJ position_NN of_IN vice_NN president_NN ,_, corporate_JJ communications_NNS ,_, of_IN this_DT maker_NN of_IN data_NNS storage_NN equipment_NN ._. 
B.A.T_NNP Industries_NNP PLC_NNP may_MD delay_VB aspects_NNS of_IN its_PRP$ defensive_JJ restructuring_NN plan_NN --_: including_VBG the_DT sale_NN of_IN its_PRP$ Saks_NNP Fifth_NNP Avenue_NNP and_CC Marshall_NNP Field_NNP units_NNS --_: in_IN the_DT wake_NN of_IN the_DT current_JJ upheaval_NN in_IN financial_JJ markets_NNS ,_, company_NN officials_NNS said_VBD ._. 
The_DT British_JJ conglomerate_NN ,_, planning_VBG its_PRP$ own_JJ defensive_JJ restructuring_NN to_TO fight_VB off_IN a_DT #_# 13.35_CD billion_CD -LRB-_( $_$ 21.03_CD billion_CD -RRB-_) takeover_NN bid_NN by_IN Anglo-French_JJ financier_NN Sir_NNP James_NNP Goldsmith_NNP ,_, intends_VBZ to_TO press_VB ahead_RB with_IN an_DT extraordinary_JJ shareholder_NN vote_NN today_NN to_TO clear_VB the_DT way_NN for_IN its_PRP$ value-boosting_JJ measures_NNS ._. 
If_IN anything_NN ,_, the_DT gyrations_NNS in_IN world_NN stock_NN markets_NNS --_: and_CC in_IN B.A.T_NNP 's_POS share_NN price_NN --_: since_IN last_JJ Friday_NNP 's_POS sharp_JJ Wall_NNP Street_NNP sell-off_NN have_VBP increased_VBN the_DT likelihood_NN of_IN shareholder_NN approval_NN for_IN the_DT restructuring_NN ,_, analysts_NNS and_CC several_JJ big_JJ institutional_JJ holders_NNS said_VBD ._. 
``_`` Thank_VB God_NNP we_PRP have_VBP some_DT deal_NN on_IN the_DT table_NN ,_, ''_'' said_VBD Stewart_NNP Gilchrist_NNP ,_, a_DT director_NN at_IN Scottish_NNP Amicable_NNP Investment_NNP Managers_NNS ,_, which_WDT intends_VBZ to_TO vote_VB its_PRP$ roughly_RB 1_CD %_NN stake_NN in_IN favor_NN of_IN the_DT restructuring_NN ._. 
Investors_NNS in_IN B.A.T_NNP have_VBP been_VBN on_IN a_DT roller_NN coaster_NN ._. 
B.A.T_NNP has_VBZ been_VBN London_NNP 's_POS best-performing_JJ blue_JJ chip_NN over_IN the_DT past_JJ six_CD months_NNS ,_, up_IN 40_CD %_NN against_IN a_DT 4_CD %_NN rise_NN in_IN the_DT Financial_NNP Times_NNP 100-Share_NNP Index_NNP ._. 
But_CC this_DT week_NN ,_, B.A.T_NNP has_VBZ been_VBN hit_VBN harder_JJR than_IN other_JJ big_JJ U.K._NNP stocks_NNS --_: first_JJ by_IN the_DT market_NN gyrations_NNS ,_, then_RB by_IN Tuesday_NNP 's_POS San_NNP Francisco_NNP earthquake_NN ,_, which_WDT could_MD leave_VB B.A.T_NNP 's_POS Farmers_NNP Group_NNP Inc._NNP insurance_NN unit_NN facing_VBG big_JJ claims_NNS ._. 
B.A.T_NNP rose_VBD five_CD pence_NN -LRB-_( eight_CD cents_NNS -RRB-_) to_TO 756_CD pence_NN -LRB-_( $_$ 11.91_CD -RRB-_) in_IN London_NNP yesterday_NN as_IN a_DT late_JJ market_NN rally_NN erased_VBD a_DT 28-pence_JJ fall_NN earlier_RBR in_IN the_DT day_NN ._. 
To_TO fight_VB off_IN predators_NNS ,_, B.A.T_NNP plans_VBZ to_TO spin_VB off_IN about_RB $_$ 6_CD billion_CD in_IN assets_NNS ,_, largely_RB by_IN selling_VBG such_JJ U.S._NNP retailing_NN units_NNS as_IN Marshall_NNP Field_NNP and_CC Saks_NNP and_CC by_IN floating_VBG its_PRP$ big_JJ paper_NN and_CC U.K._NNP retailing_NN business_NN via_IN share_NN issues_NNS to_TO existing_VBG holders_NNS ._. 
Proceeds_NNS will_MD help_VB pay_VB for_IN a_DT planned_VBN buy-back_NN of_IN 10_CD %_NN of_IN its_PRP$ shares_NNS and_CC a_DT 50_CD %_NN dividend_NN increase_NN ._. 
``_`` I_PRP think_VBP the_DT restructuring_NN will_MD get_VB the_DT required_VBN support_NN ,_, ''_'' said_VBD Michael_NNP Pacitti_NNP ,_, an_DT analyst_NN at_IN London_NNP stockbroker_NN UBS_NNP Phillips_NNP &_CC Drew_NNP ._. 
``_`` The_DT shareholders_NNS effectively_RB will_MD support_VB the_DT share_NN price_NN by_IN clearing_VBG the_DT share_NN buy-back_NN ._. ''_'' 
But_CC B.A.T_NNP 's_POS restructuring_NN ,_, which_WDT was_VBD never_RB going_VBG to_TO happen_VB quickly_RB ,_, now_RB will_MD take_VB longer_RB because_IN of_IN the_DT market_NN upheaval_NN ._. 
Company_NN officials_NNS ,_, holders_NNS and_CC analysts_NNS who_WP previously_RB expected_VBN the_DT disposals_NNS to_TO be_VB substantially_RB complete_JJ by_IN the_DT end_NN of_IN next_JJ year_NN 's_POS first_JJ half_NN now_RB say_VBP the_DT market_NN gyrations_NNS could_MD delay_VB the_DT actions_NNS well_RB into_IN the_DT second_JJ half_NN ._. 
``_`` We_PRP are_VBP n't_RB forced_VBN sellers_NNS ._. 
We_PRP do_VBP n't_RB have_VB an_DT absolute_JJ deadline_NN and_CC if_IN market_NN conditions_NNS are_VBP truly_RB awful_JJ we_PRP might_MD decide_VB it_PRP is_VBZ not_RB the_DT right_JJ time_NN ,_, ''_'' to_TO take_VB particular_JJ steps_NNS ,_, said_VBD Michael_NNP Prideaux_NNP ,_, a_DT B.A.T_NNP spokesman_NN ._. 
Even_RB if_IN B.A.T_NNP receives_VBZ approval_NN for_IN the_DT restructuring_NN ,_, the_DT company_NN will_MD remain_VB in_IN play_NN ,_, say_VBP shareholders_NNS and_CC analysts_NNS ,_, though_IN the_DT situation_NN may_MD unfold_VB over_IN the_DT next_JJ 12_CD months_NNS ,_, rather_RB than_IN six_CD ._. 
The_DT new_JJ B.A.T_NNP will_MD be_VB a_DT smaller_JJR tobacco_NN and_CC financial-services_NNS hybrid_JJ whose_WP$ price-earnings_JJ ratio_NN may_MD more_RBR closely_RB reflect_VB the_DT lower-growth_JJ tobacco_NN business_NN than_IN the_DT higher-multiple_JJ financial-services_NNS business_NN ,_, these_DT holders_NNS believe_VBP ._. 
Thus_RB B.A.T_NNP 's_POS restructuring_NN may_MD only_RB make_VB the_DT company_NN a_DT more_RBR manageable_JJ target_NN for_IN other_JJ corporate_JJ predators_NNS --_: possibly_RB such_JJ acquisitive_JJ bidders_NNS as_IN Hanson_NNP PLC_NNP ._. 
``_`` The_DT last_JJ few_JJ days_NNS will_MD surely_RB slow_JJ down_RP the_DT pace_NN of_IN events_NNS ,_, ''_'' says_VBZ Scottish_NNP Amicable_NNP 's_POS Mr._NNP Gilchrist_NNP ._. 
``_`` But_CC I_PRP would_MD n't_RB write_VB off_IN ''_'' Sir_NNP James_NNP or_CC other_JJ potential_JJ bidders_NNS ._. 
Among_IN possible_JJ delays_NNS ,_, the_DT sales_NNS of_IN Saks_NNP and_CC Marshall_NNP Field_NNP --_: which_WDT were_VBD expected_VBN to_TO be_VB on_IN the_DT block_NN soon_RB after_IN the_DT crucial_JJ Christmas_NNP season_NN --_: may_MD slide_VB into_IN the_DT second_JJ quarter_NN or_CC second_JJ half_NN ._. 
Analysts_NNS estimate_VBP that_IN sales_NNS of_IN the_DT two_CD businesses_NNS could_MD raise_VB roughly_RB $_$ 2_CD billion_CD ._. 
B.A.T_NNP is_VBZ n't_RB predicting_VBG a_DT postponement_NN because_IN the_DT units_NNS ``_`` are_VBP quality_NN businesses_NNS and_CC we_PRP are_VBP encouraged_VBN by_IN the_DT breadth_NN of_IN inquiries_NNS ,_, ''_'' said_VBD Mr._NNP Prideaux_NNP ._. 
But_CC the_DT delay_NN could_MD happen_VB if_IN B.A.T_NNP does_VBZ n't_RB get_VB adequate_JJ bids_NNS ,_, he_PRP said_VBD ._. 
People_NNS familiar_JJ with_IN B.A.T_NNP say_VBP possible_JJ acquirers_NNS for_IN the_DT units_NNS include_VBP managers_NNS from_IN both_DT retailing_NN chains_NNS ,_, and_CC General_NNP Cinema_NNP Corp._NNP ,_, which_WDT is_VBZ interested_JJ in_IN bidding_NN for_IN Saks_NNP ._. 
Other_JJ potential_JJ bidders_NNS for_IN parts_NNS of_IN B.A.T_NNP 's_POS U.S._NNP retail_JJ unit_NN include_VBP Dillard_NNP Department_NNP Stores_NNP Inc._NNP ,_, May_NNP Department_NNP Stores_NNP Co._NNP and_CC Limited_NNP Inc_NNP ._. 
B.A.T_NNP has_VBZ declined_VBN to_TO identify_VB the_DT potential_JJ bidders_NNS ._. 
Though_IN Sir_NNP James_NNP has_VBZ said_VBD he_PRP intends_VBZ to_TO mount_VB a_DT new_JJ bid_NN for_IN B.A.T_NNP once_RB approval_NN from_IN U.S._NNP insurance_NN regulators_NNS is_VBZ received_VBN ,_, jitters_NNS over_IN prospects_NNS for_IN junk-bond_NN financing_NN and_CC U.S._NNP leverage_NN buy-outs_NNS are_VBP making_VBG investors_NNS more_RBR skeptical_JJ about_IN Sir_NNP James_NNP 's_POS prospects_NNS ._. 
His_PRP$ initial_JJ offer_NN indicated_VBD he_PRP needed_VBD to_TO raise_VB as_RB much_JJ as_IN 80_CD %_NN of_IN the_DT takeover_NN financing_NN through_IN the_DT debt_NN markets_NNS ._. 
Market_NN uncertainty_NN also_RB clouds_VBZ the_DT outlook_NN for_IN B.A.T_NNP 's_POS attracting_VBG a_DT premium_NN price_NN for_IN its_PRP$ U.S._NNP retailing_NN properties_NNS ._. 
Finally_RB ,_, Tuesday_NNP 's_POS California_NNP earthquake_NN initially_RB knocked_VBD 3.7_CD %_NN off_IN B.A.T_NNP 's_POS share_NN price_NN in_IN London_NNP yesterday_NN because_IN of_IN fears_NNS of_IN the_DT potential_JJ claims_NNS to_TO Los_NNP Angeles-based_JJ Farmers_NNP ,_, which_WDT has_VBZ a_DT substantial_JJ portion_NN of_IN its_PRP$ property_NN and_CC casualty_NN exposure_NN in_IN California_NNP ._. 
On_IN Farmers_NNP ,_, Mr._NNP Prideaux_NNP said_VBD it_PRP is_VBZ too_RB early_JJ to_TO quantify_VB the_DT level_NN of_IN potential_JJ claims_NNS ._. 
He_PRP added_VBD B.A.T_NNP ``_`` has_VBZ no_DT expectation_NN of_IN a_DT material_NN impact_NN on_IN Farmers_NNP ._. 
Bridge_NNP and_CC highway_NN collapses_VBZ will_MD disrupt_VB truck_NN and_CC auto_NN transportation_NN in_IN the_DT San_NNP Francisco_NNP Bay_NNP area_NN for_IN months_NNS to_TO come_VB ._. 
But_CC rail_NN ,_, air_NN and_CC ocean-shipping_NN links_NNS to_TO the_DT area_NN escaped_VBD Tuesday_NNP 's_POS earthquake_NN with_IN only_RB minor_JJ damage_NN ,_, and_CC many_JJ are_VBP expected_VBN to_TO be_VB operating_VBG normally_RB today_NN ,_, government_NN and_CC corporate_JJ transport_NN officials_NNS said_VBD ._. 
Air_NN traffic_NN at_IN San_NNP Francisco_NNP International_NNP Airport_NNP was_VBD running_VBG about_IN 50_CD %_NN of_IN normal_JJ yesterday_NN afternoon_NN ,_, but_CC airport_NN officals_NNS said_VBD they_PRP expect_VBP a_DT return_NN to_TO full_JJ operations_NNS by_IN Saturday_NNP ._. 
The_DT major_JJ gateway_NN to_TO Asia_NNP and_CC one_CD of_IN the_DT nation_NN 's_POS 10_CD busiest_JJS airports_NNS was_VBD closed_VBN to_TO all_DT but_CC emergency_NN traffic_NN from_IN the_DT time_NN the_DT quake_NN hit_VBD Tuesday_NNP afternoon_NN ,_, until_IN 6_CD a.m._NN PDT_NNP yesterday_NN when_WRB controllers_NNS returned_VBD to_TO the_DT tower_NN ._. 
Getting_VBG to_TO and_CC from_IN the_DT airport_NN in_IN coming_VBG weeks_NNS may_MD be_VB the_DT problem_NN ,_, however_RB ._. 
``_`` People_NNS 's_POS ability_NN to_TO drive_VB throughout_IN the_DT bay_NN area_NN is_VBZ greatly_RB restricted_VBN ,_, ''_'' said_VBD a_DT spokesman_NN for_IN the_DT American_NNP Automobile_NNP Association_NNP ._. 
Tom_NNP Schumacher_NNP ,_, executive_JJ vice_NN president_NN and_CC general_JJ manager_NN of_IN the_DT California_NNP Trucking_NNP Association_NNP in_IN Sacremento_NNP ,_, said_VBD his_PRP$ organization_NN urged_VBD trucking_NN firms_NNS to_TO halt_VB all_DT deliveries_NNS into_IN the_DT Bay_NNP area_NN yesterday_NN ,_, except_IN for_IN emergency-medical_JJ supplies_NNS ._. 
``_`` Some_DT foodstuff_NN shipments_NNS will_MD probably_RB resume_VB Thursday_NNP ,_, ''_'' he_PRP said_VBD ._. 
``_`` Right_RB now_RB most_RBS of_IN the_DT roads_NNS into_IN the_DT Bay_NNP area_NN are_VBP closed_VBN ,_, but_CC the_DT list_NN of_IN closings_NNS changes_NNS about_IN every_DT 20_CD minutes_NNS ._. 
This_DT -LCB-_( Wednesday_NNP -RCB-_) morning_NN the_DT San_NNP Mateo_NNP bridge_NN was_VBD open_JJ and_CC now_RB we_PRP are_VBP informed_VBN that_IN it_PRP is_VBZ closed_VBN ,_, ''_'' Mr._NNP Schumacher_NNP said_VBD ._. 
United_NNP Parcel_NNP Service_NNP ,_, Greenwich_NNP ,_, Conn._NNP ,_, said_VBD its_PRP$ operations_NNS in_IN the_DT San_NNP Francisco_NNP area_NN have_VBP been_VBN reduced_VBN to_TO 40_CD %_NN of_IN normal_JJ ._. 
A_DT UPS_NNP spokesman_NN said_VBD that_IN although_IN none_NN of_IN the_DT company_NN 's_POS terminals_NNS ,_, trucks_NNS or_CC airplanes_NNS were_VBD damaged_VBN in_IN the_DT quake_NN ,_, road_NN shutdowns_NNS and_CC power_NN failures_NNS have_VBP impeded_VBN its_PRP$ pickup_NN and_CC delivery_NN of_IN packages_NNS ._. 
The_DT spokesman_NN noted_VBD four-hour_JJ to_TO five-hour_JJ traffic_NN delays_NNS on_IN the_DT San_NNP Mateo_NNP bridge_NN ,_, for_IN example_NN ._. 
In_IN addition_NN ,_, power_NN failures_NNS prevented_VBD its_PRP$ package-sorting_NN facilities_NNS from_IN operating_VBG ,_, causing_VBG delays_NNS ._. 
But_CC freight_NN railroads_NNS reported_VBD that_DT damage_NN to_TO their_PRP$ facilities_NNS was_VBD relatively_RB minor_JJ ,_, with_IN Santa_NNP Fe_NNP Pacific_NNP Corp._NNP 's_POS rail_NN unit_NN the_DT least_RBS affected_VBN by_IN the_DT quake_NN ._. 
Santa_NNP Fe_NNP stopped_VBD freight_NN trains_NNS Tuesday_NNP night_NN while_IN its_PRP$ officials_NNS inspected_VBD track_NN but_CC resumed_VBD service_NN at_IN 10:45_CD p.m._NN when_WRB they_PRP found_VBD no_DT damage_NN ._. 
Union_NNP Pacific_NNP Corp._NNP 's_POS rail_NN unit_NN said_VBD that_IN except_IN for_IN damage_NN to_TO shipping_VBG containers_NNS in_IN its_PRP$ Oakland_NNP yard_NN ,_, its_PRP$ track_NN ,_, bridges_NNS and_CC structures_NNS were_VBD unharmed_JJ ._. 
That_DT railroad_NN is_VBZ operating_VBG trains_NNS but_CC with_IN delays_NNS caused_VBN by_IN employees_NNS unable_JJ to_TO get_VB to_TO work_VB ._. 
Southern_NNP Pacific_NNP Transportation_NNP Co._NNP ,_, the_DT hardest_JJS hit_VBD of_IN the_DT three_CD railroads_NNS in_IN the_DT Bay_NNP area_NN ,_, said_VBD service_NN on_IN its_PRP$ north-south_JJ coastline_NN ,_, which_WDT is_VBZ used_VBN by_IN an_DT Amtrak_NNP train_NN between_IN Los_NNP Angeles_NNP and_CC Seattle_NNP ,_, was_VBD suspended_VBN temporarily_RB because_IN of_IN kinked_JJ rails_NNS near_IN the_DT epicenter_NN of_IN the_DT quake_NN ._. 
But_CC service_NN on_IN the_DT line_NN is_VBZ expected_VBN to_TO resume_VB by_IN noon_NN today_NN ._. 
``_`` We_PRP had_VBD no_DT serious_JJ damage_NN on_IN the_DT railroad_NN ,_, ''_'' said_VBD a_DT Southern_NNP Pacific_NNP spokesman_NN ._. 
``_`` We_PRP have_VBP no_DT problem_NN to_TO our_PRP$ freight_NN service_NN at_IN all_DT expect_VBP for_IN the_DT fact_NN businesses_NNS are_VBP shut_VBN down_RB ._. ''_'' 
Amtrak_NNP said_VBD it_PRP suspended_VBD train_NN service_NN into_IN its_PRP$ Oakland_NNP station_NN ,_, which_WDT sustained_VBD ``_`` heavy_JJ structural_JJ damage_NN ''_'' during_IN the_DT quake_NN ._. 
The_DT passenger_NN railroad_NN said_VBD it_PRP terminated_VBD some_DT runs_VBZ in_IN Sacramento_NNP ,_, relying_VBG on_IN buses_NNS to_TO ferry_VB passengers_NNS to_TO the_DT Bay_NNP area_NN ._. 
Amtrak_NNP said_VBD it_PRP planned_VBD to_TO resume_VB some_DT train_NN operations_NNS to_TO Oakland_NNP late_JJ yesterday_NN ._. 
Rail-transit_NN operations_NNS suffered_VBD little_JJ damage_NN ,_, according_VBG to_TO Albert_NNP Engelken_NNP ,_, deputy_NN executive_JJ director_NN of_IN the_DT American_NNP Public_NNP Transit_NNP Association_NNP in_IN Washington_NNP ._. 
The_DT Bay_NNP Area_NNP Rapid_NNP Transit_NNP ``_`` withstood_VBD the_DT earthquake_NN perfectly_RB ,_, ''_'' said_VBD Mr._NNP Engelken_NNP ,_, adding_VBG that_IN the_DT rail_NN system_NN was_VBD running_VBG a_DT full_JJ fleet_NN of_IN 45_CD trains_NNS during_IN the_DT day_NN to_TO provide_VB an_DT alternative_NN for_IN highway_NN travelers_NNS ._. 
``_`` The_DT highway_NN system_NN is_VBZ screwed_VBN up_IN ''_'' by_IN the_DT earthquake_NN ,_, Mr._NNP Engelken_NNP said_VBD ._. 
``_`` The_DT transit_NN system_NN is_VBZ how_WRB people_NNS are_VBP going_VBG to_TO be_VB getting_VBG around_IN ._. ''_'' 
He_PRP added_VBD that_IN San_NNP Francisco_NNP 's_POS trolley_NN cars_NNS and_CC trolley_NN buses_NNS were_VBD also_RB running_VBG at_IN full_JJ service_NN levels_NNS ._. 
Although_IN air-traffic_NN delays_NNS in_IN San_NNP Francisco_NNP were_VBD significant_JJ yesterday_NN ,_, they_PRP did_VBD n't_RB appear_VB to_TO spread_VB to_TO other_JJ airports_NNS ._. 
The_DT earthquake_NN shattered_VBD windows_NNS at_IN San_NNP Francisco_NNP International_NNP 's_POS air-traffic_NN control_NN tower_NN and_CC rained_VBD pieces_NNS of_IN the_DT ceiling_NN down_RB on_IN controllers_NNS ,_, three_CD of_IN whom_WP suffered_VBD minor_JJ injuries_NNS ._. 
Terminals_NNS at_IN San_NNP Francisco_NNP International_NNP also_RB were_VBD damaged_VBN ,_, but_CC the_DT tower_NN itself_PRP was_VBD intact_JJ ._. 
Tuesday_NNP night_NN ,_, thousands_NNS were_VBD diverted_VBN to_TO other_JJ airports_NNS and_CC had_VBD to_TO wait_VB a_DT day_NN to_TO resume_VB travel_NN ._. 
Runways_NNS at_IN San_NNP Francisco_NNP were_VBD n't_RB damaged_VBN ,_, but_CC traffic_NN was_VBD being_VBG limited_JJ yesterday_NN to_TO 27_CD arrivals_NNS and_CC 27_CD departures_NNS an_DT hour_NN --_: down_RB from_IN 33_CD to_TO 45_CD an_DT hour_NN normally_RB --_: mainly_RB because_IN the_DT noise_NN level_NN in_IN the_DT control_NN tower_NN was_VBD overwhelming_JJ without_IN the_DT windows_NNS ,_, an_DT FAA_NNP spokeswoman_NN said_VBD ._. 
While_IN the_DT airport_NN was_VBD closed_VBN ,_, flights_NNS were_VBD diverted_VBN to_TO airports_NNS in_IN Sacramento_NNP and_CC Stockton_NNP ,_, Calif._NNP ;_: Reno_NNP and_CC Las_NNP Vegas_NNP ,_, Nev._NNP ;_: and_CC Los_NNP Angeles_NNP ._. 
United_NNP Airlines_NNPS ,_, the_DT largest_JJS carrier_NN at_IN San_NNP Francisco_NNP ,_, was_VBD operating_VBG only_RB 50_CD %_NN of_IN its_PRP$ scheduled_VBN service_NN in_IN and_CC out_IN of_IN the_DT area_NN because_IN of_IN damage_NN to_TO its_PRP$ terminal_NN ,_, which_WDT in_IN turn_NN was_VBD causing_VBG delays_NNS for_IN travelers_NNS headed_VBN to_TO the_DT Bay_NNP area_NN ._. 
A_DT United_NNP spokesman_NN said_VBD 14_CD of_IN its_PRP$ 21_CD gates_NNS were_VBD unusable_JJ ,_, mainly_RB because_IN of_IN water_NN damage_NN caused_VBN when_WRB a_DT sprinkler_NN system_NN was_VBD triggered_VBN by_IN the_DT tremors_NNS ._. 
The_DT United_NNP spokesman_NN said_VBD none_NN of_IN its_PRP$ people_NNS were_VBD injured_VBN at_IN the_DT airport_NN ;_: in_IN fact_NN ,_, as_IN the_DT airport_NN was_VBD being_VBG evacuated_VBN Tuesday_NNP night_NN ,_, two_CD babies_NNS were_VBD born_VBN ._. 
Yesterday_NN ,_, the_DT United_NNP ticket_NN counter_NN was_VBD active_JJ ,_, with_IN people_NNS trying_VBG to_TO get_VB flights_NNS out_IN ,_, but_CC the_DT airline_NN said_VBD demand_NN for_IN seats_NNS into_IN the_DT city_NN also_RB was_VBD active_JJ ,_, with_IN people_NNS trying_VBG to_TO get_VB there_EX to_TO help_VB family_NN and_CC friends_NNS ._. 
The_DT airports_NNS in_IN San_NNP Jose_NNP and_CC Oakland_NNP were_VBD both_DT fully_RB operational_JJ by_IN noon_NN yesterday_NN ,_, the_DT Federal_NNP Aviation_NNP Administration_NNP said_VBD ._. 
In_IN terms_NNS of_IN diversions_NNS ,_, Denver_NNP 's_POS Stapleton_NNP International_NNP may_MD have_VB experienced_VBN the_DT most_RBS far-flung_JJ :_: A_DT United_NNP flight_NN from_IN Japan_NNP was_VBD rerouted_VBN there_RB ._. 
``_`` I_PRP think_VBP that_DT 's_VBZ the_DT first_JJ nonstop_JJ commercial_JJ passenger_NN flight_NN from_IN Japan_NNP to_TO land_VB here_RB ,_, ''_'' an_DT airport_NN spokesman_NN said_VBD ._. 
A_DT Japan_NNP Air_NNP Lines_NNPS spokesman_NN said_VBD its_PRP$ flights_NNS into_IN and_CC out_IN of_IN San_NNP Francisco_NNP were_VBD n't_RB affected_VBN ,_, but_CC getting_VBG information_NN about_IN its_PRP$ operations_NNS was_VBD difficult_JJ ._. 
Its_PRP$ telecommunications_NNS headquarters_NN in_IN Burlingame_NNP ,_, Calif._NNP ,_, had_VBD been_VBN knocked_VBN out_IN since_IN the_DT quake_NN ._. 
``_`` We_PRP 're_VBP in_IN the_DT dark_NN ,_, ''_'' he_PRP said_VBD ._. 
Whitbread_NNP &_CC Co._NNP put_VB its_PRP$ spirits_NNS division_NN up_IN for_IN sale_NN ,_, triggering_VBG a_DT scramble_NN among_IN global_JJ groups_NNS for_IN the_DT British_JJ company_NN 's_POS brands_NNS ._. 
Whitbread_NNP already_RB has_VBZ been_VBN approached_VBN by_IN ``_`` about_IN half_PDT a_DT dozen_NN ''_'' companies_NNS interested_JJ in_IN buying_VBG all_DT or_CC part_NN of_IN the_DT spirits_NNS business_NN ,_, a_DT spokesman_NN said_VBD ._. 
Analysts_NNS expect_VBP the_DT spirits_NNS operations_NNS and_CC some_DT California_NNP vineyards_NNS that_IN also_RB are_VBP being_VBG sold_VBN to_TO fetch_VB about_IN #_# 500_CD million_CD -LRB-_( $_$ 788.8_CD million_CD -RRB-_) ._. 
Among_IN the_DT brands_NNS for_IN sale_NN are_VBP Beefeater_NNP gin_NN ,_, the_DT No._NN 2_CD imported_VBN gin_NN in_IN the_DT U.S._NNP ,_, and_CC Laphroaig_NNP single-malt_JJ whiskey_NN ._. 
Also_RB for_IN sale_NN are_VBP Buckingham_NNP Wile_NNP Co._NNP ,_, which_WDT distributes_VBZ Cutty_NNP Sark_NNP blended_JJ whiskey_NN in_IN the_DT U.S._NNP ,_, and_CC Whitbread_NNP 's_POS Atlas_NNP Peak_NNP Vineyards_NNS in_IN California_NNP 's_POS Napa_NNP Valley_NNP ._. 
Beefeater_NNP alone_RB is_VBZ worth_JJ as_RB much_JJ as_IN #_# 300_CD million_CD ,_, analysts_NNS said_VBD ._. 
Whitbread_NNP bought_VBD the_DT Beefeater_NNP distillery_NN two_CD years_NNS ago_RB for_IN #_# 174.5_CD million_CD ._. 
That_DT purchase_NN represented_VBD an_DT attempt_NN by_IN Whitbread_NNP ,_, a_DT venerable_JJ British_JJ brewer_NN ,_, to_TO become_VB a_DT major_JJ player_NN in_IN the_DT global_JJ liquor_NN business_NN ._. 
But_CC Whitbread_NNP has_VBZ been_VBN squeezed_VBN by_IN giant_NN rivals_NNS amid_IN widespread_JJ consolidation_NN in_IN the_DT industry_NN ._. 
Now_RB ,_, it_PRP wants_VBZ to_TO concentrate_VB on_IN beer_NN and_CC its_PRP$ newer_JJR hotel_NN and_CC restaurant_NN operations_NNS ._. 
For_IN rival_JJ liquor_NN companies_NNS ,_, the_DT Whitbread_NNP auction_NN is_VBZ a_DT rare_JJ opportunity_NN to_TO acquire_VB valuable_JJ brands_NNS ._. 
``_`` It_PRP 's_VBZ not_RB very_RB often_RB something_NN like_IN this_DT comes_VBZ up_IN ,_, ''_'' said_VBD Ron_NNP Littleboy_NNP ,_, a_DT liquor_NN company_NN analyst_NN at_IN Nomura_NNP Research_NNP Institute_NNP in_IN London_NNP ._. 
``_`` The_DT division_NN will_MD be_VB sold_VBN off_IN quite_RB rapidly_RB ,_, ''_'' predicted_VBD Neill_NNP Junor_NNP ,_, an_DT analyst_NN at_IN London_NNP brokers_NNS County_NNP NatWest_NNP WoodMac_NNP ._. 
Among_IN possible_JJ buyers_NNS ,_, Grand_NNP Metropolitan_NNP PLC_NNP might_MD find_VB Beefeater_NNP a_DT useful_JJ addition_NN to_TO its_PRP$ portfolio_NN ._. 
Grand_NNP Met_NNP owns_VBZ Bombay_NNP gin_NN ,_, the_DT No._NN 3_CD imported_VBN gin_NN in_IN the_DT U.S._NNP ;_: rival_JJ Guinness_NNP PLC_NNP has_VBZ the_DT No._NN 1_CD imported_VBN brand_NN ,_, Tanqueray_NNP ._. 
The_DT Whitbread_NNP spirits_NNS auction_NN ``_`` is_VBZ an_DT extremely_RB interesting_JJ development_NN ..._: and_CC naturally_RB we_PRP 'll_MD be_VB considering_VBG it_PRP carefully_RB ,_, ''_'' a_DT Grand_NNP Met_NNP spokesman_NN said_VBD ._. 
Guinness_NNP ,_, which_WDT owns_VBZ several_JJ leading_NN whiskey_NN brands_NNS plus_CC Gordon_NNP 's_POS gin_NN ,_, the_DT world_NN 's_POS No._NN 1_CD gin_NN ,_, is_VBZ considered_VBN less_RBR likely_JJ to_TO bid_VB for_IN the_DT Whitbread_NNP spirits_NNS ._. 
A_DT Guinness_NNP spokesman_NN declined_VBD to_TO comment_VB ._. 
Two_CD other_JJ global_JJ liquor_NN giants_NNS ,_, Canada_NNP 's_POS Seagram_NNP Co._NNP and_CC Britain_NNP 's_POS Allied-Lyons_NNP PLC_NNP ,_, also_RB are_VBP possible_JJ buyers_NNS ._. 
Seagram_NNP 's_POS gin_NN is_VBZ the_DT world_NN 's_POS No._NN 2_CD gin_NN brand_NN ,_, but_CC the_DT company_NN does_VBZ n't_RB own_VB any_DT of_IN the_DT major_JJ gin_NN brands_NNS imported_VBN in_IN the_DT U.S._NNP ._. 
Allied-Lyons_NNP ,_, while_IN powerful_JJ in_IN whiskey_NN ,_, does_VBZ n't_RB own_VB any_DT major_JJ white-spirit_NN brands_NNS ._. 
``_`` We_PRP will_MD certainly_RB have_VB to_TO take_VB a_DT look_NN at_IN ''_'' the_DT Whitbread_NNP spirits_NNS business_NN ,_, an_DT Allied-Lyons_NNP spokesman_NN said_VBD ._. 
``_`` We_PRP would_MD certainly_RB like_VB to_TO have_VB a_DT major_JJ white-spirits_JJ brand_NN in_IN our_PRP$ portfolio_NN ._. ''_'' 
A_DT Seagram_NNP spokesman_NN in_IN New_NNP York_NNP would_MD n't_RB comment_VB ._. 
Smaller_JJR liquor_NN companies_NNS ,_, such_JJ as_IN Brown-Forman_NNP Corp._NNP and_CC American_NNP Brands_NNP Inc._NNP of_IN the_DT U.S._NNP ,_, also_RB are_VBP likely_JJ to_TO be_VB interested_JJ ._. 
Such_JJ companies_NNS ``_`` are_VBP increasingly_RB being_VBG left_VBN behind_IN ''_'' in_IN the_DT global_JJ liquor_NN business_NN ,_, says_VBZ Nomura_NNP 's_POS Mr._NNP Littleboy_NNP ._. 
In_IN New_NNP York_NNP ,_, a_DT spokesman_NN for_IN American_NNP Brands_NNP would_MD n't_RB comment_VB ._. 
Brown-Forman_NNP ,_, a_DT Louisville_NNP ,_, Ky._NNP distiller_NN ,_, also_RB declined_VBD to_TO comment_VB ._. 
Whitbread_NNP 's_POS wine_NN ,_, spirits_NNS and_CC soft-drink_NN operations_NNS had_VBD trading_NN profit_NN of_IN #_# 35.4_CD million_CD on_IN sales_NNS of_IN #_# 315.5_CD million_CD in_IN the_DT year_NN ended_VBN Feb._NNP 25_CD ._. 
The_DT company_NN ,_, which_WDT is_VBZ retaining_VBG most_RBS of_IN its_PRP$ wine_NN and_CC all_DT of_IN its_PRP$ soft-drink_NN interests_NNS ,_, did_VBD n't_RB break_VB out_RP results_NNS for_IN the_DT businesses_NNS it_PRP plans_VBZ to_TO sell_VB ._. 
But_CC analysts_NNS estimate_VBP their_PRP$ trading_NN profit_NN at_IN #_# 30_CD million_CD ._. 
Whitbread_NNP had_VBD total_JJ pretax_JJ profit_NN in_IN the_DT year_NN ended_VBN Feb._NNP 25_CD of_IN #_# 223.2_CD million_CD ,_, on_IN sales_NNS of_IN #_# 2.26_CD billion_CD ._. 
Whitbread_NNP 's_POS spirits_NNS auction_NN occurs_VBZ amid_IN a_DT parallel_JJ shakeup_NN in_IN the_DT British_JJ beer_NN industry_NN ._. 
Earlier_RBR this_DT year_NN ,_, the_DT government_NN announced_VBD plans_NNS to_TO foster_VB increased_VBN competition_NN in_IN the_DT industry_NN ._. 
British_JJ brewers_NNS currently_RB own_JJ thousands_NNS of_IN pubs_NNS ,_, which_WDT in_IN turn_NN sell_NN only_RB the_DT breweries_NNS '_POS beer_NN and_CC soft_JJ drinks_NNS ._. 
Under_IN new_JJ rules_NNS ,_, many_NN of_IN the_DT country_NN 's_POS pubs_NNS would_MD become_VB ``_`` free_JJ houses_NNS ,_, ''_'' selling_VBG beers_NNS of_IN their_PRP$ choice_NN ._. 
Whitbread_NNP now_RB intends_VBZ to_TO bolster_VB its_PRP$ brewing_NN interests_NNS ,_, in_IN an_DT effort_NN to_TO grab_VB a_DT share_NN of_IN sales_NNS to_TO free_VB houses_NNS ._. 
The_DT company_NN ,_, which_WDT last_JJ month_NN paid_VBN #_# 50.7_CD million_CD for_IN regional_JJ British_JJ brewer_NN Boddington_NNP Group_NNP PLC_NNP ,_, has_VBZ about_IN 13_CD %_NN of_IN the_DT British_JJ beer_NN market_NN ._. 
Whitbread_NNP also_RB owns_VBZ the_DT license_NN to_TO brew_VB and_CC distribute_VB Heineken_NNP and_CC Stella_NNP Artois_NNP beers_NNS in_IN Britain_NNP ._. 
In_IN addition_NN ,_, Whitbread_NNP intends_VBZ to_TO focus_VB on_IN its_PRP$ newer_JJR hotel_NN ,_, liquor_NN store_NN and_CC restaurant_NN businesses_NNS in_IN Europe_NNP and_CC North_NNP America_NNP ._. 
In_IN Britain_NNP ,_, those_DT interests_NNS include_VBP the_DT Beefeater_NNP steakhouse_NN chain_NN and_CC joint_JJ ownership_NN with_IN PepsiCo_NNP Inc._NNP of_IN the_DT country_NN 's_POS Pizza_NNP Hut_NNP chain_NN ._. 
In_IN Canada_NNP and_CC the_DT U.S._NNP ,_, Whitbread_NNP owns_VBZ The_DT Keg_NNP chain_NN of_IN steak_NN and_CC seafood_NN restaurants_NNS ._. 
Focusing_VBG on_IN beer_NN ,_, restaurants_NNS and_CC hotels_NNS means_VBZ ``_`` we_PRP can_MD concentrate_VB our_PRP$ skills_NNS and_CC resources_NNS more_RBR effectively_RB ,_, ''_'' Peter_NNP Jarvis_NNP ,_, Whitbread_NNP 's_POS managing_VBG director_NN ,_, said_VBD in_IN a_DT statement_NN ._. 
The_DT spirits_NNS business_NN ``_`` would_MD require_VB substantial_JJ additional_JJ investment_NN to_TO enable_VB it_PRP to_TO compete_VB effectively_RB in_IN the_DT first_JJ division_NN of_IN global_JJ players_NNS ._. ''_'' 
Whitbread_NNP also_RB announced_VBD that_IN Mr._NNP Jarvis_NNP ,_, who_WP is_VBZ 48_CD ,_, will_MD become_VB the_DT company_NN 's_POS chief_JJ executive_NN March_NNP 1_CD ._. 
At_IN that_DT time_NN Sam_NNP Whitbread_NNP ,_, the_DT company_NN 's_POS chairman_NN and_CC a_DT descendant_NN of_IN its_PRP$ 18th-century_JJ founder_NN ,_, will_MD retire_VB from_IN executive_NN duties_NNS ._. 
He_PRP will_MD retain_VB the_DT honorary_JJ title_NN of_IN non-executive_JJ chairman_NN ._. 
The_DT Treasury_NNP plans_VBZ to_TO raise_VB $_$ 700_CD million_CD in_IN new_JJ cash_NN with_IN the_DT sale_NN Tuesday_NNP of_IN about_RB $_$ 10_CD billion_CD in_IN two-year_JJ notes_NNS to_TO redeem_VB $_$ 9.29_CD billion_CD in_IN maturing_VBG notes_NNS ._. 
The_DT offering_NN will_MD be_VB dated_VBN Oct._NNP 31_CD and_CC mature_NNP Oct._NNP 31_CD ,_, 
Tenders_NNS for_IN the_DT notes_NNS ,_, available_JJ in_IN minimum_JJ $_$ 5,000_CD denominations_NNS ,_, must_MD be_VB received_VBN by_IN 1_CD p.m._NN EDT_NNP Tuesday_NNP at_IN the_DT Treasury_NNP or_CC at_IN Federal_NNP Reserve_NNP banks_NNS or_CC branches_NNS ._. 
NEWHALL_NNP LAND_NNP &_CC FARMING_NNP Co._NNP ,_, Valencia_NNP ,_, Calif._NNP ,_, announced_VBD a_DT 2-for-1_JJ split_NN in_IN the_DT real_JJ estate_NN limited_JJ partnership_NN 's_POS units_NNS and_CC increased_VBN its_PRP$ regular_JJ quarterly_JJ cash_NN distribution_NN 33_CD %_NN ,_, to_TO 40_CD cents_NNS a_DT unit_NN ._. 
The_DT real_JJ estate_NN limited_JJ partnership_NN also_RB said_VBD it_PRP will_MD pay_VB a_DT special_JJ year-end_NN cash_NN distribution_NN of_IN 10_CD cents_NNS a_DT unit_NN ._. 
Both_DT distributions_NNS are_VBP payable_JJ Dec._NNP 4_CD to_TO limited_JJ partners_NNS of_IN record_NN Nov._NNP 3_CD ._. 
Mellon_NNP Bank_NNP Corp._NNP said_VBD directors_NNS authorized_VBD the_DT buy-back_NN of_IN as_RB many_JJ as_IN 250,000_CD common_JJ shares_NNS ._. 
The_DT bank_NN holding_VBG company_NN said_VBD stock_NN repurchased_VBN will_MD be_VB used_VBN to_TO meet_VB requirements_NNS for_IN the_DT company_NN 's_POS benefit_NN plans_NNS ._. 
Mellon_NNP has_VBZ 36.6_CD million_CD shares_NNS outstanding_JJ ._. 
Champion_NNP International_NNP Corp._NNP 's_POS third-quarter_JJ profit_NN dropped_VBD 17_CD %_NN ,_, reflecting_VBG price_NN declines_NNS for_IN certain_JJ paper_NN products_NNS ,_, operating_VBG problems_NNS at_IN certain_JJ mills_NNS ,_, and_CC other_JJ factors_NNS ._. 
The_DT paper_NN producer_NN reported_VBD that_IN net_JJ income_NN fell_VBD to_TO $_$ 102.1_CD million_CD ,_, or_CC $_$ 1.09_CD a_DT share_NN ,_, from_IN $_$ 122.4_CD million_CD ,_, or_CC $_$ 1.29_CD a_DT share_NN ,_, in_IN the_DT year-earlier_JJ period_NN ._. 
Sales_NNS rose_VBD 2.6_CD %_NN to_TO $_$ 1.32_CD billion_CD from_IN $_$ 1.29_CD billion_CD ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Champion_NNP 's_POS shares_NNS rose_VBD 25_CD cents_NNS to_TO $_$ 32.125_CD ._. 
Digital_NNP Equipment_NNP Corp._NNP is_VBZ planning_VBG a_DT big_JJ coming-out_JJ party_NN on_IN Tuesday_NNP for_IN its_PRP$ first_JJ line_NN of_IN mainframe_NN computers_NNS ._. 
But_CC an_DT uninvited_JJ guest_NN is_VBZ expected_VBN to_TO try_VB to_TO crash_VB the_DT party_NN ._. 
On_IN the_DT morning_NN of_IN the_DT long-planned_JJ announcement_NN ,_, International_NNP Business_NNP Machines_NNP Corp._NNP is_VBZ to_TO introduce_VB its_PRP$ own_JJ new_JJ mainframe_NN ._. 
``_`` Their_PRP$ attitude_NN is_VBZ ,_, `_`` You_PRP want_VBP to_TO talk_VB mainframes_NNS ,_, we_PRP 'll_MD talk_VB mainframes_NNS ,_, '_'' ''_'' says_VBZ one_CD computer_NN industry_NN executive_NN ._. 
``_`` They_PRP 're_VBP deliberately_RB trying_VBG to_TO steal_VB our_PRP$ thunder_NN ,_, ''_'' a_DT Digital_NNP executive_NN complains_VBZ ._. 
``_`` Maybe_RB we_PRP should_MD take_VB it_PRP as_IN a_DT compliment_NN ._. ''_'' 
Digital_NNP 's_POS target_NN is_VBZ the_DT $_$ 40_CD billion_CD market_NN for_IN mainframe_NN computers_NNS ,_, the_DT closet-sized_JJ number-crunchers_NNS that_IN nearly_RB every_DT big_JJ company_NN needs_VBZ to_TO run_VB its_PRP$ business_NN ._. 
IBM_NNP ,_, based_VBN in_IN Armonk_NNP ,_, N.Y._NNP ,_, has_VBZ dominated_VBN the_DT market_NN for_IN decades_NNS ._. 
That_DT does_VBZ n't_RB scare_VB Digital_NNP ,_, which_WDT has_VBZ grown_VBN to_TO be_VB the_DT world_NN 's_POS second-largest_JJ computer_NN maker_NN by_IN poaching_VBG customers_NNS of_IN IBM_NNP 's_POS mid-range_JJ machines_NNS ._. 
Digital_NNP ,_, based_VBN in_IN Maynard_NNP ,_, Mass._NNP ,_, hopes_VBZ to_TO stage_VB a_DT repeat_NN performance_NN in_IN mainframes_NNS ,_, and_CC it_PRP has_VBZ spent_VBN almost_RB $_$ 1_CD billion_CD developing_VBG the_DT new_JJ technology_NN ._. 
A_DT spoiler_NN ,_, nimble_JJ Tandem_NNP Computers_NNP Inc._NNP in_IN Cupertino_NNP ,_, Calif._NNP ,_, jumped_VBD into_IN the_DT fray_NN earlier_RBR this_DT week_NN with_IN an_DT aggressively_RB priced_VBN entry_NN ._. 
IBM_NNP appears_VBZ more_RBR worried_VBN about_IN Digital_NNP ,_, which_WDT has_VBZ a_DT broad_JJ base_NN of_IN customers_NNS waiting_VBG for_IN the_DT new_JJ line_NN ,_, dubbed_VBD the_DT VAX_NNP 9000_CD ._. 
``_`` It_PRP 's_VBZ going_VBG to_TO be_VB nuclear_JJ war_NN ,_, ''_'' says_VBZ Thomas_NNP Willmott_NNP ,_, a_DT consultant_NN with_IN Aberdeen_NNP Group_NNP Inc_NNP ._. 
The_DT surge_NN in_IN competition_NN is_VBZ expected_VBN to_TO stir_VB new_JJ life_NN into_IN the_DT huge_JJ mainframe_NN market_NN ,_, where_WRB growth_NN has_VBZ slowed_VBN to_TO single_VB digits_NNS in_IN recent_JJ years_NNS ._. 
IBM_NNP 's_POS traditional_JJ mainframe_NN rivals_NNS ,_, including_VBG Unisys_NNP Corp._NNP ,_, Control_NNP Data_NNP Corp._NNP and_CC NCR_NNP Corp._NNP ,_, have_VBP struggled_VBN recently_RB ._. 
Digital_NNP is_VBZ promising_JJ a_DT new_JJ approach_NN ._. 
Robert_NNP M._NNP Glorioso_NNP ,_, Digital_NNP 's_POS vice_NN president_NN for_IN high_JJ performance_NN systems_NNS ,_, says_VBZ Digital_NNP 's_POS mainframe_NN is_VBZ designed_VBN not_RB as_IN a_DT central_JJ computer_NN around_IN which_WDT everything_NN revolves_VBZ ,_, but_CC as_IN part_NN of_IN a_DT decentralized_JJ network_NN weaving_VBG together_RB hundreds_NNS of_IN workstations_NNS ,_, personal_JJ computers_NNS ,_, printers_NNS and_CC other_JJ devices_NNS ._. 
And_CC unlike_IN IBM_NNP 's_POS water-cooled_JJ mainframes_NNS ,_, it_PRP does_VBZ n't_RB need_VB any_DT plumbing_NN ._. 
The_DT challengers_NNS will_MD have_VB a_DT big_JJ price_NN advantage_NN ._. 
Digital_NNP is_VBZ expected_VBN to_TO tag_VB its_PRP$ new_JJ line_NN from_IN about_RB $_$ 1.24_CD million_CD to_TO $_$ 4.4_CD million_CD and_CC up_IN ,_, depending_VBG on_IN configuration_NN ._. 
That_DT 's_VBZ about_IN half_PDT the_DT price_NN of_IN comparably_RB equipped_VBN IBM_NNP mainframes_NNS ._. 
Tandem_NNP 's_POS pricing_NN is_VBZ just_RB as_IN aggressive_JJ ._. 
The_DT heightened_VBN competition_NN will_MD hit_VB IBM_NNP at_IN a_DT difficult_JJ time_NN ._. 
The_DT computer_NN giant_NN 's_POS current_JJ mainframe_NN line_NN ,_, which_WDT has_VBZ sold_VBN well_RB and_CC has_VBZ huge_JJ profit_NN margins_NNS ,_, is_VBZ starting_VBG to_TO show_VB its_PRP$ age_NN ._. 
The_DT new_JJ 3090s_CD due_JJ next_JJ week_NN will_MD boost_VB performance_NN by_IN only_RB about_IN 8_CD %_NN to_TO 10_CD %_NN ._. 
And_CC IBM_NNP is_VBZ n't_RB expected_VBN to_TO deliver_VB a_DT new_JJ generation_NN of_IN mainframes_NNS until_IN 1991_CD ._. 
Still_RB ,_, no_DT one_CD expects_VBZ IBM_NNP 's_POS rivals_NNS to_TO deliver_VB a_DT knockout_NN ._. 
IBM_NNP has_VBZ a_DT near-monopoly_NN on_IN mainframes_NNS ,_, with_IN an_DT estimated_VBN 70_CD %_NN share_NN of_IN the_DT market_NN ._. 
IBM_NNP is_VBZ five_CD times_VBZ the_DT size_NN of_IN Digital_NNP --_: and_CC 40_CD times_VBZ the_DT size_NN of_IN Tandem_NNP --_: and_CC wields_VBZ enormous_JJ market_NN power_NN ._. 
It_PRP counts_VBZ among_IN its_PRP$ customers_NNS a_DT majority_NN of_IN the_DT world_NN 's_POS largest_JJS corporations_NNS ,_, which_WDT entrust_VBP their_PRP$ most_RBS critical_JJ business_NN information_NN to_TO IBM_NNP computers_NNS ._. 
``_`` We_PRP 're_VBP not_RB going_VBG to_TO walk_VB in_IN and_CC replace_VB a_DT company_NN 's_POS corporate_JJ accounting_NN system_NN if_IN it_PRP 's_VBZ already_RB running_VBG on_IN an_DT IBM_NNP mainframe_NN ,_, ''_'' concedes_VBZ Kenneth_NNP H._NNP Olsen_NNP ,_, Digital_NNP 's_POS president_NN ._. 
He_PRP says_VBZ Digital_NNP will_MD target_VB faster-growing_JJR market_NN segments_NNS such_JJ as_IN on-line_JJ transaction_NN processing_NN ,_, which_WDT includes_VBZ retail-sales_JJ tracking_NN ,_, airline_NN reservations_NNS and_CC bank-teller_NN networks_NNS ._. 
Tandem_NNP ,_, which_WDT already_RB specializes_VBZ in_IN on-line_JJ transaction_NN processing_NN ,_, is_VBZ a_DT potent_JJ competitor_NN in_IN that_DT market_NN ._. 
A_DT key_JJ marketing_NN target_NN for_IN Digital_NNP will_MD be_VB the_DT large_JJ number_NN of_IN big_JJ customers_NNS who_WP already_RB own_VB both_DT Digital_NNP and_CC IBM_NNP systems_NNS ._. 
One_CD such_JJ company_NN is_VBZ Bankers_NNP Trust_NNP Co_NNP ._. 
Stanley_NNP Rose_NNP ,_, a_DT vice_NN president_NN ,_, technological_JJ and_CC strategic_JJ planning_NN at_IN Bankers_NNP Trust_NNP ,_, says_VBZ that_IN despite_IN Digital_NNP 's_POS low_JJ prices_NNS ,_, ``_`` we_PRP are_VBP n't_RB about_IN to_TO unplug_VB our_PRP$ IBM_NNP mainframes_NNS for_IN a_DT DEC_NNP machine_NN ._. 
The_DT software_NN conversion_NN costs_NNS would_MD dwarf_VB any_DT savings_NNS ._. ''_'' 
But_CC Mr._NNP Rose_NNP is_VBZ still_RB looking_VBG seriously_RB at_IN the_DT 9000_CD ._. 
Bankers_NNP Trust_NNP uses_VBZ Digital_NNP 's_POS VAX_NNP to_TO run_VB its_PRP$ huge_JJ money-transfer_NN and_CC capital_NN markets_NNS accounts_NNS ,_, juggling_VBG hundreds_NNS of_IN billions_NNS of_IN dollars_NNS each_DT day_NN ,_, he_PRP says_VBZ ._. 
As_IN that_DT system_NN grows_VBZ ,_, larger_JJR computers_NNS may_MD be_VB needed_VBN ._. 
``_`` In_IN the_DT past_NN ,_, customers_NNS had_VBD to_TO go_VB to_TO IBM_NNP when_WRB they_PRP outgrew_VBD the_DT VAX_NNP ._. 
Now_RB they_PRP do_VBP n't_RB have_VB to_TO ,_, ''_'' he_PRP says_VBZ ._. 
``_`` That_DT 's_VBZ going_VBG to_TO cost_VB IBM_NNP revenue_NN ._. ''_'' 
Analysts_NNS say_VBP Digital_NNP can_MD expect_VB this_DT pent-up_JJ demand_NN for_IN the_DT new_JJ VAX_NNP to_TO fuel_VB strong_JJ sales_NNS next_JJ year_NN ._. 
Barry_NNP F._NNP Willman_NNP ,_, an_DT analyst_NN at_IN Sanford_NNP C._NNP Bernstein_NNP &_CC Co._NNP ,_, estimates_VBZ the_DT 9000_CD could_MD boost_VB sales_NNS by_IN more_JJR than_IN $_$ 1_CD billion_CD in_IN the_DT fiscal_JJ year_NN beginning_VBG in_IN July_NNP ._. 
He_PRP bases_VBZ the_DT estimate_NN on_IN a_DT survey_NN of_IN hundreds_NNS of_IN Digital_NNP 's_POS largest_JJS customers_NNS ._. 
Although_IN Digital_NNP will_MD announce_VB a_DT full_JJ family_NN of_IN mainframes_NNS next_JJ week_NN ,_, it_PRP is_VBZ n't_RB expected_VBN to_TO begin_VB shipping_VBG in_IN volume_NN until_IN next_JJ year_NN ._. 
The_DT first_JJ model_NN available_JJ will_MD be_VB the_DT 210_CD ,_, which_WDT is_VBZ likely_JJ to_TO appeal_VB to_TO many_VB technical_JJ and_CC scientific_JJ buyers_NNS interested_JJ in_IN the_DT optional_JJ super-charger_NN ,_, or_CC vector_NN processor_NN ,_, says_VBZ Terry_NNP Shannon_NNP of_IN International_NNP Data_NNP Corp._NNP ,_, a_DT market_NN research_NN concern_NN ._. 
Four_CD more_JJR models_NNS ,_, aimed_VBD squarely_RB at_IN IBM_NNP 's_POS commercial_JJ customers_NNS ,_, are_VBP expected_VBN to_TO begin_VB shipping_VBG in_IN late_JJ June_NNP ._. 
Most_JJS analysts_NNS do_VBP n't_RB expect_VB the_DT new_JJ mainframes_NNS to_TO begin_VB contributing_VBG significantly_RB to_TO revenue_NN before_IN the_DT fiscal_JJ first_JJ quarter_NN ,_, which_WDT begins_VBZ next_JJ July_NNP 1_CD ._. 
Digital_NNP 's_POS new_JJ line_NN has_VBZ been_VBN a_DT long_JJ time_NN coming_VBG ._. 
The_DT company_NN has_VBZ long_RB struggled_VBN to_TO deliver_VB a_DT strong_JJ mainframe-class_JJ product_NN ,_, and_CC made_VBD a_DT costly_JJ decision_NN in_IN 1988_CD to_TO halt_VB development_NN of_IN an_DT interim_JJ product_NN meant_VBD to_TO stem_VB the_DT revenue_NN losses_NNS at_IN the_DT high_JJ end_NN ._. 
Digital_NNP 's_POS failure_NN to_TO deliver_VB a_DT true_JJ mainframe-class_JJ machine_NN before_IN now_RB may_MD have_VB cost_VBN the_DT company_NN as_RB much_JJ as_IN $_$ 1_CD billion_CD in_IN revenue_NN in_IN fiscal_JJ 1989_CD ,_, Mr._NNP Willman_NNP says_VBZ ._. 
IBM_NNP will_MD face_VB still_RB more_JJR competition_NN in_IN coming_VBG months_NNS ._. 
Amdahl_NNP Corp._NNP ,_, backed_VBN by_IN Japan_NNP 's_POS Fujitsu_NNP Ltd._NNP ,_, has_VBZ a_DT growing_VBG share_NN of_IN the_DT market_NN with_IN its_PRP$ low-priced_JJ ,_, IBM-compatible_JJ machines_NNS ._. 
And_CC National_NNP Advanced_NNP Systems_NNPS ,_, a_DT joint_JJ venture_NN of_IN Japan_NNP 's_POS Hitachi_NNP Ltd._NNP and_CC General_NNP Motors_NNPS Corp._NNP 's_POS Electronic_NNP Data_NNP Systems_NNPS ,_, is_VBZ expected_VBN to_TO unveil_VB a_DT line_NN of_IN powerful_JJ IBM-compatible_JJ mainframes_NNS later_RB this_DT year_NN ._. 
NOTE_NN :_: 
NAS_NNP is_VBZ National_NNP Advanced_NNP Systems_NNPS ,_, CDC_NNP --_: Control_NNP Data_NNP Corp._NNP ,_, Bull_NNP NH_NNP Information_NNP Systems_NNP Inc_NNP ._. 
Source_NN :_: International_NNP Data_NNP Corp_NNP ._. 
Compiled_VBN by_IN Publishers_NNP Weekly_NNP from_IN data_NNS from_IN large-city_JJ bookstores_NNS ,_, bookstore_NN chains_NNS and_CC local_JJ bestseller_NN lists_NNS across_IN the_DT U.S._NNP ._. 
Copyright_NNP 1989_CD by_IN Reed_NNP Publishing_NNP USA_NNP ._. 
The_DT frenetic_JJ stock_NN and_CC bond_NN markets_NNS cooled_VBN off_IN ,_, but_CC the_DT dollar_NN slumped_VBD ._. 
Stocks_NNS rose_VBD slightly_RB as_IN trading_NN activity_NN slowed_VBD from_IN the_DT frenzied_JJ pace_NN earlier_RBR this_DT week_NN ._. 
Prices_NNS of_IN long-term_JJ Treasury_NNP bonds_NNS hovered_VBD in_IN a_DT narrow_JJ band_NN most_RBS of_IN the_DT day_NN ,_, finishing_VBG little_RB changed_VBN despite_IN the_DT dollar_NN 's_POS weakness_NN and_CC fears_NNS about_IN a_DT wave_NN of_IN government_NN borrowing_NN coming_VBG soon_RB ._. 
Helped_VBN by_IN futures-related_JJ program_NN buying_VBG ,_, the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP gained_VBD 4.92_CD points_NNS to_TO close_VB at_IN 2643.65_CD ._. 
But_CC the_DT Dow_NNP Jones_NNP Transportation_NNP Average_NNP fell_VBD for_IN the_DT seventh-consecutive_JJ session_NN as_IN more_JJR investors_NNS dumped_VBD UAL_NNP shares_NNS ._. 
Bond_NN prices_NNS rallied_VBD early_JJ yesterday_NN morning_NN as_IN traders_NNS scrambled_VBD to_TO buy_VB Treasury_NNP issues_NNS on_IN fears_NNS that_IN the_DT Northern_NNP California_NNP earthquake_NN might_MD lead_VB to_TO a_DT stock-market_NN debacle_NN ._. 
But_CC when_WRB stocks_NNS held_VBD steady_JJ ,_, Treasury_NNP bonds_NNS later_RB retreated_VBD ._. 
Speculation_NN that_IN the_DT Federal_NNP Reserve_NNP will_MD lower_JJR interest_VB rates_NNS in_IN coming_VBG weeks_NNS helped_VBD push_VB the_DT dollar_NN down_RB while_IN boosting_VBG stocks_NNS ,_, traders_NNS said_VBD ._. 
But_CC many_JJ investors_NNS remain_VBP wary_JJ about_IN stocks_NNS ,_, partly_RB because_IN they_PRP expect_VBP continued_VBD turbulence_NN in_IN the_DT junk-bond_NN market_NN that_WDT would_MD make_VB it_PRP more_RBR difficult_JJ to_TO finance_VB corporate_JJ takeovers_NNS ._. 
``_`` I_PRP 'm_VBP surprised_VBN we_PRP did_VBD n't_RB see_VB more_JJR volatility_NN ''_'' in_IN stocks_NNS ,_, said_VBD Raymond_NNP F._NNP DeVoe_NNP Jr._NNP ,_, market_NN strategist_NN at_IN Legg_NNP Mason_NNP Wood_NNP Walker_NNP ._. 
``_`` I_PRP think_VBP the_DT problems_NNS in_IN the_DT junk-bond_NN area_NN are_VBP just_RB beginning_VBG ,_, and_CC this_DT will_MD be_VB very_RB unsettling_JJ for_IN companies_NNS that_WDT have_VBP issued_VBN junk_NN bonds_NNS ._. 
In_IN a_DT bull_NN market_NN ,_, credit_NN does_VBZ not_RB matter_VB ,_, ''_'' Mr._NNP DeVoe_NNP added_VBD ._. 
``_`` But_CC when_WRB it_PRP does_VBZ matter_NN ,_, then_RB it_PRP 's_VBZ the_DT only_JJ thing_NN that_IN matters_NNS ._. ''_'' 
However_RB ,_, many_JJ institutional_JJ investors_NNS are_VBP reacting_VBG to_TO the_DT stock_NN market_NN 's_POS plunge_NN as_IN ``_`` a_DT great_JJ buying_NN opportunity_NN ,_, ''_'' said_VBD Charles_NNP I._NNP Clough_NNP ,_, chief_JJ investment_NN strategist_NN at_IN Merrill_NNP Lynch_NNP Capital_NNP Markets_NNPS ._. 
``_`` Things_NNS are_VBP beginning_VBG to_TO settle_VB down_RB ._. 
The_DT markets_NNS are_VBP returning_VBG to_TO normalcy_NN ._. ''_'' 
Oil_NN prices_NNS initially_RB rose_VBD on_IN fears_NNS that_IN the_DT massive_JJ earthquake_NN in_IN Northern_NNP California_NNP would_MD disrupt_VB production_NN ._. 
But_CC prices_NNS later_RB reversed_VBD course_NN ,_, finishing_VBG slightly_RB lower_JJR ,_, as_IN investors_NNS concluded_VBD that_IN any_DT cuts_NNS would_MD n't_RB be_VB large_JJ and_CC that_IN foreign_JJ oil_NN producers_NNS would_MD quickly_RB pick_VB up_IN the_DT slack_NN ._. 
In_IN major_JJ market_NN activity_NN :_: 
Stock_NN prices_NNS rose_VBD ._. 
New_NNP York_NNP Stock_NNP Exchange_NNP volume_NN shrank_VBD to_TO 166.9_CD million_CD shares_NNS from_IN 224.1_CD million_CD Tuesday_NNP ._. 
Advancers_NNS on_IN the_DT Big_NNP Board_NNP outpaced_VBD decliners_NNS by_IN 822_CD to_TO 668_CD ._. 
Bond_NN prices_NNS were_VBD little_RB changed_VBN in_IN sluggish_JJ activity_NN ._. 
The_DT yield_NN on_IN the_DT Treasury_NNP 's_POS 30-year_JJ issue_NN fell_VBD slightly_RB to_TO 8.03_CD %_NN ._. 
The_DT dollar_NN dropped_VBD ._. 
In_IN New_NNP York_NNP late_JJ yesterday_NN ,_, the_DT currency_NN was_VBD at_IN 141.45_CD yen_NN and_CC 1.8485_CD marks_NNS ,_, down_RB from_IN 142.75_CD yen_NN and_CC 1.8667_CD marks_NNS late_JJ Tuesday_NNP ._. 
James_NNP L._NNP Madson_NNP ,_, 46_CD years_NNS old_JJ ,_, was_VBD named_VBN a_DT vice_NN president_NN and_CC assistant_NN general_JJ manager_NN of_IN this_DT producer_NN of_IN copper_NN and_CC other_JJ minerals_NNS ._. 
He_PRP will_MD succeed_VB Arthur_NNP E._NNP Himebaugh_NNP as_IN general_JJ manager_NN Feb._NNP 1_CD ,_, when_WRB Mr._NNP Himebaugh_NNP retires_VBZ ._. 
AMR_NNP Corp._NNP posted_VBD an_DT 8.8_CD %_NN drop_NN in_IN third-quarter_JJ net_JJ income_NN and_CC said_VBD the_DT fourth_JJ quarter_NN will_MD be_VB ``_`` disappointing_JJ ''_'' as_IN well_RB ,_, primarily_RB because_IN of_IN slimmer_JJR profit_NN margins_NNS and_CC increased_VBN fuel_NN costs_NNS ._. 
AMR_NNP 's_POS earnings_NNS decline_NN comes_VBZ a_DT year_NN after_IN the_DT parent_NN company_NN of_IN American_NNP Airlines_NNPS and_CC the_DT rest_NN of_IN the_DT airline_NN industry_NN set_VBD profit_NN records_NNS ._. 
Some_DT analysts_NNS say_VBP the_DT latest_JJS results_NNS only_RB seem_VBP pale_JJ by_IN comparison_NN with_IN a_DT spectacular_JJ second_JJ half_NN of_IN 1988_CD ._. 
Still_RB ,_, AMR_NNP 's_POS stumble_NN does_VBZ n't_RB bode_VB well_RB for_IN the_DT rest_NN of_IN the_DT industry_NN ._. 
The_DT Fort_NNP Worth_NNP ,_, Texas_NNP ,_, company_NN is_VBZ generally_RB regarded_VBN as_IN one_CD of_IN the_DT best-run_JJS in_IN the_DT business_NN ,_, and_CC its_PRP$ difficulties_NNS are_VBP likely_JJ to_TO be_VB reflected_VBN industrywide_JJ as_IN other_JJ major_JJ carriers_NNS report_VBP third-quarter_JJ results_NNS over_IN the_DT next_JJ several_JJ days_NNS ._. 
Meanwhile_RB ,_, the_DT company_NN 's_POS board_NN ,_, which_WDT had_VBD said_VBD nothing_NN publicly_RB about_IN investor_NN Donald_NNP Trump_NNP 's_POS recently_RB withdrawn_VBN $_$ 7.5_CD billion_CD offer_NN for_IN AMR_NNP ,_, issued_VBD a_DT statement_NN condemning_VBG ``_`` ill-conceived_JJ and_CC reckless_JJ ''_'' bids_NNS and_CC saying_VBG it_PRP was_VBD ``_`` pleased_VBN ''_'' that_IN Mr._NNP Trump_NNP had_VBD backed_VBN out_RB ._. 
In_IN the_DT third_JJ quarter_NN ,_, AMR_NNP said_VBD ,_, net_NN fell_VBD to_TO $_$ 137_CD million_CD ,_, or_CC $_$ 2.16_CD a_DT share_NN ,_, from_IN $_$ 150.3_CD million_CD ,_, or_CC $_$ 2.50_CD a_DT share_NN ._. 
Revenue_NN rose_VBD 17_CD %_NN to_TO $_$ 2.73_CD billion_CD from_IN $_$ 2.33_CD billion_CD a_DT year_NN earlier_RBR ._. 
AMR_NNP 's_POS chairman_NN ,_, Robert_NNP L._NNP Crandall_NNP ,_, said_VBD the_DT results_NNS were_VBD due_JJ to_TO an_DT 11_CD %_NN year-to-year_JJ increase_NN in_IN fuel_NN prices_NNS and_CC a_DT slight_JJ decrease_NN in_IN yield_NN ,_, an_DT industry_NN measure_NN analogous_JJ to_TO profit_VB margin_NN on_IN each_DT seat_NN sold_VBN ._. 
``_`` We_PRP think_VBP these_DT trends_NNS will_MD continue_VB and_CC will_MD produce_VB a_DT very_RB disappointing_JJ fourth_JJ quarter_NN as_IN well_RB ,_, ''_'' he_PRP said_VBD ._. 
Tim_NNP Pettee_NNP ,_, an_DT analyst_NN with_IN Merrill_NNP Lynch_NNP &_CC Co._NNP ,_, said_VBD :_: ``_`` The_DT business_NN turned_VBD faster_RBR than_IN expected_VBN ._. 
Costs_NNS are_VBP giving_VBG them_PRP a_DT little_JJ bit_NN of_IN trouble_NN ,_, and_CC the_DT whole_JJ industry_NN is_VBZ having_VBG a_DT pricing_NN problem_NN ._. ''_'' 
For_IN the_DT nine_CD months_NNS ,_, AMR_NNP 's_POS net_NN rose_VBD 15_CD %_NN to_TO $_$ 415.9_CD million_CD ,_, or_CC $_$ 6.59_CD a_DT share_NN ,_, from_IN $_$ 360.1_CD million_CD ,_, or_CC $_$ 5.99_CD a_DT share_NN ._. 
Revenue_NN jumped_VBD 22_CD %_NN to_TO $_$ 7.89_CD billion_CD from_IN $_$ 6.46_CD billion_CD ._. 
AMR_NNP 's_POS board_NN ,_, in_IN a_DT statement_NN after_IN a_DT regular_JJ meeting_NN yesterday_NN ,_, said_VBD :_: ``_`` Ill-considered_JJ and_CC reckless_JJ acquisition_NN proposals_NNS adversely_RB affect_VBP employee_NN ,_, financial_JJ and_CC business_NN relationships_NNS and_CC are_VBP contrary_JJ to_TO the_DT best_JJS interests_NNS of_IN AMR_NNP shareholders_NNS ..._: ._. 
AMR_NNP has_VBZ not_RB been_VBN ,_, and_CC is_VBZ not_RB ,_, for_IN sale_NN ._. ''_'' 
Mr._NNP Crandall_NNP said_VBD the_DT company_NN 's_POS current_JJ decline_NN in_IN earnings_NNS is_VBZ exactly_RB the_DT kind_NN of_IN situation_NN that_IN an_DT excessively_RB leveraged_JJ company_NN laden_JJ with_IN debt_NN from_IN a_DT takeover_NN would_MD find_VB difficult_JJ to_TO weather_VB ._. 
``_`` Our_PRP$ very_RB disappointing_JJ third-quarter_JJ results_NNS and_CC the_DT discouraging_VBG outlook_NN for_IN the_DT fourth_JJ quarter_NN underscore_VBP the_DT importance_NN of_IN an_DT adequate_JJ capital_NN base_NN ,_, ''_'' he_PRP said_VBD ._. 
Christopher_NNP Whittington_NNP ,_, 51-year-old_JJ deputy_NN chairman_NN of_IN this_DT British_JJ investment-banking_NN group_NN and_CC chairman_NN of_IN Morgan_NNP Grenfell_NNP &_CC Co._NNP ,_, the_DT group_NN 's_POS main_JJ banking_NN unit_NN ,_, has_VBZ retired_VBN from_IN his_PRP$ executive_NN duties_NNS ._. 
Succeeding_VBG Mr._NNP Whittington_NNP as_IN deputy_NN chairman_NN of_IN the_DT group_NN is_VBZ Anthony_NNP Richmond-Watson_NNP ,_, 43_CD ,_, currently_RB a_DT main_JJ board_NN member_NN ._. 
Succeeding_VBG Mr._NNP Whittington_NNP at_IN Morgan_NNP Grenfell_NNP &_CC Co._NNP is_VBZ Richard_NNP Webb_NNP ,_, 50_CD ,_, currently_JJ deputy_NN chairman_NN ._. 
Mr._NNP Whittington_NNP will_MD remain_VB on_IN the_DT main_JJ group_NN board_NN as_IN a_DT nonexecutive_JJ director_NN ._. 
Without_IN federal_JJ subsidies_NNS to_TO developers_NNS of_IN beach_NN houses_NNS ,_, the_DT economic_JJ and_CC structural_JJ damage_NN by_IN Hurricane_NNP Hugo_NNP in_IN South_NNP Carolina_NNP would_MD have_VB been_VBN much_RB less_JJR ,_, as_IN highlighted_VBN by_IN your_PRP$ Oct._NNP 3_CD editorial_NN ``_`` Subsidizing_VBG Disaster_NN ._. ''_'' 
Congress_NNP should_MD stop_VB throwing_VBG tax_NN dollars_NNS out_IN to_TO sea_VB by_IN subsidizing_VBG the_DT development_NN of_IN beach_NN communities_NNS on_IN ecologically_RB fragile_JJ coastal_JJ barrier_NN islands_NNS ,_, such_JJ as_IN the_DT hard-hit_JJ Isle_NNP of_IN Palms_NNPS near_IN Charleston_NNP ._. 
As_IN you_PRP mentioned_VBD ,_, subsidies_NNS for_IN development_NN on_IN a_DT number_NN of_IN barrier_NN islands_NNS were_VBD curtailed_VBN in_IN 1982_CD by_IN the_DT Coastal_NNP Barrier_NNP Resource_NNP System_NNP ._. 
The_DT National_NNP Taxpayers_NNP Union_NNP would_MD like_IN Congress_NNP to_TO add_VB 800,000_CD acres_NNS to_TO the_DT 453,000_CD of_IN shoreline_NN in_IN the_DT system_NN by_IN enacting_VBG ``_`` The_DT Coastal_NNP Barrier_NNP Improvement_NNP Act_NNP of_IN 1989_CD ._. ''_'' 
This_DT bill_NN simply_RB says_VBZ that_IN if_IN you_PRP want_VBP to_TO develop_VB property_NN on_IN a_DT barrier_NN island_NN you_PRP have_VBP to_TO do_VB so_RB without_IN taxpayer_NN support_NN ._. 
Private-property_NN rights_NNS would_MD be_VB upheld_VBN because_IN the_DT legislation_NN would_MD not_RB ban_VB coastal_JJ development_NN ._. 
However_RB ,_, home_NN builders_NNS would_MD have_VB to_TO bear_VB the_DT full_JJ costs_NNS of_IN such_JJ beach-house_NN construction_NN ._. 
A_DT Taxpayers_NNP Union_NNP study_NN concluded_VBD the_DT bill_NN would_MD save_VB taxpayers_NNS up_IN to_TO $_$ 9.3_CD billion_CD in_IN barrier-island_NN subsidies_NNS over_IN 20_CD years_NNS ._. 
Already_RB ,_, the_DT 1982_CD legislation_NN has_VBZ saved_VBN an_DT estimated_VBN $_$ 800_CD million_CD ._. 
Marshall_NNP Y._NNP Taylor_NNP 
Communications_NNP Director_NNP 
National_NNP Taxpayers_NNP Union_NNP 
The_DT government_NN said_VBD 13.1_CD %_NN of_IN Americans_NNPS ,_, or_CC 31.9_CD million_CD people_NNS ,_, were_VBD living_VBG in_IN poverty_NN in_IN 1988_CD ._. 
While_IN last_JJ year_NN 's_POS figure_NN was_VBD down_RB from_IN 13.4_CD %_NN in_IN 1987_CD and_CC marked_VBD the_DT fifth_JJ consecutive_JJ annual_JJ decline_NN in_IN the_DT poverty_NN rate_NN ,_, the_DT Census_NNP Bureau_NNP said_VBD the_DT 1988_CD drop_NN was_VBD n't_RB statistically_RB significant_JJ ._. 
The_DT bureau_NN 's_POS report_NN also_RB showed_VBD that_IN while_IN some_DT measures_NNS of_IN the_DT nation_NN 's_POS economic_JJ well-being_NN improved_VBN modestly_RB in_IN 1988_CD ,_, the_DT fruits_NNS of_IN prosperity_NN were_VBD shared_VBN less_RBR equitably_RB than_IN the_DT year_NN before_RB ._. 
Summarizing_VBG data_NNS derived_VBN from_IN a_DT March_NNP 1989_CD survey_NN of_IN 58,000_CD households_NNS ,_, William_NNP Butz_NNP ,_, associate_JJ director_NN of_IN the_DT Census_NNP Bureau_NNP ,_, said_VBD that_IN ``_`` most_RBS groups_NNS either_DT stayed_VBD the_DT same_JJ or_CC improved_VBN ._. ''_'' 
But_CC ,_, he_PRP added_VBD ,_, ``_`` Since_IN the_DT late_JJ 1960s_CD ,_, the_DT distribution_NN of_IN income_NN has_VBZ been_VBN slowly_RB getting_VBG less_RBR equal_JJ ._. 
There_EX was_VBD no_DT reversal_NN -LCB-_( of_IN that_DT trend_NN -RCB-_) between_IN 1987_CD and_CC 1988_CD ._. ''_'' 
Per_IN capita_NNS income_NN ,_, a_DT widely_RB used_VBN measure_NN of_IN a_DT nation_NN 's_POS economic_JJ health_NN ,_, hit_VBD a_DT record_NN in_IN 1988_CD ,_, rising_VBG 1.7_CD %_NN after_IN inflation_NN adjustment_NN to_TO $_$ 13,120_CD ._. 
But_CC the_DT median_JJ income_NN of_IN American_JJ families_NNS fell_VBD 0.2_CD %_NN ,_, the_DT first_JJ time_NN it_PRP has_VBZ failed_VBN to_TO rise_VB since_IN 1982_CD ._. 
Mr._NNP Butz_NNP said_VBD the_DT divergence_NN in_IN the_DT two_CD measures_NNS reflects_VBZ changes_NNS in_IN family_NN size_NN and_CC structure_NN ,_, including_VBG the_DT rising_VBG number_NN of_IN female-headed_JJ families_NNS and_CC a_DT sharp_JJ increase_NN in_IN income_NN reported_VBN by_IN Americans_NNPS who_WP are_VBP n't_RB living_VBG in_IN families_NNS ._. 
As_IN a_DT result_NN of_IN last_JJ year_NN 's_POS decline_NN ,_, the_DT government_NN 's_POS estimate_NN for_IN the_DT number_NN of_IN people_NNS living_VBG below_IN the_DT poverty_NN line_NN declined_VBN by_IN about_IN 500,000_CD ._. 
The_DT poverty_NN threshold_NN ,_, defined_VBN as_IN three_CD times_NNS food_NN expenses_NNS as_IN calculated_VBN by_IN the_DT Agricultural_NNP Department_NNP ,_, last_JJ year_NN was_VBD $_$ 12,092_CD for_IN a_DT family_NN of_IN four_CD ._. 
The_DT Census_NNP Bureau_NNP counts_VBZ all_DT cash_NN income_NN in_IN determining_VBG whether_IN families_NNS are_VBP below_IN the_DT line_NN ,_, but_CC it_PRP does_VBZ n't_RB consider_VB other_JJ government_NN benefits_NNS ,_, such_JJ as_IN Medicare_NNP ._. 
Thanks_NNS largely_RB to_TO the_DT continued_VBN growth_NN of_IN the_DT U.S._NNP economy_NN ,_, the_DT poverty_NN rate_NN is_VBZ now_RB substantially_RB lower_JJR than_IN the_DT 1983_CD peak_NN of_IN 15.3_CD %_NN ,_, but_CC the_DT improvements_NNS have_VBP been_VBN modest_JJ in_IN the_DT past_JJ couple_NN of_IN years_NNS ._. 
Poverty_NN remains_VBZ far_RB more_RBR widespread_JJ among_IN blacks_NNS than_IN other_JJ Americans_NNPS ._. 
In_IN 1988_CD ,_, 31.6_CD %_NN of_IN blacks_NNS lived_VBD in_IN poverty_NN ,_, compared_VBN with_IN 10.1_CD %_NN for_IN whites_NNS and_CC 26.8_CD %_NN for_IN Hispanics_NNPS ._. 
But_CC two-thirds_NNS of_IN all_DT poor_JJ Americans_NNPS were_VBD white_JJ ._. 
More_RBR than_IN half_NN of_IN poor_JJ families_NNS were_VBD headed_VBN by_IN women_NNS living_VBG without_IN men_NNS ,_, the_DT bureau_NN said_VBD ._. 
More_RBR than_IN three-fourths_JJ of_IN poor_JJ black_JJ families_NNS were_VBD headed_VBN by_IN women_NNS ._. 
The_DT poverty_NN rate_NN of_IN children_NNS under_IN 18_CD years_NNS old_JJ dropped_VBD last_JJ year_NN to_TO 19.7_CD %_NN from_IN 20.5_CD %_NN in_IN 1987_CD ,_, but_CC remained_VBD far_RB higher_JJR than_IN a_DT decade_NN ago_RB ._. 
The_DT rate_NN among_IN the_DT elderly_JJ --_: 12_CD %_NN in_IN 1988_CD --_: was_VBD n't_RB significantly_RB lower_JJR than_IN the_DT year_NN before_RB ._. 
If_IN it_PRP were_VBD n't_RB for_IN Social_NNP Security_NNP payments_NNS ,_, more_JJR than_IN three_CD times_NNS as_IN many_JJ elderly_NN would_MD be_VB below_IN the_DT poverty_NN line_NN ,_, Mr._NNP Butz_NNP said_VBD ._. 
The_DT Census_NNP Bureau_NNP also_RB said_VBD :_: 
--_: Some_DT 17.2_CD %_NN of_IN all_DT money_NN income_NN received_VBN by_IN families_NNS in_IN 1988_CD went_VBD to_TO the_DT wealthiest_JJS 5_NN %_NN of_IN all_DT families_NNS ,_, up_IN from_IN 16.9_CD %_NN in_IN 1987_CD ._. 
That_DT is_VBZ the_DT greatest_JJS share_NN reported_VBD for_IN any_DT year_NN since_IN 1950_CD ,_, although_IN changing_VBG definitions_NNS over_IN the_DT years_NNS distort_VBP the_DT comparison_NN ._. 
--_: The_DT top_JJ fifth_NN of_IN all_DT families_NNS got_VBD 44_CD %_NN of_IN the_DT income_NN ,_, up_IN from_IN 41.5_CD %_NN a_DT decade_NN earlier_RBR ._. 
The_DT bottom_NN fifth_NN of_IN all_DT families_NNS got_VBD 4.6_CD %_NN of_IN the_DT income_NN ,_, down_RB from_IN 5.2_CD %_NN a_DT decade_NN earlier_RBR ._. 
--_: Confirming_VBG other_JJ government_NN data_NNS showing_VBG that_IN wages_NNS are_VBP n't_RB keeping_VBG pace_NN with_IN inflation_NN ,_, earnings_NNS of_IN year-round_JJ ,_, full-time_JJ male_JJ workers_NNS fell_VBD 1.3_CD %_NN in_IN 1988_CD after_IN adjusting_VBG for_IN higher_JJR prices_NNS ,_, the_DT first_JJ such_JJ drop_NN since_IN 1982_CD ._. 
Earnings_NNS of_IN female_JJ workers_NNS were_VBD unchanged_JJ ._. 
--_: Women_NNP working_VBG full-time_JJ earned_VBD 66_CD cents_NNS for_IN every_DT dollar_NN earned_VBN by_IN men_NNS ,_, a_DT penny_NN more_JJR than_IN in_IN 1987_CD and_CC seven_CD cents_NNS more_JJR than_IN in_IN 1978_CD ._. 
