###/### When/WRB such/JJ claims/NNS and/CC litigation/NN extend/VBP beyond/IN the/DT period/NN ,/, the/DT syndicates/NNS can/MD extend/VB their/PRP$ accounting/NN deadlines/NNS ./. ###/### Lloyd/NNP 's/POS said/VBD there/EX are/VBP currently/RB 115/CD open/JJ account/NN years/NNS involving/VBG 68/CD of/IN the/DT market/NN 's/POS roughly/RB 360/CD syndicates/NNS ./. ###/### The/DT open-year/JJ accounting/NN practice/NN ``/`` is/VBZ widely/RB recognized/VBN within/IN Lloyd/NNP 's/POS as/RB of/IN serious/JJ concern/NN ''/'' to/TO the/DT 31,329/CD member/NN investors/NNS ,/, who/WP underwrite/VBP insurance/NN at/IN Lloyd/NNP 's/POS in/IN return/NN for/IN premium/NN and/CC investment/NN income/NN ,/, Lloyd/NNP 's/POS said/VBD ./. ###/### The/DT procedure/NN causes/VBZ ``/`` great/JJ uncertainty/NN ''/'' because/IN an/DT investor/NN ca/MD n't/RB be/VB sure/JJ of/IN his/PRP$ or/CC her/PRP$ individual/JJ liability/NN ,/, Lloyd/NNP 's/POS said/VBD ./. ###/### As/IN a/DT result/NN ,/, the/DT insurance/NN market/NN plans/VBZ new/JJ measures/NNS to/TO restrict/VB the/DT ability/NN of/IN syndicate/NN officials/NNS to/TO leave/VB years/NNS open/JJ ./. ###/### Lloyd/NNP 's/VBZ said/VBD it/PRP expects/VBZ to/TO enact/VB new/JJ rules/NNS mandating/VBG the/DT changes/NNS by/IN year/NN end/NN ./. ###/### Under/IN the/DT new/JJ rules/NNS ,/, the/DT officials/NNS will/MD have/VB to/TO secure/VB additional/JJ information/NN and/CC reports/NNS from/IN actuaries/NNS ,/, including/VBG an/DT assessment/NN of/IN whether/IN officials/NNS have/VBP acted/VBN reasonably/RB ./. ###/### In/IN addition/NN ,/, officials/NNS will/MD have/VB to/TO get/VB quotes/NNS for/IN certain/JJ reinsurance/NN contracts/NNS and/CC obtain/VB approvals/NNS from/IN other/JJ syndicate/NN directors/NNS ./. ###/### Computer/NNP Associates/NNPS International/NNP Inc./NNP reported/VBD earnings/NNS for/IN the/DT second/JJ quarter/NN ,/, ended/VBD Sept./NNP 30/CD ,/, plummeted/VBD 66/CD %/NN ,/, primarily/RB because/IN of/IN the/DT acquisition/NN of/IN Cullinet/NNP Software/NNP Inc/NNP ./. ###/### The/DT nation/NN 's/POS largest/JJS software/NN company/NN earned/VBD $/$ 9.6/CD million/CD ,/, or/CC five/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN $/$ 28/CD million/CD ,/, or/CC 16/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Revenue/NN rose/VBD 5/CD %/NN to/TO $/$ 282/CD million/CD from/IN $/$ 268.3/CD million/CD ./. ###/### The/DT drop/NN in/IN earnings/NNS had/VBD been/VBN anticipated/VBN by/IN most/JJS Wall/NNP Street/NNP analysts/NNS ,/, but/CC the/DT results/NNS were/VBD reported/VBN after/IN the/DT market/NN closed/VBD ./. ###/### Computer/NNP Associates/NNPS closed/VBD at/IN $/$ 13.625/CD ,/, down/IN 25/CD cents/NNS ,/, in/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ./. ###/### Anthony/NNP Wang/NNP ,/, president/NN ,/, attributed/VBD the/DT drop/NN to/TO the/DT disruption/NN of/IN the/DT company/NN 's/POS business/NN resulting/VBG from/IN the/DT prolonged/VBN process/NN of/IN acquiring/VBG Cullinet/NNP ./. ###/### The/DT acquisition/NN was/VBD completed/VBN in/IN September/NNP ./. ###/### In/IN August/NNP ,/, the/DT company/NN warned/VBD investors/NNS that/IN the/DT acquisition/NN was/VBD being/VBG delayed/VBN ,/, and/CC many/JJ customers/NNS were/VBD holding/VBG off/IN on/IN purchase/NN decisions/NNS until/IN the/DT takeover/NN was/VBD completed/VBN ./. ###/### The/DT delays/NNS mainly/RB affected/VBD sales/NNS of/IN data/NN base/NN management/NN products/NNS ,/, a/DT core/NN area/NN for/IN both/DT Computer/NNP Associates/NNPS and/CC Cullinet/NNP ,/, as/RB well/RB as/IN sales/NNS of/IN other/JJ products/NNS as/IN part/NN of/IN package/NN sales/NNS ./. ###/### Residents/NNS of/IN this/DT city/NN soon/RB will/MD be/VB seeing/VBG ads/NNS urging/VBG them/PRP to/TO visit/VB ``/`` Cleveland/NNP 's/POS outdoor/JJ museum/NN ''/'' --/: Lake/NNP View/NNP Cemetery/NNP ./. ###/### Despite/IN such/JJ famous/JJ tenants/NNS as/IN oil/NN magnate/NN John/NNP D./NNP Rockefeller/NNP ,/, Lake/NNP View/NNP Cemetery/NNP has/VBZ fallen/VBN on/IN hard/JJ times/NNS ./. ###/### So/IN the/DT inner-city/NN burial/NN ground/NN is/VBZ trying/VBG to/TO resurrect/VB itself/PRP with/IN a/DT television/NN advertising/NN campaign/NN ./. ###/### The/DT ads/NNS celebrate/VBP the/DT achievements/NNS of/IN some/DT of/IN Lake/NNP View/NNP 's/POS residents/NNS ./. ###/### A/DT spot/NN honoring/VBG Bill/NNP White/NNP ,/, the/DT inventor/NN of/IN chewing/VBG gum/NN ,/, shows/VBZ a/DT woman/NN trying/VBG to/TO extricate/VB her/PRP$ high-heeled/JJ shoe/NN from/IN a/DT wad/NN of/IN gum/NN ./. ###/### Another/DT focuses/VBZ on/IN Charles/NNP Brush/NNP ,/, the/DT first/JJ person/NN to/TO light/VB a/DT city/NN electrically/RB ./. ###/### It/PRP shows/VBZ a/DT boy/NN hurling/VBG rocks/NNS at/IN a/DT street/NN lamp/NN ./. ###/### Street/NN lights/NNS ,/, the/DT ad/NN points/VBZ out/IN ,/, ``/`` helped/VBD sharpen/VB the/DT arm/NN of/IN many/JJ a/DT budding/VBG baseball/NN player/NN ./. ''/'' ###/### Cemetery/NN officials/NNS hope/VBP the/DT ads/NNS ,/, which/WDT will/MD begin/VB airing/NN next/IN month/NN ,/, will/MD not/RB only/RB draw/VB visitors/NNS but/CC bolster/VB burials/NNS and/CC endowment/NN fund/NN contributions/NNS ./. ###/### Lake/NNP View/NNP had/VBD an/DT operating/VBG deficit/NN last/JJ year/NN and/CC has/VBZ a/DT poor/JJ reputation/NN as/IN an/DT out-of-repair/NN and/CC crime-infested/JJ cemetery/NN ./. ###/### The/DT private/JJ ,/, non-profit/JJ cemetery/NN has/VBZ had/VBN trouble/NN competing/VBG against/IN its/PRP$ for-profit/JJ counterparts/NNS ,/, which/WDT use/VBP direct/JJ mail/NN and/CC other/JJ advertising/NN to/TO sell/VB lots/NNS ./. ###/### ``/`` We/PRP do/VBP n't/RB want/VB to/TO be/VB known/VBN as/IN ambulance/NN chasers/NNS ,/, ''/'' says/VBZ William/NNP Garrison/NNP ,/, Lake/NNP View/NNP 's/POS president/NN ./. ###/### ``/`` We/PRP want/VBP people/NNS to/TO think/VB of/IN Lake/NNP View/NNP as/IN an/DT historical/JJ park/NN and/CC educational/JJ experience/NN ./. ###/### A/DT pleasant/JJ place/NN to/TO come/VB and/CC spend/VB a/DT few/JJ hours/NNS ./. ''/'' ###/### Not/RB all/DT of/IN the/DT cemetery/NN 's/POS better-known/JJ tenants/NNS lend/VBP themselves/PRP to/TO the/DT promotional/JJ job/NN at/IN hand/NN ,/, however/RB ./. ###/### For/IN example/NN ,/, President/NNP James/NNP A./NNP Garfield/NNP is/VBZ entombed/VBN here/RB ,/, the/DT victim/NN of/IN an/DT assassination/NN in/IN 1881/CD ./. ###/### -LRB-/-LRB- Mr./NNP Garrison/NNP notes/VBZ ,/, however/RB ,/, that/IN the/DT Garfield/NNP tomb/NN is/VBZ one/CD of/IN the/DT nation/NN 's/POS premier/JJR examples/NNS of/IN Romanesque/JJ architecture/NN ./. -RRB-/-RRB- ###/### Mr./NNP Rockefeller/NNP ,/, buried/VBN beneath/IN a/DT 180-foot-tall/JJ granite/NN obelisk/NN ,/, did/VBD n't/RB seem/VB right/JJ for/IN an/DT ad/NN either/RB ./. ###/### The/DT oil/NN magnate/NN ,/, who/WP spent/VBD his/PRP$ later/JJ years/NNS passing/VBG out/IN dimes/NNS to/TO counter/VB his/PRP$ penny-pinching/JJ image/NN ,/, ``/`` is/VBZ n't/RB terribly/RB amusing/JJ ,/, ''/'' says/VBZ Barry/NNP Olson/NNP ,/, creative/JJ director/NN at/IN Innis-Maggiore-Olson/NNP ,/, Canton/NNP ,/, Ohio/NNP ,/, which/WDT is/VBZ producing/VBG the/DT ads/NNS ./. ###/### But/CC there/EX are/VBP plenty/RB of/IN other/JJ promising/JJ prospects/NNS at/IN Lake/NNP View/NNP ,/, promoters/NNS believe/VBP :/: Ernest/NNP Ball/NNP ,/, for/IN instance/NN ,/, who/WP wrote/VBD ``/`` When/WRB Irish/JJ Eyes/NNS are/VBP Smiling/VBG ,/, ''/'' and/CC Garrett/NNP Morgan/NNP ,/, the/DT inventor/NN of/IN the/DT gas/NN mask/NN and/CC the/DT tri-colored/JJ traffic/NN light/NN ./. ###/### Euro/NNP Disneyland/NNP shares/NNS made/VBD a/DT debut/NN like/IN Snow/NNP White/NNP yesterday/NN while/IN most/JJS of/IN the/DT London/NNP stock/NN market/NN looked/VBD like/IN it/PRP had/VBD eaten/VBN the/DT Evil/NNP Queen/NNP 's/POS poisoned/VBN apple/NN ./. ###/### In/IN its/PRP$ first/JJ day/NN of/IN when-issued/JJ trading/NN here/RB ,/, Euro/NNP Disney/NNP soared/VBD like/IN Dumbo/NNP to/TO close/VB at/IN 814/CD pence/NN -LRB-/-LRB- $/$ 13.05/CD -RRB-/-RRB- ,/, up/IN 15/CD %/NN from/IN its/PRP$ 707-pence/JJ offering/VBG price/NN ./. ###/### The/DT overall/JJ London/NNP market/NN ,/, following/VBG Wall/NNP Street/NNP 's/POS early/JJ nosedive/NN ,/, took/VBD a/DT late/JJ beating/NN ./. ###/### The/DT Financial/NNP Times-Stock/NNP Exchange/NNP 100-Share/NNP Index/NNP plummeted/VBD 40.4/CD points/NNS to/TO close/VB at/IN 2149.3/CD ./. ###/### Traders/NNS credited/VBD Euro/NNP Disney/NNP 's/POS share/NN performance/NN to/TO the/DT tremendous/JJ hyping/NN of/IN the/DT project/NN that/IN the/DT shares/NNS are/VBP destined/VBN to/TO help/VB finance/NN :/: Walt/NNP Disney/NNP Co./NNP 's/POS 4,800-acre/JJ theme/NN park/NN 20/CD miles/NNS east/JJ of/IN Paris/NNP ./. ###/### The/DT park/NN is/VBZ slated/VBN to/TO open/VB in/IN 1992/CD ./. ###/### ``/`` The/DT issue/NN was/VBD very/RB well-received/JJ --/: Disney/NNP is/VBZ such/JJ a/DT well-known/NN ,/, you/PRP can/MD say/VB world-wide/JJ ,/, name/NN ,/, ''/'' said/VBD Vernon/NNP Dempsey/NNP ,/, head/NN trader/NN of/IN European/JJ equities/NNS at/IN Kleinwort/NNP Benson/NNP Ltd./NNP ,/, which/WDT is/VBZ making/VBG a/DT market/NN in/IN the/DT issue/NN ./. ###/### Mr./NNP Dempsey/NNP estimated/VBD that/IN the/DT issue/NN 's/POS London/NNP debut/NN was/VBD accompanied/VBN by/IN ``/`` very/RB ,/, very/RB heavy/JJ turnover/NN --/: between/IN five/CD million/CD and/CC six/CD million/CD shares/NNS ./. ''/'' ###/### Most/JJS of/IN the/DT buying/NN was/VBD institutional/JJ ,/, he/PRP added/VBD ./. ###/### Official/JJ trading/NN in/IN the/DT shares/NNS will/MD start/VB in/IN London/NNP ,/, Paris/NNP and/CC Brussels/NNP on/IN Nov./NNP 6/CD ,/, when/WRB the/DT French-franc/NN denominated/VBN offering/NN ,/, valued/VBN at/IN the/DT equivalent/NN of/IN nearly/RB $/$ 1/CD billion/CD ,/, comes/VBZ to/TO market/NN in/IN the/DT European/NNP Community/NNP ./. ###/### U.S./NNP investors/NNS will/MD be/VB permitted/VBN to/TO buy/VB the/DT shares/NNS from/IN EC/NNP investors/NNS 90/CD days/NNS later/RB ./. ###/### Because/IN of/IN the/DT interest/NN connected/VBN with/IN the/DT issue/NN ,/, the/DT London/NNP exchange/NN took/VBD the/DT unusual/JJ step/NN of/IN letting/VBG traders/NNS establish/VB an/DT officially/RB sanctioned/VBN when-issued/JJ market/NN ./. ###/### A/DT volatile/JJ ,/, unofficial/JJ ``/`` gray/JJ ''/'' market/NN in/IN the/DT shares/NNS has/VBZ been/VBN operating/VBG in/IN Paris/NNP for/IN about/IN two/CD weeks/NNS ./. ###/### In/IN contrast/NN to/TO the/DT London/NNP performance/NN ,/, Euro/NNP Disney/NNP there/RB closed/VBD down/IN three/CD francs/NNS yesterday/NN ,/, at/IN 79/CD francs/NNS -LRB-/-LRB- $/$ 12.66/CD -RRB-/-RRB- bid/NN ,/, but/CC still/RB about/IN 10/CD %/NN over/IN the/DT 72-franc/JJ offering/NN price/NN ./. ###/### ``/`` A/DT lot/NN of/IN people/NNS are/VBP getting/VBG hurt/NN on/IN this/DT wicked/JJ whipsawing/NN ,/, ''/'' cautioned/VBD Alistair/NNP Cuddeford/NNP ,/, a/DT London-based/JJ Salomon/NNP Brothers/NNPS International/NNP Ltd./NNP trader/NN who/WP makes/VBZ a/DT market/NN in/IN franc-denominated/JJ Euro/NNP Disney/NNP shares/NNS ./. ###/### ``/`` There/EX should/MD be/VB no/DT great/JJ rush/NN for/IN investors/NNS to/TO buy/VB this/DT ./. ###/### A/DT lot/NN of/IN big/JJ European/JJ banks/NNS ,/, mostly/RB French/JJ ,/, and/CC Swiss/JJ arb/NN accounts/NNS have/VBP been/VBN buying/VBG the/DT stock/NN just/RB to/TO flip/VB it/PRP ''/'' for/IN a/DT quick/JJ profit/NN ,/, he/PRP said/VBD ./. ###/### Albert/NNP Fried/NNP Jr./NNP ,/, a/DT 59-year-old/JJ director/NN and/CC holder/NN of/IN a/DT 9.5/CD %/NN stake/NN in/IN the/DT company/NN ,/, was/VBD named/VBN chairman/NN of/IN this/DT maker/NN of/IN products/NNS for/IN the/DT construction/NN equipment/NN ,/, material/NN handling/NN and/CC railroad/NN industries/NNS ./. ###/### He/PRP succeeds/VBZ L.L./NNP White/NNP Jr./NNP ,/, 62/CD ,/, who/WP resigned/VBD but/CC continues/VBZ as/IN a/DT director/NN ./. ###/### Mr./NNP Fried/NNP also/RB is/VBZ the/DT managing/VBG partner/NN of/IN Albert/NNP Fried/NNP &/CC Co/NNP ./. ###/### Ford/NNP Motor/NNP Co./NNP intensified/VBD its/PRP$ battle/NN with/IN General/NNP Motors/NNPS Corp./NNP over/IN Jaguar/NNP PLC/NNP by/IN saying/VBG it/PRP is/VBZ prepared/VBN to/TO make/VB a/DT bid/NN for/IN all/DT of/IN the/DT British/JJ auto/NN maker/NN when/WRB restrictions/NNS on/IN its/PRP$ shareholding/NN are/VBP lifted/VBN ./. ###/### The/DT statement/NN was/VBD part/NN of/IN a/DT Ford/NNP filing/NN with/IN the/DT U.S./NNP Securities/NNPS and/CC Exchange/NNP Commission/NNP ./. ###/### Ford/NNP did/VBD n't/RB say/VB how/WRB much/JJ it/PRP might/MD offer/VB for/IN Jaguar/NNP ,/, or/CC when/WRB ./. ###/### The/DT British/JJ government/NN currently/RB forbids/VBZ any/DT outside/JJ investor/NN from/IN holding/VBG more/RBR than/IN 15/CD %/NN of/IN the/DT company/NN 's/POS shares/NNS without/IN permission/NN until/IN Dec./NNP 31/CD ,/, ###/### But/CC with/IN its/PRP$ stake/NN in/IN Jaguar/NNP ,/, which/WDT it/PRP raised/VBD yesterday/NN to/TO 11.95/CD %/NN ,/, Ford/NNP could/MD convene/VB a/DT special/JJ Jaguar/NNP shareholders/NNS '/POS meeting/NN and/CC urge/VB holders/NNS to/TO vote/VB to/TO drop/VB the/DT restriction/NN sooner/RBR ./. ###/### A/DT successful/JJ vote/NN would/MD put/VB pressure/NN on/IN the/DT British/JJ government/NN to/TO lift/VB the/DT restriction/NN ./. ###/### ``/`` We/PRP have/VBP not/RB made/VBN that/DT decision/NN ''/'' to/TO seek/VB a/DT Jaguar/NNP special/JJ shareholders/NNS '/POS meeting/NN ,/, said/VBD Martyn/NNP Watkins/NNP ,/, a/DT Ford/NNP spokesman/NN in/IN London/NNP ./. ###/### He/PRP emphasized/VBD that/IN the/DT car/NN maker/NN only/RB would/MD bid/VB for/IN all/DT of/IN Jaguar/NNP under/IN the/DT right/JJ circumstances/NNS ,/, and/CC said/VBD ``/`` those/DT circumstances/NNS are/VBP n't/RB right/JJ or/CC possible/JJ at/IN the/DT moment/NN ./. ''/'' ###/### Last/JJ month/NN ,/, Ford/NNP announced/VBD plans/NNS to/TO acquire/VB as/RB much/RB as/IN 15/CD %/NN of/IN Jaguar/NNP ./. ###/### Since/IN then/RB ,/, Jaguar/NNP officials/NNS have/VBP confirmed/VBN that/IN they/PRP are/VBP discussing/VBG an/DT alliance/NN with/IN GM/NNP and/CC said/VBD last/JJ week/NN that/IN they/PRP hoped/VBD to/TO reach/VB an/DT agreement/NN within/IN a/DT month/NN ./. ###/### Analysts/NNS have/VBP been/VBN expecting/VBG a/DT GM-Jaguar/JJ pact/NN that/WDT would/MD give/VB the/DT U.S./NNP car/NN maker/NN an/DT eventual/JJ 30/CD %/NN stake/NN in/IN the/DT British/JJ company/NN and/CC create/VB joint/JJ ventures/NNS that/WDT would/MD produce/VB an/DT executive-model/JJ range/NN of/IN cars/NNS ./. ###/### But/CC the/DT specter/NN of/IN Ford/NNP eventually/RB launching/VBG a/DT full-fledged/JJ bid/NN could/MD unravel/VB the/DT GM-Jaguar/JJ talks/NNS ./. ###/### Jaguar/NNP seems/VBZ to/TO be/VB losing/VBG interest/NN in/IN giving/VBG GM/NNP a/DT minority/NN stake/NN ,/, said/VBD one/CD individual/NN close/JJ to/TO the/DT talks/NNS ,/, adding/VBG ,/, ``/`` It/PRP would/MD n't/RB surprise/VB me/PRP if/IN -LCB-/-LRB- Jaguar/NNP executives/NNS -RCB-/-RRB- want/VBP to/TO wait/VB and/CC see/VB what/WP the/DT color/NN of/IN that/DT -LCB-/-LRB- Ford/NNP bid/NN -RCB-/-RRB- is/VBZ ''/'' first/JJ ./. ###/### He/PRP predicted/VBD Ford/NNP officials/NNS will/MD meet/VB with/IN Jaguar/NNP executives/NNS in/IN the/DT next/JJ week/NN to/TO outline/VB their/PRP$ proposed/VBN offer/NN ./. ###/### Sir/NNP John/NNP Egan/NNP ,/, Jaguar/NNP 's/POS chairman/NN ,/, so/RB far/RB has/VBZ refused/VBN to/TO meet/VB with/IN Ford/NNP officials/NNS ,/, but/CC he/PRP is/VBZ believed/VBN to/TO be/VB willing/JJ to/TO consider/VB a/DT specific/JJ bid/NN proposal/NN ./. ###/### As/IN for/IN GM/NNP ,/, its/PRP$ ``/`` fallback/NN position/NN has/VBZ to/TO be/VB a/DT full/JJ bid/NN itself/PRP ,/, ''/'' said/VBD Stephen/NNP Reitman/NNP ,/, European/JJ auto-industry/NN analyst/NN at/IN London/NNP brokers/NNS UBS-Phillips/NNP &/CC Drew/NNP ./. ###/### A/DT Ford/NNP takeover/NN of/IN Jaguar/NNP would/MD ``/`` have/VB such/JJ implications/NNS for/IN the/DT balance/NN of/IN power/NN in/IN the/DT 1990s/CD that/IN General/NNP Motors/NNPS ca/MD n't/RB afford/VB to/TO step/VB aside/RB ./. ###/### They/PRP will/MD have/VB to/TO throw/VB their/PRP$ hat/NN in/IN the/DT ring/NN ./. ''/'' ###/### A/DT GM/NNP spokesman/NN yesterday/NN reiterated/VBD the/DT company/NN 's/POS interest/NN in/IN acquiring/VBG a/DT minority/NN stake/NN to/TO help/VB Jaguar/NNP remain/VB independent/JJ ./. ###/### A/DT pitched/JJ battle/NN could/MD mean/VB Jaguar/NNP would/MD fetch/VB #/# 10/CD -LRB-/-LRB- $/$ 16.02/CD -RRB-/-RRB- a/DT share/NN ,/, or/CC about/IN #/# 1.8/CD billion/CD -LRB-/-LRB- $/$ 2.88/CD billion/CD -RRB-/-RRB- ,/, several/JJ analysts/NNS believe/VBP ./. ###/### The/DT prospect/NN of/IN such/PDT a/DT takeover/NN fight/NN has/VBZ sent/VBN Jaguar/NNP shares/NNS soaring/VBG in/IN recent/JJ weeks/NNS ./. ###/### U.S./NNP takeover-stock/NN speculators/NNS now/RB own/VBP an/DT estimated/VBN 25/CD %/NN of/IN Jaguar/NNP shares/NNS ./. ###/### In/IN a/DT declining/VBG London/JJ stock/NN market/NN yesterday/NN ,/, Jaguar/NNP shares/NNS were/VBD down/IN four/CD pence/NN from/IN Monday/NNP in/IN late/JJ trading/NN ,/, at/IN 694/CD pence/NN -LRB-/-LRB- $/$ 11.11/CD -RRB-/-RRB- a/DT share/NN ./. ###/### In/IN the/DT U.S./NNP ,/, Jaguar/NNP 's/POS American/JJ depositary/NN receipts/NNS rose/VBD 12.5/CD cents/NNS in/IN over-the-counter/JJ trading/NN ,/, to/TO $/$ 11.25/CD ./. ###/### Both/DT Ford/NNP and/CC GM/NNP badly/RB need/VBP a/DT luxury/NN brand/NN to/TO combat/VB new/JJ competition/NN from/IN the/DT Japanese/NNP in/IN the/DT European/JJ and/CC U.S./NNP markets/NNS ./. ###/### And/CC financially/RB strapped/VBN Jaguar/NNP has/VBZ spent/VBN over/IN a/DT year/NN looking/VBG for/IN a/DT rich/JJ uncle/NN to/TO provide/VB cash/NN and/CC technological/JJ know-how/NN ./. ###/### The/DT company/NN has/VBZ expressed/VBN a/DT preference/NN for/IN GM/NNP over/IN Ford/NNP because/IN GM/NNP has/VBZ promised/VBN it/PRP would/MD keep/VB Jaguar/NNP independent/JJ ./. ###/### Ford/NNP 's/POS need/NN to/TO acquire/VB some/DT or/CC all/DT of/IN Jaguar/NNP became/VBD more/RBR acute/JJ last/JJ week/NN when/WRB it/PRP abandoned/VBD a/DT four-year/JJ effort/NN to/TO market/NN its/PRP$ German-built/JJ Merkur/NNP Scorpio/NNP sedan/NN as/IN a/DT European/JJ luxury/NN import/NN in/IN the/DT U.S/NNP ./. ###/### Then/RB ,/, last/JJ Friday/NNP ,/, Ford/NNP 's/POS talks/NNS about/IN a/DT possible/JJ alliance/NN with/IN Saab-Scania/NNP AB/NNP of/IN Sweden/NNP collapsed/VBD ./. ###/### GM/NNP 's/POS interest/NN in/IN Jaguar/NNP reflects/VBZ a/DT desire/NN to/TO help/VB diversify/VB the/DT U.S./NNP company/NN 's/POS products/NNS in/IN the/DT growing/VBG luxury-car/NN segment/NN of/IN the/DT market/NN ./. ###/### Its/PRP$ Opel/NNP line/NN has/VBZ a/DT solid/JJ image/NN and/CC a/DT recent/JJ string/NN of/IN highly/RB successful/JJ new/JJ models/NNS ,/, but/CC it/PRP lacks/VBZ Jaguar/NNP 's/POS cachet/NN ./. ###/### GM/NNP officials/NNS also/RB see/VBP a/DT lot/NN of/IN potential/NN in/IN marrying/VBG Jaguar/NNP 's/POS cars/NNS to/TO the/DT technological/JJ know-how/NN of/IN Group/NNP Lotus/NNP PLC/NNP ,/, a/DT British/JJ engineering/NN and/CC specialty/NN car/NN maker/NN GM/NNP bought/VBD in/IN 1986/CD ./. ###/### Texaco/NNP Inc./NNP reported/VBD an/DT 11/CD %/NN increase/NN in/IN third-quarter/JJ earnings/NNS ,/, which/WDT it/PRP attributed/VBD partly/RB to/TO the/DT company/NN 's/POS massive/JJ restructuring/VBG after/IN it/PRP emerged/VBD from/IN bankruptcy-law/NN proceedings/NNS 18/CD months/NNS ago/IN ./. ###/### Sun/NNP Co./NNP also/RB reported/VBD higher/JJR earnings/NNS ./. ###/### Meanwhile/RB ,/, like/IN many/JJ other/JJ oil/NN companies/NNS hurt/VBN by/IN less-profitable/JJ downstream/JJ businesses/NNS ,/, Mobil/NNP Corp./NNP ,/, Shell/NNP Oil/NNP Co./NNP and/CC Chevron/NNP Corp./NNP reported/VBD lower/JJR quarterly/JJ earnings/NNS ./. ###/### Texaco/NNP 's/POS exploration/NN and/CC production/NN earnings/NNS improved/VBD as/IN a/DT result/NN of/IN its/PRP$ streamlining/NN of/IN those/DT operations/NNS as/IN it/PRP sold/VBD many/JJ of/IN its/PRP$ marginal/JJ producing/VBG properties/NNS over/IN the/DT past/JJ 18/CD months/NNS ./. ###/### An/DT increase/NN in/IN production/NN at/IN some/DT major/JJ oil/NN fields/NNS in/IN the/DT North/NNP Sea/NNP ,/, which/WDT had/VBD been/VBN knocked/VBN out/IN by/IN an/DT explosion/NN in/IN July/NNP 1988/CD ,/, also/RB aided/VBN results/NNS ./. ###/### The/DT sale/NN of/IN a/DT portion/NN of/IN refining/VBG and/CC marketing/NN operations/NNS to/TO Saudi/NNP Arabia/NNP helped/VBD alleviate/VB the/DT decline/NN in/IN earnings/NNS from/IN that/DT business/NN ./. ###/### ``/`` The/DT company/NN has/VBZ been/VBN completely/RB revamped/VBN ,/, ''/'' said/VBD Frank/NNP Knuettel/NNP ,/, analyst/NN for/IN Prudential-Bache/NNP Securities/NNPS Inc/NNP ./. ###/### Third-quarter/JJ net/JJ income/NN at/IN Texaco/NNP rose/VBD to/TO $/$ 305/CD million/CD from/IN $/$ 274/CD million/CD last/JJ year/NN ./. ###/### Revenue/NN declined/VBD 3.4/CD %/NN ,/, to/TO $/$ 8.4/CD billion/CD from/IN $/$ 8.7/CD billion/CD ./. ###/### Per-share/JJ earnings/NNS declined/VBD to/TO $/$ 1.10/CD a/DT share/NN from/IN $/$ 1.12/CD a/DT share/NN ,/, largely/RB because/IN of/IN 21/CD million/CD additional/JJ shares/NNS issued/VBN to/TO retire/VB $/$ 1/CD billion/CD of/IN debt/NN ./. ###/### Per-share/JJ earnings/NNS also/RB shrank/VBD because/IN of/IN dividends/NNS on/IN a/DT new/JJ series/NN of/IN preferred/VBN stock/NN ./. ###/### Sun/NNP Sun/NNP Co./NNP 's/POS net/JJ income/NN climbed/VBD 18/CD %/NN to/TO $/$ 85/CD million/CD ,/, or/CC 80/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 72/CD million/CD ,/, or/CC 67/CD cents/NNS a/DT share/NN ./. ###/### Revenue/NN increased/VBD 11/CD %/NN ,/, to/TO $/$ 2.73/CD billion/CD from/IN $/$ 2.46/CD billion/CD ./. ###/### Sun/NNP said/VBD some/DT of/IN the/DT growth/NN reflects/VBZ higher/JJR earnings/NNS in/IN the/DT oil/NN sands/NNS operation/NN of/IN Suncor/NNP ,/, a/DT majority-owned/JJ Canadian/JJ subsidiary/NN ./. ###/### Chairman/NNP Robert/NNP McClements/NNP Jr./NNP said/VBD the/DT synthetic/JJ crude/JJ oil/NN production/NN from/IN the/DT facility/NN rose/VBD even/RB as/IN the/DT price/NN for/IN that/DT oil/NN increased/VBD ./. ###/### Overseas/JJ exploration/NN and/CC production/NN results/NNS also/RB improved/VBD because/IN of/IN additional/JJ output/NN from/IN the/DT North/NNP Sea/NNP Magnus/NNP Field/NNP ,/, a/DT portion/NN of/IN which/WDT was/VBD acquired/VBN by/IN Sun/NNP earlier/RBR this/DT year/NN ./. ###/### Results/NNS declined/VBD ,/, however/RB ,/, in/IN Sun/NNP 's/POS refining/NN and/CC marketing/NN and/CC coal/NN businesses/NNS ./. ###/### Profits/NNPS of/IN Shell/NNP ,/, a/DT subsidiary/NN of/IN the/DT Royal/NNP Group/NNP ,/, tumbled/VBD $/$ 24/CD million/CD ,/, or/CC 6.6/CD %/NN ,/, to/TO $/$ 340/CD million/CD ,/, despite/IN a/DT gain/NN of/IN $/$ 30/CD million/CD from/IN an/DT insurance/NN settlement/NN ./. ###/### President/NNP Frank/NNP Richardson/NNP attributed/VBD the/DT decline/NN to/TO lower/JJR natural/JJ gas/NN prices/NNS ,/, which/WDT countered/VBD higher/JJR earnings/NNS from/IN the/DT crude/JJ oil/NN sector/NN of/IN Shell/NNP 's/POS exploration/NN and/CC production/NN operation/NN ./. ###/### away/RB some/DT of/IN the/DT gain/NN in/IN that/DT unit/NN was/VBD a/DT decline/NN in/IN U.S./NNP oil/NN production/NN to/TO 502,000/CD barrels/NNS of/IN oil/NN a/DT day/NN during/IN the/DT quarter/NN from/IN 527,000/CD barrels/NNS a/DT day/NN last/JJ year/NN ./. ###/### Shell/NNP 's/POS chemical/NN earnings/NNS fell/VBD by/IN $/$ 67/CD million/CD ,/, to/TO $/$ 137/CD million/CD ,/, reflecting/VBG lower/JJR margins/NNS and/CC less/JJR demand/NN for/IN commodity/NN chemicals/NNS ./. ###/### Net/JJ income/NN at/IN Mobil/NNP Corp./NNP slipped/VBD 4.5/CD %/NN to/TO $/$ 532/CD million/CD ,/, or/CC $/$ 1.30/CD a/DT share/NN ,/, from/IN $/$ 557/CD million/CD ,/, or/CC $/$ 1.36/CD a/DT share/NN ./. ###/### Revenue/NN declined/VBD $/$ 518/CD million/CD ,/, to/TO $/$ 13.63/CD billion/CD ./. ###/### Earnings/NNS included/VBD a/DT one-time/JJ gain/NN of/IN $/$ 192/CD million/CD on/IN a/DT property/NN transaction/NN in/IN Hong/NNP Kong/NNP ./. ###/### Exploration/NN and/CC production/NN profits/NNS slumped/VBD $/$ 40/CD million/CD due/JJ to/TO a/DT provision/NN for/IN restructuring/VBG costs/NNS ./. ###/### The/DT restructuring/VBG will/MD take/VB place/NN over/IN a/DT two-year/JJ period/NN and/CC will/MD involve/VB the/DT transfer/NN and/CC layoff/NN of/IN employees/NNS in/IN U.S./NNP operations/NNS to/TO reduce/VB costs/NNS and/CC focus/VB efforts/NNS in/IN other/JJ areas/NNS ./. ###/### Last/JJ year/NN ,/, third-quarter/JJ earnings/NNS included/VBD a/DT $/$ 157/CD million/CD gain/NN from/IN foreign/JJ tax/NN rate/NN changes/NNS and/CC a/DT loss/NN from/IN a/DT $/$ 65/CD million/CD write-off/NN of/IN reserves/NNS ./. ###/### Chevron/NNP 's/POS net/JJ income/NN fell/VBD 0.7/CD %/NN ,/, to/TO $/$ 417/CD million/CD ,/, or/CC $/$ 1.22/CD a/DT share/NN ,/, from/IN $/$ 420/CD million/CD ,/, or/CC $/$ 1.23/CD a/DT share/NN ./. ###/### Results/NNS included/VBD a/DT $/$ 37/CD million/CD gain/NN from/IN the/DT sale/NN of/IN rights/NNS from/IN Chevron/NNP 's/POS investment/NN in/IN Amax/NNP Inc./NNP ,/, and/CC a/DT loss/NN of/IN $/$ 30/CD million/CD from/IN the/DT sale/NN of/IN California/NNP oil/NN and/CC gas/NN properties/NNS ./. ###/### Revenue/NN rose/VBD 11/CD %/NN ,/, to/TO $/$ 8/CD billion/CD from/IN $/$ 7.2/CD billion/CD ./. ###/### Chevron/NNP said/VBD higher/JJR crude/JJ oil/NN prices/NNS boosted/VBD profits/NNS from/IN production/NN operations/NNS ,/, but/CC margins/NNS in/IN refining/NN and/CC marketing/NN declined/VBD ./. ###/### Profits/NNS from/IN U.S./NNP exploration/NN and/CC production/NN operations/NNS totaled/VBD $/$ 58/CD million/CD ,/, after/IN the/DT property/NN sale/NN loss/NN ,/, compared/VBN with/IN a/DT year-earlier/JJ $/$ 44/CD million/CD loss/NN that/WDT included/VBD a/DT $/$ 16/CD million/CD reorganization/NN charge/NN ./. ###/### Refining/NN and/CC marketing/NN operations/NNS earned/VBD $/$ 130/CD million/CD in/IN the/DT quarter/NN this/DT year/NN ,/, compared/VBN with/IN earnings/NNS of/IN $/$ 186/CD million/CD a/DT year/NN earlier/RBR that/IN included/VBN $/$ 18/CD million/CD in/IN charges/NNS for/IN environmental/JJ programs/NNS ./. ###/### Foreign/JJ earnings/NNS fell/VBD to/TO $/$ 180/CD million/CD from/IN $/$ 182/CD million/CD that/WDT included/VBD a/DT $/$ 48/CD million/CD gain/NN from/IN lower/JJR Canadian/JJ and/CC Australian/JJ taxes/NNS ./. ###/### Chemical/NN profits/NNS fell/VBD to/TO $/$ 78/CD million/CD from/IN $/$ 98/CD million/CD ./. ###/### Jeff/NNP Rowe/NNP contributed/VBD to/TO this/DT article/NN ./. ###/### Asarco/NNP Inc./NNP ,/, continuing/VBG its/PRP$ effort/NN to/TO refocus/VB its/PRP$ business/NN ,/, ended/VBD its/PRP$ involvement/NN in/IN asbestos/NN mining/NN in/IN the/DT third/JJ quarter/NN and/CC said/VBD it/PRP would/MD stop/VB mining/VBG and/CC selling/VBG coal/NN by/IN year/NN end/NN ./. ###/### The/DT mining/NN ,/, metal/NN and/CC specialty-chemical/NN concern/NN said/VBD combined/VBN revenue/NN for/IN asbestos/NN and/CC coal/NN was/VBD about/IN $/$ 40/CD million/CD of/IN the/DT company/NN 's/POS total/JJ revenue/NN in/IN 1988/CD of/IN $/$ 1.98/CD billion/CD ./. ###/### Richard/NNP de/NNP J./NNP Osborne/NNP ,/, chairman/NN ,/, president/NN and/CC chief/NN executive/NN officer/NN ,/, said/VBD the/DT company/NN 's/POS ``/`` decisions/NNS to/TO get/VB out/IN of/IN asbestos/NN and/CC high-sulfur/JJ coal/NN continue/VBP the/DT process/NN of/IN simplifying/VBG and/CC focusing/VBG the/DT company/NN in/IN areas/NNS with/IN a/DT better/JJR future/NN ./. ''/'' ###/### Asarco/NNP also/RB reported/VBD third-quarter/JJ net/JJ income/NN rose/VBD 14/CD %/NN ,/, to/TO $/$ 52.7/CD million/CD ,/, or/CC $/$ 1.25/CD a/DT share/NN ,/, from/IN a/DT restated/VBN $/$ 46.2/CD million/CD ,/, or/CC $/$ 1.10/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Asarco/NNP said/VBD the/DT gain/NN reflected/VBD continued/VBN strength/NN in/IN prices/NNS for/IN refined/VBN copper/NN ,/, lead/NN and/CC zinc/NN ,/, and/CC higher/JJR equity/NN earnings/NNS in/IN Mexico/NNP Desarrollo/NNP Industrial/NNP Minero/NNP S.A./NNP ,/, a/DT Mexican/JJ mining/NN company/NN in/IN which/WDT Asarco/NNP has/VBZ a/DT 34/CD %/NN stake/NN ./. ###/### The/DT 1988/CD results/NNS were/VBD restated/VBN for/IN accounting-rules/JJ changes/NNS ./. ###/### Sales/NNS rose/VBD 4.5/CD %/NN to/TO $/$ 522.3/CD million/CD from/IN $/$ 499.4/CD million/CD ./. ###/### In/IN August/NNP ,/, Asarco/NNP ,/, through/IN its/PRP$ Lac/NNP d'Amiante/NNP du/NNP Quebec/NNP subsidiary/NN ,/, sold/VBD its/PRP$ remaining/VBG one-third/JJ interest/NN in/IN an/DT asbestos/NN mining/NN limited/VBN partnership/NN in/IN Canada/NNP for/IN $/$ 11.7/CD million/CD ./. ###/### Asarco/NNP said/VBD it/PRP plans/VBZ to/TO shut/VB down/IN or/CC sell/VB its/PRP$ Rapatee/NNP coal/NN mine/NN and/CC will/MD end/VB its/PRP$ involvement/NN in/IN southern/JJ Illinois/NNP strip/NN mining/NN ./. ###/### The/DT company/NN said/VBD that/IN it/PRP is/VBZ discussing/VBG a/DT management-employee/NN buy-out/NN of/IN the/DT facility/NN ,/, but/CC that/IN it/PRP would/MD stop/VB mining/VBG and/CC selling/VBG coal/NN at/IN year/NN end/NN when/WRB existing/VBG sales/NNS contracts/NNS expire/VBP ,/, regardless/RB of/IN the/DT outcome/NN of/IN those/DT talks/NNS ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Asarco/NNP fell/VBD $/$ 1.375/CD to/TO close/VB at/IN $/$ 31.75/CD ./. ###/### Companies/NNS listed/VBN below/IN reported/VBD 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 ./. ###/### David/NNP W./NNP Lodge/NNP was/VBD elected/VBN vice/NN president/NN and/CC chief/NN financial/JJ officer/NN ,/, effective/JJ Nov./NNP 1/CD ./. ###/### Mr./NNP Lodge/NNP ,/, 48/CD years/NNS old/JJ ,/, a/DT former/JJ finance/NN executive/NN at/IN Singer/NNP Sewing/NNP Machine/NNP Co./NNP and/CC Celanese/NNP Corp./NNP ,/, succeeds/VBZ Francis/NNP L./NNP Brophy/NNP ,/, 64/CD ,/, who/WP plans/VBZ to/TO retire/VB from/IN the/DT company/NN next/IN year/NN ./. ###/### Carlos/NNP A./NNP Salvagni/NNP ,/, vice/NN president/NN ,/, pharmaceutical/JJ manufacturing/NN ,/, will/MD assume/VB responsibility/NN for/IN manufacturing/NN in/IN Kalamazoo/NNP ,/, Mich./NNP ,/, effective/JJ Nov./NNP 1/CD ./. ###/### Mr./NNP Salvagni/NNP ,/, 53/CD years/NNS old/JJ ,/, succeeds/VBZ John/NNP C./NNP Griffin/NNP ,/, 57/CD ,/, who/WP is/VBZ retiring/VBG as/RB corporate/JJ vice/NN president/NN of/IN pharmaceutical/JJ manufacturing/NN ./. ###/### Upjohn/NNP is/VBZ a/DT world-wide/JJ provider/NN of/IN health-care/JJ products/NNS and/CC services/NNS ,/, seeds/NNS and/CC speciality/NN chemicals/NNS ./. ###/### This/DT Brooklyn/NNP ,/, N.Y./NNP ,/, generic-drug/NN maker/NN announced/VBD a/DT 5/CD %/NN stock/NN dividend/NN payable/JJ Dec./NNP 15/CD ,/, to/TO holders/NNS of/IN record/NN Nov./NNP 15/CD ./. ###/### As/IN of/IN Sept./NNP 30/CD ,/, Halsey/NNP had/VBD 5.3/CD million/CD common/JJ shares/NNS outstanding/JJ ./. ###/### Jay/NNP Marcus/NNP ,/, president/NN ,/, said/VBD the/DT move/NN ``/`` reflects/VBZ the/DT confidence/NN of/IN our/PRP$ board/NN and/CC management/NN in/IN Halsey/NNP 's/POS long-term/JJ prospects/NNS and/CC our/PRP$ desire/NN to/TO provide/VB our/PRP$ shareholders/NNS with/IN an/DT attractive/JJ return/NN on/IN their/PRP$ investment/NN ./. ''/'' ###/### In/IN American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Halsey/NNP closed/VBD at/IN $/$ 5.8125/CD a/DT share/NN ,/, up/IN 6.25/CD cents/NNS ./. ###/### Walter/NNP M./NNP Brady/NNP was/VBD named/VBN a/DT senior/JJ vice/NN president/NN of/IN this/DT insurer/NN in/IN the/DT Canadian/JJ head/NN office/NN ./. ###/### He/PRP had/VBD been/VBN vice/NN president/NN in/IN that/DT office/NN ./. ###/### John/NNP B./NNP Foy/NNP was/VBD named/VBN senior/JJ vice/NN president/NN and/CC remains/VBZ responsible/JJ for/IN the/DT individual/JJ policy/NN services/NNS department/NN ./. ###/### Frank/NNP J./NNP Ollari/NNP was/VBD named/VBN senior/JJ vice/NN president/NN in/IN charge/NN of/IN the/DT mortgage/NN finance/NN department/NN ./. ###/### He/PRP had/VBD been/VBN vice/NN president/NN of/IN the/DT department/NN ,/, which/WDT was/VBD formerly/RB called/VBN the/DT real/JJ estate/NN department/NN ./. ###/### Timothy/NNP C./NNP Brown/NNP ,/, a/DT vice/NN president/NN ,/, was/VBD named/VBN executive/JJ vice/NN president/NN and/CC a/DT director/NN of/IN this/DT lighting/NN and/CC specialty/NN products/NNS concern/NN ./. ###/### In/IN the/DT director/NN post/NN ,/, Mr./NNP Brown/NNP ,/, 38/CD years/NNS old/JJ ,/, succeeds/VBZ Joseph/NNP W./NNP Hibben/NNP ,/, who/WP retired/VBD from/IN the/DT board/NN in/IN August/NNP ./. ###/### C./NNP Barr/NNP Schuler/NNP ,/, 49/CD ,/, vice/NN president/NN and/CC chief/NN financial/JJ officer/NN ,/, was/VBD named/VBN senior/JJ vice/NN president/NN of/IN corporate/JJ development/NN and/CC acquisitions/NNS ,/, a/DT new/JJ post/NN ./. ###/### Phillip/NNP J./NNP Stuecker/NNP ,/, 37/CD ,/, vice/NN president/NN ,/, secretary/NN and/CC treasurer/NN ,/, was/VBD named/VBN vice/NN president/NN of/IN finance/NN and/CC chief/NN financial/JJ officer/NN ./. ###/### He/PRP remains/VBZ secretary/NN ./. ###/### Ronald/NNP B./NNP Koenig/NNP ,/, 55/CD years/NNS old/JJ ,/, was/VBD named/VBN a/DT senior/JJ managing/VBG director/NN of/IN the/DT Gruntal/NNP &/CC Co./NNP brokerage/NN subsidiary/NN of/IN this/DT insurance/NN and/CC financial-services/JJ firm/NN ./. ###/### Mr./NNP Koenig/NNP will/MD build/VB the/DT corporate-finance/JJ and/CC investment-banking/JJ business/NN of/IN Gruntal/NNP ,/, which/WDT has/VBZ primarily/RB been/VBN a/DT retail-based/JJ firm/NN ./. ###/### He/PRP was/VBD chairman/NN and/CC co-chief/JJ executive/JJ officer/NN of/IN Ladenburg/NNP ,/, Thalmann/NNP &/CC Co./NNP until/IN July/NNP ,/, when/WRB he/PRP was/VBD named/VBN co-chairman/NN of/IN the/DT investment-banking/JJ firm/NN along/IN with/IN Howard/NNP L./NNP Blum/NNP Jr./NNP ,/, who/WP then/RB became/VBD the/DT sole/JJ chief/NN executive/NN ./. ###/### Yesterday/NN ,/, Mr./NNP Blum/NNP ,/, 41/CD ,/, said/VBD he/PRP was/VBD n't/RB aware/JJ of/IN plans/NNS at/IN Ladenburg/NNP to/TO name/VB a/DT co-chairman/NN to/TO succeed/VB Mr./NNP Koenig/NNP and/CC said/VBD the/DT board/NN would/MD need/VB to/TO approve/VB any/DT appointments/NNS or/CC title/NN changes/NNS ./. ###/### Mr./NNP Blum/NNP added/VBD he/PRP was/VBD n't/RB surprised/VBN Mr./NNP Koenig/NNP resigned/VBD ,/, but/CC his/PRP$ departure/NN was/VBD ``/`` nothing/NN that/IN we/PRP desired/VBD or/CC worked/VBD for/IN ./. ''/'' ###/### Mr./NNP Koenig/NNP said/VBD :/: ``/`` I/PRP just/RB got/VBD a/DT tremendous/JJ offer/NN from/IN Gruntal/NNP ./. ###/### MCI/NNP Communications/NNPS Corp./NNP said/VBD it/PRP received/VBD a/DT $/$ 12/CD million/CD contract/NN to/TO provide/VB virtual/JJ network/NN services/NNS to/TO Woolworth/NNP Corp./NNP 's/POS 5,600/CD corporate/JJ and/CC retail/JJ sites/NNS in/IN the/DT ###/### The/DT contract/NN also/RB provides/VBZ for/IN advanced/VBN billing/NN and/CC network/NN management/NN services/NNS ./. ###/### Woolworth/NNP said/VBD it/PRP expects/VBZ to/TO expand/VB usage/NN of/IN the/DT MCI/NNP services/NNS as/IN it/PRP adds/VBZ about/IN 6,000/CD business/NN locations/NNS over/IN the/DT next/JJ few/JJ years/NNS ./. ###/### The/DT Philippine/JJ merchandise/NN trade/NN deficit/NN widened/VBD to/TO $/$ 1.71/CD billion/CD during/IN the/DT first/JJ eight/CD months/NNS of/IN 1989/CD from/IN $/$ 807/CD million/CD a/DT year/NN earlier/RBR ./. ###/### Imports/NNS continued/VBD to/TO outpace/VB Philippine/JJ exports/NNS ,/, despite/IN gains/NNS in/IN shipments/NNS abroad/RB ,/, the/DT government/NN National/NNP Statistics/NNP Office/NNP said/VBD ./. ###/### Exports/NNS reached/VBD $/$ 5.12/CD billion/CD ,/, up/IN from/IN $/$ 4.52/CD billion/CD a/DT year/NN earlier/RBR ,/, while/IN imports/NNS rose/VBD to/TO $/$ 6.81/CD billion/CD from/IN $/$ 5.33/CD billion/CD ./. ###/### The/DT trade/NN deficit/NN in/IN the/DT first/JJ eight/CD months/NNS is/VBZ already/RB wider/JJR than/IN the/DT trade/NN gap/NN of/IN $/$ 1.09/CD billion/CD for/IN all/DT of/IN 1988/CD ./. ###/### Analysts/NNS expect/VBP the/DT trade/NN gap/NN for/IN the/DT year/NN to/TO surpass/VB $/$ 2/CD billion/CD as/IN demand/NN for/IN capital/NN equipment/NN and/CC raw/JJ materials/NNS continues/VBZ to/TO push/VB imports/NNS higher/JJR ./. ###/### Birtcher/NNP Corp./NNP said/VBD it/PRP signed/VBD a/DT definitive/JJ agreement/NN with/IN C.R./NNP Bard/NNP Inc./NNP ,/, a/DT Murray/NNP Hill/NNP ,/, N.J./NNP ,/, maker/NN of/IN health-care/NN products/NNS ,/, for/IN the/DT purchase/NN of/IN the/DT company/NN 's/POS Electrosurgery/NNP division/NN for/IN about/IN $/$ 11/CD million/CD ./. ###/### Birtcher/NNP ,/, a/DT maker/NN of/IN electronic/JJ medical/JJ equipment/NN ,/, said/VBD the/DT transaction/NN is/VBZ expected/VBN to/TO close/VB on/IN or/CC before/IN Nov./NNP 30/CD ./. ###/### Bard/NNP EMS/NNP had/VBD 1988/CD sales/NNS of/IN about/IN $/$ 14/CD million/CD ,/, Birtcher/NNP said/VBD ./. ###/### WINSTON-SALEM/NNP ,/, N.C./NNP --/: First/NNP Wachovia/NNP Corp./NNP said/VBD John/NNP F./NNP McNair/NNP III/NNP will/MD retire/VB as/IN president/NN and/CC chief/NN executive/JJ officer/NN of/IN this/DT regional/JJ banking/NN company/NN 's/POS Wachovia/NNP Corp./NNP and/CC Wachovia/NNP Bank/NNP &/CC Trust/NNP Co./NNP subsidiaries/NNS on/IN Dec./NNP 31/CD ./. ###/### Mr./NNP McNair/NNP ,/, 62/CD years/NNS old/JJ ,/, will/MD be/VB succeeded/VBN by/IN L.M./NNP ``/`` Bud/NNP ''/'' Baker/NNP Jr./NNP ,/, 47/CD ,/, the/DT parent/NN 's/POS chief/NN credit/NN officer/NN and/CC head/NN of/IN its/PRP$ administration/NN division/NN ./. ###/### Mr./NNP Baker/NNP will/MD relinquish/VB his/PRP$ previous/JJ positions/NNS ,/, but/CC a/DT successor/NN for/IN him/PRP has/VBZ n't/RB been/VBN named/VBN yet/RB ./. ###/### In/IN addition/NN ,/, on/IN Jan./NNP 1/CD ,/, Thomas/NNP A./NNP Bennett/NNP ,/, 52/CD ,/, will/MD become/VB vice/NN chairman/NN and/CC chief/NN operating/VBG officer/NN of/IN Wachovia/NNP and/CC Wachovia/NNP Bank/NNP &/CC Trust/NNP ,/, filling/VBG a/DT vacancy/NN left/VBN by/IN the/DT retired/VBN Hans/NNP W./NNP Wanders/NNP in/IN April/NNP ./. ###/### Mr./NNP Bennett/NNP will/MD continue/VB as/IN executive/NN in/IN charge/NN of/IN the/DT North/NNP Carolina/NNP banking/VBG operation/NN ./. ###/### Messrs./NNP Baker/NNP and/CC Bennett/NNP have/VBP been/VBN elected/VBN directors/NNS of/IN Wachovia/NNP and/CC Wachovia/NNP Bank/NNP &/CC Trust/NNP filling/VBG vacant/JJ seats/NNS on/IN both/DT boards/NNS ./. ###/### Canadian/JJ retail/NN sales/NNS rose/VBD 0.2/CD %/NN in/IN August/NNP from/IN July/NNP ,/, Statistics/NNP Canada/NNP ,/, a/DT federal/JJ agency/NN ,/, said/VBD ./. ###/### The/DT August/NNP increase/NN followed/VBD a/DT 0.3/CD %/NN decline/NN in/IN July/NNP ./. ###/### During/IN the/DT past/JJ four/CD months/NNS ,/, retail/JJ sales/NNS have/VBP remained/VBN generally/RB weak/JJ ,/, advancing/VBG an/DT average/JJ 0.2/CD %/NN a/DT month/NN ,/, the/DT agency/NN said/VBD ./. ###/### Raw-steel/NN production/NN by/IN the/DT nation/NN 's/POS mills/NNS decreased/VBD 0.7/CD %/NN last/JJ week/NN to/TO 1,816,000/CD tons/NNS from/IN 1,828,000/CD tons/NNS the/DT previous/JJ week/NN ,/, the/DT American/NNP Iron/NNP and/CC Steel/NNP Institute/NNP said/VBD ./. ###/### Last/JJ week/NN 's/POS output/NN fell/VBD 1.7/CD %/NN from/IN the/DT 1,848,000/CD tons/NNS produced/VBD a/DT year/NN earlier/RBR ./. ###/### The/DT industry/NN used/VBD 81.6/CD %/NN of/IN its/PRP$ capability/NN last/JJ week/NN ,/, compared/VBN with/IN 82.2/CD %/NN the/DT previous/JJ week/NN and/CC 86.2/CD %/NN a/DT year/NN ago/IN ./. ###/### The/DT American/NNP Iron/NNP and/CC Steel/NNP Institute/NNP reported/VBD :/: ###/### The/DT capability/NN utilization/NN rate/NN is/VBZ a/DT calculation/NN designed/VBN to/TO indicate/VB at/IN what/WDT percent/NN of/IN its/PRP$ production/NN capability/NN the/DT industry/NN is/VBZ operating/VBG in/IN a/DT given/VBN week/NN ./. ###/### With/IN reduced/VBN exports/NNS and/CC rising/VBG imports/NNS ,/, South/NNP Korea/NNP 's/POS trade/NN surpluses/NNS with/IN the/DT U.S./NNP and/CC Europe/NNP between/IN January/NNP and/CC September/NNP fell/VBD sharply/RB from/IN a/DT year/NN ago/IN ,/, the/DT Customs/NNP Administration/NNP said/VBD ./. ###/### Officials/NNS said/VBD South/NNP Korea/NNP 's/POS trade/NN surplus/NN with/IN the/DT U.S./NNP for/IN the/DT first/JJ nine/CD months/NNS of/IN the/DT year/NN totaled/VBD $/$ 3.49/CD billion/CD ,/, down/IN 43/CD %/NN from/IN the/DT same/JJ period/NN last/JJ year/NN on/IN a/DT customs-clearance/NN basis/NN ./. ###/### South/NNP Korean/NNP exports/NNS to/TO the/DT U.S./NNP during/IN the/DT period/NN fell/VBD 1.6/CD %/NN from/IN a/DT year/NN ago/IN to/TO $/$ 15.06/CD billion/CD ,/, while/IN imports/NNS from/IN the/DT U.S./NNP soared/VBD 26/CD %/NN to/TO $/$ 11.56/CD billion/CD ./. ###/### The/DT trade/NN surplus/NN with/IN Europe/NNP was/VBD pegged/VBN at/IN $/$ 414/CD million/CD ,/, down/IN 57/CD %/NN from/IN a/DT year/NN ago/IN ./. ###/### Officials/NNS said/VBD South/JJ Korean/JJ exports/NNS to/TO Europe/NNP dropped/VBD 5.3/CD %/NN to/TO $/$ 3.02/CD billion/CD while/IN imports/NNS from/IN there/RB went/VBD up/IN 17/CD %/NN to/TO $/$ 2.61/CD billion/CD ./. ###/### Bausch/NNP &/CC Lomb/NNP Inc./NNP said/VBD its/PRP$ pharmaceuticals/NNS subsidiary/NN agreed/VBD to/TO supply/VB collagen/NN corneal/JJ shields/NNS for/IN animal/NN eye/NN surgery/NN to/TO a/DT unit/NN of/IN International/NNP Minerals/NNPS &/CC Chemical/NNP Corp/NNP ./. ###/### Terms/NNS were/VBD n't/RB disclosed/VBN ./. ###/### The/DT agreement/NN marks/VBZ Bausch/NNP &/CC Lomb/NNP 's/POS first/JJ venture/NN selling/VBG its/PRP$ eye/NN care/NN products/NNS for/IN use/NN by/IN veterinarians/NNS ./. ###/### The/DT collagen/NN corneal/JJ shield/NN helps/VBZ speed/VB healing/NN of/IN the/DT cornea/NN after/IN eye/NN surgery/NN ./. ###/### The/DT product/NN will/MD be/VB distributed/VBN by/IN Pitman-Moore/NNP Inc./NNP ,/, a/DT subsidiary/NN of/IN International/NNP Minerals/NNPS ./. ###/### France/NNP 's/POS industrial/JJ production/NN index/NN for/IN July/NNP and/CC August/NNP rose/VBD 1/CD %/NN from/IN June/NNP and/CC was/VBD up/IN 4.6/CD %/NN from/IN a/DT year/NN ago/IN ,/, according/VBG to/TO seasonally/RB adjusted/VBN data/NNS from/IN the/DT National/NNP Statistics/NNP Institute/NNP ./. ###/### The/DT state/NN agency/NN ,/, which/WDT usually/RB publishes/VBZ the/DT data/NNS on/IN monthly/JJ basis/NN ,/, but/CC traditionally/RB combines/VBZ the/DT index/NN for/IN the/DT two/CD summer-holiday/JJ months/NNS ,/, said/VBD the/DT advance/NN was/VBD led/VBN by/IN output/NN of/IN consumer/NN goods/NNS ,/, which/WDT rose/VBD 3.5/CD %/NN from/IN June/NNP and/CC was/VBD up/IN 7.2/CD %/NN from/IN a/DT year/NN earlier/RBR ./. ###/### Semifinished/VBN goods/NNS turned/VBD in/IN a/DT strong/JJ showing/NN ,/, with/IN a/DT monthly/JJ rise/NN of/IN 2/CD %/NN and/CC a/DT year-on-year/JJ advance/NN of/IN 3/CD %/NN ./. ###/### Food/NN production/NN was/VBD ahead/RB 1.7/CD %/NN from/IN June/NNP and/CC 5.3/CD %/NN from/IN a/DT year/NN earlier/RBR ./. ###/### Output/NN in/IN the/DT capital-goods/NNS sector/NN was/VBD ahead/RB 0.9/CD %/NN on/IN a/DT monthly/JJ basis/NN and/CC 2.7/CD %/NN year/NN on/IN year/NN ./. ###/### These/DT gains/NNS were/VBD partly/RB offset/VBN by/IN output/NN of/IN cars/NNS and/CC other/JJ consumer/NN durables/NNS ,/, which/WDT eased/VBD 3.9/CD %/NN from/IN June/NNP 's/POS high/JJ level/NN ./. ###/### The/DT sector/NN was/VBD still/RB 8.8/CD %/NN above/IN its/PRP$ output/NN levels/NNS from/IN a/DT year/NN earlier/RBR ,/, however/RB ./. ###/### International/NNP Minerals/NNPS &/CC Chemical/NNP Corp./NNP said/VBD it/PRP agreed/VBD definitively/RB to/TO sell/VB its/PRP$ international/JJ fragrance/NN business/NN to/TO Bayer/NNP AG/NNP of/IN West/NNP Germany/NNP ./. ###/### Terms/NNS were/VBD n't/RB disclosed/VBN ./. ###/### The/DT maker/NN of/IN animal/NN health/NN and/CC nutrition/NN products/NNS said/VBD the/DT business/NN ,/, Creations/NNPS Aromatiques/NNP of/IN Port/NNP Valais/NNP ,/, Switzerland/NNP ,/, and/CC Woodside/NNP ,/, N.Y./NNP ,/, is/VBZ a/DT division/NN of/IN its/PRP$ Mallinckrodt/NNP Inc./NNP subsidiary/NN and/CC had/VBD sales/NNS of/IN about/IN $/$ 30/CD million/CD for/IN its/PRP$ most/JJS recent/JJ year/NN ./. ###/### International/NNP Minerals/NNPS said/VBD the/DT sale/NN will/MD allow/VB Mallinckrodt/NNP to/TO focus/VB its/PRP$ resources/NNS on/IN its/PRP$ core/NN businesses/NNS of/IN medical/JJ products/NNS ,/, specialty/NN chemicals/NNS and/CC flavors/NNS ./. ###/### Consumers/NNPS Power/NNP Co./NNP filed/VBD with/IN the/DT Michigan/NNP Public/NNP Service/NNP Commission/NNP a/DT contract/NN to/TO buy/VB power/NN from/IN the/DT Palisades/NNP nuclear/JJ plant/NN under/IN a/DT proposed/VBN new/JJ ownership/NN arrangement/NN for/IN the/DT plant/NN ./. ###/### Consumers/NNPS Power/NNP and/CC Bechtel/NNP Power/NNP Corp./NNP last/JJ year/NN announced/VBD a/DT joint/JJ venture/NN to/TO buy/VB the/DT plant/NN ,/, currently/RB owned/VBN completely/RB by/IN the/DT utility/NN ./. ###/### Two/CD Japanese/JJ scientists/NNS said/VBD they/PRP discovered/VBD an/DT antibody/NN that/IN ,/, in/IN laboratory/NN test-tube/NN experiments/NNS ,/, kills/VBZ AIDS-infected/JJ cells/NNS while/IN preserving/VBG healthy/JJ cells/NNS ./. ###/### If/IN further/JJ experiments/NNS are/VBP successful/JJ ,/, the/DT work/NN would/MD represent/VB a/DT major/JJ advance/NN in/IN research/NN on/IN acquired/VBN immune/JJ deficiency/NN syndrome/NN ./. ###/### The/DT drug/NN AZT/NNP ,/, the/DT only/JJ treatment/NN currently/RB on/IN the/DT market/NN ,/, claims/VBZ only/RB to/TO help/VB stop/VB the/DT spread/NN of/IN AIDS/NNP ,/, not/RB to/TO cure/VB it/PRP ./. ###/### But/CC several/JJ analysts/NNS and/CC Japanese/JJ scientists/NNS familiar/JJ with/IN the/DT study/NN ,/, which/WDT was/VBD announced/VBN at/IN a/DT conference/NN in/IN Nagoya/NNP yesterday/NN ,/, expressed/VBD skepticism/NN over/IN the/DT significance/NN of/IN the/DT results/NNS ./. ###/### And/CC the/DT researchers/NNS themselves/PRP acknowledged/VBD they/PRP still/RB must/MD do/VB much/RB more/JJR work/NN before/IN they/PRP can/MD say/VB whether/IN the/DT treatment/NN would/MD actually/RB cure/VB humans/NNS ./. ###/### Shin/NNP Yonehara/NNP ,/, a/DT research/NN scientist/NN at/IN the/DT Tokyo/NNP Metropolitan/NNP Institute/NNP of/IN Medical/NNP Science/NNP ,/, said/VBD the/DT antibody/NN he/PRP discovered/VBD works/VBZ by/IN recognizing/VBG an/DT antigen/NN called/VBN a/DT Fas-antigen/NN ,/, which/WDT is/VBZ characteristic/JJ of/IN an/DT infected/JJ cell/NN ./. ###/### The/DT antibody/NN then/RB kills/VBZ the/DT cell/NN ./. ###/### Dr./NNP Yonehara/NNP and/CC his/PRP$ partner/NN ,/, Nobuyuki/NNP Kobayashi/NNP of/IN Yamaguchi/NNP University/NNP ,/, said/VBD their/PRP$ experiments/NNS showed/VBD that/IN the/DT antibody/NN wiped/VBD out/IN an/DT average/NN of/IN 60/CD %/NN of/IN AIDS-infected/JJ cells/NNS within/IN three/CD days/NNS ./. ###/### In/IN some/DT of/IN the/DT experiments/NNS ,/, it/PRP killed/VBD almost/RB all/PDT the/DT infected/JJ cells/NNS ,/, the/DT researchers/NNS said/VBD ./. ###/### Meanwhile/RB ,/, fewer/JJR than/IN 10/CD %/NN of/IN the/DT healthy/JJ cells/NNS were/VBD killed/VBN ./. ###/### The/DT two/CD said/VBD they/PRP must/MD still/RB do/VB more/JJR laboratory/NN tests/NNS ,/, then/RB experiment/NN on/IN animals/NNS ./. ###/### They/PRP said/VBD they/PRP hoped/VBD to/TO conduct/VB tests/NNS on/IN human/JJ patients/NNS in/IN the/DT U.S./NNP by/IN late/JJ next/JJ year/NN ./. ###/### Japan/NNP does/VBZ n't/RB have/VB enough/JJ AIDS/NNP patients/NNS to/TO do/VB significant/JJ experimentation/NN in/IN that/DT country/NN ,/, they/PRP said/VBD ./. ###/### The/DT announcement/NN got/VBD wide/JJ exposure/NN in/IN the/DT Japanese/JJ media/NNS ,/, and/CC even/RB moved/VBD some/DT pharmaceutical/JJ stocks/NNS yesterday/NN ./. ###/### But/CC Takashi/NNP Kitamura/NNP ,/, director/NN of/IN the/DT biology/NN department/NN at/IN Japan/NNP 's/POS National/NNP Institute/NNP of/IN Health/NNP and/CC secretary/NN of/IN the/DT government/NN 's/POS AIDS-research/JJ center/NN ,/, said/VBD ,/, ``/`` I/PRP 'm/VBP not/RB so/RB optimistic/JJ of/IN its/PRP$ future/JJ use/NN in/IN therapeutic/JJ methods/NNS ./. ''/'' ###/### He/PRP said/VBD some/DT infected/JJ cells/NNS may/MD not/RB have/VB the/DT relevant/JJ antigen/NN and/CC so/RB would/MD n't/RB be/VB killed/VBN even/RB after/IN exposure/NN to/TO the/DT antibody/NN ./. ###/### ``/`` The/DT results/NNS seem/VBP to/TO be/VB very/RB premature/JJ ,/, ''/'' said/VBD Mitsuru/NNP Miyata/NNP ,/, editor/NN of/IN Nikkei/NNP Biotechnology/NNP ,/, a/DT leading/VBG Japanese/JJ industry/NN newsletter/NN ./. ###/### Dr./NNP Kobayashi/NNP responded/VBD that/IN he/PRP thought/VBD the/DT antibody/NN could/MD potentially/RB kill/VB all/DT infected/JJ cells/NNS ./. ###/### But/CC he/PRP and/CC Dr./NNP Yonehara/NNP said/VBD there/EX were/VBD still/RB several/JJ uncertainties/NNS ,/, particularly/RB regarding/VBG possible/JJ side/NN effects/NNS ./. ###/### ``/`` Our/PRP$ antibody/NN specifically/RB killed/VBD infected/JJ cells/NNS at/IN a/DT very/RB low/JJ dose/NN ,/, but/CC it/PRP can/MD also/RB kill/VB other/JJ cells/NNS ,/, ''/'' said/VBD Dr./NNP Yonehara/NNP ./. ###/### ``/`` We/PRP do/VBP n't/RB know/VB the/DT effect/NN of/IN our/PRP$ antibody/NN on/IN the/DT human/JJ body/NN ./. ''/'' ###/### AIDS/NNP is/VBZ n't/RB considered/VBN a/DT widespread/JJ problem/NN in/IN Japan/NNP --/: the/DT government/NN reports/VBZ about/IN 1,000/CD known/VBN carriers/NNS of/IN the/DT virus/NN --/: but/CC many/JJ companies/NNS have/VBP poured/VBN substantial/JJ resources/NNS into/IN research/NN in/IN recent/JJ years/NNS ,/, hoping/VBG to/TO cash/VB in/IN on/IN a/DT possible/JJ cure/NN ./. ###/### Dr./NNP Kitamura/NNP said/VBD about/IN 35/CD projects/NNS are/VBP currently/RB under/IN way/NN in/IN Japan/NNP ,/, and/CC that/IN Japanese/JJ researchers/NNS in/IN the/DT past/JJ year/NN have/VBP made/VBN available/JJ three/CD possible/JJ cures/NNS to/TO American/JJ researchers/NNS for/IN clinical/JJ tests/NNS ./. ###/### He/PRP said/VBD that/IN when/WRB scientists/NNS from/IN the/DT two/CD countries/NNS meet/VBP again/RB in/IN January/NNP in/IN New/NNP Orleans/NNP ,/, the/DT Japanese/NNP will/MD present/VB at/IN least/JJS three/CD more/JJR drugs/NNS for/IN human/JJ testing/NN ./. ###/### AZT/NNP is/VBZ the/DT world/NN 's/POS only/JJ prescription/NN medicine/NN approved/VBN for/IN treating/VBG the/DT disease/NN ./. ###/### Wellcome/NNP PLC/NNP ,/, a/DT major/JJ British/JJ pharmaceutical/NN maker/NN ,/, sells/VBZ the/DT drug/NN under/IN the/DT name/NN Retrovir/NNP ./. ###/### A/DT Wellcome/NNP spokesman/NN declined/VBD to/TO comment/VB on/IN the/DT discovery/NN of/IN the/DT antibody/NN in/IN Japan/NNP ./. ###/### But/CC Andrew/NNP Porter/NNP ,/, a/DT drug-industry/NN analyst/NN at/IN Nikko/NNP Securities/NNPS Co./NNP in/IN London/NNP ,/, said/VBD if/IN the/DT product/NN were/VBD to/TO be/VB successfully/RB developed/VBN it/PRP would/MD represent/VB ``/`` a/DT potential/JJ threat/NN to/TO the/DT long-term/JJ viability/NN of/IN Retrovir/NNP ./. ###/### The/DT following/VBG issues/NNS were/VBD recently/RB filed/VBN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP :/: ###/### American/NNP Exploration/NNP Co./NNP ,/, offering/NN of/IN five/CD million/CD common/JJ shares/NNS ,/, via/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co./NNP and/CC Shearson/NNP Lehman/NNP Hutton/NNP Inc/NNP ./. ###/### Chemical/NNP Waste/NNP Management/NNP Inc./NNP ,/, proposed/VBD global/JJ offering/NN of/IN 8,500,000/CD shares/NNS of/IN common/JJ stock/NN ,/, of/IN which/WDT seven/CD million/CD of/IN the/DT shares/NNS will/MD be/VB offered/VBN in/IN the/DT U.S./NNP and/CC 1,500,000/CD shares/NNS will/MD be/VB offered/VBN overseas/RB ,/, via/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNP -LRB-/-LRB- domestic/JJ -RRB-/-RRB- and/CC Kidder/NNP ,/, Peabody/NNP &/CC Co/NNP ./. -LRB-/-LRB- international/JJ -RRB-/-RRB- ./. ###/### Interlake/NNP Corp./NNP ,/, proposed/VBD offering/NN of/IN $/$ 200/CD million/CD of/IN senior/JJ subordinated/VBN debentures/NNS ,/, via/IN Goldman/NNP ,/, Sachs/NNP &/CC Co/NNP ./. ###/### InterMedia/NNP Capital/NNP Corp./NNP ,/, Robin/NNP Cable/NNP Systems/NNPS L.P./NNP and/CC Brenmor/NNP Cable/NNP Partners/NNPS ,/, offering/NN of/IN senior/JJ subordinated/VBN discount/NN reset/NN debentures/NNS ,/, via/IN Drexel/NNP Burnham/NNP Lambert/NNP Inc/NNP ./. ###/### John/NNP Nuveen/NNP &/CC Co./NNP ,/, initial/JJ offerings/NNS of/IN the/DT Nuveen/NNP California/NNP Performance/NNP Plus/NNP Municipal/NNP Fund/NNP Inc./NNP and/CC the/DT Nuveen/NNP New/NNP York/NNP Performance/NNP Plus/NNP Municipal/NNP Fund/NNP Inc./NNP ,/, via/IN Alex/NNP ./. Brown/NNP &/CC Sons/NNPS Inc/NNP ./. ###/### KnowledgeWare/NNP Inc./NNP ,/, initial/JJ offering/NN of/IN three/CD million/CD shares/NNS of/IN its/PRP$ common/JJ stock/NN ,/, of/IN which/WDT 1,657,736/CD shares/NNS will/MD be/VB sold/VBN by/IN the/DT company/NN and/CC 1,342,264/CD will/MD be/VB sold/VBN by/IN holders/NNS ,/, via/IN Montgomery/NNP Securities/NNPS and/CC Donaldson/NNP ,/, Lufkin/NNP &/CC Jenrette/NNP Securities/NNPS Corp/NNP ./. ###/### MGM/NNP Grand/NNP Inc./NNP ,/, proposed/VBD offering/NN of/IN six/CD million/CD shares/NNS of/IN common/JJ stock/NN ,/, via/IN Merrill/NNP Lynch/NNP ./. ###/### Microlog/NNP Corp./NNP ,/, formerly/RB called/VBN Old/NNP Dominion/NNP Systems/NNPS Inc./NNP ,/, offering/NN of/IN 1.2/CD million/CD common/JJ shares/NNS ,/, of/IN which/WDT one/CD million/CD will/MD be/VB sold/VBN by/IN the/DT company/NN ,/, and/CC the/DT balance/NN by/IN holders/NNS ,/, via/IN Hambrecht/NNP &/CC Quist/NNP and/CC Johnston/NNP ,/, Lemon/NNP &/CC Co/NNP ./. ###/### Scott/NNP Paper/NNP Co./NNP ,/, shelf/NN offering/NN of/IN up/IN to/TO $/$ 360/CD million/CD of/IN debt/NN securities/NNS ,/, via/IN Goldman/NNP Sachs/NNP ,/, Salomon/NNP Brothers/NNPS Inc./NNP and/CC Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP ./. ###/### Sullivan/NNP Graphics/NNP Inc./NNP ,/, offering/NN of/IN $/$ 110/CD million/CD of/IN senior/JJ subordinated/VBN notes/NNS ,/, via/IN Merrill/NNP Lynch/NNP ./. ###/### Sun/NNP Sportswear/NNP Inc./NNP ,/, initial/JJ offering/NN of/IN 1.7/CD million/CD common/JJ shares/NNS ,/, of/IN which/WDT one/CD million/CD shares/NNS will/MD be/VB sold/VBN by/IN the/DT company/NN ,/, and/CC the/DT balance/NN by/IN a/DT holder/NN ,/, via/IN Salomon/NNP Brothers/NNPS Inc./NNP and/CC Piper/NNP ,/, Jaffray/NNP &/CC Hopwood/NNP Inc/NNP ./. ###/### Yes/NNP Clothing/NNP Co./NNP ,/, proposed/VBD initial/JJ offering/NN of/IN 776,470/CD common/JJ shares/NNS ,/, of/IN which/WDT 600,000/CD shares/NNS will/MD be/VB offered/VBN by/IN the/DT company/NN and/CC 176,470/CD by/IN holders/NNS ,/, via/IN Seidler/NNP Amdec/NNP Securities/NNPS Inc/NNP ./. ###/### A/DT #/# 320/CD million/CD -LRB-/-LRB- $/$ 508/CD million/CD -RRB-/-RRB- British/NNP Airways/NNPS PLC/NNP rights/NNS issue/NN flopped/VBD badly/RB --/: the/DT victim/NN of/IN recent/JJ market/NN turbulence/NN and/CC the/DT collapse/NN of/IN the/DT buy-out/NN bid/NN for/IN United/NNP Airlines/NNPS '/POS parent/NN ,/, UAL/NNP Corp/NNP ./. ###/### The/DT United/NNP Kingdom/NNP carrier/NN had/VBD planned/VBN the/DT issue/NN to/TO help/VB finance/VB its/PRP$ $/$ 750/CD million/CD purchase/NN of/IN a/DT 15/CD %/NN stake/NN in/IN UAL/NNP ./. ###/### But/CC British/NNP Airways/NNPS withdrew/VBD from/IN the/DT UAL/NNP labor-management/NN buy-out/JJ plan/NN last/JJ Friday/NNP ,/, after/IN the/DT group/NN failed/VBD to/TO get/VB bank/NN financing/NN for/IN its/PRP$ $/$ 6.79/CD billion/CD buy-out/NN ./. ###/### British/NNP Airways/NNPS said/VBD its/PRP$ shareholders/NNS accepted/VBD only/RB 6.3/CD %/NN of/IN the/DT convertible/JJ capital/NN bonds/NNS ,/, but/CC that/IN the/DT rest/NN of/IN the/DT issue/NN will/MD be/VB taken/VBN up/IN by/IN underwriters/NNS ./. ###/### Analysts/NNS said/VBD that/IN 6.3/CD %/NN level/NN marked/VBD the/DT poorest/JJS showing/NN for/IN any/DT major/JJ British/JJ rights/NNS issue/NN since/IN the/DT 1987/CD global/JJ stock/NN market/NN crash/NN ./. ###/### ``/`` It/PRP is/VBZ close/JJ to/TO being/VBG a/DT record/NN undersubscription/NN ,/, ''/'' said/VBD Bob/NNP Bucknell/NNP ,/, an/DT analyst/NN with/IN London/NNP broker/NN Smith/NNP New/NNP Court/NNP Securities/NNPS ./. ###/### ``/`` Fund/NN managers/NNS do/VBP n't/RB like/VB to/TO have/VB rights/NNS issues/NNS that/WDT do/VBP n't/RB have/VB an/DT obvious/JJ reason/NN ./. ###/### The/DT obvious/JJ reason/NN was/VBD -LRB-/-LRB- for/IN British/NNP Air/NNP -RRB-/-RRB- to/TO buy/VB a/DT stake/NN in/IN United/NNP Airlines/NNPS ./. ''/'' ###/### In/IN a/DT statement/NN ,/, British/NNP Air/NNP Chairman/NNP Lord/NNP King/NNP said/VBD the/DT company/NN was/VBD ``/`` obviously/RB disappointed/VBN that/IN the/DT issue/NN was/VBD not/RB taken/VBN up/IN ,/, but/CC it/PRP would/MD have/VB been/VBN unreasonable/JJ to/TO expect/VB a/DT better/JJ result/NN given/VBN the/DT volatility/NN of/IN the/DT stock/NN market/NN since/IN the/DT launch/NN of/IN the/DT issue/NN ./. ''/'' ###/### But/CC except/IN for/IN the/DT embarrassment/NN ,/, British/NNP Air/NNP will/MD emerge/VB relatively/RB unscathed/JJ from/IN the/DT flopped/VBN issue/NN ./. ###/### Underwriters/NNS led/VBD by/IN Lazard/NNP Brothers/NNPS &/CC Co./NNP will/MD pick/VB up/IN the/DT rest/NN of/IN the/DT airline/NN 's/POS offer/NN of/IN four/CD convertible/JJ capital/NN bonds/NNS for/IN every/DT nine/CD common/JJ shares/NNS ./. ###/### Lazard/NNP and/CC other/JJ primary/JJ underwriters/NNS have/VBP reduced/VBN or/CC eliminated/VBN their/PRP$ exposure/NN by/IN sub-underwriting/VBG the/DT issue/NN among/IN U.K./NNP institutional/JJ investors/NNS ./. ###/### ``/`` The/DT -LRB-/-LRB- paper/NN -RRB-/-RRB- loss/NN here/RB is/VBZ very/RB small/JJ ''/'' for/IN these/DT sub-underwriters/NNS ,/, observed/VBD John/NNP Nelson/NNP ,/, a/DT Lazard/NNP managing/VBG director/NN ./. ###/### In/IN any/DT case/NN ,/, he/PRP added/VBD ,/, ``/`` most/JJS institutions/NNS probably/RB wo/MD n't/RB sell/VB ''/'' the/DT bonds/NNS ./. ###/### And/CC instead/RB of/IN buying/VBG the/DT UAL/NNP stake/NN ,/, the/DT U.K./NNP carrier/NN will/MD be/VB able/JJ to/TO reduce/VB its/PRP$ high/JJ debt/NN level/NN and/CC build/VB an/DT acquisition/NN war/NN chest/NN ./. ###/### ``/`` From/IN a/DT cash/NN flow/NN point/NN of/IN view/NN ,/, British/NNP Airways/NNPS is/VBZ better/JJR off/IN not/RB being/VBG in/IN United/NNP Airlines/NNPS in/IN the/DT short/JJ term/NN ,/, ''/'' said/VBD Andy/NNP Chambers/NNP ,/, an/DT analyst/NN at/IN Nomura/NNP Research/NNP Institute/NNP in/IN London/NNP ./. ###/### Added/VBN another/DT U.K./NNP analyst/NN :/: ``/`` It/PRP gives/VBZ them/PRP some/DT cash/NN in/IN the/DT back/NN pocket/NN for/IN when/WRB they/PRP want/VBP to/TO do/VB something/NN ./. ''/'' ###/### For/IN instance/NN ,/, British/NNP Air/NNP is/VBZ continuing/VBG to/TO negotiate/VB with/IN KLM/NNP Royal/NNP Dutch/NNP Airlines/NNPS about/IN each/DT acquiring/VBG a/DT 20/CD %/NN stake/NN in/IN Sabena/NNP World/NNP Airlines/NNPS ,/, the/DT air/NN transport/NN subsidiary/NN of/IN the/DT Belgian/JJ national/JJ airline/NN ./. ###/### A/DT definitive/JJ agreement/NN had/VBD been/VBN expected/VBN by/IN the/DT end/NN of/IN July/NNP ./. ###/### The/DT failed/VBN rights/NNS issue/NN also/RB should/MD have/VB a/DT modest/JJ impact/NN on/IN British/NNP Air/NNP shares/NNS ./. ###/### The/DT airline/NN 's/POS share/NN price/NN already/RB is/VBZ far/RB below/IN the/DT 210/CD pence/NN -LRB-/-LRB- $/$ 3.33/CD -RRB-/-RRB- level/NN seen/VBN after/IN the/DT company/NN announced/VBD the/DT rights/NNS issue/NN in/IN late/JJ September/NNP ./. ###/### In/IN late/RB trading/NN on/IN London/NNP 's/POS Stock/NNP Exchange/NNP yesterday/NN ,/, the/DT shares/NNS were/VBD off/IN three/CD pence/NN at/IN 194/CD pence/NN ./. ###/### And/CC because/IN British/NNP Air/NNP is/VBZ issuing/VBG convertible/JJ bonds/NNS rather/RB than/IN ordinary/JJ shares/NNS ,/, the/DT share/NN price/NN wo/MD n't/RB be/VB directly/RB hurt/VBN by/IN any/DT surplus/NN left/VBN with/IN underwriters/NNS after/IN they/PRP try/VBP to/TO sell/VB the/DT issue/NN in/IN the/DT open/JJ market/NN ./. ###/### But/CC British/NNP Air/NNP 's/POS withdrawal/NN from/IN the/DT UAL/NNP buy-out/NN could/MD have/VB further/JJ repercussions/NNS ./. ###/### Some/DT analysts/NNS speculated/VBD yesterday/NN that/IN the/DT move/NN has/VBZ set/VBN off/IN a/DT board/NN room/NN split/NN ,/, which/WDT may/MD lead/VB to/TO the/DT resignation/NN of/IN Sir/NNP Colin/NNP Marshall/NNP ,/, the/DT carrier/NN 's/POS chief/NN executive/NN officer/NN ./. ###/### ``/`` The/DT stories/NNS are/VBP rubbish/JJ ,/, ''/'' a/DT British/NNP Air/NNP spokesman/NN said/VBD ./. ###/### ``/`` There/EX is/VBZ no/DT difference/NN of/IN opinion/NN between/IN -LRB-/-LRB- Chairman/NN -RRB-/-RRB- Lord/NNP King/NNP and/CC Sir/NNP Colin/NNP on/IN any/DT aspect/NN of/IN company/NN policy/NN ./. ###/### MINORITY/NN RECRUITING/NN has/VBZ yet/RB to/TO meet/VB hopes/NNS raised/VBN by/IN Bush/NNP administration/NN ./. ###/### Six/CD months/NNS ago/IN ,/, as/IN some/DT personnel/NNS specialists/NNS saw/VBD it/PRP ,/, a/DT perception/NN that/IN President/NNP Bush/NNP really/RB cared/VBD about/IN fair/JJ employment/NN --/: after/IN what/WP they/PRP said/VBD was/VBD eight/CD years/NNS of/IN Reagan-era/NN neglect/NN --/: was/VBD prodding/VBG top/JJ management/NN to/TO raise/VB hiring/VBG goals/NNS for/IN females/NNS ,/, blacks/NNS and/CC other/JJ minorities/NNS ./. ###/### The/DT perception/NN lingers/VBZ ,/, says/VBZ an/DT official/NN at/IN a/DT major/JJ industrial/JJ company/NN ./. ###/### But/CC so/RB far/RB ,/, he/PRP declares/VBZ ,/, there/EX 's/VBZ little/JJ evidence/NN the/DT ``/`` new/JJ urgency/NN ''/'' is/VBZ trickling/VBG down/IN to/TO the/DT managers/NNS who/WP actually/RB do/VBP hiring/NN ./. ###/### ``/`` Is/VBZ there/EX really/RB a/DT commitment/NN or/CC an/DT illusion/NN of/IN activity/NN ?/. ''/'' he/PRP asks/VBZ ./. ###/### The/DT recruiting/NN ``/`` has/VBZ n't/RB materialized/VBD ,/, ''/'' asserts/VBZ Jeffrey/NNP Christian/NNP ,/, who/WP runs/VBZ a/DT search/NN agency/NN ./. ###/### Samuel/NNP Hall/NNP ,/, Howard/NNP University/NNP 's/POS placement/NN director/NN ,/, also/RB does/VBZ n't/RB see/VB it/PRP ./. ###/### And/CC he/PRP questions/VBZ the/DT White/NNP House/NNP dedication/NN ./. ###/### ``/`` I/PRP do/VBP n't/RB think/VB the/DT Bush/NNP administration/NN has/VBZ done/VBN anything/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### Recruiter/NNP Donald/NNP Clark/NNP does/VBZ note/VB an/DT increase/NN in/IN searches/NNS for/IN minority/NN candidates/NNS ./. ###/### But/CC some/DT of/IN the/DT activity/NN ,/, he/PRP says/VBZ ,/, may/MD reflect/VB a/DT rush/NN to/TO get/VB ``/`` numbers/NNS in/IN order/NN ''/'' for/IN end-of-year/JJ reports/NNS ./. ###/### PAY/NN FOR/IN PERFORMANCE/NN hangs/VBZ mostly/RB on/IN boss/NN 's/POS subjective/JJ view/NN ./. ###/### Du/NNP Pont/NNP Co./NNP in/IN a/DT couple/NN of/IN units/NNS has/VBZ installed/VBN objective/JJ tests/NNS based/VBN on/IN earnings/NNS or/CC return/NN on/IN equity/NN ./. ###/### Many/JJ companies/NNS have/VBP set/VBN up/IN machinery/NN to/TO assure/VB workers/NNS a/DT fair/JJ shake/NN ./. ###/### At/IN most/JJS firms/NNS ,/, though/RB ,/, it/PRP 's/VBZ the/DT immediate/JJ supervisor/NN who/WP decides/VBZ the/DT merit/NN increases/VBZ subordinates/NNS will/MD be/VB paid/VBN ./. ###/### Managers/NNS have/VBP ``/`` some/DT very/RB broad/JJ discretion/NN ,/, ''/'' says/VBZ an/DT official/NN at/IN Walt/NNP Disney/NNP Co/NNP ./. ###/### Unocal/NNP Corp./NNP 's/POS top/JJ management/NN sets/VBZ guidelines/NNS ,/, but/CC line/NN supervisors/NNS slice/VBP up/IN the/DT merit/NN pie/NN ./. ###/### Lotus/NNP Development/NNP Corp./NNP feeds/VBZ its/PRP$ evaluations/NNS into/IN a/DT computer/NN ,/, but/CC only/RB for/IN storage/NN ;/: the/DT decisions/NNS are/VBP made/VBN by/IN supervisors/NNS ./. ###/### Hershey/NNP Foods/NNPS Corp./NNP strives/VBZ for/IN fairness/NN by/IN basing/VBG increases/NNS on/IN quarterly/JJ reviews/NNS ,/, annual/JJ appraisals/NNS and/CC meetings/NNS with/IN workers/NNS ./. ###/### At/IN Chemfix/NNP Technology/NNP Inc./NNP ,/, each/DT supervisor/NN 's/POS recommendation/NN must/MD be/VB approved/VBN by/IN the/DT next/JJ boss/NN up/IN the/DT line/NN ,/, and/CC then/RB sanctioned/VBN by/IN a/DT salary/NN review/NN committee/NN ./. ###/### JAPANESE/JJ COMPANIES/NNS fare/VBP best/RB in/IN U.S./NNP when/WRB they/PRP give/VBP Americans/NNPS more/JJR say/NN ./. ###/### University/NNP of/IN Michigan/NNP researchers/NNS find/VBP the/DT companies/NNS earn/VBP more/RBR and/CC win/VBP a/DT bigger/JJR market/NN share/NN when/WRB their/PRP$ American/JJ employees/NNS get/VBP a/DT voice/NN in/IN planning/NN ,/, product/NN development/NN and/CC design/NN ,/, including/VBG decision-making/JJ back/NN in/IN Japan/NNP ./. ###/### ``/`` You/PRP ca/MD n't/RB hire/VB competent/JJ Americans/NNPS and/CC say/VB ,/, `/`` Let/VB them/PRP run/VB only/RB their/PRP$ own/JJ show/NN ,/, '/'' ''/'' says/VBZ Vladimir/NNP Pucik/NNP ,/, who/WP headed/VBD the/DT study/NN run/VBN with/IN Egon/NNP Zehnder/NNP International/NNP ,/, a/DT search/NN firm/NN ./. ###/### The/DT researchers/NNS say/VBP many/JJ Japanese/JJ companies/NNS err/VBP in/IN the/DT U.S./NNP by/IN adopting/VBG the/DT American/JJ practice/NN of/IN hiring/VBG managers/NNS on/IN the/DT ``/`` open/JJ market/NN ./. ''/'' ###/### In/IN Japan/NNP ,/, by/IN contrast/NN ,/, companies/NNS tend/VBP to/TO develop/VB their/PRP$ own/JJ talent/NN and/CC promote/VB from/IN within/IN ./. ###/### The/DT Japanese/NNP also/RB are/VBP accused/VBN of/IN keeping/VBG their/PRP$ cards/NNS too/RB close/RB to/TO their/PRP$ vests/NNS ./. ###/### ``/`` Some/DT Japanese/JJ executives/NNS are/VBP not/RB yet.../: comfortable/JJ about/IN sharing/VBG strategic/JJ information/NN with/IN their/PRP$ American/JJ colleagues/NNS ,/, ''/'' the/DT researchers/NNS say/VBP ./. ###/### Americans/NNPS stay/VBP longer/RBR with/IN Japanese/JJ firms/NNS than/IN American/JJ companies/NNS ./. ###/### But/CC they/PRP think/VBP promotions/NNS are/VBP limited/VBN ./. ###/### THE/DT HOUSE/NNP votes/VBZ down/IN a/DT proposal/NN to/TO put/VB pension/NN plans/NNS under/IN the/DT control/NN of/IN joint/JJ labor-management/NN boards/NNS ./. ###/### Some/DT consultants/NNS had/VBD insisted/VBN it/PRP would/MD n't/RB work/VB ./. ###/### LONG-TERM/JJ care/NN insurance/NN gains/VBZ favor/NN ./. ###/### More/RBR than/IN half/PDT the/DT people/NNS surveyed/VBN for/IN the/DT Employee/NNP Benefit/NNP Research/NNP Institute/NNP say/VBP they/PRP would/MD be/VB willing/JJ and/CC able/JJ to/TO pick/VB up/IN most/JJS of/IN the/DT cost/NN of/IN the/DT coverage/NN ./. ###/### FRINGE-BENEFIT/JJ spending/NN by/IN small/JJ and/CC medium-sized/JJ employers/NNS has/VBZ dropped/VBN to/TO 25/CD %/NN of/IN payroll/NN from/IN 29/CD %/NN three/CD years/NNS ago/IN ,/, says/VBZ the/DT National/NNP Institute/NNP of/IN Business/NNP Management/NNP ,/, an/DT advisory/JJ service/NN ./. ###/### OUSTED/VBN EXECUTIVES/NNPS over/IN 50/CD years/NNS old/JJ take/VBP slightly/RB less/JJR time/NN than/IN their/PRP$ younger/JJR colleagues/NNS to/TO find/VB a/DT job/NN --/: 3.23/CD months/NNS vs./CC 3.26/CD for/IN the/DT juniors/NNS --/: outplacement/NN firm/NN Challenger/NNP ,/, Gray/NNP &/CC Christmas/NNP finds/VBZ ./. ###/### It/PRP 's/VBZ the/DT first/JJ time/NN in/IN the/DT survey/NN 's/POS 15/CD years/NNS that/IN the/DT over-50/JJ group/NN came/VBD out/IN ahead/RB ./. ###/### FEAR/NN OF/IN AIDS/NNP hinders/VBZ hiring/VBG at/IN few/JJ hospitals/NNS ./. ###/### Dedication/NN runs/VBZ high/JJ ./. ###/### Wafaa/NNP El-Sadr/NNP ,/, who/WP heads/VBZ the/DT AIDS/NNP program/NN at/IN New/NNP York/NNP City/NNP 's/POS Harlem/NNP Hospital/NNP Center/NNP ,/, ca/MD n't/RB find/VB help/NN ./. ###/### ``/`` I/PRP 've/VBP been/VBN recruiting/VBG every/DT single/JJ day/NN since/IN it/PRP 's/VBZ been/VBN identified/VBN that/IN many/JJ AIDS/NNP patients/NNS come/VBD from/IN the/DT inner/JJ city/NN ,/, ''/'' she/PRP says/VBZ ./. ###/### She/PRP was/VBD the/DT only/JJ staff/NN physician/NN available/JJ to/TO treat/VB AIDS/NNP patients/NNS last/JJ summer/NN and/CC now/RB she/PRP has/VBZ the/DT help/NN of/IN only/RB two/CD doctors/NNS part/NN time/NN ./. ###/### Part/NN of/IN the/DT problem/NN ,/, though/RB ,/, may/MD reflect/VB a/DT general/JJ unwillingness/NN to/TO work/VB with/IN the/DT urban/JJ poor/NN ./. ###/### Parkland/NNP Memorial/NNP Hospital/NNP in/IN Dallas/NNP says/VBZ it/PRP has/VBZ n't/RB had/VBN any/DT problem/NN recruiting/VBG ,/, even/RB after/IN a/DT nurse/NN contracted/VBD the/DT virus/NN while/IN injecting/VBG an/DT AIDS/NNP patient/NN ./. ###/### ``/`` I/PRP can/MD tell/VB you/PRP that/IN nobody/NN quit/VBD over/IN it/PRP ./. ###/### No/DT one/NN panicked/VBD ,/, ''/'' a/DT spokeswoman/NN says/VBZ ./. ###/### St./NNP Paul/NNP Medical/NNP Center/NNP ,/, also/RB in/IN Dallas/NNP ,/, sees/VBZ only/RB a/DT ``/`` minimal/JJ erosion/NN ''/'' of/IN support/NN staff/NN due/JJ to/TO AIDS/NNP ./. ###/### Yale-New/NNP Haven/NNP Hospital/NNP sees/VBZ no/DT problem/NN ,/, says/VBZ John/NNP Fenn/NNP ,/, the/DT chief/NN of/IN staff/NN ./. ###/### ``/`` There/EX are/VBP enough/RB enlightened/VBN and/CC spirited/VBN individuals/NNS who/WP know/VBP their/PRP$ responsibilities/NNS ,/, ''/'' he/PRP says/VBZ ./. ###/### THE/DT CHECKOFF/NNP :/: At/IN least/JJS somebody/NN gains/VBZ on/IN layoffs/NNS ./. ###/### The/DT Association/NNP of/IN Outplacement/NNP Consulting/NNP Firms/NNPS says/VBZ the/DT industry/NN 's/POS volume/NN has/VBZ soared/VBN tenfold/RB since/IN 1980/CD ,/, to/TO $/$ 350/CD million/CD a/DT year/NN ./. ###/### And/CC somebody/NN loses/VBZ on/IN the/DT expected/VBN repeal/NN of/IN Section/NN 89/CD ,/, the/DT benefits/NNS test/NN fought/VBN by/IN most/JJS employers/NNS ./. ###/### Triad/NNP Solutions/NNPS says/VBZ software/NN producers/NNS had/VBD each/DT invested/VBN hundreds/NNS of/IN thousands/NNS of/IN dollars/NNS in/IN programs/NNS that/WDT now/RB have/VBP no/DT use/NN ./. ###/### Big/JJ gains/NNS for/IN the/DT ultra-right/JJ Republicans/NNPS party/NN in/IN Baden-Wuerttemburg/NNP state/NN municipal/JJ elections/NNS Sunday/NNP showed/VBD eroding/VBG support/NN for/IN Chancellor/NNP Helmut/NNP Kohl/NNP in/IN a/DT traditional/JJ bastion/NN for/IN his/PRP$ Christian/NNP Democratic/NNP Union/NNP ./. ###/### With/IN ballots/NNS from/IN most/JJS of/IN the/DT state/NN 's/POS major/JJ cities/NNS in/IN by/IN yesterday/NN morning/NN ,/, the/DT Republicans/NNPS came/VBD away/RB with/IN 10/CD %/NN of/IN the/DT vote/NN in/IN several/JJ of/IN the/DT key/JJ districts/NNS ./. ###/### With/IN many/JJ rural/JJ districts/NNS yet/RB to/TO report/VB ballots/NNS ,/, election/NN officials/NNS estimate/VBP support/NN for/IN Christian/NNP Democrats/NNPS fell/VBD an/DT average/JJ five/CD percentage/NN points/NNS statewide/RB ./. ###/### The/DT left-of-center/JJ Social/NNP Democrats/NNPS and/CC the/DT environmental/JJ Greens/NNP party/NN posted/VBD mixed/VBN results/NNS ./. ###/### Headed/VBN by/IN a/DT former/JJ Waffen/NNP SS/NNP sergeant/NN and/CC working/VBG from/IN a/DT nationalistic/JJ platform/NN of/IN anti-foreigner/NN rhetoric/NN ,/, the/DT fledgling/NN Republicans/NNPS party/NN has/VBZ scored/VBN surprising/JJ gains/NNS in/IN earlier/JJR elections/NNS in/IN the/DT states/NNS of/IN West/NNP Berlin/NNP ,/, Hesse/NNP and/CC North-Rhine/NNP Westphalia/NNP ./. ###/### With/IN West/NNP German/NNP unemployment/NN remaining/VBG high/JJ at/IN two/CD million/CD jobless/JJ and/CC the/DT lack/NN of/IN affordable/JJ housing/NN becoming/VBG a/DT primary/JJ issue/NN for/IN next/JJ year/NN 's/POS campaign/NN ,/, the/DT Republicans/NNPS are/VBP seen/VBN drawing/VBG support/NN for/IN their/PRP$ ``/`` Germans/NNPS First/JJ ''/'' stand/NN on/IN social-welfare/JJ issues/NNS ./. ###/### Election/NN analysts/NNS acknowledge/VBP that/IN a/DT ``/`` Red-Green/NNP ''/'' coalition/NN of/IN Social/NNP Democrats/NNPS and/CC Greens/NNP could/MD edge/VB out/IN Chancellor/NNP Kohl/NNP 's/POS coalition/NN in/IN the/DT December/NNP 1990/CD national/JJ election/NN if/IN support/NN for/IN the/DT Republicans/NNPS continues/VBZ to/TO spread/VB ./. ###/### International/JJ investigators/NNS urged/VBD Britain/NNP to/TO allow/VB prosecution/NN of/IN suspected/VBN Nazi/NNP war/NN criminals/NNS who/WP took/VBD refuge/NN there/RB after/IN 1945/CD ./. ###/### Under/IN current/JJ law/NN ,/, such/JJ suspects/NNS are/VBP immune/JJ from/IN prosecution/NN for/IN acts/NNS committed/VBN while/IN not/RB British/JJ citizens/NNS ./. ###/### ``/`` If/IN we/PRP 're/VBP not/RB careful/JJ we/PRP could/MD become/VB known/VBN as/IN a/DT haven/NN for/IN war/NN criminals/NNS ,/, ''/'' said/VBD Jeff/NNP Rooker/NNP ,/, a/DT member/NN of/IN Parliament/NNP and/CC one/CD of/IN several/JJ British/JJ politicians/NNS attending/VBG a/DT London/NNP conference/NN with/IN government/NN investigators/NNS from/IN the/DT U.S./NNP ,/, Canada/NNP and/CC Australia/NNP ./. ###/### A/DT parliamentary/JJ inquiry/NN found/VBD in/IN July/NNP that/IN more/JJR than/IN 70/CD people/NNS living/VBG in/IN Britain/NNP could/MD have/VB been/VBN part/NN of/IN death/NN squads/NNS that/WDT roamed/VBD Nazi-occupied/JJ Eastern/NNP Europe/NNP ./. ###/### Parliament/NNP is/VBZ expected/VBN to/TO discuss/VB next/JJ month/NN whether/IN to/TO change/VB the/DT law/NN ./. ###/### British/JJ investigations/NNS were/VBD prompted/VBN by/IN a/DT list/NN of/IN 17/CD alleged/VBN war/NN criminals/NNS living/VBG in/IN Britain/NNP sent/VBN to/TO Prime/NNP Minister/NNP Margaret/NNP Thatcher/NNP in/IN October/NNP 1986/CD by/IN the/DT Simon/NNP Wiesenthal/NNP Center/NNP in/IN Los/NNP Angeles/NNP ./. ###/### In/IN a/DT sign/NN of/IN easing/VBG tension/NN between/IN Beijing/NNP and/CC Hong/NNP Kong/NNP ,/, China/NNP said/VBD it/PRP will/MD again/RB take/VB back/RB illegal/JJ immigrants/NNS caught/VBD crossing/VBG into/IN the/DT British/JJ colony/NN ./. ###/### China/NNP had/VBD refused/VBN to/TO repatriate/VB citizens/NNS who/WP sneaked/VBD into/IN Hong/NNP Kong/NNP illegally/RB since/IN early/RB this/DT month/NN ,/, when/WRB the/DT colony/NN allowed/VBD a/DT dissident/JJ Chinese/JJ swimmer/NN to/TO flee/VB to/TO the/DT U.S/NNP ./. ###/### About/IN 1,100/CD Chinese/NNP were/VBD awaiting/VBG repatriation/NN yesterday/NN ./. ###/### Italy/NNP 's/POS Foreign/NNP Ministry/NNP said/VBD it/PRP is/VBZ investigating/VBG exports/NNS to/TO the/DT Soviet/NNP Union/NNP by/IN an/DT Ing/NNP ./. C./NNP Olivetti/NNP &/CC Co./NNP subsidiary/NN called/VBN OCN-PPL/NNP that/WDT makes/VBZ numerically/RB controlled/VBN machine/NN tools/NNS ./. ###/### Although/IN Italy/NNP 's/POS investigation/NN of/IN whether/IN Olivetti/NNP had/VBD violated/VBN Western/JJ export-control/JJ rules/NNS had/VBD previously/RB been/VBN made/VBN known/VBN ,/, this/DT marked/VBD the/DT first/JJ time/NN the/DT unit/NN and/CC product/NN were/VBD named/VBN ./. ###/### The/DT U.S./NNP is/VBZ worried/VBN about/IN the/DT convertibility/NN of/IN Olivetti/NNP 's/POS machine/NN tools/NNS to/TO military/JJ use/NN ./. ###/### However/RB ,/, an/DT Olivetti/NNP spokeswoman/NN said/VBD OCN-PPL/NNP ,/, of/IN which/WDT Olivetti/NNP sold/VBD the/DT majority/NN interest/NN last/JJ year/NN ,/, ``/`` does/VBZ n't/RB make/VB equipment/NN that/WDT has/VBZ the/DT type/NN of/IN precision/NN necessary/JJ for/IN sophisticated/JJ productions/NNS ./. ''/'' ###/### Conservationists/NNS say/VBP that/IN drift-net/NN fishing/NN threatens/VBZ to/TO wipe/VB out/IN much/RB of/IN the/DT world/NN 's/POS tuna/NN stocks/NNS in/IN a/DT few/JJ years/NNS ./. ###/### But/CC the/DT Japanese/NNP Fisheries/NNPS Association/NNP criticized/VBD moves/NNS to/TO ban/VB the/DT practice/NN in/IN international/JJ waters/NNS ./. ###/### ``/`` It/PRP is/VBZ really/RB unfortunate/JJ for/IN human/JJ beings/NNS to/TO be/VB swayed/VBN by/IN emotional/JJ discussions/NNS ,/, ''/'' the/DT association/NN said/VBD ./. ###/### In/IN driftnet/NN ,/, or/CC ``/`` wall/NN of/IN death/NN ,/, ''/'' fishing/NN ,/, fleets/NNS lay/VBP nets/NNS up/IN to/TO three/CD miles/NNS long/RB that/DT trap/NN almost/RB everything/NN in/IN their/PRP$ path/NN ./. ###/### Earlier/RBR this/DT year/NN ,/, Japan/NNP said/VBD it/PRP would/MD cut/VB the/DT number/NN of/IN its/PRP$ drift-net/NN vessels/NNS in/IN the/DT South/NNP Pacific/NNP by/IN two-thirds/NNS ,/, or/CC down/IN to/TO 20/CD ./. ###/### Workers/NNS at/IN Peugeot/NNP S.A./NNP 's/POS car/NN plant/NN at/IN Sochaux/NNP ,/, in/IN eastern/JJ France/NNP ,/, voted/VBD to/TO end/VB a/DT six-week-old/JJ strike/NN that/WDT has/VBZ cost/VBN the/DT Peugeot/NNP group/NN production/NN of/IN 60,000/CD automobiles/NNS ,/, a/DT company/NN spokesman/NN said/VBD ./. ###/### The/DT strikers/NNS voted/VBD to/TO accept/VB a/DT series/NN of/IN management/NN proposals/NNS that/WDT will/MD give/VB them/PRP a/DT higher/JJR basic/JJ wage/NN ,/, better/JJR profit-sharing/JJ benefits/NNS and/CC bigger/JJR annual/JJ bonuses/NNS ./. ###/### The/DT spokesman/NN said/VBD the/DT vote/NN at/IN Sochaux/NNP is/VBZ expected/VBN to/TO be/VB followed/VBN by/IN a/DT similar/JJ move/NN at/IN the/DT company/NN 's/POS assembly/NN plant/NN at/IN Mulhouse/NNP ,/, where/WRB the/DT number/NN of/IN strikers/NNS has/VBZ been/VBN whittled/VBN down/IN to/TO 80/CD ./. ###/### About/IN 8,000/CD National/NNP Union/NNP of/IN Mineworkers/NNPS members/NNS resumed/VBD their/PRP$ strike/NN against/IN De/NNP Beers/NNP Consolidated/NNP Mines/NNPS Ltd./NNP after/IN further/JJ negotiations/NNS to/TO settle/VB a/DT wage/NN dispute/NN broke/VBD down/IN ./. ###/### Striking/VBG workers/NNS ,/, who/WP began/VBD striking/VBG five/CD diamond/NN mines/NNS on/IN Oct./NNP 13/CD ,/, had/VBD returned/VBN to/TO work/VB last/JJ week/NN when/WRB the/DT union/NN and/CC De/NNP Beers/NNP arranged/VBD to/TO reopen/VB negotiations/NNS ./. ###/### A/DT De/NNP Beers/NNP spokesman/NN said/VBD yesterday/NN the/DT company/NN had/VBD offered/VBN to/TO increase/VB the/DT minimum/JJ wage/NN by/IN 18/CD %/NN ,/, while/IN the/DT union/NN was/VBD demanding/VBG 26.6/CD %/NN ./. ###/### Before/IN the/DT two/CD parties/NNS resumed/VBD talks/NNS last/JJ week/NN ,/, De/NNP Beers/NNP offered/VBD 17/CD %/NN and/CC the/DT union/NN wanted/VBD 37.6/CD %/NN ./. ###/### China/NNP 's/POS People/NNS 's/POS Daily/NNP took/VBD note/NN of/IN the/DT growing/VBG problem/NN of/IN computer/NN fraud/NN ./. ###/### Since/IN the/DT first/JJ fraud/NN was/VBD discovered/VBN in/IN July/NNP 1986/CD at/IN an/DT office/NN of/IN the/DT People/NNPS 's/POS Bank/NNP of/IN China/NNP in/IN Shenzhen/NNP ,/, 15/CD major/JJ cases/NNS have/VBP been/VBN found/VBN ,/, the/DT paper/NN said/VBD ;/: the/DT biggest/JJS was/VBD the/DT theft/NN of/IN $/$ 235,000/CD from/IN a/DT bank/NN in/IN Chengdu/NNP in/IN March/NNP 1988/CD ./. ###/### The/DT number/NN of/IN computers/NNS has/VBZ mushroomed/VBN in/IN recent/JJ years/NNS ,/, with/IN 10,000/CD in/IN use/NN ,/, as/RB well/RB as/IN 30,000/CD miniature/JJ models/NNS ./. ###/### But/CC security/NN systems/NNS ,/, effective/JJ management/NN controls/NNS and/CC regulations/NNS to/TO govern/VB their/PRP$ use/NN have/VBP not/RB kept/VBN pace/NN ,/, the/DT People/NNPS 's/POS Daily/NNP said/VBD ./. ###/### Besides/IN money/NN ,/, criminals/NNS have/VBP also/RB used/VBN computers/NNS to/TO steal/VB secrets/NNS and/CC intelligence/NN ,/, the/DT newspaper/NN said/VBD ,/, but/CC it/PRP gave/VBD no/DT more/JJR details/NNS ./. ###/### Japanese/JJ tourists/NNS will/MD be/VB told/VBN to/TO take/VB care/NN when/WRB photographing/VBG earthquake/NN damage/NN in/IN San/NNP Francisco/NNP ,/, the/DT Japan/NNP Association/NNP of/IN Travel/NNP Agents/NNPS said/VBD ./. ###/### The/DT association/NN issued/VBD an/DT advisory/NN to/TO its/PRP$ 1,685/CD member/NN agencies/NNS following/VBG a/DT report/NN from/IN the/DT Foreign/NNP Ministry/NNP that/IN picture-taking/NN by/IN Japanese/JJ tourists/NNS in/IN earthquake-stricken/JJ areas/NNS was/VBD causing/VBG ill/JJ feeling/NN among/IN local/JJ residents/NNS ./. ###/### Tass/NNP said/VBD Lenin/NNP 's/POS tomb/NN in/IN Red/NNP Square/NNP will/MD be/VB closed/VBN from/IN Nov./NNP 10/CD to/TO Jan./NNP 15/CD for/IN essential/JJ maintenance/NN ./. ###/### The/DT red/JJ granite/NN mausoleum/NN draws/VBZ thousands/NNS of/IN visitors/NNS daily/RB ./. ###/### Fatalities/NNS on/IN rural/JJ interstates/NNS rose/VBD 33/CD %/NN between/IN 1986/CD and/CC last/JJ year/NN ,/, the/DT National/NNP Highway/NNP Traffic/NNP Safety/NNP Administration/NNP said/VBD in/IN a/DT report/NN on/IN the/DT impact/NN of/IN the/DT 65/CD miles-per-hour/JJ speed/NN limit/NN on/IN those/DT roads/NNS ./. ###/### The/DT report/NN to/TO Congress/NNP said/VBD that/IN fatalities/NNS rose/VBD 18/CD %/NN in/IN 1987/CD and/CC 13/CD %/NN in/IN 1988/CD on/IN rural/JJ interstates/NNS ./. ###/### The/DT 1987/CD highway/NN bill/NN permitted/VBD states/NNS to/TO raise/VB the/DT speed/NN limit/NN to/TO 65/CD mph/NN from/IN 55/CD mph/NN on/IN interstate/JJ roads/NNS ,/, which/WDT are/VBP defined/VBN as/IN highways/NNS that/WDT pass/VBP through/IN areas/NNS with/IN fewer/JJR than/IN 50,000/CD people/NNS ./. ###/### Since/IN 1987/CD ,/, 40/CD states/NNS have/VBP increased/VBN the/DT speed/NN limit/NN on/IN rural/JJ interstates/NNS ./. ###/### ``/`` About/IN one-third/NN of/IN the/DT fatality/NN increase/NN is/VBZ attributed/VBN to/TO greater/JJR travel/NN ,/, and/CC about/IN two-thirds/NNS is/VBZ attributed/VBN to/TO other/JJ factors/NNS -LCB-/-LRB- primarily/RB to/TO greater/JJR speed/NN -RCB-/-RRB- ,/, ''/'' according/VBG to/TO NHTSA/NNP ./. ###/### The/DT report/NN showed/VBD that/IN deaths/NNS on/IN urban/JJ interstate/JJ highways/NNS rose/VBD 7/CD %/NN between/IN 1986/CD and/CC last/JJ year/NN ,/, while/IN fatalities/NNS on/IN non-interstate/JJ roads/NNS were/VBD about/IN the/DT same/JJ in/IN 1988/CD as/IN in/IN 1986/CD ./. ###/### In/IN states/NNS that/WDT raised/VBD the/DT speed/NN limit/NN on/IN rural/JJ interstates/NNS ,/, the/DT fatality/NN rate/NN rose/VBD about/IN 18/CD %/NN to/TO 1.7/CD deaths/NNS per/IN 100/CD million/CD miles/NNS traveled/VBN between/IN 1986/CD and/CC 1988/CD ./. ###/### In/IN contrast/NN ,/, the/DT fatality/NN rate/NN in/IN the/DT states/NNS that/WDT retained/VBD the/DT 55/CD mph/NN limit/NN was/VBD 0.9/CD last/JJ year/NN ,/, the/DT same/JJ as/IN in/IN 1986/CD ./. ###/### Well-Seasoned/JJ Reasoning/NN -LRB-/-LRB- ``/`` Food/NN manufacturer/NN changes/VBZ spelling/NN of/IN `/`` catsup/NN '/'' to/TO `/`` ketchup/NN ,/, '/'' saying/VBG that/DT 's/VBZ the/DT spelling/NN people/NNS now/RB prefer/VBP ''./SYM --/: WSJ/NNP Business/NNP Bulletin/NNP -RRB-/-RRB- ###/### Public/JJ preference/NN is/VBZ important/JJ ,/, So/IN product/NN names/NNS should/MD match/VB up/IN ,/, And/CC firms/NNS that/WDT find/VBP they/PRP 're/VBP lagging/VBG behind/IN Should/MD now/RB take/VB steps/NNS to/TO ketchup/VB|IN --/: George/NNP O./NNP Ludcke/NNP ###/### Judge/VB Not/RB How/WRB easy/JJ it/PRP is/VBZ To/TO attack/VB others/NNS '/POS views/NNS Without/IN ever/RB setting/VBG A/DT foot/NN in/IN their/PRP$ shoes/NNS --/: G./NNP Sterling/NNP Leiby/NNP ###/### Daffynition/NN Money-making/JJ course/NN :/: wad-working/NN ./. --/: Thomas/NNP Henry/NNP ./. ###/### In/IN an/DT Oct./NNP 10/CD editorial-page/NN article/NN ,/, ``/`` It/PRP 's/VBZ the/DT World/NNP Bank/NNP 's/POS Turn/NN to/TO Adjust/VB ,/, ''/'' Paul/NNP Craig/NNP Roberts/NNP lays/VBZ most/JJS of/IN the/DT blame/NN for/IN what/WP ails/NNS developing/VBG countries/NNS at/IN the/DT doorstep/NN of/IN the/DT World/NNP Bank/NNP ./. ###/### The/DT article/NN is/VBZ ,/, unfortunately/RB ,/, replete/JJ with/IN outrageous/JJ distortions/NNS ./. ###/### One/CD of/IN Mr./NNP Roberts/NNP 's/POS observations/NNS is/VBZ that/IN the/DT Bank/NNP 's/POS own/JJ loan/NN portfolio/NN is/VBZ in/IN deep/JJ trouble/NN because/IN of/IN its/PRP$ lending/NN to/TO developing/VBG countries/NNS ./. ###/### This/DT is/VBZ just/RB not/RB so/RB ./. ###/### The/DT reality/NN is/VBZ that/IN Bank/NNP finances/NNS are/VBP rock/NN solid/JJ ./. ###/### As/IN of/IN June/NNP 30/CD ,/, 1989/CD --/: the/DT day/NN our/PRP$ past/NN fiscal/JJ year/NN came/VBD to/TO a/DT close/NN --/: only/RB 4.1/CD %/NN of/IN the/DT Bank/NNP 's/POS portfolio/NN was/VBD affected/VBN by/IN arrears/NNS of/IN over/IN six/CD months/NNS ./. ###/### This/DT is/VBZ an/DT enviably/RB low/JJ level/NN ./. ###/### Moreover/RB ,/, the/DT Bank/NNP follows/VBZ a/DT prudent/JJ provisioning/VBG policy/NN and/CC has/VBZ set/VBN aside/RB $/$ 800/CD million/CD against/IN possible/JJ loan/NN losses/NNS ./. ###/### For/IN the/DT same/JJ fiscal/JJ year/NN ,/, by/IN the/DT way/NN ,/, the/DT Bank/NNP 's/POS net/JJ income/NN was/VBD a/DT robust/JJ $/$ 1.1/CD billion/CD after/IN provisions/NNS ./. ###/### Because/IN of/IN the/DT business-like/JJ manner/NN in/IN which/WDT the/DT Bank/NNP goes/VBZ about/IN development/NN ,/, financial/JJ markets/NNS have/VBP confidence/NN in/IN it/PRP ./. ###/### This/DT helps/VBZ explain/VB the/DT triple-A/JJ rating/NN enjoyed/VBN by/IN our/PRP$ bonds/NNS and/CC our/PRP$ ability/NN to/TO borrow/VB $/$ 9.3/CD billion/CD in/IN fiscal/JJ 1989/CD on/IN the/DT most/RBS advantageous/JJ terms/NNS ./. ###/### Another/DT of/IN Mr./NNP Roberts/NNP 's/POS criticisms/NNS is/VBZ that/DT Bank/NNP lending/NN has/VBZ done/VBN more/JJR harm/NN than/IN good/JJ ``/`` by/IN implanting/VBG the/DT wrong/JJ incentives/NNS and/CC deflecting/VBG energy/NN away/RB from/IN economic/JJ development/NN ./. ''/'' ###/### Here/RB ,/, too/RB ,/, Mr./NNP Roberts/NNP is/VBZ way/NN off/IN the/DT mark/NN ./. ###/### The/DT reality/NN is/VBZ that/IN Bank/NNP loans/NNS have/VBP been/VBN linked/VBN to/TO policy/NN improvements/NNS for/IN 40/CD years/NNS ./. ###/### Our/PRP$ traditional/JJ project/NN loans/NNS have/VBP ,/, for/IN instance/NN ,/, supported/VBN sensible/JJ energy/NN pricing/NN in/IN the/DT power/NN sector/NN ,/, sound/JJ interest-rate/JJ policies/NNS in/IN the/DT credit/NN area/NN and/CC the/DT operation/NN of/IN public/JJ utilities/NNS as/IN efficient/JJ ,/, autonomous/JJ agencies/NNS ./. ###/### By/IN and/CC large/JJ ,/, these/DT efforts/NNS have/VBP borne/VBN fruit/NN ./. ###/### In/IN my/PRP$ home/NN region/NN ,/, Latin/NNP America/NNP ,/, much/RB of/IN the/DT existing/VBG infrastructure/NN base/NN --/: an/DT important/JJ building/NN block/NN for/IN development/NN --/: has/VBZ been/VBN financed/VBN by/IN the/DT World/NNP Bank/NNP ./. ###/### Mr./NNP Roberts/NNP also/RB takes/VBZ a/DT swipe/NN at/IN the/DT Bank/NNP 's/POS adjustment/NN lending/NN ./. ###/### What/WP are/VBP the/DT facts/NNS on/IN this/DT type/NN of/IN lending/NN ?