--_: Median_JJ household_NN income_NN --_: which_WDT includes_VBZ both_DT those_DT living_VBG in_IN families_NNS and_CC those_DT who_WP are_VBP n't_RB --_: rose_VBD 0.3_CD %_NN last_JJ year_NN to_TO $_$ 27,225_CD after_IN inflation_NN ._. 
It_PRP rose_VBD sharply_RB in_IN the_DT Northeast_NNP and_CC Midwest_NNP and_CC fell_VBD slightly_RB in_IN the_DT South_NNP and_CC West_NNP ._. 
Median_JJ family_NN income_NN was_VBD $_$ 32,191_CD ,_, down_RB 0.2_CD %_NN ._. 
--_: Per_IN capita_NNS income_NN of_IN blacks_NNS ,_, though_IN still_RB only_RB 60_CD %_NN that_IN of_IN whites_NNS ,_, rose_VBD 3.9_CD %_NN in_IN 1988_CD ,_, while_IN per_IN capita_NNS income_NN of_IN whites_NNS rose_VBD only_RB 1.5_CD %_NN ._. 
--_: Among_IN married_VBN couples_NNS ,_, the_DT gap_NN between_IN blacks_NNS and_CC whites_NNS narrowed_VBD sharply_RB ,_, as_IN income_NN of_IN black_JJ families_NNS shot_NN up_IN 6.8_CD %_NN while_IN income_NN of_IN whites_NNS did_VBD n't_RB budge_VB ._. 
Fueling_VBG a_DT controversy_NN that_WDT has_VBZ been_VBN simmering_VBG for_IN years_NNS ,_, the_DT Census_NNP Bureau_NNP also_RB said_VBD its_PRP$ figures_NNS would_MD look_VB far_RB rosier_JJR if_IN it_PRP recalculated_VBD the_DT poverty_NN threshold_NN using_VBG an_DT improved_VBN consumer-price_JJ measure_NN adopted_VBN in_IN 1983_CD ._. 
The_DT bureau_NN said_VBD some_DT 3.5_CD million_CD fewer_JJR people_NNS would_MD have_VB fallen_VBN below_IN the_DT poverty_NN line_NN in_IN 1988_CD --_: and_CC the_DT poverty_NN rate_NN would_MD have_VB been_VBN 10.5_CD %_NN instead_RB of_IN 13.1_CD %_NN --_: under_IN the_DT alternative_NN calculation_NN ._. 
Critics_NNS on_IN the_DT left_VBN and_CC right_NN have_VBP been_VBN calling_VBG for_IN all_DT sorts_NNS of_IN revisions_NNS to_TO the_DT measure_NN for_IN years_NNS ._. 
A_DT report_NN by_IN the_DT staff_NN of_IN the_DT Joint_NNP Economic_NNP Committee_NNP of_IN Congress_NNP released_VBD yesterday_NN concluded_VBD ,_, ``_`` It_PRP is_VBZ misleading_JJ to_TO make_VB this_DT change_NN without_IN adjusting_VBG for_IN other_JJ changes_NNS ._. ''_'' 
The_DT official_JJ poverty_NN threshold_NN is_VBZ set_VBN by_IN the_DT Office_NNP of_IN Management_NNP and_CC Budget_NNP ._. 
John_NNP E._NNP Hayes_NNP Jr._NNP was_VBD elected_VBN chairman_NN ,_, president_NN and_CC chief_JJ executive_JJ officer_NN ,_, succeeding_VBG David_NNP S._NNP Black_NNP ,_, who_WP retired_VBD ._. 
Mr._NNP Hayes_NNP ,_, 52_CD years_NNS old_JJ ,_, left_VBN Southwestern_NNP Bell_NNP Telephone_NNP Co._NNP in_IN January_NNP ,_, where_WRB he_PRP had_VBD been_VBN chairman_NN ,_, president_NN and_CC chief_JJ executive_NN ,_, to_TO join_VB Triad_NNP Capital_NNP Partners_NNPS ,_, a_DT St._NNP Louis_NNP company_NN with_IN interests_NNS in_IN solid_JJ waste_NN and_CC recycling_NN ,_, telecommunications_NNS and_CC international_JJ venture_NN capital_NN ._. 
He_PRP has_VBZ resigned_VBN his_PRP$ posts_NNS at_IN Triad_NNP to_TO take_VB the_DT Kansas_NNP Power_NNP positions_NNS ._. 
Kansas_NNP Power_NNP said_VBD Mr._NNP Black_NNP ,_, 61_CD ,_, chose_VBD early_JJ retirement_NN ._. 
The_DT space_NN shuttle_NN Atlantis_NNP boosted_VBD the_DT Galileo_NNP spacecraft_NN on_IN its_PRP$ way_NN to_TO Jupiter_NNP ,_, giving_VBG a_DT big_JJ lift_NN as_IN well_RB to_TO an_DT ambitious_JJ U.S._NNP program_NN of_IN space_NN exploration_NN ._. 
Seven_CD years_NNS late_RB in_IN the_DT launching_NN ,_, $_$ 1_CD billion_CD over_IN budget_NN and_CC a_DT target_NN of_IN anti-nuclear_JJ protestors_NNS ,_, Galileo_NNP has_VBZ long_RB been_VBN a_DT symbol_NN of_IN trouble_NN for_IN the_DT National_NNP Aeronautics_NNP and_CC Space_NNP Administration_NNP ._. 
But_CC yesterday_NN ,_, as_IN Atlantis_NNP rumbled_VBD into_IN a_DT patch_NN of_IN clear_JJ sky_NN above_IN Florida_NNP with_IN storm_NN clouds_NNS closing_VBG in_IN on_IN it_PRP ,_, NASA_NNP sought_VBD to_TO turn_VB Galileo_NNP into_IN a_DT symbol_NN of_IN triumph_NN ._. 
``_`` NASA_NNP did_VBD it_PRP right_NN ;_: that_DT 's_VBZ the_DT message_NN ,_, ''_'' said_VBD J.R._NNP Thompson_NNP ,_, the_DT agency_NN 's_POS deputy_NN administrator_NN ._. 
The_DT $_$ 1.4_CD billion_CD robot_NN spacecraft_NN faces_VBZ a_DT six-year_JJ journey_NN to_TO explore_VB Jupiter_NNP and_CC its_PRP$ 16_CD known_VBN moons_NNS ._. 
If_IN all_DT goes_VBZ well_RB ,_, it_PRP will_MD parachute_VB a_DT probe_NN into_IN the_DT dense_JJ Jovian_JJ atmosphere_NN in_IN July_NNP 1995_CD to_TO pick_VB up_IN detailed_VBN data_NNS about_IN gases_NNS that_WDT may_MD be_VB similar_JJ to_TO the_DT material_NN from_IN which_WDT the_DT solar_JJ system_NN was_VBD formed_VBN 4.6_CD billion_CD years_NNS ago_RB ._. 
Jupiter_NNP is_VBZ so_RB enormous_JJ --_: its_PRP$ mass_NN is_VBZ 318_CD times_NNS that_IN of_IN Earth_NNP --_: that_IN its_PRP$ gravity_NN may_MD have_VB trapped_VBN these_DT primordial_JJ gases_NNS and_CC never_RB let_VB them_PRP escape_VB ._. 
Investigating_VBG Jupiter_NNP in_IN detail_NN may_MD provide_VB clues_NNS to_TO what_WP astronomer_NN Tobias_NNP Owen_NNP calls_VBZ the_DT ``_`` cosmic_JJ paradox_NN ''_'' of_IN life_NN :_: Jupiter_NNP and_CC other_JJ bodies_NNS in_IN the_DT outer_JJ solar_JJ system_NN are_VBP rich_JJ in_IN elements_NNS such_JJ as_IN hydrogen_NN that_WDT are_VBP essential_JJ for_IN life_NN on_IN Earth_NNP ,_, but_CC these_DT planets_NNS are_VBP lifeless_JJ ;_: Earth_NNP ,_, on_IN the_DT other_JJ hand_NN ,_, has_VBZ a_DT diminished_VBN store_NN of_IN such_JJ material_NN but_CC is_VBZ rich_JJ in_IN life_NN ._. 
Some_DT scientists_NNS have_VBP suggested_VBN that_IN comets_NNS and_CC asteroids_NNS may_MD have_VB brought_VBN enough_RB of_IN this_DT kind_NN of_IN material_NN from_IN the_DT outer_JJ solar_JJ system_NN to_TO Earth_NNP to_TO spawn_VB life_NN ._. 
Beginning_VBG in_IN December_NNP 1995_CD ,_, Galileo_NNP will_MD begin_VB a_DT two-year_JJ tour_NN of_IN the_DT Jovian_JJ moons_NNS ._. 
In_IN 1979_CD ,_, two_CD Voyager_NNP spacecraft_NN sent_VBD back_RB stunning_JJ photos_NNS of_IN Jovian_JJ moons_NNS Io_NNP and_CC Europa_NNP that_WDT showed_VBD them_PRP to_TO be_VB among_IN the_DT most_RBS intriguing_JJ bodies_NNS in_IN the_DT solar_JJ system_NN ._. 
The_DT photos_NNS showed_VBD active_JJ geysers_NNS on_IN Io_NNP spewing_VBG sulfurous_JJ material_NN 190_CD miles_NNS into_IN its_PRP$ atmosphere_NN and_CC indicated_VBD that_IN Europa_NNP may_MD have_VB an_DT ocean_NN hidden_VBN under_IN a_DT thick_JJ sheet_NN of_IN ice_NN ._. 
Galileo_NNP 's_POS photos_NNS of_IN Europa_NNP will_MD be_VB more_JJR than_IN 1,000_CD times_NNS as_RB sharp_JJ as_IN Voyager_NNP 's_POS ,_, according_VBG to_TO Torrence_NNP Johnson_NNP ,_, Galileo_NNP 's_POS project_NN scientist_NN ,_, and_CC may_MD show_VB whether_IN it_PRP actually_RB has_VBZ the_DT only_RB known_VBN ocean_NN other_JJ than_IN those_DT on_IN Earth_NNP ._. 
Atlantis_NNP lifted_VBD Galileo_NNP from_IN the_DT launch_NN pad_NN at_IN 12:54_CD p.m._NN EDT_NNP and_CC released_VBD the_DT craft_NN from_IN its_PRP$ cargo_NN bay_NN about_IN six_CD hours_NNS later_RB ._. 
``_`` Galileo_NNP is_VBZ on_IN its_PRP$ way_NN to_TO another_DT world_NN in_IN the_DT hands_NNS of_IN the_DT best_JJS flight_NN controllers_NNS in_IN this_DT world_NN ,_, ''_'' Atlantis_NNP Commander_NNP Donald_NNP Williams_NNP said_VBD ._. 
``_`` Fly_VB safely_RB ._. ''_'' 
The_DT five-member_JJ Atlantis_NNP crew_NN will_MD conduct_VB several_JJ experiments_NNS ,_, including_VBG growing_VBG plants_NNS and_CC processing_VBG polymeric_JJ materials_NNS in_IN space_NN ,_, before_IN their_PRP$ scheduled_VBN landing_NN at_IN Edwards_NNP Air_NNP Force_NNP Base_NNP ,_, Calif._NNP ,_, Monday_NNP ._. 
The_DT Galileo_NNP project_NN started_VBD in_IN 1977_CD ,_, and_CC a_DT number_NN of_IN project_NN veterans_NNS were_VBD on_IN hand_NN to_TO watch_VB the_DT launch_NN ._. 
An_DT ebullient_JJ Mr._NNP Johnson_NNP ,_, wearing_VBG a_DT NASA_NNP baseball_NN cap_NN and_CC carrying_VBG a_DT camera_NN and_CC binoculars_NNS ,_, called_VBD the_DT launch_NN ``_`` fantastic_JJ ._. ''_'' 
Benny_NNP Chin_NNP ,_, manager_NN of_IN the_DT Galileo_NNP probe_NN ,_, compared_VBD it_PRP to_TO watching_VBG a_DT child_NN leave_NN home_NN ._. 
``_`` I_PRP 'm_VBP happy_JJ and_CC sad_JJ ,_, ''_'' he_PRP said_VBD ._. 
Anti-nuclear_JJ activists_NNS took_VBD a_DT less_RBR positive_JJ view_NN ._. 
Having_VBG argued_VBN that_IN Galileo_NNP 's_POS plutonium_NN power_NN source_NN could_MD have_VB released_VBN lethal_JJ doses_NNS of_IN radiation_NN if_IN the_DT shuttle_NN exploded_VBD yesterday_NN ,_, they_PRP were_VBD n't_RB quieted_VBN by_IN yesterday_NN 's_POS successful_JJ launch_NN ._. 
Galileo_NNP will_MD skim_VB past_JJ Earth_NNP in_IN 1990_CD and_CC 1992_CD ,_, collecting_VBG energy_NN from_IN the_DT planet_NN 's_POS gravitational_JJ field_NN to_TO gain_VB momentum_NN for_IN its_PRP$ trip_NN to_TO Jupiter_NNP ._. 
The_DT protesters_NNS point_VBP out_RP that_IN Galileo_NNP also_RB could_MD crash_VB to_TO Earth_NNP then_RB ._. 
They_PRP said_VBD they_PRP dropped_VBD plans_NNS to_TO infiltrate_VB the_DT Kennedy_NNP Space_NNP Center_NNP after_IN NASA_NNP beefed_VBD up_IN its_PRP$ security_NN ._. 
One_CD protest_NN did_VBD get_VB past_JJ NASA_NNP 's_POS guard_NN ,_, though_IN ;_: a_DT computer_NN virus_NN caused_VBD anti-Galileo_JJ messages_NNS to_TO flash_VB onto_IN some_DT computer_NN screens_NNS at_IN NASA_NNP centers_NNS ._. 
The_DT successful_JJ launch_NN continues_VBZ a_DT remarkable_JJ recovery_NN in_IN the_DT U.S._NNP space-science_NN program_NN ._. 
An_DT unmanned_JJ spacecraft_NN ,_, Magellan_NNP ,_, already_RB is_VBZ heading_VBG to_TO Venus_NNP and_CC is_VBZ due_JJ to_TO begin_VB mapping_VBG the_DT planet_NN next_JJ August_NNP ._. 
Voyager_NNP 2_CD sent_VBD back_RB spectacular_JJ photos_NNS of_IN Neptune_NNP and_CC its_PRP$ moon_NN ,_, Triton_NNP ,_, this_DT summer_NN ._. 
Next_JJ month_NN ,_, NASA_NNP plans_VBZ to_TO launch_VB a_DT satellite_NN to_TO study_VB cosmic_JJ rays_NNS dating_VBG from_IN the_DT birth_NN of_IN the_DT universe_NN ._. 
In_IN December_NNP ,_, the_DT shuttle_NN Columbia_NNP will_MD try_VB to_TO retrieve_VB a_DT satellite_NN that_WDT 's_VBZ been_VBN in_IN orbit_NN for_IN nearly_RB five_CD years_NNS measuring_VBG the_DT deleterious_JJ effects_NNS of_IN space_NN on_IN materials_NNS and_CC instruments_NNS ._. 
Next_NNP March_NNP ,_, the_DT shuttle_NN Discovery_NNP will_MD launch_VB the_DT Hubble_NNP space_NN telescope_NN ,_, a_DT $_$ 1.5_CD billion_CD instrument_NN designed_VBN to_TO see_VB the_DT faintest_JJS galaxies_NNS in_IN the_DT universe_NN ._. 
Not_RB all_DT of_IN NASA_NNP 's_POS space-science_NN work_NN will_MD be_VB so_RB auspicious_JJ ,_, though_RB ._. 
Around_IN Thanksgiving_NNP ,_, the_DT Solar_NNP Max_NNP satellite_NN ,_, which_WDT NASA_NNP repaired_VBD in_IN orbit_NN in_IN 1984_CD ,_, will_MD tumble_VB back_RB into_IN the_DT Earth_NNP 's_POS atmosphere_NN ._. 
NASA_NNP wo_MD n't_RB attempt_VB a_DT rescue_NN ;_: instead_RB ,_, it_PRP will_MD try_VB to_TO predict_VB whether_IN any_DT of_IN the_DT rubble_NN will_MD smash_VB to_TO the_DT ground_NN and_CC where_WRB ._. 
The_DT Associated_NNP Press_NNP 's_POS earthquake_NN coverage_NN drew_VBD attention_NN to_TO a_DT phenomenon_NN that_WDT deserves_VBZ some_DT thought_NN by_IN public_JJ officials_NNS and_CC other_JJ policy_NN makers_NNS ._. 
Private_JJ relief_NN agencies_NNS ,_, such_JJ as_IN the_DT Salvation_NNP Army_NNP and_CC Red_NNP Cross_NNP ,_, mobilized_VBD almost_RB instantly_RB to_TO help_VB people_NNS ,_, while_IN the_DT Washington_NNP bureaucracy_NN ``_`` took_VBD hours_NNS getting_VBG into_IN gear_NN ._. ''_'' 
One_CD news_NN show_NN we_PRP saw_VBD yesterday_NN even_RB displayed_VBD 25_CD federal_JJ officials_NNS meeting_NN around_IN a_DT table_NN ._. 
We_PRP recall_VBP that_IN the_DT mayor_NN of_IN Charleston_NNP complained_VBD bitterly_RB about_IN the_DT federal_JJ bureaucracy_NN 's_POS response_NN to_TO Hurricane_NNP Hugo_NNP ._. 
The_DT sense_NN grows_VBZ that_IN modern_JJ public_JJ bureaucracies_NNS simply_RB do_VBP n't_RB perform_VB their_PRP$ assigned_VBN functions_NNS well_RB ._. 
Bally_NNP Manufacturing_NNP Corp._NNP and_CC New_NNP York_NNP developer_NN Donald_NNP Trump_NNP have_VBP agreed_VBN in_IN principle_NN to_TO a_DT $_$ 6.5_CD million_CD settlement_NN of_IN shareholder_NN litigation_NN stemming_VBG from_IN Bally_NNP 's_POS alleged_VBN greenmail_NN payment_NN to_TO Mr._NNP Trump_NNP ._. 
According_VBG to_TO lawyers_NNS familiar_JJ with_IN the_DT settlement_NN talks_NNS ,_, the_DT verbal_JJ agreement_NN to_TO end_VB a_DT lawsuit_NN filed_VBN more_JJR than_IN two_CD years_NNS ago_RB was_VBD reached_VBN last_JJ week_NN and_CC will_MD soon_RB be_VB submitted_VBN to_TO a_DT federal_JJ judge_NN in_IN Camden_NNP ,_, N.J_NNP ._. 
In_IN February_NNP 1987_CD ,_, Bally_NNP thwarted_VBD a_DT possible_JJ hostile_JJ takeover_NN bid_NN from_IN Mr._NNP Trump_NNP by_IN agreeing_VBG to_TO buy_VB 2.6_CD million_CD of_IN Mr._NNP Trump_NNP 's_POS 3.1_CD million_CD Bally_NNP shares_NNS for_IN $_$ 83.7_CD million_CD --_: more_JJR than_IN $_$ 18_CD million_CD above_IN market_NN price_NN ._. 
The_DT term_NN greenmail_NN refers_VBZ to_TO a_DT situation_NN where_WRB a_DT company_NN pays_VBZ a_DT premium_NN over_IN market_NN value_NN to_TO repurchase_VB a_DT stake_NN held_VBN by_IN a_DT potential_JJ acquirer_NN ._. 
Lawyers_NNS for_IN shareholders_NNS ,_, Bally_NNP and_CC Mr._NNP Trump_NNP all_DT declined_VBD to_TO talk_VB publicly_RB about_IN the_DT proposed_VBN settlement_NN ,_, citing_VBG a_DT request_NN by_IN a_DT federal_JJ court_NN magistrate_NN not_RB to_TO reveal_VB details_NNS of_IN the_DT agreement_NN until_IN it_PRP is_VBZ completed_VBN ._. 
But_CC some_DT attorneys_NNS who_WP are_VBP familiar_JJ with_IN the_DT matter_NN said_VBD the_DT $_$ 6.5_CD million_CD payment_NN will_MD be_VB shared_VBN by_IN Bally_NNP and_CC Mr._NNP Trump_NNP ,_, with_IN the_DT casino_NN and_CC hotel_NN concern_NN probably_RB paying_VBG the_DT bulk_NN of_IN the_DT money_NN ._. 
The_DT amount_NN Bally_NNP and_CC Mr._NNP Trump_NNP will_MD pay_VB to_TO settle_VB the_DT class-action_JJ suit_NN pales_VBZ in_IN comparison_NN to_TO the_DT $_$ 45_CD million_CD Walt_NNP Disney_NNP Co._NNP and_CC Saul_NNP Steinberg_NNP 's_POS Reliance_NNP Group_NNP Holdings_NNP Inc._NNP agreed_VBD to_TO pay_VB to_TO settle_VB a_DT similar_JJ suit_NN in_IN July_NNP ._. 
That_DT settlement_NN represented_VBD the_DT first_JJ time_NN shareholders_NNS were_VBD granted_VBN a_DT major_JJ payment_NN in_IN a_DT greenmail_NN case_NN ._. 
Mr._NNP Steinberg_NNP made_VBD a_DT $_$ 59.7_CD million_CD profit_NN on_IN the_DT sale_NN to_TO Disney_NNP of_IN his_PRP$ investment_NN in_IN the_DT company_NN in_IN 1984_CD ._. 
But_CC lawyers_NNS said_VBD Mr._NNP Steinberg_NNP probably_RB faced_VBD much_RB more_RBR potential_JJ liability_NN because_IN ,_, when_WRB he_PRP sued_VBD Disney_NNP during_IN his_PRP$ takeover_NN battle_NN ,_, he_PRP filed_VBD on_IN behalf_NN of_IN all_DT shareholders_NNS ._. 
When_WRB Disney_NNP offered_VBD to_TO pay_VB Mr._NNP Steinberg_NNP a_DT premium_NN for_IN his_PRP$ shares_NNS ,_, the_DT New_NNP York_NNP investor_NN did_VBD n't_RB demand_VB the_DT company_NN also_RB pay_VB a_DT premium_NN to_TO other_JJ shareholders_NNS ._. 
When_WRB Mr._NNP Trump_NNP sued_VBD Bally_NNP ,_, he_PRP sued_VBD only_RB on_IN behalf_NN of_IN himself_PRP ._. 
Mr._NNP Trump_NNP and_CC Bally_NNP also_RB appeared_VBD to_TO have_VB some_DT leverage_NN in_IN the_DT case_NN because_IN in_IN the_DT state_NN of_IN Delaware_NNP ,_, where_WRB Bally_NNP is_VBZ incorporated_VBN ,_, courts_NNS have_VBP held_VBN that_DT greenmail_NN is_VBZ often_RB protected_VBN by_IN the_DT business-judgment_NN rule_NN ._. 
That_DT rule_NN gives_VBZ boards_NNS of_IN directors_NNS wide_JJ latitude_NN in_IN deciding_VBG how_WRB to_TO deal_VB with_IN dissident_JJ shareholders_NNS ._. 
SENATE_NNP HEARS_VBZ final_JJ arguments_NNS in_IN impeachment_NN trial_NN of_IN federal_JJ judge_NN ._. 
Yesterday_NN ,_, U.S._NNP Judge_NNP Alcee_NNP Hastings_NNP faced_VBD his_PRP$ jury_NN --_: the_DT full_JJ U.S._NNP Senate_NNP --_: and_CC said_VBD ,_, ``_`` I_PRP am_VBP not_RB guilty_JJ of_IN having_VBG committed_VBN any_DT crime_NN ._. ''_'' 
Seventeen_CD articles_NNS of_IN impeachment_NN against_IN the_DT Florida_NNP judge_NN ,_, one_CD of_IN the_DT few_JJ blacks_NNS on_IN the_DT U.S._NNP bench_NN ,_, were_VBD approved_VBN by_IN the_DT House_NNP in_IN August_NNP 1988_CD ._. 
The_DT central_JJ charge_NN against_IN Judge_NNP Hastings_NNP is_VBZ that_IN he_PRP conspired_VBD with_IN a_DT Washington_NNP lawyer_NN to_TO obtain_VB a_DT $_$ 150,000_CD bribe_NN from_IN defendants_NNS in_IN a_DT criminal_JJ case_NN before_IN the_DT judge_NN ,_, in_IN return_NN for_IN leniency_NN ._. 
He_PRP is_VBZ also_RB accused_VBN of_IN lying_VBG under_IN oath_NN and_CC of_IN leaking_VBG information_NN obtained_VBN from_IN a_DT wiretap_NN he_PRP supervised_VBD ._. 
The_DT Senate_NNP 's_POS public_JJ gallery_NN was_VBD packed_VBN with_IN Judge_NNP Hastings_NNP '_POS supporters_NNS ,_, who_WP erupted_VBD into_IN applause_NN after_IN he_PRP finished_VBD his_PRP$ argument_NN ._. 
Judge_NNP Hastings_NNP ,_, who_WP was_VBD acquitted_VBN of_IN similar_JJ charges_NNS by_IN a_DT federal_JJ jury_NN in_IN 1983_CD ,_, claims_NNS he_PRP is_VBZ being_VBG victimized_VBN and_CC that_IN the_DT impeachment_NN proceedings_NNS against_IN him_PRP constitute_VBP double_JJ jeopardy_NN ._. 
But_CC Rep._NNP John_NNP Bryant_NNP -LRB-_( D._NNP ,_, Texas_NNP -RRB-_) ,_, the_DT lead_NN counsel_NN for_IN the_DT House_NNP managers_NNS who_WP conducted_VBD a_DT lengthy_JJ inquiry_NN into_IN Judge_NNP Hastings_NNP '_POS activities_NNS ,_, said_VBD ``_`` a_DT mountain_NN of_IN evidence_NN points_NNS to_TO his_PRP$ certain_JJ guilt_NN ._. ''_'' 
The_DT Senate_NNP will_MD deliberate_VB behind_IN closed_VBN doors_NNS today_NN and_CC is_VBZ scheduled_VBN to_TO vote_VB on_IN the_DT impeachment_NN tomorrow_NN ._. 
If_IN the_DT judge_NN is_VBZ impeached_VBN ,_, as_IN is_VBZ thought_VBN likely_JJ ,_, he_PRP will_MD be_VB removed_VBN from_IN office_NN immediately_RB ._. 
However_RB ,_, Judge_NNP Hastings_NNP has_VBZ said_VBD he_PRP will_MD continue_VB to_TO fight_VB and_CC is_VBZ contemplating_VBG an_DT appeal_NN of_IN any_DT impeachment_NN to_TO the_DT U.S._NNP Supreme_NNP Court_NNP ._. 
COMPANIES_NNS SEEKING_VBG to_TO make_VB insurers_NNS pay_VB for_IN pollution_NN cleanup_NN win_NN court_NN victory_NN ._. 
In_IN a_DT case_NN involving_VBG Avondale_NNP Industries_NNP Inc._NNP and_CC its_PRP$ insurer_NN ,_, Travelers_NNP Cos._NNP ,_, the_DT Second_NNP U.S._NNP Circuit_NNP Court_NNP of_IN Appeals_NNPS in_IN New_NNP York_NNP ruled_VBD in_IN favor_NN of_IN the_DT company_NN on_IN two_CD issues_NNS that_IN lawyers_NNS say_VBP are_VBP central_JJ to_TO dozens_NNS of_IN pollution_NN cases_NNS around_IN the_DT country_NN ._. 
Travelers_NNP and_CC other_JJ insurers_NNS have_VBP maintained_VBN that_IN cleanup_NN costs_NNS are_VBP n't_RB damages_VBZ and_CC thus_RB are_VBP n't_RB covered_VBN under_IN commercial_JJ policies_NNS ._. 
They_PRP also_RB have_VBP argued_VBN that_IN government_NN proceedings_NNS notifying_VBG a_DT company_NN of_IN potential_JJ responsibility_NN do_VBP n't_RB fit_VB the_DT legal_JJ definition_NN of_IN a_DT lawsuit_NN ;_: thus_RB ,_, such_JJ governmental_JJ proceedings_NNS are_VBP n't_RB covered_VBN by_IN the_DT policies_NNS ,_, the_DT insurers_NNS say_VBP ._. 
The_DT appeals_NNS court_VBP disagreed_VBD on_IN both_DT counts_NNS ._. 
Avondale_NNP was_VBD notified_VBN by_IN Louisiana_NNP officials_NNS in_IN 1986_CD that_IN it_PRP was_VBD potentially_RB responsible_JJ for_IN a_DT cleanup_NN at_IN an_DT oil-recycling_NN plant_NN ._. 
Avondale_NNP asked_VBD Travelers_NNP to_TO defend_VB it_PRP in_IN the_DT state_NN proceeding_NN ,_, but_CC the_DT insurer_NN did_VBD n't_RB respond_VB ._. 
The_DT appeals_NNS court_VBP upheld_VBD a_DT district_NN judge_NN 's_POS ruling_NN that_IN the_DT insurer_NN had_VBD to_TO defend_VB the_DT company_NN in_IN such_JJ proceedings_NNS ._. 
The_DT appeals_NNS court_VBP also_RB said_VBD ,_, ``_`` We_PRP think_VBP an_DT ordinary_JJ businessman_NN reading_VBG this_DT policy_NN would_MD have_VB believed_VBN himself_PRP covered_VBD for_IN the_DT demands_NNS and_CC potential_JJ damage_NN claims_NNS ''_'' stemming_VBG from_IN any_DT cleanup_NN ._. 
``_`` This_DT decision_NN will_MD have_VB a_DT very_RB considerable_JJ impact_NN ,_, ''_'' said_VBD Kenneth_NNP Abraham_NNP ,_, professor_NN of_IN environmental_JJ law_NN and_CC insurance_NN law_NN at_IN the_DT University_NNP of_IN Virginia_NNP ,_, because_IN many_JJ commercial_JJ insurance_NN policies_NNS are_VBP issued_VBN by_IN companies_NNS based_VBN in_IN New_NNP York_NNP ._. 
William_NNP Greaney_NNP ,_, an_DT attorney_NN for_IN the_DT Chemical_NNP Manufacturers_NNP Association_NNP ,_, said_VBD that_IN while_IN other_JJ appeals_NNS courts_NNS have_VBP ruled_VBN differently_RB on_IN whether_IN cleanup_NN costs_NNS are_VBP damages_NNS ,_, the_DT influence_NN of_IN the_DT appeals_NNS court_VBP in_IN New_NNP York_NNP ``_`` will_MD make_VB insurers_NNS sit_VB up_VB and_CC listen_VB ._. ''_'' 
He_PRP said_VBD the_DT decision_NN was_VBD the_DT first_JJ in_IN which_WDT a_DT federal_JJ appeals_NNS court_VBP has_VBZ ruled_VBN whether_IN administrative_JJ government_NN proceedings_NNS qualify_VBP as_IN litigation_NN ._. 
Barry_NNP R._NNP Ostrager_NNP ,_, an_DT attorney_NN for_IN Travelers_NNP ,_, said_VBD ,_, ``_`` there_EX are_VBP procedural_JJ bases_NNS on_IN which_WDT this_DT case_NN will_MD be_VB appealed_VBN further_JJ ._. ''_'' 
NEW_NNP YORK_NNP 'S_VBZ poor_JJ face_NN nearly_RB three_CD million_CD legal_JJ problems_NNS a_DT year_NN without_IN legal_JJ help_NN ._. 
That_DT is_VBZ the_DT conclusion_NN of_IN a_DT report_NN released_VBN by_IN the_DT New_NNP York_NNP State_NNP Bar_NNP Association_NNP ._. 
The_DT report_NN was_VBD based_VBN on_IN a_DT telephone_NN survey_NN of_IN 1,250_CD low-income_JJ households_NNS across_IN the_DT state_NN ,_, a_DT mail_NN survey_NN of_IN major_JJ legal-services_NNS programs_NNS and_CC on-site_JJ interviews_NNS with_IN individuals_NNS in_IN the_DT field_NN ._. 
``_`` The_DT report_NN provides_VBZ detailed_VBN documentation_NN of_IN the_DT extent_NN and_CC nature_NN of_IN the_DT problem_NN and_CC indicates_VBZ how_WRB we_PRP may_MD want_VB to_TO shape_VB solutions_NNS ,_, ''_'' said_VBD Joseph_NNP Genova_NNP ,_, chairman_NN of_IN the_DT committee_NN that_WDT oversaw_VBD the_DT survey_NN and_CC a_DT partner_NN at_IN the_DT law_NN firm_NN of_IN Milbank_NNP ,_, Tweed_NNP ,_, Hadley_NNP &_CC McCloy_NNP ._. 
According_VBG to_TO the_DT study_NN ,_, slightly_RB more_JJR than_IN 34_CD %_NN of_IN those_DT surveyed_VBN reported_VBD having_VBG at_IN least_JJS one_CD housing_NN problem_NN every_DT year_NN for_IN which_WDT they_PRP had_VBD no_DT legal_JJ help_NN ._. 
Nearly_RB 36_CD %_NN ranked_VBD housing_NN problems_NNS as_IN their_PRP$ most_RBS serious_JJ unmet_JJ legal_JJ need_NN ._. 
Other_JJ areas_NNS targeted_VBN by_IN the_DT survey_NN 's_POS respondents_NNS included_VBD difficulty_NN obtaining_VBG or_CC maintaining_VBG public_JJ benefits_NNS -LRB-_( 22_CD %_NN -RRB-_) ,_, consumer_NN fraud_NN -LRB-_( 15.4_CD %_NN -RRB-_) ,_, and_CC health-care_NN issues_NNS -LRB-_( 15_CD %_NN -RRB-_) ._. 
During_IN the_DT 15-month_JJ survey_NN ,_, 43_CD %_NN of_IN all_DT legal-services_NNS programs_NNS said_VBD that_IN at_IN some_DT period_NN they_PRP were_VBD unable_JJ to_TO accept_VB new_JJ clients_NNS unless_IN they_PRP had_VBD an_DT emergency_NN ._. 
Mr._NNP Genova_NNP said_VBD the_DT committee_NN may_MD meet_VB to_TO propose_VB solutions_NNS to_TO the_DT problems_NNS identified_VBN in_IN the_DT study_NN ._. 
PROSECUTOR_NNP TO_TO JOIN_VB Gibson_NNP Dunn_NNP :_: 
Assistant_NNP U.S._NNP Attorney_NNP Randy_NNP Mastro_NNP ,_, who_WP headed_VBD the_DT government_NN 's_POS racketeering_NN case_NN against_IN the_DT International_NNP Brotherhood_NNP of_IN Teamsters_NNPS ,_, will_MD join_VB Gibson_NNP ,_, Dunn_NNP &_CC Crutcher_NNP in_IN its_PRP$ New_NNP York_NNP office_NN ._. 
Mr._NNP Mastro_NNP has_VBZ been_VBN with_IN the_DT New_NNP York_NNP U.S._NNP attorney_NN 's_POS office_NN for_IN nearly_RB five_CD years_NNS ._. 
In_IN 1987_CD he_PRP became_VBD deputy_NN chief_NN of_IN the_DT civil_JJ division_NN ._. 
Mr._NNP Mastro_NNP will_MD do_VB civil_JJ litigation_NN and_CC white-collar_JJ defense_NN work_NN for_IN Gibson_NNP Dunn_NNP ,_, which_WDT is_VBZ based_VBN in_IN Los_NNP Angeles_NNP ._. 
FORMER_JJ APPLE_NNP COMPUTER_NNP Inc._NNP general_JJ counsel_NN John_NNP P._NNP Karalis_NNP has_VBZ joined_VBN the_DT Phoenix_NNP ,_, Ariz._NNP ,_, law_NN firm_NN of_IN Brown_NNP &_CC Bain_NNP ._. 
Mr._NNP Karalis_NNP ,_, 51_CD ,_, will_MD specialize_VB in_IN corporate_JJ law_NN and_CC international_JJ law_NN at_IN the_DT 110-lawyer_JJ firm_NN ._. 
Before_IN joining_VBG Apple_NNP in_IN 1986_CD ,_, Mr._NNP Karalis_NNP served_VBD as_IN general_JJ counsel_NN at_IN Sperry_NNP Corp_NNP ._. 
After_IN failing_VBG to_TO find_VB a_DT buyer_NN for_IN the_DT Sears_NNP Tower_NNP in_IN Chicago_NNP ,_, Sears_NNP ,_, Roebuck_NNP &_CC Co._NNP is_VBZ negotiating_VBG with_IN Boston_NNP pension_NN fund_NN adviser_NN Aldrich_NNP ,_, Eastman_NNP &_CC Waltch_NNP Inc._NNP to_TO refinance_VB the_DT property_NN for_IN close_RB to_TO $_$ 850_CD million_CD ,_, according_VBG to_TO people_NNS close_VBP to_TO the_DT negotiations_NNS ._. 
Under_IN the_DT proposed_VBN agreement_NN involving_VBG the_DT world_NN 's_POS tallest_JJS building_NN ,_, Chicago-based_JJ Sears_NNP would_MD receive_VB about_IN half_PDT the_DT money_NN through_IN conventional_JJ mortgage_NN financing_NN and_CC the_DT other_JJ half_NN as_IN a_DT convertible_JJ mortgage_NN ._. 
At_IN the_DT end_NN of_IN the_DT term_NN of_IN the_DT convertible_JJ loan_NN ,_, Sears_NNP could_MD still_RB own_JJ half_PDT the_DT building_NN ,_, and_CC AEW_NNP could_MD own_VB the_DT other_JJ half_NN ._. 
Neither_CC side_NN would_MD comment_VB ._. 
The_DT parties_NNS are_VBP currently_RB negotiating_VBG over_IN who_WP would_MD manage_VB the_DT building_NN ,_, which_WDT will_MD be_VB emptied_VBN of_IN 6,000_CD employees_NNS from_IN Sears_NNP '_POS merchandise_NN group_NN ,_, which_WDT is_VBZ moving_VBG elsewhere_RB ._. 
The_DT new_JJ manager_NN will_MD face_VB the_DT daunting_JJ task_NN of_IN leasing_NN 1.8_CD million_CD square_NN feet_NNS in_IN a_DT relatively_RB soft_JJ Chicago_NNP real_JJ estate_NN market_NN ._. 
Also_RB ,_, it_PRP has_VBZ not_RB yet_RB been_VBN decided_VBN exactly_RB how_WRB much_NN of_IN the_DT mortgage_NN AEW_NNP will_MD be_VB able_JJ to_TO convert_VB into_IN equity_NN ._. 
Convertible_JJ mortgages_NNS have_VBP become_VBN an_DT increasingly_RB popular_JJ way_NN to_TO finance_VB prestigious_JJ buildings_NNS of_IN late_JJ ._. 
In_IN a_DT convertible_JJ mortgage_NN ,_, the_DT investor_NN lends_VBZ the_DT building_NN owner_NN a_DT certain_JJ amount_NN in_IN return_NN for_IN the_DT option_NN to_TO convert_VB its_PRP$ interest_NN into_IN equity_NN ,_, usually_RB less_JJR than_IN 50_CD %_NN ,_, at_IN the_DT end_NN of_IN the_DT loan_NN term_NN ._. 
During_IN the_DT term_NN ,_, the_DT lender_NN can_MD either_DT receive_VB a_DT percentage_NN of_IN cash_NN flow_NN ,_, a_DT percentage_NN of_IN the_DT building_NN 's_POS appreciation_NN or_CC a_DT fixed_VBN return_NN ._. 
The_DT main_JJ advantage_NN of_IN a_DT convertible_JJ mortgage_NN is_VBZ that_IN it_PRP is_VBZ not_RB a_DT sale_NN and_CC therefore_RB does_VBZ not_RB trigger_VB costly_JJ transfer_NN taxes_NNS and_CC reappraisal_NN ._. 
Sears_NNP said_VBD it_PRP would_MD put_VB the_DT 110-story_JJ tower_NN on_IN the_DT block_NN almost_RB a_DT year_NN ago_RB as_IN part_NN of_IN its_PRP$ anti-takeover_JJ restructuring_NN ._. 
But_CC Japanese_JJ institutions_NNS shied_VBD away_RB from_IN bidding_NN on_IN the_DT high-profile_JJ tower_NN out_IN of_IN fear_VB their_PRP$ purchase_NN of_IN the_DT property_NN would_MD trigger_VB anti-Japanese_JJ sentiment_NN ._. 
Last_JJ summer_NN ,_, Sears_NNP appeared_VBD to_TO have_VB a_DT deal_NN with_IN Canadian_JJ developer_NN Olympia_NNP &_CC York_NNP Developments_NNP Ltd_NNP ._. 
But_CC that_DT deal_NN fell_VBD through_IN in_IN September_NNP after_IN it_PRP became_VBD clear_JJ that_IN the_DT sale_NN would_MD lead_VB to_TO a_DT major_JJ real_JJ estate_NN tax_NN reassessment_NN ,_, raising_VBG property_NN taxes_NNS ,_, and_CC making_VBG it_PRP difficult_JJ to_TO lease_VB the_DT building_NN at_IN competitive_JJ prices_NNS ._. 
Real_JJ estate_NN industry_NN executives_NNS said_VBD Sears_NNP '_POS investment_NN banker_NN ,_, Goldman_NNP ,_, Sachs_NNP &_CC Co._NNP ,_, sought_VBD financing_NN in_IN Japan_NNP ._. 
However_RB ,_, Japanese_JJ authorities_NNS apparently_RB were_VBD concerned_VBN that_IN a_DT refinancing_NN also_RB would_MD attract_VB too_RB much_JJ publicity_NN ._. 
Sears_NNP then_RB went_VBD back_RB to_TO AEW_NNP ,_, the_DT Boston_NNP pension_NN adviser_NN that_WDT had_VBD proposed_VBN a_DT convertible_JJ debt_NN deal_NN during_IN the_DT first_JJ round_NN of_IN bids_NNS last_JJ spring_NN ._. 
AEW_NNP has_VBZ $_$ 3.5_CD billion_CD of_IN real_JJ estate_NN investments_NNS nationwide_JJ ,_, according_VBG to_TO a_DT spokesman_NN ._. 
Tandy_NNP Corp._NNP said_VBD it_PRP signed_VBD a_DT definitive_JJ agreement_NN to_TO acquire_VB two_CD units_NNS of_IN Datatronic_NNP AB_NNP of_IN Stockholm_NNP for_IN cash_NN ._. 
The_DT amount_NN was_VBD n't_RB disclosed_VBN ._. 
The_DT electronics_NNS maker_NN and_CC retailer_NN previously_RB estimated_VBD the_DT sale_NN price_NN at_IN between_IN $_$ 100_CD million_CD and_CC $_$ 200_CD million_CD for_IN Datatronic_NNP 's_POS Victor_NNP microcomputer_NN and_CC Micronic_NNP hand-held_JJ computer_NN subsidiaries_NNS ._. 
In_IN addition_NN ,_, Tandy_NNP will_MD acquire_VB rights_NNS to_TO the_DT Victor_NNP and_CC Micronic_NNP names_NNS for_IN computers_NNS ._. 
During_IN 1988_CD ,_, the_DT Datatronic_NNP subsidiaries_NNS had_VBD combined_VBN sales_NNS in_IN excess_NN of_IN $_$ 200_CD million_CD ._. 
The_DT transaction_NN will_MD give_VB Tandy_NNP a_DT well-known_JJ European_JJ computer_NN brand_NN that_WDT includes_VBZ 2,700_CD dealers_NNS and_CC distributors_NNS marketing_NN to_TO medium-sized_JJ business_NN and_CC educational_JJ institutions_NNS ._. 
Closing_NN of_IN the_DT transaction_NN is_VBZ subject_NN to_TO certain_JJ conditions_NNS and_CC regulatory_JJ approvals_NNS ,_, the_DT company_NN said_VBD ._. 
Two_CD rules_NNS in_IN pending_VBG congressional_JJ legislation_NN threaten_VB to_TO hinder_VB leveraged_JJ buy-outs_NNS by_IN raising_VBG the_DT price_NN tags_NNS of_IN such_JJ deals_NNS by_IN as_RB much_JJ as_IN 10_CD %_NN ._. 
Wall_NNP Street_NNP is_VBZ seething_VBG over_IN the_DT rules_NNS ,_, which_WDT would_MD curtail_VB the_DT tax_NN deductibility_NN of_IN debt_NN used_VBN in_IN most_RBS LBOs_NNS ._. 
The_DT provisions_NNS ,_, in_IN deficit-reduction_NN bills_NNS recently_RB passed_VBN by_IN the_DT House_NNP and_CC Senate_NNP ,_, could_MD further_VB cool_VB the_DT takeover_NN boom_NN that_WDT has_VBZ been_VBN the_DT driving_VBG force_NN behind_IN the_DT bull_NN market_NN in_IN stocks_NNS for_IN much_NN of_IN the_DT 1980s_CD ,_, some_DT tax_NN experts_NNS and_CC investment_NN bankers_NNS argue_VBP ._. 
Indeed_RB ,_, some_DT investment_NN bankers_NNS have_VBP already_RB started_VBN restructuring_NN deals_NNS to_TO cope_VB with_IN the_DT expected_VBN rules_NNS ._. 
Wall_NNP Street_NNP has_VBZ all_DT but_CC conceded_VBN on_IN the_DT issue_NN and_CC is_VBZ now_RB lobbying_VBG for_IN the_DT less_RBR onerous_JJ Senate_NNP version_NN of_IN one_CD of_IN the_DT provisions_NNS ._. 
At_IN issue_NN is_VBZ the_DT deductibility_NN of_IN certain_JJ junk_NN bonds_NNS that_WDT are_VBP used_VBN in_IN most_RBS LBOs_NNS ._. 
Such_JJ high-yield_JJ debt_NN is_VBZ similar_JJ to_TO a_DT zero-coupon_JJ bond_NN in_IN that_DT it_PRP is_VBZ sold_VBN at_IN a_DT discount_NN to_TO face_VB value_NN ,_, with_IN interest_NN accruing_VBG instead_RB of_IN being_VBG paid_VBN to_TO the_DT holder_NN ._. 
Under_IN current_JJ rules_NNS ,_, that_IN accrued_VBN interest_NN is_VBZ deductible_JJ by_IN the_DT company_NN issuing_VBG the_DT debt_NN ._. 
The_DT House_NNP version_NN of_IN the_DT legislation_NN would_MD kill_VB that_DT deduction_NN ,_, and_CC label_VB any_DT such_JJ debt_NN as_IN equity_NN ,_, which_WDT is_VBZ n't_RB deductible_JJ ._. 
The_DT less-rigorous_JJR Senate_NNP version_NN would_MD defer_VB the_DT deductibility_NN for_IN roughly_RB five_CD years_NNS ._. 
``_`` You_PRP see_VBP these_DT in_NN just_RB about_IN every_DT LBO_NNP ,_, ''_'' said_VBD Robert_NNP Willens_NNP ,_, senior_JJ vice_NN president_NN in_IN charge_NN of_IN tax_NN issues_NNS at_IN Shearson_NNP Lehman_NNP Hutton_NNP Inc._NNP in_IN New_NNP York_NNP ._. 
``_`` It_PRP becomes_VBZ a_DT source_NN of_IN cash_NN ''_'' for_IN the_DT company_NN making_VBG the_DT LBO_NNP because_IN it_PRP gets_VBZ a_DT deduction_NN and_CC does_VBZ n't_RB have_VB to_TO repay_VB the_DT debt_NN for_IN several_JJ years_NNS ._. 
Typically_RB ,_, Mr._NNP Willens_NNP estimates_VBZ ,_, this_DT type_NN of_IN debt_NN makes_VBZ up_IN 15_CD %_NN to_TO 20_CD %_NN of_IN the_DT financing_NN for_IN LBOs_NNS ._. 
These_DT types_NNS of_IN bonds_NNS have_VBP been_VBN used_VBN in_IN buy-outs_NNS of_IN companies_NNS such_JJ as_IN RJR_NNP Nabisco_NNP Inc._NNP ,_, Storer_NNP Communications_NNP Inc._NNP and_CC Kroger_NNP Co_NNP ._. 
A_DT second_JJ provision_NN passed_VBN by_IN the_DT Senate_NNP and_CC House_NNP would_MD eliminate_VB a_DT rule_NN allowing_VBG companies_NNS that_IN post_NN losses_NNS resulting_VBG from_IN LBO_NNP debt_NN to_TO receive_VB refunds_NNS of_IN taxes_NNS paid_VBN over_IN the_DT previous_JJ three_CD years_NNS ._. 
For_IN example_NN ,_, if_IN a_DT company_NN posted_VBD a_DT loss_NN of_IN $_$ 100_CD million_CD from_IN buy-out_NN interest_NN payments_NNS ,_, the_DT existing_VBG rule_NN would_MD allow_VB the_DT concern_NN to_TO be_VB able_JJ to_TO receive_VB a_DT refund_NN from_IN the_DT tax_NN it_PRP paid_VBD from_IN 1986_CD through_IN 1989_CD ,_, when_WRB it_PRP may_MD have_VB been_VBN a_DT profitable_JJ public_JJ company_NN ._. 
But_CC that_DT rule_NN is_VBZ being_VBG virtually_RB overlooked_VBN by_IN Wall_NNP Street_NNP ,_, which_WDT is_VBZ concentrating_VBG on_IN coping_VBG with_IN the_DT deduction_NN issue_NN ._. 
``_`` Prices_NNS for_IN LBOs_NNS have_VBP to_TO come_VB down_RB if_IN you_PRP do_VBP n't_RB have_VB that_DT feature_NN ,_, ''_'' argued_VBD Lawrence_NNP Schloss_NNP ,_, managing_VBG director_NN for_IN merchant_NN banking_NN at_IN Donaldson_NNP ,_, Lufkin_NNP &_CC Jenrette_NNP Securities_NNP Corp._NNP in_IN New_NNP York_NNP ._. 
Several_NNP Wall_NNP Street_NNP officials_NNS say_VBP the_DT proposed_VBN legislation_NN already_RB is_VBZ having_VBG an_DT impact_NN ._. 
An_DT investment_NN group_NN led_VBN by_IN Chicago_NNP 's_POS Pritzker_NNP family_NN recently_RB lowered_VBD a_DT $_$ 3.35_CD billion_CD bid_NN for_IN American_NNP Medical_NNP International_NNP ,_, Beverly_NNP Hills_NNP ,_, Calif._NNP ,_, because_IN of_IN the_DT threat_NN of_IN the_DT legislation_NN ._. 
Moreover_RB ,_, one_CD investment_NN banker_NN ,_, who_WP requested_VBD anonymity_NN ,_, said_VBD his_PRP$ firm_NN did_VBD n't_RB raise_VB the_DT ante_NN for_IN a_DT target_NN company_NN earlier_RBR this_DT month_NN after_IN a_DT stronger_JJR bid_NN emerged_VBD from_IN a_DT public_JJ company_NN that_WDT was_VBD n't_RB concerned_VBN about_IN the_DT financing_NN provision_NN ._. 
``_`` We_PRP would_MD have_VB paid_VBN more_JJR if_IN we_PRP thought_VBD that_DT law_NN was_VBD n't_RB going_VBG to_TO pass_VB ,_, ''_'' he_PRP said_VBD ._. 
One_CD possible_JJ solution_NN for_IN Wall_NNP Street_NNP is_VBZ to_TO increase_VB the_DT equity_NN part_NN of_IN the_DT transaction_NN --_: that_DT is_VBZ ,_, give_VB lenders_NNS a_DT bigger_JJR stake_NN in_IN the_DT surviving_VBG company_NN rather_RB than_IN just_RB interest_NN payments_NNS ._. 
That_DT would_MD force_VB the_DT buy-out_NN firm_NN and_CC the_DT target_NN company_NN 's_POS management_NN to_TO reduce_VB their_PRP$ level_NN of_IN ownership_NN ._. 
``_`` The_DT pigs_NNS in_IN the_DT trough_NN may_MD have_VB to_TO give_VB a_DT little_JJ bit_NN of_IN the_DT slop_NN back_RB and_CC then_RB the_DT deal_NN can_MD go_VB through_IN ,_, ''_'' said_VBD Peter_NNP C._NNP Canellos_NNP ,_, tax_NN partner_NN at_IN Wachtell_NNP ,_, Lipton_NNP ,_, Rosen_NNP &_CC Katz_NNP ._. 
Another_DT solution_NN ,_, said_VBD a_DT tax_NN lawyer_NN who_WP requested_VBD anonymity_NN ,_, is_VBZ for_IN firms_NNS to_TO use_VB convertible_JJ bonds_NNS that_WDT sell_VBP at_IN a_DT discount_NN ._. 
Since_IN they_PRP have_VBP a_DT lower_JJR interest_NN rate_NN ,_, they_PRP would_MD n't_RB fall_VB under_IN the_DT junk-bond_NN category_NN that_WDT would_MD lose_VB its_PRP$ deductibility_NN ._. 
The_DT House_NNP version_NN of_IN the_DT bill_NN would_MD make_VB debt_NN non-deductible_JJ if_IN it_PRP pays_VBZ five_CD percentage_NN points_NNS above_IN Treasury_NNP notes_NNS ,_, has_VBZ at_IN least_JJS a_DT five-year_JJ maturity_NN and_CC does_VBZ n't_RB pay_VB interest_NN for_IN at_IN least_JJS one_CD year_NN out_IN of_IN the_DT first_JJ five_CD ._. 
The_DT bill_NN would_MD then_RB declare_VB that_IN the_DT debt_NN is_VBZ equity_NN and_CC therefore_RB is_VBZ n't_RB deductible_JJ ._. 
The_DT Senate_NNP bill_NN would_MD only_RB deny_VB the_DT deduction_NN until_IN interest_NN is_VBZ actually_RB paid_VBN ._. 
Currently_RB ,_, even_RB though_IN the_DT issuer_NN does_VBZ n't_RB pay_VB tax_NN ,_, the_DT debt_NN holder_NN is_VBZ taxed_VBN on_IN the_DT accrued_VBN interest_NN ._. 
But_CC those_DT holders_NNS are_VBP often_RB foreign_JJ investors_NNS and_CC tax-exempt_JJ pension_NN funds_NNS that_WDT do_VBP n't_RB pay_VB taxes_NNS on_IN their_PRP$ holdings_NNS ._. 
The_DT Senate_NNP estimates_NNS that_IN its_PRP$ version_NN of_IN the_DT provision_NN would_MD yield_VB $_$ 17_CD million_CD the_DT first_JJ year_NN and_CC a_DT total_NN of_IN $_$ 409_CD million_CD over_IN five_CD years_NNS ._. 
The_DT House_NNP version_NN would_MD raise_VB slightly_RB more_JJR ._. 
Even_RB if_IN Wall_NNP Street_NNP finds_VBZ ways_NNS around_IN the_DT new_JJ rules_NNS ,_, a_DT Senate_NNP aide_NN contends_VBZ LBOs_NNS will_MD become_VB somewhat_RB more_RBR difficult_JJ ._. 
``_`` There_EX 's_VBZ no_DT question_NN it_PRP will_MD make_VB LBOs_NNS more_RBR expensive_JJ ,_, ''_'' he_PRP said_VBD ._. 
``_`` The_DT interest_NN deduction_NN was_VBD the_DT engine_NN that_WDT made_VBD these_DT things_NNS more_RBR productive_JJ ._. 
The_DT average_JJ publicly_RB offered_VBN commodity_NN fund_NN fell_VBD 4.2_CD %_NN in_IN September_NNP ,_, largely_RB because_IN of_IN the_DT volatile_JJ markets_NNS in_IN foreign_JJ currencies_NNS ,_, according_VBG to_TO Norwood_NNP Securities_NNPS ._. 
The_DT firm_NN said_VBD that_IN losers_NNS outnumbered_VBD gainers_NNS by_IN more_JJR than_IN three_CD to_TO one_CD among_IN the_DT 122_CD funds_NNS it_PRP tracks_VBZ ._. 
For_IN the_DT first_JJ nine_CD months_NNS of_IN the_DT year_NN ,_, Norwood_NNP said_VBD the_DT average_JJ fund_NN has_VBZ lost_VBN 3.3_CD %_NN ._. 
The_DT government_NN moved_VBD aggressively_RB to_TO open_VB the_DT spigots_NNS of_IN federal_JJ aid_NN for_IN victims_NNS of_IN the_DT California_NNP earthquake_NN ,_, but_CC its_PRP$ reservoir_NN of_IN emergency_NN funds_NNS must_MD be_VB replenished_VBN soon_RB if_IN the_DT aid_NN is_VBZ to_TO continue_VB ._. 
President_NNP Bush_NNP signed_VBD a_DT disaster_NN declaration_NN covering_VBG seven_CD Northern_NNP California_NNP counties_NNS ._. 
The_DT declaration_NN immediately_RB made_VBD the_DT counties_NNS eligible_JJ for_IN temporary_JJ housing_NN ,_, grants_NNS and_CC low-cost_JJ loans_NNS to_TO cover_VB uninsured_JJ property_NN losses_NNS ._. 
In_IN addition_NN ,_, an_DT unusually_RB wide_JJ array_NN of_IN federal_JJ agencies_NNS moved_VBD to_TO provide_VB specialized_JJ assistance_NN ._. 
The_DT Department_NNP of_IN Housing_NNP and_CC Urban_NNP Development_NNP prepared_VBD to_TO make_VB as_RB many_JJ as_IN 100_CD vacant_JJ houses_NNS available_JJ for_IN those_DT left_VBN homeless_JJ ,_, the_DT Agriculture_NNP Department_NNP was_VBD set_VBN to_TO divert_VB food_NN from_IN the_DT school-lunch_NN program_NN to_TO earthquake_NN victims_NNS ,_, and_CC the_DT Pentagon_NNP was_VBD providing_VBG everything_NN from_IN radio_NN communications_NNS to_TO blood_NN transfusions_NNS to_TO military_JJ police_NN for_IN directing_VBG traffic_NN ._. 
But_CC the_DT pool_NN of_IN federal_JJ emergency-relief_NN funds_NNS already_RB is_VBZ running_VBG low_JJ because_IN of_IN the_DT heavy_JJ costs_NNS of_IN cleaning_NN up_IN Hurricane_NNP Hugo_NNP ,_, and_CC Congress_NNP will_MD be_VB under_IN pressure_NN to_TO allocate_VB more_JJR money_NN quickly_RB ._. 
In_IN Hugo_NNP 's_POS wake_NN ,_, Congress_NNP allocated_VBD $_$ 1.1_CD billion_CD in_IN relief_NN funds_NNS ,_, and_CC White_NNP House_NNP spokesman_NN Marlin_NNP Fitzwater_NNP said_VBD $_$ 273_CD million_CD of_IN that_DT money_NN remains_VBZ and_CC could_MD be_VB diverted_VBN for_IN quick_JJ expenditures_NNS related_VBN to_TO the_DT earthquake_NN ._. 
Now_RB ,_, though_RB ,_, enormous_JJ costs_NNS for_IN earthquake_NN relief_NN will_MD pile_VB on_IN top_NN of_IN outstanding_JJ costs_NNS for_IN hurricane_NN relief_NN ._. 
``_`` That_DT obviously_RB means_VBZ that_IN we_PRP wo_MD n't_RB have_VB enough_RB for_IN all_DT of_IN the_DT emergencies_NNS that_WDT are_VBP now_RB facing_VBG us_PRP ,_, and_CC we_PRP will_MD have_VB to_TO consider_VB appropriate_JJ requests_NNS for_IN follow-on_JJ funding_NN ,_, ''_'' Mr._NNP Fitzwater_NNP said_VBD ._. 
The_DT federal_JJ government_NN is_VBZ n't_RB even_RB attempting_VBG yet_RB to_TO estimate_VB how_WRB much_JJ the_DT earthquake_NN will_MD cost_VB it_PRP ._. 
But_CC Mr._NNP Fitzwater_NNP said_VBD ,_, ``_`` There_EX will_MD be_VB ,_, I_PRP think_VBP quite_RB obviously_RB ,_, a_DT very_RB large_JJ amount_NN of_IN money_NN required_VBN from_IN all_DT levels_NNS of_IN government_NN ._. ''_'' 
In_IN Congress_NNP ,_, lawmakers_NNS already_RB are_VBP looking_VBG for_IN ways_NNS to_TO add_VB relief_NN funds_NNS ._. 
Money_NNP could_MD be_VB added_VBN to_TO a_DT pending_VBG spending_NN bill_NN covering_VBG the_DT Federal_NNP Emergency_NNP Management_NNP Agency_NNP ,_, which_WDT coordinates_VBZ federal_JJ disaster_NN relief_NN ._. 
More_RBR likely_JJ ,_, relief_NN funds_NNS could_MD be_VB added_VBN to_TO an_DT omnibus_JJ spending_NN bill_NN that_IN Congress_NNP is_VBZ to_TO begin_VB considering_VBG next_JJ week_NN ._. 
But_CC it_PRP is_VBZ n't_RB just_RB Washington_NNP 's_POS relief_NN dollars_NNS that_WDT are_VBP spread_NN thin_JJ ;_: its_PRP$ relief_NN manpower_NN also_RB is_VBZ stretched_VBN ._. 
FEMA_NNP still_RB has_VBZ special_JJ disaster_NN centers_NNS open_JJ to_TO handle_VB the_DT aftermath_NN of_IN Hugo_NNP ,_, and_CC spokesman_NN Russell_NNP Clanahan_NNP acknowledged_VBD that_IN ``_`` we_PRP 're_VBP pretty_RB thin_JJ ._. ''_'' 
Mr._NNP Clanahan_NNP says_VBZ FEMA_NNP now_RB possibly_RB may_MD have_VB the_DT heaviest_JJS caseload_NN in_IN its_PRP$ history_NN ._. 
To_TO further_VB complicate_VB relief_NN efforts_NNS ,_, the_DT privately_RB funded_VBN American_NNP Red_NNP Cross_NNP also_RB finds_VBZ itself_PRP strapped_VBD for_IN funds_NNS after_IN its_PRP$ big_JJ Hugo_NNP operation_NN ._. 
``_`` It_PRP 's_VBZ been_VBN a_DT bad_JJ month_NN money-wise_JJ and_CC every_DT other_JJ way_NN ,_, ''_'' said_VBD Sally_NNP Stewart_NNP ,_, a_DT spokeswoman_NN for_IN the_DT Red_NNP Cross_NNP ._. 
``_`` It_PRP just_RB makes_VBZ it_PRP a_DT little_JJ rough_JJ when_WRB you_PRP have_VBP to_TO worry_VB about_IN the_DT budget_NN ._. ''_'' 
The_DT Red_NNP Cross_NNP has_VBZ opened_VBN 30_CD shelters_NNS in_IN the_DT Bay_NNP area_NN ,_, serving_VBG 5,000_CD people_NNS ._. 
Twenty-five_CD trucks_NNS capable_JJ of_IN cooking_NN food_NN were_VBD dispatched_VBN from_IN other_JJ states_NNS ._. 
All_DT the_DT precise_JJ types_NNS of_IN federal_JJ aid_NN that_WDT will_MD be_VB sent_VBN to_TO California_NNP wo_MD n't_RB be_VB determined_VBN until_IN state_NN officials_NNS make_VBP specific_JJ requests_NNS to_TO FEMA_NNP ,_, agency_NN officials_NNS said_VBD ._. 
And_CC in_IN the_DT confusion_NN after_IN the_DT earthquake_NN ,_, ``_`` the_DT information_NN flow_NN is_VBZ a_DT little_JJ slow_JJ coming_NN in_IN from_IN the_DT affected_VBN area_NN ,_, ''_'' said_VBD Carl_NNP Suchocki_NNP ,_, a_DT FEMA_NNP spokesman_NN ._. 
Still_RB ,_, some_DT aid_NN is_VBZ moving_VBG westward_RB from_IN Washington_NNP almost_RB immediately_RB ._. 
HUD_NNP officials_NNS said_VBD they_PRP will_MD make_VB available_JJ as_RB many_JJ as_IN 100_CD Bay_NNP area_NN houses_NNS that_WDT are_VBP under_IN HUD_NNP loans_NNS but_CC now_RB are_VBP vacant_JJ after_IN the_DT houses_NNS have_VBP been_VBN inspected_VBN to_TO ensure_VB they_PRP are_VBP sound_NN ._. 
Additional_JJ housing_NN vouchers_NNS and_CC certificates_NNS will_MD be_VB made_VBN available_JJ ,_, officials_NNS said_VBD ,_, and_CC some_DT housing_NN and_CC community-development_NN funds_NNS may_MD be_VB shifted_VBN from_IN other_JJ programs_NNS or_CC made_VBN available_JJ for_IN emergency_NN use_NN ._. 
Another_DT federal_JJ agency_NN not_RB normally_RB associated_VBN with_IN disaster_NN relief_NN --_: the_DT Internal_NNP Revenue_NNP Service_NNP --_: moved_VBD quickly_RB as_IN well_RB ._. 
The_DT IRS_NNP said_VBD it_PRP will_MD waive_VB certain_JJ tax_NN penalties_NNS for_IN earthquake_NN victims_NNS unable_JJ to_TO meet_VB return_NN deadlines_NNS or_CC make_VB payments_NNS because_IN of_IN the_DT quake_NN 's_POS devastation_NN ._. 
The_DT agency_NN plans_NNS to_TO announce_VB specific_JJ relief_NN procedures_NNS in_IN the_DT coming_VBG days_NNS ._. 
And_CC the_DT Treasury_NNP said_VBD residents_NNS of_IN the_DT San_NNP Francisco_NNP area_NN will_MD be_VB able_JJ to_TO cash_VB in_IN savings_NNS bonds_NNS even_RB if_IN they_PRP have_VBP n't_RB held_VBN them_PRP for_IN the_DT minimum_JJ six-month_JJ period_NN ._. 
One_CD advantage_NN that_IN federal_JJ officials_NNS have_VBP in_IN handling_NN earthquake_NN relief_NN is_VBZ the_DT large_JJ number_NN of_IN military_JJ facilities_NNS in_IN the_DT San_NNP Francisco_NNP Bay_NNP area_NN ,_, facilities_NNS that_WDT provide_VBP a_DT ready_JJ base_NN of_IN supplies_NNS and_CC workers_NNS ._. 
Even_RB before_IN the_DT full_JJ extent_NN of_IN the_DT devastation_NN was_VBD known_VBN ,_, Defense_NNP Secretary_NNP Dick_NNP Cheney_NNP ordered_VBD the_DT military_JJ services_NNS to_TO set_VB up_IN an_DT emergency_NN command_NN center_NN in_IN the_DT Pentagon_NNP and_CC prepare_VB to_TO respond_VB to_TO various_JJ FEMA_NNP requests_NNS for_IN assistance_NN ._. 
By_IN yesterday_NN afternoon_NN ,_, Air_NNP Force_NNP transport_NN planes_NNS began_VBD moving_VBG additional_JJ rescue_NN and_CC medical_JJ supplies_NNS ,_, physicians_NNS ,_, communications_NNS equipment_NN and_CC FEMA_NNP personnel_NNS to_TO California_NNP ._. 
A_DT military_JJ jet_NN flew_VBD a_DT congressional_JJ delegation_NN and_CC senior_JJ Bush_NNP administration_NN officials_NNS to_TO survey_VB the_DT damage_NN ._. 
And_CC the_DT Pentagon_NNP said_VBD dozens_NNS of_IN additional_JJ crews_NNS and_CC transport_NN aircraft_NN were_VBD on_IN alert_JJ ``_`` awaiting_VBG orders_NNS to_TO move_VB emergency_NN supplies_NNS ._. ''_'' 
Two_CD Air_NNP Force_NNP facilities_NNS near_IN Sacramento_NNP ,_, and_CC Travis_NNP Air_NNP Force_NNP Base_NNP ,_, 50_CD miles_NNS northeast_NN of_IN San_NNP Francisco_NNP ,_, were_VBD designated_VBN to_TO serve_VB as_IN medical-airlift_NN centers_NNS ._. 
Some_DT victims_NNS also_RB were_VBD treated_VBN at_IN the_DT Letterman_NNP Army_NNP Medical_NNP Center_NNP in_IN San_NNP Francisco_NNP and_CC at_IN the_DT Naval_NNP Hospital_NNP in_IN Oakland_NNP ._. 
In_IN addition_NN ,_, 20_CD military_JJ police_NN from_IN the_DT Presidio_NNP ,_, a_DT military_JJ base_NN in_IN San_NNP Francisco_NNP ,_, are_VBP assisting_VBG with_IN traffic_NN control_NN ,_, and_CC a_DT Navy_NNP ship_NN was_VBD moved_VBN from_IN a_DT naval_JJ station_NN at_IN Treasure_NNP Island_NNP near_IN the_DT Bay_NNP Bridge_NNP to_TO San_NNP Francisco_NNP to_TO help_VB fight_VB fires_NNS ._. 
To_TO help_VB residents_NNS in_IN Northern_NNP California_NNP rebuild_VB ,_, FEMA_NNP intends_VBZ to_TO set_VB up_IN 17_CD disaster_NN assistance_NN offices_NNS in_IN the_DT earthquake_NN area_NN in_IN the_DT next_JJ several_JJ days_NNS and_CC to_TO staff_VB them_PRP with_IN 400_CD to_TO 500_CD workers_NNS from_IN various_JJ agencies_NNS ,_, said_VBD Robert_NNP Volland_NNP ,_, chief_NN of_IN the_DT agency_NN 's_POS individual_JJ assistance_NN division_NN ._. 
At_IN these_DT offices_NNS ,_, earthquake_NN victims_NNS will_MD be_VB helped_VBN in_IN filling_VBG out_RP a_DT one-page_JJ form_NN that_IN they_PRP will_MD need_VB to_TO qualify_VB for_IN such_JJ federal_JJ assistance_NN as_IN home-improvement_NN loans_NNS and_CC to_TO repair_VB houses_NNS ._. 
And_CC federal_JJ officials_NNS are_VBP promising_JJ to_TO move_VB rapidly_RB with_IN federal_JJ highway_NN aid_NN to_TO rebuild_VB the_DT area_NN 's_POS severely_RB damaged_VBN road_NN system_NN ._. 
The_DT Federal_NNP Highway_NNP Administration_NNP has_VBZ an_DT emergency_NN relief_NN program_NN to_TO help_VB states_NNS and_CC local_JJ governments_NNS repair_VBP federally_RB funded_VBN highways_NNS and_CC bridges_NNS seriously_RB damaged_VBN by_IN natural_JJ disasters_NNS ._. 
The_DT account_NN currently_RB has_VBZ $_$ 220_CD million_CD ._. 
And_CC though_IN federal_JJ law_NN dictates_NNS that_IN only_RB $_$ 100_CD million_CD can_MD be_VB disbursed_VBN from_IN that_DT fund_NN in_IN any_DT one_CD state_NN per_IN disaster_NN ,_, administration_NN officials_NNS expect_VBP Congress_NNP to_TO move_VB in_IN to_TO authorize_VB spending_NN more_RBR now_RB in_IN California_NNP ._. 
To_TO get_VB that_DT money_NN ,_, states_NNS must_MD go_VB through_IN an_DT elaborate_JJ approval_NN process_NN ,_, but_CC officials_NNS expect_VBP red_JJ tape_NN to_TO be_VB cut_VBN this_DT time_NN ._. 
Keith_NNP Mulrooney_NNP ,_, special_JJ assistant_NN to_TO Federal_NNP Highway_NNP Administrator_NNP Thomas_NNP Larson_NNP ,_, also_RB said_VBD that_IN after_IN the_DT 1971_CD San_NNP Fernando_NNP earthquake_NN in_IN Southern_NNP California_NNP ,_, the_DT state_NN set_VBN tougher_JJR standards_NNS for_IN bridges_NNS ,_, and_CC with_IN federal_JJ aid_NN ,_, began_VBD a_DT program_NN to_TO retrofit_VB highways_NNS and_CC bridges_NNS for_IN earthquake_NN hazards_NNS ._. 
The_DT first_JJ phase_NN of_IN the_DT program_NN has_VBZ been_VBN completed_VBN ,_, but_CC two_CD other_JJ phases_NNS are_VBP continuing_VBG ._. 
The_DT two_CD major_JJ structures_NNS that_WDT failed_VBD Tuesday_NNP night_NN ,_, he_PRP said_VBD ,_, were_VBD both_DT built_VBN well_RB before_IN the_DT 1971_CD earthquake_NN --_: the_DT San_NNP Francisco_NNP Bay_NNP Bridge_NNP ,_, completed_VBN in_IN the_DT 1930s_CD ,_, and_CC the_DT section_NN of_IN I-880_NN ,_, built_VBN in_IN the_DT 1950s_CD ._. 
The_DT I-880_NN section_NN had_VBD completed_VBN the_DT first_JJ phase_NN of_IN the_DT retrofitting_NN ._. 
Laurie_NNP McGinley_NNP contributed_VBD to_TO this_DT article_NN ._. 
FARMERS_NNS REAP_VBP abundant_JJ crops_NNS ._. 
But_CC how_WRB much_JJ will_MD shoppers_NNS benefit_VB ?_. 
The_DT harvest_NN arrives_VBZ in_IN plenty_NN after_IN last_JJ year_NN 's_POS drought-ravaged_JJ effort_NN :_: The_DT government_NN estimates_NNS corn_NN output_NN at_IN 7.45_CD billion_CD bushels_NNS ,_, up_IN 51_CD %_NN from_IN last_JJ fall_NN ._. 
Soybean_NN production_NN swells_NNS 24_CD %_NN ._. 
As_IN a_DT result_NN ,_, prices_NNS paid_VBN to_TO farmers_NNS for_IN the_DT commodities_NNS ,_, which_WDT are_VBP used_VBN in_IN products_NNS as_RB diverse_JJ as_IN bubble_NN gum_NN and_CC chicken_NN feed_NN ,_, plummet_VB 20_CD %_NN to_TO 33_CD %_NN ._. 
But_CC do_VBP n't_RB expect_VB too_RB much_JJ in_IN the_DT way_NN of_IN price_NN breaks_NNS soon_RB at_IN the_DT supermarket_NN ._. 
Economists_NNS expect_VBP consumer_NN food_NN prices_NNS to_TO jump_VB 5.5_CD %_NN this_DT year_NN to_TO the_DT highest_JJS level_NN since_IN 1980_CD and_CC up_IN from_IN last_JJ year_NN 's_POS 4.1_CD %_NN rise_NN ._. 
Next_JJ year_NN may_MD see_VB a_DT drop_NN of_IN one_CD percentage_NN point_NN ._. 
Beef_NN prices_NNS ,_, hovering_VBG near_IN records_NNS since_IN the_DT drought_NN ,_, could_MD drop_VB in_IN earnest_NN this_DT winter_NN if_IN ranchers_NNS expand_VBP herds_NNS ._. 
Lower_JJR feed_NN prices_NNS may_MD help_VB animals_NNS eat_VB more_RBR cheaply_RB ,_, but_CC humans_NNS have_VBP to_TO factor_VB in_IN an_DT expensive_JJ middleman_NN :_: the_DT processor_NN ._. 
Food_NN companies_NNS probably_RB wo_MD n't_RB cut_VB their_PRP$ prices_NNS much_JJ ,_, blaming_VBG other_JJ costs_NNS ._. 
``_`` Labor_NNP takes_VBZ the_DT biggest_JJS single_JJ chunk_NN out_IN of_IN the_DT `_`` food_NN dollar_NN ,_, '_'' ''_'' says_VBZ Frank_NNP Pankyo_NNP of_IN the_DT Food_NNP Institute_NNP ._. 
Stokely_NNP says_VBZ stores_NNS revive_VBP specials_NNS like_IN three_CD cans_NNS of_IN peas_NNS for_IN 99_CD cents_NNS ._. 
Two_CD cans_NNS cost_VBP 89_CD cents_NNS during_IN the_DT drought_NN ._. 
IF_IN IN_IN VITRO_NNP fertilization_NN works_NNS ,_, it_PRP usually_RB does_VBZ so_RB after_IN only_RB a_DT few_JJ tries_NNS ._. 
Costly_JJ infertility_NN problems_NNS and_CC procedures_NNS proliferate_VBP as_IN aging_VBG baby_NN boomers_NNS and_CC others_NNS decide_VBP to_TO have_VB children_NNS --_: now_RB ._. 
It_PRP 's_VBZ estimated_VBN that_IN one_CD in_IN six_CD couples_NNS experiences_NNS infertility_NN ,_, and_CC in_IN 1987_CD ,_, Americans_NNPS spent_VBD about_RB $_$ 1_CD billion_CD to_TO fight_VB the_DT problem_NN ._. 
Only_RB about_IN five_CD states_NNS now_JJ offer_NN some_DT form_NN of_IN insurance_NN coverage_NN ,_, but_CC more_RBR are_VBP expected_VBN ._. 
A_DT letter_NN in_IN the_DT New_NNP England_NNP Journal_NNP of_IN Medicine_NNP notes_NNS that_IN while_IN technology_NN offers_VBZ ``_`` almost_RB endless_JJ hope_NN ..._: when_WRB to_TO stop_VB has_VBZ become_VBN a_DT difficult_JJ question_NN ..._: ._. ''_'' 
The_DT authors_NNS ,_, from_IN Boston_NNP 's_POS Beth_NNP Israel_NNP Hospital_NNP ,_, say_VBP that_IN 84_CD %_NN of_IN the_DT 50_CD births_NNS they_PRP followed_VBD occurred_VBN after_IN only_RB two_CD in_IN vitro_FW cycles_NNS ._. 
It_PRP adds_VBZ that_IN births_NNS were_VBD ``_`` extremely_RB unlikely_JJ ''_'' after_IN the_DT fourth_JJ cycle_NN and_CC concludes_VBZ couples_NNS who_WP do_VBP n't_RB achieve_VB a_DT pregnancy_NN after_IN four_CD to_TO six_CD procedures_NNS should_MD be_VB advised_VBN that_DT success_NN is_VBZ unlikely_JJ ._. 
Some_DT couples_NNS continue_VBP to_TO try_VB ._. 
``_`` Such_JJ determination_NN may_MD translate_VB into_IN extreme_JJ physical_NN ,_, emotional_JJ and_CC financial_JJ costs_NNS ,_, ''_'' the_DT letter_NN warns_VBZ ._. 
MARKET_NNP MOVES_VBZ ,_, these_DT managers_NNS do_VBP n't_RB ._. 
Only_RB three_CD of_IN the_DT 25_CD corporate_JJ pension_NN fund_NN managers_NNS attending_VBG a_DT Lowry_NNP Consulting_NNP Group_NNP client_NN conference_NN say_VBP they_PRP plan_VBP to_TO change_VB the_DT asset_NN allocation_NN mix_NN in_IN their_PRP$ portfolios_NNS because_IN of_IN the_DT market_NN drop_NN ._. 
WORLD_NN ODDITIES_NNS come_VBP alive_JJ in_IN a_DT multimedia_NNS version_NN of_IN the_DT Guinness_NNP Book_NNP of_IN Records_NNPS ._. 
The_DT $_$ 99_CD CD-ROM_NNP disk_NN -LRB-_( it_PRP can_MD only_RB be_VB played_VBN on_IN an_DT Apple_NNP Macintosh_NNP computer_NN at_IN the_DT moment_NN -RRB-_) combines_VBZ animation_NN ,_, music_NN and_CC sound_NN ._. 
Among_IN the_DT Guinness_NNP disk_NN 's_POS wonders_NNS :_: the_DT world_NN 's_POS loudest_RBS recorded_VBN belch_NN ._. 
ARTY_NNP FAX_NNP from_IN David_NNP Hockney_NNP begins_VBZ a_DT tongue-in-cheek_JJ exhibit_NN today_NN at_IN New_NNP York_NNP 's_POS Andre_NNP Emmerich_NNP Gallery_NNP ._. 
One_CD of_IN the_DT artist_NN 's_POS earliest_JJS Fax_NNP works_NNS was_VBD ``_`` Little_NNP Stanley_NNP Sleeping_NNP ,_, ''_'' a_DT portrait_NN of_IN his_PRP$ dog_NN ._. 
PACS_NNS GIVE_VBP and_CC receive_VB in_IN a_DT debatable_JJ duet_NN with_IN employees_NNS '_POS favored_VBN charities_NNS ._. 
The_DT Federal_NNP Election_NNP Commission_NNP clears_VBZ corporate_JJ plans_NNS to_TO donate_VB to_TO an_DT employee_NN 's_POS chosen_VBN charity_NN in_IN exchange_NN for_IN the_DT worker_NN 's_POS gift_NN to_TO the_DT company_NN political_JJ action_NN committee_NN ._. 
Latest_JJS approvals_NNS :_: Bell_NNP Atlantic_NNP 's_POS New_NNP Jersey_NNP Bell_NNP and_CC General_NNP Dynamics_NNP ._. 
Companies_NNS get_VBP more_RBR political_JJ clout_NN plus_CC a_DT possible_JJ tax-deductible_JJ charitable_JJ donation_NN --_: so_RB far_RB no_DT word_NN from_IN the_DT IRS_NNP on_IN deductibility_NN ._. 
Detroit_NNP Edison_NNP ,_, the_DT plan_NN pioneer_NN ,_, generated_VBD $_$ 54,000_CD in_IN matching_VBG funds_VBZ this_DT year_NN ,_, up_IN from_IN $_$ 39,000_CD in_IN 1988_CD ._. 
But_CC the_DT utility_NN may_MD not_RB continue_VB next_JJ year_NN ._. 
``_`` We_PRP 're_VBP on_IN a_DT tight_JJ budget_NN ,_, ''_'' says_VBZ Detroit_NNP Edison_NNP 's_POS Carol_NNP Roskind_NNP ._. 
Two_CD election_NN commission_NN members_NNS opposed_VBD the_DT matching_VBG plans_NNS ._. 
Scott_NNP E._NNP Thomas_NNP says_VBZ the_DT plans_NNS give_VBP employees_NNS ``_`` a_DT bonus_NN in_IN the_DT form_NN of_IN charitable_JJ donations_NNS made_VBN from_IN an_DT employer_NN 's_POS treasury_NN ''_'' in_IN exchange_NN for_IN the_DT political_JJ donation_NN ._. 
``_`` The_DT U.S._NNP government_NN could_MD be_VB ,_, in_IN effect_NN ,_, subsidizing_VBG political_JJ contributions_NNS to_TO corporate_JJ PACs_NNPS ,_, ''_'' he_PRP says_VBZ ._. 
New_NNP Jersey_NNP Bell_NNP awaits_VBZ state_NN clearance_NN ._. 
Despite_IN federal_JJ approval_NN ,_, General_NNP Dynamics_NNP says_VBZ it_PRP decided_VBD it_PRP wo_MD n't_RB go_VB ahead_RB with_IN the_DT matching_VBG program_NN ._. 
CHRISTMAS_NNP SHOPPERS_NNS find_VBP a_DT helping_VBG hand_NN from_IN some_DT catalog_NN companies_NNS ._. 
Blunt_NNP Ellis_NNP &_CC Loewi_NNP estimates_NNS direct_JJ mail_NN catalog_NN sales_NNS rose_VBD to_TO $_$ 12_CD billion_CD last_JJ year_NN ._. 
And_CC while_IN it_PRP 's_VBZ too_RB soon_RB to_TO tell_VB how_WRB sales_NNS will_MD fare_VB in_IN the_DT important_JJ 1989_CD Christmas_NNP season_NN ,_, some_DT companies_NNS take_VBP steps_NNS to_TO ease_VB the_DT usual_JJ 11th-hour_JJ crush_NN ._. 
Spiegel_NNP promises_VBZ a_DT ``_`` Guaranteed_VBN Christmas_NNP ,_, ''_'' with_IN a_DT pledge_NN to_TO deliver_VB goods_NNS before_IN Christmas_NNP if_IN ordered_VBN by_IN Dec._NNP 20_CD ._. 
And_CC ,_, for_IN an_DT extra_JJ $_$ 6_CD ,_, Land_NNP 's_POS End_NN will_MD deliver_VB orders_NNS within_IN two_CD days_NNS ;_: customers_NNS can_MD designate_VB the_DT day_NN ._. 
Spiegel_NNP ,_, which_WDT also_RB owns_VBZ Eddie_NNP Bauer_NNP and_CC Honeybee_NNP ,_, says_VBZ that_IN since_IN 1987_CD ,_, sales_NNS have_NN doubled_VBN during_IN the_DT week_NN before_IN Christmas_NNP ._. 
An_DT L.L._NNP Bean_NNP spokeswoman_NN notes_NNS :_: ``_`` People_NNS are_VBP just_RB used_VBN to_TO living_VBG in_IN a_DT last-minute_JJ society_NN ._. ''_'' 
Blunt_NNP Ellis_NNP ,_, a_DT Milwaukee_NNP brokerage_NN firm_NN ,_, says_VBZ part_NN of_IN the_DT reason_NN catalog_NN sales_NNS grow_VBP in_IN popularity_NN is_VBZ because_IN consumers_NNS have_VBP more_JJR money_NN but_CC less_JJR time_NN to_TO spend_VB it_PRP ._. 
L.L._NNP Bean_NNP hires_VBZ about_IN 2,700_CD workers_NNS for_IN the_DT season_NN rush_NN ,_, about_IN 300_CD more_JJR than_IN last_JJ year_NN ;_: Land_NNP 's_POS End_NN hires_VBZ 2,000_CD ._. 
BRIEFS_NNS :_: 
Guarana_NNP Antarctica_NNP ,_, a_DT Brazilian_JJ soft_JJ drink_NN ,_, is_VBZ brought_VBN to_TO the_DT U.S._NNP by_IN Amcap_NNP ,_, Chevy_NNP Chase_NNP ,_, Md_NNP ._. 
New_NNP Product_NNP News_NNP says_VBZ the_DT beverage_NN ``_`` looks_VBZ like_IN ginger_NN ale_NN ,_, tastes_VBZ a_DT little_JJ like_IN cherries_NNS and_CC smells_VBZ like_IN bubble_NN gum_NN ._. ''_'' ..._: 
``_`` Amenities_NNS ''_'' planned_VBN for_IN Chicago_NNP 's_POS new_JJ Parkshore_NNP Tower_NNP apartments_NNS include_VBP an_DT on-site_JJ investment_NN counselor_NN ._. 
Four_CD years_NNS ago_RB ,_, Pittsburgh_NNP was_VBD designated_VBN the_DT most-livable_JJS U.S._NNP city_NN by_IN Rand_NNP McNally_NNP 's_POS Places_NNS Rated_VBN Almanac_NNP ,_, and_CC the_DT honor_NN did_VBD wonders_NNS to_TO improve_VB Pittsburgh_NNP 's_POS soot-stained_JJ image_NN ._. 
``_`` People_NNS asked_VBD ,_, is_VBZ it_PRP really_RB true_JJ ?_. ''_'' says_VBZ Maury_NNP Kelley_NNP ,_, vice_NN president_NN ,_, marketing_NN services_NNS ,_, for_IN Beecham_NNP Products_NNP USA_NNP ,_, a_DT maker_NN of_IN health_NN and_CC personal-care_JJ products_NNS that_WDT used_VBD the_DT ranking_NN in_IN its_PRP$ recruiting_NN brochure_NN ._. 
Yuba_NNP City_NNP ,_, Calif._NNP ,_, meanwhile_RB ,_, ranked_VBD dead_JJ last_NN among_IN 329_CD metro_NN areas_NNS ._. 
Unamused_JJ ,_, residents_NNS burned_VBD Rand_NNP McNally_NNP books_NNS and_CC wore_VBD T-shirts_NNS that_WDT said_VBD :_: ``_`` Kiss_VB my_PRP$ Atlas_NNP ._. ''_'' 
The_DT almanac_NN will_MD be_VB making_VBG new_JJ friends_NNS and_CC enemies_NNS on_IN Oct._NNP 27_CD ,_, when_WRB an_DT updated_VBN version_NN will_MD be_VB released_VBN ._. 
Pittsburgh_NNP figures_NNS it_PRP will_MD be_VB dethroned_VBN but_CC plans_NNS to_TO accept_VB its_PRP$ ouster_NN graciously_RB ._. 
The_DT city_NN 's_POS Office_NNP of_IN Promotion_NNP plans_VBZ media_NNS events_NNS to_TO welcome_VB its_PRP$ successor_NN ._. 
``_`` We_PRP 're_VBP encouraging_VBG a_DT graceful_JJ transition_NN ,_, ''_'' says_VBZ Mary_NNP Kay_NNP Poppenberg_NNP ,_, the_DT organization_NN 's_POS president_NN ._. 
``_`` Our_PRP$ attitude_NN is_VBZ that_IN -LRB-_( the_DT ranking_JJ -RRB-_) is_VBZ like_IN Miss_NNP America_NNP ._. 
Once_RB you_PRP 're_VBP Miss_NNP America_NNP ,_, you_PRP 're_VBP always_RB Miss_NNP America_NNP ._. ''_'' 
Tell_VB that_IN to_TO Atlanta_NNP ,_, which_WDT Pittsburgh_NNP replaced_VBD as_IN the_DT most-livable_JJS city_NN in_IN 1985_CD ._. 
Many_JJ Atlantans_NNPS thought_VBD Pittsburgh_NNP was_VBD an_DT unworthy_JJ heir_NN ._. 
A_DT columnist_NN in_IN the_DT Atlanta_NNP Journal_NNP and_CC Constitution_NNP wrote_VBD :_: ``_`` Who_WP did_VBD the_DT research_NN for_IN this_DT report_NN ?_. 
Two_CD guys_NNS from_IN Gary_NNP ,_, Ind._NNP ?_. ''_'' 
Not_RB so_RB ._. 
Co-authors_NNS David_NNP Savageau_NNP and_CC Richard_NNP Boyer_NNP ,_, live_VB in_IN Gloucester_NNP ,_, Mass._NNP ,_, and_CC Asheville_NNP ,_, N.C._NNP ,_, respectively_RB ._. 
``_`` Atlanta_NNP ,_, ''_'' Mr._NNP Savageau_NNP sniffs_VBZ ,_, ``_`` has_VBZ unrealistic_JJ pretensions_NNS to_TO world-class_JJ status_NN ._. ''_'' 
The_DT new_JJ edition_NN lists_VBZ the_DT top_JJ 10_CD metropolitan_JJ areas_NNS as_IN Anaheim-Santa_NNP Ana_NNP ,_, Calif._NNP ;_: Boston_NNP ;_: Louisville_NNP ,_, Ky._NNP ;_: Nassau-Suffolk_NNP ,_, N.Y._NNP ;_: New_NNP York_NNP ;_: Pittsburgh_NNP ;_: San_NNP Diego_NNP ;_: San_NNP Francisco_NNP ;_: Seattle_NNP ;_: and_CC Washington_NNP ._. 
Mr._NNP Savageau_NNP says_VBZ earthquake_NN or_CC not_RB ,_, San_NNP Francisco_NNP makes_VBZ the_DT list_NN ._. 
But_CC attention_NN also_RB rivets_VBZ on_IN who_WP finishes_VBZ last_JJ ,_, and_CC Pine_NNP Bluff_NNP ,_, Ark._NNP --_: which_WDT finished_VBD third_JJ to_TO last_VB in_IN 1981_CD and_CC second_JJ to_TO last_VB in_IN 1985_CD --_: is_VBZ certainly_RB in_IN the_DT running_NN ._. 
``_`` I_PRP hate_VBP to_TO dignify_VB the_DT publication_NN by_IN commenting_VBG on_IN the_DT obscene_JJ rating_NN ,_, ''_'' Mayor_NNP Carolyn_NNP Robinson_NNP says_VBZ ,_, adding_VBG that_IN cities_NNS have_VBP no_DT way_NN to_TO rebut_VB the_DT book_NN ._. 
``_`` It_PRP 's_VBZ like_IN fighting_VBG your_PRP$ way_NN out_IN of_IN a_DT fog_NN ._. 
You_PRP do_VBP n't_RB know_VB which_WDT way_NN to_TO punch_VB ._. 
Northrop_NNP Corp._NNP 's_POS third-quarter_JJ net_JJ income_NN fell_VBD 25_CD %_NN to_TO $_$ 21.5_CD million_CD ,_, or_CC 46_CD cents_NNS a_DT share_NN ,_, while_IN General_NNP Dynamics_NNP Corp._NNP reported_VBD nearly_RB flat_JJ earnings_NNS of_IN $_$ 76.5_CD million_CD ,_, or_CC $_$ 1.83_CD a_DT share_NN ._. 
Los_NNP Angeles-based_JJ Northrop_NNP recorded_VBD an_DT 8.2_CD %_NN decline_NN in_IN sales_NNS as_IN B-2_NNP Stealth_NNP bomber_NN research-and-development_NN revenue_NN continued_VBD to_TO ebb_VB and_CC high_JJ costs_NNS on_IN some_DT other_JJ programs_NNS cut_VBP into_IN profit_NN ._. 
The_DT aerospace_NN concern_NN earned_VBD $_$ 28.8_CD million_CD ,_, or_CC 61_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS in_IN the_DT latest_JJS period_NN were_VBD $_$ 1.25_CD billion_CD ,_, down_RB from_IN $_$ 1.36_CD billion_CD in_IN the_DT 1988_CD quarter_NN ._. 
At_IN St._NNP Louis-based_JJ General_NNP Dynamics_NNP ,_, sales_NNS rose_VBD 10_CD %_NN to_TO $_$ 2.52_CD billion_CD from_IN $_$ 2.29_CD billion_CD ._. 
It_PRP earned_VBD $_$ 76.4_CD million_CD ,_, or_CC $_$ 1.82_CD a_DT share_NN ,_, in_IN the_DT 1988_CD quarter_NN ._. 
General_NNP Dynamics_NNP credited_VBD significant_JJ earnings_NNS gains_NNS in_IN its_PRP$ general_JJ aviation_NN and_CC material_NN service_NN segments_NNS ,_, an_DT earnings_NNS recovery_NN in_IN submarine_NN operations_NNS ,_, and_CC higher_JJR military_JJ aircraft_NN sales_NNS ._. 
Northrop_NNP said_VBD sales_NNS fell_VBD because_IN of_IN the_DT decline_NN in_IN B-2_NNP development_NN dollars_NNS from_IN the_DT government_NN as_IN the_DT plane_NN continues_VBZ its_PRP$ initial_JJ production_NN stage_NN and_CC because_IN fewer_JJR F\/A-18_NNP fighter_NN sections_NNS are_VBP being_VBG produced_VBN in_IN its_PRP$ subcontract_NN work_NN with_IN prime_JJ contractor_NN McDonnell_NNP Douglas_NNP Corp_NNP ._. 
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, Northrop_NNP shares_NNS closed_VBD at_IN $_$ 21.125_CD ,_, off_IN 25_CD cents_NNS ._. 
General_NNP Dynamics_NNP closed_VBD at_IN $_$ 54.875_CD ,_, up_IN 50_CD cents_NNS ._. 
Northrop_NNP ,_, which_WDT since_IN early_JJ 1988_CD has_VBZ declined_VBN to_TO accept_VB fixed-price_JJ contracts_NNS for_IN research_NN and_CC development_NN ,_, said_VBD earnings_NNS were_VBD hurt_VBN by_IN excessive_JJ costs_NNS on_IN a_DT number_NN of_IN such_JJ contracts_NNS won_VBD years_NNS ago_RB ._. 
Among_IN them_PRP were_VBD the_DT ALQ-135_NN electronic_JJ countermeasures_NNS system_NN for_IN the_DT F-15_NNP fighter_NN ._. 
Northrop_NNP 's_POS interest_NN expense_NN also_RB soared_VBD to_TO $_$ 35_CD million_CD from_IN $_$ 17_CD million_CD a_DT year_NN ago_RB ._. 
It_PRP said_VBD debt_NN remained_VBD at_IN the_DT $_$ 1.22_CD billion_CD that_WDT has_VBZ prevailed_VBN since_IN early_JJ 1989_CD ,_, although_IN that_DT compared_VBD with_IN $_$ 911_CD million_CD at_IN Sept._NNP 30_CD ,_, 1988_CD ._. 
The_DT backlog_NN of_IN undelivered_JJ orders_NNS at_IN Northrop_NNP on_IN Sept._NNP 30_CD was_VBD $_$ 4.68_CD billion_CD ,_, down_RB from_IN $_$ 5.16_CD billion_CD a_DT year_NN earlier_RBR ._. 
For_IN the_DT nine_CD months_NNS ,_, Northrop_NNP reported_VBD a_DT net_JJ loss_NN of_IN $_$ 46.9_CD million_CD ,_, or_CC $_$ 1_CD a_DT share_NN ,_, compared_VBN with_IN profit_NN of_IN $_$ 190.3_CD million_CD ,_, or_CC $_$ 4.05_CD a_DT share_NN ,_, in_IN 1988_CD ._. 
Sales_NNS dipped_VBD 3.6_CD %_NN to_TO $_$ 3.92_CD billion_CD from_IN $_$ 4.07_CD billion_CD ._. 
At_IN General_NNP Dynamics_NNP ,_, factors_NNS reducing_VBG earnings_NNS in_IN the_DT military_JJ aircraft_NN segment_NN included_VBD higher_JJR levels_NNS of_IN cost-sharing_NN in_IN development_NN of_IN the_DT Advanced_NNP Tactical_NNP Fighter_NNP ,_, and_CC the_DT high_JJ cost_NN of_IN an_DT advanced_VBN version_NN of_IN the_DT F-16_NNP fighter_NN ._. 
F-16_NN deliveries_NNS also_RB have_VBP fallen_VBN ``_`` slightly_RB behind_IN schedule_NN ,_, ''_'' although_IN a_DT return_NN to_TO the_DT previous_JJ schedule_NN is_VBZ expected_VBN in_IN 1990_CD ,_, the_DT company_NN said_VBD ._. 
Backlog_NN at_IN General_NNP Dynamics_NNP rose_VBD to_TO $_$ 16.5_CD billion_CD from_IN $_$ 15.8_CD billion_CD ._. 
Its_PRP$ interest_NN expense_NN surged_VBD to_TO $_$ 21.5_CD million_CD from_IN $_$ 12.4_CD million_CD ._. 
For_IN the_DT nine_CD months_NNS ,_, General_NNP Dynamics_NNP earned_VBD $_$ 210.3_CD million_CD ,_, or_CC $_$ 5.03_CD a_DT share_NN ,_, up_IN marginally_RB from_IN $_$ 208.8_CD million_CD ,_, or_CC $_$ 4.97_CD a_DT share_NN ,_, on_IN a_DT 4.9_CD %_NN rise_NN in_IN sales_NNS to_TO $_$ 7.41_CD billion_CD from_IN $_$ 7.06_CD billion_CD ._. 
Lotus_NNP Development_NNP Corp._NNP reported_VBD a_DT surprisingly_RB strong_JJ 51_CD %_NN increase_NN in_IN third-quarter_JJ net_JJ income_NN on_IN a_DT 32_CD %_NN sales_NNS gain_NN ,_, buoyed_VBN by_IN strong_JJ demand_NN for_IN a_DT new_JJ version_NN of_IN its_PRP$ 1-2-3_JJ computer_NN spreadsheet_NN ._. 
The_DT results_NNS topped_VBD analysts_NNS '_POS expectations_NNS and_CC the_DT earnings_NNS growth_NN of_IN competitors_NNS ,_, prompting_VBG traders_NNS to_TO all_DT but_CC forget_VB the_DT product-launch_NN delays_NNS that_WDT bogged_VBD down_RP the_DT company_NN for_IN much_NN of_IN the_DT past_JJ two_CD years_NNS ._. 
Yesterday_NN ,_, in_IN heavy_JJ ,_, national_JJ over-the-counter_JJ trading_NN ,_, Lotus_NNP shares_NNS rose_VBD to_TO $_$ 32.50_CD ,_, up_IN $_$ 1.25_CD apiece_RB ,_, capping_VBG a_DT threemonth_JJ run-up_NN of_IN more_JJR than_IN 40_CD %_NN ._. 
Lotus_NNP said_VBD net_NN rose_VBD to_TO $_$ 23_CD million_CD ,_, or_CC 54_CD cents_NNS a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 153.9_CD million_CD ._. 
A_DT year_NN ago_RB ,_, net_NN was_VBD $_$ 14.3_CD million_CD ,_, or_CC 31_CD cents_NNS a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 116.8_CD million_CD ._. 
For_IN the_DT nine_CD months_NNS ,_, net_NN of_IN $_$ 38.5_CD million_CD ,_, or_CC 92_CD cents_NNS a_DT share_NN ,_, trailed_VBD the_DT year_NN earlier_RBR 's_POS $_$ 49.9_CD million_CD ,_, or_CC $_$ 1.08_CD a_DT share_NN ._. 
Sales_NNS rose_VBD to_TO $_$ 406_CD million_CD from_IN $_$ 356_CD million_CD the_DT year_NN earlier_RBR ._. 
In_IN the_DT first_JJ half_NN ,_, Lotus_NNP struggled_VBD to_TO keep_VB market_NN share_NN with_IN costly_JJ promotions_NNS while_IN customers_NNS awaited_VBD the_DT launch_NN of_IN 1-2-3_NNP Release_NNP 3_CD ,_, the_DT upgraded_VBN spreadsheet_NN software_NN ._. 
Lotus_NNP 's_POS results_NNS were_VBD about_IN 10_CD %_NN higher_JJR than_IN analysts_NNS '_POS average_JJ expectations_NNS and_CC compared_VBN favorably_RB with_IN the_DT 36_CD %_NN earnings_NNS rise_NN reported_VBD a_DT day_NN earlier_RBR by_IN rival_JJ Microsoft_NNP Corp._NNP of_IN Redmond_NNP ,_, Wash_NNP ._. 
The_DT company_NN said_VBD results_NNS were_VBD bolstered_VBN by_IN upgrades_NNS to_TO Release_NNP 3_CD by_IN previous_JJ customers_NNS and_CC improved_VBN profit_NN margins_NNS ,_, the_DT result_NN of_IN manufacturing-cost_NN controls_NNS ._. 
Rick_NNP Sherlund_NNP ,_, a_DT Goldman_NNP Sachs_NNP analyst_NN ,_, said_VBD Lotus_NNP had_VBD upgrade_VB revenue_NN of_IN about_RB $_$ 22_CD million_CD in_IN the_DT quarter_NN ,_, twice_RB what_WP he_PRP had_VBD expected_VBN ._. 
Also_RB ,_, he_PRP estimated_VBD unit_NN shipments_NNS of_IN 1-2-3_JJ in_IN all_DT its_PRP$ forms_NNS were_VBD about_IN 315,000_CD ,_, up_IN 7_CD %_NN from_IN 1988_CD 's_POS quarterly_JJ average_NN ._. 
Demand_NN for_IN the_DT new_JJ version_NN was_VBD enabling_VBG Lotus_NNP to_TO raise_VB prices_NNS with_IN distributors_NNS and_CC to_TO hold_VB market_NN share_NN against_IN Microsoft_NNP and_CC other_JJ competitors_NNS that_WDT tried_VBD to_TO exploit_VB the_DT earlier_JJR delays_NNS in_IN Release_NNP 3_CD 's_POS launch_NN ,_, Mr._NNP Sherlund_NNP added_VBD ._. 
He_PRP estimated_VBD that_IN 1-2-3_NN outsold_VBD Microsoft_NNP 's_POS Excel_NNP spreadsheet_NN by_IN four-to-one_RB in_IN the_DT quarter_NN ,_, and_CC held_VBD a_DT 70_CD %_NN or_CC better_JJR share_NN of_IN the_DT spreadsheet_NN market_NN ._. 
Silicon_NNP Valley_NNP heaved_VBD a_DT sigh_NN of_IN relief_NN yesterday_NN ._. 
Though_IN details_NNS were_VBD sketchy_JJ in_IN the_DT aftermath_NN of_IN the_DT violent_JJ earthquake_NN that_WDT shook_VBD the_DT high-tech_JJ corridor_NN along_IN with_IN the_DT rest_NN of_IN the_DT San_NNP Francisco_NNP Bay_NNP area_NN ,_, a_DT spot_NN check_NN of_IN computer_NN makers_NNS turned_VBD up_IN little_JJ ,_, if_IN any_DT ,_, potentially_RB lingering_VBG damage_NN to_TO facilities_NNS or_CC fabrication_NN equipment_NN ._. 
Analysts_NNS and_CC corporate_JJ officials_NNS said_VBD they_PRP expected_VBD practically_RB no_DT long-term_JJ disruption_NN in_IN shipments_NNS from_IN the_DT Valley_NNP of_IN either_DT hardware_NN or_CC software_NN goods_NNS ._. 
Intel_NNP Corp._NNP ,_, Advanced_NNP Micro_NNP Devices_NNP Inc._NNP and_CC National_NNP Semiconductor_NNP Corp._NNP were_VBD all_DT up_IN and_CC running_VBG yesterday_NN ,_, though_IN many_JJ workers_NNS were_VBD forced_VBN to_TO stay_VB home_NN because_IN of_IN damaged_VBN roadways_NNS ;_: others_NNS elected_VBN to_TO take_VB the_DT day_NN off_RB ._. 
``_`` These_DT systems_NNS are_VBP more_RBR rugged_JJ than_IN many_JJ people_NNS would_MD believe_VB ,_, ''_'' said_VBD Thomas_NNP Kurlak_NNP ,_, who_WP tracks_VBZ the_DT computer_NN industry_NN for_IN Merrill_NNP Lynch_NNP Research_NNP ._. 
``_`` It_PRP 's_VBZ not_RB the_DT end_NN of_IN the_DT world_NN if_IN you_PRP shake_VBP them_PRP up_IN a_DT little_JJ bit_NN ._. ''_'' 
Other_JJ companies_NNS ,_, including_VBG International_NNP Business_NNP Machines_NNP Corp._NNP and_CC Hewlett-Packard_NNP Co._NNP ,_, completely_RB idled_VBN their_PRP$ operations_NNS because_IN of_IN Tuesday_NNP evening_NN 's_POS temblor_NN ,_, which_WDT registered_VBD 6.9_CD on_IN the_DT Richter_NNP scale_NN ._. 
Personnel_NNP spent_VBD the_DT morning_NN inspecting_VBG buildings_NNS for_IN structural_JJ weaknesses_NNS ,_, mopping_VBG up_IN water_NN from_IN broken_VBN pipes_NNS and_CC clearing_VBG ceiling_NN tiles_NNS and_CC other_JJ debris_NN from_IN factory_NN floors_NNS ._. 
Still_RB ,_, many_NN were_VBD confident_JJ that_IN ``_`` in_IN a_DT day_NN or_CC two_CD ,_, everything_NN should_MD be_VB back_RB to_TO normal_JJ ,_, ''_'' according_VBG to_TO a_DT spokeswoman_NN for_IN the_DT Semiconductor_NNP Industry_NNP Association_NNP ,_, based_VBN in_IN Cupertino_NNP ._. 
IBM_NNP ,_, for_IN instance_NN ,_, said_VBD it_PRP anticipates_VBZ returning_VBG to_TO a_DT normal_JJ work_NN schedule_NN by_IN the_DT weekend_NN at_IN its_PRP$ San_NNP Jose_NNP plant_NN ,_, which_WDT puts_VBZ out_RP disk_NN drives_NNS for_IN the_DT 3090_CD family_NN of_IN mainframes_NNS ._. 
A_DT Hewlett-Packard_NNP spokeswoman_NN said_VBD that_IN ,_, while_IN ``_`` things_NNS are_VBP a_DT big_JJ mess_NN ,_, ''_'' some_DT 18,000_CD Valley_NNP employees_NNS have_VBP been_VBN called_VBN back_RB to_TO work_VB today_NN ._. 
Apple_NNP Computer_NNP added_VBD that_IN it_PRP was_VBD being_VBG ``_`` cautiously_RB optimistic_JJ ,_, ''_'' despite_IN not_RB yet_RB closely_RB eyeballing_VBG all_DT of_IN its_PRP$ 50_CD buildings_NNS in_IN the_DT region_NN ._. 
Even_RB the_DT carefully_RB calibrated_VBN machinery_NN in_IN its_PRP$ giant_NN Fremont_NNP plant_NN ,_, to_TO the_DT north_RB of_IN the_DT Valley_NNP ,_, was_VBD believed_VBN to_TO be_VB undamaged_JJ ._. 
Sun_NNP Microsystems_NNP Inc._NNP and_CC Tandem_NNP Computers_NNP Inc._NNP also_RB signaled_VBD that_IN they_PRP should_MD recover_VB quickly_RB ._. 
Digital_NNP Equipment_NNP Corp._NNP ,_, with_IN major_JJ facilities_NNS in_IN Santa_NNP Clara_NNP ,_, Cupertino_NNP ,_, Palo_NNP Alto_NNP and_CC Mountain_NNP View_NNP ,_, said_VBD that_IN all_DT of_IN its_PRP$ engineering_NN and_CC manufacturing_NN sites_NNS had_VBD reported_VBN to_TO corporate_JJ headquarters_NN in_IN Maynard_NNP ,_, Mass._NNP ,_, Tuesday_NNP night_NN ._. 
None_NN sustained_VBN ``_`` significant_JJ ''_'' damage_NN ,_, a_DT spokesman_NN said_VBD ,_, adding_VBG that_IN ``_`` the_DT delicate_JJ manufacturing_NN process_NN machines_NNS were_VBD checked_VBN and_CC were_VBD all_DT found_VBD to_TO be_VB operating_VBG normally_RB ._. ''_'' 
For_IN many_JJ companies_NNS ,_, of_IN course_NN ,_, there_EX is_VBZ still_RB a_DT slew_NN of_IN nagging_JJ problems_NNS to_TO grapple_VB with_IN ,_, some_DT of_IN which_WDT have_VBP the_DT potential_JJ to_TO become_VB quite_RB serious_JJ ._. 
For_IN example_NN ,_, a_DT spokesman_NN for_IN Advanced_NNP Micro_NNP Devices_NNPS said_VBD the_DT Sunnyvale_NNP chip_NN maker_NN is_VBZ worried_VBN about_IN blackouts_NNS ._. 
A_DT sudden_JJ surge_NN or_CC drop_NN in_IN electric_JJ power_NN could_MD ruin_VB integrated_VBN circuits_NNS being_VBG built_VBN ._. 
But_CC ,_, given_VBN what_WP might_MD have_VB happened_VBN to_TO the_DT fragile_JJ parts_NNS that_WDT are_VBP at_IN the_DT heart_NN of_IN the_DT microelectronics_NNS business_NN ,_, the_DT bulk_NN of_IN Valley_NNP companies_NNS seemed_VBD to_TO be_VB just_RB about_IN shouting_VBG hosannas_NNS ._. 
Several_JJ factors_NNS apparently_RB spared_VBN the_DT Valley_NNP --_: a_DT sprawling_VBG suburban_JJ stretch_NN from_IN San_NNP Jose_NNP to_TO Palo_NNP Alto_NNP --_: from_IN the_DT kind_NN of_IN impact_NN felt_VBD in_IN San_NNP Francisco_NNP ,_, an_DT hour_NN 's_POS drive_NN north_RB ._. 
For_IN one_CD thing_NN ,_, buildings_NNS there_EX tend_VBP to_TO be_VB newer_JJR and_CC ,_, thus_RB ,_, in_IN step_NN with_IN the_DT latest_JJS safety_NN codes_NNS ._. 
Also_RB ,_, the_DT soil_NN in_IN the_DT Valley_NNP is_VBZ solid_JJ ,_, unlike_IN the_DT landfill_NN of_IN San_NNP Francisco_NNP 's_POS downtown_NN Marina_NNP District_NNP ,_, which_WDT was_VBD hit_VBN with_IN fires_NNS and_CC vast_JJ destruction_NN ._. 
In_IN addition_NN ,_, some_DT microelectronics_NNS companies_NNS said_VBD they_PRP were_VBD prepared_VBN for_IN tremulous_JJ conditions_NNS like_IN Tuesday_NNP 's_POS ._. 
Their_PRP$ machine_NN tools_NNS are_VBP even_RB bolted_VBN to_TO the_DT shop_NN floor_NN ._. 
Intel_NNP said_VBD that_IN over_IN the_DT past_JJ decade_NN ,_, it_PRP has_VBZ installed_VBN computer_NN sensors_NNS and_CC shutoff_NN valves_NNS ,_, sensitive_JJ to_TO the_DT shake_NN of_IN an_DT earthquake_NN ,_, in_IN the_DT pipes_NNS that_WDT snake_NN through_IN its_PRP$ plants_NNS ._. 
Like_IN other_JJ large_JJ Valley_NNP companies_NNS ,_, Intel_NNP also_RB noted_VBD that_IN it_PRP has_VBZ factories_NNS in_IN several_JJ parts_NNS of_IN the_DT nation_NN ,_, so_RB that_IN a_DT breakdown_NN at_IN one_CD location_NN should_MD n't_RB leave_VB customers_NNS in_IN a_DT total_JJ pinch_NN ._. 
That_DT 's_VBZ certainly_RB good_JJ news_NN for_IN such_JJ companies_NNS as_IN Compaq_NNP Computer_NNP Corp._NNP ,_, Houston_NNP ,_, which_WDT has_VBZ only_RB a_DT four-day_JJ supply_NN of_IN microprocessors_NNS from_IN the_DT Valley_NNP on_IN hand_NN because_IN of_IN a_DT just-in-time_JJ manufacturing_NN approach_NN that_IN limits_VBZ the_DT buildup_NN of_IN inventory_NN ._. 
Compaq_NNP said_VBD it_PRP foresees_VBZ no_DT difficulties_NNS in_IN obtaining_VBG parts_NNS in_IN the_DT immediate_JJ future_NN ._. 
Computer_NN makers_NNS were_VBD scrambling_VBG to_TO help_VB customers_NNS recover_VB from_IN the_DT disaster_NN ._. 
Digital_NNP Equipment_NNP has_VBZ set_VBN up_IN disaster-recovery_JJ response_NN centers_NNS in_IN Dallas_NNP ,_, Atlanta_NNP and_CC Colorado_NNP Springs_NNP ,_, Colo_NNP ._. 
These_DT units_NNS were_VBD handling_NN calls_VBZ both_DT from_IN people_NNS in_IN the_DT San_NNP Francisco_NNP area_NN and_CC from_IN computers_NNS themselves_PRP ,_, which_WDT are_VBP set_VBN to_TO dial_VB Digital_NNP automatically_RB when_WRB trouble_NN arises_VBZ ._. 
They_PRP then_RB run_VBP remotely_RB controlled_VBN self-diagnostic_JJ programs_NNS ._. 
Digital_NNP also_RB said_VBD it_PRP has_VBZ dispatched_VBN teams_NNS of_IN technicians_NNS to_TO California_NNP ._. 
Meanwhile_RB ,_, several_JJ other_JJ major_JJ installations_NNS around_IN the_DT Valley_NNP --_: America_NNP 's_POS center_NN of_IN high-tech_JJ --_: said_VBD they_PRP ,_, too_RB ,_, fared_VBD as_RB well_RB as_IN could_MD be_VB expected_VBN ._. 
Lawrence_NNP Livermore_NNP National_NNP Laboratory_NNP ,_, where_WRB the_DT Energy_NNP Department_NNP tests_NNS and_CC conducts_VBZ research_NN on_IN nuclear_JJ weapons_NNS ,_, had_VBD only_RB ``_`` superficial_JJ damage_NN ,_, ''_'' a_DT spokesman_NN said_VBD ._. 
At_IN Lockheed_NNP Corp._NNP 's_POS missiles_NNS and_CC space_NN systems_NNS group_VBP in_IN Sunnyvale_NNP ,_, about_IN 40_CD miles_NNS south_RB of_IN San_NNP Francisco_NNP ,_, workers_NNS were_VBD asked_VBN to_TO head_VB to_TO work_VB yesterday_NN after_IN it_PRP was_VBD realized_VBN that_IN ``_`` there_EX were_VBD no_DT show-stoppers_NNS ''_'' in_IN the_DT 150-plus_JJ buildings_NNS on_IN its_PRP$ one-square-mile_JJ campus_NN ._. 
Several_JJ engineering_NN and_CC research_NN offices_NNS needed_VBN closer_JJR scrutiny_NN to_TO make_VB sure_JJ they_PRP were_VBD n't_RB in_IN danger_NN of_IN crumbling_VBG ,_, but_CC ``_`` the_DT bulk_NN of_IN the_DT place_NN is_VBZ in_IN pretty_RB good_JJ shape_NN ,_, ''_'' an_DT official_NN said_VBD ._. 
One_CD of_IN Lockheed_NNP 's_POS most_RBS lucrative_JJ sectors_NNS --_: accounting_NN for_IN more_JJR than_IN half_PDT the_DT aerospace_NN company_NN 's_POS $_$ 10.59_CD billion_CD in_IN sales_NNS in_IN 1988_CD --_: the_DT missiles_NNS and_CC space_NN group_NN is_VBZ the_DT prime_JJ Pentagon_NNP contractor_NN on_IN the_DT Trident_NNP II_NNP ballistic_JJ missile_NN ._. 
It_PRP also_RB generates_VBZ pieces_NNS of_IN the_DT missile_NN shield_NN called_VBD the_DT Strategic_NNP Defense_NNP Initiative_NNP ._. 
Fortunately_RB ,_, the_DT Hubble_NNP Space_NNP Telescope_NNP --_: set_VBN to_TO be_VB launched_VBN on_IN the_DT shuttle_NN next_JJ year_NN in_IN a_DT search_NN for_IN distant_JJ solar_JJ systems_NNS and_CC light_NN emitted_VBN 14_CD billion_CD years_NNS ago_RB from_IN the_DT farthest_JJS reaches_NNS of_IN the_DT universe_NN --_: was_VBD moved_VBN from_IN Sunnyvale_NNP to_TO the_DT Kennedy_NNP Space_NNP Center_NNP in_IN Florida_NNP at_IN the_DT beginning_NN of_IN October_NNP ._. 
John_NNP R._NNP Wilke_NNP contribued_VBD to_TO this_DT article_NN ._. 
Michael_NNP Maynard_NNP offered_VBD the_DT world_NN a_DT faster_JJR way_NN to_TO break_VB eggs_NNS ._. 
As_IN thanks_NNS ,_, the_DT egg_NN industry_NN tried_VBD to_TO break_VB him_PRP ._. 
And_CC the_DT egg_NN producers_NNS have_VBP done_VBN a_DT pretty_RB good_JJ job_NN ._. 
They_PRP tried_VBD to_TO put_VB Mr._NNP Maynard_NNP out_IN of_IN business_NN by_IN an_DT act_NN of_IN Congress_NNP ._. 
Egg-industry_NN lobbying_VBG helped_VBN persuade_VB six_CD states_NNS to_TO ban_VB Mr._NNP Maynard_NNP 's_POS automatic_JJ egg-breaking_NN machine_NN because_IN of_IN fears_NNS over_IN salmonella_NN ._. 
His_PRP$ company_NN ,_, Misa_NNP Manufacturing_NNP Inc._NNP ,_, was_VBD forced_VBN to_TO seek_VB protection_NN from_IN creditors_NNS under_IN federal_JJ bankruptcy_NN law_NN in_IN 1987_CD and_CC has_VBZ since_IN been_VBN liquidated_VBN ._. 
Monthly_JJ sales_NNS of_IN his_PRP$ Egg_NNP King_NNP machine_NN --_: which_WDT he_PRP now_RB is_VBZ marketing_VBG through_IN a_DT new_JJ company_NN --_: have_VBP sunk_VBN to_TO about_IN half_PDT a_DT dozen_NN from_IN a_DT peak_NN of_IN 75_CD ,_, says_VBZ the_DT 46-year-old_JJ businessman_NN ._. 
Mr._NNP Maynard_NNP is_VBZ n't_RB the_DT first_JJ entrepreneur_NN to_TO bump_VB up_IN against_IN entrenched_VBN interests_NNS ._. 
But_CC his_PRP$ case_NN is_VBZ notable_JJ both_DT for_IN the_DT scale_NN of_IN the_DT fight_NN --_: it_PRP is_VBZ n't_RB often_RB that_IN a_DT congressional_JJ hearing_NN is_VBZ held_VBN to_TO determine_VB whether_IN one_CD small_JJ businessman_NN is_VBZ a_DT threat_NN to_TO the_DT republic_NN --_: and_CC for_IN what_WP it_PRP tells_VBZ about_IN the_DT pitfalls_NNS of_IN marketing_VBG a_DT new_JJ product_NN ._. 
Now_RB one_PRP might_MD ask_VB why_WRB people_NNS who_WP sell_VBP eggs_NNS would_MD fight_VB someone_NN who_WP is_VBZ trying_VBG to_TO make_VB it_PRP easier_JJR to_TO crack_VB them_PRP ._. 
Part_NN of_IN the_DT answer_NN lies_VBZ in_IN the_DT nature_NN of_IN the_DT industry_NN ._. 
Many_RB larger_JJR egg_NN producers_NNS are_VBP also_RB egg_NN processors_NNS ,_, who_WP crack_VBP ,_, inspect_VB ,_, and_CC sanitize_VBP billions_NNS of_IN eggs_NNS ,_, turning_VBG them_PRP into_IN powdered_JJ ,_, liquified_JJ or_CC frozen_VBN egg_NN products_NNS ._. 
However_RB ,_, dozens_NNS of_IN bakers_NNS ,_, restaurant_NN chefs_NNS and_CC other_JJ food_NN preparers_NNS who_WP flocked_VBD to_TO Mr._NNP Maynard_NNP 's_POS defense_NN say_VBP that_IN products_NNS ranging_VBG from_IN egg_NN bread_NN to_TO eclairs_NNS lose_VBP some_DT zip_NN when_WRB the_DT eggs_NNS come_VBP in_IN 30-pound_JJ cans_NNS instead_RB of_IN shells_NNS ._. 
But_CC for_IN companies_NNS that_IN use_NN hundreds_NNS of_IN eggs_NNS a_DT day_NN ,_, breaking_VBG them_PRP by_IN hand_NN can_MD get_VB ,_, well_RB ,_, out_IN of_IN hand_NN ._. 
The_DT idea_NN behind_IN the_DT Egg_NNP King_NNP is_VBZ pretty_RB simple_JJ :_: put_VB the_DT eggs_NNS into_IN a_DT cylinder_NN that_WDT contains_VBZ perforated_JJ baskets_NNS ,_, spin_VB them_PRP at_IN a_DT high_JJ speed_NN to_TO break_VB the_DT shells_NNS and_CC strain_VB the_DT edible_JJ part_NN through_IN the_DT baskets_NNS ._. 
One_CD Egg_NNP King_NNP --_: which_WDT at_IN just_RB under_IN four_CD feet_NNS tall_JJ and_CC two_CD feet_NNS wide_JJ has_VBZ been_VBN likened_VBN to_TO the_DT robot_NN R2-D2_NN --_: can_MD crack_VB about_IN 20,000_CD eggs_NNS an_DT hour_NN ._. 
Because_IN fresh_JJ eggs_NNS are_VBP less_RBR expensive_JJ than_IN processed_VBN ones_NNS ,_, a_DT big_JJ egg_NN user_NN can_MD recover_VB the_DT Egg_NNP King_NNP 's_POS $_$ 3,390_CD cost_NN in_IN a_DT few_JJ months_NNS ,_, says_VBZ Mr._NNP Maynard_NNP ._. 
Such_JJ centrifugal_JJ egg_NN breakers_NNS have_VBP been_VBN around_IN since_IN the_DT 1890s_CD ._. 
But_CC when_WRB Mr._NNP Maynard_NNP came_VBD forward_RB with_IN his_PRP$ machine_NN in_IN the_DT early_JJ 1970s_NNS nobody_NN else_RB was_VBD offering_VBG them_PRP in_IN the_DT U.S._NNP ._. 
The_DT main_JJ reason_NN :_: salmonella_NN ._. 
Chickens_NNS carry_VBP this_DT bacteria_NNS ,_, which_WDT can_MD cause_VB upset_VBN stomachs_NNS and_CC ,_, in_IN rare_JJ cases_NNS ,_, death_NN among_IN people_NNS ._. 
Hens_NNS sometimes_RB pass_VBP salmonella_NN to_TO the_DT eggs_NNS ,_, and_CC it_PRP can_MD also_RB be_VB found_VBN on_IN unclean_JJ shells_NNS ._. 
Thus_RB ,_, any_DT machine_NN that_IN breaks_VBZ large_JJ amounts_NNS of_IN eggs_NNS at_IN once_RB has_VBZ the_DT potential_JJ to_TO spread_VB salmonella_NN if_IN a_DT bad_JJ egg_NN gets_VBZ in_IN with_IN the_DT good_JJ ones_NNS ._. 
Mr._NNP Maynard_NNP claims_VBZ this_DT is_VBZ a_DT manageable_JJ problem_NN ._. 
The_DT Egg_NNP King_NNP carries_VBZ written_VBN instructions_NNS to_TO break_VB only_RB high-grade_JJ eggs_NNS that_WDT have_VBP been_VBN properly_RB sanitized_VBN and_CC ,_, as_IN an_DT added_VBN precaution_NN ,_, to_TO use_VB the_DT eggs_NNS only_RB in_IN products_NNS that_WDT will_MD be_VB cooked_VBN enough_RB to_TO kill_VB bacteria_NNS ._. 
With_IN nearly_RB 4,000_CD machines_NNS in_IN use_NN ,_, there_EX have_VBP been_VBN no_DT salmonella_NN problems_NNS as_RB long_RB as_IN instructions_NNS were_VBD followed_VBN ,_, Mr._NNP Maynard_NNP boasts_VBZ ._. 
He_PRP says_VBZ the_DT handful_NN of_IN salmonella_NN cases_NNS involving_VBG products_NNS that_WDT may_MD have_VB used_VBN eggs_NNS broken_VBN by_IN an_DT Egg_NNP King_NNP stemmed_VBD from_IN a_DT failure_NN to_TO adequately_RB cook_VBP the_DT products_NNS ._. 
But_CC he_PRP says_VBZ that_DT 's_VBZ no_DT more_JJR a_DT reason_NN for_IN banning_VBG Egg_NNP Kings_NNP than_IN bad_JJ drivers_NNS are_VBP a_DT reason_NN for_IN banning_VBG cars_NNS ._. 
Opponents_NNS do_VBP n't_RB buy_VB such_JJ arguments_NNS ._. 
``_`` Human_NNP nature_NN being_VBG what_WP it_PRP is_VBZ ,_, people_NNS do_VBP n't_RB always_RB follow_VB instructions_NNS ,_, ''_'' says_VBZ Jack_NNP Guzewich_NNP ,_, chief_NN of_IN food_NN protection_NN for_IN the_DT New_NNP York_NNP state_NN Health_NNP Department_NNP ._. 
Leading_VBG the_DT assault_NN against_IN the_DT Egg_NNP King_NNP has_VBZ been_VBN United_NNP Egg_NNP Producers_NNS ._. 
The_DT Decatur_NNP ,_, Ga._NNP ,_, trade_NN group_NN has_VBZ issued_VBN a_DT ``_`` briefing_NN book_NN ''_'' that_IN claims_VBZ the_DT machine_NN is_VBZ ``_`` a_DT health_NN hazard_NN ''_'' and_CC that_IN Mr._NNP Maynard_NNP is_VBZ trying_VBG ``_`` to_TO make_VB a_DT fast_JJ buck_NN at_IN the_DT expense_NN of_IN the_DT nation_NN 's_POS egg_NN producers_NNS ._. ''_'' 
The_DT UEP_NNP declines_NNS to_TO comment_VB ,_, but_CC the_DT group_NN 's_POS attorney_NN ,_, Alfred_NNP Frawley_NNP ,_, says_VBZ the_DT group_NN 's_POS actions_NNS are_VBP motivated_VBN solely_RB by_IN ``_`` health_NN concerns_NNS ._. ''_'' 
An_DT early_JJ battleground_NN was_VBD the_DT U.S._NNP Department_NNP of_IN Agriculture_NNP ._. 
Mr._NNP Maynard_NNP initially_RB won_VBD approval_NN for_IN his_PRP$ machine_NN to_TO be_VB used_VBN at_IN egg-processing_JJ facilities_NNS regulated_VBN by_IN the_DT USDA_NNP 's_POS Food_NNP Safety_NNP Inspection_NNP Service_NNP ._. 
Unfortunately_RB for_IN Mr._NNP Maynard_NNP ,_, another_DT branch_NN of_IN the_DT USDA_NNP ,_, the_DT Agricultural_NNP Marketing_NNP Service_NNP ,_, was_VBD in_IN charge_NN of_IN eggs_NNS ._. 
After_IN receiving_VBG complaints_NNS from_IN egg_NN producers_NNS ,_, this_DT branch_NN got_VBD the_DT other_JJ branch_NN to_TO rescind_VB its_PRP$ approval_NN ,_, thus_RB limiting_VBG the_DT machine_NN 's_POS potential_JJ market_NN to_TO bakeries_NNS and_CC restaurants_NNS and_CC other_JJ establishments_NNS that_WDT are_VBP n't_RB regulated_VBN by_IN the_DT USDA_NNP ._. 
The_DT egg_NN producers_NNS also_RB lobbied_VBD the_DT Food_NNP and_CC Drug_NNP Administration_NNP ._. 
But_CC the_DT FDA_NNP in_IN a_DT 1985_CD letter_NN to_TO the_DT United_NNP Egg_NNP Producers_NNS said_VBD that_IN there_EX was_VBD ``_`` little_JJ likelihood_NN ''_'' of_IN a_DT health_NN problem_NN as_RB long_RB as_IN instructions_NNS were_VBD followed_VBN ._. 
So_RB the_DT producers_NNS went_VBD to_TO Capitol_NNP Hill_NNP ,_, where_WRB a_DT congressman_NN from_IN Georgia_NNP introduced_VBD a_DT measure_NN to_TO ban_VB centrifugal_JJ egg-breaking_NN machines_NNS ._. 
Mr._NNP Maynard_NNP ,_, whose_WP$ company_NN at_IN the_DT time_NN was_VBD based_VBN in_IN Santa_NNP Ana_NNP ,_, Calif._NNP ,_, enlisted_VBD his_PRP$ local_JJ congressman_NN ,_, and_CC the_DT battle_NN was_VBD joined_VBN ._. 
Mr._NNP Maynard_NNP 's_POS forces_NNS finally_RB defeated_VBN the_DT measure_NN ,_, though_IN it_PRP took_VBD a_DT vote_NN on_IN the_DT floor_NN of_IN the_DT House_NNP of_IN Representatives_NNPS to_TO do_VB it_PRP ._. 
Even_RB then_RB ,_, opponents_NNS managed_VBD to_TO get_VB a_DT congressional_JJ hearing_NN to_TO examine_VB what_WP one_CD congressman_NN called_VBD an_DT ``_`` unscrupulous_JJ ''_'' method_NN for_IN breaking_VBG eggs_NNS ._. 
Foiled_VBN in_IN their_PRP$ effort_NN to_TO get_VB a_DT national_JJ ban_NN ,_, the_DT egg_NN producers_NNS turned_VBD their_PRP$ attention_NN to_TO the_DT states_NNS ._. 
So_RB far_RB ,_, New_NNP York_NNP ,_, New_NNP Jersey_NNP ,_, Nebraska_NNP ,_, Georgia_NNP ,_, Michigan_NNP and_CC Minnesota_NNP have_VBP outlawed_VBN Mr._NNP Maynard_NNP 's_POS device_NN ,_, citing_VBG health_NN concerns_NNS ._. 
An_DT antitrust_JJ suit_NN that_IN Mr._NNP Maynard_NNP 's_POS company_NN filed_VBN in_IN Los_NNP Angeles_NNP federal_JJ court_NN against_IN the_DT United_NNP Egg_NNP Producers_NNS and_CC others_NNS only_RB added_VBD to_TO the_DT entrepreneur_NN 's_POS woes_NNS ._. 
The_DT judge_NN dismissed_VBD the_DT suit_NN and_CC ordered_VBD Mr._NNP Maynard_NNP 's_POS company_NN to_TO pay_VB over_IN $_$ 100,000_CD in_IN legal_JJ fees_NNS to_TO the_DT defendants_NNS '_POS lawyers_NNS ._. 
Mr._NNP Maynard_NNP says_VBZ the_DT ruling_NN pushed_VBD his_PRP$ company_NN into_IN bankruptcy_NN court_NN ._. 
Now_RB he_PRP has_VBZ moved_VBN to_TO Oklahoma_NNP where_WRB costs_NNS are_VBP lower_JJR ,_, and_CC started_VBD a_DT new_JJ company_NN ,_, Adsi_NNP Inc._NNP ,_, to_TO market_VB his_PRP$ machine_NN ._. 
But_CC ,_, so_RB far_RB ,_, the_DT change_NN of_IN scenery_NN has_VBZ n't_RB ended_VBN his_PRP$ string_NN of_IN bad_JJ breaks_NNS ._. 
Mr._NNP Maynard_NNP recently_RB fell_VBD from_IN a_DT horse_NN and_CC fractured_VBN his_PRP$ arm_NN ._. 
Michelle_NNP Pfeiffer_NNP ca_MD n't_RB chew_VB gum_NN and_CC sing_VB at_IN the_DT same_JJ time_NN ._. 
But_CC on_IN the_DT evidence_NN of_IN ``_`` The_DT Fabulous_NNP Baker_NNP Boys_NNPS ,_, ''_'' that_WDT may_MD be_VB the_DT only_JJ thing_NN she_PRP ca_MD n't_RB do_VB ,_, at_IN least_JJS when_WRB she_PRP 's_VBZ acting_VBG in_IN movies_NNS ._. 
As_IN the_DT tough_JJ ,_, slinky_JJ lounge_NN chanteuse_NN in_IN ``_`` The_DT Fabulous_NNP Baker_NNP Boys_NNPS ,_, ''_'' Ms._NNP Pfeiffer_NNP sings_VBZ for_IN herself_PRP ,_, and_CC more_JJR than_IN passably_RB well_RB ._. 
Her_PRP$ Susie_NNP Diamond_NNP handles_VBZ a_DT song_NN the_DT way_NN the_DT greats_NNS do_VBP ,_, like_IN she_PRP 's_VBZ hearing_VBG the_DT way_NN it_PRP should_MD sound_VB inside_IN her_PRP$ head_NN and_CC she_PRP 's_VBZ concentrating_VBG on_IN matching_VBG that_IN internal_JJ tone_NN ._. 
Yet_RB her_PRP$ intensity_NN stops_VBZ and_CC starts_VBZ with_IN the_DT music_NN ._. 
When_WRB she_PRP is_VBZ n't_RB performing_VBG for_IN an_DT audience_NN ,_, she_PRP prepares_VBZ for_IN a_DT song_NN by_IN removing_VBG the_DT wad_NN of_IN gum_NN from_IN her_PRP$ mouth_NN ,_, and_CC indicates_VBZ that_IN she_PRP 's_VBZ finished_VBN by_IN sticking_VBG the_DT gum_NN back_RB in_RB ._. 
Like_IN almost_JJ everything_NN in_IN this_DT wonderfully_RB romantic_JJ and_CC edgy_JJ movie_NN ,_, Ms._NNP Pfeiffer_NNP 's_POS Susie_NNP seems_VBZ like_IN someone_NN you_PRP 've_VBP seen_VBN before_RB ,_, in_IN numerous_JJ show-biz_NN stories_NNS -LRB-_( even_RB her_PRP$ name_NN ,_, Susie_NNP Diamond_NNP ,_, sounds_VBZ like_IN a_DT character_NN Marilyn_NNP Monroe_NNP must_MD have_VB played_VBN -RRB-_) ._. 
Yet_RB nothing_NN about_IN ``_`` Baker_NNP Boys_NNPS ,_, ''_'' and_CC certainly_RB nothing_NN about_IN Ms._NNP Pfeiffer_NNP ,_, really_RB is_VBZ like_IN something_NN from_IN the_DT video_NN vault_NN ._. 
Steve_NNP Kloves_NNP ,_, the_DT young_JJ writer_NN and_CC director_NN -LRB-_( he_PRP is_VBZ n't_RB yet_RB 30_CD -RRB-_) ,_, has_VBZ only_RB one_CD produced_VBN picture_NN to_TO his_PRP$ credit_NN ;_: he_PRP wrote_VBD the_DT screenplay_NN for_IN ``_`` Racing_NNP With_IN the_DT Moon_NNP ,_, ''_'' a_DT lovely_JJ coming-of-age_JJ picture_NN set_VBN in_IN the_DT '40s_NNS ._. 
Both_DT movies_NNS are_VBP infused_VBN with_IN the_DT nostalgic_JJ sensibility_NN of_IN someone_NN much_RB older_JJR ,_, someone_NN who_WP does_VBZ n't_RB dismiss_VB dreams_NNS ,_, but_CC who_WP also_RB has_VBZ enough_JJ experience_NN to_TO see_VB his_PRP$ limits_NNS ._. 
However_RB ,_, Mr._NNP Kloves_NNP directs_VBZ his_PRP$ own_JJ material_NN without_IN sentimentality_NN and_CC at_IN its_PRP$ own_JJ eccentric_JJ pace_NN ;_: ``_`` Baker_NNP Boys_NNPS ''_'' is_VBZ both_DT bluesy_JJ and_CC funny_JJ ._. 
He_PRP 's_VBZ put_VBN a_DT fresh_JJ spin_NN on_IN material_NN that_WDT could_MD come_VB off_IN terribly_RB cliched_JJ ;_: for_IN example_NN ,_, the_DT way_NN Susie_NNP wows_VBZ an_DT audience_NN the_DT first_JJ time_NN she_PRP sings_VBZ with_IN the_DT Baker_NNP Boys_NNPS ._. 
Of_IN course_NN ,_, it_PRP does_VBZ n't_RB hurt_VBN that_IN Mr._NNP Kloves_NNP has_VBZ made_VBN up_IN for_IN his_PRP$ lack_NN of_IN experience_NN behind_IN the_DT camera_NN with_IN technicians_NNS who_WP know_VBP exactly_RB what_WP they_PRP 're_VBP doing_VBG ._. 
Much_RB of_IN the_DT picture_NN 's_POS sensuality_NN emerges_VBZ from_IN cinematographer_NN Michael_NNP Ballhaus_NNP 's_POS slyly_RB seductive_JJ lens_NN work_NN ._. 
After_IN working_VBG for_IN years_NNS with_IN Werner_NNP Rainer_NNP Fassbinder_NNP ,_, the_DT late_JJ German_JJ director_NN ,_, and_CC more_RBR recently_RB with_IN Martin_NNP Scorsese_NNP -LRB-_( ``_`` After_IN Hours_NNS ,_, ''_'' ``_`` The_DT Color_NNP of_IN Money_NNP ,_, ''_'' ``_`` The_DT Last_JJ Temptation_NN of_IN Christ_NNP ''_'' -RRB-_) ,_, Mr._NNP Ballhaus_NNP has_VBZ developed_VBN a_DT distinctively_RB fluid_NN style_NN ._. 
And_CC Dave_NNP Grusin_NNP 's_POS witty_JJ score_NN embraces_VBZ the_DT banal_JJ requirements_NNS of_IN banquet-hall_NN musicianship_NN -LRB-_( ``_`` Feelings_NNS ''_'' is_VBZ a_DT must_MD -RRB-_) without_IN condescension_NN ._. 
Though_IN Ms._NNP Pfeiffer_NNP has_VBZ the_DT flashy_JJ part_NN --_: she_PRP gets_VBZ the_DT best_JJS comic_JJ bits_NNS and_CC to_TO wear_VB glamorous_JJ dresses_NNS and_CC spiked_JJ heels_NNS the_DT boys_NNS are_VBP pretty_RB great_JJ ,_, too_RB ._. 
What_WP seemed_VBD like_IN a_DT good_JJ idea_NN ,_, to_TO cast_VB the_DT Bridges_NNP brothers_NNS -LRB-_( Jeff_NNP and_CC Beau_NNP -RRB-_) as_IN the_DT Baker_NNP brothers_NNS ,_, actually_RB turned_VBD out_IN to_TO be_VB a_DT good_JJ idea_NN ._. 
Anyone_NN who_WP 's_VBZ tried_VBD to_TO appear_VB ``_`` natural_JJ ''_'' in_IN front_NN of_IN a_DT camera_NN knows_VBZ that_IN it_PRP 's_VBZ much_RB more_RBR natural_JJ to_TO end_VB up_IN looking_VBG like_IN a_DT stiff_NN ._. 
So_RB it_PRP 's_VBZ quite_RB possible_JJ that_IN the_DT terrific_JJ play_NN between_IN the_DT brothers_NNS is_VBZ n't_RB natural_JJ at_IN all_DT ,_, that_IN Jeff_NNP and_CC Beau_NNP had_VBD to_TO work_VB like_IN crazy_JJ to_TO make_VB their_PRP$ brotherly_JJ love_NN --_: and_CC resentment_NN and_CC frustration_NN and_CC rage_NN --_: seem_VB so_RB very_RB real_JJ ._. 
When_WRB the_DT movie_NN opens_VBZ the_DT Baker_NNP brothers_NNS are_VBP doing_VBG what_WP they_PRP 've_VBP done_VBN for_IN 15_CD years_NNS professionally_RB ,_, and_CC twice_RB as_RB long_RB as_IN that_DT for_IN themselves_PRP :_: They_PRP 're_VBP playing_VBG proficient_JJ piano_NN ,_, face-to-face_JJ ,_, on_IN twin_JJ pianos_NNS ._. 
They_PRP 're_VBP small_JJ time_NN in_IN the_DT small_JJ time-hotels_NNS -LRB-_( not_RB the_DT best_JJS ones_NNS -RRB-_) and_CC restaurants_NNS in_IN Seattle_NNP ._. 
Yet_RB they_PRP do_VBP n't_RB disparage_VB their_PRP$ audiences_NNS by_IN disparaging_VBG their_PRP$ act_NN ._. 
They_PRP wear_VBP tuxedos_NNS most_RBS nights_NNS ,_, unless_IN circumstances_NNS -LRB-_( a_DT regular_JJ gig_NN at_IN a_DT ``_`` tropical_JJ ''_'' lounge_NN ,_, for_IN example_NN -RRB-_) require_VB them_PRP to_TO wear_VB special_JJ costumes_NNS ,_, like_IN Hawaiian_NNP shirts_NNS ._. 
Plump_JJ Beau_NNP ,_, looking_VBG eager_JJ to_TO please_VB with_IN his_PRP$ arched_JJ eyebrows_NNS and_CC round_NN face_NN ,_, plays_VBZ the_DT older_JJR brother_NN ,_, Frank_NNP ._. 
Frank_NNP plans_VBZ the_DT program_NN ,_, takes_VBZ care_NN of_IN business_NN ,_, and_CC approaches_VBZ the_DT work_NN like_IN any_DT other_JJ job_NN ._. 
He_PRP 's_VBZ even_RB able_JJ to_TO think_VB of_IN a_DT job_NN that_WDT takes_VBZ him_PRP out_IN of_IN the_DT house_NN 300_CD nights_NNS a_DT week_NN as_IN an_DT ordinary_JJ job_NN ._. 
He_PRP 's_VBZ got_VBD a_DT wife_NN and_CC two_CD kids_NNS and_CC a_DT house_NN in_IN the_DT suburbs_NNS ;_: the_DT audience_NN sees_VBZ only_RB the_DT house_NN ,_, and_CC only_RB near_IN the_DT end_NN of_IN the_DT movie_NN ._. 
Frank_NNP grovels_VBZ a_DT little_JJ for_IN the_DT bookers_NNS ,_, probably_RB no_DT more_JJR or_CC less_JJR than_IN he_PRP would_MD have_VB to_TO if_IN he_PRP worked_VBD for_IN a_DT big_JJ corporation_NN ._. 
On_IN his_PRP$ off-hours_JJ he_PRP wears_VBZ cardigan_NN sweaters_NNS ._. 
Jeff_NNP Bridges_NNP is_VBZ the_DT younger_JJR brother_NN ,_, Jack_NNP ,_, who_WP fancies_VBZ himself_PRP the_DT rebellious_JJ artist_NN ;_: he_PRP lives_VBZ in_IN a_DT loft_NN with_IN his_PRP$ sick_JJ dog_NN and_CC the_DT occasional_JJ visit_NN from_IN the_DT little_JJ girl_NN upstairs_NN ,_, who_WP climbs_VBZ down_RP the_DT fire_NN escape_NN ._. 
Yet_RB Jack_NNP 's_POS the_DT one_CD who_WP can_MD remember_VB every_DT dive_NN they_PRP ever_RB played_VBD ,_, and_CC when_WRB ,_, and_CC he_PRP dutifully_RB shows_VBZ up_IN for_IN work_NN night_NN after_IN night_NN -LRB-_( he_PRP consoles_VBZ himself_PRP with_IN booze_NN and_CC by_IN showing_VBG up_IN at_IN the_DT last_JJ minute_NN -RRB-_) ._. 
Looking_VBG leaner_JJR than_IN he_PRP has_VBZ in_IN a_DT while_NN ,_, the_DT younger_JJR Mr._NNP Bridges_NNP 's_POS Jack_NNP is_VBZ sexy_JJ and_CC cynical_JJ and_CC a_DT far_RB sadder_JJR case_NN than_IN Frank_NNP ,_, who_WP 's_VBZ managed_VBD to_TO chisel_VB his_PRP$ dreams_NNS to_TO fit_VB reality_NN without_IN feeling_NN too_RB cheated_VBD ._. 
He_PRP can_MD live_VB with_IN little_JJ pleasures_NNS ._. 
Mr._NNP Kloves_NNP has_VBZ put_VBN together_RB some_DT priceless_JJ moments_NNS ._. 
These_DT include_VBP Jennifer_NNP Tilly_NNP 's_POS audition_NN to_TO be_VB the_DT Baker_NNP Boys_NNPS '_POS girl_NN singer_NN ._. 
Ms._NNP Tilly_NNP of_IN the_DT tweety-bird_JJ voice_NN showed_VBD great_JJ comic_JJ promise_NN during_IN her_PRP$ stint_NN as_IN the_DT mobster_NN 's_POS girlfriend_NN on_IN the_DT television_NN show_NN ,_, ``_`` Hill_NNP Street_NNP Blues_NNPS ._. ''_'' 
Here_RB she_PRP delivers_VBZ ,_, especially_RB during_IN her_PRP$ enthusiastically_RB awful_JJ rendition_NN of_IN the_DT ``_`` Candy_NN Man_NN ,_, ''_'' which_WDT she_PRP sings_VBZ while_IN prancing_NN around_IN in_IN a_DT little_JJ cotton_NN candy_NN pink_JJ angora_NN sweater_NN that_WDT could_MD n't_RB be_VB more_RBR perfect_JJ ._. 
-LRB-_( It_PRP matches_VBZ her_PRP$ voice_NN ._. -RRB-_) 
And_CC Ms._NNP Pfeiffer_NNP 's_POS particular_JJ version_NN of_IN ``_`` Making_VBG Whoopee_NN ''_'' --_: and_CC the_DT way_NN Mr._NNP Ballhaus_NNP photographs_VBZ her_PRP$ ,_, from_IN the_DT tips_NNS of_IN her_PRP$ red_JJ high_JJ heels_NNS right_NN up_IN her_PRP$ clingy_JJ red_JJ velvet_NN dress_NN --_: might_MD make_VB you_PRP think_VB of_IN Marilyn_NNP Monroe_NNP if_IN Ms._NNP Pfeiffer_NNP had_VBD n't_RB gone_VBN and_CC become_VB a_DT star_NN in_IN her_PRP$ own_JJ right_NN ._. 
VIDEO_NN TIP_NN :_: 
If_IN you_PRP 'd_MD like_VB to_TO see_VB the_DT first_JJ time_NN Michelle_NNP Pfeiffer_NNP sang_VBD on_IN screen_NN ,_, and_CC you_PRP have_VBP a_DT lot_NN of_IN patience_NN ,_, take_VB a_DT look_NN at_IN ``_`` Grease_NN 2_CD ._. ''_'' 
You_PRP 'll_MD find_VB her_PRP$ there_RB ._. 
Better_NNP yet_RB ,_, check_NN out_IN the_IN emergence_NN of_IN her_PRP$ comic_JJ persona_NN in_IN ``_`` Married_VBN to_TO the_DT Mob_NN ,_, ''_'' Jonathan_NNP Demme_NNP 's_POS delightful_JJ Mafia_NNP comedy_NN ._. 
International_NNP Proteins_NNPS Corp._NNP definitively_RB agreed_VBD to_TO pay_VB $_$ 49_CD million_CD and_CC 2,850,000_CD of_IN its_PRP$ shares_NNS for_IN Hanson_NNP PLC_NNP 's_POS Ground_NNP Round_NNP restaurant_NN subsidiary_NN ._. 
Shareholders_NNS of_IN International_NNP Proteins_NNPS ,_, a_DT food_NN and_CC agriproducts_NNS company_NN ,_, will_MD vote_VB on_IN the_DT transaction_NN at_IN a_DT meeting_NN late_JJ next_JJ month_NN ._. 
Hanson_NNP is_VBZ a_DT London_NNP producer_NN of_IN consumer_NN and_CC other_JJ goods_NNS ._. 
International_NNP Proteins_NNPS shares_NNS did_VBD n't_RB trade_VB yesterday_NN on_IN the_DT American_NNP Stock_NNP Exchange_NNP ._. 
They_PRP closed_VBD Tuesday_NNP in_IN composite_JJ trading_NN at_IN $_$ 13.625_CD ,_, down_RB 37.5_CD cents_NNS ,_, giving_VBG the_DT stock_NN portion_NN of_IN the_DT transaction_NN an_DT indicated_VBN value_NN of_IN $_$ 38.8_CD million_CD ._. 
Control_NNP Data_NNP Corp._NNP agreed_VBD to_TO sell_VB its_PRP$ idle_JJ supercomputer_NN manufacturing_NN plant_NN here_RB to_TO Minnesota_NNP Mining_NNP &_CC Manufacturing_NNP Co._NNP for_IN $_$ 5.8_CD million_CD ._. 
The_DT tentative_JJ agreement_NN calls_VBZ for_IN 3M_CD to_TO use_VB the_DT 115,000-square-foot_JJ plant_NN and_CC 19_CD acres_NNS of_IN land_NN for_IN research_NN laboratories_NNS ._. 
Control_NNP Data_NNP has_VBZ been_VBN seeking_VBG a_DT buyer_NN for_IN the_DT facility_NN since_IN it_PRP folded_VBD its_PRP$ ETA_NNP Systems_NNP Inc._NNP supercomputer_NN unit_NN this_DT past_JJ April_NNP ._. 
General_NNP Dynamics_NNP Corp._NNP was_VBD awarded_VBN contracts_NNS totaling_VBG $_$ 589_CD million_CD for_IN one_CD Navy_NNP Trident_NNP submarine_NN and_CC for_IN Air_NNP Force_NNP research_NN on_IN the_DT National_NNP Aerospace_NNP plane_NN ._. 
Grumman_NNP Corp._NNP won_VBD a_DT $_$ 58.9_CD million_CD Navy_NNP contract_NN for_IN 12_CD F-14_NN aircraft_NN ._. 
Raytheon_NNP Co._NNP was_VBD issued_VBN a_DT $_$ 19.2_CD million_CD Air_NNP Force_NNP contract_NN for_IN support_NN of_IN the_DT Milstar_NNP communications_NNS satellite_NN ._. 
McDonnell_NNP Douglas_NNP Corp._NNP got_VBD a_DT $_$ 12.5_CD million_CD Air_NNP Force_NNP contract_NN for_IN support_NN work_NN on_IN the_DT National_NNP Aerospace_NNP plane_NN ._. 
Denis_NNP C._NNP Smith_NNP was_VBD named_VBN to_TO the_DT new_JJ post_NN of_IN vice_NN president_NN of_IN world-wide_JJ advanced_VBD materials_NNS operations_NNS for_IN this_DT chemicals_NNS concern_VBP ._. 
Mr._NNP Smith_NNP ,_, 50_CD years_NNS old_JJ ,_, was_VBD formerly_RB responsible_JJ for_IN advanced_VBN materials_NNS ,_, which_WDT include_VBP plastic_NN composites_NNS and_CC alloys_NNS ,_, in_IN North_NNP America_NNP only_RB ._. 
Himont_NNP is_VBZ 81%-owned_JJ by_IN Montedison_NNP S.p_NNP ._. A._NNP of_IN Milan_NNP ,_, Italy_NNP ._. 
Galveston-Houston_NNP Co._NNP said_VBD it_PRP will_MD redeem_VB all_DT 3,950_CD shares_NNS of_IN its_PRP$ privately_RB held_VBN 6.5_CD %_NN convertible_JJ Series_NNP C_NN preferred_JJ stock_NN Nov._NNP 8_CD ._. 
Holders_NNS can_MD either_DT convert_NN each_DT share_NN into_IN 421_CD shares_NNS of_IN the_DT company_NN 's_POS common_JJ stock_NN ,_, or_CC surrender_VB their_PRP$ shares_NNS at_IN the_DT per-share_JJ price_NN of_IN $_$ 1,000_CD ,_, plus_CC accumulated_VBD dividends_NNS of_IN $_$ 6.71_CD a_DT share_NN ._. 
Galveston-Houston_NNP makes_VBZ and_CC markets_NNS products_NNS for_IN the_DT construction_NN ,_, mining_NN and_CC energy_NN industries_NNS ._. 
Bank_NNP Building_NNP &_CC Equipment_NNP Corp._NNP of_IN America_NNP ,_, which_WDT previously_RB said_VBD accounting_NN discrepancies_NNS its_PRP$ auditors_NNS uncovered_VBN would_MD hurt_VB earnings_NNS and_CC require_VB restatement_NN of_IN earlier_JJR results_NNS ,_, increased_VBD its_PRP$ projections_NNS of_IN the_DT negative_JJ fiscal_JJ impact_NN ,_, and_CC said_VBD it_PRP was_VBD exploring_VBG the_DT company_NN 's_POS sale_NN ._. 
Bank_NNP Building_NNP ,_, which_WDT builds_VBZ and_CC equips_VBZ banks_NNS ,_, had_VBN announced_VBD it_PRP would_MD restate_VB the_DT first-three_JJ quarters_NNS of_IN this_DT fiscal_JJ year_NN ,_, which_WDT ends_VBZ Oct._NNP 31_CD ._. 
On_IN Oct._NNP 5_NN ,_, the_DT company_NN estimated_VBD after-tax_JJ effects_NNS on_IN the_DT year_NN 's_POS earnings_NNS would_MD be_VB ``_`` at_IN least_JJS ''_'' $_$ 1.3_CD million_CD ._. 
Yesterday_NN ,_, the_DT company_NN said_VBD the_DT negative_JJ after-tax_JJ effect_NN on_IN earnings_NNS for_IN the_DT year_NN will_MD be_VB about_RB $_$ 3.3_CD million_CD ._. 
For_IN the_DT nine_CD months_NNS ended_VBD July_NNP 31_CD ,_, Bank_NNP Building_NNP had_VBD a_DT net_JJ loss_NN of_IN $_$ 1_CD million_CD ,_, on_IN revenue_NN of_IN $_$ 66.5_CD million_CD ._. 
Bank_NNP Building_NNP ,_, which_WDT expects_VBZ to_TO report_VB a_DT fourth-quarter_JJ loss_NN ,_, said_VBD it_PRP engaged_VBD advisers_NNS to_TO ``_`` explore_VB financial_JJ alternatives_NNS for_IN the_DT company_NN including_VBG the_DT possible_JJ sale_NN of_IN the_DT company_NN or_CC one_CD or_CC more_JJR of_IN its_PRP$ units_NNS ._. ''_'' 
Company_NN auditors_NNS are_VBP continuing_VBG their_PRP$ review_NN ,_, and_CC final_JJ restated_VBN figures_NNS are_VBP n't_RB yet_RB available_JJ ._. 
Bank_NNP Building_NNP earlier_RBR said_VBD the_DT restatement_NN is_VBZ necessitated_VBN by_IN ``_`` certain_JJ errors_NNS in_IN recording_NN receivables_NN and_CC payables_NNS ''_'' at_IN its_PRP$ Loughman_NNP Cabinet_NNP division_NN ._. 
That_DT division_NN 's_POS manager_NN has_VBZ been_VBN fired_VBN ._. 
In_IN American_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Bank_NNP Building_NNP closed_VBD at_IN $_$ 4_CD a_DT share_NN ,_, down_RB 62.5_CD cents_NNS ._. 
Gen._NNP Paul_NNP X._NNP Kelley_NNP ,_, retired_VBN commandant_NN of_IN the_DT U.S._NNP Marine_NNP Corps_NNP ,_, was_VBD elected_VBN a_DT director_NN of_IN this_DT plastics_NNS ,_, specialty_NN materials_NNS and_CC aerospace_NN concern_NN ,_, succeeding_VBG Jewel_NNP Lafontant_NNP ,_, who_WP resigned_VBD to_TO accept_VB a_DT government_NN position_NN ._. 
Rep._NNP Mary_NNP Rose_NNP Oakar_NNP -LRB-_( D._NNP ,_, Ohio_NNP -RRB-_) at_IN last_JJ week_NN 's_POS hearings_NNS on_IN irregularities_NNS in_IN programs_NNS at_IN the_DT Department_NNP of_IN Housing_NNP and_CC Urban_NNP Development_NNP :_: 
I_PRP do_VBP n't_RB want_VB to_TO feel_VB guilty_JJ representing_VBG my_PRP$ constituents_NNS ._. 
And_CC if_IN I_PRP think_VBP that_IN some_DT people_NNS -LCB-_( on_IN HUD_NNP Secretary_NNP Jack_NNP Kemp_NNP 's_POS -RCB-_) staff_NN are_VBP off_IN base_NN in_IN terms_NNS in_IN which_WDT they_PRP 're_VBP evaluating_VBG certain_JJ things_NNS affecting_VBG my_PRP$ hometown_NN ,_, I_PRP have_VBP to_TO tell_VB you_PRP something_NN --_: I_PRP 'm_VBP not_RB going_VBG to_TO take_VB it_PRP ._. 
I_PRP think_VBP that_IN I_PRP 'm_VBP elected_VBN to_TO represent_VB the_DT people_NNS that_WDT sent_VBD me_PRP here_RB ._. 
And_CC one_CD of_IN our_PRP$ charges_NNS is_VBZ to_TO be_VB an_DT ombudsman_NN for_IN our_PRP$ area_NN ._. 
And_CC if_IN we_PRP 're_VBP not_RB ombudsman_NN for_IN our_PRP$ area_NN ,_, we_PRP ought_MD to_TO be_VB thrown_VBN out_IN of_IN office_NN ._. 
On_IN the_DT other_JJ hand_NN ,_, if_IN we_PRP 're_VBP asking_VBG for_IN something_NN unreasonable_JJ or_CC unethical_JJ and_CC so_RB on_IN ,_, then_RB that_DT 's_VBZ a_DT whole_JJ different_JJ story_NN ._. 
But_CC if_IN I_PRP feel_VBP that_IN there_EX are_VBP situations_NNS where_WRB I_PRP 'm_VBP trying_VBG to_TO get_VB housing_NN for_IN our_PRP$ area_NN --_: whatever_WDT it_PRP happens_VBZ to_TO be_VB --_: and_CC I_PRP have_VBP to_TO feel_VB that_IN I_PRP ca_MD n't_RB even_RB ask_VB a_DT question_NN ,_, I_PRP 've_VBP got_VBD to_TO tell_VB you_PRP ,_, I_PRP think_VBP that_DT 's_VBZ outrageous_JJ ._. ._. 
I_PRP think_VBP these_DT regulations_NNS that_WDT would_MD prohibit_VB well-operated_JJ programs_NNS in_IN areas_NNS across_IN this_DT country_NN would_MD be_VB wrong_JJ to_TO change_VB ..._: ._. 
I_PRP do_VBP n't_RB want_VB to_TO see_VB some_DT guidelines_NNS change_VBP that_DT 's_VBZ going_VBG to_TO inhibit_VB my_PRP$ city_NN 's_POS opportunity_NN to_TO use_VB its_PRP$ money_NN ._. 
The_DT Chicago_NNP Mercantile_NNP Exchange_NNP said_VBD it_PRP fined_VBD Capcom_NNP Futures_NNP Inc._NNP $_$ 500,000_CD and_CC accepted_VBN its_PRP$ withdrawal_NN from_IN membership_NN as_IN part_NN of_IN a_DT settlement_NN of_IN disciplinary_JJ actions_NNS against_IN the_DT firm_NN ._. 
Capcom_NNP Futures_NNS is_VBZ a_DT Chicago_NNP subsidiary_NN of_IN Capcom_NNP Financial_NNP Services_NNP Ltd._NNP ,_, a_DT London_NNP financial_JJ firm_NN that_WDT was_VBD implicated_VBN last_JJ year_NN in_IN a_DT scheme_NN to_TO launder_VB drug_NN money_NN ._. 
The_DT case_NN is_VBZ pending_VBG ._. 
The_DT firm_NN was_VBD indicted_VBN in_IN Tampa_NNP ,_, Fla._NNP ,_, on_IN money-laundering_NN charges_NNS ._. 
In_IN June_NNP ,_, the_DT Chicago_NNP Board_NNP of_IN Trade_NNP said_VBD it_PRP suspended_VBD Capcom_NNP Financial_NNP ._. 
The_DT Capcom_NNP Futures_NNS unit_NN withdrew_VBD from_IN Board_NNP of_IN Trade_NNP membership_NN voluntarily_RB in_IN August_NNP ,_, a_DT Board_NNP of_IN Trade_NNP spokesman_NN said_VBD ._. 
Capcom_NNP Futures_NNS ,_, while_IN neither_DT admitting_VBG nor_CC denying_VBG the_DT Merc_NNP charges_NNS ,_, said_VBD in_IN a_DT statement_NN that_IN the_DT Merc_NNP charges_NNS were_VBD ``_`` technical_JJ in_IN nature_NN ''_'' and_CC that_IN ``_`` no_DT customers_NNS were_VBD hurt_VBN ''_'' as_IN a_DT result_NN of_IN the_DT violations_NNS cited_VBN by_IN the_DT Merc_NNP ._. 
The_DT Merc_NNP alleged_VBD that_IN ,_, among_IN other_JJ things_NNS ,_, from_IN April_NNP 1987_CD through_IN October_NNP 1988_CD Capcom_NNP Futures_NNS failed_VBD to_TO document_VB trades_NNS between_IN Capcom_NNP Futures_NNS and_CC people_NNS or_CC entities_NNS directly_RB or_CC indirectly_RB controlled_VBN by_IN Capcom_NNP Futures_NNS shareholders_NNS ._. 
Frederick_NNP W._NNP Lang_NNP ,_, 65_CD years_NNS old_JJ ,_, the_DT founder_NN of_IN this_DT software_NN services_NNS concern_VBP ,_, was_VBD elected_VBN to_TO the_DT new_JJ post_NN of_IN chairman_NN ._. 
Formerly_RB president_NN and_CC treasurer_NN ,_, Mr._NNP Lang_NNP remains_VBZ chief_JJ executive_JJ officer_NN ._. 
Victor_NNP C._NNP Benda_NNP ,_, 58_CD ,_, formerly_RB executive_JJ vice_NN president_NN ,_, succeeds_VBZ Mr._NNP Lang_NNP as_IN president_NN and_CC becomes_VBZ chief_JJ operating_VBG officer_NN ,_, a_DT new_JJ post_NN ._. 
Maurice_NNP Warren_NNP ,_, 56-year-old_JJ group_NN managing_VBG director_NN ,_, was_VBD named_VBN chief_JJ executive_JJ officer_NN of_IN this_DT food_NN and_CC agriculture_NN group_NN ._. 
The_DT post_NN of_IN chief_JJ executive_NN has_VBZ been_VBN vacant_JJ since_IN July_NNP when_WRB Terry_NNP Pryce_NNP ,_, 55_NN ,_, left_VBD the_DT company_NN ._. 
Money-market_NN mutual_JJ fund_NN assets_NNS grew_VBD at_IN nearly_RB three_CD times_NNS their_PRP$ usual_JJ rate_NN in_IN the_DT latest_JJS week_NN ,_, as_IN investors_NNS opted_VBD for_IN safety_NN instead_RB of_IN the_DT stock_NN market_NN ._. 
Money-fund_JJ assets_NNS soared_VBD $_$ 4.5_CD billion_CD in_IN the_DT week_NN ended_VBN Tuesday_NNP ,_, to_TO a_DT record_NN $_$ 348.4_CD billion_CD ,_, according_VBG to_TO IBC\/Donoghue_NN 's_POS Money_NNP Fund_NNP Report_NNP ,_, a_DT Holliston_NNP ,_, Mass.-based_JJ newsletter_NN ._. 
``_`` We_PRP were_VBD expecting_VBG it_PRP ,_, following_VBG the_DT fall_NN of_IN the_DT Dow_NNP Friday_NNP ,_, ''_'' said_VBD Brenda_NNP Malizia_NNP Negus_NNP ,_, editor_NN of_IN Money_NNP Fund_NNP Report_NNP ._. 
``_`` It_PRP 's_VBZ the_DT proverbial_JJ flight_NN to_TO safety_VB ._. ''_'' 
Despite_IN recent_JJ declines_NNS in_IN interest_NN rates_NNS ,_, money_NN funds_NNS continue_VBP to_TO offer_VB better_JJR yields_NNS than_IN other_JJ comparable_JJ investments_NNS ._. 
The_DT average_JJ seven-day_JJ compound_NN yield_NN on_IN the_DT 400_CD taxable_JJ funds_NNS tracked_VBN by_IN IBC\/Donoghue_NN 's_POS was_VBD 8.55_CD %_NN in_IN the_DT latest_JJS week_NN ,_, down_RB from_IN 8.60_CD %_NN ._. 
Compound_JJ yields_NNS assume_VBP reinvestment_NN of_IN dividends_NNS and_CC that_IN current_JJ yields_NNS continue_VBP for_IN a_DT year_NN ._. 
Most_JJS short-term_JJ certificates_NNS of_IN deposit_NN are_VBP yielding_VBG about_IN 8_CD %_NN or_CC less_JJR at_IN major_JJ banks_NNS ,_, and_CC the_DT yields_NNS on_IN Treasury_NNP bills_NNS sold_VBN at_IN Monday_NNP 's_POS auction_NN fell_VBD to_TO 7.61_CD %_NN for_IN three_CD months_NNS and_CC 7.82_CD %_NN for_IN six_CD months_NNS ._. 
Money-fund_JJ assets_NNS have_VBP been_VBN rising_VBG at_IN an_DT average_JJ rate_NN of_IN $_$ 1.6_CD billion_CD a_DT week_NN in_IN recent_JJ months_NNS ,_, Ms._NNP Negus_NNP said_VBD ,_, reflecting_VBG the_DT relatively_RB high_JJ yields_NNS ._. 
In_IN the_DT latest_JJS week_NN ,_, funds_NNS open_JJ to_TO institutions_NNS alone_RB grew_VBN by_IN $_$ 1.8_CD billion_CD ._. 
Some_DT fund_NN managers_NNS say_VBP inflows_NNS could_MD increase_VB in_IN coming_VBG days_NNS as_IN a_DT result_NN of_IN stock_NN selling_VBG in_IN the_DT wake_NN of_IN Friday_NNP 's_POS 190.58_CD point_NN drop_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP ._. 
``_`` If_IN you_PRP 're_VBP selling_VBG equities_NNS ,_, you_PRP do_VBP n't_RB start_VB getting_VBG proceeds_NNS for_IN five_CD to_TO seven_CD days_NNS ,_, ''_'' said_VBD Frank_NNP Rachwalski_NNP ,_, who_WP manages_VBZ the_DT Kemper_NNP Money_NNP Market_NNP Fund_NNP ._. 
Neal_NNP Litvack_NNP ,_, marketing_NN vice_NN president_NN for_IN Fidelity_NNP Investments_NNPS ,_, said_VBD inflows_NNS Friday_NNP into_IN Fidelity_NNP 's_POS Spartan_NNP and_CC Cash_NNP Reserves_NNS money-market_JJ funds_NNS were_VBD about_IN twice_RB normal_JJ levels_NNS ,_, with_IN about_IN half_NN coming_VBG from_IN equity_NN and_CC junk-bond_NN funds_NNS ._. 
Monday_NNP and_CC Tuesday_NNP ``_`` were_VBD lackluster_JJ in_IN comparison_NN ,_, ''_'' he_PRP said_VBD ._. 