/. ###/### The/DT Bank/NNP has/VBZ been/VBN making/VBG adjustment/NN loans/NNS for/IN 10/CD years/NNS ./. ###/### As/IN their/PRP$ name/NN implies/VBZ ,/, these/DT operations/NNS are/VBP linked/VBN to/TO far-reaching/JJ policy/NN reforms/NNS that/WDT aim/VBP at/IN helping/VBG borrowing/NN countries/NNS get/VB back/RB on/IN the/DT growth/NN path/NN and/CC at/IN enhancing/VBG their/PRP$ credit-worthiness/NN ./. ###/### Typically/RB ,/, these/DT measures/NNS include/VBP reforms/NNS to/TO downsize/VB the/DT role/NN of/IN government/NN and/CC parastatals/NNS in/IN the/DT economy/NN ,/, to/TO open/VB up/IN inward-looking/JJ economies/NNS to/TO international/JJ competition/NN and/CC to/TO promote/VB the/DT development/NN of/IN a/DT vigorous/JJ private/JJ sector/NN ./. ###/### Support/NN for/IN the/DT private/JJ sector/NN has/VBZ been/VBN a/DT longstanding/JJ concern/NN of/IN the/DT Bank/NNP 's/POS ./. ###/### Over/IN the/DT years/NNS ,/, it/PRP has/VBZ helped/VBN encourage/VB investments/NNS by/IN entrepreneurs/NNS in/IN the/DT Third/NNP World/NNP through/IN its/PRP$ extensive/JJ credit/NN operations/NNS and/CC through/IN loans/NNS and/CC investments/NNS by/IN the/DT International/NNP Finance/NNP Corp/NNP ./. ###/### Most/RBS recently/RB ,/, the/DT Bank/NNP Group/NNP has/VBZ been/VBN expanded/VBN to/TO include/VB the/DT Multilateral/NNP Investment/NNP Guarantee/NNP Agency/NNP to/TO stimulate/VB direct/JJ foreign/JJ investment/NN in/IN developing/VBG countries/NNS by/IN offering/VBG guarantees/NNS against/IN noncommercial/JJ risk/NN and/CC advice/NN to/TO member/NN countries/NNS on/IN how/WRB to/TO improve/VB their/PRP$ business/NN climate/NN ./. ###/### These/DT are/VBP not/RB the/DT actions/NNS of/IN a/DT development/NN agency/NN wed/VBN to/TO central/JJ planning/NN and/CC to/TO the/DT concentration/NN of/IN investment/NN decisions/NNS in/IN the/DT hands/NNS of/IN government/NN ,/, as/IN Mr./NNP Roberts/NNP alleges/VBZ ./. ###/### Rather/RB ,/, they/PRP reflect/VBP the/DT Bank/NNP 's/POS time-tested/JJ ,/, pragmatic/JJ approach/NN ,/, which/WDT aims/VBZ at/IN ensuring/VBG that/IN developing/VBG countries/NNS put/VBP their/PRP$ scarce/JJ resources/NNS to/TO the/DT best/JJS possible/JJ use/NN ./. ###/### Francisco/NNP Aguirre-Sacasa/NNP Director/NNP ,/, External/NNP Affairs/NNPS The/DT World/NNP Bank/NNP ###/### The/DT government/NN said/VBD it/PRP would/MD streamline/VB its/PRP$ enormous/JJ and/CC often-criticized/JJ food/NN marketing/NN and/CC distribution/NN network/NN ,/, Compania/NNP Nacional/NNP de/IN Subsistencias/NNP Populares/NNP ,/, or/CC Conasupo/NNP ./. ###/### Conasupo/NNP Director/NNP Ignacio/NNP Ovalle/NNP Fernandez/NNP said/VBD the/DT agency/NN will/MD sell/VB 589/CD midsized/JJ supermarkets/NNS and/CC several/JJ food-production/NN plants/NNS and/CC warehouses/NNS beginning/VBG early/JJ next/JJ year/NN ./. ###/### The/DT agency/NN will/MD withdraw/VB from/IN the/DT production/NN of/IN nine/CD food/NN products/NNS ,/, maintaining/VBG production/NN of/IN the/DT two/CD most/RBS important/JJ ones/NNS ,/, corn/NN and/CC milk/NN ./. ###/### Mr./NNP Ovalle/NNP also/RB said/VBD Conasupo/NNP will/MD cut/VB back/JJ subsidies/NNS to/TO producers/NNS of/IN nonessential/JJ farm/NN products/NNS and/CC close/VB retail/JJ outlets/NNS in/IN wealthy/JJ neighborhoods/NNS ./. ###/### The/DT agency/NN 's/POS workers/NNS and/CC private/JJ companies/NNS would/MD be/VB allowed/VBN to/TO bid/VB for/IN the/DT assets/NNS up/IN for/IN sale/NN ./. ###/### Conasupo/NNP controls/VBZ prices/NNS on/IN agricultural/JJ goods/NNS and/CC operates/VBZ retail/JJ outlets/NNS where/WRB basic/JJ consumer/NN items/NNS are/VBP sold/VBN at/IN state-subsidized/JJ prices/NNS ./. ###/### Business/NN leaders/NNS have/VBP long/RB criticized/VBN the/DT agency/NN as/IN a/DT leading/VBG example/NN of/IN bureacratic/JJ waste/NN ./. ###/### Private-sector/JJ leaders/NNS praised/VBD the/DT Conasupo/NNP restructuring/NN ./. ###/### But/CC most/JJS economists/NNS doubt/VBP the/DT streamlining/VBG would/MD cut/VB deeply/RB into/IN Conasupo/NNP government/NN subsidy/NN ,/, which/WDT largely/RB goes/VBZ to/TO reduce/VB consumer/NN prices/NNS for/IN corn/NN and/CC milk/NN ./. ###/### The/DT Food/NNP and/CC Drug/NNP Administration/NNP banned/VBD all/DT imports/NNS of/IN mushrooms/NNS from/IN China/NNP in/IN response/NN to/TO a/DT rash/NN of/IN food-poisoning/JJ outbreaks/NNS linked/VBN to/TO canned/VBN Chinese/JJ mushrooms/NNS ./. ###/### ``/`` The/DT agency/NN has/VBZ concluded/VBN that/DT contamination/NN may/MD be/VB widespread/JJ throughout/IN the/DT mushroom-processing/JJ industry/NN in/IN China/NNP ,/, ''/'' an/DT FDA/NNP spokesman/NN said/VBD yesterday/NN ./. ###/### The/DT agency/NN wo/MD n't/RB allow/VB mushrooms/NNS that/WDT were/VBD canned/VBN or/CC packed/VBN in/IN brine/NN at/IN any/DT Chinese/JJ plant/NN to/TO enter/VB the/DT U.S./NNP until/IN ``/`` satisfactory/JJ sanitation-control/JJ measures/NNS are/VBP implemented/VBN in/IN China/NNP to/TO prevent/VB ''/'' bacterial/JJ contamination/NN ./. ###/### On/IN May/NNP 19/CD ,/, the/DT FDA/NNP began/VBD detaining/VBG Chinese/JJ mushrooms/NNS in/IN 68-ounce/JJ cans/NNS after/IN more/RBR than/IN 100/CD people/NNS in/IN Mississippi/NNP ,/, New/NNP York/NNP and/CC Pennsylvania/NNP became/VBD ill/RB from/IN eating/VBG tainted/VBN mushrooms/NNS ./. ###/### In/IN subsequent/JJ tests/NNS ,/, the/DT agency/NN found/VBD smaller-size/JJ cans/NNS from/IN several/JJ Chinese/JJ plants/NNS to/TO be/VB similarly/RB contaminated/VBN ./. ###/### The/DT outbreaks/NNS were/VBD traced/VBN to/TO staphylococcus/NN aureus/NN ,/, a/DT type/NN of/IN bacteria/NNS that/WDT produces/VBZ a/DT toxin/NN capable/JJ of/IN surviving/VBG the/DT high/JJ temperatures/NNS used/VBN in/IN canning/VBG vegetables/NNS ./. ###/### A/DT recall/NN of/IN the/DT mushrooms/NNS blamed/VBN for/IN the/DT food/NN poisoning/NN began/VBD in/IN early/JJ March/NNP ./. ###/### In/IN 1987/CD ,/, China/NNP exported/VBD 65/CD million/CD pounds/NNS of/IN mushrooms/NNS ,/, valued/VBN at/IN $/$ 47/CD million/CD ,/, to/TO the/DT U.S/NNP ./. ###/### The/DT shipments/NNS went/VBD mostly/RB to/TO food-service/JJ distributors/NNS that/WDT supply/VBP pizzerias/NNS and/CC restaurants/NNS ./. ###/### A/DT spokesman/NN for/IN the/DT Chinese/NNP Embassy/NNP here/RB said/VBD that/IN the/DT Beijing/NNP government/NN has/VBZ taken/VBN ``/`` many/JJ effective/JJ measures/NNS ''/'' to/TO stop/VB the/DT mushroom/NN contamination/NN and/CC is/VBZ further/RB investigating/VBG the/DT underlying/VBG causes/NNS ./. ###/### He/PRP predicted/VBD the/DT problem/NN will/MD be/VB solved/VBN ``/`` very/RB soon/RB ./. ###/### Your/PRP$ Sept./NNP 26/CD ``/`` Politics/NNPS &/CC Policy/NNP ''/'' article/NN about/IN William/NNP Bennett/NNP 's/POS Emergency/NNP Drug/NNP Plan/NNP for/IN Washington/NNP gives/VBZ the/DT impression/NN that/IN the/DT FBI/NNP has/VBZ not/RB been/VBN nor/CC is/VBZ actively/RB involved/VBN ./. ###/### This/DT is/VBZ not/RB the/DT case/NN ./. ###/### The/DT FBI/NNP is/VBZ very/RB supportive/JJ of/IN and/CC an/DT active/JJ participant/NN in/IN Mr./NNP Bennett/NNP 's/POS initiative/NN ./. ###/### It/PRP was/VBD agreed/VBN at/IN the/DT outset/NN of/IN the/DT Washington/NNP Drug/NNP Initiative/NNP that/IN the/DT FBI/NNP 's/POS role/NN would/MD be/VB to/TO continue/VB targeting/VBG the/DT major/JJ drug/NN traffickers/NNS through/IN our/PRP$ National/NNP Drug/NNP Strategy/NNP ./. ###/### Through/IN these/DT investigations/NNS we/PRP do/VBP not/RB focus/VB on/IN the/DT street/NN drug/NN user/NN ,/, but/CC rather/RB we/PRP target/VBP and/CC attack/VBP major/JJ drug-trafficking/JJ organizations/NNS that/WDT control/VBP a/DT large/JJ segment/NN of/IN the/DT drug/NN market/NN ./. ###/### The/DT trial/NN of/IN Raful/NNP Edmond/NNP III/NNP in/IN Washington/NNP serves/VBZ to/TO highlight/VB our/PRP$ efforts/NNS in/IN this/DT area/NN and/CC the/DT results/NNS achieved/VBN through/IN our/PRP$ excellent/JJ working/VBG relationship/NN with/IN the/DT Drug/NNP Enforcement/NNP Administration/NNP and/CC the/DT Metropolitan/NNP Police/NNP Department/NNP -LRB-/-LRB- MPD/NNP -RRB-/-RRB- ./. ###/### The/DT FBI/NNP 's/POS role/NN is/VBZ to/TO complement/VB the/DT D.C./NNP initiative/NN through/IN not/RB only/RB these/DT major/JJ trafficking/NN investigations/NNS ,/, but/CC also/RB by/IN providing/VBG a/DT full/JJ range/NN of/IN services/NNS through/IN various/JJ task/NN forces/NNS and/CC our/PRP$ contacts/NNS with/IN local/JJ police/NN squads/NNS handling/VBG drug-related/JJ crimes/NNS ./. ###/### In/IN fact/NN ,/, we/PRP have/VBP agents/NNS assigned/VBN full/JJ time/NN to/TO assist/VB the/DT MPD/NNP in/IN drug-related/JJ crimes/NNS such/JJ as/IN homicide/NN and/CC other/JJ crimes/NNS of/IN violence/NN ./. ###/### Milt/NNP Ahlerich/NNP Assistant/NNP Director/NNP Office/NNP of/IN Public/NNP Affairs/NNPS Federal/NNP Bureau/NNP of/IN Investigation/NNP ###/### Ramada/NNP Inc./NNP revised/VBD the/DT terms/NNS of/IN its/PRP$ restructuring/NN and/CC extended/VBN to/TO Feb./NNP 28/CD ,/, 1990/CD ,/, the/DT deadline/NN to/TO complete/VB the/DT sale/NN of/IN its/PRP$ hotel/NN business/NN to/TO New/NNP World/NNP Development/NNP Co./NNP of/IN Hong/NNP Kong/NNP and/CC Prime/NNP Motor/NNP Inns/NNPS Inc./NNP of/IN Fairfield/NNP ,/, N.J/NNP ./. ###/### Ramada/NNP 's/POS previous/JJ plan/NN was/VBD derailed/VBN by/IN upheaval/NN in/IN the/DT junk-bond/JJ market/NN that/WDT hindered/VBD the/DT offering/NN of/IN $/$ 400/CD million/CD in/IN high-yield/JJ securities/NNS of/IN Aztar/NNP Corp./NNP ,/, the/DT new/JJ company/NN that/WDT will/MD operate/VB Ramada/NNP 's/POS casinos/NNS in/IN Nevada/NNP and/CC Atlantic/NNP City/NNP ,/, ###/### Under/IN the/DT new/JJ terms/NNS ,/, New/NNP World/NNP will/MD still/RB pay/VB $/$ 540/CD million/CD for/IN Ramada/NNP 's/POS hotel/NN business/NN ,/, subject/JJ to/TO adjustment/NN at/IN closing/VBG ,/, but/CC Ramada/NNP will/MD now/RB reimburse/VB New/NNP World/NNP for/IN $/$ 10/CD million/CD in/IN expenses/NNS ./. ###/### Prime/NNP will/MD still/RB manage/VB Ramada/NNP 's/POS domestic/JJ franchise/NN system/NN when/WRB the/DT sale/NN closes/VBZ ./. ###/### Revised/VBN terms/NNS call/VBP for/IN each/DT Ramada/NNP common/JJ share/NN to/TO be/VB exchanged/VBN for/IN $/$ 1/CD in/IN cash/NN ,/, subject/JJ to/TO possible/JJ reduction/NN ,/, and/CC one/CD share/NN of/IN Aztar/NNP common/JJ stock/NN ./. ###/### Shareholders/NNS will/MD also/RB receive/VB one/CD cent/NN per/IN share/NN for/IN the/DT redemption/NN of/IN preferred/VBN stock/NN purchase/NN rights/NNS ./. ###/### The/DT cash/NN payout/NN will/MD be/VB reduced/VBN by/IN 40/CD %/NN of/IN any/DT amount/NN by/IN which/WDT the/DT weighted/JJ mean/JJ price/NN of/IN Ramada/NNP 's/POS common/JJ stock/NN exceeds/VBZ $/$ 14/CD on/IN the/DT day/NN the/DT transaction/NN closes/VBZ ./. ###/### The/DT provision/NN will/MD help/VB provide/VB for/IN tax/NN liabilities/NNS that/WDT may/MD stem/VB from/IN the/DT restructuring/NN ./. ###/### Ramada/NNP 's/POS stock/NN rose/VBD 87.5/CD cents/NNS on/IN the/DT news/NN to/TO close/VB at/IN $/$ 11.25/CD in/IN composite/JJ New/NNP York/NNP Stock/NNP Exchange/NNP trading/NN ./. ###/### The/DT announcement/NN dispelled/VBD some/DT Wall/NNP Street/NNP observers/NNS '/POS fears/NNS that/IN New/NNP World/NNP might/MD demand/VB a/DT huge/JJ premium/NN for/IN the/DT delay/NN ,/, or/CC scrap/VB the/DT deal/NN entirely/RB ./. ###/### The/DT previous/JJ deadline/NN to/TO complete/VB the/DT sale/NN was/VBD Nov./NNP 30/CD ./. ###/### One/CD major/JJ advantage/NN of/IN the/DT revised/VBN plan/NN is/VBZ that/IN Aztar/NNP will/MD have/VB far/RB less/JJR debt/NN than/IN under/IN the/DT old/JJ terms/NNS ./. ###/### ``/`` They/PRP 'll/MD go/VB from/IN being/VBG one/CD of/IN the/DT most/RBS leveraged/JJ to/TO one/CD of/IN the/DT least/RBS leveraged/JJ casino/NN companies/NNS ,/, ''/'' said/VBD Daniel/NNP Lee/NNP ,/, an/DT analyst/NN with/IN Drexel/NNP Burnham/NNP Lambert/NNP Inc/NNP ./. ###/### Mr./NNP Lee/NNP values/VBZ the/DT package/NN at/IN between/IN $/$ 15/CD and/CC $/$ 20/CD a/DT share/NN ,/, based/VBN on/IN current/JJ trading/NN prices/NNS of/IN other/JJ casino-company/NN stocks/NNS ./. ###/### The/DT much-revised/JJ restructuring/NN ,/, which/WDT was/VBD first/RB announced/VBN in/IN October/NNP 1988/CD ,/, must/MD again/RB be/VB approved/VBN by/IN shareholders/NNS and/CC state/NN casino/NN regulators/NNS in/IN Nevada/NNP and/CC New/NNP Jersey/NNP ./. ###/### Financing/NN plans/NNS include/VBP raising/VBG $/$ 170/CD million/CD in/IN debt/NN secured/VBN by/IN the/DT company/NN 's/POS holdings/NNS in/IN New/NNP Jersey/NNP ./. ###/### In/IN May/NNP ,/, Ramada/NNP sold/VBD its/PRP$ Marie/NNP Callender/NNP Pie/NNP Shops/NNPS Inc./NNP unit/NN to/TO a/DT group/NN of/IN private/JJ investors/NNS as/IN part/NN of/IN its/PRP$ plan/NN to/TO focus/VB on/IN its/PRP$ casinos/NNS in/IN Atlantic/NNP City/NNP and/CC in/IN Las/NNP Vegas/NNP and/CC Laughlin/NNP ,/, Nev/NNP ./. ###/### Bond/NN prices/NNS took/VBD the/DT high/JJ road/NN and/CC stock/NN prices/NNS took/VBD the/DT low/JJ road/NN as/IN worries/NNS mounted/VBN about/IN the/DT economy/NN and/CC the/DT junk/NN bond/NN market/NN ./. ###/### The/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP fell/VBD 26.23/CD points/NNS to/TO 2662.91/CD in/IN sluggish/JJ trading/NN ./. ###/### But/CC long-term/JJ Treasury/NN bonds/NNS staged/VBD a/DT modest/JJ rally/NN ,/, with/IN prices/NNS on/IN most/JJS issues/NNS rising/VBG about/IN half/PDT a/DT point/NN ,/, or/CC $/$ 5/CD for/IN each/DT $/$ 1,000/CD face/NN amount/NN ./. ###/### The/DT dollar/NN sagged/VBD against/IN other/JJ major/JJ currencies/NNS in/IN lethargic/JJ trading/NN ./. ###/### Traders/NNS and/CC analysts/NNS said/VBD the/DT divergence/NN between/IN the/DT stock/NN and/CC bond/NN markets/NNS is/VBZ a/DT sign/NN of/IN growing/VBG unease/NN about/IN the/DT economic/JJ outlook/NN ./. ###/### A/DT sinking/VBG economy/NN depresses/VBZ corporate/JJ earnings/NNS and/CC thus/RB stock/NN prices/NNS ,/, but/CC it/PRP buoys/VBZ bond/NN prices/NNS as/IN interest/NN rates/NNS fall/VBP ./. ###/### That/DT unease/NN is/VBZ expected/VBN to/TO grow/VB today/NN when/WRB the/DT government/NN reports/VBZ on/IN September/NNP durable/JJ goods/NNS orders/NNS and/CC again/RB Thursday/NNP when/WRB the/DT first/JJ assessment/NN of/IN third-quarter/JJ economic/JJ growth/NN is/VBZ released/VBN ./. ###/### Analysts/NNS say/VBP they/PRP think/VBP durable/JJ goods/NNS orders/NNS fell/VBD about/IN 1/CD %/NN ,/, compared/VBN with/IN a/DT 3.9/CD %/NN gain/NN in/IN August/NNP ,/, and/CC that/DT growth/NN in/IN the/DT third/JJ quarter/NN slowed/VBD to/TO about/IN 2.3/CD %/NN from/IN the/DT second/JJ quarter/NN 's/POS 2.5/CD %/NN ./. ###/### The/DT stock/NN market/NN 's/POS decline/NN ,/, coming/VBG after/IN a/DT record/NN weekly/JJ gain/NN of/IN 119.88/CD points/NNS ,/, surprised/VBD some/DT investors/NNS ./. ###/### But/CC A.C./NNP Moore/NNP ,/, director/NN of/IN research/NN at/IN Argus/NNP Research/NNP ,/, said/VBD last/JJ week/NN 's/POS rally/NN was/VBD a/DT reflex/JJ reaction/NN to/TO the/DT Oct./NNP 13/CD stock/NN market/NN rout/NN ./. ###/### Overall/RB ,/, he/PRP said/VBD ,/, the/DT trend/NN in/IN stock/NN prices/NNS will/MD be/VB down/IN as/IN the/DT economy/NN weakens/VBZ ./. ###/### ``/`` We/PRP think/VBP we/PRP 're/VBP on/IN target/NN in/IN looking/VBG for/IN renewed/VBN economic/JJ deterioration/NN ,/, ''/'' he/PRP said/VBD ./. ###/### ``/`` Corporate/JJ profits/NNS are/VBP going/VBG to/TO decrease/VB faster/RBR than/IN interest/NN rates/NNS will/MD fall/VB ,/, and/CC the/DT probability/NN is/VBZ that/IN we/PRP 'll/MD see/VB negative/JJ economic/JJ growth/NN in/IN the/DT fourth/JJ quarter/NN ./. ''/'' ###/### Hugh/NNP Johnson/NNP ,/, chief/NN investment/NN officer/NN at/IN First/JJ Albany/NNP Corp./NNP ,/, agreed/VBD that/IN a/DT deteriorating/VBG economy/NN is/VBZ worrisome/JJ ,/, but/CC he/PRP said/VBD the/DT real/JJ concern/NN among/IN stock/NN investors/NNS is/VBZ that/IN some/DT new/JJ problem/NN will/MD crop/VB up/IN in/IN the/DT junk/NN bond/NN market/NN ./. ###/### In/IN major/JJ market/NN activity/NN :/: Stock/NNP prices/NNS slumped/VBD in/IN sluggish/JJ trading/NN ###/### Volume/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP totaled/VBD 135.9/CD million/CD shares/NNS ./. ###/### Declining/VBG issues/NNS on/IN the/DT Big/NNP Board/NNP were/VBD ahead/RB of/IN gainers/NNS ,/, 1,012/CD to/TO 501/CD ./. ###/### Bond/NN prices/NNS rallied/VBD ./. ###/### The/DT yield/NN on/IN the/DT Treasury/NN 's/POS benchmark/NN 30-year/JJ bond/NN slipped/VBD to/TO 7.93/CD %/NN ./. ###/### The/DT dollar/NN weakened/VBD against/IN most/RBS other/JJ major/JJ currencies/NNS ./. ###/### In/IN late/JJ New/NNP York/NNP trading/NN ,/, the/DT dollar/NN was/VBD quoted/VBN at/IN 1.8470/CD marks/NNS and/CC 141.90/CD yen/NN ,/, compared/VBN with/IN 1.8578/CD marks/NNS and/CC 142.43/CD yen/NN late/JJ Friday/NNP ./. ###/### The/DT Wall/NNP Street/NNP Journal/NNP ``/`` American/NNP Way/NNP of/IN Buying/NNP ''/'' Survey/NN 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/VBD 2,064/CD adults/NNS age/NN 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/NN 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/VBN 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/DT 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/JJ results/NNS by/IN no/DT more/RBR than/IN 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 ./. ###/### -LRB-/-LRB- See/VB related/VBN story/NN :/: ``/`` The/NNP American/NNP Way/NNP of/IN Buying/NNP :/: Is/VBZ Buying/VBG a/DT Car/NN a/DT Choice/NN or/CC a/DT Chore/NN ?/. --/: ###/### Ironically/RB ,/, American/NNP Airlines/NNPS '/POS attempt/NN to/TO lead/VB industry/NN prices/NNS higher/RBR was/VBD reported/VBN in/IN the/DT same/JJ issue/NN as/IN your/PRP$ survey/NN showing/VBG that/IN consumers/NNS had/VBD the/DT least/JJS confidence/NN in/IN the/DT airline/NN industry/NN -LRB-/-LRB- Sept./NNP 20/CD -RRB-/-RRB- ./. ###/### You/PRP quote/VBP Robert/NNP Crandall/NNP ,/, chairman/NN of/IN American/NNP 's/POS parent/NN ,/, AMR/NNP Corp./NNP ,/, as/IN having/VBG said/VBD that/IN discount/NN deals/NNS for/IN big/JJ customers/NNS would/MD be/VB ``/`` dumb/JJ ''/'' because/IN ``/`` you/PRP will/MD go/VB to/TO Detroit/NNP because/IN you/PRP have/VBP to/TO go/VB to/TO Detroit/NNP whether/IN the/DT fare/NN is/VBZ $/$ 175/CD ,/, $/$ 275/CD or/CC $/$ 375/CD ./. ''/'' ###/### Even/RB if/IN Mr./NNP Crandall/NNP is/VBZ correct/JJ ,/, he/PRP of/IN all/DT people/NNS must/MD realize/VB our/PRP$ society/NN relies/VBZ on/IN competition/NN to/TO keep/VB prices/NNS at/IN a/DT competitive/JJ level/NN ./. ###/### In/IN 1986/CD ,/, he/PRP settled/VBD an/DT antitrust/JJ suit/NN based/VBN on/IN a/DT taped/VBN telephone/NN conversation/NN of/IN him/PRP proposing/VBG to/TO Braniff/NNP 's/POS president/NN that/IN they/PRP both/DT raise/VBP fares/NNS 20/CD %/NN ./. ###/### -LRB-/-LRB- Braniff/NNP declined/VBD -RRB-/-RRB- ./. ###/### When/WRB I/PRP asked/VBD American/NNP Airlines/NNPS for/IN its/PRP$ side/NN of/IN the/DT story/NN for/IN use/NN in/IN my/PRP$ MBA/NNP class/NN ,/, where/WRB I/PRP teach/VBP business/NN ethics/NNS ,/, it/PRP did/VBD not/RB respond/VB ./. ###/### Perhaps/RB the/DT ethics/NNS of/IN an/DT industry/NN 's/POS leader/NN filters/VBZ down/IN and/CC is/VBZ one/CD of/IN the/DT factors/NNS that/WDT ultimately/RB shapes/VBZ consumer/NN trust/NN in/IN that/DT industry/NN ./. ###/### Arnold/NNP Celnicker/NNP Assistant/NNP Professor/NNP Ohio/NNP State/NNP University/NNP ###/### Meredith/NNP Corp./NNP is/VBZ launching/VBG a/DT new/JJ service/NN to/TO offer/VB advertisers/NNS package/NN deals/NNS combining/VBG its/PRP$ book/NN ,/, magazine/NN and/CC videocassette/NN products/NNS ./. ###/### The/DT Des/NNP Moines-based/JJ publisher/NN said/VBD it/PRP created/VBD a/DT new/JJ Custom/NNP Marketing/NNP Group/NNP that/WDT will/MD offer/VB advertisers/NNS special/JJ rates/NNS for/IN combination/NN packages/NNS in/IN its/PRP$ magazines/NNS ,/, such/JJ as/IN Ladies/NNP Home/NNP Journal/NNP and/CC Better/NNP Homes/NNPS and/CC Gardens/NNPS ./. ###/### In/IN addition/NN ,/, the/DT group/NN will/MD create/VB custom-designed/JJ media/NNS such/JJ as/IN cookbooks/NNS ,/, newspaper/NN inserts/NNS and/CC videos/NNS for/IN ad/NN campaigns/NNS ./. ###/### Earlier/RBR this/DT year/NN ,/, Meredith/NNP sold/VBD its/PRP$ first/JJ such/JJ package/NN for/IN $/$ 3/CD million/CD to/TO Kraft/NNP Inc./NNP ,/, now/RB a/DT unit/NN of/IN New/NNP York-based/JJ Philip/NNP Morris/NNP Cos/NNP ./. ###/### The/DT Kraft/NNP package/NN included/VBD a/DT specially/RB published/VBN cookbook/NN ,/, a/DT national/JJ free-standing/JJ insert/NN in/IN Sunday/NNP newspapers/NNS ,/, and/CC a/DT Kraft/NNP ``/`` advertorial/JJ ''/'' section/NN that/WDT ran/VBD in/IN five/CD Meredith/NNP magazines/NNS ./. ###/### Kraft/NNP recently/RB agreed/VBD to/TO spend/VB an/DT additional/JJ $/$ 3/CD million/CD on/IN similar/JJ programs/NNS through/IN 1990/CD ./. ###/### Bill/NNP Murphy/NNP ,/, director/NN of/IN the/DT new/JJ marketing/NN unit/NN ,/, said/VBD Meredith/NNP is/VBZ negotiating/VBG other/JJ large-scale/JJ packages/NNS with/IN leading/VBG companies/NNS in/IN several/JJ product/NN categories/NNS ,/, but/CC he/PRP would/MD n't/RB disclose/VB their/PRP$ names/NNS ./. ###/### Sources/NNS close/RB to/TO the/DT company/NN and/CC ad/NN agencies/NNS that/WDT work/VBP with/IN Meredith/NNP said/VBD leading/VBG advertisers/NNS in/IN consumer/NN electronics/NNS ,/, packaged/VBN goods/NNS and/CC automotive/JJ products/NNS were/VBD among/IN those/DT negotiating/VBG ad/NN packages/NNS with/IN the/DT Meredith/NNP group/NN ./. ###/### Other/JJ magazine/NN publishing/NN companies/NNS have/VBP been/VBN moving/VBG in/IN the/DT same/JJ direction/NN ./. ###/### The/DT New/NNP York/NNP Times/NNP Co./NNP 's/POS Magazine/NNP Group/NNP earlier/RBR this/DT year/NN began/VBD offering/VBG advertisers/NNS extensive/JJ merchandising/VBG services/NNS built/VBN around/IN buying/VBG ad/NN pages/NNS in/IN its/PRP$ Golf/NNP Digest/NNP magazine/NN ./. ###/### Time/NNP Warner/NNP Inc./NNP recently/RB formed/VBD a/DT ``/`` synergy/NN department/NN ''/'' to/TO seek/VB out/IN ways/NNS to/TO offer/VB advertisers/NNS packages/NNS that/WDT could/MD combine/VB Time/NNP 's/POS magazines/NNS with/IN Warner/NNP products/NNS such/JJ as/IN videocassettes/NNS ./. ###/### Paul/NNP DuCharme/NNP ,/, director/NN of/IN media/NNS services/NNS at/IN Grey/NNP Advertising/NNP ,/, said/VBD Meredith/NN is/VBZ the/DT leader/NN in/IN providing/VBG multimedia/NNS packages/NNS ./. ###/### ``/`` They/PRP may/MD get/VB passed/VBN up/IN later/RB when/WRB other/JJ publishers/NNS get/VBP their/PRP$ acts/NNS together/RB ,/, but/CC for/IN now/RB they/PRP are/VBP the/DT quickest/JJS offering/NN the/DT most/RBS extensive/JJ plan/NN ,/, ''/'' he/PRP said/VBD ./. ###/### Mr./NNP Murphy/NNP of/IN Meredith/NNP said/VBD one/CD advertiser/NN ,/, which/WDT he/PRP would/MD n't/RB identify/VB ,/, wants/VBZ Meredith/NNP to/TO provide/VB ad/NN pages/NNS in/IN seven/CD Meredith/NNP magazines/NNS ,/, publish/VB an/DT interior-decorating/JJ book/NN that/WDT will/MD be/VB distributed/VBN at/IN point/NN of/IN purchase/NN ,/, give/VB away/RB a/DT videotape/NN on/IN installation/NN pointers/NNS ,/, and/CC possibly/RB use/VB Meredith/NNP 's/POS Better/NNP Homes/NNPS and/CC Gardens/NNP '/POS residential/JJ real-estate/JJ agents/NNS to/TO distribute/VB discount-coupon/NN books/NNS to/TO new/JJ homeowners/NNS ./. ###/### ``/`` Five/CD years/NNS ago/IN ,/, magazine/NN publishers/NNS would/MD simply/RB bid/VB on/IN an/DT advertiser/NN 's/POS big/JJ ad/NN schedule/NN for/IN their/PRP$ magazine/NN ,/, ''/'' said/VBD Mr./NNP Murphy/NNP ./. ###/### ``/`` But/CC the/DT marketplace/NN changed/VBD ./. ###/### Advertisers/NNS now/RB say/VBP `/`` Help/VB us/PRP improve/VB our/PRP$ image/NN and/CC extend/VB our/PRP$ selling/VBG season/NN ./. '/'' ###/### They/PRP are/VBP coming/VBG to/TO publishers/NNS looking/VBG for/IN ideas/NNS ./. ###/### Your/PRP$ Sept./NNP 21/CD article/NN ``/`` It/PRP 's/VBZ So/RB Easy/JJ to/TO Get/VB Burned/VBN When/WRB Buying/VBG a/DT Small/JJ Firm/NN ''/'' was/VBD excellent/JJ ./. ###/### I/PRP 've/VBP been/VBN advising/VBG small/JJ businesses/NNS many/JJ years/NNS and/CC have/VBP lived/VBN with/IN the/DT fact/NN that/IN 50/CD %/NN will/MD go/VB out/IN of/IN business/NN within/IN two/CD years/NNS ,/, and/CC 80/CD %/NN in/IN five/CD years/NNS ./. ###/### The/DT economic/JJ loss/NN ,/, jobs/NNS lost/VBN ,/, anguish/NN ,/, frustration/NN and/CC humiliation/NN are/VBP beyond/IN measure/NN ./. ###/### And/CC most/JJS of/IN these/DT are/VBP absolutely/RB unnecessary/JJ ./. ###/### Your/PRP$ article/NN points/VBZ out/IN the/DT traps/NNS people/NNS fall/VBP into/IN ,/, but/CC when/WRB reviewing/VBG those/DT traps/NNS one/NN sees/VBZ just/RB about/IN all/DT of/IN them/PRP could/MD have/VB been/VBN avoided/VBN ./. ###/### An/DT accountant/NN did/VBD not/RB review/VB the/DT seller/NN 's/POS books/NNS before/IN buying/VBG a/DT business/NN ./. ###/### ``/`` I/PRP guess/VBP I/PRP was/VBD naive/JJ ,/, ''/'' he/PRP said/VBD ./. ###/### There/EX is/VBZ a/DT more/RBR descriptive/JJ word/NN to/TO describe/VB his/PRP$ lapse/NN of/IN common/JJ sense/NN ./. ###/### Corporate/JJ managers/NNS who/WP want/VBP to/TO start/VB their/PRP$ own/JJ business/NN are/VBP the/DT highest/JJS failure/NN risks/NNS ./. ###/### They/PRP know/VBP all/PDT the/DT answers/NNS and/CC are/VBP not/RB used/VBN to/TO working/VBG more/RBR than/IN 40/CD hours/NNS a/DT week/NN ./. ###/### The/DT blue-collar/JJ worker/NN who/WP decides/VBZ to/TO start/VB a/DT business/NN will/MD listen/VB and/CC take/VB advice/NN ./. ###/### His/PRP$ humility/NN gives/VBZ him/PRP a/DT much/RB better/JJR chance/NN of/IN success/NN ./. ###/### A/DT few/JJ months/NNS ago/IN your/PRP$ paper/NN reported/VBD the/DT results/NNS of/IN a/DT study/NN to/TO determine/VB why/WRB Asians/NNPS who/WP arrive/VBP in/IN this/DT country/NN without/IN any/DT money/NN ,/, and/CC unable/JJ to/TO speak/VB English/NNP ,/, become/VBN overnight/JJ successes/NNS ./. ###/### Their/PRP$ ``/`` secret/NN ''/'' is/VBZ that/IN they/PRP gather/VBP a/DT small/JJ group/NN of/IN advisers/NNS around/IN them/PRP ,/, listen/VBP to/TO what/WP they/PRP have/VBP to/TO say/VB ,/, prepare/VBP a/DT business/NN plan/NN and/CC they/PRP are/VBP on/IN their/PRP$ way/NN ./. ###/### Successful/JJ American/JJ business/NN owners/NNS do/VBP the/DT same/JJ thing/NN ./. ###/### Unfortunately/RB ,/, they/PRP are/VBP in/IN the/DT minority/NN ./. ###/### Avoiding/VBG failure/NN is/VBZ easy/JJ ./. ###/### It/PRP 's/VBZ unfortunate/JJ so/IN many/JJ must/MD learn/VB the/DT hard/JJ way/NN ./. ###/### Daniel/NNP B./NNP Scully/NNP Tucson/NNP ,/, Ariz/NNP ./. ###/### The/DT management/NN turnover/NN at/IN Reebok/NNP International/NNP Ltd./NNP continued/VBD with/IN the/DT resignation/NN of/IN company/NN president/NN C./NNP Joseph/NNP LaBonte/NNP ,/, who/WP joined/VBD Reebok/NNP just/RB two/CD years/NNS ago/IN ./. ###/### Mr./NNP LaBonte/NNP 's/POS departure/NN follows/VBZ by/IN two/CD months/NNS the/DT resignation/NN of/IN Mark/NNP Goldston/NNP as/IN senior/JJ vice/NN president/NN and/CC chief/NN marketing/NN officer/NN after/IN only/RB 11/CD months/NNS at/IN Reebok/NNP ./. ###/### The/DT resignations/NNS by/IN the/DT two/CD executives/NNS ,/, considered/VBN hard-charging/NN and/CC abrasive/NN by/IN Reebok/NNP insiders/NNS ,/, reflect/VBP a/DT difference/NN in/IN style/NN with/IN Paul/NNP Fireman/NNP ,/, chairman/NN and/CC chief/NN executive/NN ,/, according/VBG to/TO several/JJ former/JJ executives/NNS ./. ###/### The/DT two/CD executives/NNS are/VBP among/IN a/DT number/NN of/IN outsiders/NNS recruited/VBN by/IN Reebok/NNP in/IN the/DT past/JJ few/JJ years/NNS to/TO help/VB it/PRP make/VB the/DT transition/NN from/IN a/DT small/JJ start-up/JJ company/NN to/TO a/DT marketing/NN giant/NN with/IN sales/NNS last/JJ year/NN of/IN $/$ 1.79/CD billion/CD ./. ###/### The/DT changes/NNS come/VBP as/IN Reebok/NNP ,/, which/WDT grew/VBD rapidly/RB in/IN the/DT mid-1980s/CD but/CC has/VBZ seen/VBN its/PRP$ sales/NNS flatten/VB of/IN late/RB ,/, is/VBZ seeking/VBG to/TO regain/VB momentum/NN in/IN the/DT athletic-shoe/NN business/NN against/IN rivals/NNS Nike/NNP Inc./NNP and/CC L.A./NNP Gear/NNP Inc/NNP ./. ###/### The/DT departures/NNS ,/, said/VBD Alice/NNP Ruth/NNP ,/, an/DT analyst/NN at/IN Montgomery/NNP Securities/NNPS in/IN San/NNP Francisco/NNP ,/, should/MD enable/VB the/DT company/NN to/TO focus/VB on/IN business/NN issues/NNS instead/RB of/IN management/NN differences/NNS ./. ###/### ``/`` I/PRP think/VBP it/PRP 's/VBZ more/RBR an/DT issue/NN of/IN style/NN ./. ###/### I/PRP would/MD view/VB it/PRP as/IN a/DT net/JJ positive/NN ./. ###/### The/DT company/NN can/MD go/VB about/IN its/PRP$ business/NN ./. ###/### They/PRP 're/VBP in/IN the/DT midst/NN of/IN a/DT turnaround/NN ,/, ''/'' she/PRP noted/VBD ./. ###/### Earnings/NNS have/VBP rebounded/VBN in/IN 1989/CD after/IN a/DT 20/CD %/NN decline/NN last/JJ year/NN ./. ###/### A/DT former/JJ executive/NN agreed/VBD that/IN the/DT departures/NNS do/VBP n't/RB reflect/VB major/JJ problems/NNS ,/, adding/VBG :/: ``/`` If/IN you/PRP see/VBP any/DT company/NN that/WDT grows/VBZ as/RB fast/RB as/IN Reebok/NNP did/VBD ,/, it/PRP is/VBZ going/VBG to/TO have/VB people/NNS coming/VBG and/CC going/VBG ./. ''/'' ###/### Reebok/NNP said/VBD Mr./NNP LaBonte/NNP will/MD resume/VB the/DT presidency/NN of/IN Vantage/NNP Group/NNP Inc./NNP ,/, a/DT California-based/JJ venture/NN capital/NN firm/NN that/IN he/PRP founded/VBD in/IN 1983/CD ./. ###/### Before/IN that/IN he/PRP was/VBD president/NN and/CC chief/NN operating/VBG officer/NN of/IN Twentieth/NNP Century-Fox/NNP Film/NNP Corp/NNP ./. ###/### Reebok/NNP added/VBD that/IN Mr./NNP Fireman/NNP will/MD assume/VB the/DT title/NN of/IN president/NN ./. ###/### A/DT spokesman/NN said/VBD that/IN neither/DT Mr./NNP Fireman/NNP nor/CC Mr./NNP LaBonte/NNP would/MD be/VB available/JJ for/IN comment/NN ./. ###/### ``/`` We/PRP will/MD not/RB be/VB commenting/VBG beyond/IN the/DT news/NN release/NN ,/, ''/'' the/DT spokesman/NN said/VBD ./. ###/### Mr./NNP Goldston/NNP ,/, who/WP had/VBD been/VBN president/NN of/IN Faberge/NNP Inc./NNP 's/POS Faberge/NNP U.S.A./NNP division/NN before/IN joining/VBG Reebok/NNP in/IN September/NNP 1988/CD ,/, left/VBN in/IN August/NNP to/TO pursue/VB other/JJ interests/NNS ./. ###/### Magazine/NN publishers/NNS are/VBP facing/VBG spiraling/VBG costs/NNS and/CC a/DT glut/NN of/IN new/JJ titles/NNS ./. ###/### But/CC even/RB a/DT raft/NN of/IN recent/JJ failures/NNS is/VBZ n't/RB stopping/VBG them/PRP from/IN launching/VBG new/JJ publications/NNS ./. ###/### At/IN the/DT American/NNP Magazine/NNP Conference/NNP here/RB ,/, publishers/NNS are/VBP plenty/RB worried/VBN about/IN the/DT industry/NN 's/POS woes/NNS ./. ###/### But/CC they/PRP are/VBP also/RB talking/VBG about/IN new/JJ magazines/NNS ./. ###/### For/IN example/NN ,/, Toronto-based/JJ Telemedia/NNP Inc./NNP will/MD publish/VB Eating/NNP Well/NNP ,/, a/DT new/JJ food/NN and/CC health/NN magazine/NN due/JJ out/IN next/JJ summer/NN ./. ###/### New/NNP York-based/JJ Hearst/NNP Corp./NNP this/DT fall/NN plans/VBZ to/TO publish/VB its/PRP$ first/JJ issue/NN of/IN 9/CD Months/NNS ,/, a/DT magazine/NN for/IN expectant/JJ mothers/NNS ,/, and/CC has/VBZ already/RB launched/VBN American/NNP Home/NNP ./. ###/### And/CC Time/NNP Warner/NNP Inc./NNP is/VBZ developing/VBG a/DT spinoff/NN of/IN Time/NNP magazine/NN aimed/VBN at/IN kids/NNS ,/, on/IN the/DT heels/NNS of/IN its/PRP$ successful/JJ Sports/NNP Illustrated/NNP for/IN Kids/NNPS ./. ###/### Over/IN the/DT past/JJ four/CD years/NNS ,/, the/DT number/NN of/IN consumer/NN magazines/NNS has/VBZ increased/VBN by/IN an/DT average/NN of/IN 80/CD magazines/NNS annually/RB ,/, according/VBG to/TO Donald/NNP Kummerfeld/NNP ,/, president/NN of/IN the/DT Magazine/NNP Publishers/NNPS of/IN America/NNP ./. ###/### ``/`` This/DT is/VBZ an/DT impressive/JJ show/NN of/IN faith/NN in/IN the/DT future/NN of/IN the/DT magazine/NN industry/NN ,/, ''/'' said/VBD Mr./NNP Kummerfeld/NNP ./. ###/### ``/`` Entrepreneurs/NNS do/VBP n't/RB rush/VB to/TO get/VB into/IN a/DT stagnant/JJ or/CC declining/VBG industry/NN ./. ''/'' ###/### And/CC despite/IN the/DT recent/JJ tough/JJ advertising/NN climate/NN ,/, industry/NN figures/NNS released/VBN at/IN the/DT meeting/NN here/RB indicate/VBP things/NNS may/MD be/VB turning/VBG around/IN ./. ###/### For/IN the/DT first/JJ nine/CD months/NNS ,/, advertising/VBG pages/NNS in/IN consumer/NN magazines/NNS tracked/VBN by/IN the/DT Publishers/NNPS Information/NNP Bureau/NNP increased/VBD 4/CD %/NN from/IN the/DT same/JJ period/NN last/JJ year/NN ,/, to/TO 125,849/CD pages/NNS ./. ###/### Total/JJ magazine/NN ad/NN revenue/NN for/IN the/DT same/JJ period/NN increased/VBD 12/CD %/NN to/TO $/$ 4.6/CD billion/CD ./. ###/### Though/IN for/IN some/DT magazines/NNS categories/NNS a/DT tough/JJ advertising/NN climate/NN persists/VBZ ,/, the/DT industry/NN in/IN general/JJ is/VBZ doing/VBG well/RB compared/VBN with/IN the/DT newspaper/NN industry/NN ./. ###/### Though/IN some/DT magazines/NNS are/VBP thriving/VBG ,/, the/DT magazine/NN publishing/VBG industry/NN remains/VBZ a/DT risky/JJ business/NN ./. ###/### Within/IN the/DT same/JJ nine/CD months/NNS ,/, News/NNP Corp./NNP closed/VBD down/IN In/IN Fashion/NNP ,/, a/DT once-promising/JJ young/JJ woman/NN 's/POS fashion/NN magazine/NN ,/, Drake/NNP Publications/NNPS Inc./NNP has/VBZ folded/VBN the/DT long-troubled/JJ Venture/NNP magazine/NN ,/, and/CC Lang/NNP Communications/NNPS has/VBZ announced/VBN Ms./NNP magazine/NN ,/, after/IN 17/CD years/NNS ,/, will/MD no/RB longer/RB carry/VB advertising/NN as/IN of/IN January/NNP ./. ###/### Lang/NNP is/VBZ cutting/VBG costs/NNS and/CC will/MD attempt/VB to/TO operate/VB the/DT magazine/NN with/IN only/JJ subscription/NN revenue/NN ./. ###/### Meanwhile/RB ,/, American/NNP Health/NNP Partners/NNPS ,/, publisher/NN of/IN American/NNP Health/NNP magazine/NN ,/, is/VBZ deep/JJ in/IN debt/NN ,/, and/CC Owen/NNP Lipstein/NNP ,/, founder/NN and/CC managing/VBG partner/NN ,/, is/VBZ being/VBG forced/VBN to/TO sell/VB the/DT magazine/NN to/TO Reader/NNP 's/POS Digest/NNP Association/NNP Inc/NNP ./. ###/### Mr./NNP Lipstein/NNP 's/POS absence/NN from/IN the/DT meeting/NN here/RB raised/VBD speculation/NN that/IN the/DT sale/NN is/VBZ in/IN trouble/NN ./. ###/### Mr./NNP Lipstein/NNP said/VBD in/IN a/DT telephone/NN interview/NN from/IN New/NNP York/NNP that/IN the/DT sale/NN was/VBD proceeding/VBG as/RB planned/VBN ./. ###/### ``/`` The/DT magazine/NN is/VBZ strong/JJ ./. ###/### It/PRP 's/VBZ simply/RB the/DT right/JJ time/NN to/TO do/VB what/WP we/PRP are/VBP doing/VBG ,/, ''/'' Mr./NNP Lipstein/NNP said/VBD ./. ###/### ``/`` Magazines/NNS can/MD no/RB longer/RB be/VB considered/VBN institutions/NNS ,/, ''/'' said/VBD James/NNP Autry/NNP ,/, president/NN of/IN Meredith/NNP Corp./NNP 's/POS magazine/NN group/NN ./. ###/### ``/`` Publishers/NNS will/MD find/VB that/IN some/DT magazines/NNS have/VBP served/VBN their/PRP$ purpose/NN and/CC should/MD die/VB ,/, ''/'' he/PRP added/VBD ./. ###/### ``/`` Magazines/NNS could/MD ,/, like/IN other/JJ brands/NNS ,/, find/VBP that/IN they/PRP have/VBP only/RB a/DT limited/VBN life/NN ./. ''/'' ###/### There/EX are/VBP also/RB indications/NNS that/IN the/DT number/NN of/IN magazine/NN entrepreneurs/NNS ,/, traditionally/RB depended/VBD upon/IN to/TO break/VB new/JJ ground/NN with/IN potentially/RB risky/JJ start-ups/NNS ,/, are/VBP dwindling/VBG ./. ###/### More/RBR than/IN ever/RB ,/, independent/JJ magazines/NNS and/CC small/JJ publishing/NN groups/NNS are/VBP being/VBG gobbled/VBN up/IN by/IN larger/JJR publishing/NN groups/NNS ,/, such/JJ as/IN American/NNP Express/NNP Publishing/NNP Corp./NNP ,/, a/DT unit/NN of/IN American/NNP Express/NNP Co./NNP ,/, and/CC Conde/NNP Nast/NNP Publications/NNPS Inc./NNP ,/, a/DT unit/NN of/IN Advance/NNP Publications/NNPS Inc./NNP ,/, which/WDT are/VBP consolidating/VBG in/IN order/NN to/TO gain/VB leverage/NN with/IN advertisers/NNS ./. ###/### Some/DT entrepreneurs/NNS are/VBP still/RB active/JJ ,/, though/RB ./. ###/### Gerry/NNP Ritterman/NNP ,/, president/NN of/IN New/NNP York-based/JJ Network/NNP Publishing/NNP Corp./NNP ,/, earlier/RBR this/DT year/NN sold/VBD his/PRP$ Soap/NNP Opera/NNP Digest/NNP magazine/NN to/TO Rupert/NNP Murdoch/NNP 's/POS News/NNP Corp/NNP ./. ###/### Mr./NNP Ritterman/NNP said/VBD that/IN in/IN the/DT next/JJ six/CD months/NNS he/PRP will/MD take/VB $/$ 50/CD million/CD from/IN the/DT Soap/NNP Opera/NNP Digest/NNP sale/NN to/TO acquire/VB new/JJ magazines/NNS ./. ###/### He/PRP would/MD not/RB reveal/VB which/WDT magazines/NNS he/PRP is/VBZ considering/VBG ./. ###/### ``/`` The/DT magazines/NNS I/PRP am/VBP looking/VBG for/IN are/VBP underdeveloped/JJ ,/, ''/'' said/VBD Mr./NNP Ritterman/NNP ./. ###/### ``/`` They/PRP could/MD be/VB old/JJ or/CC new/JJ ,/, but/CC they/PRP are/VBP magazines/NNS whose/WP$ editorial/JJ quality/NN needs/VBZ to/TO be/VB improved/VBN ./. ###/### They/PRP will/MD be/VB the/DT next/JJ hot/JJ magazines/NNS ./. ###/### MCA/NNP Inc./NNP said/VBD its/PRP$ toy-making/JJ unit/NN agreed/VBD to/TO buy/VB Buddy/NNP L/NNP Corp./NNP ,/, producer/NN of/IN a/DT line/NN of/IN toy/NN vehicles/NNS and/CC preschool/JJ products/NNS ./. ###/### The/DT price/NN was/VBD n't/RB disclosed/VBD ,/, but/CC an/DT executive/NN of/IN LJN/NNP Toys/NNPS Ltd./NNP ,/, the/DT MCA/NNP unit/NN ,/, said/VBD the/DT closely/RB held/VBN Buddy/NNP L/NNP had/VBD annual/JJ sales/NNS in/IN excess/NN of/IN $/$ 20/CD million/CD ./. ###/### The/DT 40-year-old/JJ Buddy/NNP L/NNP concern/NN ,/, based/VBN in/IN New/NNP York/NNP ,/, designs/VBZ and/CC develops/VBZ toys/NNS under/IN the/DT names/NNS ``/`` Buddy/NNP L/NNP ''/'' and/CC ``/`` My/NNP First/NNP Buddy/NNP ,/, ''/'' he/PRP said/VBD ./. ###/### MCA/NNP said/VBD it/PRP expects/VBZ the/DT proposed/VBN transaction/NN to/TO be/VB completed/VBN ``/`` no/RB later/RB than/IN Nov./NNP 10/CD ./. ###/### -LRB-/-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/DT stand/NN as/IN milestones/NNS of/IN American/JJ business/NN history/NN ./. -RRB-/-RRB- ###/### FRANKLIN/NNP NATIONAL/NNP BANK/NNP DIED/VBD at/IN 3/CD p.m./NN EDT/NNP ,/, Oct./NNP 8/CD ,/, 1974/CD ,/, and/CC was/VBD promptly/RB resurrected/VBN under/IN new/JJ owners/NNS to/TO shore/VB up/IN confidence/NN in/IN other/JJ banks/NNS during/IN a/DT recession/NN ./. ###/### Arthur/NNP Burns/NNP ,/, Federal/NNP Reserve/NNP Board/NNP chairman/NN ,/, said/VBD the/DT government/NN 's/POS ``/`` luck/NN ''/'' in/IN keeping/VBG the/DT bank/NN open/JJ --/: despite/IN being/VBG the/DT then-biggest/JJ U.S./NNP bank/NN failure/NN --/: prevented/VBN ``/`` shock/NN waves/NNS around/IN the/DT country/NN and/CC around/IN the/DT world/NN ./. ''/'' ###/### Federal/NNP officials/NNS who/WP had/VBD been/VBN probing/VBG the/DT bank/NN for/IN months/NNS arranged/VBD a/DT merger/NN with/IN European-American/NNP Bank/NNP &/CC Trust/NNP ,/, owned/VBN by/IN six/CD foreign/JJ banks/NNS ,/, to/TO avert/VB the/DT closedown/NN ./. ###/### And/CC federal/JJ insurance/NN protected/VBD the/DT bank/NN 's/POS 631,163/CD depositors/NNS ./. ###/### The/DT crisis/NN had/VBD peaked/JJ on/IN May/NNP 10/CD ,/, 1974/CD ,/, when/WRB the/DT bank/NN disclosed/VBN ``/`` severe/JJ ''/'' foreign-exchange/NN losses/NNS due/JJ to/TO ``/`` unauthorized/JJ ''/'' trading/NN ./. ###/### Massive/JJ withdrawals/NNS followed/VBD and/CC there/EX was/VBD a/DT brief/JJ rescue/NN attempt/NN ,/, with/IN political/JJ undertones/NNS ,/, including/VBG $/$ 1.77/CD billion/CD in/IN Federal/NNP Reserve/NNP loans/NNS ./. ###/### Within/IN six/CD years/NNS many/JJ figures/NNS were/VBD convicted/VBN for/IN their/PRP$ illegal/JJ abuse/NN of/IN Franklin/NNP funds/NNS ./. ###/### In/IN June/NNP 1980/CD ,/, Michele/NNP Sindona/NNP --/: an/DT Italian/JJ financier/NN who/WP in/IN July/NNP 1972/CD had/VBD bought/VBN a/DT 22/CD %/NN block/NN of/IN Franklin/NNP 's/POS stock/NN from/IN Loews/NNP Corp./NNP ,/, headed/VBN by/IN Laurence/NNP A./NNP Tisch/NNP --/: was/VBD sentenced/VBN to/TO 25/CD years/NNS in/IN prison/NN after/IN being/VBG convicted/VBN of/IN fraud/NN and/CC perjury/NN ./. ###/### Included/VBN was/VBD the/DT charge/NN that/IN Sindona/NNP siphoned/VBD $/$ 45/CD million/CD of/IN Franklin/NNP funds/NNS for/IN his/PRP$ other/JJ ventures/NNS ./. ###/### -LRB-/-LRB- Sindona/NNP in/IN 1979/CD faked/VBD his/PRP$ ``/`` kidnapping/NN ''/'' for/IN 2/CD months/NNS to/TO delay/VB his/PRP$ trial/NN ./. -RRB-/-RRB- ###/### During/IN 1976/CD to/TO 1979/CD ,/, other/JJ former/JJ Franklin/NNP officials/NNS either/CC pleaded/VBD guilty/JJ to/TO or/CC were/VBD found/VBN guilty/JJ of/IN violations/NNS including/VBG phony/JJ transactions/NNS to/TO hide/VB the/DT bank/NN 's/POS losses/NNS ./. ###/### Sindona/NNP ,/, the/DT onetime/JJ Vatican/NNP financial/JJ adviser/NN with/IN reported/VBN links/NNS to/TO the/DT Mafia/NNP ,/, died/VBD on/IN March/NNP 22/CD ,/, 1986/CD ,/, at/IN age/NN 65/CD ,/, reportedly/RB after/IN drinking/VBG cyanide-laced/JJ coffee/NN in/IN an/DT Italian/JJ prison/NN ./. ###/### It/PRP happened/VBD four/CD days/NNS after/IN he/PRP was/VBD sentenced/VBN to/TO life/NN in/IN prison/NN for/IN ordering/VBG a/DT 1979/CD murder/NN ./. ###/### Italian/JJ magistrates/NNS labeled/VBD his/PRP$ death/NN a/DT suicide/NN ./. ###/### In/IN a/DT nondescript/JJ office/NN building/NN south/RB of/IN Los/NNP Angeles/NNP ,/, human/JJ behavior/NN is/VBZ being/VBG monitored/VBN ,/, dissected/VBN and/CC ,/, ultimately/RB ,/, manipulated/VBN ./. ###/### A/DT squiggly/RB line/NN snakes/VBZ across/IN a/DT video/NN screen/NN ,/, gyrating/VBG erratically/RB as/IN subjects/NNS with/IN hand-held/JJ computers/NNS register/VBP their/PRP$ second-by-second/JJ reactions/NNS to/TO a/DT speaker/NN 's/POS remarks/NNS ./. ###/### Agreement/NN ,/, disapproval/NN ,/, boredom/NN and/CC distraction/NN all/DT can/MD be/VB inferred/VBN from/IN the/DT subjects/NNS '/POS twist/NN of/IN a/DT dial/NN ./. ###/### In/IN another/DT experiment/NN ,/, an/DT elaborate/JJ chart/NN with/IN color/NN codes/NNS reveals/VBZ how/WRB people/NNS 's/POS opinions/NNS were/VBD shaped/VBN --/: and/CC how/WRB they/PRP can/MD be/VB reshaped/VBN ./. ###/### Donald/NNP Vinson/NNP ,/, who/WP oversees/VBZ the/DT experiments/NNS ,/, is/VBZ n't/RB some/DT white-coated/JJ researcher/NN ./. ###/### He/PRP heads/VBZ Litigation/NNP Sciences/NNPS Inc./NNP ,/, the/DT nation/NN 's/POS largest/JJS legal/JJ consulting/VBG firm/NN ,/, which/WDT is/VBZ helping/VBG corporate/JJ America/NNP prepare/VB for/IN high-stakes/JJ litigation/NN by/IN predicting/VBG and/CC shaping/VBG jurors/NNS '/POS reactions/NNS ./. ###/### In/IN the/DT process/NN ,/, Litigation/NNP Sciences/NNPS is/VBZ quietly/RB but/CC inexorably/RB reshaping/VBG the/DT world/NN of/IN law/NN ./. ###/### Little/RB known/VBN outside/IN the/DT legal/JJ world/NN but/CC a/DT powerhouse/NN within/IN ,/, Litigation/NNP Sciences/NNPS ,/, a/DT unit/NN of/IN Saatchi/NNP &/CC Saatchi/NNP PLC/NNP ,/, employs/VBZ more/RBR than/IN 100/CD psychologists/NNS ,/, sociologists/NNS ,/, marketers/NNS ,/, graphic/JJ artists/NNS and/CC technicians/NNS ./. ###/### Twenty-one/CD of/IN its/PRP$ workers/NNS are/VBP Ph./NNP D.s/NNP ./. ###/### Among/IN other/JJ services/NNS ,/, the/DT firm/NN provides/VBZ pre-trial/JJ opinion/NN polls/NNS ,/, creates/VBZ profiles/NNS of/IN ``/`` ideal/JJ ''/'' jurors/NNS ,/, sets/NNS up/IN mock/JJ trials/NNS and/CC ``/`` shadow/NN ''/'' juries/NNS ,/, coaches/NNS lawyers/NNS and/CC witnesses/NNS ,/, and/CC designs/VBZ courtroom/NN graphics/NNS ./. ###/### Much/RB like/IN their/PRP$ cohorts/NNS in/IN political/JJ consulting/NN and/CC product/NN marketing/NN ,/, the/DT litigation/NN advisers/NNS encourage/VBP their/PRP$ clients/NNS to/TO play/VB down/IN complex/JJ or/CC ambiguous/JJ matters/NNS ,/, simplify/VB their/PRP$ messages/NNS and/CC provide/VB their/PRP$ target/NN audiences/NNS with/IN a/DT psychological/JJ craving/NN to/TO make/VB the/DT desired/VBN choice/NN ./. ###/### With/IN jury/NN verdicts/NNS getting/VBG bigger/JJR all/PDT the/DT time/NN ,/, companies/NNS are/VBP increasingly/RB willing/JJ to/TO pay/VB huge/JJ sums/NNS for/IN such/JJ advice/NN ./. ###/### Recently/RB ,/, Litigation/NNP Sciences/NNPS helped/VBD Pennzoil/NNP Co./NNP win/VB a/DT $/$ 10.5/CD billion/CD jury/NN verdict/NN against/IN Texaco/NNP Inc/NNP ./. ###/### It/PRP advised/VBD the/DT National/NNP Football/NNP League/NNP in/IN its/PRP$ largely/RB successful/JJ defense/NN of/IN antitrust/JJ charges/NNS by/IN the/DT United/NNP States/NNPS Football/NNP League/NNP ./. ###/### And/CC it/PRP helped/VBD win/VB defense/NN verdicts/NNS in/IN product-liability/NN suits/NNS involving/VBG scores/NNS of/IN products/NNS ,/, ranging/VBG from/IN Firestone/NNP 500/CD tires/NNS to/TO the/DT anti-nausea/JJ drug/NN Bendectin/NNP ./. ###/### Largely/RB as/IN a/DT result/NN ,/, Litigation/NNP Sciences/NNPS has/VBZ more/RBR than/IN doubled/VBN in/IN size/NN in/IN the/DT past/JJ two/CD years/NNS ./. ###/### Its/PRP$ 1988/CD revenue/NN was/VBD $/$ 25/CD million/CD ./. ###/### Meanwhile/RB ,/, competitors/NNS are/VBP being/VBG spawned/VBN almost/RB daily/RB ;/: some/DT 300/CD new/JJ businesses/NNS --/: many/JJ just/JJ one-person/NN shops/NNS --/: have/VBP sprung/VBN up/IN ./. ###/### Mr./NNP Vinson/NNP estimates/VBZ the/DT industry/NN 's/POS total/JJ revenues/NNS approach/VBP $/$ 200/CD million/CD ./. ###/### In/IN any/DT high-stakes/JJ case/NN ,/, you/PRP can/MD be/VB sure/JJ that/IN one/CD side/NN or/CC the/DT other/JJ --/: or/CC even/RB both/DT --/: is/VBZ using/VBG litigation/NN consultants/NNS ./. ###/### Despite/IN their/PRP$ ubiquity/NN ,/, the/DT consultants/NNS are/VBP n't/RB entirely/RB welcome/JJ ./. ###/### Some/DT lawyers/NNS and/CC scholars/NNS see/VBP the/DT social/JJ scientists/NNS '/POS vision/NN of/IN the/DT American/JJ jury/NN system/NN as/IN a/DT far/JJ cry/NN from/IN the/DT ideal/NN presented/VBN in/IN civics/NNS texts/NNS and/CC memorialized/VBN on/IN the/DT movie/NN screen/NN ./. ###/### In/IN the/DT film/NN classic/NN ``/`` Twelve/NNP Angry/NNP Men/NNPS ,/, ''/'' the/DT crucible/NN of/IN deliberations/NNS unmasks/VBZ each/DT juror/NN 's/POS bias/NN and/CC purges/VBZ it/PRP from/IN playing/VBG a/DT role/NN in/IN the/DT verdict/NN ./. ###/### After/IN hours/NNS of/IN conflict/NN and/CC debate/NN ,/, that/IN jury/NN focuses/VBZ on/IN the/DT facts/NNS with/IN near-perfect/JJ objectivity/NN ./. ###/### In/IN real/JJ life/NN ,/, jurors/NNS may/MD not/RB always/RB work/VB that/DT way/NN ,/, but/CC some/DT court/NN observers/NNS question/VBP why/WRB they/PRP should/MD n't/RB be/VB encouraged/VBN to/TO do/VB so/RB rather/RB than/IN be/VB programmed/VBN not/RB to/TO ./. ###/### Litigation/NN consulting/NN is/VBZ ,/, as/IN New/NNP York/NNP trial/NN attorney/NN Donald/NNP Zoeller/NNP puts/VBZ it/PRP ,/, ``/`` highly/RB manipulative/JJ ./. ''/'' ###/### He/PRP adds/VBZ ,/, ``/`` The/DT notion/NN they/PRP try/VBP to/TO sell/VB is/VBZ that/IN juries/NNS do/VBP n't/RB make/VB decisions/NNS rationally/RB ./. ###/### But/CC the/DT effort/NN is/VBZ also/RB being/VBG made/VBN to/TO try/VB and/CC cause/VB jurors/NNS not/RB to/TO decide/VB things/NNS rationally/RB ./. ###/### I/PRP find/VBP it/PRP troubling/JJ ./. ''/'' ###/### But/CC Mr./NNP Zoeller/NNP also/RB acknowledges/VBZ that/IN consultants/NNS can/MD be/VB very/RB effective/JJ ./. ###/### ``/`` It/PRP 's/VBZ gotten/VBN to/TO the/DT point/NN where/WRB if/IN the/DT case/NN is/VBZ large/JJ enough/RB ,/, it/PRP 's/VBZ almost/RB malpractice/NN not/RB to/TO use/VB them/PRP ,/, ''/'' he/PRP says/VBZ ./. ###/### Others/NNS complain/VBP that/IN the/DT consultants/NNS '/POS growing/VBG influence/NN exacerbates/VBZ the/DT advantage/NN of/IN litigants/NNS wealthy/JJ enough/RB to/TO afford/VB such/JJ pricey/JJ services/NNS ./. ###/### ``/`` The/DT affluent/JJ people/NNS and/CC the/DT corporations/NNS can/MD buy/VB it/PRP ,/, the/DT poor/JJ radicals/NNS -LCB-/-LRB- in/IN political/JJ cases/NNS -RCB-/-RRB- get/VBP it/PRP free/JJ ,/, and/CC everybody/NN in/IN between/IN is/VBZ at/IN a/DT disadvantage/NN ,/, and/CC that/DT 's/VBZ not/RB the/DT kind/NN of/IN system/NN we/PRP want/VBP ,/, ''/'' says/VBZ Amitai/NNP Etzioni/NNP ,/, a/DT prominent/JJ sociologist/NN who/WP teaches/VBZ at/IN George/NNP Washington/NNP University/NNP ./. ###/### Sophisticated/JJ trial/NN consulting/NN grew/VBD ,/, ironically/RB ,/, from/IN the/DT radical/JJ political/JJ movements/NNS of/IN the/DT 1960s/CD and/CC 1970s/CD before/IN finding/VBG its/PRP$ more/JJR lucrative/JJ calling/NN in/IN big/JJ commercial/JJ cases/NNS ./. ###/### The/DT Harrisburg/NNP 7/CD trial/NN in/IN 1972/CD ,/, in/IN which/WDT Daniel/NNP Berrigan/NNP and/CC others/NNS were/VBD charged/VBN with/IN plotting/VBG anti-war-related/JJ violence/NN ,/, was/VBD a/DT landmark/NN ./. ###/### In/IN that/DT case/NN ,/, a/DT group/NN of/IN left-leaning/JJ sociologists/NNS interviewed/VBD 252/CD registered/VBN voters/NNS around/IN Harrisburg/NNP ./. ###/### The/DT researchers/NNS discovered/VBD that/IN Episcopalians/NNPS ,/, Presbyterians/NNPS ,/, Methodists/NNPS and/CC fundamantalist/NN Protestants/NNPS were/VBD nearly/RB always/RB against/IN the/DT defendants/NNS ;/: the/DT lawyers/NNS resolved/VBN to/TO try/VB to/TO keep/VB them/PRP off/IN the/DT jury/NN ./. ###/### The/DT defense/NN also/RB learned/VBD that/IN college-educated/JJ people/NNS were/VBD uncharacteristically/RB conservative/JJ about/IN the/DT Vietnam/NNP War/NNP ./. ###/### A/DT more/RBR blue-collar/JJ panel/NN became/VBD a/DT second/JJ aim/NN ./. ###/### Ultimately/RB ,/, that/DT carefully/RB picked/VBN jury/NN deadlocked/VBN with/IN a/DT 10-2/CD vote/NN to/TO acquit/VB ,/, and/CC the/DT prosecution/NN decided/VBD not/RB to/TO retry/VB the/DT case/NN ./. ###/### Litigation/NN consulting/NN had/VBD arrived/VBN ./. ###/### The/DT fledgling/NN science/NN went/VBD corporate/JJ in/IN 1977/CD when/WRB International/NNP Business/NNP Machines/NNPS Corp./NNP hired/VBD a/DT marketing/NN professor/NN to/TO help/VB defend/VB a/DT complex/JJ antitrust/JJ case/NN ./. ###/### The/DT problem/NN for/IN IBM/NNP trial/NN lawyers/NNS Thomas/NNP Barr/NNP and/CC David/NNP Boies/NNP was/VBD how/WRB to/TO make/VB such/PDT a/DT highly/RB technical/JJ case/NN understandable/JJ ./. ###/### As/IN the/DT trial/NN progressed/VBD ,/, they/PRP were/VBD eager/JJ to/TO know/VB if/IN the/DT jury/NN was/VBD keeping/VBG up/IN with/IN them/PRP ./. ###/### The/DT solution/NN devised/VBN by/IN the/DT professor/NN was/VBD to/TO hire/VB six/CD people/NNS who/WP would/MD mirror/VB the/DT actual/JJ jury/NN demographically/RB ,/, sit/VB in/IN on/IN the/DT trial/NN and/CC report/VB their/PRP$ reactions/NNS to/TO him/PRP ./. ###/### He/PRP then/RB briefed/VBD Messrs./NNP Boies/NNP and/CC Barr/NNP ,/, who/WP had/VBD the/DT chance/NN to/TO tilt/VB their/PRP$ next/JJ day/NN 's/POS presentation/NN accordingly/RB ./. ###/### Thus/RB ,/, the/DT ``/`` shadow/NN ''/'' jury/NN was/VBD born/VBN ./. ###/### Mr./NNP Vinson/NNP ,/, the/DT professor/NN ,/, got/VBD the/DT law/NN bug/NN and/CC formed/VBD Litigation/NNP Sciences/NNPS ./. ###/### -LRB-/-LRB- IBM/NNP won/VBD the/DT case/NN ./. -RRB-/-RRB- ###/### ``/`` The/DT hardest/JJS thing/NN in/IN any/DT complex/JJ case/NN is/VBZ to/TO retain/VB objectivity/NN and/CC ,/, in/IN some/DT sense/NN ,/, your/PRP$ ignorance/NN ,/, ''/'' says/VBZ Mr./NNP Boies/NNP of/IN Cravath/NNP ,/, Swaine/NNP &/CC Moore/NNP ./. ###/### ``/`` What/WP you/PRP look/VBP for/IN in/IN a/DT shadow/NN jury/NN is/VBZ very/RB much/RB what/WP you/PRP do/VBP when/WRB you/PRP give/VBP an/DT opening/VBG argument/NN to/TO your/PRP$ wife/NN or/CC a/DT friend/NN and/CC get/VBP some/DT response/NN to/TO it/PRP ./. ###/### A/DT shadow/NN jury/NN is/VBZ a/DT way/NN to/TO do/VB that/DT in/IN a/DT more/RBR systematic/JJ and/CC organized/VBN way/NN ./. ''/'' ###/### The/DT approach/NN worked/VBD well/RB in/IN the/DT recent/JJ antitrust/JJ case/NN in/IN which/WDT Energy/NNP Transportation/NNP Systems/NNPS Inc./NNP sued/VBD Santa/NNP Fe/NNP Pacific/NNP Corp./NNP over/IN the/DT transport/NN of/IN semi-liquefied/JJ coal/NN --/: the/DT kind/NN of/IN case/NN likely/JJ to/TO make/VB almost/RB anyone/NN 's/POS eyes/NNS glaze/VB over/IN ./. ###/### Energy/NNP Transportation/NNP retained/VBD Litigation/NNP Sciences/NNPS ,/, at/IN a/DT cost/NN of/IN several/JJ hundred/CD thousand/CD dollars/NNS ,/, to/TO poll/VB ,/, pre-try/VB ,/, profile/VB and/CC shadow/VB ./. ###/### Just/RB before/IN the/DT actual/JJ closing/VBG arguments/NNS ,/, the/DT firm/NN put/VBD the/DT case/NN to/TO a/DT vote/NN of/IN the/DT five/CD shadow/NN jurors/NNS ,/, each/DT of/IN whom/WP was/VBD being/VBG paid/VBN $/$ 150/CD a/DT day/NN ./. ###/### The/DT jurors/NNS ,/, who/WP did/VBD n't/RB know/VB which/WDT side/NN had/VBD retained/VBN them/PRP ,/, decided/VBD for/IN Energy/NNP Transportation/NNP ,/, and/CC awarded/VBN $/$ 500/CD million/CD in/IN damages/NNS ./. ###/### The/DT real/JJ jury/NN returned/VBD days/NNS later/RB with/IN a/DT $/$ 345/CD million/CD victory/NN for/IN Energy/NNP Transportation/NNP ./. ###/### ``/`` It/PRP 's/VBZ just/RB like/IN weather/NN forecasting/NN ,/, ''/'' says/VBZ Energy/NNP Transportation/NNP trial/NN attorney/NN Harry/NNP Reasoner/NNP of/IN Vinson/NNP &/CC Elkins/NNP ./. ###/### ``/`` It/PRP 's/VBZ often/RB wrong/JJ ,/, but/CC it/PRP 's/VBZ better/JJR than/IN consulting/VBG an/DT Indian/JJ rain/NN dancer/NN ./. ''/'' ###/### Forecasting/NN is/VBZ only/RB one/CD part/NN of/IN Litigation/NNP Sciences/NNPS '/POS work/NN ./. ###/### Changing/VBG the/DT outcome/NN of/IN the/DT trial/NN is/VBZ what/WP really/RB matters/VBZ ./. ###/### And/CC to/TO the/DT uninitiated/JJ ,/, some/DT of/IN the/DT firm/NN 's/POS approaches/NNS may/MD seem/VB chillingly/RB manipulative/JJ ./. ###/### Theoretically/RB ,/, jurors/NNS are/VBP supposed/VBN to/TO weigh/VB the/DT evidence/NN in/IN a/DT case/NN logically/RB and/CC objectively/RB ./. ###/### Instead/RB ,/, Mr./NNP Vinson/NNP says/VBZ ,/, interviews/NNS with/IN thousands/NNS of/IN jurors/NNS reveal/VBP that/IN they/PRP start/VBP with/IN firmly/RB entrenched/VBN attitudes/NNS and/CC try/VBP to/TO shoe-horn/VB the/DT facts/NNS of/IN the/DT case/NN to/TO fit/VB their/PRP$ views/NNS ./. ###/### Pre-trial/JJ polling/NN helps/VBZ the/DT consultants/NNS develop/VB a/DT profile/NN of/IN the/DT right/JJ type/NN of/IN juror/NN ./. ###/### If/IN it/PRP is/VBZ a/DT case/NN in/IN which/WDT the/DT client/NN seeks/VBZ punitive/JJ damages/NNS ,/, for/IN example/NN ,/, depressed/VBN ,/, underemployed/JJ people/NNS are/VBP far/RB more/RBR likely/JJ to/TO grant/VB them/PRP ./. ###/### Someone/NN with/IN a/DT master/NN 's/POS degree/NN in/IN classical/JJ arts/NNS who/WP works/VBZ in/IN a/DT deli/NNS would/MD be/VB ideal/JJ ,/, Litigation/NNP Sciences/NNPS advises/VBZ ./. ###/### So/RB would/MD someone/NN recently/RB divorced/VBN or/CC widowed/VBN ./. ###/### -LRB-/-LRB- Since/IN Litigation/NNP Sciences/NNPS generally/RB represents/VBZ the/DT defense/NN ,/, its/PRP$ job/NN is/VBZ usually/RB to/TO help/VB the/DT lawyers/NNS identify/VB and/CC remove/VB such/JJ people/NNS from/IN the/DT jury/NN ./. -RRB-/-RRB- ###/### For/IN personal-injury/NN cases/NNS ,/, Litigation/NNP Sciences/NNPS seeks/VBZ defense/NN jurors/NNS who/WP believe/VBP that/IN most/JJS people/NNS ,/, including/VBG victims/NNS ,/, get/VB what/WP they/PRP deserve/VBP ./. ###/### Such/JJ people/NNS also/RB typically/RB hold/VBP negative/JJ attitudes/NNS toward/IN the/DT physically/RB handicapped/VBN ,/, the/DT poor/JJ ,/, blacks/NNS and/CC women/NNS ./. ###/### The/DT consultants/NNS help/VBP the/DT defense/NN lawyers/NNS find/VB such/JJ jurors/NNS by/IN asking/VBG questions/NNS about/IN potential/JJ jurors/NNS '/POS attitudes/NNS toward/IN volunteer/NN work/NN ,/, or/CC toward/IN particular/JJ movies/NNS or/CC books/NNS ./. ###/### Litigation/NNP Sciences/NNPS does/VBZ n't/RB make/VB moral/JJ distinctions/NNS ./. ###/### If/IN a/DT client/NN needs/VBZ prejudiced/JJ jurors/NNS ,/, the/DT firm/NN will/MD help/VB find/VB them/PRP ./. ###/### As/IN Mr./NNP Vinson/NNP explains/VBZ it/PRP ,/, ``/`` We/PRP do/VBP n't/RB control/VB the/DT facts/NNS ./. ###/### They/PRP are/VBP what/WP they/PRP are/VBP ./. ###/### But/CC any/DT lawyer/NN will/MD select/VB the/DT facts/NNS and/CC the/DT strategy/NN to/TO employ/VB ./. ###/### In/IN our/PRP$ system/NN of/IN advocacy/NN ,/, the/DT trial/NN lawyer/NN is/VBZ duty/NN bound/VBN to/TO present/VB the/DT best/JJS case/NN he/PRP possibly/RB can/MD ./. ''/'' ###/### Once/RB a/DT jury/NN is/VBZ selected/VBN ,/, the/DT consultants/NNS often/RB continue/VBP to/TO determine/VB what/WP the/DT jurors/NNS '/POS attitudes/NNS are/VBP likely/JJ to/TO be/VB and/CC help/VB shape/VB the/DT lawyers/NNS '/POS presentation/NN accordingly/RB ./. ###/### Logic/NN plays/VBZ a/DT minimal/JJ role/NN here/RB ./. ###/### More/RBR important/JJ are/VBP what/WP LSI/NNP calls/VBZ ``/`` psychological/JJ anchors/NNS ''/'' --/: a/DT few/JJ focal/JJ points/NNS calculated/VBN to/TO appeal/VB to/TO the/DT jury/NN on/IN a/DT gut/NN level/NN ./. ###/### In/IN one/CD personal-injury/NN case/NN ,/, a/DT woman/NN claimed/VBD she/PRP had/VBD been/VBN injured/VBN when/WRB she/PRP slipped/VBD in/IN a/DT pool/NN ,/, but/CC the/DT fall/NN did/VBD n't/RB explain/VB why/WRB one/CD of/IN her/PRP$ arms/NNS was/VBD discolored/VBN bluish/JJ ./. ###/### By/IN repeatedly/RB drawing/VBG the/DT jury/NN 's/POS attention/NN to/TO the/DT arm/NN ,/, the/DT defense/NN lawyers/NNS planted/VBD doubt/NN about/IN the/DT origin/NN of/IN the/DT woman/NN 's/POS injuries/NNS ./. ###/### The/DT ploy/NN worked/VBD ./. ###/### The/DT defense/NN won/VBD ./. ###/### In/IN a/DT classic/JJ defense/NN of/IN a/DT personal-injury/NN case/NN ,/, the/DT consultants/NNS concentrate/VBP on/IN encouraging/VBG the/DT jury/NN to/TO shift/VB the/DT blame/NN ./. ###/### ``/`` The/DT ideal/JJ defense/NN in/IN a/DT case/NN involving/VBG an/DT accident/NN is/VBZ to/TO persuade/VB the/DT jurors/NNS to/TO hold/VB the/DT accident/NN victim/NN responsible/JJ for/IN his/PRP$ or/CC her/PRP$ plight/NN ,/, ''/'' Mr./NNP Vinson/NNP has/VBZ written/VBN ./. ###/### Slick/JJ graphics/NNS ,/, pre-tested/VBN for/IN effectiveness/NN ,/, also/RB play/VBP a/DT major/JJ role/NN in/IN Litigation/NNP Sciences/NNPS '/POS operation/NN ./. ###/### Studies/NNS show/VBP ,/, the/DT consultants/NNS say/VBP ,/, that/IN people/NNS absorb/VBP information/NN better/RB and/CC remember/VBP it/PRP longer/RBR if/IN they/PRP receive/VBP it/PRP visually/RB ./. ###/### Computer-generated/JJ videos/NNS help/VBP ./. ###/### ``/`` The/DT average/JJ American/NNP watches/VBZ seven/CD hours/NNS of/IN TV/NN a/DT day/NN ./. ###/### They/PRP are/VBP very/RB visually/RB sophisticated/JJ ,/, ''/'' explains/VBZ LSI/NNP graphics/NNS specialist/NN Robert/NNP Seltzer/NNP ./. ###/### Lawyers/NNS remain/VBP divided/VBN about/IN whether/IN anything/NN is/VBZ wrong/JJ with/IN all/PDT this/DT ./. ###/### Supporters/NNS acknowledge/VBP that/IN the/DT process/NN aims/VBZ to/TO manipulate/VB ,/, but/CC they/PRP insist/VBP that/IN the/DT best/JJS trial/NN lawyers/NNS have/VBP always/RB employed/VBN similar/JJ tactics/NNS ./. ###/### ``/`` They/PRP may/MD not/RB have/VB been/VBN able/JJ to/TO articulate/VB it/PRP all/DT ,/, but/CC they/PRP did/VBD it/PRP ,/, ''/'' says/VBZ Stephen/NNP Gillers/NNP ,/, a/DT legal/JJ ethics/NNS expert/JJ at/IN New/NNP York/NNP University/NNP law/NN school/NN ./. ###/### ``/`` What/WP you/PRP have/VBP here/RB is/VBZ intuition/NN made/VBD manifest/JJ ./. ''/'' ###/### Many/JJ lawyers/NNS maintain/VBP that/IN all/DT 's/VBZ fair/JJ in/IN the/DT adversary/NN system/NN as/RB long/RB as/IN no/DT one/CD tampers/NNS with/IN the/DT evidence/NN ./. ###/### Others/NNS point/VBP out/IN that/IN lawyers/NNS in/IN small/JJ communities/NNS have/VBP always/RB had/VBN a/DT feel/NN for/IN public/JJ sentiment/NN --/: and/CC used/VBD that/DT to/TO advantage/VB ./. ###/### Litigation/NN consulting/NN is/VBZ n't/RB a/DT guarantee/NN of/IN a/DT favorable/JJ outcome/NN ./. ###/### Litigation/NNP Sciences/NNPS concedes/VBZ that/IN in/IN one/CD in/IN 20/CD cases/NNS it/PRP was/VBD flatout/NN wrong/JJ in/IN its/PRP$ predictions/NNS ./. ###/### A/DT few/JJ attorneys/NNS offer/VBP horror/NN stories/NNS of/IN jobs/NNS botched/VBN by/IN consultants/NNS or/CC of/IN overpriced/VBN services/NNS --/: as/IN when/WRB one/CD lawyer/NN paid/VBD a/DT consultant/NN -LRB-/-LRB- not/RB at/IN Litigation/NNP Sciences/NNPS -RRB-/-RRB- $/$ 70,000/CD to/TO interview/VB a/DT jury/NN after/IN a/DT big/JJ trial/NN and/CC later/RB read/VBD more/RBR informative/JJ interviews/NNS with/IN the/DT same/JJ jurors/NNS in/IN The/NNP American/NNP Lawyer/NNP magazine/NN ./. ###/### Some/DT litigators/NNS scoff/VBP at/IN the/DT notion/NN that/IN a/DT sociologist/NN knows/VBZ more/RBR than/IN they/PRP do/VBP about/IN what/WP makes/VBZ a/DT jury/NN tick/VB ./. ###/### ``/`` The/DT essence/NN of/IN being/VBG a/DT trial/NN lawyer/NN is/VBZ understanding/VBG how/WRB people/NNS of/IN diverse/JJ backgrounds/NNS react/VBP to/TO you/PRP and/CC your/PRP$ presentation/NN ,/, ''/'' says/VBZ Barry/NNP Ostrager/NNP of/IN Simpson/NNP Thacher/NNP &/CC Bartlett/NNP ,/, who/WP recently/RB won/VBD a/DT huge/JJ case/NN on/IN behalf/NN of/IN insurers/NNS against/IN Shell/NNP Oil/NNP Co/NNP ./. ###/### He/PRP says/VBZ he/PRP used/VBD consultants/NNS in/IN the/DT case/NN but/CC ``/`` found/VBD them/PRP to/TO be/VB virtually/RB useless/JJ ./. ''/'' ###/### But/CC most/JJS lawyers/NNS accept/VBP that/IN the/DT marketplace/NN has/VBZ spoken/VBN ./. ###/### And/CC the/DT question/NN remains/VBZ whether/IN the/DT jury/NN system/NN can/MD maintain/VB its/PRP$ integrity/NN while/IN undergoing/VBG such/PDT a/DT skillful/JJ massage/NN ./. ###/### For/IN more/RBR than/IN a/DT decade/NN ,/, Mr./NNP Etzioni/NNP ,/, the/DT sociologist/NN ,/, has/VBZ been/VBN a/DT leading/VBG critic/NN of/IN the/DT masseurs/NNS ./. ###/### ``/`` There/EX 's/VBZ no/DT reason/NN to/TO believe/VB that/IN juries/NNS rule/VBP inappropriately/RB ,/, ''/'' he/PRP says/VBZ ./. ###/### ``/`` But/CC the/DT last/JJ thing/NN you/PRP want/VBP to/TO do/VB is/VBZ manipulate/VB the/DT subconscious/NN to/TO make/VB them/PRP think/VB better/RB ./. ###/### What/WP you/PRP then/RB do/VBP is/VBZ you/PRP make/VBP them/PRP think/VB inappropriately/RB ./. ''/'' ###/### To/TO hamper/VB the/DT work/NN of/IN litigation/NN scientists/NNS ,/, he/PRP suggests/VBZ that/IN courts/NNS sharply/RB limit/VB the/DT number/NN of/IN jurors/NNS that/IN lawyers/NNS can/MD remove/VB from/IN the/DT jury/NN panel/NN through/IN so-called/JJ peremptory/JJ challenges/NNS --/: exclusions/NNS that/WDT do/VBP n't/RB require/VB explanations/NNS ./. ###/### In/IN most/RBS civil/JJ cases/NNS ,/, judges/NNS allow/VBP each/DT side/NN three/CD such/JJ challenges/NNS ./. ###/### For/IN complex/JJ cases/NNS ,/, judges/NNS sometimes/RB allow/VBP many/JJ more/JJR ./. ###/### Mr./NNP Etzioni/NNP also/RB suggests/VBZ forbidding/VBG anyone/NN from/IN gathering/VBG background/NN information/NN about/IN the/DT jurors/NNS ./. ###/### -LRB-/-LRB- Some/DT courts/NNS release/VBP names/NNS and/CC addresses/NNS ,/, and/CC researchers/NNS can/MD drive/VB by/IN houses/NNS ,/, look/VB up/IN credit/NN ratings/NNS ,/, and/CC even/RB question/VB neighbors/NNS ./. -RRB-/-RRB- ###/### Furthermore/RB ,/, he/PRP says/VBZ ,/, psychologists/NNS should/MD not/RB be/VB allowed/VBN to/TO analyze/VB jurors/NNS '/POS personalities/NNS ./. ###/### Even/RB some/DT lawyers/NNS who/WP have/VBP used/VBN consultants/NNS to/TO their/PRP$ advantage/NN see/VB a/DT need/NN to/TO limit/VB their/PRP$ impact/NN ./. ###/### Mr./NNP Boies/NNP ,/, the/DT first/JJ lawyer/NN to/TO use/VB Mr./NNP Vinson/NNP 's/POS services/NNS ,/, cautions/VBZ against/IN courts/NNS '/POS allowing/VBG extensive/JJ jury/NN questioning/VBG -LRB-/-LRB- known/VBN as/IN voir/FW dire/FW -RRB-/-RRB- or/CC giving/VBG out/IN personal/JJ information/NN about/IN the/DT jurors/NNS ./. ###/### ``/`` The/DT more/RBR extensive/JJ the/DT voir/FW dire/FW ,/, the/DT easier/JJR you/PRP make/VBP it/PRP for/IN that/DT kind/NN of/IN research/NN to/TO be/VB effective/JJ ,/, and/CC I/PRP do/VBP n't/RB think/VB courts/NNS should/MD lend/VB themselves/PRP to/TO that/DT ,/, ''/'' Mr./NNP Boies/NNP says/VBZ ./. ###/### Silicon/NNP Graphics/NNP Inc./NNP ,/, a/DT fast-growing/JJ maker/NN of/IN computer/NN workstations/NNS ,/, said/VBD it/PRP landed/VBD two/CD federal/JJ government/NN contracts/NNS worth/JJ more/RBR than/IN $/$ 100/CD million/CD over/IN the/DT next/JJ five/CD years/NNS ./. ###/### One/CD award/NN is/VBZ part/NN of/IN a/DT Department/NNP of/IN Defense/NNP contract/NN to/TO Loral/NNP Rolm/NNP Mil-Spec/NNP Computers/NNPS and/CC could/MD be/VB valued/VBN at/IN more/RBR than/IN $/$ 100/CD million/CD over/IN five/CD years/NNS ./. ###/### The/DT other/JJ involves/VBZ the/DT sale/NN of/IN about/IN 35/CD of/IN the/DT company/NN 's/POS high-end/JJ workstations/NNS to/TO the/DT National/NNP Institutes/NNPS of/IN Health/NNP ./. ###/### The/DT models/NNS ,/, which/WDT cost/VBD about/IN $/$ 75,000/CD each/DT ,/, will/MD be/VB used/VBN in/IN research/NN ./. ###/### The/DT awards/NNS are/VBP evidence/NN that/IN Silicon/NNP Graphics/NNP '/POS approach/NN to/TO computer/NN graphics/NNS is/VBZ catching/VBG on/IN with/IN users/NNS of/IN powerful/JJ desktop/NN computers/NNS ,/, analysts/NNS said/VBD ./. ###/### ``/`` The/DT company/NN 's/VBZ on/IN a/DT roll/NN ,/, ''/'' said/VBD Robert/NNP Herwick/NNP ,/, an/DT analyst/NN at/IN Hambrecht/NNP &/CC Quist/NNP ./. ###/### ``/`` No/RB other/JJ -LCB-/-LRB- computer/NN -RCB-/-RRB- vendor/NN offers/VBZ graphics/NNS performance/NN that/DT good/JJ for/IN their/PRP$ price/NN ./. ''/'' ###/### In/IN the/DT battle/NN to/TO supply/VB desktop/NN computers/NNS for/IN researchers/NNS and/CC design/NN engineers/NNS ,/, most/JJS of/IN the/DT attention/NN is/VBZ given/VBN to/TO the/DT biggest/JJS competitors/NNS :/: Sun/NNP Microsystems/NNPS Inc./NNP ,/, Hewlett-Packard/NNP Co./NNP and/CC Digital/NNP Equipment/NNP Corp./NNP ,/, which/WDT make/VBP computers/NNS mainly/RB aimed/VBN at/IN a/DT wide/JJ range/NN of/IN engineering/NN and/CC scientific/JJ needs/NNS ./. ###/### Silicon/NNP Graphics/NNP ,/, on/IN the/DT other/JJ hand/NN ,/, has/VBZ targeted/VBN a/DT specific/JJ niche/NN since/IN its/PRP$ inception/NN in/IN 1982/CD ,/, which/WDT has/VBZ been/VBN dubbed/VBN by/IN some/DT as/IN ``/`` motion-picture/JJ computing/NN ./. ''/'' ###/### This/DT is/VBZ a/DT style/NN of/IN ``/`` visual/JJ ''/'' computing/NN that/WDT provides/VBZ three-dimensional/JJ ,/, color/NN models/NNS of/IN everything/NN from/IN the/DT inside/NN of/IN a/DT house/NN to/TO the/DT latest/JJS in/IN women/NNS 's/POS fashion/NN ./. ###/### Though/NNP Silicon/NNP Graphics/NNP is/VBZ much/RB smaller/JJR than/IN Digital/NNP ,/, Hewlett/NNP and/CC Sun/NNP ,/, it/PRP has/VBZ emerged/VBN in/IN recent/JJ years/NNS as/IN a/DT feared/VBN adversary/NN in/IN this/DT graphics/NNS portion/NN of/IN the/DT workstation/NN market/NN ./. ###/### In/IN addition/NN ,/, the/DT company/NN has/VBZ made/VBN it/PRP tough/JJ on/IN competitors/NNS by/IN offering/VBG a/DT stream/NN of/IN desktop/NN computers/NNS at/IN sharply/RB lower/JJR prices/NNS ./. ###/### A/DT year/NN ago/IN ,/, Silicon/NNP Graphics/NNP introduced/VBD a/DT model/NN priced/VBN at/IN $/$ 15,000/CD --/: almost/RB as/RB cheap/JJ as/IN mainstream/NN workstations/NNS that/WDT do/VBP n't/RB offer/VB 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###/### We/PRP ca/MD n't/RB afford/VB to/TO wait/VB ./. ''/'' ###/### But/CC does/VBZ it/PRP have/VB to/TO be/VB so/RB soon/RB ?/. ###/### Some/DT atmospheric/JJ scientists/NNS think/VBP that/IN even/RB if/IN CFCs/NNS were/VBD released/VBN into/IN the/DT atmosphere/NN at/IN an/DT accelerating/VBG rate/NN ,/, the/DT amount/NN of/IN ozone/NN depletion/NN would/MD be/VB only/RB 10/CD %/NN by/IN the/DT middle/NN of/IN the/DT next/JJ century/NN ./. ###/### It/PRP 's/VBZ easy/JJ to/TO get/VB something/NN comparable/JJ by/IN simply/RB moving/VBG to/TO a/DT higher/JJR altitude/NN in/IN the/DT U.S/NNP ./. ###/### Moreover/RB ,/, there/EX are/VBP questions/NNS ,/, particularly/RB among/IN atmospheric/JJ scientists/NNS who/WP know/VBP this/DT subject/NN best/RB ,/, about/IN the/DT ability/NN of/IN anyone/NN to/TO know/VB what/WP in/IN fact/NN is/VBZ happening/VBG to/TO the/DT ozone/NN layer/NN ./. ###/### It/PRP is/VBZ generally/RB agreed/VBN that/IN when/WRB CFCs/NNP rise/NN from/IN earth/NN to/TO stratosphere/NN ,/, the/DT chlorine/NN in/IN them/PRP 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Maybe/RB we/PRP should/MD ask/VB why/WRB it/PRP was/VBD that/IN Du/NNP Pont/NNP so/RB quickly/RB capitulated/VBD and/CC issued/VBN a/DT statement/NN ,/, giving/VBG it/PRP wide/JJ publicity/NN ,/, that/IN it/PRP was/VBD withdrawing/VBG CFCs/NNP ./. ###/### Freon/NN ,/, introduced/VBN in/IN 1930/CD ,/, revolutionized/VBD America/NNP by/IN making/VBG refrigeration/NN and/CC air/NN conditioning/NN practical/JJ after/IN all/DT ./. ###/### One/CD answer/NN is/VBZ that/IN big/JJ companies/NNS are/VBP growing/VBG weary/JJ of/IN fighting/VBG environmental/JJ movements/NNS and/CC are/VBP trying/VBG instead/RB to/TO cash/VB in/IN on/IN them/PRP ,/, although/IN they/PRP never/RB care/VBP to/TO put/VB it/PRP quite/RB that/DT way/NN ./. ###/### Du/NNP Pont/NNP ,/, as/IN it/PRP happens/VBZ ,/, has/VBZ a/DT potential/JJ substitute/NN for/IN CFCs/NNP ./. ###/### Imperial/NNP Chemical/NNP Industries/NNPS of/IN the/DT U.K./NNP also/RB has/VBZ one/CD ,/, and/CC is/VBZ building/VBG a/DT plant/NN in/IN 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also/RB support/VBP a/DT tax/NN credit/NN for/IN employers/NNS to/TO offset/VB the/DT cost/NN of/IN hiring/VBG and/CC training/VBG workers/NNS who/WP temporarily/RB replace/VBP employees/NNS on/IN parental/JJ leave/NN ./. ###/### In/IN 1990/CD ,/, the/DT issue/NN is/VBZ expected/VBN to/TO be/VB especially/RB close/JJ in/IN Alaska/NNP ,/, California/NNP ,/, Michigan/NNP ,/, New/NNP York/NNP ,/, Pennsylvania/NNP and/CC Illinois/NNP ./. ###/### ``/`` We/PRP 'll/MD be/VB playing/VBG a/DT lot/NN of/IN defense/NN ,/, especially/RB in/IN the/DT Midwest/NNP and/CC Northeast/NNP ,/, ''/'' says/VBZ Jim/NNP Buente/NNP of/IN the/DT NFIB/NNP ./. ###/### IN/IN LOS/NNP ANGELES/NNP ,/, more/RBR small/JJ businesses/NNS ponder/VBP adopting/VBG a/DT child-care/JJ policy/NN ./. ###/### Triggering/VBG the/DT re-examination/NN is/VBZ a/DT recent/JJ city/NN council/NN decision/NN to/TO give/VB preference/NN in/IN letting/VBG city/NN contracts/NNS to/TO suppliers/NNS with/IN a/DT stated/VBN policy/NN on/IN child/NN care/NN for/IN their/PRP$ employees/NNS ./. ###/### The/DT preferential/JJ treatment/NN even/RB applies/VBZ to/TO awarding/VBG small/JJ contracts/NNS under/IN $/$ 25,000/CD and/CC consulting/VBG and/CC temporary/JJ services/NNS --/: which/WDT often/RB go/VBP to/TO the/DT smaller/JJR concerns/NNS ./. ###/### Firms/NNS are/VBP permitted/VBN wide/JJ flexibility/NN in/IN the/DT child-care/JJ arrangements/NNS they/PRP provide/VBP ./. ###/### Council/NN member/NN Joy/NNP Picus/NNP ,/, the/DT measure/NN 's/POS chief/NN advocate/NN ,/, considers/VBZ it/PRP part/NN of/IN a/DT ``/`` pro-family/NN policy/NN ''/'' that/WDT makes/VBZ Los/NNP Angeles/NNP a/DT leader/NN in/IN ``/`` humanizing/VBG the/DT workplace/NN ./. ''/'' ###/### NOVEMBER/NNP BALLOTS/NNS will/MD contain/VB few/JJ referendum/NN or/CC initiative/NN issues/NNS that/WDT especially/RB affect/VBP small/JJ business/NN ./. ###/### In/IN San/NNP Francisco/NNP ,/, small/JJ businesses/NNS are/VBP urging/VBG passage/NN of/IN a/DT local/JJ initiative/NN to/TO build/VB a/DT new/JJ $/$ 95/CD million/CD downtown/NN baseball/NN stadium/NN ;/: they/PRP believe/VBP it/PRP will/MD spur/VB retail/JJ sales/NNS and/CC hotel-restaurant/NN business/NN ./. ###/### But/CC in/IN Washington/NNP state/NN ,/, small/JJ business/NN generally/RB opposes/VBZ an/DT initiative/NN to/TO boost/VB spending/VBG on/IN children/NNS 's/POS programs/NNS by/IN $/$ 360/CD million/CD ,/, fearing/VBG the/DT state/NN 's/POS 7.8/CD %/NN sales/NNS tax/NN will/MD be/VB raised/VBN to/TO finance/VB the/DT outlays/NNS ./. ###/### DIALING/NNP DOLLARS/NNPS :/: Small/JJ businesses/NNS in/IN suburban/JJ Chicago/NNP are/VBP discovering/VBG that/IN an/DT area-code/JJ switch/NN Nov./NNP 11/CD --/: to/TO 708/CD from/IN the/DT familiar/JJ 312/CD --/: wo/MD n't/RB be/VB without/IN some/DT costs/NNS as/IN they/PRP alter/VBP stationery/NN ,/, among/IN other/JJ things/NNS ,/, and/CC notify/VBP customers/NNS ./. ###/### Wessels/NNP &/CC Pautsch/NNP ,/, a/DT small/JJ St./NNP Charles/NNP law/NN firm/NN ,/, plans/VBZ to/TO mail/VB 500/CD customers/NNS a/DT list/NN of/IN its/PRP$ lawyers/NNS '/POS new/JJ phone/NN and/CC fax/NN numbers/NNS as/RB well/RB as/IN updated/VBN Rolodex/NNP cards/NNS ./. ###/### But/CC many/JJ owners/NNS plan/VBP to/TO practice/VB frugality/NN --/: crossing/VBG out/IN the/DT old/JJ code/NN and/CC writing/VBG in/IN the/DT new/JJ one/CD until/IN their/PRP$ stock/NN runs/VBZ out/IN ./. ###/### Even/RB print-shop/NN operator/NN Clay/NNP Smith/NNP of/IN Naperville/NNP wo/MD n't/RB discard/VB his/PRP$ old/JJ supply/NN ./. ###/### -LRB-/-LRB- He/PRP reports/VBZ his/PRP$ business/NN is/VBZ up/IN slightly/RB from/IN customers/NNS replacing/VBG old/JJ stock/NN ./. -RRB-/-RRB- ###/### CALIFORNIA/NNP ,/, A/DT TREND-SETTER/NN in/IN franchising/VBG rules/NNS ,/, stirs/VBZ a/DT controversy/NN ./. ###/### With/IN some/DT new/JJ rules/NNS ,/, state/NN officials/NNS say/VBP they/PRP made/VBD it/PRP easier/JJR --/: and/CC faster/JJR --/: to/TO sell/VB new/JJ franchises/NNS whose/WP$ terms/NNS stray/VBP from/IN those/DT in/IN state-registered/JJ contracts/NNS ./. ###/### Previously/RB ,/, regulators/NNS insisted/VBD that/IN franchisers/NNS pre-register/VB such/JJ changes/NNS with/IN the/DT state/NN --/: a/DT costly/JJ process/NN taking/VBG at/IN least/JJS six/CD weeks/NNS ./. ###/### Now/RB some/DT negotiated/VBN sales/NNS that/WDT meet/VBP a/DT series/NN of/IN tests/NNS do/VBP n't/RB have/VB to/TO be/VB pre-registered/VBN ./. ###/### For/IN instance/NN ,/, franchisers/NNS no/RB longer/RB must/MD pre-register/VB sales/NNS to/TO aspiring/VBG franchisees/NNS who/WP qualify/VBP as/IN ``/`` sophisticated/JJ purchasers/NNS ./. ''/'' ###/### Such/JJ buyers/NNS must/MD have/VB a/DT minimum/JJ net/JJ worth/NN of/IN $/$ 1/CD million/CD ,/, $/$ 200,000/CD annual/JJ income/NN ,/, or/CC recent/JJ experience/NN in/IN the/DT business/NN area/NN of/IN the/DT franchise/NN being/VBG sold/VBN ./. ###/### But/CC critics/NNS consider/VBP the/DT changes/NNS regressive/JJ ./. ###/### Lewis/NNP G./NNP Rudnick/NNP ,/, a/DT Chicago/NNP lawyer/NN who/WP represents/VBZ franchisers/NNS ,/, contends/VBZ California/NNP is/VBZ narrowly/RB limiting/VBG --/: rather/RB than/IN expanding/VBG --/: opportunities/NNS for/IN negotiating/VBG sales/NNS ./. ###/### He/PRP argues/VBZ California/NNP regulators/NNS historically/RB have/VBP misinterpreted/VBN their/PRP$ law/NN --/: and/CC he/PRP says/VBZ negotiated/VBN sales/NNS that/WDT are/VBP n't/RB pre-registered/JJ have/VBP been/VBN legal/JJ all/DT along/IN ./. ###/### San/NNP Francisco/NNP lawyer/NN Timothy/NNP H./NNP Fine/NNP ,/, who/WP represents/VBZ franchisees/NNS ,/, insists/VBZ California/NNP 's/POS cautiousness/NN helps/VBZ protect/VB franchisees/NNS from/IN crafty/JJ sales/NNS negotiators/NNS who/WP push/VBP unlawful/JJ clauses/NNS ./. ###/### SMALL/NNP TALK/NNP :/: A/DT new/JJ Maryland/NNP law/NN frees/VBZ store/NN owners/NNS of/IN liability/NN if/IN a/DT customer/NN trips/NNS or/CC otherwise/RB gets/VBZ hurt/NN on/IN the/DT way/NN to/TO the/DT restroom/NN ./. ###/### Only/RB 4/CD %/NN of/IN Missouri/NNP small/JJ businesses/NNS surveyed/VBN say/VBP they/PRP 've/VBP tested/VBN an/DT employee/NN or/CC applicant/NN for/IN drug/NN or/CC alcohol/NN use/NN ./. ###/### By/IN 52%-36/CD %/NN ,/, Tennessee/NNP NFIB/NNP members/NNS favor/VBP laws/NNS to/TO limit/VB foreign/JJ ownership/NN of/IN land/NN and/CC facilities/NNS in/IN the/DT state/NN ./. ###/### About/IN 400,000/CD commuters/NNS trying/VBG to/TO find/VB their/PRP$ way/NN through/IN the/DT Bay/NNP area/NN 's/POS quake-torn/JJ transportation/NN system/NN wedged/VBD cheek-to-jowl/RB into/IN subways/NNS ,/, sat/VBD in/IN traffic/NN jams/NNS on/IN major/JJ freeways/NNS or/CC waited/VBD forlornly/RB for/IN buses/NNS yesterday/NN ./. ###/### In/IN other/JJ words/NNS ,/, it/PRP was/VBD a/DT better-than-average/JJ Manhattan/NNP commute/NN ./. ###/### City/NN officials/NNS feared/VBD widespread/JJ gridlock/NN on/IN the/DT first/JJ day/NN that/IN normal/JJ business/NN operations/NNS were/VBD resumed/VBN following/VBG last/JJ Tuesday/NNP 's/POS earthquake/NN ./. ###/### The/DT massive/JJ temblor/NN ,/, which/WDT killed/VBD at/IN least/JJS 61/CD people/NNS ,/, severed/VBD the/DT Bay/NNP Bridge/NNP ,/, a/DT major/JJ artery/NN to/TO the/DT east/JJ ,/, and/CC closed/VBD most/JJS ramps/NNS leading/VBG to/TO and/CC from/IN Highway/NN 101/CD ,/, the/DT biggest/JJS artery/NN to/TO the/DT south/NN ./. ###/### It/PRP will/MD take/VB several/JJ weeks/NNS to/TO repair/VB the/DT bridge/NN ,/, and/CC several/JJ months/NNS to/TO repair/VB some/DT of/IN the/DT 101/CD connections/NNS ./. ###/### But/CC in/IN spite/NN of/IN a/DT wind-driven/JJ rainstorm/NN ,/, gridlock/NN never/RB materialized/VBD ,/, mainly/RB because/IN the/DT Bay/NNP Area/NNP Rapid/NNP Transit/NNP subway/NN system/NN carried/VBD 50/CD %/NN more/JJR passengers/NNS than/IN normal/JJ ./. ###/### For/IN the/DT first/JJ time/NN in/IN memory/NN ,/, it/PRP was/VBD standing-room/NN only/RB in/IN BART/NNP 's/POS sleek/JJ ,/, modern/JJ railcars/NNS ./. ###/### Moreover/RB ,/, the/DT two/CD main/JJ bridges/NNS still/RB connecting/VBG San/NNP Francisco/NNP with/IN the/DT East/NNP Bay/NNP did/VBD n't/RB charge/NN tolls/NNS ,/, allowing/VBG traffic/NN to/TO zip/VB through/IN without/IN stopping/VBG ./. ###/### Officials/NNS also/RB suspect/VBP that/DT traffic/NN benefited/VBD from/IN steps/NNS by/IN major/JJ employers/NNS to/TO get/VB workers/NNS to/TO come/VB in/IN at/IN odd/JJ hours/NNS ,/, or/CC that/IN many/JJ workers/NNS are/VBP still/RB staying/VBG at/IN home/NN ./. ###/### Many/JJ commuters/NNS who/WP normally/RB drove/VBD across/IN the/DT Bay/NNP Bridge/NNP ,/, which/WDT is/VBZ shut/VBN down/IN for/IN several/JJ weeks/NNS because/IN of/IN damage/NN to/TO one/CD span/NN ,/, actually/RB may/MD have/VB reached/VBD work/NN a/DT bit/NN faster/RBR on/IN BART/NNP yesterday/NN ,/, provided/VBN they/PRP could/MD find/VB a/DT parking/NN space/NN at/IN the/DT system/NN 's/POS jammed/VBN stations/NNS ./. ###/### In/IN the/DT best/JJS of/IN times/NNS ,/, the/DT Bay/NNP Bridge/NNP is/VBZ the/DT worst/JJS commute/NN in/IN the/DT region/NN ,/, often/RB experiencing/VBG back-ups/NNS of/IN 20/CD to/TO 30/CD minutes/NNS or/CC more/JJR ./. ###/### Not/RB that/IN getting/VBG into/IN town/NN was/VBD easy/JJ ./. ###/### Storm/NN flooding/NN caused/VBD back-ups/NNS on/IN the/DT freeway/NN ,/, and/CC many/JJ commuters/NNS had/VBD to/TO find/VB rides/NNS to/TO BART/NNP 's/POS stations/NNS ,/, because/IN parking/NN lots/NNS were/VBD full/JJ before/IN dawn/NN ./. ###/### Bus/NN schedules/NNS were/VBD sometimes/RB in/IN disarray/NN ,/, stranding/VBG commuters/NNS such/JJ as/IN Marilyn/NNP Sullivan/NNP ./. ###/### Her/PRP commute/NN from/IN Petaluma/NNP ,/, Calif./NNP ,/, normally/RB takes/VBZ an/DT hour/NN and/CC 15/CD minutes/NNS ,/, via/IN the/DT Golden/NNP Gate/NNP Bridge/NNP ,/, which/WDT connects/VBZ San/NNP Francisco/NNP with/IN the/DT North/NNP Bay/NNP area/NN ./. ###/### Yesterday/NN ,/, she/PRP was/VBD still/RB waiting/VBG at/IN a/DT bus/NN stop/NN after/IN three/CD hours/NNS ,/, trying/VBG to/TO transfer/VB to/TO a/DT bus/NN going/VBG to/TO the/DT financial/JJ district/NN ./. ###/### ``/`` It/PRP 's/VBZ worse/JJR than/IN I/PRP thought/VBD ,/, ''/'' she/PRP said/VBD ./. ###/### ``/`` I/PRP do/VBP n't/RB know/VB where/WRB all/PDT the/DT buses/NNS are/VBP ./. ''/'' ###/### But/CC while/IN traffic/NN was/VBD heavy/JJ early/JJ in/IN the/DT commute/NN over/IN the/DT Golden/NNP Gate/NNP ,/, by/IN 8/CD a.m./NN it/PRP already/RB had/VBD thinned/VBN out/IN ./. ###/### ``/`` It/PRP 's/VBZ one/CD of/IN the/DT smoothest/JJS commutes/NNS I/PRP 've/VBP ever/RB had/VBN ,/, ''/'' said/VBD Charles/NNP Catania/NNP ,/, an/DT insurance/NN broker/NN on/IN the/DT bus/NN from/IN Mill/NNP Valley/NNP in/IN Marin/NNP County/NNP ./. ###/### ``/`` It/PRP looks/VBZ like/IN a/DT holiday/NN ./. ###/### I/PRP think/VBP a/DT lot/NN of/IN people/NNS got/VBD scared/VBN and/CC stayed/VBN home/NN ./. ''/'' ###/### However/RB ,/, a/DT spokeswoman/NN for/IN BankAmerica/NNP Corp./NNP said/VBD yesterday/NN 's/POS absenteeism/NN at/IN the/DT bank/NN holding/VBG company/NN was/VBD no/RB greater/JJR than/IN on/IN an/DT average/JJ day/NN ./. ###/### At/IN the/DT San/NNP Mateo/NNP Bridge/NNP ,/, which/WDT connects/VBZ the/DT San/NNP Francisco/NNP peninsula/NN with/IN the/DT East/NNP Bay/NNP ,/, police/NNS were/VBD surprised/VBN at/IN the/DT speed/NN with/IN which/WDT traffic/NN moved/VBD ./. ###/### ``/`` Everybody/NN pretty/RB much/RB pitched/VBD in/IN and/CC cooperated/VBD ,/, ''/'' said/VBD Stan/NNP Perez/NNP ,/, a/DT sergeant/NN with/IN the/DT California/NNP Highway/NNP Patrol/NNP ./. ###/### There/EX were/VBD many/JJ indications/NNS that/IN the/DT new/JJ work/NN hours/NNS implemented/VBN by/IN major/JJ corporations/NNS played/VBD a/DT big/JJ role/NN ./. ###/### The/DT Golden/NNP Gate/NNP handled/VBD as/IN many/JJ cars/NNS as/RB normally/RB yesterday/NN ,/, but/CC over/IN four/CD hours/NNS rather/RB than/IN the/DT usual/JJ two-hour/JJ crush/NN ./. ###/### Bechtel/NNP Group/NNP Inc./NNP ,/, the/DT giant/NN closely/RB held/VBD engineering/NN concern/NN ,/, says/VBZ it/PRP has/VBZ instituted/VBN a/DT 6/CD a.m./NN to/TO 8/CD p.m./NN flextime/NN arrangement/NN ,/, whereby/WRB employees/NNS may/MD select/VB any/DT eight-hour/JJ period/NN during/IN those/DT hours/NNS to/TO go/VB to/TO work/VB ./. ###/### Of/IN Bechtel/NNP 's/POS 17,500/CD employees/NNS ,/, about/IN 4,000/CD work/NN in/IN San/NNP Francisco/NNP --/: one-third/NN of/IN them/PRP commuting/VBG from/IN stricken/JJ East/NNP Bay/NNP ./. ###/### Pacific/NNP Gas/NNP &/CC Electric/NNP Co./NNP is/VBZ offering/VBG its/PRP$ 6,000/CD San/NNP Francisco/NNP employees/NNS a/DT two-tier/JJ flextime/NN schedule/NN --/: either/CC 6/CD a.m./NN to/TO 2/CD p.m./NN or/CC 10/CD a.m./NN to/TO 6/CD p.m/NN ./. ###/### The/DT flextime/NN may/MD cut/VB by/IN almost/RB a/DT third/JJ the/DT number/NN of/IN PG&E/NNP employees/NNS working/VBG conventional/JJ 9-5/CD hours/NNS ,/, a/DT spokesman/NN says/VBZ ./. ###/### Some/DT of/IN the/DT utility/NN 's/POS employees/NNS may/MD opt/VB for/IN a/DT four-day/JJ workweek/NN ,/, 10/CD hours/NNS a/DT day/NN ,/, to/TO cut/VB the/DT commute/NN by/IN 20/CD %/NN ./. ###/### At/IN Pacific/NNP Telesis/NNP Group/NNP ,/, flextime/NN is/VBZ left/VBN up/IN to/TO individual/JJ working/VBG groups/NNS ,/, because/IN some/DT of/IN the/DT telephone/NN company/NN 's/POS employees/NNS must/MD be/VB on-site/JJ during/IN normal/JJ business/NN hours/NNS ,/, a/DT spokeswoman/NN says/VBZ ./. ###/### Some/DT individuals/NNS went/VBD to/TO some/DT lengths/NNS on/IN their/PRP$ own/JJ to/TO avoid/VB the/DT anticipated/VBN gridlock/NN ./. ###/### One/CD senior/JJ vice/NN president/NN at/IN Bechtel/NNP said/VBD he/PRP got/VBD up/IN at/IN 3/CD a.m./NN to/TO drive/VB into/IN San/NNP Francisco/NNP from/IN the/DT East/NNP Bay/NNP ./. ###/### But/CC transportation/NN officials/NNS worry/VBP that/IN such/JJ extraordinary/JJ measures/NNS and/CC cooperation/NN may/MD not/RB last/VB ./. ###/### Although/IN one/CD transportation/NN official/NN said/VBD drivers/NNS who/WP did/VBD n't/RB use/VB car/NN pools/NNS were/VBD committing/VBG ``/`` an/DT anti-social/JJ act/NN ,/, ''/'' about/IN two-thirds/NNS of/IN the/DT motorists/NNS crossing/VBG the/DT Golden/NNP Gate/NNP were/VBD alone/RB ,/, compared/VBN with/IN the/DT normal/JJ 70/CD %/NN rate/NN ./. ###/### And/CC some/DT commuters/NNS ,/, relieved/VBN by/IN the/DT absence/NN of/IN gridlock/NN ,/, were/VBD planning/VBG to/TO return/VB to/TO their/PRP$ old/JJ ways/NNS ./. ###/### Garry/NNP Kasparov/NNP went/VBD to/TO combat/VB Sunday/NNP with/IN the/DT world/NN 's/POS most/RBS advanced/VBN chess/NN computer/NN and/CC kicked/VBD it/PRP around/IN --/: symbolically/RB ,/, anyway/RB --/: like/IN an/DT old/JJ tin/NN can/NN ./. ###/### Playing/VBG black/JJ in/IN the/DT first/JJ game/NN ,/, the/DT human/JJ champion/NN maneuvered/VBD Deep/NNP Thought/NNP ,/, known/VBN for/IN its/PRP$ attacking/VBG prowess/NN ,/, into/IN a/DT totally/RB passive/JJ position/NN ./. ###/### Then/RB he/PRP unleashed/VBD his/PRP$ own/JJ ,/, unstoppable/JJ ,/, attack/NN ./. ###/### And/CC in/IN the/DT second/JJ game/NN ,/, with/IN Mr./NNP Kasparov/NNP advancing/VBG ferociously/RB as/IN white/JJ ,/, D.T./NNP offered/VBD feeble/JJ resistance/NN and/CC lost/VBD even/RB faster/RBR ./. ###/### Well/UH ,/, mankind/NN can/MD rest/VB easier/JJR for/IN now/RB ./. ###/### Though/IN almost/RB everybody/NN at/IN the/DT playing/VBG site/NN had/VBD been/VBN looking/VBG for/IN the/DT 26-year-old/JJ Soviet/NNP to/TO beat/VB the/DT Pennsylvania-based/JJ computer/NN ,/, he/PRP gave/VBD the/DT machine/NN a/DT far/RB worse/JJR drubbing/NN than/IN many/JJ expected/VBD ./. ###/### And/CC when/WRB Mr./NNP Kasparov/NNP strode/VBD into/IN the/DT playing/VBG hall/NN ,/, he/PRP called/VBD the/DT outcome/NN ./. ###/### As/IN if/IN he/PRP were/VBD Iron/NNP Mike/NNP ,/, about/IN to/TO enter/VB the/DT ring/NN with/IN a/DT 98-pound/JJ weakling/NN ,/, he/PRP declared/VBD :/: ``/`` I/PRP 'll/MD be/VB able/JJ to/TO beat/VB any/DT computer/NN for/IN the/DT next/JJ five/CD years/NNS ./. ''/'' ###/### His/PRP$ strategy/NN against/IN D.T./NNP was/VBD based/VBN on/IN a/DT thorough/JJ study/NN of/IN dozens/NNS of/IN its/PRP$ games/NNS ,/, he/PRP said/VBD ,/, including/VBG its/PRP$ notorious/JJ whippings/NNS of/IN the/DT grandmasters/NNS Bent/NNP Larsen/NNP of/IN Denmark/NNP and/CC Robert/NNP Byrne/NNP of/IN the/DT U.S./NNP Mr./NNP Kasparov/NNP was/VBD underwhelmed/VBN ./. ###/### ``/`` The/DT computer/NN 's/POS mind/NN is/VBZ too/RB straight/JJ ,/, too/RB primitive/JJ ,/, ''/'' lacking/VBG the/DT intuition/NN and/CC creativity/NN needed/VBN to/TO reach/VB the/DT top/NN ,/, he/PRP said/VBD ./. ###/### The/DT champion/NN apparently/RB was/VBD not/RB worried/VBN at/IN all/DT about/IN D.T./NNP 's/POS strong/JJ points/NNS ./. ###/### Its/PRP$ chief/NN builder/NN ,/, Taiwan-born/JJ Feng-hsiung/NNP Hsu/NNP ,/, nicknamed/VBN his/PRP$ brainchild/NN ``/`` the/DT Weasel/NNP ''/'' for/IN its/PRP$ tactical/JJ flair/NN at/IN wriggling/VBG out/IN of/IN horrible/JJ positions/NNS ./. ###/### D.T./NNP also/RB has/VBZ a/DT prodigious/JJ and/CC flawless/JJ memory/NN ,/, is/VBZ utterly/RB fearless/JJ ,/, and/CC could/MD n't/RB be/VB distracted/VBN by/IN the/DT sexy/JJ nude/JJ sculptures/NNS spread/VBN around/IN the/DT playing/NN hall/NN ,/, in/IN the/DT New/NNP York/NNP Academy/NNP of/IN Art/NNP ./. ###/### In/IN fact/NN ,/, D.T./NNP never/RB left/VBD home/NN ,/, Carnegie/NNP Mellon/NNP University/NNP in/IN Pittsburgh/NNP ,/, but/CC communicated/VBN with/IN its/PRP$ human/JJ handlers/NNS by/IN telephone/NN link/NN ./. ###/### They/PRP conceded/VBD that/IN the/DT odds/NNS favored/VBD Mr./NNP Kasparov/NNP ,/, but/CC they/PRP put/VBP their/PRP$ hope/NN in/IN D.T./NNP 's/POS recently/RB enhanced/VBN capacity/NN for/IN examining/VBG positions/NNS --/: up/IN to/TO a/DT million/CD per/IN second/JJ ,/, from/IN 720,000/CD ./. ###/### But/CC the/DT handlers/NNS mistakenly/RB stuck/VBD with/IN silicon/NN chips/NNS ;/: they/PRP needed/VBD kryptonite/NN ./. ###/### This/DT became/VBD apparent/JJ as/IN game/NN one/CD ,/, a/DT Sicilian/NNP Defense/NNP by/IN Mr./NNP Kasparov/NNP ,/, proceeded/VBD ./. ###/### No/DT human/NN can/MD examine/VB millions/NNS of/IN moves/NNS ,/, but/CC Mr./NNP Kasparov/NNP ,/, using/VBG his/PRP$ ineffably/RB powerful/JJ brain/NN ,/, consistently/RB found/VBD very/RB good/JJ ones/NNS ./. ###/### After/IN eight/CD moves/NNS by/IN each/DT side/NN ,/, the/DT board/NN was/VBD the/DT same/JJ as/IN in/IN a/DT game/NN in/IN which/WDT Nigel/NNP Short/NNP of/IN Great/NNP Britain/NNP fought/VBD the/DT champion/NN to/TO a/DT draw/NN in/IN 1980/CD ./. ###/### But/CC the/DT computer/NN did/VBD n't/RB play/VB Mr./NNP Short/NNP 's/POS ninth/JJ move/NN ,/, a/DT key/JJ pawn/NN thrust/NN ,/, and/CC its/PRP$ position/NN deteriorated/VBD rapidly/RB ./. ###/### Instead/RB of/IN castling/VBG ,/, a/DT standard/JJ measure/NN to/TO safeguard/VB the/DT king/NN ,/, D.T./NNP made/VBD a/DT second-rate/JJ rook/NN maneuver/NN at/IN move/NN 13/CD ;/: then/RB it/PRP put/VBD a/DT knight/NN offside/NN on/IN move/NN 16/CD ./. ###/### ``/`` Only/RB two/CD classes/NNS of/IN minds/NNS would/MD think/VB of/IN this/DT --/: very/RB weak/JJ human/JJ players/NNS ,/, and/CC computers/NNS ,/, ''/'' said/VBD Edmar/NNP Mednis/NNP ,/, the/DT expert/JJ commentator/NN for/IN the/DT match/NN ,/, which/WDT was/VBD attended/VBN by/IN hundreds/NNS of/IN chess/NN fans/NNS ./. ###/### By/IN move/NN 21/CD ,/, D.T./NNP had/VBD fallen/VBN into/IN a/DT deep/JJ positional/JJ trap/NN ./. ###/### It/PRP allowed/VBD Mr./NNP Kasparov/NNP to/TO exchange/VB his/PRP$ dark-squared/JJ bishop/NN for/IN one/CD of/IN D.T./NNP 's/POS knights/NNS ./. ###/### Bishops/NNS usually/RB are/VBP worth/JJ slightly/RB more/JJR than/IN knights/NNS ,/, but/CC in/IN this/DT case/NN Mr./NNP Kasparov/NNP was/VBD left/VBN with/IN a/DT very/RB dangerous/JJ knight/NN and/CC D.T./NNP 's/POS surviving/VBG bishop/NN was/VBD reduced/VBN to/TO passivity/NN ./. ###/### Indeed/RB ,/, it/PRP looked/VBD more/JJR like/IN a/DT pawn/NN ,/, a/DT ``/`` tall/JJ pawn/NN ,/, ''/'' as/IN spectators/NNS snidely/RB put/VBP it/PRP ./. ###/### Consistently/RB ,/, D.T./NNP was/VBD over-optimistic/JJ about/IN its/PRP$ chances/NNS ,/, which/WDT it/PRP continually/RB sized/VBD up/IN ,/, in/IN numerical/JJ form/NN ./. ###/### When/WRB most/JJS spectators/NNS thought/VBD its/PRP$ position/NN hopeless/JJ ,/, the/DT computer/NN thought/VBD it/PRP was/VBD only/RB ,/, in/IN effect/NN ,/, one-half/NN of/IN a/DT pawn/NN down/IN ./. ###/### Such/JJ evaluations/NNS met/VBD with/IN derision/NN ,/, and/CC kept/VBD the/DT machine/NN from/IN resigning/VBG as/RB soon/RB as/IN humans/NNS would/MD have/VB --/: prompting/VBG more/JJR derision/NN ./. ###/### While/IN D.T./NNP shuffled/VBD its/PRP$ king/NN back/RB and/CC forth/RB in/IN a/DT defensive/JJ crouch/NN ,/, Mr./NNP Kasparov/NNP maneuvered/VBD the/DT knight/NN to/TO a/DT dominant/JJ outpost/NN ./. ###/### He/PRP also/RB launched/VBD a/DT kingside/NN storm/NN ,/, sacrificing/VBG a/DT pawn/NN to/TO denude/VB D.T./NNP 's/POS king/NN ./. ###/### No/DT amount/NN of/IN weasling/VBG could/MD have/VB saved/VBN this/DT game/NN for/IN D.T./NNP ###/### A/DT piece/NN down/IN ,/, the/DT computer/NN resigned/VBD ./. ###/### Now/RB ,/, with/IN the/DT crowd/NN in/IN the/DT analysis/NN room/NN smelling/VBG figurative/JJ blood/NN ,/, the/DT only/JJ question/NN seemed/VBD to/TO be/VB how/WRB fast/JJ Mr./NNP Kasparov/NNP could/MD win/VB game/NN two/CD ./. ###/### With/IN the/DT advantage/NN of/IN playing/VBG white/JJ -LRB-/-LRB- which/WDT moves/VBZ first/JJ -RRB-/-RRB- ,/, Mr./NNP Kasparov/NNP followed/VBD up/IN cleverly/RB against/IN the/DT computer/NN 's/POS defense/NN ,/, a/DT Queen/NNP 's/POS Gambit/NNP Accepted/NNP ./. ###/### As/RB early/RB as/IN move/NN six/CD ,/, Mr./NNP Kasparov/NNP deviated/VBD from/IN a/DT well-known/JJ sequence/NN of/IN moves/NNS ,/, developing/VBG a/DT knight/NN instead/RB of/IN making/VBG a/DT standard/JJ bishop/NN attack/NN against/IN the/DT computer/NN 's/POS advanced/VBN knight/NN ./. ###/### This/DT left/VBD the/DT computer/NN with/IN a/DT broader/JJR range/NN of/IN plausible/JJ replies/NNS --/: and/CC it/PRP immediately/RB blundered/VBD by/IN moving/VBG a/DT queenside/NN pawn/NN ,/, to/TO the/DT neglect/NN of/IN kingside/NN development/NN ./. ###/### ``/`` In/IN a/DT new/JJ position/NN just/RB after/IN the/DT opening/NN ,/, a/DT computer/NN will/MD have/VB serious/JJ problems/NNS ,/, ''/'' Mr./NNP Kasparov/NNP said/VBD later/RB ./. ###/### In/IN such/JJ positions/NNS ,/, he/PRP explained/VBD ,/, ``/`` you/PRP have/VBP to/TO create/VB something/NN new/JJ ,/, and/CC the/DT computer/NN is/VBZ n't/RB able/JJ to/TO do/VB that/DT right/RB now/RB ./. ''/'' ###/### After/IN only/RB 11/CD moves/NNS for/IN each/DT side/NN ,/, the/DT computer/NN 's/POS position/NN was/VBD shaky/JJ ./. ###/### Greedily/RB ,/, it/PRP grabbed/VBD a/DT pawn/NN ,/, at/IN the/DT cost/NN of/IN facing/VBG a/DT brutal/JJ attack/NN ./. ###/### And/CC when/WRB a/DT defensive/JJ move/NN was/VBD called/VBN for/IN ,/, D.T./NNP passed/VBD up/IN an/DT obvious/JJ pawn/NN move/NN and/CC instead/RB exposed/VBN its/PRP$ queen/NN to/TO immediate/JJ tactical/JJ threats/NNS ./. ###/### Mr./NNP Kasparov/NNP remarked/VBD later/RB that/IN ``/`` even/RB a/DT weak/JJ club/NN player/NN ''/'' would/MD have/VB avoided/VBN the/DT queen/NN move/NN ./. ###/### Now/RB ,/, after/IN only/RB a/DT dozen/NN moves/NNS ,/, spectators/NNS were/VBD looking/VBG for/IN a/DT mating/NN combination/NN ./. ###/### On/IN a/DT demonstration/NN board/NN ,/, emcee/NN Shelby/NNP Lyman/NNP showed/VBD a/DT quick/JJ kill/NN initiated/VBN by/IN a/DT knight/NN sacrifice/NN ;/: no/DT spectator/NN refuted/VBD this/DT line/NN of/IN play/NN ./. ###/### Mr./NNP Kasparov/NNP 's/POS continuation/NN was/VBD slower/JJR but/CC ,/, in/IN the/DT end/NN ,/, just/RB as/IN deadly/JJ ./. ###/### He/PRP won/VBD D.T./NNP 's/POS queen/NN for/IN two/CD minor/JJ pieces/NNS and/CC two/CD pawns/NNS --/: not/RB enough/RB compensation/NN ,/, in/IN this/DT position/NN ,/, to/TO give/VB the/DT computer/NN much/JJ hope/NN ./. ###/### In/IN a/DT hopeless/JJ position/NN ,/, the/DT computer/NN resigned/VBD rather/RB than/IN make/VB its/PRP$ 37th/JJ move/NN ./. ###/### And/CC Mr./NNP Kasparov/NNP ,/, to/TO cheers/NNS and/CC applause/NN ,/, marched/VBD back/RB into/IN the/DT analysis/NN room/NN ./. ###/### ``/`` In/IN both/DT games/NNS I/PRP got/VBD exactly/RB what/WP I/PRP wanted/VBD ,/, ''/'' he/PRP said/VBD ./. ###/### What/WP he/PRP had/VBD demonstrated/VBN ,/, he/PRP added/VBD ,/, is/VBZ that/IN there/EX 's/VBZ more/JJR to/TO chess/NN than/IN sheer/JJ calculation/NN ./. ###/### Undeterred/JJ ,/, D.T./NNP 's/POS handlers/NNS vowed/VBD to/TO press/VB on/IN ./. ###/### Indeed/RB ,/, three/CD of/IN them/PRP will/MD be/VB building/VBG a/DT successor/NN machine/NN for/IN International/NNP Business/NNP Machines/NNPS Corp/NNP ./. ###/### Promises/VBZ Feng-hsiung/NNP Hsu/NNP :/: ``/`` In/IN three/CD years/NNS we/PRP 'll/MD mount/VB a/DT better/JJR challenge/NN ./. ''/'' ###/### Mr./NNP Tannenbaum/NNP is/VBZ a/DT reporter/NN in/IN the/DT Journal/NNP 's/POS New/NNP York/NNP bureau/NN ./. ###/### Reaching/VBG for/IN that/DT extra/JJ bit/NN of/IN yield/NN can/MD be/VB a/DT big/JJ mistake/NN --/: especially/RB if/IN you/PRP do/VBP n't/RB understand/VB what/WP you/PRP 're/VBP investing/VBG in/IN ./. ###/### Just/RB ask/VB Richard/NNP Blumenfeld/NNP ,/, a/DT New/NNP Jersey/NNP dentist/NN who/WP considers/VBZ himself/PRP ``/`` a/DT reasonably/RB sophisticated/JJ investor/NN ./. ''/'' ###/### In/IN May/NNP 1986/CD ,/, Dr./NNP Blumenfeld/NNP gave/VBD Merrill/NNP Lynch/NNP &/CC Co./NNP about/IN $/$ 40,000/CD for/IN a/DT federally/RB insured/VBN certificate/NN of/IN deposit/NN offering/VBG an/DT effective/JJ yield/NN of/IN more/RBR than/IN 9/CD %/NN ./. ###/### ``/`` It/PRP was/VBD a/DT time/NN when/WRB interest/NN rates/NNS came/VBD down/IN very/RB rapidly/RB ,/, ''/'' Dr./NNP Blumenfeld/NNP recalls/VBZ ./. ###/### Yields/NNS on/IN five-year/JJ CDs/NNS at/IN major/JJ banks/NNS were/VBD averaging/VBG about/IN 7.45/CD %/NN ,/, and/CC 10-year/JJ Treasury/NN notes/NNS were/VBD paying/VBG less/RBR than/IN 8/CD %/NN ./. ###/### The/DT CD/NNP seemed/VBD like/IN a/DT great/JJ deal/NN ./. ###/### But/CC nearly/RB 3/CD years/NNS later/RB ,/, Merrill/NNP says/VBZ the/DT investment/NN is/VBZ worth/JJ about/IN $/$ 43,000/CD --/: an/DT amount/NN that/WDT represents/VBZ an/DT annual/JJ return/NN of/IN just/RB over/IN 2/CD %/NN on/IN Dr./NNP Blumenfeld/NNP 's/POS $/$ 40,000/CD ./. ###/### The/DT problem/NN is/VBZ that/IN the/DT CD/NNP he/PRP bought/VBD for/IN a/DT retirement/NN plan/NN was/VBD n't/RB a/DT plain/JJ vanilla/NN CD/NNP ./. ###/### Instead/RB ,/, his/PRP$ Merrill/NNP broker/NN put/VBD him/PRP in/IN a/DT zero-coupon/JJ CD/NNP ,/, which/WDT is/VBZ sold/VBN at/IN a/DT deep/JJ discount/NN to/TO its/PRP$ face/NN value/NN ./. ###/### The/DT difference/NN between/IN the/DT price/NN and/CC the/DT face/NN value/NN payable/JJ at/IN maturity/NN is/VBZ the/DT investor/NN 's/POS return/NN ./. ###/### More/RBR important/JJ ,/, the/DT CD/NNP was/VBD purchased/VBN on/IN the/DT secondary/JJ ,/, or/CC resale/NN ,/, market/NN ./. ###/### Because/IN the/DT CD/NNP had/VBD an/DT effective/JJ yield/NN of/IN 13.4/CD %/NN when/WRB it/PRP was/VBD issued/VBN in/IN 1984/CD ,/, and/CC interest/NN rates/NNS in/IN general/JJ had/VBD declined/VBN sharply/RB since/IN then/RB ,/, part/NN of/IN the/DT price/NN Dr./NNP Blumenfeld/NNP paid/VBD was/VBD a/DT premium/NN --/: an/DT additional/JJ amount/NN on/IN top/NN of/IN the/DT CD/NNP 's/POS base/NN value/NN plus/CC accrued/VBN interest/NN that/WDT represented/VBD the/DT CD/NNP 's/POS increased/VBN market/NN value/NN ./. ###/### Now/RB the/DT thrift/NN that/WDT issued/VBD the/DT CD/NNP is/VBZ insolvent/JJ ,/, and/CC Dr./NNP Blumenfeld/NNP has/VBZ learned/VBN to/TO his/PRP$ surprise/NN that/IN the/DT premium/NN is/VBZ n't/RB insured/VBN under/IN federal/JJ deposit/NN insurance/NN ./. ###/### The/DT tip-off/NN came/VBD when/WRB he/PRP opened/VBD a/DT recent/JJ Merrill/NNP Lynch/NNP statement/NN and/CC found/VBD that/IN the/DT CD/NNP 's/POS ``/`` estimated/VBN current/JJ market/NN value/NN ''/'' had/VBD plummeted/VBN by/IN $/$ 9,000/CD in/IN a/DT month/NN ./. ###/### Several/JJ phone/NN calls/NNS and/CC a/DT visit/NN to/TO his/PRP$ broker/NN 's/POS office/NN later/RB ,/, the/DT dentist/NN found/VBD out/IN that/IN the/DT $/$ 9,000/CD drop/NN represented/VBD the/DT current/JJ value/NN of/IN the/DT premium/NN he/PRP paid/VBD when/WRB he/PRP bought/VBD the/DT CD/NNP ,/, and/CC that/IN the/DT amount/NN was/VBD n't/RB insured/VBD ./. ###/### ``/`` This/DT is/VBZ one/CD thing/NN I/PRP was/VBD never/RB aware/JJ of/IN ,/, ''/'' he/PRP says/VBZ ./. ###/### He/PRP assumed/VBD that/IN principal/NN and/CC interest/NN were/VBD ``/`` fully/RB insured/VBN up/IN to/TO $/$ 100,000/CD ,/, ''/'' he/PRP adds/VBZ ./. ###/### Dr./NNP Blumenfeld/NNP is/VBZ n't/RB unique/JJ ./. ###/### Especially/RB at/IN times/NNS like/IN these/DT ,/, when/WRB declining/VBG rates/NNS make/VBP it/PRP hard/RB for/IN investors/NNS to/TO get/VB yields/NNS they/PRP have/VBP come/VBN to/TO expect/VB ,/, too/RB many/JJ people/NNS chase/VB the/DT promise/NN of/IN above-market/JJ returns/NNS without/IN fully/RB appreciating/VBG the/DT risk/NN ./. ###/### ``/`` Yield/NN greed/NN often/RB gets/VBZ in/IN the/DT way/NN of/IN understanding/VBG things/NNS ,/, ''/'' says/VBZ John/NNP Markese/NNP ,/, research/NN director/NN of/IN the/DT American/NNP Association/NNP of/IN Individual/NNP Investors/NNPS ,/, a/DT Chicago-based/JJ educational/JJ group/NN ./. ###/### ``/`` The/DT biggest/JJS problem/NN we/PRP have/VBP is/VBZ that/IN investors/NNS realize/VBP ,/, after/IN the/DT fact/NN ,/, that/IN they/PRP did/VBD n't/RB understand/VB what/WP they/PRP were/VBD investing/VBG in/IN ./. ''/'' ###/### Dr./NNP Blumenfeld/NNP concedes/VBZ he/PRP did/VBD n't/RB fully/RB understand/VB what/WP he/PRP was/VBD buying/VBG ./. ###/### He/PRP says/VBZ that/IN he/PRP knew/VBD he/PRP was/VBD getting/VBG a/DT zero-coupon/JJ CD/NNP and/CC that/IN he/PRP had/VBD previously/RB invested/VBN in/IN TIGRs/NNP -LRB-/-LRB- Treasury/NNP Income/NNP Growth/NNP Receipts/NNPS -RRB-/-RRB- ,/, a/DT type/NN of/IN zero-coupon/JJ Treasury/NNP security/NN sold/VBN by/IN Merrill/NNP Lynch/NNP ./. ###/### But/CC he/PRP says/VBZ he/PRP did/VBD n't/RB understand/VB he/PRP was/VBD buying/VBG the/DT CD/NNP on/IN the/DT secondary/JJ market/NN ,/, and/CC he/PRP contends/VBZ his/PRP$ broker/NN never/RB fully/RB explained/VBD the/DT risks/NNS ./. ###/### The/DT broker/NN ,/, Thomas/NNP Beairsto/NNP of/IN Merrill/NNP Lynch/NNP 's/POS Morristown/NNP ,/, N.J./NNP ,/, office/NN ,/, refuses/VBZ to/TO discuss/VB the/DT matter/NN with/IN a/DT reporter/NN ,/, referring/VBG inquiries/NNS to/TO Merrill/NNP Lynch/NNP officials/NNS in/IN New/NNP York/NNP ./. ###/### Those/DT officials/NNS say/VBP there/EX was/VBD full/JJ disclosure/NN of/IN the/DT risks/NNS in/IN a/DT ``/`` fact/NN sheet/NN ''/'' sent/VBN to/TO all/DT CD/NNP investors/NNS with/IN their/PRP$ confirmation/NN of/IN sale/NN ./. ###/### The/DT fact/NN sheet/NN ,/, dated/VBN April/NNP 1986/CD ,/, says/VBZ on/IN page/NN three/CD :/: ``/`` If/IN the/DT price/NN paid/VBN for/IN a/DT CD/NNP purchased/VBN in/IN the/DT secondary/JJ market.../: is/VBZ higher/JJR than/IN the/DT accreted/VBN value/NN in/IN the/DT case/NN of/IN zero-coupon/JJ CDs/NNPS ,/, the/DT difference.../: is/VBZ not/RB insured/VBN ./. ###/### Computations/NNS involving/VBG zero-coupon/JJ CDs/NNPS are/VBP more/RBR complicated/VBN and/CC you/PRP should/MD discuss/VB any/DT questions/NNS you/PRP may/MD have/VB with/IN your/PRP$ financial/JJ consultant/NN ./. ''/'' ###/### Dr./NNP Blumenfeld/NNP says/VBZ he/PRP does/VBZ n't/RB remember/VB the/DT paragraph/NN about/IN premiums/NNS in/IN the/DT fact/NN sheet/NN he/PRP received/VBD and/CC did/VBD n't/RB realize/VB part/NN of/IN what/WP he/PRP paid/VBD was/VBD a/DT premium/NN ./. ###/### ``/`` I/PRP assumed/VBD I/PRP was/VBD buying/VBG a/DT CD/NNP as/IN a/DT CD/NNP ,/, ''/'' he/PRP says/VBZ ./. ###/### Nevertheless/RB ,/, Merrill/NNP Lynch/NNP has/VBZ agreed/VBN that/IN if/IN the/DT thrift/NN that/WDT issued/VBD Dr./NNP Blumenfeld/NNP 's/POS CD/NNP ,/, Peoples/NNPS Heritage/NNP Federal/NNP Savings/NNP &/CC Loan/NNP Association/NNP in/IN Salina/NNP ,/, Kan./NNP ,/, is/VBZ liquidated/VBN and/CC the/DT CD/NNP terminated/VBN ,/, the/DT brokerage/NN firm/NN would/MD cover/VB the/DT premium/NN Dr./NNP Blumenfeld/NNP paid/VBD ./. ###/### -LRB-/-LRB- Federal/NNP deposit/NN insurance/NN would/MD pay/VB principal/NN and/CC interest/NN accrued/VBN to/TO the/DT date/NN of/IN liquidation/NN ,/, to/TO a/DT maximum/NN of/IN $/$ 100,000/CD ./. -RRB-/-RRB- ###/### ``/`` It/PRP 's/VBZ not/RB a/DT blanket/NN commitment/NN ,/, it/PRP 's/VBZ a/DT case-by-case/JJ situation/NN ,/, ''/'' says/VBZ Albert/NNP Disposti/NNP ,/, a/DT managing/VBG director/NN of/IN Merrill/NNP Lynch/NNP Money/NNP Markets/NNPS Inc/NNP ./. ###/### ``/`` There/EX 's/VBZ a/DT question/NN whether/IN brokers/NNS at/IN the/DT time/NN were/VBD fully/RB aware/JJ ''/'' of/IN the/DT risks/NNS ./. ###/### ``/`` We/PRP were/VBD n't/RB sure/JJ that/IN full/JJ disclosure/NN ,/, as/IN we/PRP wanted/VBD it/PRP ,/, was/VBD being/VBG made/VBN ./. ''/'' ###/### Merrill/NNP Lynch/NNP says/VBZ it/PRP 's/VBZ impossible/JJ to/TO estimate/VB how/WRB many/JJ investors/NNS are/VBP in/IN Dr./NNP Blumenfeld/NNP 's/POS situation/NN ,/, although/IN it/PRP says/VBZ the/DT firm/NN has/VBZ received/VBN only/RB one/CD other/JJ complaint/NN about/IN premiums/NNS on/IN the/DT secondary/JJ market/NN in/IN three/CD years/NNS ./. ###/### Merrill/NNP Lynch/NNP now/RB provides/VBZ credit/NN rating/NN information/NN about/IN the/DT institutions/NNS whose/WP$ CDs/NNS it/PRP sells/VBZ ,/, which/WDT it/PRP did/VBD n't/RB provide/VB in/IN 1986/CD ./. ###/### Zero-coupon/JJ CDs/NNPS are/VBP only/RB a/DT small/JJ portion/NN of/IN the/DT $/$ 1/CD trillion-plus/NN in/IN CDs/NNPS outstanding/JJ ,/, and/CC those/DT purchased/VBN on/IN the/DT secondary/JJ market/NN are/VBP an/DT even/RB smaller/JJR part/NN of/IN the/DT total/NN ./. ###/### Merrill/NNP Lynch/NNP estimates/VBZ that/IN fewer/JJR than/IN 10/CD financial/JJ institutions/NNS currently/RB issue/VBP zero-coupon/JJ CDs/NNPS ./. ###/### Still/RB ,/, there/EX are/VBP several/JJ billion/CD dollars/NNS of/IN zero-coupon/JJ CDs/NNPS with/IN various/JJ maturities/NNS outstanding/JJ ./. ###/### Because/IN of/IN the/DT tax/NN consequences/NNS of/IN zero-coupon/JJ investments/NNS --/: income/NN tax/NN is/VBZ payable/JJ in/IN the/DT year/NN interest/NN is/VBZ accrued/VBN ,/, although/IN interest/NN is/VBZ n't/RB actually/RB paid/VBN until/IN maturity/NN --/: zero-coupon/JJ CDs/NNPS are/VBP usually/RB sold/VBN for/IN tax-advantaged/JJ accounts/NNS to/TO finance/VB things/NNS like/IN retirement/NN and/CC children/NNS 's/POS education/NN ./. ###/### Most/JJS zero-coupon/JJ CDs/NNPS are/VBP in/IN maturities/NNS of/IN six/CD to/TO nine/CD years/NNS ,/, and/CC they/PRP usually/RB double/VBP in/IN value/NN by/IN maturity/NN ./. ###/### But/CC investors/NNS who/WP bought/VBD zero-coupon/JJ CDs/NNPS in/IN the/DT secondary/JJ market/NN are/VBP n't/RB the/DT only/JJ ones/NNS who/WP may/MD be/VB surprised/VBN to/TO learn/VB the/DT full/JJ amount/NN of/IN their/PRP$ investments/NNS is/VBZ n't/RB insured/VBN ./. ###/### People/NNS who/WP paid/VBD a/DT premium/NN for/IN standard/JJ CDs/NNPS purchased/VBD on/IN the/DT secondary/JJ market/NN could/MD also/RB find/VB that/IN those/DT premiums/NNS are/VBP n't/RB insured/VBN if/IN the/DT institutions/NNS that/WDT issued/VBD the/DT CDs/NNPS failed/VBD ./. ###/### However/RB ,/, those/DT premiums/NNS are/VBP usually/RB far/RB smaller/JJR than/IN on/IN zero-coupon/JJ CDs/NNPS ,/, and/CC the/DT simpler/JJR pricing/NN structure/NN of/IN a/DT standard/JJ CD/NNP makes/VBZ it/PRP more/RBR apparent/JJ when/WRB a/DT premium/NN is/VBZ paid/VBN ./. ###/### Whatever/WDT the/DT case/NN ,/, a/DT Merrill/NNP Lynch/NNP spokesman/NN emphasizes/VBZ ,/, investors/NNS should/MD n't/RB have/VB to/TO worry/VB about/IN the/DT uninsured/JJ premium/NN issue/NN ,/, unless/IN the/DT bank/NN or/CC thrift/NN that/WDT issued/VBD the/DT CD/NNP is/VBZ closed/VBN and/CC its/PRP$ deposits/NNS paid/VBN off/IN before/IN maturity/NN or/CC transferred/VBN to/TO another/DT institution/NN at/IN a/DT lower/JJR rate/NN ./. ###/### Dr./NNP Blumenfeld/NNP says/VBZ he/PRP 's/VBZ satisfied/VBN that/IN his/PRP$ problem/NN has/VBZ been/VBN resolved/VBN ./. ###/### And/CC he/PRP says/VBZ he/PRP 's/VBZ learned/VBN a/DT lesson/NN :/: ``/`` You/PRP always/RB have/VBP to/TO watch/VB out/IN for/IN yourself/PRP ./. ###/### No/DT one/NN else/RB will/MD watch/VB out/IN for/IN you/PRP ./. ###/### Americans/NNPS are/VBP drinking/VBG less/JJR ,/, but/CC young/JJ professionals/NNS from/IN Australia/NNP to/TO West/NNP Germany/NNP are/VBP rushing/VBG to/TO buy/VB premium-brand/JJ American/JJ vodka/NN ,/, brandy/NN and/CC other/JJ spirits/NNS ./. ###/### In/IN particular/JJ ,/, many/JJ are/VBP snubbing/VBG the/DT scotch/NN preferred/VBN by/IN their/PRP$ parents/NNS and/CC opting/VBG for/IN bourbon/NN ,/, the/DT sweet/JJ firewater/NN from/IN the/DT Kentucky/NNP countryside/NN ./. ###/### With/IN U.S./NNP liquor/NN consumption/NN declining/VBG steadily/RB ,/, many/JJ American/JJ producers/NNS are/VBP stepping/VBG up/IN their/PRP$ marketing/NN efforts/NNS abroad/RB ./. ###/### And/CC those/DT efforts/NNS are/VBP paying/VBG off/IN :/: Spirits/NNS exports/NNS jumped/VBD more/JJR than/IN 2/CD times/NNS to/TO $/$ 157.2/CD million/CD in/IN 1988/CD from/IN $/$ 59.8/CD million/CD in/IN 1983/CD ,/, according/VBG to/TO the/DT Distilled/NNP Spirits/NNPS Council/NNP of/IN the/DT U.S./NNP ,/, a/DT trade/NN group/NN ./. ###/### ``/`` Spirits/NNS companies/NNS now/RB view/VBP themselves/PRP as/IN global/JJ marketers/NNS ,/, ''/'' says/VBZ Michael/NNP Bellas/NNP ,/, president/NN of/IN Beverage/NNP Marketing/NNP Corp./NNP ,/, a/DT research/NN and/CC consulting/VBG firm/NN ./. ###/### ``/`` If/IN you/PRP want/VBP to/TO be/VB a/DT player/NN ,/, you/PRP have/VBP to/TO be/VB in/IN America/NNP ,/, Europe/NNP and/CC the/DT Far/NNP East/NNP ./. ###/### You/PRP must/MD have/VB world-class/JJ brands/NNS ,/, a/DT long-term/JJ perspective/NN and/CC deep/JJ pockets/NNS ./. ''/'' ###/### The/DT internationalization/NN of/IN the/DT industry/NN has/VBZ been/VBN hastened/VBN by/IN foreign/JJ companies/NNS '/POS acquisitions/NNS of/IN many/JJ U.S./NNP producers/NNS ./. ###/### In/IN recent/JJ years/NNS ,/, for/IN example/NN ,/, Grand/NNP Metropolitan/NNP PLC/NNP of/IN Britain/NNP acquired/VBD Heublein/NNP Inc./NNP ,/, while/IN another/DT British/JJ company/NN ,/, Guinness/NNP PLC/NNP ,/, took/VBD over/IN United/NNP Distillers/NNPS Group/NNP and/CC Schenley/NNP Industries/NNPS Inc/NNP ./. ###/### But/CC the/DT shift/NN has/VBZ also/RB been/VBN fueled/VBN by/IN necessity/NN ./. ###/### While/IN premium-brand/JJ spirits/NNS like/IN Smirnoff/NNP vodka/NN and/CC Jack/NNP Daniel/NNP 's/POS whiskey/NN are/VBP riding/VBG high/RB in/IN the/DT U.S./NNP ,/, domestic/JJ spirits/NNS consumption/NN fell/VBD 15/CD %/NN to/TO 141.1/CD million/CD cases/NNS in/IN 1988/CD from/IN 166/CD million/CD cases/NNS in/IN 1979/CD ./. ###/### In/IN recent/JJ years/NNS ,/, growth/NN has/VBZ come/VBN in/IN the/DT foreign/JJ markets/NNS ./. ###/### U.S./NNP brandy/NN exports/NNS more/JJR than/IN doubled/VBD last/JJ year/NN to/TO 360,000/CD proof/NN gallons/NNS ,/, a/DT standard/JJ industry/NN measure/NN ,/, according/VBG to/TO Jobson/NNP Beverage/NNP Alcohol/NNP Group/NNP ,/, an/DT industry/NN association/NN ./. ###/### Exports/NNS of/IN rum/NN surged/VBD 54/CD %/NN to/TO 814,000/CD proof/NN gallons/NNS ./. ###/### Mexico/NNP is/VBZ the/DT biggest/JJS importer/NN of/IN both/DT rum/NN and/CC brandy/NN from/IN the/DT U.S/NNP ./. ###/### Japan/NNP ,/, the/DT world/NN 's/POS third-largest/JJ liquor/NN market/NN after/IN the/DT U.S./NNP and/CC Britain/NNP ,/, helped/VBD American/JJ companies/NNS in/IN April/NNP when/WRB it/PRP lowered/VBD its/PRP$ tax/NN on/IN imported/VBN spirits/NNS and/CC levied/VBD a/DT tax/NN on/IN many/JJ domestic/JJ products/NNS ./. ###/### California/JJ wineries/NNS ,/, benefiting/VBG from/IN lowered/VBN trade/NN barriers/NNS and/CC federal/JJ marketing/NN subsidies/NNS ,/, are/VBP expanding/VBG aggressively/RB into/IN Japan/NNP ,/, as/RB well/RB as/IN Canada/NNP and/CC Great/NNP Britain/NNP ./. ###/### In/IN Japan/NNP ,/, the/DT wineries/NNS are/VBP promoting/VBG their/PRP$ products/NNS '/POS Pacific/JJ roots/NNS and/CC courting/VBG restaurant/NN and/CC hotel/NN chefs/NNS ,/, whose/WP$ recommendations/NNS carry/VBP weight/NN ./. ###/### In/IN Australia/NNP ,/, Britain/NNP ,/, Canada/NNP and/CC Greece/NNP ,/, Brown-Forman/NNP Corp./NNP has/VBZ increased/VBN its/PRP$ marketing/NN of/IN Southern/NNP Comfort/NNP Liqueur/NNP ./. ###/### Using/VBG cinema/NN ,/, television/NN and/CC print/NN ads/NNS ,/, the/DT company/NN pitches/VBZ Southern/NNP Comfort/NNP as/IN a/DT grand/JJ old/JJ drink/NN of/IN the/DT antebellum/JJ American/NNP South/NNP ./. ###/### The/DT biggest/JJS foreign/JJ inroads/NNS ,/, though/RB ,/, have/VBP been/VBN made/VBN by/IN bourbon/NN ./. ###/### While/IN U.S./NNP makers/NNS of/IN vodka/NN ,/, rum/NN and/CC other/JJ spirits/NNS compete/VBP against/IN powerhouses/NNS abroad/RB ,/, trade/NN agreements/NNS prohibit/VBP any/DT other/JJ country/NN from/IN making/VBG bourbon/NN ./. ###/### -LRB-/-LRB- All/DT bourbon/NN comes/VBZ from/IN Kentucky/NNP ,/, though/IN Jack/NNP Daniel/NNP 's/POS Tennessee/NNP whiskey/NN often/RB is/VBZ counted/VBN as/IN bourbon/NN because/IN of/IN similarity/NN of/IN taste/NN ./. -RRB-/-RRB- ###/### Moreover/RB ,/, just/RB as/IN vodka/NN has/VBZ acquired/VBN an/DT upscale/NN image/NN in/IN the/DT U.S./NNP ,/, bourbon/NN has/VBZ become/VBN fashionable/NN in/IN many/JJ foreign/JJ countries/NNS ,/, a/DT uniquely/RB American/JJ product/NN tied/VBN to/TO frontier/NN folklore/NN ./. ###/### How/WRB was/VBD the/DT West/NN won/VBN ?/. ###/### With/IN a/DT six-shooter/NN in/IN one/CD hand/NN and/CC bourbon/NN in/IN the/DT other/JJ ./. ###/### ``/`` We/PRP imagine/VBP with/IN bourbon/NN the/DT Wild/NNP West/NNP ,/, Western/JJ motion/NN pictures/NNS and/CC gunmen/NNS appearing/VBG ,/, ''/'' says/VBZ Kenji/NNP Kishimoto/NNP ,/, vice/NN president/NN of/IN Suntory/NNP International/NNP Corp./NNP ,/, a/DT division/NN of/IN Suntory/NNP Ltd./NNP ,/, Japan/NNP 's/POS largest/JJS liquor/NN company/NN ./. ###/### Suntory/NNP distributes/VBZ Brown-Forman/NNP bourbons/NNS in/IN Japan/NNP ./. ###/### Bourbon/NN makes/VBZ up/IN just/RB 1/CD %/NN of/IN world-wide/JJ spirits/NNS consumption/NN ,/, but/CC it/PRP represented/VBD 57/CD %/NN of/IN U.S./NNP liquor/NN exports/VBZ last/JJ year/NN ,/, according/VBG to/TO Jobson/NNP ;/: no/DT other/JJ category/NN had/VBD more/RBR than/IN 19/CD %/NN ./. ###/### Big/NNP U.S./NNP distillers/NNS are/VBP fiercely/RB vying/VBG for/IN this/DT market/NN ,/, which/WDT grew/VBD to/TO $/$ 77/CD million/CD last/JJ year/NN from/IN $/$ 33/CD million/CD in/IN 1987/CD ,/, according/VBG to/TO government/NN figures/NNS ./. ###/### Jim/NNP Beam/NNP Brands/NNP Co./NNP ,/, a/DT division/NN of/IN American/NNP Brands/NNPS Inc./NNP ,/, is/VBZ the/DT leading/VBG exporter/NN of/IN bourbon/NN and/CC produces/VBZ 10/CD other/JJ types/NNS of/IN liquor/NN ./. ###/### The/DT company/NN says/VBZ it/PRP will/MD increase/VB its/PRP$ international/JJ advertising/NN 35/CD %/NN in/IN 1990/CD ,/, with/IN bourbon/NN representing/VBG most/JJS of/IN that/DT amount/NN ./. ###/### Guinness/NNP 's/POS Schenley/NNP Industries/NNPS unit/NN has/VBZ increased/VBN its/PRP$ TV/NN advertising/NN in/IN Japan/NNP and/CC has/VBZ built/VBN partnerships/NNS with/IN duty-free/JJ shops/NNS throughout/IN Asia/NNP ,/, enabling/VBG it/PRP to/TO install/VB prominent/JJ counter/NN displays/NNS ./. ###/### The/DT company/NN 's/POS I.W./NNP Harper/NNP brand/NN is/VBZ the/DT leading/VBG bourbon/NN in/IN Japan/NNP ,/, with/IN 40/CD %/NN of/IN the/DT market/NN ./. ###/### Bourbon/NN exporters/NNS have/VBP succeeded/VBN in/IN Japan/NNP where/WRB other/JJ industries/NNS have/VBP failed/VBN ,/, avoiding/VBG cultural/JJ hitches/NNS in/IN marketing/NN and/CC distribution/NN by/IN allying/VBG themselves/PRP with/IN local/JJ agents/NNS ./. ###/### Jim/NNP Beam/NNP Brands/NNPS has/VBZ a/DT distribution/NN partnership/NN with/IN Nikka/NNP Whiskey/NNP Co./NNP ,/, a/DT distiller/NN ./. ###/### Seagram/NNP Co./NNP ,/, which/WDT exports/VBZ Four/NNP Roses/NNPS bourbon/NN ,/, has/VBZ such/PDT a/DT link/NN with/IN Kirin/NNP Brewery/NNP Co/NNP ./. ###/### Some/DT bourbon/NN makers/NNS advertise/VBP abroad/RB as/IN they/PRP do/VBP at/IN home/NN ./. ###/### To/TO promote/VB Jack/NNP Daniel/NNP 's/POS overseas/NN ,/, Brown-Forman/NNP uses/VBZ the/DT same/JJ photos/NNS of/IN front/JJ porches/NNS from/IN Lynchburg/NNP ,/, Va./NNP ,/, and/CC avuncular/JJ old/JJ men/NNS in/IN overalls/NNS and/CC hightops/NNS ./. ###/### Jim/NNP Beam/NNP print/NN ads/NNS ,/, however/RB ,/, strike/VBP different/JJ chords/NNS in/IN different/JJ countries/NNS ./. ###/### In/IN Australia/NNP ,/, land/NN of/IN the/DT outback/NN ,/, a/DT snapshot/NN of/IN Jim/NNP Beam/NNP lies/VBZ on/IN a/DT strip/NN of/IN hand-tooled/JJ leather/NN ./. ###/### West/NNP Germans/NNPS get/VBP glitz/NN ,/, with/IN bourbon/NN in/IN the/DT foreground/NN and/CC a/DT posh/JJ Beverly/NNP Hills/NNP hotel/NN in/IN the/DT background/NN ./. ###/### Ads/NNS for/IN England/NNP are/VBP artsy/JJ and/CC irreverent/JJ ./. ###/### One/CD ad/NN features/VBZ a/DT huge/JJ robot/NN carrying/VBG a/DT voluptuous/JJ woman/NN in/IN a/DT faint/JJ ./. ###/### The/DT tagline/NN :/: ``/`` I/PRP only/RB asked/VBD if/IN she/PRP wanted/VBD a/DT Jim/NNP Beam/NNP ./. ###/### Capital/NNP Inc./NNP 's/POS net/JJ income/NN rose/VBD 29/CD %/NN on/IN a/DT modest/JJ 9/CD %/NN increase/NN in/IN revenue/NN in/IN the/DT third/JJ quarter/NN ,/, mainly/RB on/IN strong/JJ advertising/NN demand/NN at/IN its/PRP$ ABC/NNP television/NN network/NN operation/NN ./. ###/### Demand/NN for/IN ads/NNS also/RB rose/VBD at/IN the/DT eight/CD TV/NN stations/NNS Capital/NNP Cities/NNPS owns/VBZ and/CC at/IN its/PRP$ 80%-owned/JJ ESPN/NNP sports/NNS cable/NN channel/NN ./. ###/### The/DT broadcast/NN and/CC publishing/VBG company/NN reported/VBD net/NN climbed/VBD to/TO $/$ 80.8/CD million/CD ,/, or/CC $/$ 4.56/CD a/DT share/NN ,/, from/IN $/$ 62.6/CD million/CD ,/, or/CC $/$ 3.55/CD a/DT share/NN ,/, in/IN the/DT year-earlier/JJ period/NN ./. ###/### Revenue/NN reached/VBD $/$ 1.1/CD billion/CD from/IN $/$ 1.01/CD billion/CD ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/NN trading/NN yesterday/NN ,/, Capital/NNP Cities/NNPS closed/VBD at/IN $/$ 558.50/CD ,/, down/IN $/$ 5/CD ./. ###/### The/DT broadcasting/NN unit/NN reported/VBD operating/VBG profit/NN of/IN $/$ 134.9/CD million/CD ,/, up/IN 18/CD %/NN from/IN the/DT year-earlier/JJ $/$ 114.3/CD million/CD ./. ###/### Publishing/NN reported/VBD operating/VBG profit/NN was/VBD $/$ 33.3/CD million/CD ,/, nearly/RB flat/JJ with/IN the/DT year-before/JJ $/$ 33/CD million/CD ./. ###/### Revenue/NN at/IN the/DT broadcasting/NN unit/NN ,/, consisting/VBG of/IN the/DT network/NN and/CC stations/NNS ,/, advanced/VBD 11/CD %/NN ,/, to/TO $/$ 838/CD million/CD from/IN $/$ 752.9/CD million/CD ./. ###/### The/DT publishing/NN unit/NN reported/VBD revenue/NN edged/VBD up/IN 2.6/CD %/NN to/TO $/$ 263.2/CD million/CD from/IN $/$ 256.6/CD million/CD ./. ###/### Chairman/NNP Thomas/NNP S./NNP Murphy/NNP cited/VBD Capital/NNP Cities/NNPS '/POS nine/CD daily/JJ newspapers/NNS in/IN explaining/VBG most/JJS of/IN the/DT gain/NN ./. ###/### The/DT parent/NN also/RB publishes/VBZ weeklies/NNS ,/, shopping/VBG guides/NNS and/CC specialty/NN magazines/NNS ./. ###/### For/IN 1989/CD 's/POS first/JJ nine/CD months/NNS ,/, Capital/NNP Cities/NNPS net/JJ income/NN grew/VBD 23/CD %/NN to/TO $/$ 303.7/CD million/CD ,/, or/CC $/$ 16.97/CD a/DT share/NN ,/, from/IN $/$ 246.9/CD million/CD ,/, or/CC $/$ 14.43/CD a/DT share/NN ./. ###/### Revenue/NN eased/VBD 0.3/CD %/NN to/TO $/$ 3.45/CD billion/CD from/IN $/$ 3.46/CD billion/CD ./. ###/### Last/JJ week/NN ,/, ABC/NNP unseated/JJ General/NNP Electric/NNP Co./NNP 's/POS National/NNP Broadcasting/NNP Co./NNP unit/NN as/IN the/DT No./NN 1/CD network/NN ,/, as/IN rated/VBN by/IN A.C./NNP Nielsen/NNP Co/NNP ./. ###/### ABC/NNP has/VBZ four/CD shows/NNS in/IN the/DT top/NN 10/CD ,/, including/VBG the/DT top/JJ show/NN ,/, ``/`` Roseanne/NNP ./. ###/### As/IN part/NN of/IN a/DT previously/RB announced/VBN transaction/NN ,/, Federal/NNP Mogul/NNP Corp./NNP has/VBZ bought/VBN approximately/RB 565,000/CD shares/NNS of/IN its/PRP$ common/JJ stock/NN from/IN Nortek/NNP Inc./NNP at/IN $/$ 23.50/CD a/DT share/NN ./. ###/### Nortek/NNP has/VBZ agreed/VBN not/RB to/TO acquire/VB any/DT securities/NNS of/IN Federal-Mogul/NNP for/IN 10/CD years/NNS and/CC not/RB to/TO influence/VB company/NN affairs/NNS during/IN that/DT period/NN ./. ###/### Weyerhaeuser/NNP Co./NNP said/VBD it/PRP sold/VBD its/PRP$ wall-paneling/JJ business/NN to/TO an/DT affiliate/NN of/IN one/CD of/IN Indonesia/NNP 's/POS largest/JJS wood-products/NNS firms/NNS ./. ###/### Terms/NNS of/IN the/DT transaction/NN were/VBD n't/RB disclosed/VBN ./. ###/### Weyerhaeuser/NNP said/VBD its/PRP$ paneling/NN business/NN employs/VBZ about/IN 300/CD workers/NNS at/IN two/CD facilities/NNS in/IN Chesapeake/NNP ,/, Va./NNP ,/, and/CC Hancock/NNP ,/, Vt/NNP ./. ###/### Manville/NNP Corp./NNP said/VBD it/PRP will/MD build/VB a/DT $/$ 24/CD million/CD power/NN plant/NN to/TO provide/VB electricity/NN to/TO its/PRP$ Igaras/NNP pulp/NN and/CC paper/NN mill/NN in/IN Brazil/NNP ./. ###/### The/DT company/NN said/VBD the/DT plant/NN will/MD ensure/VB that/IN it/PRP has/VBZ adequate/JJ energy/NN for/IN the/DT mill/NN and/CC will/MD reduce/VB the/DT mill/NN 's/POS energy/NN costs/NNS ./. ###/### Manville/NNP said/VBD it/PRP expects/VBZ the/DT plant/NN to/TO begin/VB operating/VBG at/IN the/DT end/NN of/IN 1991/CD ./. ###/### Housing/NNP and/CC Urban/NNP Development/NNP Secretary/NNP Jack/NNP Kemp/NNP called/VBD on/IN the/DT Federal/NNP Reserve/NNP System/NNP to/TO lower/VB interest/NN rates/NNS ./. ###/### In/IN a/DT speech/NN to/TO the/DT Mortgage/NNP Bankers/NNPS Association/NNP ,/, Mr./NNP Kemp/NNP broke/VBD the/DT administration/NN 's/POS public/JJ silence/NN on/IN the/DT Fed/NNP and/CC complained/VBD that/IN ``/`` interest/NN rates/NNS are/VBP too/RB high/JJ ./. ''/'' ###/### ``/`` I/PRP am/VBP convinced/VBN that/IN a/DT monetary/JJ policy/NN for/IN this/DT country/NN that/WDT would/MD return/VB interest/NN rates/NNS to/TO the/DT historical/JJ level/NN of/IN 4/CD %/NN or/CC 5/CD %/NN would/MD have/VB not/RB only/RB an/DT immediate/JJ impact/NN on/IN housing/NN starts/NNS ,/, the/DT housing/NN stock/NN ,/, our/PRP$ industry/NN in/IN America/NNP ,/, the/DT refurbishing/NN of/IN our/PRP$ industrial/JJ system/NN ,/, it/PRP would/MD help/VB the/DT Third/NNP World/NNP economies/NNS considerably/RB and/CC it/PRP would/MD particularly/RB have/VB a/DT favorable/JJ impact/NN upon/IN our/PRP$ budget/NN deficit/NN ,/, ''/'' Mr./NNP Kemp/NNP said/VBD ./. ###/### The/DT Fed/NNP recently/RB eased/VBD credit/NN by/IN lowering/VBG the/DT bellwether/NN federal/JJ funds/NNS interest/NN rate/NN to/TO 8/CD %/NN from/IN about/IN 9/CD %/NN ./. ###/### Bush/NNP administration/NN officials/NNS say/VBP inflation/NN is/VBZ under/IN control/NN ./. ###/### With/IN economic/JJ growth/NN slowing/NN ,/, they/PRP say/VBP they/PRP believe/VBP the/DT Fed/NNP should/MD ease/VB credit/NN even/RB further/RB ./. ###/### But/CC for/IN the/DT most/JJS part/NN ,/, officials/NNS have/VBP avoided/VBN expressing/VBG those/DT views/NNS in/IN public/NN ,/, fearing/VBG they/PRP would/MD unnecessarily/RB antagonize/VB the/DT Fed/NNP ./. ###/### McDonald/NNP 's/POS Corp./NNP said/VBD third-quarter/JJ earnings/NNS rose/VBD 14/CD %/NN on/IN a/DT hefty/JJ sales/NNS gain/NN ,/, but/CC domestic/JJ franchisees/NNS apparently/RB did/VBD n't/RB partake/VB of/IN the/DT improvement/NN ./. ###/### The/DT world/NN 's/POS largest/JJS fast-food/NN chain/NN said/VBD net/JJ income/NN rose/VBD to/TO $/$ 217.9/CD million/CD ,/, or/CC 59/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 191.3/CD million/CD ,/, or/CC 51/CD cents/NNS a/DT share/NN ,/, a/DT year/NN ago/IN ./. ###/### In/IN the/DT latest/JJS period/NN ,/, the/DT company/NN had/VBD an/DT average/NN of/IN 370.8/CD million/CD shares/NNS ,/, 5.6/CD million/CD shares/NNS below/IN last/JJ year/NN 's/POS level/NN ./. ###/### Revenue/NN rose/VBD 12/CD %/NN to/TO $/$ 1.63/CD billion/CD from/IN $/$ 1.46/CD billion/CD ./. ###/### Systemwide/JJ sales/NNS ,/, which/WDT include/VBP sales/NNS at/IN franchisee/NN as/RB well/RB as/IN company-owned/JJ stores/NNS ,/, totaled/VBD $/$ 4.59/CD billion/CD compared/VBN with/IN $/$ 4.2/CD billion/CD ./. ###/### But/CC sales/NNS for/IN U.S./NNP franchisees/NNS were/VBD flat/JJ at/IN best/RB on/IN a/DT per-store/JJ basis/NN despite/IN weak/JJ 1988/CD figures/NNS ./. ###/### Compared/VBN with/IN the/DT first/JJ nine/CD months/NNS of/IN last/JJ year/NN ,/, average/JJ franchisee/NN store/NN sales/NNS this/DT year/NN were/VBD down/IN nearly/RB $/$ 3,200/CD ,/, reflecting/VBG a/DT fierce/JJ discounting/VBG war/NN among/IN fast-food/NN chains/NNS ./. ###/### Since/IN McDonald/NNP 's/POS menu/NN prices/NNS rose/VBD this/DT year/NN ,/, the/DT actual/JJ decline/NN may/MD have/VB been/VBN more/JJR ./. ###/### McDonald/NNP 's/POS closed/VBD at/IN $/$ 31.375/CD ,/, up/IN $/$ 1/CD ,/, in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/NN trading/NN yesterday/NN ./. ###/### While/IN franchisees/NNS were/VBD having/VBG a/DT tough/JJ time/NN holding/VBG sales/NNS ,/, McDonald/NN 's/POS company-operated/JJ stores/NNS posted/VBD hefty/JJ gains/NNS for/IN the/DT nine/CD months/NNS ,/, with/IN sales/NNS per/IN company-operated/JJ unit/NN rising/VBG $/$ 20,000/CD ./. ###/### One/CD analyst/NN noted/VBD that/IN the/DT company/NN often/RB has/VBZ better/JJR store/NN locations/NNS than/IN do/VBP its/PRP$ franchisees/NNS ,/, thus/RB aiding/VBG promotional/JJ efforts/NNS ./. ###/### On/IN average/NN in/IN the/DT latest/JJS nine/CD months/NNS ,/, company-operated/JJ units/NNS in/IN the/DT U.S./NNP had/VBD $/$ 90,552/CD more/RBR in/IN sales/NNS than/IN did/VBD franchised/VBN outlets/NNS ./. ###/### There/EX are/VBP more/RBR than/IN three/CD times/NNS as/IN many/JJ franchised/VBN domestic/JJ outlets/NNS as/IN there/EX are/VBP company/NN stores/NNS ./. ###/### Profit/NN margins/NNS at/IN U.S./NNP company-owned/JJ stores/NNS in/IN the/DT quarter/NN were/VBD up/IN nearly/RB 1/CD %/NN ,/, which/WDT the/DT company/NN attributed/VBD in/IN part/NN to/TO lower/JJR food/NN costs/NNS ./. ###/### Prudential-Bache/NNP Securities/NNPS analyst/NN Leslie/NNP Steppel/NNP said/VBD reduced/VBN labor/NN costs/NNS helped/VBD boost/NN margins/NNS ,/, although/IN she/PRP doubted/VBD ``/`` that/DT kind/NN of/IN performance/NN is/VBZ sustainable/JJ ./. ''/'' ###/### Calling/VBG sales/NNS ``/`` still/RB relatively/RB soft/JJ ,/, ''/'' Ms./NNP Steppel/NNP believes/VBZ that/IN in/IN real/JJ terms/NNS ,/, U.S./NNP sales/NNS slipped/VBD 3/CD %/NN to/TO 4/CD %/NN at/IN company-operated/JJ stores/NNS in/IN the/DT quarter/NN ./. ###/### Apparently/RB acknowledging/VBG weaker/JJR U.S./NNP sales/NNS systemwide/JJ ,/, McDonald/NNP 's/POS vowed/VBD ``/`` to/TO use/VB our/PRP$ size/NN and/CC muscle/NN to/TO do/VB all/PDT that/DT is/VBZ necessary/JJ to/TO build/VB the/DT brand/NN ./. ''/'' ###/### Overseas/RB ,/, both/DT franchisees/NNS and/CC the/DT company/NN performed/VBD substantially/RB better/RB than/IN a/DT year/NN ago/IN ./. ###/### Third-quarter/JJ sales/NNS in/IN Europe/NNP were/VBD exceptionally/RB strong/JJ ,/, boosted/VBN by/IN promotional/JJ programs/NNS and/CC new/JJ products/NNS --/: although/IN weaker/JJR foreign/JJ currencies/NNS reduced/VBD the/DT company/NN 's/POS earnings/NNS ./. ###/### McDonald/NNP 's/POS said/VBD that/IN systemwide/JJ sales/NNS would/MD have/VB been/VBN $/$ 115/CD million/CD greater/JJR had/VBD 1988/CD exchange/NN rates/NNS remained/VBD in/IN effect/NN ./. ###/### ``/`` Going/VBG into/IN the/DT fourth/JJ quarter/NN the/DT sales/NNS comparison/NN will/MD be/VB more/RBR difficult/JJ ,/, ''/'' predicted/VBN restaurant/NN analyst/NN Howard/NNP Hansen/NNP of/IN Kidder/NNP ,/, Peabody/NNP &/CC Co/NNP ./. ###/### Reflecting/VBG better/JJR growth/NN prospects/NNS abroad/RB ,/, McDonald/NNP 's/POS noted/VBD that/IN as/IN of/IN Sept./NNP 30/CD more/JJR stores/NNS were/VBD under/IN construction/NN overseas/RB than/IN a/DT year/NN ago/IN ,/, while/IN the/DT opposite/NN was/VBD true/JJ for/IN domestic/JJ expansion/NN ./. ###/### At/IN the/DT end/NN of/IN the/DT third/JJ quarter/NN McDonald/NNP 's/POS had/VBD 10,873/CD units/NNS operating/VBG world-wide/JJ ./. ###/### In/IN the/DT nine/CD months/NNS ,/, earnings/NNS rose/VBD 12/CD %/NN to/TO $/$ 555.6/CD million/CD ,/, or/CC $/$ 1.49/CD a/DT share/NN ,/, from/IN $/$ 494.4/CD million/CD ,/, or/CC $/$ 1.31/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Revenue/NN rose/VBD 11/CD %/NN to/TO $/$ 4.56/CD billion/CD from/IN $/$ 4.12/CD billion/CD ./. ###/### Carnival/NNP Cruise/NNP Lines/NNPS Inc./NNP 's/POS common/JJ stock/NN was/VBD dragged/VBN down/IN yesterday/NN amid/IN concerns/NNS that/IN a/DT bankruptcy/NN filing/VBG by/IN a/DT Finnish/JJ shipbuilder/NN would/MD delay/VB delivery/NN of/IN three/CD big/JJ cruise/NN ships/NNS ./. ###/### The/DT Miami-based/JJ company/NN 's/POS stock/NN fell/VBD $/$ 1.75/CD yesterday/NN to/TO $/$ 20.75/CD a/DT share/NN in/IN heavy/JJ American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ./. ###/### Early/RB yesterday/NN ,/, Carnival/NNP said/VBD in/IN a/DT company/NN statement/NN that/IN it/PRP had/VBD been/VBN ``/`` notified/VBN unofficially/RB ''/'' that/IN Waertsilae/NNP Marine/NNP Industries/NNPS ,/, the/DT Finnish/JJ shipyard/NN that/WDT is/VBZ building/VBG its/PRP$ three/CD new/JJ cruise/NN ships/NNS ,/, planned/VBN to/TO file/VB for/IN bankruptcy/NN ./. ###/### Officials/NNS at/IN Carnival/NNP declined/VBD to/TO comment/VB ./. ###/### ``/`` There/EX is/VBZ just/RB a/DT tremendous/JJ amount/NN of/IN uncertainty/NN about/IN what/WP the/DT effect/NN ,/, if/IN any/DT ,/, of/IN all/PDT this/DT is/VBZ ,/, ''/'' said/VBD John/NNP P./NNP Uphoff/NNP ,/, an/DT analyst/NN at/IN Raymond/NNP James/NNP Associates/NNPS Inc/NNP ./. ###/### ``/`` I/PRP did/VBD n't/RB even/RB know/VB that/IN a/DT company/NN in/IN a/DT socialistic/JJ country/NN could/MD file/VB for/IN bankruptcy/NN ./. ''/'' ###/### Carnival/NNP said/VBD the/DT ``/`` Fantasy/NNP ,/, ''/'' the/DT first/JJ of/IN the/DT three/CD $/$ 200/CD million/CD ships/NNS that/IN Carnival/NNP has/VBZ on/IN order/NN ,/, is/VBZ scheduled/VBN to/TO be/VB delivered/VBN next/JJ month/NN ,/, just/RB in/IN time/NN for/IN the/DT winter/NN tourist/NN season/NN in/IN the/DT Caribbean/NNP ./. ###/### That/DT ship/NN ,/, which/WDT would/MD carry/VB about/IN 2,050/CD passengers/NNS ,/, would/MD expand/VB the/DT capacity/NN of/IN Carnival/NNP 's/POS existing/VBG 14-ship/JJ fleet/NN by/IN 24/CD %/NN ./. ###/### The/DT second/JJ ship/NN ,/, which/WDT is/VBZ half-completed/JJ ,/, is/VBZ scheduled/VBN to/TO be/VB delivered/VBN in/IN fall/NN 1990/CD ,/, and/CC the/DT third/JJ in/IN fall/NN 1991/CD ./. ###/### ``/`` There/EX 's/VBZ a/DT 99/CD %/NN chance/NN that/IN the/DT Fantasy/NNP will/MD be/VB delivered/VBN close/RB to/TO schedule/VB ,/, ''/'' said/VBD Caroline/NNP Levy/NNP ,/, an/DT analyst/NN at/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc/NNP ./. ###/### ``/`` The/DT others/NNS will/MD probably/RB be/VB delivered/VBN as/RB well/RB ,/, but/CC Carnival/NNP will/MD likely/RB have/VB to/TO pay/VB a/DT higher/JJR price/NN for/IN them/PRP ./. ''/'' ###/### She/PRP said/VBD the/DT company/NN could/MD pay/VB as/RB much/RB as/IN 25/CD %/NN more/JJR for/IN the/DT ships/NNS ./. ###/### If/IN the/DT ships/NNS are/VBP n't/RB delivered/VBN ,/, however/RB ,/, it/PRP will/MD likely/RB have/VB an/DT effect/NN on/IN the/DT company/NN 's/POS earnings/NNS as/RB soon/RB as/IN the/DT 1990/CD fiscal/JJ year/NN ,/, which/WDT begins/VBZ Dec./NNP 1/CD ./. ###/### Analysts/NNS said/VBD those/DT estimates/NNS --/: which/WDT range/VBP from/IN about/IN $/$ 1.80/CD a/DT share/NN to/TO $/$ 1.95/CD a/DT share/NN --/: are/VBP based/VBN on/IN Fantasy/NNP being/VBG in/IN operation/NN in/IN 1990/CD ./. ###/### If/IN the/DT ship/NN fails/VBZ to/TO arrive/VB ,/, those/DT per-share/JJ earnings/NNS estimates/NNS could/MD be/VB trimmed/VBN 15/CD cents/NNS or/CC more/JJR ./. ###/### Analysts/NNS were/VBD n't/RB willing/JJ to/TO speculate/VB on/IN how/WRB much/JJ money/NN Carnival/NNP might/MD lose/VB through/IN deposits/NNS ./. ###/### Normally/RB ,/, a/DT company/NN pays/VBZ a/DT portion/NN of/IN the/DT total/JJ cost/NN of/IN a/DT ship/NN as/IN it/PRP reaches/VBZ various/JJ stages/NNS of/IN construction/NN ./. ###/### Carnival/NNP ,/, for/IN example/NN ,/, has/VBZ already/RB paid/VBN about/IN $/$ 160/CD million/CD of/IN the/DT total/JJ cost/NN for/IN Fantasy/NNP ./. ###/### Some/DT analysts/NNS say/VBP this/DT may/MD give/VB it/PRP the/DT right/NN to/TO seize/VB the/DT ship/NN if/IN the/DT situation/NN warrants/VBZ it/PRP ./. ###/### According/VBG to/TO reports/NNS from/IN Finland/NNP ,/, Waertsilae/NNP Marine/NNP ,/, 19%-owned/JJ by/IN conglomerate/JJ Oy/NNP Waertsilae/NNP ,/, filed/VBD for/IN bankruptcy/NN yesterday/NN after/IN the/DT shipyard/NN 's/POS contractors/NNS had/VBD started/VBN to/TO demand/VB bank/NN guarantees/NNS ./. ###/### The/DT shipyard/NN disclosed/VBD in/IN mid-August/NNP that/IN it/PRP expected/VBD losses/NNS stemming/VBG from/IN a/DT series/NN of/IN unprofitable/JJ orders/NNS ./. ###/### Designer/NN Sandra/NNP Garratt/NNP filed/VBD for/IN Chapter/NN 7/CD Bankruptcy/NNP Code/NNP protection/NN ,/, saying/VBG that/IN her/PRP$ cash/NN flow/NN had/VBD been/VBN cut/VBN off/IN ./. ###/### The/DT designer/NN ,/, whose/WP$ line/NN of/IN modular/JJ ,/, one-size-fits-all/JJ clothing/NN has/VBZ spawned/VBN a/DT host/NN of/IN clones/NNS ,/, has/VBZ been/VBN in/IN a/DT dispute/NN with/IN her/PRP$ latest/JJS licensee/NN ,/, Jerell/NNP Inc./NNP for/IN several/JJ months/NNS ./. ###/### Ms./NNP Garratt/NNP was/VBD the/DT subject/NN of/IN a/DT Wall/NNP Street/NNP Journal/NNP article/NN in/IN March/NNP ./. ###/### The/DT designer/NN 's/POS attorney/NN ,/, Molly/NNP Bartholow/NNP ,/, said/VBD that/IN Ms./NNP Garratt/NNP was/VBD forced/VBN to/TO start/VB bankruptcy-law/NN proceedings/NNS because/IN Jerell/NNP began/VBD withholding/VBG her/PRP$ royalty/NN payments/NNS last/JJ month/NN ./. ###/### Jerell/NNP paid/VBD Ms./NNP Garratt/NNP royalties/NNS for/IN the/DT line/NN known/VBN as/IN Multiples/NNPS by/IN Sandra/NNP Garratt/NNP ,/, which/WDT are/VBP sold/VBN primarily/RB through/IN department/NN stores/NNS ./. ###/### Ms./NNP Garratt/NNP sued/VBD the/DT Dallas/NNP apparel/NN maker/NN earlier/RBR this/DT year/NN ,/, charging/VBG that/IN Jerell/NNP developed/VBD and/CC marketed/VBD clothing/NN lines/NNS fashioned/VBN after/IN her/PRP$ designs/NNS ,/, in/IN violation/NN of/IN their/PRP$ contract/NN ./. ###/### That/DT lawsuit/NN is/VBZ still/RB pending/VBG ./. ###/### Jerell/NNP could/MD n't/RB immediately/RB be/VB reached/VBN for/IN comment/NN ./. ###/### Ms./NNP Garratt/NNP 's/POS assets/NNS and/CC liabilities/NNS were/VBD n't/RB disclosed/VBN ./. ###/### Eaton/NNP Corp./NNP had/VBD a/DT 26/CD %/NN drop/NN in/IN third-quarter/JJ profit/NN mainly/RB because/IN of/IN lower/JJR sales/NNS of/IN truck/NN parts/NNS ,/, its/PRP$ largest/JJS and/CC most/RBS profitable/JJ single/JJ business/NN ./. ###/### Sales/NNS of/IN medium/NN and/CC heavy-duty/JJ trucks/NNS continue/VBP to/TO lag/VB previous-year/JJ rates/NNS ,/, leading/VBG Eaton/NNP to/TO expect/VB fourth-quarter/JJ net/JJ income/NN to/TO fall/VB below/IN year-earlier/JJ levels/NNS ,/, said/VBD Stephen/NNP R./NNP Hardis/NNP ,/, vice/NN chairman/NN and/CC chief/NN financial/JJ and/CC administrative/JJ officer/NN ./. ###/### He/PRP declined/VBD to/TO make/VB a/DT specific/JJ earnings/NNS estimate/NN ./. ###/### Third-quarter/JJ net/NN was/VBD $/$ 40/CD million/CD ,/, or/CC $/$ 1.04/CD a/DT share/NN ,/, from/IN $/$ 54.4/CD million/CD ,/, or/CC $/$ 1.47/CD a/DT share/NN ,/, a/DT year/NN ago/IN ./. ###/### Sales/NNS rose/VBD 2.8/CD %/NN to/TO $/$ 864.1/CD million/CD ,/, from/IN $/$ 840.4/CD million/CD ./. ###/### The/DT quarter/NN net/NN was/VBD below/IN analyst/NN expectations/NNS mainly/RB because/IN truck-parts/NNS sales/NNS did/VBD n't/RB rebound/VB in/IN September/NNP from/IN the/DT summer/NN doldrums/NN as/IN they/PRP usually/RB do/VBP ,/, said/VBD Patrick/NNP E./NNP Sheridan/NNP ,/, analyst/NN with/IN McDonald/NNP &/CC Co/NNP ./. ###/### Mr./NNP Sheridan/NNP ,/, who/WP had/VBD been/VBN expecting/VBG quarter/NN profit/NN of/IN about/IN $/$ 1.25/CD a/DT share/NN ,/, says/VBZ he/PRP is/VBZ reducing/VBG his/PRP$ estimate/NN for/IN the/DT year/NN to/TO the/DT area/NN of/IN $/$ 5.70/CD a/DT share/NN ,/, from/IN his/PRP$ previous/JJ estimate/NN of/IN $/$ 6.10/CD ./. ###/### Eli/NNP Lustgarten/NNP of/IN PaineWebber/NNP Inc./NNP ,/, who/WP a/DT couple/NN of/IN weeks/NNS ago/IN reduced/VBN his/PRP$ 1989/CD estimate/NN to/TO $/$ 5.70/CD a/DT share/NN because/IN of/IN the/DT weakening/NN truck/NN market/NN ,/, says/VBZ he/PRP will/MD make/VB another/DT cut/NN to/TO about/IN $/$ 5.50/CD a/DT share/NN in/IN light/NN of/IN the/DT third-quarter/JJ report/NN ./. ###/### He/PRP said/VBD Eaton/NNP 's/POS quarter/NN profit/NN margin/NN on/IN controls/NNS was/VBD lower/JJR than/IN he/PRP anticipated/VBD ./. ###/### Eaton/NNP said/VBD sales/NNS of/IN truck/NN axles/NNS ,/, transmissions/NNS and/CC other/JJ parts/NNS fell/VBD 7.2/CD %/NN to/TO $/$ 295/CD million/CD ./. ###/### Sales/NNS of/IN parts/NNS for/IN cars/NNS and/CC construction/NN vehicles/NNS rose/VBD ./. ###/### Eaton/NNP does/VBZ n't/RB provide/VB profit/NN figures/NNS separately/RB for/IN each/DT category/NN ,/, but/CC operating/VBG profit/NN for/IN vehicle/NN parts/NNS as/IN a/DT group/NN fell/VBD 26/CD %/NN to/TO $/$ 51/CD million/CD on/IN an/DT about/IN 1/CD %/NN drop/NN in/IN sales/NNS to/TO $/$ 488/CD million/CD ./. ###/### Mr./NNP Hardis/NNP said/VBD truck-fleet/JJ operators/NNS appear/VBP to/TO be/VB cautious/JJ about/IN buying/VBG new/JJ trucks/NNS until/IN they/PRP see/VBP how/WRB the/DT economy/NN behaves/VBZ ./. ###/### The/DT truck/NN sales/NNS slowdown/NN reflects/VBZ the/DT general/JJ slowing/NN in/IN sales/NNS of/IN consumer/NN goods/NNS ,/, he/PRP said/VBD ,/, and/CC the/DT latest/JJS reports/NNS show/VBP a/DT slight/JJ improvement/NN rather/RB than/IN any/DT indication/NN of/IN a/DT downward/JJ spiral/NN ./. ###/### Operating/VBG profit/NN from/IN electrical/JJ and/CC electronics/NNS controls/NNS ,/, Eaton/NNP 's/POS other/JJ major/JJ business/NN group/NN ,/, fell/VBD 11/CD %/NN to/TO $/$ 32/CD million/CD ,/, despite/IN a/DT 7.7/CD %/NN increase/NN in/IN sales/NNS to/TO $/$ 376/CD million/CD ./. ###/### The/DT company/NN attributed/VBD the/DT decline/NN to/TO weakness/NN in/IN the/DT commercial-switch/JJ market/NN in/IN North/NNP America/NNP and/CC in/IN the/DT European/JJ appliance-controls/NN market/NN ./. ###/### For/IN the/DT nine/CD months/NNS ,/, net/JJ --/: including/VBG profit/NN from/IN discontinued/VBN operations/NNS both/DT years/NNS and/CC in/IN 1988/CD an/DT extraordinary/JJ charge/NN of/IN $/$ 17.7/CD million/CD related/VBN to/TO settlement/NN of/IN a/DT lawsuit/NN --/: was/VBD $/$ 170.6/CD million/CD ,/, or/CC $/$ 4.54/CD a/DT share/NN ,/, up/IN 5.8/CD %/NN from/IN $/$ 161.3/CD million/CD ,/, or/CC $/$ 4.32/CD a/DT share/NN ,/, a/DT year/NN ago/IN ./. ###/### Eaton/NNP earned/VBD from/IN continuing/VBG operations/NNS $/$ 165.1/CD million/CD ,/, or/CC $/$ 4.40/CD a/DT share/NN ,/, down/IN 7/CD %/NN from/IN $/$ 177.5/CD million/CD ,/, or/CC $/$ 4.76/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Nine-month/JJ sales/NNS were/VBD $/$ 2.79/CD billion/CD ,/, up/IN 8.2/CD %/NN from/IN $/$ 2.58/CD billion/CD a/DT year/NN earlier/RBR ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Eaton/NNP closed/VBD at/IN $/$ 57.50/CD a/DT share/NN ,/, down/IN $/$ 2.50/CD ./. ###/### In/IN Poland/NNP 's/POS rapid/JJ shift/NN from/IN socialism/NN to/TO an/DT undefined/JJ alternative/NN ,/, environmental/JJ issues/NNS have/VBP become/VBN a/DT cutting/VBG edge/NN of/IN broader/JJR movements/NNS to/TO restructure/NN the/DT economy/NN ,/, cut/VBD cumbersome/JJ bureaucracies/NNS ,/, and/CC democratize/VB local/JJ politics/NNS ./. ###/### Initial/JJ steps/NNS were/VBD taken/VBN at/IN Poland/NNP 's/POS first/JJ international/JJ environmental/JJ conference/NN ,/, which/WDT I/PRP attended/VBD last/JJ month/NN ./. ###/### The/DT conference/NN ,/, held/VBN in/IN Lower/NNP Silesia/NNP ,/, was/VBD co-sponsored/JJ by/IN the/DT Environment/NNP Ministry/NNP ,/, the/DT Rockefeller/NNP Brothers/NNPS Fund/NNP ,/, and/CC the/DT Polish/NNP Ecological/NNP Club/NNP ,/, and/CC was/VBD attended/VBN by/IN 50/CD Poles/NNPS from/IN government/NN and/CC industry/NN ,/, as/RB well/RB as/IN Hungarians/NNPS ,/, Czechs/NNPS ,/, Russians/NNPS ,/, Japanese/NNPS and/CC Americans/NNPS ./. ###/### The/DT conference/NN was/VBD entitled/VBN ``/`` Economic/NNP Mechanisms/NNPS for/IN Environmental/NNP Protection/NNP ,/, ''/'' a/DT significant/JJ departure/NN from/IN East/NNP Bloc/NNP usage/NN ,/, which/WDT recognizes/VBZ only/RB one/CD economic/JJ mechanism/NN --/: central/JJ planning/NN --/: to/TO direct/VB industrial/JJ behavior/NN ./. ###/### Even/RB more/RBR remarkably/RB ,/, it/PRP focused/VBD on/IN emissions/NNS trading/NN and/CC similar/JJ market/NN approaches/VBZ to/TO address/VB pollution/NN ,/, notwithstanding/IN Poland/NNP 's/POS lack/NN of/IN functioning/VBG markets/NNS ./. ###/### Why/WRB did/VBD East/NNP Bloc/NNP participants/NNS unanimously/RB endorse/VB market-based/JJ pollution/NN approaches/NNS ?/. ###/### The/DT answer/NN lies/VBZ both/DT in/IN the/DT degraded/JJ environment/NN of/IN these/DT countries/NNS and/CC the/DT perceived/VBN causes/NNS of/IN that/DT degradation/NN ./. ###/### Like/IN other/JJ East/NNP Bloc/NNP countries/NNS ,/, Poland/NNP possesses/VBZ environmental/JJ laws/NNS more/RBR honored/VBN in/IN their/PRP$ breach/NN than/IN in/IN their/PRP$ observance/NN ./. ###/### According/VBG to/TO a/DT detailed/VBN report/NN by/IN Zbigniew/NNP Bochniarz/NNP of/IN the/DT University/NNP of/IN Minnesota/NNP 's/POS Hubert/NNP Humphrey/NNP Institute/NNP ,/, 27/CD areas/NNS containing/VBG a/DT third/JJ of/IN Poland/NNP 's/POS population/NN are/VBP regarded/VBN as/IN ``/`` ecological/JJ hazards/NNS ''/'' due/JJ to/TO multiple/JJ violations/NNS of/IN standards/NNS ./. ###/### Norms/NNS are/VBP consistently/RB exceeded/VBN at/IN 60/CD %/NN of/IN nitrogen/NN oxide/NN monitoring/VBG sites/NNS and/CC 80/CD %/NN of/IN those/DT for/IN dust/NN and/CC soot/NN emissions/NNS ./. ###/### Four-fifths/NNS of/IN Poland/NNP 's/POS soils/NNS have/VBP become/VBN highly/RB acidified/VBN ;/: 70/CD %/NN of/IN its/PRP$ southern/JJ forests/NNS are/VBP projected/VBN to/TO die/VB by/IN century/NN 's/POS end/NN ./. ###/### Between/IN 1965/CD and/CC 1985/CD ,/, Polish/NNP waters/NNS fit/VBP for/IN human/JJ consumption/NN dropped/VBD from/IN 33/CD %/NN to/TO 6/CD %/NN of/IN all/DT surface/NN waters/NNS ,/, while/IN those/DT unfit/JJ even/RB for/IN industry/NN use/NN nearly/RB doubled/VBD ./. ###/### Poland/NNP produces/VBZ about/IN 20/CD times/NNS more/JJR soot/NN and/CC five/CD times/NNS more/RBR sulfur/NN dioxide/NN and/CC solid/JJ waste/NN per/IN unit/NN of/IN gross/JJ national/JJ product/NN than/IN does/VBZ Western/NNP Europe/NNP ./. ###/### Its/PRP$ mortality/NN rate/NN for/IN males/NNS over/IN 35/CD is/VBZ about/IN 50/CD %/NN higher/JJR than/IN West/NNP Germany/NNP 's/POS ,/, and/CC 50/CD %/NN higher/JJR in/IN hazard/NN areas/NNS than/IN the/DT national/JJ average/NN ./. ###/### Since/IN 1978/CD ,/, average/JJ annual/JJ growth/NN rates/NNS for/IN most/JJS pollutants/NNS have/VBP outstripped/VBN the/DT growth/NN of/IN GNP/NNP ./. ###/### Conference/NN participants/NNS saw/VBD these/DT effects/NNS as/IN flowing/VBG directly/RB from/IN -LRB-/-LRB- a/DT -RRB-/-RRB- Marxist/JJ devaluation/NN of/IN environmental/JJ resources/NNS ,/, which/WDT are/VBP not/RB produced/VBN by/IN labor/NN ;/: -LRB-/-LRB- b/NN -RRB-/-RRB- planned/VBN economies/NNS '/POS inability/NN to/TO control/VB pollution/NN where/WRB enterprises/NNS are/VBP state-owned/JJ and/CC penalties/NNS are/VBP paid/VBN by/IN the/DT government/NN ;/: and/CC -LRB-/-LRB- c/NN -RRB-/-RRB- the/DT continuing/VBG Stalinist/JJ emphasis/NN on/IN heavy/JJ industry/NN for/IN economic/JJ development/NN ,/, producing/VBG a/DT far/RB heavier/JJR and/CC more/RBR wasteful/JJ use/NN of/IN energy/NN and/CC natural/JJ resources/NNS than/IN in/IN the/DT West/NN ./. ###/### They/PRP repeatedly/RB noted/VBD that/DT environmental/JJ progress/NN could/MD not/RB be/VB secured/VBN without/IN true/JJ ownership/NN ,/, genuine/JJ competition/NN based/VBN on/IN market/NN factors/NNS ,/, and/CC the/DT risk/NN of/IN bankruptcy/NN if/IN a/DT business/NN makes/VBZ the/DT wrong/JJ decisions/NNS ./. ###/### The/DT solutions/NNS they/PRP formally/RB proposed/VBD included/VBN taxes/NNS ,/, conservation/NN and/CC recycling/VBG incentives/NNS ,/, reforestation/NN offsets/NNS ,/, transferable/JJ pollution/NN permits/VBZ ,/, an/DT ecological/JJ bank/NN to/TO finance/VB pollution-reduction/NN credits/NNS ,/, and/CC debt-for-environment/NN swaps/NNS ./. ###/### But/CC their/PRP$ most/JJS fundamental/JJ recommendation/NN was/VBD to/TO separate/VB industry/NN from/IN the/DT state/NN ,/, making/VBG it/PRP fully/RB accountable/JJ for/IN pollution/NN control/NN ./. ###/### A/DT revolution/NN takes/VBZ more/RBR than/IN conference/NN manifestos/NNS ./. ###/### Indeed/RB ,/, skepticism/NN was/VBD amply/RB captured/VBN by/IN a/DT joke/NN told/VBN by/IN Poles/NNPS at/IN the/DT conference/NN :/: ``/`` The/DT world/NN must/MD be/VB coming/VBG to/TO an/DT end/NN ./. ###/### The/DT Russians/NNPS are/VBP talking/VBG peace/NN ./. ###/### The/DT Palestinians/NNPS are/VBP talking/VBG elections/NNS ./. ###/### And/CC the/DT Poles/NNPS are/VBP engaged/VBN in/IN commerce/NN ./. ''/'' ###/### But/CC the/DT implications/NNS of/IN such/PDT a/DT shift/NN to/TO market/NN approaches/NNS go/VBP well/RB beyond/IN the/DT fact/NN that/IN Poland/NNP is/VBZ already/RB working/VBG on/IN nationwide/JJ emissions/NNS trades/NNS to/TO reduce/VB smelter/NN pollution/NN ,/, or/CC that/IN the/DT Soviets/NNPS plan/NN to/TO introduce/VB marketable/JJ pollution/NN permits/NNS in/IN some/DT republics/NNS next/IN year/NN ./. ###/### Those/DT implications/NNS include/VBP :/: --/: Privatization/NN ###/### Faced/VBN with/IN a/DT $/$ 40/CD billion/CD foreign/JJ debt/NN and/CC skyrocketing/VBG inflation/NN ,/, Poland/NNP must/MD privatize/VB industry/NN and/CC eliminate/VB subsidies/NNS to/TO stabilize/VB its/PRP$ currency/NN and/CC qualify/VB for/IN international/JJ assistance/NN ./. ###/### Market-based/JJ pollution/NN control/NN may/MD consume/VB some/DT capital/NN that/WDT would/MD otherwise/RB purchase/VB state/NN industries/NNS ./. ###/### But/CC it/PRP could/MD also/RB accelerate/VB ``/`` marketization/NN ''/'' by/IN reinforcing/VBG industrial/JJ accountability/NN ,/, breaking/VBG up/IN state/NN monopolies/NNS ,/, giving/VBG managers/NNS a/DT stake/NN in/IN solutions/NNS ,/, and/CC ensuring/VBG that/DT modernization/NN is/VBZ not/RB reversible/JJ for/IN failure/NN to/TO address/VB environmental/JJ effects/NNS ./. ###/### --/: Least-cost/JJ solutions/NNS ./. ###/### As/IN conferees/NNS noted/VBN ,/, scarce/JJ capital/NN means/VBZ the/DT costs/NNS of/IN control/NN must/MD be/VB minimized/VBN through/IN a/DT broad/JJ menu/NN of/IN compliance/NN choices/NNS for/IN individual/JJ firms/NNS ./. ###/### That/DT means/VBZ simple/JJ ,/, clear/JJ rules/NNS that/WDT secure/VBP the/DT first/JJ large/JJ blocks/NNS of/IN reduction/NN ,/, deferring/VBG more/JJR complex/JJ issues/NNS such/JJ as/IN risk/NN ./. ###/### It/PRP also/RB means/VBZ use/NN of/IN quantity-based/JJ pollution/NN limits/NNS such/JJ as/IN transferable/JJ permits/NNS ,/, rather/RB than/IN price-based/JJ limits/NNS such/JJ as/IN effluent/JJ fees/NNS ./. ###/### That/DT 's/VBZ because/IN quota-trained/JJ managers/NNS will/MD likely/RB respond/VB better/RB to/TO quantity/NN than/IN to/TO price/NN signals/NNS ./. ###/### --/: Creative/JJ financing/NN ./. ###/### Even/RB least-cost/JJ environmental/JJ solutions/NNS will/MD require/VB billions/NNS of/IN dollars/NNS ./. ###/### New/JJ types/NNS of/IN financing/NN must/MD make/VB funds/NNS available/JJ without/IN draining/VBG Poland/NNP 's/POS hard-currency/NN reserves/NNS ./. ###/### --/: Democratization/NN ./. ###/### East/NNP Bloc/NNP pollution/NN data/NNS typically/RB have/VBP been/VBN state/NN secrets/NNS ./. ###/### While/IN Polish/NNP data/NNS have/VBP been/VBN freely/RB available/JJ since/IN 1980/CD ,/, it/PRP was/VBD no/DT accident/NN that/IN participants/NNS urged/VBD the/DT free/JJ flow/NN of/IN information/NN ./. ###/### For/IN once/RB information/NN flows/VBZ ,/, public/JJ participation/NN follows/VBZ and/CC repression/NN becomes/VBZ difficult/JJ to/TO reimpose/VB ./. ###/### --/: Global/JJ reciprocity/NN ./. ###/### One/CD participant/NN prematurely/RB declared/VBD that/IN America/NNP has/VBZ had/VBN a/DT free/JJ market/NN in/IN goods/NNS but/CC a/DT planned/VBN economy/NN for/IN environmental/JJ protection/NN ,/, while/IN Poland/NNP represents/VBZ the/DT opposite/NN ./. ###/### His/PRP$ point/NN :/: It/PRP will/MD be/VB increasingly/RB difficult/JJ for/IN the/DT U.S./NNP to/TO cling/VB to/TO command-and-control/JJ measures/NNS if/IN even/RB the/DT East/NNP Bloc/NNP steps/VBZ to/TO a/DT different/JJ drummer/NN ./. ###/### At/IN the/DT moment/NN ,/, Poland/NNP resembles/VBZ 19th-century/JJ Pittsburgh/NNP more/JJR than/IN a/DT modern/JJ industrial/JJ society/NN --/: with/IN antiquated/JJ production/NN ,/, inadequate/JJ environmental/JJ management/NN ,/, and/CC little/RB ecological/JJ awareness/NN ./. ###/### But/CC the/DT continuing/VBG pressures/NNS for/IN free-market/JJ economics/NNS suggest/VBP the/DT conference/NN 's/POS vision/NN was/VBD not/RB all/DT fantasy/NN ./. ###/### Mr./NNP Levin/NNP ,/, former/JJ head/NN of/IN EPA/NNP 's/POS regulatory/JJ reform/NN staff/NN ,/, adapted/VBD this/DT from/IN his/PRP$ November/NNP column/NN for/IN the/DT Journal/NNP of/IN the/DT Air/NNP and/CC Waste/NNP Management/NNP Association/NNP ./. ###/### Disappointing/JJ earnings/NNS news/NN from/IN some/DT technology/NN companies/NNS unnerved/JJ investors/NNS in/IN the/DT over-the-counter/JJ market/NN ,/, who/WP sold/VBD shares/NNS of/IN Apple/NNP Computer/NNP ,/, Intel/NNP and/CC many/JJ other/JJ computer-related/JJ concerns/NNS ./. ###/### The/DT drop/NN in/IN those/DT and/CC other/JJ technology/NN stocks/NNS contributed/VBD to/TO an/DT 0.7/CD %/NN slide/NN by/IN the/DT Nasdaq/NNP composite/JJ index/NN ./. ###/### It/PRP finished/VBD at/IN 467.22/CD ,/, down/IN 3.45/CD ./. ###/### The/DT nervousness/NN about/IN the/DT technology/NN stock/NN outlook/NN also/RB hurt/VBD the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ,/, which/WDT slipped/VBD about/IN 1/CD %/NN ./. ###/### Mostly/RB because/IN of/IN the/DT sell-off/NN in/IN technology/NN stocks/NNS ,/, the/DT Nasdaq/NNP 100/CD Index/NNP of/IN the/DT OTC/NNP 's/POS largest/JJS non-financial/JJ issues/NNS dropped/VBD 4.58/CD to/TO 457.52/CD ./. ###/### The/DT Nasdaq/NNP Financial/NNP Index/NNP of/IN giant/JJ insurance/NN and/CC banking/NN issues/NNS lost/VBD 2.38/CD to/TO 458.32/CD ./. ###/### Some/DT traders/NNS said/VBD the/DT sell-off/NN of/IN technology/NN stocks/NNS on/IN low/JJ volume/NN reflected/VBD a/DT lack/NN of/IN conviction/NN by/IN investors/NNS ./. ###/### But/CC Charlie/NNP Howley/NNP ,/, vice/NN president/NN in/IN charge/NN of/IN OTC/NNP trading/NN at/IN SoundView/NNP Financial/NNP in/IN Stamford/NNP ,/, Conn./NNP ,/, said/VBD the/DT selling/NN was/VBD orderly/JJ ./. ###/### ``/`` It/PRP 's/VBZ a/DT quiet/JJ retreat/NN ,/, ''/'' said/VBD Mr./NNP Howley/NNP ./. ###/### ``/`` It/PRP 's/VBZ nothing/NN dramatic/JJ ,/, just/RB a/DT routine/JJ sell-off/NN ./. ''/'' ###/### Some/DT of/IN it/PRP was/VBD due/JJ to/TO lower-than-expected/JJ earnings/NNS from/IN leading/VBG companies/NNS ,/, he/PRP said/VBD ./. ###/### But/CC some/DT of/IN it/PRP also/RB represented/VBD profit-taking/NN by/IN investors/NNS who/WP have/VBP made/VBN big/JJ gains/NNS in/IN some/DT issues/NNS ./. ###/### Yesterday/NN 's/POS volume/NN of/IN 117.2/CD million/CD shares/NNS was/VBD far/RB below/IN last/JJ week/NN 's/POS sizzling/VBG average/NN of/IN nearly/RB 177/CD million/CD ./. ###/### For/IN October/NNP so/RB far/RB ,/, daily/JJ volume/NN is/VBZ averaging/VBG 150.3/CD million/CD ,/, putting/VBG it/PRP on/IN track/NN to/TO be/VB the/DT year/NN 's/POS busiest/JJS month/NN ./. ###/### Apple/NNP Computer/NNP ,/, which/WDT reported/VBD lackluster/NN earnings/NNS Friday/NNP ,/, lost/VBD 1/CD to/TO 46/CD on/IN 1.1/CD million/CD shares/NNS ./. ###/### Stratus/NNP Computer/NNP ,/, which/WDT reported/VBD earnings/NNS late/JJ Friday/NNP that/WDT were/VBD in/IN line/NN with/IN a/DT disappointing/JJ forecast/NN ,/, eased/VBD to/TO 24/CD on/IN 816,000/CD shares/NNS ./. ###/### Investors/NNS apparently/RB did/VBD n't/RB like/IN the/DT news/NN from/IN Rainbow/NNP Technologies/NNPS either/RB ./. ###/### It/PRP said/VBD net/JJ income/NN was/VBD 17/CD cents/NNS a/DT share/NN in/IN the/DT third/JJ quarter/NN ,/, compared/VBN with/IN 16/CD cents/NNS a/DT share/NN a/DT year/NN earlier/RBR ./. ###/### Rainbow/NNP 's/POS stock/NN dropped/VBD 2/CD to/TO 14/CD ./. ###/### Other/JJ technology/NN stocks/NNS that/WDT were/VBD weaker/JJR included/VBD Intel/NNP ,/, which/WDT fell/VBD 1/CD to/TO 33/CD on/IN 1.9/CD million/CD shares/NNS ,/, Mentor/NNP Graphics/NNP ,/, down/IN to/TO 16/CD on/IN 1.6/CD million/CD shares/NNS ,/, Sun/NNP Microsystems/NNPS ,/, which/WDT slipped/VBD to/TO 18/CD ,/, and/CC MCI/NNP Communications/NNPS ,/, down/IN 1/CD to/TO 42/CD ./. ###/### Microsoft/NNP ,/, which/WDT last/JJ week/NN rose/VBD to/TO a/DT record/NN ,/, fell/VBD victim/NN to/TO profit-taking/NN ,/, traders/NNS said/VBD ,/, as/IN it/PRP declined/VBD 2/CD to/TO 83/CD ./. ###/### Conner/NNP Peripherals/NNPS was/VBD unchanged/JJ at/IN 15/CD ./. ###/### Among/IN takeover/NN stocks/NNS ,/, Jefferson/NNP Smurfit/NNP jumped/VBD 1/CD to/TO 42/CD after/IN SIBV-MS/NNP Holdings/NNP said/VBD the/DT price/NN to/TO be/VB paid/VBN to/TO Jefferson/NNP Smurfit/NNP 's/POS minority/NN holders/NNS has/VBZ been/VBN raised/VBN to/TO $/$ 43/CD a/DT share/NN ./. ###/### The/DT increase/NN of/IN $/$ 1.25/CD a/DT share/NN is/VBZ being/VBG made/VBN to/TO settle/VB shareholder/NN litigation/NN relating/VBG to/TO SIBV-MS/NNP 's/POS tender/NN offer/NN ./. ###/### SIBV-MS/NNP Holdings/NNP is/VBZ a/DT new/JJ company/NN jointly/RB owned/VBN by/IN an/DT affiliate/NN of/IN Jefferson/NNP Smurfit/NNP and/CC a/DT Morgan/NNP Stanley/NNP limited/JJ partnership/NN ./. ###/### The/DT Jefferson/NNP Smurfit/NNP affiliate/NN ,/, Smurfit/NNP International/NNP B.V./NNP ,/, holds/VBZ about/IN 78/CD %/NN of/IN the/DT shares/NNS outstanding/JJ ./. ###/### These/DT shares/NNS will/MD be/VB bought/VBN by/IN SIBV-MS/NNP Holdings/NNP at/IN $/$ 41.75/CD each/DT after/IN the/DT acquisition/NN of/IN the/DT minority/NN shares/NNS ./. ###/### Another/DT takeover/NN target/NN ,/, LIN/NNP Broadcasting/NNP ,/, eased/VBD to/TO 110/CD on/IN 313,800/CD shares/NNS ./. ###/### LIN/NNP 's/POS suitor/NN ,/, McCaw/NNP Cellular/NNP Communications/NNP ,/, dropped/VBD 1/CD to/TO 40/CD on/IN almost/RB 350,000/CD shares/NNS ./. ###/### Some/DT analysts/NNS say/VBP investors/NNS will/MD begin/VB paying/VBG more/JJR attention/NN to/TO earnings/NNS ,/, partly/RB in/IN response/NN to/TO the/DT latest/JJS round/NN of/IN disappointments/NNS ./. ###/### They/PRP say/VBP investors/NNS will/MD favor/VB companies/NNS that/WDT historically/RB have/VBP posted/VBN annual/JJ earnings/NNS growth/NN of/IN 15/CD %/NN to/TO 20/CD %/NN ./. ###/### That/DT would/MD be/VB good/JJ news/NN for/IN the/DT OTC/NNP market/NN ,/, some/DT analysts/NNS say/VBP ,/, because/IN many/JJ small/JJ growth/NN stocks/NNS are/VBP traded/VBN there/RB ./. ###/### Michael/NNP R./NNP Weisberg/NNP ,/, partner/NN in/IN charge/NN of/IN research/NN at/IN Robertson/NNP Stephens/NNP &/CC Co./NNP in/IN San/NNP Francisco/NNP ,/, said/VBD some/DT investors/NNS have/VBP already/RB made/VBN the/DT switch/NN ./. ###/### The/DT Robertson/NNP Stephens/NNP Index/NNP of/IN 340/CD emerging/VBG growth/NN stocks/NNS is/VBZ up/IN 23.1/CD %/NN for/IN the/DT year/NN through/IN Friday/NNP ./. ###/### The/DT rise/NN matches/VBZ that/IN of/IN the/DT Dow/NNP Jones/NNP industrials/NNS this/DT year/NN ./. ###/### ``/`` It/PRP 's/VBZ been/VBN a/DT spectacular/JJ year/NN for/IN the/DT emerging/VBG growth/NN stock/NN investor/NN ,/, ''/'' Mr./NNP Weisberg/NNP said/VBD ./. ###/### He/PRP predicted/VBD that/IN the/DT most/RBS popular/JJ growth/NN companies/NNS will/MD be/VB those/DT with/IN ``/`` some/DT kind/NN of/IN unique/JJ product/NN or/CC franchise/NN ''/'' that/WDT makes/VBZ them/PRP appear/VB able/JJ to/TO sustain/VB their/PRP$ momentum/NN ./. ###/### He/PRP puts/VBZ the/DT OTC/NNP market/NN 's/POS Nellcor/NNP ,/, Office/NNP Club/NNP and/CC BizMart/NNP on/IN the/DT list/NN ./. ###/### Nellcor/NNP ,/, a/DT maker/NN of/IN electronic/JJ patient/NN monitoring/NN systems/NNS ,/, was/VBD up/IN to/TO 16/CD on/IN 258,000/CD shares/NNS yesterday/NN ,/, while/IN retailing/VBG issue/NN Office/NNP Club/NNP was/VBD unchanged/JJ at/IN 10/CD on/IN 65,200/CD shares/NNS ./. ###/### BizMart/NNP ,/, another/DT retailing/VBG stock/NN ,/, was/VBD off/IN to/TO 8/CD on/IN nearly/RB 80,000/CD shares/NNS ./. ###/### Other/JJ favorites/NNS of/IN growth-stock/JJ analysts/NNS and/CC money/NN managers/NNS also/RB had/VBD a/DT mixed/VBN session/NN ./. ###/### Payco/NNP American/NNP ,/, a/DT credit/NN collection/NN concern/NN ,/, jumped/VBD 1/CD to/TO 20/CD on/IN volume/NN of/IN 93,000/CD ,/, and/CC Mail/NNP Boxes/NNPS Etc./NNP ,/, a/DT private/JJ postal/JJ services/NNS company/NN ,/, advanced/VBD to/TO 23/CD on/IN volume/NN of/IN 64,000/CD ./. ###/### But/CC Legent/NNP ,/, a/DT systems/NNS software/NN stock/NN ,/, was/VBD down/IN to/TO 29/CD on/IN 39,300/CD shares/NNS ./. ###/### Novell/NNP ,/, a/DT computer/NN networking/VBG concern/NN ,/, fell/VBD 1/CD to/TO 30/CD on/IN 152,000/CD shares/NNS ./. ###/### Elsewhere/RB ,/, Valley/NNP National/NNP continued/VBD its/PRP$ slide/NN ,/, dropping/VBG 2/CD to/TO 15/CD on/IN 1.7/CD million/CD shares/NNS ./. ###/### The/DT Arizona/NNP banking/NN concern/NN is/VBZ facing/VBG difficulties/NNS related/VBN to/TO weakness/NN in/IN the/DT real/JJ estate/NN market/NN in/IN the/DT state/NN ./. ###/### Higher/JJR earnings/NNS helped/VBD some/DT issues/NNS ./. ###/### Amgen/NNP rose/VBD 2/CD to/TO 54/CD on/IN almost/RB 800,000/CD shares/NNS ,/, and/CC CVB/NNP Financial/NNP jumped/VBD 4/CD to/TO 41/CD on/IN only/RB 1,000/CD shares/NNS ./. ###/### Why/WRB ca/MD n't/RB we/PRP teach/VB our/PRP$ children/NNS to/TO read/VB ,/, write/VB and/CC reckon/VB ?