``_`` People_NNS are_VBP n't_RB necessarily_RB running_VBG scared_VBN ,_, ''_'' Mr._NNP Litvack_NNP said_VBD ._. 
``_`` They_PRP 're_VBP maintaining_VBG their_PRP$ attitude_NN toward_IN investing_VBG ,_, which_WDT has_VBZ leaned_VBN toward_IN the_DT conservative_JJ recently_RB ._. ''_'' 
Money-fund_JJ yields_NNS tend_VBP to_TO lag_VB interestrate_NN trends_NNS as_IN portfolio_NN managers_NNS adjust_VBP the_DT maturities_NNS of_IN their_PRP$ investments_NNS --_: short-term_NNP Treasury_NNP securities_NNS ,_, commercial_JJ paper_NN and_CC the_DT like_NN --_: to_TO capture_VB the_DT highest_JJS yields_NNS ._. 
Maturities_NNS usually_RB are_VBP shorter_JJR when_WRB rates_NNS are_VBP rising_VBG and_CC longer_RB when_WRB they_PRP are_VBP falling_VBG ._. 
The_DT average_JJ maturity_NN of_IN the_DT funds_NNS tracked_VBN by_IN IBC\/Donoghue_NN 's_POS remained_VBD at_IN 38_CD days_NNS for_IN the_DT third_JJ consecutive_JJ week_NN ._. 
It_PRP was_VBD as_RB short_JJ as_IN 29_CD days_NNS at_IN the_DT start_NN of_IN this_DT year_NN ,_, when_WRB rates_NNS were_VBD marching_VBG steadily_RB upward_RB ,_, and_CC hit_VBD 42_CD days_NNS in_IN August_NNP ._. 
The_DT average_JJ seven-day_JJ simple_JJ yield_NN of_IN the_DT funds_NNS fell_VBD to_TO 8.21_CD %_NN this_DT week_NN from_IN 8.26_CD %_NN ._. 
The_DT average_JJ 30-day_JJ simple_JJ yield_NN was_VBD 8.26_CD %_NN ,_, compared_VBN with_IN 8.27_CD %_NN the_DT week_NN before_RB ,_, and_CC the_DT 30-day_JJ compound_NN yield_NN slid_VBD to_TO 8.60_CD %_NN from_IN 8.61_CD %_NN ._. 
Some_DT funds_NNS are_VBP posting_VBG yields_NNS far_RB higher_JJR than_IN the_DT average_NN ._. 
The_DT highest_JJS yielding_VBG taxable_JJ fund_NN this_DT week_NN was_VBD Harbor_NNP Money_NNP Market_NNP Fund_NNP ,_, with_IN a_DT seven-day_JJ compound_NN yield_NN of_IN 12.75_CD %_NN ._. 
That_DT included_VBN capital_NN gains_NNS that_WDT were_VBD passed_VBN along_IN to_TO customers_NNS ._. 
Among_IN the_DT other_JJ high-yielding_JJ funds_NNS ,_, Fidelity_NNP 's_POS Spartan_NNP Fund_NNP had_VBD a_DT seven-day_JJ compound_NN yield_NN of_IN 9.33_CD %_NN in_IN the_DT latest_JJS week_NN ._. 
The_DT seven-day_JJ compound_NN yield_NN of_IN the_DT Dreyfus_NNP Worldwide_NNP Dollar_NNP Fund_NNP was_VBD 9.51_CD %_NN ._. 
whose_WP$ Della_NNP Femina_NNP McNamee_NNP WCRS_NNP agency_NN created_VBD liar_NN Joe_NNP Isuzu_NNP ,_, among_IN others_NNS --_: announced_VBD a_DT massive_JJ restructuring_NN that_WDT largely_RB removes_VBZ it_PRP from_IN the_DT advertising_NN business_NN and_CC includes_VBZ selling_VBG the_DT majority_NN of_IN its_PRP$ advertising_NN unit_NN to_TO Paris-based_JJ Eurocom_NNP ._. 
The_DT complex_JJ restructuring_NN ,_, which_WDT was_VBD long_RB expected_VBN ,_, transforms_VBZ London-based_NNP WCRS_NNP from_IN primarily_RB a_DT creator_NN of_IN advertising_NN into_IN one_CD of_IN Europe_NNP 's_POS largest_JJS buyers_NNS of_IN advertising_NN time_NN and_CC space_NN ._. 
It_PRP also_RB creates_VBZ a_DT newly_RB merged_VBN world-wide_JJ ad_NN agency_NN controlled_VBN by_IN Eurocom_NNP and_CC headed_VBN jointly_RB by_IN New_NNP York_NNP ad_NN man_NN Jerry_NNP Della_NNP Femina_NNP and_CC two_CD top_JJ WCRS_NNP executives_NNS ._. 
The_DT merged_VBN agency_NN 's_POS admittedly_RB ambitious_JJ goal_NN :_: to_TO become_VB one_CD of_IN the_DT world_NN 's_POS 10_CD largest_JJS agencies_NNS ,_, while_IN attracting_VBG more_RBR multinational_JJ clients_NNS than_IN the_DT agencies_NNS were_VBD able_JJ to_TO attract_VB alone_RB ._. 
WCRS_NNP 's_POS restructuring_NN reflects_VBZ the_DT growing_VBG importance_NN of_IN media_NNS buying_VBG in_IN Europe_NNP ,_, where_WRB the_DT only_JJ way_NN to_TO get_VB a_DT good_JJ price_NN on_IN advertising_NN time_NN and_CC space_NN is_VBZ to_TO buy_VB it_PRP in_IN bulk_NN ._. 
For_IN Eurocom_NNP ,_, meanwhile_RB ,_, the_DT move_NN gives_VBZ it_PRP a_DT strong_JJ U.S._NNP foothold_NN in_IN Della_NNP Femina_NNP ,_, and_CC more_JJR than_IN quadruples_VBZ the_DT size_NN of_IN its_PRP$ ad_NN agency_NN business_NN world-wide_JJ ._. 
It_PRP also_RB gives_VBZ the_DT outspoken_JJ Mr._NNP Della_NNP Femina_NNP --_: who_WP often_RB generates_VBZ as_IN much_JJ publicity_NN for_IN himself_PRP as_IN for_IN his_PRP$ clients_NNS --_: an_DT international_JJ platform_NN that_IN he_PRP most_RBS certainly_RB wo_MD n't_RB be_VB loath_JJ to_TO use_VB ._. 
According_VBG to_TO terms_NNS ,_, WCRS_NNP will_MD pay_VB 2.02_CD billion_CD French_JJ francs_NNS -LRB-_( $_$ 318.6_CD million_CD -RRB-_) for_IN the_DT 50_CD %_NN it_PRP does_VBZ n't_RB already_RB own_JJ of_IN Carat_NNP Holding_NNP S.A._NNP ,_, one_CD of_IN Europe_NNP 's_POS largest_JJS media_NNS buyers_NNS ._. 
Meanwhile_RB ,_, Eurocom_NNP ,_, which_WDT had_VBD held_VBN 20_CD %_NN of_IN WCRS_NNP 's_POS ad_NN unit_NN ,_, will_MD pay_VB #_# 43.5_CD million_CD -LRB-_( $_$ 68.5_CD million_CD -RRB-_) to_TO raise_VB its_PRP$ stake_NN to_TO 60_CD %_NN ._. 
That_DT price_NN also_RB covers_VBZ Eurocom_NNP raising_VBG to_TO 60_CD %_VB its_PRP$ 51_CD %_NN stake_NN in_IN Europe_NNP 's_POS Belier_NNP Group_NNP ,_, a_DT joint_JJ venture_NN ad_NN agency_NN network_NN it_PRP owns_VBZ with_IN WCRS_NNP ._. 
Eurocom_NNP will_MD also_RB have_VB the_DT right_NN to_TO buy_VB the_DT remaining_VBG 40_CD %_NN of_IN the_DT merged_VBN ad_NN agency_NN group_NN in_IN six_CD years_NNS ._. 
The_DT transaction_NN places_VBZ the_DT three_CD executives_NNS squarely_RB at_IN the_DT helm_NN of_IN a_DT major_JJ agency_NN with_IN the_DT rather_RB unwieldy_JJ name_NN of_IN Eurocom_NNP WCRS_NNP Della_NNP Femina_NNP Ball_NNP Ltd._NNP ,_, or_CC EWDB_NNP ._. 
The_DT merged_VBN agency_NN will_MD include_VB Della_NNP Femina_NNP McNamee_NNP based_VBD in_IN New_NNP York_NNP ,_, Eurocom_NNP 's_POS various_JJ agencies_NNS in_IN France_NNP ,_, the_DT Belier_NNP Group_NNP in_IN Europe_NNP and_CC WCRS_NNP 's_POS other_JJ advertising_NN and_CC direct_JJ marketing_NN operations_NNS ._. 
Mr._NNP Della_NNP Femina_NNP will_MD be_VB joint_JJ chairman_NN with_IN former_JJ WCRS_NNP executive_NN Robin_NNP Wight_NNP ._. 
Both_DT will_MD report_VB to_TO Tim_NNP Breene_NNP ,_, a_DT former_JJ WCRS_NNP executive_NN who_WP will_MD be_VB chief_JJ executive_JJ officer_NN at_IN the_DT new_JJ agency_NN ._. 
In_IN an_DT interview_NN in_IN New_NNP York_NNP ,_, Mr._NNP Breene_NNP ,_, fresh_JJ from_IN a_DT Concorde_NNP flight_NN from_IN Paris_NNP where_WRB executives_NNS had_VBD worked_VBN through_IN most_RBS of_IN the_DT night_NN ,_, outlined_VBN big_JJ plans_NNS for_IN the_DT new_JJ agency_NN ._. 
``_`` Our_PRP$ goal_NN is_VBZ to_TO develop_VB quite_RB rapidly_RB to_TO a_DT top-10_JJ position_NN ..._: by_IN the_DT end_NN of_IN three_CD years_NNS from_IN now_RB ._. 
It_PRP implies_VBZ very_RB dramatic_JJ growth_NN ,_, ''_'' he_PRP said_VBD ._. 
He_PRP added_VBD that_IN Eurocom_NNP and_CC WCRS_NNP had_VBD agreed_VBN to_TO provide_VB a_DT development_NN fund_NN of_IN #_# 100_CD million_CD for_IN acquisitions_NNS ._. 
The_DT new_JJ agency_NN group_NN is_VBZ already_RB in_IN discussions_NNS about_IN a_DT possible_JJ purchase_NN in_IN Spain_NNP ,_, while_IN Mr._NNP Breene_NNP said_VBD it_PRP also_RB plans_VBZ to_TO make_VB acquisitions_NNS in_IN Scandinavia_NNP ,_, Germany_NNP and_CC elsewhere_RB ._. 
Cracking_VBG the_DT top_JJ 10_CD within_IN three_CD years_NNS will_MD be_VB difficult_JJ at_IN best_JJS ._. 
Della_NNP Femina_NNP had_VBD billings_NNS of_IN just_RB $_$ 660_CD million_CD last_JJ year_NN and_CC ranked_VBD as_IN the_DT U.S._NNP 's_POS 24th-largest_JJ ad_NN agency_NN ._. 
The_DT merged_VBN company_NN that_IN it_PRP now_RB becomes_VBZ part_NN of_IN will_MD have_VB billings_NNS of_IN just_RB more_JJR than_IN $_$ 2.6_CD billion_CD --_: most_RBS of_IN that_DT in_NN Europe_NNP --_: bringing_VBG it_PRP to_TO about_IN 14th_JJ world-wide_JJ ._. 
To_TO make_VB it_PRP to_TO top-10_JJ status_NN ,_, it_PRP would_MD have_VB to_TO leapfrog_VB over_IN such_JJ formidable_JJ forces_NNS as_IN Grey_NNP Advertising_NNP ,_, D'Arcy_NNP Masius_NNP Benton_NNP &_CC Bowles_NNP and_CC Omnicom_NNP 's_POS DDB_NNP Needham_NNP ._. 
The_DT merged_VBN agency_NN 's_POS game_NN plan_NN to_TO attract_VB multinational_JJ packaged-goods_NNS advertisers_NNS may_MD prove_VB equally_RB difficult_JJ ._. 
When_WRB WCRS_NNP created_VBD Della_NNP Femina_NNP McNamee_NNP out_IN of_IN the_DT merger_NN of_IN three_CD smaller_JJR agency_NN units_NNS in_IN 1988_CD ,_, it_PRP said_VBD it_PRP did_VBD so_RB in_IN order_NN to_TO attract_VB larger_JJR clients_NNS ,_, especially_RB packaged-goods_NNS companies_NNS ._. 
Since_IN then_RB ,_, Della_NNP Femina_NNP won_VBD Pan_NNP Am_NNP as_IN an_DT international_JJ client_NN and_CC also_RB does_VBZ work_NN for_IN a_DT few_JJ packaged-goods_NNS clients_NNS ,_, including_VBG Dow_NNP Chemical_NNP Co._NNP 's_POS Saran_NNP Wrap_NNP ._. 
But_CC major_JJ packaged-goods_NNS players_NNS of_IN the_DT world_NN --_: such_JJ as_IN Procter_NNP &_CC Gamble_NNP ,_, Colgate-Palmolive_NNP and_CC Unilever_NNP --_: have_VBP steadfastly_RB eluded_VBN the_DT agency_NN ._. 
``_`` Three_CD of_IN our_PRP$ favorite_JJ names_NNS ,_, ''_'' Mr._NNP Della_NNP Femina_NNP calls_VBZ that_DT roster_NN ,_, adding_VBG hopefully_RB ,_, ``_`` We_PRP 're_VBP a_DT much_RB more_RBR attractive_JJ agency_NN to_TO large_JJ multinationals_NNS today_NN than_IN we_PRP were_VBD yesterday_NN ._. ''_'' 
Still_RB ,_, the_DT restructuring_NN could_MD create_VB one_CD of_IN the_DT most_RBS powerful_JJ alliances_NNS between_IN advertising_NN and_CC media-buying_JJ firms_NNS that_IN Europe_NNP has_VBZ seen_VBN ._. 
As_IN part_NN of_IN the_DT restructuring_NN ,_, WCRS_NNP and_CC Eurocom_NNP said_VBD they_PRP will_MD look_VB for_IN ways_NNS to_TO combine_VB their_PRP$ media_NNS buying_VBG across_IN Europe_NNP ._. 
What_WP 's_VBZ more_JJR ,_, both_DT Eurocom_NNP and_CC brothers_NNS Francis_NNP and_CC Gilbert_NNP Gross_NNP ,_, who_WP founded_VBD Carat_NNP ,_, will_MD acquire_VB 14.99_CD %_NN stakes_NNS in_IN WCRS_NNP Group_NNP ,_, creating_VBG a_DT powerful_JJ link_NN between_IN Eurocom_NNP and_CC Carat_NNP ._. 
Carat_NNP will_MD receive_VB its_PRP$ WCRS_NNP stake_NN as_IN part_NN of_IN payment_NN for_IN the_DT 50_CD %_NN Carat_NNP stake_NN that_IN WCRS_NNP is_VBZ buying_VBG ,_, while_IN Eurocom_NNP said_VBD it_PRP expects_VBZ to_TO pay_VB about_IN #_# 32_CD million_CD for_IN its_PRP$ WCRS_NNP stake_NN ._. 
Mr._NNP Della_NNP Femina_NNP says_VBZ he_PRP plans_VBZ to_TO remain_VB heavily_RB involved_VBN in_IN the_DT creative_JJ product_NN at_IN the_DT world-wide_JJ agency_NN ,_, serving_VBG as_IN a_DT sort_NN of_IN ``_`` creative_JJ conscience_NN ._. ''_'' 
Louise_NNP McNamee_NNP ,_, Della_NNP Femina_NNP 's_POS president_NN ,_, will_MD continue_VB running_VBG the_DT U.S._NNP agency_NN day-to-day_JJ ._. 
They_PRP and_CC other_JJ top_JJ executives_NNS signed_VBD long-term_JJ employment_NN contracts_NNS and_CC Mr._NNP Della_NNP Femina_NNP will_MD receive_VB an_DT additional_JJ multimillion-dollar_JJ sum_NN ,_, which_WDT some_DT industry_NN executives_NNS pegged_VBN at_IN about_RB $_$ 10_CD million_CD ._. 
WCRS_NNP Group_NNP ,_, for_IN its_PRP$ part_NN ,_, will_MD now_RB be_VB able_JJ to_TO follow_VB its_PRP$ longstanding_JJ plan_NN of_IN becoming_VBG ``_`` a_DT holding_VBG company_NN for_IN a_DT series_NN of_IN media-related_JJ businesses_NNS ,_, ''_'' said_VBD Peter_NNP Scott_NNP ,_, the_DT firm_NN 's_POS chief_JJ executive_NN ._. 
In_IN addition_NN to_TO Carat_NNP ,_, WCRS_NNP will_MD hold_VB onto_IN its_PRP$ public_JJ relations_NNS ,_, TV_NN programming_NN and_CC other_JJ businesses_NNS ._. 
WCRS_NNP says_VBZ its_PRP$ debt_NN will_MD be_VB cut_VBN to_TO #_# 24_CD million_CD from_IN #_# 66_CD million_CD as_IN a_DT result_NN of_IN the_DT transaction_NN ._. 
For_IN Carat_NNP ,_, meanwhile_RB ,_, the_DT alliance_NN with_IN Eurocom_NNP and_CC WCRS_NNP is_VBZ intended_VBN to_TO strengthen_VB its_PRP$ own_JJ push_NN outside_IN France_NNP ._. 
Carat_NNP 's_POS Gross_NNP brothers_NNS invented_VBD the_DT idea_NN of_IN large-scale_JJ buying_NN of_IN media_NNS space_NN ._. 
By_IN buying_VBG the_DT space_NN in_IN bulk_NN ,_, they_PRP obtain_VBP discounts_NNS as_RB high_JJ as_IN 50_CD %_NN ,_, which_WDT they_PRP can_MD pass_VB on_IN to_TO customers_NNS ._. 
They_PRP thus_RB have_VBP won_VBN the_DT French_JJ space-buying_NN business_NN of_IN such_JJ advertising_NN giants_NNS as_IN Coca-Cola_NNP Co._NNP ,_, Fiat_NNP S.p_NNP ._. A._NNP ,_, Gillette_NNP and_CC Kodak_NNP ._. 
But_CC now_RB ,_, other_JJ agencies_NNS are_VBP getting_VBG into_IN the_DT business_NN with_IN their_PRP$ own_JJ competing_VBG media-buying_JJ groups_NNS --_: and_CC Carat_NNP wants_VBZ to_TO expand_VB to_TO the_DT rest_NN of_IN Europe_NNP ._. 
To_TO help_VB finance_VB the_DT Carat_NNP purchase_NN ,_, WCRS_NNP said_VBD it_PRP plans_VBZ an_DT issue_NN of_IN Euroconvertible_JJ preferred_JJ shares_NNS once_RB the_DT market_NN settles_VBZ down_RB ._. 
But_CC WCRS_NNP added_VBD that_IN ``_`` in_IN the_DT light_NN of_IN the_DT current_JJ uncertainty_NN in_IN the_DT equity_NN markets_NNS ,_, ''_'' it_PRP has_VBZ arranged_VBN medium-term_JJ debt_NN financing_NN ,_, which_WDT would_MD be_VB underwritten_VBN by_IN Samuel_NNP Montagu_NNP &_CC Co._NNP Ltd_NNP ._. 
Earthquake_NN 's_POS Damage_NN 
Tuesday_NNP 's_POS earthquake_NN brought_VBD the_DT San_NNP Francisco_NNP ad_NN scene_NN to_TO a_DT screeching_VBG halt_NN yesterday_NN ,_, with_IN only_RB a_DT few_JJ staffers_NNS showing_VBG up_IN at_IN their_PRP$ offices_NNS ,_, mainly_RB to_TO survey_VB the_DT damage_NN or_CC to_TO wring_VB their_PRP$ hands_NNS about_IN imminent_JJ new-business_NN presentations_NNS ._. 
While_IN no_DT agencies_NNS reported_VBD injuries_NNS to_TO employees_NNS ,_, the_DT quake_NN damaged_VBD the_DT offices_NNS of_IN J._NNP Walter_NNP Thompson_NNP ,_, Chiat\/Day\/Mojo_NNP and_CC DDB_NNP Needham_NNP ,_, among_IN others_NNS ,_, spokesmen_NNS for_IN those_DT agencies_NNS said_VBD ._. 
Staffers_NNS at_IN Thompson_NNP ,_, whose_WP$ offices_NNS are_VBP in_IN the_DT ultramodern_JJ Embarcadero_NNP Center_NNP ,_, watched_VBD pictures_NNS drop_VBP from_IN the_DT walls_NNS and_CC then_RB felt_VBD the_DT skyscraper_NN sway_NN seven_CD to_TO eight_CD feet_NNS ,_, according_VBG to_TO a_DT spokeswoman_NN ._. 
Plaster_NNP fell_VBD and_CC windows_NNS were_VBD broken_VBN at_IN Chiat\/Day\/Mojo_NNP ,_, a_DT spokesman_NN for_IN that_DT agency_NN said_VBD ._. 
Late_JJ yesterday_NN afternoon_NN ,_, DDB_NNP Needham_NNP executives_NNS were_VBD scrambling_VBG to_TO figure_VB out_IN what_WP to_TO do_VB about_IN a_DT new_JJ business_NN presentation_NN that_WDT had_VBD been_VBN scheduled_VBN for_IN today_NN ,_, a_DT spokesman_NN said_VBD ._. 
DDB_NNP Needham_NNP 's_POS office_NN building_NN may_MD have_VB sustained_VBN structural_JJ damage_NN ,_, the_DT spokesman_NN added_VBD ._. 
``_`` All_DT operations_NNS have_VBP stopped_VBN ,_, ''_'' he_PRP said_VBD ._. 
A_DT number_NN of_IN agencies_NNS ,_, including_VBG Thompson_NNP and_CC Foote_NNP ,_, Cone_NNP &_CC Belding_NNP ,_, said_VBD some_DT employees_NNS who_WP live_VBP outside_IN of_IN San_NNP Francisco_NNP ,_, fearful_JJ that_IN they_PRP would_MD n't_RB be_VB able_JJ to_TO get_VB home_NN ,_, spent_VBD the_DT night_NN at_IN the_DT agency_NN ._. 
Ad_NN Notes_NNS ..._: ._. 
NEW_JJ ACCOUNT_NN :_: 
Chesebrough-Pond_NNP 's_POS Inc._NNP ,_, Greenwich_NNP ,_, Conn._NNP ,_, awarded_VBD its_PRP$ Faberge_NNP hair_NN care_NN accounts_NNS to_TO J._NNP Walter_NNP Thompson_NNP ,_, New_NNP York_NNP ._. 
Thompson_NNP ,_, a_DT unit_NN of_IN WPP_NNP Group_NNP ,_, will_MD handle_VB Faberge_NNP Organic_NNP shampoo_NN and_CC conditioner_NN and_CC Aqua_NNP Net_JJ hairspray_NN ._. 
The_DT accounts_NNS ,_, which_WDT billed_VBD about_RB $_$ 7_CD million_CD last_JJ year_NN ,_, according_VBG to_TO Leading_VBG National_NNP Advertisers_NNS ,_, were_VBD previously_RB handled_VBN at_IN Bozell_NNP ,_, New_NNP York_NNP ._. 
WHO_WP 'S_VBZ NEWS_NN :_: 
William_NNP Morrissey_NNP ,_, 44_CD ,_, was_VBD named_VBN executive_JJ vice_NN president_NN ,_, world-wide_JJ director_NN of_IN McCann_NNP Direct_JJ ,_, the_DT direct_JJ marketing_NN unit_NN of_IN Interpublic_NNP Group_NNP 's_POS McCann-Erickson_NNP agency_NN ._. 
He_PRP had_VBD been_VBN president_NN and_CC chief_JJ operating_VBG officer_NN of_IN Ogilvy_NNP &_CC Mather_NNP Direct_JJ ._. 
BOZELL_NNP :_: 
Los_NNP Angeles_NNP will_MD be_VB the_DT site_NN of_IN a_DT new_JJ entertainment_NN division_NN for_IN the_DT ad_NN agency_NN ._. 
The_DT division_NN will_MD be_VB headed_VBN by_IN Dick_NNP Porter_NNP ,_, who_WP returns_VBZ to_TO Bozell_NNP after_IN being_VBG vice_NN president_NN of_IN media_NNS at_IN MGM_NNP ._. 
AC&R_NNP ADVERTISING_NNP :_: 
The_DT agency_NN 's_POS three_CD California_NNP offices_NNS ,_, previously_RB called_VBN AC&R\/CCL_NNP Advertising_NNP ,_, will_MD now_RB be_VB called_VBN AC&R_NNP Advertising_NNP to_TO match_VB the_DT name_NN of_IN its_PRP$ New_NNP York_NNP office_NN ._. 
AC&R_NNP Advertising_NNP is_VBZ a_DT unit_NN of_IN Saatchi_NNP &_CC Saatchi_NNP Co_NNP ._. 
NEW_JJ BEER_NN :_: 
Sibra_NNP Products_NNP Inc._NNP ,_, Greenwich_NNP ,_, Conn._NNP ,_, awarded_VBD its_PRP$ Cardinal_NNP Amber_NNP Light_NNP beer_NN account_NN to_TO Heidelberg_NNP &_CC Associates_NNPS ,_, New_NNP York_NNP ._. 
Budget_NNP is_VBZ set_VBN at_IN $_$ 1.5_CD million_CD ._. 
The_DT new_JJ beer_NN ,_, introduced_VBD this_DT week_NN at_IN a_DT liquor_NN industry_NN convention_NN ,_, is_VBZ imported_VBN from_IN Switzerland_NNP 's_POS Cardinal_NNP brewery_NN ._. 
Heidelberg_NNP 's_POS first_JJ ads_NNS for_IN the_DT brand_NN ,_, which_WDT Sibra_NNP says_VBZ will_MD compete_VB with_IN imported_VBN light_NN beer_NN leader_NN Amstel_NNP Light_NNP ,_, feature_NN the_DT line_NN ``_`` The_DT best_JJS tasting_VBG light_NN beer_NN you_PRP 've_VBP ever_RB seen_VBN ._. 
Diamond-Star_NNP Motors_NNPS Corp._NNP ,_, a_DT joint_JJ venture_NN of_IN Chrysler_NNP Corp._NNP and_CC Mitsubishi_NNP Motors_NNPS Corp._NNP said_VBD it_PRP will_MD begin_VB shipping_VBG Mitsubishi_NNP Eclipse_NNP cars_NNS to_TO Japan_NNP next_JJ week_NN ,_, emulating_VBG other_JJ Japanese_JJ auto_NN ventures_NNS shipping_VBG U.S.-built_JJ vehicles_NNS back_RB to_TO Japan_NNP ._. 
Diamond-Star_NNP said_VBD it_PRP will_MD export_VB about_IN 1,500_CD Eclipse_NNP cars_NNS to_TO Japan_NNP by_IN year_NN 's_POS end_NN ._. 
Honda_NNP Motor_NNP Co._NNP ,_, the_DT first_JJ Japanese_JJ auto_NN maker_NN to_TO ship_VB cars_NNS to_TO Japan_NNP from_IN the_DT U.S._NNP ,_, is_VBZ now_RB exporting_VBG more_JJR than_IN 5,000_CD Accord_NNP Coupes_NNP a_DT year_NN from_IN its_PRP$ Marysville_NNP ,_, Ohio_NNP ,_, factory_NN ._. 
One_CD of_IN the_DT most_RBS remarkable_JJ features_NNS of_IN the_DT forced_VBN marches_NNS of_IN the_DT ethnic_JJ Turks_NNPS out_IN of_IN Bulgaria_NNP over_IN the_DT past_JJ five_CD months_NNS has_VBZ been_VBN the_DT lack_NN of_IN international_JJ attention_NN ._. 
The_DT deportation_NN of_IN more_JJR than_IN 315,000_CD men_NNS ,_, women_NNS and_CC children_NNS by_IN the_DT Bulgarian_JJ regime_NN adds_VBZ up_IN to_TO one_CD of_IN the_DT largest_JJS migrations_NNS seen_VBN in_IN the_DT postwar_JJ years_NNS ._. 
Yet_RB some_DT people_NNS are_VBP advancing_VBG a_DT chilling_VBG casuistry_NN :_: that_IN what_WP we_PRP are_VBP seeing_VBG is_VBZ somehow_RB the_DT understandable_JJ result_NN of_IN the_DT historical_JJ sins_NNS committed_VBN by_IN the_DT Turks_NNPS in_IN the_DT 16th_JJ century_NN ._. 
Today_NN 's_POS Turks_NNPS in_IN Bulgaria_NNP ,_, in_IN other_JJ words_NNS ,_, deserve_VBP what_WP is_VBZ coming_VBG to_TO them_PRP four_CD centuries_NNS later_RB ._. 
As_IN if_IN this_DT were_VBD n't_RB enough_RB ,_, the_DT Senate_NNP Judiciary_NNP Committee_NNP is_VBZ getting_VBG into_IN the_DT act_NN ._. 
On_IN Tuesday_NNP it_PRP approved_VBD Senator_NNP Bob_NNP Dole_NNP 's_POS proposed_VBN commemorative_JJ resolution_NN designating_VBG April_NNP 24_CD ,_, 1990_CD ,_, as_IN the_DT ``_`` National_NNP Day_NNP of_IN Remembrance_NN of_IN the_DT 75th_CD Anniversary_NNP of_IN the_DT Armenian_JJ Genocide_NN of_IN 1915-1923_CD ,_, ''_'' suffered_VBD at_IN the_DT hands_NNS of_IN the_DT warring_VBG Ottoman_NNP Empire_NNP ._. 
There_EX can_MD be_VB no_DT quibbling_VBG that_IN the_DT Armenians_NNPS endured_VBD terrible_JJ suffering_NN ,_, but_CC one_CD has_VBZ to_TO wonder_VB what_WP possible_JJ good_JJ such_JJ a_DT resolution_NN will_MD achieve_VB ._. 
It_PRP puts_VBZ great_JJ strain_NN on_IN a_DT longstanding_JJ U.S._NNP friendship_NN with_IN Turkey_NNP ,_, a_DT country_NN that_WDT has_VBZ been_VBN one_CD of_IN America_NNP 's_POS strongest_JJS allies_NNS in_IN NATO_NNP ._. 
The_DT resolution_NN also_RB comes_VBZ at_IN a_DT time_NN when_WRB Turkey_NNP has_VBZ been_VBN seeking_VBG help_VB from_IN the_DT United_NNP States_NNPS in_IN resolving_VBG its_PRP$ Bulgarian_JJ emigration_NN controversy_NN and_CC pursuing_VBG democratic_JJ reforms_NNS that_WDT may_MD lead_VB to_TO membership_NN in_IN the_DT European_NNP Community_NNP ._. 
Turkey_NNP has_VBZ been_VBN fighting_VBG its_PRP$ past_JJ for_IN years_NNS ,_, and_CC thus_RB far_RB has_VBZ been_VBN only_RB partially_RB successful_JJ ._. 
Must_MD it_PRP now_RB accept_VB that_IN one_CD of_IN its_PRP$ strongest_JJS allies_NNS blames_VBZ it_PRP for_IN the_DT genocide_NN of_IN another_DT people_NNS ?_. 
Such_JJ sentiment_NN only_RB encourages_VBZ the_DT adverse_JJ feelings_NNS toward_IN Turkey_NNP that_WDT surfaced_VBD when_WRB Turkey_NNP asked_VBD for_IN assistance_NN in_IN dealing_VBG with_IN its_PRP$ Bulgarian_JJ emigration_NN crisis_NN ._. 
Mr._NNP Dole_NNP 's_POS odd_JJ effort_NN notwithstanding_IN ,_, most_RBS of_IN Turkey_NNP 's_POS political_JJ problems_NNS lie_VBP with_IN the_DT Europeans_NNPS ._. 
Part_NN of_IN the_DT problem_NN some_DT Europeans_NNPS have_VBP with_IN Turkey_NNP seems_VBZ to_TO stem_VB from_IN its_PRP$ location_NN --_: Turkey_NNP is_VBZ n't_RB really_RB part_NN of_IN Europe_NNP ._. 
Why_WRB ,_, they_PRP wonder_VBP ,_, should_MD it_PRP belong_VB to_TO the_DT EC_NNP ?_. 
Another_DT anti-Turkish_JJ hook_NN is_VBZ the_DT Islamic_NNP faith_NN of_IN the_DT majority_NN of_IN the_DT Turkish_JJ people_NNS :_: Turkey_NNP ,_, we_PRP are_VBP told_VBN ,_, is_VBZ not_RB a_DT Christian_NNP nation_NN ;_: its_PRP$ people_NNS simply_RB wo_MD n't_RB fit_VB in_IN with_IN the_DT Western_JJ European_JJ Judeo-Christian_JJ tradition_NN ._. 
It_PRP 's_VBZ when_WRB these_DT rationalizations_NNS fall_VBP on_IN deaf_JJ ears_NNS that_IN the_DT old_JJ standby_NN of_IN retribution_NN for_IN treatment_NN at_IN the_DT hands_NNS of_IN the_DT Ottoman_NNP Empire_NNP comes_VBZ to_TO the_DT fore_NN ._. 
No_DT one_CD has_VBZ to_TO accept_VB the_DT sins_NNS of_IN the_DT Ottoman_NNP Empire_NNP to_TO reject_VB that_DT argument_NN ._. 
Turkey_NNP in_IN any_DT event_NN is_VBZ long_JJ past_JJ it_PRP ._. 
The_DT country_NN has_VBZ in_IN recent_JJ years_NNS accepted_VBN more_JJR than_IN 500,000_CD refugees_NNS from_IN at_IN least_JJS four_CD bordering_VBG nations_NNS ._. 
Kurds_NNPS ,_, suffering_VBG what_WP many_JJ people_NNS consider_VBP to_TO be_VB a_DT current_JJ extermination_NN campaign_NN at_IN the_DT hands_NNS of_IN Syria_NNP ,_, Iran_NNP and_CC Iraq_NNP have_VBP inundated_VBN eastern_JJ Turkey_NNP ._. 
Now_RB it_PRP is_VBZ their_PRP$ fellow_NN Turks_NNPS arriving_VBG as_IN refugees_NNS from_IN Bulgaria_NNP ._. 
The_DT Turkish_JJ refugee_NN tragedy_NN and_CC the_DT ongoing_JJ crisis_NN can_MD not_RB be_VB ignored_VBN and_CC shuttled_VBD off_IN to_TO that_IN notorious_JJ dustbin_NN of_IN history_NN that_WDT has_VBZ become_VBN so_RB convenient_JJ recently_RB ._. 
Surely_RB ,_, the_DT past_JJ suffering_NN of_IN any_DT people_NNS at_IN any_DT time_NN can_MD not_RB be_VB simply_RB filed_VBN away_RB and_CC forgotten_VBN ._. 
But_CC what_WP the_DT Senate_NNP Judiciary_NNP Committee_NNP has_VBZ done_VBN in_IN supporting_VBG the_DT strongly_RB worded_VBN Armenian_JJ resolution_NN achieves_VBZ no_DT useful_JJ end_NN ;_: it_PRP merely_RB produces_VBZ more_JJR controversy_NN and_CC embittered_VBN memories_NNS ._. 
Congress_NNP has_VBZ enough_JJ difficulty_NN dealing_VBG with_IN the_DT realities_NNS of_IN the_DT world_NN as_IN it_PRP currently_RB exists_VBZ ._. 
Bulgaria_NNP 's_POS government_NN has_VBZ been_VBN behaving_VBG beyond_IN the_DT pale_NN for_IN months_NNS ,_, and_CC the_DT U.S._NNP does_VBZ its_PRP$ values_NNS no_DT credit_NN by_IN ignoring_VBG that_IN while_IN casting_VBG its_PRP$ votes_NNS into_IN the_DT past_NN ._. 
Many_JJ in_IN Washington_NNP say_VBP President_NNP Bush_NNP will_MD have_VB to_TO raise_VB taxes_NNS to_TO pay_VB for_IN his_PRP$ war_NN on_IN drugs_NNS ._. 
We_PRP have_VBP a_DT better_JJR idea_NN :_: Dismantle_VB HUD_NNP to_TO pay_VB for_IN the_DT war_NN on_IN drugs_NNS ._. 
Housing_NNP and_CC Urban_NNP Development_NNP 's_POS budget_NN is_VBZ $_$ 17_CD billion_CD ._. 
From_IN what_WP we_PRP and_CC the_DT nation_NN have_VBP been_VBN reading_NN ,_, the_DT money_NN is_VBZ n't_RB being_VBG spent_VBN very_RB well_RB ._. 
The_DT single_JJ most_RBS important_JJ contribution_NN the_DT government_NN could_MD make_VB now_RB to_TO help_VB the_DT poor_NN is_VBZ to_TO get_VB the_DT specter_NN of_IN drugs_NNS out_IN of_IN their_PRP$ neighborhoods_NNS ._. 
If_IN that_DT takes_VBZ money_NN ,_, take_VB it_PRP away_RB from_IN this_DT discredited_VBN federal_JJ department_NN ._. 
But_CC of_IN course_NN the_DT Democrats_NNPS pillorying_VBG HUD_NNP in_IN hearings_NNS and_CC in_IN the_DT press_NN have_VBP no_DT such_JJ solution_NN in_IN mind_NN ._. 
Instead_RB ,_, they_PRP 're_VBP scrambling_VBG to_TO protect_VB the_DT very_JJ programs_NNS at_IN the_DT heart_NN of_IN the_DT HUD_NNP scandal_NN ._. 
This_DT month_NN ,_, HUD_NNP Secretary_NNP Jack_NNP Kemp_NNP unveiled_VBD a_DT series_NN of_IN proposed_VBN reforms_NNS to_TO improve_VB management_NN at_IN HUD_NNP ._. 
No_DT doubt_NN many_NN of_IN his_PRP$ ideas_NNS are_VBP worthy_JJ ,_, but_CC ultimately_RB he_PRP is_VBZ proposing_VBG to_TO make_VB fundamentally_RB flawed_JJ programs_NNS work_VBP slightly_RB more_RBR fairly_RB and_CC efficiently_RB ._. 
Congress_NNP is_VBZ unlikely_JJ to_TO go_VB even_RB that_DT far_RB ._. 
Last_JJ week_NN ,_, Secretary_NNP Kemp_NNP ran_VBD into_IN a_DT buzzsaw_NN of_IN criticism_NN from_IN House_NNP Banking_NNP Committee_NNP members_NNS ._. 
They_PRP were_VBD appalled_VBN ,_, for_IN instance_NN ,_, that_IN he_PRP wanted_VBD to_TO target_VB more_JJR of_IN the_DT $_$ 3_CD billion_CD Community_NNP Development_NNP Block_NNP Grant_NNP -LRB-_( CDBG_NNP -RRB-_) program_NN to_TO low-income_JJ projects_NNS and_CC zero_CD out_RP the_IN notorious_JJ ``_`` discretionary_JJ ''_'' funds_NNS that_WDT have_VBP allowed_VBN HUD_NNP officials_NNS to_TO steer_VB contracts_NNS to_TO political_JJ cronies_NNS ._. 
These_DT development_NN grants_NNS mainly_RB enrich_VBP developers_NNS who_WP want_VBP to_TO put_VB up_IN shopping_NN centers_NNS and_CC parking_NN garages_NNS ._. 
They_PRP also_RB give_VBP those_DT in_NN Congress_NNP political_JJ credit_NN for_IN bringing_VBG home_NN the_DT pork_NN ,_, and_CC so_IN they_PRP are_VBP popular_JJ with_IN such_JJ Members_NNS as_IN Mary_NNP Rose_NNP Oakar_NNP ._. 
Rep._NNP Oakar_NNP ,_, a_DT Democrat_NNP from_IN Cleveland_NNP ,_, wants_VBZ a_DT $_$ 6.9_CD million_CD grant_NN so_RB Cleveland_NNP can_MD build_VB an_DT 18-story_NNP Rock_NNP and_CC Roll_NNP Hall_NNP of_IN Fame_NNP ._. 
She_PRP says_VBZ it_PRP 'd_MD create_VB 600_CD jobs_NNS and_CC bring_VB Cleveland_NNP tourist_NN revenue_NN ._. 
HUD_NNP says_VBZ the_DT project_NN does_VBZ n't_RB qualify_VB ,_, and_CC Mr._NNP Kemp_NNP says_VBZ that_DT rock_NN 'n'_NN roll_NN musicians_NNS and_CC the_DT music_NN industry_NN ought_MD to_TO put_VB up_IN the_DT money_NN ._. 
At_IN the_DT hearing_NN ,_, Rep._NNP Oakar_NNP started_VBD wailing_VBG about_IN ``_`` phoney_JJ baloney_NN regulations_NNS ''_'' that_WDT would_MD stand_VB between_IN her_PRP$ and_CC ``_`` housing_NN for_IN downtown_NN Cleveland_NNP ._. ''_'' 
Rep._NNP Chalmers_NNP Wylie_NNP ,_, an_DT Ohio_NNP Republican_NNP ,_, rallied_VBD to_TO the_DT cause_NN :_: ``_`` I_PRP think_VBP the_DT gentlelady_NN is_VBZ making_VBG an_DT important_JJ statement_NN ._. 
The_DT implication_NN that_IN if_IN a_DT congressman_NN calls_VBZ about_IN a_DT project_NN in_IN his_PRP$ district_NN there_EX 's_VBZ something_NN wrong_JJ ,_, I_PRP think_VBP is_VBZ most_RBS unfortunate_JJ ._. ''_'' 
We_PRP 're_VBP sure_JJ some_DT theologian_NN can_MD explain_VB the_DT difference_NN between_IN what_WP the_DT Republican_NNP consultants_NNS have_VBP been_VBN doing_VBG with_IN HUD_NNP and_CC what_WP these_DT gentleladies_NNS and_CC gentlemen_NNS want_VBP to_TO do_VB with_IN HUD_NNP ._. 
Our_PRP$ view_NN is_VBZ that_IN given_VBN Congress_NNP 's_POS attitude_NN toward_IN HUD_NNP ,_, the_DT place_NN probably_RB is_VBZ beyond_IN reform_NN ._. 
For_IN more_JJR than_IN 50_CD years_NNS the_DT federal_JJ government_NN has_VBZ tried_VBN various_JJ ways_NNS to_TO provide_VB housing_NN for_IN the_DT poor_JJ and_CC revive_VB cities_NNS ._. 
In_IN the_DT process_NN HUD_NNP has_VBZ wasted_VBN untold_JJ billions_NNS ,_, created_VBN slums_NNS and_CC invited_VBN corruption_NN ._. 
Much_RB of_IN HUD_NNP 's_POS spending_NN actually_RB is_VBZ disguised_VBN welfare_NN for_IN developers_NNS or_CC the_DT middle_NN class_NN ._. 
That_DT includes_VBZ the_DT CDBG_NNP funds_NNS and_CC the_DT Federal_NNP Housing_NNP Administration_NNP ,_, which_WDT loans_VBZ out_RP money_NN for_IN private_JJ home_NN mortgages_NNS and_CC has_VBZ just_RB been_VBN discovered_VBN to_TO be_VB $_$ 4_CD billion_CD in_IN the_DT hole_NN ._. 
Selling_VBG the_DT FHA_NNP 's_POS loan_NN portfolio_NN to_TO the_DT highest_JJS bidder_NN would_MD save_VB the_DT taxpayers_NNS untold_JJ billions_NNS in_IN future_NN losses_NNS ._. 
Some_DT HUD_NNP money_NN actually_RB does_VBZ trickle_NN down_RB to_TO the_DT poor_NN ,_, and_CC zeroing_VBG out_RP housing_NN middlemen_NNS would_MD free_VB up_IN more_JJR money_NN for_IN public_JJ housing_NN tenants_NNS to_TO manage_VB and_CC even_RB own_JJ their_PRP$ units_NNS ._. 
The_DT rest_NN ought_MD to_TO be_VB used_VBN to_TO clean_VB out_RP drugs_NNS from_IN the_DT neighbhorhoods_NNS ._. 
Rival_JJ gangs_NNS have_VBP turned_VBN cities_NNS into_IN combat_NN zones_NNS ._. 
Even_RB suburban_JJ Prince_NNP George_NNP 's_POS County_NNP ,_, Md._NNP ,_, reported_VBD last_JJ week_NN there_EX have_VBP been_VBN a_DT record_NN 96_CD killings_NNS there_EX this_DT year_NN ,_, most_RBS of_IN them_PRP drug-related_JJ ._. 
Innocent_JJ bystanders_NNS often_RB are_VBP the_DT victims_NNS ._. 
A_DT man_NN in_IN a_DT wheelchair_NN was_VBD gunned_VBN down_RB in_IN the_DT crossfire_NN of_IN a_DT Miami_NNP drug_NN battle_NN ._. 
A_DT three-year-old_JJ Brooklyn_NNP boy_NN was_VBD used_VBN as_IN a_DT shield_NN by_IN a_DT drug_NN dealer_NN ._. 
Decent_JJ life_NN in_IN the_DT inner_JJ cities_NNS wo_MD n't_RB be_VB restored_VBN unless_IN the_DT government_NN reclaims_VBZ the_DT streets_NNS from_IN the_DT drug_NN gangs_NNS ._. 
Until_IN then_RB ,_, the_DT billions_NNS HUD_NNP spends_VBZ on_IN inner-city_JJ housing_NN simply_RB is_VBZ wasted_VBN ._. 
It_PRP 's_VBZ still_RB unclear_JJ whether_IN Secretary_NNP Kemp_NNP wants_VBZ to_TO completely_RB overhaul_NN the_DT engine_NN room_NN at_IN HUD_NNP or_CC just_RB tighten_VB a_DT few_JJ screws_NNS here_RB and_CC there_RB ._. 
No_DT doubt_NN he_PRP believes_VBZ the_DT place_NN can_MD be_VB salvaged_VBN ._. 
Having_VBG seen_VBN the_DT hypocrisy_NN with_IN which_WDT Congress_NNP has_VBZ addressed_VBN the_DT HUD_NNP scandals_NNS ,_, we_PRP disagree_VBP ._. 
It_PRP 's_VBZ time_NN to_TO scrap_VB the_DT politically_RB infested_VBN spending_NN machine_NN HUD_NNP has_VBZ become_VBN and_CC channel_VB the_DT resources_NNS into_IN the_DT drug_NN war_NN ._. 
Randy_NNP Delchamps_NNP was_VBD named_VBN chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN this_DT grocery_NN chain_NN ._. 
Mr._NNP Delchamps_NNP ,_, 46_CD years_NNS old_JJ ,_, succeeds_VBZ A.F._NNP Delchamps_NNP Jr._NNP ,_, who_WP died_VBD in_IN a_DT plane_NN crash_NN on_IN Sunday_NNP at_IN the_DT age_NN of_IN 58_CD ._. 
Randy_NNP Delchamps_NNP retains_VBZ his_PRP$ position_NN as_IN president_NN ._. 
Natural_JJ upheavals_NNS ,_, and_CC most_RBS particularly_RB earthquakes_NNS ,_, are_VBP not_RB only_RB horrible_JJ realities_NNS in_IN and_CC of_IN themselves_PRP ,_, but_CC also_RB symbols_NNS through_IN which_WDT the_DT state_NN of_IN a_DT society_NN can_MD be_VB construed_VBN ._. 
The_DT rubble_NN after_IN the_DT Armenian_JJ earthquake_NN a_DT year_NN ago_RB disclosed_VBD ,_, quite_RB literally_RB ,_, a_DT city_NN whose_WP$ larger_JJR structures_NNS had_VBD been_VBN built_VBN with_IN sand_NN ._. 
The_DT extent_NN of_IN the_DT disaster_NN stemmed_VBD from_IN years_NNS of_IN chicanery_NN and_CC bureaucratic_JJ indifference_NN ._. 
The_DT larger_RBR parallel_JJ after_IN the_DT earthquake_NN centered_VBN south_RB of_IN San_NNP Francisco_NNP is_VBZ surely_RB with_IN the_DT state_NN of_IN the_DT U.S._NNP economy_NN ._. 
Did_VBD the_DT stock-market_NN tremors_NNS of_IN Friday_NNP ,_, Oct._NNP 13_CD ,_, presage_VB larger_JJR fragility_NN ,_, far_RB greater_JJR upheavals_NNS ?_. 
Are_VBP the_DT engineering_NN and_CC architecture_NN of_IN the_DT economy_NN as_RB vulnerable_JJ as_IN the_DT spans_NNS of_IN the_DT Bay_NNP Bridge_NNP ?_. 
The_DT eerie_JJ complacency_NN of_IN the_DT Reagan-Bush_JJ era_NN has_VBZ produced_VBN Panglossian_JJ paeans_NNS about_IN the_DT present_JJ perfection_NN of_IN U.S._NNP economic_JJ and_CC social_JJ arrangements_NNS ._. 
A_DT licensed_VBN government_NN intellectual_JJ ,_, Francis_NNP Fukuyama_NNP ,_, recently_RB announced_VBD in_IN The_DT National_NNP Interest_NN that_DT history_NN is_VBZ ,_, so_RB to_TO speak_VB ,_, at_IN an_DT end_NN since_IN the_DT course_NN of_IN human_JJ progress_NN has_VBZ now_RB culminated_VBN in_IN the_DT glorious_JJ full_JJ stop_NN of_IN American_JJ civilization_NN ._. 
His_PRP$ observations_NNS were_VBD taken_VBN seriously_RB ._. 
But_CC we_PRP are_VBP ,_, in_IN reality_NN ,_, witnessing_VBG the_DT continuing_VBG decline_NN of_IN the_DT political_JJ economy_NN of_IN capitalism_NN :_: not_RB so_RB much_JJ the_DT end_NN of_IN history_NN but_CC the_DT history_NN of_IN the_DT end_NN ._. 
The_DT financial_JJ equivalent_NN of_IN the_DT sand_NN used_VBN by_IN those_DT Armenian_JJ contractors_NNS is_VBZ junk_NN bonds_NNS and_CC the_DT leveraged_JJ buy-outs_NNS associated_VBN with_IN them_PRP ._. 
Builders_NNS get_VB away_RB with_IN using_VBG sand_NN and_CC financiers_NNS junk_NN when_WRB society_NN decides_VBZ it_PRP 's_VBZ okay_JJ ,_, necessary_JJ even_RB ,_, to_TO look_VB the_DT other_JJ way_NN ._. 
And_CC by_IN the_DT early_JJ 1980s_CD U.S._NNP capitalists_NNS had_VBD ample_JJ reason_NN to_TO welcome_VB junk_NN bonds_NNS ,_, to_TO look_VB the_DT other_JJ way_NN ._. 
By_IN that_DT time_NN they_PRP found_VBD extremely_RB low_JJ profit_NN rates_NNS from_IN non-financial_JJ corporate_JJ investment_NN ._. 
Government_NN statistics_NNS in_IN fact_NN show_NN that_IN the_DT profit_NN rate_NN --_: net_JJ pretax_JJ profits_NNS divided_VBN by_IN capital_NN stock_NN --_: peaked_VBD in_IN 1965_CD at_IN 17.2_CD %_NN ._. 
That_DT same_JJ calculation_NN saw_VBD profit_NN rates_NNS fall_VBP to_TO 4.6_CD %_NN in_IN the_DT recession_NN year_NN 1982_CD and_CC the_DT supposed_VBN miracle_NN that_WDT followed_VBD has_VBZ seen_VBN the_DT profit_NN rate_NN rise_NN only_RB to_TO 8.1_CD %_NN in_IN 1986_CD and_CC 8_CD %_NN in_IN 1987_CD ._. 
Corresponding_VBG to_TO the_DT fall_NN in_IN profit_NN rates_NNS was_VBD --_: in_IN the_DT early_JJ 1980s_CD --_: the_DT drop_NN in_IN the_DT number_NN arrived_VBD at_IN if_IN you_PRP divide_VBP the_DT market_NN value_NN of_IN firms_NNS by_IN the_DT replacement_NN costs_NNS of_IN their_PRP$ assets_NNS ,_, the_DT famous_JJ Q_NN ratio_NN associated_VBN with_IN Prof._NNP James_NNP Tobin_NNP ._. 
In_IN theory_NN ,_, the_DT value_NN attached_VBN to_TO a_DT firm_NN by_IN the_DT market_NN and_CC the_DT cost_NN of_IN replacing_VBG its_PRP$ assets_NNS should_MD be_VB the_DT same_JJ ._. 
But_CC of_IN course_NN the_DT market_NN could_MD decide_VB that_IN the_DT firm_NN 's_POS capital_NN stock_NN --_: its_PRP$ assets_NNS --_: means_VBZ nothing_NN if_IN the_DT firm_NN is_VBZ not_RB producing_VBG profits_NNS ._. 
This_DT is_VBZ indeed_RB what_WP the_DT market_NN decided_VBD ._. 
By_IN 1982_CD the_DT ratio_NN was_VBD 43.5_CD %_NN ,_, meaning_NN that_IN the_DT market_NN was_VBD valuing_VBG every_DT dollar_NN 's_POS worth_NN of_IN the_DT average_JJ firm_NN 's_POS assets_NNS at_IN 43_CD cents_NNS ._. 
From_IN the_DT history_NN of_IN capitalism_NN we_PRP can_MD take_VB it_PRP as_IN a_DT sound_NN bet_NN that_IN if_IN it_PRP takes_VBZ only_RB 43_CD cents_NNS to_TO buy_VB a_DT dollar_NN 's_POS worth_NN of_IN a_DT firm_NN 's_POS capital_NN stock_NN ,_, an_DT alert_JJ entrepreneur_NN wo_MD n't_RB look_VB the_DT other_JJ way_NN ._. 
His_PRP$ assumption_NN is_VBZ that_IN the_DT underlying_VBG profitability_NN rate_NN will_MD go_VB up_IN and_CC the_DT capital_NN assets_NNS he_PRP bought_VBD on_IN the_DT cheap_JJ will_MD soon_RB be_VB producing_VBG profits_NNS ,_, thus_RB restoring_VBG the_DT market_NN 's_POS faith_NN in_IN them_PRP ._. 
Hence_RB the_DT LBO_NNP craze_NN ._. 
But_CC here_RB is_VBZ where_WRB the_DT entrepreneur_NN made_VBD a_DT very_RB risky_JJ bet_NN ,_, and_CC where_WRB society_NN was_VBD maybe_RB foolish_JJ to_TO look_VB the_DT other_JJ way_NN ._. 
The_DT profit_NN rate_NN is_VBZ still_RB low_JJ and_CC the_DT Q_NN ratio_NN was_VBD only_RB 65_CD %_NN in_IN 1987_CD and_CC 68.9_CD %_NN in_IN 1988_CD ._. 
Result_NN :_: a_DT landscape_NN littered_VBN with_IN lemons_NNS ,_, huge_JJ debt_NN burdens_NNS crushing_VBG down_RB upon_IN the_DT arch_NN and_CC spans_NNS of_IN corporate_JJ America_NNP ._. 
The_DT mounting_VBG risks_NNS did_VBD not_RB go_VB unobserved_JJ ,_, even_RB in_IN the_DT mid-1980s_NNS ._. 
But_CC there_EX were_VBD enough_JJ promoters_NNS announcing_VBG the_DT end_NN of_IN history_NN -LRB-_( in_IN this_DT case_NN suspension_NN of_IN normal_JJ laws_NNS of_IN economic_JJ gravity_NN -RRB-_) for_IN society_NN to_TO continue_VB shielding_VBG its_PRP$ eyes_NNS ._. 
Mainstream_NN economists_NNS and_CC commentators_NNS ,_, craning_VBG their_PRP$ necks_NNS up_IN at_IN the_DT great_JJ pyramids_NNS of_IN junk_NN financing_NN ,_, swiveling_VBG their_PRP$ heads_NNS to_TO watch_VB the_DT avalanche_NN of_IN leveraged_JJ buy-outs_NNS ,_, claimed_VBD the_DT end_NN result_NN would_MD be_VB a_DT leaner_JJR ,_, meaner_JJR corporate_JJ America_NNP ,_, with_IN soaring_VBG productivity_NN and_CC profits_NNS and_CC the_DT weaker_RBR gone_VBN to_TO the_DT wall_NN ._. 
But_CC this_DT is_VBZ not_RB where_WRB the_DT rewards_NNS of_IN junk_NN financing_NN were_VBD found_VBN ._. 
The_DT beneficiaries_NNS were_VBD those_DT financiers_NNS whose_WP$ icon_NN was_VBD the_DT topic_NN figure_NN of_IN '80s_NNS capitalism_NN ,_, Michael_NNP Milken_NNP 's_POS $_$ 517_CD million_CD salary_NN in_IN one_CD year_NN ._. 
Left-stream_JJ economists_NNS I_PRP associate_JJ with_IN --_: fellows_NNS in_IN the_DT Union_NNP of_IN Radical_NNP Political_JJ Economists_NNS ,_, most_RBS particularly_RB Robert_NNP Pollin_NNP of_IN the_DT economics_NNS faculty_NN at_IN the_DT University_NNP of_IN California_NNP at_IN Riverside_NNP --_: were_VBD not_RB hypnotized_VBN in_IN the_DT manner_NN of_IN their_PRP$ pliant_JJ colleagues_NNS ._. 
All_DT along_IN they_PRP have_VBP been_VBN noting_VBG the_DT tremors_NNS and_CC pointing_VBG out_RP the_IN underlying_VBG realities_NNS ._. 
Profit_NN rates_NNS after_IN the_DT great_JJ merger_NN wave_NN are_VBP no_DT higher_JJR ,_, and_CC now_RB we_PRP have_VBP an_DT extremely_RB high-interest_JJ burden_NN relative_JJ to_TO cash_VB flow_NN ._. 
The_DT consequences_NNS of_IN building_NN empires_NNS with_IN sand_NN are_VBP showing_VBG up_RB ._. 
In_IN contrast_NN to_TO previous_JJ estimates_NNS reckoning_VBG the_DT default_NN rate_NN on_IN junk_NN bonds_NNS at_IN 2_CD %_NN or_CC 3_CD %_NN ,_, a_DT Harvard_NNP study_NN published_VBN in_IN April_NNP of_IN this_DT year_NN -LRB-_( and_CC discussed_VBN in_IN a_DT lead_NN story_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP for_IN Sept._NNP 18_CD -RRB-_) found_VBD the_DT default_NN rate_NN on_IN these_DT junk_NN bonds_NNS is_VBZ 34_CD %_NN ._. 
What_WP is_VBZ the_DT consequence_NN of_IN a_DT high-interest_JJ burden_NN ,_, high_JJ default_NN rates_NNS and_CC continued_VBD low_JJ profitability_NN ?_. 
Corporations_NNS need_VBP liquidity_NN ,_, in_IN the_DT form_NN of_IN borrowed_VBN funds_NNS ._. 
Without_IN liquidity_NN from_IN the_DT junk-bond_NN market_NN or_CC cash_NN flow_NN from_IN profits_NNS ,_, they_PRP look_VBP to_TO the_DT government_NN ,_, which_WDT obediently_RB assists_VBZ the_DT natural_JJ motions_NNS of_IN the_DT capitalist_JJ economy_NN with_IN charity_NN in_IN the_DT form_NN of_IN cuts_NNS in_IN the_DT capital-gains_NNS tax_VBP rate_NN or_CC bailouts_NNS ._. 
The_DT consequence_NN can_MD be_VB inflation_NN ,_, brought_VBN on_IN as_IN the_DT effect_NN of_IN a_DT desperate_JJ bid_NN to_TO avoid_VB the_DT deflationary_JJ shock_NN of_IN a_DT sudden_JJ crash_NN ._. 
Attacks_VBZ on_IN inflation_NN come_VB with_IN another_DT strategy_NN of_IN capital_NN of_IN a_DT very_RB traditional_JJ sort_NN :_: an_DT assault_NN on_IN wages_NNS ._. 
Mr._NNP Fukuyama_NNP ,_, peering_VBG through_IN binoculars_NNS at_IN the_DT end_NN of_IN history_NN ,_, said_VBD in_IN his_PRP$ essay_NN that_IN ``_`` the_DT class_NN issue_NN has_VBZ actually_RB been_VBN successfully_RB resolved_VBN in_IN the_DT West_NNP ..._: 
the_DT egalitarianism_NN of_IN modern_JJ America_NNP represents_VBZ the_DT essential_JJ achievement_NN of_IN the_DT classless_JJ society_NN envisioned_VBN by_IN Marx_NNP ._. ''_'' 
Mr._NNP Fukuyama_NNP might_MD want_VB to_TO consult_VB some_DT American_JJ workers_NNS on_IN the_DT subject_NN of_IN class_NN and_CC egalitarianism_NN ._. 
From_IN its_PRP$ peak_NN in_IN 1972_CD of_IN $_$ 198.41_CD ,_, the_DT average_JJ American_JJ weekly_JJ wage_NN had_VBD fallen_VBN to_TO $_$ 169.28_CD in_IN 1987_CD --_: both_DT figures_NNS being_VBG expressed_VBN in_IN 1977_CD dollars_NNS ._. 
In_IN other_JJ words_NNS ,_, after_IN the_DT glory_NN boom_NN of_IN the_DT Reagan_NNP years_NNS ,_, wages_NNS had_VBD sunk_VBN from_IN the_DT post_NN World_NNP War_NNP II_NNP peak_NN by_IN 16_CD %_NN as_IN capitalists_NNS ,_, helped_VBN by_IN the_DT government_NN ,_, turned_VBD down_RP the_DT screws_NNS or_CC went_VBD offshore_JJ ._. 
But_CC there_EX are_VBP signs_NNS now_RB --_: the_DT strikes_NNS by_IN miners_NNS ,_, Boeing_NNP workers_NNS ,_, telephone_NN workers_NNS ,_, etc._FW --_: that_IN this_DT attack_NN on_IN wages_NNS is_VBZ being_VBG more_RBR fiercely_RB resisted_VBN ._. 
These_DT are_VBP long-term_JJ Richter_NNP readings_NNS on_IN American_JJ capitalism_NN ._. 
The_DT whole_JJ structure_NN is_VBZ extremely_RB shaky_JJ ._. 
Governments_NNS have_VBP become_VBN sophisticated_JJ in_IN handling_NN moments_NNS of_IN panic_NN -LRB-_( a_DT word_NN the_DT London_NNP Times_NNP forbade_VBD my_PRP$ father_NN to_TO use_VB when_WRB he_PRP was_VBD reporting_VBG the_DT Wall_NNP Street_NNP crash_NN in_IN 1929_CD -RRB-_) ._. 
But_CC sophistication_NN has_VBZ its_PRP$ limits_NNS ._. 
The_DT S&L_NNP bailout_NN could_MD cost_VB $_$ 300_CD billion_CD ,_, computing_VBG interest_NN on_IN the_DT government_NN 's_POS loans_NNS ._. 
These_DT are_VBP real_JJ costs_NNS ._. 
Under_IN what_WP weights_VBZ will_MD the_DT Federal_NNP Deposit_NNP Insurance_NNP Corporation_NNP totter_VB ?_. 
Capitalism_NN may_MD now_RB be_VB engineered_VBN to_TO withstand_VB sudden_JJ shocks_NNS ,_, but_CC there_EX are_VBP fault_NN lines_NNS --_: the_DT crisis_NN in_IN profits_NNS ,_, the_DT assault_NN on_IN wages_NNS ,_, the_DT structural_JJ inequity_NN of_IN the_DT system_NN --_: that_WDT make_VBP fools_NNS of_IN those_DT who_WP claim_VBP that_IN the_DT future_NN is_VBZ here_RB and_CC that_DT history_NN is_VBZ over_RB ._. 
Mr._NNP Cockburn_NNP is_VBZ a_DT columnist_NN for_IN The_DT Nation_NN and_CC LA_NNP Weekly_NNP ._. 
Japan_NNP Air_NNP Lines_NNPS ,_, Lufthansa_NNP German_JJ Airlines_NNPS and_CC Air_NNP France_NNP reportedly_RB plan_VBP to_TO form_VB an_DT international_JJ air-freight_NN company_NN this_DT year_NN ,_, a_DT move_NN that_WDT could_MD further_VB consolidate_VB the_DT industry_NN ._. 
Japanese_JJ newspaper_NN Nihon_NNP Keizai_NNP Shimbun_NNP reported_VBD that_IN the_DT three_CD giants_NNS plan_VBP to_TO integrate_VB their_PRP$ cargo_NN computers_NNS and_CC ground-cargo_NN and_CC air-cargo_NN systems_NNS ._. 
They_PRP reportedly_RB will_MD invest_VB a_DT total_NN of_IN 20_CD billion_CD yen_NN -LRB-_( $_$ 140_CD million_CD -RRB-_) in_IN the_DT venture_NN ,_, whose_WP$ headquarters_NN would_MD be_VB in_IN France_NNP or_CC West_NNP Germany_NNP ._. 
The_DT action_NN follows_VBZ Federal_NNP Express_NNP Corp._NNP 's_POS acquisition_NN of_IN Flying_NNP Tiger_NNP Line_NNP Inc._NNP in_IN August_NNP ._. 
After_IN that_DT ,_, ``_`` it_PRP would_MD make_VB sense_NN for_IN airlines_NNS to_TO talk_VB about_IN doing_VBG things_NNS jointly_RB ,_, ''_'' said_VBD Cotton_NNP Daly_NNP ,_, director_NN of_IN cargo_NN services_NNS for_IN New_NNP York_NNP consulting_NN firm_NN Simat_NNP ,_, Helliesen_NNP &_CC Eichner_NNP Inc_NNP ._. 
Mr._NNP Daly_NNP said_VBD such_JJ discussions_NNS are_VBP motivated_VBN by_IN the_DT competitive_JJ threat_NN posed_VBN by_IN Federal_NNP Express_NNP ,_, United_NNP Parcel_NNP Service_NNP of_IN America_NNP Inc._NNP and_CC other_JJ fast-growing_JJ air-freight_NN companies_NNS ._. 
Many_JJ airlines_NNS are_VBP talking_VBG about_IN cargo_NN ventures_NNS ,_, and_CC there_EX have_VBP been_VBN rumors_NNS about_IN such_JJ a_DT tie_NN between_IN JAL_NNP and_CC European_JJ airlines_NNS ._. 
In_IN Tokyo_NNP ,_, a_DT JAL_NNP spokesman_NN said_VBD he_PRP could_MD n't_RB confirm_VB or_CC deny_VB the_DT latest_JJS Japanese_JJ report_NN ._. 
But_CC he_PRP said_VBD JAL_NNP is_VBZ talking_VBG to_TO Lufthansa_NNP and_CC Air_NNP France_NNP about_IN some_DT sort_NN of_IN cargo_NN venture_NN ._. 
``_`` It_PRP is_VBZ just_RB one_CD of_IN a_DT number_NN of_IN strategies_NNS JAL_NNP has_VBZ embarked_VBN upon_IN to_TO come_VB to_TO terms_NNS with_IN the_DT situation_NN in_IN Europe_NNP after_IN 1992_CD ,_, ''_'' the_DT deadline_NN for_IN ending_VBG trade_NN barriers_NNS in_IN the_DT EC_NNP ,_, he_PRP said_VBD ._. 
In_IN Frankfurt_NNP ,_, a_DT Lufthansa_NNP spokesman_NN confirmed_VBD talks_NNS are_VBP under_IN way_NN ,_, but_CC declined_VBD to_TO comment_VB ._. 
A_DT Lufthansa_NNP spokeswoman_NN in_IN Tokyo_NNP said_VBD the_DT head_NN of_IN Lufthansa_NNP 's_POS cargo_NN operations_NNS had_VBD been_VBN in_IN Toyko_NNP last_JJ week_NN for_IN talks_NNS with_IN JAL_NNP ._. 
In_IN Paris_NNP ,_, Air_NNP France_NNP declined_VBD to_TO comment_VB ._. 
``_`` Nothing_NN is_VBZ defined_VBN or_CC signed_VBN at_IN this_DT point_NN ,_, ''_'' Mr._NNP Daly_NNP said_VBD of_IN the_DT talks_NNS ._. 
Whatever_WDT accord_VBP the_DT three_CD carriers_NNS reach_VBP ,_, he_PRP said_VBD ,_, he_PRP is_VBZ skeptical_JJ it_PRP would_MD create_VB a_DT separate_JJ airline_NN ._. 
If_IN the_DT three_CD companies_NNS pool_VBP their_PRP$ air-freight_NN businesses_NNS ,_, their_PRP$ clout_NN would_MD be_VB considerable_JJ ._. 
According_VBG to_TO figures_NNS from_IN the_DT International_NNP Air_NNP Transport_NNP Association_NNP ,_, they_PRP carried_VBD a_DT combined_VBN 1.8_CD million_CD tons_NNS of_IN freight_NN last_JJ year_NN ._. 
Federal_NNP Express_NNP and_CC Flying_NNP Tiger_NNP ,_, as_IN separate_JJ companies_NNS ,_, carried_VBD a_DT combined_VBN 2.6_CD million_CD tons_NNS ._. 
Air_NNP France_NNP and_CC Lufthansa_NNP last_JJ month_NN concluded_VBD a_DT far-reaching_JJ cooperation_NN accord_NN that_WDT includes_VBZ air-freight_NN activities_NNS ._. 
They_PRP plan_VBP to_TO increase_VB cooperation_NN in_IN freight_NN ground-handling_NNS and_CC create_VB a_DT world-wide_JJ computer_NN system_NN to_TO process_VB cargo_NN ._. 
Other_JJ airlines_NNS would_MD have_VB access_NN to_TO the_DT system_NN ,_, they_PRP said_VBD ,_, and_CC negotiations_NNS with_IN partners_NNS were_VBD already_RB under_IN way_NN ._. 
Both_DT European_JJ airlines_NNS operate_VBP extensive_JJ fleets_NNS of_IN Boeing_NNP 747_CD freighters_NNS and_CC 747_CD Combis_NNPS ,_, aircraft_NN that_WDT carry_VBP both_DT freight_NN and_CC passengers_NNS on_IN the_DT main_JJ deck_NN ._. 
They_PRP currently_RB have_VBP large_JJ orders_NNS for_IN cargo_NN planes_NNS ._. 
Several_JJ airlines_NNS ,_, including_VBG Lufthansa_NNP ,_, JAL_NNP and_CC Cathay_NNP Pacific_NNP Airways_NNPS ,_, are_VBP working_VBG on_IN a_DT so-called_JJ global_JJ cargo_NN system_NN and_CC are_VBP trying_VBG to_TO attract_VB other_JJ carriers_NNS to_TO join_VB ,_, Mr._NNP Daly_NNP said_VBD ._. 
JAL_NNP also_RB has_VBZ signaled_VBN it_PRP is_VBZ looking_VBG for_IN toeholds_NNS in_IN Europe_NNP before_IN the_DT end_NN of_IN 1992_CD ._. 
Last_JJ month_NN ,_, the_DT carrier_NN said_VBD it_PRP wanted_VBD to_TO lease_VB crews_NNS and_CC planes_NNS from_IN British_JJ Airways_NNPS so_IN it_PRP could_MD funnel_VB its_PRP$ passengers_NNS from_IN London_NNP to_TO other_JJ European_JJ destinations_NNS ._. 
British_JJ Airways_NNPS said_VBD it_PRP has_VBZ n't_RB received_VBN a_DT proposal_NN from_IN JAL_NNP ._. 
But_CC last_JJ week_NN there_EX were_VBD air-traffic_NN negotiations_NNS between_IN the_DT U.K._NNP and_CC Japan_NNP ,_, a_DT likely_JJ first_JJ step_NN to_TO any_DT commercial_JJ agreement_NN between_IN JAL_NNP and_CC British_JJ Airways_NNPS or_CC another_DT U.K._NNP carrier_NN ._. 
Federal_NNP Paper_NNP Board_NNP Co._NNP said_VBD it_PRP completed_VBD the_DT previously_RB announced_VBN purchase_NN of_IN Imperial_NNP Cup_NNP Corp._NNP ,_, a_DT closely_RB held_VBN maker_NN of_IN paper_NN cups_NNS based_VBN in_IN Kenton_NNP ,_, Ohio_NNP ._. 
Terms_NNS were_VBD n't_RB disclosed_VBN ._. 
Imperial_NNP Cup_NNP has_VBZ annual_JJ sales_NNS of_IN approximately_RB $_$ 75_CD million_CD ._. 
Federal_NNP Paper_NNP Board_NNP sells_VBZ paper_NN and_CC wood_NN products_NNS ._. 
In_IN a_DT move_NN to_TO prevent_VB any_DT dislocation_NN in_IN the_DT financial_JJ markets_NNS from_IN the_DT California_NNP earthquake_NN ,_, the_DT Securities_NNPS and_CC Exchange_NNP Commission_NNP said_VBD it_PRP temporarily_RB reassigned_VBD options_NNS listed_VBN on_IN the_DT Pacific_NNP Stock_NNP Exchange_NNP to_TO the_DT American_NNP ,_, New_NNP York_NNP and_CC Philadelphia_NNP stock_NN exchanges_NNS and_CC to_TO the_DT Chicago_NNP Board_NNP Options_NNP Exchange_NNP ._. 
The_DT decision_NN ,_, which_WDT affects_VBZ millions_NNS of_IN dollars_NNS of_IN trading_NN positions_NNS ,_, was_VBD made_VBN late_JJ yesterday_NN because_IN the_DT Pacific_NNP exchange_NN 's_POS options_NNS floor_NN was_VBD shut_VBN down_RB as_IN a_DT result_NN of_IN Tuesday_NNP 's_POS earthquake_NN ._. 
The_DT SEC_NNP ,_, faced_VBN with_IN a_DT major_JJ squeeze_NN on_IN options_NNS positions_NNS ,_, said_VBD it_PRP was_VBD necessary_JJ to_TO ensure_VB that_IN options_NNS listed_VBN on_IN the_DT exchange_NN could_MD be_VB traded_VBN today_NN and_CC tomorrow_NN ._. 
SEC_NNP Chairman_NNP Richard_NNP Breeden_NNP said_VBD the_DT cooperation_NN by_IN the_DT exchanges_NNS would_MD enable_VB investors_NNS to_TO buy_VB and_CC sell_VB options_NNS listed_VBN solely_RB on_IN the_DT Pacific_NNP exchange_NN ,_, guaranteeing_VBG the_DT liquidity_NN of_IN the_DT market_NN ._. 
Officials_NNS at_IN the_DT four_CD exchanges_NNS said_VBD well_RB over_IN 50_CD traders_NNS from_IN the_DT Pacific_NNP exchange_NN were_VBD taking_VBG flights_NNS from_IN San_NNP Francisco_NNP late_JJ yesterday_NN to_TO the_DT American_NNP ,_, New_NNP York_NNP and_CC Philadelphia_NNP exchanges_NNS and_CC to_TO the_DT CBOE_NNP ,_, where_WRB they_PRP would_MD continue_VB making_VBG markets_NNS in_IN the_DT Pacific-listed_JJ options_NNS ._. 
The_DT Big_NNP Board_NNP said_VBD carpenters_NNS quickly_RB erected_VBN a_DT new_JJ options_NNS floor_NN to_TO accomodate_VB 40_CD traders_NNS from_IN the_DT Pacific_NNP exchange_NN ._. 
In_IN addition_NN ,_, specialists_NNS on_IN the_DT exchanges_NNS agreed_VBD to_TO provide_VB backup_NN capital_NN for_IN market-making_NN in_IN Pacific_NNP exchange_NN options_NNS traded_VBN on_IN the_DT exchanges_NNS ._. 
Trading_NN was_VBD light_NN on_IN the_DT Pacific_NNP Stock_NNP Exchange_NNP yesterday_NN ,_, with_IN workers_NNS at_IN the_DT exchange_NN 's_POS main_JJ floor_NN in_IN San_NNP Francisco_NNP struggling_VBG to_TO execute_VB orders_NNS by_IN flashlight_NN as_IN a_DT result_NN of_IN a_DT continuing_VBG power_NN outage_NN ._. 
The_DT most_RBS pressing_VBG problem_NN was_VBD the_DT suspension_NN of_IN options_NNS trading_NN ._. 
The_DT Pacific_NNP exchange_NN has_VBZ options_NNS for_IN 129_CD underlying_VBG stock_NN issues_NNS ,_, including_VBG highly_RB active_JJ Hilton_NNP Hotels_NNP Corp._NNP ,_, which_WDT is_VBZ listed_VBN on_IN the_DT Big_NNP Board_NNP ._. 
Investors_NNS were_VBD concerned_VBN that_IN they_PRP might_MD be_VB unable_JJ to_TO exercise_VB options_NNS that_WDT expire_VBP tomorrow_NN ._. 
But_CC professionals_NNS said_VBD throughout_IN the_DT day_NN that_IN the_DT shutdown_NN would_MD n't_RB be_VB a_DT cause_NN for_IN alarm_NN even_RB if_IN it_PRP were_VBD to_TO persist_VB for_IN several_JJ days_NNS ._. 
``_`` I_PRP 've_VBP told_VBD my_PRP$ staff_NN and_CC clients_NNS that_IN they_PRP still_RB have_VBP the_DT ability_NN to_TO exercise_VB their_PRP$ options_NNS ,_, because_IN they_PRP are_VBP guaranteed_VBN by_IN the_DT Options_NNP Clearing_NNP Corp._NNP ,_, ''_'' said_VBD Michael_NNP Schwartz_NNP ,_, a_DT senior_JJ registered_VBN options_NNS strategist_NN at_IN Oppenheimer_NNP &_CC Co_NNP ._. 
The_DT SEC_NNP reassigned_VBD trading_NN in_IN the_DT options_NNS ,_, however_RB ,_, to_TO allow_VB investors_NNS to_TO do_VB more_JJR than_IN simply_JJ exercise_NN the_DT options_NNS ._. 
While_IN the_DT exchange_NN 's_POS equities_NNS floor_NN in_IN San_NNP Francisco_NNP remained_VBD open_JJ on_IN a_DT limited_JJ basis_NN ,_, orders_NNS were_VBD being_VBG routed_VBN and_CC executed_VBN in_IN Los_NNP Angeles_NNP ._. 
Workers_NNS could_MD dial_VB out_IN ,_, but_CC they_PRP could_MD n't_RB receive_VB telephone_NN calls_NNS ._. 
``_`` It_PRP 's_VBZ a_DT very_RB uncertain_JJ situation_NN right_RB now_RB ,_, ''_'' said_VBD Navin_NNP Vyas_NNP ,_, administrative_JJ assistant_NN of_IN trading_NN floor_NN operations_NNS of_IN the_DT exchange_NN ,_, which_WDT has_VBZ daily_JJ volume_NN of_IN about_IN 10_CD million_CD shares_NNS ._. 
Because_IN the_DT exchange_NN 's_POS computer_NN was_VBD rerouting_VBG orders_NNS to_TO the_DT exchange_NN 's_POS trading_NN operations_NNS in_IN Los_NNP Angeles_NNP ,_, ``_`` business_NN is_VBZ as_IN usual_JJ ''_'' Mr._NNP Vyas_NNP said_VBD ._. 
``_`` If_IN one_CD city_NN is_VBZ down_RB ,_, the_DT other_NN can_MD take_VB over_IN ._. ''_'' 
Meanwhile_RB ,_, the_DT brokerage_NN firms_NNS in_IN San_NNP Francisco_NNP were_VBD trying_VBG to_TO cope_VB ._. 
Charles_NNP Daggs_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN of_IN Sutro_NNP &_CC Co._NNP ,_, said_VBD traders_NNS came_VBD to_TO work_VB at_IN 5_NN a.m._NN PDT_NNP --_: many_JJ on_IN foot_NN because_IN of_IN uncertain_JJ road_NN and_CC traffic_NN conditions_NNS --_: but_CC learned_VBD that_IN they_PRP would_MD have_VB to_TO await_VB a_DT required_VBN inspection_NN by_IN the_DT city_NN in_IN order_NN to_TO turn_VB the_DT power_NN back_RB on_IN at_IN the_DT company_NN 's_POS two_CD main_JJ facilities_NNS there_RB ._. 
That_DT should_MD happen_VB by_IN today_NN ,_, he_PRP said_VBD ._. 
Traders_NNS worked_VBD with_IN the_DT help_NN of_IN sunlight_NN streaming_VBG through_IN windows_NNS ,_, despite_IN large_JJ cracks_NNS in_IN the_DT walls_NNS and_CC a_DT lack_NN of_IN incoming_JJ phone_NN calls_NNS ._. 
Also_RB ,_, most_RBS of_IN the_DT telecommunications_NNS equipment_NN was_VBD out_RB ._. 
The_DT traders_NNS were_VBD executing_VBG municipal_JJ bond_NN ,_, mutual_JJ fund_NN and_CC other_JJ orders_NNS through_IN a_DT sister_NN firm_NN ,_, Tucker_NNP Anthony_NNP Inc._NNP ,_, which_WDT is_VBZ also_RB owned_VBN by_IN John_NNP Hancock_NNP Freedom_NNP Securities_NNPS but_CC is_VBZ based_VBN in_IN New_NNP York_NNP ._. 
``_`` We_PRP are_VBP having_VBG a_DT regular_JJ day_NN ._. 
Volume_NN is_VBZ down_RB out_IN of_IN San_NNP Francisco_NNP ,_, but_CC not_RB out_IN of_IN the_DT 11_CD outlying_JJ offices_NNS ,_, ''_'' Mr._NNP Daggs_NNP added_VBD ._. 
Sutro_NNP 's_POS Oakland_NNP office_NN executed_VBD orders_NNS through_IN the_DT Sacramento_NNP office_NN ,_, which_WDT was_VBD n't_RB affected_VBN by_IN the_DT quake_NN ._. 
Others_NNS ,_, like_IN Prudential-Bache_NNP Securities_NNP Inc._NNP ,_, which_WDT has_VBZ eight_CD offices_NNS in_IN the_DT San_NNP Francisco_NNP area_NN ,_, set_VBN up_IN an_DT 800_CD number_NN yesterday_NN morning_NN for_IN customers_NNS to_TO obtain_VB market_NN commentary_NN and_CC other_JJ help_NN ._. 
At_IN Kidder_NNP ,_, Peabody_NNP &_CC Co._NNP 's_POS Sacramento_NNP branch_NN ,_, Manager_NNP Janet_NNP White_NNP received_VBD calls_VBZ yesterday_NN morning_NN from_IN workers_NNS in_IN San_NNP Francisco_NNP who_WP offered_VBD to_TO work_VB in_IN Sacramento_NNP ._. 
Then_RB she_PRP discovered_VBD that_IN Quotron_NNP Systems_NNP Inc._NNP 's_POS Sacramento_NNP lines_NNS were_VBD down_RB ,_, because_IN they_PRP are_VBP normally_RB tied_VBN in_IN through_IN a_DT system_NN that_WDT goes_VBZ through_IN San_NNP Francisco_NNP ._. 
So_RB the_DT Kidder_NNP brokers_NNS had_VBD to_TO call_VB other_JJ company_NN offices_NNS to_TO get_VB quotes_NNS on_IN stocks_NNS ._. 
At_IN Quotron_NNP ,_, the_DT company_NN 's_POS National_NNP Call-In_NN Center_NNP ,_, which_WDT swung_VBD into_IN action_NN for_IN the_DT first_JJ time_NN last_JJ month_NN for_IN Hurricane_NNP Hugo_NNP ,_, assembled_VBD a_DT tactical_JJ team_NN at_IN 5_NN a.m._NN yesterday_NN to_TO begin_VB rerouting_VBG lines_NNS and_CC restore_VB service_NN to_TO brokers_NNS and_CC traders_NNS ._. 
The_DT company_NN dispatched_VBD as_RB many_JJ as_IN 200_CD people_NNS in_IN the_DT San_NNP Francisco_NNP area_NN to_TO do_VB the_DT work_NN ,_, though_IN most_RBS of_IN the_DT rerouting_VBG was_VBD done_VBN by_IN computer_NN ._. 
Service_NNP appeared_VBD to_TO be_VB down_RB throughout_IN the_DT financial_JJ district_NN in_IN downtown_NN San_NNP Francisco_NNP ,_, while_IN just_RB parts_NNS of_IN Oakland_NNP and_CC San_NNP Jose_NNP were_VBD knocked_VBN out_RB ._. 
But_CC Dale_NNP Irvine_NNP ,_, director_NN of_IN the_DT emergency_NN center_NN ,_, said_VBD service_NN was_VBD being_VBG restored_VBN to_TO outlying_JJ San_NNP Francisco_NNP areas_NNS ._. 
In_IN Chicago_NNP yesterday_NN ,_, Options_NNP Clearing_NNP confirmed_VBD that_IN it_PRP guarantees_VBZ the_DT Pacific_NNP exchange_NN options_NNS ._. 
The_DT firm_NN also_RB will_MD permit_VB its_PRP$ members_NNS and_CC the_DT public_JJ ``_`` to_TO exercise_VB their_PRP$ put_NN and_CC call_VB options_NNS contracts_NNS traded_VBN on_IN the_DT Pacific_NNP exchange_NN ''_'' even_RB if_IN the_DT exchange_NN is_VBZ closed_VBN ,_, said_VBD Wayne_NNP Luthringshausen_NNP ,_, chairman_NN of_IN Options_NNP Clearing_NNP ._. 
-LRB-_( Put_VB options_NNS give_VB holders_NNS the_DT right_NN ,_, but_CC not_RB the_DT obligation_NN ,_, to_TO sell_VB a_DT financial_JJ instrument_NN at_IN a_DT specified_VBN price_NN ,_, while_IN call_NN options_NNS give_VBP holders_NNS the_DT right_NN ,_, but_CC not_RB the_DT obligation_NN ,_, to_TO buy_VB a_DT financial_JJ instrument_NN at_IN a_DT specified_VBN price_NN -RRB-_) ._. 
Investors_NNS and_CC traders_NNS in_IN Pacific_NNP exchange_NN options_NNS ``_`` are_VBP protected_VBN to_TO the_DT extent_NN that_IN they_PRP can_MD convert_VB their_PRP$ put_NN and_CC call_VB options_NNS into_IN the_DT underlying_VBG instrument_NN ,_, ''_'' Mr._NNP Luthringshausen_NNP said_VBD ._. 
``_`` We_PRP are_VBP seeing_VBG such_JJ exercises_NNS today_NN ,_, in_IN fact_NN ._. 
International_NNP Business_NNP Machines_NNP Corp._NNP said_VBD its_PRP$ board_NN approved_VBD the_DT purchase_NN of_IN $_$ 1_CD billion_CD of_IN its_PRP$ common_JJ shares_NNS ,_, a_DT move_NN that_WDT should_MD help_VB support_VB its_PRP$ battered_VBN stock_NN ._. 
Even_RB as_IN the_DT stock_NN market_NN has_VBZ generally_RB done_VBN well_RB this_DT year_NN ,_, IBM_NNP 's_POS shares_NNS have_VBP slipped_VBN steadily_RB from_IN its_PRP$ 52-week_JJ high_NN of_IN $_$ 130.875_CD ._. 
Yesterday_NN 's_POS closing_VBG price_NN of_IN $_$ 101.75_CD ,_, down_RB 50_CD cents_NNS ,_, in_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, puts_VBZ the_DT stock_NN at_IN about_IN 1_CD 1\/2_CD times_NNS book_NN value_NN ,_, which_WDT is_VBZ as_RB low_JJ as_IN it_PRP has_VBZ sunk_VBN over_IN the_DT past_JJ decade_NN ._. 
The_DT announcement_NN came_VBD after_IN the_DT market_NN 's_POS close_NN ._. 
The_DT move_NN by_IN IBM_NNP was_VBD n't_RB exactly_RB a_DT surprise_NN ._. 
The_DT company_NN has_VBZ spent_VBN some_DT $_$ 5_NN billion_CD over_IN the_DT past_JJ 3_CD 1\/2_CD years_NNS to_TO buy_VB back_RB 42_CD million_CD common_JJ shares_NNS ,_, or_CC roughly_RB 7_CD %_NN of_IN those_DT outstanding_JJ ._. 
In_IN addition_NN ,_, despite_IN IBM_NNP 's_POS well-publicized_JJ recent_JJ problems_NNS ,_, the_DT computer_NN giant_NN still_RB generates_VBZ enormous_JJ amounts_NNS of_IN cash_NN ._. 
As_IN of_IN the_DT end_NN of_IN the_DT second_JJ quarter_NN ,_, it_PRP had_VBD $_$ 4.47_CD billion_CD of_IN cash_NN and_CC marketable_JJ securities_NNS on_IN hand_NN ._. 
As_IN a_DT result_NN ,_, some_DT securities_NNS analysts_NNS had_VBD predicted_VBN in_IN recent_JJ days_NNS that_IN IBM_NNP would_MD authorize_VB additional_JJ purchases_NNS ._. 
In_IN Armonk_NNP ,_, N.Y._NNP ,_, a_DT spokesman_NN said_VBD that_IN although_IN IBM_NNP did_VBD n't_RB view_VB its_PRP$ spending_NN as_IN necessarily_RB a_DT way_NN to_TO support_VB the_DT stock_NN ,_, it_PRP thought_VBD the_DT purchases_NNS were_VBD a_DT good_JJ way_NN to_TO improve_VB such_JJ financial_JJ measurements_NNS as_IN per-share_JJ earnings_NNS and_CC return_NN on_IN equity_NN ._. 
``_`` We_PRP view_VBP it_PRP as_IN a_DT good_JJ long-term_JJ investment_NN ,_, ''_'' the_DT spokesman_NN said_VBD ._. 
In_IN the_DT short_JJ term_NN ,_, the_DT move_NN is_VBZ likely_JJ to_TO have_VB little_JJ effect_NN ._. 
At_IN yesterday_NN 's_POS closing_VBG price_NN ,_, $_$ 1_CD billion_CD would_MD buy_VB back_RB about_IN 10_CD million_CD shares_NNS ,_, or_CC less_JJR than_IN 2_CD %_NN of_IN the_DT roughly_RB 580_CD million_CD outstanding_JJ ._. 
In_IN addition_NN ,_, as_IN of_IN Sept._NNP 30_CD ,_, the_DT company_NN still_RB had_VBD authorization_NN to_TO buy_VB $_$ 368_CD million_CD of_IN stock_NN under_IN a_DT prior_JJ repurchase_NN program_NN ._. 
Over_IN the_DT long_JJ term_NN ,_, however_RB ,_, IBM_NNP 's_POS stock_NN repurchases_NNS --_: along_IN with_IN its_PRP$ hefty_JJ ,_, $_$ 4.84-a-share_CD annual_JJ dividend_NN and_CC generally_RB loyal_JJ following_NN among_IN large_JJ institutional_JJ investors_NNS --_: are_VBP providing_VBG a_DT floor_NN for_IN the_DT stock_NN price_NN ._. 
Although_IN IBM_NNP last_JJ year_NN produced_VBD its_PRP$ first_JJ strong_JJ results_NNS in_IN four_CD years_NNS and_CC was_VBD expected_VBN to_TO continue_VB to_TO roll_VB this_DT year_NN ,_, it_PRP began_VBD faltering_VBG as_RB early_RB as_IN January_NNP ._. 
First_RB ,_, it_PRP had_VBD trouble_NN manufacturing_VBG a_DT chip_NN for_IN its_PRP$ mainframes_NNS ,_, IBM_NNP 's_POS bread-and-butter_JJ business_NN ._. 
Then_RB it_PRP had_VBD a_DT series_NN of_IN smaller_JJR glitches_NNS ,_, including_VBG problems_NNS manufacturing_NN certain_JJ personal_JJ computers_NNS and_CC the_DT delay_NN in_IN the_DT announcement_NN of_IN some_DT important_JJ workstations_NNS ._. 
Finally_RB ,_, IBM_NNP had_VBD to_TO delay_VB the_DT introduction_NN of_IN some_DT high-end_JJ disk_NN drives_NNS ,_, which_WDT account_VBP for_IN 10_CD %_NN of_IN its_PRP$ $_$ 60_CD billion_CD of_IN annual_JJ revenue_NN ._. 
None_NN of_IN the_DT problems_NNS is_VBZ necessarily_RB fatal_JJ ,_, and_CC they_PRP are_VBP n't_RB all_DT necessarily_RB even_RB related_VBN ._. 
There_EX are_VBP also_RB other_JJ factors_NNS at_IN work_NN that_WDT are_VBP outside_IN IBM_NNP 's_POS control_NN ,_, such_JJ as_IN currency_NN exchange_NN rates_NNS ._. 
The_DT strong_JJ dollar_NN ,_, which_WDT reduces_VBZ the_DT value_NN of_IN overseas_JJ earnings_NNS and_CC revenue_NN when_WRB they_PRP are_VBP translated_VBN into_IN dollars_NNS ,_, is_VBZ expected_VBN to_TO knock_VB 80_CD to_TO 85_CD cents_NNS off_IN IBM_NNP 's_POS per-share_JJ earnings_NNS for_IN the_DT full_JJ year_NN ._. 
Without_IN that_DT problem_NN ,_, IBM_NNP might_MD have_VB matched_VBN last_JJ year_NN 's_POS earnings_NNS of_IN $_$ 5.81_CD billion_CD ,_, or_CC $_$ 9.80_CD a_DT share_NN ._. 
Still_RB ,_, investors_NNS will_MD take_VB some_DT convincing_NN before_IN they_PRP get_VBP back_RB into_IN IBM_NNP 's_POS stock_NN in_IN a_DT big_JJ way_NN ._. 
Steve_NNP Milunovich_NNP ,_, a_DT securities_NNS analyst_NN at_IN First_NNP Boston_NNP ,_, said_VBD that_IN while_IN investors_NNS were_VBD looking_VBG for_IN an_DT excuse_NN to_TO buy_VB IBM_NNP shares_VBZ a_DT year_NN ago_RB ,_, even_RB the_DT big_JJ institutional_JJ investors_NNS are_VBP looking_VBG for_IN a_DT reason_NN to_TO avoid_VB the_DT stock_NN these_DT days_NNS ._. 
On_IN Wall_NNP Street_NNP yesterday_NN ,_, northern_JJ California_NNP 's_POS killer_NN earthquake_NN was_VBD just_RB another_DT chance_NN to_TO make_VB a_DT buck_NN ._. 
At_IN the_DT opening_NN bell_NN ,_, investors_NNS quickly_RB began_VBD singling_VBG out_RP shares_NNS of_IN companies_NNS expected_VBN to_TO profit_VB or_CC suffer_VB in_IN some_DT way_NN from_IN the_DT California_NNP disaster_NN ,_, including_VBG insurers_NNS ,_, construction-related_JJ companies_NNS ,_, refiners_NNS and_CC housing_NN lenders_NNS ._. 
Brokerage_NN houses_NNS jumped_VBD in_IN ,_, touting_VBG ``_`` post-quake_JJ demand_NN ''_'' stocks_NNS ,_, and_CC Kidder_NNP ,_, Peabody_NNP &_CC Co._NNP set_VBD up_IN a_DT toll-free_JJ hot_JJ line_NN for_IN San_NNP Franciscans_NNP who_WP might_MD need_VB emergency_NN investment_NN advice_NN and_CC help_VB in_IN transferring_VBG funds_NNS ._. 
``_`` Wall_NNP Street_NNP thinks_VBZ of_IN everything_NN in_IN terms_NNS of_IN money_NN ,_, ''_'' says_VBZ Tom_NNP Gallagher_NNP ,_, a_DT senior_JJ Oppenheimer_NNP &_CC Co._NNP trader_NN ._. 
However_RB ,_, he_PRP added_VBD ,_, such_JJ event-driven_JJ trading_NN moves_NNS typically_RB last_JJ only_RB a_DT few_JJ hours_NNS and_CC are_VBP often_RB made_VBN without_IN full_JJ information_NN ._. 
The_DT most_RBS popular_JJ plays_NNS of_IN the_DT day_NN were_VBD insurance_NN companies_NNS such_JJ as_IN General_NNP Re_NNP Corp._NNP ,_, which_WDT rose_VBD $_$ 2.75_CD to_TO $_$ 86.50_CD ,_, Nac_NNP Re_NNP Corp._NNP ,_, up_IN $_$ 2_CD to_TO $_$ 37.75_CD ,_, American_NNP International_NNP Group_NNP Inc._NNP ,_, up_IN $_$ 3.25_CD to_TO $_$ 102.625_CD ,_, and_CC Cigna_NNP Corp._NNP ,_, up_IN 87.5_CD cents_NNS to_TO $_$ 62.50_CD ._. 
Yesterday_NN ,_, the_DT brokerage_NN firm_NN Conning_NNP &_CC Co._NNP said_VBD insurers_NNS will_MD use_VB the_DT earthquake_NN as_IN an_DT excuse_NN to_TO raise_VB insurance_NN rates_NNS ,_, ending_VBG their_PRP$ long_JJ price_NN wars_NNS ._. 
Before_IN this_DT bullish_JJ theory_NN surfaced_VBD ,_, some_DT insurance_NN stocks_NNS initially_RB fell_VBD ,_, indicating_VBG that_IN investors_NNS thought_VBD the_DT quake_NN might_MD cost_VB insurers_NNS a_DT lot_NN of_IN money_NN ._. 
In_IN fact_NN ,_, Fireman_NNP 's_POS Fund_NNP Corp._NNP ,_, which_WDT ended_VBD the_DT day_NN off_IN 50_CD cents_NNS to_TO $_$ 36.50_CD ,_, said_VBD earthquake_NN damage_NN would_MD slightly_RB hurt_VBN fourth-quarter_JJ profit_NN ._. 
On_IN the_DT prospect_NN for_IN rebuilding_VBG northern_JJ California_NNP ,_, investors_NNS bid_VBP up_IN cement-makers_NNS Calmat_NNP Co._NNP ,_, up_IN $_$ 2.75_CD to_TO $_$ 28.75_CD ,_, and_CC Lone_NNP Star_NNP Industries_NNP Inc._NNP ,_, up_IN $_$ 1.75_CD to_TO $_$ 29.25_CD ._. 
Bridge_NNP and_CC road_NN builders_NNS had_VBD a_DT field_NN day_NN ,_, including_VBG Kasler_NNP Corp._NNP ,_, up_IN $_$ 2.125_CD to_TO $_$ 9.875_CD ,_, Guy_NNP F._NNP Atkinson_NNP Co._NNP ,_, up_IN 87.5_CD to_TO $_$ 61.875_CD ,_, and_CC Morrison_NNP Knudsen_NNP Corp._NNP ,_, which_WDT reported_VBD higher_JJR third-quarter_JJ earnings_NNS yesterday_NN ,_, up_IN $_$ 2.25_CD to_TO $_$ 44.125_CD ._. 
Fluor_NNP Corp._NNP ,_, a_DT construction_NN engineering_NN firm_NN ,_, gained_VBD 75_CD cents_NNS to_TO $_$ 33.375_CD ._. 
But_CC home-building_JJ stocks_NNS were_VBD a_DT mixed_VBN bag_NN ._. 
Timber_NN stocks_NNS got_VBD a_DT big_JJ boost_NN ._. 
Georgia_NNP Pacific_NNP Corp._NNP ,_, up_IN $_$ 1.25_CD to_TO $_$ 58_CD ,_, and_CC Maxxam_NNP Inc._NNP ,_, up_IN $_$ 3_CD to_TO $_$ 43.75_CD ,_, both_DT reported_VBD strong_JJ profits_NNS ._. 
Merrill_NNP Lynch_NNP &_CC Co._NNP touted_VBD Georgia-Pacific_NNP ,_, Louisiana_NNP Pacific_NNP Corp._NNP and_CC Willamette_NNP Industries_NNP Inc._NNP as_IN the_DT best_JJS post-quake_JJ plywood_NN plays_NNS ._. 
Other_JJ gainers_NNS were_VBD companies_NNS with_IN one_CD or_CC more_RBR undamaged_JJ California_NNP refineries_NNS ._. 
Tosco_NNP Corp._NNP jumped_VBD $_$ 1.125_CD to_TO $_$ 20.125_CD and_CC Chevron_NNP Corp._NNP ,_, despite_IN a_DT temporary_JJ pipeline_NN shutdown_NN ,_, rose_VBD $_$ 1_CD to_TO $_$ 65_CD ._. 
Meanwhile_RB ,_, shares_VBZ of_IN some_DT big_JJ housing_NN lenders_NNS got_VBD hit_VBN ,_, on_IN the_DT likelihood_NN that_IN the_DT lenders_NNS '_POS collateral_NN --_: people_NNS 's_POS homes_NNS --_: suffered_VBD physical_JJ damage_NN and_CC perhaps_RB a_DT loss_NN in_IN value_NN ._. 
Wells_NNP Fargo_NNP &_CC Co._NNP fell_VBD 50_CD cents_NNS to_TO $_$ 81.50_CD ,_, and_CC BankAmerica_NNP Corp._NNP fell_VBD 50_CD cents_NNS to_TO $_$ 31.875_CD ._. 
Some_DT California_NNP thrift_NN stocks_NNS also_RB fell_VBD ,_, including_VBG Golden_NNP West_NNP Financial_NNP Corp._NNP and_CC H.F._NNP Ahmanson_NNP &_CC Co._NNP ,_, which_WDT reported_VBD lower_JJR earnings_NNS yesterday_NN ._. 
``_`` Property_NNP values_NNS did_VBD n't_RB go_VB up_IN in_IN California_NNP yesterday_NN ,_, ''_'' says_VBZ one_CD money_NN manager_NN ._. 
Pacific_NNP Gas_NNP &_CC Electric_NNP Co._NNP fell_VBD 37.5_CD cents_NNS to_TO $_$ 19.625_CD ._. 
One_CD of_IN its_PRP$ power_NN generators_NNS was_VBD damaged_VBN ,_, though_IN the_DT company_NN said_VBD there_EX wo_MD n't_RB be_VB any_DT financial_JJ impact_NN ._. 
Pacific_NNP Telesis_NNP Group_NNP lost_VBD 62.5_CD cents_NNS to_TO $_$ 44.625_CD ._. 
A_DT computer_NN failure_NN delayed_VBD its_PRP$ earnings_NNS announcement_NN ,_, and_CC some_DT investors_NNS think_VBP it_PRP might_MD have_VB extra_JJ costs_NNS to_TO repair_VB damaged_VBN telephone_NN lines_NNS ._. 
Heavy_JJ construction_NN ,_, property-casualty_JJ insurance_NN and_CC forest_NN products_NNS were_VBD among_IN the_DT best_JJS performing_VBG industry_NN groups_NNS in_IN the_DT Dow_NNP Jones_NNP Equity_NNP Market_NNP Index_NNP yesterday_NN ._. 
Friday_NNP 's_POS stock_NN market_NN plunge_NN claimed_VBD its_PRP$ second_JJ victim_NN among_IN the_DT scores_NNS of_IN futures_NNS and_CC options_NNS trading_NN firms_NNS here_RB ._. 
Petco_NNP Options_NNPS ,_, an_DT options_NNS trading_NN firm_NN owned_VBN by_IN the_DT family_NN of_IN the_DT deceased_JJ former_JJ Chicago_NNP Board_NNP of_IN Trade_NNP chairman_NN Ralph_NNP Peters_NNP ,_, is_VBZ getting_VBG out_IN of_IN the_DT trade_NN clearing_VBG ,_, or_CC processing_NN and_CC guaranteeing_VBG ,_, business_NN after_IN sustaining_VBG a_DT multimillion_JJ dollar_NN loss_NN Friday_NNP ,_, options_NNS industry_NN officials_NNS said_VBD ._. 
Nearly_RB 75_CD options_NNS traders_NNS on_IN the_DT Chicago_NNP Board_NNP Options_NNP Exchange_NNP who_WP cleared_VBD trades_NNS through_IN Petco_NNP ,_, including_VBG a_DT handful_NN of_IN traders_NNS who_WP lost_VBD between_IN $_$ 500,000_CD to_TO $_$ 1_CD million_CD themselves_PRP as_IN a_DT result_NN of_IN Friday_NNP 's_POS debacle_NN ,_, are_VBP trying_VBG to_TO transfer_VB their_PRP$ business_NN to_TO other_JJ clearing_NN firms_NNS ,_, CBOE_NNP members_NNS said_VBD ._. 
Timothy_NNP Vincent_NNP ,_, Petco_NNP chief_JJ executive_JJ officer_NN ,_, confirmed_VBD that_IN Petco_NNP was_VBD withdrawing_VBG from_IN the_DT clearing_VBG business_NN ._. 
``_`` The_DT owners_NNS of_IN the_DT company_NN got_VBD a_DT look_NN at_IN the_DT potential_JJ risks_NNS in_IN this_DT business_NN ,_, and_CC after_IN Monday_NNP they_PRP felt_VBD they_PRP did_VBD n't_RB want_VB to_TO be_VB exposed_VBN any_DT more_JJR ,_, ''_'' he_PRP said_VBD ._. 
He_PRP added_VBD that_IN Petco_NNP remained_VBD in_IN compliance_NN with_IN all_DT industry_NN capital_NN requirements_NNS during_IN the_DT market_NN 's_POS rapid_JJ plunge_NN Friday_NNP and_CC Monday_NNP 's_POS rebound_NN ._. 
A_DT CBOE_NNP spokeswoman_NN declined_VBD comment_VB on_IN Petco_NNP ._. 
Over_IN the_DT weekend_NN Fossett_NNP Corp._NNP ,_, another_DT options_NNS trading_NN firm_NN ,_, transferred_VBD the_DT clearing_VBG accounts_NNS of_IN about_IN 160_CD traders_NNS to_TO First_NNP Options_NNPS of_IN Chicago_NNP ,_, a_DT unit_NN of_IN Continental_NNP Bank_NNP Corp._NNP ,_, because_IN it_PRP could_MD n't_RB meet_VB regulatory_JJ capital_NN requirements_NNS after_IN Friday_NNP 's_POS market_NN slide_NN ._. 
The_DT unprecedented_JJ transfer_NN of_IN accounts_NNS underscored_VBD the_DT options_NNS industry_NN 's_POS desire_NN not_RB to_TO have_VB its_PRP$ credibility_NN tarnished_VBN by_IN potentially_RB widespread_JJ trading_NN defaults_NNS on_IN Monday_NNP ._. 
The_DT CBOE_NNP ,_, American_NNP Stock_NNP Exchange_NNP ,_, Options_NNP Clearing_NNP Corp._NNP and_CC Stephen_NNP Fossett_NNP ,_, owner_NN of_IN Fossett_NNP ,_, joined_VBD in_IN putting_VBG up_IN $_$ 50_CD million_CD to_TO guarantee_VB the_DT accounts_NNS at_IN First_NNP Options_NNPS ._. 
The_DT head_NN of_IN another_DT small_JJ options_NNS clearing_VBG firm_NN ,_, who_WP asked_VBD not_RB to_TO be_VB identified_VBN ,_, said_VBD that_IN the_DT heightened_VBN volatility_NN in_IN the_DT financial_JJ markets_NNS in_IN recent_JJ years_NNS makes_VBZ it_PRP increasingly_RB difficult_JJ for_IN any_DT but_CC the_DT largest_JJS financial_JJ trading_NN firms_NNS to_TO shoulder_VB the_DT risk_NN inherent_JJ in_IN the_DT highly_RB leveraged_JJ options_NNS and_CC futures_NNS business_NN ._. 
Prior_RB to_TO the_DT introduction_NN of_IN financial_JJ futures_NNS in_IN the_DT late_JJ 1970s_NNS ,_, most_RBS trading_NN firms_NNS clustered_VBN around_IN the_DT LaSalle_NNP Street_NNP financial_JJ district_NN here_RB were_VBD family_NN operations_NNS handed_VBD down_RB from_IN one_CD generation_NN to_TO the_DT next_JJ ._. 
Most_JJS also_RB were_VBD relatively_RB undercapitalized_JJ compared_VBN with_IN the_DT size_NN of_IN most_RBS Wall_NNP Street_NNP securities_NNS firms_NNS ._. 
Mr._NNP Peters_NNP ,_, a_DT LaSalle_NNP Street_NNP legend_NN among_IN the_DT post-World_NNP War_NNP II_NNP generation_NN of_IN commodity_NN traders_NNS ,_, was_VBD rumored_VBN to_TO have_VB amassed_VBN a_DT multimillion-dollar_JJ fortune_NN from_IN commodity_NN trading_NN and_CC other_JJ activities_NNS by_IN the_DT time_NN he_PRP died_VBD in_IN May_NNP ._. 
Part_NN of_IN a_DT Series_NNP -RCB-_) 
Betty_NNP Lombardi_NNP is_VBZ a_DT mild-mannered_JJ homemaker_NN and_CC grandmother_NN in_IN rural_JJ Hunterdon_NNP County_NNP ,_, N.J_NNP ._. 
But_CC put_VB her_PRP behind_IN a_DT shopping_NN cart_NN and_CC she_PRP turns_VBZ ruthless_JJ ._. 
If_IN Colgate_NNP toothpaste_NN offers_VBZ a_DT tempting_JJ money-saving_JJ coupon_NN ,_, she_PRP 'll_MD cross_VB Crest_NNP off_IN her_PRP$ shopping_NN list_NN without_IN a_DT second_NN thought_VBD ._. 
Never_RB mind_NN that_IN her_PRP$ husband_NN prefers_VBZ Crest_NNP ._. 
Some_DT weeks_NNS when_WRB her_PRP$ supermarket_NN runs_VBZ a_DT double-coupon_NN promotion_NN ,_, she_PRP boasts_VBZ that_IN she_PRP shaves_VBZ $_$ 22_CD off_IN her_PRP$ bill_NN ._. 
Money_NNP is_VBZ n't_RB the_DT only_JJ thing_NN that_WDT makes_VBZ her_PRP$ dump_NN once_RB favorite_JJ brands_NNS ._. 
After_IN she_PRP heard_VBD about_IN the_DT artery-clogging_NN hazards_NNS of_IN tropical_JJ oils_NNS in_IN many_JJ cookies_NNS ,_, she_PRP dropped_VBD Pepperidge_NNP Farm_NNP and_CC started_VBD buying_VBG brands_NNS free_JJ of_IN such_JJ oils_NNS ._. 
``_`` I_PRP always_RB thought_VBD Pepperidge_NNP Farm_NNP was_VBD tasty_JJ and_CC high_JJ quality_NN ,_, ''_'' Mrs._NNP Lombardi_NNP says_VBZ ._. 
``_`` But_CC I_PRP do_VBP n't_RB want_VB any_DT of_IN that_DT oil_NN for_IN my_PRP$ grandkids_NNS ._. ''_'' 
-LRB-_( Pepperidge_NNP Farm_NNP says_VBZ it_PRP ca_MD n't_RB tell_VB exactly_RB how_WRB many_JJ customers_NNS it_PRP has_VBZ lost_VBN ,_, but_CC it_PRP hopes_VBZ to_TO remove_VB the_DT objectionable_JJ tropical_JJ oil_NN from_IN all_DT its_PRP$ products_NNS by_IN year_NN end_NN ._. -RRB-_) 
Clearly_RB ,_, people_NNS like_IN Mrs._NNP Lombardi_NNP are_VBP giving_VBG marketers_NNS fits_VBZ ._. 
She_PRP represents_VBZ a_DT new_JJ breed_NN of_IN savvy_JJ consumer_NN who_WP puts_VBZ bargain_NN prices_NNS ,_, nutritional_JJ and_CC environmental_JJ concerns_NNS ,_, and_CC other_JJ priorities_NNS ahead_RB of_IN old-fashioned_JJ brand_NN loyalty_NN ._. 
While_IN brand_NN loyalty_NN is_VBZ far_RB from_IN dead_JJ ,_, marketing_NN experts_NNS say_VBP it_PRP has_VBZ eroded_VBN during_IN the_DT 1980s_CD ._. 
Marketers_NNS themselves_PRP are_VBP partly_RB to_TO blame_VB :_: They_PRP 've_VBP increased_VBN spending_NN for_IN coupons_NNS and_CC other_JJ short-term_JJ promotions_NNS at_IN the_DT expense_NN of_IN image-building_JJ advertising_NN ._. 
What_WP 's_VBZ more_JJR ,_, a_DT flood_NN of_IN new_JJ products_NNS has_VBZ given_VBN consumers_NNS a_DT dizzying_JJ choice_NN of_IN brands_NNS ,_, many_NN of_IN which_WDT are_VBP virtually_JJ carbon_NN copies_NNS of_IN one_CD other_JJ ._. 
``_`` Marketers_NNS have_VBP brought_VBN this_DT on_IN themselves_PRP with_IN their_PRP$ heavy_JJ use_NN ''_'' of_IN promotions_NNS ,_, contends_VBZ Joe_NNP Plummer_NNP ,_, an_DT executive_JJ vice_NN president_NN at_IN the_DT D'Arcy_NNP Masius_NNP Benton_NNP &_CC Bowles_NNP ad_NN agency_NN ._. 
``_`` Without_IN some_DT real_JJ product_NN improvements_NNS ,_, it_PRP 's_VBZ going_VBG to_TO be_VB difficult_JJ to_TO win_VB that_DT loyalty_NN back_RB ._. ''_'' 
The_DT Wall_NNP Street_NNP Journal_NNP 's_POS ``_`` American_JJ Way_NN of_IN Buying_VBG ''_'' survey_NN this_DT year_NN found_VBD that_IN most_RBS consumers_NNS switch_VBP brands_NNS for_IN many_NN of_IN the_DT products_NNS they_PRP use_VBP ._. 
For_IN the_DT survey_NN ,_, Peter_NNP D._NNP Hart_NNP Research_NNP Associates_NNPS asked_VBD some_DT 2,000_CD consumers_NNS ,_, including_VBG Mrs._NNP Lombardi_NNP ,_, whether_IN they_PRP usually_RB buy_VBP one_CD brand_NN of_IN a_DT certain_JJ type_NN of_IN product_NN or_CC have_VBP no_DT brand_NN loyalty_NN ._. 
More_RBR than_IN half_PDT the_DT users_NNS of_IN 17_CD of_IN the_DT 25_CD products_NNS included_VBD in_IN the_DT survey_NN said_VBD they_PRP 're_VBP brand_NN switchers_NNS ._. 
Overall_RB ,_, 12_CD %_NN of_IN consumers_NNS are_VBP n't_RB brand_VBP loyal_JJ for_IN any_DT of_IN the_DT 25_CD product_NN categories_NNS ._. 
About_IN 47_CD %_NN are_VBP loyal_JJ for_IN one_CD to_TO five_CD of_IN the_DT products_NNS ._. 
Only_RB 2_CD %_NN are_VBP brand_NN loyal_JJ in_IN 16_CD to_TO 20_CD of_IN the_DT categories_NNS ,_, and_CC no_DT one_CD is_VBZ loyal_JJ for_IN more_JJR than_IN 20_CD types_NNS of_IN products_NNS ._. 
For_IN such_JJ products_NNS as_IN canned_JJ vegetables_NNS and_CC athletic_JJ shoes_NNS ,_, devotion_NN to_TO a_DT single_JJ brand_NN was_VBD quite_RB low_JJ ,_, with_IN fewer_JJR than_IN 30_CD %_NN saying_VBG they_PRP usually_RB buy_VBP the_DT same_JJ brand_NN ._. 
Only_RB for_IN cigarettes_NNS ,_, mayonnaise_NN and_CC toothpaste_NN did_VBD more_JJR than_IN 60_CD %_NN of_IN users_NNS say_VBP they_PRP typically_RB stick_VBP with_IN the_DT same_JJ brand_NN ._. 
People_NNS tend_VBP to_TO be_VB most_RBS loyal_JJ to_TO brands_NNS that_WDT have_VBP distinctive_JJ flavors_NNS ,_, such_JJ as_IN cigarettes_NNS and_CC ketchup_NN ._. 
Kathie_NNP Huff_NNP ,_, a_DT respondent_NN in_IN the_DT Journal_NNP survey_NN from_IN Spokane_NNP ,_, Wash._NNP ,_, says_VBZ her_PRP$ husband_NN is_VBZ adamant_JJ about_IN eating_VBG only_RB Hunt_NNP 's_POS ketchup_NN ._. 
He_PRP simply_RB ca_MD n't_RB stomach_VB the_DT taste_NN of_IN Heinz_NNP ,_, she_PRP says_VBZ ._. 
The_DT 31-year-old_JJ homemaker_NN adds_VBZ ,_, ``_`` The_DT only_RB other_JJ thing_NN I_PRP 'm_VBP really_RB loyal_JJ to_TO is_VBZ my_PRP$ Virginia_NNP Slims_NNPS cigarettes_NNS ._. 
Coke_NNP and_CC Pepsi_NNP are_VBP all_PDT the_DT same_JJ to_TO me_PRP ,_, and_CC I_PRP usually_RB buy_VBP whichever_WDT brand_VBP of_IN coffee_NN happens_VBZ to_TO be_VB on_IN sale_NN ._. ''_'' 
Brand_NN imagery_NN plays_VBZ a_DT significant_JJ role_NN in_IN loyalty_NN to_TO such_JJ products_NNS as_IN cigarettes_NNS ,_, perfume_NN and_CC beer_NN ._. 
People_NNS often_RB stay_VBP with_IN a_DT particular_JJ brand_NN because_IN they_PRP want_VBP to_TO be_VB associated_VBN with_IN the_DT image_VB its_PRP$ advertising_NN conveys_VBZ ,_, whether_IN that_DT 's_VBZ macho_JJ Marlboro_NNP cigarettes_NNS or_CC Cher_NNP 's_POS Uninhibited_NNP perfume_NN ._. 
Loyalty_NN lags_VBZ most_RBS for_IN utilitarian_JJ products_NNS like_IN trash_NN bags_NNS and_CC batteries_NNS ._. 
Only_RB 23_CD %_NN of_IN trash-bag_NN users_NNS in_IN the_DT Journal_NNP survey_NN usually_RB buy_VB the_DT same_JJ brand_NN ,_, and_CC just_RB 29_CD %_NN of_IN battery_NN buyers_NNS stick_VBP to_TO one_CD brand_NN ._. 
Underwear_NN scored_VBD a_DT middling_JJ 36_CD %_NN in_IN brand_NN loyalty_NN ,_, but_CC consumer_NN researchers_NNS say_VBP that_DT 's_VBZ actually_RB quite_RB high_JJ for_IN such_JJ a_DT mundane_JJ product_NN ._. 
``_`` In_IN the_DT past_NN ,_, you_PRP just_RB wore_VBD Fruit_NNP of_IN the_DT Loom_NNP and_CC did_VBD n't_RB care_VB ,_, ''_'' says_VBZ Peter_NNP Kim_NNP ,_, U.S._NNP director_NN of_IN consumer_NN behavior_NN research_NN for_IN the_DT J._NNP Walter_NNP Thompson_NNP ad_NN agency_NN ._. 
``_`` The_DT high_JJ score_NN reflects_VBZ the_DT attempts_NNS to_TO make_VB underwear_NN more_JJR of_IN a_DT fashion_NN image_NN business_NN for_IN both_DT men_NNS and_CC women_NNS ._. ''_'' 
He_PRP believes_VBZ there_EX 's_VBZ opportunity_NN for_IN a_DT smart_JJ gasoline_NN marketer_NN to_TO create_VB a_DT strong_JJ brand_NN image_NN and_CC more_JJR consumer_NN loyalty_NN ._. 
What_WP loyalty_NN there_EX is_VBZ to_TO gas_VB brands_NNS ,_, he_PRP believes_VBZ ,_, is_VBZ a_DT matter_NN of_IN stopping_VBG at_IN the_DT most_RBS conveniently_RB located_VBN service_NN stations_NNS ._. 
Brand_NN loyalty_NN was_VBD stronger_JJR among_IN older_JJR consumers_NNS in_IN the_DT Journal_NNP survey_NN ._. 
Nearly_RB one-fourth_NN of_IN participants_NNS age_VBP 60_CD and_CC older_JJR claim_NN brand_NN loyalty_NN for_IN more_JJR than_IN 10_CD of_IN the_DT 25_CD products_NNS in_IN the_DT survey_NN ;_: only_RB 9_CD %_NN of_IN those_DT age_NN 18_CD to_TO 29_CD have_VBP such_JJ strong_JJ allegiance_NN ._. 
Higher-income_JJR people_NNS also_RB tend_VBP to_TO be_VB more_JJR brand_NN loyal_JJ these_DT days_NNS ,_, the_DT Journal_NNP survey_NN and_CC other_JJ research_NN studies_NNS indicate_VBP ._. 
Marketers_NNS speculate_VBP that_IN more_RBR affluent_JJ people_NNS tend_VBP to_TO lead_VB more_RBR pressured_VBN lives_NNS and_CC do_VBP n't_RB have_VB time_NN to_TO research_VB the_DT products_NNS they_PRP buy_VBP for_IN the_DT highest_JJS quality_NN and_CC most_RBS reasonable_JJ price_NN ._. 
An_DT established_VBN brand_NN name_NN is_VBZ insurance_NN that_IN at_IN least_JJS the_DT product_NN will_MD be_VB of_IN acceptable_JJ quality_NN ,_, if_IN not_RB always_RB the_DT best_JJS value_NN for_IN the_DT money_NN ._. 
It_PRP 's_VBZ sort_NN of_IN loyalty_NN by_IN default_NN ._. 
Meanwhile_RB ,_, ``_`` the_DT bottom_NN end_NN of_IN the_DT market_NN is_VBZ becoming_VBG less_RBR loyal_JJ ,_, ''_'' says_VBZ Laurel_NNP Cutler_NNP ,_, vice_NN chairman_NN of_IN the_DT ad_NN agency_NN FCB\/Leber_NNP Katz_NNP Partners_NNPS ._. 
``_`` They_PRP 're_VBP buying_VBG whatever_WDT 's_POS cheaper_JJR ._. ''_'' 
The_DT biggest_JJS wild_JJ card_NN in_IN the_DT brand_NN loyalty_NN game_NN :_: How_WRB those_DT hotly_RB pursued_VBN but_CC highly_RB unpredictable_JJ baby_NN boomers_NNS will_MD behave_VB as_IN they_PRP move_VBP into_IN middle_NN age_NN ._. 
They_PRP grew_VBD up_IN with_IN more_JJR brand_NN choices_NNS than_IN any_DT generation_NN and_CC have_VBP shown_VBN less_JJR allegiance_NN so_RB far_RB ._. 
But_CC now_RB that_IN they_PRP 're_VBP settling_VBG down_RB and_CC raising_VBG families_NNS ,_, might_MD they_PRP also_RB show_VB more_JJR stability_NN in_IN their_PRP$ brand_NN choices_NNS ?_. 
Mr._NNP Kim_NNP of_IN J._NNP Walter_NNP Thompson_NNP does_VBZ n't_RB think_VB so_RB ._. 
He_PRP believes_VBZ baby_NN boomers_NNS will_MD continue_VB to_TO be_VB selective_JJ in_IN their_PRP$ brand_NN loyalties_NNS ._. 
``_`` Earlier_JJR generations_NNS were_VBD brand_NN loyal_JJ across_IN categories_NNS ,_, ''_'' he_PRP says_VBZ ,_, ``_`` but_CC boomers_NNS tend_VBP to_TO be_VB brand_NN loyal_JJ in_IN categories_NNS like_IN running_VBG shoes_NNS and_CC bottled_JJ water_NN ,_, but_CC less_RBR so_RB in_IN others_NNS like_IN toilet_NN paper_NN and_CC appliances_NNS ._. ''_'' 
While_IN not_RB as_IN brand_NN loyal_JJ as_IN in_IN the_DT past_NN ,_, consumers_NNS today_NN do_VBP n't_RB buy_VB products_NNS capriciously_RB ,_, either_RB ._. 
Rather_RB ,_, they_PRP tend_VBP to_TO have_VB a_DT set_NN of_IN two_CD or_CC three_CD favorites_NNS ._. 
Sometimes_RB ,_, they_PRP 'll_MD choose_VB Ragu_NNP spaghetti_NNS sauce_NN ;_: other_JJ times_NNS ,_, it_PRP will_MD be_VB Prego_NNP ._. 
Advertisers_NNS attribute_VBP this_DT shared_VBN loyalty_NN to_TO the_DT striking_JJ similarity_NN among_IN brands_NNS ._. 
If_IN a_DT more_RBR absorbent_JJ Pampers_NNPS hits_VBZ the_DT market_NN ,_, you_PRP can_MD be_VB sure_JJ a_DT new_JJ and_CC improved_VBN Huggies_NNPS wo_MD n't_RB be_VB far_RB behind_RB ._. 
The_DT BBDO_NNP Worldwide_NNP ad_NN agency_NN studied_VBN ``_`` brand_NN parity_NN ''_'' and_CC found_VBD that_IN consumers_NNS believe_VBP all_DT brands_NNS are_VBP about_IN the_DT same_JJ in_IN a_DT number_NN of_IN categories_NNS ,_, particularly_RB credit_VBP cards_NNS ,_, paper_NN towels_NNS ,_, dry_JJ soups_NNS and_CC snack_NN chips_NNS ._. 
``_`` When_WRB there_EX 's_VBZ a_DT clutter_NN of_IN brands_NNS ,_, consumers_NNS simplify_VBP the_DT complexity_NN by_IN telling_VBG themselves_PRP ,_, `_`` All_DT brands_NNS are_VBP the_DT same_JJ so_RB what_WP difference_NN does_VBZ it_PRP make_VBP which_WDT I_PRP buy_VBP ,_, '_'' ''_'' says_VBZ Karen_NNP Olshan_NNP ,_, a_DT senior_JJ vice_NN president_NN at_IN BBDO_NNP ._. 
``_`` Too_RB often_RB ,_, advertising_NN imagery_NN has_VBZ n't_RB done_VBN a_DT good_JJ job_NN of_IN forging_VBG a_DT special_JJ emotional_JJ bond_NN between_IN a_DT brand_NN and_CC the_DT consumer_NN ._. ''_'' 
But_CC given_VBN such_JJ strong_JJ brand_NN disloyalty_NN ,_, some_DT marketers_NNS are_VBP putting_VBG renewed_VBN emphasis_NN on_IN image_NN advertising_NN ._. 
A_DT small_JJ but_CC growing_VBG number_NN of_IN companies_NNS are_VBP also_RB trying_VBG to_TO instill_VB more_RBR fervent_JJ brand_NN loyalty_NN through_IN such_JJ personalized_VBN direct-marketing_NN ploys_NNS as_IN catalogs_NNS ,_, magazines_NNS and_CC membership_NN clubs_NNS for_IN brand_NN users_NNS ._. 
While_IN discount_NN promotions_NNS are_VBP essential_JJ for_IN most_RBS brands_NNS ,_, some_DT companies_NNS concede_VBP they_PRP went_VBD overboard_RB in_IN shifting_VBG money_NN from_IN advertising_NN to_TO coupons_NNS ,_, refunds_NNS and_CC other_JJ sales_NNS incentives_NNS ._. 
Some_DT people_NNS argue_VBP that_IN strong_JJ brands_NNS can_MD afford_VB to_TO stop_VB advertising_NN for_IN a_DT time_NN because_IN of_IN the_DT residual_JJ impact_NN of_IN hundreds_NNS of_IN millions_NNS of_IN dollars_NNS spent_VBD on_IN advertising_NN through_IN the_DT years_NNS ._. 
But_CC most_RBS companies_NNS are_VBP too_RB afraid_JJ to_TO take_VB that_DT chance_NN ._. 
And_CC perhaps_RB with_IN good_JJ reason_NN ._. 
Says_VBZ Clayt_NNP Wilhite_NNP ,_, president_NN of_IN the_DT D'Arcy_NNP Masius_NNP ad_NN agency_NN 's_POS U.S._NNP division_NN ,_, ``_`` Every_DT time_NN 24_CD hours_NNS pass_VBP without_IN any_DT advertising_NN reinforcement_NN ,_, brand_NN loyalty_NN will_MD diminish_VB ever_RB so_RB slightly_RB --_: even_RB for_IN a_DT powerful_JJ brand_NN like_IN Budweiser_NNP ._. ''_'' 
Consider_VB ,_, for_IN example_NN ,_, what_WP happened_VBD to_TO Maxwell_NNP House_NNP coffee_NN ._. 
The_DT Kraft_NNP General_NNP Foods_NNPS brand_NN stopped_VBD advertising_NN for_IN about_IN a_DT year_NN in_IN 1987_CD and_CC gave_VBD up_IN several_JJ market_NN share_NN points_NNS and_CC its_PRP$ leadership_NN position_NN in_IN the_DT coffee_NN business_NN ._. 
But_CC since_IN returning_VBG to_TO advertising_NN ,_, Maxwell_NNP House_NNP has_VBZ regained_VBN the_DT lost_VBN share_NN and_CC is_VBZ running_VBG neck_NN and_CC neck_NN with_IN archrival_JJ Folgers_NNP ._. 
``_`` Now_RB ,_, Philip_NNP Morris_NNP -LCB-_( Kraft_NNP General_NNP Foods_NNPS '_POS parent_NN company_NN -RCB-_) is_VBZ committed_VBN to_TO the_DT coffee_NN business_NN and_CC to_TO increased_VB advertising_NN for_IN Maxwell_NNP House_NNP ,_, ''_'' says_VBZ Dick_NNP Mayer_NNP ,_, president_NN of_IN the_DT General_NNP Foods_NNP USA_NNP division_NN ._. 
``_`` Even_RB though_IN brand_NN loyalty_NN is_VBZ rather_RB strong_JJ for_IN coffee_NN ,_, we_PRP need_VBP advertising_VBG to_TO maintain_VB and_CC strengthen_VB it_PRP ._. ''_'' 
Campbell_NNP Soup_NNP Co._NNP ,_, for_IN one_CD ,_, has_VBZ concluded_VBN that_IN it_PRP makes_VBZ good_JJ sense_NN to_TO focus_VB more_JJR on_IN its_PRP$ most_RBS loyal_JJ customers_NNS than_IN on_IN people_NNS who_WP buy_VBP competitive_JJ brands_NNS ._. 
``_`` The_DT probability_NN of_IN converting_VBG a_DT non-user_NN to_TO your_PRP$ brand_NN is_VBZ about_IN three_CD in_IN 1,000_CD ,_, ''_'' says_VBZ Tony_NNP Adams_NNP ,_, the_DT company_NN 's_POS vice_NN president_NN for_IN marketing_NN research_NN ._. 
``_`` The_DT best_JJS odds_NNS are_VBP with_IN your_PRP$ core_NN franchise_NN ._. 
Our_PRP$ heavy_JJ users_NNS consume_VBP two_CD to_TO three_CD cans_NNS of_IN soup_NN a_DT week_NN ,_, and_CC we_PRP 'd_MD like_VB to_TO increase_VB that_DT ._. ''_'' 
So_RB Campbell_NNP is_VBZ talking_VBG to_TO its_PRP$ ``_`` brand_NN enthusiasts_NNS ,_, ''_'' probing_VBG their_PRP$ psychological_JJ attachment_NN to_TO its_PRP$ soup_NN ._. 
In_IN one_CD consumer_NN focus_NN group_NN ,_, a_DT fan_NN declared_VBD that_IN ,_, ``_`` Campbell_NNP 's_POS soup_NN is_VBZ like_IN getting_VBG a_DT hug_NN from_IN a_DT friend_NN ._. ''_'' 
That_DT helped_VBD persuade_VB the_DT company_NN to_TO introduce_VB a_DT new_JJ advertising_NN slogan_NN :_: ``_`` A_DT warm_JJ hug_NN from_IN Campbell_NNP 's_POS ._. ''_'' 
Insurers_NNS face_VBP the_DT prospect_NN of_IN paying_VBG out_RP billions_NNS of_IN dollars_NNS for_IN damages_NNS caused_VBN by_IN this_DT week_NN 's_POS California_NNP earthquake_NN ._. 
Getting_VBG a_DT grip_NN on_IN the_DT extent_NN of_IN the_DT damages_NNS is_VBZ proving_VBG a_DT far_RB more_RBR difficult_JJ task_NN than_IN what_WP insurers_NNS faced_VBN after_IN Hurricane_NNP Hugo_NNP ripped_VBD through_IN the_DT Caribbean_NNP and_CC the_DT Carolinas_NNPS last_JJ month_NN ._. 
The_DT earthquake_NN 's_POS toll_NN ,_, including_VBG possible_JJ deep_JJ structural_JJ damage_NN ,_, goes_VBZ far_RB beyond_IN the_DT more_RBR easily_RB observed_VBN damage_NN from_IN a_DT hurricane_NN ,_, says_VBZ George_NNP Reider_NNP ,_, a_DT vice_NN president_NN in_IN Aetna_NNP Life_NNP &_CC Casualty_NNP Insurance_NNP Co._NNP 's_POS claims_NNS division_NN ._. 
But_CC investors_NNS are_VBP betting_VBG that_IN the_DT financial_JJ and_CC psychological_JJ impact_NN of_IN the_DT earthquake_NN ,_, coming_VBG so_RB soon_RB after_IN the_DT hurricane_NN ,_, will_MD help_VB stem_VB more_JJR than_IN two_CD years_NNS of_IN intense_JJ price-cutting_NN wars_NNS among_IN business_NN insurers_NNS ._. 
Reflecting_VBG that_DT logic_NN ,_, insurance-company_NN stocks_NNS posted_VBD strong_JJ gains_NNS ._. 
Aetna_NNP and_CC other_JJ insurers_NNS are_VBP hiring_VBG engineers_NNS and_CC architects_NNS to_TO help_VB them_PRP assess_VB structural_JJ damage_NN ._. 
Most_JJS insurers_NNS already_RB have_VBP mobilized_VBN their_PRP$ ``_`` catastrophe_NN ''_'' teams_NNS to_TO begin_VB processing_NN claims_NNS from_IN their_PRP$ policyholders_NNS in_IN northern_JJ California_NNP ._. 
Since_IN commercial_JJ air_NN travel_NN is_VBZ interrupted_VBN ,_, Aetna_NNP ,_, based_VBN in_IN Hartford_NNP ,_, Conn._NNP ,_, chartered_JJ three_CD planes_NNS to_TO fly_VB claims_NNS adjusters_NNS into_IN Sacramento_NNP and_CC then_RB planned_VBN for_IN them_PRP to_TO drive_VB to_TO the_DT Bay_NNP area_NN ._. 
About_IN 25_CD adjusters_NNS were_VBD dispatched_VBN yesterday_NN afternoon_NN ,_, along_IN with_IN laptop_NN computers_NNS ,_, cellular_JJ phones_NNS and_CC blank_JJ checks_NNS ._. 
Some_DT adjusters_NNS ,_, already_RB in_IN other_JJ parts_NNS of_IN California_NNP ,_, drove_VBD to_TO the_DT disaster_NN area_NN with_IN recreational_JJ vehicles_NNS and_CC mobile_JJ homes_NNS that_WDT could_MD be_VB used_VBN as_IN makeshift_JJ claims-processing_NN centers_NNS ._. 
Insurers_NNS will_MD be_VB advertising_NN 800_CD numbers_NNS --_: probably_RB on_IN the_DT radio_NN --_: that_IN policyholders_NNS can_MD call_VB to_TO get_VB assistance_NN on_IN how_WRB to_TO submit_VB claims_NNS ._. 
State_NNP Farm_NNP Mutual_NNP Automobile_NNP Insurance_NNP Co._NNP ,_, the_DT largest_JJS home_NN and_CC auto_NN insurer_NN in_IN California_NNP ,_, believes_VBZ the_DT losses_NNS from_IN the_DT earthquake_NN could_MD be_VB somewhat_RB less_JJR than_IN the_DT $_$ 475_CD million_CD in_IN damages_NNS it_PRP expects_VBZ to_TO pay_VB out_RP for_IN claims_NNS resulting_VBG from_IN Hurricane_NNP Hugo_NNP ._. 
State_NNP Farm_NNP ,_, based_VBN in_IN Bloomington_NNP ,_, Ind._NNP ,_, is_VBZ also_RB the_DT largest_JJS writer_NN of_IN personal-property_NN earthquake_NN insurance_NN in_IN California_NNP ._. 
Earthquake_NN insurance_NN is_VBZ sold_VBN as_IN a_DT separate_JJ policy_NN or_CC a_DT specific_JJ endorsement_NN ``_`` rider_NN ''_'' on_IN a_DT homeowner_NN 's_POS policy_NN in_IN California_NNP ,_, because_IN of_IN the_DT area_NN 's_POS vulnerability_NN to_TO earthquakes_NNS ._. 
State_NNP Farm_NNP said_VBD about_IN 25_CD %_NN of_IN its_PRP$ policyholders_NNS in_IN California_NNP have_VBP also_RB purchased_VBN earthquake_NN insurance_NN ._. 
Allstate_NNP Insurance_NNP Co._NNP ,_, a_DT unit_NN of_IN Sears_NNP ,_, Roebuck_NNP &_CC Co._NNP ,_, said_VBD about_IN 23_CD %_NN of_IN its_PRP$ personal_JJ property_NN policyholders_NNS --_: about_IN 28_CD %_NN in_IN the_DT San_NNP Franciso_NNP area_NN --_: also_RB have_VBP earthquake_NN coverage_NN ._. 
The_DT Association_NNP of_IN California_NNP Insurance_NNP Companies_NNS estimated_VBD damage_NN to_TO residential_JJ property_NN could_MD total_VB $_$ 500_CD million_CD ,_, but_CC only_RB $_$ 100_CD million_CD to_TO $_$ 150_CD million_CD is_VBZ insured_VBN ,_, it_PRP said_VBD ._. 
Officials_NNS from_IN the_DT American_NNP Insurance_NNP Association_NNP 's_POS property-claim_NN service_NN division_NN ,_, which_WDT coordinates_VBZ the_DT efforts_NNS of_IN the_DT claims_NNS adjusters_NNS in_IN an_DT area_NN after_IN a_DT natural_JJ disaster_NN ,_, will_MD be_VB flying_VBG to_TO San_NNP Francisco_NNP today_NN ._. 
They_PRP expect_VBP to_TO have_VB a_DT preliminary_JJ estimate_NN of_IN the_DT damages_NNS in_IN a_DT day_NN or_CC two_CD ._. 
Roads_NNP and_CC bridges_NNS in_IN the_DT Bay_NNP area_NN appear_VB to_TO have_VB suffered_VBN some_DT of_IN the_DT most_RBS costly_JJ damage_NN ._. 
Highways_NNS ,_, such_JJ as_IN the_DT section_NN of_IN Interstate_NNP 880_CD that_WDT collapsed_VBD in_IN Oakland_NNP ,_, generally_RB do_VBP n't_RB have_VB insurance_NN coverage_NN ._. 
Industry_NN officials_NNS say_VBP the_DT Bay_NNP Bridge_NNP --_: unlike_IN some_DT bridges_NNS --_: has_VBZ no_DT earthquake_NN coverage_NN ,_, either_DT ,_, so_RB the_DT cost_NN of_IN repairing_VBG it_PRP probably_RB would_MD have_VB to_TO be_VB paid_VBN out_IN of_IN state_NN general_JJ operating_NN funds_NNS ._. 
However_RB ,_, the_DT bridge_NN ,_, which_WDT charges_VBZ a_DT $_$ 1_CD toll_NN each_DT way_NN ,_, does_VBZ have_VBP ``_`` loss_NN of_IN income_NN ''_'' insurance_NN to_TO replace_VB lost_VBD revenue_NN if_IN the_DT operation_NN of_IN the_DT bridge_NN is_VBZ interrupted_VBN for_IN more_JJR than_IN seven_CD days_NNS ._. 
That_DT coverage_NN is_VBZ provided_VBN by_IN a_DT syndicate_NN of_IN insurance_NN companies_NNS including_VBG Fireman_NNP 's_POS Fund_NNP Corp._NNP ,_, based_VBN in_IN Novato_NNP ,_, Calif._NNP ,_, and_CC Cigna_NNP Corp._NNP ,_, based_VBN in_IN Philadelphia_NNP ._. 
Earthquake-related_JJ claims_NNS are_VBP n't_RB expected_VBN to_TO cause_VB significant_JJ financial_JJ problems_NNS for_IN the_DT insurance_NN industry_NN as_IN a_DT whole_NN ._. 
Instead_RB ,_, even_RB with_IN the_DT liabilities_NNS of_IN two_CD natural_JJ disasters_NNS in_IN recent_JJ weeks_NNS ,_, analysts_NNS said_VBD the_DT total_JJ capital_NN of_IN the_DT industry_NN is_VBZ likely_JJ to_TO be_VB higher_JJR at_IN year_NN end_NN than_IN it_PRP was_VBD at_IN midyear_NN ._. 
Indeed_RB ,_, the_DT earthquake_NN could_MD contribute_VB to_TO a_DT turnaround_NN in_IN the_DT insurance_NN cycle_NN in_IN a_DT couple_NN of_IN ways_NNS ._. 
For_IN example_NN ,_, insurers_NNS may_MD seek_VB to_TO limit_VB their_PRP$ future_NN exposure_NN to_TO catastrophes_NNS by_IN increasing_VBG the_DT amount_NN of_IN reinsurance_NN they_PRP buy_VBP ._. 
Such_JJ increased_VBN demand_NN for_IN reinsurance_NN ,_, along_IN with_IN the_DT losses_NNS the_DT reinsurers_NNS will_MD bear_VB from_IN these_DT two_CD disasters_NNS ,_, are_VBP likely_JJ to_TO spur_VB increases_NNS in_IN reinsurance_NN prices_NNS that_WDT will_MD later_RB be_VB translated_VBN into_IN an_DT overall_JJ price_NN rise_NN ._. 
Reinsurance_NNP is_VBZ protection_NN taken_VBN out_IN by_IN the_DT insurance_NN firms_NNS themselves_PRP ._. 
``_`` We_PRP are_VBP saying_VBG this_DT is_VBZ the_DT breaking_VBG point_NN ,_, this_DT is_VBZ the_DT event_NN that_WDT will_MD change_VB the_DT psychology_NN of_IN the_DT marketplace_NN ,_, ''_'' said_VBD William_NNP Yankus_NNP ,_, an_DT analyst_NN with_IN Conning_NNP &_CC Co._NNP ,_, a_DT Hartford_NNP firm_NN that_WDT specializes_VBZ in_IN the_DT insurance_NN industry_NN ._. 
His_PRP$ firm_NN ,_, along_IN with_IN some_DT others_NNS ,_, issued_VBN new_JJ buy_NN recommendations_NNS on_IN insurer_NN stocks_NNS yesterday_NN ._. 
Among_IN the_DT insurance_NN stocks_NNS ,_, big_JJ gainers_NNS included_VBD American_NNP International_NNP Group_NNP ,_, up_IN $_$ 3.25_CD to_TO $_$ 102.625_CD ;_: General_NNP Re_NNP Corp._NNP ,_, up_IN $_$ 2.75_CD to_TO $_$ 86.50_CD ;_: Aetna_NNP ,_, up_IN $_$ 2.375_CD to_TO $_$ 59.50_CD ;_: and_CC Marsh_NNP &_CC McLennan_NNP Inc._NNP ,_, up_IN $_$ 3.125_CD to_TO $_$ 75.875_CD ._. 
Still_RB ,_, a_DT few_JJ individual_JJ companies_NNS ,_, most_RBS likely_RB smaller_JJR ones_NNS ,_, could_MD be_VB devastated_VBN ._. 
``_`` I_PRP think_VBP there_EX is_VBZ a_DT damned_JJ good_JJ chance_NN someone_NN is_VBZ going_VBG to_TO hit_VB the_DT skids_NNS on_IN this_DT ,_, ''_'' said_VBD Oppenheimer_NNP &_CC Co._NNP analyst_NN Myron_NNP Picoult_NNP ._. 
He_PRP suspects_VBZ some_DT insurers_NNS who_WP had_VBD purchased_VBN reinsurance_NN to_TO limit_VB their_PRP$ exposure_NN to_TO catastrophes_NNS will_MD discover_VB that_DT reinsurance_NN was_VBD used_VBN up_IN by_IN Hurricane_NNP Hugo_NNP ._. 
British_JJ ,_, West_JJ German_NN ,_, Scandinavian_NNP and_CC other_JJ overseas_JJ insurers_NNS are_VBP bracing_VBG for_IN big_JJ claims_NNS from_IN the_DT San_NNP Francisco_NNP earthquake_NN disaster_NN ._. 
Although_IN it_PRP 's_VBZ unclear_JJ how_WRB much_JJ exposure_NN the_DT London_NNP market_NN will_MD face_VB ,_, U.K._NNP underwriters_NNS traditionally_RB have_VBP a_DT large_JJ reinsurance_NN exposure_NN to_TO U.S._NNP catastrophe_NN coverage_NN ._. 
Jack_NNP Byrne_NNP ,_, chairman_NN of_IN Fireman_NNP 's_POS Fund_NNP ,_, said_VBD this_DT disaster_NN will_MD test_VB the_DT catastrophe_NN reinsurance_NN market_NN ,_, causing_VBG these_DT rates_NNS to_TO soar_VB ._. 
The_DT catastrophe_NN losses_NNS sustained_VBN by_IN insurers_NNS this_DT year_NN will_MD probably_RB be_VB the_DT worst_JJS on_IN an_DT inflation-adjusted_JJ basis_NN since_IN 1906_CD --_: when_WRB another_DT earthquake_NN sparked_VBD the_DT Great_NNP San_NNP Francisco_NNP Fire_NNP ._. 
Orin_NNP Kramer_NNP ,_, an_DT insurance_NN consultant_NN in_IN New_NNP York_NNP ,_, estimates_VBZ that_IN the_DT 1906_CD San_NNP Francisco_NNP destruction_NN ,_, on_IN an_DT inflation-adjusted_JJ basis_NN ,_, included_VBD insured_VBN losses_NNS of_IN $_$ 5.8_CD billion_CD ._. 
He_PRP is_VBZ estimating_VBG this_DT week_NN 's_POS disaster_NN will_MD generate_VB insured_VBN losses_NNS of_IN $_$ 2_CD billion_CD to_TO $_$ 4_CD billion_CD ,_, following_VBG about_RB $_$ 4_CD billion_CD in_IN costs_NNS to_TO insurers_NNS from_IN Hurricane_NNP Hugo_NNP ._. 
Silicon_NNP Graphics_NNP Inc._NNP 's_POS first-quarter_JJ profit_NN rose_VBD sharply_RB to_TO $_$ 5.2_CD million_CD ,_, or_CC 28_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 1_CD million_CD ,_, or_CC six_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_RB ._. 
The_DT maker_NN of_IN computer_NN workstations_NNS said_VBD a_DT surge_NN of_IN government_NN orders_NNS contributed_VBD to_TO the_DT increase_NN ._. 
Revenue_NN rose_VBD 95_CD %_NN to_TO $_$ 86.4_CD million_CD from_IN $_$ 44.3_CD million_CD the_DT year_NN earlier_RBR ._. 
In_IN national_JJ over-the-counter_JJ trading_NN ,_, the_DT company_NN closed_VBD yesterday_NN at_IN $_$ 23.25_CD a_DT share_NN ,_, down_RB 25_CD cents_NNS ._. 
Hunter_NNP Environmental_NNP Services_NNP Inc._NNP said_VBD it_PRP reached_VBD a_DT preliminary_JJ accord_NN on_IN the_DT sale_NN of_IN its_PRP$ environmental_JJ consulting_NN and_CC services_NNS business_NN for_IN about_RB $_$ 40_CD million_CD and_CC assumption_NN of_IN related_VBN debt_NN ._. 
The_DT buyer_NN was_VBD n't_RB identified_VBN ._. 
The_DT company_NN said_VBD it_PRP also_RB is_VBZ making_VBG progress_NN in_IN negotiating_VBG the_DT buy-out_NN of_IN its_PRP$ design_NN division_NN by_IN management_NN ._. 
In_IN addition_NN ,_, Hunter_NNP said_VBD it_PRP will_MD use_VB proceeds_NNS from_IN a_DT private_JJ placement_NN of_IN $_$ 8_CD million_CD of_IN preferred_JJ shares_NNS to_TO purchase_VB an_DT interest_NN in_IN a_DT start-up_JJ company_NN to_TO underwrite_VB environmental_JJ impairment_NN insurance_NN ._. 
Hunter_NNP wants_VBZ to_TO concentrate_VB its_PRP$ resources_NNS on_IN the_DT insurance_NN business_NN and_CC on_IN a_DT project_NN to_TO store_VB hazardous_JJ wastes_NNS in_IN salt_NN domes_NNS ._. 
Jaguar_NNP PLC_NNP 's_POS chairman_NN said_VBD he_PRP hopes_VBZ to_TO reach_VB a_DT friendly_JJ pact_NN with_IN General_NNP Motors_NNPS Corp._NNP within_IN a_DT month_NN that_WDT may_MD involve_VB the_DT British_JJ luxury-car_NN maker_NN 's_VBZ producing_VBG a_DT cheaper_JJR executive_JJ model_NN ._. 
Sir_NNP John_NNP Egan_NNP told_VBD reporters_NNS at_IN London_NNP 's_POS Motorfair_NNP yesterday_NN he_PRP ``_`` would_MD be_VB disappointed_VBN if_IN we_PRP could_MD n't_RB do_VB -LCB-_( the_DT deal_NN -RCB-_) within_IN a_DT month_NN ._. ''_'' 
He_PRP said_VBD the_DT tie-up_NN would_MD mean_VB Jaguar_NNP could_MD ``_`` develop_VB cars_NNS down_JJ range_NN -LCB-_( in_IN price_NN -RCB-_) from_IN where_WRB we_PRP are_VBP ''_'' by_IN offering_NN access_NN to_TO GM_NNP 's_POS high-volume_JJ parts_NNS production_NN ._. 
Besides_IN creating_VBG joint_JJ manufacturing_NN ventures_NNS ,_, the_DT accord_NN is_VBZ expected_VBN to_TO give_VB GM_NNP about_IN a_DT 15_CD %_NN stake_NN that_IN eventually_RB would_MD rise_VB to_TO about_IN 30_CD %_NN ._. 
Jaguar_NN figures_VBZ a_DT friendly_JJ alliance_NN with_IN GM_NNP will_MD fend_VB off_IN unwelcome_JJ advances_NNS from_IN Ford_NNP Motor_NNP Co_NNP ._. 
But_CC Ford_NNP ,_, Jaguar_NNP 's_POS biggest_JJS shareholder_NN since_IN lifting_VBG its_PRP$ stake_NN to_TO 10.4_CD %_NN this_DT week_NN ,_, is_VBZ pressing_VBG harder_JJR for_IN talks_NNS with_IN Sir_NNP John_NNP ._. 
``_`` We_PRP 're_VBP getting_VBG to_TO the_DT point_NN where_WRB we_PRP are_VBP going_VBG to_TO have_VB to_TO meet_VB ''_'' with_IN him_PRP ,_, one_CD Ford_NNP official_NN said_VBD yesterday_NN ._. 
Ford_NNP probably_RB will_MD renew_VB its_PRP$ request_NN for_IN such_JJ a_DT meeting_NN soon_RB ,_, he_PRP added_VBD ._. 
Sir_NNP John_NNP has_VBZ spurned_VBN Ford_NNP 's_POS advances_NNS since_IN the_DT U.S._NNP auto_NN giant_NN launched_VBD a_DT surprise_NN bid_NN for_IN as_RB much_JJ as_IN 15_CD %_NN of_IN Jaguar_NNP last_JJ month_NN ._. 
Ford_NNP has_VBZ signaled_VBN it_PRP might_MD acquire_VB a_DT majority_NN interest_NN later_RB ._. 
``_`` I_PRP 'm_VBP not_RB obligated_VBN to_TO sit_VB down_RB and_CC talk_VB to_TO anybody_NN ,_, ''_'' the_DT Jaguar_NNP chairman_NN asserted_VBD yesterday_NN ._. 
He_PRP did_VBD n't_RB rule_VB out_RP negotiations_NNS with_IN Ford_NNP ,_, however_RB ._. 
The_DT fiercely_RB proud_JJ but_CC financially_RB strapped_VBN British_JJ company_NN prefers_VBZ to_TO remain_VB independent_JJ and_CC publicly_RB held_VBN ,_, despite_IN Ford_NNP 's_POS promise_NN of_IN access_NN to_TO cash_VB and_CC technological_JJ know-how_NN ._. 
Sir_NNP John_NNP noted_VBD that_IN GM_NNP ,_, a_DT longtime_JJ Jaguar_NNP supplier_NN ,_, agrees_VBZ ``_`` we_PRP should_MD remain_VB an_DT independent_JJ company_NN ._. ''_'' 
He_PRP said_VBD Jaguar_NNP started_VBD negotiating_VBG with_IN GM_NNP and_CC several_JJ other_JJ car_NN makers_NNS over_IN a_DT year_NN ago_RB ,_, but_CC the_DT rest_NN ``_`` dropped_VBN by_IN the_DT wayside_NN ever_RB since_IN the_DT share_NN price_NN went_VBD above_IN #_# 4_CD -LRB-_( $_$ 6.30_CD -RRB-_) a_DT share_NN ._. ''_'' 
Jaguar_NN shares_NNS stood_VBD at_IN 405_CD pence_NN before_IN Ford_NNP 's_POS initial_JJ announcement_NN ,_, but_CC the_DT subsequent_JJ takeover_NN frenzy_NN has_VBZ driven_VBN them_PRP up_RB ._. 
The_DT stock_NN traded_VBD late_JJ yesterday_NN on_IN London_NNP 's_POS stock_NN exchange_NN at_IN 673_CD pence_NN ,_, up_IN 19_CD pence_NN ._. 
Developing_VBG an_DT executive-model_JJ range_NN would_MD mark_VB a_DT major_JJ departure_NN for_IN Britain_NNP 's_POS leading_VBG luxury-car_NN maker_NN ._. 
A_DT typical_JJ British_JJ executive_JJ car_NN is_VBZ mass_NN produced_VBN and_CC smaller_JJR than_IN a_DT luxury_NN car_NN ._. 
It_PRP generally_RB fetches_VBZ no_DT more_JJR than_IN #_# 25,000_CD -LRB-_( $_$ 39,400_CD -RRB-_) --_: roughly_RB #_# 16,000_CD less_JJR than_IN the_DT highest-priced_JJS Jaguars_NNPS ,_, which_WDT are_VBP all_DT known_VBN for_IN their_PRP$ hand-crafted_JJ leather_NN work_NN ._. 
``_`` We_PRP have_VBP designs_NNS for_IN such_JJ -LCB-_( executive_NN -RCB-_) cars_NNS ,_, but_CC have_VBP never_RB been_VBN able_JJ to_TO develop_VB them_PRP ,_, ''_'' Sir_NNP John_NNP said_VBD ._. 
GM_NNP 's_POS help_NN would_MD ``_`` make_VB it_PRP possible_JJ -LCB-_( for_IN Jaguar_NNP -RCB-_) to_TO build_VB a_DT wider_JJR range_NN of_IN cars_NNS ._. ''_'' 
An_DT executive_JJ model_NN would_MD significantly_RB boost_VB Jaguar_NNP 's_POS yearly_JJ output_NN of_IN 50,000_CD cars_NNS ._. 
``_`` You_PRP are_VBP talking_VBG about_IN a_DT couple_NN hundred_CD thousand_CD a_DT year_NN ,_, ''_'' said_VBD Bob_NNP Barber_NNP ,_, an_DT auto-industry_NN analyst_NN at_IN U.K._NNP brokerage_NN James_NNP Capel_NNP &_CC Co_NNP ._. 
A_DT pact_NN with_IN GM_NNP may_MD emerge_VB in_IN as_RB little_JJ as_IN two_CD weeks_NNS ,_, according_VBG to_TO sources_NNS close_VBP to_TO the_DT talks_NNS ._. 
The_DT deal_NN would_MD require_VB approval_NN by_IN a_DT majority_NN of_IN Jaguar_NNP shareholders_NNS ._. 
``_`` We_PRP have_VBP to_TO make_VB it_PRP attractive_JJ enough_RB that_IN -LCB-_( holders_NNS -RCB-_) would_MD accept_VB it_PRP ,_, ''_'' Sir_NNP John_NNP said_VBD ._. 
That_DT may_MD be_VB difficult_JJ ,_, the_DT Jaguar_NNP chairman_NN acknowledged_VBD ,_, ``_`` when_WRB you_PRP have_VBP somebody_NN else_JJ breathing_NN down_RB your_PRP$ neck_NN ._. 
''_'' Ford_NNP probably_RB would_MD try_VB to_TO kill_VB the_DT proposal_NN by_IN enlisting_VBG support_NN from_IN U.S._NNP takeover-stock_JJ speculators_NNS and_CC holding_VBG out_RP the_IN carrot_NN of_IN a_DT larger_JJR bid_NN later_RB ,_, said_VBD Stephen_NNP Reitman_NNP ,_, European_JJ auto_NN analyst_NN at_IN London_NNP brokers_NNS UBS_NNP Phillips_NNP &_CC Drew_NNP ._. 
Ford_NNP ca_MD n't_RB make_VB a_DT full-fledged_JJ bid_NN for_IN Jaguar_NNP until_IN U.K._NNP government_NN restrictions_NNS expire_VBP ._. 
The_DT anti-takeover_JJ measure_NN prevents_VBZ any_DT outside_JJ investor_NN from_IN buying_VBG more_JJR than_IN 15_CD %_NN of_IN Jaguar_NNP shares_NNS without_IN permission_NN until_IN Dec._NNP 31_CD ,_, 1990_CD ._. 
But_CC with_IN its_PRP$ 10.4_CD %_NN stake_NN ,_, Ford_NNP can_MD convene_VB a_DT special_JJ Jaguar_NNP shareholders_NNS '_POS meeting_NN and_CC urge_VB them_PRP to_TO drop_VB the_DT restrictions_NNS prematurely_RB ._. 
``_`` It_PRP 's_VBZ a_DT very_RB valuable_JJ weapon_NN in_IN their_PRP$ armory_NN ,_, ''_'' which_WDT could_MD enable_VB Ford_NNP to_TO bid_VB sooner_RBR for_IN Jaguar_NNP ,_, observed_VBN Mr._NNP Barber_NNP of_IN James_NNP Capel_NNP ._. 
Otherwise_RB ,_, Jaguar_NNP may_MD have_VB to_TO tolerate_VB the_DT two_CD U.S._NNP auto_NN giants_NNS each_DT owning_VBG a_DT 15_CD %_NN stake_NN for_IN more_JJR than_IN a_DT year_NN ._. 
``_`` It_PRP would_MD be_VB difficult_JJ to_TO see_VB how_WRB a_DT car_NN company_NN can_MD be_VB owned_VBN by_IN a_DT collective_NN ,_, ''_'' Sir_NNP John_NNP said_VBD ._. 
``_`` It_PRP has_VBZ never_RB been_VBN done_VBN before_RB ,_, but_CC there_EX 's_VBZ always_RB a_DT first_JJ ._. 
Although_IN two_CD Baby_NNP Bells_NNPS showed_VBD strong_JJ growth_NN in_IN access_NN lines_NNS ,_, usage_NN and_CC unregulated_JJ business_NN revenue_NN ,_, one_CD reported_VBD a_DT modest_JJ gain_NN in_IN third-quarter_JJ net_NN while_IN the_DT other_NN posted_VBD a_DT small_JJ drop_NN ._. 
Ameritech_NNP Corp._NNP 's_POS earnings_NNS increased_VBN 2.8_CD %_NN ,_, after_IN strong_JJ revenue_NN gains_NNS were_VBD offset_VBN somewhat_RB by_IN refunds_NNS and_CC rate_NN reductions_NNS imposed_VBN by_IN regulators_NNS in_IN its_PRP$ Midwest_NNP territory_NN ._. 
BellSouth_NNP Corp._NNP 's_POS third-quarter_JJ earnings_NNS dropped_VBD 3.8_CD %_NN as_IN a_DT result_NN of_IN debt_NN refinancing_NN ,_, the_DT recent_JJ acquisition_NN of_IN a_DT cellular_JJ and_CC paging_NN property_NN and_CC rate_NN reductions_NNS in_IN its_PRP$ Southeast_NNP territory_NN ._. 
BellSouth_NNP 
At_IN BellSouth_NNP ,_, based_VBN in_IN Atlanta_NNP ,_, customer_NN access_NN lines_NNS grew_VBN by_IN 162,000_CD ,_, or_CC 3.5_CD %_NN ,_, during_IN the_DT 12-month_JJ period_NN ended_VBN Sept_NNP ._. 
For_IN the_DT third_JJ quarter_NN ,_, total_JJ operating_NN revenue_NN grew_VBD 2.6_CD %_NN to_TO $_$ 3.55_CD billion_CD from_IN $_$ 3.46_CD billion_CD ._. 
Total_JJ operating_NN expenses_NNS increased_VBN 3.5_CD %_NN to_TO $_$ 2.78_CD billion_CD from_IN $_$ 2.69_CD billion_CD ._. 
Overall_JJ access_NN minutes_NNS of_IN use_NN increased_VBN 10.3_CD %_NN and_CC toll_NN messages_NNS jumped_VBD 5.2_CD %_NN ._. 
BellSouth_NNP Chairman_NNP and_CC Chief_NNP Executive_NNP Officer_NNP John_NNP L._NNP Clendenin_NNP said_VBD three_CD factors_NNS accounted_VBD for_IN the_DT drop_NN in_IN third-quarter_JJ earnings_NNS ._. 
The_DT refinancing_NN of_IN $_$ 481_CD million_CD in_IN long-term_JJ debt_NN reduced_VBD net_JJ income_NN by_IN $_$ 22_CD million_CD ,_, or_CC five_CD cents_NNS a_DT share_NN ,_, but_CC in_IN the_DT long_JJ run_NN will_MD save_VB more_JJR than_IN $_$ 250_CD million_CD in_IN interest_NN costs_NNS ._. 
The_DT company_NN previously_RB said_VBD that_IN the_DT recent_JJ acquisition_NN of_IN Mobile_NNP Communications_NNP Corp._NNP of_IN America_NNP would_MD dilute_VB 1989_CD earnings_NNS by_IN about_IN 3_CD %_NN ._. 
In_IN addition_NN ,_, earnings_NNS were_VBD reduced_VBN by_IN rate_NN reductions_NNS in_IN Florida_NNP ,_, Kentucky_NNP ,_, Alabama_NNP ,_, Tennessee_NNP and_CC Louisiana_NNP ._. 
Ameritech_NNP 
At_IN Ameritech_NNP ,_, based_VBN in_IN Chicago_NNP ,_, customer_NN access_NN lines_NNS increased_VBN by_IN 402,000_CD ,_, or_CC 2.6_CD %_NN ,_, and_CC cellular_JJ mobile_JJ lines_NNS increased_VBN by_IN 80,000_CD ,_, or_CC 62.3_CD %_NN ,_, for_IN the_DT 12-month_JJ period_NN ended_VBN Sept._NNP 30_CD ._. 
For_IN the_DT third_JJ quarter_NN ,_, revenue_NN increased_VBN 1.9_CD %_NN to_TO $_$ 2.55_CD billion_CD from_IN $_$ 2.51_CD billion_CD ._. 
Operating_NN expenses_NNS increased_VBN 2.6_CD %_NN to_TO $_$ 2.04_CD billion_CD ,_, including_VBG one-time_JJ pretax_JJ charges_NNS of_IN $_$ 40_CD million_CD for_IN labor_NN contract_NN signing_VBG bonuses_NNS ._. 
Local_JJ service_NN revenue_NN increased_VBN 3.5_CD %_NN and_CC directory_NN and_CC unregulated_JJ business_NN revenue_NN jumped_VBD 9.5_CD %_NN ._. 
But_CC network_NN access_NN revenue_NN dropped_VBD 4_CD %_NN and_CC toll_NN revenue_NN dropped_VBD 1.4_CD %_NN ._. 
a_DT -_: reflects_VBZ 2-for-1_JJ stock_NN split_NN effective_JJ Dec._NNP 30_CD ,_, 1988_CD ._. 
b_NN -_: reflects_VBZ extraordinary_JJ loss_NN of_IN five_CD cents_NNS a_DT share_NN for_IN early_JJ debt_NN retirement_NN ._. 
c_NN -_: reflects_VBZ extraordinary_JJ loss_NN of_IN five_CD cents_NNS a_DT share_NN and_CC extraordinary_JJ gain_NN of_IN 14_CD cents_NNS a_DT share_NN from_IN cumulative_JJ effect_NN of_IN accounting_NN change_NN ._. 
The_DT Wall_NNP Street_NNP Journal_NNP ``_`` American_JJ Way_NN of_IN Buying_VBG ''_'' Survey_NNP consists_VBZ of_IN two_CD separate_JJ ,_, door-to-door_JJ nationwide_JJ polls_NNS conducted_VBN for_IN the_DT Journal_NNP by_IN Peter_NNP D._NNP Hart_NNP Research_NNP Associates_NNPS and_CC the_DT Roper_NNP Organization_NNP ._. 
The_DT two_CD surveys_NNS ,_, which_WDT asked_VBD different_JJ questions_NNS ,_, were_VBD conducted_VBN using_VBG national_JJ random_JJ probability_NN samples_NNS ._. 
The_DT poll_NN conducted_VBN by_IN Peter_NNP D._NNP Hart_NNP Research_NNP Associates_NNPS interviewed_VBN 2,064_CD adults_NNS age_VBP 18_CD and_CC older_JJR from_IN June_NNP 15_CD to_TO June_NNP 30_CD ,_, 1989_CD ._. 
The_DT poll_NN conducted_VBN by_IN the_DT Roper_NNP Organization_NNP interviewed_VBD 2,002_CD adults_NNS age_VBP 18_CD and_CC older_JJR from_IN July_NNP 7_CD to_TO July_NNP 15_CD ,_, 1989_CD ._. 
Responses_NNS were_VBD weighted_JJ on_IN the_DT basis_NN of_IN age_NN and_CC gender_NN to_TO conform_VB with_IN U.S._NNP Census_NNP data_NNS ._. 
For_IN each_DT poll_NN ,_, the_DT odds_NNS are_VBP 19_CD out_IN of_IN 20_CD that_IN if_IN pollsters_NNS had_VBD sought_VBN to_TO survey_VB every_DT household_NN in_IN the_DT U.S._NNP using_VBG the_DT same_JJ questionnaire_NN ,_, the_DT findings_NNS would_MD differ_VB from_IN these_DT poll_NN results_NNS by_IN no_DT more_JJR than_IN 2_CD 1\/2_CD percentage_NN points_NNS in_IN either_DT direction_NN ._. 
The_DT margin_NN of_IN error_NN for_IN subgroups_NNS --_: for_IN example_NN ,_, married_VBN women_NNS with_IN children_NNS at_IN home_NN --_: would_MD be_VB larger_JJR ._. 
In_IN addition_NN ,_, in_IN any_DT survey_NN ,_, there_EX is_VBZ always_RB the_DT chance_NN that_IN other_JJ factors_NNS such_JJ as_IN question_NN wording_NN could_MD introduce_VB errors_NNS into_IN the_DT findings_NNS ._. 
Program_NN traders_NNS were_VBD buying_VBG and_CC selling_VBG at_IN full_JJ steam_NN Monday_NNP ,_, the_DT first_JJ trading_NN session_NN after_IN the_DT stock_NN market_NN 's_POS 190.58-point_JJ plunge_NN Friday_NNP ._. 
They_PRP accounted_VBD for_IN a_DT hefty_JJ 16_CD %_NN of_IN New_NNP York_NNP Stock_NNP Exchange_NNP volume_NN Monday_NNP ,_, the_DT fourth_JJ busiest_JJS session_NN ever_RB ._. 
On_IN Friday_NNP ,_, 13_CD %_NN of_IN volume_NN was_VBD in_IN computer-guided_JJ program_NN trades_NNS ._. 
In_IN August_NNP ,_, by_IN contrast_NN ,_, program_NN trading_NN averaged_VBD 10.3_CD %_NN of_IN daily_JJ Big_NNP Board_NNP turnover_NN ._. 
Program_NN traders_NNS were_VBD publicly_RB castigated_VBN following_VBG the_DT 508-point_JJ crash_NN Oct._NNP 19_CD ,_, 1987_CD ,_, and_CC a_DT number_NN of_IN brokerage_NN firms_NNS pulled_VBD back_RB from_IN using_VBG this_DT strategy_NN for_IN a_DT while_NN ._. 