/. ###/### It/PRP 's/VBZ not/RB that/IN we/PRP do/VBP n't/RB know/VB how/WRB to/TO ,/, because/IN we/PRP do/VBP ./. ###/### It/PRP 's/VBZ that/IN we/PRP do/VBP n't/RB want/VB to/TO ./. ###/### And/CC the/DT reason/NN we/PRP do/VBP n't/RB want/VB to/TO is/VBZ that/IN effective/JJ education/NN would/MD require/VB us/PRP to/TO relinquish/VB some/DT cherished/VBN metaphysical/JJ beliefs/NNS about/IN human/JJ nature/NN in/IN general/JJ and/CC the/DT human/JJ nature/NN of/IN young/JJ people/NNS in/IN particular/JJ ,/, as/RB well/RB as/IN to/TO violate/VB some/DT cherished/VBN vested/VBN interests/NNS ./. ###/### These/DT beliefs/NNS so/RB dominate/VB our/PRP$ educational/JJ establishment/NN ,/, our/PRP$ media/NNS ,/, our/PRP$ politicians/NNS ,/, and/CC even/RB our/PRP$ parents/NNS that/IN it/PRP seems/VBZ almost/RB blasphemous/JJ to/TO challenge/VB them/PRP ./. ###/### Here/RB is/VBZ an/DT example/NN ./. ###/### If/IN I/PRP were/VBD to/TO ask/VB a/DT sample/NN of/IN American/JJ parents/NNS ,/, ``/`` Do/VBP you/PRP wish/VB the/DT elementary/JJ schools/NNS to/TO encourage/VB creativity/NN in/IN your/PRP$ children/NNS ?/. ''/'' the/DT near-unanimous/JJ answer/NN would/MD be/VB ,/, ``/`` Yes/UH ,/, of/IN course/NN ./. ''/'' ###/### But/CC what/WP do/VBP we/PRP mean/VB ,/, specifically/RB ,/, by/IN ``/`` creativity/NN ''/'' ?/. ###/### No/DT one/NN can/MD say/VB ./. ###/### In/IN practice/NN ,/, it/PRP ends/VBZ up/IN being/VBG equated/VBN with/IN a/DT ``/`` self-expression/NN ''/'' that/WDT encourages/VBZ the/DT youngsters/NNS '/POS ``/`` self-esteem/NN ./. ''/'' ###/### The/DT result/NN is/VBZ a/DT generation/NN of/IN young/JJ people/NNS whose/WP$ ignorance/NN and/CC intellectual/JJ incompetence/NN is/VBZ matched/VBN only/RB by/IN their/PRP$ good/JJ opinion/NN of/IN themselves/PRP ./. ###/### The/DT whole/JJ notion/NN of/IN ``/`` creativity/NN ''/'' in/IN education/NN was/VBD -LRB-/-LRB- and/CC is/VBZ -RRB-/-RRB- part/NN and/CC parcel/NN of/IN a/DT romantic/JJ rebellion/NN against/IN disciplined/VBN instruction/NN ,/, which/WDT was/VBD -LRB-/-LRB- and/CC is/VBZ -RRB-/-RRB- regarded/VBN as/IN ``/`` authoritarian/JJ ,/, ''/'' a/DT repression/NN and/CC frustration/NN of/IN the/DT latent/NN talents/NNS and/CC the/DT wonderful/JJ ,/, if/IN as/RB yet/RB undefined/JJ ,/, potentialities/NNS inherent/JJ in/IN the/DT souls/NNS of/IN all/PDT our/PRP$ children/NNS ./. ###/### It/PRP is/VBZ not/RB surprising/JJ that/IN parents/NNS find/VB this/DT romantic/JJ extravagance/NN so/RB attractive/JJ ./. ###/### Fortunately/RB ,/, these/DT same/JJ 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''/'' ###/### They/PRP are/VBP inevitably/RB inclined/VBN to/TO echo/VB the/DT conventional/JJ pap/NN ,/, since/IN this/DT is/VBZ the/DT least/JJS controversial/JJ option/NN that/WDT is/VBZ open/JJ to/TO them/PRP ./. ###/### Thus/RB at/IN the/DT recent/JJ governors/NNS '/POS conference/NN on/IN education/NN ,/, Gov./NNP Bill/NNP Clinton/NNP of/IN Arkansas/NNP announced/VBD that/IN ``/`` this/DT country/NN needs/VBZ a/DT comprehensive/JJ child-development/NN policy/NN for/IN children/NNS under/IN five/CD ./. ''/'' ###/### A/DT comprehensive/JJ development/NN policy/NN for/IN governors/NNS over/IN 30/CD would/MD seem/VB to/TO be/VB a/DT more/RBR pressing/JJ need/NN ./. ###/### What/WP Gov./NNP Clinton/NNP is/VBZ advocating/VBG ,/, in/IN effect/NN ,/, is/VBZ extending/VBG the/DT educational/JJ system/NN down/IN to/TO the/DT pre-kindergarten/NN years/NNS ./. ###/### Whether/IN desirable/JJ or/CC not/RB ,/, this/DT is/VBZ a/DT child-care/JJ program/NN ,/, not/RB an/DT educational/JJ program/NN ./. ###/### We/PRP know/VBP that/IN very/RB early/JJ exposure/NN to/TO schooling/NN improves/VBZ performance/NN in/IN the/DT first/JJ grade/NN ,/, but/CC afterward/RB the/DT difference/NN is/VBZ quickly/RB washed/VBN away/RB ./. ###/### Let/VB us/PRP sum/VB up/IN what/WP we/PRP do/VBP know/VB about/IN education/NN and/CC about/IN those/DT education/NN reforms/NNS that/WDT do/VBP work/VB and/CC do/VBP n't/RB work/VB :/: --/: ``/`` Parental/JJ involvement/NN ''/'' is/VBZ a/DT bad/JJ idea/NN ./. ###/### Parents/NNS are/VBP too/RB likely/JJ to/TO blame/VB schools/NNS for/IN the/DT educational/JJ limitations/NNS of/IN their/PRP$ children/NNS ./. ###/### Parents/NNS should/MD be/VB involved/VBN with/IN their/PRP$ children/NNS 's/POS education/NN at/IN home/NN ,/, not/RB in/IN school/NN ./. ###/### They/PRP should/MD see/VB to/TO it/PRP that/IN their/PRP$ kids/NNS do/VBP n't/RB play/VB truant/JJ ;/: they/PRP should/MD make/VB certain/JJ that/IN the/DT children/NNS spend/VBP enough/JJ time/NN doing/VBG homework/NN ;/: they/PRP should/MD scrutinize/VB the/DT report/NN card/NN ./. ###/### If/IN parents/NNS are/VBP dissatisfied/VBN with/IN a/DT school/NN ,/, they/PRP should/MD have/VB the/DT option/NN of/IN switching/VBG to/TO another/DT ./. ###/### --/: ``/`` Community/NN involvement/NN ''/'' is/VBZ an/DT even/RB worse/JJR idea/NN ./. ###/### Here/RB ,/, the/DT experience/NN of/IN New/NNP York/NNP City/NNP is/VBZ decisive/JJ ./. ###/### Locally/RB elected/VBN school/NN boards/NNS ,/, especially/RB in/IN our/PRP$ larger/JJR cities/NNS ,/, become/VBP the/DT prey/NN of/IN ambitious/JJ ,/, generally/RB corrupt/JJ ,/, and/CC invariably/RB demagogic/JJ local/JJ politicians/NNS or/CC would-be/JJ politicians/NNS ./. ###/### New/NNP York/NNP is/VBZ in/IN the/DT process/NN of/IN trying/VBG to/TO disengage/VB itself/PRP from/IN a/DT 20-year-old/JJ commitment/NN to/TO this/DT system/NN of/IN school/NN governance/NN ,/, even/RB as/IN Chicago/NNP and/CC other/JJ cities/NNS are/VBP moving/VBG to/TO institute/VB it/PRP ./. ###/### --/: In/IN most/JJS states/NNS ,/, increasing/VBG expenditures/NNS on/IN education/NN ,/, in/IN our/PRP$ current/JJ circumstances/NNS ,/, will/MD probably/RB make/VB things/NNS worse/JJR ,/, not/RB better/JJR ./. ###/### The/DT reason/NN is/VBZ simple/JJ :/: Education/NN takes/VBZ place/NN in/IN the/DT classroom/NN ,/, where/WRB the/DT influence/NN of/IN money/NN is/VBZ minimal/JJ ./. ###/### Decades/NNS of/IN educational/JJ research/NN tell/VBP us/PRP unequivocally/RB that/IN even/RB smaller/JJR classes/NNS have/VBP zero/CD effect/NN on/IN the/DT academic/JJ performance/NN of/IN the/DT pupils/NNS --/: though/IN they/PRP may/MD sometimes/RB be/VB desirable/JJ for/IN other/JJ reasons/NNS ./. ###/### The/DT new/JJ money/NN flows/VBZ into/IN the/DT already/RB top-heavy/JJ administrative/JJ structure/NN ,/, which/WDT busies/NNS itself/PRP piling/VBG more/JJR and/CC more/JJR paper/NN work/NN on/IN the/DT teachers/NNS ./. ###/### There/EX is/VBZ neither/DT mystery/NN nor/CC paradox/NN in/IN the/DT fact/NN that/IN as/IN educational/JJ expenditures/NNS -LRB-/-LRB- in/IN real/JJ terms/NNS -RRB-/-RRB- have/VBP increased/VBN sharply/RB in/IN the/DT past/NN quarter-of-a-century/JJ --/: we/PRP now/RB spend/VBP more/RBR per/IN pupil/NN than/IN any/DT other/JJ country/NN in/IN the/DT world/NN --/: educational/JJ performance/NN has/VBZ declined/VBN ./. ###/### That/DT is/VBZ the/DT way/NN the/DT system/NN works/VBZ ./. ###/### --/: Students/NNS should/MD move/VB up/IN the/DT educational/JJ ladder/NN as/IN their/PRP$ academic/JJ potential/NN allows/VBZ ./. ###/### No/DT student/NN should/MD be/VB permitted/VBN to/TO be/VB graduated/VBN from/IN elementary/JJ school/NN without/IN having/VBG mastered/VBN the/DT 3/CD R/NN 's/VBZ at/IN the/DT level/NN that/WDT prevailed/VBD 20/CD years/NNS ago/IN ./. ###/### This/DT means/VBZ ``/`` tracking/NN ,/, ''/'' whose/WP$ main/JJ purpose/NN is/VBZ less/JJR to/TO permit/VB the/DT gifted/JJ youngsters/NNS to/TO flourish/VB -LRB-/-LRB- though/IN that/DT is/VBZ clearly/RB desirable/JJ -RRB-/-RRB- than/IN to/TO ensure/VB that/IN the/DT less/RBR gifted/JJ get/VB the/DT necessary/JJ grounding/NN for/IN further/JJ study/NN or/CC for/IN entering/VBG the/DT modern/JJ world/NN of/IN work/NN ./. ###/### The/DT notion/NN that/IN tracking/NN is/VBZ somehow/RB ``/`` undemocratic/JJ ''/'' is/VBZ absurd/JJ ./. ###/### The/DT purpose/NN of/IN education/NN is/VBZ to/TO encourage/VB young/JJ men/NNS and/CC women/NNS to/TO realize/VB their/PRP$ full/JJ academic/JJ potential/NN ./. ###/### No/DT one/CD in/IN his/PRP$ right/JJ mind/NN actually/RB believes/VBZ that/IN we/PRP all/DT have/VBP an/DT equal/JJ academic/JJ potential/NN ./. ###/### --/: It/PRP is/VBZ generally/RB desirable/JJ to/TO use/VB older/JJR textbooks/NNS --/: many/JJ of/IN them/PRP ,/, alas/UH ,/, out/IN of/IN print/NN --/: rather/RB than/IN newer/JJR ones/NNS ./. ###/### The/DT latter/JJ are/VBP modish/JJ ,/, trendy/JJ ,/, often/RB downright/JJ silly/NN ,/, and/CC at/IN best/JJS insubstantial/JJ ./. ###/### They/PRP are/VBP based/VBN on/IN dubious/JJ psychological/JJ and/CC sociological/JJ theories/NNS rather/RB than/IN on/IN educational/JJ experience/NN ./. ###/### One/CD of/IN the/DT reasons/NNS American/JJ students/NNS do/VBP so/RB poorly/RB in/IN math/NN tests/NNS ,/, as/IN compared/VBN with/IN British/JJ ,/, French/JJ ,/, German/JJ or/CC Japanese/JJ students/NNS ,/, is/VBZ the/DT influence/NN of/IN the/DT ``/`` New/NNP Math/NNP ''/'' on/IN American/JJ textbooks/NNS and/CC teaching/NN methods/NNS ./. ###/### Anyone/NN who/WP wants/VBZ to/TO appreciate/VB just/RB how/WRB bizarre/JJ this/DT situation/NN is/VBZ --/: with/IN students/NNS who/WP ca/MD n't/RB add/VB or/CC subtract/VB ``/`` learning/VBG ''/'' the/DT conceptual/JJ basis/NN of/IN mathematical/JJ theory/NN --/: should/MD read/VB the/DT article/NN by/IN Caleb/NNP Nelson/NNP -LRB-/-LRB- himself/PRP a/DT recent/JJ math/NN major/NN at/IN Harvard/NNP -RRB-/-RRB- in/IN the/DT November/NNP American/NNP Spectator/NNP ./. ###/### --/: Most/RBS important/JJ of/IN all/DT ,/, schools/NNS should/MD have/VB principals/NNS with/IN a/DT large/JJ measure/NN of/IN authority/NN over/IN the/DT faculty/NN ,/, the/DT curriculum/NN ,/, and/CC all/DT matters/NNS of/IN student/NN discipline/NN ./. ###/### Study/NN after/IN study/NN --/: the/DT most/RBS recent/JJ from/IN the/DT Brookings/NNP Institution/NNP --/: tells/VBZ us/PRP that/IN the/DT best/JJS schools/NNS are/VBP those/DT that/WDT are/VBP free/JJ of/IN outside/JJ interference/NN and/CC are/VBP governed/VBN by/IN a/DT powerful/JJ head/NN ./. ###/### With/IN that/DT authority/NN ,/, of/IN course/NN ,/, goes/VBZ an/DT unambiguous/JJ accountability/NN ./. ###/### Schools/NNS that/WDT are/VBP structured/VBN in/IN this/DT way/NN produce/VBP students/NNS with/IN higher/JJR morale/NN and/CC superior/JJ academic/JJ performance/NN ./. ###/### This/DT is/VBZ a/DT fact/NN --/: though/IN ,/, in/IN view/NN of/IN all/PDT the/DT feathers/NNS that/WDT are/VBP ruffled/VBN by/IN this/DT fact/NN ,/, it/PRP is/VBZ not/RB surprising/JJ that/IN one/NN hears/VBZ so/RB little/JJ about/IN it/PRP ./. ###/### Mr./NNP Kristol/NNP ,/, an/DT American/NNP Enterprise/NNPS Institute/NNP fellow/NN ,/, co-edits/VBZ The/NNP Public/NNP Interest/NNP and/CC publishes/VBZ The/NNP National/NNP Interest/NNP ./. ###/### International/NNP Business/NNP Machines/NNPS Corp./NNP unveiled/VBD a/DT broad/JJ strategy/NN to/TO tackle/VB the/DT biggest/JJS problem/NN that/IN manufacturers/NNS face/VBP when/WRB computerizing/VBG their/PRP$ operations/NNS :/: Most/JJS machines/NNS ca/MD n't/RB talk/VB to/TO each/DT other/JJ ./. ###/### The/DT company/NN unveiled/VBD more/JJR than/IN 50/CD products/NNS ,/, mostly/RB software/NN ,/, that/WDT are/VBP designed/VBN to/TO integrate/VB the/DT three/CD areas/NNS of/IN a/DT manufacturing/NN operation/NN --/: the/DT plant/NN floor/NN ,/, design/NN operations/NNS and/CC production/NN planning/NN ./. ###/### The/DT aim/NN ,/, ultimately/RB ,/, is/VBZ to/TO increase/VB the/DT flow/NN of/IN information/NN into/IN a/DT manufacturer/NN 's/POS main/JJ computer/NN network/NN for/IN use/NN in/IN business/NN planning/NN ,/, marketing/NN and/CC other/JJ operations/NNS ./. ###/### Manufacturers/NNS have/VBP already/RB spent/VBN so/RB heavily/RB on/IN automation/NN that/IN they/PRP are/VBP one/CD of/IN the/DT computer/NN industry/NN 's/POS leading/VBG revenue/NN sources/NNS ./. ###/### But/CC many/JJ manufacturers/NNS find/VBP that/DT communication/NN between/IN different/JJ computers/NNS has/VBZ been/VBN rendered/VBN nearly/RB impossible/JJ by/IN the/DT babel/NN of/IN computer/NN languages/NNS used/VBN by/IN different/JJ machines/NNS ,/, including/VBG robots/NNS and/CC machine/NN tools/NNS ./. ###/### IBM/NNP 's/POS announcement/NN ,/, which/WDT was/VBD expected/VBN and/CC will/MD formally/RB be/VB made/VBN to/TO customers/NNS today/NN ,/, also/RB marks/VBZ an/DT attempt/NN to/TO gain/VB credibility/NN on/IN the/DT plant/NN floor/NN ,/, where/WRB Digital/NNP Equipment/NNP Corp./NNP has/VBZ long/RB dominated/VBN and/CC where/WRB Hewlett-Packard/NNP Co./NNP has/VBZ recently/RB gained/VBN market/NN share/NN ./. ###/### Consultants/NNS have/VBP said/VBN that/IN it/PRP will/MD take/VB a/DT while/NN for/IN all/PDT the/DT pieces/NNS of/IN the/DT IBM/NNP strategy/NN to/TO fall/VB into/IN place/NN ,/, even/RB though/IN the/DT specific/JJ products/NNS IBM/NNP unveiled/VBD will/MD generally/RB be/VB available/JJ by/IN the/DT end/NN of/IN the/DT first/JJ quarter/NN ./. ###/### Sam/NNP Albert/NNP ,/, a/DT consultant/NN in/IN Scarsdale/NNP ,/, N.Y./NNP ,/, said/VBD that/IN in/IN the/DT past/NN IBM/NNP has/VBZ developed/VBN broad/JJ software/NN strategies/NNS only/RB for/IN problems/NNS that/WDT crossed/VBD industry/NN lines/NNS ./. ###/### He/PRP said/VBD he/PRP believes/VBZ IBM/NNP 's/POS decision/NN to/TO invest/VB this/DT sort/NN of/IN effort/NN into/IN a/DT single/JJ industry/NN showed/VBD that/IN it/PRP was/VBD getting/VBG serious/JJ about/IN understanding/VBG customers/NNS '/POS problems/NNS and/CC was/VBD n't/RB just/RB selling/VBG technology/NN ./. ###/### He/PRP said/VBD he/PRP expects/VBZ IBM/NNP to/TO unveil/VB similar/JJ strategies/NNS for/IN other/JJ industries/NNS in/IN coming/VBG months/NNS ./. ###/### IBM/NNP 's/POS push/NN is/VBZ also/RB unusual/JJ in/IN its/PRP$ approach/NN to/TO marketing/NN ./. ###/### Rather/RB than/IN just/RB send/VB out/IN marketing/NN people/NNS to/TO knock/VB on/IN customers/NNS '/POS doors/NNS ,/, IBM/NNP is/VBZ making/VBG several/JJ hundred/CD of/IN its/PRP$ own/JJ manufacturing/VBG people/NNS available/JJ to/TO discuss/VB specific/JJ needs/NNS ./. ###/### IBM/NNP 's/POS manufacturing/VBG staff/NN also/RB will/MD be/VB able/JJ to/TO provide/VB software/NN that/IN IBM/NNP has/VBZ developed/VBN internally/RB and/CC will/MD be/VB able/JJ to/TO form/VB teams/NNS with/IN a/DT customer/NN to/TO jointly/RB solve/VB manufacturing/NN problems/NNS ./. ###/### IBM/NNP can/MD obviously/RB bring/VB its/PRP$ expertise/NN to/TO bear/VB on/IN problems/NNS related/VBN to/TO computer/NN manufacturing/NN ,/, but/CC it/PRP could/MD also/RB help/VB customers/NNS on/IN software/NN to/TO deal/VB with/IN such/JJ things/NNS as/IN changes/NNS in/IN engineering/VBG documents/NNS ./. ###/### ``/`` We/PRP may/MD not/RB have/VB every/DT manufacturing/NN problem/NN ,/, but/CC we/PRP have/VBP most/JJS ,/, ''/'' said/VBD George/NNP Conrades/NNP ,/, IBM/NNP 's/POS top/JJ marketing/NN official/NN ./. ###/### Japan/NNP 's/POS Big/NNP Four/NNP securities/NNS firms/NNS posted/VBD first-half/JJ unconsolidated/VBN results/NNS that/WDT mirrored/VBD softer/JJR performance/NN as/IN a/DT result/NN of/IN slower/JJR turnover/NN on/IN the/DT Tokyo/NNP Stock/NNP Exchange/NNP during/IN July/NNP and/CC August/NNP ./. ###/### Figures/NNS for/IN the/DT period/NN ended/VBD Sept./NNP 30/CD for/IN the/DT four/CD largest/JJS brokerage/NN firms/NNS --/: Nomura/NNP Securities/NNPS Co./NNP ,/, Daiwa/NNP Securities/NNPS Co./NNP ,/, Yamaichi/NNP Securities/NNPS Co./NNP and/CC Nikko/NNP Securities/NNPS --/: also/RB reflected/VBD a/DT changeover/NN to/TO a/DT fiscal/JJ year/NN ending/VBG March/NNP 31/CD ,/, replacing/VBG the/DT 12-month/JJ term/NN formerly/RB finishing/VBG Sept./NNP 30/CD ./. ###/### As/IN a/DT result/NN ,/, brokerage/NN house/NN officials/NNS said/VBD ,/, appropriate/JJ comparisons/NNS from/IN the/DT same/JJ period/NN a/DT year/NN earlier/RBR were/VBD unavailable/JJ ./. ###/### Operating/VBG profit/NN ,/, pretax/NN profit/NN and/CC net/JJ income/NN results/NNS ,/, however/RB ,/, were/VBD provided/VBN for/IN the/DT immediately/RB preceding/VBG six-month/JJ period/NN ./. ###/### The/DT statistics/NNS follow/VBP a/DT year-on-year/JJ rebound/NN in/IN consolidated/VBN and/CC unconsolidated/VBN results/NNS in/IN the/DT full/JJ fiscal/JJ year/NN ended/VBD in/IN March/NNP 1989/CD ,/, recovering/VBG from/IN dismal/JJ results/NNS in/IN the/DT prior/JJ fiscal/JJ year/NN as/IN a/DT result/NN of/IN the/DT October/NNP 1987/CD stock/NN market/NN crash/NN ./. ###/### Nomura/NNP said/VBD its/PRP$ pretax/NN profits/NNS inched/VBD up/IN 0.9/CD %/NN to/TO 248.91/CD billion/CD yen/NN -LRB-/-LRB- US$/$ 1.75/CD billion/CD -RRB-/-RRB- from/IN 246.60/CD billion/CD yen/NN in/IN the/DT six/CD months/NNS ended/VBD March/NNP 31/CD ./. ###/### Total/JJ operating/VBG profit/NN fell/VBD 3.1/CD %/NN to/TO 486.1/CD billion/CD yen/NN from/IN 501.61/CD billion/CD yen/NN ./. ###/### Net/JJ income/NN ,/, however/RB ,/, rose/VBD 3.7/CD %/NN to/TO 107.87/CD billion/CD yen/NN from/IN 103.98/CD billion/CD yen/NN ./. ###/### Per-share/JJ net/NN rose/VBD to/TO 55.10/CD yen/NN from/IN 54.51/CD yen/NN ./. ###/### Daiwa/NNP said/VBD its/PRP$ pretax/NN profits/NNS surged/VBD 9.6/CD %/NN to/TO 171.04/CD billion/CD yen/NN from/IN 156.12/CD billion/CD yen/NN in/IN the/DT preceding/VBG six-month/JJ term/NN ./. ###/### Operating/VBG profit/NN rose/VBD 5.5/CD %/NN to/TO 332.38/CD billion/CD yen/NN from/IN 315.12/CD billion/CD yen/NN ./. ###/### Net/JJ income/NN jumped/VBD 21/CD %/NN to/TO 79.03/CD billion/CD yen/NN from/IN 65.53/CD billion/CD yen/NN ./. ###/### Per-share/JJ net/NN rose/VBD to/TO 62.04/CD yen/NN from/IN 51.50/CD yen/NN ./. ###/### Yamaichi/NNP said/VBD its/PRP$ pretax/NN profit/NN increased/VBD 8.9/CD %/NN to/TO 117.94/CD billion/CD yen/NN from/IN 108.28/CD billion/CD yen/NN ./. ###/### Operating/VBG profit/NN rose/VBD 5.3/CD %/NN to/TO 279.75/CD billion/CD yen/NN from/IN 265.79/CD billion/CD yen/NN ./. ###/### Net/JJ income/NN surged/VBD 21/CD %/NN to/TO 55.59/CD billion/CD yen/NN from/IN 46.02/CD billion/CD yen/NN ./. ###/### Per-share/JJ net/NN rose/VBD to/TO 47.46/CD yen/NN from/IN 39.31/CD yen/NN ./. ###/### Nikko/NNP 's/POS pretax/NN profit/NN rose/VBD 1.6/CD %/NN to/TO 130.25/CD billion/CD yen/NN from/IN 128.19/CD billion/CD yen/NN ./. ###/### Operating/VBG profit/NN rose/VBD 4/CD %/NN to/TO 293.29/CD billion/CD yen/NN from/IN 282.08/CD billion/CD yen/NN ./. ###/### Net/JJ income/NN rose/VBD 23/CD %/NN to/TO 63.52/CD billion/CD yen/NN from/IN 51.65/CD billion/CD yen/NN ./. ###/### Per-share/JJ net/NN rose/VBD to/TO 44.08/CD yen/NN from/IN 36.13/CD yen/NN ./. ###/### Harken/NNP Energy/NNP Corp./NNP of/IN Dallas/NNP said/VBD it/PRP will/MD drop/VB its/PRP$ $/$ 11.75-a-share/JJ ,/, or/CC $/$ 190/CD million/CD ,/, offer/NN for/IN Tesoro/NNP Petroleum/NNP Corp./NNP if/IN the/DT two/CD companies/NNS do/VBP n't/RB have/VB an/DT agreement/NN to/TO merge/VB by/IN Dec./NNP 15/CD ./. ###/### Harken/NNP ,/, which/WDT made/VBD its/PRP$ offer/NN in/IN August/NNP ,/, said/VBD it/PRP still/RB is/VBZ awaiting/VBG a/DT response/NN to/TO its/PRP$ offer/NN from/IN Tesoro/NNP 's/POS board/NN ./. ###/### Harken/NNP also/RB said/VBD that/DT its/PRP$ financing/NN from/IN Bankers/NNPS Trust/NNP Co./NNP has/VBZ been/VBN extended/VBN until/IN Dec./NNP 15/CD to/TO give/VB Tesoro/NNP 's/POS board/NN time/NN to/TO consider/VB the/DT offer/NN at/IN a/DT Tesoro/NNP board/NN meeting/NN scheduled/VBN for/IN mid-November/NNP ./. ###/### Harken/NNP ,/, which/WDT owns/VBZ about/IN 800/CD retail/NN gas/NN stations/NNS ,/, has/VBZ said/VBN it/PRP is/VBZ particularly/RB interested/JJ in/IN Tesoro/NNP 's/POS refinery/NN because/IN it/PRP would/MD fill/VB a/DT gap/NN in/IN its/PRP$ business/NN ./. ###/### However/RB ,/, Tesoro/NNP ,/, based/VBN in/IN Houston/NNP ,/, already/RB has/VBZ rejected/VBN a/DT suitor/NN in/IN the/DT past/NN year/NN ./. ###/### Francis/NNP D./NNP John/NNP ,/, 35-year-old/JJ president/NN ,/, will/MD assume/VB the/DT additional/JJ job/NN of/IN chief/NN executive/NN officer/NN ./. ###/### He/PRP succeeds/VBZ Paul/NNP J./NNP Montle/NNP ,/, 42/CD ,/, who/WP will/MD remain/VB chairman/NN ./. ###/### National/NNP Environmental/NNP also/RB said/VBD it/PRP will/MD move/VB its/PRP$ headquarters/NN from/IN Hingham/NNP to/TO Folcroft/NNP ,/, Pa./NNP ,/, the/DT site/NN of/IN its/PRP$ sludge/NN dewatering/VBG facility/NN ./. ###/### National/NNP Environmental/NNP ,/, formerly/RB Yankee/NNP Cos./NNP ,/, is/VBZ a/DT sludge/NN treatment/NN company/NN ./. ###/### Eagle/NNP Clothes/NNPS Inc./NNP ,/, which/WDT is/VBZ operating/VBG under/IN Chapter/NN 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP ,/, said/VBD it/PRP reached/VBD an/DT agreement/NN with/IN its/PRP$ creditors/NNS ./. ###/### Under/IN the/DT accord/NN ,/, Albert/NNP Roth/NNP ,/, chairman/NN and/CC chief/NN executive/NN officer/NN ,/, and/CC Arthur/NNP Chase/NNP ,/, Sam/NNP Beigel/NNP ,/, and/CC Louis/NNP Polsky/NNP will/MD resign/VB as/IN officers/NNS and/CC directors/NNS of/IN the/DT menswear/NN retailer/NN ./. ###/### Mr./NNP Roth/NNP ,/, who/WP has/VBZ been/VBN on/IN leave/NN from/IN his/PRP$ posts/NNS ,/, will/MD be/VB succeeded/VBN by/IN Geoffrie/NNP D./NNP Lurie/NNP of/IN GDL/NNP Management/NNP Inc./NNP ,/, which/WDT is/VBZ Eagle/NNP 's/POS crisis/NN manager/NN ./. ###/### Mr./NNP Lurie/NNP is/VBZ currently/RB co-chief/NN executive/NN ./. ###/### Arnold/NNP Levine/NNP ,/, acting/VBG co-chief/NN executive/NN ,/, will/MD continue/VB as/RB senior/JJ vice/NN president/NN and/CC a/DT board/NN member/NN ./. ###/### Eagle/NNP also/RB said/VBD it/PRP received/VBD a/DT commitment/NN for/IN as/RB much/JJ as/IN $/$ 8/CD million/CD in/IN financing/NN from/IN Norfolk/NNP Capital/NNP Group/NNP Inc/NNP ./. ###/### In/IN addition/NN ,/, a/DT Norfolk/NNP affiliate/NN ,/, York/NNP Capital/NNP Inc./NNP ,/, will/MD purchase/VB all/DT of/IN the/DT interests/NNS of/IN Eagle/NNP 's/POS secured/VBN lenders/NNS ,/, which/WDT total/VBP $/$ 11.5/CD million/CD ,/, and/CC guarantee/VBP as/RB much/RB as/IN $/$ 8.2/CD million/CD in/IN payments/NNS to/TO Eagle/NNP 's/POS unsecured/JJ creditors/NNS ./. ###/### A/DT committee/NN representing/VBG the/DT unsecured/JJ creditors/NNS agreed/VBD to/TO accept/VB 24/CD cents/NNS on/IN the/DT dollar/NN ,/, Eagle/NNP said/VBD ./. ###/### The/DT plan/NN would/MD extend/VB the/DT period/NN under/IN which/WDT Eagle/NNP has/VBZ the/DT exclusive/JJ right/NN to/TO file/VB a/DT reorganization/NN plan/NN ./. ###/### It/PRP would/MD extinguish/VB all/DT of/IN Eagle/NNP 's/POS existing/VBG capital/NN stock/NN and/CC issue/VB new/JJ stock/NN to/TO York/NNP as/IN sole/JJ holder/NN ./. ###/### A/DT bankruptcy/NN court/NN hearing/NN is/VBZ set/VBN for/IN Nov./NNP 3/CD on/IN these/DT accords/NNS ./. ###/### In/IN its/PRP$ bankruptcy-law/NN petition/NN ,/, filed/VBN in/IN U.S./NNP Bankruptcy/NNP Court/NNP in/IN Manhattan/NNP ,/, Eagle/NNP said/VBD its/PRP$ problems/NNS began/VBD in/IN 1987/CD and/CC early/RB 1988/CD when/WRB its/PRP$ then-senior/JJ lender/NN ,/, Bankers/NNPS Trust/NNP Co./NNP ,/, reduced/VBD its/PRP$ credit/NN line/NN ./. ###/### In/IN September/NNP 1988/CD ,/, Eagle/NNP acquired/VBD Biny/NNP Clothing/NNP Inc./NNP ,/, a/DT closely/RB held/VBN New/NNP York/NNP chain/NN operated/VBN under/IN the/DT Bonds/NNP name/NN ./. ###/### Eagle/NNP 's/POS management/NN retired/VBD and/CC Biny/NNP 's/POS management/NN took/VBD control/NN of/IN the/DT company/NN ./. ###/### At/IN the/DT time/NN ,/, Eagle/NNP reached/VBD a/DT new/JJ credit/NN agreement/NN with/IN Bankers/NNPS Trust/NNP and/CC with/IN Bank/NNP Leumi/NNP Trust/NNP Co./NNP of/IN New/NNP York/NNP for/IN $/$ 8/CD million/CD ,/, and/CC a/DT new/JJ subordinated/VBN debt/NN accord/NN with/IN First/NNP Century/NNP Partners/NNPS and/CC Biny/NNP management/NN for/IN $/$ 2/CD million/CD ./. ###/### But/CC Eagle/NNP said/VBD the/DT financing/NN was/VBD insufficient/JJ and/CC sales/NNS during/IN the/DT past/JJ fiscal/JJ year/NN sagged/VBD ./. ###/### Under/IN Chapter/NN 11/CD ,/, a/DT company/NN operates/VBZ under/IN protection/NN from/IN creditors/NNS '/POS lawsuits/NNS while/IN it/PRP works/VBZ out/IN a/DT plan/NN to/TO pay/VB debts/NNS ./. ###/### Standard/NNP &/CC Poor/NNP 's/POS Corp./NNP said/VBD it/PRP would/MD add/VB John/NNP H./NNP Harland/NNP Co./NNP ,/, an/DT Atlanta/NNP check/NN printer/NN ,/, to/TO its/PRP$ 500-stock/JJ index/NN ,/, effective/JJ at/IN the/DT close/NN of/IN trading/VBG on/IN Wednesday/NNP ./. ###/### American/NNP Medical/NNP International/NNP Inc./NNP ,/, a/DT New/NNP York/NNP hospital/NN operator/NN ,/, will/MD be/VB deleted/VBN from/IN the/DT index/NN at/IN that/DT time/NN ./. ###/### American/NNP Medical/NNP is/VBZ being/VBG acquired/VBN ./. ###/### The/DT tougher/JJR new/JJ regulations/NNS under/IN the/DT savings-and-loan/JJ bailout/NN law/NN are/VBP accelerating/VBG the/DT thrift/NN industry/NN 's/POS shrinking/VBG act/NN ./. ###/### Largely/RB to/TO meet/VB tougher/JJR new/JJ capital/NN requirements/NNS ,/, thrifts/NNS reduced/VBD their/PRP$ assets/NNS $/$ 13.4/CD billion/CD in/IN August/NNP ,/, by/IN selling/VBG such/JJ assets/NNS as/IN mortgage-backed/JJ securities/NNS and/CC loans/NNS ./. ###/### Industry/NN assets/NNS as/IN of/IN Aug./NNP 31/CD were/VBD $/$ 1.31/CD trillion/CD ,/, the/DT lowest/JJS since/IN August/NNP 1988/CD ./. ###/### As/IN thrifts/NNS sell/VBP assets/NNS to/TO improve/VB their/PRP$ capital-to-asset/NN ratio/NN ,/, as/IN required/VBN under/IN the/DT new/JJ law/NN passed/VBN in/IN August/NNP ,/, they/PRP must/MD also/RB reduce/VB liabilities/NNS ,/, such/JJ as/IN deposits/NNS ./. ###/### As/IN interest/NN rates/NNS paid/VBD depositors/NNS were/VBD lowered/VBN ,/, thrift/NN withdrawals/NNS exceeded/VBD deposits/NNS by/IN $/$ 5.1/CD billion/CD ,/, not/RB including/VBG interest/NN credited/VBN to/TO accounts/NNS ./. ###/### It/PRP was/VBD the/DT third/JJ consecutive/JJ month/NN in/IN which/WDT thrifts/NNS shed/VBP assets/NNS to/TO increase/VB the/DT size/NN of/IN their/PRP$ capital/NN in/IN relation/NN to/TO their/PRP$ assets/NNS ,/, the/DT Office/NNP of/IN Thrift/NNP Supervision/NNP said/VBD ./. ###/### The/DT asset/NN shrinkage/NN was/VBD particularly/RB concentrated/VBN in/IN several/JJ large/JJ California/NNP institutions/NNS ./. ###/### ``/`` The/DT downsizing/VBG of/IN the/DT thrift/NN industry/NN is/VBZ well/RB under/IN way/NN ,/, ''/'' said/VBD Bert/NNP Ely/NNP ,/, an/DT industry/NN consultant/NN in/IN Alexandria/NNP ,/, Va/NNP ./. ###/### ``/`` This/DT suggests/VBZ the/DT bailout/NN law/NN is/VBZ having/VBG a/DT more/RBR dramatic/JJ effect/NN than/IN anyone/NN would/MD have/VB imagined/VBN so/RB soon/RB ./. ''/'' ###/### James/NNP Barth/NNP ,/, an/DT economist/NN with/IN the/DT Office/NNP of/IN Thrift/NNP Supervision/NNP ,/, also/RB attributed/VBD some/DT of/IN the/DT outflow/NN to/TO seasonal/JJ factors/NNS ./. ###/### ``/`` August/NNP is/VBZ a/DT month/NN when/WRB people/NNS are/VBP paying/VBG school/NN tuition/NN ,/, ''/'' he/PRP said/VBD ./. ###/### ``/`` That/IN and/CC adjustment/NN to/TO the/DT new/JJ law/NN were/VBD the/DT biggest/JJS factors/NNS in/IN the/DT industry/NN ./. ''/'' ###/### Not/RB including/VBG thrifts/NNS under/IN government/NN conservatorship/NN ,/, S&Ls/NNP reduced/VBD their/PRP$ assets/NNS by/IN $/$ 10.1/CD billion/CD from/IN the/DT previous/JJ month/NN ,/, and/CC deposit/NN outflows/NNS totaled/VBD $/$ 3.9/CD billion/CD ./. ###/### For/IN the/DT 264/CD insolvent/JJ thrifts/NNS under/IN government/NN management/NN at/IN the/DT end/NN of/IN August/NNP ,/, assets/NNS declined/VBD by/IN $/$ 3.3/CD billion/CD and/CC withdrawals/NNS exceeded/VBD deposits/NNS by/IN $/$ 1.2/CD billion/CD ./. ###/### Thrifts/NNS raised/VBD capital/NN mostly/RB by/IN selling/VBG mortgages/NNS and/CC mortgage-backed/JJ securities/NNS ,/, which/WDT were/VBD reduced/VBN by/IN $/$ 7.8/CD billion/CD in/IN August/NNP from/IN the/DT prior/JJ month/NN ./. ###/### As/IN of/IN Aug./NNP 31/CD ,/, thrifts/NNS held/VBD $/$ 185/CD billion/CD in/IN mortgage-backed/JJ securities/NNS ./. ###/### The/DT deposit/NN numbers/NNS for/IN August/NNP marked/VBD a/DT swing/NN back/RB to/TO huge/JJ outflows/NNS after/IN a/DT July/NNP net/NN deposit/NN inflow/NN of/IN $/$ 54/CD million/CD --/: the/DT only/RB net/JJ inflow/NN in/IN more/JJR than/IN a/DT year/NN ./. ###/### Deposits/NNS are/VBP n't/RB expected/VBN to/TO exceed/VB withdrawals/NNS in/IN the/DT foreseeable/JJ future/NN ,/, as/IN the/DT industry/NN continues/VBZ to/TO shrink/VB ./. ###/### ``/`` I/PRP think/VBP we/PRP are/VBP going/VBG to/TO see/VB deposit/NN shrinkage/NN continue/VB ,/, unless/IN we/PRP see/VBP big/JJ changes/NNS in/IN rates/NNS ,/, ''/'' Mr./NNP Ely/NNP said/VBD ./. ###/### For/IN the/DT first/JJ eight/CD months/NNS of/IN 1989/CD ,/, thrifts/NNS '/POS withdrawals/NNS exceeded/VBD deposits/NNS by/IN $/$ 44.5/CD billion/CD ./. ###/### For/IN the/DT prior/JJ year/NN ,/, deposits/NNS exceeded/VBD withdrawals/NNS by/IN $/$ 8.8/CD billion/CD ./. ###/### The/DT estimates/NNS of/IN real/JJ gross/JJ national/JJ product/NN prepared/VBN by/IN the/DT Bureau/NNP of/IN Economic/NNP Analysis/NNP in/IN the/DT Department/NNP of/IN Commerce/NNP significantly/RB understate/VBP the/DT rate/NN of/IN economic/JJ growth/NN ./. ###/### Since/IN the/DT bureau/NN 's/POS estimates/NNS for/IN the/DT business/NN sector/NN provide/VBP the/DT numerator/NN for/IN the/DT productivity/NN ratios/NNS calculated/VBN by/IN the/DT Department/NNP of/IN Labor/NNP ,/, underestimated/VBN growth/NN rates/NNS artificially/RB depress/VBP official/JJ productivity/NN statistics/NNS ./. ###/### If/IN this/DT thesis/NN is/VBZ correct/JJ ,/, it/PRP has/VBZ important/JJ implications/NNS for/IN macroeconomic/JJ policies/NNS :/: It/PRP may/MD lower/VB the/DT sense/NN of/IN urgency/NN behind/IN efforts/NNS to/TO enact/VB tax/NN incentives/NNS and/CC other/JJ measures/NNS to/TO increase/VB the/DT rate/NN of/IN growth/NN in/IN productivity/NN and/CC real/JJ GNP/NNP ./. ###/### It/PRP would/MD also/RB affect/VB the/DT perceptions/NNS of/IN the/DT board/NN of/IN governors/NNS of/IN the/DT Federal/NNP Reserve/NNP System/NNP ,/, and/CC the/DT informed/VBN public/NN generally/RB ,/, as/IN to/TO what/WP constitutes/VBZ a/DT reasonable/JJ degree/NN of/IN price/NN stability/NN ./. ###/### In/IN the/DT early/JJ 1980s/CD ,/, I/PRP predicted/VBD a/DT significant/JJ acceleration/NN in/IN productivity/NN growth/NN over/IN the/DT rest/NN of/IN the/DT decade/NN ./. ###/### This/DT forecast/NN was/VBD based/VBN on/IN the/DT apparent/JJ reversal/NN of/IN most/JJS of/IN the/DT negative/JJ forces/NNS --/: such/JJ as/IN demographic/JJ changes/NNS ,/, the/DT oil/NN shock/NN and/CC accelerating/VBG inflation/NN --/: that/WDT had/VBD reduced/VBN productivity/NN gains/NNS in/IN the/DT 1970s/CD ./. ###/### There/EX has/VBZ indeed/RB been/VBN more/JJR than/IN a/DT one/CD percentage/NN point/NN improvement/NN in/IN productivity/NN growth/NN since/IN 1981/CD ./. ###/### But/CC I/PRP had/VBD expected/VBN more/RBR ,/, which/WDT is/VBZ one/CD reason/NN I/PRP began/VBD looking/VBG at/IN evidence/NN suggesting/VBG defects/NNS in/IN the/DT official/JJ output/NN estimates/NNS ./. ###/### The/DT evidence/NN does/VBZ not/RB clearly/RB support/VB the/DT view/NN that/IN the/DT downward/JJ bias/NN in/IN output/NN growth/NN has/VBZ become/VBN greater/JJR during/IN the/DT 1948-89/CD period/NN ,/, but/CC all/DT I/PRP am/VBP claiming/VBG is/VBZ that/IN the/DT growth/NN trend/NN is/VBZ understated/VBN ./. ###/### -LRB-/-LRB- It/PRP is/VBZ ,/, however/RB ,/, possible/JJ ,/, that/IN further/JJ study/NN will/MD reveal/VB increasing/VBG bias/NN ./. -RRB-/-RRB- ###/### This/DT bias/NN is/VBZ in/IN no/DT way/NN deliberate/JJ ./. ###/### The/DT understatement/NN of/IN growth/NN is/VBZ due/JJ largely/RB to/TO the/DT conservative/JJ expedients/NNS adopted/VBN to/TO deal/VB with/IN deficiencies/NNS in/IN basic/JJ economic/JJ data/NNS ./. ###/### The/DT first/JJ of/IN three/CD major/JJ sources/NNS of/IN error/NN is/VBZ the/DT use/NN of/IN labor/NN input/NN estimates/NNS -LRB-/-LRB- mainly/RB employment/NN or/CC hours/NNS -RRB-/-RRB- instead/RB of/IN output/NN estimates/NNS for/IN those/DT sectors/NNS ,/, such/JJ as/IN governments/NNS ,/, paid/VBN household/NN services/NNS and/CC private/JJ non-profit/JJ institutions/NNS ,/, where/WRB there/EX are/VBP difficulties/NNS in/IN assembling/VBG output/NN data/NNS ./. ###/### This/DT means/VBZ that/IN no/DT allowance/NN is/VBZ made/VBN for/IN possible/JJ increases/NNS in/IN output/NN per/IN unit/NN of/IN labor/NN ./. ###/### In/IN an/DT unrelated/JJ program/NN in/IN which/WDT the/DT Labor/NNP Department/NNP does/VBZ estimate/VB output/NN per/IN employee/NN for/IN more/JJR than/IN two-thirds/NNS of/IN federal/JJ civilian/JJ employees/NNS ,/, it/PRP found/VBD an/DT average/JJ annual/JJ rate/NN of/IN productivity/NN improvement/NN of/IN 1.7/CD %/NN during/IN the/DT 1980s/CD ./. ###/### Even/RB if/IN it/PRP is/VBZ assumed/VBN that/IN productivity/NN rose/VBD no/RB more/RBR than/IN half/DT as/RB quickly/RB in/IN the/DT rest/NN of/IN the/DT nonbusiness/NN sector/NN ,/, this/DT Labor/NNP Department/NNP estimate/NN indicates/VBZ a/DT downward/JJ bias/NN in/IN the/DT real/JJ GNP/NNP estimates/NNS of/IN 0.2/CD percentage/NN point/NN a/DT year/NN ,/, on/IN average/NN ./. ###/### The/DT federal/JJ productivity/NN estimators/NNS use/VBP labor/NN input/NN ,/, rather/RB than/IN output/NN ,/, data/NNS for/IN their/PRP$ calculations/NNS of/IN half/DT of/IN private/JJ financial/JJ and/CC service/NN industries/NNS as/RB well/RB ./. ###/### Independent/JJ estimates/NNS of/IN output/NN in/IN those/DT industries/NNS ,/, including/VBG one/CD by/IN the/DT Department/NNP of/IN Labor/NNP for/IN banking/NN ,/, suggests/VBZ that/DT productivity/NN in/IN finance/NN and/CC services/NNS appears/VBZ to/TO have/VB risen/VBN by/IN an/DT average/NN of/IN at/IN least/JJS 1.5/CD %/NN a/DT year/NN between/IN 1948/CD and/CC 1988/CD ./. ###/### Because/IN finance/NN and/CC services/NNS contribute/VBP 10/CD %/NN to/TO final/JJ business/NN product/NN ,/, missing/VBG these/DT productivity/NN improvements/NNS depresses/VBZ the/DT overall/JJ growth/NN rate/NN by/IN 0.15/CD %/NN a/DT year/NN ./. ###/### The/DT second/JJ source/NN of/IN error/NN in/IN growth/NN statistics/NNS is/VBZ the/DT use/NN of/IN inappropriate/JJ deflators/NNS to/TO adjust/VB for/IN price/NN changes/NNS ./. ###/### I/PRP estimate/VBP that/IN these/DT mismeasurements/NNS as/IN detailed/VBN by/IN Martin/NNP N./NNP Baily/NNP and/CC Robert/NNP J./NNP Gordon/NNP add/VB a/DT further/JJ 0.12/CD percentage/NN point/NN to/TO the/DT downward/JJ bias/NN in/IN the/DT growth/NN rate/NN of/IN real/JJ business/NN product/NN ./. ###/### Finally/RB ,/, the/DT official/JJ estimates/NNS understate/VBP growth/NN because/IN they/PRP make/VBP inadequate/JJ allowance/NN for/IN improvements/NNS in/IN quality/NN of/IN goods/NNS and/CC services/NNS ./. ###/### In/IN 1985/CD ,/, a/DT new/JJ price/NN index/NN for/IN computers/NNS adjusted/VBN for/IN changes/NNS in/IN performance/NN characteristics/NNS was/VBD introduced/VBN ,/, and/CC that/WDT resulted/VBD in/IN a/DT significantly/RB larger/JJR increase/NN in/IN real/JJ outlays/NNS for/IN durable/JJ goods/NNS than/IN the/DT earlier/JJR estimates/NNS had/VBD showed/VBN ./. ###/### Since/IN then/RB ,/, further/JJ research/NN argues/VBZ that/DT failure/NN to/TO take/VB account/NN of/IN quality/NN improvements/NNS has/VBZ contributed/VBN a/DT total/NN of/IN at/IN least/JJS 0.26/CD percentage/NN point/NN to/TO the/DT downward/JJ bias/NN in/IN the/DT growth/NN rate/NN ./. ###/### In/IN sum/NN ,/, the/DT biases/NNS ennumerated/VBD above/IN indicate/VBP a/DT 0.7/CD percentage/NN point/NN understatement/NN in/IN growth/NN of/IN total/JJ real/JJ GNP/NNP ./. ###/### For/IN the/DT private/JJ domestic/JJ business/NN economy/NN ,/, the/DT bias/NN was/VBD a/DT bit/NN over/IN 0.5/CD percentage/NN point/NN ./. ###/### In/IN other/JJ words/NNS ,/, the/DT growth/NN rates/NNS of/IN both/DT total/NN GNP/NNP and/CC real/JJ private/JJ business/NN product/NN per/IN labor/NN hour/NN have/VBP been/VBN underestimated/VBN by/IN about/IN 20/CD %/NN ./. ###/### Mr./NNP Kendrick/NNP is/VBZ professor/NN emeritus/NN of/IN economics/NNS at/IN George/NNP Washington/NNP University/NNP ./. ###/### He/PRP is/VBZ co-author/NN of/IN ``/`` Personal/NNP Productivity/NNP :/: How/WRB to/TO Increase/VB Your/PRP$ Satisfaction/NN in/IN Living/VBG ''/'' -LRB-/-LRB- M.E./NNP Sharp/NNP ,/, 1988/CD -RRB-/-RRB- ./. ###/### Union/NNP Carbide/NNP Corp./NNP said/VBD third-quarter/JJ net/NN income/NN plunged/VBD 35/CD %/NN from/IN a/DT year/NN earlier/RBR on/IN weakness/NN in/IN the/DT company/NN 's/POS mainstay/NN chemicals/NNS and/CC plastics/NNS business/NN ./. ###/### Net/NN was/VBD $/$ 139/CD million/CD ,/, or/CC 98/CD cents/NNS a/DT share/NN ,/, for/IN the/DT quarter/NN ,/, compared/VBN with/IN $/$ 213/CD million/CD ,/, or/CC $/$ 1.56/CD a/DT share/NN ,/, a/DT year/NN ago/IN ./. ###/### Sales/NNS were/VBD $/$ 2.14/CD billion/CD ,/, up/IN 1.6/CD %/NN from/IN $/$ 2.11/CD billion/CD the/DT previous/JJ year/NN ./. ###/### Carbide/NNP ,/, like/IN other/JJ companies/NNS with/IN a/DT heavy/JJ reliance/NN on/IN the/DT so-called/JJ commodity/NN end/NN of/IN the/DT chemicals/NNS industry/NN ,/, was/VBD expected/VBN to/TO post/VB earnings/NNS sharply/RB lower/JJR than/IN in/IN an/DT exceptionally/RB strong/JJ 1988/CD third/JJ quarter/NN ./. ###/### But/CC the/DT company/NN 's/POS latest/JJS quarter/NN was/VBD a/DT few/JJ pennies/NNS a/DT share/NN lower/JJR than/IN the/DT more/RBR pessimistic/JJ projections/NNS on/IN Wall/NNP Street/NNP ./. ###/### ``/`` It/PRP certainly/RB was/VBD n't/RB a/DT disaster/NN ,/, but/CC it/PRP does/VBZ show/VB weakness/NN ''/'' in/IN some/DT of/IN the/DT company/NN 's/POS chief/NN markets/NNS ,/, said/VBD George/NNP Krug/NNP ,/, a/DT chemicals-industry/NN analyst/NN at/IN Oppenheimer/NNP &/CC Co/NNP ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Carbide/NNP closed/VBD at/IN $/$ 24.50/CD a/DT share/NN ,/, down/IN 50/CD cents/NNS ./. ###/### Prices/NNS for/IN polyethylene/NN ,/, a/DT common/JJ plastic/NN and/CC an/DT important/JJ Carbide/NNP product/NN ,/, started/VBD to/TO fall/VB early/RB this/DT year/NN ;/: the/DT slide/NN accelerated/VBD in/IN the/DT third/JJ quarter/NN as/IN buyers/NNS continued/VBD to/TO trim/VB inventories/NNS ./. ###/### Prices/NNS also/RB fell/VBD for/IN ethylene/NN oxide/NN and/CC glycols/NNS ,/, products/NNS used/VBN in/IN making/VBG antifreeze/NN ./. ###/### Some/DT producers/NNS of/IN polyethylene/NN ,/, figuring/VBG the/DT inventory/NN reductions/NNS are/VBP near/IN an/DT end/NN ,/, have/VBP announced/VBN price/NN boosts/NNS ./. ###/### The/DT first/JJ real/JJ test/NN of/IN whether/IN prices/NNS have/VBP hit/VBN bottom/NN may/MD come/VB in/IN the/DT next/JJ several/JJ weeks/NNS ,/, when/WRB the/DT new/JJ prices/NNS become/VBP effective/JJ ./. ###/### A/DT Carbide/NNP spokesman/NN said/VBD ``/`` the/DT conditions/NNS are/VBP right/JJ for/IN the/DT increase/NN to/TO hold/VB ./. ''/'' ###/### For/IN the/DT third/JJ quarter/NN ,/, operating/NN profit/NN from/IN Carbide/NNP 's/POS chemicals/NNS and/CC plastics/NNS business/NN fell/VBD to/TO $/$ 238/CD million/CD from/IN $/$ 352/CD million/CD a/DT year/NN ago/IN ,/, before/IN accounting/VBG for/IN taxes/NNS and/CC interest/NN expense/NN ./. ###/### Operating/NN profit/NN from/IN carbon/NN products/NNS ,/, such/JJ as/IN graphite/NN electrodes/NNS ,/, also/RB declined/VBD ,/, to/TO $/$ 6/CD million/CD from/IN $/$ 20/CD million/CD ./. ###/### In/IN the/DT industrial-gases/JJ segment/NN ,/, operating/NN profit/NN climbed/VBD to/TO $/$ 87/CD million/CD from/IN $/$ 58/CD million/CD ./. ###/### The/DT latest/JJS quarter/NN included/VBD a/DT gain/NN of/IN about/IN $/$ 62/CD million/CD on/IN the/DT sale/NN of/IN the/DT company/NN 's/POS urethane/NN polyols/NNS and/CC propylene/NN glycols/NNS businesses/NNS ./. ###/### Propylene/NN glycols/NNS are/VBP used/VBN in/IN making/VBG personal-care/JJ products/NNS such/JJ as/IN shampoo/NN ,/, and/CC urethane/NN polyols/NNS are/VBP used/VBN in/IN making/VBG the/DT polyurethane/NN foam/NN found/VBN in/IN furniture/NN cushioning/NN and/CC other/JJ products/NNS ./. ###/### That/DT gain/NN was/VBD mostly/RB offset/VBN by/IN a/DT loss/NN of/IN about/IN $/$ 55/CD million/CD from/IN a/DT write-down/NN in/IN its/PRP$ polysilicon/NN business/NN ./. ###/### Polysilicon/NN is/VBZ used/VBN in/IN making/VBG integrated/VBN circuits/NNS ./. ###/### For/IN the/DT nine/CD months/NNS ,/, net/NN totaled/VBD $/$ 526/CD million/CD ,/, or/CC $/$ 3.74/CD a/DT share/NN ,/, up/IN 5/CD %/NN from/IN $/$ 501/CD million/CD ,/, or/CC $/$ 3.71/CD a/DT share/NN ,/, a/DT year/NN ago/IN ./. ###/### Sales/NNS rose/VBD 7.7/CD %/NN to/TO $/$ 6.66/CD billion/CD from/IN $/$ 6.19/CD billion/CD ./. ###/### At/IN least/JJS 10/CD states/NNS are/VBP resisting/VBG Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP 's/POS nationwide/JJ effort/NN to/TO settle/VB its/PRP$ legal/JJ troubles/NNS ,/, and/CC some/DT might/MD instead/RB try/VB to/TO revoke/VB the/DT firm/NN 's/POS license/NN to/TO sell/VB securities/NNS within/IN their/PRP$ borders/NNS ./. ###/### The/DT reluctance/NN of/IN some/DT states/NNS to/TO let/VB Drexel/NNP off/IN the/DT hook/NN could/MD hamper/VB the/DT firm/NN 's/POS attempts/NNS to/TO polish/VB its/PRP$ image/NN after/IN its/PRP$ guilty/JJ plea/NN to/TO six/CD felonies/NNS last/JJ month/NN ,/, say/VBP several/JJ people/NNS familiar/JJ with/IN the/DT discussions/NNS ./. ###/### Up/IN to/TO now/RB ,/, Drexel/NNP has/VBZ made/VBN a/DT rapid-fire/JJ series/NN of/IN settlements/NNS with/IN 25/CD states/NNS and/CC the/DT commonwealth/NN of/IN Puerto/NNP Rico/NNP ./. ###/### Just/RB yesterday/NN ,/, New/NNP Hampshire/NNP announced/VBD it/PRP made/VBD a/DT $/$ 75,000/CD settlement/NN with/IN Drexel/NNP ,/, a/DT record-tying/JJ fine/NN for/IN a/DT securities-law/NN matter/NN in/IN that/DT state/NN ./. ###/### These/DT states/NNS have/VBP been/VBN entering/VBG into/IN settlements/NNS with/IN Drexel/NNP as/IN part/NN of/IN the/DT firm/NN 's/POS efforts/NNS to/TO operate/VB freely/RB anywhere/RB in/IN the/DT U.S./NNP despite/IN its/PRP$ record/NN as/IN an/DT admitted/VBN felon/NN ./. ###/### But/CC individuals/NNS familiar/JJ with/IN the/DT generally/RB successful/JJ Drexel/NNP talks/NNS say/VBP the/DT firm/NN is/VBZ meeting/VBG resistance/NN from/IN some/DT big/JJ states/NNS ,/, including/VBG New/NNP Jersey/NNP ,/, New/NNP York/NNP ,/, California/NNP ,/, Pennsylvania/NNP ,/, Connecticut/NNP and/CC Missouri/NNP ./. ###/### Officials/NNS in/IN some/DT of/IN these/DT states/NNS say/VBP they/PRP do/VBP n't/RB want/VB to/TO simply/RB accept/VB the/DT settlements/NNS offered/VBN by/IN Drexel/NNP ./. ###/### They/PRP question/VBP if/IN Drexel/NNP is/VBZ getting/VBG easier/JJR treatment/NN than/IN the/DT many/JJ small/JJ penny-stock/JJ firms/NNS whose/WP$ brokerage/NN licenses/NNS are/VBP routinely/RB revoked/VBN ./. ###/### Drexel/NNP has/VBZ to/TO settle/VB with/IN state/NN securities/NNS regulators/NNS in/IN the/DT wake/NN of/IN its/PRP$ criminal/JJ guilty/JJ plea/NN and/CC a/DT related/VBN civil/JJ settlement/NN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP that/WDT includes/VBZ payment/NN of/IN $/$ 650/CD million/CD in/IN penalties/NNS ./. ###/### These/DT stem/VBP from/IN a/DT two-year/JJ federal/JJ investigation/NN of/IN insider/NN trading/NN and/CC securities/NNS fraud/NN on/IN Wall/NNP Street/NNP ./. ###/### Ohio/NNP ,/, the/DT District/NNP of/IN Columbia/NNP ,/, Tennessee/NNP and/CC Illinois/NNP have/VBP been/VBN less/RBR resistant/JJ to/TO Drexel/NNP than/IN the/DT other/JJ six/CD states/NNS ,/, but/CC nonetheless/RB have/VBP refused/VBN to/TO settle/VB so/RB far/RB ,/, say/VBP those/DT familiar/JJ with/IN the/DT discussions/NNS ./. ###/### Drexel/NNP says/VBZ it/PRP does/VBZ n't/RB expect/VB any/DT of/IN its/PRP$ state/NN brokerage/NN licenses/NNS will/MD be/VB revoked/VBN ,/, and/CC even/RB if/IN some/DT are/VBP ,/, its/PRP$ securities/NNS business/NN would/MD n't/RB be/VB directly/RB hurt/VBN ./. ###/### It/PRP already/RB has/VBZ sold/VBN its/PRP$ retail/NN ,/, or/CC individual-investor/NN ,/, brokerage/NN network/NN ;/: securities/NNS firms/NNS do/VBP n't/RB need/VB brokerage/NN licenses/NNS for/IN non-retail/JJ activities/NNS such/JJ as/IN investment/NN banking/NN ./. ###/### Still/RB ,/, if/IN nothing/NN else/RB ,/, a/DT revoked/VBN brokerage/NN license/NN could/MD be/VB a/DT burden/NN because/IN it/PRP must/MD be/VB disclosed/VBN in/IN many/JJ of/IN the/DT transactions/NNS in/IN which/WDT Drexel/NNP could/MD be/VB involved/VBN ./. ###/### Securities/NNS regulators/NNS praise/VBP Drexel/NNP for/IN its/PRP$ energetic/JJ effort/NN ,/, led/VBN by/IN government-approved/JJ general/JJ counsel/NN Saul/NNP S./NNP Cohen/NNP ,/, to/TO settle/VB its/PRP$ legal/JJ problems/NNS with/IN the/DT states/NNS ./. ###/### But/CC they/PRP disagree/VBP about/IN the/DT message/NN these/DT settlements/NNS give/VBP to/TO the/DT public/NN ./. ###/### ``/`` There/EX was/VBD a/DT lot/NN of/IN internal/JJ debate/NN about/IN that/DT specific/JJ issue/NN ,/, ''/'' said/VBD Susan/NNP Bryant/NNP ,/, Oklahoma/NNP 's/POS chief/NN securities/NNS regulator/NN and/CC president/NN of/IN the/DT North/NNP American/NNP Securities/NNPS Administrators/NNPS Association/NNP ,/, which/WDT drafted/VBD a/DT voluntary/JJ settlement/NN plan/NN for/IN the/DT states/NNS with/IN Drexel/NNP ./. ###/### The/DT question/NN ,/, she/PRP said/VBD ,/, is/VBZ whether/IN Drexel/NNP should/MD be/VB allowed/VBN to/TO pay/VB and/CC move/VB on/IN ,/, or/CC ``/`` whether/IN you/PRP should/MD -LRB-/-LRB- simply/RB -RRB-/-RRB- revoke/VB the/DT license/NN when/WRB someone/NN is/VBZ convicted/VBN of/IN a/DT felony/NN ./. ''/'' ###/### While/IN Ms./NNP Bryant/NNP 's/POS state/NN went/VBD ahead/RB and/CC accepted/VBN Drexel/NNP 's/POS settlement/NN offer/NN of/IN $/$ 25,000/CD ,/, she/PRP said/VBD :/: ``/`` I/PRP do/VBP n't/RB have/VB any/DT argument/NN with/IN those/DT who/WP came/VBD to/TO different/JJ conclusions/NNS ./. ###/### I/PRP can/MD see/VB both/DT sides/NNS ./. ''/'' ###/### Similarly/RB ,/, Alfred/NNP Rubega/NNP ,/, New/NNP Hampshire/NNP 's/POS director/NN of/IN securities/NNS regulation/NN ,/, said/VBD his/PRP$ state/NN had/VBD n't/RB received/VBN any/DT complaints/NNS about/IN Drexel/NNP ,/, so/IN it/PRP really/RB could/MD n't/RB press/VB the/DT issue/NN ./. ###/### Still/RB ,/, ``/`` I/PRP understand/VBP the/DT reasons/NNS ''/'' that/IN other/JJ states/NNS are/VBP holding/VBG out/IN ,/, he/PRP said/VBD ./. ###/### Mr./NNP Cohen/NNP ,/, the/DT Drexel/NNP general/JJ counsel/NN ,/, said/VBD ,/, ``/`` I/PRP do/VBP n't/RB think/VB ,/, as/IN we/PRP say/VBP in/IN investment/NN banking/NN ,/, that/IN `/`` by/IN the/DT end/NN of/IN the/DT day/NN '/'' we/PRP 'll/MD be/VB losing/VBG any/DT licenses/NNS ./. ''/'' ###/### Asked/VBD about/IN states/NNS that/WDT are/VBP taking/VBG a/DT hard/JJ line/NN ,/, he/PRP said/VBD ,/, ``/`` There/EX are/VBP states/NNS that/WDT have/VBP asked/VBN for/IN additional/JJ information/NN ,/, which/WDT we/PRP are/VBP providing/VBG to/TO them/PRP ./. ''/'' ###/### Mr./NNP Cohen/NNP said/VBD more/RBR than/IN $/$ 2.8/CD million/CD has/VBZ been/VBN paid/VBN to/TO 26/CD states/NNS and/CC that/IN Drexel/NNP still/RB expects/VBZ to/TO pay/VB out/IN a/DT total/NN of/IN $/$ 11.5/CD million/CD ./. ###/### By/IN the/DT end/NN of/IN this/DT week/NN ,/, Drexel/NNP should/MD have/VB another/DT three/CD to/TO four/CD settlements/NNS ,/, Mr./NNP Cohen/NNP said/VBD ./. ###/### ``/`` The/DT rate/NN we/PRP 're/VBP going/VBG ,/, I/PRP think/VBP that/IN by/IN the/DT end/NN of/IN the/DT month/NN ,/, we/PRP 're/VBP looking/VBG to/TO have/VB a/DT total/NN of/IN 30/CD to/TO 35/CD ,/, ''/'' he/PRP said/VBD ./. ###/### That/DT total/NN would/MD be/VB important/JJ for/IN Drexel/NNP ./. ###/### The/DT investment/NN bank/NN has/VBZ previously/RB announced/VBN that/IN as/IN part/NN of/IN its/PRP$ punishment/NN it/PRP would/MD create/VB an/DT independent/JJ foundation/NN to/TO promote/VB ethical/JJ behavior/NN in/IN the/DT securities/NNS industry/NN ./. ###/### A/DT proviso/NN to/TO that/DT promise/NN is/VBZ that/IN a/DT minimum/NN of/IN 35/CD states/NNS reach/VBP settlement/NN agreements/NNS before/IN next/JJ Tuesday/NNP ./. ###/### There/EX are/VBP ,/, according/VBG to/TO several/JJ securities/NNS commissioners/NNS ,/, at/IN least/JJS 16/CD states/NNS that/WDT are/VBP either/RB close/RB to/TO settlements/NNS with/IN Drexel/NNP or/CC who/WP do/VBP n't/RB appear/VB opposed/VBN to/TO settling/VBG ./. ###/### Drexel/NNP 's/POS proposed/VBN state/NN fines/NNS have/VBP been/VBN based/VBN on/IN a/DT state/NN 's/POS population/NN and/CC on/IN the/DT size/NN of/IN Drexel/NNP 's/POS business/NN in/IN the/DT state/NN ./. ###/### New/NNP Jersey/NNP ,/, for/IN example/NN ,/, was/VBD asked/VBN to/TO accept/VB $/$ 300,000/CD ,/, but/CC refused/VBD ./. ###/### The/DT state/NN is/VBZ n't/RB ruling/VBG out/IN revoking/VBG Drexel/NNP 's/POS brokerage/NN license/NN ./. ###/### The/DT state/NN can/MD also/RB bar/VB Drexel/NNP as/IN an/DT investment/NN adviser/NN ./. ###/### State/NN officials/NNS wo/MD n't/RB describe/VB their/PRP$ position/NN in/IN detail/NN ,/, but/CC James/NNP McLelland/NNP Smith/NNP ,/, state/NN securities/NNS chief/NN ,/, said/VBD :/: ``/`` We/PRP really/RB are/VBP still/RB looking/VBG at/IN it/PRP and/CC have/VB informed/VBN -LRB-/-LRB- Drexel/NNP -RRB-/-RRB- that/IN the/DT proposal/NN is/VBZ really/RB not/RB sufficient/JJ for/IN settlement/NN ./. ''/'' ###/### Connecticut/NNP already/RB has/VBZ issued/VBN a/DT ``/`` notice/NN of/IN intent/NN ''/'' to/TO revoke/VB Drexel/NNP 's/POS brokerage/NN license/NN ./. ###/### It/PRP is/VBZ one/CD of/IN the/DT states/NNS that/WDT have/VBP met/VBN with/IN Mr./NNP Cohen/NNP and/CC asked/VBN for/IN additional/JJ information/NN about/IN investors/NNS '/POS accounts/NNS and/CC other/JJ matters/NNS ./. ###/### ``/`` This/DT particular/JJ issue/NN goes/VBZ to/TO the/DT very/JJ integrity/NN of/IN the/DT capital-formation/NN market/NN ,/, ''/'' state/NN Banking/NNP Commissioner/NNP Howard/NNP Brown/NNP said/VBD ./. ###/### A/DT banking/NN department/NN spokesman/NN added/VBD :/: ``/`` Commissioner/NNP Brown/NNP does/VBZ n't/RB feel/VB that/DT money/NN alone/RB is/VBZ the/DT issue/NN here/RB ./. ''/'' ###/### Particularly/RB touchy/JJ are/VBP the/DT cases/NNS of/IN New/NNP York/NNP ,/, which/WDT is/VBZ Drexel/NNP 's/POS base/NN ,/, and/CC California/NNP ,/, the/DT base/NN of/IN Drexel/NNP 's/POS highly/RB profitable/JJ junk-bond/NN operation/NN that/WDT led/VBD to/TO the/DT firm/NN 's/POS legal/JJ difficulties/NNS ./. ###/### Neither/DT state/NN has/VBZ settled/VBN ,/, and/CC officials/NNS in/IN the/DT two/CD states/NNS wo/MD n't/RB discuss/VB their/PRP$ reasons/NNS for/IN not/RB doing/VBG so/RB ./. ###/### But/CC Drexel/NNP has/VBZ made/VBN it/PRP clear/JJ it/PRP could/MD mount/VB a/DT significant/JJ legal/JJ battle/NN in/IN each/DT state/NN if/IN its/PRP$ license/NN is/VBZ revoked/VBN ,/, according/VBG to/TO state/NN officials/NNS ./. ###/### Ms./NNP Bryant/NNP ,/, the/DT head/NN of/IN the/DT state/NN securities/NNS group/NN ,/, said/VBD Drexel/NNP has/VBZ done/VBN a/DT better/JJR job/NN of/IN settling/VBG with/IN the/DT states/NNS than/IN E.F./NNP Hutton/NNP did/VBD after/IN its/PRP$ guilty/JJ plea/NN to/TO a/DT massive/JJ check-kiting/JJ scheme/NN several/JJ years/NNS ago/IN ./. ###/### Still/RB ,/, she/PRP said/VBD ,/, Drexel/NNP 's/POS trouble/NN with/IN some/DT states/NNS is/VBZ n't/RB a/DT bad/JJ thing/NN ./. ###/### ``/`` This/DT process/NN should/MD point/VB out/IN that/IN it/PRP 's/VBZ not/RB going/VBG to/TO be/VB easy/JJ for/IN a/DT firm/NN that/WDT 's/VBZ convicted/VBN of/IN a/DT felony/NN to/TO immediately/RB jump/VB back/RB into/IN the/DT retail/JJ business/NN ,/, ''/'' Ms./NNP Bryant/NNP said/VBD ./. ###/### ``/`` We/PRP need/VBP to/TO have/VB somebody/NN worried/VBN so/IN they/PRP do/VBP n't/RB do/VB this/DT again/RB ./. ''/'' ###/### These/DT are/VBP the/DT 26/CD states/NNS ,/, including/VBG the/DT commonwealth/NN of/IN Puerto/NNP Rico/NNP ,/, that/WDT have/VBP settled/VBN with/IN Drexel/NNP :/: Alaska/NNP ,/, Arkansas/NNP ,/, Delaware/NNP ,/, Georgia/NNP ,/, Hawaii/NNP ,/, Idaho/NNP ,/, Indiana/NNP ,/, Iowa/NNP ,/, Kansas/NNP ,/, Kentucky/NNP ,/, Maine/NNP ,/, Maryland/NNP ,/, Minnesota/NNP ,/, Mississippi/NNP ,/, New/NNP Hampshire/NNP ,/, New/NNP Mexico/NNP ,/, North/NNP Dakota/NNP ,/, Oklahoma/NNP ,/, Oregon/NNP ,/, South/NNP Carolina/NNP ,/, South/NNP Dakota/NNP ,/, Utah/NNP ,/, Vermont/NNP ,/, Washington/NNP ,/, Wyoming/NNP and/CC Puerto/NNP Rico/NNP ./. ###/### Time/NNP Warner/NNP Inc./NNP reported/VBD a/DT third-quarter/JJ net/JJ loss/NN of/IN $/$ 176/CD million/CD ,/, or/CC $/$ 2.88/CD cents/NNS a/DT share/NN ,/, reflecting/VBG acquisition/NN costs/NNS for/IN a/DT 59.3/CD %/NN stake/NN in/IN Warner/NNP Communications/NNPS Inc./NNP and/CC the/DT purchase/NN method/NN of/IN accounting/VBG for/IN the/DT transaction/NN ./. ###/### Separately/RB ,/, Warner/NNP reported/VBD a/DT net/JJ loss/NN of/IN $/$ 106/CD million/CD ,/, or/CC 56/CD cents/NNS a/DT share/NN ,/, including/VBG merger/NN expenses/NNS of/IN $/$ 100/CD million/CD and/CC $/$ 120/CD million/CD in/IN charges/NNS associated/VBN with/IN stock-appreciation-based/JJ compensation/NN plans/NNS ./. ###/### Time/NNP Warner/NNP is/VBZ in/IN the/DT process/NN of/IN completing/VBG its/PRP$ acquisition/NN of/IN the/DT remaining/VBG Warner/NNP shares/NNS ./. ###/### Time/NNP Warner/NNP emphasized/VBD in/IN a/DT news/NN release/NN that/IN it/PRP should/MD be/VB evaluated/VBN based/VBN on/IN its/PRP$ cash/NN flow/NN ,/, which/WDT the/DT company/NN defined/VBD as/IN earnings/NNS before/IN interest/NN ,/, taxes/NNS ,/, depreciation/NN and/CC amortization/NN ./. ###/### On/IN a/DT pro-forma/FW basis/NN ,/, assuming/VBG the/DT merger/NN was/VBD effective/JJ Jan/NNP 1/CD ,/, 1988/CD ,/, including/VBG the/DT results/NNS from/IN both/DT Time/NNP Inc./NNP and/CC all/DT of/IN Warner/NNP ,/, that/IN cash/NN flow/NN figure/NN would/MD be/VB $/$ 526/CD million/CD for/IN the/DT latest/JJS quarter/NN ,/, more/RBR than/IN double/VB the/DT comparable/JJ figure/NN a/DT year/NN ago/IN ,/, or/CC $/$ 242/CD million/CD ,/, according/VBG to/TO Time/NNP Warner/NNP ./. ###/### Some/DT analysts/NNS at/IN least/JJS are/VBP buying/VBG that/DT argument/NN ,/, and/CC were/VBD n't/RB alarmed/VBN by/IN the/DT losses/NNS ./. ###/### ``/`` What/WP really/RB matters/VBZ is/VBZ the/DT operating/VBG income/NN of/IN the/DT divisions/NNS :/: I/PRP look/VBP at/IN these/DT numbers/NNS and/CC I/PRP say/VBP ,/, these/DT businesses/NNS are/VBP doing/VBG well/RB ,/, ''/'' said/VBD Mark/NNP Manson/NNP ,/, a/DT vice/NN president/NN of/IN Donaldson/NNP ,/, Lufkin/NNP &/CC Jenrette/NNP Securities/NNPS Corp/NNP ./. ###/### ``/`` For/IN example/NN ,/, Warner/NNP made/VBD more/JJR than/IN $/$ 100/CD million/CD from/IN filmed/VBN entertainment/NN in/IN three/CD months/NNS ./. ###/### That/DT 's/VBZ a/DT big/JJ number/NN ./. ###/### Warner/NNP also/RB had/VBD a/DT gain/NN of/IN more/RBR than/IN 13/CD %/NN from/IN records/NNS and/CC music/NN publishing/NN ,/, even/RB though/IN the/DT domestic/JJ record/NN business/NN was/VBD sluggish/JJ this/DT summer/NN ./. ''/'' ###/### In/IN the/DT year-ago/JJ third/JJ quarter/NN ,/, Time/NNP on/IN its/PRP$ own/JJ reported/VBD net/JJ income/NN of/IN $/$ 81/CD million/CD ,/, or/CC $/$ 1.42/CD a/DT share/NN ./. ###/### Combined/VBN revenue/NN for/IN the/DT latest/JJS quarter/NN of/IN Time/NNP Warner/NNP was/VBD $/$ 2.2/CD billion/CD ,/, compared/VBN with/IN the/DT year-ago/JJ Time/NNP revenue/NN of/IN $/$ 1.1/CD billion/CD ./. ###/### On/IN a/DT pro/FW forma/FW basis/NN ,/, including/VBG all/DT of/IN Warner/NNP 's/POS earnings/NNS ,/, Time/NNP Warner/NNP had/VBD a/DT third-quarter/JJ loss/NN of/IN $/$ 217/CD million/CD ,/, compared/VBN with/IN a/DT $/$ 342/CD million/CD loss/NN a/DT year/NN earlier/RBR ./. ###/### On/IN the/DT same/JJ basis/NN ,/, revenue/NN rose/VBD to/TO $/$ 2.7/CD billion/CD from/IN $/$ 2.2/CD billion/CD ./. ###/### For/IN the/DT third/JJ quarter/NN ,/, Warner/NNP 's/POS $/$ 106/CD million/CD loss/NN compared/VBN with/IN a/DT year-ago/JJ loss/NN of/IN $/$ 113/CD million/CD ,/, or/CC 90/CD cents/NNS a/DT share/NN ./. ###/### Revenue/NN rose/VBD to/TO $/$ 1.5/CD billion/CD from/IN $/$ 1.1/CD billion/CD ./. ###/### The/DT 1988/CD figures/NNS were/VBD restated/VBN to/TO include/VB the/DT results/NNS of/IN Lorimar/NNP Telepictures/NNPS Corp./NNP ,/, which/WDT Warner/NNP acquired/VBD in/IN January/NNP ./. ###/### Time/NNP Warner/NNP 's/POS operating/NN earnings/NNS got/VBD a/DT boost/NN from/IN Warner/NNP 's/POS record/NN box-office/NN results/NNS ./. ###/### ``/`` Batman/NNP ''/'' alone/RB has/VBZ racked/VBN up/IN more/RBR than/IN $/$ 247/CD million/CD in/IN box-office/NN receipts/NNS to/TO date/NN ,/, making/VBG it/PRP Warner/NNP Bros/NNP ./. '/'' largest/JJS grossing/VBG film/NN ever/RB ./. ###/### ``/`` Lethal/NNP Weapon/NNP II/NNP ''/'' was/VBD also/RB a/DT big/JJ hit/NN ./. ###/### Warner/NNP also/RB contributed/VBD record/NN results/NNS from/IN its/PRP$ music/NN business/NN ,/, where/WRB unit/NN sales/NNS of/IN compact/JJ discs/NNS rose/VBD more/JJR than/IN 50/CD %/NN from/IN a/DT year/NN ago/IN ,/, the/DT company/NN said/VBD ,/, helped/VBN by/IN Prince/NNP 's/POS ``/`` Batman/NNP ''/'' soundtrack/NN ./. ###/### Time/NNP Warner/NNP said/VBD its/PRP$ cable/NN division/NN turned/VBD in/IN a/DT 77/CD %/NN increase/NN in/IN operating/NN cash/NN flow/NN ,/, to/TO $/$ 166/CD million/CD from/IN $/$ 94/CD million/CD ,/, reflecting/VBG higher/JJR per-subscriber/NN revenue/NN ./. ###/### In/IN addition/NN ,/, the/DT 1988/CD results/NNS included/VBD a/DT $/$ 20/CD million/CD charge/NN reflecting/VBG a/DT reserve/NN for/IN relocation/NN related/VBN expenses/NNS at/IN American/NNP Television/NNP &/CC Communications/NNPS Corp/NNP ./. ###/### On/IN the/DT other/JJ hand/NN ,/, Time/NNP Warner/NNP said/VBD its/PRP$ operating/NN cash/NN flow/NN declined/VBD in/IN the/DT quarter/NN for/IN its/PRP$ magazine/NN division/NN ,/, its/PRP$ books/NNS division/NN and/CC the/DT Home/NNP Box/NNP Office/NNP programming/VBG division/NN ./. ###/### In/IN magazines/NNS ,/, higher/JJR advertising/NN revenues/NNS at/IN Sports/NNP Illustrated/NNP and/CC Fortune/NNP were/VBD offset/VBN by/IN lower/JJR ad/NN revenue/NN for/IN other/JJ major/JJ magazines/NNS ./. ###/### The/DT programming/VBG division/NN saw/VBD a/DT decline/NN in/IN operating/NN cash/NN flow/NN because/IN the/DT year-ago/JJ quarter/NN included/VBD a/DT $/$ 12/CD million/CD dividend/NN from/IN Turner/NNP Broadcasting/NNP System/NNP and/CC because/IN the/DT quarter/NN includes/VBZ expenses/NNS associated/VBN with/IN the/DT Nov./NNP 15/CD launch/NN of/IN HBO/NNP 's/POS Comedy/NNP Channel/NNP ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Time/NNP Warner/NNP closed/VBD at/IN $/$ 138.625/CD a/DT share/NN ,/, up/IN $/$ 1.875/CD ,/, while/IN Warner/NNP closed/VBD at/IN $/$ 63.875/CD a/DT share/NN ,/, up/IN 12.5/CD cents/NNS ./. ###/### Robert/NNP J./NNP Penn/NNP ,/, president/NN and/CC chief/NN executive/NN officer/NN ,/, will/MD take/VB early/JJ retirement/NN from/IN this/DT steelmaker/NN Dec/NNP 31/CD ./. ###/### William/NNP S./NNP Leavitt/NNP ,/, chairman/NN ,/, said/VBD Mr./NNP Penn/NNP ,/, 58/CD years/NNS old/JJ ,/, would/MD continue/VB as/IN a/DT consultant/NN and/CC would/MD work/VB with/IN the/DT board/NN in/IN selecting/VBG a/DT successor/NN ./. ###/### UNR/NNP recently/RB emerged/VBD from/IN bankruptcy-law/NN proceedings/NNS that/WDT left/VBD 64/CD %/NN of/IN the/DT reorganized/VBN company/NN 's/POS common/JJ stock/NN in/IN the/DT hands/NNS of/IN trustees/NNS of/IN an/DT asbestos-disease/NN claims/NNS trust/NN ./. ###/### The/DT company/NN said/VBD it/PRP would/MD have/VB no/DT further/JJ comment/NN ./. ###/### Mr./NNP Leavitt/NNP ,/, 37/CD ,/, was/VBD elected/VBN chairman/NN earlier/RBR this/DT year/NN by/IN the/DT company/NN 's/POS new/JJ board/NN ,/, having/VBG served/VBN as/IN vice/NN president/NN for/IN legal/JJ and/CC corporate/JJ affairs/NNS ./. ###/### His/PRP$ father/NN ,/, David/NNP S./NNP Leavitt/NNP ,/, was/VBD chairman/NN and/CC chief/NN executive/NN until/IN his/PRP$ death/NN in/IN an/DT accident/NN five/CD years/NNS ago/IN ,/, at/IN which/WDT time/NN Mr./NNP Penn/NNP was/VBD named/VBN president/NN ./. ###/### Some/DT House/NNP Democrats/NNPS are/VBP trying/VBG to/TO head/VB off/IN an/DT appointment/NN by/IN President/NNP Bush/NNP to/TO the/DT board/NN that/WDT oversees/VBZ the/DT savings-and-loan/JJ bailout/NN ,/, contending/VBG that/IN the/DT prospective/JJ nominee/NN is/VBZ the/DT head/NN of/IN troubled/VBN banks/NNS himself/PRP ./. ###/### Four/CD Democrats/NNPS on/IN the/DT House/NNP Banking/NNP Committee/NNP sent/VBD President/NNP Bush/NNP a/DT letter/NN stating/VBG their/PRP$ concerns/NNS about/IN the/DT expected/VBN appointment/NN of/IN James/NNP Simmons/NNP ,/, an/DT Arizona/NNP banker/NN and/CC former/JJ fund-raiser/NN for/IN Mr./NNP Bush/NNP ,/, to/TO the/DT Oversight/NNP Board/NNP of/IN the/DT Resolution/NNP Trust/NNP Corp/NNP ./. ###/### The/DT Oversight/NNP Board/NNP ,/, created/VBN in/IN the/DT savings-and-loan/JJ law/NN signed/VBN in/IN August/NNP ,/, sets/VBZ policy/NN for/IN the/DT RTC/NNP ,/, which/WDT will/MD sell/VB hundreds/NNS of/IN the/DT nation/NN 's/POS sick/JJ thrifts/NNS and/CC billions/NNS of/IN dollars/NNS of/IN their/PRP$ assets/NNS ./. ###/### Treasury/NNP Secretary/NNP Nicholas/NNP Brady/NNP ,/, Federal/NNP Reserve/NNP Board/NNP Chairman/NNP Alan/NNP Greenspan/NNP and/CC Housing/NNP and/CC Urban/NNP Development/NNP Secretary/NNP Jack/NNP Kemp/NNP are/VBP members/NNS of/IN the/DT board/NN ./. ###/### President/NNP Bush/NNP must/MD appoint/VB two/CD other/JJ members/NNS ,/, one/NN a/DT Democrat/NNP and/CC one/CD a/DT Republican/NNP ./. ###/### An/DT administration/NN official/NN confirmed/VBD last/JJ week/NN that/IN Mr./NNP Simmons/NNP ,/, the/DT chairman/NN of/IN Valley/NNP National/NNP Bank/NNP in/IN Phoenix/NNP ,/, is/VBZ the/DT Republican/NNP appointee/NN ,/, and/CC that/IN a/DT security/NN clearance/NN was/VBD under/IN way/NN ./. ###/### The/DT Democratic/JJ appointee/NN has/VBZ n't/RB been/VBN determined/VBN ,/, the/DT official/NN said/VBD ./. ###/### Mr./NNP Simmons/NNP declined/VBD to/TO comment/VB ,/, and/CC the/DT White/NNP House/NNP said/VBD the/DT congressmen/NNS 's/POS letter/NN is/VBZ under/IN review/NN ./. ###/### The/DT letter/NN ,/, dated/VBN last/JJ Thursday/NNP ,/, cited/VBD the/DT losses/NNS at/IN Valley/NNP National/NNP ,/, and/CC at/IN United/NNP Bank/NNP ,/, also/RB of/IN Phoenix/NNP ,/, where/WRB Mr./NNP Simmons/NNP was/VBD chairman/NN for/IN 29/CD years/NNS ./. ###/### Both/DT banks/NNS have/VBP been/VBN battered/VBN ,/, as/IN have/VBP other/JJ Arizona/NNP banks/NNS ,/, by/IN falling/VBG real/JJ estate/NN prices/NNS ./. ###/### Valley/NNP National/NNP ,/, for/IN example/NN ,/, had/VBD $/$ 470/CD million/CD in/IN problem/NN assets/NNS as/IN of/IN June/NNP ./. ###/### ``/`` We/PRP believe/VBP that/IN there/EX are/VBP numerous/JJ other/JJ candidates/NNS more/RBR qualified/VBN for/IN this/DT important/JJ position/NN and/CC we/PRP encourage/VBP you/PRP to/TO give/VB them/PRP your/PRP$ thorough/JJ consideration/NN before/IN making/VBG this/DT key/JJ RTC/NNP appointment/NN ,/, ''/'' the/DT letter/NN said/VBD ./. ###/### ``/`` The/DT RTC/NNP needs/VBZ the/DT most/RBS able/JJ ,/, competent/JJ management/NN available/JJ ./. ''/'' ###/### But/CC Mr./NNP Simmons/NNP has/VBZ long/JJ ties/NNS to/TO both/DT Republicans/NNPS and/CC banking/NN ./. ###/### He/PRP was/VBD co-chairman/NN of/IN Mr./NNP Bush/NNP 's/POS Arizona/NNP campaign/NN committee/NN in/IN last/JJ year/NN 's/POS election/NN ,/, and/CC also/RB worked/VBD for/IN Mr./NNP Bush/NNP in/IN the/DT 1980/CD election/NN ./. ###/### The/DT two/CD met/VBD more/JJR than/IN 30/CD years/NNS ago/IN ,/, when/WRB Mr./NNP Simmons/NNP worked/VBD for/IN Commercial/NNP Bank/NNP &/CC Trust/NNP Co./NNP of/IN Midland/NNP ,/, Texas/NNP ,/, where/WRB Mr./NNP Bush/NNP was/VBD an/DT organizing/VBG director/NN ./. ###/### In/IN 1986/CD ,/, Mr./NNP Simmons/NNP also/RB served/VBD on/IN a/DT committee/NN of/IN businessmen/NNS headed/VBN by/IN William/NNP Seidman/NNP ,/, chairman/NN of/IN the/DT Federal/NNP Deposit/NNP Insurance/NNP Corp./NNP and/CC the/DT Resolution/NNP Trust/NNP Corp/NNP ./. ###/### That/DT committee/NN determined/VBD to/TO open/VB Arizona/NNP to/TO banking/NN across/IN state/NN lines/NNS ./. ###/### Arizona/NNP Trend/NNP magazine/NN referred/VBD to/TO Mr./NNP Simmons/NNP this/DT year/NN as/IN one/CD of/IN the/DT 25/CD most/RBS influential/JJ people/NNS in/IN the/DT state/NN ./. ###/### The/DT letter/NN to/TO Mr./NNP Bush/NNP was/VBD signed/VBN by/IN Reps./NNP Bruce/NNP Vento/NNP -LRB-/-LRB- D./NNP ,/, Minn./NNP -RRB-/-RRB- ,/, the/DT chairman/NN of/IN the/DT Banking/NNP Committee/NNP 's/POS RTC/NNP Task/NNP Force/NNP ,/, Thomas/NNP McMillen/NNP -LRB-/-LRB- D./NNP ,/, Md./NNP -RRB-/-RRB- ,/, Kweisi/NNP Mfume/NNP -LRB-/-LRB- D./NNP ,/, Md/NNP ./. -RRB-/-RRB- and/CC Paul/NNP Kanjorski/NNP -LRB-/-LRB- D./NNP ,/, Pa/NNP ./. -RRB-/-RRB- ./. ###/### Randolph/NNP W./NNP McElroy/NNP ,/, a/DT vice/NN chairman/NN of/IN this/DT bank-holding/JJ company/NN ,/, was/VBD named/VBN to/TO the/DT additional/JJ position/NN of/IN chairman/NN of/IN its/PRP$ principal/JJ unit/NN ,/, Sovran/NNP Bank/NNP ./. ###/### Mr./NNP McElroy/NNP ,/, 54/CD years/NNS old/JJ ,/, will/MD remain/VB president/NN and/CC chief/JJ executive/JJ officer/NN of/IN the/DT unit/NN ./. ###/### Sovran/NNP also/RB named/VBD John/NNP B./NNP Werner/NNP a/DT vice/NN chairman/NN of/IN the/DT parent/JJ company/NN and/CC the/DT unit/NN and/CC elected/VBD him/PRP to/TO the/DT newly/RB created/VBN position/NN of/IN chief/JJ credit/NN officer/NN of/IN Sovran/NNP Financial/NNP ,/, increasing/VBG the/DT number/NN of/IN corporate/JJ board/NN members/NNS to/TO 35/CD ./. ###/### Mr./NNP Werner/NNP ,/, 58/CD ,/, was/VBD formerly/RB senior/JJ executive/JJ vice/NN president/NN of/IN the/DT parent/JJ company/NN and/CC the/DT unit/NN ./. ###/### Moody/NNP 's/POS Investors/NNP Service/NNP Inc./NNP said/VBD it/PRP lowered/VBD the/DT debt/NN ratings/NNS of/IN certain/JJ long-term/JJ debt/NN held/VBN by/IN this/DT company/NN ./. ###/### The/DT debt-rating/JJ concern/NN cited/VBD the/DT bank/NN 's/POS move/NN into/IN the/DT Texas/NNP market/NN ,/, noting/VBG its/PRP$ profitability/NN and/CC capital/NN adequacy/NN measurements/NNS will/MD be/VB depressed/JJ relative/JJ to/TO the/DT bank/NN 's/POS past/JJ performance/NN ./. ###/### Moody/NNP 's/POS also/RB said/VBD it/PRP raised/VBD its/PRP$ rating/NN on/IN the/DT Deposit/NNP Insurance/NNP Bridge/NNP Bank/NNP ,/, now/RB known/VBN as/IN Bank/NNP One/CD ,/, Texas/NNP N.A./NNP ,/, reflecting/VBG the/DT support/NN of/IN other/JJ banking/NN affiliates/NNS and/CC substantial/JJ assistance/NN for/IN the/DT FDIC/NNP ./. ###/### Officials/NNS at/IN the/DT New/NNP York/NNP bank-holding/JJ company/NN were/VBD n't/RB available/JJ for/IN comment/NN on/IN the/DT debt-rating/JJ changes/NNS ./. ###/### At/IN Lloyd/NNP 's/POS of/IN London/NNP ,/, underwriters/NNS still/RB scratch/VBP out/RP policies/NNS using/VBG fountain/NN pens/NNS and/CC blotting/VBG paper/NN ./. ###/### Visitors/NNS are/VBP ushered/VBN into/IN the/DT premises/NNS by/IN red-frocked/JJ doormen/NNS known/VBN as/IN waiters/NNS ,/, a/DT reminder/NN of/IN the/DT insurance/NN market/NN 's/POS origins/NNS in/IN a/DT coffeehouse/NN in/IN 17th/JJ century/NN London/NNP ./. ###/### Such/JJ trappings/NNS suggest/VBP a/DT glorious/JJ past/NN but/CC give/VBP no/DT hint/NN of/IN a/DT troubled/JJ present/NN ./. ###/### Lloyd/NNP 's/POS ,/, once/RB a/DT pillar/NN of/IN the/DT world/NN insurance/NN market/NN ,/, is/VBZ being/VBG shaken/VBN to/TO its/PRP$ very/JJ foundation/NN ./. ###/### The/DT 301-year-old/JJ exchange/NN is/VBZ battered/VBN by/IN enormous/JJ claims/NNS from/IN a/DT decade-long/JJ run/NN of/IN unprecedented/JJ disasters/NNS ,/, the/DT most/RBS recent/JJ of/IN which/WDT is/VBZ last/JJ week/NN 's/POS earthquake/NN in/IN California/NNP 's/POS Bay/NNP Area/NNP ./. ###/### At/IN the/DT same/JJ time/NN ,/, Lloyd/NNP 's/POS is/VBZ besieged/VBN by/IN disgruntled/JJ investors/NNS and/CC hamstrung/VBN by/IN inefficient/JJ but/CC time-honored/JJ ways/NNS of/IN conducting/VBG business/NN ./. ###/### The/DT exchange/NN is/VBZ gradually/RB being/VBG squeezed/VBN into/IN narrow/JJ ,/, less-profitable/JJ segments/NNS of/IN the/DT market/NN by/IN less/JJR hidebound/JJ competitors/NNS ./. ###/### ``/`` Lloyd/NNP 's/POS is/VBZ on/IN the/DT ropes/NNS ,/, ''/'' says/VBZ Peter/NNP Nutting/NNP ,/, a/DT Lloyd/NNP 's/POS investor/NN for/IN 17/CD years/NNS who/WP now/RB leads/VBZ a/DT dissident/JJ group/NN threatening/VBG to/TO sue/VB exchange/NN underwriters/NNS for/IN alleged/JJ mismanagement/NN and/CC negligence/NN ./. ###/### It/PRP needs/VBZ more/JJR discipline/NN ./. ###/### It/PRP needs/VBZ to/TO sort/VB itself/PRP out/RP ./. ''/'' ###/### Most/RBS troublesome/JJ is/VBZ the/DT shrinking/VBG pool/NN of/IN ``/`` names/NNS ,/, ''/'' the/DT well-heeled/JJ investors/NNS -LRB-/-LRB- some/DT of/IN them/PRP royal/JJ -RRB-/-RRB- who/WP ,/, as/IN members/NNS of/IN about/RB 360/CD syndicates/NNS ,/, underwrite/VBP policies/NNS ./. ###/### Some/RB 1,750/CD members/NNS quit/VBD the/DT exchange/NN last/JJ year/NN ,/, more/JJR than/IN triple/RB the/DT number/NN of/IN resignations/NNS in/IN 1987/CD ./. ###/### Names/NNS are/VBP resigning/VBG at/IN an/DT even/RB faster/JJR pace/NN this/DT year/NN ./. ###/### Lackluster/JJ returns/NNS are/VBP one/CD reason/NN ./. ###/### The/DT average/JJ after-tax/JJ return/NN on/IN investment/NN in/IN 1986/CD ,/, the/DT most/RBS recent/JJ year/NN for/IN which/WDT results/NNS are/VBP available/JJ ,/, was/VBD 6.5/CD %/NN ,/, according/VBG to/TO Chatset/NNP Ltd./NNP ,/, an/DT insurance/NN consulting/NN firm/NN in/IN London/NNP ./. ###/### In/IN 1985/CD ,/, it/PRP was/VBD 2.1/CD %/NN ./. ###/### Between/IN 1981/CD and/CC 1986/CD ,/, the/DT most/RBS recent/JJ five-year/JJ period/NN for/IN which/WDT figures/NNS are/VBP available/JJ ,/, Lloyd/NNP 's/POS reported/VBD over/IN #/# 3.6/CD billion/CD in/IN claims/NNS and/CC reserves/NNS against/IN future/JJ losses/NNS -LRB-/-LRB- $/$ 5.7/CD billion/CD at/IN today/NN 's/POS exchange/NN rates/NNS -RRB-/-RRB- ,/, more/JJR than/IN double/RB the/DT #/# 1.35/CD billion/CD posted/VBN in/IN the/DT previous/JJ five-year/JJ period/NN ./. ###/### Many/JJ of/IN the/DT 31,329/CD investors/NNS who/WP remain/VBP are/VBP beginning/VBG to/TO question/VB one/CD of/IN the/DT exchange/NN 's/POS most/JJS basic/JJ tenets/NNS ,/, the/DT concept/NN of/IN unlimited/JJ personal/JJ liability/NN ./. ###/### Investors/NNS may/MD reap/VB huge/JJ profits/NNS when/WRB premiums/NNS exceed/VBP claims/VBZ ,/, but/CC they/PRP are/VBP liable/JJ to/TO their/PRP$ last/JJ pound/NN or/CC dollar/NN in/IN the/DT event/NN of/IN a/DT catastrophe/NN ./. ###/### And/CC catastrophes/NNS are/VBP getting/VBG ever/RB more/RBR costly/JJ ./. ###/### Lloyd/NNP 's/POS claims/NNS for/IN the/DT 1988/CD Piper/NNP Alpha/NNP oil-rig/NN disaster/NN in/IN the/DT North/NNP Sea/NNP ,/, for/IN instance/NN ,/, may/MD reach/VB $/$ 1/CD billion/CD ./. ###/### During/IN the/DT five-year/JJ period/NN ended/VBD 1986/CD ,/, roughly/RB 80/CD %/NN of/IN the/DT names/NNS had/VBD money/NN tied/VBD up/RP in/IN money-losing/JJ syndicates/NNS ,/, according/VBG to/TO Chatset/NNP consultants/NNS ./. ###/### The/DT peril/NN of/IN unlimited/JJ liability/NN looms/NNS large/JJ for/IN a/DT number/NN of/IN them/PRP now/RB ./. ###/### ``/`` I/PRP have/VBP wished/VBN I/PRP could/MD die/VB and/CC be/VB out/IN of/IN it/PRP --/: that/DT 's/VBZ how/WRB bad/JJ it/PRP is/VBZ ,/, ''/'' Betty/NNP Atkins/NNP ,/, a/DT secretary/NN from/IN suburban/JJ London/NNP ,/, says/VBZ ./. ###/### Ms./NNP Atkins/NNP ,/, whose/WP$ Lloyd/NNP 's/POS membership/NN was/VBD a/DT bonus/NN from/IN a/DT former/JJ employer/NN in/IN 1981/CD ,/, belongs/VBZ to/TO Mr./NNP Nutting/NNP 's/POS dissident/JJ group/NN on/IN the/DT Outhwaite/NNP syndicate/NN ,/, which/WDT has/VBZ been/VBN hard/RB hit/VBN by/IN asbestos/NN reinsurance/NN claims/NNS ./. ###/### Ms./NNP Atkins/NNP ,/, who/WP underwrote/VBD #/# 20,000/CD ,/, or/CC about/RB $/$ 32,000/CD ,/, of/IN insurance/NN coverage/NN on/IN that/DT syndicate/NN ,/, now/RB faces/VBZ potential/JJ losses/NNS of/IN roughly/RB #/# 70,000/CD ,/, or/CC $/$ 111,000/CD ./. ###/### ``/`` If/IN Lloyd/NNP 's/POS wants/VBZ #/# 70,000/CD out/IN of/IN me/PRP they/PRP will/MD have/VB to/TO take/VB everything/NN I/PRP 've/VBP got/VBD --/: and/CC even/RB then/RB I/PRP do/VBP n't/RB know/VB if/IN it/PRP will/MD be/VB enough/NN ,/, ''/'' she/PRP says/VBZ ./. ###/### Unease/NN is/VBZ widespread/JJ among/IN exchange/NN members/NNS ./. ###/### ``/`` I/PRP ca/MD n't/RB think/VB of/IN any/DT reason/NN to/TO join/VB Lloyd/NNP 's/POS now/RB ,/, ''/'' says/VBZ Keith/NNP Whitten/NNP ,/, a/DT British/JJ businessman/NN and/CC a/DT Lloyd/NNP 's/POS member/NN since/IN 1979/CD ./. ###/### The/DT downside/NN is/VBZ very/RB considerable/JJ ,/, and/CC at/IN the/DT moment/NN the/DT upside/NN is/VBZ very/RB marginal/JJ ./. ''/'' ###/### If/IN profits/NNS do/VBP n't/RB improve/VB ,/, Mr./NNP Whitten/NNP says/VBZ he/PRP may/MD quit/VB the/DT exchange/NN ./. ###/### Meanwhile/RB ,/, competition/NN from/IN rivals/NNS unencumbered/JJ by/IN history/NN is/VBZ intensifying/VBG ./. ###/### Lloyd/NNP 's/POS is/VBZ being/VBG squeezed/VBN out/IN of/IN low-margin/JJ but/CC more/RBR consistently/RB profitable/JJ product/NN lines/NNS such/JJ as/IN primary/JJ property/NN and/CC marine/JJ insurance/NN ./. ###/### Over/IN the/DT past/JJ decade/NN ,/, competitors/NNS have/VBP chipped/VBN away/RP at/IN the/DT exchange/NN 's/POS share/NN of/IN the/DT #/# 2.5/CD billion/CD marine/JJ market/NN in/IN London/NNP ,/, where/WRB half/PDT the/DT world/NN 's/POS ships/NNS are/VBP insured/VBN ./. ###/### Lloyd/NNP 's/POS 66/CD %/NN stake/NN in/IN that/DT market/NN has/VBZ shrunk/VBN to/TO 50/CD %/NN in/IN that/DT period/NN ,/, according/VBG to/TO an/DT official/NN at/IN the/DT Institute/NNP of/IN London/NNP Underwriters/NNP ,/, a/DT Lloyd/NNP 's/POS competitor/NN ./. ###/### The/DT official/NN asked/VBD not/RB to/TO be/VB named/VBN ./. -RRB-/-RRB- ###/### Much/JJ of/IN the/DT business/NN has/VBZ gone/VBN to/TO the/DT institute/NN ,/, an/DT association/NN of/IN more/JJR than/IN 100/CD insurers/NNS ,/, including/VBG Cigna/NNP Corp./NNP ,/, Allianz/NNP Versicherungs/NNP AG/NNP of/IN West/NNP Germany/NNP and/CC Britain/NNP 's/POS Commercial/NNP Union/NNP Assurance/NNP PLC/NNP ./. ###/### Lloyd/NNP 's/POS has/VBZ endured/VBN decades/NNS of/IN genteel/JJ decline/NN ./. ###/### At/IN the/DT peak/NN of/IN its/PRP$ power/NN and/CC influence/VB a/DT century/NN ago/RB ,/, Lloyd/NNP 's/POS dominated/VBN the/DT insurance/NN world/NN with/IN a/DT 50/CD %/NN stake/NN ./. ###/### It/PRP virtually/RB dictated/VBD how/WRB ships/NNS were/VBD to/TO be/VB built/VBN and/CC it/PRP monitored/VBD commerce/NN through/IN a/DT unrivaled/JJ intelligence/NN network/NN in/IN ports/NNS around/IN the/DT globe/NN ./. ###/### Today/NN ,/, Lloyd/NNP 's/POS share/NN of/IN the/DT world/NN market/NN ,/, excluding/VBG life/NN insurance/NN ,/, is/VBZ about/RB 2/CD %/NN ./. ###/### Its/PRP$ stake/NN is/VBZ even/RB smaller/JJR if/IN life/NN insurance/NN is/VBZ included/VBN ./. -RRB-/-RRB- ###/### Bigger/JJR rivals/NNS ,/, such/JJ as/IN Aetna/NNP and/CC Allianz/NNP ,/, backed/VBN by/IN armies/NNS of/IN statisticians/NNS using/VBG computers/NNS in/IN hundreds/NNS of/IN branches/NNS ,/, operate/VBP more/RBR efficiently/RB and/CC often/RB can/MD offer/VB lower/JJR rates/NNS ,/, brokers/NNS say/VBP ./. ###/### Though/IN Lloyd/NNP 's/POS pioneered/VBD such/JJ now-standard/JJ policies/NNS as/IN worker/NN 's/POS compensation/NN insurance/NN ,/, burglary/NN insurance/NN for/IN homeowners/NNS and/CC businesses/NNS ,/, and/CC bankers/NNS '/POS liability/NN insurance/NN ,/, competitors/NNS now/RB underwrite/VBP most/JJS of/IN that/DT business/NN ./. ###/### Beyond/IN that/DT ,/, many/JJ big/JJ oil/NN ,/, chemical/NN and/CC airline/NN companies/NNS are/VBP siphoning/VBG off/RP big/JJ chunks/NNS of/IN the/DT market/NN by/IN insuring/VBG themselves/PRP through/IN ``/`` captive/JJ ''/'' offshore/JJ companies/NNS for/IN industry-specific/JJ coverage/NN ./. ###/### Even/RB Lloyd/NNP 's/POS specialty/NN --/: unusually/RB risky/JJ ventures/NNS --/: is/VBZ being/VBG challenged/VBN ./. ###/### Only/RB 10/CD years/NNS ago/RB ,/, for/IN instance/NN ,/, Lloyd/NNP 's/POS was/VBD the/DT pre-eminent/JJ insurer/NN of/IN thoroughbred/JJ horses/NNS ./. ###/### But/CC since/IN 1981/CD ,/, Kirk/NNP Horse/NNP Insurance/NNP Inc./NNP of/IN Lexington/NNP ,/, Ky./NNP has/VBZ grabbed/VBN a/DT 20/CD %/NN stake/NN of/IN the/DT market/NN ./. ###/### Ronald/NNP Kirk/NNP ,/, president/NN ,/, says/VBZ Lloyd/NNP 's/POS has/VBZ suffered/VBN because/IN its/PRP$ structure/NN does/VBZ n't/RB allow/VB underwriters/NNS to/TO deal/VB directly/RB with/IN clients/NNS ;/: brokers/NNS are/VBP required/VBN intermediaries/NNS ./. ###/### Thus/RB ,/, he/PRP asserts/VBZ ,/, Lloyd/NNP 's/POS ca/MD n't/RB react/VB quickly/RB to/TO competition/NN ./. ###/### ``/`` Lloyd/NNP 's/POS has/VBZ lost/VBN control/NN of/IN the/DT situation/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### They/PRP are/VBP n't/RB controlling/VBG their/PRP$ destiny/NN like/IN they/PRP used/VBD to/TO ./. ''/'' ###/### Murray/NNP Lawrence/NNP ,/, Lloyd/NNP 's/POS chairman/NN ,/, agrees/VBZ the/DT exchange/NN faces/VBZ big/JJ challenges/NNS ./. ###/### ``/`` This/DT is/VBZ a/DT watershed/JJ time/NN ,/, and/CC we/PRP are/VBP trying/VBG to/TO plot/VB our/PRP$ way/NN ahead/RB ,/, ''/'' he/PRP says/VBZ ./. ###/### We/PRP have/VBP been/VBN a/DT great/JJ market/NN for/IN inventing/VBG risks/NNS which/WDT other/JJ people/NNS then/RB take/VBP ,/, copy/VBP and/CC cut/VBP rates/NNS ./. ''/'' ###/### Lloyd/NNP 's/POS ,/, he/PRP says/VBZ ,/, is/VBZ cut/VBN off/RP from/IN ``/`` the/DT vast/JJ body/NN of/IN premium/NN down/IN at/IN the/DT bottom/NN end/NN which/WDT acts/VBZ as/IN a/DT steadying/JJ influence/NN ''/'' against/IN catastrophic/JJ losses/NNS ./. ###/### By/IN that/DT ,/, he/PRP means/VBZ low-margin/JJ but/CC low-risk/JJ products/NNS such/JJ as/IN certain/JJ types/NNS of/IN primary/JJ property/NN insurance/NN ./. ###/### The/DT exchange/NN ,/, he/PRP says/VBZ ,/, must/MD find/VB new/JJ products/NNS and/CC new/JJ markets/NNS ./. ###/### That/DT wo/MD n't/RB be/VB an/DT easy/JJ task/NN ./. ###/### Tradition/NN is/VBZ dictator/NN at/IN Lloyd/NNP 's/POS ./. ###/### Three/CD years/NNS ago/RB ,/, the/DT exchange/NN took/VBD up/RP residence/NN in/IN a/DT space-age/JJ tower/NN of/IN steel/NN and/CC glass/NN --/: evocative/JJ of/IN the/DT kind/NN of/IN modern/JJ architecture/NN that/IN Britain/NNP 's/POS Prince/NNP Charles/NNP has/VBZ denounced/VBN ./. ###/### Some/DT exchange/NN wags/NNS call/VBP the/DT building/NN ``/`` the/DT oil/NN rig/NN ./. ''/'' -RRB-/-RRB- ###/### But/CC along/IN with/IN such/JJ treasured/JJ artifacts/NNS as/IN Lord/NNP Nelson/NNP 's/POS spyglass/NN ,/, Lloyd/NNP 's/VBZ also/RB brought/VBD its/PRP$ outmoded/JJ ways/NNS of/IN doing/VBG business/NN ./. ###/### The/DT Lloyd/NNP 's/POS market/NN actively/RB underwrites/VBZ insurance/NN just/RB 4/CD hours/NNS a/DT day/NN ,/, brokers/NNS say/VBP ./. ###/### Underwriting/NN does/VBZ n't/RB get/VB under/IN way/NN until/IN after/IN morning/NN tea/NN at/IN 10/CD a.m/RB ./. ###/### A/DT two-hour/JJ lunch/NN break/NN follows/VBZ ./. ###/### Things/NNS wind/VBP down/RP at/IN about/RB 4:30/CD p.m./RB ,/, just/RB in/IN time/NN for/IN afternoon/NN tea/NN ./. ###/### Lloyd/NNP 's/POS vast/JJ trading/NN hall/NN houses/VBZ a/DT warren/NN of/IN well-polished/JJ desks/NNS ./. ###/### The/DT hall/NN 's/POS few/JJ computers/NNS are/VBP used/VBN mostly/RB to/TO send/VB messages/NNS ./. ###/### Sandwiched/VBN between/IN desks/NNS ,/, underwriters/NNS sit/VBP on/IN benches/NNS surrounded/VBN|JJ by/IN stacks/NNS of/IN policies/NNS ./. ###/### Brokers/NNS clutching/VBG thick/JJ folders/NNS stand/VBP in/IN lines/NNS ,/, waiting/VBG their/PRP$ turn/NN to/TO speak/VB to/TO the/DT underwriters/NNS ./. ###/### A/DT broker/NN may/MD have/VB to/TO approach/VB as/RB many/JJ as/IN 20/CD underwriters/NNS who/WP insure/VBP the/DT endeavors/NNS on/IN behalf/NN of/IN the/DT syndicates/NNS ./. ###/### It/PRP could/MD take/VB six/CD months/NNS for/IN a/DT claim/NN to/TO be/VB paid/VBN ./. ###/### ``/`` The/DT system/NN ,/, ''/'' says/VBZ Nicholas/NNP Samengo-Turner/NNP ,/, a/DT Lloyd/NN 's/POS broker/NN who/WP left/VBD the/DT exchange/NN in/IN 1985/CD ,/, ``/`` is/VBZ so/RB ludicrously/RB unprofessional/JJ it/PRP drives/VBZ you/PRP mad/JJ ./. ''/'' ###/### Some/DT maintain/VBP underwriters/NNS also/RB have/VBP been/VBN inept/JJ ./. ###/### John/NNP Wetherell/NNP ,/, a/DT Lloyd/NNP 's/POS underwriter/NN ,/, says/VBZ he/PRP and/CC his/PRP$ fellow/JJ underwriters/NNS underestimated/VBD by/IN as/RB much/JJ as/IN 50/CD %/NN the/DT premiums/NNS they/PRP should/MD have/VB charged/VBN for/IN property/NN risks/NNS from/IN 1980/CD to/TO 1985/CD ./. ###/### ``/`` How/WRB unprofessional/JJ we/PRP must/MD have/VB appeared/VBN to/TO the/DT outside/JJ world/NN --/: how/WRB incompetent/JJ at/IN risk/NN assessment/NN and/CC evaluation/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### Lloyd/NNP 's/POS officials/NNS decline/VBP to/TO comment/VB on/IN the/DT matter/NN ./. ###/### More/RBR recently/RB ,/, property/NN rates/NNS have/VBP increased/VBN ./. ###/### Many/JJ at/IN Lloyd/NNP 's/POS expect/VBP the/DT San/NNP Francisco/NNP earthquake/NN will/MD cause/VB the/DT industry/NN to/TO boost/VB rates/NNS even/RB further/RBR ./. ###/### But/CC it/PRP will/MD be/VB years/NNS before/IN it/PRP is/VBZ clear/JJ whether/IN higher/JJR rates/NNS will/MD offset/VB the/DT payouts/NNS for/IN such/JJ disasters/NNS ./. ###/### The/DT magnitude/NN of/IN the/DT exchange/NN 's/POS problems/NNS may/MD not/RB become/VB known/VBN for/IN some/DT time/NN because/IN of/IN Lloyd/NNP 's/POS practice/NN of/IN leaving/VBG the/DT books/NNS open/JJ for/IN three/CD years/NNS to/TO allow/VB for/IN the/DT settlement/NN of/IN claims/NNS ./. ###/### Lloyd/NNP 's/POS only/RB recently/RB reported/VBD its/PRP$ financial/JJ results/NNS for/IN 1986/CD ./. ###/### That/DT year/NN ,/, it/PRP posted/VBD record/JJ pretax/JJ profit/NN of/IN #/# 650/CD million/CD ,/, a/DT gain/NN it/PRP attributes/VBZ to/TO higher/JJR rates/NNS and/CC fewer/JJR claims/NNS ./. ###/### But/CC Mr./NNP Lawrence/NNP says/VBZ reported/JJ profit/NN will/MD be/VB down/RB in/IN 1987/CD ,/, 1988/CD and/CC 1989/CD ,/, though/IN he/PRP declines/VBZ to/TO specify/VB how/WRB steep/JJ the/DT decline/NN will/MD be/VB ./. ###/### Insurance/NN analysts/NNS say/VBP the/DT exchange/NN 's/POS downturn/NN in/IN profitability/NN is/VBZ likely/JJ to/TO be/VB aggravated/VBN by/IN more/JJR than/IN $/$ 600/CD million/CD in/IN aviation/NN losses/NNS -LRB-/-LRB- including/VBG the/DT 1988/CD Pan/NNP Am/NNP airline/NN disaster/NN over/IN Lockerbie/NNP ,/, Scotland/NNP -RRB-/-RRB- and/CC a/DT still-uncalculated/JJ chunk/NN of/IN claims/NNS from/IN September/NNP 's/POS Hurricane/NNP Hugo/NNP ./. ###/### Lloyd/NNP 's/POS says/VBZ the/DT departures/NNS of/IN names/NNS is/VBZ n't/RB likely/JJ to/TO hurt/VB its/PRP$ underwriting/NN capacity/NN ,/, currently/RB about/RB #/# 11/CD billion/CD ./. ###/### Mr./NNP Lawrence/NNP says/VBZ the/DT drain/NN of/IN funds/NNS has/VBZ been/VBN offset/VBN by/IN an/DT increase/NN in/IN investments/NNS by/IN the/DT remaining/VBG names/NNS ./. ###/### Meanwhile/RB ,/, the/DT exchange/NN has/VBZ been/VBN trying/VBG to/TO lower/VB costs/NNS ./. ###/### It/PRP recently/RB cut/VBD its/PRP$ work/NN force/NN by/IN 9/CD %/NN ,/, or/CC 213/CD ./. -RRB-/-RRB- ###/### But/CC Lloyd/NNP 's/POS is/VBZ hampered/VBN in/IN its/PRP$ efforts/NNS to/TO overhaul/VB operations/NNS by/IN its/PRP$ reluctance/NN to/TO embrace/VB modern/JJ technology/NN ./. ###/### Mr./NNP Wetherell/NNP ,/, the/DT underwriter/NN ,/, reckons/VBZ half/NN of/IN his/PRP$ business/NN could/MD be/VB transacted/VBN by/IN computer/NN ,/, cutting/VBG costs/NNS at/IN least/JJS 10/CD %/NN ./. ###/### Though/NNP Lloyd/NNP 's/POS has/VBZ talked/VBN for/IN years/NNS about/IN computerizing/VBG underwriting/NN transactions/NNS ,/, the/DT effort/NN has/VBZ n't/RB gotten/VBN very/RB far/RB ./. ###/### Competition/NN among/IN underwriters/NNS and/CC brokers/NNS makes/VBZ them/PRP loath/JJ to/TO centralize/VB price/NN and/CC policy/NN information/NN ./. ###/### Both/DT groups/NNS cling/VBP to/TO traditional/JJ face-to-face/JJ dealings/NNS ,/, even/RB for/IN routine/JJ policies/NNS ./. ###/### Lloyd/NNP 's/POS overblown/JJ bureaucracy/NN also/RB hampers/VBZ efforts/NNS to/TO update/VB marketing/NN strategies/NNS ./. ###/### Some/DT underwriters/NNS have/VBP been/VBN pressing/VBG for/IN years/NNS to/TO tap/VB the/DT low-margin/JJ business/NN by/IN selling/VBG some/DT policies/NNS directly/RB to/TO consumers/NNS ./. ###/### Lloyd/NNP 's/POS presently/RB sells/VBZ only/JJ auto/NN insurance/NN directly/RB to/TO the/DT public/NN ,/, and/CC such/JJ policies/NNS are/VBP sold/VBN only/RB in/IN limited/JJ markets/NNS such/JJ as/IN the/DT U.K./NNP and/CC Canada/NNP ./. ###/### But/CC such/JJ changes/NNS must/MD be/VB cleared/VBN by/IN four/CD internal/JJ committees/NNS and/CC dozens/NNS of/IN underwriters/NNS ,/, brokers/NNS and/CC administrators/NNS before/IN being/VBG implemented/VBN ./. ###/### The/DT proposal/NN to/TO sell/VB directly/RB to/TO the/DT public/NN remains/VBZ mired/VBN in/IN bureaucratic/JJ quicksand/NN ./. ###/### Lloyd/NNP 's/POS is/VBZ moving/VBG forward/RB on/IN some/DT fronts/NNS ,/, though/RB ./. ###/### Mr./NNP Lawrence/NNP says/VBZ the/DT exchange/NN is/VBZ updating/VBG some/DT procedures/NNS to/TO make/VB speedier/JJR payments/NNS on/IN claims/NNS ./. ###/### By/IN next/JJ year/NN ,/, all/DT underwriters/NNS will/MD be/VB linked/VBN to/TO a/DT communications/NNS network/NN that/WDT could/MD reduce/VB paper/NN work/NN on/IN claims/NNS ./. ###/### Japan/NNP 's/POS Daiwa/NNP Securities/NNP Co./NNP named/VBD Masahiro/NNP Dozen/NNP president/NN ./. ###/### Mr./NNP Dozen/NNP succeeds/VBZ Sadakane/NNP Doi/NNP ,/, who/WP will/MD become/VB vice/NN chairman/NN ./. ###/### Yoshitoki/NNP Chino/NNP retains/VBZ his/PRP$ title/NN of/IN chairman/NN of/IN Daiwa/NNP ,/, Japan/NNP 's/POS second-largest/JJ securities/NNS firm/NN ./. ###/### In/IN Japanese/JJ firms/NNS ,/, the/DT president/NN usually/RB is/VBZ in/IN charge/NN of/IN day-to-day/JJ operations/NNS ,/, while/IN the/DT chairman/NN 's/POS role/NN is/VBZ more/RBR a/DT ceremonial/JJ one/NN ./. ###/### The/DT title/NN of/IN chief/JJ executive/JJ officer/NN is/VBZ n't/RB used/VBN ./. ###/### While/IN people/NNS within/IN Daiwa/NNP ,/, particularly/RB internationalists/NNS ,/, expected/VBD that/IN Mr./NNP Dozen/NNP ,/, 52/CD ,/, would/MD eventually/RB become/VB Daiwa/NNP 's/POS president/NN ,/, the/DT speed/NN of/IN his/PRP$ promotion/NN surprised/VBD many/JJ ./. ###/### It/PRP was/VBD only/RB earlier/RBR this/DT year/NN that/IN the/DT jovial/JJ ,/, easygoing/JJ executive/NN --/: he/PRP likes/VBZ to/TO joke/VB with/IN Americans/NNPS about/IN how/WRB his/PRP$ name/NN is/VBZ synonymous/JJ with/IN twelve/CD --/: was/VBD appointed/VBN deputy/JJ president/NN ./. ###/### Mr./NNP Dozen/NNP is/VBZ taking/VBG over/RP the/DT reins/NNS of/IN a/DT securities/NNS company/NN that/WDT does/VBZ very/RB well/RB in/IN its/PRP$ domestic/JJ market/NN but/CC that/DT is/VBZ still/RB seeking/VBG to/TO realize/VB its/PRP$ potential/NN in/IN global/JJ investment/NN banking/NN and/CC securities/NNS dealing/NN ./. ###/### Daiwa/NNP is/VBZ one/CD of/IN the/DT world/NN 's/POS largest/JJS securities/NNS firms/NNS ./. ###/### As/IN of/IN March/NNP 31/CD ,/, the/DT Daiwa/NNP group/NN had/VBD shareholder/NN equity/NN of/IN 801.21/CD billion/CD yen/NN -LRB-/-LRB- $/$ 5.64/CD billion/CD -RRB-/-RRB- ./. ###/### For/IN the/DT six/CD months/NNS ended/VBN Sept./NNP 30/CD ,/, Daiwa/NNP reported/VBD unconsolidated/JJ -LRB-/-LRB- parent/JJ company/NN -RRB-/-RRB- net/JJ income/NN of/IN 79.03/CD billion/CD yen/NN -LRB-/-LRB- $/$ 556.5/CD million/CD -RRB-/-RRB- on/IN revenue/NN of/IN 332.38/CD billion/CD yen/NN -LRB-/-LRB- $/$ 2.34/CD billion/CD -RRB-/-RRB- ./. ###/### Both/DT figures/NNS were/VBD record/JJ highs/NNS ./. ###/### Several/JJ observers/NNS interpreted/VBD Mr./NNP Dozen/NNP 's/POS appointment/NN as/IN an/DT attempt/NN by/IN Daiwa/NNP to/TO make/VB its/PRP$ international/JJ operations/NNS more/RBR profitable/JJ while/IN preparing/VBG the/DT firm/NN for/IN the/DT effects/NNS of/IN the/DT continuing/JJ deregulation/NN of/IN Japan/NNP 's/POS domestic/JJ markets/NNS ,/, which/WDT should/MD mean/VB increased/JJ competition/NN ./. ###/### All/DT of/IN Japan/NNP 's/POS so-called/JJ Big/NNP Four/CD securities/NNS firms/NNS --/: Nomura/NNP Securities/NNP Co./NNP Ltd./NNP ,/, the/DT world/NN 's/POS largest/JJS ,/, Nikko/NNP Securities/NNP Co./NNP Ltd./NNP ,/, Yamaichi/NNP Securities/NNP Co./NNP Ltd./NNP and/CC Daiwa/NNP --/: have/VBP suffered/VBN setbacks/NNS in/IN their/PRP$ attempts/NNS to/TO break/VB into/IN foreign/JJ markets/NNS ./. ###/### While/IN they/PRP have/VBP moved/VBN to/TO the/DT fore/NN in/IN underwriting/VBG fixed-income/JJ securities/NNS in/IN the/DT Eurobond/NNP market/NN --/: mostly/RB for/IN Japanese/JJ firms/NNS --/: they/PRP have/VBP been/VBN only/RB marginally/RB profitable/JJ ,/, if/IN at/IN all/DT ,/, in/IN the/DT U.S/NNP ./. ###/### American/JJ institutional/JJ investors/NNS have/VBP never/RB had/VBD a/DT large/JJ appetite/NN for/IN Japanese/JJ equities/NNS ./. ###/### And/CC while/IN the/DT Japanese/NNPS have/VBP stepped/VBN up/RP their/PRP$ purchases/NNS of/IN U.S./NNP shares/NNS in/IN the/DT past/JJ several/JJ months/NNS ,/, they/PRP have/VBP shown/VBN themselves/PRP in/IN the/DT past/NN to/TO be/VB fickle/JJ investors/NNS ./. ###/### At/IN the/DT same/JJ time/NN ,/, Daiwa/NNP and/CC its/PRP$ brethren/NNS have/VBP faced/VBN stiff/JJ competition/NN from/IN well-entrenched/JJ American/JJ competitors/NNS that/WDT have/VBP prevented/VBN them/PRP from/IN building/VBG strong/JJ links/NNS to/TO U.S./NNP corporations/NNS and/CC institutional/JJ investors/NNS ./. ###/### Mr./NNP Dozen/NNP knows/VBZ these/DT problems/NNS firsthand/RB ./. ###/### When/WRB he/PRP arrived/VBD in/IN the/DT U.S./NNP in/IN 1969/CD --/: the/DT start/NN of/IN an/DT eight-year/JJ tour/NN --/: he/PRP tried/VBD selling/VBG Japanese/JJ yen-denominated/JJ bonds/NNS to/TO U.S./NNP investors/NNS ./. ###/### ``/`` He/PRP made/VBD desperate/JJ efforts/NNS ,/, using/VBG the/DT yellow/JJ pages/NNS from/IN beginning/NN to/TO end/NN ,/, ''/'' said/VBD Koji/NNP Yoneyama/NNP ,/, president/NN of/IN Daiwa/NN 's/POS U.S./NNP unit/NN ./. ###/### But/CC not/RB a/DT single/JJ piece/NN of/IN paper/NN was/VBD sold/VBN ./. ''/'' ###/### By/IN his/PRP$ own/JJ account/NN ,/, Mr./NNP Dozen/NNP did/VBD n't/RB do/VB much/RB better/RBR with/IN U.S./NNP bonds/NNS ./. ###/### In/IN an/DT interview/NN a/DT few/JJ months/NNS ago/RB ,/, he/PRP recalled/VBD how/WRB after/IN some/DT training/NN at/IN Salomon/NNP Brothers/NNP Inc./NNP ,/, he/PRP successfully/RB bid/VBD for/IN the/DT opportunity/NN to/TO sell/VB portions/NNS of/IN 20/CD U.S./NNP corporate/JJ bond/NN issues/NNS ./. ###/### But/CC he/PRP could/MD n't/RB sell/VB any/DT ./. ###/### Japanese/JJ stock/NN salesmen/NNS selling/VBG American/JJ bonds/NNS ?/. ###/### Maybe/RB it/PRP 's/VBZ crazy/JJ ,/, ''/'' he/PRP said/VBD ./. ###/### Mr./NNP Dozen/NNP even/RB related/VBD the/DT indignity/NN suffered/VBN when/WRB he/PRP and/CC two/CD colleagues/NNS went/VBD on/IN an/DT overnight/JJ fishing/NN expedition/NN off/IN the/DT New/NNP Jersey/NNP shore/NN and/CC caught/VBD nothing/NN ./. ###/### Upon/IN returning/VBG to/TO New/NNP York/NNP ,/, ``/`` Exhausted/JJ ,/, I/PRP got/VBD into/IN a/DT taxicab/NN ,/, and/CC the/DT woman/NN driver/NN said/VBD :/: `/`` Americans/NNPS make/VBP better/JJR fishermen/NNS ,/, '/'' ''/'' he/PRP recalled/VBD ./. ###/### Undaunted/JJ ,/, Mr./NNP Dozen/NNP said/VBD that/DT Daiwa/NNP 's/POS goal/NN is/VBZ to/TO build/VB ``/`` a/DT high-technology/NN oriented/JJ international/JJ organization/NN with/IN maybe/RB some/DT Japanese/JJ flavor/NN to/TO it/PRP ./. ''/'' ###/### He/PRP said/VBD that/IN he/PRP was/VBD particularly/RB interested/JJ in/IN his/PRP$ firm/NN gaining/VBG expertise/NN in/IN futures/NNS ,/, options/NNS ,/, mortgaged-backed/JJ securities/NNS ,/, computerized/JJ trading/NN and/CC investment/NN systems/NNS as/RB well/RB as/IN mergers/NNS and/CC acquisitions/NNS ./. ###/### Mr./NNP Dozen/NNP said/VBD Daiwa/NNP 's/POS strengths/NNS were/VBD its/PRP$ large/JJ capital/NN base/NN ,/, its/PRP$ influential/JJ position/NN in/IN the/DT Tokyo/NNP market/NN and/CC its/PRP$ links/NNS to/TO Japanese/JJ corporations/NNS and/CC institutional/JJ investors/NNS ./. ###/### Mr./NNP Dozen/NNP joined/VBD Daiwa/NNP upon/IN his/PRP$ graduation/NN from/IN Kyoto/NNP University/NNP in/IN 1959/CD ./. ###/### Like/IN many/JJ young/JJ recruits/NNS in/IN Japanese/JJ securities/NNS firms/NNS ,/, he/PRP began/VBD his/PRP$ career/NN peddling/VBG stock/NN to/TO individual/JJ investors/NNS ./. ###/### In/IN his/PRP$ climb/NN to/TO the/DT top/NN ,/, Mr./NNP Dozen/NNP also/RB headed/VBD the/DT company/NN 's/POS stock-exchange/NN division/NN ,/, its/PRP$ fixed-income/NN units/NNS and/CC its/PRP$ international/JJ operations/NNS ./. ###/### ``/`` He/PRP was/VBD constantly/RB picking/VBG up/RP new/JJ things/NNS to/TO fill/VB out/RP his/PRP$ experience/NN ;/: he/PRP is/VBZ very/RB well-balanced/JJ ,/, ''/'' said/VBD Takuro/NNP Isoda/NNP ,/, chairman/NN of/IN Daiwa/NNP 's/POS U.S./NNP unit/NN in/IN New/NNP York/NNP ./. ###/### But/CC it/PRP Mr./NNP Dozen/NNP 's/POS experience/NN as/IN a/DT salesman/NN that/WDT enabled/VBD him/PRP to/TO gain/VB the/DT political/JJ support/NN --/: particularly/RB from/IN the/DT retail/JJ sales/NNS force/NN --/: to/TO accede/VB to/TO the/DT presidency/NN ./. ###/### Commission/NN income/NN from/IN domestic/JJ stock/NN and/CC bond/NN sales/NNS accounts/NNS form/VBP a/DT large/JJ portion/NN of/IN Japanese/JJ securities/NNS companies/NNS '/POS earnings/NNS ./. ###/### And/CC anybody/NN who/WP lacked/VBD the/DT backing/NN of/IN the/DT retail/JJ sales/NNS force/NN ``/`` would/MD be/VB fragile/JJ ,/, ''/'' said/VBD a/DT Daiwa/NNP executive/NN ./. ###/### If/IN Mr./NNP Dozen/NNP has/VBZ a/DT weakness/NN ,/, it/PRP may/MD be/VB his/PRP$ golf/NN game/NN ./. ###/### ``/`` He/PRP digs/VBZ in/IN the/DT sand/NN instead/RB of/IN hitting/VBG the/DT ball/NN ,/, like/IN a/DT farmer/NN ,/, ''/'' said/VBD Mr./NNP Yoneyama/NNP ./. ###/### Inco/NNP Ltd./NNP posted/VBD a/DT 35/CD %/NN decline/NN in/IN third-quarter/JJ net/JJ income/NN ,/, a/DT performance/NN that/WDT was/VBD in/IN line/NN with/IN analysts/NNS '/POS expectations/NNS ./. ###/### The/DT nickel/NN producer/NN also/RB raised/VBD its/PRP$ quarterly/JJ dividend/NN to/TO 25/CD cents/NNS a/DT share/NN from/IN 20/CD cents/NNS and/CC said/VBD it/PRP may/MD buy/VB back/RP as/RB much/JJ as/IN 4.8/CD %/NN of/IN its/PRP$ common/JJ outstanding/JJ ./. ###/### Inco/NNP shares/NNS fell/VBD after/IN the/DT announcements/NNS ./. ###/### Analysts/NNS said/VBD some/DT investors/NNS were/VBD disappointed/JJ that/IN the/DT cash-rich/JJ company/NN had/VBD failed/VBN to/TO announce/VB a/DT special/JJ dividend/NN ./. ###/### Inco/NNP closed/VBD at/IN $/$ 31.125/CD a/DT share/NN ,/, down/RB 62.5/CD cents/NNS ,/, in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ./. ###/### Some/DT analysts/NNS said/VBD Inco/NNP ,/, which/WDT had/VBD cash/NN reserves/NNS of/IN $/$ 272/CD million/CD as/IN of/IN Sept./NNP 30/CD ,/, could/MD still/RB announce/VB a/DT special/JJ dividend/NN in/IN the/DT next/JJ few/JJ months/NNS ,/, though/IN it/PRP would/MD be/VB smaller/JJR than/IN the/DT $/$ 10-a-share/JJ special/JJ dividend/NN it/PRP paid/VBD last/JJ year/NN ./. ###/### The/DT quarterly/JJ dividend/NN is/VBZ payable/JJ Dec./NNP 1/CD to/TO shares/NNS of/IN record/NN Nov./NNP 3/CD ./. ###/### Inco/NNP 's/POS net/NN fell/VBD to/TO $/$ 129.3/CD million/CD ,/, or/CC $/$ 1.23/CD a/DT share/NN ,/, in/IN the/DT third/JJ quarter/NN from/IN $/$ 200.3/CD million/CD ,/, or/CC $/$ 1.88/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Sales/NNS rose/VBD 8.2/CD %/NN to/TO $/$ 848.7/CD million/CD from/IN $/$ 784.5/CD million/CD ./. ###/### Excluding/VBG special/JJ gains/NNS from/IN tax-loss/JJ carry-forwards/NNS ,/, earnings/NNS in/IN the/DT latest/JJS quarter/NN were/VBD $/$ 117.7/CD million/CD ,/, or/CC $/$ 1.12/CD a/DT share/NN ,/, compared/VBN with/IN $/$ 187.4/CD million/CD ,/, or/CC $/$ 1.76/CD a/DT share/NN ./. ###/### Inco/NNP said/VBD the/DT drop/NN in/IN earnings/NNS resulted/VBD mainly/RB from/IN lower/JJR nickel/NN prices/NNS for/IN the/DT period/NN and/CC a/DT temporary/JJ cut/NN in/IN nickel/JJ output/NN at/IN the/DT company/NN 's/POS Manitoba/NNP operations/NNS due/JJ to/TO high/JJ levels/NNS of/IN arsenic/NN in/IN the/DT ore/NN ./. ###/### Inco/NNP said/VBD it/PRP plans/VBZ to/TO buy/VB back/RP as/RB many/JJ as/IN five/CD million/CD common/JJ shares/NNS over/IN the/DT next/JJ 12/CD months/NNS if/IN nickel/NN market/NN conditions/NNS are/VBP favorable/JJ ./. ###/### Under/IN a/DT previous/JJ buyback/JJ program/NN ,/, Inco/NNP has/VBZ purchased/VBN 1.7/CD million/CD of/IN its/PRP$ shares/NNS since/IN April/NNP ./. ###/### UAL/NNP Corp./NNP 's/POS board/NN quashed/VBD any/DT prospects/NNS for/IN an/DT immediate/JJ revival/NN of/IN a/DT labor-management/JJ buy-out/JJ ,/, saying/VBG United/NNP Airlines/NNP '/POS parent/NN should/MD remain/VB independent/JJ for/IN now/RB ./. ###/### As/IN a/DT result/NN ,/, UAL/NNP 's/POS chairman/NN ,/, Stephen/NNP M./NNP Wolf/NNP ,/, pulled/VBD out/IN of/IN the/DT buy-out/NN effort/NN to/TO focus/VB on/IN running/VBG the/DT company/NN ./. ###/### The/DT two/CD developments/NNS put/VBD the/DT acquisition/NN attempt/NN back/RB to/TO square/NN one/CD and/CC leaves/VBZ the/DT airline/NN with/IN an/DT array/NN of/IN unresolved/JJ matters/NNS ,/, including/VBG an/DT unsettled/JJ labor/NN situation/NN and/CC a/DT management/NN scrambling/VBG to/TO restore/VB its/PRP$ damaged/JJ credibility/NN ./. ###/### The/DT effort/NN to/TO create/VB the/DT nation/NN 's/POS largest/JJS employee-owned/JJ company/NN began/VBD unraveling/VBG Oct./NNP 13/CD when/WRB the/DT labor-management/JJ group/NN was/VBD unable/JJ to/TO obtain/VB financing/NN for/IN its/PRP$ $/$ 300-a-share/JJ ,/, $/$ 6.79/CD billion/CD offer/NN ./. ###/### Just/RB last/JJ week/NN it/PRP suffered/VBD another/DT major/JJ setback/NN when/WRB British/NNP Airways/NNP PLC/NNP ,/, the/DT largest/JJS equity/NN investor/NN in/IN the/DT labor-management/JJ bid/NN ,/, withdrew/VBD its/PRP$ support/NN ./. ###/### Takeover/NN stock/NN traders/NNS ,/, focusing/VBG on/IN the/DT company/NN 's/POS intention/NN to/TO stay/VB independent/JJ ,/, took/VBD the/DT announcement/NN as/IN bad/JJ news/NN ./. ###/### UAL/NNP ,/, which/WDT had/VBD risen/VBN $/$ 9.875/CD to/TO $/$ 178.375/CD in/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP on/IN reports/NNS of/IN a/DT new/JJ bid/NN being/NN prepared/VBN by/IN the/DT group/NN ,/, reversed/VBD course/NN and/CC plummeted/VBD in/IN off-exchange/JJ trading/NN after/IN the/DT 5:09/CD p.m./RB EDT/NNP announcement/NN ./. ###/### Among/IN the/DT first/JJ trades/NNS reported/VBN by/IN the/DT securities/NNS firm/NN of/IN Jefferies/NNP &/CC Co./NNP ,/, which/WDT makes/VBZ a/DT market/NN in/IN UAL/NNP after/IN the/DT exchange/NN is/VBZ closed/VBN ,/, were/VBD 10,000/CD shares/NNS at/IN $/$ 170/CD ,/, 6,000/CD shares/NNS at/IN $/$ 162/CD ,/, 2,500/CD at/IN $/$ 162/CD ,/, and/CC 10,000/CD at/IN $/$ 158/CD ./. ###/### The/DT rebound/NN in/IN UAL/NNP stock/NN during/IN regular/JJ trading/NN hours/NNS Monday/NNP was/VBD its/PRP$ first/RB daily/JJ gain/NN after/IN six/CD consecutive/JJ losses/NNS left/VBD the/DT price/NN 41/CD %/NN below/IN its/PRP$ level/NN before/IN Oct./NNP 13/CD ,/, the/DT day/NN the/DT group/NN announced/VBD the/DT bank/NN financing/NN could/MD n't/RB be/VB obtained/VBN for/IN the/DT original/JJ deal/NN ./. ###/### Twelve/CD of/IN UAL/NNP 's/POS outside/JJ directors/NNS met/VBD at/IN a/DT five-hour/JJ meeting/NN yesterday/NN in/IN Chicago/NNP to/TO consider/VB an/DT informal/JJ proposal/NN from/IN the/DT buy-out/NN group/NN for/IN a/DT revised/JJ bid/NN ./. ###/### But/CC the/DT board/NN said/VBD it/PRP was/VBD n't/RB interested/JJ for/IN now/RB ./. ###/### That/DT proposal/NN ,/, valued/VBN at/IN between/IN $/$ 225/CD and/CC $/$ 240/CD a/DT share/NN ,/, would/MD have/VB transferred/VBN majority/NN ownership/NN to/TO employees/NNS while/IN leaving/VBG some/DT stock/NN in/IN public/JJ hands/NNS ./. ###/### The/DT buy-out/NN group/NN had/VBD no/DT firm/JJ financing/NN for/IN the/DT plan/NN ./. ###/### And/CC ,/, with/IN no/DT other/JJ offers/NNS on/IN the/DT table/NN ,/, the/DT board/NN apparently/RB felt/VBD no/DT pressure/NN to/TO act/VB on/IN it/PRP ./. ###/### The/DT directors/NNS signaled/VBD ,/, however/RB ,/, that/IN they/PRP would/MD be/VB willing/JJ to/TO consider/VB future/JJ offers/NNS or/CC take/VB some/DT other/JJ action/NN to/TO maximize/VB shareholder/NN value/NN ,/, saying/VBG they/PRP would/MD continue/VB to/TO explore/VB ``/`` all/DT strategic/JJ and/CC financial/JJ alternatives/NNS ./. ''/'' ###/### But/CC it/PRP was/VBD clear/JJ that/IN for/IN the/DT time/NN being/JJ ,/, the/DT board/NN wants/VBZ the/DT company/NN to/TO return/VB to/TO normalcy/NN ./. ###/### The/DT board/NN said/VBD it/PRP concluded/VBD that/IN ``/`` the/DT welfare/NN of/IN the/DT company/NN ,/, its/PRP$ shareholders/NNS ,/, its/PRP$ employees/NNS and/CC the/DT broader/JJR public.../: can/MD best/RB be/VB enhanced/VBN by/IN continued/JJ development/NN of/IN UAL/NNP as/IN a/DT strong/JJ ,/, viable/JJ ,/, independent/JJ company/NN ./. ''/'' ###/### Mr./NNP Wolf/NNP urged/VBD all/DT employees/NNS to/TO ``/`` now/RB turn/VB their/PRP$ full/JJ attention/NN ''/'' to/TO operating/VBG the/DT airline/NN ./. ###/### He/PRP also/RB vowed/VBD to/TO ``/`` make/VB every/DT effort/NN to/TO nurture.../: a/DT constructive/JJ new/JJ relationship/NN that/WDT has/VBZ been/VBN forged/VBN with/IN participating/VBG employee/NN groups/NNS ./. ''/'' ###/### But/CC Mr./NNP Wolf/NNP faces/VBZ a/DT monumental/JJ task/NN in/IN pulling/VBG the/DT company/NN back/RB together/RB again/RB ./. ###/### Labor/NN problems/NNS top/VBP the/DT list/NN ./. ###/### For/IN a/DT brief/JJ time/NN ,/, the/DT buy-out/NN effort/NN seemed/VBD to/TO solve/VB his/PRP$ problems/NNS with/IN United/NNP 's/POS pilot/NN union/NN ./. ###/### In/IN return/NN for/IN an/DT ownership/NN stake/NN in/IN the/DT company/NN ,/, the/DT pilots/NNS were/VBD willing/JJ to/TO agree/VB to/TO a/DT seven-year/JJ contract/NN that/WDT included/VBD a/DT no-strike/JJ clause/NN and/CC significant/JJ wage/NN concessions/NNS and/CC productivity/NN gains/NNS the/DT union/NN previously/RB resisted/VBD ./. ###/### That/DT contract/NN was/VBD tied/VBN to/TO the/DT success/NN of/IN the/DT buy-out/NN ./. ###/### As/IN a/DT ``/`` good-will/NN measure/NN ,/, ''/'' the/DT pilots/NNS had/VBD been/VBN working/VBG four/CD extra/JJ hours/NNS a/DT month/NN and/CC had/VBD agreed/VBN to/TO fly/VB UAL/NNP 's/POS two/CD new/JJ Boeing/NNP 747-400/NNP aircraft/NN ./. ###/### It/PRP 's/VBZ uncertain/JJ if/IN the/DT pilots/NNS will/MD continue/VB to/TO do/VB so/RB without/IN a/DT contract/NN settlement/NN ./. ###/### The/DT union/NN said/VBD late/RB last/JJ night/NN that/IN it/PRP is/VBZ still/RB committed/JJ to/TO majority/NN employee/NN ownership/NN and/CC that/IN the/DT labor/NN disputes/NNS that/WDT faced/VBD the/DT company/NN prior/RB to/TO the/DT buy-out/NN effort/NN ``/`` still/RB need/VBP to/TO be/VB addressed/VBN ./. ''/'' ###/### The/DT buy-out/NN effort/NN also/RB worsened/VBD already-strained/JJ relations/NNS between/IN United/NNP 's/POS pilot/NN and/CC machinist/NN unions/NNS ./. ###/### The/DT machinists/NNS '/POS criticisms/NNS of/IN the/DT labor-management/JJ bid/NN and/CC their/PRP$ threats/NNS of/IN a/DT strike/NN unless/IN they/PRP received/VBD substantial/JJ wage/NN increases/NNS this/DT year/NN helped/VBD cool/VB banks/NNS '/POS interest/NN in/IN financing/VBG the/DT transaction/NN ./. ###/### The/DT machinists/NNS previously/RB had/VBD shown/VBN themselves/PRP to/TO be/VB an/DT ally/NN to/TO Mr./NNP Wolf/NNP ,/, but/CC he/PRP lost/VBD much/JJ of/IN his/PRP$ credibility/NN with/IN that/DT group/NN when/WRB he/PRP teamed/VBD up/RP with/IN the/DT pilot/NN union/NN ./. ###/### The/DT machinists/NNS criticized/VBD the/DT terms/NNS Mr./NNP Wolf/NNP and/CC management/NN received/VBD in/IN the/DT buy-out/NN ./. ###/### They/PRP paid/VBD $/$ 15/CD million/CD for/IN a/DT 1/CD %/NN stake/NN and/CC received/VBD an/DT additional/JJ 9/CD %/NN of/IN the/DT company/NN at/IN no/DT additional/JJ cost/NN ./. ###/### His/PRP$ credibility/NN is/VBZ also/RB on/IN the/DT line/NN in/IN the/DT investment/NN community/NN ./. ###/### Until/IN the/DT collapse/NN of/IN this/DT bid/NN ,/, Mr./NNP Wolf/NNP was/VBD regarded/VBN as/IN one/CD of/IN the/DT nation/NN 's/POS savviest/JJS airline/NN executives/NNS after/IN engineering/NN turnarounds/NNS of/IN Tiger/NNP International/NNP Inc./NNP and/CC Republic/NNP Airlines/NNP ./. ###/### But/CC he/PRP and/CC his/PRP$ chief/JJ financial/JJ officer/NN ,/, John/NNP Pope/NNP ,/, sowed/VBD some/DT of/IN the/DT seeds/NNS for/IN the/DT deal/NN 's/POS failure/NN by/IN insisting/VBG banks/NNS accept/VB low/JJ financing/NN fees/NNS and/CC interest/NN rates/NNS ,/, while/IN they/PRP invested/VBD in/IN the/DT transaction/NN only/RB a/DT small/JJ fraction/NN of/IN the/DT $/$ 114.3/CD million/CD they/PRP stood/VBD to/TO gain/VB from/IN sale/NN of/IN their/PRP$ UAL/NNP stock/NN and/CC options/NNS ./. ###/### The/DT board/NN 's/POS actions/NNS leave/VBP takeover/NN stock/NN traders/NNS nursing/VBG some/RB $/$ 700/CD million/CD in/IN losses/NNS and/CC eager/JJ to/TO respond/VB to/TO anyone/NN who/WP might/MD make/VB a/DT new/JJ offer/NN ./. ###/### It/PRP also/RB inevitably/RB leaves/VBZ a/DT residue/NN of/IN shareholder/NN lawsuits/NNS ./. ###/### Arbitragers/NNS said/VBD they/PRP were/VBD disappointed/JJ the/DT company/NN did/VBD n't/RB announce/VB some/DT recapitalization/NN or/CC other/JJ plan/NN to/TO maximize/VB value/NN ./. ###/### One/CD takeover/NN expert/NN noted/VBD that/IN arbitragers/NNS could/MD force/VB a/DT recapitalization/NN through/IN the/DT written/JJ consent/NN process/NN under/IN which/WDT holders/NNS may/MD oust/VB the/DT board/NN by/IN a/DT majority/NN vote/NN ./. ###/### The/DT machinists/NNS union/NN has/VBZ suggested/VBN it/PRP may/MD propose/VB a/DT recapitalization/NN that/WDT includes/VBZ a/DT special/JJ dividend/NN for/IN holders/NNS and/CC a/DT minority/NN ownership/NN stake/NN for/IN employees/NNS ./. ###/### Los/NNP Angeles/NNP investor/NN Marvin/NNP Davis/NNP ,/, whose/WP$ $/$ 240-a-share/JJ offer/NN for/IN UAL/NNP in/IN August/NNP triggered/VBD a/DT bidding/NN war/NN ,/, says/VBZ he/PRP remains/VBZ interested/JJ in/IN the/DT airline/NN ./. ###/### However/RB ,/, he/PRP is/VBZ restricted/VBN from/IN making/VBG certain/JJ hostile/JJ moves/NNS by/IN an/DT agreement/NN he/PRP signed/VBD to/TO obtain/VB confidential/JJ UAL/NNP data/NNS ./. ###/### Essentially/RB ,/, he/PRP ca/MD n't/RB make/VB any/DT hostile/JJ moves/NNS unless/IN he/PRP makes/VBZ a/DT tender/NN offer/NN at/IN least/JJS $/$ 300/CD a/DT share/NN ./. ###/### Tandy/NNP Corp./NNP said/VBD it/PRP wo/MD n't/RB join/VB U.S./NNP Memories/NNP ,/, the/DT group/NN that/WDT seeks/VBZ to/TO battle/VB the/DT Japanese/NNPS in/IN the/DT market/NN for/IN computer/NN memory/NN chips/NNS ./. ###/### Tandy/NNP 's/POS decision/NN is/VBZ a/DT second/JJ setback/NN for/IN U.S./NNP Memories/NNP ./. ###/### Last/JJ month/NN ,/, Apple/NNP Computer/NNP Inc./NNP said/VBD that/IN it/PRP would/MD n't/RB invest/VB in/IN the/DT group/NN ./. ###/### Apple/NNP said/VBD that/DT its/PRP$ money/NN would/MD be/VB better/RBR spent/VBN in/IN areas/NNS such/JJ as/IN research/NN and/CC development/NN ./. ###/### U.S./NNP Memories/NNP is/VBZ seeking/VBG major/JJ investors/NNS to/TO back/VB its/PRP$ attempt/NN to/TO crack/VB the/DT $/$ 10/CD billion/CD market/NN for/IN dynamic/JJ random/JJ access/NN memory/NN chips/NNS ,/, a/DT market/NN dominated/VBN by/IN the/DT Japanese/NNPS ./. ###/### Those/DT chips/NNS were/VBD in/IN dire/JJ shortage/NN last/JJ year/NN ,/, hurting/VBG many/JJ U.S./NNP computer/NN companies/NNS that/WDT could/MD n't/RB get/VB sufficient/JJ Japanese-supplied/JJ chips/NNS ./. ###/### Tandy/NNP said/VBD its/PRP$ experience/NN during/IN the/DT shortage/NN did/VBD n't/RB merit/NN the/DT $/$ 5/CD million/CD to/TO $/$ 50/CD million/CD investment/NN U.S./NNP Memories/NNP is/VBZ seeking/VBG from/IN each/DT investor/NN ./. ###/### ``/`` At/IN this/DT time/NN ,/, we/PRP elected/VBD not/RB to/TO get/VB involved/VBN because/IN we/PRP have/VBP been/VBN able/JJ to/TO satisfy/VB our/PRP$ need/NN -LCB-/-LRB- for/IN DRAMs/NNS -RCB-/-RRB- from/IN the/DT market/NN as/IN a/DT rule/NN ,/, ''/'' said/VBD Ed/NNP Juge/NNP ,/, Tandy/NNP 's/POS director/NN of/IN market/NN planning/NN ./. ###/### Sanford/NNP Kane/NNP ,/, U.S./NNP Memories/NNP president/NN ,/, said/VBD the/DT decision/NN was/VBD ``/`` disappointing/JJ ,/, ''/'' but/CC does/VBZ n't/RB presage/VB U.S./NNP Memories/NNP '/POS failure/NN ./. ###/### ``/`` I/PRP would/MD like/VB to/TO have/VB had/VBD them/PRP ,/, ''/'' he/PRP said/VBD ./. ###/### But/CC ``/`` they/PRP were/VBD n't/RB on/IN my/PRP$ list/NN of/IN companies/NNS who/WP were/VBD critical/JJ to/TO be/VB a/DT part/NN of/IN it/PRP ./. ''/'' ###/### Mr./NNP Kane/NNP became/VBD president/NN and/CC chief/JJ executive/JJ officer/NN of/IN U.S./NNP Memories/NNP last/JJ June/NNP ,/, when/WRB the/DT group/NN was/VBD formed/VBN by/IN seven/CD electronics/NNS companies/NNS :/: Advanced/NNP Micro/NNP Devices/NNP Inc./NNP ,/, Digital/NNP Equipment/NNP Corp./NNP ;/: Hewlett-Packard/NNP Co./NNP ;/: Intel/NNP Corp./NNP ;/: International/NNP Business/NNP Machines/NNP Corp./NNP ;/: LSI/NNP Logic/NNP Corp./NNP and/CC National/NNP Semiconductor/NNP Corp/NNP ./. ###/### Mr./NNP Kane/NNP said/VBD he/PRP expects/VBZ two/CD or/CC three/CD major/JJ corporations/NNS to/TO announce/VB their/PRP$ participation/NN in/IN U.S./NNP Memories/NNP soon/RB after/IN the/DT group/NN finishes/VBZ a/DT business/NN plan/NN ,/, probably/RB late/RB this/DT week/NN ./. ###/### U.S./NNP Memories/NNP needs/VBZ a/DT catalyst/NN ,/, he/PRP said/VBD ,/, to/TO inspire/VB others/NNS to/TO join/VB ./. ###/### But/CC so/RB far/RB ,/, most/RBS potential/JJ participants/NNS have/VBP n't/RB decided/VBN ./. ###/### Sun/NNP Microsystems/NNP Inc./NNP said/VBD it/PRP 's/VBZ still/RB actively/RB evaluating/VBG U.S./NNP Memories/NNP and/CC plans/VBZ to/TO meet/VB with/IN U.S./NNP Memories/NNP representatives/NNS later/RB this/DT week/NN ./. ###/### American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP said/VBD it/PRP was/VBD waiting/VBG to/TO see/VB U.S./NNP Memories/NNP '/POS business/NN plan/NN ./. ###/### Personal-computer/NN maker/NN AST/NNP Research/NNP Inc./NNP said/VBD it/PRP is/VBZ still/RB studying/VBG the/DT situation/NN ./. ###/### A/DT Compaq/NNP Computer/NNP Corp./NNP spokeswoman/NN said/VBD that/IN the/DT company/NN has/VBZ n't/RB made/VBN a/DT decision/NN yet/RB ,/, although/IN ``/`` it/PRP is/VBZ n't/RB under/IN active/JJ consideration/NN ./. ###/### In/IN a/DT startling/JJ turnabout/NN ,/, Members/NNP of/IN the/DT Senate/NNP Intelligence/NNP Committee/NNP are/VBP complaining/VBG that/IN someone/NN in/IN the/DT executive/JJ branch/NN is/VBZ leaking/VBG on/IN them/PRP ./. ###/### David/NNP Boren/NNP ,/, the/DT Intelligence/NNP Committee/NNP chairman/NN ,/, is/VBZ upset/JJ that/IN someone/NN leaked/VBD a/DT letter/NN to/TO the/DT committee/NN from/IN the/DT Reagan/NNP administration/NN suggesting/VBG that/IN the/DT U.S./NNP would/MD undertake/VB to/TO warn/VB Panamanian/JJ thug/NN Manuel/NNP Noriega/NNP if/IN it/PRP got/VBD wind/NN of/IN an/DT impending/JJ coup/NN that/WDT might/MD result/VB in/IN his/PRP$ assassination/NN ./. ###/### With/IN due/JJ respect/NN to/TO ``/`` highly/RB classified/JJ correspondence/NN ''/'' and/CC other/JJ buzzwords/NNS ,/, the/DT leakers/NNS are/VBP performing/VBG a/DT public/JJ service/NN ./. ###/### If/IN the/DT CIA/NNP has/VBZ become/VBN a/DT protection/NN service/NN for/IN Mr./NNP Noriega/NNP ,/, the/DT American/JJ people/NNS ought/MD to/TO know/VB ./. ###/### What/WP went/VBD wrong/JJ in/IN Panama/NNP is/VBZ a/DT fitting/JJ subject/NN for/IN public/JJ and/CC congressional/JJ inquiry/NN ./. ###/### Naturally/RB ,/, Senator/NNP Boren/NNP and/CC his/PRP$ committee/NN would/MD like/VB free/JJ rein/NN to/TO blame/VB the/DT executive/JJ branch/NN while/IN stamping/VBG ``/`` top/JJ secret/NN ''/'' on/IN their/PRP$ own/JJ complicity/NN ./. ###/### But/CC there/EX 's/VBZ no/DT danger/NN of/IN exposing/VBG sources/NNS and/CC methods/NNS in/IN disclosing/VBG the/DT debate/NN running/VBG up/IN and/CC down/IN Pennsylvania/NNP Avenue/NNP ./. ###/### And/CC if/IN Congress/NNP is/VBZ going/VBG to/TO assume/VB authority/NN to/TO micromanage/NN foreign/JJ policy/NN ,/, it/PRP 's/VBZ going/VBG to/TO have/VB to/TO take/VB some/DT of/IN the/DT responsibility/NN too/RB ./. ###/### The/DT President/NNP of/IN the/DT United/NNP States/NNP urged/VBD the/DT Panamanian/JJ armed/JJ forces/NNS to/TO move/VB against/IN Mr./NNP Noriega/NNP ./. ###/### When/WRB they/PRP did/VBD ,/, his/PRP$ commanders/NNS did/VBD n't/RB have/VB the/DT initiative/NN to/TO do/VB more/JJR than/IN block/VB a/DT couple/NN of/IN roads/NNS ./. ###/### The/DT executive/JJ branch/NN bears/VBZ the/DT first/JJ responsibility/NN for/IN timidity/NN ./. ###/### But/CC what/WP kind/NN of/IN initiative/NN can/MD you/PRP expect/VB given/VBN the/DT climate/NN set/VBN by/IN Congress/NNP ?/. ###/### For/IN example/NN ,/, what/WP exactly/RB did/VBD the/DT CIA/NNP tell/VB Major/NNP Giroldi/NNP and/CC his/PRP$ fellow/NN coup/NN plotters/NNS about/IN U.S./NNP laws/NNS and/CC executive/JJ orders/NNS on/IN assassinations/NNS ?/. ###/### What/WP part/NN did/VBD U.S./NNP warnings/NNS play/VB in/IN the/DT major/NN 's/POS unwillingness/NN to/TO pull/VB the/DT trigger/NN when/WRB he/PRP had/VBD General/NNP Noriega/NNP in/IN custody/NN ,/, but/CC was/VBD under/IN attack/NN by/IN pro-Noriega/JJ troops/NNS ?/. ###/### Mr./NNP Noriega/NNP did/VBD n't/RB suffer/VB from/IN any/DT hesitation/NN once/IN he/PRP had/VBD the/DT pistol/NN ./. ###/### Maybe/RB we/PRP need/VBP a/DT CIA/NNP version/NN of/IN the/DT Miranda/NNP warning/NN :/: You/PRP have/VBP the/DT right/NN to/TO conceal/VB your/PRP$ coup/NN intentions/NNS ,/, because/IN we/PRP may/MD rat/VB on/IN you/PRP ./. ###/### Or/CC maybe/RB a/DT Surgeon/NNP General/NNP 's/POS warning/NN :/: Confiding/VBG in/IN the/DT United/NNP States/NNPS may/MD be/VB fatal/JJ ./. ###/### CIA/NNP chief/NN William/NNP Webster/NNP ,/, hardly/RB a/DT Washington/NNP malcontent/NN ,/, got/VBD the/DT debate/NN started/VBN last/JJ week/NN by/IN noting/VBG that/IN the/DT executive/JJ order/NN banning/VBG assassinations/NNS had/VBD contributed/VBN to/TO U.S./NNP paralysis/NN during/IN the/DT coup/NN ./. ###/### The/DT CIA/NNP 's/POS Deputy/NNP Director/NNP of/IN Operations/NNP ,/, Richard/NNP Stoltz/NNP ,/, tried/VBD to/TO smooth/VB things/NNS over/RP a/DT few/JJ days/NNS later/RB ,/, but/CC instead/RB simply/RB underlined/VBD Mr./NNP Webster/NNP 's/POS point/NN ./. ###/### ``/`` The/DT interpretation/NN ''/'' of/IN the/DT executive/JJ order/NN ,/, Mr./NNP Stoltz/NNP said/VBD ,/, ``/`` and/CC the/DT way/NN in/IN which/WDT the/DT various/JJ committees/NNS have/VBP over/IN time/NN interpreted/VBD it/PRP ,/, has/VBZ led/VBN in/IN my/PRP$ view/NN to/TO a/DT proper/JJ caution/NN on/IN the/DT part/NN of/IN operators/NNS ,/, including/VBG me/PRP ./. ''/'' ###/### In/IN other/JJ words/NNS ,/, Congress/NNP wo/MD n't/RB let/VB the/DT CIA/NNP do/VB much/JJ of/IN anything/NN anymore/RB ,/, and/CC that/DT 's/VBZ fine/JJ with/IN the/DT CIA/NNP ./. ###/### The/DT pay/NN 's/VBZ the/DT same/JJ ,/, and/CC the/DT duty/NN 's/POS lighter/JJR ./. ###/### And/CC of/IN course/NN ,/, doing/VBG anything/NN that/WDT might/MD be/VB second-guessed/VBN by/IN Congress/NNP carries/VBZ heavy/JJ penalties/NNS ./. ###/### Witness/VB the/DT Walsh/NNP prosecution/NN of/IN Ollie/NNP North/NNP ./. ###/### The/DT Intelligence/NNP Committee/NNP 's/POS ranking/JJ Republican/NNP ,/, Senator/NNP William/NNP Cohen/NNP ,/, joined/VBD with/IN Senator/NNP George/NNP Mitchell/NNP to/TO write/VB a/DT best/JJS seller/NN about/IN Iran-Contra/NNP ,/, deploring/VBG ``/`` Men/NNP of/IN Zeal/NNP ./. ''/'' ###/### No/DT doubt/NN many/JJ people/NNS in/IN the/DT CIA/NNP ,/, the/DT Pentagon/NNP and/CC the/DT National/NNP Security/NNP Council/NNP have/VBP read/VBN it/PRP ./. ###/### What/WP kind/NN of/IN initiative/NN should/MD anyone/NN expect/VB from/IN people/NNS out/IN on/IN the/DT line/NN who/WP 've/VBP read/VBN all/PDT this/DT and/CC know/VBP what/WP can/MD happen/VB if/IN they/PRP fail/VBP ?/. ###/### Who/WP wants/VBZ to/TO end/VB up/RP as/IN the/DT protagonist/NN in/IN a/DT Bill/NNP Cohen/NNP morality/NN play/NN ?/. ###/### The/DT order/NN against/IN assassinations/NNS is/VBZ another/DT artifact/NN of/IN the/DT same/JJ congressional/JJ mind-set/NN ,/, a/DT product/NN of/IN the/DT 1970s/NNS Vietnam/NNP syndrome/NN against/IN any/DT executive/JJ action/NN ./. ###/### President/NNP Bush/NNP would/MD do/VB himself/PRP and/CC the/DT country/NN a/DT favor/NN by/IN rescinding/VBG the/DT order/NN as/IN an/DT ambiguous/JJ intrusion/NN on/IN his/PRP$ ability/NN to/TO defend/VB America/NNP 's/POS national/JJ security/NN ./. ###/### There/EX are/VBP of/IN course/NN good/JJ reasons/NNS the/DT U.S./NNP should/MD n't/RB get/VB into/IN the/DT assassination/NN business/NN ,/, but/CC rescinding/VBG the/DT executive/JJ order/NN is/VBZ not/RB the/DT same/JJ thing/NN as/IN saying/VBG the/DT U.S./NNP should/MD start/VB passing/VBG out/RP exploding/VBG cigars/NNS ./. ###/### The/DT world/NN being/VBG the/DT nasty/JJ place/NN it/PRP is/VBZ ,/, we/PRP want/VBP Presidents/NNS to/TO have/VB the/DT freedom/NN to/TO order/VB operations/NNS in/IN which/WDT someone/NN might/MD get/VB killed/VBN ./. ###/### In/IN such/JJ situations/NNS ,/, you/PRP can/MD not/RB write/VB rules/NNS in/IN advance/NN ,/, you/PRP can/MD only/RB make/VB sure/JJ the/DT President/NNP takes/VBZ the/DT responsibility/NN ./. ###/### The/DT executive/JJ order/NN and/CC the/DT reported/JJ agreements/NNS with/IN the/DT Intelligence/NNP Committee/NNP are/VBP neither/DT sensible/JJ nor/CC moral/JJ ./. ###/### As/IN it/PRP now/RB stands/VBZ ,/, the/DT U.S./NNP can/MD bomb/VB Tripoli/NNP ,/, but/CC ca/MD n't/RB ``/`` assassinate/VB ''/'' Colonel/NNP Gadhafi/NNP ./. ###/### It/PRP can/MD send/VB a/DT fighter/NN squadron/NN to/TO strafe/VB terrorist/JJ hideouts/NNS in/IN the/DT Bekaa/NNP Valley/NNP ,/, but/CC ca/MD n't/RB shoot/VB Abu/NNP Nidal/NNP ./. ###/### Both/PDT the/DT assassination/NN order/NN and/CC the/DT quality/NN of/IN debate/NN in/IN Washington/NNP are/VBP telling/VBG the/DT world/NN that/IN the/DT only/JJ way/NN the/DT U.S./NNP will/MD kill/VB a/DT madman/NN is/VBZ by/IN making/VBG sure/JJ we/PRP take/VBP some/DT innocent/JJ civilians/NNS with/IN him/PRP ./. ###/### We/PRP 've/VBP heard/VBN California/NNP 's/POS property-tax-cutting/JJ Proposition/NNP 13/CD blamed/VBN for/IN a/DT lot/NN over/IN the/DT years/NNS ,/, but/CC ABC/NNP 's/POS Ted/NNP Koppel/NNP came/VBD up/RP with/IN a/DT new/JJ wrinkle/NN in/IN his/PRP$ earthquake/NN coverage/NN last/JJ week/NN when/WRB he/PRP asked/VBD Democratic/NNP Assemblyman/NNP Richard/NNP Katz/NNP if/IN Prop./NNP 13/CD had/VBD withheld/VBN money/NN needed/VBN for/IN road/NN maintenance/NN ./. ###/### Mr./NNP Katz/NNP happily/RB agreed/VBD ,/, sliding/VBG over/IN the/DT fact/NN that/IN California/NNP 's/POS roads/NNS and/CC bridges/NNS are/VBP n't/RB funded/VBN by/IN property/NN taxes/NNS but/CC by/IN state/NN and/CC federal/JJ gasoline/NN taxes/NNS ./. ###/### Both/DT have/VBP been/VBN raised/VBN at/IN least/JJS 30/CD %/NN in/IN recent/JJ years/NNS ,/, even/RB while/IN the/DT price/NN of/IN gasoline/NN has/VBZ fallen/VBN ./. ###/### Dragging/VBG Prop./NNP 13/CD into/IN this/DT story/NN is/VBZ a/DT pretty/RB long/JJ stretch/NN ./. ###/### A/DT series/NN of/IN explosions/NNS tore/VBD through/IN the/DT huge/JJ Phillips/NNP Petroleum/NNP Co./NNP plastics/NNS plant/NN near/IN here/RB ,/, injuring/VBG more/JJR than/IN a/DT hundred/CD and/CC closing/VBG parts/NNS of/IN the/DT Houston/NNP Ship/NNP Channel/NNP ./. ###/### There/EX were/VBD no/DT immediate/JJ reports/NNS of/IN deaths/NNS ,/, but/CC officials/NNS said/VBD a/DT number/NN of/IN workers/NNS were/VBD still/RB unaccounted/JJ for/IN last/JJ night/NN ./. ###/### The/DT Bartlesville/NNP ,/, Okla./NNP ,/, oil/NN company/NN late/RB yesterday/NN still/RB had/VBD n't/RB said/VBN officially/RB what/WP caused/VBD the/DT explosions/NNS and/CC fires/NNS ,/, which/WDT sent/VBD columns/NNS of/IN heavy/JJ black/JJ smoke/NN billowing/VBG high/RB into/IN the/DT air/NN ./. ###/### One/CD local/JJ Phillips/NNP manager/NN said/VBD a/DT seal/NN blew/VBD in/IN one/CD of/IN the/DT plant/NN 's/POS reactors/NNS ./. ###/### Glenn/NNP Cox/NNP ,/, Phillips/NNP '/POS president/NN and/CC chief/NN operating/VBG officer/NN ,/, and/CC other/JJ Phillips/NNP officials/NNS flew/VBD from/IN Bartlesville/NNP to/TO assess/VB the/DT damage/NN and/CC determine/VB the/DT cause/NN of/IN the/DT afternoon/NN explosions/NNS ./. ###/### In/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, Phillips/NNP Petroleum/NNP shares/NNS fell/VBD $/$ 1.125/CD to/TO $/$ 23.125/CD ./. ###/### The/DT plastics/NNS plant/NN is/VBZ located/VBN on/IN an/DT 800-acre/JJ tract/NN in/IN the/DT heart/NN of/IN the/DT petrochemical/NN corridor/NN that/WDT reaches/VBZ along/IN the/DT U.S./NNP Gulf/NNP Coast/NNP ./. ###/### The/DT U.S./NNP Coast/NNP Guard/NNP closed/VBD six/CD miles/NNS of/IN the/DT Houston/NNP Ship/NNP Channel/NNP ,/, where/WRB about/RB 150/CD companies/NNS have/VBP operations/NNS ,/, because/IN the/DT thick/JJ ,/, black/JJ smoke/NN obscured/VBD the/DT area/NN ./. ###/### The/DT Port/NNP of/IN Houston/NNP closed/VBD its/PRP$ terminal/NN for/IN handling/VBG bulk/JJ cargo/NN ./. ###/### Broken/JJ water/NN lines/NNS and/CC gas/NN leaks/NNS hindered/VBD firefighters/NNS '/POS efforts/NNS ,/, but/CC by/IN late/RB yesterday/NN authorities/NNS said/VBD they/PRP had/VBD the/DT fire/NN under/IN control/NN ./. ###/### The/DT blasts/NNS blew/VBD out/RP windows/NNS ,/, spewed/VBD debris/NN for/IN miles/NNS and/CC crumpled/VBD the/DT ceiling/NN in/IN an/DT area/NN elementary/JJ school/NN ./. ###/### The/DT initial/JJ fireball/NN was/VBD caught/VBN by/IN cameras/NNS in/IN downtown/JJ Houston/NNP ,/, about/RB 10/CD miles/NNS away/RB ./. ###/### Nearby/JJ Pasadena/NNP ,/, Texas/NNP ,/, police/NN reported/VBD that/IN 104/CD people/NNS had/VBD been/VBN taken/VBN to/TO area/NN hospitals/NNS ,/, but/CC a/DT spokeswoman/NN said/VBD that/DT toll/NN could/MD rise/VB ./. ###/### The/DT injured/JJ ,/, including/VBG three/CD in/IN critical/JJ condition/NN ,/, were/VBD treated/VBN for/IN burns/NNS ,/, breathing/NN problems/NNS and/CC cuts/NNS from/IN flying/VBG glass/NN ,/, hospital/NN officials/NNS said/VBD ./. ###/### The/DT plant/NN employs/VBZ between/IN 800/CD and/CC 900/CD on/IN three/CD shifts/NNS ./. ###/### The/DT number/NN working/VBG at/IN the/DT time/NN of/IN the/DT blast/NN was/VBD n't/RB known/VBN ./. ###/### Yesterday/NN 's/POS explosions/NNS were/VBD the/DT second/JJ round/NN in/IN two/CD months/NNS at/IN the/DT plastics/NNS plant/NN ./. ###/### In/IN late/JJ August/NNP ,/, four/CD contract/NN workers/NNS were/VBD injured/VBN and/CC one/CD Phillips/NNS employee/NN died/VBD after/IN an/DT explosion/NN at/IN a/DT fuel/NN supply/NN line/NN near/IN the/DT facility/NN 's/POS boiler/NN house/NN ./. ###/### The/DT Phillips/NNP facility/NN manufactures/VBZ polyethylene/NN ,/, polypropylene/NN and/CC K-resin/NN ,/, plastics/NNS used/VBN in/IN a/DT wide/JJ array/NN of/IN applications/NNS ,/, including/VBG milk/NN jugs/NNS and/CC toys/NNS ./. ###/### Plastics/NNS are/VBP the/DT cornerstone/NN of/IN Phillips/NNP '/POS chemicals/NNS operations/NNS ,/, which/WDT is/VBZ the/DT biggest/JJS single/JJ contributor/NN to/TO the/DT company/NN 's/POS profits/NNS ./. ###/### A/DT federal/JJ judge/NN in/IN Manhattan/NNP has/VBZ entered/VBN a/DT judgment/NN requiring/VBG a/DT Chicago/NNP organized/JJ crime/NN figure/NN to/TO pay/VB the/DT government/NN $/$ 250,000/CD ,/, representing/VBG alleged/JJ profits/NNS he/PRP gained/VBD from/IN his/PRP$ involvement/NN with/IN the/DT International/NNP Brotherhood/NNP of/IN Teamsters/NNPS ./. ###/### Manhattan/NNP U.S./NNP Attorney/NNP Otto/NNP Obermaier/NNP said/VBD it/PRP was/VBD the/DT first/JJ time/NN ever/RB that/IN the/DT government/NN had/VBD obtained/VBN any/DT disgorgement/NN from/IN an/DT organized/JJ crime/NN figure/NN indicted/VBN under/IN the/DT civil/JJ racketeering/NN law/NN ./. ###/### Joseph/NNP Lombardo/NNP ,/, who/WP the/DT government/NN alleged/VBD was/VBD the/DT ``/`` captain/NN ''/'' of/IN organized/JJ crime/NN in/IN Chicago/NNP ,/, was/VBD one/CD of/IN numerous/JJ defendants/NNS in/IN the/DT government/NN 's/POS sweeping/JJ racketeering/NN suit/NN against/IN the/DT Teamsters/NNPS ./. ###/### In/IN the/DT suit/NN ,/, filed/VBN in/IN June/NNP 1988/CD ,/, the/DT government/NN accused/VBD the/DT union/NN 's/POS leadership/NN of/IN depriving/VBG its/PRP$ 1.6/CD million/CD members/NNS of/IN their/PRP$ rights/NNS through/IN a/DT pattern/NN of/IN racketeering/NN ./. ###/### Among/IN other/JJ things/NNS ,/, the/DT government/NN claimed/VBD that/IN organized/JJ crime/NN figures/NNS had/VBD routinely/RB handpicked/VBN the/DT union/NN 's/POS top/JJ officials/NNS ./. ###/### U.S./NNP District/NNP Judge/NNP David/NNP Edelstein/NNP also/RB permanently/RB enjoined/VBD Mr./NNP Lombardo/NNP from/IN any/DT future/JJ dealings/NNS with/IN the/DT Teamsters/NNPS or/CC any/DT other/JJ labor/NN union/NN ./. ###/### Mr./NNP Lombardo/NNP ,/, the/DT last/JJ of/IN the/DT defendants/NNS to/TO settle/VB the/DT suit/NN ,/, agreed/VBD to/TO pay/VB the/DT government/NN the/DT $/$ 250,000/CD within/IN one/CD week/NN ./. ###/### Exxon/NNP Corp./NNP said/VBD its/PRP$ third-quarter/JJ earnings/NNS slipped/VBD 9/CD %/NN as/IN profits/NNS from/IN two/CD of/IN its/PRP$ three/CD major/JJ businesses/NNS sagged/VBD ./. ###/### All/DT cleanup/NN costs/NNS from/IN last/JJ spring/NN 's/POS Alaskan/JJ oil/NN spill/NN were/VBD reflected/VBN in/IN earlier/JJR results/NNS ,/, it/PRP said/VBD ./. ###/### Phillips/NNP Petroleum/NNP Co./NNP and/CC Atlantic/NNP Richfield/NNP Co./NNP also/RB reported/VBD declines/NNS in/IN quarterly/JJ profit/NN ,/, while/IN Ashland/NNP Oil/NNP Inc./NNP posted/VBD a/DT loss/NN for/IN the/DT latest/JJS quarter/NN ./. ###/### Amerada/NNP Hess/NNP Corp./NNP and/CC Occidental/NNP Petroleum/NNP Corp./NNP reported/VBD higher/JJR earnings/NNS ./. ###/### Although/IN Exxon/NNP spent/VBD heavily/RB during/IN the/DT latest/JJS quarter/NN to/TO clean/VB up/RP the/DT Alaskan/JJ shoreline/NN blackened/VBN by/IN its/PRP$ huge/JJ oil/NN spill/NN ,/, those/DT expenses/NNS as/RB well/RB as/IN the/DT cost/NN of/IN a/DT continuing/JJ spill-related/JJ program/NN are/VBP covered/VBN by/IN $/$ 880/CD million/CD in/IN charges/NNS taken/VBN during/IN the/DT first/JJ half/NN ./. ###/### An/DT Exxon/NNP official/NN said/VBD that/IN at/IN this/DT time/NN the/DT oil/NN company/NN does/VBZ n't/RB anticipate/VB any/DT additional/JJ charges/NNS to/TO future/JJ earnings/NNS relating/VBG to/TO the/DT cleanup/NN of/IN oil/NN spilled/VBN when/WRB one/CD of/IN its/PRP$ tankers/NNS rammed/VBD into/IN an/DT underwater/JJ reef/NN ./. ###/### She/PRP added/VBD ,/, however/RB ,/, that/IN charges/NNS already/RB taken/VBN do/VBP n't/RB take/VB into/IN account/NN the/DT potential/JJ effect/NN of/IN litigation/NN involving/VBG the/DT oil/NN spill/NN ./. ###/### She/PRP said/VBD that/DT impact/NN ca/MD n't/RB be/VB reasonably/RB assessed/VBN yet/RB ./. ###/### Exxon/NNP 's/POS net/JJ income/NN during/IN the/DT third/JJ quarter/NN dropped/VBD to/TO $/$ 1.11/CD billion/CD ,/, or/CC 87/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 1.22/CD billion/CD ,/, or/CC 93/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Revenue/NN rose/VBD 8.1/CD %/NN ,/, to/TO $/$ 23.65/CD billion/CD from/IN $/$ 21.88/CD billion/CD ./. ###/### During/IN the/DT third/JJ quarter/NN ,/, Exxon/NNP purchased/VBD 8.34/CD million/CD shares/NNS of/IN its/PRP$ stock/NN at/IN a/DT cost/NN of/IN $/$ 373/CD million/CD ./. ###/### Exxon/NNP 's/POS profitability/NN ,/, like/IN that/DT of/IN many/JJ other/JJ oil/NN companies/NNS ,/, was/VBD hurt/VBN during/IN the/DT third/JJ quarter/NN by/IN declining/VBG returns/NNS from/IN the/DT chemicals/NNS and/CC refining/NN and/CC marketing/NN businesses/NNS ./. ###/### Exxon/NNP 's/POS earnings/NNS from/IN chemicals/NNS operations/NNS fell/VBD $/$ 90/CD million/CD ,/, to/TO $/$ 254/CD million/CD ,/, while/IN refining/NN and/CC marketing/NN profits/NNS declined/VBD $/$ 180/CD million/CD ,/, to/TO $/$ 357/CD million/CD ./. ###/### Although/IN crude/JJ oil/NN prices/NNS were/VBD significantly/RB higher/JJR this/DT year/NN ,/, they/PRP were/VBD n't/RB strong/JJ enough/RB to/TO offset/VB the/DT declining/VBG profits/NNS in/IN those/DT business/NN sectors/NNS at/IN most/JJS oil/NN companies/NNS ,/, said/VBD William/NNP Randol/NNP ,/, oil/NN analyst/NN for/IN First/NNP Boston/NNP Corp/NNP ./. ###/### He/PRP estimates/VBZ that/IN the/DT price/NN of/IN West/NNP Texas/NNP Intermediate/NNP ,/, the/DT U.S./NNP benchmark/JJ crude/NN ,/, was/VBD $/$ 4.04/CD a/DT barrel/NN higher/JJR during/IN the/DT third/JJ quarter/NN of/IN this/DT year/NN than/IN in/IN the/DT same/JJ period/NN last/JJ year/NN ./. ###/### A/DT rash/NN of/IN one-time/JJ charges/NNS left/VBD Ashland/NNP Oil/NNP with/IN a/DT loss/NN of/IN $/$ 39/CD million/CD for/IN its/PRP$ fiscal/JJ fourth/JJ quarter/NN ./. ###/### A/DT year/NN earlier/RBR ,/, the/DT refiner/NN earned/VBD $/$ 66/CD million/CD ,/, or/CC $/$ 1.19/CD a/DT share/NN ./. ###/### Quarterly/JJ revenue/NN rose/VBD 4.5/CD %/NN ,/, to/TO $/$ 2.3/CD billion/CD from/IN $/$ 2.2/CD billion/CD ./. ###/### For/IN the/DT year/NN ,/, net/JJ income/NN tumbled/VBD 61/CD %/NN to/TO $/$ 86/CD million/CD ,/, or/CC $/$ 1.55/CD a/DT share/NN ./. ###/### The/DT Ashland/NNP ,/, Ky./NNP ,/, oil/NN company/NN reported/VBD a/DT $/$ 38/CD million/CD charge/NN resulting/VBG from/IN settlement/NN of/IN a/DT 10-year/JJ dispute/NN with/IN the/DT National/NNP Iranian/NNP Oil/NNP Co./NNP over/IN claims/NNS that/IN Ashland/NNP did/VBD n't/RB pay/NN for/IN Iranian/JJ crude/NN it/PRP had/VBD received/VBN ./. ###/### In/IN September/NNP ,/, Ashland/NNP settled/VBD the/DT long-simmering/JJ dispute/NN by/IN agreeing/VBG to/TO pay/VB Iran/NNP $/$ 325/CD million/CD ./. ###/### Ashland/NNP also/RB took/VBD a/DT $/$ 25/CD million/CD after-tax/JJ charge/NN to/TO cover/VB anticipated/JJ costs/NNS to/TO correct/VB problems/NNS with/IN boilers/NNS built/VBN by/IN one/CD of/IN its/PRP$ subsidiaries/NNS ./. ###/### The/DT oil/NN refiner/NN also/RB booked/VBD a/DT $/$ 15/CD million/CD charge/NN for/IN selling/VBG Ashland/NNP Technology/NNP Corp./NNP ,/, one/CD of/IN its/PRP$ subsidiaries/NNS ,/, at/IN a/DT loss/NN ./. ###/### Third-quarter/JJ earnings/NNS at/IN Amerada/NNP Hess/NNP more/RBR than/IN|RB tripled/VBD to/TO $/$ 51.81/CD million/CD ,/, or/CC 64/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 15.7/CD million/CD ,/, or/CC 20/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Revenue/NN climbed/VBD 28/CD %/NN ,/, to/TO $/$ 1.18/CD billion/CD from/IN $/$ 925/CD million/CD ./. ###/### Profits/NNS improved/VBD across/IN Hess/NNP 's/POS businesses/NNS ./. ###/### Refining/NN and/CC marketing/NN earnings/NNS climbed/VBD to/TO $/$ 33.3/CD million/CD from/IN $/$ 12.9/CD million/CD ,/, and/CC exploration/NN and/CC production/NN earnings/NNS rose/VBD to/TO $/$ 37.1/CD million/CD from/IN $/$ 17.9/CD million/CD ./. ###/### Hess/NNP 's/POS earnings/NNS were/VBD up/RB despite/IN a/DT $/$ 30/CD million/CD charge/NN to/TO cover/VB the/DT cost/NN of/IN maintaining/VBG operations/NNS after/IN Hurricane/NNP Hugo/NNP heavily/RB damaged/VBD the/DT company/NN 's/POS refinery/NN at/IN St./NNP Croix/NNP ./. ###/### It/PRP is/VBZ widely/RB known/VBN within/IN industry/NN circles/NNS that/IN Hess/NNP had/VBD to/TO buy/VB oil/NN products/NNS in/IN the/DT high-priced/JJ spot/NN markets/NNS to/TO continue/VB supplying/VBG its/PRP$ customers/NNS ./. ###/### Hess/NNP declined/VBD to/TO comment/VB ./. ###/### Phillips/NNP Petroleum/NNP 's/POS third-quarter/JJ earnings/NNS slid/VBD 60/CD %/NN ,/, to/TO $/$ 87/CD million/CD ,/, or/CC 36/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 215/CD million/CD ,/, or/CC 89/CD cents/NNS a/DT share/NN ./. ###/### Revenue/NN rose/VBD 6.9/CD %/NN ,/, to/TO $/$ 3.1/CD billion/CD from/IN $/$ 2.9/CD billion/CD ./. ###/### Shrinking/VBG profit/NN margins/NNS in/IN chemical/NN and/CC refining/NN and/CC marketing/NN sectors/NNS accounted/VBD for/IN most/JJS of/IN the/DT decline/NN ,/, said/VBD Chairman/NNP C.J./NNP Silas/NNP in/IN a/DT statement/NN ./. ###/### Despite/IN higher/JJR oil/NN prices/NNS ,/, exploration/NN and/CC production/NN profits/NNS were/VBD off/RB because/RB of/IN foreign-currency/NN losses/NNS and/CC some/DT construction/NN costs/NNS incurred/VBN in/IN one/CD of/IN Phillips/NNP '/POS North/NNP Sea/NNP oil/NN fields/NNS ./. ###/### A/DT year/NN ago/RB ,/, results/NNS were/VBD buoyed/VBN by/IN a/DT $/$ 20/CD million/CD after-tax/JJ gain/NN from/IN an/DT asset/NN sale/NN ./. ###/### Occidental/NNP Petroleum/NNP 's/POS third-quarter/JJ net/JJ income/NN rose/VBD 2.9/CD %/NN to/TO $/$ 108/CD million/CD ,/, or/CC 39/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 105/CD million/CD ,/, or/CC 38/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RB ./. ###/### The/DT latest/JJS quarter/NN included/VBD an/DT after-tax/JJ gain/NN of/IN $/$ 71/CD million/CD from/IN non-recurring/JJ items/NNS ./. ###/### Sales/NNS dropped/VBD 2/CD %/NN ,/, to/TO $/$ 4.8/CD billion/CD from/IN $/$ 4.9/CD billion/CD ./. ###/### The/DT latest/JJS period/NN included/VBD a/DT $/$ 54/CD million/CD gain/NN from/IN the/DT sale/NN of/IN various/JJ oil/NN and/CC gas/NN properties/NNS ,/, a/DT $/$ 22/CD million/CD charge/NN from/IN the/DT restructuring/NN of/IN Occidental/NNP 's/POS domestic/JJ oil/NN and/CC gas/NN operations/NNS ,/, and/CC tax/NN credits/NNS of/IN $/$ 42/CD million/CD ./. ###/### Both/DT periods/NNS included/VBD non-recurring/JJ charges/NNS of/IN $/$ 3/CD million/CD for/IN early/JJ retirement/NN of/IN debt/NN ./. ###/### Occidental/NNP said/VBD oil/NN and/CC gas/NN earnings/NNS fell/VBD to/TO $/$ 17/CD million/CD from/IN $/$ 20/CD million/CD ./. ###/### The/DT latest/JJS period/NN includes/VBZ net/JJ gains/NNS of/IN $/$ 32/CD million/CD in/IN non-recurring/JJ credits/NNS from/IN the/DT sale/NN of/IN properties/NNS ,/, indicating/VBG operating/NN losses/NNS for/IN the/DT quarter/NN in/IN the/DT oil/NN and/CC gas/NN division/NN ./. ###/### Chemical/NN earnings/NNS fell/VBD 10/CD %/NN ,/, reflecting/VBG softening/NN of/IN demand/NN ./. ###/### Citing/VBG its/PRP$ reduced/JJ ownership/NN in/IN the/DT Lyondell/NNP Petrochemical/NNP Co./NNP ,/, Atlantic/NNP Richfield/NNP reported/VBD that/IN net/JJ income/NN slid/VBD 3.1/CD %/NN in/IN the/DT third/JJ quarter/NN to/TO $/$ 379/CD million/CD ,/, or/CC $/$ 2.19/CD a/DT share/NN ,/, from/IN $/$ 391/CD million/CD ,/, or/CC $/$ 2.17/CD a/DT share/NN ,/, for/IN the/DT comparable/JJ period/NN last/JJ year/NN ./. ###/### Sales/NNS fell/VBD 20/CD %/NN ,/, to/TO $/$ 3.7/CD billion/CD from/IN $/$ 4.6/CD billion/CD ./. ###/### Arco/NNP 's/POS earnings/NNS from/IN its/PRP$ 49.9/CD %/NN stake/NN in/IN Lyondell/NNP fell/VBD to/TO $/$ 37/CD million/CD from/IN $/$ 156/CD million/CD for/IN the/DT same/JJ period/NN last/JJ year/NN ,/, when/WRB Lyondell/NNP was/VBD wholly/RB owned/VBN ./. ###/### Offsetting/VBG the/DT lower/JJR stake/NN in/IN Lyondell/NNP were/VBD higher/JJR crude/JJ oil/NN prices/NNS ,/, increased/JJ natural/JJ gas/NN volumes/NNS and/CC higher/JJR coke/NN prices/NNS ,/, the/DT company/NN said/VBD ./. ###/### Coal/NN earnings/NNS rose/VBD to/TO $/$ 26/CD million/CD from/IN $/$ 21/CD million/CD ./. ###/### For/IN the/DT nine/CD months/NNS ,/, Arco/NNP reported/VBD net/JJ income/NN of/IN $/$ 1.6/CD billion/CD ,/, or/CC $/$ 8.87/CD a/DT share/NN ,/, up/RB 33/CD %/NN from/IN $/$ 1.2/CD billion/CD or/CC $/$ 6.56/CD a/DT share/NN a/DT year/NN earlier/RBR ./. ###/### Sales/NNS were/VBD $/$ 12/CD billion/CD ,/, off/IN 13/CD %/NN from/IN $/$ 13.8/CD billion/CD ./. ###/### Jeff/NNP Rowe/NNP contributed/VBD to/TO this/DT article/NN ./. ###/### The/DT following/JJ 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 :/: ###/### Imo/NNP Industries/NNP Inc./NNP --/: $/$ 150/CD million/CD of/IN senior/JJ subordinated/JJ debentures/NNS due/JJ 2001/CD ,/, priced/VBN at/IN par/NN to/TO yield/VB 12/CD %/NN ./. ###/### The/DT issue/NN will/MD be/VB sold/VBN through/IN Morgan/NNP Stanley/NNP &/CC Co/NNP ./. ###/### Other/JJ details/NNS were/VBD n't/RB available/JJ ./. ###/### San/NNP Antonio/NNP ,/, Texas/NNP --/: $/$ 575/CD million/CD of/IN electric/JJ and/CC gas/NN system/NN revenue/NN refunding/JJ bonds/NNS ,/, Series/NNP 1989/NNP ,/, 1989A/NNP and/CC 1989B/NNP ,/, tentatively/RB priced/VBN by/IN a/DT First/NNP Boston/NNP Corp./NNP group/NN to/TO yield/VB from/IN 6.15/CD %/NN in/IN 1991/CD to/TO 7.30/CD %/NN in/IN 2009/CD ./. ###/### The/DT issue/NN includes/VBZ current/JJ interest/NN bonds/NNS due/JJ 1991-2000/CD ,/, 2009/CD ,/, 2012/CD ,/, 2014/CD and/CC 2016/CD ,/, and/CC capital/NN appreciation/NN bonds/NNS due/JJ 2001-2005/CD ./. ###/### The/DT current/JJ interest/NN serial/NN bonds/NNS are/VBP priced/VBN to/TO yield/VB from/IN 6.15/CD %/NN in/IN 1991/CD to/TO 7.10/CD %/NN in/IN 2000/CD ./. ###/### There/EX are/VBP about/RB $/$ 100/CD million/CD of/IN 7/CD %/NN term/NN bonds/NNS due/JJ 2009/CD ,/, priced/VBN to/TO yield/VB 7.30/CD %/NN ,/, which/WDT is/VBZ the/DT issue/NN 's/POS high/JJ yield/NN ./. ###/### There/EX are/VBP also/RB about/RB $/$ 124/CD million/CD of/IN 6/CD %/NN bonds/NNS priced/VBN to/TO yield/VB 7.25/CD %/NN in/IN 2012/CD ;/: about/RB $/$ 97/CD million/CD of/IN 6/CD %/NN bonds/NNS priced/VBN to/TO yield/VB 7.20/CD %/NN in/IN 2014/CD ;/: and/CC about/RB $/$ 26.5/CD million/CD of/IN 5/CD %/NN bonds/NNS priced/VBN to/TO yield/VB 7.15/CD %/NN in/IN 2016/CD ./. ###/### All/DT of/IN the/DT term/NN bonds/NNS are/VBP original/JJ issue/NN discount/NN bonds/NNS ,/, according/VBG to/TO the/DT lead/JJ underwriter/NN ./. ###/### The/DT capital/NN appreciation/NN bonds/NNS are/VBP tentatively/RB priced/VBN to/TO yield/VB to/TO maturity/NN from/IN 7/CD %/NN in/IN 2001/CD to/TO 7.10/CD %/NN in/IN 2003-2005/CD ./. ###/### The/DT bonds/NNS are/VBP rated/VBN double-A/JJ by/IN Moody/NNP 's/POS Investors/NNP Service/NNP Inc./NNP and/CC Standard/NNP &/CC Poor/NNP 's/POS Corp/NNP ./. ###/### Maryland/NNP Stadium/NNP Authority/NNP --/: $/$ 137.6/CD million/CD of/IN sports/NNS facilities/NNS lease/NN revenue/NN bonds/NNS ,/, Series/NNP 1989/NNP D/NNP ,/, due/JJ 1992-1999/CD ,/, 2004/CD ,/, 2009/CD and/CC 2019/CD ,/, tentatively/RB priced/VBN at/IN par/NN by/IN a/DT Morgan/NNP Stanley/NNP group/NN to/TO yield/VB from/IN 6.35/CD %/NN in/IN 1992/CD to/TO 7.60/CD %/NN in/IN 2019/CD ./. ###/### Serial/JJ bonds/NNS are/VBP priced/VBN to/TO yield/VB to/TO 7.10/CD %/NN in/IN 1999/CD ./. ###/### There/EX are/VBP $/$ 15,845,000/CD of/IN 7/CD %/NN bonds/NNS priced/VBN at/IN par/NN and/CC due/JJ 2004/CD ;/: $/$ 22,985,000/CD of/IN 7/CD %/NN bonds/NNS priced/VBN at/IN par/NN and/CC due/JJ 2009/CD ;/: and/CC $/$ 82.6/CD million/CD of/IN 7.60/CD %/NN bonds/NNS priced/VBN at/IN par/NN and/CC due/JJ 2019/CD ./. ###/### The/DT bonds/NNS are/VBP rated/VBN double-A/JJ by/IN Moody/NNP 's/POS and/CC double-A-minus/JJ by/IN S&P/NNP ./. ###/### Interest/NN on/IN the/DT bonds/NNS will/MD be/VB treated/VBN as/IN a/DT preference/NN item/NN in/IN calculating/VBG the/DT federal/JJ alternative/JJ minimum/JJ tax/NN that/WDT may/MD be/VB imposed/VBN on/IN certain/JJ investors/NNS ./. ###/### Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP --/: $/$ 250/CD million/CD of/IN Remic/NNP mortgage/NN securities/NNS being/VBG offered/VBN in/IN 11/CD classes/NNS by/IN Morgan/NNP Stanley/NNP ./. ###/### The/DT offering/NN ,/, Series/NNP 107/NNP ,/, is/VBZ backed/VBN by/IN Freddie/NNP Mac/NNP 15-year/JJ ,/, 9/CD %/NN securities/NNS ,/, and/CC brings/VBZ Freddie/NNP Mac/NNP 's/POS 1989/CD Remic/NNP issuance/NN to/TO $/$ 32.8/CD billion/CD and/CC its/PRP$ total/JJ volume/NN to/TO $/$ 46.8/CD billion/CD since/IN the/DT program/NN began/VBD in/IN February/NNP 1988/CD ./. ###/### The/DT offering/NN used/VBD at-market/JJ pricing/NN ./. ###/### Federal/NNP National/NNP Mortgage/NNP Association/NNP --/: $/$ 500/CD million/CD of/IN Remic/NNP mortgage/NN securities/NNS being/VBG offered/VBN in/IN 10/CD classes/NNS by/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNP ./. ###/### The/DT offering/NN ,/, Series/NNP 1989-85/CD ,/, is/VBZ backed/VBN by/IN Fannie/NNP Mae/NNP 9/CD %/NN securities/NNS ./. ###/### Separately/RB ,/, a/DT $/$ 400/CD million/CD issue/NN of/IN Fannie/NNP Mae/NNP Remic/NNP mortgage/NN securities/NNS is/VBZ being/VBG offered/VBN in/IN 15/CD classes/NNS by/IN Bear/NNP ,/, Stearns/NNP &/CC Co/NNP ./. ###/### The/DT offering/NN ,/, Series/NNP 1989-86/CD ,/, is/VBZ backed/VBN by/IN Fannie/NNP Mae/NNP 9/CD %/NN securities/NNS ./. ###/### Finally/RB ,/, a/DT $/$ 300/CD million/CD issue/NN of/IN Fannie/NNP Mae/NNP Remic/NNP mortgage/NN securities/NNS is/VBZ being/VBG offered/VBN in/IN 12/CD classes/NNS by/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co/NNP ./. ###/### The/DT offering/NN ,/, Series/NNP 1989-87/CD ,/, is/VBZ backed/VBN by/IN Fannie/NNP Mae/NNP 9/CD %/NN securities/NNS ./. ###/### The/DT three/CD offerings/NNS together/RB bring/VBP Fannie/NNP Mae/NNP 's/POS 1989/CD Remic/NNP issuance/NN to/TO $/$ 32.4/CD billion/CD and/CC its/PRP$ total/JJ Remic/NNP volume/NN to/TO $/$ 44.5/CD billion/CD since/IN the/DT program/NN began/VBD in/IN April/NNP 1987/CD ./. ###/### Credit/NNP Agricole/NNP -LRB-/-LRB- CNCA/NNP -RRB-/-RRB- -LRB-/-LRB- French/NNP -RRB-/-RRB- --/: $/$ 250/CD million/CD of/IN 8/CD %/NN bonds/NNS due/JJ Nov./NNP 21/CD ,/, 1994/CD ,/, priced/VBN at/IN 101.80/CD to/TO yield/VB 8.77/CD %/NN annually/RB less/CC full/JJ fees/NNS ,/, via/IN IBJ/NNP International/NNP Ltd/NNP ./. ###/### Fees/NNS 1/CD ./. ###/### Hokuriku/NNP Electric/NNP Power/NNP Co/NNP ./. -LRB-/-LRB- Japan/NNP -RRB-/-RRB- --/: $/$ 200/CD million/CD of/IN 8/CD %/NN bonds/NNS due/JJ Nov./NNP 20/CD ,/, 1996/CD ,/, priced/VBN at/IN 101/CD to/TO yield/VB 8.90/CD %/NN less/CC full/JJ fees/NNS ,/, via/IN Yamaichi/NNP International/NNP -LRB-/-LRB- Europe/NNP -RRB-/-RRB- Ltd/NNP ./. ###/### Fees/NNS 1/CD ./. ###/### International/NNP Finance/NNP Corp/NNP ./. -LRB-/-LRB- agency/NN -RRB-/-RRB- --/: 10/CD billion/CD pesetas/NNS of/IN 11.6/CD %/NN bonds/NNS due/JJ Nov./NN 30/CD ,/, 1994/CD ,/, priced/VBN at/IN 101/CD to/TO yield/VB 11.60/CD %/NN less/CC full/JJ fees/NNS ,/, via/IN Citibank/NNP -LRB-/-LRB- Madrid/NNP -RRB-/-RRB- and/CC Banco/NNP Espanol/NNP de/NNP Credito/NNP ,/, Spain/NNP ./. ###/### Fees/NNS 1/CD ./. ###/### Royal/NNP Bank/NNP of/IN Canada/NNP ,/, Grand/NNP Cayman/NNP branch/NN -LRB-/-LRB- Canada/NNP -RRB-/-RRB- --/: 100/CD million/CD Canadian/JJ dollars/NNS of/IN 10/CD %/NN deposit/NN notes/NNS due/JJ Nov./NNP 30/CD ,/, 1994/CD ,/, priced/VBN at/IN 101/CD to/TO yield/VB 10.78/CD %/NN less/CC full/JJ fees/NNS ,/, via/IN RBC/NNP Dominion/NNP Securities/NNP International/NNP Ltd/NNP ./. ###/### Fees/NNS 1/CD ./. ###/### Union/NNP Bank/NNP of/IN Finland/NNP --/: 100/CD million/CD Australian/JJ dollars/NNS of/IN 9/CD %/NN bonds/NNS due/JJ Nov./NN 9/CD ,/, 1990/CD ,/, priced/VBN at/IN 94/CD to/TO yield/VB 17.20/CD %/NN less/CC full/JJ fees/NNS ,/, via/IN Banque/NNP Paribas/NNP Capital/NNP Markets/NNP Ltd/NNP ./. ###/### Fees/NNS 1/CD ./. ###/### Ford/NNP Motor/NNP Credit/NNP --/: $/$ 2.57/CD billion/CD of/IN certificates/NNS backed/VBN by/IN automobile/NN loans/NNS with/IN a/DT coupon/NN rate/NN of/IN 8.70/CD %/NN ,/, priced/VBN at/IN 99/CD to/TO yield/VB 8.903/CD %/NN through/IN an/DT underwriting/NN group/NN headed/VBN by/IN First/NNP Boston/NNP Corp/NNP ./. ###/### The/DT issue/NN is/VBZ the/DT first/JJ by/IN Ford/NNP Motor/NNP Credit/NNP ,/, a/DT unit/NN of/IN Ford/NNP Motor/NNP Co./NNP ,/, and/CC the/DT second/JJ largest/JJS in/IN the/DT four-year/JJ history/NN of/IN the/DT $/$ 45/CD billion/CD asset-backed/JJ market/NN ./. ###/### The/DT largest/JJS issue/NN was/VBD a/DT $/$ 4/CD billion/CD offering/NN of/IN auto-loan/JJ securities/NNS by/IN General/NNP Motors/NNP Acceptance/NNP Corp./NNP in/IN 1986/CD ./. ###/### The/DT Ford/NNP issue/NN ,/, through/IN Ford/NNP Credit/NNP 1989-A/NNP Grantor/NNP Trust/NNP ,/, was/VBD priced/VBN at/IN a/DT yield/NN spread/NN of/IN 95/CD basis/NN points/NNS above/IN the/DT Treasury/NNP 7/CD %/NN issue/NN due/JJ July/NNP 1991/CD ./. ###/### The/DT offering/NN is/VBZ rated/VBN doubleA-2/JJ by/IN Moody/NNP 's/POS and/CC double-A/JJ by/IN S&P/NNP ,/, based/VBN on/IN the/DT quality/NN of/IN the/DT underlying/JJ auto/NN loans/NNS and/CC a/DT guarantee/NN covering/VBG 9/CD %/NN of/IN the/DT deal/NN from/IN Ford/NNP Motor/NNP Credit/NNP ./. ###/### The/DT certificates/NNS have/VBP an/DT estimated/JJ average/JJ life/NN of/IN 1.8/CD years/NNS ,/, assuming/VBG monthly/JJ prepayments/NNS at/IN 1.3/CD %/NN of/IN the/DT original/JJ balance/NN ./. ###/### The/DT final/JJ maturity/NN is/VBZ in/IN five/CD years/NNS ./. ###/### The/DT Mouth/NNP is/VBZ back/RB ./. ###/### Morton/NNP Downey/NNP Jr./NNP ,/, who/WP self-destructed/VBD as/IN a/DT talk-show/NN host/NN and/CC frequently/RB verbally/RB abused/VBD his/PRP$ guests/NNS ,/, has/VBZ been/VBN signed/VBN to/TO co-host/VB a/DT half-hour/JJ nightly/JJ program/NN on/IN the/DT Consumer/NNP News/NNP and/CC Business/NNP Channel/NNP ,/, the/DT cable/NN channel/NN partly/RB owned/VBN by/IN the/DT General/NNP Electric/NNP Co./NNP 's/POS National/NNP Broadcasting/NNP Co/NNP ./. ###/### The/DT premiere/NN of/IN ``/`` Showdown/NNP ,/, ''/'' with/IN Mr./NNP Downey/NNP and/CC Richard/NNP G./NNP Carter/NNP ,/, a/DT columnist/NN with/IN the/DT New/NNP York/NNP Daily/NNP News/NNP ,/, is/VBZ scheduled/VBN for/IN Dec./NNP 4/CD at/IN 8/CD p.m/RB ./. ###/### CNBC/NNP is/VBZ available/JJ to/TO 13/CD million/CD cable/NN households/NNS ./. ###/### Mr./NNP Downey/NNP said/VBD he/PRP is/VBZ not/RB going/VBG to/TO change/VB his/PRP$ style/NN ,/, which/WDT some/DT critics/NNS said/VBD was/VBD flamboyant/JJ and/CC others/NNS deemed/VBD offensive/JJ ./. ###/### But/CC I/PRP 'm/VBP going/VBG to/TO proceed/VB in/IN a/DT more/RBR logical/JJ way/NN ./. ###/### I/PRP 'm/VBP not/RB going/VBG to/TO do/VB anything/NN that/WDT is/VBZ not/RB acceptable/JJ in/IN anyone/NN 's/POS home/NN ./. ###/### But/CC that/DT does/VBZ n't/RB mean/VB I/PRP 'm/VBP not/RB going/VBG to/TO get/VB angry/JJ ./. ''/'' ###/### Michael/NNP Eskridge/NNP ,/, president/NN of/IN CNBC/NNP ,/, said/VBD that/IN although/IN there/EX will/MD be/VB a/DT studio/NN audience/NN ,/, viewers/NNS will/MD no/RB longer/RB have/VB to/TO endure/VB the/DT shouting/NN of/IN ``/`` Mort/NNP Mort/NNP Mort/NNP ''/'' But/CC just/RB how/WRB does/VBZ Mr./NNP Downey/NNP 's/POS unorthodox/JJ style/NN mesh/VB with/IN the/DT sedate/JJ tone/NN of/IN CNBC/NNP 's/POS business/NN programming/NN ?