But_CC as_IN the_DT outcry_NN faded_VBN by_IN the_DT spring_NN of_IN 1988_CD ,_, they_PRP resumed_VBD ._. 
Some_DT observers_NNS thought_VBD that_IN after_IN Friday_NNP 's_POS sharp_JJ drop_NN ,_, the_DT firms_NNS would_MD rein_VB in_IN their_PRP$ program_NN traders_NNS to_TO avoid_VB stoking_VBG more_JJR controversy_NN ._. 
But_CC the_DT statistics_NNS released_VBD yesterday_NN show_NN the_DT firms_NNS did_VBD nothing_NN of_IN the_DT sort_NN ._. 
One_CD reason_NN ,_, they_PRP said_VBD ,_, was_VBD that_IN the_DT official_JJ reports_NNS on_IN the_DT 1987_CD crash_NN exonerated_VBD program_NN trading_NN as_IN a_DT cause_NN ._. 
Stock-index_NN arbitrage_NN is_VBZ the_DT most_RBS controversial_JJ form_NN of_IN program_NN trading_NN because_IN it_PRP accelerates_VBZ market_NN moves_NNS ,_, if_IN not_RB actually_RB causing_VBG them_PRP ._. 
In_IN it_PRP ,_, traders_NNS buy_VBP or_CC sell_VB stocks_NNS and_CC offset_VB those_DT positions_NNS in_IN stock-index_NN futures_NNS contracts_NNS to_TO profit_VB from_IN fleeting_JJ price_NN discrepancies_NNS ._. 
Under_IN the_DT exchange_NN 's_POS definitions_NNS ,_, program_NN trading_NN also_RB describes_VBZ a_DT number_NN of_IN other_JJ strategies_NNS that_IN ,_, in_IN the_DT opinion_NN of_IN some_DT traders_NNS ,_, do_VBP n't_RB cause_VB big_JJ swings_NNS in_IN the_DT market_NN ._. 
The_DT Big_NNP Board_NNP 's_POS disclosure_NN of_IN program_NN trading_NN activity_NN on_IN these_DT two_CD days_NNS was_VBD unusual_JJ ._. 
Though_IN it_PRP collects_VBZ such_JJ data_NNS daily_JJ ,_, its_PRP$ monthly_JJ reports_NNS on_IN program_NN trading_NN usually_RB come_VB out_IN about_IN three_CD weeks_NNS after_IN each_DT month_NN ends_NNS ._. 
The_DT September_NNP figures_NNS are_VBP due_JJ to_TO be_VB released_VBN this_DT week_NN ._. 
The_DT Big_NNP Board_NNP declined_VBD to_TO name_VB the_DT Wall_NNP Street_NNP firms_NNS involved_VBN in_IN the_DT activity_NN Friday_NNP and_CC Monday_NNP ,_, or_CC the_DT type_NN of_IN strategies_NNS used_VBN ._. 
But_CC traders_NNS on_IN the_DT exchange_NN floor_NN ,_, who_WP can_MD observe_VB the_DT computer-guided_JJ trading_NN activity_NN on_IN monitor_NN screens_NNS ,_, said_VBD most_RBS of_IN the_DT top_JJ program-trading_JJ firms_NNS were_VBD active_JJ both_DT days_NNS ._. 
Through_IN August_NNP ,_, the_DT top_JJ five_CD program_NN trading_NN firms_NNS in_IN volume_NN were_VBD Morgan_NNP Stanley_NNP &_CC Co._NNP ,_, Kidder_NNP ,_, Peabody_NNP &_CC Co._NNP ,_, Merrill_NNP Lynch_NNP &_CC Co._NNP ,_, PaineWebber_NNP Group_NNP Inc._NNP and_CC Salomon_NNP Brothers_NNP Inc_NNP ._. 
Though_IN brokerage_NN officials_NNS defended_VBD their_PRP$ use_NN of_IN program_NN trading_NN ,_, one_CD sign_NN of_IN what_WP an_DT issue_NN it_PRP remains_VBZ was_VBD that_IN few_JJ executives_NNS would_MD comment_VB on_IN the_DT record_NN ._. 
Besides_IN reciting_VBG the_DT pardon_NN for_IN program_NN trading_NN contained_VBD in_IN the_DT Brady_NNP Commission_NNP report_NN ,_, they_PRP said_VBD stock-index_NN arbitrage_NN was_VBD actually_RB needed_VBN Monday_NNP to_TO restore_VB the_DT markets_NNS '_POS equilibrium_NN ._. 
On_IN Friday_NNP ,_, the_DT stock-index_NN futures_NNS market_NN was_VBD unhinged_VBN from_IN the_DT stock_NN market_NN when_WRB the_DT Chicago_NNP Mercantile_NNP Exchange_NNP halted_VBD trading_NN in_IN Standard_NNP &_CC Poor_NNP 's_POS 500_CD futures_NNS contract_VBP --_: a_DT ``_`` circuit_NN breaker_NN ''_'' procedure_NN instituted_VBN after_IN the_DT 1987_CD crash_NN and_CC implemented_VBN for_IN the_DT first_JJ time_NN ._. 
Futures_NNS trading_NN resumed_VBD a_DT half-hour_NN later_RB ,_, but_CC the_DT session_NN ended_VBD shortly_RB thereafter_RB ,_, leaving_VBG the_DT stock_NN market_NN set_VBN up_IN for_IN more_JJR sell_NN programs_NNS ,_, traders_NNS said_VBD ._. 
By_IN Monday_NNP morning_NN ,_, they_PRP said_VBD ,_, stock-index_NN arbitrage_NN sell_NN programs_NNS helped_VBD re-establish_VB the_DT link_NN between_IN stocks_NNS and_CC futures_NNS ._. 
But_CC stunning_JJ volatility_NN was_VBD produced_VBN in_IN the_DT process_NN ._. 
The_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP plunged_VBD a_DT breathtaking_JJ 63.52_CD points_NNS in_IN the_DT first_JJ 40_CD minutes_NNS of_IN trading_NN Monday_NNP as_IN stock-index_NN arbitrage_NN sell_NN programs_NNS kicked_VBD in_RB ._. 
At_IN about_IN 10:10_CD a.m._NN EDT_NNP ,_, the_DT market_NN abruptly_RB turned_VBD upward_RB on_IN stock-index_NN arbitrage_NN buy_NN programs_NNS ._. 
By_IN day_NN 's_POS end_NN ,_, the_DT Dow_NNP industrials_NNS had_VBD rebounded_VBN 88.12_CD points_NNS ,_, or_CC nearly_RB half_NN of_IN Friday_NNP 's_POS drop_NN ._. 
FREDERICK_NNP 'S_VBZ OF_IN HOLLYWOOD_NNP Inc._NNP ,_, Los_NNP Angeles_NNP ,_, said_VBD its_PRP$ board_NN voted_VBD a_DT 50_CD %_NN increase_NN in_IN the_DT specialty_NN boutique-store_NN operator_NN 's_POS semiannual_JJ dividend_NN ,_, to_TO five_CD cents_NNS a_DT common_JJ share_NN ._. 
The_DT dividend_NN is_VBZ payable_JJ Dec._NNP 15_CD to_TO stock_VB of_IN record_NN Nov._NNP 15_CD ._. 
Valley_NNP National_NNP Corp._NNP reported_VBD a_DT third-quarter_JJ net_JJ loss_NN of_IN $_$ 72.2_CD million_CD ,_, or_CC $_$ 3.65_CD a_DT share_NN ,_, and_CC suspended_VBD its_PRP$ quarterly_JJ dividend_NN because_IN of_IN potential_JJ losses_NNS on_IN its_PRP$ Arizona_NNP real_JJ estate_NN holdings_NNS ._. 
The_DT Phoenix-based_JJ holding_NN company_NN for_IN Arizona_NNP 's_POS largest_JJS bank_NN said_VBD it_PRP added_VBD $_$ 121_CD million_CD to_TO its_PRP$ allowance_NN for_IN losses_NNS on_IN loans_NNS and_CC for_IN real_JJ estate_NN owned_VBN ._. 
The_DT company_NN earned_VBD $_$ 18.7_CD million_CD ,_, or_CC 95_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
For_IN the_DT nine_CD months_NNS ,_, Valley_NNP National_NNP posted_VBD a_DT net_JJ loss_NN of_IN $_$ 136.4_CD million_CD ,_, or_CC $_$ 6.90_CD a_DT share_NN ._. 
It_PRP had_VBD profit_NN of_IN $_$ 48.6_CD million_CD ,_, or_CC $_$ 2.46_CD a_DT share_NN ,_, in_IN the_DT 1988_CD period_NN ._. 
Valley_NNP National_NNP had_VBD been_VBN paying_VBG a_DT quarterly_JJ dividend_NN of_IN 36_CD cents_NNS a_DT share_NN ._. 
``_`` The_DT Arizona_NNP real_JJ estate_NN market_NN continues_VBZ to_TO be_VB depressed_JJ ,_, and_CC there_EX is_VBZ still_JJ uncertainty_NN as_IN to_TO when_WRB values_NNS will_MD recover_VB ,_, ''_'' James_NNP P._NNP Simmons_NNP ,_, chairman_NN ,_, said_VBD ._. 
The_DT decision_NN to_TO increase_VB the_DT loan-loss_NN reserve_NN and_CC suspend_VB the_DT dividend_NN is_VBZ ``_`` both_DT prudent_JJ and_CC in_IN the_DT best_JJS long-term_JJ interest_NN of_IN the_DT shareholders_NNS ,_, ''_'' he_PRP said_VBD ._. 
Valley_NNP National_NNP said_VBD it_PRP made_VBD the_DT decision_NN on_IN the_DT basis_NN of_IN an_DT ``_`` overall_JJ assessment_NN of_IN the_DT marketplace_NN ''_'' and_CC the_DT condition_NN of_IN its_PRP$ loan_NN portfolio_NN and_CC after_IN reviewing_VBG it_PRP with_IN federal_JJ regulators_NNS ._. 
The_DT addition_NN to_TO reserves_NNS comes_VBZ on_IN top_NN of_IN a_DT provision_NN of_IN $_$ 199.7_CD million_CD that_WDT was_VBD announced_VBN in_IN June_NNP ._. 
In_IN July_NNP ,_, Moody_NNP 's_POS downgraded_VBD $_$ 400_CD million_CD of_IN the_DT company_NN 's_POS debt_NN ,_, saying_VBG the_DT bank_NN holding_VBG company_NN had_VBD n't_RB taken_VBN adequate_JJ write-offs_NNS against_IN potential_JJ losses_NNS on_IN real_JJ estate_NN loans_NNS despite_IN its_PRP$ second-quarter_JJ write-down_NN ._. 
Richard_NNP M._NNP Greenwood_NNP ,_, Valley_NNP National_NNP 's_POS executive_JJ vice_NN president_NN ,_, said_VBD then_RB that_IN the_DT company_NN believed_VBD the_DT write-downs_NNS were_VBD ``_`` adequate_JJ ''_'' and_CC did_VBD n't_RB plan_VB to_TO increase_VB its_PRP$ reserves_NNS again_RB ._. 
Bruce_NNP Hoyt_NNP ,_, a_DT banking_NN analyst_NN with_IN Boettcher_NNP &_CC Co._NNP ,_, a_DT Denver_NNP brokerage_NN firm_NN ,_, said_VBD Valley_NNP National_NNP ``_`` is_VBZ n't_RB out_IN of_IN the_DT woods_NNS yet_RB ._. ''_'' 
The_DT key_NN will_MD be_VB whether_IN Arizona_NNP real_JJ estate_NN turns_VBZ around_IN or_CC at_IN least_JJS stabilizes_VBZ ,_, he_PRP said_VBD ._. 
``_`` They_PRP 've_VBP stepped_VBD up_IN to_TO the_DT plate_NN to_TO take_VB the_DT write-downs_NNS ,_, but_CC when_WRB markets_NNS head_VBP down_RB ,_, a_DT company_NN is_VBZ always_RB exposed_VBN to_TO further_VB negative_JJ surprises_NNS ,_, ''_'' Mr._NNP Hoyt_NNP said_VBD ._. 
Valley_NNP National_NNP closed_VBD yesterday_NN at_IN $_$ 24.25_CD a_DT share_NN ,_, down_RB $_$ 1_CD ,_, in_IN national_JJ over-the-counter_JJ trading_NN ._. 
Two_CD years_NNS of_IN coddling_NN ,_, down_RP the_DT drain_NN ._. 
That_DT 's_VBZ the_DT way_NN a_DT lot_NN of_IN brokers_NNS feel_VBP today_NN on_IN the_DT second_JJ anniversary_NN of_IN the_DT 1987_CD stock-market_NN crash_NN ._. 
Ever_RB since_IN that_DT fearful_JJ Black_NNP Monday_NNP ,_, they_PRP 've_VBP been_VBN tirelessly_RB wooing_VBG wary_JJ individual_JJ investors_NNS --_: trying_VBG to_TO convince_VB them_PRP that_IN Oct._NNP 19_CD ,_, 1987_CD ,_, was_VBD a_DT fluke_NN and_CC that_IN the_DT stock_NN market_NN really_RB is_VBZ a_DT safe_JJ place_NN for_IN average_JJ Americans_NNPS to_TO put_VB their_PRP$ hard-earned_JJ dollars_NNS ._. 
And_CC until_IN last_JJ Friday_NNP ,_, it_PRP seemed_VBD those_DT efforts_NNS were_VBD starting_VBG to_TO pay_VB off_RB ._. 
``_`` Some_DT of_IN those_DT folks_NNS were_VBD coming_VBG back_RB ,_, ''_'' says_VBZ Leslie_NNP Quick_NNP Jr._NNP ,_, chairman_NN ,_, of_IN discount_NN brokers_NNS Quick_NNP &_CC Reilly_NNP Group_NNP Inc_NNP ._. 
``_`` We_PRP had_VBD heard_VBN from_IN people_NNS who_WP had_VBD n't_RB been_VBN active_JJ ''_'' for_IN a_DT long_JJ time_NN ._. 
Then_RB came_VBD the_DT frightening_JJ 190-point_JJ plunge_NN in_IN the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP and_CC a_DT new_JJ wave_NN of_IN stock-market_NN volatility_NN ._. 
All_DT of_IN a_DT sudden_JJ ,_, it_PRP was_VBD back_RB to_TO square_VB one_CD ._. 
``_`` It_PRP 's_VBZ going_VBG to_TO set_VB things_NNS back_RB for_IN a_DT period_NN ,_, because_IN it_PRP reinforces_VBZ the_DT concern_NN of_IN volatility_NN ,_, ''_'' says_VBZ Jeffrey_NNP B._NNP Lane_NNP ,_, president_NN of_IN Shearson_NNP Lehman_NNP Hutton_NNP Inc_NNP ._. 
``_`` I_PRP think_VBP it_PRP will_MD shake_VB confidence_NN one_CD more_JJR time_NN ,_, and_CC a_DT lot_NN of_IN this_DT business_NN is_VBZ based_VBN on_IN client_NN confidence_NN ._. ''_'' 
Brokers_NNS around_IN the_DT country_NN say_VBP the_DT reaction_NN from_IN individual_JJ investors_NNS this_DT week_NN has_VBZ been_VBN almost_RB eerie_JJ ._. 
Customers_NNS and_CC potential_JJ customers_NNS are_VBP suddenly_RB complaining_VBG about_IN the_DT stock_NN market_NN in_IN the_DT exact_JJ way_NN they_PRP did_VBD in_IN post-crash_JJ 1987_CD ._. 
``_`` The_DT kinds_NNS of_IN questions_NNS you_PRP had_VBD before_IN have_VBP resurfaced_VBN ,_, ''_'' says_VBZ Raymond_NNP A._NNP ``_`` Chip_NNP ''_'' Mason_NNP ,_, chairman_NN of_IN regional_JJ brokerage_NN firm_NN Legg_NNP Mason_NNP Inc._NNP ,_, Baltimore_NNP ._. 
``_`` I_PRP can_MD just_RB tell_VB the_DT questions_NNS are_VBP right_RB back_RB where_WRB they_PRP were_VBD :_: `_`` What_WP 's_VBZ going_VBG on_IN ?_. ,_, '_'' `_`` Ca_MD n't_RB anything_NN be_VB done_VBN about_IN program_NN trading_NN ?_. ,_, '_'' `_`` Does_VBZ n't_RB the_DT exchange_NN understand_VB ?_. ,_, '_'' `_`` Where_WRB is_VBZ the_DT SEC_NNP on_IN this_DT ?_. '_'' ''_'' 
Mr._NNP Mason_NNP says_VBZ he_PRP 's_VBZ convinced_VBN the_DT public_JJ still_RB wants_VBZ to_TO invest_VB in_IN common_JJ stocks_NNS ,_, even_RB though_IN they_PRP believe_VBP the_DT deck_NN is_VBZ stacked_VBN against_IN them_PRP ._. 
But_CC ``_`` these_DT wide_JJ swings_NNS scare_VBP them_PRP to_TO death_NN ._. ''_'' 
All_DT of_IN this_DT is_VBZ bad_JJ news_NN for_IN the_DT big_JJ brokerage_NN firms_NNS such_JJ as_IN Shearson_NNP and_CC Merrill_NNP Lynch_NNP &_CC Co._NNP that_WDT have_VBP big_JJ ``_`` retail_JJ ,_, ''_'' or_CC individual-investor_NN ,_, businesses_NNS ._. 
After_IN expanding_VBG rapidly_RB during_IN the_DT bull-market_NN years_NNS up_IN to_TO the_DT 1987_CD crash_NN ,_, retail_JJ brokerage_NN operations_NNS these_DT days_NNS are_VBP getting_VBG barely_RB enough_JJ business_NN to_TO pay_VB the_DT overhead_NN ._. 
True_JJ ,_, the_DT amount_NN of_IN money_NN investors_NNS are_VBP willing_JJ to_TO entrust_VB to_TO their_PRP$ brokers_NNS has_VBZ been_VBN growing_VBG lately_RB ._. 
But_CC those_DT dollars_NNS have_VBP been_VBN going_VBG into_IN such_JJ ``_`` safe_JJ ''_'' products_NNS as_IN money_NN market_NN funds_NNS ,_, which_WDT do_VBP n't_RB generate_VB much_JJ in_IN the_DT way_NN of_IN commissions_NNS for_IN the_DT brokerage_NN firms_NNS ._. 
At_IN discount_NN brokerage_NN Charles_NNP Schwab_NNP &_CC Co._NNP ,_, such_JJ ``_`` cash-equivalent_JJ ''_'' investments_NNS recently_RB accounted_VBD for_IN a_DT record_NN $_$ 8_CD billion_CD of_IN the_DT firm_NN 's_POS $_$ 25_CD billion_CD of_IN client_NN 's_POS assets_NNS ._. 
The_DT brokers_NNS '_POS hope_NN has_VBZ been_VBN that_IN they_PRP could_MD soon_RB coax_VB investors_NNS into_IN shifting_VBG some_DT of_IN their_PRP$ hoard_NN into_IN the_DT stock_NN market_NN ._. 
And_CC before_IN last_JJ Friday_NNP ,_, they_PRP were_VBD actually_RB making_VBG modest_JJ progress_NN ._. 
A_DT slightly_RB higher_JJR percentage_NN of_IN New_NNP York_NNP Stock_NNP Exchange_NNP volume_NN has_VBZ been_VBN attributed_VBN to_TO retail_VB investors_NNS in_IN recent_JJ months_NNS compared_VBN with_IN post-crash_JJ 1988_CD ,_, according_VBG to_TO Securities_NNP Industry_NNP Association_NNP data_NNS ._. 
In_IN 1987_CD ,_, an_DT average_JJ 19.7_CD %_NN of_IN Big_NNP Board_NNP volume_NN was_VBD retail_JJ business_NN ,_, with_IN the_DT monthly_JJ level_NN never_RB more_JJR than_IN 21.4_CD %_NN ._. 
The_DT retail_JJ participation_NN dropped_VBD to_TO an_DT average_JJ 18.2_CD %_NN in_IN 1988_CD ,_, and_CC shriveled_VBD to_TO barely_RB 14_CD %_NN some_DT months_NNS during_IN the_DT year_NN ._. 
Yet_RB in_IN 1989_CD ,_, retail_JJ participation_NN has_VBZ been_VBN more_JJR than_IN 20_CD %_NN in_IN every_DT month_NN ,_, and_CC was_VBD 23.5_CD %_NN in_IN August_NNP ,_, the_DT latest_JJS month_NN for_IN which_WDT figures_NNS are_VBP available_JJ ._. 
Jeffrey_NNP Schaefer_NNP ,_, the_DT SIA_NNP 's_POS research_NN director_NN ,_, says_VBZ that_IN all_DT of_IN his_PRP$ group_NN 's_POS retail-volume_NN statistics_NNS could_MD be_VB overstated_VBN by_IN as_RB much_JJ as_IN five_CD percentage_NN points_NNS because_IN corporate_JJ buy-backs_NNS are_VBP sometimes_RB inadvertently_RB included_VBD in_IN Big_NNP Board_NNP data_NNS ._. 
But_CC there_EX did_VBD seem_VB to_TO be_VB a_DT retail_JJ activity_NN pickup_NN ._. 
But_CC ``_`` Friday_NNP did_VBD n't_RB help_VB things_NNS ,_, ''_'' says_VBZ Mr._NNP Schaefer_NNP ._. 
With_IN the_DT gyrations_NNS of_IN recent_JJ days_NNS ,_, says_VBZ Hugo_NNP Quackenbush_NNP ,_, senior_JJ vice_NN president_NN at_IN Charles_NNP Schwab_NNP ,_, many_JJ small_JJ investors_NNS are_VBP absolutely_RB convinced_VBN that_IN ``_`` they_PRP should_MD n't_RB play_VB in_IN the_DT stock_NN market_NN ._. ''_'' 
Joseph_NNP Grano_NNP ,_, president_NN of_IN retail_JJ sales_NNS and_CC marketing_NN at_IN PaineWebber_NNP Group_NNP Inc._NNP ,_, still_RB thinks_VBZ that_IN individual_JJ investors_NNS will_MD eventually_RB go_VB back_RB into_IN the_DT stock_NN market_NN ._. 
Investors_NNS will_MD develop_VB ``_`` thicker_JJR skins_NNS ,_, ''_'' and_CC their_PRP$ confidence_NN will_MD return_VB ,_, he_PRP says_VBZ ._. 
Friday_NNP 's_POS plunge_NN ,_, he_PRP is_VBZ telling_VBG PaineWebber_NNP brokers_NNS ,_, was_VBD nothing_NN more_JJR than_IN a_DT ``_`` tremendous_JJ reaction_NN to_TO leveraged_JJ buy-out_NN stocks_NNS ._. ''_'' 
Meanwhile_RB ,_, PaineWebber_NNP remains_VBZ among_IN the_DT leaders_NNS in_IN efforts_NNS to_TO simply_RB persuade_VB investors_NNS to_TO keep_VB giving_VBG Wall_NNP Street_NNP their_PRP$ money_NN ._. 
``_`` It_PRP 's_VBZ more_JJR of_IN an_DT important_JJ issue_NN to_TO keep_VB control_NN of_IN those_DT assets_NNS ,_, rather_RB than_IN push_NN the_DT investor_NN to_TO move_VB into_IN -LRB-_( specific_JJ -RRB-_) products_NNS such_JJ as_IN equities_NNS ,_, ''_'' Mr._NNP Grano_NNP says_VBZ ._. 
``_`` The_DT equity_NN decision_NN will_MD come_VB when_WRB the_DT client_NN is_VBZ ready_JJ and_CC when_WRB there_EX 's_VBZ a_DT semblance_NN of_IN confidence_NN ._. ''_'' 
It_PRP could_MD be_VB a_DT long_JJ wait_NN ,_, say_VBP some_DT industry_NN observers_NNS ._. 
``_`` Some_DT investors_NNS will_MD tiptoe_VB back_RB in_IN ,_, ''_'' says_VBZ Richard_NNP Ross_NNP ,_, a_DT market_NN research_NN director_NN for_IN Elrick_NNP &_CC Lavidge_NNP in_IN Chicago_NNP ._. 
``_`` Then_RB there_EX 'll_MD be_VB another_DT swing_NN ._. 
Given_VBN enough_RB of_IN these_DT ,_, this_DT will_MD drive_VB everyone_NN out_IN except_IN the_DT most_RBS hardy_JJ ,_, ''_'' he_PRP adds_VBZ ._. 
Mr._NNP Ross_NNP ,_, who_WP has_VBZ been_VBN studying_VBG retail_JJ investors_NNS '_POS perception_NN of_IN risks_NNS in_IN the_DT brokerage_NN industry_NN ,_, said_VBD a_DT market_NN plunge_NN like_IN Friday_NNP 's_POS ``_`` shatters_NNS investors_NNS '_'' confidence_NN in_IN their_PRP$ ability_NN to_TO make_VB any_DT judgments_NNS on_IN the_DT market_NN ._. ''_'' 
The_DT long-term_JJ outlook_NN for_IN the_DT retail_JJ brokerage_NN business_NN is_VBZ ``_`` miserable_JJ ,_, ''_'' Mr._NNP Ross_NNP declares_VBZ ._. 
The_DT following_VBG were_VBD among_IN yesterday_NN 's_POS offerings_NNS and_CC pricings_NNS in_IN the_DT U.S._NNP and_CC non-U.S._JJ capital_NN markets_NNS ,_, with_IN terms_NNS and_CC syndicate_NN manager_NN ,_, as_IN compiled_VBN by_IN Dow_NNP Jones_NNP Capital_NNP Markets_NNP Report_NNP :_: 
Washington_NNP ,_, D.C._NNP --_: 
$_$ 200_CD million_CD of_IN general_JJ obligation_NN tax_NN revenue_NN anticipation_NN notes_NNS ,_, Series_NNP 1990_CD ,_, due_JJ Sept._NNP 28_CD ,_, 1990_CD ._. 
About_IN $_$ 190_CD million_CD were_VBD offered_VBN through_IN Shearson_NNP Lehman_NNP Hutton_NNP Inc_NNP ._. 
Shearson_NNP is_VBZ offering_VBG the_DT notes_NNS as_IN 6_CD 3\/4_CD %_NN securities_NNS priced_VBN to_TO yield_VB 6.15_CD %_NN ._. 
J.P._NNP Morgan_NNP Securities_NNP Inc._NNP is_VBZ offering_VBG the_DT remaining_VBG $_$ 10_CD million_CD of_IN notes_NNS ._. 
The_DT notes_NNS are_VBP rated_VBN MIG-1_JJ by_IN Moody_NNP 's_POS Investors_NNP Service_NNP Inc_NNP ._. 
Standard_NNP &_CC Poor_NNP 's_POS Corp._NNP has_VBZ them_PRP under_IN review_NN ._. 
Federal_NNP National_NNP Mortgage_NNP Association_NNP --_: 
$_$ 400_CD million_CD of_IN Remic_NNP mortgage_NN securities_NNS being_VBG offered_VBN in_IN 16_CD classes_NNS by_IN Bear_NNP ,_, Stearns_NNP &_CC Co_NNP ._. 
The_DT offering_NN ,_, Series_NNP 1989-83_CD ,_, is_VBZ backed_VBN by_IN Fannie_NNP Mae_NNP 9_CD %_NN securities_NNS ._. 
The_DT offering_NN used_VBD at-market_JJ pricing_NN ._. 
Separately_RB ,_, Fannie_NNP Mae_NNP issued_VBD $_$ 400_CD million_CD of_IN Remic_NNP mortgage_NN securities_NNS in_IN 12_CD classes_NNS through_IN First_NNP Boston_NNP Corp_NNP ._. 
The_DT offering_NN ,_, Series_NNP 1989-84_CD ,_, is_VBZ backed_VBN by_IN Fannie_NNP Mae_NNP 9_CD %_NN securities_NNS ._. 
Pricing_NN details_NNS were_VBD n't_RB available_JJ ._. 
The_DT two_CD offerings_NNS bring_VBP Fannie_NNP Mae_NNP 's_POS 1989_CD Remic_NNP issuance_NN to_TO $_$ 31_CD billion_CD and_CC its_PRP$ total_JJ volume_NN to_TO $_$ 43.3_CD billion_CD since_IN the_DT program_NN began_VBD in_IN April_NNP 1987_CD ._. 
Societa_NNP per_IN Azioni_NNP Finanziaria_NNP Industria_NNP Manaifatturiera_NNP -LRB-_( Italy_NNP -RRB-_) --_: 
$_$ 150_CD million_CD of_IN 9_CD %_NN depository_NN receipts_NNS due_JJ Nov._NNP 27_CD ,_, 1994_CD ,_, priced_VBN at_IN 101.60_CD to_TO yield_VB 9.07_CD %_NN less_JJR fees_NNS ,_, via_IN Bankers_NNP Trust_NNP International_NNP Ltd_NNP ._. 
Fees_NNS 1_CD 7\/8_CD ._. 
Mitsubishi_NNP Corp_NNP ._. Finance_NNP -LRB-_( Japanese_JJ parent_NN -RRB-_) --_: 
$_$ 100_CD million_CD of_IN 8_CD 5\/8_CD %_NN bonds_NNS due_JJ Nov._NNP 1_CD ,_, 1993_CD priced_VBN at_IN 101_CD 1\/4_CD to_TO yield_VB 8.74_CD %_NN annually_RB less_RBR full_JJ fees_NNS ,_, via_IN Yamaichi_NNP International_NNP -LRB-_( Europe_NNP -RRB-_) Ltd_NNP ._. 
Fees_NNS 1_CD 5\/8_CD ._. 
Indian_NNP Oil_NNP Corp_NNP ._. -LRB-_( India_NNP -RRB-_) --_: 
$_$ 200_CD million_CD of_IN floating-rate_JJ notes_NNS due_JJ November_NNP 1994_CD ,_, paying_VBG six-month_JJ London_NNP interbank_NN offered_VBD rate_NN plus_CC 3\/16_CD point_NN and_CC priced_VBN at_IN par_NN via_IN Credit_NNP Suisse_NNP First_NNP Boston_NNP Ltd_NNP ._. 
Guaranteed_VBN by_IN India_NNP ._. 
Fees_NNS 0.36_CD ._. 
Notes_NNS offered_VBN at_IN a_DT fixed_VBN level_NN of_IN 99.75_CD ._. 
National_NNP Westminster_NNP Bank_NNP PLC_NNP -LRB-_( U.K._NNP -RRB-_) --_: 
#_# 200_CD million_CD of_IN undated_JJ variable-rate_JJ notes_NNS priced_VBN at_IN par_NN via_IN Merill_NNP Lynch_NNP International_NNP Ltd_NNP ._. 
Initial_JJ interest_NN rate_NN set_VBN at_IN 0.375_CD point_NN over_IN three-month_JJ Libor_NNP ._. 
Subsequent_JJ margins_NNS set_VBN by_IN agreement_NN between_IN NatWest_NNP and_CC Merrill_NNP ._. 
If_IN no_DT margin_NN agreed_VBD ,_, there_EX is_VBZ a_DT fallback_NN rate_NN of_IN Libor_NNP plus_CC 0.75_CD point_NN in_IN years_NNS one_CD to_TO 15_CD ,_, and_CC Libor_NNP plus_CC 1.25_CD point_NN thereafter_RB ._. 
Keihin_NNP Electric_NNP Express_NNP Railway_NNP Co_NNP ._. -LRB-_( Japan_NNP -RRB-_) --_: 
$_$ 150_CD million_CD of_IN bonds_NNS due_JJ Nov._NNP 9_CD ,_, 1993_CD ,_, with_IN equity-purchase_JJ warrants_NNS ,_, indicating_VBG a_DT 4_CD %_NN coupon_NN at_IN par_NN via_IN Yamaichi_NNP International_NNP -LRB-_( Europe_NNP -RRB-_) Ltd_NNP ._. 
Each_DT $_$ 5,000_CD bond_NN carries_VBZ one_CD warrant_NN ,_, exercisable_JJ from_IN Dec._NNP 1_CD ,_, 1989_CD ,_, through_IN Nov._NNP 2_CD ,_, 1993_CD ,_, to_TO buy_VB company_NN shares_NNS at_IN an_DT expected_VBN premium_NN of_IN 2_CD 1\/2_CD %_NN to_TO the_DT closing_VBG share_NN price_NN when_WRB terms_NNS are_VBP fixed_VBN Oct._NNP 24_CD ._. 
Seiren_NNP Co_NNP ._. -LRB-_( Japan_NNP -RRB-_) --_: 
110_CD million_CD Swiss_JJ francs_NNS of_IN privately_RB placed_VBN convertible_JJ notes_NNS due_JJ March_NNP 31_CD ,_, 1994_CD ,_, with_IN an_DT indicated_VBD 0.25_CD %_NN coupon_NN at_IN par_NN ,_, via_IN Bank_NNP Leu_NNP Ltd_NNP ._. 
Put_VB option_NN on_IN March_NNP 31_CD ,_, 1992_CD ,_, at_IN an_DT indicated_VBD 109_CD to_TO yield_VB 3.865_CD %_NN ._. 
Callable_JJ on_IN March_NNP 31_CD ,_, 1992_CD ,_, at_IN 109_CD ,_, also_RB beginning_VBG Sept._NNP 30_CD ,_, 1992_CD ,_, from_IN 101_CD 1\/2_CD and_CC declining_VBG half_PDT a_DT point_NN semiannually_RB to_TO par_NN ._. 
Each_DT 50,000_CD Swiss_JJ franc_NN note_NN is_VBZ convertible_JJ from_IN Nov._NNP 20_CD ,_, 1989_CD ,_, to_TO March_NNP 17_CD ,_, 1994_CD ,_, at_IN an_DT indicated_VBN 5_NN %_NN premium_NN over_IN the_DT closing_VBG share_NN price_NN Oct._NNP 25_CD ,_, when_WRB terms_NNS are_VBP scheduled_VBN to_TO be_VB fixed_VBN ._. 
N._NNP Nomura_NNP &_CC Co_NNP ._. -LRB-_( Japan_NNP -RRB-_) --_: 
50_CD million_CD Swiss_JJ francs_NNS of_IN privately_RB placed_VBN convertible_JJ notes_NNS due_JJ March_NNP 31_CD ,_, 1994_CD ,_, with_IN an_DT indicated_VBD 0.5_CD %_NN coupon_NN at_IN par_NN ,_, via_IN Bank_NNP Julius_NNP Baer_NNP ._. 
Put_VB option_NN on_IN March_NNP 31_CD ,_, 1992_CD ,_, at_IN an_DT indicated_VBD 108_CD 1\/4_CD to_TO yield_VB 3.846_CD %_NN ._. 
Each_DT 50,000_CD Swiss_JJ franc_NN note_NN is_VBZ convertible_JJ from_IN Nov._NNP 20_CD ,_, 1989_CD ,_, to_TO March_NNP 17_CD ,_, 1994_CD ,_, at_IN a_DT 5_NN %_NN premium_NN over_IN the_DT closing_VBG share_NN price_NN Oct._NNP 21_CD ,_, when_WRB terms_NNS are_VBP scheduled_VBN to_TO be_VB fixed_VBN ._. 
Aegon_NNP N.V_NNP ._. -LRB-_( Netherlands_NNP -RRB-_) --_: 
250_CD million_CD Dutch_JJ guilders_NNS of_IN 7_CD 3\/4_CD %_NN bonds_NNS due_JJ Nov._NNP 15_CD ,_, 1999_CD ,_, priced_VBN at_IN 101_CD 1\/4_CD to_TO yield_VB 7.57_CD %_NN at_IN issue_NN price_NN and_CC 7.86_CD %_NN less_RBR full_JJ fees_NNS ,_, via_IN AMRO_NNP Bank_NNP ._. 
Fees_NNS 2_CD ._. 
Continental_NNP Airlines_NNPS --_: 
a_DT four-part_JJ ,_, $_$ 71_CD million_CD issue_NN of_IN secured_VBN equipment_NN certificates_NNS priced_VBN through_IN Drexel_NNP Burnham_NNP Lambert_NNP Inc_NNP ._. 
The_DT size_NN of_IN the_DT issue_NN was_VBD decreased_VBN from_IN an_DT originally_RB planned_VBN $_$ 95.2_CD million_CD ._. 
In_IN addition_NN ,_, a_DT planned_VBN two-part_JJ offering_NN of_IN $_$ 58_CD million_CD in_IN unsecured_JJ notes_NNS was_VBD n't_RB offered_VBN ._. 
The_DT first_JJ part_NN ,_, consisting_VBG of_IN $_$ 2.5_CD million_CD of_IN 11_CD 1\/4_CD %_NN secured_VBD equipment_NN certificates_NNS due_JJ June_NNP 15_CD ,_, 1990_CD ,_, was_VBD priced_VBN at_IN 98.481_CD with_IN a_DT yield_NN to_TO maturity_NN of_IN 13.75_CD %_NN ._. 
The_DT second_JJ part_NN ,_, consisting_VBG of_IN $_$ 28_CD million_CD of_IN 11_CD 3\/4_CD %_NN secured_VBD equipment_NN certificates_NNS due_JJ June_NNP 15_CD ,_, 1995_CD ,_, was_VBD priced_VBN at_IN 87.026_CD with_IN a_DT yield_NN to_TO maturity_NN of_IN 15.25_CD %_NN ._. 
The_DT third_JJ part_NN ,_, consisting_VBG of_IN $_$ 18.5_CD million_CD of_IN 12_CD 1\/8_CD %_NN secured_VBD equipment_NN certificates_NNS due_JJ April_NNP 15_CD ,_, 1996_CD ,_, was_VBD priced_VBN at_IN 85.60_CD with_IN a_DT yield_NN to_TO maturity_NN of_IN 15.75_CD %_NN ._. 
The_DT fourth_JJ part_NN ,_, consisting_VBG of_IN $_$ 22_CD million_CD of_IN 12_CD 1\/2_CD %_NN secured_VBD equipment_NN certificates_NNS due_JJ April_NNP 15_CD ,_, 1999_CD ,_, was_VBD priced_VBN at_IN 85.339_CD with_IN a_DT yield_NN to_TO maturity_NN of_IN 15.50_CD %_NN ._. 
The_DT issue_NN was_VBD rated_VBN single-B-2_JJ by_IN Moody_NNP 's_POS and_CC single-B_JJ by_IN S&P_NNP ._. 
All_DT parts_NNS of_IN the_DT issue_NN are_VBP callable_JJ at_IN any_DT time_NN at_IN par_NN ._. 
Continental_NNP Airlines_NNPS is_VBZ a_DT unit_NN of_IN Texas_NNP Air_NNP Corp_NNP ._. 
John_NNP V._NNP Holmes_NNP ,_, an_DT investment-newsletter_NN publisher_NN ,_, and_CC three_CD venture-capital_JJ firms_NNS he_PRP organized_VBD were_VBD enjoined_VBN from_IN violating_VBG the_DT registration_NN provisions_NNS of_IN the_DT securities_NNS laws_NNS governing_VBG investment_NN companies_NNS ._. 
As_IN part_NN of_IN an_DT agreement_NN that_WDT settled_VBD charges_NNS brought_VBN by_IN the_DT Securities_NNP and_CC Exchange_NNP Commission_NNP ,_, a_DT receiver_NN was_VBD also_RB appointed_VBN for_IN the_DT three_CD venture-capital_JJ firms_NNS ._. 
Mr._NNP Holmes_NNP was_VBD the_DT subject_NN of_IN a_DT page_NN one_CD profile_NN in_IN The_DT Wall_NNP Street_NNP Journal_NNP in_IN 1984_CD ,_, after_IN the_DT SEC_NNP questioned_VBD him_PRP about_IN ties_NNS between_IN him_PRP and_CC companies_NNS he_PRP touted_VBD in_IN a_DT newsletter_NN ._. 
In_IN 1986_CD ,_, in_IN another_DT consent_NN agreement_NN with_IN the_DT SEC_NNP ,_, Mr._NNP Holmes_NNP was_VBD enjoined_VBN from_IN violating_VBG the_DT stock-registration_NN and_CC anti-fraud_JJ provisions_NNS of_IN the_DT securities_NNS laws_NNS ._. 
Without_IN any_DT admission_NN or_CC denial_NN of_IN guilt_NN by_IN Mr._NNP Holmes_NNP ,_, that_DT agreement_NN settled_VBD SEC_NNP charges_NNS that_IN Mr._NNP Holmes_NNP sold_VBD unregistered_JJ securities_NNS and_CC misled_VBD investors_NNS ._. 
In_IN charges_NNS filed_VBD last_JJ week_NN in_IN federal_JJ district_NN court_NN in_IN Charlotte_NNP ,_, N.C._NNP ,_, the_DT SEC_NNP alleged_VBD that_IN Venture_NNP Capitalists_NNPS Inc._NNP ,_, Venture_NNP Finance_NNP Corp._NNP and_CC New_NNP Ventures_NNP Fund_NNP Inc._NNP ,_, all_DT of_IN Charlotte_NNP ,_, failed_VBD repeatedly_RB to_TO file_VB proper_JJ documents_NNS ._. 
The_DT SEC_NNP also_RB charged_VBD that_IN Mr._NNP Holmes_NNP acted_VBD as_IN an_DT officer_NN or_CC director_NN of_IN New_NNP Ventures_NNP ,_, in_IN violation_NN of_IN his_PRP$ previous_JJ consent_NN agreement_NN ._. 
``_`` Some_DT companies_NNS were_VBD delinquent_JJ in_IN filings_NNS and_CC other_JJ actions_NNS ,_, all_DT of_IN which_WDT cost_VBP money_NN ,_, ''_'' Mr._NNP Holmes_NNP said_VBD ._. 
Two_CD of_IN Mr._NNP Holmes_NNP 's_POS business_NN associates_NNS who_WP worked_VBD for_IN Venture_NNP Capitalists_NNPS ,_, Kimberly_NNP Ann_NNP Smith_NNP and_CC Frederick_NNP Byrum_NNP ,_, also_RB consented_VBD to_TO being_VBG enjoined_VBN from_IN violations_NNS of_IN registration_NN provisions_NNS of_IN the_DT securities_NNS laws_NNS ._. 
Ms._NNP Smith_NNP also_RB agreed_VBD to_TO a_DT permanent_JJ injunction_NN barring_VBG her_PRP from_IN acting_VBG as_IN an_DT officer_NN ,_, director_NN or_CC investment_NN adviser_NN of_IN any_DT mutual_JJ fund_NN ,_, unit_NN investment_NN trust_NN or_CC face-amount_JJ certificate_NN company_NN ._. 
Mr._NNP Byrum_NNP and_CC Ms._NNP Smith_NNP could_MD n't_RB be_VB reached_VBN for_IN comment_NN ._. 
In_IN consenting_VBG to_TO the_DT injunctions_NNS ,_, none_NN of_IN the_DT individuals_NNS or_CC companies_NNS admitted_VBD or_CC denied_VBD the_DT allegations_NNS ._. 
Senate_NNP Republicans_NNPS have_VBP settled_VBN on_IN a_DT proposal_NN that_WDT would_MD cut_VB the_DT capital-gains_NNS tax_VBP for_IN individuals_NNS and_CC corporations_NNS ._. 
At_IN the_DT same_JJ time_NN ,_, a_DT small_JJ group_NN of_IN Senate_NNP Democrats_NNPS are_VBP working_VBG on_IN a_DT similar_JJ plan_NN and_CC may_MD introduce_VB it_PRP soon_RB ._. 
Sen._NNP Bob_NNP Packwood_NNP -LRB-_( R._NNP ,_, Ore._NNP -RRB-_) ,_, the_DT lead_NN sponsor_NN of_IN the_DT GOP_NNP proposal_NN ,_, said_VBD he_PRP intends_VBZ to_TO unveil_VB the_DT plan_NN today_NN and_CC to_TO offer_VB it_PRP as_IN an_DT amendment_NN to_TO whatever_WDT legislation_NN comes_VBZ along_IN ,_, particularly_RB this_DT month_NN 's_POS bill_NN to_TO raise_VB the_DT federal_JJ borrowing_NN limit_NN ._. 
He_PRP gave_VBD 10-to-1_JJ odds_NNS that_IN a_DT capital-gains_NNS tax_VBP cut_VB of_IN some_DT sort_NN would_MD be_VB approved_VBN this_DT year_NN ,_, though_IN it_PRP probably_RB wo_MD n't_RB be_VB included_VBN in_IN the_DT pending_VBG deficit-reduction_NN bill_NN ._. 
He_PRP added_VBD that_IN he_PRP expects_VBZ to_TO talk_VB to_TO the_DT Democrats_NNPS who_WP also_RB wanted_VBD to_TO cut_VB the_DT gains_NNS tax_VBP about_IN drafting_VBG a_DT joint_JJ proposal_NN ._. 
For_IN individuals_NNS ,_, the_DT Packwood_NNP plan_NN would_MD exclude_VB from_IN income_NN 5_NN %_NN of_IN the_DT gain_NN from_IN the_DT sale_NN of_IN a_DT capital_NN asset_NN held_VBN for_IN more_JJR than_IN one_CD year_NN ._. 
The_DT exclusion_NN would_MD rise_VB five_CD percentage_NN points_NNS for_IN each_DT year_NN the_DT asset_NN was_VBD held_VBN until_IN it_PRP reached_VBD a_DT maximum_NN of_IN 35_CD %_NN ._. 
The_DT exclusion_NN would_MD apply_VB to_TO assets_NNS sold_VBN after_IN Oct._NNP 1_CD ,_, 1989_CD ._. 
As_IN an_DT alternative_NN ,_, he_PRP said_VBD ,_, taxpayers_NNS could_MD chose_VBD to_TO reduce_VB their_PRP$ gains_NNS by_IN an_DT inflation_NN index_NN ._. 
For_IN corporations_NNS ,_, the_DT top_JJ tax_NN rate_NN on_IN the_DT sale_NN of_IN assets_NNS held_VBN for_IN more_JJR than_IN three_CD years_NNS would_MD be_VB cut_VBN to_TO 33_CD %_NN from_IN the_DT current_JJ top_JJ rate_NN of_IN 34_CD %_NN ._. 
That_DT rate_NN would_MD gradually_RB decline_VB to_TO as_RB little_JJ as_IN 29_CD %_NN for_IN corporate_JJ assets_NNS held_VBN for_IN 15_CD years_NNS ._. 
The_DT Packwood_NNP plan_NN would_MD also_RB include_VB a_DT proposal_NN ,_, designed_VBN by_IN Sen._NNP William_NNP Roth_NNP -LRB-_( R._NNP ,_, Del._NNP -RRB-_) ,_, that_WDT would_MD expand_VB and_CC alter_VB the_DT deduction_NN for_IN individual_JJ retirement_NN accounts_NNS ._. 
The_DT Roth_NNP plan_NN would_MD create_VB a_DT new_JJ ,_, non-deductible_JJ IRA_NNP from_IN which_WDT money_NN could_MD be_VB withdrawn_VBN tax-free_JJ not_RB only_RB for_IN retirement_NN ,_, but_CC also_RB for_IN the_DT purchase_NN of_IN a_DT first_JJ home_NN and_CC to_TO pay_VB education_NN and_CC medical_JJ expenses_NNS ._. 
Current_JJ IRAs_NNS could_MD be_VB rolled_VBN over_IN into_IN the_DT new_JJ IRAs_NNS but_CC would_MD be_VB subject_NN to_TO tax_VB ._. 
For_IN their_PRP$ part_NN ,_, the_DT group_NN of_IN Democrats_NNPS are_VBP working_VBG on_IN a_DT plan_NN that_IN ,_, like_IN the_DT Packwood_NNP proposal_NN ,_, would_MD grant_VB larger_JJR exclusions_NNS to_TO assets_NNS the_DT longer_RB they_PRP were_VBD held_VBN by_IN individuals_NNS and_CC companies_NNS ._. 
Newly_RB acquired_VBN assets_NNS would_MD get_VB a_DT bigger_JJR break_NN than_IN those_DT currently_RB held_VBN ._. 
An_DT extra_JJ exclusion_NN would_MD be_VB given_VBN to_TO long-held_JJ stock_NN in_IN small_JJ and_CC medium-size_JJ corporations_NNS just_RB starting_VBG up_RB ._. 
No_DT one_CD in_IN the_DT Senate_NNP is_VBZ considering_VBG the_DT capital-gains_NNS plan_VBP passed_VBN by_IN the_DT House_NNP ._. 
That_DT plan_NN would_MD provide_VB a_DT 30_CD %_NN exclusion_NN to_TO assets_NNS sold_VBN over_IN a_DT 2_CD 1\/2-year_JJ period_NN ending_VBG Dec._NNP 31_CD ,_, 1991_CD ._. 
After_IN then_RB ,_, the_DT House_NNP measure_NN would_MD boost_VB the_DT tax_NN rate_NN to_TO 28_CD %_NN and_CC exclude_VB from_IN tax_NN the_DT gain_NN attributable_JJ to_TO inflation_NN ._. 
Senators_NNS are_VBP focusing_VBG on_IN making_VBG a_DT capital-gains_NNS differential_JJ permanent_JJ ._. 
Separately_RB ,_, Chairman_NNP Dan_NNP Rostenkowski_NNP -LRB-_( D._NNP ,_, Ill_NNP ._. -RRB-_) of_IN the_DT House_NNP Ways_NNPS and_CC Means_NNP Committee_NNP said_VBD he_PRP did_VBD n't_RB want_VB the_DT capital-gains_NNS tax_VBP cut_VB or_CC any_DT other_JJ amendments_NNS attached_VBN to_TO the_DT pending_VBG bill_NN raising_VBG the_DT federal_JJ borrowing_NN limit_NN ._. 
The_DT current_JJ debt_NN limit_NN expires_VBZ Oct._NNP 31_CD ._. 
He_PRP also_RB urged_VBD House_NNP and_CC Senate_NNP negotiators_NNS to_TO rid_VB the_DT deficit-reduction_NN bill_NN of_IN all_DT provisions_NNS that_WDT increase_VBP the_DT budget_NN deficit_NN ,_, including_VBG the_DT House-passed_JJ capital-gains_NNS provision_NN ._. 
From_IN a_DT helicopter_NN a_DT thousand_CD feet_NNS above_IN Oakland_NNP after_IN the_DT second-deadliest_JJ earthquake_NN in_IN U.S._NNP history_NN ,_, a_DT scene_NN of_IN devastation_NN emerges_VBZ :_: a_DT freeway_NN crumbled_VBD into_IN a_DT concrete_JJ sandwich_NN ,_, hoses_NNS pumping_VBG water_NN into_IN once-fashionable_JJ apartments_NNS ,_, abandoned_VBN autos_NNS ._. 
But_CC this_DT quake_NN was_VBD n't_RB the_DT big_JJ one_CD ,_, the_DT replay_NN of_IN 1906_CD that_WDT has_VBZ been_VBN feared_VBN for_IN so_RB many_JJ years_NNS ._. 
Despite_IN the_DT tragic_JJ loss_NN of_IN more_JJR than_IN 270_CD lives_NNS ,_, and_CC damage_NN estimated_VBN in_IN the_DT billions_NNS ,_, most_RBS businesses_NNS and_CC their_PRP$ plants_NNS and_CC offices_NNS in_IN the_DT Bay_NNP area_NN were_VBD n't_RB greatly_RB affected_VBN ._. 
The_DT economic_JJ life_NN of_IN the_DT region_NN is_VBZ expected_VBN to_TO revive_VB in_IN a_DT day_NN or_CC two_CD ,_, although_IN some_DT transportation_NN problems_NNS may_MD last_VB weeks_NNS or_CC months_NNS ._. 
A_DT main_JJ factor_NN mitigating_VBG more_RBR widespread_JJ damage_NN was_VBD the_DT location_NN of_IN the_DT quake_NN 's_POS epicenter_NN --_: 20_CD miles_NNS from_IN the_DT heart_NN of_IN the_DT Silicon_NNP Valley_NNP and_CC more_JJR than_IN 50_CD miles_NNS from_IN downtown_NN San_NNP Francisco_NNP and_CC Oakland_NNP ._. 
Also_RB ,_, the_DT region_NN 's_POS insistence_NN on_IN strict_JJ building_NN codes_NNS helped_VBD prevent_VB wider_JJR damage_NN ._. 
The_DT tremendous_JJ energy_NN of_IN the_DT quake_NN was_VBD dissipated_VBN by_IN the_DT distance_NN ,_, so_RB that_IN most_RBS parts_NNS of_IN the_DT valley_NN and_CC the_DT major_JJ cities_NNS suffered_VBD largely_RB cosmetic_JJ damage_NN --_: broken_VBN windows_NNS ,_, falling_VBG brick_NN and_CC cornices_NNS ,_, buckled_VBD asphalt_NN or_CC sidewalks_NNS ._. 
Of_IN course_NN ,_, the_DT quake_NN was_VBD the_DT worst_JJS since_IN the_DT emergence_NN of_IN the_DT computer_NN era_NN turned_VBD Silicon_NNP Valley_NNP into_IN the_DT nation_NN 's_POS capital_NN of_IN high_JJ technology_NN ._. 
Like_IN other_JJ major_JJ American_JJ cities_NNS ,_, the_DT San_NNP Francisco_NNP --_: Oakland_NNP area_NN owes_VBZ its_PRP$ current_JJ prosperity_NN more_JJR to_TO its_PRP$ infrastructure_NN of_IN fiber-optic_JJ cables_NNS linking_VBG thousands_NNS of_IN computer_NN terminals_NNS and_CC telephones_NNS than_IN to_TO its_PRP$ location_NN astride_IN one_CD of_IN the_DT world_NN 's_POS great_JJ natural_JJ harbors_NNS ._. 
When_WRB the_DT tremors_NNS struck_VBD ,_, the_DT region_NN 's_POS largely_RB unseen_JJ high-tech_JJ fabric_NN held_VBN up_IN surprisingly_RB well_RB despite_IN the_DT devastation_NN visible_JJ from_IN the_DT air_NN ._. 
Michael_NNP L._NNP Bandler_NNP ,_, vice_NN president_NN for_IN network_NN technology_NN at_IN Pacific_NNP Bell_NNP Telephone_NNP Co._NNP ,_, says_VBZ nearly_RB all_PDT the_DT network_NN 's_POS computer_NN switches_NNS ,_, which_WDT move_VBP thousands_NNS of_IN calls_VBZ a_DT minute_NN from_IN one_CD location_NN to_TO another_DT ,_, changed_VBN to_TO battery_NN power_NN when_WRB the_DT city_NN lost_VBD power_NN ._. 
The_DT battery_NN packs_NNS have_VBP enough_JJ power_NN for_IN only_RB three_CD hours_NNS ,_, but_CC that_DT gave_VBD emergency_NN crews_NNS time_NN to_TO turn_VB on_IN an_DT emergency_NN system_NN that_WDT runs_VBZ primarily_RB on_IN diesel_NN fuel_NN ._. 
Of_IN some_DT 160_CD switches_NNS in_IN Pacific_NNP Bell_NNP 's_POS network_NN ,_, only_RB four_CD went_VBD down_RB ._. 
One_CD of_IN those_DT was_VBD in_IN Hollister_NNP ,_, Calif._NNP ,_, near_IN the_DT earthquake_NN 's_POS epicenter_NN ._. 
Few_JJ telephone_NN lines_NNS snapped_VBD ._. 
That_DT 's_VBZ because_IN the_DT widely_RB used_VBN fiber-optic_JJ cable_NN has_VBZ been_VBN installed_VBN underground_JJ with_IN 25_CD extra_JJ feet_NNS of_IN cable_NN between_IN junction_NN points_NNS ._. 
The_DT slack_NN absorbs_VBZ the_DT pulling_VBG strain_NN generated_VBN by_IN an_DT earthquake_NN ._. 
Nevertheless_RB ,_, phone_NN service_NN was_VBD sporadic_JJ ;_: many_JJ computer_NN terminals_NNS remained_VBD dark_JJ ,_, and_CC by_IN late_JJ yesterday_NN a_DT third_JJ of_IN San_NNP Francisco_NNP remained_VBD without_IN power_NN ._. 
Business_NN in_IN the_DT nation_NN 's_POS fourth-largest_JJ metropolitan_JJ region_NN was_VBD nearly_RB paralyzed_VBN ;_: an_DT estimated_VBN one_CD million_CD members_NNS of_IN the_DT work_NN force_NN stayed_VBD at_IN home_NN ._. 
The_DT economic_JJ dislocation_NN was_VBD as_RB abrupt_JJ as_IN the_DT earthquake_NN itself_PRP ,_, as_IN virtually_RB all_DT businesses_NNS shut_VBN down_RB ._. 
The_DT $_$ 125-billion-a-year_NNP Bay_NNP area_NN economy_NN represents_VBZ one-fourth_NN of_IN the_DT economy_NN of_IN the_DT nation_NN 's_POS most_RBS populous_JJ state_NN and_CC accounts_NNS for_IN 2_CD %_NN to_TO 3_CD %_NN of_IN the_DT nation_NN 's_POS total_JJ output_NN of_IN goods_NNS and_CC services_NNS ,_, according_VBG to_TO the_DT Center_NNP for_IN Continuing_VBG Study_NNP of_IN the_DT California_NNP Economy_NNP in_IN Palo_NNP Alto_NNP ._. 
In_IN high-tech_JJ ,_, the_DT Bay_NNP area_NN accounts_NNS for_IN 15_CD %_NN to_TO 20_CD %_NN of_IN the_DT U.S._NNP computer-related_JJ industry_NN ._. 
``_`` This_DT has_VBZ been_VBN a_DT major_JJ disruption_NN for_IN the_DT Bay_NNP area_NN economy_NN ,_, ''_'' says_VBZ Pauline_NNP Sweezey_NNP ,_, the_DT chief_JJ economist_NN at_IN the_DT California_NNP Department_NNP of_IN Finance_NNP ._. 
``_`` Obviously_RB ,_, things_NNS are_VBP going_VBG to_TO have_VB to_TO go_VB on_IN hold_NN for_IN many_JJ companies_NNS ._. ''_'' 
The_DT damage_NN to_TO the_DT Bay_NNP area_NN 's_POS roadways_NNS could_MD cause_VB significant_JJ economic_JJ hardship_NN ._. 
A_DT quarter_NN of_IN a_DT million_CD people_NNS cross_VBP the_DT Bay_NNP Bridge_NNP every_DT day_NN ,_, far_RB more_JJR than_IN the_DT 100,000_CD that_DT use_NN the_DT Bay_NNP Area_NNP Rapid_NNP Transit_NNP system_NN -LRB-_( BART_NNP -RRB-_) --_: which_WDT was_VBD working_VBG but_CC was_VBD n't_RB stopping_VBG in_IN the_DT city_NN 's_POS Financial_NNP District_NNP yesterday_NN afternoon_NN because_IN electricity_NN was_VBD shut_VBN off_IN and_CC the_DT area_NN was_VBD being_VBG checked_VBN for_IN gas_NN leaks_NNS ._. 
California_JJ state_NN transportation_NN officials_NNS interviewed_VBN by_IN telephone_NN say_VBP they_PRP nevertheless_RB do_VBP n't_RB expect_VB serious_JJ problems_NNS for_IN commerce_NN in_IN and_CC out_IN of_IN the_DT Bay_NNP area_NN ._. 
All_DT major_JJ roadways_NNS except_IN Interstate_NNP 880_CD ,_, known_VBN as_IN the_DT Nimitz_NNP Freeway_NNP ,_, and_CC the_DT Bay_NNP Bridge_NNP were_VBD open_JJ by_IN 1_CD p.m._NN yesterday_NN ._. 
Officials_NNS expect_VBP difficulty_NN routing_VBG traffic_NN through_IN downtown_NN San_NNP Francisco_NNP ._. 
The_DT earthquake_NN caused_VBD many_JJ streets_NNS to_TO buckle_VB and_CC crack_NN ,_, making_VBG them_PRP impassible_JJ ._. 
Other_JJ roads_NNS were_VBD obstructed_VBN by_IN collapsed_JJ buildings_NNS and_CC damaged_VBN water_NN and_CC power_NN lines_NNS ,_, an_DT emergency_NN relief_NN spokesman_NN says_NNS ._. 
San_NNP Francisco_NNP Mayor_NNP Art_NNP Agnos_NNP estimated_VBD the_DT damage_NN to_TO his_PRP$ city_NN alone_RB at_IN $_$ 2_CD billion_CD ._. 
But_CC many_NN predicted_VBD that_IN the_DT commercial_JJ disruption_NN would_MD be_VB short-lived_JJ ._. 
Of_IN the_DT scores_NNS of_IN companies_NNS contacted_VBN by_IN this_DT newspaper_NN ,_, few_NN reported_VBD any_DT damage_NN that_IN they_PRP did_VBD n't_RB expect_VB to_TO have_VB remedied_VBN within_IN a_DT day_NN or_CC two_CD ._. 
It_PRP is_VBZ possible_JJ ,_, of_IN course_NN ,_, that_IN some_DT of_IN the_DT most_RBS seriously_RB damaged_VBN companies_NNS could_MD n't_RB be_VB reached_VBN ,_, particularly_RB in_IN areas_NNS nearest_JJS the_DT epicenter_NN ._. 
Typical_JJ ,_, perhaps_RB ,_, was_VBD the_DT situation_NN at_IN New_NNP United_NNP Motor_NNP Manufacturing_NNP Inc._NNP ,_, the_DT General_NNP Motors_NNPS Corp.-Toyota_JJ joint-venture_JJ auto_NN plant_NN in_IN Fremont_NNP ,_, about_IN 35_CD miles_NNS south_RB of_IN Oakland_NNP ._. 
Ten_CD of_IN the_DT plant_NN 's_POS workers_NNS were_VBD injured_VBN when_WRB the_DT quake_NN hit_VBD about_IN a_DT half-hour_NN into_IN the_DT afternoon_NN shift_NN ;_: seven_CD were_VBD hospitalized_VBN ._. 
Metal_NN racks_NNS on_IN the_DT plant_NN floor_NN fell_VBD over_IN ,_, and_CC water_NN mains_NNS ruptured_VBN ,_, a_DT spokeswoman_NN says_NNS ._. 
The_DT plant_NN was_VBD evacuated_VBN and_CC workers_NNS sent_VBD home_NN ._. 
But_CC the_DT plant_NN was_VBD able_JJ to_TO resume_VB limited_JJ production_NN of_IN its_PRP$ Toyota_NNP Corollas_NNPS and_CC Geo_NNP Prizms_NNPS by_IN 6_CD a.m._NN yesterday_NN ,_, and_CC absenteeism_NN was_VBD only_RB 7_CD %_NN of_IN the_DT work_NN force_NN ,_, about_IN twice_RB normal_JJ ._. 
Computer_NN maker_NN Hewlett-Packard_NNP Co._NNP ,_, based_VBN in_IN Palo_NNP Alto_NNP ,_, says_VBZ one_CD of_IN its_PRP$ buildings_NNS sustained_VBD severe_JJ damage_NN when_WRB it_PRP was_VBD knocked_VBN off_IN its_PRP$ foundation_NN ._. 
Other_JJ buildings_NNS had_VBD broken_VBN glass_NN ,_, dangling_VBG light_NN fixtures_NNS and_CC broken_VBN pipes_NNS ,_, a_DT spokesperson_NN says_VBZ ,_, estimating_VBG the_DT cost_NN of_IN reconstruction_NN ``_`` in_IN the_DT millions_NNS ._. ''_'' 
Most_JJS banks_NNS were_VBD closed_VBN but_CC were_VBD expected_VBN to_TO reopen_VB today_NN with_IN few_JJ problems_NNS anticipated_VBN ._. 
At_IN the_DT Federal_NNP Reserve_NNP Bank_NNP of_IN San_NNP Francisco_NNP ,_, Vice_NNP President_NNP Robert_NNP Fienberg_NNP says_VBZ operations_NNS were_VBD ``_`` steaming_VBG along_IN as_IN usual_JJ ''_'' yesterday_NN afternoon_NN ._. 
`_`` When_WRB the_DT quake_NN hit_VBD ,_, we_PRP turned_VBD on_IN our_PRP$ emergency_NN generator_NN and_CC brought_VBN our_PRP$ computers_NNS up_IN ,_, ''_'' he_PRP says_VBZ ._. 
The_DT Fed_NNP serves_VBZ as_IN a_DT middleman_NN for_IN banks_NNS ,_, taking_VBG checks_NNS from_IN one_CD bank_NN and_CC sending_VBG them_PRP to_TO another_DT ,_, an_DT operation_NN that_IN it_PRP handled_VBD smoothly_RB Tuesday_NNP night_NN after_IN the_DT quake_NN ._. 
``_`` The_DT volume_NN we_PRP received_VBD from_IN the_DT banks_NNS was_VBD a_DT lot_NN lower_JJR than_IN usual_JJ ,_, ''_'' he_PRP says_VBZ ._. 
A_DT disaster-contingency_NN plan_NN in_IN which_WDT the_DT Los_NNP Angeles_NNP Fed_NNP would_MD come_VB to_TO San_NNP Francisco_NNP 's_POS aid_NN was_VBD n't_RB needed_VBN ,_, he_PRP adds_VBZ ._. 
Most_JJS of_IN the_DT telephone_NN problems_NNS in_IN the_DT immediate_JJ aftermath_NN stemmed_VBD from_IN congestion_NN ._. 
The_DT telephone_NN network_NN simply_RB could_MD n't_RB handle_VB the_DT large_JJ number_NN of_IN people_NNS seeking_VBG to_TO make_VB a_DT call_NN at_IN the_DT same_JJ time_NN ._. 
The_DT volume_NN resulted_VBD in_IN dial-tone_NN delays_NNS that_WDT were_VBD as_RB short_JJ as_IN 15_CD seconds_NNS and_CC as_RB long_RB as_IN five_CD minutes_NNS ._. 
Mr._NNP Bandler_NNP puts_VBZ traffic_NN volume_NN at_IN 10_CD to_TO 50_CD times_NNS normal_JJ ._. 
American_NNP Telephone_NNP &_CC Telegraph_NNP Co._NNP ,_, MCI_NNP Communications_NNP Inc._NNP and_CC United_NNP Telecommunications_NNP '_POS U_NNP S_NNP Sprint_NNP unit_NN were_VBD blocking_VBG phone_NN calls_NNS into_IN the_DT Bay_NNP area_NN to_TO alleviate_VB congestion_NN ._. 
The_DT companies_NNS block_VBP traffic_NN much_JJ as_IN highway_NN on-ramps_NNS are_VBP blocked_VBN when_WRB traffic_NN backs_NNS up_RB ._. 
William_NNP E._NNP Downing_NNP ,_, Pacific_NNP Bell_NNP 's_POS vice_NN president_NN of_IN customer_NN services_NNS for_IN the_DT Bay_NNP area_NN ,_, says_VBZ most_RBS long-distance_JJ companies_NNS were_VBD blocking_VBG about_IN 50_CD %_NN of_IN all_DT calls_VBZ ._. 
Pacific_NNP Telesis_NNP says_VBZ its_PRP$ Pacific_NNP Bell_NNP unit_NN also_RB was_VBD blocking_VBG about_IN 50_CD %_NN of_IN its_PRP$ calls_NNS locally_RB ._. 
Ironically_RB ,_, the_DT long-term_JJ effect_NN of_IN the_DT earthquake_NN may_MD be_VB to_TO bolster_VB the_DT Bay_NNP area_NN 's_POS economic_JJ fortunes_NNS and_CC ,_, indeed_RB ,_, the_DT nation_NN 's_POS gross_JJ national_JJ product_NN ._. 
It_PRP may_MD also_RB lead_VB to_TO new_JJ safeguards_NNS in_IN major_JJ construction_NN projects_NNS such_JJ as_IN double-deck_JJ highways_NNS ._. 
``_`` It_PRP would_MD in_IN the_DT near-term_JJ give_NN a_DT boost_NN to_TO the_DT San_NNP Francisco_NNP economy_NN because_IN there_EX will_MD be_VB an_DT influx_NN of_IN people_NNS to_TO help_VB ,_, ''_'' says_VBZ Beth_NNP Burnham_NNP Mace_NNP ,_, a_DT regional_JJ economist_NN at_IN DRI\/McGraw_NNP Hill_NNP ,_, a_DT Lexington_NNP ,_, Mass._NNP ,_, forecasting_NN firm_NN ._. 
The_DT construction_NN industry_NN is_VBZ sure_JJ to_TO feel_VB increased_VBN demand_NN ._. 
``_`` There_EX will_MD be_VB a_DT big_JJ influx_NN of_IN federal_JJ dollars_NNS and_CC gains_NNS in_IN state_NN ,_, federal_JJ and_CC local_JJ employment_NN ,_, ''_'' Ms._NNP Mace_NNP says_VBZ ._. 
Adds_VBZ Stacy_NNP Kotman_NNP ,_, an_DT economist_NN at_IN Georgia_NNP State_NNP University_NNP ,_, ``_`` There_EX 's_VBZ nothing_NN positive_JJ about_IN an_DT earthquake_NN ,_, but_CC it_PRP will_MD probably_RB generate_VB more_JJR construction_NN activity_NN ._. ''_'' 
Wall_NNP Street_NNP reacted_VBD swiftly_RB yesterday_NN to_TO the_DT disaster_NN by_IN bidding_NN up_IN stocks_NNS of_IN construction_NN and_CC related_VBN companies_NNS ._. 
Shares_NNS of_IN Lone_NNP Star_NNP Industries_NNP Inc._NNP ,_, a_DT cement_NN maker_NN ,_, rose_VBD sharply_RB in_IN anticipation_NN of_IN stepped-up_JJ demand_NN ._. 
In_IN Greenwich_NNP ,_, Conn._NNP ,_, Lone_NNP Star_NNP spokesman_NN Michael_NNP London_NNP says_VBZ ,_, ``_`` Obviously_RB with_IN an_DT earthquake_NN of_IN this_DT size_NN ,_, there_EX are_VBP likely_JJ to_TO be_VB construction_NN projects_NNS that_WDT would_MD n't_RB otherwise_RB have_VB been_VBN anticipated_VBN ._. 
But_CC any_DT increase_NN is_VBZ n't_RB likely_JJ to_TO be_VB any_DT kind_NN of_IN a_DT surge_NN ._. 
It_PRP 's_VBZ something_NN likely_JJ to_TO be_VB spread_VBN out_IN over_IN a_DT long_JJ period_NN of_IN time_NN ._. 
There_EX will_MD be_VB a_DT lot_NN of_IN repair_NN work_NN that_WDT wo_MD n't_RB require_VB the_DT quantities_NNS of_IN cement_NN or_CC concrete_JJ that_IN new_JJ constructon_NN would_MD ._. ''_'' 
Lone_NNP Star_NNP 's_POS San_NNP Francisco_NNP facilities_NNS were_VBD n't_RB damaged_VBN in_IN the_DT quake_NN ._. 
The_DT earthquake_NN is_VBZ likely_JJ to_TO reduce_VB GNP_NNP negligibly_RB in_IN the_DT near_JJ term_NN and_CC then_RB could_MD raise_VB it_PRP a_DT bit_NN as_IN rebuilding_VBG begins_VBZ ._. 
The_DT first_JJ effects_NNS are_VBP ,_, of_IN course_NN ,_, negative_JJ as_IN work_NN is_VBZ disrupted_VBN and_CC people_NNS lose_VBP income_NN and_CC cut_VB spending_NN ._. 
Corporate_JJ profits_NNS may_MD also_RB dip_VB initially_RB ._. 
Many_JJ of_IN the_DT lost_VBN tourism_NN dollars_NNS wo_MD n't_RB be_VB recovered_VBN ;_: many_JJ trips_NNS delayed_VBN never_RB take_VB place_NN ._. 
Subsequently_RB ,_, however_RB ,_, the_DT ill_JJ effects_NNS are_VBP likely_JJ to_TO be_VB offset_VB ,_, at_IN least_JJS in_IN economic_JJ terms_NNS ,_, as_IN construction_NN activity_NN begins_VBZ ._. 
Because_IN of_IN the_DT way_NN the_DT government_NN keeps_VBZ its_PRP$ books_NNS ,_, the_DT damage_NN to_TO the_DT Bay_NNP Bridge_NNP ,_, however_RB costly_JJ ,_, wo_MD n't_RB be_VB counted_VBN as_IN a_DT minus_CC ._. 
The_DT money_NN spent_VBD on_IN repairs_NNS will_MD be_VB counted_VBN as_IN a_DT plus_CC ._. 
``_`` It_PRP 's_VBZ very_RB difficult_JJ to_TO model_VB the_DT long-term_JJ impact_NN of_IN this_DT ,_, ''_'' says_VBZ Andrew_NNP Goldberg_NNP ,_, who_WP studies_VBZ the_DT public-policy_NN and_CC crisis-management_JJ aspects_NNS of_IN earthquakes_NNS at_IN the_DT Center_NNP for_IN Strategic_NNP International_NNP Studies_NNS in_IN Washington_NNP ,_, D.C_NNP ._. 
``_`` You_PRP certainly_RB can_MD say_VB it_PRP 's_VBZ going_VBG to_TO be_VB extremely_RB severe_JJ ._. 
We_PRP really_RB are_VBP talking_VBG about_IN shutting_VBG down_RP a_DT major_JJ American_JJ city_NN for_IN a_DT number_NN of_IN days_NNS ,_, maybe_RB for_IN a_DT few_JJ weeks_NNS ._. ''_'' 
Mr._NNP Goldberg_NNP says_VBZ the_DT cost_NN of_IN the_DT earthquake_NN will_MD definitely_RB top_JJ $_$ 1_CD billion_CD and_CC could_MD reach_VB $_$ 4_CD billion_CD ._. 
He_PRP cautions_VBZ that_IN early_JJ damage_NN estimates_NNS are_VBP often_RB low_JJ ;_: the_DT damage_NN totals_VBZ in_IN Hurricane_NNP Hugo_NNP increased_VBD tenfold_RB as_IN more_JJR information_NN was_VBD received_VBN ._. 
The_DT earthquake_NN damage_NN ,_, of_IN course_NN ,_, would_MD have_VB been_VBN far_RB greater_JJR if_IN the_DT epicenter_NN had_VBD been_VBN in_IN downtown_NN San_NNP Francisco_NNP ._. 
A_DT direct_JJ hit_VBD on_IN a_DT major_JJ city_NN ,_, Mr._NNP Goldberg_NNP figures_VBZ ,_, would_MD cause_VB $_$ 20_CD billion_CD to_TO $_$ 40_CD billion_CD of_IN damage_NN ._. 
Experts_NNS caution_VBP that_IN it_PRP is_VBZ far_RB too_RB soon_RB for_IN reliable_JJ estimates_NNS of_IN the_DT quake_NN 's_POS total_JJ damage_NN ,_, but_CC it_PRP 's_VBZ clear_JJ that_IN insurers_NNS are_VBP likely_JJ to_TO pay_VB out_RP enormous_JJ sums_NNS ._. 
Jack_NNP Byrne_NNP ,_, the_DT chairman_NN of_IN Fireman_NNP 's_POS Fund_NNP Corp._NNP ,_, which_WDT is_VBZ based_VBN in_IN Novato_NNP ,_, Calif._NNP ,_, estimates_NNS insured_VBD losses_NNS resulting_VBG the_DT earthquake_NN could_MD total_VB $_$ 2_CD billion_CD ._. 
The_DT impact_NN on_IN the_DT insurance_NN industry_NN ``_`` will_MD be_VB big_JJ and_CC harsh_JJ ,_, but_CC less_JJR than_IN -LCB-_( Hurricane_NNP -RCB-_) Hugo_NNP ,_, ''_'' says_VBZ Mr._NNP Byrne_NNP ,_, who_WP toured_VBD the_DT Bay_NNP area_NN by_IN car_NN yesterday_NN afternoon_NN to_TO get_VB a_DT sense_NN of_IN the_DT company_NN 's_POS exposure_NN to_TO the_DT earthquake_NN ._. 
Mr._NNP Byrne_NNP says_VBZ Fireman_NNP 's_POS Fund_NNP will_MD probably_RB pay_VB hundreds_NNS of_IN millions_NNS in_IN primary_JJ claims_NNS ,_, but_CC ,_, after_IN taxes_NNS and_CC use_NN of_IN its_PRP$ reinsurance_NN lines_NNS ,_, the_DT company_NN 's_POS fourthquarter_NN charge_NN against_IN earnings_NNS should_MD n't_RB top_JJ $_$ 50_CD million_CD ._. 
The_DT company_NN was_VBD able_JJ to_TO assess_VB its_PRP$ damage_NN liability_NN quickly_RB because_IN it_PRP has_VBZ computerized_JJ maps_NNS of_IN Northern_NNP California_NNP showing_VBG the_DT exact_JJ locations_NNS of_IN all_PDT the_DT property_NN it_PRP insures_VBZ ._. 
Fireman_NNP 's_POS Fund_NNP had_VBD claims_NNS adjusters_NNS on_IN the_DT streets_NNS of_IN San_NNP Francisco_NNP right_NN after_IN sunrise_NN yesterday_NN and_CC was_VBD paying_VBG as_IN many_JJ claims_NNS as_IN it_PRP could_MD right_VB on_IN the_DT spot_NN ._. 
Fireman_NNP 's_POS Fund_NNP insures_VBZ 37,300_CD homes_NNS and_CC autos_NNS and_CC 35,000_CD businesses_NNS in_IN the_DT Bay_NNP area_NN ._. 
In_IN addition_NN to_TO paying_VBG for_IN earthquake_NN and_CC fire_NN damage_NN ,_, the_DT insurer_NN must_MD cover_VB worker-compensation_NN claims_NNS and_CC also_RB losses_NNS due_JJ to_TO businesses_NNS being_VBG shut_VBN down_RB by_IN lack_NN of_IN power_NN or_CC phone_NN service_NN ._. 
But_CC many_JJ Californians_NNS may_MD not_RB have_VB adequate_JJ insurance_NN coverage_NN to_TO pay_VB for_IN damages_NNS to_TO their_PRP$ property_NN ._. 
The_DT Independent_NNP Insurance_NNP Agents_NNS of_IN America_NNP says_VBZ fewer_JJR than_IN one_CD of_IN every_DT five_CD California_NNP homeowners_NNS has_VBZ earthquake_NN insurance_NN ._. 
A_DT somewhat_RB higher_JJR percentage_NN of_IN people_NNS living_VBG in_IN the_DT Bay_NNP area_NN have_VBP bought_VBN the_DT additional_JJ insurance_NN protection_NN ,_, but_CC the_DT great_JJ majority_NN are_VBP n't_RB covered_VBN ._. 
Earthquake_NN insurance_NN typically_RB runs_VBZ $_$ 200_CD or_CC more_JJR a_DT year_NN for_IN a_DT small_JJ house_NN ._. 
Whatever_WDT the_DT long-term_JJ economic_JJ effect_NN ,_, the_DT scene_NN from_IN the_DT helicopter_NN above_IN Oakland_NNP is_VBZ one_CD of_IN tragedy_NN ._. 
Gargantuan_JJ sections_NNS of_IN a_DT double-decker_JJ freeway_NN have_VBP been_VBN heaved_VBN about_IN like_IN plastic_NN building_NN blocks_NNS ._. 
Atop_IN them_PRP sit_VBP cars_NNS and_CC trucks_NNS abandoned_VBN in_IN a_DT terrifying_JJ scramble_NN to_TO safety_VB the_DT day_NN before_RB ._. 
In_IN areas_NNS where_WRB the_DT freeway_NN made_VBD giant_NN concrete_JJ sandwiches_NNS of_IN itself_PRP lie_VBP cars_NNS that_WDT police_NN say_VBP have_VBP been_VBN flattened_VBN into_IN foot-thick_JJ slabs_NNS ._. 
On_IN the_DT periphery_NN ,_, rescue_NN workers_NNS seem_VBP ,_, from_IN the_DT air_NN ,_, to_TO move_VB in_IN slow_JJ motion_NN ._. 
They_PRP peck_VBP away_RB at_IN the_DT 1_CD 1\/2-mile_JJ section_NN of_IN rubble_NN ,_, searching_VBG for_IN more_JJR of_IN the_DT 250_CD people_NNS thought_VBD to_TO have_VB died_VBN here_RB ._. 
About_IN 20_CD other_JJ deaths_NNS were_VBD also_RB attributed_VBN to_TO the_DT earthquake_NN ._. 
The_DT heart_NN of_IN the_DT earthquake_NN ,_, 6.9_CD on_IN the_DT Richter_NNP scale_NN ,_, was_VBD 50_CD miles_NNS to_TO the_DT south_RB ,_, near_IN Santa_NNP Cruz_NNP ,_, but_CC its_PRP$ terrible_JJ fist_NN struck_VBD here_RB on_IN the_DT Nimitz_NNP Freeway_NNP ,_, a_DT major_JJ artery_NN serving_VBG the_DT Bay_NNP Bridge_NNP between_IN Oakland_NNP and_CC San_NNP Francisco_NNP ._. 
Along_IN the_DT way_NN ,_, the_DT quake_NN toppled_VBD a_DT mall_NN in_IN Santa_NNP Cruz_NNP ,_, knocked_VBD down_JJ buildings_NNS in_IN San_NNP Francisco_NNP 's_POS fashionable_JJ Marina_NNP District_NNP and_CC sent_VBD a_DT wall_NN of_IN bricks_NNS crashing_VBG on_IN motorists_NNS in_IN the_DT city_NN 's_POS Financial_NNP District_NNP ._. 
Just_RB a_DT short_JJ span_NN across_IN the_DT bay_NN to_TO the_DT west_NN ,_, the_DT quake_NN also_RB showed_VBD its_PRP$ mettle_NN :_: A_DT four-square-block_JJ area_NN of_IN the_DT Marina_NNP District_NNP lies_VBZ smoldering_VBG under_IN a_DT steady_JJ stream_NN of_IN seawater_NN being_VBG pumped_VBN onto_IN rubble_NN to_TO prevent_VB it_PRP from_IN blazing_VBG anew_RB ._. 
Many_JJ of_IN the_DT buildings_NNS ,_, mostly_JJ condominiums_NNS and_CC apartments_NNS ,_, were_VBD flattened_VBN almost_RB instantly_RB as_IN the_DT underlying_VBG soil_NN --_: much_NN of_IN it_PRP landfill_NN --_: was_VBD literally_RB turned_VBN to_TO ooze_VB by_IN the_DT quake_NN 's_POS intensive_JJ shaking_NN ,_, rupturing_VBG gas_NN lines_NNS ._. 
Onlookers_NNS say_VBP three_CD persons_NNS died_VBD when_WRB one_CD of_IN the_DT buildings_NNS exploded_VBD into_IN a_DT fireball_NN shortly_RB after_IN the_DT quake_NN struck_VBD ._. 
Efforts_NNS to_TO fight_VB the_DT blaze_NN were_VBD hampered_VBN because_IN water_NN mains_NNS were_VBD severed_VBN as_IN well_RB ._. 
From_IN the_DT air_NN ,_, ribbons_NNS of_IN yellow_JJ fire_NN hose_NN carry_NN water_NN from_IN the_DT bay_NN to_TO high-pressure_JJ nozzles_NNS trained_VBN on_IN the_DT site_NN ._. 
As_IN onlookers_NNS stand_VBP behind_IN barricades_NNS ,_, helmeted_JJ firemen_NNS and_CC building_NN inspectors_NNS survey_VBP rows_NNS of_IN nearby_JJ buildings_NNS that_WDT were_VBD twisted_VBN from_IN their_PRP$ foundations_NNS and_CC seem_VB on_IN the_DT verge_NN of_IN collapse_NN ._. 
In_IN the_DT Marina_NNP District_NNP ,_, residents_NNS spent_VBD yesterday_NN assessing_VBG damage_NN ,_, cleaning_NN up_IN and_CC trying_VBG to_TO find_VB friends_NNS and_CC neighbors_NNS ._. 
Evelyn_NNP Boccone_NNP ,_, 85_CD years_NNS old_JJ ,_, has_VBZ lived_VBN in_IN the_DT district_NN most_RBS of_IN her_PRP$ life_NN ._. 
Her_PRP$ parents_NNS lost_VBD everything_NN in_IN the_DT 1906_CD earthquake_NN ._. 
``_`` Now_RB ,_, we_PRP realize_VBP what_WP our_PRP$ mothers_NNS must_MD have_VB gone_VBN through_IN ,_, ''_'' she_PRP says_VBZ ._. 
``_`` We_PRP always_RB heard_VBD about_IN the_DT earthquake_NN ,_, but_CC as_IN children_NNS we_PRP did_VBD n't_RB always_RB listen_VB ._. 
PRINCE_NNP HENRI_NNP is_VBZ the_DT crown_NN prince_NN and_CC hereditary_JJ grand_JJ duke_NN of_IN Luxembourg_NNP ._. 
An_DT article_NN in_IN the_DT World_NNP Business_NNP Report_NNP of_IN Sept._NNP 22_CD editions_NNS incorrectly_RB referred_VBN to_TO his_PRP$ father_NN ,_, Grand_NNP Duke_NNP Jean_NNP ,_, as_IN the_DT crown_NN prince_NN ._. 
Resolution_NNP Funding_NNP Corp._NNP plans_VBZ to_TO sell_VB $_$ 4.5_CD billion_CD of_IN 30-year_JJ bonds_NNS Wednesday_NNP in_IN the_DT agency_NN 's_POS first_JJ sale_NN of_IN securities_NNS ._. 
The_DT new_JJ bonds_NNS will_MD be_VB dated_VBN Oct._NNP 30_CD and_CC mature_NNP Oct._NNP 15_CD ,_, 2019_CD ._. 
Tenders_NNS for_IN the_DT bonds_NNS ,_, available_JJ in_IN minimum_JJ denominations_NNS of_IN $_$ 1,000_CD ,_, must_MD be_VB received_VBN by_IN 1_CD p.m._NN EDT_NNP Wednesday_NNP at_IN Federal_NNP Reserve_NNP banks_NNS ._. 
Refcorp_NNP ,_, created_VBN by_IN the_DT thrift-overhaul_NN law_NN enacted_VBN in_IN August_NNP ,_, will_MD use_VB the_DT proceeds_NNS to_TO merge_VB or_CC sell_VB off_IN ailing_VBG savings-and-loan_JJ institutions_NNS ._. 
Congress_NNP authorized_VBD $_$ 50_CD billion_CD to_TO be_VB borrowed_VBN to_TO pay_VB for_IN the_DT thrift_NN bailout_NN ._. 
Of_IN that_DT amount_NN ,_, $_$ 20_CD billion_CD has_VBZ already_RB been_VBN borrowed_VBN by_IN the_DT Treasury_NNP Department_NNP ._. 
Unless_IN otherwise_RB specified_VBN in_IN a_DT particular_JJ offer_NN ,_, the_DT bonds_NNS wo_MD n't_RB be_VB subject_NN to_TO redemption_NN prior_RB to_TO maturity_NN ._. 
Interest_NN payments_NNS on_IN the_DT bonds_NNS will_MD be_VB payable_JJ semiannually_RB ._. 
The_DT bonds_NNS are_VBP subject_NN to_TO federal_JJ taxation_NN in_IN the_DT U.S._NNP ,_, including_VBG income_NN taxes_NNS ._. 
At_IN the_DT state_NN and_CC local_JJ level_NN ,_, the_DT bonds_NNS are_VBP subject_NN to_TO surtaxes_NNS and_CC estate_NN ,_, inheritance_NN and_CC gift_NN taxes_NNS ,_, but_CC exempt_JJ from_IN taxation_NN as_IN to_TO principal_NN and_CC interest_NN ._. 
G.D._NNP Searle_NNP &_CC Co._NNP ,_, a_DT Monsanto_NNP Co._NNP unit_NN ,_, is_VBZ launching_VBG a_DT program_NN to_TO give_VB consumers_NNS more_JJR information_NN about_IN its_PRP$ drugs_NNS when_WRB doctors_NNS prescribe_VBP them_PRP ._. 
Called_VBN Patients_NNS in_IN the_DT Know_VB ,_, the_DT program_NN features_NNS fact_NN sheets_NNS designed_VBN to_TO be_VB easy_JJ to_TO understand_VB ._. 
The_DT sheets_NNS tell_VBP how_WRB the_DT medicine_NN works_NNS ,_, describe_VB how_WRB to_TO use_VB it_PRP and_CC list_VB its_PRP$ possible_JJ side_NN effects_NNS ._. 
They_PRP are_VBP designed_VBN to_TO be_VB given_VBN to_TO patients_NNS by_IN their_PRP$ doctors_NNS when_WRB the_DT medicines_NNS are_VBP prescribed_VBN and_CC include_VBP space_NN for_IN the_DT doctor_NN to_TO write_VB special_JJ instructions_NNS ._. 
In_IN addition_NN ,_, Searle_NNP will_MD give_VB pharmacists_NNS brochures_NNS on_IN the_DT use_NN of_IN prescription_NN drugs_NNS for_IN distribution_NN in_IN their_PRP$ stores_NNS ._. 
Consumer_NN groups_NNS have_VBP long_RB advocated_VBN that_IN drug_NN companies_NNS and_CC doctors_NNS make_VBP more_JJR information_NN available_JJ to_TO patients_NNS ._. 
``_`` We_PRP believe_VBP that_IN every_DT drug_NN that_WDT 's_VBZ marketed_VBN to_TO a_DT consumer_NN should_MD have_VB a_DT consumer_NN label_NN ,_, ''_'' said_VBD Douglas_NNP Teich_NNP of_IN the_DT Public_NNP Citizen_NNP Health_NNP Research_NNP Group_NNP ,_, a_DT Ralph_NNP Nader_NNP affiliate_NN ._. 
Dr._NNP Teich_NNP said_VBD Searle_NNP is_VBZ ``_`` the_DT only_JJ company_NN I_PRP know_VBP that_IN voluntarily_RB ''_'' will_MD make_VB consumer_NN information_NN available_JJ ._. 
According_VBG to_TO federal_JJ officials_NNS and_CC drug-industry_NN studies_NNS ,_, nearly_RB half_NN of_IN the_DT 1.6_CD billion_CD prescriptions_NNS filled_VBD each_DT year_NN are_VBP n't_RB used_VBN properly_RB ,_, meaning_VBG that_DT money_NN is_VBZ wasted_VBN on_IN some_DT prescriptions_NNS and_CC patients_NNS are_VBP deprived_VBN of_IN the_DT benefits_NNS of_IN medication_NN ._. 
``_`` We_PRP think_VBP it_PRP 's_VBZ very_RB important_JJ to_TO provide_VB as_IN much_JJ information_NN as_IN possible_JJ on_IN the_DT drugs_NNS consumers_NNS take_VBP ,_, ''_'' said_VBD Searle_NNP Chairman_NNP Sheldon_NNP Gilgore_NNP ._. 
Bond_NN prices_NNS rambled_VBD yesterday_NN as_IN investors_NNS kept_VBD close_VB watch_NN on_IN the_DT stock_NN market_NN and_CC worried_VBN about_IN a_DT wave_NN of_IN new_JJ supply_NN ._. 
Early_JJ yesterday_NN ,_, bonds_NNS rose_VBD as_IN investors_NNS rushed_VBD to_TO buy_VB Treasury_NNP securities_NNS on_IN the_DT prospect_NN that_IN stocks_NNS would_MD plummet_VB in_IN the_DT aftermath_NN of_IN the_DT massive_JJ California_NNP earthquake_NN ._. 
For_IN example_NN ,_, some_DT securities_NNS analysts_NNS warned_VBD that_IN stocks_NNS of_IN certain_JJ insurance_NN companies_NNS ,_, which_WDT face_VBP massive_JJ damage_NN claims_NNS ,_, would_MD get_VB hit_VB hard_JJ ._. 
But_CC when_WRB the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP rose_VBD instead_RB ,_, bonds_NNS drifted_VBD lower_JJR ._. 
With_IN stocks_NNS not_RB a_DT major_JJ focus_NN ,_, ``_`` we_PRP 're_VBP waiting_VBG for_IN the_DT next_JJ guiding_VBG light_NN ,_, ''_'' said_VBD Brian_NNP J._NNP Fabbri_NNP ,_, chief_JJ economist_NN at_IN Midland_NNP Montagu_NNP Securities_NNP Inc_NNP ._. 
``_`` If_IN the_DT stock_NN market_NN tremors_NNS are_VBP behind_IN us_PRP ,_, then_RB the_DT bond_NN market_NN will_MD go_VB back_RB to_TO looking_VBG at_IN the_DT next_JJ batch_NN of_IN economic_JJ numbers_NNS to_TO determine_VB ''_'' where_WRB interest_NN rates_NNS are_VBP heading_VBG ._. 
The_DT Treasury_NNP 's_POS benchmark_NN 30-year_JJ bond_NN ,_, which_WDT jumped_VBD 3\/8_CD point_NN ,_, or_CC about_RB $_$ 3.75_CD for_IN each_DT $_$ 1,000_CD face_NN amount_NN ,_, during_IN the_DT first_JJ hour_NN of_IN trading_NN ,_, ended_VBD little_RB changed_VBN ._. 
Interest_NN rates_NNS barely_RB budged_VBD from_IN Tuesday_NNP 's_POS levels_NNS ._. 
Most_JJS junk_NN bonds_NNS ,_, which_WDT have_VBP been_VBN battered_VBN in_IN recent_JJ weeks_NNS ,_, continued_VBD a_DT slow_JJ recuperation_NN and_CC ended_VBD unchanged_JJ to_TO slightly_RB higher_JJR ._. 
But_CC some_DT so-called_JJ high-quality_JJ junk_NN issues_NNS fell_VBD as_IN some_DT mutual_JJ funds_NNS sold_VBD their_PRP$ most_RBS liquid_JJ issues_NNS to_TO raise_VB cash_NN ._. 
RJR_NNP Holdings_NNP Capital_NNP Corp._NNP 's_POS 14.7_CD %_NN bonds_NNS due_JJ 2009_CD fell_VBD one_CD point_NN ._. 
Other_NNP RJR_NNP issues_NNS fell_VBD between_IN 1\/2_CD point_NN and_CC 1_CD 1\/2_CD point_NN ._. 
In_IN the_DT latest_JJS sign_NN of_IN how_WRB difficult_JJ it_PRP is_VBZ to_TO place_VB certain_JJ junk_NN bonds_NNS ,_, Continental_NNP Airlines_NNPS said_VBD it_PRP was_VBD forced_VBN to_TO scale_VB back_RB the_DT size_NN of_IN its_PRP$ latest_JJS offering_NN ._. 
Continental_NNP ,_, a_DT unit_NN of_IN Texas_NNP Air_NNP Corp._NNP ,_, slashed_VBD the_DT size_NN of_IN its_PRP$ note_NN offering_NN from_IN $_$ 150_CD million_CD to_TO $_$ 71_CD million_CD ._. 
The_DT move_NN had_VBD been_VBN widely_RB expected_VBN ._. 
In_IN the_DT multipart_JJ offering_NN ,_, the_DT company_NN sold_VBD a_DT portion_NN of_IN secured_VBN notes_NNS but_CC shelved_VBD all_PDT the_DT unsecured_JJ notes_NNS ._. 
A_DT Continental_NNP spokeswoman_NN said_VBD the_DT notes_NNS may_MD be_VB offered_VBN at_IN a_DT later_JJ date_NN ._. 
``_`` This_DT was_VBD not_RB a_DT do-or-die_JJ deal_NN ,_, ''_'' she_PRP said_VBD ._. 
``_`` I_PRP think_VBP this_DT is_VBZ a_DT market_NN that_WDT required_VBD some_DT level_NN of_IN security_NN ._. 
It_PRP did_VBD not_RB make_VB sense_NN to_TO offer_VB unsecured_JJ paper_NN in_IN an_DT unsettling_JJ market_NN ._. ''_'' 
Investors_NNS have_VBP been_VBN speculating_VBG for_IN weeks_NNS about_IN the_DT market_NN 's_POS ability_NN to_TO place_VB the_DT $_$ 7_CD billion_CD to_TO $_$ 10_CD billion_CD of_IN new_JJ junk_NN bonds_NNS scheduled_VBN to_TO be_VB sold_VBN by_IN year_NN end_NN ._. 
Supply_NN troubles_NNS were_VBD also_RB on_IN the_DT minds_NNS of_IN Treasury_NNP investors_NNS yesterday_NN ,_, who_WP worried_VBD about_IN the_DT flood_NN of_IN new_JJ government_NN securities_NNS coming_VBG next_JJ week_NN ._. 
``_`` We_PRP 're_VBP being_VBG bombarded_VBN by_IN new_JJ Treasury_NNP and_CC agency_NN debt_NN offerings_NNS ,_, ''_'' said_VBD William_NNP Sullivan_NNP Jr._NNP ,_, director_NN of_IN money-market_JJ research_NN at_IN Dean_NNP Witter_NNP Reynolds_NNP Inc_NNP ._. 
``_`` The_DT market_NN is_VBZ concerned_VBN about_IN its_PRP$ ability_NN to_TO underwrite_VB all_PDT this_DT debt_NN at_IN current_JJ levels_NNS ._. ''_'' 
In_IN addition_NN to_TO the_DT $_$ 15.6_CD billion_CD of_IN Treasury_NNP bills_NNS to_TO be_VB sold_VBN at_IN next_JJ week_NN 's_POS regular_JJ Monday_NNP auction_NN ,_, the_DT government_NN will_MD sell_VB $_$ 10_CD billion_CD of_IN new_JJ two-year_JJ Treasury_NNP notes_NNS ._. 
And_CC Resolution_NNP Funding_NNP Corp._NNP said_VBD late_JJ yesterday_NN that_IN it_PRP will_MD sell_VB $_$ 4.5_CD billion_CD of_IN 30-year_JJ bonds_NNS Wednesday_NNP ._. 
Refcorp_NNP is_VBZ the_DT financing_NN unit_NN of_IN Resolution_NNP Trust_NNP Corp._NNP ,_, a_DT new_JJ government_NN agency_NN created_VBN to_TO rescue_VB the_DT nation_NN 's_POS troubled_JJ thrifts_NNS ._. 
Its_PRP$ securities_NNS have_VBP been_VBN dubbed_VBN ``_`` bailout_NN bonds_NNS ''_'' by_IN traders_NNS ._. 
In_IN when-issued_JJ trading_NN ,_, the_DT two-year_JJ Treasurys_NNPS had_VBD a_DT yield_NN of_IN about_IN 7.88_CD %_NN ._. 
In_IN the_DT municipal_JJ market_NN ,_, all_DT eyes_NNS were_VBD on_IN California_NNP debt_NN as_IN investors_NNS tried_VBD to_TO gauge_VB the_DT financial_JJ ramifications_NNS of_IN Tuesday_NNP 's_POS earthquake_NN ._. 
But_CC traders_NNS said_VBD the_DT quake_NN had_VBD only_RB a_DT minor_JJ impact_NN on_IN the_DT trading_NN of_IN California_NNP state_NN and_CC local_JJ municipal_JJ debt_NN ._. 
``_`` There_EX are_VBP certain_JJ bonds_NNS traders_NNS refer_VBP to_TO as_IN `_`` earthquake_NN '_'' bonds_NNS because_IN the_DT -LRB-_( issuers_NNS -RRB-_) are_VBP on_IN top_NN of_IN the_DT San_NNP Andreas_NNP fault_NN ,_, ''_'' said_VBD Zane_NNP Mann_NNP ,_, editor_NN of_IN the_DT California_NNP Municipal_NNP Bond_NNP Advisor_NNP ,_, a_DT newsletter_NN for_IN investors_NNS ._. 
Since_IN those_DT bonds_NNS already_RB pay_VBP a_DT slightly_RB higher_JJR yield_VB ,_, an_DT extra_JJ premium_NN for_IN the_DT earthquake_NN risk_NN ,_, they_PRP were_VBD n't_RB materially_RB affected_VBN ._. 
But_CC some_DT bond_NN market_NN analysts_NNS said_VBD that_WDT could_MD quickly_RB change_VB if_IN property_NN casualty_NN insurance_NN companies_NNS scramble_VBP to_TO sell_VB portions_NNS of_IN their_PRP$ municipal_JJ portfolios_NNS to_TO raise_VB cash_NN to_TO pay_VB damage_NN claims_NNS ._. 
``_`` Insurance_NNP companies_NNS will_MD foot_VB a_DT substantial_JJ amount_NN of_IN the_DT bill_NN to_TO reconstruct_VB San_NNP Francisco_NNP ,_, ''_'' said_VBD Charles_NNP Lieberman_NNP ,_, chief_JJ economist_NN at_IN Manufacturers_NNP Hanover_NNP Securities_NNP Corp_NNP ._. 
He_PRP also_RB expects_VBZ the_DT performance_NN of_IN municipals_NNS to_TO lag_VB Treasurys_NNPS as_IN California_NNP is_VBZ forced_VBN to_TO issue_VB new_JJ debt_NN over_IN time_NN to_TO repair_VB public_JJ facilities_NNS ._. 
A_DT report_NN issued_VBD late_JJ yesterday_NN by_IN Standard_NNP &_CC Poor_NNP 's_POS Corp._NNP concluded_VBD the_DT quake_NN wo_MD n't_RB cause_VB ``_`` wide-scale_JJ credit_NN deterioration_NN ''_'' for_IN issuers_NNS and_CC debt_NN issues_NNS in_IN the_DT 12-county_JJ area_NN of_IN Northern_NNP California_NNP affected_VBN by_IN the_DT quake_NN ._. 
Treasury_NNP Securities_NNPS 
Treasury_NN bonds_NNS ended_VBD narrowly_RB mixed_VBN in_IN quiet_JJ trading_NN ._. 
The_DT benchmark_NN 30-year_JJ bond_NN ended_VBD at_IN a_DT price_NN of_IN 100_CD 29\/32_CD to_TO yield_VB 8.03_CD %_NN ,_, compared_VBN with_IN 100_CD 28\/32_CD to_TO yield_VB 8.04_CD %_NN Tuesday_NNP ._. 
The_DT latest_JJS 10-year_JJ notes_NNS were_VBD quoted_VBN late_RB at_IN a_DT price_NN of_IN 99_CD 26\/32_CD to_TO yield_VB 8_CD %_NN ,_, compared_VBN with_IN 99_CD 25\/32_CD to_TO yield_VB 8.01_CD %_NN ._. 
Short-term_JJ rates_NNS were_VBD little_RB changed_VBN ._. 
Corporate_JJ Issues_NNS 
Investment-grade_JJ corporate_JJ bonds_NNS ended_VBD 1\/4_CD point_NN lower_JJR ._. 
The_DT Continental_NNP junk_NN bond_NN offering_NN ,_, underwritten_VBN by_IN Drexel_NNP Burnham_NNP Lambert_NNP Inc._NNP ,_, was_VBD the_DT only_RB new_JJ issue_NN priced_VBD yesterday_NN ._. 
In_IN the_DT four-part_JJ offering_NN ,_, the_DT $_$ 71_CD million_CD of_IN secured_VBN equipment_NN certificates_NNS was_VBD priced_VBN to_TO yield_VB 13.75_CD %_NN to_TO 15.75_CD %_NN ._. 
Municipals_NNS 
Municipal_JJ bonds_NNS ended_VBD about_IN 1\/8_CD to_TO 3\/8_CD point_NN lower_RBR ,_, hurt_VBN by_IN the_DT circulation_NN of_IN two_CD ``_`` bid-wanted_JJ ''_'' lists_NNS totaling_VBG $_$ 655_CD million_CD ._. 
Chemical_NNP Securities_NNP Inc._NNP is_VBZ acting_VBG as_IN agent_NN for_IN the_DT seller_NN ._. 
Meanwhile_RB ,_, some_DT California_NNP issues_NNS were_VBD down_RP a_DT touch_NN more_JJR than_IN the_DT broad_JJ market_NN ,_, but_CC traders_NNS said_VBD there_EX had_VBD n't_RB been_VBN much_JJ investor_NN selling_VBG because_IN of_IN the_DT quake_NN ._. 
But_CC New_NNP York_NNP City_NNP general_JJ obligation_NN bonds_NNS came_VBD under_IN selling_VBG pressure_NN ._. 
Traders_NNS said_VBD a_DT steady_JJ stream_NN of_IN bonds_NNS was_VBD put_VBN up_IN for_IN sale_NN yesterday_NN ,_, pushing_VBG yields_NNS for_IN longer_RB maturities_NNS up_IN 0.05_CD percentage_NN point_NN ._. 
Traders_NNS said_VBD investors_NNS were_VBD reacting_VBG to_TO recent_JJ negative_JJ news_NN on_IN the_DT city_NN 's_POS finances_NNS and_CC are_VBP nervous_JJ ahead_RB of_IN the_DT Nov._NNP 7_CD election_NN ._. 
Washington_NNP ,_, D.C._NNP ,_, topped_VBD the_DT competitive_JJ slate_NN yesterday_NN with_IN a_DT sale_NN of_IN $_$ 200_CD million_CD of_IN general_JJ obligation_NN tax_NN revenue_NN anticipation_NN notes_NNS ._. 
In_IN late_JJ trading_NN ,_, New_NNP Jersey_NNP Turnpike_NNP Authority_NNP 's_POS 7.20_CD %_NN issue_NN of_IN 2018_CD was_VBD off_IN 1\/4_CD point_NN at_IN 98_CD bid_NN ._. 
The_DT yield_NN was_VBD 7.35_CD %_NN ,_, up_IN 0.01_CD percentage_NN point_NN ._. 
Mortgage-Backed_JJ Securities_NNPS 
Mortgage_NN securities_NNS ended_VBD little_RB changed_VBN after_IN light_NN dealings_NNS ._. 
There_EX was_VBD no_DT appreciable_JJ market_NN impact_NN from_IN the_DT California_NNP earthquake_NN ._. 
Dealers_NNS said_VBD there_EX was_VBD some_DT concern_NN that_IN insurance_NN companies_NNS might_MD be_VB forced_VBN to_TO sell_VB mortgage_NN securities_NNS to_TO help_VB pay_VB earthquake-related_JJ claims_NNS ,_, but_CC no_DT selling_NN materialized_VBD ._. 
The_DT Federal_NNP Home_NNP Loan_NNP Mortgage_NNP Corp._NNP and_CC Federal_NNP National_NNP Mortgage_NNP Association_NNP ,_, two_CD dominant_JJ issuers_NNS of_IN mortgage_NN securities_NNS ,_, have_VBP a_DT sizable_JJ amount_NN of_IN California_NNP home_NN loans_NNS in_IN their_PRP$ mortgagebacked_JJ pools_NNS ._. 
But_CC their_PRP$ potential_JJ quake_NN exposure_NN is_VBZ seen_VBN as_IN small_JJ given_VBN that_IN they_PRP require_VBP a_DT financial_JJ cushion_NN on_IN all_PDT the_DT loans_NNS they_PRP purchase_VBP ._. 
And_CC because_IN Northern_NNP California_NNP home_NN prices_NNS are_VBP so_RB high_JJ ,_, loans_VBZ from_IN the_DT region_NN often_RB are_VBP too_RB large_JJ to_TO be_VB included_VBN in_IN Freddie_NNP Mac_NNP and_CC Fannie_NNP Mae_NNP pools_NNS ._. 
Meanwhile_RB ,_, Government_NNP National_NNP Mortgage_NNP Association_NNP 9_CD %_NN securities_NNS for_IN November_NNP delivery_NN ended_VBD at_IN 97_CD 29\/32_CD ,_, unchanged_JJ ._. 
Freddie_NNP Mac_NNP 9_CD %_NN securities_NNS were_VBD at_IN 97_CD 4\/32_CD ,_, down_RB 1\/32_CD ._. 
In_IN derivative_JJ markets_NNS ,_, Fannie_NNP Mae_NNP issued_VBD two_CD $_$ 400_CD million_CD real_JJ estate_NN mortgage_NN investment_NN conduits_NNS backed_VBN by_IN its_PRP$ 9_CD %_NN securities_NNS ._. 
Foreign_JJ Bonds_NNS 
British_JJ government_NN bonds_NNS ,_, or_CC gilts_NNS ,_, ended_VBD moderately_RB lower_JJR as_IN equities_NNS there_RB recovered_VBD from_IN Tuesday_NNP 's_POS drop_NN ._. 
The_DT Treasury_NNP 's_POS 11_CD 3\/4_CD %_NN bond_NN due_JJ 2003\/2007_CD fell_VBD 11\/32_CD to_TO 111_CD 31\/32_CD to_TO yield_VB 10.08_CD %_NN ,_, while_IN the_DT 12_CD %_NN notes_NNS due_JJ 1995_CD were_VBD down_RB 7\/32_CD to_TO 103_CD 22\/32_CD to_TO yield_VB 11.04_CD %_NN ._. 
Traders_NNS said_VBD today_NN may_MD be_VB an_DT anxious_JJ day_NN for_IN the_DT market_NN ._. 
Several_JJ key_JJ economic_JJ figures_NNS are_VBP due_JJ out_IN and_CC Chancellor_NNP of_IN the_DT Exchequer_NNP Nigel_NNP Lawson_NNP is_VBZ scheduled_VBN to_TO give_VB the_DT annual_JJ ``_`` Mansion_NNP House_NNP ''_'' address_NN to_TO the_DT financial_JJ community_NN ._. 
The_DT chancellor_NN sometimes_RB has_VBZ used_VBN the_DT occasion_NN to_TO announce_VB major_JJ economic_JJ policy_NN changes_NNS ._. 
Economists_NNS do_VBP n't_RB expect_VB any_DT such_JJ changes_NNS in_IN this_DT year_NN 's_POS address_NN ,_, given_VBN Mr._NNP Lawson_NNP 's_POS apparent_JJ reluctance_NN to_TO adjust_VB policy_NN currently_RB ._. 
Meanwhile_RB ,_, Japanese_JJ government_NN bonds_NNS retreated_VBD in_IN quiet_JJ trading_NN ,_, stymied_VBN by_IN the_DT dollar_NN 's_POS resiliency_NN ._. 
Japan_NNP 's_POS bellwether_NN 4.6_CD %_NN bond_NN due_JJ 1998_CD ended_VBD on_IN brokers_NNS '_POS screens_NNS at_IN 95.75_CD to_TO yield_VB 5.315_CD %_NN ._. 
In_IN West_NNP Germany_NNP ,_, investors_NNS stayed_VBD on_IN the_DT sidelines_NNS as_IN the_DT bond_NN market_NN searched_VBD for_IN direction_NN ._. 
The_DT government_NN 's_POS 7_CD %_NN issue_NN due_JJ October_NNP 1999_CD fell_VBD 0.05_CD point_NN to_TO 99.90_CD to_TO yield_VB 7.01_CD %_NN ._. 
The_DT Berlin_NNP Wall_NNP still_RB stands_VBZ ._. 
But_CC the_DT man_NN who_WP built_VBD it_PRP has_VBZ fallen_VBN ._. 
East_NNP Germany_NNP yesterday_NN removed_VBN Erich_NNP Honecker_NNP ,_, one_CD of_IN the_DT staunchest_JJS holdouts_NNS against_IN the_DT reform_NN rumbling_VBG through_IN the_DT Communist_NNP world_NN ,_, in_IN an_DT effort_NN to_TO win_VB back_RB the_DT confidence_NN of_IN its_PRP$ increasingly_RB rebellious_JJ citizens_NNS ._. 
But_CC while_IN it_PRP was_VBD a_DT move_NN that_WDT stunned_VBD the_DT East_NNP bloc_NN ,_, it_PRP hardly_RB ushers_VBZ in_IN an_DT era_NN of_IN reform_NN --_: at_IN least_JJS anytime_RB soon_RB ._. 
For_IN the_DT Politburo_NNP replaced_VBD Mr._NNP Honecker_NNP ,_, who_WP had_VBD led_VBN East_NNP Germany_NNP for_IN 18_CD years_NNS and_CC before_IN that_DT headed_VBD its_PRP$ security_NN apparatus_NN ,_, with_IN a_DT man_NN cut_NN of_IN the_DT same_JJ cloth_NN :_: Egon_NNP Krenz_NNP ,_, the_DT most_RBS recent_JJ internal-security_NN chief_NN and_CC a_DT longtime_JJ Honecker_NNP protege_NN ._. 
East_NNP Germany_NNP ,_, it_PRP is_VBZ clear_JJ ,_, is_VBZ no_DT Poland_NNP ,_, where_WRB the_DT Communist_NNP Party_NNP now_RB shares_NNS power_VBP with_IN the_DT democratically_RB elected_VBN Solidarity_NNP union_NN ._. 
Nor_CC is_VBZ it_PRP a_DT Hungary_NNP ,_, where_WRB yesterday_NN the_DT parliament_NN approved_VBD constitutional_JJ changes_NNS meant_VBD to_TO help_VB turn_VB the_DT Communist_NNP nation_NN into_IN a_DT multiparty_NN democracy_NN ._. 
Still_RB ,_, any_DT change_NN in_IN East_NNP Germany_NNP has_VBZ enormous_JJ implications_NNS ,_, for_IN both_DT East_NNP and_CC West_NNP ._. 
It_PRP raises_VBZ the_DT long-cherished_JJ hopes_NNS of_IN many_JJ Germans_NNPS for_IN reunification_NN --_: a_DT prospect_NN that_IN almost_RB equally_RB alarms_VBZ political_JJ leaders_NNS in_IN Moscow_NNP ,_, Washington_NNP and_CC Western_NNP Europe_NNP ._. 
Mr._NNP Krenz_NNP ,_, 52_CD ,_, was_VBD named_VBN the_DT new_JJ party_NN chief_NN just_RB minutes_NNS after_IN the_DT Party_NNP 's_POS 163-member_NNP Central_NNP Committee_NNP convened_VBD in_IN East_NNP Berlin_NNP ._. 
Although_IN the_DT East_JJ German_JJ news_NN agency_NN ADN_NNP claimed_VBD Mr._NNP Honecker_NNP had_VBD asked_VBN to_TO be_VB relieved_VBN of_IN his_PRP$ duties_NNS for_IN ``_`` health_NN reasons_NNS ,_, ''_'' West_JJ German_JJ government_NN sources_NNS said_VBD the_DT 26-man_NNP Politburo_NNP had_VBD asked_VBN for_IN his_PRP$ resignation_NN at_IN a_DT separate_JJ meeting_NN late_JJ Tuesday_NNP ._. 
-LRB-_( Mr._NNP Honecker_NNP was_VBD twice_RB hospitalized_VBN this_DT summer_NN for_IN a_DT gall_NN bladder_NN ailment_NN and_CC his_PRP$ physical_JJ condition_NN has_VBZ been_VBN the_DT subject_NN of_IN intense_JJ speculation_NN in_IN the_DT Western_JJ media_NNS ._. -RRB-_) 
ADN_NNP said_VBD Mr._NNP Honecker_NNP ,_, a_DT hard-line_JJ Stalinist_JJ who_WP in_IN 1961_CD supervised_VBD the_DT construction_NN of_IN the_DT Berlin_NNP Wall_NNP ,_, also_RB was_VBD relieved_VBN of_IN his_PRP$ title_NN as_IN head_NN of_IN state_NN and_CC his_PRP$ position_NN as_IN chief_NN of_IN the_DT military_NN ._. 
Mr._NNP Krenz_NNP is_VBZ expected_VBN to_TO be_VB formally_RB named_VBN to_TO all_DT three_CD positions_NNS once_RB the_DT nation_NN 's_POS parliament_NN convenes_VBZ later_RB this_DT week_NN ._. 
Mr._NNP Honecker_NNP 's_POS ignoble_JJ fall_NN culminates_VBZ nearly_RB two_CD decades_NNS of_IN iron-handed_JJ leadership_NN during_IN which_WDT Mr._NNP Honecker_NNP ,_, now_RB 77_CD years_NNS old_JJ ,_, built_VBN East_NNP Germany_NNP into_IN the_DT most_RBS economically_RB advanced_VBD nation_NN in_IN the_DT Soviet_JJ bloc_NN ._. 
His_PRP$ grip_NN on_IN power_NN unraveled_VBD this_DT summer_NN as_IN thousands_NNS of_IN his_PRP$ countrymen_NNS ,_, dissatisfied_JJ by_IN the_DT harshness_NN of_IN his_PRP$ rule_NN ,_, fled_VBD to_TO the_DT West_NNP ._. 
Thousands_NNS more_RBR have_VBP taken_VBN to_TO the_DT streets_NNS in_IN the_DT last_JJ month_NN in_IN East_NNP Germany_NNP 's_POS largest_JJS wave_NN of_IN domestic_JJ unrest_NN since_IN a_DT workers_NNS '_POS uprising_NN in_IN 1953_CD ._. 
In_IN Washington_NNP ,_, the_DT Bush_NNP administration_NN took_VBD a_DT characteristically_RB cautious_JJ and_CC skeptical_JJ view_NN of_IN the_DT leadership_NN change_NN ._. 
The_DT official_JJ line_NN was_VBD to_TO offer_VB warmer_JJR ties_NNS to_TO Mr._NNP Krenz_NNP ,_, provided_VBD he_PRP is_VBZ willing_JJ to_TO institute_VB reforms_NNS ._. 
But_CC U.S._NNP officials_NNS have_VBP strong_JJ doubts_NNS that_IN he_PRP is_VBZ a_DT reformer_NN ._. 
President_NNP Bush_NNP told_VBD reporters_NNS :_: ``_`` Whether_IN that_DT -LCB-_( the_DT leadership_NN change_NN -RCB-_) reflects_VBZ a_DT change_NN in_IN East-West_NNP relations_NNS ,_, I_PRP do_VBP n't_RB think_VB so_RB ._. 
Because_IN Mr._NNP Krenz_NNP has_VBZ been_VBN very_RB much_RB in_IN accord_NN with_IN the_DT policies_NNS of_IN Honecker_NNP ._. ''_'' 
One_CD top_JJ U.S._NNP expert_NN on_IN East_NNP Germany_NNP added_VBD :_: ``_`` There_EX is_VBZ no_DT clear-cut_JJ champion_NN of_IN reform_NN ,_, that_IN we_PRP know_VBP of_IN ,_, in_IN the_DT East_JJ German_JJ leadership_NN ._. ''_'' 
Indeed_RB ,_, Mr._NNP Krenz_NNP said_VBD on_IN East_JJ German_JJ television_NN last_JJ night_NN that_IN there_EX will_MD be_VB no_DT sharing_NN of_IN power_NN with_IN pro-democracy_JJ groups_NNS ._. 
He_PRP said_VBD ,_, while_IN dialogue_NN is_VBZ important_JJ ,_, enough_JJ forums_NNS already_RB exist_VBP ``_`` in_IN which_WDT different_JJ interests_NNS ''_'' can_MD express_VB themselves_PRP ._. 
The_DT removal_NN of_IN Mr._NNP Honecker_NNP was_VBD apparently_RB the_DT result_NN of_IN bitter_JJ infighting_NN within_IN the_DT top_JJ ranks_NNS of_IN the_DT Communist_NNP party_NN ._. 
According_VBG to_TO West_JJ German_JJ government_NN sources_NNS ,_, Mr._NNP Honecker_NNP and_CC several_JJ senior_JJ Politburo_NNP members_NNS fought_VBD over_IN the_DT last_JJ week_NN to_TO delay_VB any_DT decisions_NNS about_IN a_DT leadership_NN change_NN ._. 
But_CC ,_, with_IN public_JJ demonstrations_NNS in_IN the_DT country_NN growing_VBG in_IN size_NN and_CC intensity_NN ,_, Mr._NNP Honecker_NNP and_CC several_JJ key_JJ allies_NNS lost_VBD out_IN in_IN this_DT battle_NN ,_, officials_NNS say_VBP ._. 
Those_DT allies_NNS included_VBD Politburo_NNP members_NNS Guenter_NNP Mittag_NNP ,_, who_WP has_VBZ long_RB headed_VBN economic_JJ affairs_NNS ,_, and_CC Joachim_NNP Hermann_NNP ,_, chief_NN of_IN information_NN policy_NN ._. 
Both_DT men_NNS were_VBD also_RB relieved_VBN of_IN their_PRP$ duties_NNS yesterday_NN ._. 
Although_IN other_JJ resignations_NNS may_MD follow_VB ,_, it_PRP 's_VBZ still_RB not_RB clear_JJ to_TO what_WP extent_NN the_DT change_NN in_IN party_NN personnel_NNS will_MD alter_VB the_DT government_NN 's_POS resistance_NN to_TO fundamental_JJ change_NN ._. 
Clearly_RB ,_, the_DT central_JJ figure_NN in_IN this_DT process_NN is_VBZ Egon_NNP Krenz_NNP ._. 
Born_VBN in_IN 1937_CD in_IN a_DT Baltic_NNP Sea_NNP town_NN now_JJ part_NN of_IN Poland_NNP ,_, he_PRP was_VBD eight_CD years_NNS old_JJ when_WRB World_NNP War_NNP II_NNP ended_VBD ._. 
Like_IN West_JJ German_NNP Chancellor_NNP Helmut_NNP Kohl_NNP ,_, he_PRP represents_VBZ the_DT postwar_JJ generation_NN that_WDT has_VBZ grown_VBN up_IN during_IN Germany_NNP 's_POS division_NN ._. 
Since_IN joining_VBG the_DT Politburo_NNP in_IN 1983_CD as_IN its_PRP$ youngest_JJS member_NN ,_, Mr._NNP Krenz_NNP had_VBD acquired_VBN the_DT nickname_NN ``_`` crown_NN prince_NN ,_, ''_'' a_DT reference_NN to_TO the_DT widely_RB held_VBN view_NN that_IN he_PRP was_VBD the_DT hand-picked_JJ successor_NN to_TO Mr._NNP Honecker_NNP ._. 
In_IN fact_NN ,_, the_DT two_CD men_NNS have_VBP had_VBN strikingly_RB similar_JJ career_NN paths_NNS ,_, both_DT having_VBG served_VBN as_IN chief_NN of_IN internal_JJ security_NN before_IN their_PRP$ rise_NN to_TO the_DT top_JJ party_NN position_NN ._. 
Moreover_RB ,_, both_DT men_NNS have_VBP hewn_VBN to_TO a_DT similar_JJ hard-line_JJ philosophy_NN ._. 
Notably_RB ,_, one_CD of_IN Mr._NNP Krenz_NNP 's_POS few_JJ official_JJ visits_NNS overseas_NN came_VBD a_DT few_JJ months_NNS ago_RB ,_, when_WRB he_PRP visited_VBD China_NNP after_IN the_DT massacre_NN in_IN Beijing_NNP ._. 
He_PRP later_RB defended_VBD the_DT Chinese_JJ government_NN 's_POS response_NN during_IN a_DT separate_JJ visit_NN to_TO West_NNP Germany_NNP ._. 
East_JJ German_NNP Protestantism_NNP in_IN particular_JJ fears_NNS Mr._NNP Krenz_NNP ,_, in_IN part_NN because_IN of_IN an_DT incident_NN in_IN January_NNP 1988_CD when_WRB he_PRP was_VBD believed_VBN to_TO have_VB ordered_VBN the_DT arrest_NN of_IN hundreds_NNS of_IN dissidents_NNS who_WP had_VBD sought_VBN refuge_NN in_IN the_DT Church_NNP ._. 
However_RB ,_, Mr._NNP Krenz_NNP also_RB has_VBZ a_DT reputation_NN for_IN being_VBG politically_RB savvy_JJ ._. 
His_PRP$ shrewd_JJ ability_NN to_TO read_VB the_DT shifting_VBG popular_JJ mood_NN in_IN East_NNP Germany_NNP is_VBZ best_RBS illustrated_VBN by_IN his_PRP$ apparent_JJ break_NN with_IN his_PRP$ old_JJ mentor_NN ,_, Mr._NNP Honecker_NNP ._. 
Indeed_RB ,_, according_VBG to_TO West_JJ German_JJ government_NN sources_NNS ,_, he_PRP was_VBD one_CD of_IN the_DT leaders_NNS in_IN the_DT power_NN struggle_NN that_WDT toppled_VBD Mr._NNP Honecker_NNP ._. 
In_IN recent_JJ days_NNS ,_, Mr._NNP Krenz_NNP has_VBZ sought_VBN to_TO project_VB a_DT kinder_JJR image_NN ._. 
According_VBG to_TO a_DT report_NN widely_RB circulating_VBG in_IN East_NNP Berlin_NNP ,_, it_PRP was_VBD Mr._NNP Krenz_NNP who_WP ordered_VBD police_NN to_TO stop_VB using_VBG excessive_JJ force_NN against_IN demonstrators_NNS in_IN Leipzig_NNP ._. 
``_`` He_PRP does_VBZ n't_RB want_VB to_TO have_VB the_DT image_NN of_IN the_DT gun_NN man_NN ,_, ''_'' says_VBZ Fred_NNP Oldenburg_NNP ,_, an_DT expert_NN at_IN the_DT Bonn-sponsored_NNP Institute_NNP of_IN East_NNP European_JJ and_CC International_NNP Studies_NNS in_IN Cologne_NNP ._. 
``_`` He_PRP 's_VBZ not_RB a_DT reformer_JJ --_: he_PRP wants_VBZ to_TO have_VB the_DT image_NN of_IN a_DT reformer_NN ._. ''_'' 
As_IN part_NN of_IN his_PRP$ image_NN polishing_VBG ,_, Mr._NNP Krenz_NNP is_VBZ expected_VBN to_TO take_VB modest_JJ steps_NNS toward_IN reform_NN to_TO rebuild_VB confidence_NN among_IN the_DT people_NNS and_CC reassert_VB the_DT party_NN 's_POS authority_NN ._. 
Besides_IN sacking_VBG other_JJ senior_JJ Politburo_NNP officials_NNS who_WP allied_VBD themselves_PRP with_IN Mr._NNP Honecker_NNP ,_, Mr._NNP Krenz_NNP could_MD loosen_VB controls_NNS on_IN the_DT news_NN media_NNS ,_, free_JJ up_IN travel_NN restrictions_NNS ,_, and_CC establish_VB a_DT dialogue_NN with_IN various_JJ dissident_JJ groups_NNS ._. 
But_CC will_MD it_PRP be_VB enough_RB ?_. 
West_JJ German_JJ government_NN officials_NNS and_CC Western_JJ analysts_NNS are_VBP doubtful_JJ ._. 
``_`` He_PRP does_VBZ n't_RB signify_VB what_WP people_NNS want_VBP ,_, so_RB the_DT unrest_NN will_MD go_VB on_IN ,_, ''_'' Mr._NNP Oldenburg_NNP predicts_VBZ ._. 
At_IN the_DT same_JJ time_NN ,_, the_DT expectations_NNS of_IN the_DT East_JJ German_JJ people_NNS are_VBP great_JJ and_CC will_MD continue_VB to_TO grow_VB ._. 
Says_VBZ one_CD West_JJ German_JJ official_NN :_: ``_`` What_WP 's_VBZ necessary_JJ now_RB is_VBZ the_DT process_NN of_IN democratization_NN ._. 
Not_RB just_RB that_IN people_NNS are_VBP being_VBG heard_VBN but_CC that_IN their_PRP$ interests_NNS are_VBP being_VBG taken_VBN seriously_RB ._. ''_'' 
Chancellor_NNP Kohl_NNP ,_, meanwhile_RB ,_, has_VBZ invited_VBN Mr._NNP Krenz_NNP to_TO open_VB discussions_NNS with_IN Bonn_NNP on_IN a_DT wide_JJ range_NN of_IN subjects_NNS ._. 
Reports_NNS in_IN the_DT West_JJ German_JJ press_NN ,_, citing_VBG sources_NNS in_IN East_NNP Germany_NNP ,_, suggest_VBP Mr._NNP Krenz_NNP may_MD serve_VB only_RB as_IN a_DT bridge_NN between_IN Mr._NNP Honecker_NNP and_CC a_DT genuine_JJ reform_NN leader_NN ._. 
Adding_VBG to_TO that_DT speculation_NN is_VBZ Mr._NNP Krenz_NNP 's_POS reputation_NN as_IN a_DT heavy_JJ drinker_NN ,_, who_WP is_VBZ said_VBD to_TO also_RB suffer_VB from_IN diabetes_NN ._. 
``_`` This_DT is_VBZ a_DT dynamic_JJ process_NN and_CC we_PRP 're_VBP experiencing_VBG the_DT first_JJ step_NN ,_, ''_'' the_DT Bonn_NNP official_NN adds_VBZ ._. 
The_DT selection_NN of_IN Mr._NNP Krenz_NNP may_MD also_RB disappoint_VB Moscow_NNP ._. 
Soviet_JJ leader_NN Mikhail_NNP Gorbachev_NNP has_VBZ pressed_VBN hard_JJ for_IN a_DT change_NN in_IN East_NNP Germany_NNP 's_POS rigid_JJ stance_NN ._. 
Two_CD reform-minded_JJ party_NN leaders_NNS favored_VBN by_IN Moscow_NNP as_IN possible_JJ successors_NNS to_TO Mr._NNP Honecker_NNP ,_, Dresden_NNP party_NN secretary_NN Hans_NNP Modrow_NNP and_CC Politburo_NNP member_NN Guenter_NNP Schabowski_NNP ,_, were_VBD passed_VBN over_RB ._. 
If_IN Mr._NNP Krenz_NNP sticks_VBZ to_TO rigid_JJ policies_NNS the_DT pressure_NN from_IN the_DT Soviet_NNP Union_NNP could_MD intensify_VB ._. 
In_IN Moscow_NNP ,_, Mr._NNP Gorbachev_NNP sent_VBD Mr._NNP Krenz_NNP a_DT congratulatory_JJ telegram_NN that_WDT appeared_VBD to_TO urge_VB the_DT new_JJ leadership_NN to_TO heed_VB growing_VBG calls_VBZ for_IN change_NN ._. 
According_VBG to_TO the_DT Soviet_JJ news_NN agency_NN Tass_NNP ,_, ``_`` Gorbachev_NNP expressed_VBD the_DT conviction_NN that_IN the_DT leadership_NN of_IN the_DT Socialist_NNP Unity_NNP Party_NNP of_IN -LCB-_( East_NNP -RCB-_) Germany_NNP ,_, being_VBG sensitive_JJ to_TO the_DT demands_NNS of_IN the_DT time_NN ,_, ..._: will_MD find_VB solutions_NNS to_TO complicated_VBN problems_NNS the_DT GDR_NNP -LCB-_( German_JJ Democratic_NNP Republic_NNP -RCB-_) encountered_VBN ._. ''_'' 
A_DT force_NN of_IN younger_JJR pro-Gorbachev_JJ members_NNS in_IN the_DT East_JJ German_JJ bureaucracy_NN has_VBZ for_IN some_DT time_NN been_VBN pushing_VBG for_IN relaxation_NN within_IN their_PRP$ country_NN ._. 
The_DT older_JJR generation_NN has_VBZ been_VBN torn_VBN between_IN a_DT fear_NN of_IN tampering_VBG with_IN the_DT status_NN quo_FW and_CC a_DT fear_NN of_IN what_WP might_MD happen_VB if_IN they_PRP did_VBD n't_RB ._. 
From_IN the_DT perspective_NN of_IN East_NNP Germany_NNP 's_POS old_JJ guard_NN ,_, reforms_NNS that_IN smack_RB of_IN capitalism_NN and_CC Western-style_JJ democracy_NN could_MD eliminate_VB their_PRP$ country_NN 's_POS reason_NN for_IN being_VBG ._. 
Unlike_IN the_DT other_JJ nations_NNS of_IN the_DT bloc_NN ,_, East_NNP Germany_NNP is_VBZ a_DT creature_NN of_IN the_DT Cold_NNP War_NNP ._. 
Erasing_VBG the_DT differences_NNS still_RB dividing_VBG Europe_NNP ,_, and_CC the_DT vast_JJ international_JJ reordering_NN that_DT implies_VBZ ,_, wo_MD n't_RB endanger_VB the_DT statehood_NN of_IN a_DT Poland_NNP or_CC a_DT Hungary_NNP ._. 
But_CC it_PRP could_MD ultimately_RB lead_VB to_TO German_JJ reunification_NN and_CC the_DT disappearance_NN of_IN East_NNP Germany_NNP from_IN the_DT map_NN ._. 
Which_WDT is_VBZ what_WP the_DT Old_NNP Guard_NNP fears_NNS ._. 
``_`` I_PRP 'm_VBP sure_JJ they_PRP 'll_MD formulate_VB a_DT reform_NN that_WDT will_MD be_VB a_DT recipe_NN for_IN the_DT GDR_NNP 's_POS future_NN as_IN a_DT separately_RB identifiable_JJ state_NN ,_, ''_'' says_VBZ Michael_NNP Simmons_NNP ,_, a_DT British_JJ journalist_NN whose_WP$ book_NN on_IN East_NNP Germany_NNP ,_, entitled_VBN ``_`` The_DT Unloved_NNP Country_NNP ,_, ''_'' was_VBD published_VBN this_DT month_NN ._. 
Up_IN to_TO now_RB ,_, that_DT recipe_NN has_VBZ consisted_VBN of_IN a_DT dogged_VBN effort_NN by_IN former_JJ leader_NN Walter_NNP Ulbricht_NNP to_TO establish_VB the_DT country_NN 's_POS international_JJ legitimacy_NN ,_, followed_VBN by_IN Mr._NNP Honecker_NNP 's_POS campaign_NN to_TO build_VB the_DT East_NNP bloc_NN 's_POS only_RB successful_JJ Stalinist_JJ economy_NN into_IN a_DT consumer_NN paradise_NN ._. 
Neither_CC man_NN achieved_VBD perfection_NN ._. 
Early_RB in_IN 1987_CD ,_, Mr._NNP Honecker_NNP and_CC his_PRP$ team_NN stopped_VBD paying_VBG thin_JJ compliments_NNS to_TO Mr._NNP Gorbachev_NNP and_CC joined_VBD with_IN Romania_NNP in_IN rejecting_VBG any_DT necessity_NN for_IN adjustments_NNS in_IN their_PRP$ systems_NNS ._. 
The_DT less-self-confident_JJ Czechoslovaks_NNPS and_CC Bulgarians_NNPS ,_, in_IN contrast_NN ,_, declared_VBD their_PRP$ intentions_NNS to_TO reform_VB ,_, while_IN doing_VBG nothing_NN concrete_JJ about_IN it_PRP ._. 
The_DT East_JJ German_JJ media_NNS soon_RB began_VBD presenting_VBG Mr._NNP Gorbachev_NNP 's_POS speeches_NNS only_RB as_IN sketchy_JJ summaries_NNS ,_, and_CC giving_VBG space_NN to_TO his_PRP$ opponents_NNS ._. 
By_IN late_JJ 1988_CD ,_, they_PRP were_VBD banning_VBG Soviet_JJ publications_NNS ._. 
The_DT country_NN abandoned_VBD its_PRP$ former_JJ devotion_NN to_TO socialist_JJ unity_NN and_CC took_VBD to_TO insisting_VBG instead_RB that_IN each_DT country_NN in_IN the_DT bloc_NN ought_MD to_TO travel_VB its_PRP$ own_JJ road_NN ._. 
Mr._NNP Honecker_NNP spoke_VBD of_IN ``_`` generally_RB valid_JJ objective_NN laws_NNS of_IN socialism_NN ''_'' and_CC left_VBD no_DT room_NN for_IN debate_NN ._. 
With_IN this_DT year_NN 's_POS dislocations_NNS in_IN China_NNP and_CC the_DT Soviet_NNP Union_NNP ,_, and_CC the_DT drive_NN to_TO democracy_NN in_IN Poland_NNP and_CC Hungary_NNP ,_, the_DT East_JJ German_JJ leadership_NN grew_VBD still_RB more_RBR defensive_JJ ._. 
Politburo_NNP member_NN Joachim_NNP Herrman_NNP confessed_VBD to_TO a_DT ``_`` grave_JJ concern_NN ''_'' over_IN Hungarian_JJ democracy_NN ._. 
``_`` Under_IN the_DT banner_NN that_WDT proclaims_VBZ the_DT `_`` renewal_NN of_IN socialism_NN ,_, '_'' ''_'' he_PRP said_VBD ,_, ``_`` forces_NNS are_VBP at_IN work_NN that_WDT are_VBP striving_VBG to_TO eliminate_VB socialism_NN ._. ''_'' 
Some_DT loyal_JJ voices_NNS ,_, in_IN and_CC out_IN of_IN the_DT East_JJ German_NNP Communist_NNP party_NN ,_, saw_VBD the_DT nation_NN 's_POS unrest_NN coming_VBG ._. 
The_DT first_JJ signs_NNS were_VBD economic_JJ ._. 
Despite_IN heavily_RB subsidized_JJ consumer_NN industries_NNS ,_, East_NNP Germans_NNPS have_VBP for_IN years_NNS watched_VBD the_DT West_NNP pull_NN farther_RB out_IN ahead_RB ._. 
In_IN 1988_CD ,_, for_IN the_DT first_JJ time_NN ,_, economic_JJ growth_NN came_VBD to_TO a_DT dead_JJ stop_NN ._. 
Gingerly_RB ,_, some_DT economists_NNS began_VBD to_TO blame_VB central_JJ planning_NN ._. 
Some_DT writers_NNS in_IN theoretical_JJ journals_NNS even_RB raised_VBN the_DT notion_NN of_IN introducing_VBG democracy_NN ,_, at_IN least_JJS in_IN the_DT workplace_NN ._. 
By_IN summer_NN ,_, an_DT independent_JJ reform_NN movement_NN was_VBD saying_VBG out_IN loud_JJ what_WP it_PRP had_VBD only_RB whispered_VBN before_RB ._. 
But_CC they_PRP are_VBP stalwart_JJ socialists_NNS ._. 
Their_PRP$ proclaimed_VBD purpose_NN is_VBZ to_TO cleanse_VB East_NNP Germany_NNP of_IN its_PRP$ Stalinist_JJ muck_NN ,_, not_RB to_TO merge_VB with_IN the_DT West_NNP ._. 
One_CD of_IN their_PRP$ pastors_NNS has_VBZ envisioned_VBN a_DT ``_`` new_JJ utopia_NN ''_'' of_IN ``_`` creative_JJ socialism_NN ._. ''_'' 
Meanwhile_RB ,_, the_DT man_NN Mr._NNP Krenz_NNP replaces_VBZ has_VBZ left_VBN an_DT indelible_JJ mark_NN on_IN East_JJ German_JJ society_NN ._. 
Imprisoned_VBN by_IN the_DT Nazis_NNPS during_IN World_NNP War_NNP II_NNP for_IN his_PRP$ political_JJ beliefs_NNS ,_, Mr._NNP Honecker_NNP typified_VBD the_DT postwar_JJ generation_NN of_IN committed_VBN Communist_NNP leaders_NNS in_IN Eastern_NNP Europe_NNP who_WP took_VBD their_PRP$ cues_NNS from_IN Moscow_NNP ._. 
He_PRP was_VBD a_DT ``_`` socialist_JJ warrior_NN ''_'' who_WP felt_VBD rankled_VBN by_IN West_NNP Germany_NNP 's_POS enormous_JJ postwar_JJ prosperity_NN and_CC the_DT Bonn_NNP government_NN 's_POS steadfast_JJ refusal_NN to_TO recognize_VB the_DT legitimacy_NN of_IN his_PRP$ state_NN ._. 
Finally_RB ,_, during_IN his_PRP$ first_JJ and_CC only_JJ state_NN visit_NN to_TO Bonn_NNP two_CD years_NNS ago_RB ,_, he_PRP won_VBD some_DT measure_NN of_IN the_DT recognition_NN he_PRP had_VBD long_JJ sought_VBD ._. 
But_CC ultimately_RB he_PRP was_VBD undone_VBN by_IN forces_NNS unleashed_VBN by_IN his_PRP$ own_JJ comrade_NN ,_, Mr._NNP Gorbachev_NNP ._. 
Mr._NNP Honecker_NNP 's_POS removal_NN ``_`` was_VBD bound_VBN to_TO happen_VB ,_, ''_'' says_VBZ one_CD aide_NN to_TO Chancellor_NNP Kohl_NNP ._. 
``_`` It_PRP was_VBD only_RB a_DT matter_NN of_IN time_NN ._. ''_'' 
The_DT European_NNP Community_NNP Commission_NNP increased_VBD its_PRP$ forecast_NN for_IN economic_JJ growth_NN in_IN the_DT EC_NNP in_IN 1989_CD to_TO 3.5_CD %_NN ,_, slightly_RB higher_JJR than_IN its_PRP$ June_NNP projection_NN of_IN 3.25_CD %_NN ._. 
In_IN its_PRP$ annual_JJ economic_JJ report_NN for_IN 1989-1990_CD ,_, the_DT commission_NN also_RB projected_VBD 1990_CD gross_JJ domestic_JJ product_NN growth_NN for_IN the_DT 12_CD EC_NNP members_NNS at_IN 3_CD %_NN ._. 
EC_NNP inflation_NN was_VBD seen_VBN at_IN 4.8_CD %_NN in_IN 1989_CD ,_, higher_JJR than_IN 1988_CD 's_POS 3.6_CD %_NN price_NN rise_NN ._. 
However_RB ,_, inflation_NN for_IN 1990_CD was_VBD seen_VBN slowing_VBG to_TO 4.5_CD %_NN ._. 
Leading_VBG EC_NNP growth_NN forecasts_NNS in_IN 1989_CD was_VBD Ireland_NNP ,_, seen_VBN growing_VBG 5_NN %_NN at_IN constant_JJ prices_NNS ._. 
Slower_JJR growth_NN countries_NNS included_VBD Greece_NNP ,_, at_IN 2.5_CD %_NN ,_, the_DT U.K._NNP ,_, at_IN 2.25_CD %_NN ,_, and_CC Denmark_NNP ,_, at_IN 1.75_CD %_NN ._. 
Inflation_NN is_VBZ expected_VBN to_TO be_VB highest_JJS in_IN Greece_NNP ,_, where_WRB it_PRP is_VBZ projected_VBN at_IN 14.25_CD %_NN ,_, and_CC Portugal_NNP ,_, at_IN 13_CD %_NN ._. 
At_IN the_DT other_JJ end_NN of_IN the_DT spectrum_NN ,_, West_JJ German_JJ inflation_NN was_VBD forecast_NN at_IN 3_CD %_NN in_IN 1989_CD and_CC 2.75_CD %_NN in_IN 1990_CD ._. 
Nestle_NNP Korea_NNP Ltd._NNP opened_VBD a_DT coffee_NN and_CC non-dairy-creamer_NN plant_NN in_IN Chongju_NNP ,_, South_NNP Korea_NNP ._. 
An_DT official_NN at_IN Nestle_NNP Korea_NNP ,_, a_DT 50-50_JJ joint_JJ venture_NN between_IN Nestle_NNP S.A._NNP and_CC the_DT Doosan_NNP Group_NNP ,_, said_VBD the_DT new_JJ facility_NN will_MD manufacture_VB all_DT types_NNS of_IN soluble_JJ ,_, roasted_VBN and_CC ground_NN coffee_NN ,_, coffee_NN mix_NN and_CC nondairy_JJ coffee_NN creamer_NN ._. 
The_DT South_JJ Korean_JJ coffee_NN market_NN ,_, consisting_VBG mostly_RB of_IN instant_NN coffee_NN ,_, was_VBD estimated_VBN at_IN about_IN 100_CD billion_CD won_VBD -LRB-_( $_$ 150.7_CD million_CD -RRB-_) last_JJ year_NN ._. 
Brands_NNP made_VBN by_IN the_DT Kraft_NNP General_NNP Foods_NNPS unit_NN of_IN Philip_NNP Morris_NNP Cos._NNP had_VBD about_IN 95_CD %_NN of_IN the_DT market_NN share_NN ._. 
Nestle_NNP currently_RB has_VBZ only_RB about_IN a_DT 2_CD %_NN share_NN with_IN its_PRP$ Taster_NNP 's_POS Choice_NN coffee_NN ._. 
Poland_NNP plans_VBZ to_TO start_VB negotiations_NNS soon_RB on_IN purchasing_VBG natural_JJ gas_NN from_IN Iran_NNP ,_, the_DT official_NN Islamic_NNP Republic_NNP News_NNP Agency_NNP reported_VBD ._. 
The_DT agency_NN said_VBD Polish_NNP Prime_NNP Minister_NNP Tadeusz_NNP Mazowiecki_NNP told_VBD Iranian_NNP Deputy_NNP Foreign_NNP Minister_NNP Mahmoud_NNP Vaezi_NNP of_IN Poland_NNP 's_POS willingess_NN to_TO purchase_VB the_DT gas_NN during_IN Mr._NNP Vaezi_NNP 's_POS current_JJ visit_NN to_TO Warsaw_NNP ._. 
The_DT agency_NN did_VBD n't_RB mention_VB possible_JJ quantities_NNS and_CC did_VBD n't_RB say_VB how_WRB the_DT gas_NN would_MD be_VB delivered_VBN ._. 
A_DT Chinese_JJ official_NN harshly_RB criticized_VBD plans_NNS to_TO close_VB a_DT British_JJ naval_JJ base_NN in_IN downtown_NN Hong_NNP Kong_NNP ._. 
Hong_NNP Kong_NNP officials_NNS announced_VBD last_JJ week_NN that_IN the_DT base_NN will_MD be_VB relocated_VBN to_TO a_DT small_JJ island_NN to_TO allow_VB downtown_NN redevelopment_NN ._. 
But_CC Beijing_NNP wants_VBZ to_TO use_VB the_DT base_NN for_IN the_DT People_NNS 's_POS Liberation_NNP Army_NNP after_IN 1997_CD ,_, when_WRB the_DT territory_NN returns_NNS to_TO Chinese_JJ sovereignty_NN ._. 
Ke_NNP Zaishuo_NNP ,_, head_NN of_IN China_NNP 's_POS delegation_NN to_TO a_DT Chinese-British_JJ Liaison_NNP Committee_NNP on_IN Hong_NNP Kong_NNP ,_, accused_VBN Britain_NNP of_IN trying_VBG to_TO impose_VB a_DT fait_NN accompli_NN and_CC said_VBD ,_, ``_`` This_DT is_VBZ something_NN we_PRP can_MD not_RB accept_VB ._. ''_'' 
The_DT Israeli_JJ and_CC Soviet_JJ national_JJ airlines_NNS have_VBP reached_VBN preliminary_JJ agreement_NN for_IN launching_VBG the_DT first_JJ direct_JJ flights_NNS between_IN Tel_NNP Aviv_NNP and_CC Moscow_NNP ,_, a_DT spokesman_NN for_IN the_DT Israeli_JJ airline_NN ,_, El_NNP Al_NNP ,_, said_VBD ._. 
El_NNP Al_NNP director_NN Rafi_NNP Har-Lev_NNP and_CC top_JJ officials_NNS of_IN the_DT Soviet_NNP Union_NNP 's_POS Aeroflot_NNP negotiated_VBD a_DT preliminary_JJ pact_NN in_IN Moscow_NNP this_DT week_NN ,_, the_DT spokesman_NN said_VBD ._. 
He_PRP added_VBD that_IN concluding_VBG the_DT deal_NN requires_VBZ approval_NN by_IN the_DT governments_NNS of_IN both_DT countries_NNS ,_, which_WDT have_VBP never_RB had_VBN direct_JJ air_NN links_NNS ._. 
The_DT chairman_NN and_CC a_DT director_NN of_IN one_CD of_IN the_DT Republic_NNP of_IN Singapore_NNP 's_POS leading_VBG property_NN companies_NNS ,_, City_NNP Development_NNP Ltd._NNP ,_, or_CC CDL_NNP ,_, were_VBD charged_VBN yesterday_NN with_IN criminal_JJ breach_NN of_IN trust_NN of_IN some_DT 800,000_CD Singapore_NNP dollars_NNS -LRB-_( about_IN US$_$ 409,000_CD -RRB-_) ._. 
Kwek_NNP Hong_NNP Png_NNP ,_, chairman_NN of_IN CDL_NNP ,_, and_CC director_NN Quek_NNP Leng_NNP Chye_NNP were_VBD arrested_VBN by_IN the_DT republic_NN 's_POS Corrupt_NNP Practices_NNP Investigation_NNP Bureau_NNP Tuesday_NNP night_NN ._. 
In_IN addition_NN to_TO abetting_VBG in_IN the_DT alleged_VBN criminal_JJ breach_NN of_IN trust_NN ,_, Kwek_NNP Hong_NNP Png_NNP was_VBD also_RB charged_VBN with_IN dishonestly_RB receiving_VBG S$_$ 500,000_CD that_WDT had_VBD been_VBN stolen_VBN ._. 
Both_DT men_NNS were_VBD charged_VBN in_IN a_DT subordinate_JJ court_NN and_CC released_VBN on_IN bail_NN of_IN S$_$ 1_CD million_CD ._. 
The_DT charges_NNS are_VBP the_DT culmination_NN of_IN weeks_NNS of_IN rumors_NNS concerning_VBG CDL_NNP that_WDT have_VBP depressed_VBD the_DT company_NN 's_POS share_NN price_NN and_CC to_TO a_DT lesser_JJR extent_NN the_DT shares_NNS of_IN all_DT companies_NNS owned_VBN by_IN CDL_NNP 's_POS controlling_VBG Quek_NNP family_NN ,_, brokers_NNS in_IN Singapore_NNP say_VBP ._. 
The_DT Queks_NNPS control_NN the_DT Hong_NNP Leong_NNP Group_NNP ,_, which_WDT has_VBZ widespread_JJ interests_NNS in_IN manufacturing_NN ,_, property_NN and_CC finance_NN in_IN both_DT Malaysia_NNP and_CC Singapore_NNP ._. 
News_NNS of_IN the_DT arrest_NN and_CC charging_VBG of_IN the_DT two_CD men_NNS helped_VBD to_TO push_VB prices_NNS on_IN the_DT Singapore_NNP Stock_NNP market_NN sharply_RB lower_JJR in_IN early_JJ trading_NN yesterday_NN ,_, but_CC brokers_NNS said_VBD that_IN the_DT market_NN and_CC CDL_NNP shares_NNS recovered_VBD once_RB it_PRP became_VBD apparent_JJ the_DT charges_NNS were_VBD limited_JJ to_TO the_DT two_CD men_NNS personally_RB ._. 
One_CD of_IN the_DT two_CD British_JJ companies_NNS still_RB making_VBG hard_JJ toilet_NN paper_NN stopped_VBD production_NN of_IN it_PRP ._. 
British_JJ Tissues_NNPS decided_VBD to_TO do_VB away_RB with_IN its_PRP$ hard_JJ paper_NN after_IN a_DT major_JJ customer_NN ,_, British_NNP Rail_NNP ,_, switched_VBD to_TO softer_JJR tissues_NNS for_IN train_NN bathrooms_NNS ..._: ._. 
Peasants_NNS in_IN Inner_NNP Mongolia_NNP have_VBP partly_RB dismantled_VBN a_DT 20-mile_JJ section_NN of_IN China_NNP 's_POS famed_JJ Great_NNP Wall_NNP ,_, the_DT official_JJ People_NNS 's_POS Daily_NNP said_VBD ._. 
The_DT paper_NN said_VBD the_DT bricks_NNS were_VBD used_VBN to_TO build_VB homes_NNS and_CC furnaces_NNS and_CC ,_, as_IN a_DT result_NN ,_, the_DT wall_NN ``_`` is_VBZ in_IN terrible_JJ shape_NN ._. 
Wednesday_NNP ,_, October_NNP 18_CD ,_, 1989_CD 
The_DT key_JJ U.S._NNP and_CC foreign_JJ annual_JJ interest_NN rates_NNS below_IN are_VBP a_DT guide_NN to_TO general_JJ levels_NNS but_CC do_VBP n't_RB always_RB represent_VB actual_JJ transactions_NNS ._. 
PRIME_JJ RATE_NN :_: 10_CD 1\/2_CD %_NN ._. 
The_DT base_NN rate_NN on_IN corporate_JJ loans_NNS at_IN large_JJ U.S._NNP money_NN center_NN commercial_JJ banks_NNS ._. 
FEDERAL_JJ FUNDS_NNS :_: 8_CD 15\/16_CD %_NN high_JJ ,_, 8_CD 5\/8_CD %_NN low_JJ ,_, 8_CD 3\/4_CD %_NN near_IN closing_VBG bid_NN ,_, 8_CD 7\/8_CD %_NN offered_VBN ._. 
Reserves_NNS traded_VBN among_IN commercial_JJ banks_NNS for_IN overnight_JJ use_NN in_IN amounts_NNS of_IN $_$ 1_CD million_CD or_CC more_JJR ._. 
Source_NN :_: Fulton_NNP Prebon_NNP -LRB-_( U.S.A_NNP ._. -RRB-_) Inc_NNP ._. 
DISCOUNT_NN RATE_NN :_: 7_CD %_NN ._. 
The_DT charge_NN on_IN loans_NNS to_TO depository_NN institutions_NNS by_IN the_DT New_NNP York_NNP Federal_NNP Reserve_NNP Bank_NNP ._. 
CALL_NN MONEY_NN :_: 9_CD 3\/4_CD %_NN to_TO 10_CD %_NN ._. 
The_DT charge_NN on_IN loans_NNS to_TO brokers_NNS on_IN stock_NN exchange_NN collateral_NN ._. 
COMMERCIAL_JJ PAPER_NN placed_VBN directly_RB by_IN General_NNP Motors_NNPS Acceptance_NNP Corp._NNP :_: 8.45_CD %_NN 30_CD to_TO 44_CD days_NNS ;_: 8.25_CD %_NN 45_CD to_TO 74_CD days_NNS ;_: 8.30_CD %_NN 75_CD to_TO 99_CD days_NNS ;_: 7.75_CD %_NN 100_CD to_TO 179_CD days_NNS ;_: 7.50_CD %_NN 180_CD to_TO 270_CD days_NNS ._. 
COMMERCIAL_JJ PAPER_NN :_: High-grade_JJ unsecured_JJ notes_NNS sold_VBN through_IN dealers_NNS by_IN major_JJ corporations_NNS in_IN multiples_NNS of_IN $_$ 1,000_CD :_: 8.55_CD %_NN 30_CD days_NNS ;_: 8.45_CD %_NN 60_CD days_NNS ;_: 8.375_CD %_NN 90_CD days_NNS ._. 
CERTIFICATES_NNS OF_IN DEPOSIT_NN :_: 8.05_CD %_NN one_CD month_NN ;_: 8.02_CD %_NN two_CD months_NNS ;_: 8_CD %_NN three_CD months_NNS ;_: 7.98_CD %_NN six_CD months_NNS ;_: 7.95_CD %_NN one_CD year_NN ._. 
Average_NNP of_IN top_JJ rates_NNS paid_VBN by_IN major_JJ New_NNP York_NNP banks_NNS on_IN primary_JJ new_JJ issues_NNS of_IN negotiable_JJ C.D.s_NNS ,_, usually_RB on_IN amounts_NNS of_IN $_$ 1_CD million_CD and_CC more_JJR ._. 
The_DT minimum_JJ unit_NN is_VBZ $_$ 100,000_CD ._. 
Typical_JJ rates_NNS in_IN the_DT secondary_JJ market_NN :_: 8.53_CD %_NN one_CD month_NN ;_: 8.48_CD %_NN three_CD months_NNS ;_: 8.40_CD %_NN six_CD months_NNS ._. 
BANKERS_NNS ACCEPTANCES_NNS :_: 8.42_CD %_NN 30_CD days_NNS ;_: 8.30_CD %_NN 60_CD days_NNS ;_: 8.28_CD %_NN 90_CD days_NNS ;_: 8.15_CD %_NN 120_CD days_NNS ;_: 8.05_CD %_NN 150_CD days_NNS ;_: 7.95_CD %_NN 180_CD days_NNS ._. 
Negotiable_JJ ,_, bank-backed_JJ business_NN credit_NN instruments_NNS typically_RB financing_VBG an_DT import_NN order_NN ._. 
LONDON_NNP LATE_JJ EURODOLLARS_NNS :_: 8_CD 11\/16_CD %_NN to_TO 8_CD 9\/16_CD %_NN one_CD month_NN ;_: 8_CD 5\/8_CD %_NN to_TO 8_CD 1\/2_CD %_NN two_CD months_NNS ;_: 8_CD 5\/8_CD %_NN to_TO 8_CD 1\/2_CD %_NN three_CD months_NNS ;_: 8_CD 9\/16_CD %_NN to_TO 8_CD 7\/16_CD %_NN four_CD months_NNS ;_: 8_CD 1\/2_CD %_NN to_TO 8_CD 3\/8_CD %_NN five_CD months_NNS ;_: 8_CD 1\/2_CD %_NN to_TO 8_CD 3\/8_CD %_NN six_CD months_NNS ._. 
LONDON_NNP INTERBANK_NNP OFFERED_NNP RATES_NNS -LRB-_( LIBOR_NNP -RRB-_) :_: 8_CD 11\/16_CD %_NN one_CD month_NN ;_: 8_CD 11\/16_CD %_NN three_CD months_NNS ;_: 8_CD 1\/2_CD %_NN six_CD months_NNS ;_: 8_CD 1\/2_CD %_NN one_CD year_NN ._. 
The_DT average_NN of_IN interbank_NN offered_VBD rates_NNS for_IN dollar_NN deposits_NNS in_IN the_DT London_NNP market_NN based_VBN on_IN quotations_NNS at_IN five_CD major_JJ banks_NNS ._. 
FOREIGN_JJ PRIME_JJ RATES_NNS :_: Canada_NNP 13.50_CD %_NN ;_: Germany_NNP 8.50_CD %_NN ;_: Japan_NNP 4.875_CD %_NN ;_: Switzerland_NNP 8.50_CD %_NN ;_: Britain_NNP 15_CD %_NN ._. 
These_DT rate_NN indications_NNS are_VBP n't_RB directly_RB comparable_JJ ;_: lending_NN practices_NNS vary_VBP widely_RB by_IN location_NN ._. 
TREASURY_NN BILLS_NNS :_: Results_NNS of_IN the_DT Monday_NNP ,_, October_NNP 16_CD ,_, 1989_CD ,_, auction_NN of_IN short-term_NNP U.S._NNP government_NN bills_NNS ,_, sold_VBN at_IN a_DT discount_NN from_IN face_NN value_NN in_IN units_NNS of_IN $_$ 10,000_CD to_TO $_$ 1_CD million_CD :_: 7.37_CD %_NN 13_CD weeks_NNS ;_: 7.42_CD %_NN 26_CD weeks_NNS ._. 
FEDERAL_NNP HOME_NNP LOAN_NNP MORTGAGE_NNP CORP_NNP ._. -LRB-_( Freddie_NNP Mac_NNP -RRB-_) :_: 
Posted_VBN yields_NNS on_IN 30-year_JJ mortgage_NN commitments_NNS for_IN delivery_NN within_IN 30_CD days_NNS ._. 
9.88_CD %_NN ,_, standard_JJ conventional_JJ fixed-rate_JJ mortgages_NNS ;_: 7.875_CD %_NN ,_, 2_CD %_NN rate_NN capped_VBD one-year_JJ adjustable_JJ rate_NN mortgages_NNS ._. 
Source_NN :_: Telerate_NNP Systems_NNP Inc_NNP ._. 
FEDERAL_NNP NATIONAL_NNP MORTGAGE_NNP ASSOCIATION_NNP -LRB-_( Fannie_NNP Mae_NNP -RRB-_) :_: 
Posted_VBN yields_NNS on_IN 30_CD year_NN mortgage_NN commitments_NNS for_IN delivery_NN within_IN 30_CD days_NNS -LRB-_( priced_VBN at_IN par_NN -RRB-_) 9.83_CD %_NN ,_, standard_JJ conventional_JJ fixed-rate_JJ mortgages_NNS ;_: 8.70_CD %_NN ,_, 6\/2_CD rate_NN capped_VBD one-year_JJ adjustable_JJ rate_NN mortgages_NNS ._. 
Source_NN :_: Telerate_NNP Systems_NNP Inc_NNP ._. 
MERRILL_NNP LYNCH_NNP READY_NNP ASSETS_NNP TRUST_NNP :_: 8.50_CD %_NN ._. 
Annualized_VBN average_JJ rate_NN of_IN return_NN after_IN expenses_NNS for_IN the_DT past_JJ 30_CD days_NNS ;_: not_RB a_DT forecast_NN of_IN future_NN returns_NNS ._. 
A_DT grand_JJ jury_NN here_RB indicted_VBD Norton_NNP Co._NNP 's_POS former_JJ director_NN of_IN advanced-ceramics_NN research_NN ,_, charging_VBG him_PRP with_IN interstate_JJ transportation_NN of_IN stolen_VBN property_NN ._. 
Norton_NNP and_CC General_NNP Electric_NNP Co._NNP last_JJ month_NN filed_VBD a_DT lawsuit_NN against_IN the_DT former_JJ research_NN manager_NN ,_, Chien-Min_NNP Sung_NNP ,_, charging_VBG him_PRP with_IN stealing_VBG trade_NN secrets_NNS ._. 
Mr._NNP Sung_NNP formerly_RB worked_VBD at_IN General_NNP Electric_NNP in_IN research_NN on_IN synthetic_JJ diamonds_NNS ._. 
The_DT criminal_JJ charges_NNS brought_VBN against_IN him_PRP involved_VBD GE_NNP technology_NN ,_, according_VBG the_DT court_NN documents_NNS ._. 
If_IN convicted_VBN ,_, he_PRP could_MD be_VB imprisoned_VBN for_IN up_IN to_TO 10_CD years_NNS and_CC fined_VBN $_$ 250,000_CD ._. 
Mr._NNP Sung_NNP could_MD n't_RB be_VB reached_VBN for_IN comment_NN ._. 
He_PRP earlier_RBR denied_VBN the_DT allegations_NNS against_IN him_PRP in_IN the_DT lawsuit_NN by_IN Norton_NNP and_CC GE_NNP ._. 
Norton_NNP makes_VBZ sandpaper_NN and_CC other_JJ abrasives_NNS ,_, diamond_NN tools_NNS ,_, specialty_NN plastics_NNS and_CC ceramics_NNS ._. 
As_IN the_DT citizens_NNS of_IN San_NNP Francisco_NNP and_CC surrounding_VBG communities_NNS began_VBD assessing_VBG the_DT damage_NN from_IN Tuesday_NNP 's_POS devastating_JJ earthquake_NN ,_, NBC_NNP News_NNP began_VBD assessing_VBG the_DT damage_NN from_IN what_WP some_DT said_VBD was_VBD a_DT failure_NN to_TO provide_VB comprehensive_JJ coverage_NN in_IN the_DT earthquake_NN 's_POS initial_JJ moments_NNS ._. 
``_`` In_IN terms_NNS of_IN coverage_NN ,_, it_PRP was_VBD a_DT disaster_NN equal_JJ to_TO the_DT earthquakes_NNS ,_, ''_'' said_VBD Eric_NNP Premner_NNP ,_, president_NN for_IN broadcasting_NN of_IN King_NNP Broadcasting_NNP Co._NNP ,_, which_WDT owns_VBZ the_DT NBC_NNP affiliate_NN in_IN Seattle_NNP ,_, Wash_NNP ._. 
While_IN rival_JJ ABC_NNP News_NNP outstripped_NN the_DT competition_NN in_IN live_VB coverage_NN of_IN the_DT event_NN by_IN sheer_JJ luck_NN --_: the_DT network_NN was_VBD broadcasting_VBG the_DT World_NNP Series_NNP from_IN Candlestick_NNP Park_NNP when_WRB the_DT quake_NN struck_VBD --_: NBC_NNP News_NNP was_VBD unable_JJ to_TO get_VB its_PRP$ signal_NN out_IN of_IN San_NNP Francisco_NNP for_IN the_DT first_JJ hour_NN after_IN the_DT quake_NN ._. 
``_`` I_PRP have_VBP to_TO attribute_VB the_DT lackluster_JJ performance_NN to_TO a_DT natural_JJ disaster_NN ,_, ''_'' said_VBD Mr._NNP Premner_NNP ._. 
``_`` So_RB before_IN I_PRP start_VBP to_TO be_VB really_RB critical_JJ of_IN NBC_NNP ,_, I_PRP would_MD like_VB to_TO know_VB more_JJR about_IN what_WP happened_VBD ._. ''_'' 
There_EX were_VBD no_DT complaints_NNS from_IN affiliates_NNS of_IN CBS_NNP Inc._NNP and_CC Cable_NNP News_NNP Network_NNP ,_, a_DT unit_NN of_IN Turner_NNP Broadcasting_NNP System_NNP Inc_NNP ._. 
But_CC that_DT was_VBD not_RB the_DT case_NN at_IN NBC_NNP News_NNP ,_, which_WDT has_VBZ been_VBN dogged_VBN with_IN the_DT image_NN of_IN not_RB being_VBG aggressive_JJ on_IN major_JJ breaking_NN stories_NNS ._. 
Last_JJ summer_NN ,_, the_DT affiliates_NNS bitterly_RB complained_VBD to_TO network_VB executives_NNS about_IN the_DT poor_JJ coverage_NN of_IN the_DT student_NN uprising_NN in_IN China_NNP ._. 
``_`` I_PRP was_VBD not_RB pleased_VBN with_IN the_DT slow_JJ start_NN ,_, and_CC neither_DT was_VBD NBC_NNP News_NNP ,_, ''_'' said_VBD Guy_NNP Hempel_NNP ,_, general_JJ manager_NN of_IN NBC_NNP affiliate_NN WAVE_NNP in_IN Louisville_NNP ,_, Ky_NNP ._. 
A_DT spokesman_NN for_IN National_NNP Broadcasting_NNP Co._NNP ,_, a_DT unit_NN of_IN General_NNP Electric_NNP Co._NNP ,_, said_VBD the_DT network_NN was_VBD ``_`` looking_VBG into_IN what_WP happened_VBD ._. ''_'' 
The_DT stations_NNS said_VBD they_PRP were_VBD pleased_VBN with_IN the_DT extended_VBN coverage_NN yesterday_NN ,_, including_VBG a_DT special_JJ five-hour_JJ edition_NN of_IN ``_`` Today_NN ._. ''_'' 
Don_NNP Browne_NNP ,_, director_NN of_IN news_NN at_IN NBC_NNP News_NNP ,_, said_VBD in_IN an_DT interview_NN that_IN ``_`` we_PRP could_MD n't_RB get_VB a_DT signal_NN out_IN of_IN San_NNP Francisco_NNP ._. 
We_PRP were_VBD out_IN of_IN the_DT box_NN ._. 
It_PRP was_VBD horrible_JJ ._. 
The_DT comment_NN we_PRP 're_VBP hearing_VBG is_VBZ that_IN we_PRP were_VBD slow_JJ out_IN of_IN the_DT box_NN ,_, but_CC beat_VB everyone_NN else_RB in_IN the_DT stretch_NN ._. ''_'' 
NBC_NNP broadcast_NN throughout_IN the_DT entire_JJ night_NN and_CC did_VBD not_RB go_VB off_IN the_DT air_NN until_IN noon_NN yesterday_NN ._. 
The_DT quake_NN postponed_VBD the_DT third_JJ and_CC fourth_JJ games_NNS of_IN the_DT World_NNP Series_NNP ._. 
In_IN place_NN of_IN the_DT games_NNS ,_, ABC_NNP said_VBD it_PRP planned_VBD to_TO broadcast_VB next_JJ week_NN 's_POS episodes_NNS of_IN its_PRP$ prime-time_JJ Wednesday_NNP and_CC Thursday_NNP lineups_NNS ,_, except_IN for_IN a_DT one-hour_JJ special_NN on_IN the_DT earthquake_NN at_IN 10_CD p.m._NN last_JJ night_NN ._. 
The_DT series_NN is_VBZ scheduled_VBN to_TO resume_VB Tuesday_NNP evening_NN in_IN San_NNP Francisco_NNP ._. 
``_`` There_EX are_VBP no_DT commercials_NNS to_TO make_VB up_IN for_IN since_IN we_PRP 're_VBP going_VBG to_TO eventually_RB broadcast_NN the_DT World_NNP Series_NNP ,_, ''_'' said_VBD a_DT network_NN spokesman_NN ._. 