/. ###/### ``/`` Ninety/CD percent/NN of/IN Mort/NNP 's/POS old/JJ show/NN fits/VBZ into/IN our/PRP$ style/NN ,/, ''/'' said/VBD Mr./NNP Eskridge/NNP ./. ###/### That/DT is/VBZ consumer/NN issues/NNS ./. ''/'' ###/### Mr./NNP Downey/NNP 's/POS previous/JJ show/NN ,/, a/DT one-hour/JJ shout/NN fest/JJS ,/, syndciated/VBN by/IN MCA/NNP Inc./NNP and/CC produced/VBN by/IN Quantum/NNP Media/NNP Inc./NNP ,/, was/VBD canceled/VBN in/IN July/NNP after/IN advertisers/NNS and/CC stations/NNS abandoned/VBD it/PRP ./. ###/### Investors/NNS dumped/VBD stocks/NNS of/IN big/JJ companies/NNS whose/WP$ earnings/NNS fluctuate/VBP with/IN the/DT economy/NN ./. ###/### Many/JJ of/IN those/DT ``/`` cyclical/JJ ''/'' issues/NNS are/VBP in/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ,/, which/WDT fell/VBD 26.23/CD to/TO 2662.91/CD ./. ###/### Declining/VBG issues/NNS on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP outpaced/VBD advancers/NNS ,/, 1,012/CD to/TO 501/CD ./. ###/### Recession/NN fears/NNS are/VBP springing/VBG up/RP again/RB among/IN investors/NNS ./. ###/### Analysts/NNS say/VBP that/IN the/DT selling/NN of/IN cyclical/JJ stocks/NNS yesterday/NN will/MD be/VB followed/VBN by/IN a/DT sell-off/NN in/IN shares/NNS of/IN companies/NNS with/IN big/JJ debt/NN loads/NNS on/IN their/PRP$ balance/NN sheets/NNS ./. ###/### In/IN an/DT economic/JJ slowdown/NN ,/, heavy/JJ debt/NN loads/NNS reduce/VBP the/DT flexibility/NN of/IN companies/NNS because/IN cash/NN that/WDT would/MD normally/RB be/VB used/VBN to/TO keep/VB the/DT company/NN buoyant/JJ must/MD be/VB diverted/VBN to/TO interest/NN payments/NNS ./. ###/### On/IN the/DT other/JJ hand/NN ,/, investors/NNS beat/VBP a/DT clear/JJ path/NN yesterday/NN to/TO blue-chip/JJ issues/NNS with/IN proven/JJ earnings/NNS growth/NN records/NNS ./. ###/### Among/IN the/DT 30/CD Dow/NNP industrials/NNS ,/, they/PRP bought/VBD McDonald/NNP 's/POS ,/, Coca-Cola/NNP Co./NNP and/CC Procter/NNP &/CC Gamble/NNP and/CC sold/VBD Aluminum/NNP Co./NNP of/IN America/NNP ./. ###/### In/IN another/DT sign/NN of/IN slowdown/NN fears/NNS ,/, investors/NNS dumped/VBD technology/NN shares/NNS ./. ###/### Many/JJ money/NN managers/NNS are/VBP bracing/VBG for/IN a/DT decline/NN in/IN stocks/NNS of/IN companies/NNS with/IN big/JJ debt/NN loads/NNS on/IN their/PRP$ balance/NN sheets/NNS ./. ###/### ``/`` The/DT junk/NN bond/NN market/NN is/VBZ being/VBG taken/VBN apart/RP ''/'' because/IN of/IN recession/NN fears/NNS ,/, said/VBD J./NNP David/NNP Mills/NNP ,/, senior/JJ vice/NN president/NN at/IN Boston/NNP Company/NNP Advisers/NNP ./. ###/### Under/IN this/DT scrutiny/NN ,/, the/DT first/JJ thing/NN you/PRP do/VBP is/VBZ sell/VB your/PRP$ cyclical/JJ stocks/NNS and/CC the/DT second/JJ thing/NN you/PRP do/VBP is/VBZ sell/VB your/PRP$ over-leveraged/JJ companies/NNS ./. ''/'' ###/### In/IN fact/NN ,/, much/JJ of/IN the/DT buying/NN in/IN blue/JJ chips/NNS yesterday/NN was/VBD a/DT pursuit/NN of/IN companies/NNS with/IN lower/JJR debt/NN levels/NNS ./. ###/### In/IN a/DT recent/JJ investment/NN letter/NN entitled/VBN ``/`` Winners/NNS of/IN the/DT `/`` Leverage/NN Wars/NNS ,/, '/'' ``/`` Edward/NNP Kerschner/NNP ,/, chairman/NN of/IN PaineWebber/NNP 's/POS investment/NN policy/NN committee/NN ,/, suggested/VBD that/IN investors/NNS buy/VB stocks/NNS of/IN companies/NNS that/WDT have/VBP avoided/VBN loading/VBG up/RP on/IN debt/NN ./. ###/### ``/`` We/PRP 're/VBP saying/VBG companies/NNS have/VBP to/TO pay/VB increasing/JJ attention/NN to/TO balance/NN sheets/NNS ,/, ''/'' said/VBD Mr./NNP Kerschner/NNP ./. ###/### He/PRP suggested/VBD that/IN investors/NNS buy/VB the/DT shares/NNS of/IN Great/JJ Atlantic/NNP &/CC Pacific/NNP Tea/NNP ,/, J./NNP Baker/NNP ,/, McDonald/NNP 's/POS ,/, Philip/NNP Morris/NNP and/CC Sara/NNP Lee/NNP ./. ###/### He/PRP said/VBD that/IN all/DT of/IN these/DT companies/NNS will/MD be/VB able/JJ to/TO compete/VB fiercely/RB in/IN an/DT economic/JJ downturn/NN ./. ###/### McDonald/NNP 's/POS has/VBZ long-term/JJ debt/NN equaling/VBG 91/CD %/NN of/IN shareholder/NN equity/NN currently/RB ,/, but/CC Mr./NNP Kerschner/NNP said/VBD the/DT company/NN is/VBZ carrying/VBG real/JJ estate/NN assets/NNS at/IN about/RB $/$ 2.6/CD billion/CD below/IN their/PRP$ real/JJ value/NN ./. ###/### Coca-Cola/NNP climbed/VBD 1/CD to/TO 72/CD 1/CD to/TO 31/CD ,/, and/CC Procter/NNP &/CC Gamble/NNP gained/VBD to/TO 130/CD ./. ###/### A&P/NNP fell/VBD 1/CD to/TO 57/CD ,/, and/CC J./NNP Baker/NNP gained/VBD to/TO 21/CD ./. ###/### Philip/NNP Morris/NNP slipped/VBD to/TO 43/CD ,/, while/IN Sara/NNP Lee/NNP closed/VBD unchanged/JJ at/IN 60/CD ./. ###/### According/VBG to/TO Salomon/NNP Brothers/NNP '/POS ``/`` stub/NN ''/'' stock/NN index/NN of/IN 20/CD companies/NNS whose/WP$ debt/NN is/VBZ giant/NN compared/VBN with/IN shareholder/NN equity/NN ,/, investors/NNS are/VBP already/RB beginning/VBG to/TO retreat/VB from/IN shares/NNS of/IN debt-laden/JJ companies/NNS ./. ###/### From/IN January/NNP to/TO early/JJ September/NNP ,/, the/DT index/NN of/IN stub/NN stocks/NNS --/: the/DT tiny/JJ portion/NN of/IN equity/NN that/WDT 's/VBZ publicly/RB traded/VBN following/VBG a/DT recapitalization/NN --/: outperformed/VBD Standard/NNP &/CC Poor/NNP 's/POS 500-stock/JJ index/NN by/IN about/RB 20/CD %/NN ./. ###/### But/CC starting/VBG in/IN early/JJ September/NNP ,/, the/DT index/NN started/VBD to/TO slide/VB and/CC now/RB stands/VBZ about/RB even/RB with/IN the/DT S&P/NNP 500/CD ./. ###/### ``/`` Stocks/NNS that/WDT have/VBP a/DT high/JJ default/NN risk/NN have/VBP started/VBN to/TO underperform/VB those/DT stocks/NNS that/WDT have/VBP a/DT lower/JJR default/NN risk/NN ,/, ''/'' said/VBD Eric/NNP Sorenson/NNP ,/, director/NN of/IN quantitative/JJ analysis/NN at/IN Salomon/NNP Brothers/NNP ./. ###/### ``/`` Companies/NNS that/WDT have/VBP the/DT most/JJS exposure/NN to/TO the/DT business/NN cycle/NN have/VBP underperformed/VBN since/IN late/RB last/JJ summer/NN ./. ''/'' ###/### Union/NNP Carbide/NNP ,/, whose/WP$ third-quarter/JJ earnings/NNS dropped/VBD about/RB 35/CD %/NN from/IN a/DT year/NN earlier/RBR and/CC fell/VBD short/RB of/IN analysts/NNS '/POS expectations/NNS ,/, declined/VBD to/TO 24/CD ./. ###/### Also/RB ,/, Exxon/NNP went/VBD down/RB to/TO 45/CD and/CC Allied-Signal/NNP lost/VBD to/TO 35/CD even/RB though/IN the/DT companies/NNS '/POS results/NNS for/IN the/DT quarter/NN were/VBD in/IN line/NN with/IN forecasts/NNS ./. ###/### Other/JJ weak/JJ blue-chip/JJ issues/NNS included/VBD Chevron/NNP ,/, which/WDT went/VBD down/RB 2/CD to/TO 64/CD in/IN Big/NNP Board/NNP composite/JJ trading/NN of/IN 1.3/CD million/CD shares/NNS ;/: Goodyear/NNP Tire/NNP &/CC Rubber/NNP ,/, off/RB 1/CD to/TO 46/CD ,/, and/CC American/NNP Express/NNP ,/, down/RB to/TO 37/CD ./. ###/### Texas/NNP Instruments/NNP ,/, which/WDT had/VBD reported/VBN Friday/NNP that/IN third-quarter/JJ earnings/NNS fell/VBD more/RBR than/IN 30/CD %/NN from/IN the/DT year-ago/JJ level/NN ,/, went/VBD down/RBR 2/CD to/TO 33/CD on/IN 1.1/CD million/CD shares/NNS ./. ###/### Motorola/NNP ,/, another/DT major/JJ semiconductor/NN producer/NN ,/, dropped/VBD 1/CD to/TO 57/CD ./. ###/### Pinnacle/NNP West/NNP Capital/NNP ,/, whose/WP$ earnings/NNS have/VBP been/VBN hurt/VBN by/IN continued/JJ problems/NNS at/IN its/PRP$ MeraBank/NNP unit/NN ,/, fell/VBD 1/CD to/TO 9/CD on/IN 2.1/CD million/CD shares/NNS to/TO lead/VB the/DT Big/NNP Board/NNP 's/POS list/NN of/IN most/RBS active/JJ issues/NNS ./. ###/### Growing/VBG pressures/NNS on/IN the/DT Arizona/NNP real-estate/NN market/NN are/VBP affecting/VBG the/DT thrift/NN ;/: Pinnacle/NNP West/NNP told/VBD Dow/NNP Jones/NNP Professional/NNP Investor/NNP Report/NNP it/PRP may/MD consider/VB filing/VBG for/IN Chapter/NNP 11/NNP bankruptcy/NN protection/NN if/IN it/PRP ca/MD n't/RB reach/VB an/DT agreement/NN with/IN federal/JJ regulators/NNS to/TO provide/VB additional/JJ capital/NN to/TO MeraBank/NNP ./. ###/### Hercules/NNP dropped/VBD 2/CD to/TO 41/CD on/IN one/CD million/CD shares/NNS --/: about/RB six/CD times/NNS its/PRP$ average/NN daily/JJ trading/NN volume/NN --/: after/IN a/DT disappointing/JJ third-quarter/JJ earnings/NNS report/NN ./. ###/### Merrill/NNP Lynch/NNP and/CC Prudential-Bache/NNP Securities/NNP both/DT lowered/VBD the/DT stock/NN 's/POS investment/NN rating/NN immediately/RB after/IN the/DT results/NNS were/VBD issued/VBN Friday/NNP ,/, according/VBG to/TO PIR/NNP ./. ###/### Elsewhere/RB in/IN the/DT chemicals/NNS sector/NN ,/, Dow/NNP Chemical/NNP fell/VBD 1/CD to/TO 97/CD 1/CD ,/, to/TO 1/CD to/TO ./. ###/### Other/JJ stocks/NNS hurt/VBN by/IN earnings-related/JJ selling/NN included/VBN Tandy/NNP ,/, which/WDT dropped/VBD 1/CD to/TO 44/CD ,/, and/CC Eaton/NNP ,/, which/WDT retreated/VBD 2/CD to/TO 57/CD ./. ###/### Third-quarter/JJ earnings/NNS at/IN both/DT companies/NNS were/VBD below/IN analysts/NNS '/POS forecasts/NNS ./. ###/### After/IN declining/VBG about/RB 41/CD %/NN last/JJ week/NN ,/, UAL/NNP advanced/VBD 9/CD to/TO 178/CD on/IN 1.1/CD million/CD shares/NNS on/IN anticipation/NN of/IN a/DT revised/JJ takeover/NN offer/NN from/IN a/DT labor-management/NN group/NN for/IN the/DT parent/JJ company/NN of/IN United/NNP Airlines/NNP ./. ###/### However/RB ,/, Delta/NNP Air/NNP Lines/NNP fell/VBD 1/CD to/TO 67/CD and/CC USAir/NNP Group/NNP dropped/VBD to/TO 42/CD ./. ###/### Ramada/NNP gained/VBD to/TO 11/CD after/IN revamping/VBG the/DT terms/NNS of/IN its/PRP$ restructuring/VBG plan/NN ,/, which/WDT calls/VBZ for/IN the/DT company/NN to/TO sell/VB its/PRP$ hotel/NN operations/NNS for/IN $/$ 540/CD million/CD and/CC spin/VB off/RP its/PRP$ casino/NN business/NN to/TO shareholders/NNS ./. ###/### The/DT revision/NN follows/VBZ last/JJ month/NN 's/POS withdrawal/NN of/IN a/DT $/$ 400/CD million/CD junk-bond/NNS offering/NN for/IN the/DT new/JJ casino/NN company/NN ,/, Aztar/NNP Corp/NNP ./. ###/### Mead/NNP gained/VBD 1/CD to/TO 37/CD ./. ###/### USA/NNP Today/NNP reported/VBD that/IN the/DT Rales/NNP brothers/NNS ,/, Washington/NNP ,/, D.C.-based/JJ investors/NNS who/WP made/VBD an/DT unsuccessful/JJ offer/NN to/TO acquire/VB Interco/NNP last/JJ year/NN ,/, have/VBP bought/VBN nearly/RB 3/CD %/NN of/IN Mead/NNP 's/POS common/JJ shares/NNS ./. ###/### Entertainment/NN and/CC media/NNS stocks/NNS generally/RB escaped/VBD the/DT market/NN 's/POS slide/NN as/RB well/RB ./. ###/### Paramount/NNP Communications/NNP rose/VBD to/TO 58/CD ,/, Time/NNP Warner/NNP climbed/VBD 1/CD to/TO 138/CD ,/, Walt/NNP Disney/NNP advanced/VBD 3/CD to/TO 127/CD 1/CD to/TO 65/CD and/CC McGraw-Hill/NNP added/VBD to/TO 67/CD ./. ###/### The/DT American/NNP Stock/NNP Exchange/NNP Market/NNP Value/NNP Index/NNP lost/VBD 3.11/CD to/TO 379.46/CD ./. ###/### Volume/NN totaled/VBD 10,450,000/CD shares/NNS ./. ###/### Carnival/NNP Cruise/NNP Lines/NNP Class/NNP A/NNP fell/VBD 1/CD to/TO 20/CD ./. ###/### The/DT company/NN said/VBD it/PRP had/VBD been/VBN notified/VBN unofficially/RB that/IN Waertsilae/NNP Marine/NNP Industries/NNP ,/, a/DT Finnish/JJ shipyard/NN building/VBG three/CD cruise/NN ships/NNS for/IN the/DT company/NN ,/, is/VBZ having/VBG financial/JJ trouble/NN and/CC may/MD already/RB have/VB filed/VBN for/IN bankruptcy/NN ./. ###/### ``/`` Hacksaw/NNP ''/'' and/CC ``/`` Bonecrusher/NNP ''/'' are/VBP the/DT sort/NN of/IN nicknames/NNS normally/RB associated/VBN with/IN linebackers/NNS and/CC heavyweight/JJ contenders/NNS ./. ###/### Who/WP 'd/MD have/VB thought/VBN that/IN the/DT next/JJ group/NN of/IN tough/JJ guys/NNS carrying/VBG around/IN reputations/NNS like/IN that/DT would/MD be/VB school/NN superintendents/NNS ?/. ###/### Chicago/NNP 's/POS new/JJ school/NN chief/NN is/VBZ the/DT hard-nosed/JJ Ted/NNP Kimbrough/NNP ./. ###/### At/IN his/PRP$ old/JJ job/NN in/IN Compton/NNP ,/, Calif./NNP ,/, he/PRP took/VBD a/DT bitter/JJ teachers/NNS '/POS strike/NN and/CC nearly/RB came/VBD to/TO blows/NNS with/IN a/DT school-board/NN member/NN ./. ###/### At/IN his/PRP$ first/JJ Chicago/NNP press/NN conference/NN ,/, he/PRP berated/VBD the/DT reporters/NNS ./. ###/### In/IN New/NNP York/NNP City/NNP ,/, the/DT new/JJ Chancellor/NNP ,/, Joseph/NNP Fernandez/NNP ,/, has/VBZ landed/VBN like/IN a/DT 16-inch/JJ shell/NN in/IN the/DT middle/NN of/IN a/DT system/NN that/WDT has/VBZ been/VBN impervious/JJ to/TO serious/JJ reform/NN ./. ###/### Both/DT men/NNS fit/VBP the/DT mood/NN of/IN the/DT times/NNS --/: the/DT mood/NN being/VBG one/CD of/IN a/DT public/NN fed/VBN up/RP with/IN officials/NNS '/POS rationalizations/NNS for/IN why/WRB their/PRP$ schools/NNS do/VBP n't/RB work/VB ./. ###/### Former/NNP Patterson/NNP ,/, N.J./NNP ,/, principal/NN Joe/NNP Clark/NNP was/VBD no/DT doubt/NN the/DT general/JJ public/NN 's/POS first/JJ experience/NN with/IN this/DT new/JJ breed/NN of/IN no-nonsense/JJ administrator/NN ./. ###/### The/DT subject/NN of/IN the/DT movie/NN ``/`` Lean/VB on/IN Me/PRP ,/, ''/'' Mr./NNP Clark/NNP controlled/VBD his/PRP$ school/NN with/IN a/DT bullhorn/NN and/CC a/DT baseball/NN bat/NN ./. ###/### He/PRP may/MD have/VB gone/VBN overboard/RB in/IN his/PRP$ pursuit/NN of/IN good/JJ discipline/NN ,/, but/CC is/VBZ n't/RB it/PRP interesting/JJ that/IN some/DT of/IN the/DT country/NN 's/POS biggest/JJS ,/, most/RBS troubled/JJ school/NN districts/NNS are/VBP choosing/VBG new/JJ chiefs/NNS from/IN the/DT same/JJ gravel-chewing/JJ mold/NN ?/. ###/### Elena/NNP Scambio/NNP ,/, the/DT woman/NN assigned/VBN to/TO run/VB the/DT Jersey/NNP City/NNP school/NN system/NN that/WDT was/VBD taken/VBN over/RP by/IN the/DT state/NN ,/, says/VBZ her/PRP$ top/JJ priority/NN will/MD be/VB to/TO ``/`` cut/VB through/IN the/DT dead/JJ hand/NN of/IN bureaucracy/NN ./. ''/'' ###/### Mr./NNP Fernandez/NNP does/VBZ n't/RB take/VB control/NN in/IN New/NNP York/NNP until/IN January/NNP ,/, but/CC already/RB he/PRP 's/VBZ roiling/VBG the/DT waters/NNS ./. ###/### He/PRP 's/VBZ attacked/VBN the/DT concept/NN of/IN ``/`` building/NN tenure/NN ,/, ''/'' one/CD of/IN the/DT most/RBS disgraceful/JJ institutions/NNS in/IN American/JJ public/JJ schools/NNS ./. ###/### It/PRP means/VBZ it/PRP is/VBZ virtually/RB impossible/JJ to/TO fire/VB or/CC even/RB transfer/VB incompetent/JJ principals/NNS ./. ###/### Once/RB they/PRP are/VBP in/IN the/DT building/NN ,/, they/PRP stay/VBP ./. ###/### One/CD South/NNP Bronx/NNP principal/NN kept/VBD his/PRP$ job/NN for/IN 16/CD years/NNS ,/, despite/IN a/DT serious/JJ drinking/NN problem/NN and/CC rarely/RB showing/VBG up/RP for/IN work/NN ./. ###/### He/PRP was/VBD finally/RB given/VBN leave/NN when/WRB he/PRP was/VBD arrested/VBN for/IN allegedly/RB buying/VBG crack/NN ./. ###/### Naturally/RB ,/, the/DT principals/NNS '/POS union/NN loves/VBZ building/NN tenure/NN ,/, and/CC tenure/NN has/VBZ withstood/VBN previous/JJ challenge/NN ./. ###/### We/PRP suggest/VBP that/IN Mr./NNP Fernandez/NNP find/VB an/DT incompetent/JJ principal/NN ,/, toss/VB him/PRP out/IN of/IN the/DT building/NN and/CC let/VB the/DT forces/NNS of/IN the/DT status/NN quo/NN explain/VB to/TO the/DT parents/NNS whatever/WDT it/PRP is/VBZ they/PRP 're/VBP defending/VBG ./. ###/### In/IN his/PRP$ old/JJ job/NN ,/, as/IN Dade/NNP County/NNP chief/NN ,/, Mr./NNP Fernandez/NNP forced/VBD out/RP 92/CD teachers/NNS and/CC reshuffled/VBD 48/CD principals/NNS ./. ###/### He/PRP cut/VBD the/DT dropout/NN rate/NN by/IN 5.5/CD %/NN ./. ###/### But/CC the/DT no-more-nonsense/JJ superintendents/NNS are/VBP going/VBG to/TO have/VB to/TO be/VB judicious/JJ as/IN well/RB ;/: incompetent/JJ principals/NNS and/CC administrators/NNS should/MD go/VB ,/, but/CC the/DT good/JJ ones/NNS ought/MD to/TO be/VB left/VBN alone/RB ./. ###/### The/DT situation/NN will/MD be/VB especially/RB delicate/JJ for/IN Mr./NNP Kimbrough/NNP ./. ###/### He/PRP takes/VBZ over/RP a/DT school/NN system/NN in/IN the/DT midst/NN of/IN radical/JJ reform/NN ./. ###/### Chicagoans/NNPS have/VBP just/RB elected/VBN 540/CD neophyte/JJ school/NN boards/NNS ,/, one/CD for/IN each/DT school/NN ./. ###/### This/DT of/IN course/NN led/VBD to/TO disaster/NN in/IN New/NNP York/NNP City/NNP ./. ###/### Getting/VBG a/DT community/NN of/IN parents/NNS to/TO care/VB again/RB about/IN its/PRP$ schools/NNS is/VBZ essential/JJ ,/, but/CC in/IN Chicago/NNP the/DT new/JJ boards/NNS will/MD make/VB mistakes/NNS and/CC Mr./NNP Kimbrough/NNP will/MD have/VB to/TO identify/VB them/PRP ./. ###/### The/DT rise/NN of/IN superintendents/NNS such/JJ as/IN Joseph/NNP Fernandez/NNP and/CC Ted/NNP Kimbrough/NNP suggests/VBZ plainly/RB the/DT process/NN of/IN disintegration/NN in/IN many/JJ school/NN systems/NNS ./. ###/### The/DT schools/NNS '/POS central/JJ mission/NN ,/, educating/VBG children/NNS ,/, became/VBD subsumed/VBN by/IN the/DT competing/VBG|JJ interests/NNS of/IN bureaucrats/NNS ,/, politicians/NNS and/CC unions/NNS ./. ###/### The/DT classroom/NN itself/PRP operated/VBD on/IN the/DT periphery/NN of/IN this/DT awful/JJ system/NN ,/, discipline/NN collapsed/VBD ,/, and/CC kids/NNS stopped/VBD learning/VBG ./. ###/### Mr./NNP Chips/NNP was/VBD a/DT nice/JJ fellow/NN ,/, and/CC maybe/RB some/DT day/NN he/PRP 'll/MD return/VB ./. ###/### Until/IN then/RB ,/, it/PRP 's/VBZ clear/JJ that/IN some/DT of/IN the/DT people/NNS who/WP 've/VBP been/VBN keeping/VBG big-city/JJ schools/NNS down/IN are/VBP going/VBG to/TO be/VB dealing/VBG with/IN the/DT Terminator/NNP ./. ###/### Ingersoll/NNP Publications/NNP Co./NNP agreed/VBD to/TO buy/VB the/DT New/NNP Haven/NNP Register/NNP in/IN a/DT transaction/NN valued/VBN at/IN $/$ 275/CD million/CD from/IN Goodson/NNP Newspaper/NNP Group/NNP Inc/NNP ./. ###/### As/IN part/NN of/IN the/DT agreement/NN ,/, Goodson/NNP also/RB terminated/VBD the/DT contract/NN under/IN which/WDT Ingersoll/NNP manages/VBZ Goodson/NNP 's/POS 66/CD newspapers/NNS ,/, ending/VBG a/DT long/JJ association/NN between/IN the/DT two/CD companies/NNS that/WDT has/VBZ turned/VBN increasingly/RB bitter/JJ recently/RB ./. ###/### Goodson/NNP has/VBZ accused/VBN Ingersoll/NNP of/IN paying/VBG less/JJR attention/NN to/TO its/PRP$ properties/NNS and/CC more/JJR to/TO such/JJ ventures/NNS as/IN the/DT recent/JJ launch/NN of/IN the/DT St./NNP Louis/NNP Sun/NNP ./. ###/### Under/IN the/DT terms/NNS of/IN the/DT accord/NN ,/, Ingersoll/NNP will/MD pay/VB about/RB $/$ 255/CD million/CD for/IN the/DT Register/NNP ,/, a/DT daily/NN that/IN Goodson/NNP bought/VBN for/IN about/RB $/$ 170/CD million/CD in/IN 1986/CD ./. ###/### Goodson/NNP will/MD pay/VB the/DT additional/JJ $/$ 20/CD million/CD in/IN settlement/NN of/IN the/DT management/NN contract/NN ./. ###/### Goodson/NNP also/RB announced/VBD that/IN it/PRP hired/VBD the/DT former/JJ president/NN and/CC senior/JJ vice/NN president/NN of/IN Ingersoll/NNP to/TO run/VB the/DT Goodson/NNP papers/NNS ./. ###/### Both/DT executives/NNS left/VBD the/DT company/NN after/IN clashes/NNS with/IN Chairman/NNP Ralph/NNP Ingersoll/NNP Jr/NNP ./. ###/### Goodson/NNP ,/, which/WDT is/VBZ based/VBN here/RB ,/, will/MD use/VB part/NN of/IN the/DT proceeds/NNS to/TO pay/VB down/RP debt/NN associated/VBN with/IN its/PRP$ purchase/NN of/IN the/DT Morristown/NNP Daily/NNP Record/NNP for/IN $/$ 155/CD million/CD in/IN 1987/CD ./. ###/### The/DT New/NNP Jersey/NNP paper/NN ,/, like/IN the/DT New/NNP Haven/NNP ,/, Conn./NNP ,/, paper/NN ,/, was/VBD purchased/VBN by/IN Ingersoll/NNP on/IN Goodson/NNP 's/POS behalf/NN as/IN part/NN of/IN the/DT management/NN contract/NN ./. ###/### Industry/NN analysts/NNS have/VBP said/VBN that/IN the/DT purchase/NN price/NN for/IN the/DT paper/NN was/VBD too/RB high/JJ ,/, causing/VBG a/DT strain/NN on/IN Goodson/NNP 's/POS finances/NNS ./. ###/### Investment/NN bankers/NNS familiar/JJ with/IN the/DT company/NN said/VBD Goodson/NNP is/VBZ seeking/VBG a/DT new/JJ bank/NN credit/NN line/NN of/IN $/$ 190/CD million/CD and/CC may/MD have/VB to/TO sell/VB additional/JJ newspapers/NNS ./. ###/### David/NNP N./NNP Hurwitz/NNP ,/, president/NN and/CC chief/NN operating/NN officer/NN of/IN Goodson/NNP ,/, said/VBD in/IN a/DT telephone/NN interview/NN that/IN the/DT company/NN does/VBZ n't/RB currently/RB have/VB any/DT plans/NNS to/TO sell/VB additional/JJ newspapers/NNS ./. ###/### Goodson/NNP said/VBD David/NNP Carr/NNP ,/, former/JJ president/NN of/IN Ingersoll/NNP Publications/NNP ,/, and/CC Ray/NNP Cockburn/NNP ,/, former/JJ senior/JJ vice/NN president/NN ,/, would/MD head/VB the/DT new/JJ in-house/JJ management/NN team/NN at/IN Goodson/NNP ,/, which/WDT had/VBD revenue/NN of/IN $/$ 225/CD million/CD in/IN 1988/CD ./. ###/### The/DT association/NN between/IN the/DT two/CD companies/NNS stretches/VBZ back/RB thirty/CD years/NNS to/TO a/DT friendship/NN between/IN television/NN producer/NN Mark/NNP Goodson/NNP and/CC Ingersoll/NNP founder/NN Ralph/NNP Ingersoll/NNP ./. ###/### The/DT latter/NN 's/POS son/NN ,/, Ralph/NNP Ingersoll/NNP Jr./NNP ,/, took/VBD over/IN the/DT company/NN and/CC has/VBZ been/VBN managing/VBG the/DT Goodson/NNP properties/NNS and/CC acting/VBG as/IN an/DT agent/NN in/IN the/DT purchase/NN of/IN newspapers/NNS for/IN Goodson/NNP ./. ###/### But/CC in/IN recent/JJ years/NNS ,/, Mr./NNP Ingersoll/NNP began/VBD focusing/VBG more/RBR on/IN expanding/VBG his/PRP$ own/JJ newspaper/NN empire/NN in/IN partnership/NN with/IN investment/NN banking/NN firm/NN Warburg/NNP ,/, Pincus/NNP &/CC Co/NNP ./. ###/### Ingersoll/NNP has/VBZ 28/CD dailies/NNS and/CC 200/CD other/JJ non-daily/JJ papers/NNS in/IN the/DT U.S./NNP and/CC Europe/NNP ./. ###/### The/DT company/NN said/VBD its/PRP$ revenue/NN will/MD exceed/VB $/$ 750/CD million/CD this/DT year/NN ./. ###/### Ingersoll/NNP President/NNP Robert/NNP M./NNP Jelenic/NNP said/VBD in/IN a/DT statement/NN that/IN the/DT company/NN is/VBZ ``/`` delighted/JJ by/IN the/DT conclusion/NN of/IN the/DT Goodson/NNP relationship/NN ''/'' and/CC will/MD be/VB able/JJ to/TO ``/`` concentrate/VB all/PDT our/PRP$ energies/NNS ''/'' on/IN Ingersoll/NNP 's/POS own/JJ papers/NNS ./. ###/### Mr./NNP Goodson/NNP ,/, in/IN his/PRP$ own/JJ statement/NN ,/, was/VBD less/RBR upbeat/JJ ,/, saying/VBG ``/`` unfortunately/RB over/IN the/DT past/JJ few/JJ years/NNS ,/, it/PRP has/VBZ become/VBN increasingly/RB clear/JJ that/IN Ralph/NNP and/CC I/PRP have/VBP different/JJ agendas/NNS ,/, ''/'' and/CC that/IN he/PRP feels/VBZ ``/`` more/RBR comfortable/JJ with/IN a/DT management/NN team/NN whose/WP$ sole/JJ interest/NN and/CC responsibility/NN is/VBZ in/IN the/DT Goodson/NNP papers/NNS ./. ###/### Just/RB five/CD months/NNS after/IN Ogilvy/NNP Group/NNP was/VBD swallowed/VBN up/RP in/IN an/DT unsolicited/JJ takeover/NN ,/, Kenneth/NNP Roman/NNP ,/, Ogilvy/NNP 's/POS chairman/NN and/CC chief/JJ executive/JJ officer/NN ,/, said/VBD he/PRP is/VBZ leaving/VBG to/TO take/VB a/DT top/JJ post/NN at/IN American/NNP Express/NNP Co/NNP ./. ###/### Mr./NNP Roman/NNP ,/, 59/CD years/NNS old/JJ ,/, abruptly/RB announced/VBD he/PRP will/MD leave/VB the/DT venerable/JJ ad/NN agency/NN ,/, whose/WP$ largest/JJS client/NN is/VBZ American/NNP Express/NNP ,/, to/TO become/VB American/NNP Express/NNP 's/POS executive/JJ vice/NN president/NN for/IN corporate/JJ affairs/NNS and/CC communications/NNS ./. ###/### He/PRP will/MD succeed/VB Harry/NNP L./NNP Freeman/NNP ,/, 57/CD ,/, who/WP has/VBZ said/VBD he/PRP will/MD retire/VB in/IN December/NNP ./. ###/### Mr./NNP Freeman/NNP said/VBD in/IN August/NNP that/IN he/PRP would/MD retire/VB by/IN the/DT end/NN of/IN this/DT year/NN to/TO take/VB ``/`` executive/JJ responsibility/NN ''/'' for/IN an/DT embarrassing/JJ effort/NN to/TO discredit/VB banker/NN Edmond/NNP Safra/NNP ./. ###/### American/NNP Express/NNP representatives/NNS apparently/RB influenced/VBD the/DT publication/NN of/IN unfavorable/JJ articles/NNS about/IN Mr./NNP Safra/NNP ./. ###/### The/DT company/NN later/RB apologized/VBD and/CC agreed/VBD to/TO make/VB $/$ 8/CD million/CD in/IN contributions/NNS to/TO charities/NNS chosen/VBN by/IN him/PRP ./. ###/### Although/IN Mr./NNP Freeman/NNP is/VBZ retiring/VBG ,/, he/PRP will/MD continue/VB to/TO work/VB as/IN a/DT consultant/NN for/IN American/NNP Express/NNP on/IN a/DT project/NN basis/NN ./. ###/### Ad/NN industry/NN executives/NNS were/VBD n't/RB surprised/JJ by/IN Mr./NNP Roman/NNP 's/POS decision/NN to/TO leave/VB Ogilvy/NNP ./. ###/### The/DT agency/NN ,/, under/IN his/PRP$ direction/NN ,/, bitterly/RB fought/VBD a/DT takeover/NN attempt/NN by/IN WPP/NNP Group/NNP PLC/NNP of/IN London/NNP before/IN succumbing/VBG in/IN May/NNP ./. ###/### And/CC although/IN Mr./NNP Roman/NNP and/CC WPP/NNP 's/POS chief/JJ executive/NN ,/, Martin/NNP Sorrell/NNP ,/, have/VBP gone/VBN out/IN of/IN their/PRP$ way/NN to/TO be/VB publicly/RB supportive/JJ of/IN each/DT other/JJ ,/, people/NNS close/RB to/TO Mr./NNP Roman/NNP say/VBP he/PRP was/VBD unhappy/JJ giving/VBG up/RP control/NN of/IN the/DT company/NN ./. ###/### Some/DT executives/NNS also/RB cite/VBP tension/NN because/IN of/IN efforts/NNS by/IN Mr./NNP Sorrell/NNP ,/, a/DT financial/JJ man/NN ,/, to/TO cut/VB costs/NNS at/IN the/DT agency/NN ./. ###/### Mr./NNP Roman/NNP will/MD be/VB succeeded/VBN as/IN the/DT head/NN of/IN Ogilvy/NNP 's/POS flagship/NN ad/NN agency/NN ,/, Ogilvy/NNP &/CC Mather/NNP Worldwide/NNP ,/, by/IN Graham/NNP Phillips/NNP ,/, 50/CD ,/, who/WP had/VBD been/VBN president/NN of/IN North/JJ American/JJ operations/NNS and/CC who/WP ,/, like/IN Mr./NNP Sorrell/NNP ,/, is/VBZ British/JJ ./. ###/### Alexander/NNP Brody/NNP ,/, 56/CD ,/, will/MD take/VB on/RP the/DT newly/RB created/VBN position/NN of/IN president/NN of/IN the/DT world-wide/JJ agency/NN and/CC chief/JJ executive/NN of/IN its/PRP$ international/JJ operations/NNS ./. ###/### He/PRP had/VBD been/VBN president/NN of/IN the/DT international/JJ operations/NNS ./. ###/### Mr./NNP Roman/NNP also/RB had/VBD overseen/VBN Ogilvy/NNP Group/NNP 's/POS two/CD other/JJ units/NNS ,/, the/DT Scali/NNP McCabe/NNP Sloves/NNP advertising/NN agency/NN and/CC its/PRP$ research/NN division/NN ,/, but/CC those/DT units/NNS will/MD now/RB report/VB directly/RB to/TO WPP/NNP ./. ###/### Mr./NNP Roman/NNP appears/VBZ custom-made/JJ for/IN the/DT American/NNP Express/NNP job/NN ./. ###/### Known/VBN as/IN a/DT traditional/JJ executive/NN ,/, he/PRP is/VBZ very/RB much/RB in/IN the/DT conservative/JJ American/NNP Express/NNP mold/NN ./. ###/### Moreover/RB ,/, after/IN 26/CD years/NNS at/IN Ogilvy/NNP he/PRP had/VBD honed/VBN a/DT reputation/NN for/IN being/VBG squeaky-clean/JJ and/CC a/DT straight/JJ arrow/NN --/: which/WDT can/MD only/RB help/VB American/NNP Express/NNP in/IN the/DT wake/NN of/IN the/DT Safra/NNP incident/NN ./. ###/### He/PRP also/RB is/VBZ close/RB to/TO American/NNP Express/NNP 's/POS chairman/NN and/CC chief/JJ executive/JJ officer/NN ,/, James/NNP D./NNP Robinson/NNP III/NNP ./. ###/### Aside/RB from/IN working/VBG with/IN Mr./NNP Robinson/NNP on/IN the/DT American/NNP Express/NNP advertising/NN account/NN for/IN about/RB 11/CD years/NNS ,/, Mr./NNP Roman/NNP serves/VBZ on/IN several/JJ of/IN the/DT same/JJ charities/NNS and/CC boards/NNS as/IN Mr./NNP Robinson/NNP ./. ###/### The/DT abrupt/JJ management/NN change/NN sparked/VBD widespread/JJ speculation/NN that/IN Mr./NNP Roman/NNP had/VBD been/VBN pushed/VBN out/IN of/IN Ogilvy/NNP 's/POS top/JJ spot/NN by/IN Mr./NNP Sorrell/NNP ./. ###/### But/CC Mr./NNP Roman/NNP flatly/RB denied/VBD the/DT speculation/NN ,/, saying/VBG Mr./NNP Sorrell/NNP had/VBD tried/VBN several/JJ times/NNS to/TO persuade/VB him/PRP to/TO stay/VB ,/, offering/VBG various/JJ incentives/NNS and/CC in/IN one/CD instance/NN sending/VBG a/DT note/NN with/IN a/DT case/NN of/IN wine/NN -LRB-/-LRB- The/DT wine/NN ,/, naturally/RB ,/, was/VBD Seagram/NNP 's/POS brand/NN ,/, an/DT Ogilvy/NNP client/NN -RRB-/-RRB- ./. ###/### He/PRP asked/VBD me/PRP not/RB to/TO resign/VB ./. ###/### The/DT implication/NN that/IN I/PRP was/VBD pushed/VBN aside/RB would/MD n't/RB be/VB accurate/JJ ,/, ''/'' Mr./NNP Roman/NNP said/VBD ./. ###/### Mr./NNP Sorrell/NNP ,/, traveling/VBG in/IN the/DT Far/NNP East/NNP ,/, could/MD n't/RB be/VB reached/VBN ./. ###/### Mr./NNP Roman/NNP said/VBD American/NNP Express/NNP 's/POS Mr./NNP Robinson/NNP first/RB approached/VBD him/PRP about/IN the/DT job/NN in/IN late/JJ September/NNP ./. ###/### According/VBG to/TO industry/NN executives/NNS ,/, Peter/NNP Sutherland/NNP ,/, a/DT former/JJ European/NNP Community/NNP commissioner/NN from/IN Ireland/NNP ,/, was/VBD also/RB a/DT serious/JJ contender/NN for/IN the/DT American/NNP Express/NNP job/NN ./. ###/### Although/IN it/PRP ultimately/RB was/VBD n't/RB offered/VBD to/TO him/PRP ,/, he/PRP will/MD be/VB on/IN retainer/NN to/TO American/NNP Express/NNP as/IN an/DT adviser/NN on/IN international/JJ matters/NNS ./. ###/### After/IN talking/VBG on/RB and/CC off/RB for/IN the/DT past/JJ four/CD weeks/NNS ,/, Mr./NNP Roman/NNP said/VBD ,/, he/PRP agreed/VBD to/TO take/VB the/DT job/NN because/IN ``/`` it/PRP 's/VBZ the/DT right/JJ time/NN ,/, it/PRP 's/VBZ a/DT terrific/JJ opportunity/NN ,/, and/CC I/PRP think/VBP I/PRP leave/VBP the/DT company/NN in/IN very/RB strong/JJ hands/NNS ./. ###/### It/PRP was/VBD my/PRP$ decision/NN ,/, not/RB anyone/NN else/RB 's/POS ./. ''/'' ###/### Mr./NNP Roman/NNP also/RB brushed/VBD aside/RP reports/NNS about/IN infighting/NN between/IN him/PRP and/CC Mr./NNP Phillips/NNP ,/, his/PRP$ successor/NN at/IN Ogilvy/NNP ./. ###/### The/DT two/CD executives/NNS could/MD hardly/RB be/VB more/RBR different/JJ ./. ###/### Mr./NNP Roman/NNP comes/VBZ across/RP as/IN a/DT low-key/JJ executive/NN ;/: Mr./NNP Phillips/NNP has/VBZ a/DT flashier/JJR personality/NN ./. ###/### During/IN time/NN off/RB ,/, Mr./NNP Roman/NNP tends/VBZ to/TO his/PRP$ garden/NN ;/: Mr./NNP Phillips/NNP confesses/VBZ to/TO a/DT fondness/NN for/IN ,/, among/IN other/JJ things/NNS ,/, fast/JJ cars/NNS and/CC planes/NNS ./. ###/### Industry/NN executives/NNS say/VBP that/IN although/IN the/DT two/CD executives/NNS used/VBD to/TO clash/VB more/RBR frequently/RB ,/, the/DT WPP/NNP takeover/NN brought/VBD them/PRP closer/RB together/RB ./. ###/### I/PRP 'm/VBP the/DT guy/NN who/WP made/VBD him/PRP head/NN of/IN New/NNP York/NNP ,/, head/NN of/IN the/DT U.S./NNP ,/, president/NN of/IN North/NNP America/NNP ,/, and/CC recommended/VBD him/PRP -LCB-/-LRB- to/TO Mr./NNP Sorrell/NNP -RCB-/-RRB- as/IN my/PRP$ successor/NN ./. ###/### Would/MD I/PRP have/VB done/VBN all/PDT those/DT things/NNS successively/RB if/IN I/PRP did/VBD n't/RB think/VB he/PRP was/VBD the/DT right/JJ guy/NN ?/. ''/'' Mr./NNP Roman/NNP asked/VBD ./. ###/### He/PRP labeled/VBD reports/NNS of/IN friction/NN ``/`` ridiculous/JJ ,/, ''/'' and/CC said/VBD that/IN he/PRP spent/VBD part/NN of/IN the/DT weekend/NN on/IN Mr./NNP Phillips/NNP 's/POS boat/NN in/IN Connecticut/NNP ./. ###/### Mr./NNP Roman/NNP will/MD oversee/VB American/NNP Express/NNP 's/POS public/JJ relations/NNS and/CC government/NN affairs/NNS ,/, among/IN other/JJ things/NNS ,/, but/CC he/PRP wo/MD n't/RB be/VB involved/VBN in/IN its/PRP$ advertising/NN ,/, which/WDT is/VBZ handled/VBN by/IN the/DT operating/NN units/NNS ./. ###/### ``/`` I/PRP consider/VBP this/DT a/DT second/JJ career/NN ,/, ''/'' he/PRP said/VBD ./. ###/### He/PRP also/RB will/MD sit/VB on/IN the/DT company/NN 's/POS corporate/JJ planning/NN and/CC policy/NN committee/NN ,/, made/VBD up/RP of/IN the/DT top/JJ corporate/JJ and/CC operating/NN executives/NNS ./. ###/### Mr./NNP Roman/NNP 's/POS departure/NN is/VBZ n't/RB expected/VBN to/TO have/VB any/DT enormous/JJ repercussions/NNS at/IN Ogilvy/NNP ./. ###/### American/NNP Express/NNP ,/, Kraft/NNP General/NNP Foods/NNP ,/, and/CC Mattel/NNP executives/NNS said/VBD the/DT move/NN wo/MD n't/RB affect/VB their/PRP$ relationships/NNS with/IN the/DT ad/NN agency/NN ./. ###/### ``/`` General/NNP Foods/NNP 's/POS relationships/NNS with/IN its/PRP$ agencies/NNS are/VBP based/VBN on/IN the/DT agencies/NNS '/POS work/NN ,/, and/CC will/MD continue/VB to/TO be/VB ,/, ''/'' said/VBD David/NNP Hurwitt/NNP ,/, a/DT vice/NN president/NN of/IN Kraft/NNP General/NNP Foods/NNP ./. ###/### But/CC some/DT clients/NNS and/CC analysts/NNS expressed/VBD concern/NN that/IN Mr./NNP Phillips/NNP is/VBZ n't/RB as/RB well-known/JJ to/TO many/JJ clients/NNS ./. ###/### ``/`` Ken/NNP was/VBD my/PRP$ key/JJ contact/NN ,/, ''/'' said/VBD J./NNP Nicholas/NNP Hahn/NNP ,/, president/NN and/CC chief/JJ executive/JJ officer/NN of/IN Cotton/NNP Inc./NNP ,/, which/WDT represents/VBZ cotton/NN producers/NNS ./. ###/### I/PRP do/VBP n't/RB know/VB -LCB-/-LRB- Mr./NNP Phillips/NNP -RCB-/-RRB- all/RB that/RB well/RB ./. ###/### I/PRP have/VBP n't/RB seen/VBN or/CC talked/VBN to/TO him/PRP in/IN several/JJ years/NNS ./. ''/'' ###/### And/CC some/DT analysts/NNS questioned/VBD whether/IN Mr./NNP Phillips/NNP would/MD have/VB the/DT skills/NNS Ogilvy/NNP needs/VBZ to/TO turn/VB the/DT agency/NN around/RP ./. ###/### While/IN the/DT agency/NN has/VBZ done/VBN well/RB in/IN many/JJ parts/NNS of/IN the/DT world/NN ,/, its/PRP$ flagship/NN New/NNP York/NNP office/NN has/VBZ had/VBD a/DT dismal/JJ track/NN record/NN recently/RB ;/: it/PRP has/VBZ won/VBN few/JJ new/JJ accounts/NNS while/IN losing/VBG big/JJ ones/NNS ,/, including/VBG Maxwell/NNP House/NNP ./. ###/### I/PRP think/VBP -LCB-/-LRB- Mr./NNP Phillips/NNP -RCB-/-RRB- is/VBZ going/VBG to/TO need/VB some/DT help/NN ./. ###/### I/PRP think/VBP they/PRP need/VBP creative/JJ leadership/NN ,/, and/CC I/PRP do/VBP n't/RB think/VB they/PRP have/VBP it/PRP ,/, ''/'' said/VBD Emma/NNP Hill/NNP ,/, an/DT analyst/NN with/IN Wertheim/NNP &/CC Co/NNP ./. ###/### Ogilvy/NNP &/CC Mather/NNP 's/POS top/JJ creative/JJ executive/NN ,/, Norman/NNP Berry/NNP ,/, left/VBD the/DT agency/NN earlier/RBR this/DT year/NN ./. ###/### ``/`` Norm/NNP Berry/NNP was/VBD a/DT creative/JJ inspiration/NN at/IN the/DT company/NN ,/, and/CC nobody/NN has/VBZ filled/VBN that/DT void/NN ,/, ''/'' said/VBD Ms./NNP Hill/NNP ./. ###/### But/CC other/JJ analysts/NNS said/VBD that/IN having/VBG Mr./NNP Phillips/NNP succeed/VB Mr./NNP Roman/NNP would/MD make/VB for/IN a/DT smooth/JJ transition/NN ./. ###/### ``/`` Graham/NNP Phillips/NNP has/VBZ been/VBN there/RB a/DT long/JJ time/NN ,/, knows/VBZ the/DT culture/NN well/RB ,/, is/VBZ aggressive/JJ ,/, and/CC apparently/RB gets/VBZ along/RP well/RB with/IN ''/'' Mr./NNP Sorrell/NNP ,/, said/VBD Andrew/NNP Wallach/NNP ,/, an/DT analyst/NN with/IN Drexel/NNP Burnham/NNP Lambert/NNP ./. ###/### It/PRP 's/VBZ probably/RB a/DT reasonable/JJ transition/NN ./. ###/### Hopefully/RB ,/, he/PRP 'll/MD be/VB the/DT answer/NN to/TO the/DT problems/NNS they/PRP 've/VBP had/VBD in/IN New/NNP York/NNP ./. ''/'' ###/### Sale/NN of/IN Saatchi/NNP Unit/NNP Close/RB ###/### Computer/NNP Sciences/NNP Corp./NNP ,/, El/NNP Segundo/NNP ,/, Calif./NNP ,/, said/VBD it/PRP is/VBZ close/RB to/TO making/VBG final/JJ an/DT agreement/NN to/TO buy/VB Cleveland/NNP Consulting/NNP Associates/NNP from/IN Saatchi/NNP &/CC Saatchi/NNP ###/### Computer/NNP Sciences/NNP would/MD n't/RB disclose/VB the/DT proposed/JJ purchase/NN price/NN for/IN Cleveland/NNP Consulting/NNP ,/, which/WDT counsels/VBZ companies/NNS on/IN logistics/NNS and/CC supply/NN ./. ###/### But/CC David/NNP Lord/NNP ,/, managing/NN editor/NN of/IN Consultants/NNP News/NNP ,/, an/DT industry/NN publication/NN based/VBN in/IN Fitzwilliam/NNP ,/, N.H./NNP ,/, said/VBD an/DT industry/NN standard/NN would/MD suggest/VB a/DT purchase/NN price/NN of/IN between/IN one/CD and/CC two/CD times/NNS Cleveland/NNP Consulting/NNP 's/POS approximately/RB $/$ 15/CD million/CD annual/JJ revenue/NN ./. ###/### Both/DT Saatchi/NNP &/CC Saatchi/NNP ,/, which/WDT announced/VBD its/PRP$ intention/NN to/TO sell/VB off/RP most/JJS of/IN its/PRP$ consulting/NN business/NN in/IN June/NNP ,/, and/CC Cleveland/NNP Consulting/NNP declined/VBD to/TO comment/VB on/IN the/DT proposed/JJ sale/NN ./. ###/### Ad/NN Notes/NNS ./. ###/### NEW/JJ ACCOUNT/NN :/: AmBase/NNP Corp./NNP ,/, New/NNP York/NNP ,/, awarded/VBD the/DT ad/NN account/NN for/IN its/PRP$ Home/NNP Insurance/NNP Co./NNP unit/NN to/TO Biederman/NNP ,/, Kelly/NNP &/CC Shaffer/NNP ,/, New/NNP York/NNP ./. ###/### Billings/NNS were/VBD n't/RB disclosed/VBN ./. ###/### Puerto/NNP Rico/NNP Telephone/NNP Co./NNP awarded/VBD its/PRP$ $/$ 3/CD million/CD account/NN to/TO West/NNP Indies/NNP &/CC Grey/NNP ,/, Grey/NNP Advertising/NNP 's/POS office/NN in/IN Puerto/NNP Rico/NNP ./. ###/### DIET/NNP COKE/NNP :/: Coca-Cola/NNP Co./NNP yesterday/NN said/VBD singer/NN Elton/NNP John/NNP signed/VBD to/TO appear/VB in/IN an/DT ad/NN for/IN Diet/NNP Coke/NNP ./. ###/### Details/NNS of/IN the/DT commercial/NN ,/, which/WDT will/MD be/VB part/NN of/IN the/DT brand/NN 's/POS 1990/CD advertising/NN campaign/NN ,/, were/VBD n't/RB disclosed/VBN ./. ###/### Mr./NNP John/NNP becomes/VBZ the/DT latest/JJS of/IN many/JJ music/NN stars/NNS ,/, including/VBG George/NNP Michael/NNP and/CC Whitney/NNP Houston/NNP ,/, to/TO appear/VB in/IN ads/NNS for/IN the/DT diet/NN drink/NN ./. ###/### Turner/NNP Broadcasting/NNP System/NNP Inc./NNP said/VBD it/PRP formed/VBD a/DT unit/NN to/TO make/VB and/CC distribute/VB movies/NNS to/TO theaters/NNS overseas/RB and/CC ,/, eventually/RB ,/, to/TO U.S./NNP theaters/NNS ,/, too/RB ./. ###/### The/DT operator/NN of/IN cable-television/NN networks/NNS said/VBD the/DT new/JJ Turner/NNP Pictures/NNP unit/NN will/MD produce/VB movies/NNS that/WDT will/MD premiere/VB on/IN Turner/NNP Broadcasting/NNP 's/POS Turner/NNP Network/NNP Television/NNP channel/NN ,/, or/CC TNT/NNP ,/, and/CC then/RB will/MD be/VB released/VBN internationally/RB in/IN movie/NN theaters/NNS ./. ###/### The/DT unit/NN 's/POS first/JJ two/CD offerings/NNS are/VBP slated/VBN to/TO be/VB ``/`` The/DT Secret/JJ Life/NN of/IN Ian/NNP Fleming/NNP ,/, ''/'' a/DT dramatization/NN about/IN the/DT former/JJ British/JJ spy/NN who/WP wrote/VBD the/DT James/NNP Bond/NNP novels/NNS ,/, and/CC ``/`` Treasure/NNP Island/NNP ,/, ''/'' produced/VBN by/IN Charlton/NNP Heston/NNP ,/, who/WP also/RB stars/VBZ in/IN the/DT movie/NN ./. ###/### Ted/NNP Turner/NNP ,/, Turner/NNP Broadcasting/NNP 's/POS chairman/NN ,/, was/VBD named/VBN chairman/NN of/IN Turner/NNP Pictures/NNP ,/, and/CC Gerry/NNP Hogan/NNP ,/, president/NN of/IN Turner/NNP Entertainment/NNP Networks/NNP ,/, was/VBD named/VBN president/NN of/IN the/DT unit/NN ./. ###/### In/IN an/DT interview/NN ,/, Mr./NNP Hogan/NNP said/VBD the/DT subsidiary/NN 's/POS primary/JJ mission/NN will/MD be/VB to/TO make/VB movies/NNS for/IN TNT/NNP and/CC to/TO distribute/VB them/PRP internationally/RB ./. ###/### But/CC he/PRP said/VBD Turner/NNP Broadcasting/NNP already/RB has/VBZ found/VBN some/DT ideas/NNS that/WDT might/MD work/VB well/RB as/IN films/NNS for/IN theatrical/NN release/NN in/IN the/DT U.S/NNP ./. ###/### ``/`` When/WRB that/DT occurs/VBZ ,/, and/CC when/WRB the/DT time/NN is/VBZ right/JJ ,/, we/PRP 'll/MD release/VB the/DT films/NNS in/IN the/DT U.S./NNP ,/, ''/'' he/PRP said/VBD ,/, adding/VBG that/IN Turner/NNP Pictures/NNP may/MD develop/VB such/JJ movies/NNS next/IN year/NN for/IN domestic/JJ release/NN in/IN 1991/CD ./. ###/### Turner/NNP has/VBZ made/VBN several/JJ movies/NNS ,/, docudramas/NNS and/CC documentaries/NNS for/IN its/PRP$ networks/NNS in/IN recent/JJ years/NNS ,/, but/CC the/DT company/NN has/VBZ never/RB acted/VBN as/IN a/DT full-fledged/JJ movie/NN studio/NN and/CC released/VBN its/PRP$ own/JJ pictures/NNS to/TO theaters/NNS ./. ###/### Mr./NNP Hogan/NNP said/VBD ``/`` The/DT Secret/JJ Life/NN of/IN Ian/NNP Fleming/NNP ''/'' and/CC ``/`` Treasure/NNP Island/NNP ''/'' cost/VBD more/JJR than/IN $/$ 6/CD million/CD each/DT to/TO make/VB ,/, which/WDT is/VBZ only/RB about/RB one-third/NN the/DT cost/NN of/IN most/JJS movies/NNS made/VBN for/IN theatrical/JJ release/NN ./. ###/### The/DT Turner/NNP move/NN is/VBZ in/IN line/NN with/IN a/DT cable-TV/NN trend/NN toward/IN more/RBR original/JJ programming/NN --/: and/CC toward/IN finding/VBG more/JJR ways/NNS to/TO amortize/VB the/DT high/JJ cost/NN of/IN producing/VBG films/NNS ./. ###/### In/IN July/NNP ,/, Viacom/NNP Inc./NNP formed/VBD Viacom/NNP Pictures/NNP to/TO produce/VB 12/CD low-budget/JJ movies/NNS a/DT year/NN that/WDT will/MD premiere/VB on/IN Showtime/NNP network/NN and/CC be/VB distributed/VBN later/RB in/IN various/JJ markets/NNS ,/, including/VBG foreign/JJ theaters/NNS ./. ###/### In/IN a/DT sign/NN the/DT stock/NN slump/NN has/VBZ n't/RB quieted/VBN Europe/NNP 's/POS takeover/NN fever/NN ,/, Cie/NNP ./. Financiere/NNP de/NNP Paribas/NNP said/VBD it/PRP intends/VBZ to/TO bid/VB for/IN one/CD of/IN France/NNP 's/POS other/JJ large/JJ financial/JJ and/CC industrial/JJ holding/NN companies/NNS ,/, Cie./NNP de/NNP Navigation/NNP Mixte/NNP ./. ###/### Paribas/NNP said/VBD that/IN once/RB it/PRP receives/VBZ the/DT go-ahead/NN from/IN French/JJ stock/NN market/NN authorities/NNS ,/, it/PRP will/MD offer/VB to/TO boost/VB its/PRP$ Navigation/NNP Mixte/NNP stake/NN to/TO 66.7/CD %/NN from/IN the/DT current/JJ 18.7/CD %/NN ./. ###/### Its/PRP$ cash-or-shares/JJ bid/NN values/VBZ Navigation/NNP Mixte/NNP at/IN about/RB 22.82/CD billion/CD francs/NNS -LRB-/-LRB- $/$ 3.62/CD billion/CD -RRB-/-RRB- ,/, making/VBG this/DT one/CD of/IN France/NNP 's/POS largest-ever/JJ attempted/JJ takeovers/NNS ./. ###/### The/DT cost/NN of/IN buying/VBG the/DT additional/JJ 48/CD %/NN stake/NN would/MD be/VB 10.95/CD billion/CD francs/NNS -LRB-/-LRB- $/$ 1.74/CD billion/CD -RRB-/-RRB- ./. ###/### The/DT move/NN would/MD greatly/RB boost/VB Paribas/NNP 's/POS stake/NN in/IN the/DT insurance/NN ,/, transport/NN and/CC food/NN businesses/NNS ,/, where/WRB Navigation/NNP Mixte/NNP is/VBZ strong/JJ ./. ###/### It/PRP also/RB would/MD make/VB Paribas/NNP a/DT major/JJ French/JJ ally/NN of/IN West/NNP Germany/NNP 's/POS Allianz/NNP AG/NNP insurance/NN group/NN ./. ###/### Allianz/NNP holds/VBZ a/DT 50/CD %/NN stake/NN in/IN Navigation/NNP Mixte/NNP 's/POS insurance/NN interests/NNS ,/, acquired/VBN three/CD weeks/NNS ago/RB ./. ###/### Those/DT include/VBP Rhin/NNP et/NNP Moselle/NNP Vie/NNP and/CC Via/NNP Assurances/NNP ./. ###/### Long/RB considered/VBN a/DT potential/JJ takeover/NN target/NN ,/, Navigation/NNP Mixte/NNP had/VBD hoped/VBN Allianz/NNP would/MD help/VB protect/VB it/PRP from/IN raiders/NNS ./. ###/### That/DT idea/NN may/MD have/VB backfired/VBN ./. ###/### Paribas/NNP is/VBZ Allianz/NNP 's/POS main/JJ French/JJ bank/NN ,/, and/CC the/DT Munich-based/JJ group/NN said/VBD it/PRP intends/VBZ to/TO stay/VB neutral/JJ ./. ###/### Navigation/NNP Mixte/NNP said/VBD it/PRP would/MD n't/RB have/VB any/DT comment/NN until/IN its/PRP$ board/NN meets/VBZ Wednesday/NNP ./. ###/### But/CC Navigation/NNP Mixte/NNP is/VBZ loosely/RB held/VBN and/CC hard/RB to/TO defend/VB ./. ###/### ``/`` The/DT defensive/NN options/NNS are/VBP limited/JJ ,/, ''/'' says/VBZ Philippe/NNP Braye/NNP ,/, a/DT partner/NN in/IN portfolio/NN management/NN concern/NN France/NNP Finance/NNP Quatre/NNP ./. ###/### Who/WP would/MD bid/VB against/IN Paribas/NNP ?/. ''/'' ###/### If/IN the/DT Paribas/NNP bid/NN succeeds/VBZ ,/, it/PRP will/MD be/VB the/DT second/JJ time/NN in/IN two/CD months/NNS a/DT big/JJ French/JJ investment/NN banking/NN group/NN has/VBZ snapped/VBN up/RP an/DT insurance/NN group/NN ./. ###/### Last/JJ month/NN ,/, Paribas/NNP 's/POS archrival/NN ,/, Cie/NNP ./. Financiere/NNP de/NNP Suez/NNP ,/, won/VBD a/DT battle/NN for/IN Groupe/NNP Victoire/NNP ,/, France/NNP 's/POS second-largest/JJ private-sector/JJ insurer/NN ,/, which/WDT itself/PRP had/VBD just/RB acquired/VBN West/NNP Germany/NNP 's/POS Colonia/NNP Versicherung/NNP AG/NNP ./. ###/### That/DT complex/JJ bid/NN was/VBD billed/VBN as/IN France/NNP 's/POS largest/JJS takeover/NN ever/RB -LRB-/-LRB- this/DT one/CD is/VBZ slightly/RB smaller/JJR -RRB-/-RRB- ./. ###/### Moreover/RB ,/, Suez/NNP had/VBD just/RB finished/VBN winning/VBG an/DT even/RB larger/JJR battle/NN last/JJ year/NN for/IN control/NN of/IN Societe/NNP Generale/NNP de/NNP Belgique/NNP ./. ###/### Paribas/NNP officials/NNS ,/, once/RB considered/VBN France/NNP 's/POS toughest/JJS bankers/NNS ,/, felt/VBD abashed/JJ at/IN Suez/NNP 's/POS success/NN and/CC its/PRP$ rapid/JJ growth/NN ./. ###/### Although/IN Paribas/NNP denies/VBZ it/PRP ,/, analysts/NNS say/VBP the/DT new/JJ bid/NN in/IN part/NN simply/RB reflects/VBZ the/DT continuing/JJ rivalry/NN between/IN France/NNP 's/POS two/CD largest/JJS investment/NN banking/NN groups/NNS ./. ###/### It/PRP also/RB reflects/VBZ the/DT broader/JJR pressure/NN on/IN companies/NNS in/IN Europe/NNP to/TO keep/VB up/RP as/IN the/DT European/NNP Community/NNP prepares/VBZ to/TO reduce/VB internal/JJ trade/NN barriers/NNS by/IN 1992/CD ./. ###/### Although/IN Paribas/NNP Chairman/NNP Michel/NNP Francois-Poncet/NNP would/MD n't/RB rule/VB out/RP eventually/RB selling/VBG all/DT of/IN Navigation/NNP Mixte/NNP 's/POS insurance/NN operations/NNS to/TO Allianz/NNP ,/, he/PRP stressed/VBD the/DT potential/NN for/IN the/DT two/CD groups/NNS instead/RB to/TO cooperate/VB ./. ###/### He/PRP also/RB told/VBD reporters/NNS the/DT acquisition/NN would/MD give/VB Paribas/NNP fresh/JJ diversity/NN ,/, bringing/VBG it/PRP properties/NNS in/IN food/NN and/CC transport/NN where/WRB it/PRP has/VBZ been/VBN weak/JJ ./. ###/### Navigation/NNP Mixte/NNP has/VBZ investments/NNS in/IN a/DT sugar/NN company/NN ,/, a/DT food/NN and/CC canning/NN concern/NN ,/, a/DT bakery/NN and/CC bus/NN and/CC trucking/NN firms/NNS ,/, among/IN others/NNS ./. ###/### And/CC Navigation/NNP Mixte/NNP has/VBZ a/DT huge/JJ hidden/JJ attraction/NN ./. ###/### Payment/NN by/IN Allianz/NNP for/IN the/DT insurance/NN interests/VBZ it/PRP has/VBZ just/RB bought/VBN will/MD help/VB swell/VB the/DT French/JJ concern/NN 's/POS treasury/NN to/TO an/DT estimated/JJ 11/CD billion/CD francs/NNS ./. ###/### Paribas/NNP said/VBD it/PRP will/MD bid/VB 1,850/CD francs/NNS a/DT share/NN for/IN Navigation/NNP Mixte/NNP shares/NNS that/WDT qualify/VBP for/IN a/DT full/JJ yearly/JJ dividend/NN ,/, and/CC 1,800/CD francs/NNS for/IN those/DT created/VBN July/NNP 1/CD ,/, which/WDT are/VBP eligible/JJ for/IN partial/JJ dividends/NNS ./. ###/### Alternatively/RB ,/, it/PRP said/VBD it/PRP would/MD offer/VB three/CD Paribas/NNP shares/NNS ,/, themselves/PRP eligible/JJ for/IN dividends/NNS as/IN of/IN next/JJ Jan./NNP 1/CD ,/, for/IN one/CD Navigation/NNP Mixte/NNP share/NN ./. ###/### Paribas/NNP shares/NNS closed/VBD down/RB 30/CD francs/NNS at/IN 610/CD francs/NNS ,/, and/CC Navigation/NNP Mixte/NNP shares/NNS were/VBD suspended/VBN at/IN 1,800/CD francs/NNS pending/VBG the/DT outcome/NN of/IN the/DT bid/NN ./. ###/### Paribas/NNP said/VBD it/PRP would/MD publish/VB details/NNS of/IN its/PRP$ bid/NN once/IN authorities/NNS clear/VBP it/PRP ./. ###/### This/DT is/VBZ one/CD of/IN the/DT first/JJ bids/NNS under/IN new/JJ takeover/NN rules/NNS aimed/VBN at/IN encouraging/VBG open/JJ bids/NNS instead/RB of/IN gradual/JJ accumulation/NN of/IN large/JJ stakes/NNS ./. ###/### Some/DT financial/JJ sources/NNS said/VBD privately/RB that/IN Paribas/NNP blundered/VBD in/IN failing/VBG to/TO move/VB sooner/RBR for/IN the/DT insurance/NN and/CC industrial/JJ group/NN ,/, bidding/VBG only/RB after/IN speculation/NN had/VBD pushed/VBN up/RP the/DT price/NN ./. ###/### Mr./NNP Francois-Poncet/NNP responded/VBD that/IN his/PRP$ group/NN initially/RB intended/VBD to/TO take/VB only/RB a/DT minority/NN stake/NN ,/, striking/VBG an/DT alliance/NN with/IN current/JJ management/NN ./. ###/### When/WRB notoriously/RB independent-minded/JJ Navigation/NNP Mixte/NNP Chairman/NNP Marc/NNP Fournier/NNP rejected/VBD Paribas/NNP 's/POS offer/NN and/CC began/VBD buying/VBG Paribas/NNP shares/NNS in/IN retaliation/NN ,/, Mr./NNP Francois-Poncet/NNP said/VBD ,/, he/PRP felt/VBD obliged/JJ to/TO bid/VB for/IN control/NN ./. ###/### He/PRP told/VBD reporters/NNS he/PRP had/VBD information/NN that/IN Mr./NNP Fournier/NNP was/VBD preparing/VBG to/TO buy/VB as/RB much/JJ as/IN 20/CD %/NN of/IN Paribas/NNP ,/, up/RB from/IN less/JJR than/IN 5/CD %/NN currently/RB ./. ###/### A/DT bid/NN against/IN Paribas/NNP could/MD n't/RB be/VB ruled/VBN out/RP ./. ###/### France/NNP 's/POS second-largest/JJ government-owned/JJ insurance/NN company/NN ,/, Assurances/NNP Generales/NNP de/NNP France/NNP ,/, has/VBZ been/VBN building/VBG its/PRP$ own/JJ Navigation/NNP Mixte/NNP stake/NN ,/, currently/RB thought/VBN to/TO be/VB between/IN 8/CD %/NN and/CC 10/CD %/NN ./. ###/### Analysts/NNS said/VBD they/PRP do/VBP n't/RB think/VB it/PRP is/VBZ contemplating/VBG a/DT takeover/NN ,/, however/RB ,/, and/CC its/PRP$ officials/NNS could/MD n't/RB be/VB reached/VBN ./. ###/### Crude/JJ oil/NN futures/NNS prices/NNS fell/VBD further/RBR as/IN analysts/NNS and/CC traders/NNS said/VBD OPEC/NNP oil/NN producers/NNS are/VBP n't/RB putting/VBG the/DT brakes/NNS on/IN output/NN ahead/RB of/IN the/DT traditionally/RB weak/JJ first/JJ quarter/NN ./. ###/### In/IN trading/NN on/IN the/DT New/NNP York/NNP Mercantile/NNP Exchange/NNP ,/, the/DT U.S./NNP benchmark/JJ West/NNP Texas/NNP Intermediate/NNP crude/NN fell/VBD 39/CD cents/NNS a/DT barrel/NN to/TO $/$ 19.76/CD for/IN December/NNP delivery/NN ./. ###/### Petroleum/NN products/NNS prices/NNS also/RB declined/VBD ./. ###/### Analysts/NNS pointed/VBD to/TO reports/NNS that/IN the/DT Organization/NNP of/IN Petroleum/NNP Exporting/NNP Countries/NNP is/VBZ producing/VBG substantially/RB more/JJR than/IN its/PRP$ official/JJ limit/NN of/IN 20.5/CD million/CD barrels/NNS a/DT day/NN ,/, with/IN some/DT accounts/NNS putting/VBG the/DT 13-nation/JJ group/NN 's/POS output/NN as/RB high/JJ as/IN 23/CD million/CD barrels/NNS a/DT day/NN ./. ###/### That/DT level/NN of/IN production/NN did/VBD n't/RB take/VB its/PRP$ toll/NN on/IN futures/NNS prices/NNS for/IN the/DT fourth/JJ quarter/NN ,/, when/WRB demand/NN is/VBZ traditionally/RB strong/JJ ./. ###/### But/CC because/IN first-quarter/JJ demand/NN is/VBZ normally/RB the/DT weakest/JJS of/IN the/DT year/NN ,/, several/JJ market/NN participants/NNS say/VBP ,/, OPEC/NNP production/NN will/MD have/VB to/TO decline/VB to/TO keep/VB prices/NNS from/IN eroding/VBG further/RBR ./. ###/### The/DT group/NN plans/VBZ to/TO meet/VB in/IN a/DT month/NN to/TO discuss/VB production/NN strategy/NN for/IN early/JJ 1990/CD ./. ###/### With/IN prices/NNS already/RB headed/VBD lower/RBR ,/, news/NN of/IN a/DT series/NN of/IN explosions/NNS at/IN a/DT major/JJ Phillips/NNP Petroleum/NNP Co./NNP chemical/NN facility/NN on/IN the/DT Houston/NNP Ship/NNP Channel/NNP also/RB was/VBD bearish/JJ for/IN prices/NNS ./. ###/### Even/RB though/IN such/JJ facilities/NNS use/VBP a/DT relatively/RB small/JJ amount/NN of/IN crude/NN ,/, analysts/NNS say/VBP ,/, now/RB the/DT facility/NN wo/MD n't/RB need/VB any/DT ,/, at/IN a/DT time/NN of/IN already/RB high/JJ availability/NN ./. ###/### The/DT Phillips/NNP plant/NN makes/VBZ polyethylene/NN ,/, polypropylene/NN and/CC other/JJ plastic/NN products/NNS ./. ###/### A/DT company/NN official/NN said/VBD the/DT explosions/NNS began/VBD when/WRB a/DT seal/NN blew/VBD out/RP ./. ###/### Dozens/NNS of/IN workers/NNS were/VBD injured/VBN ,/, authorities/NNS said/VBD ./. ###/### There/EX was/VBD no/DT immediate/JJ estimate/NN of/IN damage/NN from/IN the/DT company/NN ./. ###/### Some/DT petroleum/NN futures/NNS traders/NNS say/VBP technical/JJ considerations/NNS now/RB will/MD help/VB to/TO put/VB downward/JJ pressure/NN on/IN futures/NNS prices/NNS ./. ###/### For/IN instance/NN ,/, one/CD trader/NN said/VBD that/IN prices/NNS inevitably/RB will/MD go/VB lower/RBR now/RB that/IN they/PRP 've/VBP fallen/VBN below/IN $/$ 20/CD a/DT barrel/NN ./. ###/### ``/`` Our/PRP$ technician/NN is/VBZ a/DT little/JJ bearish/JJ now/RB that/IN we/PRP 've/VBP taken/VBN out/RP $/$ 20/CD ,/, ''/'' he/PRP said/VBD ./. ###/### In/IN other/JJ commodity/NN markets/NNS yesterday/NN :/: COPPER/NN :/: The/DT selling/NN that/WDT started/VBD on/IN Friday/NNP continued/VBD yesterday/NN ###/### The/DT December/NNP contract/NN fell/VBD 3.85/CD cents/NNS a/DT pound/NN to/TO $/$ 1.1960/CD ./. ###/### London/NNP Metal/NNP Exchange/NNP warehouse/NN stocks/NNS were/VBD down/RB only/RB 4,800/CD metric/JJ tons/NNS for/IN the/DT week/NN to/TO 84,500/CD tons/NNS ;/: expectations/NNS late/RB last/JJ week/NN were/VBD a/DT drop/NN of/IN 10,000/CD to/TO 15,000/CD tons/NNS ./. ###/### The/DT New/NNP York/NNP market/NN made/VBD its/PRP$ high/NN for/IN the/DT day/NN on/IN the/DT opening/NN and/CC when/WRB it/PRP dropped/VBD below/IN the/DT $/$ 1.23-a-pound/JJ level/NN ,/, selling/NN picked/VBN up/RP as/RB previous/JJ buyers/NNS bailed/VBD out/IN of/IN their/PRP$ positions/NNS and/CC aggressive/JJ short/JJ sellers/NNS --/: anticipating/VBG further/JJ declines/NNS --/: moved/VBD in/IN ./. ###/### Fund/NN selling/NN also/RB picked/VBD up/RP at/IN that/DT point/NN ./. ###/### According/VBG to/TO Bernard/NNP Savaiko/NNP ,/, senior/JJ commodity/NN analyst/NN at/IN PaineWebber/NNP ,/, the/DT only/JJ stability/NN to/TO the/DT market/NN came/VBD when/WRB short/JJ sellers/NNS periodically/RB moved/VBD in/RB to/TO cover/VB their/PRP$ positions/NNS by/IN buying/VBG contracts/NNS ./. ###/### This/DT activity/NN produced/VBD small/JJ rallies/NNS ,/, which/WDT in/IN turn/NN attracted/VBD new/JJ short/JJ selling/NN ./. ###/### Mr./NNP Savaiko/NNP noted/VBD that/IN copper/NN had/VBD a/DT steep/JJ fall/NN in/IN spite/NN of/IN a/DT weak/JJ dollar/NN ,/, which/WDT would/MD normally/RB support/VB the/DT U.S./NNP copper/NN market/NN ./. ###/### Such/JJ support/NN usually/RB comes/VBZ from/IN arbitragers/NNS who/WP use/VBP a/DT strong/JJ British/JJ pound/NN to/TO buy/VB copper/NN in/IN New/NNP York/NNP ./. ###/### ``/`` The/DT sell-off/NN would/MD probably/RB have/VB been/VBN worse/JJR if/IN the/DT dollar/NN had/VBD been/VBN strong/JJ ,/, ''/'' he/PRP said/VBD ./. ###/### Copper/NN has/VBZ been/VBN stuck/VBN in/IN a/DT trading/NN range/NN of/IN $/$ 1.19/CD to/TO $/$ 1.34/CD ./. ###/### Mr./NNP Savaiko/NNP believes/VBZ that/IN if/IN copper/NN falls/VBZ below/IN the/DT bottom/NN of/IN this/DT range/NN the/DT next/JJ significant/JJ support/NN level/NN will/MD be/VB about/RB $/$ 1.04/CD ./. ###/### PRECIOUS/JJ METALS/NNS :/: Platinum/NN and/CC palladium/NN struggled/VBD to/TO maintain/VB their/PRP$ prices/NNS all/DT day/NN despite/IN news/NN stories/NNS over/IN the/DT weekend/NN that/IN recent/JJ cold/JJ fusion/NN experiments/NNS ,/, which/WDT use/VBP both/DT metals/NNS ,/, showed/VBD signs/NNS of/IN producing/VBG extra/JJ heat/NN ./. ###/### January/NNP platinum/NN closed/VBD down/RB $/$ 2.80/CD an/DT ounce/NN at/IN $/$ 486.30/CD ,/, nearly/RB $/$ 4/CD above/IN its/PRP$ low/NN for/IN the/DT day/NN ./. ###/### December/NNP palladium/NN was/VBD off/RB $/$ 1.55/CD an/DT ounce/NN at/IN $/$ 137.20/CD ./. ###/### Platinum/NN is/VBZ believed/VBN to/TO have/VB good/JJ support/NN around/IN $/$ 480/CD and/CC palladium/NN at/IN around/IN $/$ 130/CD ./. ###/### Some/DT traders/NNS were/VBD thought/VBN to/TO be/VB waiting/VBG for/IN the/DT auto/NN sales/NNS report/NN ,/, which/WDT will/MD be/VB released/VBN today/NN ./. ###/### Such/JJ sales/NNS are/VBP watched/VBN closely/RB by/IN platinum/NN and/CC palladium/NN traders/NNS because/IN both/DT metals/NNS are/VBP used/VBN in/IN automobile/NN catalytic/JJ converters/NNS ./. ###/### Mr./NNP Savaiko/NNP theorized/VBD that/IN the/DT news/NN on/IN cold/JJ fusion/NN did/VBD n't/RB affect/VB the/DT market/NN yesterday/NN because/IN many/JJ traders/NNS have/VBP already/RB been/VBN badly/RB burnt/VBN by/IN such/JJ stories/NNS ./. ###/### He/PRP said/VBD the/DT traders/NNS are/VBP demanding/VBG a/DT higher/JJR level/NN of/IN proof/NN before/IN they/PRP will/MD buy/VB palladium/NN again/RB ./. ###/### Also/RB weighing/VBG on/IN both/DT metals/NNS '/POS prices/NNS is/VBZ the/DT role/NN of/IN the/DT chief/JJ supplier/NN ,/, the/DT Soviet/NNP Union/NNP ./. ###/### Many/JJ analysts/NNS believe/VBP that/IN the/DT Soviets/NNPS '/POS thirst/NN for/IN dollars/NNS this/DT year/NN to/TO buy/VB grain/NN and/CC other/JJ Western/JJ commodities/NNS and/CC goods/NNS will/MD bring/VB them/PRP to/TO the/DT market/NN whenever/WRB prices/NNS rally/VBP very/RB much/RB ./. ###/### GRAINS/NNS AND/CC SOYBEANS/NNS :/: Prices/NNS closed/VBD mixed/JJ as/IN contracts/NNS reacted/VBD to/TO largely/RB offsetting/JJ bullish/JJ and/CC bearish/JJ news/NN ./. ###/### On/IN the/DT Chicago/NNP Board/NNP of/IN Trade/NNP ,/, soybeans/NNS for/IN November/NNP delivery/NN closed/VBD at/IN $/$ 5.63/CD a/DT bushel/NN ,/, down/IN half/PDT a/DT cent/NN ,/, while/IN the/DT December/NNP wheat/NN contract/NN rose/VBD three-quarters/NNS of/IN a/DT cent/NN to/TO $/$ 4.0775/CD a/DT bushel/NN ./. ###/### Supporting/VBG prices/NNS was/VBD the/DT announcement/NN late/RB Friday/NNP of/IN additional/JJ grain/NN sales/NNS to/TO the/DT Soviet/NNP Union/NNP ./. ###/### But/CC acting/VBG as/IN a/DT drag/NN on/IN prices/NNS was/VBD the/DT improved/JJ harvest/NN weather/NN over/IN the/DT weekend/NN and/CC the/DT prospect/NN for/IN continued/JJ fair/JJ weather/NN this/DT week/NN over/IN much/JJ of/IN the/DT Farm/NNP Belt/NNP ./. ###/### Strong/JJ farmer/NN selling/NN over/IN the/DT weekend/NN also/RB weighed/VBD on/IN prices/NNS ./. ###/### SUGAR/NN :/: World/NN prices/NNS tumbled/VBD ,/, mostly/RB from/IN their/PRP$ own/JJ weight/NN ,/, according/VBG to/TO analysts/NNS ./. ###/### The/DT March/NNP contract/NN ended/VBD at/IN 13.79/CD cents/NNS a/DT pound/NN ,/, down/RB 0.37/CD cent/NN ./. ###/### For/IN the/DT past/JJ week/NN or/CC so/RB ,/, traders/NNS have/VBP been/VBN expecting/VBG India/NNP to/TO buy/VB between/IN 150,000/CD and/CC 200,000/CD tons/NNS of/IN refined/JJ sugar/NN ,/, and/CC there/EX have/VBP been/VBN expectations/NNS of/IN a/DT major/JJ purchase/NN by/IN Japan/NNP ./. ###/### But/CC with/IN no/DT reports/NNS of/IN either/DT country/NN actually/RB entering/VBG the/DT market/NN ,/, analysts/NNS said/VBD ,/, futures/NNS prices/NNS became/VBD vulnerable/JJ ./. ###/### Developing/VBG countries/NNS such/JJ as/IN India/NNP ,/, some/DT analysts/NNS said/VBD ,/, seem/VB to/TO have/VB made/VBN it/PRP a/DT point/NN to/TO stay/VB away/RB whenever/WRB sugar/NN reached/VBD the/DT top/NN of/IN its/PRP$ trading/JJ range/NN ,/, around/IN 14.75/CD cents/NNS ,/, and/CC wait/VB for/IN prices/NNS to/TO return/VB to/TO the/DT bottom/NN of/IN the/DT range/NN ,/, around/IN 13.50/CD cents/NNS ./. ###/### But/CC Erik/NNP Dunlaevy/NNP ,/, a/DT sugar/NN analyst/NN with/IN Balfour/NNP Maclaine/NNP International/NNP Ltd./NNP ,/, said/VBD the/DT explanation/NN for/IN the/DT latest/JJS drop/NN in/IN sugar/NN prices/NNS is/VBZ much/RB simpler/JJR :/: Speculators/NNS ,/, he/PRP said/VBD ,/, ``/`` got/VBD too/RB long/JJ too/RB soon/RB and/CC ran/VBD into/IN resistance/NN around/IN the/DT old/JJ contract/NN highs/NNS ./. ''/'' ###/### A/DT PaineWebber/NNP analyst/NN said/VBD that/IN in/IN light/NN of/IN a/DT new/JJ estimate/NN of/IN a/DT production/NN increase/NN of/IN four/CD million/CD metric/JJ tons/NNS and/CC only/RB a/DT modest/JJ increase/NN in/IN consumption/NN ,/, sugar/NN is/VBZ n't/RB likely/JJ to/TO rise/VB above/IN the/DT top/NN of/IN its/PRP$ trading/NN range/NN without/IN a/DT crop/NN problem/NN in/IN a/DT major/JJ producing/JJ country/NN ./. ###/### COCOA/NN :/: Futures/NNS rallied/VBD modestly/RB ./. ###/### The/DT December/NNP contract/NN rose/VBD $/$ 33/CD a/DT metric/JJ ton/NN to/TO $/$ 1,027/CD ,/, near/IN its/PRP$ high/NN for/IN the/DT day/NN ./. ###/### Gill/NNP &/CC Duffus/NNP Ltd./NNP ,/, a/DT British/JJ cocoa-trading/JJ house/NN ,/, estimated/VBD that/IN the/DT 1989-90/CD world/NN cocoa/NN surplus/NN would/MD be/VB 231,000/CD tons/NNS ,/, down/RB from/IN 314,000/CD tons/NNS for/IN the/DT previous/JJ year/NN ./. ###/### Market/NN technicians/NNS were/VBD encouraged/VBN by/IN the/DT price/NN patterns/NNS ,/, which/WDT in/IN the/DT past/NN have/VBP preceded/VBN sharp/JJ rallies/NNS ./. ###/### Recent/JJ prices/NNS for/IN cocoa/NN have/VBP been/VBN near/IN levels/NNS last/RB seen/VBN in/IN the/DT mid-1970s/NNS ./. ###/### At/IN such/JJ prices/NNS ,/, according/VBG to/TO Mr./NNP Savaiko/NNP ,/, bargain/NN hunting/NN and/CC short-covering/NN --/: buying/NN back/RP of/IN contracts/NNS previously/RB sold/VBN --/: by/IN speculators/NNS is/VBZ n't/RB uncommon/JJ ./. ###/### But/CC Mr./NNP Savaiko/NNP expects/VBZ stepped-up/JJ producer/NN selling/NN at/IN around/IN the/DT $/$ 1,040/CD to/TO $/$ 1,050/CD level/NN ./. ###/### He/PRP also/RB noted/VBD that/IN a/DT strong/JJ sterling/JJ market/NN yesterday/NN might/MD have/VB helped/VBD cocoa/NN in/IN New/NNP York/NNP as/IN arbitragers/NNS took/VBD advantage/NN of/IN the/DT currency/NN move/NN ./. ###/### Sandra/NNP Kaul/NNP ,/, research/NN analyst/NN at/IN Shearson/NNP Lehman/NNP Hutton/NNP ,/, said/VBD the/DT market/NN pushed/VBD higher/JJR mainly/RB in/IN anticipation/NN of/IN a/DT late/JJ harvest/NN in/IN the/DT Ivory/NNP Coast/NNP ,/, a/DT major/JJ cocoa/NN producer/NN ./. ###/### Rockwell/NNP International/NNP Corp./NNP bought/VBD out/RP Ikegai/NNP Corp./NNP 's/POS interest/NN in/IN Ikegai-Goss/NNP ,/, a/DT joint/JJ venture/NN of/IN the/DT two/CD companies/NNS based/VBN in/IN Tokyo/NNP ./. ###/### The/DT price/NN was/VBD 3.6/CD billion/CD yen/NN -LRB-/-LRB- $/$ 25/CD million/CD -RRB-/-RRB- ./. ###/### The/DT agreement/NN provides/VBZ that/IN Ikegai/NNP Corp./NNP will/MD remain/VB a/DT supplier/NN to/TO Ikegai-Goss/NNP ,/, which/WDT makes/VBZ printing/NN presses/NNS for/IN the/DT newspaper/NN industry/NN ./. ###/### The/DT purchase/NN was/VBD made/VBN by/IN Rockwell/NNP Graphic/NNP Systems/NNP ,/, a/DT Chicago/NNP subsidiary/NN of/IN the/DT El/NNP Segundo/NNP ,/, Calif./NNP ,/, concern/NN ./. ###/### Ikegai-Goss/NNP ,/, which/WDT has/VBZ about/RB 200/CD employees/NNS ,/, is/VBZ among/IN the/DT industry/NN leaders/NNS in/IN keyless/JJ inking/NN technology/NN ,/, which/WDT reduces/VBZ time/NN and/CC materials/NNS waste/NN when/WRB preparing/VBG a/DT press/NN for/IN printing/VBG|NN ./. ###/### The/DT bond/NN market/NN ,/, which/WDT sometimes/RB thrives/VBZ on/IN bad/JJ news/NN ,/, cheered/VBD yesterday/NN 's/POS stock/NN market/NN sell-off/NNS and/CC perceptions/NNS that/IN the/DT economy/NN is/VBZ growing/VBG weaker/JJR ./. ###/### Early/RB in/IN the/DT day/NN ,/, bonds/NNS rose/VBD modestly/RB on/IN economists/NNS '/POS forecasts/NNS that/IN this/DT week/NN 's/POS slate/NN of/IN economic/JJ data/NNS will/MD portray/VB an/DT economy/NN headed/VBN for/IN trouble/NN ./. ###/### Such/JJ news/NN is/VBZ good/JJ for/IN bonds/NNS because/IN economic/JJ weakness/NN sometimes/RB causes/VBZ the/DT Federal/NNP Reserve/NNP to/TO lower/VB interest/NN rates/NNS in/IN an/DT effort/NN to/TO stimulate/VB the/DT economy/NN and/CC stave/VB off/IN a/DT recession/NN ./. ###/### For/IN example/NN ,/, today/NN the/DT Department/NNP of/IN Commerce/NNP is/VBZ scheduled/VBN to/TO release/VB the/DT September/NNP durable/JJ goods/NNS report/NN ./. ###/### The/DT consensus/NN forecast/NN of/IN 14/CD economists/NNS surveyed/VBN by/IN Dow/NNP Jones/NNP Capital/NNP Markets/NNP Report/NNP is/VBZ for/IN a/DT 1.2/CD %/NN drop/NN in/IN September/NNP orders/NNS ./. ###/### That/DT would/MD follow/VB a/DT 3.9/CD %/NN advance/NN in/IN August/NNP ./. ###/### Bonds/NNS received/VBD a/DT bigger/JJR boost/NN later/RB in/IN the/DT day/NN when/WRB stock/NN prices/NNS moved/VBD broadly/RB lower/JJR ./. ###/### The/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP fell/VBD 26.23/CD points/NNS to/TO 2662.91/CD ./. ###/### ``/`` Bond/NN investors/NNS have/VBP been/VBN watching/VBG stocks/NNS closely/RB ,/, ''/'' said/VBD Joel/NNP Marver/NNP ,/, chief/JJ fixed-income/NN analyst/NN at/IN Technical/NNP Data/NNP Global/NNP Markets/NNP Group/NNP ./. ###/### ``/`` When/WRB you/PRP get/VBP a/DT big/JJ sell-off/NN in/IN equities/NNS ,/, money/NN starts/VBZ to/TO shift/VB into/IN bonds/NNS ,/, ''/'' which/WDT are/VBP considered/VBN safer/JJR ,/, he/PRP said/VBD ./. ###/### The/DT Treasury/NNP 's/POS benchmark/JJ 30-year/JJ bond/NN ended/VBN about/RB point/NN higher/JJR ,/, or/CC up/RB about/RB $/$ 5/CD for/IN each/DT $/$ 1,000/CD face/NN amount/NN ,/, while/IN the/DT yield/NN slid/VBD to/TO 7.93/CD %/NN from/IN 7.98/CD %/NN Friday/NNP ./. ###/### Municipals/NNS ended/VBD mixed/JJ ,/, while/IN mortgage-backed/JJ and/CC investment-grade/JJ corporate/JJ bonds/NNS rose/VBD ./. ###/### Prices/NNS of/IN high-yield/JJ ,/, high-risk/JJ corporate/JJ securities/NNS ended/VBD unchanged/JJ ./. ###/### In/IN more/JJR evidence/NN of/IN the/DT growing/VBG division/NN between/IN ``/`` good/JJ ''/'' and/CC ``/`` bad/JJ ''/'' junk/NN bonds/NNS ,/, a/DT $/$ 150/CD million/CD issue/NN by/IN Imo/NNP Industries/NNP Inc./NNP was/VBD snapped/VBN up/RP by/IN investors/NNS while/IN underwriters/NNS for/IN Beatrice/NNP Co./NNP 's/POS $/$ 350/CD million/CD issue/NN are/VBP considering/VBG restructuring/VBG the/DT deal/NN to/TO attract/VB buyers/NNS ./. ###/### In/IN the/DT Treasury/NNP market/NN ,/, analysts/NNS expect/VBP bond/NN prices/NNS to/TO trade/VB in/IN narrow/JJ ranges/NNS this/DT week/NN as/IN the/DT market/NN takes/VBZ in/IN positive/JJ and/CC negative/JJ news/NN ./. ###/### ``/`` On/IN the/DT negative/JJ side/NN ,/, the/DT market/NN will/MD be/VB affected/VBN by/IN constant/JJ supply/NN in/IN all/DT sectors/NNS of/IN the/DT market/NN ,/, ''/'' said/VBD William/NNP M./NNP Brachfeld/NNP ,/, economist/NN at/IN Daiwa/NNP Securities/NNP America/NNP Inc/NNP ./. ###/### On/IN the/DT other/JJ hand/NN ,/, we/PRP have/VBP economic/JJ news/NN that/WDT is/VBZ -LCB-/-LRB- expected/VBN to/TO be/VB -RCB-/-RRB- relatively/RB positive/JJ for/IN the/DT bond/NN market/NN ./. ###/### We/PRP will/MD go/VB back/RB and/CC forth/RB with/IN a/DT tilt/NN toward/IN slightly/RB lower/JJR yields/NNS ,/, ''/'' he/PRP said/VBD ./. ###/### Today/NN ,/, the/DT Treasury/NNP will/MD sell/VB $/$ 10/CD billion/CD of/IN new/JJ two-year/JJ notes/NNS ./. ###/### Tomorrow/NN ,/, Resolution/NNP Funding/NNP Corp./NNP ,/, a/DT division/NN of/IN a/DT new/JJ government/NN agency/NN created/VBN to/TO bail/VB out/RP the/DT nation/NN 's/POS troubled/JJ thrifts/NNS ,/, will/MD hold/VB its/PRP$ first/JJ bond/NN auction/NN at/IN which/WDT it/PRP will/MD sell/VB $/$ 4.5/CD billion/CD of/IN 30-year/JJ bonds/NNS ./. ###/### So/RB far/RB ,/, money/NN managers/NNS and/CC other/JJ bond/NN buyers/NNS have/VBP n't/RB shown/VBN much/JJ interest/NN in/IN the/DT Refcorp/NNP bonds/NNS ./. ###/### Analysts/NNS have/VBP mixed/JJ views/NNS about/IN the/DT two-year/JJ note/NN auction/NN ./. ###/### While/IN some/DT say/VBP the/DT auction/NN should/MD proceed/VB smoothly/RB ,/, others/NNS contend/VBP that/IN yesterday/NN 's/POS sale/NN of/IN $/$ 2.58/CD billion/CD of/IN asset-backed/JJ securities/NNS by/IN Ford/NNP Motor/NNP Credit/NNP Corp./NNP may/MD have/VB siphoned/VBN some/DT potential/JJ institutional/JJ buyers/NNS from/IN the/DT government/NN 's/POS note/NN sale/NN ./. ###/### The/DT division/NN of/IN auto/NN maker/NN Ford/NNP Motor/NNP Co./NNP made/VBD its/PRP$ debut/NN in/IN the/DT asset-backed/JJ securities/NNS market/NN with/IN the/DT second-largest/JJ issue/NN in/IN the/DT market/NN 's/POS four-year/JJ history/NN ./. ###/### The/DT company/NN offered/VBD securities/NNS backed/VBN by/IN automobile/NN loans/NNS through/IN an/DT underwriting/NN group/NN headed/VBN by/IN First/NNP Boston/NNP Corp/NNP ./. ###/### The/DT issue/NN yields/VBZ 8.90/CD %/NN and/CC carries/VBZ a/DT guarantee/NN covering/VBG 9/CD %/NN of/IN the/DT deal/NN from/IN the/DT company/NN ./. ###/### First/NNP Boston/NNP sweetened/VBD the/DT terms/NNS from/IN the/DT original/JJ yield/NN estimate/NN in/IN an/DT apparent/JJ effort/NN to/TO place/VB the/DT huge/JJ offering/NN ./. ###/### The/DT issue/NN was/VBD offered/VBN at/IN a/DT yield/NN nearly/RB one/CD percentage/NN point/NN above/IN the/DT yield/NN on/IN two-year/JJ Treasurys/NNPS ./. ###/### The/DT only/JJ asset-backed/JJ deal/NN larger/JJR than/IN Ford/NNP 's/POS was/VBD a/DT $/$ 4/CD billion/CD offering/NN by/IN General/NNP Motors/NNP Acceptance/NNP Corp./NNP in/IN 1986/CD ./. ###/### Treasury/NNP bonds/NNS were/VBD to/TO point/NN higher/JJR yesterday/NN in/IN light/JJ trading/NN ./. ###/### The/DT benchmark/JJ 30-year/JJ bond/NN ended/VBD at/IN a/DT price/NN of/IN 102/CD ,/, compared/VBN with/IN 101/CD Friday/NNP ./. ###/### The/DT latest/JJS 10-year/JJ notes/NNS were/VBD quoted/VBN late/RB at/IN 100/CD to/TO yield/VB 7.90/CD %/NN ,/, compared/VBN with/IN 100/CD to/TO yield/VB 7.97/CD %/NN ./. ###/### The/DT latest/JJS two-year/JJ notes/NNS were/VBD quoted/VBN late/RB at/IN 100/CD to/TO yield/VB 7.84/CD %/NN ./. ###/### Short-term/JJ rates/NNS rose/VBD yesterday/NN at/IN the/DT government/NN 's/POS weekly/JJ Treasury/NNP bill/NN auction/NN ,/, compared/VBN with/IN the/DT previous/JJ bill/NN sale/NN ./. ###/### The/DT Treasury/NNP sold/VBD $/$ 7.81/CD billion/CD of/IN three-month/JJ bills/NNS with/IN an/DT average/JJ discount/JJ rate/NN of/IN 7.52/CD %/NN ,/, the/DT highest/JJS since/IN the/DT average/NN of/IN 7.63/CD %/NN at/IN the/DT auction/NN on/IN Oct./NNP 10/CD ./. ###/### The/DT $/$ 7.81/CD billion/CD of/IN six-month/JJ Treasury/NNP bills/NNS were/VBD sold/VBN with/IN an/DT average/JJ discount/JJ rate/NN of/IN 7.50/CD %/NN ,/, the/DT highest/JJS since/IN the/DT average/NN of/IN 7.60/CD %/NN at/IN the/DT Oct./NNP 10/CD auction/NN ./. ###/### The/DT rates/NNS were/VBD up/RB from/IN last/JJ week/NN 's/POS auction/NN ,/, when/WRB they/PRP were/VBD 7.37/CD %/NN and/CC 7.42/CD %/NN ,/, respectively/RB ./. ###/### Here/RB are/VBP auction/NN details/NNS :/: 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 ./. ###/### Both/DT issues/NNS are/VBP dated/VBN Oct./NNP 26/CD ./. ###/### The/DT 13-week/JJ bills/NNS mature/VBP Jan./NNP 25/CD ,/, 1990/CD ,/, and/CC the/DT 26-week/JJ bills/NNS mature/VBP April/NNP 26/CD ,/, 1990/CD ./. ###/### Investment-grade/JJ corporates/NNS closed/VBD about/RB point/NN higher/JJR in/IN quiet/JJ trading/NN ./. ###/### In/IN the/DT junk/NN bond/NN market/NN ,/, Imo/NNP Industries/NNP '/POS issue/NN of/IN 12-year/JJ debentures/NNS ,/, considered/VBN to/TO be/VB one/CD of/IN the/DT market/NN 's/POS high-quality/JJ credits/NNS ,/, was/VBD priced/VBN at/IN par/NN to/TO yield/VB 12/CD %/NN ./. ###/### Peter/NNP Karches/NNP ,/, managing/NN director/NN at/IN underwriter/NN Morgan/NNP Stanley/NNP &/CC Co./NNP ,/, said/VBD the/DT issue/NN was/VBD oversubscribed/JJ ./. ###/### ``/`` It/PRP 's/VBZ a/DT segmented/JJ market/NN ,/, and/CC if/IN you/PRP have/VBP a/DT good/JJ ,/, strong/JJ credit/NN ,/, people/NNS have/VBP an/DT appetite/NN for/IN it/PRP ,/, ''/'' he/PRP said/VBD ./. ###/### Morgan/NNP Stanley/NNP is/VBZ expected/VBN to/TO price/VB another/DT junk/NN bond/NN deal/NN ,/, $/$ 350/CD million/CD of/IN senior/JJ subordinated/JJ debentures/NNS by/IN Continental/NNP Cablevision/NNP Inc./NNP ,/, next/JJ Tuesday/NNP ./. ###/### In/IN light/NN of/IN the/DT recent/JJ skittishness/NN in/IN the/DT high-yield/JJ market/NN ,/, junk/NN bond/NN analysts/NNS and/CC traders/NNS expect/VBP other/JJ high-yield/JJ deals/VBZ to/TO be/VB sweetened/VBN or/CC restructured/VBN before/IN they/PRP are/VBP offered/VBN to/TO investors/NNS ./. ###/### In/IN the/DT case/NN of/IN Beatrice/NNP ,/, Salomon/NNP Brothers/NNP Inc./NNP is/VBZ considering/VBG restructuring/VBG the/DT reset/JJ mechanism/NN on/IN the/DT $/$ 200/CD million/CD portion/NN of/IN the/DT offering/NN ./. ###/### Under/IN the/DT originally/RB contemplated/VBN terms/NNS of/IN the/DT offering/NN ,/, the/DT notes/NNS would/MD have/VB been/VBN reset/VB annually/RB at/IN a/DT fixed/JJ spread/NN above/IN Treasurys/NNPS ./. ###/### Under/IN the/DT new/JJ plan/NN being/VBG considered/VBN ,/, the/DT notes/NNS would/MD reset/VB annually/RB at/IN a/DT rate/NN to/TO maintain/VB a/DT market/NN value/NN of/IN 101/CD ./. ###/### Price/NN talk/NN calls/VBZ for/IN the/DT reset/JJ notes/NNS to/TO be/VB priced/VBN at/IN a/DT yield/NN of/IN between/IN 13/CD %/NN and/CC 13/CD %/NN ./. ###/### Activity/NN in/IN derivative/JJ markets/NNS was/VBD strong/JJ with/IN four/CD new/JJ real/JJ estate/NN mortgage/NN investment/NN conduits/NNS announced/VBN and/CC talk/NN of/IN several/JJ more/JJR deals/NNS in/IN today/NN 's/POS session/NN ./. ###/### The/DT Federal/NNP National/NNP Mortgage/NNP Association/NNP offered/VBD $/$ 1.2/CD billion/CD of/IN Remic/NNP securities/NNS in/IN three/CD issues/NNS ,/, and/CC the/DT Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP offered/VBD a/DT $/$ 250/CD million/CD Remic/NNP backed/VBN by/IN 9/CD %/NN 15-year/JJ securities/NNS ./. ###/### Part/NN of/IN the/DT reason/NN for/IN the/DT heavy/JJ activity/NN in/IN derivative/JJ markets/NNS is/VBZ that/IN underwriters/NNS are/VBP repackaging/VBG mortgage/NN securities/NNS being/VBG sold/VBN by/IN thrifts/NNS ./. ###/### Traders/NNS said/VBD thrifts/NNS have/VBP stepped/VBN up/RP their/PRP$ mortgage/NN securities/NNS sales/NNS as/IN the/DT bond/NN market/NN has/VBZ risen/VBN in/IN the/DT past/JJ two/CD weeks/NNS ./. ###/### In/IN the/DT mortgage/NN pass-through/JJ sector/NN ,/, active/JJ issues/NNS rose/VBD but/CC trailed/VBD gains/NNS in/IN the/DT Treasury/NNP market/NN ./. ###/### Government/NNP National/NNP Mortgage/NNP Association/NNP 9/CD %/NN securities/NNS for/IN November/NNP delivery/NN were/VBD quoted/VBN late/RB yesterday/NN at/IN 98/CD ,/, up/RB ;/: and/CC Freddie/NNP Mac/NNP 9/CD %/NN securities/NNS were/VBD at/IN 97/CD ,/, up/RB ./. ###/### The/DT Ginnie/NNP Mae/NNP 9/CD %/NN issue/NN was/VBD yielding/VBG 8.36/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 slightly/RB to/TO 1.46/CD percentage/NN points/NNS ./. ###/### A/DT $/$ 575/CD million/CD San/NNP Antonio/NNP ,/, Texas/NNP ,/, electric/JJ and/CC gas/NN system/NN revenue/NN bond/NN issue/NN dominated/VBD the/DT new/JJ issue/NN sector/NN ./. ###/### The/DT refunding/JJ issue/NN ,/, which/WDT had/VBD been/VBN in/IN the/DT wings/NNS for/IN two/CD months/NNS ,/, was/VBD one/CD of/IN the/DT chief/JJ offerings/NNS overhanging/VBG the/DT market/NN and/CC limiting/VBG price/NN appreciation/NN ./. ###/### But/CC alleviating/VBG that/DT overhang/NN failed/VBD to/TO stimulate/VB much/JJ activity/NN in/IN the/DT secondary/JJ market/NN ,/, where/WRB prices/NNS were/VBD off/RB to/TO up/RB point/NN ./. ###/### An/DT official/NN with/IN lead/JJ underwriter/NN First/NNP Boston/NNP said/VBD orders/NNS for/IN the/DT San/NNP Antonio/NNP bonds/NNS were/VBD ``/`` on/IN the/DT slow/JJ side/NN ./. ''/'' ###/### He/PRP attributed/VBD that/DT to/TO the/DT issue/NN 's/POS aggressive/JJ pricing/NN and/CC large/JJ size/NN ,/, as/RB well/RB as/IN the/DT general/JJ lethargy/NN in/IN the/DT municipal/JJ marketplace/NN ./. ###/### In/IN addition/NN ,/, he/PRP noted/VBD ,/, the/DT issue/NN would/MD normally/RB be/VB the/DT type/NN purchased/VBN by/IN property/NN and/CC casualty/NN insurers/NNS ,/, but/CC recent/JJ disasters/NNS ,/, such/JJ as/IN Hurricane/NNP Hugo/NNP and/CC the/DT Northern/NNP California/NNP earthquake/NN ,/, have/VBP stretched/VBN insurers/NNS '/POS resources/NNS and/CC damped/VBP their/PRP$ demand/NN for/IN bonds/NNS ./. ###/### A/DT $/$ 137.6/CD million/CD Maryland/NNP Stadium/NNP Authority/NNP sports/NNS facilities/NNS lease/NN revenue/NN bond/NN issue/NN appeared/VBD to/TO be/VB off/IN to/TO a/DT good/JJ start/NN ./. ###/### The/DT issue/NN was/VBD oversubscribed/JJ and/CC ``/`` doing/VBG very/RB well/RB ,/, ''/'' according/VBG to/TO an/DT official/NN with/IN lead/JJ underwriter/NN Morgan/NNP Stanley/NNP ./. ###/### Activity/NN quieted/VBD in/IN the/DT New/NNP York/NNP City/NNP bond/NN market/NN ,/, where/WRB heavy/JJ investor/NN selling/NN last/JJ week/NN drove/VBD yields/NNS on/IN the/DT issuer/NN 's/POS full/JJ faith/NN and/CC credit/NN backed/VBN bonds/NNS up/RB as/RB much/JJ as/IN 0.50/CD percentage/NN point/NN ./. ###/### Japanese/JJ government/NN bonds/NNS ended/VBD lower/JJR after/IN the/DT dollar/NN rose/VBD modestly/RB against/IN the/DT yen/NN ./. ###/### The/DT turnaround/NN in/IN the/DT dollar/NN fueled/VBD bearish/JJ sentiment/NN about/IN Japan/NNP 's/POS bond/NN market/NN ./. ###/### The/DT benchmark/JJ No./NNP 111/CD 4.6/CD %/NN bond/NN due/JJ 1998/CD ended/VBN on/IN brokers/NNS '/POS screens/NNS at/IN a/DT price/NN of/IN 95.39/CD ,/, off/RB 0.28/CD ./. ###/### The/DT yield/NN rose/VBD to/TO 5.38/CD %/NN ./. ###/### West/JJ German/JJ bond/NN prices/NNS ended/VBD lower/JJR after/IN a/DT day/NN of/IN aimless/JJ trading/NN ./. ###/### The/DT benchmark/JJ 7/CD %/NN bond/NN due/JJ October/NNP 1999/CD fell/VBD 0.20/CD point/NN to/TO 99.80/CD to/TO yield/VB 7.03/CD %/NN ,/, while/IN the/DT 6/CD %/NN notes/NNS due/JJ July/NNP 1994/CD fell/VBD 0.10/CD to/TO 97.65/CD to/TO yield/VB 7.34/CD %/NN ./. ###/### British/JJ government/NN bonds/NNS ended/VBD slightly/RB higher/JJR in/IN quiet/JJ trading/NN as/IN investors/NNS looked/VBD ahead/RB to/TO today/NN 's/POS British/JJ trade/NN report/NN ./. ###/### The/DT benchmark/JJ 11/CD %/NN Treasury/NNP bond/NN due/JJ rose/VBD to/TO 111/CD to/TO yield/VB 10.11/CD %/NN ,/, while/IN the/DT 12/CD %/NN issue/NN of/IN 1995/CD rose/VBD to/TO 103/CD to/TO yield/VB 11.01/CD %/NN ./. ###/### The/DT croaker/NN 's/VBZ done/VBN gone/VBN from/IN the/DT hook/NN --/: damn/UH My/PRP$ language/NN sure/RB goes/VBZ to/TO pot/VB down/RB here/RB on/IN the/DT coast/NN ./. ''/'' ###/### The/DT husky/JJ blond/JJ guide/NN with/IN the/DT Aggie/NNP cap/NN twists/VBZ his/PRP$ face/NN in/IN mock/JJ fury/NN ./. ###/### I/PRP got/VBP to/TO get/VB back/RB to/TO school/VB and/CC straighten/VB out/RP my/PRP$ English/NNP ./. ''/'' ###/### He/PRP has/VBZ two/CD more/JJR years/NNS at/IN Texas/NNP A&M/NNP ./. ###/### Right/RB now/RB he/PRP takes/VBZ people/NNS out/IN to/TO fish/RB in/IN the/DT bays/NNS behind/IN the/DT barrier/NN islands/VBZ that/WDT curve/NN for/IN hundreds/NNS of/IN miles/NNS along/IN the/DT eastern/JJ coast/NN of/IN Texas/NNP ,/, enclosing/VBG milky/JJ green/JJ lagoons/NNS behind/IN ridges/NNS of/IN sand/NN and/CC grassy/JJ scrub/NN that/WDT rim/VBP the/DT deep/JJ blue/NN of/IN the/DT Gulf/NNP beyond/RB ./. ###/### There/EX have/VBP been/VBN three/CD days/NNS of/IN hot/JJ ,/, wind-swept/JJ rain/NN ,/, and/CC now/RB with/IN the/DT first/JJ sun/NN we/PRP are/VBP after/IN speckled/JJ seatrout/NN ,/, which/WDT with/IN redfish/NN provides/VBZ most/JJS of/IN the/DT game/NN fishing/NN hereabouts/RB ./. ###/### The/DT little/JJ radio/NN fizzes/VBZ as/IN other/JJ boats/NNS want/VBP to/TO see/VB if/IN we/PRP have/VBP found/VBN any/DT fish/NN --/: spotting/VBG|NN location/NN is/VBZ everything/NN in/IN this/DT sport/NN ./. ###/### Negative/JJ answers/NNS crackle/VBP back/RP ./. ###/### The/DT fish/NN often/RB are/VBP plentiful/JJ around/IN the/DT pilings/NNS of/IN the/DT old/JJ gas/NN wells/NNS that/WDT dot/VBP the/DT flat/JJ surface/NN like/IN the/DT remains/NNS of/IN sunken/JJ ships/NNS ./. ###/### We/PRP go/VBP from/IN one/CD to/TO the/DT other/JJ ./. ###/### The/DT sun/NN is/VBZ hot/JJ now/RB though/IN it/PRP 's/VBZ only/RB 8/CD in/IN the/DT morning/NN ./. ###/### The/DT great/JJ silver/JJ clouds/NNS on/IN the/DT horizon/NN build/VBP themselves/PRP on/IN the/DT pale/JJ water/NN ./. ###/### We/PRP cruise/VBP toward/IN another/DT set/NN of/IN pilings/NNS ./. ###/### The/DT guide/NN scoops/VBZ into/IN a/DT pail/NN and/CC puts/VBZ a/DT frantically/RB wiggling/VBG croaker/NN on/IN the/DT hook/NN ./. ###/### Then/RB he/PRP casts/VBZ out/RP ./. ###/### Just/RB wait/VB for/IN that/DT tap-tap/NN ,/, that/DT thump-thump/NN ./. ###/### It/PRP comes/VBZ real/RB gentle/JJ before/IN it/PRP pulls/VBZ ./. ###/### Do/VBP n't/RB forget/VB ,/, trout/NNS have/VBP very/RB soft/JJ mouths/NNS ./. ''/'' ###/### The/DT radio/NN queries/VBZ again/RB ./. ###/### ``/`` Pickin/VBG '/'' one/CD or/CC two/CD ,/, ''/'' says/VBZ the/DT guide/NN ,/, chuckling/VBG ./. ###/### You/PRP can/MD tell/VB they/PRP 've/VBP got/VBD nothin/NN '/'' ./. ''/'' ###/### A/DT pair/NN of/IN black/JJ skimmers/NNS zig-zag/VBP past/RB close/RB to/TO the/DT surface/NN ./. ###/### Soon/RB we/PRP have/VBP our/PRP$ limit/NN of/IN the/DT shimmering/JJ fish/NN stippled/JJ in/IN rose-gold/NN and/CC black/NN ./. ###/### And/CC we/PRP are/VBP the/DT first/JJ back/RB at/IN the/DT dock/NN ,/, where/WRB the/DT great/JJ blue/JJ herons/NNS stand/VBP waiting/VBG by/IN the/DT cleaning/NN benches/NNS ./. ###/### The/DT guide/NN is/VBZ young/JJ and/CC he/PRP knows/VBZ this/DT business/NN but/CC he/PRP wants/VBZ a/DT different/JJ life/NN after/IN college/NN ,/, such/JJ as/IN working/VBG for/IN IBM/NNP and/CC wearing/VBG a/DT necktie/NN ./. ###/### This/DT must/MD be/VB the/DT last/JJ big/JJ stretch/NN of/IN the/DT American/JJ seacoast/NN that/WDT is/VBZ ``/`` undeveloped/JJ ./. ''/'' ###/### There/EX are/VBP a/DT few/JJ ramshackle/JJ fishing/NN towns/NNS with/IN quiet/JJ atolls/NNS of/IN resort/NN houses/NNS nearby/RB ./. ###/### People/NNS are/VBP not/RB apt/JJ to/TO be/VB self-conscious/JJ about/IN the/DT place/NN or/CC themselves/PRP ./. ###/### Texas/NNP is/VBZ big/JJ and/CC beautiful/JJ and/CC they/PRP live/VBP here/RB ,/, that/DT 's/VBZ all/DT ./. ###/### Jutting/VBG out/RB just/RB to/TO the/DT north/NN of/IN us/PRP is/VBZ the/DT Blackjack/NNP Peninsula/NNP -LRB-/-LRB- after/IN the/DT oak/NN ,/, not/RB the/DT game/NN -RRB-/-RRB- which/WDT forms/VBZ the/DT core/NN of/IN the/DT Aransas/NNP Wildlife/NNP Refuge/NNP ./. ###/### It/PRP is/VBZ famous/JJ as/IN the/DT winter/NN home/NN of/IN the/DT whooping/VBG crane/NN ,/, that/IN symbol/NN of/IN the/DT destruction/NN of/IN wild/JJ America/NNP ./. ###/### Last/JJ year/NN a/DT gunner/NN shot/VBD a/DT whooper/NN by/IN mistake/NN thinking/VBG that/IN it/PRP was/VBD a/DT snow/NN goose/NN ./. ###/### He/PRP paid/VBD an/DT immense/JJ fine/NN and/CC was/VBD lucky/JJ ,/, according/VBG to/TO a/DT local/JJ wag/NN ,/, to/TO escape/VB the/DT gas/NN chamber/NN ./. ###/### The/DT peninsula/NN comes/VBZ off/IN the/DT vast/JJ southeastern/JJ alluvial/JJ plain/NN with/IN fields/NNS of/IN rice/NN and/CC cotton/NN and/CC sorghum/NN as/RB far/RB as/IN the/DT eye/NN can/MD see/VB ./. ###/### Near/IN the/DT coast/NN there/EX are/VBP dense/JJ coverts/NNS of/IN live/JJ oak/NN interspersed/VBN with/IN marshes/NNS and/CC prairies/NNS ./. ###/### Deer/NNS ,/, wild/JJ hog/NNS ,/, armadillos/NNS and/CC alligators/NNS are/VBP the/DT glamour/NN quadrupeds/NNS and/CC the/DT birds/NNS are/VBP innumerable/JJ ,/, especially/RB the/DT herons/NNS and/CC the/DT spoonbills/NNS ./. ###/### Above/IN the/DT blossoms/NNS of/IN lantana/NN and/CC scarlet/JJ pea/NN the/DT inky-brown/JJ and/CC golden/JJ palamedes/NN butterfly/NN floats/VBZ on/IN its/PRP$ lazy/JJ wingbeat/NN ./. ###/### Inland/RB a/DT few/JJ miles/NNS from/IN the/DT refuge/NN there/EX is/VBZ a/DT place/NN called/VBN Tivoli/NNP ,/, with/IN a/DT white/JJ church/NN ,/, a/DT gas/NN station/NN and/CC a/DT grocery/NN ,/, the/DT houses/NNS relatively/RB close/RB together/RB for/IN such/PDT a/DT settlement/NN in/IN these/DT parts/NNS ./. ###/### ``/`` Tivoli/NNP Motel/NNP ,/, ''/'' I/PRP read/VBP a/DT sign/NN in/IN the/DT usual/JJ pronunciation/NN of/IN the/DT name/NN as/IN we/PRP whoosh/VBP through/RB ./. ###/### ``/`` Here/RB in/IN south/JJ Texas/NNP we/PRP say/VBP Tie-vole-ee/NN ,/, ''/'' my/PRP$ host/NN gently/RB corrects/VBZ ./. ###/### Mr./NNP King/NNP is/VBZ the/DT director/NN of/IN the/DT Foreign/NNP Press/NNP Center/NNP in/IN New/NNP York/NNP ./. ###/### AEG/NNP AG/NNP and/CC Siemens/NNP AG/NNP said/VBD they/PRP will/MD launch/VB their/PRP$ previously/RB announced/VBN joint/JJ venture/NN for/IN power/NN semiconductors/NNS in/IN January/NNP ./. ###/### The/DT