Pinnacle_NNP West_NNP Capital_NNP Corp._NNP said_VBD it_PRP suspended_VBD indefinitely_RB its_PRP$ common_JJ stock_NN dividend_NN and_CC reported_VBD a_DT 91_CD %_NN plunge_NN in_IN third-quarter_JJ net_JJ income_NN ._. 
The_DT announcement_NN ,_, made_VBN after_IN the_DT close_NN of_IN trading_NN ,_, caught_VBN analysts_NNS by_IN surprise_NN ._. 
The_DT company_NN closed_VBD at_IN $_$ 12_CD a_DT share_NN ,_, down_RB 62.5_CD cents_NNS ,_, in_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ._. 
Pinnacle_NNP West_NNP slashed_VBD its_PRP$ quarterly_JJ dividend_NN to_TO 40_CD cents_NNS per_IN share_NN from_IN 70_CD cents_NNS in_IN December_NNP ,_, saying_VBG at_IN the_DT time_NN that_IN it_PRP believed_VBD the_DT new_JJ ,_, lower_JJR dividend_NN was_VBD ``_`` sustainable_JJ ._. ''_'' 
A_DT company_NN spokesman_NN said_VBD the_DT decision_NN to_TO eliminate_VB the_DT dividend_NN resulted_VBD from_IN a_DT quarterly_JJ appraisal_NN and_CC that_IN circumstances_NNS had_VBD changed_VBN since_IN the_DT December_NNP announcement_NN ._. 
He_PRP declined_VBD to_TO elaborate_VB ._. 
Edward_NNP J._NNP Tirello_NNP Jr._NNP ,_, an_DT analyst_NN at_IN Shearson_NNP Lehman_NNP Hutton_NNP Inc._NNP ,_, speculated_VBD that_IN the_DT sudden_JJ dividend_NN elimination_NN presages_VBZ an_DT expensive_JJ agreement_NN with_IN thrift_NN regulators_NNS over_IN the_DT company_NN 's_POS insolvent_JJ MeraBank_NNP savings_NNS and_CC loan_NN unit_NN ._. 
Analysts_NNS have_VBP estimated_VBN that_IN Pinnacle_NNP West_NNP may_MD have_VB to_TO inject_VB between_IN $_$ 300_CD million_CD and_CC $_$ 400_CD million_CD into_IN the_DT MeraBank_NNP unit_NN before_IN turning_VBG the_DT thrift_NN over_IN to_TO federal_JJ regulators_NNS ._. 
The_DT latest_JJS financial_JJ results_NNS at_IN the_DT troubled_JJ utility_NN and_CC thrift_NN holding_VBG company_NN ,_, based_VBN in_IN Phoenix_NNP ,_, Ariz._NNP ,_, reflect_VB continuing_VBG problems_NNS at_IN MeraBank_NNP and_CC losses_NNS in_IN real-estate_NN ,_, venture-capital_NN and_CC uranium-mining_NN operations_NNS ._. 
Third-quarter_JJ net_JJ income_NN slid_VBD to_TO $_$ 5.1_CD million_CD ,_, or_CC six_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 56_CD million_CD ,_, or_CC 65_CD cents_NNS ,_, a_DT year_NN earlier_RBR ._. 
Utility_NN operations_NNS ,_, the_DT only_JJ company_NN unit_NN operating_VBG in_IN the_DT black_NN in_IN the_DT latest_JJS period_NN ,_, had_VBD a_DT 26_CD %_NN drop_NN in_IN profit_NN ,_, to_TO $_$ 86.3_CD million_CD ,_, largely_RB as_IN a_DT result_NN of_IN outages_NNS at_IN the_DT company_NN 's_POS huge_JJ Palo_NNP Verde_NNP nuclear_JJ facility_NN and_CC the_DT cost_NN of_IN purchased_VBN replacement_NN power_NN ._. 
In_IN other_JJ operations_NNS ,_, losses_NNS at_IN MeraBank_NNP totaled_VBD $_$ 85.7_CD million_CD in_IN the_DT latest_JJS quarter_NN ,_, compared_VBN with_IN a_DT $_$ 2.5_CD million_CD profit_NN a_DT year_NN earlier_RBR ._. 
The_DT latest_JJS quarter_NN includes_VBZ a_DT $_$ 42.7_CD million_CD addition_NN to_TO loan-loss_NN reserves_NNS ._. 
As_RB recently_RB as_IN August_NNP ,_, the_DT company_NN said_VBD it_PRP did_VBD n't_RB foresee_VB a_DT need_NN for_IN substantial_JJ additions_NNS to_TO reserves_NNS ._. 
Pinnacle_NNP 's_POS SunCor_NNP Development_NNP Co_NNP ._. real-estate_NN unit_NN 's_POS loss_NN narrowed_VBD to_TO $_$ 13.8_CD million_CD from_IN $_$ 78.4_CD million_CD ._. 
The_DT latest_JJS period_NN included_VBD a_DT $_$ 9_CD million_CD write-down_NN on_IN undeveloped_JJ land_NN ,_, while_IN the_DT year-earlier_JJ period_NN included_VBD a_DT $_$ 46_CD million_CD reserve_NN for_IN real-estate_NN losses_NNS ._. 
Losses_NNS at_IN its_PRP$ Malapai_NNP Resources_NNP Co_NNP ._. uranium-mining_NN unit_NN narrowed_VBD to_TO $_$ 3.4_CD million_CD from_IN $_$ 18_CD million_CD a_DT year_NN ago_RB ,_, which_WDT included_VBD a_DT $_$ 9_CD million_CD write-down_NN of_IN utility_NN inventories_NNS ._. 
Losses_NNS at_IN El_NNP Dorado_NNP Investment_NNP Co._NNP ,_, the_DT venture-capital_JJ operation_NN ,_, widened_VBD to_TO $_$ 6.8_CD million_CD from_IN $_$ 425,000_CD a_DT year_NN earlier_RBR ._. 
The_DT latest_JJS quarter_NN included_VBD a_DT $_$ 6.6_CD million_CD write-down_NN of_IN investments_NNS ._. 
Equitec_NNP Financial_NNP Group_NNP said_VBD it_PRP will_MD ask_VB as_RB many_JJ as_IN 100,000_CD investors_NNS in_IN 12_CD of_IN its_PRP$ public_JJ real-estate_NN limited_JJ partnerships_NNS to_TO give_VB approval_NN to_TO rolling_VBG them_PRP up_IN into_IN a_DT new_JJ master_NN limited_JJ partnership_NN ._. 
Under_IN the_DT proposal_NN by_IN Equitec_NNP ,_, a_DT financially_RB troubled_JJ real-estate_NN syndicator_NN ,_, New_NNP York-based_JJ Hallwood_NNP Group_NNP Inc._NNP would_MD replace_VB Equitec_NNP as_IN the_DT newly_RB formed_VBN master_NN limited_JJ partnership_NN 's_POS general_JJ partner_NN and_CC manager_NN ._. 
Shares_NNS of_IN the_DT new_JJ partnership_NN would_MD trade_VB on_IN an_DT exchange_NN like_IN a_DT stock_NN ._. 
Hallwood_NNP is_VBZ a_DT merchant_NN bank_NN whose_WP$ activities_NNS include_VBP the_DT ownership_NN ,_, management_NN and_CC financial_JJ restructuring_NN of_IN shopping_NN centers_NNS ,_, office_NN buildings_NNS ,_, apartments_NNS and_CC other_JJ real_JJ estate_NN ._. 
In_IN a_DT statement_NN ,_, Equitec_NNP Chairman_NNP Richard_NNP L._NNP Saalfeld_NNP said_VBD the_DT transfer_NN will_MD benefit_VB both_DT the_DT company_NN and_CC investors_NNS in_IN the_DT 12_CD limited_JJ partnerships_NNS included_VBD in_IN the_DT proposed_VBN rollup_NN ._. 
While_IN he_PRP did_VBD n't_RB describe_VB the_DT partnerships_NNS '_POS financial_JJ condition_NN ,_, he_PRP said_VBD their_PRP$ operations_NNS ``_`` continue_VB to_TO drain_VB the_DT resources_NNS of_IN Equitec_NNP ._. ''_'' 
Equitec_NNP posted_VBD a_DT $_$ 3.3_CD million_CD net_JJ loss_NN in_IN the_DT second_JJ quarter_NN on_IN $_$ 11.8_CD million_CD of_IN revenue_NN ,_, compared_VBN with_IN a_DT net_JJ loss_NN of_IN $_$ 12.9_CD million_CD in_IN the_DT year-earlier_JJ period_NN on_IN revenue_NN of_IN $_$ 9.1_CD million_CD ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Equitec_NNP closed_VBD at_IN $_$ 2.625_CD a_DT share_NN ,_, unchanged_JJ ._. 
Because_IN of_IN Tuesday_NNP 's_POS earthquake_NN in_IN Northern_NNP California_NNP ,_, company_NN officials_NNS could_MD n't_RB immediately_RB be_VB reached_VBN for_IN additional_JJ comment_NN ._. 
A_DT spokesman_NN for_IN Hallwood_NNP said_VBD the_DT 12_CD limited_JJ partnerships_NNS ,_, which_WDT were_VBD marketed_VBN by_IN brokerage_NN firms_NNS and_CC financial_JJ planners_NNS between_IN 1979_CD and_CC 1984_CD ,_, raised_VBN several_JJ hundred_CD million_CD dollars_NNS from_IN investors_NNS ._. 
With_IN airline_NN deals_NNS in_IN a_DT tailspin_NN ,_, legendary_JJ Wall_NNP Street_NNP trader_NN Michael_NNP Steinhardt_NNP could_MD have_VB trouble_NN parachuting_VBG out_IN of_IN USAir_NNP Group_NNP ,_, traders_NNS say_VBP ._. 
Only_RB a_DT week_NN ago_RB ,_, when_WRB airline_NN buy-out_NN fever_NN was_VBD already_RB winding_VBG down_RB ,_, Mr._NNP Steinhardt_NNP was_VBD engaged_VBN in_IN a_DT duel_NN with_IN USAir_NNP ._. 
He_PRP was_VBD threatening_VBG to_TO take_VB over_IN the_DT carrier_NN ,_, after_IN spending_VBG an_DT estimated_VBN $_$ 167_CD million_CD to_TO build_VB an_DT 8.4_CD %_NN USAir_NNP stake_NN for_IN his_PRP$ investment_NN clients_NNS ._. 
The_DT would-be_JJ raider_NN even_RB hired_VBD an_DT investment_NN banker_NN to_TO give_VB teeth_NNS to_TO his_PRP$ takeover_NN threat_NN ,_, which_WDT was_VBD widely_RB interpreted_VBN as_IN an_DT effort_NN to_TO flush_VB out_RP an_DT acquirer_NN for_IN USAir_NNP ,_, or_CC for_IN his_PRP$ own_JJ stake_NN ._. 
In_IN fighting_VBG USAir_NNP ,_, Mr._NNP Steinhardt_NNP was_VBD pitted_VBN against_IN another_DT investor_NN ,_, billionnaire_NN Warren_NNP Buffett_NNP ,_, who_WP bought_VBD into_IN USAir_NNP to_TO help_VB fend_VB off_IN Mr._NNP Steinhardt_NNP ._. 
Mr._NNP Buffett_NNP 's_POS firm_NN ,_, Berkshire_NNP Hathaway_NNP ,_, holds_VBZ a_DT much_RB bigger_JJR stake_NN in_IN the_DT carrier_NN than_IN Mr._NNP Steinhardt_NNP 's_POS firm_NN ,_, Steinhardt_NNP Partners_NNPS ._. 
Now_RB ,_, in_IN the_DT wake_NN of_IN UAL_NNP 's_POS troubles_NNS in_IN financing_VBG its_PRP$ buy-out_NN ,_, the_DT airline_NN raiding_VBG game_NN has_VBZ been_VBN grounded_VBN ._. 
Instead_RB of_IN hoping_VBG to_TO sell_VB his_PRP$ USAir_NNP stake_NN at_IN analysts_NNS '_POS estimated_VBN buy-out_NN price_NN of_IN $_$ 80_CD a_DT share_NN ,_, Mr._NNP Steinhardt_NNP is_VBZ stuck_VBN with_IN roughly_RB 3.7_CD million_CD USAir_NNP shares_VBZ that_DT cost_NN him_PRP $_$ 45_CD ,_, on_IN average_JJ ,_, but_CC yesterday_NN closed_VBD at_IN 40_CD 1\/2_CD ,_, up_IN 1\/4_CD ,_, in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ._. 
``_`` It_PRP does_VBZ n't_RB make_VB sense_NN to_TO parachute_VB out_IN at_IN this_DT price_NN ,_, ''_'' Mr._NNP Steinhardt_NNP says_VBZ ,_, though_IN he_PRP has_VBZ stopped_VBN his_PRP$ takeover_NN talk_NN and_CC now_RB commends_VBZ USAir_NNP managers_NNS '_POS ``_`` operating_VBG skills_NNS ._. ''_'' 
At_IN the_DT current_JJ price_NN ,_, the_DT USAir_NNP holding_VBG represents_VBZ 9_CD %_NN of_IN all_PDT the_DT assets_NNS that_IN Mr._NNP Steinhardt_NNP manages_VBZ ._. 
A_DT week_NN ago_RB ,_, USAir_NNP stock_NN briefly_NN soared_VBD above_IN 52_CD after_IN a_DT report_NN in_IN USA_NNP Today_NN that_IN Mr._NNP Steinhardt_NNP might_MD launch_VB a_DT hostile_JJ bid_NN for_IN the_DT carrier_NN ,_, though_IN takeover_NN speculators_NNS say_VBP they_PRP were_VBD skeptical_JJ ._. 
``_`` If_IN USAir_NNP is_VBZ worth_JJ 80_CD as_IN a_DT takeover_NN and_CC the_DT stock_NN went_VBD to_TO 52_CD ,_, the_DT market_NN was_VBD saying_VBG Steinhardt_NNP 's_POS presence_NN was_VBD n't_RB worth_JJ anything_NN ,_, in_IN terms_NNS of_IN getting_VBG a_DT deal_NN done_VBN ,_, ''_'' says_VBZ a_DT veteran_NN takeover_NN speculator_NN ._. 
Traders_NNS say_VBP this_DT all_DT goes_VBZ to_TO show_VB that_IN even_RB the_DT smartest_JJS money_NN manager_NN can_MD get_VB infected_VBN with_IN crowd_NN passions_NNS ._. 
In_IN trying_VBG to_TO raid_VB USAir_NNP ,_, Mr._NNP Steinhardt_NNP abandoned_VBD his_PRP$ usual_JJ role_NN as_IN a_DT passive_JJ investor_NN ,_, and_CC ran_VBD into_IN snags_NNS ._. 
Moreover_RB ,_, unlike_IN Mr._NNP Buffett_NNP ,_, who_WP often_RB holds_VBZ big_JJ stakes_NNS in_IN companies_NNS for_IN years_NNS ,_, Mr._NNP Steinhardt_NNP has_VBZ n't_RB in_IN the_DT past_RB done_VBN much_JJ long-term_JJ investing_NN ._. 
Mr._NNP Steinhardt_NNP ,_, who_WP runs_VBZ about_RB $_$ 1.7_CD billion_CD for_IN Steinhardt_NNP Partners_NNPS ,_, made_VBD his_PRP$ name_NN as_IN a_DT gunslinging_VBG trader_NN ,_, moving_VBG in_IN and_CC out_RP of_IN stocks_NNS with_IN agility_NN --_: enriching_VBG himself_PRP and_CC his_PRP$ investment_NN clients_NNS ._. 
Meanwhile_RB ,_, his_PRP$ big_JJ losses_NNS ,_, for_IN instance_NN in_IN 1987_CD 's_POS crash_NN ,_, generally_RB have_VBP been_VBN trading_NN losses_NNS ._. 
So_RB ,_, some_DT see_VB a_DT special_JJ irony_NN in_IN the_DT fact_NN that_IN Mr._NNP Steinhardt_NNP ,_, the_DT trader_NN ,_, now_RB is_VBZ encumbered_VBN with_IN a_DT massive_JJ ,_, illiquid_JJ airline_NN holding_VBG ._. 
Analysts_NNS say_VBP USAir_NNP stock_NN might_MD lose_VB four_CD or_CC five_CD points_NNS if_IN the_DT Steinhardt_NNP stake_NN was_VBD dumped_VBN all_DT at_IN once_RB ._. 
As_IN a_DT result_NN ,_, Mr._NNP Steinhardt_NNP must_MD reconcile_VB himself_PRP to_TO selling_VBG USAir_NNP at_IN a_DT loss_NN ,_, or_CC to_TO holding_VBG the_DT shares_NNS as_IN an_DT old-fashioned_JJ investment_NN ._. 
``_`` Long-term_JJ investing_NN --_: that_DT 's_VBZ not_RB Steinhardt_NNP 's_POS style_NN ,_, ''_'' chuckles_VBZ an_DT investor_NN who_WP once_RB worked_VBD at_IN Steinhardt_NNP Partners_NNPS ._. 
``_`` He_PRP does_VBZ n't_RB usually_RB risk_VBP that_IN much_JJ unless_IN he_PRP thinks_VBZ he_PRP has_VBZ an_DT ace_NN in_IN the_DT hole_NN ,_, ''_'' adds_VBZ another_DT Steinhardt_NNP Partners_NNPS alumnus_NN ._. 
In_IN recent_JJ days_NNS ,_, traders_NNS say_VBP USAir_NNP has_VBZ been_VBN buying_VBG its_PRP$ own_JJ shares_NNS ,_, as_IN part_NN of_IN a_DT program_NN to_TO retire_VB about_IN eight_CD million_CD USAir_NNP shares_NNS ,_, though_IN the_DT carrier_NN wo_MD n't_RB discuss_VB its_PRP$ buy-back_NN program_NN ._. 
If_IN USAir_NNP stepped_VBD up_IN its_PRP$ share_NN purchases_NNS ,_, that_WDT might_MD be_VB a_DT way_NN for_IN Mr._NNP Steinhardt_NNP to_TO get_VB out_IN ,_, says_VBZ Timothy_NNP Pettee_NNP ,_, a_DT Merrill_NNP Lynch_NNP analyst_NN ._. 
But_CC USAir_NNP might_MD not_RB want_VB to_TO help_VB Mr._NNP Steinhardt_NNP ,_, he_PRP adds_VBZ ._. 
In_IN 1987_CD ,_, USAir_NNP Chairman_NNP Edwin_NNP Colodny_NNP stonewalled_VBD when_WRB Trans_NNP World_NNP Airlines_NNP Chairman_NNP Carl_NNP Icahn_NNP threatened_VBD to_TO take_VB over_IN the_DT carrier_NN ._. 
Mr._NNP Icahn_NNP ,_, a_DT much_RB more_RBR practiced_VBN raider_NN than_IN Mr._NNP Steinhardt_NNP ,_, eventually_RB sold_VBN a_DT big_JJ USAir_NNP stake_NN at_IN a_DT tiny_JJ profit_NN through_IN Bear_NNP ,_, Stearns_NNP ._. 
Mr._NNP Steinhardt_NNP also_RB could_MD take_VB that_DT route_NN ._. 
He_PRP confers_VBZ big_JJ trading_NN commissions_NNS on_IN Wall_NNP Street_NNP firms_NNS ._. 
However_RB ,_, with_IN airline_NN stocks_NNS cratering_VBG ,_, he_PRP might_MD not_RB get_VB a_DT very_RB good_JJ price_NN for_IN his_PRP$ shares_NNS ,_, traders_NNS say_VBP ._. 
Especially_RB galling_JJ for_IN Mr._NNP Steinhardt_NNP ,_, say_VBP people_NNS close_VBP to_TO him_PRP ,_, is_VBZ that_IN USAir_NNP 's_POS Mr._NNP Colodny_NNP wo_MD n't_RB even_RB take_VB his_PRP$ telephone_NN calls_NNS ._. 
While_IN USAir_NNP is_VBZ n't_RB considered_VBN absolutely_RB takeover-proof_JJ ,_, its_PRP$ defenses_NNS ,_, including_VBG the_DT sale_NN in_IN August_NNP of_IN a_DT 12_CD %_NN stake_NN in_IN the_DT company_NN to_TO Mr._NNP Buffett_NNP 's_POS Berkshire_NNP Hathaway_NNP ,_, are_VBP pretty_RB strong_JJ ._. 
USAir_NNP 's_POS deal_NN with_IN Mr._NNP Buffett_NNP ``_`` was_VBD n't_RB exactly_RB a_DT shining_VBG example_NN of_IN shareholder_NN democracy_NN ,_, ''_'' Mr._NNP Steinhardt_NNP says_VBZ ._. 
Since_IN last_JJ April_NNP ,_, the_DT investor_NN has_VBZ made_VBN seven_CD so-called_JJ 13D_CD filings_NNS in_IN USAir_NNP ,_, as_IN he_PRP bought_VBD and_CC sold_VBD the_DT company_NN 's_POS stock_NN ._. 
Such_JJ disclosures_NNS of_IN big_JJ holdings_NNS often_RB are_VBP used_VBN by_IN raiders_NNS to_TO try_VB to_TO scare_VB a_DT company_NN 's_POS managers_NNS ,_, and_CC to_TO stir_VB interest_NN in_IN the_DT stock_NN ._. 
But_CC of_IN course_NN it_PRP would_MD be_VB highly_RB unusual_JJ for_IN an_DT investment_NN fund_NN such_JJ as_IN Steinhardt_NNP Partners_NNPS to_TO take_VB over_IN a_DT company_NN ._. 
USAir_NNP and_CC Mr._NNP Buffett_NNP wo_MD n't_RB talk_VB about_IN Mr._NNP Steinhardt_NNP at_IN all_DT ._. 
Analysts_NNS say_VBP USAir_NNP has_VBZ great_JJ promise_NN ._. 
By_IN the_DT second_JJ half_NN of_IN 1990_CD ,_, USAir_NNP stock_NN could_MD hit_VB 60_CD ,_, says_VBZ Helane_NNP Becker_NNP of_IN Shearson_NNP Lehman_NNP Hutton_NNP ._. 
She_PRP thinks_VBZ traders_NNS should_MD buy_VB the_DT stock_NN if_IN it_PRP tumbles_VBZ to_TO 35_CD ._. 
But_CC meanwhile_RB ,_, USAir_NNP is_VBZ expected_VBN to_TO show_VB losses_NNS or_CC lackluster_JJ profit_NN for_IN several_JJ quarters_NNS as_IN it_PRP tries_VBZ to_TO digest_VB Piedmont_NNP Airlines_NNPS ,_, which_WDT it_PRP acquired_VBD ._. 
Moreover_RB ,_, some_DT investors_NNS think_VBP a_DT recession_NN or_CC renewed_VBN airfare_NN wars_NNS will_MD pummel_VB airline_NN stocks_NNS in_IN coming_VBG months_NNS ._. 
However_RB ,_, Mr._NNP Steinhardt_NNP says_VBZ he_PRP 's_VBZ ``_`` comfortable_JJ holding_NN USAir_NNP as_IN an_DT investment_NN ._. ''_'' 
While_IN he_PRP has_VBZ bought_VBN and_CC sold_VBD some_DT USAir_NNP shares_NNS in_IN recent_JJ days_NNS ,_, he_PRP says_VBZ that_IN contrary_JJ to_TO rumors_NNS ,_, he_PRP has_VBZ n't_RB tried_VBN to_TO unload_VB his_PRP$ holding_NN ._. 
Mr._NNP Steinhardt_NNP adds_VBZ that_IN he_PRP bought_VBD USAir_NNP stock_NN earlier_RBR this_DT year_NN as_IN ``_`` part_NN of_IN a_DT fundamental_JJ investment_NN in_IN the_DT airline_NN group_NN ._. ''_'' 
In_IN 1989_CD ,_, Mr._NNP Steinhardt_NNP says_VBZ he_PRP made_VBD money_NN trading_NN in_IN Texas_NNP Air_NNP ,_, AMR_NNP and_CC UAL_NNP ._. 
Overall_RB ,_, his_PRP$ investments_NNS so_RB far_RB this_DT year_NN are_VBP showing_VBG gains_NNS of_IN about_IN 20_CD %_NN ,_, he_PRP adds_VBZ ._. 
Does_VBZ Mr._NNP Steinhardt_NNP regret_VBP his_PRP$ incursion_NN into_IN the_DT takeover-threat_NN game_NN ?_. 
People_NNS close_VBP to_TO the_DT investor_NN say_VBP that_WDT was_VBD an_DT experiment_NN he_PRP is_VBZ unlikely_JJ to_TO repeat_VB ._. 
``_`` I_PRP do_VBP n't_RB think_VB you_PRP 'll_MD find_VB I_PRP 'm_VBP making_VBG a_DT radical_JJ change_NN in_IN my_PRP$ traditional_JJ investment_NN style_NN ,_, ''_'' Mr._NNP Steinhardt_NNP says_VBZ ._. 
Addington_NNP Resources_NNP Inc._NNP said_VBD it_PRP called_VBD for_IN redemption_NN on_IN Nov._NNP 21_CD its_PRP$ $_$ 25.8_CD million_CD outstanding_JJ of_IN 8_CD %_NN convertible_JJ subordinated_VBN debentures_NNS due_JJ 2013_CD ._. 
The_DT debentures_NNS were_VBD issued_VBN in_IN the_DT face_NN amount_NN of_IN $_$ 46_CD million_CD on_IN July_NNP 11_CD ,_, 1988_CD ,_, the_DT Ashland_NNP ,_, Ky._NNP ,_, coal_NN mining_NN ,_, water_NN transportation_NN and_CC construction_NN company_NN said_VBD ._. 
The_DT company_NN said_VBD the_DT redemption_NN is_VBZ permitted_VBN because_IN the_DT price_NN of_IN Addington_NNP 's_POS stock_NN has_VBZ equaled_VBN or_CC exceeded_VBN $_$ 19.60_CD for_IN 20_CD consecutive_JJ trading_NN days_NNS ,_, a_DT condition_NN set_VBN in_IN the_DT terms_NNS of_IN the_DT debentures_NNS ._. 
Debenture_NN holders_NNS are_VBP expected_VBN to_TO convert_VB most_RBS of_IN the_DT debentures_NNS into_IN common_JJ because_IN the_DT value_NN of_IN the_DT stock_NN received_VBD in_IN a_DT conversion_NN would_MD exceed_VB the_DT $_$ 1,103.11_CD redemption_NN price_NN ._. 
Commodore_NNP International_NNP Ltd._NNP said_VBD it_PRP will_MD report_VB a_DT loss_NN for_IN the_DT first_JJ quarter_NN ended_VBN Sept._NNP 30_CD because_IN sales_NNS of_IN personal_JJ computers_NNS for_IN the_DT home_NN market_NN remained_VBD weak_JJ in_IN some_DT major_JJ countries_NNS ._. 
That_DT will_MD mark_VB the_DT second_JJ consecutive_JJ quarterly_JJ loss_NN for_IN Commodore_NNP and_CC will_MD raise_VB additional_JJ questions_NNS about_IN whether_IN it_PRP can_MD sustain_VB the_DT turnaround_NN it_PRP had_VBD seemed_VBN to_TO be_VB engineering_NN ._. 
Commodore_NNP ,_, West_NNP Chester_NNP ,_, Pa._NNP ,_, had_VBD said_VBD in_IN August_NNP that_IN it_PRP was_VBD consolidating_VBG manufacturing_NN to_TO cut_VB costs_NNS and_CC expected_VBN to_TO be_VB profitable_JJ in_IN the_DT fiscal_JJ first_JJ quarter_NN ._. 
Commodore_NNP said_VBD that_IN its_PRP$ announcement_NN is_VBZ based_VBN on_IN preliminary_JJ information_NN and_CC that_IN the_DT situation_NN could_MD look_VB different_JJ by_IN the_DT time_NN final_JJ results_NNS are_VBP announced_VBN early_JJ next_JJ month_NN ._. 
In_IN fact_NN ,_, Commodore_NNP 's_POS fiscal_JJ fourth-quarter_JJ loss_NN was_VBD $_$ 2_CD million_CD narrower_JJR than_IN Commodore_NNP had_VBD expected_VBN a_DT few_JJ weeks_NNS after_IN the_DT quarter_NN closed_VBD ._. 
Still_RB ,_, even_RB results_VBZ approaching_VBG break-even_NN would_MD mark_VB a_DT sharp_JJ weakening_NN compared_VBN with_IN fiscal_JJ 1989_CD first-quarter_JJ earnings_NNS of_IN $_$ 9.6_CD million_CD ,_, or_CC 30_CD cents_NNS a_DT share_NN ,_, on_IN sales_NNS of_IN $_$ 200.2_CD million_CD ._. 
Reflecting_VBG concerns_NNS about_IN Commodore_NNP 's_POS outlook_NN ,_, its_PRP$ stock_NN has_VBZ plunged_VBN more_JJR than_IN 50_CD %_NN since_IN May_NNP ,_, closing_VBG yesterday_NN unchanged_JJ at_IN $_$ 8.875_CD a_DT share_NN in_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ._. 
The_DT price_NN can_MD be_VB expected_VBN to_TO erode_VB further_RBR ,_, because_IN the_DT loss_NN estimate_NN came_VBD after_IN the_DT market_NN closed_VBD ._. 
Commodore_NNP has_VBZ seemed_VBN to_TO be_VB setting_VBG the_DT stage_NN recently_RB for_IN progress_NN in_IN the_DT U.S._NNP ,_, where_WRB its_PRP$ personal-computer_NN sales_NNS have_NN been_VBN so_RB dismal_JJ for_IN years_NNS that_IN Commodore_NNP is_VBZ close_RB to_TO dropping_VBG off_IN research_NN firms_NNS '_POS market-share_JJ charts_NNS ._. 
Commodore_NNP has_VBZ assembled_VBN an_DT experienced_VBN management_NN team_NN ,_, it_PRP has_VBZ persuaded_VBN many_RB more_JJR dealers_NNS to_TO carry_VB its_PRP$ products_NNS and_CC it_PRP has_VBZ unleashed_VBN a_DT slick_JJ advertising_NN campaign_NN ._. 
But_CC those_DT represent_VB long-term_JJ strategies_NNS that_IN probably_RB wo_MD n't_RB succeed_VB quickly_RB ,_, even_RB if_IN they_PRP turn_VBP out_IN to_TO be_VB the_DT right_NN ones_NNS ._. 
In_IN the_DT meantime_NN ,_, the_DT strategies_NNS will_MD increase_VB expenses_NNS ._. 
Commodore_NNP had_VBD been_VBN counting_VBG on_IN its_PRP$ consumer_NN business_NN to_TO stay_VB sufficiently_RB healthy_JJ to_TO support_VB its_PRP$ efforts_NNS in_IN other_JJ areas_NNS --_: mainly_RB in_IN getting_VBG schools_NNS and_CC businesses_NNS to_TO use_VB its_PRP$ Amiga_NNP ,_, which_WDT has_VBZ slick_JJ graphics_NNS yet_RB has_VBZ been_VBN slow_JJ to_TO catch_VB on_IN because_IN it_PRP is_VBZ n't_RB compatible_JJ with_IN Apple_NNP Computer_NNP Inc._NNP or_CC International_NNP Business_NNP Machines_NNP Corp._NNP hardware_NN ._. 
But_CC sales_NNS to_TO consumers_NNS have_VBP become_VBN difficult_JJ during_IN the_DT past_JJ several_JJ months_NNS ,_, even_RB in_IN West_NNP Germany_NNP ,_, which_WDT has_VBZ been_VBN by_IN far_RB Commodore_NNP 's_POS strongest_JJS market_NN ._. 
The_DT Commodore_NNP 64_CD and_CC 128_CD ,_, mainly_RB used_VBN for_IN children_NNS 's_POS educational_JJ software_NN and_CC games_NNS ,_, had_VBD surprised_VBN market_NN researchers_NNS by_IN continuing_VBG to_TO produce_VB strong_JJ sales_NNS even_RB though_IN other_JJ low-profit_JJ personal_JJ computers_NNS now_RB operate_VBP several_JJ times_NNS as_IN fast_RB and_CC have_VBP much_RB more_JJR memory_NN ._. 
Commodore_NNP has_VBZ said_VBD it_PRP expects_VBZ sales_NNS to_TO rebound_VB ,_, but_CC market_NN researchers_NNS have_VBP said_VBD that_IN sales_NNS of_IN the_DT low-end_JJ products_NNS may_MD finally_RB be_VB trailing_VBG off_RB ._. 
Stock_NN prices_NNS closed_VBD slightly_RB higher_JJR in_IN the_DT first_JJ routine_JJ trading_NN day_NN since_IN Friday_NNP 's_POS big_JJ plunge_NN ._. 
Some_DT issues_NNS were_VBD affected_VBN by_IN Tuesday_NNP 's_POS devastating_JJ earthquake_NN in_IN the_DT San_NNP Francisco_NNP area_NN ._. 
Activity_NN continued_VBD to_TO slow_VB from_IN the_DT hectic_JJ pace_NN set_VBN during_IN the_DT market_NN 's_POS plunge_NN late_JJ Friday_NNP and_CC its_PRP$ rebound_NN Monday_NNP ,_, as_IN players_NNS began_VBD to_TO set_VB their_PRP$ sights_NNS on_IN events_NNS coming_VBG later_RB this_DT week_NN ._. 
The_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP drifted_VBD through_IN the_DT session_NN within_IN a_DT trading_NN range_NN of_IN about_IN 30_CD points_NNS before_IN closing_VBG with_IN a_DT gain_NN of_IN 4.92_CD at_IN 2643.65_CD ._. 
Broader_JJR averages_NNS also_RB posted_VBD modest_JJ gains_NNS ._. 
Standard_NNP &_CC Poor_NNP 's_POS 500-Stock_NNP Index_NNP rose_VBD 0.60_CD to_TO 341.76_CD ,_, the_DT Dow_NNP Jones_NNP Equity_NNP Market_NNP Index_NNP rose_VBD 0.71_CD to_TO 320.54_CD and_CC the_DT New_NNP York_NNP Stock_NNP Exchange_NNP Composite_NNP Index_NNP gained_VBD 0.43_CD to_TO 189.32_CD ._. 
Some_DT 822_CD New_NNP York_NNP Stock_NNP Exchange_NNP issues_NNS advanced_VBD in_IN price_NN ,_, while_IN 668_CD declined_VBD ._. 
But_CC the_DT Dow_NNP Jones_NNP Transportation_NNP Average_NNP went_VBD down_RB for_IN the_DT seventh_JJ consecutive_JJ session_NN ,_, due_JJ largely_RB to_TO further_VB selling_NN in_IN UAL_NNP ._. 
The_DT average_NN dropped_VBD 6.40_CD to_TO 1247.87_CD and_CC has_VBZ now_RB lost_VBN 21.7_CD %_NN of_IN its_PRP$ value_NN since_IN the_DT losing_VBG streak_NN began_VBD Oct._NNP 10_CD ._. 
Big_NNP Board_NNP volume_NN dropped_VBD to_TO 166,900,000_CD shares_NNS ,_, in_IN line_NN with_IN the_DT level_NN of_IN trading_NN over_IN the_DT past_JJ few_JJ weeks_NNS ,_, from_IN 224.1_CD million_CD Tuesday_NNP ._. 
Traders_NNS cited_VBD anticipation_NN of_IN the_DT consumer_NN price_NN report_NN for_IN September_NNP ,_, due_JJ today_NN ,_, and_CC tomorrow_NN 's_POS expiration_NN of_IN October_NNP stock-index_NN futures_NNS and_CC options_NNS as_IN major_JJ factors_NNS in_IN the_DT slowdown_NN ._. 
In_IN addition_NN ,_, activity_NN at_IN a_DT number_NN of_IN San_NNP Francisco-based_JJ brokerage_NN houses_NNS was_VBD curtailed_VBN as_IN a_DT result_NN of_IN the_DT earthquake_NN ,_, which_WDT knocked_VBD out_RP power_NN lines_NNS and_CC telephone_NN service_NN throughout_IN the_DT Bay_NNP area_NN ._. 
Stocks_NNS retreated_VBD to_TO session_NN lows_NNS just_RB after_IN the_DT opening_NN amid_IN worries_NNS about_IN the_DT market_NN impact_NN of_IN the_DT quake_NN ,_, but_CC quickly_RB snapped_VBD back_RB to_TO higher_JJR levels_NNS with_IN the_DT help_NN of_IN futures-related_JJ program_NN buying_VBG ._. 
The_DT early_JJ move_NN essentially_RB established_VBD the_DT day_NN 's_POS trading_NN range_NN ,_, and_CC traders_NNS said_VBD they_PRP saw_VBD little_JJ of_IN the_DT program_NN activity_NN that_WDT has_VBZ battered_VBN the_DT market_NN recently_RB ._. 
``_`` I_PRP did_VBD n't_RB expect_VB it_PRP to_TO be_VB this_DT quiet_NN ._. 
I_PRP expected_VBD to_TO see_VB more_JJR volatility_NN as_IN some_DT of_IN the_DT institutions_NNS who_WP were_VBD spooked_VBN last_JJ Friday_NNP did_VBD some_DT selling_NN ,_, ''_'' said_VBD Raymond_NNP F._NNP DeVoe_NNP ,_, a_DT market_NN strategist_NN at_IN Legg_NNP Mason_NNP Wood_NNP Walker_NNP ,_, Baltimore_NNP ._. 
Mr._NNP DeVoe_NNP said_VBD he_PRP expects_VBZ prices_NNS to_TO show_VB some_DT renewed_VBN instability_NN over_IN the_DT next_JJ few_JJ sessions_NNS as_IN institutions_NNS re-evaluate_VBP their_PRP$ stance_NN toward_IN the_DT market_NN in_IN light_NN of_IN its_PRP$ decline_NN ._. 
``_`` I_PRP would_MD suspect_VB that_IN a_DT lot_NN of_IN investment_NN committees_NNS are_VBP looking_VBG into_IN whether_IN -LRB-_( they_PRP -RRB-_) want_VBP to_TO be_VB in_IN stocks_NNS at_IN all_DT ,_, ''_'' he_PRP said_VBD ._. 
Insurance_NN stocks_NNS were_VBD sold_VBN at_IN the_DT opening_NN amid_IN concerns_NNS about_IN the_DT level_NN of_IN damage_NN claims_VBZ the_DT companies_NNS would_MD receive_VB as_IN a_DT result_NN of_IN the_DT earthquake_NN ._. 
But_CC those_DT issues_NNS recovered_VBD quickly_RB and_CC turned_VBD higher_JJR because_IN of_IN expectations_NNS that_IN the_DT quake_NN and_CC the_DT recent_JJ Hurricane_NNP Hugo_NNP would_MD set_VB the_DT stage_NN for_IN an_DT increase_NN in_IN premium_NN rates_NNS ._. 
Issues_NNS of_IN insurance_NN brokers_NNS were_VBD especially_RB strong_JJ ._. 
Marsh_NNP &_CC McLennan_NNP advanced_VBD 3_CD 1\/8_CD to_TO 75_CD 7\/8_CD ,_, Alexander_NNP &_CC Alexander_NNP Services_NNP climbed_VBD 2_CD to_TO 32_CD and_CC Corroon_NNP &_CC Black_NNP firmed_VBD 1_CD 7\/8_CD to_TO 37_CD 1\/2_CD ._. 
Elsewhere_RB in_IN the_DT group_NN ,_, General_NNP Re_NNP rose_VBD 2_CD 3\/4_CD to_TO 86_CD 1\/2_CD ,_, American_NNP International_NNP Group_NNP gained_VBD 3_CD 1\/4_CD to_TO 102_CD 5\/8_CD ,_, Aetna_NNP Life_NNP &_CC Casualty_NNP added_VBD 2_CD 3\/8_CD to_TO 59_CD 1\/2_CD and_CC Cigna_NNP advanced_VBD 7\/8_CD to_TO 62_CD 1\/2_CD ._. 
Loews_NNP ,_, the_DT parent_NN of_IN CNA_NNP Financial_NNP ,_, rose_VBD 1_CD 3\/8_CD to_TO 123_CD 1\/8_CD ._. 
Companies_NNS in_IN the_DT construction_NN ,_, engineering_NN and_CC building-products_NNS sectors_NNS were_VBD among_IN other_JJ beneficiaries_NNS of_IN earthquake-related_JJ buying_NN ._. 
The_DT heavy-construction_NN sector_NN was_VBD the_DT session_NN 's_POS best_JJS performer_NN among_IN Dow_NNP Jones_NNP industry_NN groups_NNS ;_: Fluor_NNP rose_VBD 3\/4_CD to_TO 33_CD 3\/8_CD ,_, Morrison_NNP Knudsen_NNP gained_VBD 2_CD 1\/4_CD to_TO 44_CD 1\/8_CD ,_, Foster_NNP Wheeler_NNP added_VBD 3\/8_CD to_TO 18_CD 1\/4_CD and_CC Ameron_NNP climbed_VBD 2_CD 3\/8_CD to_TO 39_CD 3\/4_CD ._. 
Among_IN engineering_NN firms_NNS ,_, CRS_NNP Sirrine_NNP rose_VBD 5\/8_CD to_TO 34_CD 1\/4_CD on_IN the_DT Big_NNP Board_NNP and_CC four_CD others_NNS rallied_VBD on_IN the_DT American_NNP Stock_NNP Exchange_NNP :_: Jacobs_NNP Engineering_NNP Group_NNP ,_, which_WDT gained_VBD 1_CD 1\/8_CD to_TO 25_CD 3\/8_CD ,_, Greiner_NNP Engineering_NNP ,_, which_WDT rose_VBD 3_CD 1\/2_CD to_TO 22_CD 1\/2_CD ;_: Michael_NNP Baker_NNP ,_, which_WDT added_VBD 1_CD 1\/4_CD to_TO 15_CD 1\/4_CD ,_, and_CC American_NNP Science_NNP &_CC Engineering_NNP ,_, up_IN 1\/2_CD to_TO 8_CD 1\/2_CD ._. 
Within_IN the_DT building-materials_NNS group_VBP ,_, Georgia-Pacific_NNP climbed_VBD 1_CD 1\/4_CD to_TO 58_CD and_CC Louisiana-Pacific_NNP added_VBD 1_CD to_TO 40_CD 3\/4_CD after_IN Merrill_NNP Lynch_NNP recommended_VBD the_DT forest-products_NNS issues_NNS ._. 
CalMat_NNP advanced_VBD 2_CD 3\/4_CD to_TO 28_CD 3\/4_CD ,_, Lone_NNP Star_NNP Industries_NNPS gained_VBD 1_CD 3\/4_CD to_TO 29_CD 1\/4_CD ,_, Lafarge_NNP rose_VBD 1_CD to_TO 19_CD 1\/2_CD ,_, Southdown_NNP added_VBD 5\/8_CD to_TO 24_CD 5\/8_CD and_CC Eljer_NNP Industries_NNP rose_VBD 1_CD 1\/4_CD to_TO 24_CD 7\/8_CD ._. 
Pacific_NNP Gas_NNP &_CC Electric_NNP fell_VBD 3\/8_CD to_TO 19_CD 5\/8_CD in_IN Big_NNP Board_NNP composite_JJ trading_NN of_IN 1.7_CD million_CD shares_NNS and_CC Pacific_NNP Telesis_NNP Group_NNP slipped_VBD 5\/8_CD to_TO 44_CD 5\/8_CD as_IN the_DT companies_NNS worked_VBD to_TO restore_VB service_NN to_TO areas_NNS affected_VBN by_IN the_DT quake_NN ._. 
Chevron_NNP added_VBD 1_CD to_TO 65_CD ._. 
The_DT company_NN ,_, based_VBN in_IN San_NNP Francisco_NNP ,_, said_VBD it_PRP had_VBD to_TO shut_VB down_RP a_DT crude-oil_NN pipeline_NN in_IN the_DT Bay_NNP area_NN to_TO check_VB for_IN leaks_NNS but_CC added_VBD that_IN its_PRP$ refinery_NN in_IN nearby_JJ Richmond_NNP ,_, Calif._NNP ,_, was_VBD undamaged_JJ ._. 
Other_JJ companies_NNS based_VBN in_IN the_DT area_NN include_VBP Hewlett-Packard_NNP ,_, which_WDT rose_VBD 1\/4_CD to_TO 49_CD ;_: National_NNP Semiconductor_NNP ,_, which_WDT went_VBD up_IN 1\/4_CD to_TO 7_CD 5\/8_CD ,_, and_CC Genentech_NNP ,_, which_WDT eased_VBD 1\/4_CD to_TO 19_CD 5\/8_CD ._. 
None_NN of_IN the_DT firms_NNS reported_VBD any_DT major_JJ damage_NN to_TO facilities_NNS as_IN a_DT result_NN of_IN the_DT quake_NN ._. 
BankAmerica_NNP eased_VBD 1\/2_CD to_TO 31_CD 7\/8_CD and_CC Wells_NNP Fargo_NNP lost_VBD 1\/2_CD to_TO 81_CD 1\/2_CD ;_: the_DT two_CD bank_NN holding_VBG companies_NNS ,_, based_VBN in_IN San_NNP Francisco_NNP ,_, were_VBD forced_VBN to_TO curtail_VB some_DT operations_NNS due_JJ to_TO the_DT temblor_NN ._. 
Among_IN California_NNP savings-and-loan_JJ stocks_NNS ,_, H.F._NNP Ahmanson_NNP eased_VBD 3\/8_CD to_TO 22_CD 1\/4_CD ,_, CalFed_NNP slid_VBD 3\/4_CD to_TO 24_CD 1\/8_CD ,_, Great_NNP Western_NNP Financial_NNP dropped_VBD 1\/2_CD to_TO 21_CD 1\/4_CD and_CC Golden_NNP West_NNP Financial_NNP fell_VBD 5\/8_CD to_TO 29_CD 1\/4_CD ._. 
UAL_NNP ,_, the_DT parent_NN company_NN of_IN United_NNP Airlines_NNPS ,_, swung_VBD within_IN a_DT 14-point_JJ range_NN during_IN the_DT course_NN of_IN the_DT session_NN before_IN closing_VBG at_IN 191_CD 3\/4_CD ,_, down_RB 6_CD 1\/4_CD ,_, on_IN 2.3_CD million_CD shares_NNS ._. 
British_JJ Airways_NNPS ,_, a_DT member_NN of_IN the_DT group_NN that_WDT had_VBD offered_VBN $_$ 300_CD a_DT share_NN for_IN UAL_NNP in_IN a_DT leveraged_JJ buy-out_NN ,_, said_VBD it_PRP had_VBD yet_RB to_TO receive_VB a_DT revised_VBN proposal_NN and_CC it_PRP was_VBD ``_`` in_IN no_DT way_NN committed_VBN ''_'' to_TO the_DT completion_NN of_IN a_DT bid_NN ._. 
Separately_RB ,_, investor_NN Marvin_NNP Davis_NNP withdrew_VBD his_PRP$ backup_NN $_$ 300-a-share_JJ takeover_NN offer_NN ._. 
While_IN UAL_NNP faltered_VBD ,_, AMR_NNP ,_, the_DT parent_NN of_IN American_NNP Airlines_NNPS ,_, pulled_VBD out_IN of_IN its_PRP$ recent_JJ nosedive_NN by_IN rising_VBG 3\/4_CD to_TO 74_CD ._. 
The_DT stock_NN had_VBD been_VBN on_IN the_DT decline_NN since_IN the_DT financing_NN for_IN the_DT UAL_NNP buy-out_NN fell_VBD through_IN on_IN Friday_NNP and_CC developer_NN Donald_NNP Trump_NNP subsequently_RB withdrew_VBD a_DT takeover_NN offer_NN of_IN $_$ 120_CD a_DT share_NN for_IN AMR_NNP ._. 
Also_RB ,_, AMR_NNP was_VBD the_DT most_RBS active_JJ Big_NNP Board_NNP issue_NN ;_: 2.8_CD million_CD shares_NNS changed_VBD hands_NNS ._. 
GTE_NNP added_VBD 1_CD 1\/4_CD to_TO 65_CD 3\/8_CD ._. 
PaineWebber_NNP repeated_VBD a_DT buy_NN recommendation_NN on_IN the_DT stock_NN and_CC raised_VBN its_PRP$ 1990_CD earnings_NNS estimate_NN by_IN 35_CD cents_NNS a_DT share_NN ,_, to_TO $_$ 5.10_CD ._. 
Colgate-Palmolive_NNP advanced_VBD 1_CD 5\/8_CD to_TO 63_CD after_IN saying_VBG it_PRP was_VBD comfortable_JJ with_IN analysts_NNS '_POS projections_NNS that_IN third-quarter_JJ net_JJ income_NN from_IN continuing_VBG operations_NNS would_MD be_VB between_IN 95_CD cents_NNS and_CC $_$ 1.05_CD a_DT share_NN ,_, up_IN from_IN 69_CD cents_NNS a_DT year_NN ago_RB ._. 
Springs_NNP Industries_NNPS dropped_VBD 1_CD 3\/8_CD to_TO 36_CD ._. 
Analysts_NNS at_IN several_JJ brokerage_NN firms_NNS lowered_VBD their_PRP$ 1989_CD and_CC 1990_CD earnings_NNS estimates_NNS on_IN the_DT company_NN after_IN its_PRP$ third-quarter_JJ results_NNS proved_VBD disappointing_JJ ._. 
Trinova_NNP third-quarter_JJ loss_NN after_IN a_DT charge_NN for_IN a_DT planned_VBN restructuring_NN ,_, which_WDT will_MD include_VB the_DT closing_VBG or_CC downsizing_VBG of_IN about_IN 25_CD %_NN of_IN its_PRP$ plants_NNS and_CC a_DT work_NN force_NN cut_NN of_IN about_IN 1,500_CD over_IN three_CD years_NNS ._. 
The_DT Amex_NNP Market_NNP Value_NNP Index_NNP snapped_VBD a_DT five-session_JJ losing_NN streak_NN by_IN rising_VBG 2.91_CD to_TO 378.07_CD ._. 
Volume_NN totaled_VBD 12,500,000_CD shares_NNS ._. 
Carnival_NNP Cruise_NNP Lines_NNP Class_NNP A_DT rose_VBD 1_CD 1\/4_CD to_TO 22_CD 3\/8_CD ._. 
The_DT company_NN ,_, citing_VBG market_NN conditions_NNS ,_, postponed_VBD a_DT $_$ 200_CD million_CD debt_NN offer_NN ._. 
Philip_NNP Morris_NNP Cos._NNP posted_VBD a_DT 20_CD %_NN jump_NN in_IN third-quarter_JJ profit_NN on_IN a_DT 45_CD %_NN revenue_NN increase_NN ,_, reflecting_VBG strength_NN in_IN the_DT company_NN 's_POS cigarette_NN ,_, food_NN and_CC brewing_NN businesses_NNS ._. 
Net_JJ income_NN rose_VBD to_TO $_$ 748_CD million_CD ,_, or_CC 81_CD cents_NNS a_DT share_NN ,_, from_IN the_DT year-earlier_JJ $_$ 621_CD million_CD ,_, or_CC 67_CD cents_NNS a_DT share_NN ._. 
Per-share_JJ figures_NNS have_VBP been_VBN adjusted_VBN for_IN a_DT 4-for-1_JJ stock_NN split_NN paid_VBN earlier_RBR this_DT month_NN ._. 
The_DT New_NNP York-based_JJ tobacco_NN ,_, food_NN and_CC beer_NN concern_NN said_VBD revenue_NN increased_VBN to_TO $_$ 11.25_CD billion_CD from_IN $_$ 7.74_CD billion_CD ._. 
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, Philip_NNP Morris_NNP closed_VBD at_IN $_$ 43.375_CD ,_, up_IN 12.5_CD cents_NNS ._. 
Philip_NNP Morris_NNP disclosed_VBD little_RB detailed_VBN information_NN about_IN performance_NN by_IN major_JJ business_NN lines_NNS except_VB to_TO say_VB that_IN most_RBS ,_, including_VBG Philip_NNP Morris_NNP U.S.A._NNP ,_, Kraft_NNP General_NNP Foods_NNPS and_CC Miller_NNP Brewing_NNP Co._NNP ,_, posted_VBD increased_VBN revenues_NNS ._. 
For_IN the_DT nine_CD months_NNS ,_, net_JJ increased_VBN 4.4_CD %_NN to_TO $_$ 2.08_CD billion_CD ,_, or_CC $_$ 2.25_CD a_DT share_NN ,_, from_IN $_$ 2_CD billion_CD ,_, which_WDT included_VBD $_$ 273_CD million_CD reflecting_VBG the_DT effect_NN of_IN an_DT accounting_NN change_NN ._. 
Granges_NNP Inc._NNP ,_, citing_VBG depressed_JJ gold_NN prices_NNS ,_, said_VBD it_PRP plans_VBZ to_TO suspend_VB operations_NNS for_IN an_DT indefinite_JJ period_NN at_IN its_PRP$ Tartan_NNP gold_NN mine_NN in_IN Manitoba_NNP ._. 
Granges_NNP said_VBD in_IN Vancouver_NNP ,_, British_NNP Columbia_NNP ,_, that_IN the_DT production_NN halt_NN will_MD be_VB phased_VBN in_IN over_IN a_DT 10-week_JJ period_NN ._. 
Tartan_NNP currently_RB produces_VBZ gold_NN at_IN a_DT cash_NN operating_VBG cost_NN of_IN $_$ 393_CD an_DT ounce_NN ,_, which_WDT is_VBZ high_JJ by_IN industry_NN standards_NNS and_CC $_$ 25_CD or_CC so_RB above_IN the_DT current_JJ spot_NN price_NN ._. 
Granges_NNP said_VBD it_PRP also_RB plans_VBZ in_IN the_DT third_JJ quarter_NN to_TO write_VB down_RP the_DT carrying_VBG value_NN of_IN the_DT Tartan_NNP mine_NN by_IN 2.5_CD million_CD Canadian_JJ dollars_NNS -LRB-_( US$_$ 2.12_CD million_CD -RRB-_) ,_, and_CC to_TO write_VB off_IN most_RBS of_IN the_DT C$_$ 6.3_CD million_CD carrying_VBG value_NN of_IN its_PRP$ Windflower_NNP gold_NN property_NN in_IN British_NNP Columbia_NNP ._. 
Granges_NNP did_VBD n't_RB say_VB what_WP impact_NN the_DT moves_NNS would_MD have_VB on_IN total_JJ gold_NN output_NN or_CC earnings_NNS ,_, and_CC company_NN officials_NNS were_VBD n't_RB available_JJ ._. 
Computer_NNP Associates_NNP International_NNP Inc._NNP ,_, Garden_NNP City_NNP ,_, N.Y._NNP ,_, and_CC Digital_NNP Equipment_NNP Corp._NNP said_VBD they_PRP agreed_VBD to_TO jointly_RB develop_VB software_NN to_TO help_VB manage_VB Digital_NNP 's_POS Vax_NNP computers_NNS ._. 
Computer_NNP Associates_NNPS has_VBZ carved_VBN out_RP a_DT huge_JJ business_NN selling_VBG such_JJ software_NN for_IN use_NN in_IN managing_VBG networks_NNS of_IN International_NNP Business_NNP Machines_NNP Corp._NNP computers_NNS but_CC needs_VBZ to_TO find_VB new_JJ markets_NNS if_IN it_PRP is_VBZ to_TO maintain_VB its_PRP$ growth_NN rate_NN of_IN 30_CD %_NN and_CC more_JJR each_DT year_NN ._. 
The_DT market_NN for_IN system-management_NN software_NN for_IN Digital_NNP 's_POS hardware_NN is_VBZ fragmented_JJ enough_RB that_IN a_DT giant_NN such_JJ as_IN Computer_NNP Associates_NNPS should_MD do_VB well_RB there_RB ._. 
At_IN the_DT same_JJ time_NN ,_, the_DT market_NN is_VBZ smaller_JJR than_IN the_DT market_NN for_IN IBM-compatible_JJ software_NN ._. 
For_IN one_CD thing_NN ,_, Digital_NNP ,_, Maynard_NNP ,_, Mass._NNP ,_, has_VBZ sold_VBN fewer_JJR machines_NNS ._. 
In_IN addition_NN ,_, its_PRP$ machines_NNS are_VBP typically_RB easier_JJR to_TO operate_VB ,_, so_RB customers_NNS require_VBP less_JJR assistance_NN from_IN software_NN ._. 
Wang_NNP Laboratories_NNP Inc._NNP ,_, Lowell_NNP ,_, Mass._NNP ,_, beset_VBN by_IN declining_VBG demand_NN for_IN its_PRP$ computers_NNS ,_, reported_VBD a_DT $_$ 62.1_CD million_CD ,_, 38-cents-a-share_JJ loss_NN in_IN its_PRP$ first_JJ quarter_NN ended_VBN Sept._NNP 30_CD ._. 
Revenue_NN fell_VBD 12.7_CD %_NN to_TO $_$ 596.8_CD million_CD from_IN $_$ 684_CD million_CD ,_, although_IN some_DT of_IN the_DT decline_NN was_VBD caused_VBN by_IN discontinued_JJ operations_NNS ._. 
Wang_NNP had_VBD previously_RB forecast_VBP a_DT loss_NN ._. 
The_DT company_NN reiterated_VBD that_IN it_PRP expects_VBZ another_DT loss_NN in_IN the_DT second_JJ quarter_NN and_CC for_IN the_DT full_JJ year_NN ,_, although_IN it_PRP expects_VBZ a_DT profitable_JJ fourth_JJ quarter_NN ._. 
A_DT year_NN ago_RB ,_, Wang_NNP had_VBD earnings_NNS of_IN $_$ 13.1_CD million_CD ,_, or_CC eight_CD cents_NNS a_DT share_NN ,_, in_IN its_PRP$ first_JJ quarter_NN ,_, including_VBG a_DT $_$ 3.1_CD million_CD loss_NN from_IN discontinued_VBN operations_NNS ._. 
The_DT latest_JJS period_NN loss_NN included_VBD a_DT $_$ 12.9_CD pretax_JJ charge_NN for_IN severance_NN payments_NNS ._. 
Dayton_NNP Hudson_NNP Corp._NNP said_VBD it_PRP accepted_VBD for_IN purchase_NN seven_CD million_CD common_JJ shares_NNS at_IN $_$ 62.875_CD each_DT ,_, under_IN the_DT terms_NNS of_IN a_DT Dutch_JJ auction_NN self-tender_JJ offer_NN ._. 
The_DT offer_NN expired_VBD at_IN 12:01_CD a.m._NN yesterday_NN ._. 
In_IN a_DT Dutch_JJ auction_NN ,_, the_DT buyer_NN sets_VBZ a_DT price_NN range_NN and_CC holders_NNS give_VBP a_DT price_NN in_IN that_DT range_NN at_IN which_WDT they_PRP 're_VBP willing_JJ to_TO sell_VB their_PRP$ shares_NNS ._. 
The_DT buyer_NN then_RB picks_VBZ a_DT price_NN and_CC buys_VBZ shares_NNS at_IN that_DT price_NN from_IN holders_NNS who_WP offered_VBD to_TO sell_VB at_IN that_DT price_NN or_CC lower_JJR ._. 
Dayton_NNP Hudson_NNP 's_POS repurchase_NN offer_NN ,_, representing_VBG about_IN 9_CD %_NN of_IN its_PRP$ common_JJ shares_NNS outstanding_JJ ,_, had_VBD established_VBN a_DT range_NN of_IN between_IN $_$ 60_CD and_CC $_$ 65_CD for_IN the_DT buy-back_NN ._. 
Dayton_NNP Hudson_NNP said_VBD it_PRP accepted_VBD all_DT odd-lot_JJ shares_NNS tendered_VBN at_IN or_CC below_IN the_DT final_JJ $_$ 62.875_CD price_NN ;_: the_DT preliminary_JJ proration_NN factor_NN for_IN other_JJ shares_NNS tendered_VBN at_IN or_CC below_IN the_DT final_JJ price_NN is_VBZ 98_CD %_NN ._. 
The_DT Minneapolis-based_JJ retailer_NN said_VBD it_PRP expects_VBZ to_TO pay_VB for_IN the_DT seven_CD million_CD shares_NNS next_JJ Thursday_NNP ._. 
Tendered_JJ shares_NNS not_RB purchased_VBN will_MD be_VB returned_VBN to_TO holders_NNS ._. 
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Dayton_NNP rose_VBD $_$ 1_CD to_TO $_$ 61.125_CD ._. 
Continental_NNP Bank_NNP Corp._NNP 's_POS third-quarter_JJ net_JJ income_NN slipped_VBD 11_CD %_NN despite_IN a_DT big_JJ gain_NN from_IN the_DT sale_NN of_IN the_DT company_NN 's_POS London_NNP headquarters_NN building_NN ._. 
The_DT $_$ 55_NN million_CD gain_NN on_IN the_DT sale_NN was_VBD offset_VBN by_IN lower_JJR interest_NN income_NN ,_, poorer_JJR results_NNS from_IN foreign-exchange_JJ trading_NN and_CC a_DT $_$ 9_CD million_CD loss_NN on_IN the_DT sale_NN of_IN a_DT unit_NN ,_, Securities_NNP Settlement_NNP Corp_NNP ._. 
Chicago-based_JJ Continental_NNP earned_VBD $_$ 65.2_CD million_CD ,_, or_CC $_$ 1.04_CD a_DT share_NN ,_, compared_VBN with_IN $_$ 73.6_CD million_CD ,_, or_CC $_$ 1.19_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
The_DT 1988_CD quarter_NN also_RB included_VBD one-time_JJ gains_NNS totaling_VBG about_RB $_$ 35_CD million_CD ._. 
The_DT bank_NN ,_, which_WDT has_VBZ loss_NN reserves_NNS equal_JJ to_TO about_IN half_VB its_PRP$ long-term_JJ and_CC medium-term_JJ loans_NNS to_TO less-developed_JJ nations_NNS ,_, said_VBD it_PRP does_VBZ n't_RB think_VB additional_JJ reserves_NNS are_VBP required_VBN ._. 
Enron_NNP Corp._NNP said_VBD a_DT subsidiary_NN and_CC two_CD United_NNP Kingdom_NNP firms_NNS are_VBP studying_VBG the_DT feasibility_NN of_IN constructing_VBG a_DT 1,500_CD megawatt_NN gas-fired_JJ power_NN plant_NN in_IN northern_JJ England_NNP as_IN an_DT outgrowth_NN of_IN the_DT government_NN 's_POS privatization_NN program_NN ._. 
Enron_NNP Power_NNP Corp._NNP ,_, a_DT unit_NN of_IN the_DT Houston_NNP natural_JJ gas_NN pipeline_NN company_NN ,_, would_MD design_VB ,_, construct_VB and_CC run_VB the_DT plant_NN ._. 
Gas_NNP to_TO fuel_VB it_PRP would_MD be_VB piped_VBN from_IN the_DT North_NNP Sea_NNP ._. 
A_DT subsidiary_NN of_IN Britain_NNP 's_POS Imperial_NNP Chemical_NNP Industries_NNPS would_MD buy_VB electricity_NN and_CC steam_NN from_IN the_DT proposed_VBN station_NN ._. 
Surplus_JJ power_NN would_MD be_VB sold_VBN on_IN the_DT open_JJ market_NN ,_, Enron_NNP said_VBD ._. 
Also_RB participating_VBG in_IN the_DT study_NN ,_, Enron_NNP said_VBD ,_, is_VBZ the_DT National_NNP Power_NNP division_NN of_IN Britain_NNP 's_POS Central_NNP Electricity_NNP Generating_NNP Board_NNP ._. 
Upon_IN privatization_NN ,_, National_NNP Power_NNP will_MD be_VB responsible_JJ for_IN 70_CD %_NN of_IN the_DT country_NN 's_POS power_NN generating_VBG business_NN ._. 
Viacom_NNP Inc._NNP ,_, New_NNP York_NNP ,_, reported_VBD that_IN its_PRP$ third-quarter_JJ loss_NN widened_VBD to_TO $_$ 21.7_CD million_CD ,_, or_CC 41_CD cents_NNS a_DT share_NN ,_, primarily_RB because_IN of_IN interest_NN expense_NN of_IN $_$ 70.1_CD million_CD ._. 
A_DT year_NN ago_RB ,_, Viacom_NNP had_VBD a_DT net_JJ loss_NN of_IN $_$ 56.9_CD million_CD ,_, or_CC $_$ 1.07_CD a_DT share_NN ._. 
Interest_NN expense_NN in_IN the_DT 1988_CD third_JJ quarter_NN was_VBD $_$ 75.3_CD million_CD ._. 
In_IN the_DT year-ago_JJ quarter_NN ,_, Viacom_NNP also_RB paid_VBD preferred_JJ stock_NN dividends_NNS of_IN $_$ 17_CD million_CD ;_: Viacom_NNP exchanged_VBD its_PRP$ preferred_JJ stock_NN for_IN debt_NN in_IN March_NNP ._. 
The_DT communications_NNS and_CC entertainment_NN company_NN said_VBD revenue_NN rose_VBD to_TO $_$ 345.5_CD million_CD ,_, from_IN $_$ 311.6_CD million_CD ._. 
Viacom_NNP attributed_VBD the_DT improvement_NN to_TO higher_JJR earnings_NNS from_IN operations_NNS in_IN its_PRP$ networks_NNS segment_VBP ,_, which_WDT includes_VBZ the_DT MTV_NNP and_CC Showtime_NNP networks_NNS ._. 
Viacom_NNP said_VBD it_PRP also_RB restructured_VBD bank_NN debt_NN under_IN a_DT $_$ 1.5_CD billion_CD unsecured_JJ bank_NN agreement_NN that_WDT offers_VBZ significant_JJ interest_NN rate_NN savings_NNS ._. 
Sumner_NNP M._NNP Redstone_NNP ,_, Viacom_NNP 's_POS chairman_NN ,_, said_VBD Viacom_NNP ``_`` emerged_VBD from_IN our_PRP$ leveraged_JJ buy-out_NN structure_NN and_CC gained_VBD substantial_JJ operating_NN and_CC financial_JJ flexibility_NN through_IN ''_'' the_DT bank_NN pact_NN ._. 
Trinova_NNP Corp._NNP ,_, Maumee_NNP ,_, Ohio_NNP ,_, said_VBD it_PRP is_VBZ launching_VBG an_DT extensive_JJ restructuring_NN of_IN its_PRP$ core_NN business_NN ,_, and_CC took_VBD a_DT charge_NN that_WDT resulted_VBD in_IN a_DT loss_NN of_IN $_$ 29.7_CD million_CD ,_, or_CC 87_CD cents_NNS a_DT share_NN ,_, for_IN the_DT third_JJ quarter_NN ._. 
Trinova_NNP said_VBD it_PRP will_MD close_VB ,_, move_NN or_CC overhaul_NN 40_CD of_IN its_PRP$ 170_CD manufacturing_NN facilities_NNS and_CC over_IN the_DT next_JJ three_CD years_NNS cut_VBP 1,500_CD jobs_NNS from_IN its_PRP$ current_JJ world-wide_JJ payroll_NN of_IN 22,300_CD employees_NNS ._. 
Most_JJS of_IN the_DT factory_NN closings_NNS and_CC job_NN cutbacks_NNS will_MD affect_VB Trinova_NNP 's_POS Aeroquip_NNP operations_NNS ,_, which_WDT manufacture_VBP automotive_JJ plastics_NNS ,_, hoses_NNS and_CC other_JJ industrial_JJ and_CC automotive_JJ parts_NNS ._. 
Hoses_NNS and_CC plastics_NNS together_RB account_VBP for_IN about_IN 42_CD %_NN of_IN Trinova_NNP 's_POS total_JJ annual_JJ sales_NNS ._. 
In_IN a_DT separate_JJ announcement_NN ,_, Trinova_NNP said_VBD the_DT Aeroquip_NNP group_NN has_VBZ agreed_VBN to_TO sell_VB its_PRP$ spring-brake_NN ,_, piston-brake_NN and_CC related_VBN businesses_NNS to_TO Midland_NNP Brake_NNP Inc._NNP of_IN Branford_NNP ,_, Conn_NNP ._. 
Terms_NNS were_VBD n't_RB disclosed_VBN ._. 
To_TO provide_VB for_IN the_DT restructuring_NN 's_POS costs_NNS ,_, Trinova_NNP said_VBD it_PRP took_VBD an_DT after-tax_JJ charge_NN of_IN $_$ 38.5_CD million_CD ,_, or_CC $_$ 1.13_CD a_DT share_NN ,_, in_IN the_DT third_JJ quarter_NN ._. 
The_DT $_$ 29.7_CD million_CD net_JJ loss_NN compares_VBZ with_IN net_JJ income_NN of_IN $_$ 19.6_CD million_CD ,_, or_CC 57_CD cents_NNS a_DT share_NN ,_, a_DT year_NN earlier_RBR ._. 
Sales_NNS rose_VBD 8_CD %_NN to_TO $_$ 456.2_CD million_CD from_IN $_$ 422_CD million_CD ._. 
Trinova_NNP closed_VBD at_IN $_$ 25_CD ,_, down_RB $_$ 1_CD ,_, in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ._. 
A_DT group_NN of_IN investors_NNS ,_, including_VBG Giancarlo_NNP Parretti_NNP 's_POS Pathe_NNP Communications_NNP Corp._NNP and_CC Sasea_NNP Holding_NNP S.A._NNP ,_, have_VBP agreed_VBN to_TO buy_VB 76.66_CD %_NN of_IN Odeon_NNP Finanziaria_NNP ,_, a_DT financially_RB troubled_JJ Italian_JJ TV_NN station_NN ._. 
Florio_NNP Fiorini_NNP ,_, managing_VBG director_NN of_IN Geneva-based_JJ Sasea_NNP ,_, said_VBD the_DT investors_NNS would_MD pay_VB only_RB a_DT symbolic_JJ one_CD lira_NN for_IN the_DT station_NN ,_, ``_`` but_CC we_PRP have_VBP agreed_VBN to_TO raise_VB the_DT capital_NN that_WDT will_MD enable_VB the_DT company_NN to_TO continue_VB operating_VBG ._. 
It_PRP 's_VBZ sort_NN of_IN a_DT Chapter_NN 11_CD situation_NN ,_, ''_'' he_PRP added_VBD ,_, referring_VBG to_TO the_DT U.S._NNP bankruptcy_NN law_NN that_WDT protects_VBZ companies_NNS from_IN creditors_NNS while_IN they_PRP restructure_VBP ._. 
Milan-based_JJ Odeon_NNP ,_, which_WDT draws_VBZ about_IN 3_CD %_NN of_IN Italian_JJ TV_NN viewers_NNS ,_, has_VBZ debt_NN of_IN 250_CD billion_CD lire_NNS -LRB-_( $_$ 181.9_CD million_CD -RRB-_) ,_, Mr._NNP Fiorini_NNP said_VBD ._. 
He_PRP added_VBD that_IN details_NNS of_IN the_DT recapitalization_NN still_RB have_VBP to_TO be_VB worked_VBN out_IN ,_, but_CC that_IN Pathe_NNP will_MD take_VB 50_CD %_NN of_IN Odeon_NNP ,_, Rome_NNP film_NN producer_NN Bruno_NNP Lucisano_NNP will_MD take_VB 10_CD %_NN and_CC the_DT remaining_VBG 16.66_CD %_NN ,_, currently_RB owned_VBN by_IN Sasea_NNP ,_, will_MD eventually_RB be_VB sold_VBN to_TO other_JJ investors_NNS ._. 
Calisto_NNP Tanzi_NNP ,_, Odeon_NNP 's_POS owner_NN ,_, will_MD retain_VB his_PRP$ 23.34_CD %_NN stake_NN ._. 
Italy_NNP 's_POS Supreme_NNP Court_NNP this_DT year_NN ordered_VBD Parliament_NNP to_TO write_VB a_DT law_NN that_WDT will_MD regulate_VB media_NNS ownership_NN ._. 
``_`` We_PRP think_VBP that_IN it_PRP 's_VBZ going_VBG to_TO be_VB far_RB more_RBR favorable_JJ to_TO own_VB a_DT station_NN before_IN the_DT law_NN is_VBZ passed_VBN than_IN to_TO try_VB to_TO buy_VB one_CD afterward_RB ,_, ''_'' Mr._NNP Fiorini_NNP said_VBD ._. 
San_NNP Francisco_NNP area_NN officials_NNS gave_VBD the_DT media_NNS high_JJ marks_NNS for_IN helping_VBG people_NNS find_VBP shelter_NN and_CC obtain_VB emergency_NN information_NN after_IN Tuesday_NNP 's_POS catastrophic_JJ earthquake_NN ._. 
``_`` The_DT press_NN has_VBZ been_VBN doing_VBG an_DT excellent_JJ job_NN ._. 
They_PRP are_VBP telling_VBG people_NNS what_WP roads_NNS are_VBP closed_VBN and_CC just_RB keeping_VBG the_DT public_RB informed_VBN has_VBZ helped_VBN to_TO keep_VB the_DT panic_NN down_RB ,_, ''_'' said_VBD James_NNP Ball_NNP ,_, a_DT station_NN supervisor_NN at_IN Daly_NNP City_NNP Police_NNP Department_NNP ._. 
Mr._NNP Ball_NNP noted_VBD that_IN television_NN stations_NNS featured_VBD people_NNS holding_VBG up_IN phone_NN books_NNS ,_, explaining_VBG where_WRB to_TO call_VB for_IN help_NN ._. 
Radio_NN stations_NNS provided_VBD an_DT emergency_NN number_NN for_IN people_NNS who_WP smelled_VBD gas_NN but_CC did_VBD n't_RB know_VB how_WRB to_TO turn_VB off_IN their_PRP$ gas_NN supply_NN ._. 
Kim_NNP Schwartz_NNP ,_, a_DT spokesperson_NN for_IN the_DT American_NNP Red_NNP Cross_NNP in_IN Los_NNP Angeles_NNP ,_, said_VBD television_NN and_CC radio_NN stations_NNS in_IN San_NNP Francisco_NNP played_VBD a_DT ``_`` very_RB positive_JJ role_NN ''_'' by_IN providing_VBG the_DT address_NN of_IN 28_CD shelters_NNS of_IN the_DT Red_NNP Cross_NNP and_CC by_IN giving_VBG out_RP the_IN Red_NNP Cross_NNP number_NN for_IN contributions_NNS to_TO help_VB earthquake_NN victims_NNS -LRB-_( 1-800-453-9000_CD -RRB-_) ._. 
The_DT San_NNP Francisco_NNP Examiner_NNP issued_VBD a_DT special_JJ edition_NN around_IN noon_NN yesterday_NN that_WDT was_VBD filled_VBN entirely_RB with_IN earthquake_NN news_NN and_CC information_NN ._. 
The_DT Examiner_NNP and_CC the_DT San_NNP Francisco_NNP Chronicle_NNP were_VBD able_JJ to_TO publish_VB despite_IN Tuesday_NNP 's_POS quake_NN ,_, which_WDT occurred_VBD close_RB to_TO deadline_NN for_IN many_JJ newspapers_NNS ._. 
Sterling_NNP Software_NNP Inc._NNP said_VBD it_PRP lost_VBD its_PRP$ bid_NN to_TO supply_VB software_NN services_NNS to_TO the_DT National_NNP Aeronautics_NNP and_CC Space_NNP Administration_NNP 's_POS Ames_NNP Research_NNP Center_NNP at_IN Moffett_NNP Field_NNP ,_, Calif_NNP ._. 
Sterling_NNP ,_, which_WDT estimated_VBD the_DT value_NN of_IN the_DT contract_NN at_IN $_$ 150_CD million_CD ,_, said_VBD NASA_NNP selected_VBD another_DT bidder_NN for_IN final_JJ negotiations_NNS ._. 
In_IN 1988_CD ,_, Dallas-based_JJ Sterling_NNP protested_VBD a_DT similar_JJ decision_NN by_IN NASA_NNP involving_VBG the_DT same_JJ contract_NN ,_, claiming_VBG it_PRP had_VBD submitted_VBN the_DT lowest_JJS bid_NN ._. 
As_IN a_DT result_NN ,_, last_JJ March_NNP the_DT General_NNP Services_NNP Administration_NNP board_NN of_IN contract_NN appeals_NNS directed_VBD NASA_NNP to_TO reopen_VB negotiations_NNS on_IN the_DT contract_NN ._. 
Sterling_NNP said_VBD it_PRP had_VBD requested_VBN a_DT briefing_NN by_IN NASA_NNP but_CC had_VBD not_RB decided_VBN whether_IN to_TO protest_VB the_DT agency_NN 's_POS latest_JJS decision_NN ._. 
Consolidated_NNP Rail_NNP Corp._NNP ,_, New_NNP York_NNP ,_, reported_VBD that_IN third-quarter_JJ net_JJ income_NN climbed_VBD 4.8_CD %_NN to_TO $_$ 87_CD million_CD ,_, or_CC $_$ 1.27_CD a_DT share_NN ,_, exceeding_VBG analysts_NNS '_POS expectations_NNS ._. 
In_IN the_DT year-earlier_JJ quarter_NN ,_, the_DT freight_NN railroad_NN earned_VBD $_$ 83_CD million_CD ,_, or_CC $_$ 1.21_CD a_DT share_NN ._. 
James_NNP A._NNP Hagen_NNP ,_, chairman_NN and_CC chief_JJ executive_JJ officer_NN ,_, noted_VBD that_IN earnings_NNS advanced_VBD ``_`` in_IN the_DT face_NN of_IN a_DT drop_NN in_IN business_NN ,_, brought_VBN on_IN by_IN the_DT general_JJ economic_JJ slowdown_NN ._. ''_'' 
Revenue_NN slipped_VBD 4.6_CD %_NN to_TO $_$ 835_CD million_CD from_IN $_$ 876_CD million_CD ._. 
For_IN the_DT rest_NN of_IN 1989_CD ,_, Mr._NNP Hagen_NNP said_VBD ,_, Conrail_NNP 's_POS traffic_NN and_CC revenue_NN ``_`` will_MD reflect_VB the_DT sluggish_JJ economy_NN ,_, but_CC Conrail_NNP will_MD continue_VB to_TO take_VB steps_NNS to_TO control_VB and_CC reduce_VB costs_NNS ._. ''_'' 
For_IN the_DT nine_CD months_NNS ,_, Conrail_NNP earnings_NNS grew_VBD 0.4_CD %_NN to_TO $_$ 229_CD million_CD ,_, or_CC $_$ 3.34_CD a_DT share_NN ,_, from_IN $_$ 228_CD million_CD ,_, or_CC $_$ 3.31_CD a_DT share_NN ._. 
Revenue_NN was_VBD flat_JJ at_IN $_$ 2.59_CD billion_CD ._. 
Georgia_NNP Gulf_NNP Corp._NNP ,_, hurt_VBN by_IN declining_VBG sales_NNS and_CC falling_VBG chemical_NN prices_NNS ,_, said_VBD third-quarter_JJ earnings_NNS fell_VBD 13_CD %_NN to_TO $_$ 46.1_CD million_CD from_IN $_$ 53.1_CD million_CD in_IN the_DT year-earlier_JJ period_NN ._. 
Sales_NNS declined_VBD 10_CD %_NN to_TO $_$ 251.2_CD million_CD from_IN $_$ 278.7_CD million_CD ._. 
The_DT Atlanta-based_JJ chemical_NN manufacturer_NN said_VBD lower_JJR prices_NNS hurt_VBD margins_NNS for_IN most_RBS products_NNS ._. 
``_`` We_PRP did_VBD see_VB some_DT relief_NN in_IN raw_JJ material_NN costs_NNS ,_, but_CC it_PRP was_VBD n't_RB sufficient_JJ to_TO offset_VB the_DT drop_NN in_IN sales_NNS prices_NNS ,_, ''_'' James_NNP R._NNP Kuse_NNP ,_, the_DT company_NN 's_POS chairman_NN and_CC chief_JJ executive_JJ officer_NN said_VBD in_IN a_DT statement_NN ._. 
On_IN a_DT per-share_JJ basis_NN ,_, quarterly_JJ earnings_NNS remained_VBD at_IN $_$ 1.85_CD ,_, the_DT same_JJ as_IN last_JJ year_NN ,_, because_IN of_IN the_DT company_NN 's_POS share_NN buy-back_NN program_NN ._. 
Georgia_NNP Gulf_NNP had_VBD 24.9_CD million_CD shares_NNS outstanding_JJ on_IN average_JJ in_IN the_DT quarter_NN ,_, compared_VBN with_IN 28.6_CD million_CD in_IN the_DT third_JJ quarter_NN of_IN 1988_CD ,_, adjusted_VBN for_IN a_DT stock_NN split_NN paid_VBN in_IN January_NNP 1989_CD ._. 
In_IN composite_JJ New_NNP York_NNP Stock_NNP Exchange_NNP trading_NN ,_, stock_NN in_IN Georgia_NNP Gulf_NNP ,_, which_WDT has_VBZ been_VBN mentioned_VBN as_IN a_DT takeover_NN candidate_NN ,_, rose_VBD $_$ 2.125_CD a_DT share_NN to_TO close_VB at_IN $_$ 46.125_CD ._. 
This_DT temblor-prone_JJ city_NN dispatched_VBD inspectors_NNS ,_, firefighters_NNS and_CC other_JJ earthquake-trained_JJ personnel_NNS to_TO aid_VB San_NNP Francisco_NNP ._. 
But_CC a_DT secondary_JJ agenda_NN among_IN officials_NNS in_IN the_DT City_NNP of_IN Angels_NNPS was_VBD to_TO learn_VB about_IN the_DT disaster-contingency_NN plans_VBZ that_DT work_NN and_CC those_DT that_WDT do_VBP n't_RB ._. 
Los_NNP Angeles_NNP Mayor_NNP Tom_NNP Bradley_NNP used_VBD the_DT opportunity_NN to_TO push_VB the_DT City_NNP Council_NNP harder_JJR to_TO pass_VB a_DT measure_NN establishing_VBG a_DT loss-recovery_JJ reserve_NN of_IN $_$ 100_CD million_CD ._. 
The_DT amount_NN would_MD help_VB Los_NNP Angeles_NNP cope_VB in_IN the_DT first_JJ few_JJ weeks_NNS after_IN its_PRP$ own_JJ anticipated_VBN quake_NN ,_, while_IN waiting_VBG for_IN federal_JJ assistance_NN to_TO arrive_VB ._. 
After_IN San_NNP Francisco_NNP Mayor_NNP Art_NNP Agnos_NNP spoke_VBD on_IN television_NN of_IN the_DT need_NN for_IN building_NN inspectors_NNS to_TO check_VB the_DT soundness_NN of_IN buildings_NNS ,_, Los_NNP Angeles_NNP dispatched_VBD 32_CD inspectors_NNS to_TO help_VB ._. 
And_CC the_DT county_NN of_IN Los_NNP Angeles_NNP placed_VBD its_PRP$ firefighters_NNS and_CC sheriffs_NNS on_IN alert_JJ ,_, ready_JJ to_TO send_VB in_IN reinforcements_NNS ,_, and_CC alerted_VBD San_NNP Francisco_NNP that_IN the_DT city_NN has_VBZ 1,000_CD hospital_NN beds_NNS at_IN its_PRP$ disposal_NN ._. 
Two_CD Los_NNP Angeles_NNP radio_NN stations_NNS initiated_VBD Red_NNP Cross_NNP donation_NN campaigns_NNS ,_, and_CC one_CD Los_NNP Angeles_NNP bank_NN manager_NN forked_JJ over_IN $_$ 150,000_CD of_IN his_PRP$ own_JJ money_NN for_IN relief_NN purposes_NNS ,_, the_DT Red_NNP Cross_NNP said_VBD ._. 
The_DT Los_NNP Angeles_NNP Red_NNP Cross_NNP sent_VBD 2,480_CD cots_NNS ,_, 500_CD blankets_NNS ,_, and_CC 300_CD pints_NNS of_IN Type-O_JJ blood_NN ._. 
It_PRP is_VBZ also_RB pulling_VBG 20_CD people_NNS out_IN of_IN Puerto_NNP Rico_NNP ,_, who_WP were_VBD helping_VBG Huricane_NNP Hugo_NNP victims_NNS ,_, and_CC sending_VBG them_PRP to_TO San_NNP Francisco_NNP instead_RB ._. 