two/CD West/JJ German/JJ electronics/NN concerns/NNS said/VBD they/PRP have/VBP set/VBN up/RP European/NNP Power/NNP Semiconductor/NNP Co./NNP to/TO merge/VB their/PRP$ activities/NNS in/IN the/DT field/NN ./. ###/### AEG/NNP and/CC Siemens/NNP each/DT will/MD hold/VB a/DT 50/CD %/NN stake/NN in/IN the/DT venture/NN ./. ###/### The/DT joint/JJ venture/NN will/MD have/VB nominal/JJ capital/NN of/IN 50/CD million/CD marks/NNS -LRB-/-LRB- $/$ 26.9/CD million/CD -RRB-/-RRB- and/CC 700/CD employees/NNS ./. ###/### It/PRP will/MD develop/VB ,/, produce/VB and/CC market/VB high-performance/JJ electronic/JJ parts/NNS ./. ###/### Siemens/NNP is/VBZ West/NNP Germany/NNP 's/POS largest/JJS electronics/NN group/NN ./. ###/### AEG/NNP is/VBZ 80/CD %/NN owned/VBN by/IN Daimler-Benz/NNP AG/NNP ,/, the/DT country/NN 's/POS biggest/JJS industrial/JJ concern/NN ./. ###/### Dana/NNP Corp./NNP said/VBD its/PRP$ third-quarter/JJ net/JJ income/NN fell/VBD 27/CD %/NN to/TO $/$ 29.6/CD million/CD ,/, or/CC 72/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 40.7/CD million/CD ,/, or/CC $/$ 1/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Sales/NNS dropped/VBD 4/CD %/NN to/TO $/$ 1.12/CD billion/CD from/IN $/$ 1.17/CD billion/CD ./. ###/### The/DT company/NN ,/, which/WDT supplies/VBZ transmissions/NNS and/CC other/JJ drive-train/NN parts/NNS to/TO auto/NN makers/NNS ,/, said/VBD about/RB half/PDT the/DT earnings/NNS drop/NN came/VBD from/IN the/DT ``/`` virtual/JJ collapse/NN ''/'' of/IN the/DT Venezuelan/JJ auto/NN industry/NN ./. ###/### The/DT Venezuelan/JJ currency/NN plummeted/VBD this/DT year/NN ,/, making/VBG it/PRP difficult/JJ for/IN auto/NN makers/NNS there/RB to/TO afford/VB imported/JJ parts/NNS ./. ###/### Dana/NNP also/RB said/VBD it/PRP was/VBD hurt/VBN by/IN slumping/JJ U.S./NNP truck/NN sales/NNS and/CC by/IN a/DT strike/NN at/IN a/DT parts/NNS supplier/NN ./. ###/### The/DT company/NN ,/, based/VBN in/IN Toledo/NNP ,/, Ohio/NNP ,/, had/VBD said/VBD it/PRP expected/VBD reduced/JJ third-quarter/JJ profit/NN ./. ###/### Mary/NNP Anne/NNP Sudol/NNP ,/, an/DT analyst/NN at/IN Fitch/NNP Investors/NNP in/IN New/NNP York/NNP ,/, said/VBD automotive/JJ suppliers/NNS were/VBD reporting/VBG lower/JJR profit/NN almost/RB ``/`` across/IN the/DT board/NN ./. ''/'' ###/### Southwood/NNP J./NNP Morcott/NNP ,/, Dana/NNP 's/POS president/NN ,/, said/VBD the/DT company/NN 's/POS decision/NN to/TO approve/VB its/PRP$ normal/JJ fourth-quarter/JJ dividend/NN indicated/VBD its/PRP$ underlying/JJ strength/NN ./. ###/### Norimasa/NNP Furuta/NNP ,/, president/NN of/IN Japan/NNP 's/POS Mazda/NNP Motor/NNP Corp./NNP ,/, said/VBD the/DT Japanese/JJ car/NN maker/NN is/VBZ planning/VBG joint/JJ production/NN with/IN Ford/NNP Motor/NNP Co./NNP in/IN Europe/NNP ahead/RB of/IN the/DT European/NNP Community/NNP 's/POS 1992/CD integration/NN ./. ###/### Mr./NNP Furuta/NNP did/VBD n't/RB disclose/VB further/JJ details/NNS of/IN the/DT arrangement/NN at/IN a/DT news/NN conference/NN ,/, but/CC said/VBD the/DT project/NN would/MD be/VB undertaken/VBN with/IN Ford/NNP 's/POS European/JJ subsidiary/NN ./. ###/### A/DT Ford/NNP official/NN confirmed/VBD in/IN Tokyo/NNP that/IN the/DT U.S./NNP motor/NN vehicle/NN maker/NN is/VBZ studying/VBG such/PDT an/DT arrangement/NN ./. ###/### At/IN age/NN eight/CD ,/, Josephine/NNP Baker/NNP was/VBD sent/VBN by/IN her/PRP$ mother/NN to/TO a/DT white/JJ woman/NN 's/POS house/NN to/TO do/VB chores/NNS in/IN exchange/NN for/IN meals/NNS and/CC a/DT place/NN to/TO sleep/VB --/: a/DT place/NN in/IN the/DT basement/NN with/IN the/DT coal/NN ./. ###/### At/IN age/NN 19/CD ,/, she/PRP was/VBD a/DT Paris/NNP sensation/NN ,/, transformed/VBN from/IN unwanted/JJ child/NN to/TO international/JJ sex/NN symbol/NN in/IN just/RB over/IN a/DT decade/NN ./. ###/### It/PRP is/VBZ the/DT stuff/NN of/IN dreams/NNS ,/, but/CC also/RB of/IN traumas/NNS ./. ###/### Only/RB the/DT bravest/JJS spirits/NNS survive/VBP such/JJ roller/NN coasters/NNS ./. ###/### And/CC ,/, for/IN Ms./NNP Baker/NNP ,/, the/DT ride/NN was/VBD far/RB from/IN over/RB ./. ###/### Her/PRP$ bare/JJ breasts/NNS ,/, her/PRP$ dancing/NN ,/, her/PRP$ voice/NN ,/, her/PRP$ beauty/NN and/CC ,/, perhaps/RB most/RBS famously/RB ,/, her/PRP$ derriere/NN ,/, were/VBD prominent/JJ attractions/NNS ,/, but/CC courage/NN of/IN a/DT rare/JJ sort/NN made/VBD her/PRP$ remarkable/JJ life/NN possible/JJ ./. ###/### Bricktop/NNP ,/, another/DT American/JJ black/JJ woman/NN who/WP found/VBD a/DT measure/NN of/IN fame/NN in/IN Paris/NNP ,/, said/VBD :/: ``/`` I/PRP do/VBP n't/RB think/VB I/PRP 've/VBP ever/RB known/VBN anyone/NN with/IN a/DT less/RBR complicated/JJ view/NN of/IN life/NN ,/, or/CC whose/WP$ life/NN was/VBD more/RBR complicated/JJ than/IN Josephine/NNP 's/POS ./. ''/'' ###/### Men/NNS were/VBD a/DT constant/JJ complication/NN ./. ###/### Baker/NNP had/VBD lots/NNS of/IN them/PRP ./. ###/### But/CC she/PRP did/VBD n't/RB trust/VB them/PRP and/CC did/VBD n't/RB reward/VB trust/NN ./. ###/### As/IN she/PRP saw/VBD one/CD key/JJ love/NN affair/NN ,/, the/DT problem/NN was/VBD n't/RB her/PRP$ infidelity/NN ,/, it/PRP was/VBD his/PRP$ jealousy/NN ./. ###/### Her/PRP$ appetite/NN for/IN children/NNS also/RB was/VBD large/JJ ./. ###/### She/PRP adopted/VBD 12/CD of/IN assorted/JJ races/NNS ,/, naming/VBG them/PRP the/DT Rainbow/NNP Tribe/NNP ,/, and/CC driving/VBG her/PRP$ husband/NN first/RB to/TO despair/NN and/CC then/RB to/TO Argentina/NNP ./. ###/### She/PRP made/VBD money/NN ,/, but/CC spent/VBD more/JJR ./. ###/### Friends/NNS pitched/VBD in/RP ./. ###/### Finally/RB ,/, Prince/NNP Rainier/NNP and/CC Princess/NNP Grace/NNP saved/VBD her/PRP with/IN the/DT offer/NN of/IN a/DT house/NN in/IN Monaco/NNP ./. ###/### Another/DT lifelong/JJ complication/NN ,/, as/IN Phyllis/NNP Rose/NNP makes/VBZ clear/JJ in/IN ``/`` Jazz/NN Cleopatra/NNP :/: Josephine/NNP Baker/NNP in/IN Her/PRP$ Time/NN ''/'' -LRB-/-LRB- Doubleday/NNP ,/, 321/CD pages/NNS ,/, $/$ 22.50/CD -RRB-/-RRB- ,/, was/VBD racism/NN ./. ###/### Baker/NNP had/VBD the/DT good/JJ luck/NN to/TO arrive/VB in/IN 1925/CD Paris/NNP ,/, where/WRB blacks/NNS had/VBD become/VBN exotic/JJ ./. ###/### African/JJ art/NN was/VBD in/IN vogue/NN and/CC some/DT intellectuals/NNS were/VBD writing/VBG breathlessly/RB of/IN a/DT dawning/VBG age/NN to/TO be/VB inspired/VBN by/IN blacks/NNS ./. ###/### To/TO be/VB exotic/JJ was/VBD to/TO be/VB patronized/VBN as/RB well/RB as/IN prized/VBN ,/, but/CC for/IN the/DT most/JJS part/NN Paris/NNP was/VBD a/DT friendly/JJ island/NN in/IN a/DT racist/JJ world/NN ./. ###/### Baker/NNP had/VBD bitter/JJ experience/NN of/IN bigotry/NN from/IN her/PRP$ St./NNP Louis/NNP childhood/NN and/CC her/PRP$ days/NNS in/IN New/NNP York/NNP theater/NN ,/, where/WRB she/PRP was/VBD judged/VBN too/RB dark/JJ for/IN an/DT all-black/JJ chorus/NN line/NN -LRB-/-LRB- performing/VBG of/IN course/NN for/IN all-white/JJ audiences/NNS -RRB-/-RRB- ./. ###/### Paris/NNP loved/VBD her/PRP at/IN first/JJ sight/NN ./. ###/### ``/`` She/PRP just/RB wiggled/VBD her/PRP$ fanny/NN and/CC all/PDT the/DT French/NNP fell/VBD in/IN love/NN with/IN her/PRP ,/, ''/'' sniffed/VBD the/DT literary/JJ world/NN 's/POS Maria/NNP Jolas/NNP ,/, not/RB entirely/RB inaccurately/RB ./. ###/### ``/`` One/PRP can/MD hardly/RB overemphasize/VB the/DT importance/NN of/IN her/PRP$ rear/JJ end/NN ,/, ''/'' Ms./NNP Rose/NNP writes/VBZ ./. ###/### Ms./NNP Rose/NNP ,/, who/WP teaches/VBZ literature/NN at/IN Wesleyan/NNP University/NNP ,/, quickly/RB proceeds/VBZ to/TO overemphasize/VB ,/, claiming/VBG that/IN Baker/NNP 's/POS dancing/NN ``/`` had/VBD uncovered/VBN a/DT new/JJ region/NN for/IN desire/NN ''/'' and/CC thereby/RB ignoring/VBG centuries/NNS of/IN tributes/NNS to/TO the/DT callipygous/NN ./. ###/### ``/`` Jazz/NN Cleopatra/NNP ''/'' contains/VBZ other/JJ ,/, more/RBR important/JJ ,/, false/JJ notes/NNS that/WDT undermine/VBP what/WP is/VBZ ,/, for/IN the/DT most/JJS part/NN ,/, a/DT lively/JJ account/NN of/IN a/DT life/NN already/RB familiar/JJ from/IN earlier/JJR works/NNS ./. ###/### It/PRP is/VBZ easy/JJ to/TO see/VB why/WRB Baker/NNP ,/, a/DT free/JJ spirit/NN who/WP broke/VBD many/JJ of/IN the/DT restraints/NNS convention/NN places/VBZ on/IN women/NNS ,/, attracts/VBZ Ms./NNP Rose/NNP ,/, the/DT author/NN of/IN ``/`` Parallel/JJ Lives/NNS ,/, ''/'' a/DT wonderful/JJ study/NN of/IN Victorian/JJ marriage/NN ./. ###/### Still/RB ,/, even/RB the/DT title/NN raises/VBZ questions/NNS about/IN the/DT author/NN 's/POS vision/NN of/IN her/PRP$ subject/NN ./. ###/### Baker/NNP 's/POS art/NN was/VBD jazz/NN only/RB by/IN the/DT widest/JJS stretch/NN of/IN the/DT term/NN ./. ###/### To/TO find/VB parallels/NNS ,/, other/JJ than/IN sexual/JJ appeal/NN ,/, with/IN Cleopatra/NNP ,/, requires/VBZ an/DT equal/JJ stretch/NN ./. ###/### Baker/NNP was/VBD 68/CD years/NNS old/JJ when/WRB she/PRP died/VBD in/IN Paris/NNP ,/, two/CD days/NNS after/IN the/DT sold-out/JJ opening/NN of/IN her/PRP$ newest/JJS show/NN :/: a/DT movie-like/JJ ending/NN to/TO what/WP was/VBD a/DT cinematic/JJ life/NN ./. ###/### In/IN fact/NN ,/, Ms./NNP Baker/NNP played/VBD scenes/NNS in/IN Casablanca/NNP that/WDT could/MD have/VB made/VBN it/PRP into/IN ``/`` Casablanca/NNP ./. ''/'' ###/### During/IN World/NNP War/NNP II/NNP ,/, her/PRP$ uncomplicated/JJ view/NN of/IN life/NN led/VBD her/PRP to/TO the/DT conclusion/NN that/IN the/DT Nazis/NNPS were/VBD evil/JJ and/CC must/MD be/VB resisted/VBN ,/, a/DT decision/NN made/VBN by/IN only/RB about/RB 2/CD %/NN of/IN French/JJ citizens/NNS ./. ###/### She/PRP was/VBD devoted/JJ to/TO Charles/NNP de/IN Gaulle/NNP 's/POS cause/NN ,/, accepting/VBG great/JJ financial/JJ sacrifice/NN and/CC considerable/JJ risk/NN to/TO become/VB first/RB a/DT spy/NN and/CC then/RB a/DT one-woman/JJ USO/NNP tour/NN for/IN the/DT forces/NNS of/IN Free/NNP France/NNP ./. ###/### In/IN Humphrey/NNP Bogart/NNP 's/POS nightclub/NN ,/, Victor/NNP Laszlo/NNP leads/VBZ Free/NNP French/NNP sympathizers/NNS in/IN ``/`` La/NNP Marseillaise/NNP ''/'' to/TO drown/VB out/RP the/DT Nazis/NNS ./. ###/### The/DT night/NN the/DT Germans/NNPS occupied/VBD all/DT of/IN France/NNP ,/, Baker/NNP performed/VBD in/IN Casablanca/NNP ./. ###/### The/DT Free/NNP French/NNP wore/VBD black/JJ arm/NN bands/NNS ,/, and/CC when/WRB she/PRP sang/VBD ``/`` J'ai/FW J'ai/FW deux/FW amours/FW ''/'' they/PRP wept/VBD ./. ###/### Ms./NNP Rose/NNP is/VBZ best/JJS on/IN the/DT early/JJ years/NNS and/CC World/NNP War/NNP II/NNP ./. ###/### In/IN her/PRP$ introduction/NN ,/, Ms./NNP Rose/NNP writes/VBZ that/IN she/PRP feels/VBZ she/PRP has/VBZ much/JJ in/IN common/NN with/IN Baker/NNP ,/, but/CC as/IN ``/`` Jazz/NN Cleopatra/NNP ''/'' goes/VBZ on/RB ,/, it/PRP seems/VBZ more/RBR rushed/VBN ,/, as/IN though/IN the/DT author/NN were/VBD growing/VBG less/RBR interested/JJ ./. ###/### It/PRP does/VBZ n't/RB help/VB that/IN sometimes/RB Ms./NNP Rose/NNP 's/POS language/NN fails/VBZ to/TO deliver/VB the/DT effect/NN she/PRP appears/VBZ to/TO want/VB ./. ###/### One/CD chapter/NN opens/VBZ :/: ``/`` World/NNP War/NNP II/NNP was/VBD not/RB one/CD of/IN France/NNP 's/POS glorious/JJ moments/NNS ./. ''/'' ###/### Elsewhere/RB ,/, in/IN an/DT attempt/NN to/TO explain/VB without/IN stating/VBG it/PRP plainly/RB that/IN Baker/NNP had/VBD a/DT large/JJ gay/JJ following/NN later/RB in/IN her/PRP$ career/NN when/WRB she/PRP was/VBD an/DT overdressed/JJ singer/NN rather/RB than/IN underdressed/JJ dancer/NN ,/, Ms./NNP Rose/NNP writes/VBZ :/: ``/`` She/PRP was/VBD a/DT female/JJ impersonator/NN who/WP happened/VBD to/TO be/VB a/DT woman/NN ./. ''/'' ###/### One/CD devoted/JJ fan/NN who/WP fell/VBD under/IN Baker/NNP 's/POS spell/NN in/IN 1963/CD and/CC began/VBD collecting/VBG Baker/NNP memorabilia/NNS was/VBD Bryan/NNP Hammond/NNP ./. ###/### In/IN ``/`` Josephine/NNP Baker/NNP ''/'' -LRB-/-LRB- Jonathan/NNP Cape/NNP ,/, 304/CD pages/NNS ,/, $/$ 35/CD -RRB-/-RRB- ,/, which/WDT was/VBD published/VBN in/IN Britain/NNP last/JJ year/NN and/CC distributed/VBN in/IN the/DT U.S./NNP this/DT month/NN ,/, Mr./NNP Hammond/NNP has/VBZ used/VBN his/PRP$ collection/NN to/TO produce/VB an/DT album/NN of/IN photographs/NNS and/CC drawings/NNS of/IN the/DT star/NN ./. ###/### The/DT text/NN by/IN Patrick/NNP O'Connor/NNP is/VBZ a/DT tough/JJ read/NN ,/, but/CC the/DT pictures/NNS make/VBP her/PRP$ magnetism/NN clear/JJ and/CC help/VB explain/VB why/WRB Ernest/NNP Hemingway/NNP called/VBD Baker/NNP ``/`` The/DT most/RBS sensational/JJ woman/NN anybody/NN ever/RB saw/VBD ./. ###/### Or/CC ever/RB will/MD ./. ''/'' ###/### Mr./NNP Lescaze/NNP is/VBZ foreign/JJ editor/NN of/IN the/DT Journal/NNP ./. ###/### Manville/NNP ,/, having/VBG rid/VBN itself/PRP of/IN asbestos/NN ,/, now/RB sells/VBZ fiberglass/NNS ,/, forest/NN products/NNS ,/, minerals/NNS and/CC industrial/JJ goods/NNS ./. ###/### Heady/JJ stuff/NN it/PRP 's/VBZ not/RB ./. ###/### But/CC Manville/NNP 's/POS ownership/NN is/VBZ unusual/JJ ,/, and/CC it/PRP has/VBZ caught/VBN the/DT eye/NN of/IN some/DT canny/JJ --/: and/CC patient/JJ --/: investors/NNS ./. ###/### The/DT Denver-based/JJ concern/NN ,/, which/WDT emerged/VBD from/IN bankruptcy-law/NN proceedings/NNS late/RB last/JJ year/NN ,/, is/VBZ controlled/VBN by/IN the/DT Manville/NNP Personal/NNP Injury/NNP Settlement/NNP Trust/NNP ./. ###/### The/DT trust/NN ,/, which/WDT owns/VBZ 80/CD %/NN of/IN Manville/NNP 's/POS stock/NN on/IN a/DT fully/RB diluted/VBN basis/NN ,/, is/VBZ a/DT separate/JJ legal/JJ entity/NN that/WDT is/VBZ settling/VBG claims/NNS with/IN asbestos/NN victims/NNS ./. ###/### When/WRB and/CC if/IN the/DT trust/NN runs/VBZ out/IN of/IN cash/NN --/: which/WDT seems/VBZ increasingly/RB likely/JJ --/: it/PRP will/MD need/VB to/TO convert/VB its/PRP$ Manville/NNP stock/NN to/TO cash/NN ./. ###/### But/CC as/IN an/DT 80/CD %/NN owner/NN ,/, if/IN it/PRP tried/VBD to/TO sell/VB much/JJ of/IN its/PRP$ stock/NN in/IN the/DT market/NN ,/, it/PRP would/MD likely/RB depress/VB the/DT price/NN of/IN its/PRP$ shares/NNS ./. ###/### Some/DT investors/NNS say/VBP there/EX is/VBZ a/DT good/JJ chance/NN that/IN the/DT trust/NN will/NN ,/, instead/RB ,/, seek/VB to/TO convert/VB the/DT company/NN 's/POS shares/NNS to/TO cash/NN ,/, in/IN some/DT sort/NN of/IN friendly/JJ restructuring/NN that/WDT would/MD n't/RB involve/VB just/RB dumping/VBG stock/NN on/IN the/DT market/NN ./. ###/### ``/`` Their/PRP$ principal/JJ asset/NN is/VBZ Manville/NNP common/JJ stock/NN ,/, ''/'' says/VBZ Jeffrey/NNP Halis/NNP ,/, who/WP runs/VBZ Sabre/NNP Associates/NNP ,/, an/DT investment/NN fund/NN that/WDT owns/VBZ Manville/NNP shares/NNS ./. ###/### If/IN they/PRP tried/VBD to/TO sell/VB ,/, they/PRP 'd/MD be/VB chasing/VBG their/PRP$ own/JJ tail/NN ./. ###/### What/WP makes/VBZ the/DT most/JJS sense/NN is/VBZ to/TO find/VB someone/NN who/WP wants/VBZ to/TO buy/VB the/DT whole/JJ company/NN or/CC cause/VB a/DT recapitalization/NN of/IN all/DT shares/NNS ./. ''/'' ###/### The/DT trust/NN is/VBZ n't/RB commenting/VBG on/IN when/WRB it/PRP might/MD need/VB to/TO liquefy/VB its/PRP$ Manville/NNP stock/NN ./. ###/### However/RB ,/, the/DT trust/NN 's/POS cash/NN flow/NN from/IN investments/NNS is/VBZ far/RB short/RB of/IN its/PRP$ payments/NNS to/TO asbestos/NN victims/NNS ./. ###/### Its/PRP$ cash/NN and/CC liquid/JJ securities/NNS fell/VBD by/IN $/$ 338/CD million/CD in/IN the/DT first/JJ six/CD months/NNS of/IN 1989/CD ./. ###/### The/DT trust/NN also/RB will/MD receive/VB $/$ 75/CD million/CD a/DT year/NN starting/VBG in/IN 1991/CD on/IN a/DT bond/NN it/PRP holds/VBZ from/IN Manville/NNP ./. ###/### And/CC ,/, beginning/VBG in/IN 1992/CD ,/, it/PRP will/MD have/VB a/DT claim/NN on/IN as/RB much/JJ as/IN 20/CD %/NN of/IN Manville/NNP 's/POS annual/JJ net/JJ income/NN ./. ###/### Even/RB so/RB ,/, the/DT trust/NN would/MD seem/VB to/TO be/VB facing/VBG a/DT cash/NN crunch/NN ./. ###/### As/IN of/IN June/NNP 30/CD ,/, it/PRP had/VBD settled/VBN only/RB about/RB 15,000/CD of/IN the/DT 81,000/CD received/VBN claims/NNS from/IN asbestos/NN victims/NNS ,/, for/IN an/DT average/NN of/IN $/$ 40,424/CD each/DT ./. ###/### The/DT average/NN should/MD drop/VB over/IN time/NN ,/, since/IN the/DT most/RBS expensive/JJ claims/NNS are/VBP being/VBG settled/VBN first/RB -RRB-/-RRB- ./. ###/### And/CC as/IN of/IN midyear/NN ,/, settled/JJ but/CC unpaid/JJ claims/NNS amounted/VBD to/TO $/$ 136/CD million/CD --/: more/JJR than/IN half/PDT the/DT trust/NN 's/POS total/NN of/IN $/$ 268/CD million/CD in/IN cash/NN and/CC marketable/JJ securities/NNS ./. ###/### ``/`` At/IN some/DT point/NN ,/, we/PRP 're/VBP going/VBG to/TO need/VB an/DT infusion/NN of/IN funds/NNS ,/, ''/'' a/DT person/NN close/RB to/TO the/DT trust/NN says/VBZ ./. ###/### Even/RB before/IN then/RB ,/, the/DT trust/NN may/MD be/VB eager/JJ to/TO unload/VB Manville/NNP stock/NN ./. ###/### It/PRP does/VBZ n't/RB pay/VB a/DT dividend/NN ,/, and/CC this/DT trust/NN needs/VBZ income/NN ./. ###/### Moreover/RB ,/, with/IN 88/CD %/NN of/IN its/PRP$ assets/NNS tied/VBN up/RP in/IN Manville/NNP ,/, the/DT trust/NN is/VBZ badly/RB in/IN need/NN of/IN diversification/NN ./. ###/### ``/`` Obviously/RB ,/, a/DT diversified/JJ portfolio/NN would/MD have/VB less/JJR risk/NN ,/, ''/'' the/DT person/NN close/RB to/TO the/DT trust/NN says/VBZ ./. ###/### Manville/NNP itself/PRP does/VBZ n't/RB rule/VB out/RP a/DT restructuring/NN ./. ###/### Though/IN the/DT ink/NN is/VBZ barely/RB dry/JJ on/IN its/PRP$ new/JJ ,/, post-bankruptcy/JJ law/NN structure/NN ,/, Bill/NNP Bullock/NNP ,/, Manville/NNP 's/POS head/NN of/IN investor/NN relations/NNS ,/, says/VBZ the/DT company/NN is/VBZ continually/RB pondering/VBG ``/`` whether/IN there/EX is/VBZ a/DT better/JJR way/NN to/TO be/VB structured/VBN ./. ###/### We/PRP understand/VBP that/IN the/DT trust/NN is/VBZ ultimately/RB going/VBG to/TO need/VB to/TO sell/VB some/DT of/IN our/PRP$ shares/NNS ,/, ''/'' he/PRP says/VBZ ./. ###/### Of/IN course/NN ,/, one/CD option/NN would/MD be/VB for/IN Manville/NNP to/TO buy/VB out/RP the/DT trust/NN 's/POS shares/NNS --/: which/WDT would/MD do/VB little/JJ to/TO benefit/VB public/JJ stockholders/NNS ./. ###/### But/CC the/DT trust/NN ,/, in/IN most/JJS cases/NNS ,/, is/VBZ forbidden/VBN from/IN seeking/VBG a/DT buyer/NN for/IN only/RB its/PRP$ shares/NNS before/IN November/NNP 1993/CD ./. ###/### And/CC both/CC the/DT trust/NN and/CC Manville/NNP are/VBP seeking/VBG to/TO avoid/VB the/DT bad/JJ publicity/NN that/IN ,/, in/IN the/DT asbestos/NN era/NN ,/, tarred/VBD the/DT Manville/NNP name/NN ./. ###/### Thus/RB ,/, analysts/NNS say/VBP ,/, the/DT trust/NN is/VBZ unlikely/JJ to/TO do/VB anything/NN that/WDT would/MD hurt/VB Manville/NNP 's/POS other/JJ shareholders/NNS ./. ###/### ``/`` This/DT is/VBZ a/DT rare/JJ case/NN of/IN a/DT company/NN with/IN a/DT big/JJ majority/NN holder/NN which/WDT will/MD probably/RB act/VB in/IN the/DT interests/NNS of/IN the/DT minority/NN holders/NNS ,/, ''/'' one/CD investor/NN says/VBZ ./. ###/### Even/RB if/IN there/EX is/VBZ no/DT restructuring/NN ,/, Manville/NNP seems/VBZ to/TO be/VB attractive/JJ long-term/RB ./. ###/### Its/PRP$ stock/NN ,/, at/IN 9/CD ,/, trades/VBZ at/IN about/RB 8/CD times/NNS estimated/JJ 1989/CD earnings/NNS --/: an/DT appropriately/RB low/JJ multiple/NN for/IN a/DT company/NN with/IN recession-sensitive/JJ customers/NNS ./. ###/### Mr./NNP Bullock/NNP says/VBZ 45/CD %/NN of/IN revenues/NNS are/VBP tied/VBN to/TO construction/NN ./. ###/### Analysts/NNS predict/VBP little/JJ or/CC no/DT near-term/JJ growth/NN ./. ###/### They/PRP are/VBP ,/, nonetheless/RB ,/, high/RB on/IN Manville/NNP 's/POS management/NN ./. ###/### ``/`` It/PRP 's/VBZ one/CD of/IN the/DT best/JJS in/IN the/DT business/NN ,/, ''/'' says/VBZ Salomon/NNP Brothers/NNP analyst/NN Stephen/NNP Dobi/NNP ./. ###/### And/CC he/PRP says/VBZ Manville/NNP has/VBZ the/DT financial/JJ flexibility/NN to/TO buy/VB other/JJ companies/NNS at/IN the/DT best/JJS possible/JJ other/JJ construction-related/JJ firms/NNS are/VBP hurting/VBG and/CC selling/VBG cheap/JJ ./. ###/### With/IN a/DT conservative/JJ debt-to-equity/JJ ratio/NN of/IN 1-to-1/JJ --/: and/CC $/$ 329/CD million/CD in/IN cash/NN --/: Manville/NNP is/VBZ indeed/RB actively/RB on/IN the/DT prowl/NN ./. ###/### So/RB far/RB ,/, as/IN a/DT price-conscious/JJ shopper/NN ,/, Manville/NNP has/VBZ n't/RB bought/VBD much/JJ ./. ###/### Paul/NNP Kleinaitis/NNP ,/, an/DT analyst/NN at/IN Duff/NNP &/CC Phelps/NNP ,/, says/VBZ ,/, ``/`` Even/RB though/IN they/PRP have/VBP borrowing/NN power/NN ,/, they/PRP have/VBP been/VBN disciplined/VBN about/IN acquisitions/NNS ./. ''/'' ###/### And/CC Mr./NNP Kleinaitis/NNP says/VBZ that/IN with/IN 80/CD %/NN of/IN its/PRP$ stock/NN in/IN friendly/JJ hands/NNS ,/, Manville/NNP is/VBZ the/DT rare/JJ publicly/RB traded/VBN company/NN that/WDT can/MD ignore/VB short-term/JJ stock/NN fluctuations/NNS and/CC plan/NN for/IN the/DT long/JJ haul/NN ./. ###/### Manville/NNP -LRB-/-LRB- NYSE/NNP ;/: Symbol/NN :/: MVL/NNP -RRB-/-RRB- ###/### Business/NN :/: Forest/NN products/NNS and/CC roofing/NN ###/### Year/NN ended/VBN Dec./NNP 31/CD ,/, 1988/CD :/: Sales/NNS :/: $/$ 2.06/CD billions/NNS Net/JJ loss/NN :/: $/$ 1.30/CD billion/CD ###/### Third/JJ quarter/NN ,/, Sept./NNP 30/CD ,/, 1989/CD :/: Per-share/JJ earnings/NNS :/: 30/CD cents/NNS vs./JJ 44/CD cents/NNS ###/### Average/JJ daily/JJ trading/NN volume/NN :/: 74,351/CD shares/NNS ###/### Common/JJ shares/NNS outstanding/JJ :/: 120/CD million/CD ###/### Includes/VBZ $/$ 1.29/CD billion/CD extraordinary/JJ charge/NN ./. ###/### Year/NN ago/RB figure/NN is/VBZ restated/VBN ./. ###/### Emerson/NNP Electric/NNP Co./NNP and/CC Robert/NNP Bosch/NNP G.m.b/NNP ./. H./NNP said/VBD the/DT Federal/NNP Trade/NNP Commission/NNP has/VBZ requested/VBN additional/JJ information/NN from/IN the/DT two/CD companies/NNS about/IN their/PRP$ announced/VBN intention/NN to/TO acquire/VB Vermont/NNP American/NNP Corp./NNP for/IN $/$ 40/CD a/DT share/NN ,/, or/CC about/RB $/$ 440/CD million/CD ./. ###/### Yesterday/NN ,/, in/IN composite/JJ trading/NN on/IN the/DT American/NNP Stock/NNP Exchange/NNP ,/, Vermont/NNP American/NNP common/NN closed/VBD at/IN $/$ 39.75/CD ,/, off/RB 25/CD cents/NNS ./. ###/### The/DT FTC/NNP 's/POS request/NN was/VBD ``/`` not/RB unusual/JJ ''/'' and/CC Emerson/NNP will/MD make/VB a/DT ``/`` full/JJ and/CC prompt/JJ ''/'' response/NN ,/, according/VBG to/TO a/DT spokesman/NN ./. ###/### Spokesmen/NNP for/IN Emerson/NNP and/CC Vermont/NNP American/NNP ,/, which/WDT has/VBZ agreed/VBN to/TO be/VB acquired/VBN ,/, said/VBD they/PRP do/VBP n't/RB anticipate/VB ``/`` any/DT problems/NNS ''/'' with/IN the/DT completion/NN of/IN the/DT transaction/NN ./. ###/### An/DT FTC/NNP spokesman/NN said/VBD the/DT matter/NN is/VBZ ``/`` in/IN a/DT non-public/JJ posture/NN at/IN this/DT time/NN ''/'' and/CC declined/VBD to/TO comment/VB further/RB ./. ###/### Emerson/NNP and/CC Bosch/NNP ,/, through/IN their/PRP$ joint/JJ acquisition/NN arm/NN ,/, Maple/NNP Acquisition/NNP ,/, have/VBP begun/VBN a/DT cash/NN tender/NN offer/NN for/IN all/DT of/IN Vermont/NNP 's/POS common/JJ shares/NNS outstanding/JJ ./. ###/### The/DT offer/NN ,/, set/VBN to/TO expire/VB Nov./NNP 1/CD ,/, may/MD be/VB extended/VBN pending/VBG the/DT timing/NN and/CC resolution/NN of/IN the/DT FTC/NNP request/NN ,/, the/DT companies/NNS said/VBD ./. ###/### St./NNP Louis-based/JJ Emerson/NNP and/CC Stuttgart-based/JJ Bosch/NNP make/VBP electrical/JJ and/CC electronic/JJ products/NNS ,/, including/VBG power/NN tools/NNS ./. ###/### The/DT Vermont/NNP American/NNP acquisition/NN is/VBZ designed/VBN to/TO enhance/VB their/PRP$ position/NN in/IN the/DT accessories/NNS portion/NN of/IN the/DT power-tool/JJ industry/NN ./. ###/### Santa/NNP Fe/NNP Pacific/NNP Corp./NNP is/VBZ preparing/VBG a/DT plan/NN to/TO sell/VB a/DT 20/CD %/NN stake/NN in/IN its/PRP$ large/JJ real/JJ estate/NN unit/NN to/TO a/DT California/NNP public/JJ employee/NN pension/NN fund/NN for/IN $/$ 400/CD million/CD ,/, after/IN which/WDT it/PRP would/MD spin/VB off/RP the/DT realty/NN operation/NN to/TO shareholders/NNS ./. ###/### The/DT plan/NN places/VBZ an/DT indicated/JJ value/NN on/IN the/DT real/JJ estate/NN operation/NN ,/, Santa/NNP Fe/NNP Pacific/NNP Realty/NNP Corp./NNP ,/, of/IN $/$ 2/CD billion/CD ./. ###/### Santa/NNP Fe/NNP Pacific/NNP directors/NNS are/VBP expected/VBN to/TO review/VB the/DT plan/NN at/IN a/DT meeting/NN today/NN ,/, according/VBG to/TO people/NNS familiar/JJ with/IN the/DT transaction/NN ./. ###/### If/IN approved/VBN ,/, the/DT sale/NN is/VBZ expected/VBN to/TO close/VB by/IN year/NN 's/POS end/NN ,/, with/IN the/DT spinoff/NN occurring/VBG by/IN the/DT end/NN of/IN 1992/CD ./. ###/### In/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP yesterday/NN ,/, Santa/NNP Fe/NNP Pacific/NNP closed/VBD at/IN $/$ 20.625/CD ,/, down/RB 25/CD cents/NNS ./. ###/### Santa/NNP Fe/NNP Pacific/NNP Realty/NNP is/VBZ a/DT major/JJ California/NNP land/NN and/CC building/NN owner/NN whose/WP$ prime/JJ properties/NNS include/VBP 1,850/CD undeveloped/JJ acres/NNS in/IN the/DT San/NNP Francisco/NNP Bay/NNP area/NN ,/, and/CC several/JJ office/NN sites/NNS ./. ###/### A/DT spokesman/NN said/VBD the/DT properties/NNS survived/VBD without/IN significant/JJ damage/NN in/IN last/JJ week/NN 's/POS Northern/NNP California/NNP earthquake/NN ./. ###/### As/IN a/DT result/NN of/IN the/DT partial/JJ sale/NN and/CC spinoff/NN ,/, the/DT $/$ 56/CD billion/CD California/NNP Public/NNP Employees/NNP Retirement/NNP System/NNP would/MD obtain/VB two/CD seats/NNS on/IN the/DT board/NN of/IN the/DT real/JJ estate/NN operation/NN ,/, according/VBG to/TO officials/NNS of/IN the/DT fund/NN ,/, who/WP described/VBD the/DT plan/NN ./. ###/### A/DT spokesman/NN for/IN Chicago-based/JJ Santa/NNP Fe/NNP Pacific/NNP confirmed/VBD that/IN negotiations/NNS were/VBD being/VBG held/VBN with/IN the/DT fund/NN ./. ###/### Also/RB holding/VBG two/CD seats/NNS each/DT on/IN the/DT board/NN ,/, they/PRP said/VBD ,/, would/MD be/VB Olympia/NNP &/CC York/NNP Developments/NNP Ltd./NNP ,/, controlled/VBN by/IN the/DT Reichmann/NNP family/NN of/IN Canada/NNP ,/, and/CC Itel/NNP Corp./NNP ,/, controlled/VBN by/IN Chicago/NNP businessman/NN Sam/NNP Zell/NNP ./. ###/### The/DT Reichmanns/NNP and/CC Mr./NNP Zell/NNP ,/, the/DT largest/JJS holders/NNS of/IN Santa/NNP Fe/NNP Pacific/NNP stock/NN ,/, have/VBP been/VBN looking/VBG for/IN ways/NNS to/TO raise/VB the/DT value/NN of/IN their/PRP$ investments/NNS ,/, including/VBG possible/JJ spinoffs/NNS ./. ###/### Itel/NNP bought/VBD a/DT 17/CD %/NN stake/NN in/IN Sante/NNP Fe/NNP Pacific/NNP last/JJ year/NN and/CC Olympia/NNP &/CC York/NNP later/RB purchased/VBD about/RB a/DT 20/CD %/NN stake/NN ;/: they/PRP would/MD have/VB interests/NNS in/IN the/DT new/JJ realty/NN company/NN in/IN line/NN with/IN their/PRP$ holdings/NNS in/IN Sante/NNP Fe/NNP Pacific/NNP ./. ###/### The/DT sale/NN and/CC spinoff/NN of/IN the/DT real/JJ estate/NN unit/NN is/VBZ the/DT first/JJ phase/NN of/IN what/WP could/MD lead/VB to/TO the/DT breakup/NN of/IN Santa/NNP Fe/NNP Pacific/NNP into/IN free-standing/JJ companies/NNS for/IN its/PRP$ railroad/NN and/CC energy/NN operations/NNS ,/, as/RB well/RB as/IN real/JJ estate/NN ./. ###/### The/DT debt-laden/JJ parent/NN has/VBZ been/VBN under/IN pressure/NN from/IN large/JJ shareholders/NNS to/TO boost/VB the/DT company/NN 's/POS share/NN price/NN ./. ###/### At/IN the/DT same/JJ time/NN it/PRP has/VBZ been/VBN caught/VBN in/IN an/DT earnings/NNS squeeze/NN ./. ###/### The/DT California/NNP pension/NN fund/NN 's/POS planned/JJ investment/NN in/IN the/DT real/JJ estate/NN unit/NN is/VBZ unusual/JJ ./. ###/### Pension/NN funds/NNS rarely/RB own/VBP as/RB much/JJ as/IN a/DT 20/CD %/NN stake/NN in/IN what/WP is/VBZ expected/VBN to/TO be/VB a/DT publicly/RB traded/VBN company/NN ./. ###/### In/IN addition/NN ,/, pension/NN funds/NNS are/VBP rarely/RB given/VBN seats/NNS on/IN company/NN boards/NNS and/CC most/RBS often/RB try/VBP to/TO avoid/VB them/PRP because/IN of/IN legal/JJ concerns/NNS ./. ###/### But/CC fund/NN officials/NNS said/VBD the/DT Santa/NNP Fe/NNP Pacific/NNP Realty/NNP investment/NN provides/VBZ an/DT opportunity/NN to/TO buy/VB a/DT stake/NN in/IN a/DT large/JJ real/JJ estate/NN portfolio/NN heavily/RB weighted/VBN with/IN California/NNP properties/NNS ./. ###/### It/PRP also/RB marks/VBZ a/DT ``/`` major/JJ commitment/NN to/TO -LCB-/-LRB- real/JJ estate/NN -RCB-/-RRB- development/NN ,/, which/WDT we/PRP have/VBP n't/RB been/VBN involved/VBN with/IN before/RB ,/, ''/'' said/VBD Dale/NNP Hanson/NNP ,/, the/DT fund/NN 's/POS executive/JJ director/NN ./. ###/### Under/IN the/DT proposed/JJ plan/NN ,/, the/DT fund/NN would/MD also/RB lend/VB Santa/NNP Fe/NNP Pacific/NNP Realty/NNP $/$ 75/CD million/CD in/IN the/DT form/NN of/IN a/DT note/NN that/WDT would/MD be/VB convertible/JJ into/IN additional/JJ shares/NNS of/IN the/DT realty/NN company/NN after/IN the/DT second/JJ year/NN at/IN the/DT then-prevailing/JJ market/NN price/NN ./. ###/### The/DT note/NN would/MD accrue/VB interest/NN at/IN the/DT rate/NN of/IN 13.5/CD %/NN a/DT year/NN ,/, which/WDT would/MD be/VB payable/JJ to/TO the/DT fund/NN after/IN five/CD years/NNS ,/, according/VBG to/TO Stephen/NNP E./NNP Roulac/NNP ,/, a/DT real/JJ estate/NN consultant/NN working/VBG for/IN the/DT fund/NN ./. ###/### The/DT purpose/NN of/IN the/DT note/NN is/VBZ to/TO provide/VB added/JJ capital/NN for/IN the/DT spun-off/JJ company/NN in/IN a/DT form/NN that/WDT will/MD save/VB it/PRP spending/VBG cash/NN on/IN immediate/JJ interest/NN payments/NNS ,/, Mr./NNP Roulac/NNP said/VBD ./. ###/### The/DT spun-off/JJ concern/NN ``/`` clearly/RB will/MD be/VB one/CD of/IN the/DT dominant/JJ real/JJ estate/NN development/NN companies/NNS with/IN a/DT prime/JJ portfolio/NN ,/, ''/'' he/PRP said/VBD ./. ###/### For/IN the/DT last/JJ year/NN ,/, Santa/NNP Fe/NNP Pacific/NNP has/VBZ redirected/VBN its/PRP$ real/JJ estate/NN operations/NNS toward/IN longer-term/JJ development/NN of/IN its/PRP$ properties/NNS ,/, hurting/VBG profits/NNS that/WDT the/DT parent/NN had/VBD generated/VBN in/IN the/DT past/NN from/IN periodic/JJ sales/NNS from/IN its/PRP$ portfolio/NN ./. ###/### Real/JJ estate/NN operating/NN income/NN for/IN the/DT first/JJ nine/CD months/NNS fell/VBD to/TO $/$ 71.9/CD million/CD from/IN $/$ 143/CD million/CD a/DT year/NN earlier/RBR ,/, the/DT company/NN said/VBD ./. ###/### In/IN a/DT statement/NN late/RB yesterday/NN ,/, Santa/NNP Fe/NNP Pacific/NNP 's/POS chairman/NN ,/, Robert/NNP D./NNP Krebs/NNP ,/, said/VBD that/IN Santa/NNP Fe/NNP Pacific/NNP Realty/NNP would/MD repay/VB more/JJR than/IN $/$ 500/CD million/CD in/IN debt/NN owed/VBN to/TO the/DT parent/NN before/IN the/DT planned/JJ spinoff/NN ./. ###/### That/DT would/MD help/VB reduce/VB Santa/NNP Fe/NNP Pacific/NNP 's/POS remaining/VBG debt/NN to/TO about/RB $/$ 600/CD million/CD from/IN a/DT high/JJ of/IN $/$ 3.7/CD billion/CD in/IN early/JJ 1988/CD ./. ###/### It/PRP was/VBD n't/RB clear/JJ where/WRB Santa/NNP Fe/NNP Pacific/NNP expected/VBD to/TO obtain/VB the/DT payment/NN of/IN more/JJR than/IN $/$ 500/CD million/CD ,/, which/WDT would/MD be/VB well/RB above/IN the/DT $/$ 400/CD million/CD that/DT California/NNP pension/NN fund/NN officials/NNS say/VBP they/PRP plan/VBP to/TO provide/VB ###/### The/DT realty/NN unit/NN might/MD take/VB on/RP new/JJ debt/NN or/CC obtain/VB additional/JJ investors/NNS ,/, among/IN other/JJ possibilities/NNS ./. ###/### The/DT Santa/NNP Fe/NNP Pacific/NNP spokesman/NN declined/VBD to/TO comment/VB on/IN that/DT aspect/NN ,/, saying/VBG the/DT deal/NN was/VBD still/RB under/IN negotiation/NN ./. ###/### Santa/NNP Fe/NNP Pacific/NNP Realty/NNP owns/VBZ 2.8/CD million/CD acres/NNS of/IN property/NN ,/, including/VBG 219/CD buildings/NNS with/IN more/JJR than/IN 11/CD million/CD square/JJ feet/NNS of/IN space/NN ./. ###/### It/PRP also/RB holds/VBZ nearly/RB 40,000/CD acres/NNS of/IN raw/JJ land/NN with/IN development/NN potential/NN ,/, but/CC under/IN a/DT previously/RB announced/VBN strategy/NN ,/, the/DT company/NN has/VBZ targeted/VBN building/NN on/IN 5,400/CD acres/NNS in/IN California/NNP ,/, Arizona/NNP and/CC the/DT Chicago/NNP area/NN ./. ###/### Among/IN those/DT are/VBP the/DT 1,850/CD acres/NNS in/IN the/DT San/NNP Francisco/NNP Bay/NNP area/NN ,/, including/VBG 208/CD acres/NNS in/IN the/DT Mission/NNP Bay/NNP area/NN ./. ###/### The/DT California/NNP pension/NN fund/NN ,/, which/WDT has/VBZ $/$ 16/CD billion/CD already/RB invested/VBN in/IN real/JJ estate/NN and/CC mortgages/NNS ,/, could/MD be/VB a/DT valuable/JJ funding/NN source/NN for/IN that/DT development/NN ,/, although/IN it/PRP is/VBZ n't/RB obliged/VBN|JJ to/TO make/VB further/JJ investments/NNS ./. ###/### The/DT fund/NN is/VBZ the/DT nation/NN 's/POS largest/JJS public/JJ employee/NN fund/NN ,/, and/CC it/PRP has/VBZ a/DT growing/VBG cash/NN flow/NN now/RB topping/VBG $/$ 3/CD billion/CD a/DT year/NN ./. ###/### Fund/NN officials/NNS negotiated/VBD the/DT final/JJ structure/NN of/IN the/DT proposed/JJ deal/NN with/IN Santa/NNP Fe/NNP Pacific/NNP ,/, but/CC they/PRP were/VBD approached/VBN with/IN the/DT idea/NN by/IN real/JJ estate/NN brokers/NNS JMB/NNP Realty/NNP Corp./NNP of/IN Chicago/NNP ./. ###/### JMB/NNP officials/NNS are/VBP expected/VBN to/TO be/VB hired/VBN to/TO represent/VB the/DT pension/NN fund/NN on/IN the/DT Santa/NNP Fe/NNP Pacific/NNP Realty/NNP board/NN ,/, Mr./NNP Roulac/NNP said/VBD ,/, to/TO insulate/VB the/DT fund/NN from/IN potential/JJ liability/NN problems/NNS ./. ###/### GAF/NNP ,/, Part/NNP III/NNP is/VBZ scheduled/VBN to/TO begin/VB today/NN ./. ###/### After/IN two/CD mistrials/NNS ,/, the/DT stakes/NNS in/IN the/DT stock/NN manipulation/NN trial/NN of/IN GAF/NNP Corp./NNP and/CC its/PRP$ vice/NN chairman/NN ,/, James/NNP T./NNP Sherwin/NNP ,/, have/VBP changed/VBN considerably/RB ./. ###/### The/DT first/JJ two/CD GAF/NNP trials/NNS were/VBD watched/VBN closely/RB on/IN Wall/NNP Street/NNP because/IN they/PRP were/VBD considered/VBN to/TO be/VB important/JJ tests/NNS of/IN the/DT government/NN 's/POS ability/NN to/TO convince/VB a/DT jury/NN of/IN allegations/NNS stemming/VBG from/IN its/PRP$ insider-trading/NN investigations/NNS ./. ###/### In/IN an/DT eight-count/JJ indictment/NN ,/, the/DT government/NN charged/VBD GAF/NNP ,/, a/DT Wayne/NNP ,/, N.J./NNP ,/, chemical/NN maker/NN ,/, and/CC Mr./NNP Sherwin/NNP with/IN illegally/RB attempting/VBG to/TO manipulate/VB the/DT common/JJ stock/NN of/IN Union/NNP Carbide/NNP Corp./NNP in/IN advance/NN of/IN GAF/NNP 's/POS planned/JJ sale/NN of/IN a/DT large/JJ block/NN of/IN the/DT stock/NN in/IN 1986/CD ./. ###/### The/DT government/NN 's/POS credibility/NN in/IN the/DT GAF/NNP case/NN depended/VBD heavily/RB on/IN its/PRP$ star/JJ witness/NN ,/, Boyd/NNP L./NNP Jefferies/NNP ,/, the/DT former/JJ Los/NNP Angeles/NNP brokerage/NN chief/NN who/WP was/VBD implicated/VBN by/IN former/JJ arbitrager/NN Ivan/NNP Boesky/NNP ,/, and/CC then/RB pointed/VBD the/DT finger/NN at/IN Mr./NNP Sherwin/NNP ,/, takeover/NN speculator/NN Salim/NNP B./NNP Lewis/NNP and/CC corporate/JJ raider/NN Paul/NNP Bilzerian/NNP ./. ###/### The/DT GAF/NNP trials/NNS were/VBD viewed/VBN as/IN previews/NNS of/IN the/DT government/NN 's/POS strength/NN in/IN its/PRP$ cases/NNS against/IN Mr./NNP Lewis/NNP and/CC Mr./NNP Bilzerian/NNP ./. ###/### Mr./NNP Jefferies/NNP 's/POS performance/NN as/IN a/DT witness/NN was/VBD expected/VBN to/TO affect/VB his/PRP$ sentencing/NN ./. ###/### But/CC GAF/NNP 's/POS bellwether/JJ role/NN was/VBD short-lived/JJ ./. ###/### The/DT first/JJ GAF/NNP trial/NN ended/VBD in/IN a/DT mistrial/NN after/IN four/CD weeks/NNS when/WRB U.S./NNP District/NNP Judge/NNP Mary/NNP Johnson/NNP Lowe/NNP found/VBD that/IN a/DT prosecutor/NN improperly/RB ,/, but/CC unintentionally/RB ,/, withheld/VBD a/DT document/NN ./. ###/### After/IN 93/CD hours/NNS of/IN deliberation/NN ,/, the/DT jurors/NNS in/IN the/DT second/JJ trial/NN said/VBD they/PRP were/VBD hopelessly/RB deadlocked/JJ ,/, and/CC another/DT mistrial/NN was/VBD declared/VBN on/IN March/NNP 22/CD ./. ###/### Meanwhile/RB ,/, a/DT federal/JJ jury/NN found/VBD Mr./NNP Bilzerian/NNP guilty/JJ on/IN securities/NNS fraud/NN and/CC other/JJ charges/NNS in/IN June/NNP ./. ###/### A/DT month/NN later/RB ,/, Mr./NNP Jefferies/NNP was/VBD spared/VBN a/DT jail/NN term/NN by/IN a/DT federal/JJ judge/NN who/WP praised/VBD him/PRP for/IN helping/VBG the/DT government/NN ./. ###/### In/IN August/NNP ,/, Mr./NNP Lewis/NNP pleaded/VBD guilty/JJ to/TO three/CD felony/NN counts/NNS ./. ###/### Nevertheless/RB ,/, the/DT stakes/NNS are/VBP still/RB high/JJ for/IN the/DT players/NNS directly/RB involved/VBN in/IN the/DT GAF/NNP case/NN ./. ###/### The/DT mistrials/NNS have/VBP left/VBN the/DT reputations/NNS of/IN GAF/NNP ,/, Mr./NNP Sherwin/NNP and/CC GAF/NNP Chairman/NNP Samuel/NNP Heyman/NNP in/IN limbo/NN ./. ###/### For/IN Mr./NNP Sherwin/NNP ,/, a/DT conviction/NN could/MD carry/VB penalties/NNS of/IN five/CD years/NNS in/IN prison/NN and/CC a/DT $/$ 250,000/CD fine/JJ on/IN each/DT count/NN ./. ###/### GAF/NNP faces/VBZ potential/JJ fines/NNS of/IN $/$ 500,000/CD for/IN each/DT count/NN ./. ###/### Individuals/NNS familiar/JJ with/IN the/DT case/NN said/VBD that/IN throughout/IN September/NNP ,/, defense/NN attorneys/NNS were/VBD talking/VBG with/IN the/DT government/NN in/IN an/DT effort/NN to/TO prevent/VB a/DT trial/NN ,/, but/CC by/IN the/DT end/NN of/IN the/DT month/NN the/DT talks/NNS had/VBD ended/VBN ./. ###/### There/EX is/VBZ much/JJ speculation/NN among/IN attorneys/NNS not/RB involved/VBN that/IN the/DT strategy/NN of/IN GAF/NNP 's/POS attorney/NN ,/, Arthur/NNP Liman/NNP ,/, and/CC Mr./NNP Sherwin/NNP 's/POS counsel/NN ,/, Stephen/NNP Kaufman/NNP ,/, will/MD include/VB testimony/NN by/IN Mr./NNP Sherwin/NNP or/CC Mr./NNP Heyman/NNP ./. ###/### Neither/DT testified/VBD at/IN the/DT previous/JJ trials/NNS ./. ###/### For/IN now/RB ,/, defense/NN attorneys/NNS are/VBP tight-lipped/JJ about/IN their/PRP$ plans/NNS ./. ###/### Max/NNP Gitter/NNP ,/, another/DT GAF/NNP defense/NN attorney/NN ,/, said/VBD yesterday/NN ,/, ``/`` As/IN we/PRP go/VBP in/IN for/IN the/DT third/JJ time/NN ,/, Yogi/NNP Berra/NNP 's/POS famous/JJ line/NN is/VBZ apt/JJ :/: `/`` It/PRP 's/VBZ deja/NN vu/NN all/RB over/RB again/RB ./. '/'' ''/'' ###/### DALKON/NNP SHIELD/NNP CLAIMANTS/NNS hope/VBP to/TO stop/VB reorganization-plan/JJ appeal/NN ./. ###/### Attorneys/NNS for/IN more/JJR than/IN 18,000/CD women/NNS who/WP claim/VBP injuries/NNS from/IN the/DT Dalkon/NNP Shield/NNP contraceptive/JJ device/NN have/VBP asked/VBN the/DT U.S./NNP Supreme/NNP Court/NNP to/TO refuse/VB to/TO hear/VB an/DT appeal/NN of/IN the/DT bankruptcy-law/NN reorganization/NN plan/NN for/IN A.H./NNP Robins/NNP Co./NNP ,/, which/WDT manufactured/VBD the/DT device/NN ./. ###/### The/DT dispute/NN pits/VBZ two/CD groups/NNS of/IN claimants/NNS against/IN each/DT other/JJ ./. ###/### Baltimore/NNP attorney/NN Michael/NNP A./NNP Pretl/NNP and/CC 17/CD other/JJ attorneys/NNS representing/VBG 18,136/CD claimants/NNS in/IN the/DT U.S./NNP and/CC abroad/RB argue/VBP that/IN the/DT appeal/NN would/MD delay/VB --/: and/CC perhaps/RB even/RB destroy/VB --/: a/DT $/$ 2.38/CD billion/CD settlement/NN fund/NN that/WDT is/VBZ the/DT centerpiece/NN of/IN the/DT reorganization/NN plan/NN ./. ###/### The/DT bankruptcy-court/NN reorganization/NN is/VBZ being/VBG challenged/VBN before/IN the/DT Supreme/NNP Court/NNP by/IN a/DT dissident/JJ group/NN of/IN claimants/NNS because/IN it/PRP places/VBZ a/DT cap/NN on/IN the/DT total/JJ amount/NN of/IN money/NN available/JJ to/TO settle/VB claims/NNS ./. ###/### It/PRP also/RB bars/VBZ future/JJ suits/NNS against/IN Robins/NNP company/NN officials/NNS ,/, members/NNS of/IN the/DT Robins/NNP family/NN and/CC Robins/NNP 's/POS former/JJ insurer/NN ,/, Aetna/NNP Life/NNP &/CC Casualty/NNP Co/NNP ./. ###/### The/DT latter/JJ provision/NN is/VBZ ``/`` legally/RB unprecedented/JJ ,/, ''/'' said/VBD Alan/NNP B./NNP Morrison/NNP ,/, a/DT public/JJ interest/NN lawyer/NN in/IN Washington/NNP ,/, D.C./NNP ,/, who/WP is/VBZ challenging/VBG the/DT plan/NN on/IN behalf/NN of/IN 900/CD claimants/NNS ./. ###/### More/JJR than/IN 100,000/CD claims/NNS against/IN Robins/NNP are/VBP pending/VBG|JJ ./. ###/### The/DT company/NN made/VBD and/CC marketed/VBD the/DT Dalkon/NNP Shield/NNP in/IN the/DT early/JJ 1970s/NNS amid/IN mounting/VBG evidence/NN that/IN it/PRP could/MD cause/VB serious/JJ injuries/NNS ./. ###/### Robins/NNP has/VBZ been/VBN in/IN proceedings/NNS under/IN Chapter/NNP 11/CD of/IN the/DT U.S./NNP Bankruptcy/NNP Code/NNP since/IN August/NNP 1985/CD ;/: such/JJ proceedings/NNS give/VBP it/PRP protection/NN from/IN creditor/NN lawsuits/NNS while/IN it/PRP works/VBZ out/RP a/DT plan/NN for/IN paying/VBG its/PRP$ debts/NNS ./. ###/### American/NNP Home/NNP Products/NNP Corp./NNP wants/VBZ to/TO acquire/VB Robins/NNP ,/, but/CC only/RB if/IN all/DT legal/JJ challenges/NNS to/TO the/DT plan/NN are/VBP exhausted/VBN ./. ###/### In/IN a/DT brief/NN filed/VBN with/IN the/DT Supreme/NNP Court/NNP last/JJ week/NN ,/, Mr./NNP Pretl/NNP criticizes/VBZ the/DT appeal/NN for/IN raising/VBG ``/`` abstract/JJ ''/'' and/CC ``/`` theoretical/JJ ''/'' legal/JJ issues/NNS ,/, while/IN jeopardizing/VBG the/DT proposed/JJ reorganization/NN and/CC the/DT settlement/NN payments/NNS to/TO claimants/NNS ./. ###/### The/DT Supreme/NNP Court/NNP is/VBZ scheduled/VBN to/TO consider/VB the/DT case/NN Nov./NNP 3/CD and/CC may/MD issue/VB a/DT decision/NN as/RB early/RB as/IN Nov./NNP 6/CD ./. ###/### JURY/NN `/`` S/POS CRIMINAL/JJ CONVICTION/NN under/IN Superfund/NNP law/NN is/VBZ a/DT first/JJ ./. ###/### Charles/NNP A./NNP Donohoo/NNP ,/, sole/JJ proprieter/NN of/IN a/DT Louisville/NNP ,/, Ky./NNP ,/, demolition/NN company/NN ,/, was/VBD found/VBN guilty/JJ of/IN violating/VBG the/DT Superfund/NNP law/NN as/RB well/RB as/IN the/DT Clean/NNP Air/NNP Act/NNP ./. ###/### Criminal/JJ convictions/NNS under/IN the/DT federal/JJ Superfund/NNP law/NN are/VBP rare/JJ ,/, and/CC the/DT decision/NN is/VBZ the/DT first/JJ jury/NN verdict/NN in/IN such/PDT a/DT case/NN ./. ###/### Under/IN Superfund/NNP ,/, those/DT who/WP owned/VBD ,/, generated/VBD or/CC transported/VBD hazardous/JJ waste/NN are/VBP liable/JJ for/IN its/PRP$ cleanup/NN ,/, regardless/RB of/IN whether/IN their/PRP$ actions/NNS were/VBD legal/JJ at/IN the/DT time/NN ./. ###/### Environmental/JJ lawyers/NNS say/VBP virtually/RB all/DT of/IN the/DT Superfund/NNP cases/NNS to/TO date/NN have/VBP involved/VBN civil/JJ penalties/NNS designed/VBN to/TO insure/VB cleanup/NN of/IN past/JJ polluting/VBG activities/NNS ./. ###/### But/CC Superfund/NNP also/RB contains/VBZ a/DT criminal/JJ provision/NN concerning/VBG the/DT release/NN of/IN toxic/JJ substances/NNS into/IN the/DT environment/NN ./. ###/### In/IN 1986/CD Congress/NNP strengthened/VBD the/DT penalty/NN by/IN making/VBG it/PRP a/DT felony/NN ./. ###/### Mr./NNP Donohoo/NNP was/VBD convicted/VBN in/IN Louisville/NNP late/RB last/JJ month/NN of/IN violating/VBG Superfund/NNP by/IN failing/VBG to/TO report/VB the/DT release/NN of/IN asbestos/NN into/IN the/DT environment/NN from/IN a/DT building/NN he/PRP was/VBD demolishing/VBG ./. ###/### He/PRP was/VBD also/RB convicted/VBN of/IN failing/VBG to/TO properly/RB remove/VB asbestos/NN from/IN the/DT building/NN ,/, a/DT violation/NN of/IN the/DT Clean/NNP Air/NNP Act/NNP ./. ###/### The/DT government/NN sought/VBD a/DT criminal/JJ penalty/NN because/IN ``/`` no/DT cleanup/NN is/VBZ possible/JJ here/RB ./. ###/### Once/RB -LCB-/-LRB- asbestos/NN -RCB-/-RRB- is/VBZ released/VBN into/IN the/DT environment/NN ,/, it/PRP can/MD lodge/VB anywhere/RB ,/, ''/'' says/VBZ Richard/NNP A./NN Dennis/NNP ,/, the/DT assistant/JJ U.S./NNP attorney/NN who/WP prosecuted/VBD the/DT case/NN ./. ###/### Mr./NNP Donohoo/NNP is/VBZ scheduled/VBN to/TO be/VB sentenced/VBN Dec./NNP 11/CD ./. ###/### His/PRP$ lawyer/NN could/MD not/RB be/VB reached/VBN for/IN comment/NN ./. ###/### Mr./NNP Donohoo/NNP faces/NNS as/RB much/RB as/IN three/CD years/NNS in/IN prison/NN and/CC a/DT $/$ 250,000/CD fine/NN for/IN the/DT Superfund/NNP conviction/NN and/CC as/RB much/JJ as/IN one/CD year/NN in/IN prison/NN and/CC a/DT $/$ 100,000/CD fine/NN for/IN the/DT violation/NN of/IN the/DT Clean/NNP Air/NNP Act/NNP ./. ###/### TED/NNP BUNDY'S/NNP LAWYERS/NNS switch/VBP to/TO victims/NNS '/POS side/NN in/IN death-sentence/NN case/NN ./. ###/### Wilmer/NNP ,/, Cutler/NNP &/CC Pickering/NNP ,/, the/DT Washington/NNP ,/, D.C./NNP ,/, law/NN firm/NN that/WDT spent/VBD over/IN $/$ 1/CD million/CD fighting/VBG the/DT execution/NN of/IN mass-murderer/NN Ted/NNP Bundy/NNP --/: who/WP eventually/RB was/VBD executed/VBN --/: has/VBZ taken/VBN on/RP another/DT death/NN penalty/NN case/NN before/IN the/DT Supreme/NNP Court/NNP ,/, this/DT time/NN on/IN the/DT side/NN of/IN the/DT family/NN of/IN four/CD murder/NN victims/NNS in/IN Arkansas/NNP ./. ###/### The/DT law/NN firm/NN has/VBZ filed/VBN a/DT friend-of-the-court/JJ brief/NN jointly/RB with/IN the/DT Washington/NNP Legal/NNP Foundation/NNP ,/, a/DT conservative/JJ legal/JJ group/NN ./. ###/### The/DT key/JJ issue/NN in/IN the/DT case/NN ,/, which/WDT the/DT law/NN firm/NN is/VBZ handling/VBG without/IN a/DT fee/NN ,/, or/CC pro/FW bono/FW ,/, is/VBZ whether/IN a/DT person/NN sentenced/VBN to/TO death/NN can/MD voluntarily/RB waive/VB his/PRP$ rights/NNS of/IN appellate/JJ review/NN ./. ###/### The/DT murderer/NN ,/, Ronald/NNP Gene/NNP Simmons/NNP ,/, was/VBD convicted/VBN of/IN killing/VBG 14/CD people/NNS ./. ###/### Another/DT murderer/NN on/IN death/NN row/NN has/VBZ appealed/VBN Mr./NNP Simmons/NNP 's/POS death/NN sentence/NN in/IN a/DT ``/`` next/JJ friend/NN ''/'' capacity/NN ./. ###/### Wilmer/NNP Cutler/NNP 's/POS brief/NN argues/VBZ that/IN there/EX is/VBZ no/DT mandatory/JJ appellate/JJ review/NN of/IN capital/NN sentences/NNS and/CC that/IN the/DT inmate/NN who/WP filed/VBD the/DT appeal/NN lacks/VBZ proper/JJ standing/NN ./. ###/### P.J./NNP Mode/NNP ,/, Wilmer/NNP Cutler/NNP 's/POS managing/NN partner/NN ,/, says/VBZ the/DT trial/NN team/NN that/WDT represented/VBD Mr./NNP Bundy/NNP was/VBD asked/VBN by/IN the/DT firm/NN 's/POS pro/FW bono/FW committee/NN whether/IN the/DT new/JJ case/NN posed/VBD a/DT conflict/NN and/CC that/IN no/DT objections/NNS were/VBD raised/VBN ./. ###/### The/DT coupling/NN of/IN the/DT law/NN firm/NN and/CC the/DT Washington/NNP Legal/NNP Foundation/NNP is/VBZ odd/JJ also/RB ,/, because/IN Wilmer/NNP Cutler/NNP was/VBD one/CD of/IN the/DT firms/NNS singled/VBN out/RP for/IN criticism/NN two/CD years/NNS ago/RB by/IN the/DT conservative/JJ legal/JJ group/NN for/IN displaying/VBG a/DT liberal/JJ bias/NN in/IN its/PRP$ pro/FW bono/FW work/NN ./. ###/### ``/`` We/PRP give/VBP them/PRP a/DT lot/NN of/IN credit/NN for/IN taking/VBG this/DT case/NN ,/, ''/'' says/VBZ WLF/NNP 's/POS Alan/NNP Slobodin/NNP ./. ###/### THE/DT CASE/NN OF/IN THE/DT FAKE/JJ DALIS/NNPS :/: In/IN federal/JJ court/NN in/IN Manhattan/NNP ,/, three/CD defendants/NNS pleaded/VBD guilty/JJ to/TO charges/NNS of/IN fraud/NN in/IN connection/NN with/IN the/DT sale/NN of/IN fake/JJ Salvador/NNP Dali/NNP lithographs/NNS ./. ###/### James/NNP Burke/NNP and/CC Larry/NNP Evans/NNP ,/, formerly/RB owners/NNS of/IN the/DT now-defunct/JJ Barclay/NNP Gallery/NNP ,/, and/CC Prudence/NNP Clark/NNP ,/, a/DT Barclay/NNP sales/NNS representative/NN ,/, were/VBD charged/VBN with/IN conducting/VBG high-pressure/JJ telephone/NN sales/NNS in/IN which/WDT they/PRP misrepresented/VBD cheap/JJ copies/NNS of/IN Dali/NNP artwork/NN as/IN signed/JJ ,/, limited-edition/JJ lithographs/NNS ./. ###/### The/DT posters/NNS were/VBD sold/VBN for/IN $/$ 1,300/CD to/TO $/$ 6,000/CD ,/, although/IN the/DT government/NN says/VBZ they/PRP had/VBD a/DT value/NN of/IN only/RB $/$ 53/CD to/TO $/$ 200/CD apiece/RB ./. ###/### Henry/NNP Pitman/NNP ,/, the/DT assistant/JJ U.S./NNP attorney/NN handling/VBG the/DT case/NN ,/, said/VBD about/RB 1,000/CD customers/NNS were/VBD defrauded/VBN and/CC that/IN Barclay/NNP 's/POS total/JJ proceeds/NNS from/IN the/DT sales/NNS were/VBD $/$ 3.4/CD million/CD ./. ###/### Attorneys/NNP for/IN Messrs./NNP Burke/NNP and/CC Evans/NNP and/CC Ms./NNP Clarke/NNP said/VBD that/IN although/IN their/PRP$ clients/NNS admitted/VBD to/TO making/VBG some/DT misrepresentations/NNS in/IN the/DT sales/NNS ,/, they/PRP had/VBD believed/VBN that/IN the/DT works/NNS were/VBD authorized/VBN by/IN Mr./NNP Dali/NNP ,/, who/WP died/VBD in/IN January/NNP ./. ###/### The/DT posters/NNS were/VBD printed/VBN on/IN paper/NN pre-signed/VBN by/IN Mr./NNP Dali/NNP ,/, the/DT attorneys/NNS said/VBD ./. ###/### Westamerica/NNP Bancorp./NNP said/VBD Richard/NNP W./NNP Decker/NNP resigned/VBD as/IN president/NN and/CC chief/JJ executive/JJ officer/NN after/IN only/RB a/DT year/NN on/IN the/DT job/NN because/IN of/IN ``/`` differences/NNS ''/'' with/IN the/DT board/NN ./. ###/### The/DT banking/NN company/NN could/MD n't/RB be/VB reached/VBN to/TO comment/VB beyond/IN a/DT written/JJ announcement/NN ./. ###/### It/PRP did/VBD n't/RB specify/VB the/DT nature/NN of/IN the/DT differences/NNS ,/, saying/VBG only/RB that/IN they/PRP related/VBD to/TO ``/`` management/NN style/NN ''/'' and/CC ``/`` strategic/JJ objectives/NNS ./. ''/'' ###/### Westamerica/NNP said/VBD Mr./NNP Decker/NNP 's/POS posts/NNS were/VBD assumed/VBN by/IN David/NNP Payne/NNP ,/, Westamerica/NNP 's/POS chairman/NN ,/, who/WP at/IN 34/CD years/NNS of/IN age/NN becomes/VBZ one/NN of/IN the/DT youngest/JJS chief/JJ executives/NNS of/IN a/DT sizable/JJ bank/NN in/IN the/DT country/NN ./. ###/### Mr./NNP Decker/NNP is/VBZ about/RB 45/CD years/NNS old/JJ ./. ###/### Neither/CC Mr./NNP Payne/NNP nor/CC Mr./NNP Decker/NNP could/MD be/VB reached/VBN to/TO comment/VB ./. ###/### Westamerica/NN has/VBZ about/RB $/$ 1.3/CD billion/CD of/IN assets/NNS and/CC is/VBZ the/DT largest/JJS independent/JJ bank/NN in/IN northern/JJ California/NNP ./. ###/### It/PRP controls/VBZ about/RB 35/CD %/NN of/IN the/DT affluent/JJ Marin/NNP County/NNP market/NN across/IN the/DT Golden/NNP Gate/NNP bridge/NN from/IN San/NNP Francisco/NNP ./. ###/### Mr./NNP Decker/NNP 's/POS resignation/NN surprised/VBD many/JJ industry/NN officials/NNS ./. ###/### He/PRP was/VBD brought/VBN to/TO the/DT company/NN in/IN September/NNP 1988/CD after/IN 15/CD years/NNS at/IN Los/NNP Angeles-based/JJ First/NNP Interstate/NNP Bancorp/NNP ./. ###/### The/DT bank/NN had/VBD been/VBN suffering/VBG in/IN late/JJ 1987/CD from/IN a/DT slew/NN of/IN bad/JJ real/JJ estate/NN loans/NNS made/VBN in/IN Arizona/NNP ./. ###/### When/WRB he/PRP was/VBD hired/VBN ,/, Mr./NNP Payne/NNP lauded/VBD Mr./NNP Decker/NNP 's/POS ``/`` extraordinary.../: skills/NNS ''/'' and/CC his/PRP$ ``/`` outstanding/JJ reputation/NN as/IN one/CD of/IN the/DT West/NNP 's/POS brightest/JJS bankers/NNS ./. ''/'' ###/### Though/IN the/DT bank/NN is/VBZ n't/RB performing/VBG as/RB well/RB as/IN some/DT of/IN its/PRP$ competitors/NNS in/IN the/DT lucrative/JJ California/NNP market/NN ,/, its/PRP$ condition/NN has/VBZ improved/VBN since/IN Mr./NNP Decker/NNP took/VBD over/RP ./. ###/### For/IN the/DT six/CD months/NNS ended/VBD June/NNP 30/CD ,/, it/PRP earned/VBD $/$ 3.1/CD million/CD ,/, or/CC 61/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN net/JJ income/NN of/IN $/$ 2.4/CD million/CD ,/, or/CC 41/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Its/PRP$ stock/NN also/RB has/VBZ risen/VBN lately/RB ,/, at/IN least/JJS partly/RB because/IN it/PRP is/VBZ considered/VBN a/DT possible/JJ takeover/NN candidate/NN ./. ###/### Interstate/JJ banking/NN is/VBZ scheduled/VBN to/TO begin/VB in/IN California/NNP in/IN 1991/CD ,/, and/CC larger/JJR California/NNP banks/NNS ,/, such/JJ as/IN Wells/NNP Fargo/NNP &/CC Co./NNP ,/, have/VBP been/VBN paying/VBG fat/JJ premiums/NNS to/TO buy/VB smaller/JJR banks/NNS to/TO control/VB markets/NNS before/IN any/DT out-of-state/JJ banks/NNS enter/VBP the/DT fray/NN ./. ###/### In/IN American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ,/, Westamerica/NNP closed/VBD at/IN $/$ 22.25/CD a/DT share/NN ,/, down/RB 75/CD cents/NNS ./. ###/### Varian/NNP Associates/NNP Inc./NNP ,/, Palo/NNP Alto/NNP ,/, Calif./NNP ,/, reported/VBD fiscal/JJ fourth-quarter/JJ profit/NN plunged/VBD more/RBR than/IN 95/CD %/NN to/TO $/$ 1/CD million/CD ,/, or/CC five/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 24.2/CD million/CD ,/, or/CC $/$ 1.10/CD a/DT share/NN ,/, in/IN the/DT year-earlier/JJ quarter/NN ./. ###/### The/DT diversified/JJ electronics/NN company/NN blamed/VBD the/DT decline/NN in/IN the/DT quarter/NN ended/VBN Sept./NNP 29/CD ,/, on/IN previously/RB reported/VBN operating/NN problems/NNS in/IN its/PRP$ Electron/NNP Devices/NNP &/CC Systems/NNP Group/NNP ./. ###/### For/IN the/DT full/JJ fiscal/JJ year/NN ,/, Varian/NNP posted/VBD a/DT 13/CD %/NN profit/NN rise/NN to/TO $/$ 31.5/CD million/CD ,/, or/CC $/$ 1.53/CD a/DT share/NN ,/, up/RB from/IN $/$ 27.8/CD million/CD ,/, or/CC $/$ 1.27/CD a/DT share/NN ,/, last/JJ year/NN ./. ###/### Sales/NNS for/IN the/DT year/NN rose/VBD almost/RB 15/CD %/NN to/TO $/$ 1.34/CD billion/CD from/IN $/$ 1.17/CD billion/CD last/JJ year/NN ./. ###/### A/DT profit/NN last/JJ year/NN in/IN both/CC the/DT quarter/NN and/CC year/NN included/VBD a/DT net/JJ gain/NN of/IN $/$ 9.6/CD million/CD ,/, or/CC 44/CD cents/NNS a/DT share/NN ,/, from/IN the/DT sale/NN of/IN a/DT division/NN ./. ###/### Additionally/RB ,/, the/DT full-year/JJ profit/NN last/JJ year/NN reflected/VBD an/DT after-tax/JJ restructuring/NN charge/NN of/IN $/$ 22.8/CD million/CD ,/, or/CC $/$ 1.04/CD a/DT share/NN ./. ###/### Shares/NNP of/IN Varian/NNP ,/, which/WDT last/JJ month/NN warned/VBD there/EX would/MD be/VB a/DT fourth-quarter/JJ plunge/NN ,/, closed/VBD at/IN $/$ 22.75/CD ,/, 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 ./. ###/### Sales/NNS rose/VBD 18/CD %/NN in/IN the/DT fiscal/JJ fourth/JJ quarter/NN to/TO $/$ 364.1/CD million/CD from/IN $/$ 307.9/CD million/CD on/IN the/DT strength/NN in/IN semiconductors/NNS and/CC other/JJ products/NNS ./. ###/### In/IN a/DT last-ditch/JJ effort/NN to/TO keep/VB its/PRP$ sales/NNS force/NN and/CC customer/NN base/NN ,/, Integrated/NNP Resources/NNP Inc./NNP said/VBD it/PRP agreed/VBD in/IN principle/NN to/TO transfer/VB ownership/NN of/IN its/PRP$ broker-dealer/NN|JJ subsidiary/NN to/TO two/CD of/IN its/PRP$ top/JJ executives/NNS ./. ###/### The/DT financial-services/NNS firm/NN ,/, struggling/VBG since/IN summer/NN to/TO avoid/VB a/DT bankruptcy-law/NN filing/NN after/IN missing/VBG interest/NN payments/NNS on/IN about/RB $/$ 1/CD billion/CD of/IN debt/NN ,/, will/MD retain/VB the/DT right/NN to/TO regain/VB the/DT subsidiary/NN ./. ###/### It/PRP said/VBD it/PRP will/MD exercise/VB that/DT right/NN only/RB if/IN it/PRP sells/VBZ substantially/RB all/DT of/IN its/PRP$ other/JJ core/JJ businesses/NNS ./. ###/### It/PRP also/RB can/MD sell/VB the/DT right/NN to/TO regain/VB the/DT subsidiary/NN to/TO another/DT party/NN ./. ###/### Also/RB ,/, the/DT broker-dealer/NN|JJ subsidiary/NN ,/, Integrated/NNP Resources/NNP Equity/NNP Corp./NNP ,/, was/VBD renamed/VBN Royal/NNP Alliance/NNP Associates/NNP Inc/NNP ./. ###/### Because/IN of/IN Integrated/NNP 's/POS widely/RB reported/VBN troubles/NNS ,/, the/DT unit/NN 's/POS representatives/NNS had/VBD been/VBN requesting/VBG a/DT name/NN change/NN ./. ###/### Royal/NNP Alliance/NNP ,/, to/TO which/WDT the/DT 3,900/CD representatives/NNS '/POS licenses/NNS will/MD be/VB transferred/VBN ,/, is/VBZ a/DT shell/NN company/NN Integrated/NNP owns/VBZ ./. ###/### In/IN the/DT transaction/NN ,/, Integrated/NNP will/MD transfer/VB 100/CD %/NN ownership/NN of/IN the/DT subsidiary/NN to/TO Gerard/NNP M./NNP Lavin/NNP ,/, executive/JJ vice/NN president/NN of/IN Integrated/NNP and/CC head/NN of/IN back-office/JJ operations/NNS at/IN the/DT subsidiary/NN ,/, and/CC Gary/NNP W./NNP Krat/NNP ,/, executive/JJ vice/NN president/NN of/IN the/DT parent/NN and/CC president/NN of/IN the/DT subsidiary/NN ./. ###/### Integrated/NNP will/MD pump/VB $/$ 3.5/CD million/CD to/TO $/$ 4/CD million/CD into/IN Royal/NNP Alliance/NNP as/IN initial/JJ funding/NN ./. ###/### In/IN an/DT interview/NN ,/, Mr./NNP Krat/NNP said/VBD that/IN based/VBN on/IN criteria/NNS yet/RB to/TO be/VB determined/VBN ,/, he/PRP expects/VBZ to/TO distribute/VB 49/CD %/NN of/IN Royal/NNP Alliance/NNP to/TO the/DT representatives/NNS ,/, who/WP sell/VBP Integrated/NNP 's/POS insurance/NN and/CC mutual-fund/NN products/NNS ./. ###/### If/IN Integrated/NNP regains/VBZ Royal/NNP Alliance/NNP ,/, the/DT representatives/NNS will/MD retain/VB their/PRP$ 49/CD %/NN ownership/NN ./. ###/### Mr./NNP Krat/NNP indicated/VBD that/IN completion/NN of/IN the/DT transaction/NN could/MD take/VB several/JJ weeks/NNS ,/, and/CC it/PRP was/VBD n't/RB immediately/RB clear/VB what/WP would/MD happen/VB to/TO the/DT broker-dealer/NN|JJ subsidiary/NN if/IN Integrated/NNP files/NNS for/IN bankruptcy-law/NN protection/NN in/IN the/DT meantime/NN ./. ###/### The/DT subsidiary/NN is/VBZ n't/RB expected/VBN to/TO be/VB profitable/JJ for/IN at/IN least/JJS one/CD year/NN ./. ###/### If/IN Integrated/NNP regains/VBZ the/DT unit/NN ,/, it/PRP would/MD receive/VB any/DT profit/NN the/DT unit/NN reports/VBZ ,/, even/RB while/IN the/DT unit/NN is/VBZ independent/JJ ./. ###/### If/IN the/DT deal/NN closes/VBZ ,/, the/DT two/CD officers/NNS will/MD draw/VB salaries/NNS from/IN the/DT independent/JJ operation/NN ,/, not/RB from/IN Integrated/NNP ./. ###/### Many/JJ aspects/NNS of/IN the/DT agreement/NN were/VBD worked/VBN out/RP Wednesday/NNP in/IN Chicago/NNP ,/, when/WRB Integrated/NNP senior/JJ managers/NNS met/VBD with/IN about/RB 150/CD representatives/NNS ./. ###/### ``/`` I/PRP think/VBP it/PRP was/VBD something/NN that/IN we/PRP and/CC they/PRP thought/VBD was/VBD constructive/JJ ,/, ''/'' said/VBD Stephen/NNP D./NNP Weinroth/NNP ,/, chairman/NN and/CC co-chief/JJ executive/JJ officer/NN of/IN Integrated/NNP ./. ###/### Integrated/NNP made/VBD its/PRP$ announcement/NN after/IN the/DT market/NN closed/VBD ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP Composite/NNP trading/NN ,/, Integrated/NNP shares/NNS closed/VBD at/IN $/$ 1.125/CD ,/, up/RB 12.5/CD cents/NNS ./. ###/### The/DT dollar/NN weakened/VBD in/IN indecisive/JJ trading/NN as/IN foreign-exchange/NN dealers/NNS awaited/VBD fresh/JJ economic/JJ news/NN that/IN they/PRP hope/VBP will/MD jolt/VB the/DT U.S./NNP unit/NN out/IN of/IN its/PRP$ narrow/JJ ranges/NNS ./. ###/### The/DT Canadian/JJ dollar/NN climbed/VBD to/TO its/PRP$ highest/JJS level/NN against/IN the/DT U.S./NNP dollar/NN since/IN late/JJ August/NNP ,/, prompting/VBG the/DT Bank/NNP of/IN Canada/NNP to/TO sell/VB the/DT Canadian/JJ currency/NN on/IN the/DT market/NN ./. ###/### Traders/NNS say/VBP that/IN after/IN a/DT week/NN of/IN nervously/RB tracking/VBG every/DT development/NN on/IN Wall/NNP Street/NNP ,/, the/DT foreign-exchange/NN market/NN has/VBZ settled/VBN back/RP to/TO catch/VB its/PRP$ breath/NN ahead/RB of/IN new/JJ U.S./NNP economic/JJ data/NNS ./. ###/### They/PRP noted/VBD ,/, however/RB ,/, that/IN a/DT 26-point/JJ drop/NN in/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP gave/VBD the/DT dollar/NN a/DT sharp/JJ nudge/NN downward/RB late/RB in/IN the/DT day/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 1.8578/CD marks/NNS late/RB Friday/NNP ,/, and/CC at/IN 141.90/CD yen/NN ,/, down/RB from/IN 142.43/CD yen/NN late/RB Friday/NNP ./. ###/### Sterling/NN was/VBD quoted/VBN at/IN $/$ 1.6030/CD ,/, up/RB from/IN $/$ 1.5885/CD late/RB Friday/NNP ./. ###/### In/IN Tokyo/NNP Tuesday/NNP ,/, the/DT U.S./NNP currency/NN opened/VBD for/IN trading/VBG at/IN 141.80/CD yen/NN ,/, down/RB from/IN Monday/NNP 's/POS Tokyo/NNP close/NN of/IN 142.40/CD yen/NN ./. ###/### The/DT market/NN 's/POS attention/NN is/VBZ especially/RB focused/VBN on/IN a/DT preliminary/JJ report/NN on/IN the/DT U.S./NNP third-quarter/JJ gross/JJ national/JJ product/NN ,/, due/JJ out/RB Thursday/NNP ,/, which/WDT could/MD show/VB the/DT economy/NN is/VBZ continuing/VBG to/TO expand/VB at/IN a/DT relatively/RB brisk/JJ pace/NN ./. ###/### The/DT consensus/NN view/NN on/IN real/JJ GNP/NNP ,/, the/DT total/JJ value/NN of/IN the/DT U.S./NNP 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 on/IN an/DT annual/JJ basis/NN ,/, slowing/VBG somewhat/RB from/IN the/DT second/JJ quarter/NN 's/POS 2.5/CD %/NN ,/, but/CC still/RB fairly/RB strong/JJ ./. ###/### Few/JJ market/NN participants/NNS expect/VBP the/DT U.S./NNP unit/NN to/TO rally/VB sharply/RB on/IN the/DT news/NN ,/, if/IN it/PRP turns/VBZ out/RP as/RB expected/VBN ./. ###/### Many/JJ contend/VBP that/IN the/DT report/NN may/MD overstate/VB the/DT economy/NN 's/POS health/NN and/CC predict/VB the/DT third-quarter/JJ figures/NNS may/MD be/VB the/DT last/JJ vigorous/JJ statistics/NNS for/IN some/DT time/NN to/TO come/VB ./. ###/### ``/`` Everyone/NN is/VBZ waiting/VBG for/IN GNP/NNP ,/, ''/'' says/VBZ Walter/NNP Simon/NNP ,/, an/DT assistant/JJ treasurer/NN with/IN Bank/NNP Julius/NNP Baer/NNP &/CC Co/NNP ./. ###/### ``/`` Yet/CC even/RB a/DT relatively/RB strong/JJ number/NN --/: 2.8/CD %/NN to/TO 2.9/CD %/NN --/: wo/MD n't/RB alter/VB the/DT market/NN 's/POS view/NN that/IN the/DT economy/NN is/VBZ softening/VBG ./. ''/'' ###/### Hubert/NNP Pedroli/NNP ,/, managing/NN director/NN of/IN foreign/JJ exchange/NN at/IN Credit/NNP Suisse/NNP in/IN New/NNP York/NNP ,/, adds/VBZ ,/, ``/`` The/DT market/NN sees/VBZ this/DT as/IN the/DT last/JJ piece/NN of/IN good/JJ news/NN ./. ''/'' ###/### Mr./NNP Pedroli/NNP notes/VBZ that/IN the/DT GNP/NNP deflator/NN ,/, a/DT measure/NN of/IN inflation/NN ,/, is/VBZ expected/VBN to/TO slow/VB ,/, which/WDT would/MD give/VB the/DT Federal/NNP Reserve/NNP more/JJR room/NN to/TO ease/VB key/JJ U.S./NNP rates/NNS ./. ###/### Analysts/NNS predict/VBP a/DT 3.5/CD %/NN rise/NN in/IN the/DT deflator/NN ,/, after/IN climbing/VBG 4.6/CD %/NN in/IN the/DT second/JJ quarter/NN ./. ###/### They/PRP note/VBP that/IN when/WRB an/DT unexpectedly/RB sharp/JJ widening/NN in/IN the/DT U.S./NNP trade/NN gap/NN in/IN August/NNP was/VBD reported/VBN earlier/RBR this/DT month/NN ,/, hopes/NNS for/IN a/DT sustained/JJ narrowing/NN of/IN the/DT trade/NN deficit/NN were/VBD dashed/VBN and/CC sentiment/NN gripped/VBD the/DT market/NN that/IN the/DT U.S./NNP economy/NN was/VBD losing/VBG its/PRP$ momentum/NN ./. ###/### A/DT 190-point/JJ plunge/NN in/IN U.S./NNP stock/NN shares/NNS compounded/VBD the/DT view/NN ,/, they/PRP say/VBP ./. ###/### ``/`` Everyone/NN is/VBZ extremely/RB convinced/JJ the/DT economy/NN is/VBZ slowing/VBG ,/, ''/'' says/VBZ one/CD senior/JJ New/NNP York/NNP dealer/NN ./. ###/### If/IN we/PRP 're/VBP not/RB headed/VBN for/IN a/DT recession/NN ,/, we/PRP 're/VBP certainly/RB headed/VBN for/IN a/DT major/JJ slowdown/NN ./. ''/'' ###/### While/IN the/DT market/NN expects/VBZ little/JJ reaction/NN from/IN news/NN of/IN U.S./NNP durable/JJ goods/NNS orders/NNS ,/, scheduled/VBN for/IN release/NN today/NN ,/, participants/NNS note/VBP that/IN the/DT figures/NNS will/MD probably/RB serve/VB to/TO reinforce/VB this/DT bearish/JJ sentiment/NN ./. ###/### U.S./NNP durable/JJ goods/NNS orders/NNS are/VBP expected/VBN to/TO show/VB a/DT decline/NN of/IN 1.2/CD %/NN in/IN September/NNP ,/, according/VBG to/TO economists/NNS ./. ###/### The/DT anticipated/JJ drop/NN follows/VBZ a/DT 3.9/CD %/NN rise/NN in/IN August/NNP ./. ###/### Traders/NNS ,/, however/RB ,/, are/VBP quick/JJ to/TO point/VB out/RP that/IN while/IN there/EX is/VBZ little/JJ enthusiasm/NN for/IN buying/VBG dollars/NNS ,/, the/DT U.S./NNP unit/NN has/VBZ found/VBN a/DT ``/`` natural/JJ bottom/NN ''/'' at/IN about/RB 1.85/CD marks/NNS and/CC 140/CD yen/NN ./. ###/### Its/PRP$ resilience/NN around/IN these/DT levels/NNS is/VBZ pegged/VBN to/TO persistent/JJ investor/NN demand/NN for/IN the/DT greenback/NN ,/, especially/RB in/IN Japan/NNP ./. ###/### 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/CD an/DT ounce/NN ,/, down/RB 30/CD cents/NNS ./. ###/### Estimated/JJ volume/NN was/VBD a/DT very/RB light/JJ one/CD million/CD ounces/NNS ./. ###/### In/IN early/RB trading/NN in/IN Hong/NNP Kong/NNP Tuesday/NNP ,/, gold/NN was/VBD quoted/VBN at/IN $/$ 366.79/CD an/DT ounce/NN ./. ###/### Liz/NNP Claiborne/NNP Inc./NNP ,/, New/NNP York/NNP ,/, said/VBD its/PRP$ third-quarter/JJ net/JJ income/NN jumped/VBD 62/CD %/NN ,/, citing/VBG continued/JJ strength/NN in/IN apparel/NN sales/NNS and/CC the/DT start/NN of/IN shipments/NNS of/IN its/PRP$ new/JJ product/NN lines/NNS :/: a/DT men/NNS 's/POS fragrance/NN ,/, large-size/JJ women/NNS 's/POS apparel/NN and/CC casual/JJ knitwear/NN ./. ###/### The/DT big/JJ apparel/NN maker/NN and/CC retailer/NN said/VBD that/IN its/PRP$ net/JJ income/NN in/IN the/DT latest/JJS quarter/NN increased/VBD to/TO $/$ 51.1/CD million/CD ,/, or/CC 58/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 31.7/CD million/CD ,/, or/CC 36/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### Sales/NNS in/IN the/DT quarter/NN gained/VBD 29/CD %/NN to/TO $/$ 410.4/CD million/CD from/IN $/$ 317.7/CD million/CD a/DT year/NN earlier/RBR ./. ###/### Claiborne/NNP shares/NNS closed/VBD yesterday/NN at/IN $/$ 25.125/CD ,/, up/RB 50/CD cents/NNS ,/, in/IN national/JJ over-the-counter/JJ trading/NN ./. ###/### Claiborne/NNP 's/POS directors/NNS also/RB declared/VBD its/PRP$ regular/JJ cash/NN dividend/NN payment/NN of/IN five/CD cents/NNS a/DT share/NN payable/JJ on/IN Dec./NNP 5/CD to/TO shareholders/NNS of/IN record/NN at/IN the/DT close/NN of/IN business/NN on/IN Nov./NNP 13/CD ./. ###/### For/IN the/DT nine/CD months/NNS ,/, net/JJ income/NN rose/VBD 48/CD %/NN to/TO $/$ 124.2/CD million/CD ,/, or/CC $/$ 1.41/CD a/DT share/NN ,/, from/IN $/$ 83.8/CD million/CD ,/, or/CC 96/CD cents/NNS a/DT share/NN a/DT year/NN earlier/RBR ./. ###/### Sales/NNS gained/VBD 16/CD %/NN to/TO $/$ 1.03/CD billion/CD from/IN $/$ 894/CD million/CD ./. ###/### Tokyo/NNP stocks/NNS closed/VBD firmer/JJR Monday/NNP ,/, with/IN the/DT Nikkei/NNP index/NN making/VBG its/PRP$ fifth/JJ consecutive/JJ daily/JJ gain/NN ./. ###/### Stocks/NNS also/RB rose/VBD in/IN London/NNP ,/, while/IN the/DT Frankfurt/NNP market/NN was/VBD mixed/JJ ./. ###/### In/IN Tokyo/NNP ,/, the/DT Nikkei/NNP index/NN added/VBD 99.14/CD to/TO 35585.52/CD ./. ###/### The/DT index/NN moved/VBN above/IN 35670/CD at/IN midmorning/NN ,/, nearly/RB reaching/VBG the/DT record/NN of/IN 35689.98/CD set/VBN Sept./NNP 28/CD ./. ###/### But/CC the/DT market/NN lost/VBD part/NN of/IN the/DT early/JJ gains/NNS on/IN index-linked/JJ investment/NN trust/NN fund/NN selling/NN ./. ###/### In/IN early/RB trading/NN in/IN Tokyo/NNP Tuesday/NNP ,/, the/DT Nikkei/NNP index/NN rose/VBD 1.08/CD points/NNS to/TO 35586.60/CD ./. ###/### On/IN Monday/NNP ,/, traders/NNS noted/VBD that/IN some/DT investors/NNS took/VBD profits/NNS against/IN the/DT backdrop/NN of/IN the/DT Nikkei/NNP 's/POS fast-paced/JJ recovery/NN following/VBG its/PRP$ plunge/NN last/JJ Monday/NNP in/IN reaction/NN to/TO the/DT Oct./NNP 13/CD drop/NN in/IN New/NNP York/NNP stock/NN prices/NNS ./. ###/### But/CC overall/JJ buying/NN interest/NN remained/VBD strong/JJ through/IN Monday/NNP ,/, with/IN many/JJ observers/NNS saying/VBG they/PRP expect/VBP the/DT Nikkei/NNP to/TO continue/VB with/IN moderate/JJ gains/NNS this/DT week/NN ./. ###/### Turnover/NN remained/VBD relatively/RB small/JJ ./. ###/### Volume/NN on/IN the/DT first/JJ section/NN was/VBD estimated/VBN at/IN 600/CD million/CD shares/NNS ,/, down/RB from/IN 1.03/CD billion/CD shares/NNS Friday/NNP ./. ###/### The/DT Tokyo/NNP stock/NN price/NN index/NN of/IN first/JJ section/NN issues/NNS was/VBD up/RB 7.81/CD at/IN 2687.53/CD ./. ###/### Relatively/RB stable/JJ foreign/JJ currency/NN dealings/NNS Monday/NNP were/VBD viewed/VBN favorably/RB by/IN market/NN players/NNS ,/, traders/NNS said/VBD ./. ###/### But/CC institutional/JJ investors/NNS may/MD wait/VB a/DT little/RB longer/RBR to/TO appraise/VB the/DT direction/NN of/IN the/DT U.S./NNP monetary/JJ policy/NN and/CC the/DT dollar/NN ,/, traders/NNS said/VBD ./. ###/### Hiroyuki/NNP Wada/NNP ,/, general/JJ manager/NN of/IN the/DT stock/NN department/NN at/IN Okasan/NNP Securities/NNP ,/, said/VBD Monday/NNP 's/POS trading/NN was/VBD ``/`` unfocused/JJ ./. ''/'' ###/### He/PRP said/VBD investors/NNS were/VBD picking/VBG individual/JJ stocks/NNS based/VBN on/IN specific/JJ incentives/NNS and/CC the/DT likelihood/NN of/IN a/DT wider/JJR price/NN increase/NN over/IN the/DT short/JJ term/NN ./. ###/### The/DT selective/JJ approach/NN blurred/VBD themes/NNS such/JJ as/IN domestic-demand/JJ issues/NNS ,/, large-capitalization/JJ issues/NNS or/CC high-technology/NN shares/NNS ,/, which/WDT had/VBD been/VBN providing/VBG at/IN least/JJS some/DT trading/NN direction/NN over/IN the/DT past/JJ few/JJ weeks/NNS ,/, Mr./NNP Wada/NNP said/VBD ./. ###/### Investors/NNS took/VBD profits/NNS on/IN major/JJ construction/NN shares/NNS ,/, which/WDT advanced/VBD last/JJ week/NN ,/, shifting/VBG their/PRP$ attention/NN to/TO some/DT midsize/JJ companies/NNS such/JJ as/IN Aoki/NNP Corp./NNP ,/, Tobishima/NNP and/CC Maeda/NNP ./. ###/### Aoki/NNP gained/VBD 60/CD yen/NN to/TO 1,480/CD yen/NN -LRB-/-LRB- $/$ 10.40/CD -RRB-/-RRB- ./. ###/### Some/DT pharmaceutical/JJ shares/NNS were/VBD popular/JJ on/IN rumors/NNS related/VBN to/TO new/JJ products/NNS to/TO be/VB introduced/VBN at/IN a/DT cancer/NN conference/NN that/WDT opened/VBD in/IN Nagoya/NNP ./. ###/### Teijin/NNP was/VBD up/RB 15/CD at/IN 936/CD ,/, and/CC Kyowa/NNP Hakko/NNP gained/VBD 30/CD to/TO 1,770/CD ./. ###/### Mochida/NNP advanced/VBD 40/CD to/TO 4,440/CD ./. ###/### Fujisawa/NNP continued/VBD to/TO attract/VB investors/NNS because/IN of/IN strong/JJ earning/NN prospects/NNS stemming/VBG from/IN a/DT new/JJ immune/JJ control/NN agent/NN ./. ###/### Fujisawa/NNP gained/VBD 50/CD to/TO 2,060/CD ./. ###/### Kikkoman/NNP was/VBD up/RB 30/CD to/TO 1,600/CD ,/, receiving/VBG investor/NN interest/NN for/IN its/PRP$ land/NN property/NN holdings/NNS near/IN Tokyo/NNP ,/, a/DT trader/NN said/VBD ./. ###/### London/NNP prices/NNS closed/VBD modestly/RB higher/JJR in/IN the/DT year/NN 's/POS thinnest/JJS turnover/NN ,/, a/DT condition/NN that/WDT underscored/VBD a/DT lack/NN of/IN conviction/NN ahead/RB of/IN a/DT U.K./NNP balance/NN of/IN payments/NNS report/NN Tuesday/NNP ./. ###/### Limited/JJ volume/NN ahead/RB of/IN the/DT September/NNP trade/NN data/NNS showed/VBD the/DT market/NN is/VBZ nervous/JJ ,/, but/CC dealers/NNS added/VBD that/IN the/DT day/NN 's/POS modest/JJ gains/NNS also/RB signaled/VBD some/DT support/NN for/IN London/NNP equities/NNS ./. ###/### They/PRP pegged/VBD the/DT support/NN largely/RB to/TO anticipation/NN that/IN Britain/NNP 's/POS current/JJ account/NN imbalance/NN ca/MD n't/RB be/VB much/RB worse/JJR than/IN the/DT near/JJ record/JJ deficits/NNS seen/VBN in/IN July/NNP and/CC August/NNP ./. ###/### ``/`` It/PRP 's/VBZ a/DT case/NN of/IN the/DT market/NN being/VBG too/RB high/JJ to/TO buy/VB and/CC too/RB afraid/JJ to/TO sell/VB ,/, ''/'' a/DT senior/JJ dealer/NN with/IN Kleinwort/NNP Benson/NNP Securities/NNP said/VBD ./. ###/### It/PRP 's/VBZ better/JJR to/TO wait/VB ./. ''/'' ###/### The/DT Financial/NNP Times/NNP 100-share/JJ index/NN finished/VBD 10.6/CD points/NNS higher/JJR at/IN 2189.7/CD ./. ###/### The/DT 30-share/JJ index/NN closed/VBD 11.6/CD points/NNS higher/JJR at/IN 1772.6/CD ./. ###/### Volume/NN was/VBD 276.8/CD million/CD shares/NNS ,/, beneath/IN the/DT year/NN 's/POS previous/JJ low/JJ of/IN 280.5/CD million/CD shares/NNS Sept./NNP 25/CD ,/, the/DT session/NN before/IN the/DT August/NNP trade/NN figures/NNS were/VBD released/VBN ./. ###/### Analysts/NNS '/POS expectations/NNS suggest/VBP a/DT September/NNP current/JJ account/NN deficit/NN of/IN #/# 1.6/CD billion/CD -LRB-/-LRB- $/$ 2.54/CD billion/CD -RRB-/-RRB- ,/, compared/VBN with/IN August/NNP 's/POS #/# 2.0/CD billion/CD deficit/NN ./. ###/### Dealers/NNS ,/, however/RB ,/, said/VBD forecasts/NNS are/VBP broadly/RB divergent/JJ with/IN estimates/NNS ranging/VBG between/IN #/# #/# billion/CD ###/### ``/`` The/DT range/NN of/IN expectations/NNS is/VBZ so/RB broad/JJ ,/, ''/'' a/DT dealer/NN at/IN another/DT major/JJ U.K./NNP brokerage/NN firm/NN said/VBD ,/, ``/`` the/DT deficit/NN may/MD have/VB to/TO be/VB nearer/IN or/CC above/IN #/# 2/CD billion/CD for/IN it/PRP to/TO have/VB any/DT impact/NN on/IN the/DT market/NN ./. ''/'' ###/### Lucas/NNP Industries/NNP ,/, a/DT British/JJ automotive/JJ and/CC aerospace/JJ concern/NN ,/, rose/VBD 13/CD pence/NNS to/TO 614/CD pence/NNS after/IN it/PRP said/VBD its/PRP$ pretax/JJ profit/NN for/IN the/DT year/NN rose/VBD 28/CD %/NN ./. ###/### Share/NN prices/NNS on/IN the/DT Frankfurt/NNP stock/NN exchange/NN closed/VBD narrowly/RB mixed/JJ in/IN quiet/JJ dealings/NNS after/IN recovering/VBG most/JJS of/IN their/PRP$ early/JJ losses/NNS ./. ###/### The/DT DAX/NNP index/NN eased/VBD 0.99/CD point/NN to/TO end/VB at/IN 1523.22/CD after/IN falling/VBG 5.5/CD points/NNS early/RB in/IN the/DT session/NN ./. ###/### Brokers/NNS said/VBD the/DT declines/NNS early/RB in/IN the/DT day/NN were/VBD partly/RB caused/VBN by/IN losses/NNS of/IN the/DT ruling/JJ Christian-Democratic/NNP Union/NNP in/IN communal/JJ elections/NNS in/IN the/DT state/NN of/IN Baden-Wuerttemberg/NNP ./. ###/### The/DT start/NN of/IN a/DT weeklong/JJ conference/NN by/IN the/DT IG/NNP Metall/NNP metal/NN worker/NN union/NN in/IN Berlin/NNP is/VBZ drawing/VBG attention/NN to/TO the/DT impending/JJ wage/NN negotiations/NNS ,/, which/WDT could/MD boost/VB companies/NNS '/POS personnel/NNS costs/VBZ next/JJ year/NN ,/, they/PRP said/VBD ./. ###/### But/CC there/EX was/VBD little/JJ selling/NN pressure/NN ,/, and/CC even/RB small/JJ orders/NNS at/IN the/DT lower/JJR levels/NNS sufficed/VBD to/TO bring/VB the/DT market/NN back/RB to/TO Friday/NNP 's/POS opening/NN levels/NNS ./. ###/### Traders/NNS said/VBD the/DT thin/JJ trading/NN volume/NN points/NNS to/TO continued/JJ uncertainty/NN by/IN most/JJS investors/NNS following/VBG last/JJ Monday/NNP 's/POS record/JJ 13/CD %/NN loss/NN ./. ###/### The/DT market/NN is/VBZ still/RB 4/CD %/NN short/JJ of/IN its/PRP$ level/NN before/IN the/DT plunge/NN ,/, and/CC analysts/NNS are/VBP n't/RB sure/JJ how/WRB long/RB it/PRP will/MD take/VB until/IN the/DT DAX/NNP has/VBZ closed/VBN that/DT gap/NN ./. ###/### But/CC Norbert/NNP Braeuer/NNP ,/, chief/JJ trader/NN at/IN Hessische/NNP Landesbank/NNP Girozentrale/NNP -LRB-/-LRB- Helaba/NNP -RRB-/-RRB- ,/, said/VBD he/PRP expects/VBZ share/NN prices/NNS to/TO move/VB upward/RB in/IN the/DT coming/JJ weeks/NNS ./. ###/### Banking/NN stocks/NNS were/VBD the/DT major/JJ gainers/NNS Monday/NNP amid/IN hope/NN that/IN interest/NN rates/NNS have/VBP peaked/VBN ,/, as/IN Deutsche/NNP Bank/NNP and/CC Dresdner/NNP Bank/NNP added/VBD 4/CD marks/NNS each/DT to/TO 664/CD marks/NNS -LRB-/-LRB- $/$ 357/CD -RRB-/-RRB- and/CC 326/CD marks/NNS ,/, respectively/RB ./. ###/### Commerzbank/NNP gained/VBD 1/CD to/TO 252.5/CD ./. ###/### Auto/NN shares/NNS were/VBD mixed/JJ ,/, as/IN Daimler-Benz/NNP firmed/VBD 2/CD to/TO 723/CD ,/, Bayerische/NNP Motoren/NNP Werke/NNP lost/VBD the/DT same/JJ amount/NN to/TO 554/CD ,/, and/CC Volkswagen/NNP inched/VBD down/RB 1.4/CD to/TO 451.6/CD ./. ###/### Elsewhere/RB ,/, prices/NNS closed/VBD higher/JJR in/IN Amsterdam/NNP ,/, lower/JJR in/IN Zurich/NNP ,/, Stockholm/NNP and/CC Milan/NNP ,/, mixed/JJ in/IN Brussels/NNP and/CC unchanged/JJ in/IN Paris/NNP ./. ###/### Shares/NNS closed/VBD higher/JJR in/IN Hong/NNP Kong/NNP ,/, Singapore/NNP and/CC Manila/NNP ,/, and/CC were/VBD lower/JJR in/IN Sydney/NNP ,/, Seoul/NNP and/CC Taipei/NNP ./. ###/### Wellington/NNP was/VBD closed/VBN ./. ###/### 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 ./. ###/### Last/JJ week/NN 's/POS best/RBS and/CC worst/RBS performing/VBG stocks/NNS among/IN those/DT issues/NNS that/WDT make/VBP up/RP 80/CD %/NN of/IN the/DT world/NN 's/POS stock/NN market/NN capitalization/NN -LRB-/-LRB- in/IN local/JJ currency/NN -RRB-/-RRB- ISSUE/NN -LRB-/-LRB- COUNTRY/NN -RRB-/-RRB- CLOSE/NN ###/### Source/NN :/: Morgan/NNP Stanley/NNP Capital/NNP Intl/NNP ./. ###/### Enviropact/NNP Inc./NNP said/VBD it/PRP entered/VBD into/IN an/DT agreement/NN in/IN principle/NN to/TO sell/VB its/PRP$ pump/NN and/CC tank/NN division/NN and/CC drilling/NN division/NN to/TO GSX/NNP Chemical/NNP Services/NNP for/IN $/$ 4/CD million/CD ./. ###/### The/DT Miami-based/JJ environmental/JJ engineering/NN concern/NN said/VBD GSX/NNP Chemical/NNP also/RB will/MD assume/VB about/RB $/$ 1.6/CD million/CD in/IN debt/NN related/VBN to/TO those/DT divisions/NNS ./. ###/### Further/RB ,/, GSX/NNP will/MD buy/VB $/$ 1/CD million/CD of/IN Enviropact/NNP common/JJ stock/NN ,/, at/IN $/$ 2.625/CD a/DT share/NN ,/, plus/CC an/DT option/NN to/TO acquire/VB an/DT additional/JJ $/$ 1.5/CD million/CD of/IN common/NN at/IN the/DT same/JJ price/NN ,/, the/DT company/NN said/VBD ./. ###/### In/IN American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ,/, Enviropact/NNP closed/VBD at/IN $/$ 3/CD a/DT share/NN ,/, up/RB 25/CD cents/NNS ./. ###/### Enviropact/NNP said/VBD the/DT two/CD divisions/NNS account/VBP for/IN about/RB $/$ 8/CD million/CD of/IN the/DT company/NN 's/POS $/$ 20/CD million/CD in/IN annual/JJ revenue/NN ./. ###/### The/DT transaction/NN is/VBZ expected/VBN to/TO close/VB within/IN about/RB 20/CD days/NNS ,/, the/DT company/NN added/VBD ./. ###/### Enviropact/NNP said/VBD the/DT proceeds/NNS will/MD be/VB used/VBN as/IN working/JJ capital/NN for/IN expansion/NN and/CC to/TO pay/VB its/PRP$ existing/JJ tax/NN liability/NN of/IN about/RB $/$ 1.5/CD million/CD that/WDT was/VBD due/JJ Sept./NNP 15/CD ./. ###/### GSX/NNP is/VBZ a/DT unit/NN of/IN Laidlaw/NNP Transportation/NNP Ltd./NNP of/IN Burlington/NNP ,/, Canada/NNP ./. ###/### Monday/NNP ,/, October/NNP 23/CD ,/, 1989/CD ###/### The/DT key/JJ U.S./NNP and/CC foreign/JJ annual/JJ interest/NN rates/NNS below/RB 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 %/NN ./. ###/### The/DT base/JJ 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 %/NN high/JJ ,/, 8/CD %/NN low/JJ ,/, 8/CD %/NN near/IN closing/NN bid/NN ,/, 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-/-LRB- U.S.A/NNP ./. -RRB-/-RRB- Inc/NNP ./. ###/### DISCOUNT/JJ RATE/NN :/: 7/CD %/NN ./. ###/### The/DT charge/NN on/IN loans/NNS to/TO depository/JJ institutions/NNS by/IN the/DT New/NNP York/NNP Federal/NNP Reserve/NNP Bank/NNP ./. ###/### CALL/NN|JJ MONEY/NNP :/: 9/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/NNP Acceptance/NNP Corp./NNP :/: 8.50/CD %/NN 2/CD to/TO 44/CD days/NNS ;/: 8.25/CD %/NN 45/CD to/TO 69/CD days/NNS ;/: 8.40/CD %/NN 70/CD to/TO 89/CD days/NNS ;/: 8.20/CD %/NN 90/CD to/TO 119/CD days/NNS ;/: 8.05/CD %/NN 120/CD to/TO 149/CD days/NNS ;/: 7.90/CD %/NN 150/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 :/: 8.575/CD %/NN 30/CD days/NNS ;/: 8.50/CD %/NN 60/CD days/NNS ;/: 8.45/CD %/NN 90/CD days/NNS ./. ###/### CERTIFICATES/NNS OF/IN DEPOSIT/NN :/: 8.09/CD %/NN one/CD month/NN ;/: 8.09/CD %/NN two/CD months/NNS ;/: 8.06/CD %/NN three/CD months/NNS ;/: 8/CD %/NN six/CD months/NNS ;/: 7.94/CD %/NN one/CD year/NN ./. ###/### Average/NN 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:8.60/NN|CD %/NN one/CD month/NN ;/: 8.60/CD %/NN three/CD months/NNS ;/: 8.40/CD %/NN six/CD months/NNS ./. ###/### BANKERS/NNS ACCEPTANCES/NNS :/: 8.50/CD %/NN 30/CD days/NNS ;/: 8.32/CD %/NN 60/CD days/NNS ;/: 8.32/CD %/NN 90/CD days/NNS ;/: 8.16/CD %/NN 120/CD days/NNS ;/: 8.05/CD %/NN 150/CD days/NNS ;/: 7.96/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/NNPS|NNS :/: 8/CD %/NN to/TO 8/CD %/NN one/CD month/NN ;/: 8/CD %/NN to/TO 8/CD %/NN two/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN three/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN four/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN five/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN six/CD months/NNS ./. ###/### LONDON/NNP INTERBANK/JJ OFFERED/JJ RATES/NNS -LRB-/-LRB- LIBOR/NNP -RRB-/-RRB- :/: 8/CD %/NN one/CD month/NN ;/: 8/CD %/NN three/CD months/NNS ;/: 8/CD %/NN six/CD months/NNS ;/: 8/CD %/NN one/CD year/NN ./. ###/### The/DT average/NN of/IN interbank/JJ offered/JJ 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 9/CD %/NN ;/: Japan/NNP 4.875/CD %/NN ;/: Switzerland/NN 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 ./. ###/### Results/NNS of/IN the/DT Monday/NNP ,/, October/NNP 23/CD ,/, 1989/CD ,/, auction/NN of/IN short-term/JJ 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 :/: 7.52/CD %/NN ,/, 13/CD weeks/NNS ;/: 7.50/CD %/NN ,/, 26/CD weeks/NNS ./. ###/### FEDERAL/NNP HOME/NNP LOAN/NNP MORTGAGE/NNP CORP/NNP ./. -LRB-/-LRB- Freddie/NNP Mac/NNP -RRB-/-RRB- :/: Posted/VBN yields/NNS on/IN 30-year/JJ mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days./NNS 9.86/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ;/: 7.875/CD %/NN ,/, 2/CD %/NN rate/NN capped/JJ 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-/-LRB- Fannie/NNP Mae/NNP -RRB-/-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-/-LRB- priced/VBN at/IN par/NN 9.80/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ;/: 8.75/CD %/NN ,/, rate/NN capped/JJ 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 :/: 8.56/CD %/NN ./. ###/### Annualized/JJ 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/JJ returns/NNS ./. ###/### Bankers/NNP Trust/NNP New/NNP York/NNP Corp./NNP ,/, as/IN expected/VBN ,/, reported/VBD a/DT third-quarter/JJ loss/NN of/IN $/$ 1.42/CD billion/CD ,/, or/CC $/$ 17.39/CD a/DT share/NN ,/, following/VBG its/PRP$ $/$ 1.6/CD billion/CD boost/NN in/IN reserves/NNS for/IN losses/NNS on/IN loans/NNS to/TO less-developed/JJ countries/NNS ./. ###/### The/DT loss/NN compares/VBZ with/IN net/JJ income/NN of/IN $/$ 162.1/CD million/CD ,/, or/CC $/$ 2.01/CD a/DT share/NN ,/, in/IN the/DT year-earlier/JJ period/NN ./. ###/### Interest/NN income/NN rose/VBD 29/CD %/NN to/TO about/RB $/$ 1.35/CD billion/CD from/IN $/$ 1.05/CD billion/CD ./. ###/### The/DT New/NNP York/NNP bank/NN holding/NN company/NN 's/POS assets/NNS at/IN Sept./NNP 30/CD climbed/VBD to/TO $/$ 59.4/CD billion/CD from/IN $/$ 57.9/CD billion/CD ./. ###/### Excluding/VBG the/DT increase/NN in/IN loan-loss/JJ reserves/NNS ,/, Bankers/NNP Trust/NNP said/VBD third-quarter/JJ net/JJ income/NN would/MD have/VB increased/VBN 11/CD %/NN to/TO $/$ 180/CD million/CD ./. ###/### A/DT number/NN of/IN major/JJ banks/NNS have/VBP posted/VBN big/JJ losses/NNS after/IN sharply/RB increasing/VBG loan-loss/JJ reserves/NNS ./. ###/### Most/JJS of/IN the/DT loans/NNS in/IN question/NN are/VBP to/TO Third/NNP World/NNP countries/NNS in/IN South/NNP America/NNP ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ,/, Bankers/NNP Trust/NNP fell/VBD 12.5/CD cents/NNS to/TO $/$ 50.50/CD ./. ###/### BRISTOL-MYERS/NNP SQUIBB/NNP Co/NNP ./. -LRB-/-LRB- New/NNP York/NNP -RRB-/-RRB- --/: Gerald/NNP C./NNP Beddall/NNP ,/, 47/CD years/NNS old/JJ ,/, was/VBD named/VBN president/NN of/IN the/DT Clairol/NNP division/NN of/IN this/DT pharmaceuticals/NNS and/CC health-care/NN company/NN ./. ###/### He/PRP succeeds/VBZ C./NNP Benjamin/NNP Brooks/NNP Jr./NNP ,/, who/WP will/MD retire/VB Nov./NNP 1/CD ./. ###/### Mr./NNP Brooks/NNP declined/VBD to/TO give/VB his/PRP$ age/NN ,/, but/CC he/PRP said/VBD his/PRP$ leaving/NN is/VBZ a/DT normal/JJ retirement/NN ./. ###/### Mr./NNP Beddall/NNP had/VBD been/VBN executive/JJ vice/NN president/NN of/IN the/DT division/NN since/IN April/NNP ./. ###/### Clairol/NNP ,/, which/WDT makes/VBZ hair/NN and/CC skin/NN products/NNS ,/, was/VBD a/DT division/NN of/IN Bristol-Myers/NNP Co./NNP before/IN that/DT company/NN 's/POS merger/NN with/IN Squibb/NNP Corp/NNP ./. ###/### Annualized/JJ interest/NN rates/NNS on/IN certain/JJ investments/NNS as/IN reported/VBN by/IN the/DT Federal/NNP Reserve/NNP Board/NNP on/IN a/DT weekly-average/JJ basis/NN :/: ###/### a-Discounted/LS|JJ rate/NN ./. ###/### b-Week/LS|NN ended/VBN Wednesday/NNP ,/, October/NNP 18/CD ,/, 1989/CD and/CC Wednesday/NNP October/NNP 11/CD ,/, 1989/CD ./. ###/### c-Yields/LS|NNS ,/, adjusted/VBN for/IN constant/JJ maturity/NN ./. ###/### American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP said/VBD it/PRP will/MD spend/VB $/$ 20/CD million/CD to/TO build/VB a/DT factory/NN in/IN Guadalajara/NNP ,/, Mexico/NNP ,/, to/TO make/VB telephone/NN answering/NN machines/NNS ./. ###/### Construction/NN of/IN the/DT 265,000-square-foot/JJ facility/NN will/MD begin/VB next/JJ year/NN ,/, with/IN production/NN expected/VBN to/TO start/VB in/IN late/JJ 1991/CD ./. ###/### When/WRB fully/RB operational/JJ ,/, the/DT Guadalajara/NNP factory/NN will/MD employ/VB about/RB 1,500/CD workers/NNS and/CC have/VB annual/JJ operating/NN expenses/NNS of/IN $/$ 5/CD million/CD to/TO $/$ 6/CD million/CD ./. ###/### An/DT AT&T/NNP representative/NN said/VBD that/IN the/DT Guadalajara/NNP factory/NN will/MD make/VB a/DT full/JJ line/NN of/IN answering/NN machines/NNS ./. ###/### AT&T/NNP already/RB has/VBZ a/DT factory/NN in/IN Matamoros/NNP ,/, Mexico/NNP ,/, to/TO make/VB electrical/JJ devices/NNS ./. ###/### It/PRP also/RB purchases/VBZ data/NN|NNS systems/NNS products/NNS from/IN a/DT manufacturer/NN based/VBN in/IN Monterrey/NNP ./. ###/### Lucas/NNP Industries/NNP PLC/NNP ,/, a/DT British/JJ maker/NN of/IN industrial/JJ parts/NNS and/CC systems/NNS ,/, reported/VBD a/DT 28/CD %/NN rise/NN in/IN pretax/JJ profit/NN for/IN the/DT year/NN to/TO July/NNP 31/CD ,/, helped/VBN in/IN particular/JJ by/IN a/DT 32/CD %/NN jump/NN in/IN operating/NN profit/NN at/IN its/PRP$ aerospace/JJ division/NN ./. ###/### Pretax/JJ profit/NN in/IN the/DT latest/JJS year/NN climbed/VBD to/TO #/# 187.1/CD million/CD -LRB-/-LRB- $/$ 297.1/CD million/CD -RRB-/-RRB- from/IN #/# 146.3/CD million/CD -LRB-/-LRB- $/$ 232.3/CD million/CD -RRB-/-RRB- ./. ###/### Profit/NN after/IN taxes/NNS and/CC minority/NN interests/NNS but/CC before/IN extraordinary/JJ items/NNS climbed/VBD 27/CD %/NN to/TO #/# #/# million/CD ,/, with/IN earnings/NNS per/IN share/NN rising/VBG to/TO 85.1/CD pence/NNS -LRB-/-LRB- $/$ 1.35/CD -RRB-/-RRB- from/IN 79.4/CD pence/NNS -LRB-/-LRB- $/$ 1.26/CD -RRB-/-RRB- ./. ###/### The/DT results/NNS were/VBD at/IN the/DT upper/JJ end/NN of/IN market/NN expectations/NNS ,/, which/WDT ranged/VBD from/IN #/# #/# million/CD ###/### TW/NNP Services/NNP Inc./NNP posted/VBD a/DT $/$ 3.3/CD million/CD third-quarter/JJ net/JJ loss/NN ,/, compared/VBN with/IN a/DT $/$ 24.9/CD million/CD profit/NN ,/, reflecting/VBG $/$ 60/CD million/CD of/IN expenses/NNS related/VBN to/TO its/PRP$ much-publicized/JJ proposed/JJ takeover/NN by/IN Coniston/NNP Partners/NNP ./. ###/### The/DT per-share/JJ loss/NN for/IN the/DT Paramus/NNP ,/, N.J./NNP ,/, food-services/NNS concern/NN totaled/VBD seven/CD cents/NNS ,/, compared/VBN with/IN earnings/NNS of/IN 51/CD cents/NNS a/DT share/NN a/DT year/NN earlier/RBR ./. ###/### Revenue/NN rose/VBD 5/CD %/NN to/TO $/$ 981.7/CD million/CD from/IN $/$ 934.7/CD million/CD ./. ###/### Coniston/NNP ,/, a/DT New/NNP York/NNP investment/NN partnership/NN ,/, awaits/VBZ a/DT vote/NN by/IN TW/NNP 's/POS shareholders/NNS ,/, scheduled/VBN for/IN Friday/NNP ,/, on/IN Coniston/NNP 's/POS $/$ 34-a-share/JJ ,/, or/CC $/$ 1.66/CD billion/CD ,/, offer/NN for/IN TW/NNP ./. ###/### Nine-month/JJ net/JJ income/NN dropped/VBD 47/CD %/NN to/TO $/$ 26.3/CD million/CD or/CC ,/, ,/, $/$ 1.02/CD a/DT share/NN ./. ###/### Revenue/NN rose/VBD 6/CD %/NN to/TO $/$ 2.79/CD billion/CD from/IN $/$ 2.63/CD billion/CD ./. ###/### Cummins/NNP Engine/NNP Co./NNP ,/, Columbus/NNP ,/, Ind./NNP ,/, hurt/VBN by/IN a/DT drop/NN in/IN engine/NN orders/NNS from/IN heavy-truck/NN makers/NNS ,/, reported/VBD a/DT third-quarter/JJ loss/NN of/IN $/$ 39.7/CD million/CD ,/, or/CC $/$ 4.12/CD a/DT share/NN ,/, on/IN essentially/RB flat/JJ sales/NNS of/IN $/$ 807.6/CD million/CD ./. ###/### In/IN the/DT year-earlier/JJ period/NN ,/, the/DT maker/NN of/IN diesel/JJ engines/NNS and/CC parts/NNS had/VBD a/DT narrower/JJR deficit/NN of/IN $/$ 17.6/CD million/CD ,/, or/CC $/$ 1.84/CD a/DT share/NN ,/, with/IN sales/NNS of/IN $/$ 808.3/CD million/CD ./. ###/### A/DT spokeswoman/NN said/VBD shipments/NNS of/IN truck/NN engines/NNS ,/, which/WDT provide/VBP a/DT higher/JJR margin/NN than/IN most/JJS of/IN the/DT company/NN 's/POS other/JJ products/NNS ,/, declined/VBD 16/CD %/NN from/IN a/DT year/NN earlier/RBR ./. ###/### Although/IN Cummins/NNP 's/POS stock/NN stumbled/VBD last/JJ month/NN after/IN the/DT company/NN projected/VBD a/DT ``/`` substantial/JJ ''/'' third-period/JJ loss/NN ,/, the/DT stock/NN also/RB fell/VBD $/$ 1.125/CD in/IN composite/JJ New/NNP York/NNP Stock/NNP Exchange/NNP trading/NN yesterday/NN ,/, to/TO $/$ 51.75/CD ./. ###/### It/PRP traded/VBD as/RB high/JJ as/IN $/$ 64/CD a/DT month/NN ago/RB ,/, before/IN the/DT loss/NN projection/NN ./. ###/### For/IN the/DT nine/CD months/NNS ,/, the/DT latest/JJS loss/NN trimmed/VBD net/JJ income/NN to/TO $/$ 3.6/CD million/CD ,/, which/WDT after/IN payment/NN of/IN preferred/JJ dividends/NNS represented/VBD a/DT 31-cent/JJ loss/NN a/DT common/JJ share/NN ./. ###/### The/DT year-before/JJ loss/NN was/VBD $/$ 8.4/CD million/CD ,/, or/CC $/$ 1.36/CD a/DT common/JJ share/NN ./. ###/### Exxon/NNP Corp./NNP filed/VBD suit/NN against/IN the/DT state/NN of/IN Alaska/NNP ,/, charging/VBG state/NN officials/NNS interfered/VBD with/IN the/DT oil/NN company/NN 's/POS initial/JJ efforts/NNS to/TO treat/VB last/JJ spring/NN 's/POS giant/JJ oil/NN spill/NN ./. ###/### The/DT action/NN is/VBZ a/DT counterclaim/NN to/TO a/DT suit/NN filed/VBN by/IN Alaska/NNP in/IN August/NNP against/IN Exxon/NNP and/CC six/CD other/JJ oil/NN companies/NNS ./. ###/### The/DT state/NN 's/POS suit/NN alleges/VBZ that/IN Exxon/NNP 's/POS response/NN to/TO the/DT spill/NN failed/VBD to/TO prevent/VB contamination/NN of/IN hundreds/NNS of/IN miles/NNS of/IN shoreline/NN along/IN Prince/NNP William/NNP Sound/NNP ./. ###/### That/DT suit/NN and/CC Exxon/NNP 's/POS countersuit/NN were/VBD filed/VBN in/IN a/DT state/NN court/NN in/IN Anchorage/NNP ./. ###/### Neither/DT suit/NN lists/VBZ specific/JJ dollar/NN claims/NNS ,/, largely/RB because/IN damage/NN assessment/NN has/VBZ n't/RB yet/RB been/VBN completed/VBN ./. ###/### Legal/JJ strategists/NNS say/VBP that/IN damage/NN claims/NNS against/IN the/DT oil/NN giant/NN and/CC others/NNS could/MD well/RB exceed/VB $/$ 1/CD billion/CD ./. ###/### Litigation/NN ,/, if/IN not/RB settled/VBN out/IN of/IN court/NN ,/, could/MD drag/VB on/RB for/IN years/NNS ./. ###/### Exxon/NNP said/VBD in/IN its/PRP$ suit/NN that/IN it/PRP will/MD seek/VB reimbursement/NN from/IN the/DT state/NN for/IN that/DT part/NN of/IN the/DT cleanup/NN costs/NNS and/CC damage/NN claims/NNS it/PRP says/VBZ resulted/VBD from/IN the/DT state/NN 's/POS conduct/NN ./. ###/### The/DT oil/NN company/NN claims/VBZ that/IN Alaskan/JJ officials/NNS prevented/VBD Exxon/NNP from/IN spraying/VBG dispersant/NN onto/IN the/DT almost/RB 11/CD million/CD gallons/NNS of/IN oil/NN dumped/VBN when/WRB one/CD of/IN its/PRP$ tankers/NNS ran/VBD into/IN an/DT underwater/JJ reef/NN ./. ###/### Craig/NNP Tillery/NNP ,/, an/DT Alaska/NNP assistant/JJ attorney/NN general/NN ,/, said/VBD in/IN an/DT interview/NN last/JJ night/NN that/IN Exxon/NNP 's/POS accusations/NNS ``/`` are/VBP not/RB new/JJ ./. ###/### Exxon/NNP has/VBZ made/VBN them/PRP before/RB ,/, at/IN which/WDT point/NN the/DT state/NN demonstrated/VBD they/PRP were/VBD untrue/JJ ./. ###/### The/DT state/NN will/MD vigorously/RB defend/VB against/IN any/DT counterclaim/NN ./. ''/'' ###/### Since/IN the/DT spill/NN last/JJ March/NNP ,/, Exxon/NNP and/CC the/DT state/NN have/VBP been/VBN wrangling/VBG over/IN whether/IN spraying/VBG dispersant/NN on/IN the/DT oil/NN in/IN the/DT first/JJ hours/NNS after/IN the/DT spill/NN ,/, when/WRB the/DT weather/NN was/VBD clear/JJ and/CC calm/JJ ,/, would/MD have/VB helped/VBN limit/VB the/DT environmental/JJ damage/NN ./. ###/### Exxon/NNP claims/VBZ that/IN use/NN of/IN dispersants/NNS ,/, which/WDT break/VBP an/DT oil/NN slick/NN into/IN microscopic/JJ droplets/NNS ,/, was/VBD a/DT crucial/JJ part/NN of/IN its/PRP$ immediate-response/JJ plan/NN and/CC that/IN state/NN officials/NNS banned/VBD their/PRP$ use/NN during/IN the/DT two/CD days/NNS of/IN fair/JJ weather/NN following/VBG the/DT spill/NN ./. ###/### The/DT oil/NN company/NN claims/VBZ that/IN it/PRP had/VBD permission/NN from/IN the/DT U.S./NNP Environmental/NNP Protection/NNP Agency/NNP prior/RB to/TO the/DT spill/NN to/TO use/VB dispersant/NN during/IN such/PDT an/DT incident/NN at/IN the/DT discretion/NN of/IN the/DT U.S./NNP Coast/NNP Guard/NNP ./. ###/### The/DT state/NN 's/POS opposition/NN to/TO the/DT use/NN of/IN dispersants/NNS ,/, Exxon/NNP says/VBZ ,/, caused/VBD the/DT Coast/NNP Guard/NNP ``/`` to/TO delay/VB granting/VBG permission/NN ./. ''/'' ###/### Alaskan/JJ and/CC Coast/NNP Guard/NNP officials/NNS say/VBP Exxon/NNP 's/POS charges/NNS are/VBP n't/RB relevant/JJ because/IN tests/NNS conducted/VBN during/IN the/DT first/JJ two/CD days/NNS following/VBG the/DT spill/NN showed/VBD that/IN the/DT dispersant/NN was/VBD n't/RB working/VBG anyway/RB ./. ###/### Use/NN of/IN dispersants/NNS was/VBD approved/VBN when/WRB a/DT test/NN on/IN the/DT third/JJ day/NN showed/VBD some/DT positive/JJ results/NNS ,/, officials/NNS said/VBD ./. ###/### Meson/NNP Investment/NNP Ltd./NNP ,/, a/DT Vancouver/NNP ,/, B.C.-based/JJ investment/NN firm/NN ,/, said/VBD it/PRP raised/VBD its/PRP$ stake/NN in/IN Verit/NNP Industries/NNP to/TO 8.9/CD %/NN of/IN the/DT common/JJ shares/NNS outstanding/JJ ./. ###/### In/IN a/DT Securities/NNP and/CC Exchange/NNP Commission/NNP filing/NN ,/, Meson/NNP said/VBD it/PRP holds/VBZ 67,400/CD Verit/NNP common/JJ shares/NNS ,/, including/VBG net/JJ purchases/NNS of/IN 8,100/CD shares/NNS bought/VBN from/IN Oct./NNP 10/CD ,/, 1988/CD ,/, to/TO Oct./NNP 11/CD ,/, 1989/CD ,/, for/IN $/$ 3.875/CD to/TO $/$ 7/CD each/DT ./. ###/### Meson/NNP is/VBZ the/DT personal/JJ holding/NN company/NN of/IN Steven/NNP Morfey/NNP ,/, a/DT Vancouver/NNP securities/NNS dealer/NN ./. ###/### He/PRP said/VBD the/DT transaction/NN was/VBD made/VBN for/IN investment/NN purposes/NNS ./. ###/### Officials/NNP for/IN Sun/NNP Valley/NNP ,/, Calif.-based/JJ Verit/NNP could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. ###/### In/IN composite/JJ trading/NN on/IN the/DT American/NNP Stock/NNP Exchange/NNP ,/, Verit/NNP closed/VBD unchanged/JJ yesterday/NN at/IN $/$ 3.875/CD a/DT share/NN ./. ###/### The/DT House/NNP Appropriations/NNP Committee/NNP approved/VBD an/DT estimated/JJ $/$ 2.85/CD billion/CD in/IN emergency/NN funding/NN to/TO assist/VB California/NNP 's/POS recovery/NN from/IN last/JJ week/NN 's/POS earthquake/NN and/CC to/TO extend/VB further/JJ aid/NN to/TO East/NNP Coast/NNP victims/NNS of/IN Hurricane/NNP Hugo/NNP ./. ###/### The/DT package/NN was/VBD termed/VBN excessive/JJ by/IN the/DT Bush/NNP administration/NN ,/, but/CC it/PRP also/RB provoked/VBD a/DT struggle/NN with/IN influential/JJ California/NNP lawmakers/NNS who/WP sought/VBD unsuccessfully/RB to/TO add/VB nearly/RB $/$ 1/CD billion/CD more/JJR and/CC waive/VB current/JJ restrictions/NNS to/TO expedite/VB the/DT distribution/NN of/IN funds/NNS ./. ###/### By/IN a/DT 26-7/JJ margin/NN ,/, the/DT committee/NN scuttled/VBD the/DT more/RBR expensive/JJ alternative/NN ,/, and/CC the/DT debate/NN forced/VBD a/DT strained/JJ confrontation/NN between/IN Appropriations/NNP Committee/NNP Chairman/NNP Jamie/NNP Whitten/NNP -LRB-/-LRB- D./NNP ,/, Miss/NNP ./. -RRB-/-RRB- and/CC his/PRP$ party/NN 's/POS largest/JJS state/NN delegation/NN in/IN the/DT House/NNP ./. ###/### ``/`` I/PRP have/VBP no/DT regrets/NNS about/IN going/VBG forward/RB ,/, ''/'' said/VBD Rep./NNP Vic/NNP Fazio/NNP -LRB-/-LRB- D.,Calif./NN -RRB-/-RRB- ,/, who/WP sought/VBD later/RB to/TO play/VB down/RP the/DT sometimes/RB hostile/JJ tone/NN of/IN the/DT long/JJ evening/NN meeting/NN ./. ###/### ``/`` We/PRP are/VBP the/DT Golden/NNP State/NNP ,/, ''/'' Mr./NNP Fazio/NNP said/VBD ,/, ``/`` and/CC there/EX is/VBZ a/DT certain/JJ amount/NN of/IN jealousy/NN ./. ''/'' ###/### The/DT $/$ 2.85/CD billion/CD package/NN incorporates/VBZ $/$ 500/CD million/CD for/IN small-business/NN loans/NNS ,/, $/$ 1/CD billion/CD in/IN highway/NN construction/NN funds/NNS ,/, and/CC $/$ 1.35/CD billion/CD divided/VBN between/IN general/JJ emergency/NN assistance/NN and/CC a/DT reserve/NN to/TO be/VB available/JJ to/TO President/NNP Bush/NNP to/TO meet/VB unanticipated/JJ costs/NNS from/IN the/DT two/CD disasters/NNS ./. ###/### The/DT funding/VBG is/VBZ attached/VBN to/TO a/DT stopgap/JJ bill/NN to/TO keep/VB most/JJS of/IN the/DT government/NN operating/VBG through/IN Nov./NNP 15/CD ./. ###/### The/DT measure/NN is/VBZ expected/VBN to/TO come/VB before/IN the/DT House/NNP today/NN ,/, and/CC Congress/NNP is/VBZ under/IN pressure/NN to/TO complete/VB action/NN before/IN midnight/NN EDT/NNP tomorrow/NN ,/, when/WRB the/DT current/NN continuing/JJ resolution/NN expires/VBZ ./. ###/### Given/VBN California/NNP 's/POS size/NN and/CC political/JJ importance/NN ,/, the/DT White/NNP House/NNP is/VBZ eager/JJ to/TO appear/VB generous/JJ ./. ###/### But/CC in/IN private/JJ meetings/NNS yesterday/NN ,/, Budget/NNP Director/NNP Richard/NNP Darman/NNP argued/VBD that/IN only/RB $/$ 1.5/CD billion/CD in/IN new/JJ federal/JJ appropriations/NNS are/VBP needed/VBN to/TO supplement/VB existing/JJ resources/NNS ./. ###/### A/DT White/NNP House/NNP budget/NN office/NN analysis/NN estimates/VBZ that/IN $/$ 500/CD million/CD --/: or/CC half/PDT the/DT level/NN in/IN the/DT committee/NN bill/NN --/: is/VBZ needed/VBN for/IN highway/NN assistance/NN to/TO meet/VB California/NNP 's/POS needs/NNS ,/, and/CC the/DT administration/NN rejects/VBZ the/DT notion/NN that/IN new/JJ appropriations/NNS are/VBP needed/VBN to/TO finance/VB disaster/NN loans/NNS by/IN the/DT Small/NNP Business/NNP Administration/NNP ./. ###/### ``/`` Everybody/NN appreciates/VBZ that/IN it/PRP is/VBZ a/DT national/JJ disaster/NN and/CC that/IN we/PRP 've/VBP got/VBD to/TO address/VB it/PRP ,/, ''/'' said/VBD Mr./NNP Darman/NNP ,/, who/WP came/VBD to/TO the/DT Capitol/NNP to/TO meet/VB with/IN Mr./NNP Whitten/NNP and/CC California/NNP lawmakers/NNS before/IN the/DT committee/NN session/NN ./. ###/### I/PRP would/MD hope/VB very/RB much/RB that/IN we/PRP would/MD n't/RB end/VB up/RP in/IN a/DT kind/NN of/IN situation/NN where/WRB you/PRP have/VBP a/DT bidding/NN war/NN and/CC then/RB a/DT veto/NN threat/NN ./. ''/'' ###/### Although/IN this/DT White/NNP House/NNP pressure/NN was/VBD clearly/RB a/DT factor/NN among/IN committee/NN Republicans/NNPS ,/, no/DT single/JJ influence/NN was/VBD greater/JJR than/IN Mr./NNP Whitten/NNP ./. ###/### A/DT master/NN of/IN pork-barrel/JJ politics/NNS ,/, he/PRP had/VBD crafted/VBN the/DT $/$ 2.85/CD billion/CD package/NN in/IN vintage/JJ style/NN and/CC used/VBD the/DT full/JJ force/NN of/IN his/PRP$ chairmanship/NN to/TO keep/VB the/DT proposal/NN intact/JJ and/CC dismiss/VB any/DT alternative/NN ./. ###/### When/WRB Mr./NNP Fazio/NNP offered/VBD the/DT California-backed/JJ $/$ 3.84/CD billion/CD plan/NN ,/, Mr./NNP Whitten/NNP insisted/VBD that/IN the/DT full/JJ 14/CD pages/NNS be/VB read/VBN aloud/RB by/IN the/DT panel/NN 's/POS clerk/NN to/TO underscore/VB the/DT range/NN of/IN legislative/JJ changes/NNS also/RB sought/VBN by/IN the/DT delegation/NN ./. ###/### On/IN the/DT chairman/NN 's/POS motion/NN ,/, the/DT California/NNP package/NN was/VBD subsequently/RB reduced/VBN to/TO less-binding/JJ report/NN language/NN ,/, and/CC even/RB when/WRB this/DT was/VBD accepted/VBN as/IN such/JJ on/IN a/DT voice/NN vote/NN ,/, Mr./NNP Whitten/NNP pointedly/RB opposed/VBD it/PRP ./. ###/### More/RBR important/JJ than/IN money/NN in/IN many/JJ cases/NNS are/VBP waivers/NNS California/NNP is/VBZ seeking/VBG on/IN current/JJ restrictions/NNS covering/VBG federal/JJ highway/NN funds/NNS ,/, such/JJ as/IN a/DT $/$ 100/CD million/CD cap/NN on/IN how/WRB much/JJ any/DT single/JJ state/NN can/MD receive/VB in/IN emergency/NN funds/NNS in/IN a/DT year/NN ./. ###/### Mr./NNP Whitten/NNP 's/POS package/NN appears/VBZ to/TO accomplish/VB this/DT purpose/NN ,/, but/CC the/DT state/NN faces/VBZ more/JJR resistance/NN in/IN its/PRP$ bid/NN for/IN an/DT extended/JJ waiver/NN on/IN having/VBG to/TO put/VB up/RP any/DT matching/JJ funds/NNS on/IN repairs/NNS completed/VBN in/IN the/DT next/JJ six/CD months/NNS ./. ###/### A/DT member/NN in/IN the/DT House/NNP leadership/NN and/CC skilled/JJ legislator/NN ,/, Mr./NNP Fazio/NNP nonetheless/RB found/VBD himself/PRP burdened/VBN not/RB only/RB by/IN California/NNP 's/POS needs/NNS but/CC by/IN Hurricane/NNP Hugo/NNP amendments/NNS he/PRP accepted/VBD in/IN a/DT vain/JJ effort/NN to/TO build/VB support/NN in/IN the/DT panel/NN ./. ###/### The/DT California/NNP Democrat/NNP appeared/VBD embarrassed/JJ by/IN provisions/NNS inserted/VBN on/IN behalf/NN of/IN owners/NNS of/IN private/JJ beaches/NNS in/IN the/DT Virgin/NNP Islands/NNP ,/, and/CC lumber/NN interests/NNS sought/VBD to/TO add/VB another/DT $/$ 100/CD million/CD in/IN federal/JJ aid/NN to/TO plant/NN timber/NN on/IN private/JJ land/NN in/IN North/NNP and/CC South/NNP Carolina/NNP ./. ###/### California/NNP 's/POS high-priced/JJ real/JJ estate/NN puts/VBZ it/PRP in/IN an/DT awkward/JJ position/NN ,/, too/RB ./. ###/### One/CD provision/NN last/JJ night/NN would/MD have/VB raised/VBN the/DT cap/NN on/IN disaster/NN loans/NNS to/TO $/$ 500,000/CD from/IN $/$ 100,000/CD per/IN household/NN to/TO accommodate/VB San/NNP Francisco/NNP losses/NNS ./. ###/### Kurzweil/NNP Music/NNP Systems/NNP Inc./NNP said/VBD it/PRP retained/VBD Kidder/NNP ,/, Peabody/NNP &/CC Co./NNP to/TO study/VB financial/JJ alternatives/NNS ,/, including/VBG the/DT possible/JJ sale/NN of/IN the/DT financially/RB struggling/VBG company/NN ./. ###/### Kurzweil/NNP ,/, Waltham/NNP ,/, Mass./NNP ,/, makes/VBZ digital/JJ electronic/JJ keyboard/NN instruments/NNS used/VBN by/IN professional/JJ recording/VBG musicians/NNS ./. ###/### It/PRP recently/RB introduced/VBD a/DT line/NN for/IN the/DT home/NN market/NN ./. ###/### However/RB ,/, Raymond/NNP C./NNP Kurzweil/NNP ,/, chairman/NN and/CC chief/JJ executive/NN ,/, said/VBD ``/`` The/DT company/NN continues/VBZ to/TO require/VB additional/JJ funding/NN to/TO realize/VB the/DT potential/NN of/IN its/PRP$ technology/NN ./. ''/'' ###/### In/IN the/DT year/NN 's/POS first/JJ six/CD months/NNS ,/, Kurzweil/NNP had/VBD a/DT loss/NN of/IN $/$ 6.9/CD million/CD on/IN sales/NNS of/IN $/$ 11.2/CD million/CD ./. ###/### Last/JJ month/NN its/PRP$ president/NN ,/, John/NNP S./NNP Donnelly/NNP ,/, resigned/VBD citing/VBG ``/`` management/NN differences/NNS ''/'' with/IN Mr./NNP Kurzweil/NNP ./. ###/### Amtech/NNP Systems/NNP Inc./NNP ,/, Tempe/NNP ,/, Ariz./NNP ,/, said/VBD its/PRP$ preliminary/JJ year-end/JJ results/NNS of/IN operations/NNS indicate/VBP ``/`` substantial/JJ improvement/NN ''/'' over/IN the/DT previous/JJ fiscal/JJ year/NN ./. ###/### Amtech/NNP ,/, which/WDT makes/VBZ an/DT automated/JJ process/NN system/NN that/WDT improves/VBZ the/DT yields/NNS of/IN semiconductor/NN manufacturers/NNS ,/, said/VBD profit/NN for/IN the/DT year/NN ended/VBN Sept./NNP 30/CD rose/VBD to/TO more/JJR than/IN $/$ 800,000/CD from/IN $/$ 446,000/CD last/JJ year/NN ./. ###/### Per-share/JJ earnings/NNS are/VBP estimated/VBN at/IN more/JJR than/IN 40/CD cents/NNS ,/, up/RB from/IN 22/CD cents/NNS for/IN fiscal/JJ 1988/CD ./. ###/### Total/JJ revenue/NN is/VBZ expected/VBN to/TO double/VB to/TO more/JJR than/IN $/$ 22/CD million/CD from/IN $/$ 10.8/CD million/CD ./. ###/### Amtech/NNP ,/, which/WDT also/RB provides/VBZ technical/JJ temporary/JJ employment/NN services/NNS to/TO aerospace/JJ ,/, defense/NN ,/, computer/NN and/CC high-tech/JJ companies/NNS in/IN the/DT Southwest/NNP and/CC Baltimore-Washington/NNP areas/NNS ,/, said/VBD its/PRP$ final/JJ audited/JJ results/NNS are/VBP due/JJ in/IN late/JJ November/NNP ./. ###/### The/DT company/NN attributed/VBD the/DT improvement/NN to/TO strong/JJ demand/NN in/IN the/DT semiconductor/NN equipment/NN segment/NN as/RB well/RB as/IN the/DT acquisition/NN of/IN Echelon/NNP Service/NNP Co./NNP and/CC the/DT inclusion/NN of/IN a/DT full/JJ year/NN 's/POS results/NNS of/IN operations/NNS for/IN RTS/NNP Inc./NNP ,/, compared/VBN with/IN seven/CD months/NNS '/POS results/NNS for/IN the/DT prior/JJ year/NN ./. ###/### LDI/NNP Corp./NNP ,/, Cleveland/NNP ,/, said/VBD it/PRP will/MD offer/VB $/$ 50/CD million/CD in/IN commercial/JJ paper/NN backed/VBN by/IN lease-rental/JJ receivables/NNS ./. ###/### The/DT program/NN matches/VBZ funds/NNS raised/VBN from/IN the/DT sale/NN of/IN the/DT commercial/JJ paper/NN with/IN small/JJ to/TO medium-sized/JJ leases/NNS ./. ###/### LDI/NNP termed/VBD the/DT paper/NN ``/`` non-recourse/JJ financing/NN ,/, ''/'' meaning/VBG that/IN investors/NNS would/MD be/VB repaid/VBN from/IN the/DT lease/NN receivables/NN ,/, rather/RB than/IN directly/RB by/IN LDI/NNP Corp/NNP ./. ###/### LDI/NNP leases/VBZ and/CC sells/VBZ data-processing/NN ,/, telecommunications/NN and/CC other/JJ high-tech/JJ equipment/NN ./. ###/### SHEVARDNADZE/NNP ADMITTED/VBD that/IN Moscow/NNP violated/VBD the/DT 1972/CD ABM/NNP treaty/NN ./. ###/### In/IN a/DT foreign-policy/NN address/NN before/IN the/DT Soviet/JJ legislature/NN ,/, the/DT foreign/JJ minister/NN conceded/VBD that/IN the/DT radar/NN station/NN in/IN Krasnoyarsk/NNP breached/VBD the/DT superpower/NN Anti-Ballistic/NNP Missile/NNP treaty/NN and/CC said/VBD it/PRP would/MD be/VB dismantled/VBN ./. ###/### Shevardnadze/NNP said/VBD it/PRP took/VBD Gorbachev/NNP 's/POS government/NN four/CD years/NNS to/TO determine/VB that/IN the/DT station/NN 's/POS location/NN in/IN Siberia/NNP violated/VBD the/DT accord/NN ,/, as/IN Western/JJ arms-control/NN officials/NNS have/VBP long/RB contended/VBN ./. ###/### He/PRP also/RB denounced/VBD Moscow/NNP 's/POS nine-year/JJ involvement/NN in/IN the/DT war/NN in/IN Afghanistan/NNP ,/, saying/VBG it/PRP involved/VBD ``/`` gross/JJ violations/NNS of.../: civil/JJ norms/NNS and/CC ethics/NNS ./. ''/'' ###/### Secretary/NNP of/IN State/NNP Baker/NNP ,/, in/IN his/PRP$ first/JJ major/JJ arms-control/NN speech/NN ,/, called/VBD for/IN a/DT new/JJ military/JJ relationship/NN with/IN Moscow/NNP to/TO reduce/VB ``/`` first/JJ strike/NN ''/'' nuclear/JJ arms/NNS ./. ###/### BAY/NNP AREA/NN COMMUTERS/NNS BATTLED/VBD earthquake-related/JJ transportation/NN snarls/NNS ./. ###/### Travelers/NNS crowded/VBD into/IN subways/NNS ,/, sat/VBD in/IN traffic/NN jams/NNS on/IN major/JJ freeways/NNS or/CC waited/VBD for/IN buses/NNS in/IN the/DT rain/NN ,/, but/CC the/DT massive/JJ gridlock/NN anticipated/VBN by/IN officials/NNS in/IN the/DT San/NNP Francisco/NNP Bay/NNP area/NN never/RB materialized/VBD ./. ###/### As/IN the/DT death/NN toll/NN from/IN last/JJ week/NN 's/POS temblor/NN climbed/VBD to/TO 61/CD ,/, the/DT condition/NN of/IN freeway/NN survivor/NN Buck/NNP Helm/NNP ,/, who/WP spent/VBD four/CD days/NNS trapped/VBN under/IN rubble/NN ,/, improved/VBD ,/, hospital/NN officials/NNS said/VBD ./. ###/### Rescue/NN crews/NNS ,/, however/RB ,/, gave/VBD up/RP hope/NN that/IN others/NNS would/MD be/VB found/VBN alive/JJ under/IN the/DT collapsed/JJ roadway/NN ./. ###/### The/DT House/NNP Appropriations/NNP Committee/NNP approved/VBD a/DT $/$ 2.85/CD billion/CD aid/NN package/NN for/IN the/DT quake/NN region/NN ,/, less/JJR than/IN the/DT $/$ 3.8/CD billion/CD sought/VBN by/IN California/NNP officials/NNS ./. ###/### Hungary/NNP declared/VBD itself/PRP a/DT democracy/NN and/CC for/IN the/DT first/JJ time/NN openly/RB commemorated/VBD the/DT anniversary/NN of/IN the/DT 1956/CD anti-Stalinist/JJ uprising/NN that/WDT was/VBD crushed/VBN by/IN the/DT Soviet/NNP Union/NNP ./. ###/### A/DT crowd/NN estimated/VBN at/IN 100,000/CD held/VBD a/DT torch-lit/JJ march/NN through/IN Budapest/NNP as/IN Acting/NNP President/NNP Szuros/NNP delivered/VBD a/DT nationally/RB televised/VBN address/NN rejecting/VBG communist/JJ dominance/NN ./. ###/### About/RB 200,000/CD East/NNP Germans/NNPS marched/VBD in/IN Leipzig/NNP and/CC thousands/NNS more/JJR staged/VBD protests/NNS in/IN three/CD other/JJ cities/NNS in/IN a/DT fresh/JJ challenge/NN to/TO the/DT Communist/JJ leadership/NN to/TO introduce/VB democratic/JJ freedoms/NNS ./. ###/### In/IN an/DT East/NNP Berlin/NNP suburb/NN ,/, meanwhile/RB ,/, employees/NNS at/IN an/DT electronics/NN plant/NN formed/VBD an/DT independent/JJ trade/NN union/NN called/VBN Reform/NNP ,/, a/DT worker/NN spokesman/NN said/VBD ./. ###/### The/DT space/NN shuttle/NN Atlantis/NNP landed/VBD at/IN a/DT desert/NN air/NN strip/NN at/IN Edwards/NNP Air/NNP Force/NNP Base/NNP ,/, Calif./NNP ,/, ending/VBG a/DT five-day/JJ mission/NN that/WDT dispatched/VBD the/DT Jupiter-bound/JJ Galileo/NNP space/NN probe/NN ./. ###/### The/DT five/CD astronauts/NNS returned/VBD to/TO Earth/NNP about/RB three/CD hours/NNS early/RB because/IN high/JJ winds/NNS had/VBD been/VBN predicted/VBN at/IN the/DT landing/NN site/NN ./. ###/### Fog/NN shrouded/VBD the/DT base/NN before/IN touchdown/NN ./. ###/### Explosions/NNS shook/VBD a/DT Phillips/NNP Petroleum/NNP Co./NNP plastics/NNS plant/NN near/IN Pasadena/NNP ,/, Texas/NNP ,/, hurling/VBG debris/NN and/CC causing/VBG a/DT fire/NN visible/JJ from/IN 10/CD miles/NNS away/RB ./. ###/### More/JJR than/IN 100/CD people/NNS were/VBD injured/VBN ,/, and/CC a/DT number/NN of/IN workers/NNS were/VBD missing/JJ ./. ###/### Parts/NNP of/IN the/DT Houston/NNP Ship/NNP Channel/NNP were/VBD closed/VBN ./. ###/### The/DT White/NNP House/NNP said/VBD Bush/NNP is/VBZ conferring/VBG with/IN leaders/NNS of/IN the/DT Senate/NNP Intelligence/NNP Committee/NNP to/TO ease/VB differences/NNS over/IN guidelines/NNS for/IN CIA/NNP agents/NNS ./. ###/### The/DT statement/NN came/VBD after/IN officials/NNS said/VBD Bush/NNP complained/VBD at/IN a/DT private/JJ meeting/NN last/JJ week/NN that/IN a/DT strict/JJ interpretation/NN of/IN a/DT policy/NN requires/VBZ the/DT U.S./NNP to/TO notify/VB foreign/JJ dictators/NNS of/IN certain/JJ coup/NN plots/NNS ./. ###/### Lebanon/NNP 's/POS Gen./NNP Aoun/NNP placed/VBD Christian/JJ military/JJ forces/NNS on/IN alert/NN in/IN case/NN of/IN renewed/JJ fighting/NN with/IN Syrian-backed/JJ Moslems/NNPS after/IN Lebanon/NNP 's/POS two/CD main/JJ Shiite/JJ militias/NNS rejected/VBD an/DT Arab-sponsored/JJ peace/NN accord/NN ./. ###/### The/DT plan/NN ,/, approved/VBN by/IN lawmakers/NNS and/CC rejected/VBN Sunday/NNP by/IN Aoun/NNP ,/, includes/VBZ political/JJ changes/NNS aimed/VBN at/IN ending/VBG the/DT 14-year-old/JJ civil/JJ war/NN ./. ###/### NATO/NNP defense/NN ministers/NNS are/VBP expected/VBN to/TO call/VB for/IN a/DT reduction/NN in/IN nuclear/JJ forces/NNS in/IN Europe/NNP when/WRB the/DT alliance/NN 's/POS nuclear/JJ planning/NN group/NN convenes/VBZ a/DT two-day/JJ session/NN today/NN in/IN Portugal/NNP ./. ###/### The/DT ministers/NNS are/VBP to/TO reshape/VB NATO/NNP 's/POS defenses/NNS in/IN Western/NNP Europe/NNP amid/IN fast-paced/JJ changes/NNS in/IN the/DT Soviet/JJ bloc/NN ./. ###/### Iran/NNP 's/POS President/NNP Rafsanjani/NNP offered/VBD to/TO help/VB gain/VB freedom/NN for/IN Western/JJ hostages/NNS in/IN Lebanon/NNP ,/, but/CC said/VBD the/DT assistance/NN was/VBD contingent/JJ on/IN U.S./NNP aid/NN in/IN resolving/VBG the/DT cases/NNS of/IN three/CD Iranians/NNPS kidnapped/VBN in/IN Lebanon/NNP in/IN 1982/CD or/CC the/DT release/NN of/IN frozen/JJ Iranian/JJ assets/NNS ./. ###/### Washington/NNP rejected/VBD the/DT bid/NN ,/, saying/VBG the/DT hostages/NNS were/VBD n't/RB linked/VBN to/TO other/JJ issues/NNS ./. ###/### PLO/NNP leader/NN Arafat/NNP asked/VBD Egypt/NNP to/TO seek/VB clarifications/NNS from/IN the/DT U.S./NNP on/IN Secretary/NNP of/IN State/NNP Baker/NNP 's/POS plan/NN for/IN Mideast/JJ peace/NN talks/NNS ,/, an/DT aide/NN to/TO Egyptian/NNP President/NNP Mubarak/NNP said/VBD ./. ###/### The/DT official/NN stressed/VBD that/IN the/DT PLO/NNP has/VBZ n't/RB rejected/VBN the/DT five-point/JJ formula/NN ./. ###/### Commonwealth/NN leaders/NNS turned/VBD to/TO issues/NNS ranging/VBG from/IN drugs/NNS to/TO the/DT world/NN economy/NN after/IN Zimbabwe/NNP 's/POS President/NNP Mugabe/NNP called/VBD Thatcher/NNP 's/POS views/NNS on/IN South/NNP Africa/NNP ``/`` despicable/JJ ./. ''/'' ###/### At/IN a/DT meeting/NN in/IN Malaysia/NNP ,/, Australia/NNP and/CC Canada/NNP also/RB assailed/VBD the/DT British/JJ prime/JJ minister/NN for/IN criticizing/VBG the/DT 49-nation/JJ group/NN 's/POS call/NN for/IN Pretoria/NNP to/TO ease/VB apartheid/NN ./. ###/### CMS/NNP Enhancements/NNP Inc./NNP said/VBD it/PRP estimates/VBZ that/IN sales/NNS and/CC earnings/NNS for/IN the/DT fiscal/JJ first/JJ quarter/NN ended/VBN Sept./NNP 30/CD fell/VBD somewhat/RB from/IN the/DT year-earlier/JJ period/NN ./. ###/### Jim/NNP Farooquee/NNP ,/, chief/JJ executive/JJ officer/NN of/IN the/DT Tustin/NNP ,/, Calif./NNP ,/, computer/NN accessories/NNS supplier/NN ,/, said/VBD he/PRP was/VBD ``/`` comfortable/JJ ''/'' with/IN analysts/NNS '/POS expectations/NNS that/IN CMS/NNP would/MD earn/VB between/IN six/CD cents/NNS and/CC eight/CD cents/NNS a/DT share/NN on/IN revenue/NN of/IN about/RB $/$ 42/CD million/CD ./. ###/### A/DT year/NN earlier/RBR ,/, CMS/NNP posted/VBD profit/NN of/IN $/$ 1.1/CD million/CD ,/, or/CC 13/CD cents/NNS a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 48/CD million/CD ./. ###/### This/DT time/NN ,/, there/EX are/VBP 30/CD %/JJ more/JJR shares/NNS outstanding/JJ ./. ###/### Mr./NNP Farooquee/NNP attributed/VBD the/DT decline/NN to/TO an/DT industrywide/JJ softening/NN of/IN demand/NN for/IN computer/NN enhancement/NN products/NNS ./. ###/### Property/NNP Capital/NNP Trust/NNP said/VBD it/PRP dropped/VBD its/PRP$ plan/NN to/TO liquidate/VB because/IN it/PRP was/VBD n't/RB able/JJ to/TO realize/VB the/DT value/NN it/PRP had/VBD expected/VBN ./. ###/### It/PRP said/VBD it/PRP will/MD buy/VB back/RP two/CD million/CD shares/NNS ,/, or/CC 18.4/CD %/NN ,/, of/IN the/DT total/JJ outstanding/JJ ,/, and/CC continue/VB operations/NNS buying/VBG and/CC managing/VBG real/JJ estate/NN ./. ###/### Property/NNP Capital/NNP ,/, which/WDT is/VBZ based/VBN in/IN Boston/NNP ,/, had/VBD told/VBN shareholders/NNS it/PRP expected/VBD to/TO distribute/VB at/IN least/JJS $/$ 21/CD a/DT share/NN ,/, or/CC $/$ 229/CD million/CD ,/, in/IN a/DT liquidation/NN ,/, based/VBN on/IN an/DT expected/JJ asset/NN sale/NN price/NN of/IN $/$ 290/CD million/CD or/CC more/JJR ./. ###/### The/DT company/NN said/VBD it/PRP did/VBD n't/RB receive/VB an/DT offer/NN it/PRP wanted/VBD to/TO accept/VB ./. ###/### As/IN a/DT result/NN of/IN dropping/VBG the/DT liquidation/NN plan/NN ,/, shareholders/NNS will/MD have/VB to/TO treat/VB dividends/NNS received/VBN this/DT year/NN as/IN ordinary/JJ income/NN or/CC capital/NN gains/NNS rather/RB than/IN as/IN tax/NN free/JJ returns/NNS of/IN capital/NN ,/, the/DT company/NN said/VBD ./. ###/### The/DT share/NN repurchase/NN will/MD be/VB funded/VBN mostly/RB from/IN borrowings/NNS ./. ###/### A.H./NNP Belo/NNP Corp./NNP said/VBD its/PRP$ net/JJ income/NN was/VBD $/$ 3.1/CD million/CD ,/, or/CC 15/CD cents/NNS a/DT share/NN ,/, in/IN the/DT third/JJ quarter/NN ,/, more/JJR than/IN four/CD times/NNS its/PRP$ profit/NN of/IN $/$ 663,000/CD ,/, or/CC three/CD cents/NNS a/DT share/NN ,/, last/JJ year/NN ./. ###/### Included/VBN in/IN the/DT results/NNS was/VBD an/DT adjustment/NN to/TO the/DT Dallas-based/JJ company/NN 's/POS tax/NN rate/NN that/WDT reduced/VBD net/JJ income/NN by/IN about/RB 10/CD cents/NNS a/DT share/NN ,/, or/CC approximately/RB $/$ 2/CD million/CD ./. ###/### Belo/NNP said/VBD it/PRP increased/VBD its/PRP$ effective/JJ tax/NN rate/NN to/TO 52/CD %/NN from/IN 47/CD %/NN to/TO account/VB for/IN potential/JJ liabilities/NNS related/VBN to/TO an/DT Internal/NNP Revenue/NNP Service/NNP investigation/NN of/IN its/PRP$ tax/NN returns/NNS for/IN the/DT years/NNS 1984/CD through/IN 1988/CD ./. ###/### The/DT newspaper/NN and/CC television/NN owner/NN said/VBD it/PRP expects/VBZ the/DT tax/NN adjustment/NN to/TO reduce/VB its/PRP$ net/JJ income/NN for/IN the/DT full/JJ year/NN by/IN 14/CD cents/NNS ,/, or/CC approximately/RB $/$ 2.8/CD million/CD based/VBN on/IN its/PRP$ 20.2/CD million/CD shares/NNS outstanding/JJ ./. ###/### For/IN the/DT third/JJ quarter/NN ,/, Belo/NNP said/VBD its/PRP$ revenue/NN increased/VBD 11/CD %/NN ,/, to/TO $/$ 101.5/CD million/CD from/IN $/$ 91.2/CD million/CD last/JJ year/NN ./. ###/### For/IN the/DT nine/CD months/NNS ,/, the/DT company/NN had/VBD net/JJ income/NN of/IN $/$ 15.1/CD million/CD ,/, or/CC 74/CD cents/NNS a/DT share/NN ,/, up/RB 98/CD %/NN from/IN $/$ 7.6/CD million/CD ,/, or/CC 38/CD cents/NNS a/DT share/NN last/JJ year/NN ./. ###/### Revenue/NN grew/VBD almost/RB 8/CD %/NN to/TO $/$ 301.9/CD million/CD from/IN $/$ 279.8/CD million/CD last/JJ year/NN ./. ###/### A/DT federal/JJ judge/NN granted/VBD a/DT temporary/JJ stay/NN of/IN the/DT California/NNP Student/NNP Aid/NNP Commission/NNP 's/POS emergency/NN action/NN to/TO stop/VB guaranteeing/VBG loans/NNS for/IN National/NNP Technical/NNP Schools/NNP ,/, a/DT unit/NN of/IN United/NNP Education/NNP &/CC Software/NNP Inc/NNP ./. ###/### The/DT California/NNP Student/NNP Aid/NNP Commission/NNP took/VBD the/DT action/NN Oct./NNP 15/CD after/IN a/DT government/NN audit/NN cited/VBD National/NNP Technical/NNP Schools/NNP for/IN having/VBG courses/NNS too/RB short/JJ to/TO be/VB eligible/JJ for/IN the/DT educational/JJ loan/NN program/NN and/CC having/VBG a/DT student/NN drop-out/JJ rate/NN far/RB in/IN excess/NN of/IN federal/JJ standards/NNS ,/, and/CC it/PRP alleged/VBD other/JJ serious/JJ violations/NNS of/IN law/NN and/CC regulations/NNS ./. ###/### United/NNP Education/NNP &/CC Software/NNP ,/, a/DT Los/NNP Angeles/NNP education/NN services/NNS company/NN ,/, called/VBD the/DT commission/NN 's/POS action/NN ``/`` precipitous/JJ and/CC unwarranted/JJ ./. ''/'' ###/### The/DT court/NN set/VBD a/DT hearing/NN on/IN the/DT emergency/NN action/NN for/IN Oct./NNP 30/CD ./. ###/### United/NNP Education/NNP &/CC Software/NNP posted/VBD a/DT $/$ 250,000/CD bond/NN against/IN potential/JJ losses/NNS to/TO the/DT student/NN aid/NN commission/NN and/CC to/TO taxpayers/NNS in/IN guaranteeing/VBG any/DT more/JJR loans/NNS for/IN National/NNP Technical/NNP Schools/NNP students/NNS prior/RB to/TO the/DT hearing/NN ./. ###/### A/DT decline/NN in/IN Allied-Signal/NNP Inc./NNP 's/POS automotive/JJ business/NN contributed/VBD to/TO flat/JJ sales/NNS and/CC only/RB slightly/RB higher/JJR earnings/NNS in/IN the/DT third/JJ quarter/NN ./. ###/### Allied-Signal/NNP reported/VBD that/DT net/NN rose/VBD 1.7/CD %/NN to/TO $/$ 121/CD million/CD ,/, or/CC 81/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 119/CD million/CD ,/, or/CC 80/CD cents/NNS a/DT share/NN ,/, the/DT year/NN earlier/RBR ./. ###/### Sales/NNS slipped/VBD 1.3/CD %/NN to/TO $/$ 2.82/CD billion/CD from/IN $/$ 2.86/CD billion/CD ./. ###/### For/IN the/DT nine/CD months/NNS ,/, the/DT Morris/NNP Township/NNP ,/, N.J.-based/JJ company/NN ,/, with/IN businesses/NNS in/IN aerospace/NN ,/, automotive/JJ products/NNS and/CC engineered/JJ materials/NNS ,/, earned/VBD $/$ 413/CD million/CD ,/, or/CC $/$ 2.77/CD cents/NNS a/DT share/NN ,/, up/RB 15/CD %/NN from/IN $/$ 359/CD million/CD ,/, or/CC $/$ 2.40/CD a/DT share/NN ./. ###/### Sales/NNS eased/VBD 0.2/CD %/NN to/TO $/$ 8.88/CD billion/CD from/IN $/$ 8.90/CD billion/CD ./. ###/### Chairman/NNP Edward/NNP L./NNP Hennessy/NNP Jr./NNP said/VBD that/IN a/DT drop/NN in/IN sales/NNS of/IN auto/NN and/CC truck/NN parts/NNS contributed/VBD to/TO lower/JJR earnings/NNS in/IN the/DT automotive/JJ unit/NN ./. ###/### He/PRP also/RB cited/VBD unfavorable/JJ foreign-exchange/NN rates/NNS and/CC a/DT lower/JJR tax/NN rate/NN ./. ###/### Earnings/NNS for/IN the/DT group/NN declined/VBD to/TO $/$ 11/CD million/CD from/IN $/$ 33/CD million/CD last/JJ year/NN ./. ###/### Earnings/NNS at/IN Allied-Signal/NNP 's/POS aerospace/JJ business/NN rose/VBD to/TO $/$ 55/CD million/CD from/IN $/$ 41/CD million/CD a/DT year/NN ago/RB ,/, primarily/RB on/IN higher/JJR sales/NNS and/CC profit/NN in/IN its/PRP$ engines/NNS and/CC auxiliary/JJ power/NN units/NNS ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ,/, Allied-Signal/NNP shares/NNS closed/VBD at/IN $/$ 35.125/CD ,/, off/RB 87.5/CD cents/NNS ./. ###/### The/DT National/NNP Highway/NNP Traffic/NNP Safety/NNP Administration/NNP said/VBD it/PRP will/MD start/VB enforcing/VBG stiffer/JJR regulations/NNS Jan./NNP 31/CD for/IN so-called/JJ gray-market/JJ imports/NNS of/IN vehicles/NNS ./. ###/### The/DT regulations/NNS ,/, required/VBN under/IN legislation/NN enacted/VBN by/IN Congress/NNP last/JJ year/NN ,/, will/MD apply/VB to/TO imports/NNS of/IN vehicles/NNS that/WDT were/VBD n't/RB built/VBN to/TO meet/VB U.S./NNP government/NN auto/NN safety/NN standards/NNS and/CC were/VBD intended/VBN for/IN use/NN in/IN Europe/NNP or/CC elsewhere/RB abroad/RB ./. ###/### U.S./NNP officials/NNS estimated/VBD that/IN gray-market/JJ imports/NNS total/VBP about/RB 2,100/CD units/NNS a/DT year/NN ,/, a/DT small/JJ part/NN of/IN the/DT more/JJR than/IN three/CD million/CD vehicles/NNS exported/VBN to/TO the/DT U.S./NNP each/DT year/NN ./. ###/### According/VBG to/TO the/DT NHTSA/NNP ,/, the/DT new/JJ regulations/NNS will/MD prohibit/VB anyone/NN other/JJ than/IN an/DT importer/NN that/WDT has/VBZ registered/VBN with/IN the/DT U.S./NNP government/NN ,/, or/CC a/DT person/NN who/WP has/VBZ a/DT contract/NN with/IN a/DT registered/JJ importer/NN ,/, from/IN permanently/RB importing/VBG a/DT vehicle/NN that/WDT does/VBZ n't/RB meet/VB the/DT U.S./NNP auto/NN safety/NN standards/NNS ./. ###/### The/DT registered/JJ importer/NN would/MD be/VB required/VBN to/TO bring/VB such/JJ vehicles/NNS into/IN compliance/NN with/IN the/DT U.S./NNP safety/NN standards/NNS ,/, compared/VBN with/IN the/DT current/JJ situation/NN in/IN which/WDT anyone/NN can/MD bring/VB in/IN such/JJ vehicles/NNS and/CC modify/VB them/PRP to/TO meet/VB the/DT U.S./NNP standards/NNS ./. ###/### Congress/NNP tightened/VBD auto/NN safety/NN standards/NNS for/IN gray-market/JJ imports/NNS after/IN U.S./NNP auto/NN dealers/NNS ,/, including/VBG franchised/JJ foreign-car/NN dealers/NNS ,/, complained/VBD that/IN they/PRP often/RB were/VBD blamed/VBN when/WRB the/DT second/JJ and/CC third/JJ buyers/NNS of/IN such/JJ vehicles/NNS found/VBD that/IN the/DT cars/NNS could/MD n't/RB meet/VB U.S./NNP auto/NN safety/NN standards/NNS ./. ###/### Legent/NNP Corp./NNP said/VBD it/PRP expects/VBZ to/TO report/VB net/JJ income/NN between/IN $/$ 6.4/CD million/CD and/CC $/$ 6.9/CD million/CD ,/, or/CC between/IN 32/CD cents/NNS and/CC 34/CD cents/NNS a/DT share/NN ,/, for/IN its/PRP$ fourth/JJ quarter/NN ended/VBN Sept./NNP 30/CD ./. ###/### In/IN the/DT year-ago/JJ quarter/NN ,/, the/DT software/NN developer/NN reported/VBD pro/FW forma/FW earnings/NNS of/IN $/$ 4.8/CD million/CD ,/, or/CC 24/CD cents/NNS a/DT share/NN ./. ###/### Vienna/NNP ,/, Va.-based/JJ Legent/NNP said/VBD it/PRP expects/VBZ to/TO post/VB revenue/NN for/IN the/DT quarter/NN of/IN more/JJR than/IN $/$ 31/CD million/CD ,/, compared/VBN with/IN pro/FW forma/FW revenue/NN of/IN $/$ 25.2/CD million/CD in/IN 1988/CD ./. ###/### For/IN the/DT fiscal/JJ year/NN ,/, the/DT company/NN said/VBD it/PRP anticipates/VBZ reporting/VBG earnings/NNS of/IN $/$ 23/CD million/CD ,/, or/CC about/RB $/$ 1.15/CD a/DT share/NN ,/, including/VBG a/DT charge/NN of/IN about/RB $/$ 5.9/CD million/CD ,/, or/CC 22/CD cents/NNS a/DT share/NN ,/, related/VBN to/TO the/DT merger/NN that/WDT created/VBD Legent/NNP out/IN of/IN Duquesne/NNP Systems/NNP Inc./NNP and/CC Morino/NNP Inc./NNP in/IN March/NNP 1989/CD ./. ###/### Revenue/NN for/IN fiscal/JJ 1989/CD is/VBZ expected/VBN to/TO exceed/VB $/$ 124/CD million/CD ./. ###/### Pro/FW forma/FW earnings/NNS for/IN fiscal/JJ 1988/CD were/VBD $/$ 19.6/CD million/CD ,/, or/CC 99/CD cents/NNS a/DT share/NN ,/, on/IN revenue/NN of/IN $/$ 97.2/CD million/CD ./. ###/### The/DT company/NN attributed/VBD much/JJ of/IN the/DT growth/NN in/IN earnings/NNS to/TO increased/JJ demand/NN for/IN its/PRP$ systems/NNS productivity/NN software/NN ./. ###/### Archive/NNP Corp./NNP said/VBD it/PRP expects/VBZ to/TO report/VB net/JJ income/NN for/IN its/PRP$ fiscal/JJ year/NN ended/VBN Sept./NNP 29/CD of/IN a/DT record/JJ $/$ 15/CD million/CD ,/, or/CC $/$ 1.15/CD a/DT share/NN ,/, up/RB 43/CD %/NN from/IN $/$ 10.5/CD million/CD ,/, or/CC 80/CD cents/NNS a/DT share/NN ,/, for/IN the/DT prior/JJ year/NN ./. ###/### The/DT Costa/NNP Mesa/NNP ,/, Calif./NNP ,/, maker/NN of/IN computer/NN tape/NN drives/NNS also/RB projected/VBD record/JJ revenue/NN for/IN the/DT year/NN of/IN $/$ 181/CD million/CD ,/, up/RB from/IN $/$ 122.7/CD million/CD for/IN the/DT previous/JJ year/NN ./. ###/### Archive/NNP attributed/VBD the/DT gains/NNS to/TO strong/JJ demand/NN for/IN its/PRP$ products/NNS ,/, continued/JJ growth/NN of/IN the/DT reseller/JJ market/NN and/CC the/DT acquisition/NN of/IN Maynard/NNP Electronics/NNP in/IN February/NNP ,/, which/WDT accounted/VBD for/IN about/RB 14/CD %/NN of/IN the/DT company/NN 's/POS revenue/NN ./. ###/### Detrex/NNP Corp./NNP said/VBD a/DT reserve/NN it/PRP is/VBZ establishing/VBG to/TO cover/VB expected/JJ pollution/NN cleanup/NN costs/NNS at/IN an/DT Ohio/NNP plant/NN reduced/VBD its/PRP$ third-quarter/JJ net/JJ income/NN by/IN $/$ 1.9/CD million/CD ./. ###/### Detrex/NNP ,/, which/WDT has/VBZ annual/JJ sales/NNS of/IN about/RB $/$ 100/CD million/CD ,/, declined/VBD to/TO say/VB if/IN it/PRP would/MD post/VB a/DT loss/NN in/IN the/DT third/JJ quarter/NN ./. ###/### The/DT Southfield/NNP ,/, Mich.-based/JJ company/NN earned/VBD $/$ 774,000/CD in/IN the/DT quarter/NN last/JJ year/NN ./. ###/### Detrex/NNP is/VBZ setting/VBG aside/RP $/$ 3.1/CD million/CD for/IN the/DT cleanup/NN ,/, but/CC said/VBD the/DT reserve/NN reduced/VBD its/PRP$ quarterly/JJ income/NN by/IN only/RB $/$ 1.9/CD million/CD because/IN of/IN tax/NN considerations/NNS ./. ###/### In/IN addition/NN ,/, the/DT manufacturer/NN said/VBD it/PRP signed/VBD a/DT consent/NN decree/NN with/IN Ohio/NNP to/TO build/VB a/DT $/$ 1.4/CD million/CD pollution-control/JJ facility/NN at/IN the/DT Ashtabula/NNP chemical/NN manufacturing/NN plant/NN by/IN Aug./NNP 1/CD ,/, 1990/CD ./. ###/### Detrex/NNP said/VBD it/PRP is/VBZ one/CD of/IN at/IN least/JJS 17/CD companies/NNS notified/VBN by/IN the/DT Environmental/NNP Protection/NNP Agency/NNP that/IN they/PRP may/MD be/VB potentially/RB responsible/JJ for/IN cleaning/VBG up/RP the/DT Fields/NNP Brook/NNP watershed/NN near/IN Detrex/NNP 's/POS Ashtabula/NN plant/NN at/IN a/DT total/JJ cost/NN the/DT EPA/NNP estimates/NNS at/IN $/$ 48/CD million/CD --/: a/DT figure/NN Detrex/NNP said/VBD the/DT companies/NNS dispute/VBP ###/### First/NNP Executive/NNP Corp./NNP said/VBD about/RB 96/CD %/NN of/IN the/DT rights/NNS to/TO purchase/VB its/PRP$ depositary/JJ shares/NNS and/CC warrants/NNS have/VBP been/VBN exercised/VBN ./. ###/### Of/IN the/DT 17.6/CD million/CD rights/NNS units/NNS issued/VBN ,/, just/RB under/IN 17/CD million/CD were/VBD exercised/VBN before/IN the/DT Oct./NNP 10/CD expiration/NN of/IN the/DT offering/NN ,/, the/DT insurance/NN holding/NN company/NN said/VBD ./. ###/### Remaining/VBG units/NNS will/MD be/VB sold/VBN to/TO the/DT underwriters/NNS ,/, Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP and/CC Kidder/NNP ,/, Peabody/NNP &/CC Co./NNP ,/, which/WDT will/MD also/RB purchase/VB an/DT over-allotment/NN of/IN 2.3/CD million/CD additional/JJ units/NNS ./. ###/### First/NNP Executive/NNP said/VBD the/DT offering/NN will/MD raise/VB about/RB $/$ 299/CD million/CD --/: minus/CC underwriting/NN fees/NNS and/CC other/JJ expenses/NNS --/: that/IN the/DT company/NN plans/VBZ to/TO use/VB to/TO write/VB new/JJ life/NN insurance/NN and/CC annuity/NN business/NN ./. ###/### In/IN addition/NN ,/, analysts/NNS have/VBP viewed/VBN the/DT rights/NNS offering/NN as/IN a/DT takeover/NN defense/NN that/WDT prospectively/RB balloons/VBZ the/DT number/NN of/IN shares/NNS outstanding/JJ ./. ###/### Each/DT of/IN the/DT units/NNS consists/VBZ of/IN two/CD warrants/NNS ,/, each/DT of/IN which/WDT could/MD be/VB used/VBN to/TO purchase/VB a/DT half-share/NN of/IN common/JJ stock/NN ,/, and/CC one/CD depositary/JJ preference/NN share/NN ./. ###/### Depositary/JJ shares/NNS are/VBP convertible/JJ into/IN common/JJ stock/NN on/IN a/DT 1-to-1/JJ basis/NN ./. ###/### Currently/RB ,/, the/DT company/NN has/VBZ about/RB 88.1/CD million/CD common/JJ shares/NNS outstanding/JJ ./. ###/### In/IN over-the-counter/JJ trading/NN Monday/NNP ,/, the/DT stock/NN closed/VBD at/IN $/$ 10.625/CD ,/, off/RB 37.5/CD cents/NNS ./. ###/### UNITED/NNP AIR'S/NNP PARENT/NN quashed/VBD any/DT prospects/NNS for/IN an/DT immediate/JJ revival/NN of/IN the/DT labor-management/JJ buy-out/NN ,/, saying/VBG UAL/NNP should/MD remain/VB independent/JJ for/IN now/RB ./. ###/### Also/RB ,/, UAL/NNP Chairman/NNP Stephen/NNP Wolf/NNP pulled/VBD out/IN of/IN the/DT buy-out/NN effort/NN to/TO focus/VB on/IN running/VBG the/DT company/NN ./. ###/### The/DT two/CD developments/NNS leave/VBP the/DT airline/NN with/IN several/JJ problems/NNS ,/, including/VBG an/DT unsettled/JJ labor/NN situation/NN ./. ###/### Stock/NN prices/NNS fell/VBD and/CC bonds/NNS rose/VBD as/IN worries/NNS mounted/VBD about/IN the/DT economy/NN and/CC the/DT junk/NN bond/NN market/NN ./. ###/### The/DT Dow/NNP Jones/NNP industrials/NNS sank/VBD 26.23/CD points/NNS ,/, to/TO 2662.91/CD ./. ###/### The/DT dollar/NN also/RB declined/VBD ./. ###/### The/DT turmoil/NN in/IN junk/NN bonds/NNS may/MD last/VB for/IN years/NNS ,/, investors/NNS and/CC traders/NNS say/VBP ./. ###/### Even/RB Drexel/NNP is/VBZ pulling/VBG back/RP ./. ###/### Santa/NNP Fe/NNP Pacific/NNP plans/VBZ to/TO sell/VB 20/CD %/NN of/IN its/PRP$ large/JJ real/JJ estate/NN unit/NN to/TO a/DT California/NNP pension/NN fund/NN for/IN $/$ 400/CD million/CD and/CC spin/VB the/DT rest/NN off/RP to/TO shareholders/NNS ./. ###/### The/DT proposal/NN values/VBZ the/DT company/NN 's/POS real/JJ estate/NN operation/NN at/IN $/$ 2/CD billion/CD ./. ###/### Time/NNP Warner/NNP reported/VBD a/DT $/$ 176/CD million/CD loss/NN for/IN the/DT third/JJ quarter/NN ,/, reflecting/VBG the/DT cost/NN of/IN the/DT recent/JJ merger/NN and/CC a/DT method/NN of/IN accounting/VBG for/IN the/DT deal/NN ./. ###/### Thrifts/NNS continued/VBD to/TO shed/VB assets/NNS in/IN August/NNP ,/, mainly/RB to/TO comply/VB with/IN stiffer/JJR capital/NN rules/NNS under/IN the/DT S&L/NN bailout/NN law/NN ./. ###/### Also/RB ,/, withdrawals/NNS exceeded/VBD deposits/NNS by/IN $/$ 5.1/CD billion/CD in/IN the/DT month/NN ./. ###/### Exxon/NNP 's/POS profit/NN fell/VBD 9/CD %/NN in/IN the/DT third/JJ quarter/NN ,/, hurt/VBN by/IN sagging/VBG|JJ results/NNS at/IN two/CD of/IN its/PRP$ three/CD main/JJ businesses/NNS ./. ###/### Phillips/NNP and/CC Arco/NNP posted/VBD declines/NNS ./. ###/### Ashland/NNP had/VBD a/DT loss/NN ./. ###/### Amerada/NNP Hess/NNP and/CC Occidental/NNP Petroleum/NNP had/VBD gains/NNS ./. ###/### Ogilvy/NNP 's/POS chairman/NN ,/, Kenneth/NNP Roman/NNP ,/, is/VBZ leaving/VBG to/TO take/VB a/DT top/JJ post/NN at/IN American/NNP Express/NNP ./. ###/### His/PRP$ resignation/NN follows/VBZ a/DT hostile/JJ takeover/NN of/IN the/DT ad/NN agency/NN in/IN May/NNP by/IN WPP/NNP of/IN Britain/NNP ./. ###/### The/DT Justice/NNP Department/NNP took/VBD steps/NNS that/WDT could/MD restrict/VB the/DT use/NN by/IN prosecutors/NNS of/IN criminal/JJ racketeering/NN charges/NNS against/IN white-collar/JJ defendants/NNS ./. ###/### Shearson/NNP was/VBD sued/VBN by/IN money/NN manager/NN George/NNP Soros/NNP ,/, who/WP claimed/VBD one/CD of/IN his/PRP$ funds/NNS was/VBD defrauded/VBN out/IN of/IN $/$ 60/CD million/CD during/IN stock-index/NN futures/NNS trading/NN just/RB after/IN the/DT 1987/CD crash/NN ./. ###/### Drexel/NNP 's/POS efforts/NNS to/TO settle/VB its/PRP$ legal/JJ troubles/NNS are/VBP being/VBG resisted/VBN by/IN at/IN least/JJS 10/CD states/NNS ./. ###/### Some/DT may/MD try/VB to/TO revoke/VB the/DT firm/NN 's/POS license/NN to/TO sell/VB securities/NNS ./. ###/### Prime/NNP Computer/NNP plans/VBZ to/TO dismiss/VB 20/CD %/NN of/IN its/PRP$ work/NN force/NN to/TO cut/VB costs/NNS following/VBG its/PRP$ recent/JJ leveraged/JJ buy-out/NN ./. ###/### The/DT action/NN renews/VBZ concern/NN about/IN buyouts/NNS in/IN high-tech/JJ industries/NNS ./. ###/### Paribas/NNP plans/VBZ a/DT bid/NN for/IN another/DT big/JJ French/JJ financial/JJ and/CC industrial/JJ firm/NN ,/, Navigation/NNP Mixte/NNP ,/, a/DT sign/NN Europe/NNP 's/POS takeover/NN fever/NN has/VBZ n't/RB cooled/VBN ./. ###/### Qintex/NNP Australia/NNP unveiled/VBD plans/NNS to/TO restructure/VB and/CC sell/VB assets/NNS to/TO try/VB to/TO ease/VB its/PRP$ financial/JJ problems/NNS ./. ###/### Union/NNP Carbide/NNP 's/POS earnings/NNS plunged/VBD 35/CD %/NN in/IN the/DT third/JJ quarter/NN ,/, reflecting/VBG weakness/NN in/IN the/DT company/NN 's/POS core/JJ chemicals/NNS and/CC plastics/NNS businesses/NNS ./. ###/### Japan/NNP 's/POS Daiwa/NNP Securities/NNP named/VBD Masahiro/NNP Dozen/NNP president/NN ./. ###/### The/DT rapid/JJ advance/NN of/IN the/DT 52-year-old/JJ executive/NN surprised/VBD many/JJ at/IN the/DT company/NN ./. ###/### Markets/NNS --/: Stocks/NNS :/: Volume/NN 135,860,000/CD shares/NNS ###/### Dow/NNP Jones/NNP industrials/NNS 2662.91/CD ,/, off/RB 26.23/CD ;/: transportation/NN 1236.66/CD ,/, up/RB 5.86/CD ;/: utilities/NNS 215.35/CD ,/, off/RB 0.13/CD ./. ###/### Bonds/NNS :/: Shearson/NNP Lehman/NNP Hutton/NNP Treasury/NNP index/NN 3411.08/CD ,/, up/RB ###/### Commodities/NNS :/: Dow/NNP Jones/NNP futures/NNS index/NN 129.49/CD ,/, off/RB 0.13/CD ;/: spot/NN index/NN 131.64/CD ,/, up/RB 0.30/CD ./. ###/### Dollar/NN :/: 141.90/CD yen/NN ,/, off/RB 0.53/CD ;/: 1.8470/CD marks/NNS ,/, off/RB 0.0108/CD ./. ###/### The/DT Justice/NNP Department/NNP has/VBZ revised/VBN certain/JJ internal/JJ guidelines/NNS and/CC clarified/VBN others/NNS in/IN a/DT move/NN that/WDT could/MD restrict/VB the/DT use/NN of/IN criminal/JJ racketeering/NN charges/NNS against/IN white-collar/JJ defendants/NNS ./. ###/### The/DT most/RBS significant/JJ changes/NNS in/IN department/NN policy/NN are/VBP new/JJ requirements/NNS that/IN federal/JJ prosecutors/NNS avoid/VB disrupting/VBG ``/`` the/DT normal/JJ business/NN functions/NNS ''/'' of/IN companies/NNS charged/VBN under/IN the/DT racketeering/NN law/NN ,/, a/DT senior/JJ department/NN official/NN said/VBD ./. ###/### Another/DT important/JJ revision/NN of/IN department/NN policy/NN is/VBZ a/DT new/JJ guideline/NN warning/VBG prosecutors/NNS ``/`` not/RB to/TO take/VB steps/NNS that/WDT would/MD harm/VB innocent/JJ third/JJ parties/NNS ''/'' in/IN a/DT case/NN brought/VBN under/IN the/DT racketeering/NN law/NN ,/, the/DT official/NN ,/, David/NNP Runkel/NNP ,/, said/VBD ./. ###/### The/DT department/NN distributed/VBD the/DT revisions/NNS and/CC clarifications/NNS to/TO U.S./NNP attorneys/NNS around/IN the/DT country/NN this/DT summer/NN as/IN part/NN of/IN a/DT routine/JJ process/NN of/IN updating/VBG prosecutorial/JJ guidelines/NNS ,/, Mr./NNP Runkel/NNP said/VBD ./. ###/### The/DT changes/NNS apply/VBP to/TO prosecutions/NNS brought/VBN under/IN the/DT Racketeer/NNP Influenced/NNP and/CC Corrupt/NNP Organizations/NNP law/NN ./. ###/### Under/IN that/DT law/NN ,/, defendants/NNS who/WP allegedly/RB commit/VBP a/DT pattern/NN of/IN crimes/NNS by/IN means/NNS of/IN a/DT ``/`` criminal/JJ enterprise/NN ''/'' may/MD be/VB charged/VBN with/IN racketeering/VBG and/CC forced/VBD to/TO forfeit/VB the/DT proceeds/NNS of/IN the/DT enterprise/NN ./. ###/### The/DT RICO/NNP law/NN has/VBZ come/VBN under/IN criticism/NN from/IN some/DT defendants/NNS and/CC defense/NN lawyers/NNS ./. ###/### They/PRP argue/VBP that/IN the/DT rights/NNS of/IN RICO/NNP defendants/NNS and/CC third/JJ parties/NNS not/RB named/VBN in/IN RICO/NNP indictments/NNS have/VBP been/VBN unfairly/RB damaged/VBN ./. ###/### The/DT department/NN 's/VBZ most/RBS significant/JJ clarification/NN of/IN existing/JJ RICO/NNP policy/NN is/VBZ a/DT directive/NN to/TO prosecutors/NNS that/IN they/PRP should/MD seek/VB to/TO seize/VB assets/NNS from/IN defendants/NNS ``/`` in/IN proportion/NN ''/'' to/TO the/DT nature/NN of/IN the/DT alleged/JJ offense/NN ,/, Mr./NNP Runkel/NNP said/VBD ./. ###/### ``/`` That/DT means/VBZ that/IN if/IN the/DT offense/NN deals/VBZ with/IN one/CD part/NN of/IN the/DT business/NN ,/, you/PRP do/VBP n't/RB attempt/VB to/TO seize/VB the/DT whole/JJ business/NN ;/: you/PRP attempt/VBP to/TO seize/VB assets/NNS related/VBN to/TO the/DT crime/NN ,/, ''/'' he/PRP explained/VBD ./. ###/### In/IN general/JJ ,/, the/DT thrust/NN of/IN the/DT department/NN 's/POS directive/NN is/VBZ to/TO encourage/VB prosecutors/NNS to/TO limit/VB pretrial/JJ asset/NN seizures/NNS if/IN there/EX are/VBP less/RBR intrusive/JJ means/NNS of/IN protecting/VBG assets/NNS the/DT government/NN may/MD subsequently/RB be/VB able/JJ to/TO seize/VB after/IN a/DT conviction/NN ,/, Mr./NNP Runkel/NNP said/VBD ./. ###/### It/PRP was/VBD the/DT kind/NN of/IN snubbing/NN rarely/RB seen/VBN within/IN the/DT Congress/NNP ,/, let/VBD alone/RB within/IN the/DT same/JJ party/NN ./. ###/### Sen./NNP Alan/NNP Cranston/NNP trekked/VBD over/IN to/TO the/DT House/NNP side/NN of/IN Capitol/NNP Hill/NNP a/DT few/JJ days/NNS ago/RB and/CC volunteered/VBD his/PRP$ testimony/NN to/TO fellow/JJ Democrat/NNP Rep./NNP Henry/NNP Gonzalez/NNP ./. ###/### It/PRP was/VBD offered/VBN as/IN an/DT expression/NN of/IN cooperation/NN to/TO Mr./NNP Gonzalez/NNP ,/, who/WP is/VBZ investigating/VBG the/DT $/$ 2.5/CD billion/CD failure/NN of/IN Lincoln/NNP Savings/NNP &/CC Loan/NNP Association/NNP ./. ###/### But/CC instead/RB of/IN thanks/NNS ,/, Sen./NNP Cranston/NNP was/VBD treated/VBN with/IN cool/JJ formality/NN ./. ###/### ``/`` Every/DT witness/NN receives/VBZ a/DT formal/JJ subpoena/NN ,/, ''/'' Rep./NNP Gonzalez/NNP told/VBD him/PRP ./. ###/### Seldom/RB have/VBP House/NNP hearings/NNS caused/VBN so/RB much/JJ apprehension/NN in/IN the/DT Senate/NNP ,/, where/WRB California/NNP Sen./NNP Cranston/NNP and/CC four/CD other/JJ senators/NNS were/VBD already/RB writhing/VBG in/IN the/DT glare/NN of/IN unfavorable/JJ publicity/NN over/IN the/DT alleged/JJ looting/NN of/IN Lincoln/NNP by/IN their/PRP$ friend/NN and/CC political/JJ benefactor/NN ,/, Charles/NNP Keating/NNP Jr./NNP ,/, principal/JJ stockholder/NN of/IN Lincoln/NNP 's/POS parent/NN company/NN ,/, American/NNP Continental/NNP Corp./NNP of/IN Phoenix/NNP ,/, Ariz/NNP ./. ###/### At/IN the/DT first/JJ day/NN of/IN the/DT House/NNP Banking/NNP Committee/NNP 's/POS hearings/NNS last/JJ week/NN ,/, William/NNP Seidman/NNP ,/, chairman/NN of/IN the/DT Resolution/NNP Trust/NNP Corp./NNP ,/, the/DT federal/JJ agency/NN created/VBN to/TO sell/VB sick/JJ thrifts/NNS ,/, said/VBD the/DT agency/NN is/VBZ investigating/VBG whether/IN Lincoln/NNP made/VBD illegal/JJ political/JJ contributions/NNS ./. ###/### Mr./NNP Keating/NNP arranged/VBD nearly/RB $/$ 1/CD million/CD in/IN donations/NNS to/TO Sen./NNP Cranston/NNP and/CC his/PRP$ various/JJ political/JJ causes/NNS ,/, and/CC hundreds/NNS of/IN thousands/NNS more/JJR to/TO other/JJ lawmakers/NNS ./. ###/### Future/JJ witnesses/NNS include/VBP a/DT former/JJ federal/JJ S&L/NN regulator/NN who/WP has/VBZ accused/VBN the/DT five/CD senators/NNS of/IN attempting/VBG to/TO ``/`` subvert/VB ''/'' the/DT regulatory/JJ process/NN by/IN intervening/VBG on/IN behalf/NN of/IN Mr./NNP Keating/NNP ./. ###/### Unlike/IN many/JJ lawmakers/NNS ,/, Chairman/NNP Gonzalez/NNP says/VBZ he/PRP considers/VBZ intervening/VBG with/IN regulators/NNS to/TO be/VB improper/JJ ./. ###/### ``/`` When/WRB you/PRP reach/VBP a/DT point/NN where/WRB a/DT policy-making/JJ body/NN is/VBZ trying/VBG to/TO shape/VB administrative/JJ decisions/NNS ,/, then/RB that/DT 's/VBZ a/DT no-no/NN in/IN my/PRP$ book/NN ,/, ''/'' the/DT Texas/NNP lawmaker/NN says/VBZ ./. ###/### And/CC he/PRP has/VBZ attached/VBN himself/PRP to/TO the/DT Lincoln/NNP story/NN tenaciously/RB ./. ###/### Unless/IN the/DT questions/NNS are/VBP answered/VBN ,/, I/PRP will/MD keep/VB on/RP going/VBG ./. ''/'' ###/### Lawmakers/NNS often/RB are/VBP reluctant/JJ to/TO embarrass/VB colleagues/NNS ,/, even/RB those/DT of/IN opposing/JJ political/JJ parties/NNS ./. ###/### In/IN the/DT recent/JJ Housing/NNP and/CC Urban/NNP Development/NNP Department/NNP scandal/NN ,/, for/IN example/NN ,/, Rep./NNP Thomas/NNP Lantos/NNP ,/, the/DT California/NNP Democrat/NNP who/WP led/VBD the/DT hearings/NNS ,/, tiptoed/VBD through/IN embarrassing/JJ disclosures/NNS about/IN HUD/NNP grants/NNS secured/VBN by/IN Sen./NNP Alfonse/NNP D'Amato/NNP ,/, a/DT New/NNP York/NNP Republican/NNP ./. ###/### But/CC Chairman/NNP Gonzalez/NNP is/VBZ a/DT genuine/JJ maverick/NN ./. ###/### He/PRP comes/VBZ from/IN the/DT same/JJ political/JJ line/NN as/IN Wright/NNP Patman/NNP ,/, a/DT bank-baiting/JJ Texas/NNP populist/NN who/WP chaired/VBD the/DT Banking/NNP Committee/NNP until/IN 1974/CD ./. ###/### Mr./NNP Gonzalez/NNP is/VBZ also/RB a/DT stickler/NN for/IN ethical/JJ standards/NNS who/WP refuses/VBZ to/TO accept/VB honorariums/NNS and/CC who/WP believes/VBZ in/IN conducting/VBG official/JJ business/NN in/IN the/DT open/NN ./. ###/### Early/RB in/IN his/PRP$ political/JJ career/NN ,/, as/IN a/DT city/NN councilman/NN in/IN San/NNP Antonio/NNP ,/, he/PRP walked/VBD out/IN of/IN a/DT meeting/NN when/WRB political/JJ supporters/NNS asked/VBD that/IN the/DT police/NN chief/NN be/VB replaced/VBN ,/, denouncing/VBG the/DT closed-door/JJ affair/NN publicly/RB as/IN a/DT ``/`` bat-roost/JJ meeting/NN ./. ''/'' ###/### The/DT immediate/JJ target/NN of/IN Rep./NNP Gonzalez/NNP 's/POS inquiry/NN is/VBZ Danny/NNP Wall/NNP ,/, chairman/NN of/IN the/DT Office/NNP of/IN Thrift/NNP Supervision/NNP ./. ###/### As/IN the/DT principal/JJ regulator/NN of/IN the/DT thrift/NN industry/NN ,/, Mr./NNP Wall/NNP delayed/VBD seizing/VBG Lincoln/NNP S&L/NNP for/IN more/RBR than/IN two/CD years/NNS after/IN his/PRP$ staff/NN told/VBD him/PRP that/IN the/DT California/NNP thrift/NN was/VBD insolvent/JJ and/CC that/IN potential/JJ losses/NNS to/TO taxpayers/NNS were/VBD growing/VBG rapidly/RB ./. ###/### Rep./NNP Gonzalez/NNP seems/VBZ primed/VBN to/TO lash/VB out/RP at/IN Mr./NNP Wall/NNP when/WRB hearings/NNS resume/VBP Thursday/NNP with/IN testimony/NN by/IN two/CD federal/JJ regulators/NNS from/IN San/NNP Francisco/NNP ,/, William/NNP Black/NNP and/CC Mike/NNP Patriarca/NNP ./. ###/### Mr./NNP Wall/NNP relieved/VBD them/PRP of/IN responsibility/NN for/IN supervising/VBG Lincoln/NNP in/IN 1988/CD ./. ###/### Mr./NNP Gonzalez/NNP expressed/VBD concern/NN over/IN a/DT report/NN that/IN the/DT two/CD had/VBD been/VBN summoned/VBN to/TO Washington/NNP by/IN Mr./NNP Wall/NNP last/JJ week/NN to/TO discuss/VB their/PRP$ testimony/NN in/IN advance/NN ./. ###/### ``/`` I/PRP think/VBP he/PRP is/VBZ trying/VBG to/TO improperly/RB influence/VB a/DT witness/NN ,/, and/CC by/IN God/NNP I/PRP 'm/VBP not/RB going/VBG to/TO tolerate/VB it/PRP ,/, ''/'' he/PRP says/VBZ ./. ###/### Mr./NNP Wall/NNP ,/, however/RB ,/, is/VBZ a/DT self-proclaimed/JJ ``/`` child/NN of/IN the/DT Senate/NNP ''/'' and/CC former/JJ staff/NN director/NN of/IN its/PRP$ Banking/NNP Committee/NNP ./. ###/### An/DT inquiry/NN into/IN his/PRP$ handling/NN of/IN Lincoln/NNP S&L/NNP inevitably/RB will/MD drag/VB in/RP Sen./NNP Cranston/NNP and/CC the/DT four/CD others/NNS ,/, Sens./NNP Dennis/NNP DeConcini/NNP -LRB-/-LRB- D./NNP ,/, Ariz./NNP -RRB-/-RRB- ,/, John/NNP McCain/NNP -LRB-/-LRB- R./NNP ,/, Ariz./NNP -RRB-/-RRB- ,/, John/NNP Glenn/NNP -LRB-/-LRB- D./NNP ,/, Ohio/NNP -RRB-/-RRB- and/CC Donald/NNP Riegle/NNP -LRB-/-LRB- D./NNP ,/, Mich/NNP ./. -RRB-/-RRB- ./. ###/### They/PRP all/DT attended/VBD a/DT meeting/NN in/IN April/NNP 1987/CD questioning/VBG why/WRB a/DT federal/JJ audit/NN of/IN Lincoln/NNP S&L/NNP had/VBD dragged/VBN on/RB for/IN two/CD years/NNS ./. ###/### ``/`` I/PRP 'm/VBP certain/JJ that/IN in/IN the/DT course/NN of/IN the/DT hearings/NNS the/DT names/NNS -LCB-/-LRB- of/IN the/DT senators/NNS -RCB-/-RRB- will/MD be/VB brought/VBN out/RP ,/, ''/'' Mr./NNP Gonzalez/NNP says/VBZ ./. ###/### This/DT is/VBZ raising/VBG eyebrows/NNS ./. ###/### ``/`` When/WRB I/PRP first/RB got/VBD a/DT glimpse/NN at/IN the/DT witness/NN list/NN ,/, I/PRP could/MD n't/RB believe/VB that/IN they/PRP were/VBD going/VBG to/TO go/VB ahead/RB and/CC do/VB this/DT ,/, ''/'' says/VBZ Michael/NNP Waldman/NNP ,/, director/NN of/IN Congress/NNP Watch/NNP ,/, a/DT consumer/NN group/NN ./. ###/### There/EX are/VBP some/DT witnesses/NNS who/WP will/MD be/VB forced/VBN to/TO testify/VB about/IN their/PRP$ meetings/NNS with/IN senators/NNS ./. ''/'' ###/### And/CC a/DT Democratic/JJ aide/NN to/TO a/DT Banking/NNP Committee/NNP member/NN remarks/VBZ ,/, ``/`` I/PRP too/RB am/VBP astounded/JJ by/IN it/PRP ,/, because/IN Gonzalez/NNP has/VBZ certainly/RB placed/VBN a/DT lot/NN of/IN Democratic/JJ senators/NNS in/IN a/DT very/RB bad/JJ position/NN ./. ''/'' ###/### All/PDT the/DT senators/NNS say/VBP they/PRP merely/RB were/VBD trying/VBG to/TO ensure/VB fairness/NN for/IN a/DT constituent/NN ./. ###/### Mr./NNP Keating/NNP lives/VBZ in/IN Phoenix/NNP ,/, and/CC the/DT California/NNP thrift/NN 's/POS parent/NN is/VBZ an/DT Ohio-chartered/JJ corporation/NN with/IN holdings/NNS in/IN Michigan/NNP ./. ###/### Chairman/NNP Gonzalez/NNP expresses/VBZ sympathy/NN for/IN Sen./NNP Riegle/NNP ,/, his/PRP$ counterpart/NN as/IN chairman/NN of/IN the/DT Senate/NNP Banking/NNP Committee/NNP ./. ###/### ``/`` He/PRP 's/VBZ wise/JJ ,/, he/PRP 's/VBZ good/JJ and/CC I/PRP know/VBP he/PRP 's/VBZ an/DT honest/JJ man/NN ,/, ''/'' the/DT Texan/NNP says/VBZ ./. ###/### But/CC at/IN the/DT same/JJ time/NN ,/, Mr./NNP Gonzalez/NNP has/VBZ n't/RB forgotten/VBN a/DT confrontation/NN over/IN Mr./NNP Wall/NNP during/IN House-Senate/NNP negotiations/NNS over/IN S*/NN&L bailout/NN legislation/NN during/IN the/DT summer/NN ./. ###/### The/DT Senate/NNP negotiators/NNS included/VBD Sens./NNP Cranston/NNP and/CC Riegle/NNP and/CC Mr./NNP Wall/NNP 's/POS principal/JJ sponsor/NN ,/, Republican/NNP Sen./NNP Jake/NNP Garn/NNP of/IN Utah/NNP ./. ###/### They/PRP were/VBD willing/JJ to/TO trade/VB important/JJ provisions/NNS in/IN the/DT bailout/NN legislation/NN to/TO preserve/VB Mr./NNP Wall/NNP 's/POS job/NN and/CC to/TO avoid/VB a/DT reconfirmation/NN hearing/NN in/IN which/WDT he/PRP would/MD be/VB called/VBN upon/IN to/TO testify/VB about/IN Lincoln/NNP S&L/NNP ./. ###/### Most/RBS importantly/RB ,/, the/DT Senate/NNP traded/VBD away/RP the/DT Bush/NNP administration/NN 's/POS controversial/JJ plan/NN to/TO finance/VB the/DT bailout/NN ,/, which/WDT was/VBD partly/RB reinstated/VBN later/RB ./. ###/### At/IN the/DT time/NN ,/, Mr./NNP Gonzalez/NNP said/VBD several/JJ senators/NNS told/VBD him/PRP that/IN they/PRP ``/`` could/MD get/VB some/DT roadblocks/NNS out/IN of/IN the/DT way/NN if/IN there/EX could/MD be/VB some/DT understanding/NN on/IN Garn/NNP 's/POS insistence/NN on/IN Wall/NNP ./. ''/'' ###/### Now/RB Mr./NNP Gonzalez/NNP is/VBZ holding/VBG the/DT equivalent/NN of/IN reconfirmation/NN hearings/NNS anyway/RB ,/, under/IN the/DT guise/NN of/IN the/DT Lincoln/NNP investigation/NN ./. ###/### ``/`` In/IN a/DT way/NN ,/, that/DT 's/VBZ what/WP this/DT is/VBZ ,/, ''/'' Mr./NNP Gonzalez/NNP concedes/VBZ ./. ###/### Even/RB some/DT House/NNP Banking/NNP Committee/NNP members/NNS could/MD suffer/VB from/IN the/DT fallout/NN ./. ###/### Mr./NNP Keating/NNP raised/VBD $/$ 20,000/CD for/IN Rep./NNP Doug/NNP Barnard/NNP 's/POS 1986/CD re-election/NN campaign/NN while/IN the/DT Georgia/NNP Democrat/NNP was/VBD taking/VBG his/PRP$ side/NN against/IN regulators/NNS who/WP wanted/VBD to/TO curb/VB risky/JJ investments/NNS and/CC wholesale/JJ deposit/NN brokering/NN ./. ###/### He/PRP recently/RB voted/VBD ``/`` present/RB ''/'' when/WRB the/DT committee/NN authorized/VBD a/DT subpoena/NN to/TO compel/VB Mr./NNP Keating/NNP to/TO testify/VB ,/, then/RB changed/VBD his/PRP$ vote/NN to/TO yes/UH ./. ###/### But/CC the/DT chairman/NN 's/POS supporters/NNS have/VBP the/DT upper/JJ hand/NN as/IN federal/JJ regulators/NNS press/VBP a/DT $/$ 1.1/CD billion/CD fraud/NN suit/NN against/IN Mr./NNP Keating/NNP and/CC others/NNS ./. ###/### Rep./NNP Jim/NNP Leach/NNP -LRB-/-LRB- R./NNP ,/, Iowa/NNP -RRB-/-RRB- says/VBZ the/DT Lincoln/NNP S&L/NNP affair/NN is/VBZ ``/`` the/DT biggest/JJS bank/NN heist/NN in/IN history/NN ,/, ''/'' and/CC adds/VBZ :/: ``/`` The/DT great/JJ question/NN that/WDT remains/VBZ to/TO be/VB resolved/VBN is/VBZ whether/IN we/PRP have/VBP a/DT congressional/JJ Watergate/NNP in/IN the/DT making/NN ./. ''/'' ###/### A/DT witness/NN set/VBN to/TO testify/VB on/IN Thursday/NNP was/VBD quoted/VBN in/IN a/DT news/NN report/NN over/IN the/DT weekend/NN as/IN saying/VBG Lincoln/NNP ``/`` laundered/VBD ''/'' campaign/NN contributions/NNS illegally/RB ./. ###/### But/CC the/DT witness/NN ,/, William/NNP Crawford/NNP ,/, California/NNP 's/POS chief/JJ state/NN thrift/NN regulator/NN ,/, denies/VBZ saying/VBG that/DT ./. ###/### ``/`` I/PRP do/VBP n't/RB know/VB whether/IN it/PRP was/VBD done/VBN properly/RB or/CC not/RB ,/, because/IN I/PRP 'm/VBP not/RB a/DT lawyer/NN ,/, ''/'' he/PRP said/VBD in/IN a/DT telephone/NN interview/NN yesterday/NN ./. ###/### But/CC he/PRP said/VBD he/PRP is/VBZ prepared/VBN to/TO testify/VB that/IN executives/NNS of/IN Lincoln/NNP and/CC its/PRP$ parent/NN corporation/NN got/VBD unusually/RB high/JJ salaries/NNS and/CC frequent/JJ calls/NNS directing/VBG them/PRP to/TO make/VB specific/JJ contributions/NNS ./. ###/### The/DT committee/NN also/RB has/VBZ summoned/VBN Mr./NNP Wall/NNP 's/POS predecessor/NN ,/, Edwin/NNP Gray/NNP ./. ###/### He/PRP has/VBZ characterized/VBN the/DT five/CD senators/NNS '/POS roles/NNS as/IN ``/`` tantamount/JJ to/TO an/DT attempt/NN to/TO subvert/VB the.../: regulatory/JJ process/NN ,/, ''/'' and/CC he/PRP is/VBZ n't/RB expected/VBN to/TO back/VB down/RP even/RB though/IN the/DT five/CD senators/NNS have/VBP disputed/VBN his/PRP$ account/NN of/IN a/DT 1987/CD meeting/NN ./. ###/### So/IN the/DT senators/NNS must/MD brace/VB themselves/PRP ./. ###/### Sen./NNP Cranston/NNP ,/, as/IN he/PRP returned/VBD to/TO the/DT capital/NN last/JJ week/NN from/IN a/DT one-day/JJ trip/NN to/TO inspect/VB earthquake/NN damage/NN in/IN San/NNP Francisco/NNP ,/, sighed/VBD to/TO an/DT aide/NN :/: ``/`` Well/UH ,/, back/RB to/TO Keatingland/NNP ./. ###/### When/WRB Anne/NNP Volokh/NNP and/CC her/PRP$ family/NN immigrated/VBD to/TO the/DT U.S./NNP 14/CD years/NNS ago/RB ,/, they/PRP started/VBD life/NN in/IN Los/NNP Angeles/NNP with/IN only/RB $/$ 400/CD ./. ###/### They/PRP 'd/MD actually/RB left/VBD the/DT Soviet/NNP Union/NNP with/IN $/$ 480/CD ,/, but/CC during/IN a/DT stop/NN in/IN Italy/NNP Ms./NNP Volokh/NNP dropped/VBD $/$ 80/CD on/IN a/DT black/JJ velvet/NN suit/NN ./. ###/### Not/RB surprisingly/RB ,/, she/PRP quickly/RB adapted/VBD to/TO the/DT American/JJ way/NN ./. ###/### Three/CD months/NNS after/IN she/PRP arrived/VBD in/IN L.A./NNP she/PRP spent/VBD $/$ 120/CD she/PRP did/VBD n't/RB have/VB for/IN a/DT hat/NN ./. ###/### -LRB-/-LRB- ``/`` A/DT ``/`` A/DT turban/NN ,/, ''/'' she/PRP specifies/VBZ ,/, ``/`` though/IN it/PRP was/VBD n't/RB the/DT time/NN for/IN that/DT 14/CD years/NNS ago/RB ./. ###/### But/CC I/PRP loved/VBD turbans/NNS ./. ''/'' -RRB-/-RRB- ###/### Since/IN then/RB she/PRP has/VBZ become/VBN wealthy/JJ ./. ###/### Her/PRP$ husband/NN and/CC older/JJR son/NN --/: a/DT computer/NN prodigy/NN profiled/VBN in/IN The/NNP Wall/NNP Street/NNP Journal/NNP in/IN 1981/CD ,/, when/WRB he/PRP was/VBD 13/CD --/: run/VBP a/DT software/NN company/NN with/IN expected/JJ sales/NNS this/DT year/NN of/IN $/$ 10/CD million/CD ./. ###/### Most/RBS recently/RB ,/, she/PRP has/VBZ become/VBN the/DT publisher/NN of/IN Movieline/NNP ,/, a/DT four-year-old/JJ Los/NNP Angeles/NNP magazine/NN that/WDT began/VBD national/JJ distribution/NN last/JJ month/NN ,/, with/IN an/DT initial/JJ press/NN run/NN of/IN 100,000/CD copies/NNS ./. ###/### Distributed/VBN by/IN the/DT Hearst/NNP Corp./NNP 's/POS Eastern/NNP News/NNP ,/, the/DT glossy/JJ publication/NN melds/VBZ Vanity/NNP Fair/NNP 's/POS gossipy/JJ archness/NN and/CC Premiere/NNP 's/POS earnest/JJ delving/NN into/IN behind-the-scenes/JJ minutiae/NNS ,/, with/IN a/DT special/JJ emphasis/NN on/IN Tinseltown/NNP as/IN fashion/NN trendsetter/NN ./. ###/### It/PRP 's/VBZ being/VBG sold/VBN through/IN bookstores/NNS ,/, newsstands/NNS and/CC some/DT video/JJ stores/NNS ./. ###/### Though/NNP Ms./NNP Volokh/NNP is/VBZ a/DT small/JJ woman/NN ,/, she/PRP has/VBZ an/DT outsized/JJ personality/NN and/CC dramatic/JJ flair/NN that/WDT seem/VBP perfectly/RB suited/VBN to/TO capitalism/NN as/IN it/PRP is/VBZ practiced/VBN in/IN Hollywood/NNP ./. ###/### Certainly/RB life/NN for/IN her/PRP has/VBZ changed/VBN considerably/RB since/IN the/DT days/NNS in/IN Kiev/NNP ,/, when/WRB she/PRP lived/VBD with/IN her/PRP$ parents/NNS ,/, her/PRP$ husband/NN and/CC her/PRP$ two/CD sons/NNS in/IN a/DT 2/CD apartment/NN in/IN what/WP she/PRP calls/VBZ ``/`` silent/JJ internal/JJ immigration/NN ,/, ''/'' dreaming/VBG of/IN escape/NN ./. ###/### Now/RB ,/, for/IN example/NN ,/, she/PRP owns/VBZ 48/CD hats/NNS ./. ###/### However/RB ,/, she/PRP remembers/VBZ the/DT lean/JJ years/NNS and/CC recalls/VBZ with/IN relish/NN wearing/VBG her/PRP first/JJ major/JJ American/JJ purchase/NN --/: that/DT years/NNS later/RB and/CC having/VBG a/DT Los/NNP Angeles/NNP boutique/NN owner/NN ask/VB her/PRP if/IN it/PRP was/VBD a/DT Chanel/NNP ./. ###/### With/IN obvious/JJ satisfaction/NN ,/, she/PRP says/VBZ she/PRP told/VBD him/PRP :/: ``/`` No/UH darling/NN ,/, I/PRP just/RB give/VB it/PRP a/DT Chanel/NNP look/NN ./. ''/'' ###/### She/PRP keeps/VBZ track/NN of/IN the/DT rest/NN of/IN her/PRP$ hats/NNS by/IN stapling/VBG Polaroid/NNP snapshots/NNS to/TO the/DT outside/NN of/IN each/DT hatbox/NN ./. ###/### Are/VBP the/DT hats/NNS merely/RB part/NN of/IN her/PRP$ new/JJ L.A./NNP persona/NN ,/, along/IN with/IN the/DT many/JJ ultra-thin/JJ Capri/NNP cigarettes/NNS she/PRP smokes/VBZ ,/, the/DT parties/NNS she/PRP throws/VBZ for/IN 500/CD people/NNS ,/, the/DT Chekovian/JJ feasts/NNS she/PRP offers/VBZ guests/NNS at/IN her/PRP$ weekend/NN place/NN in/IN Santa/NNP Barbara/NNP ?/. ###/### ``/`` No/UH ,/, darling/NN ,/, ''/'' she/PRP said/VBD recently/RB in/IN her/PRP$ fluent/JJ ,/, slightly/RB affected/JJ English/NNP ,/, during/IN a/DT trip/NN East/RB to/TO promote/VB Movieline/NNP 's/POS national/JJ expansion/NN ./. ###/### You/PRP have/VBP to/TO be/VB born/VBN with/IN it/PRP ./. ###/### I/PRP used/VBD to/TO wear/VB hats/NNS in/IN Russia/NNP ,/, but/CC I/PRP had/VBD to/TO make/VB them/PRP and/CC my/PRP$ dresses/NNS ./. ###/### On/IN the/DT hat/NN side/NN I/PRP was/VBD n't/RB getting/VBG what/WP I/PRP wanted/VBD ./. ''/'' ###/### Now/RB 48/CD years/NNS old/JJ ,/, Ms./NNP Volokh/NNP has/VBZ definite/JJ ideas/NNS about/IN what/WP she/PRP wants/VBZ ./. ###/### At/IN Movieline/NNP ,/, she/PRP wants/VBZ ``/`` specific/JJ paragraphing/NN ,/, specific/JJ tone/NN ,/, a/DT specific/JJ attitude/NN --/: bright/JJ and/CC bold/JJ and/CC tongue-in-cheek/JJ ./. ''/'' ###/### In/IN restaurants/NNS -LRB-/-LRB- in/IN this/DT case/NN ,/, the/DT Russian/NNP Samovar/NNP ,/, a/DT New/NNP York/NNP restaurant/NN operated/VBN by/IN and/CC for/IN Soviet/JJ emigres/NNS -RRB-/-RRB- ,/, she/PRP did/VBD n't/RB want/VB the/DT chirpy/JJ ,/, folkish/JJ music/NN bouncing/VBG through/IN the/DT room/NN ./. ###/### ``/`` You/PRP people/NNS here/RB think/VBP this/DT is/VBZ Russian/JJ music/NN ,/, ''/'' she/PRP said/VBD with/IN disdain/NN ,/, and/CC called/VBD over/IN to/TO the/DT waitress/NN :/: ``/`` Could/MD you/PRP turn/VB it/PRP off/RP ?/. ''/'' ###/### That/DT done/VBN ,/, Ms./NNP Volokh/NNP spoke/VBD with/IN rampant/JJ eloquence/NN about/IN the/DT many/JJ attributes/NNS she/PRP feels/VBZ she/PRP was/VBD born/VBN with/IN :/: an/DT understanding/NN of/IN food/NN ,/, business/NN ,/, Russian/JJ culture/NN ,/, human/JJ nature/NN ,/, and/CC parties/NNS ./. ###/### ``/`` Parties/NNS are/VBP rather/RB a/DT state/NN of/IN mind/NN ,/, ''/'' she/PRP said/VBD ,/, pausing/VBG only/RB to/TO taste/VB and/CC pass/VB judgment/NN on/IN the/DT Georgian/JJ shashlik/NN -LRB-/-LRB- ``/`` a/DT ``/`` a/DT little/RB well/RB done/VBN ,/, but/CC very/RB good/JJ ''/'' -RRB-/-RRB- ./. ###/### If/IN you/PRP are/VBP born/VBN to/TO give/VB parties/NNS ,/, you/PRP give/VBP parties/NNS ./. ###/### Even/RB in/IN Russia/NNP we/PRP managed/VBD to/TO give/VB parties/NNS ./. ###/### In/IN Los/NNP Angeles/NNP ,/, in/IN our/PRP$ lean/JJ years/NNS ,/, we/PRP gave/VBD parties/NNS ./. ''/'' ###/### As/IN publisher/NN of/IN a/DT magazine/NN devoted/VBN to/TO movies/NNS as/IN guideposts/NNS for/IN fashion/NN and/CC other/JJ fantasies/NNS ,/, Ms./NNP Volokh/NNP sees/VBZ her/PRP party-giving/NN as/IN an/DT important/JJ part/NN of/IN business/NN ./. ###/### She/PRP has/VBZ thrown/VBN extravagant/JJ soirees/NNS for/IN crowds/NNS of/IN people/NNS ,/, but/CC prefers/VBZ more/RBR intimate/JJ gatherings/NNS ./. ###/### At/IN American/JJ cocktail/NN parties/VBZ everyone/NN 's/VBZ always/RB looking/VBG over/IN your/PRP$ shoulder/NN to/TO see/VB who/WP they/PRP can/MD talk/VB to/TO next/RB ./. ###/### I/PRP like/VBP rather/RB tea/NN ,/, because/IN it/PRP is/VBZ at/IN the/DT end/NN of/IN the/DT day/NN ./. ''/'' ###/### She/PRP serves/VBZ high/JJ Russian/JJ tea/NN ,/, at/IN 5/CD p.m/RB ./. ###/### It/PRP 's/VBZ supposed/VBN to/TO be/VB later/RB but/CC I/PRP just/RB moved/VBD it/PRP ./. ###/### In/IN Los/NNP Angeles/NNP ,/, it/PRP 's/VBZ important/JJ to/TO catch/VB people/NNS just/RB after/IN work/NN ./. ''/'' ###/### She/PRP also/RB frequently/RB invites/VBZ directors/NNS ,/, producers/NNS ,/, actors/NNS ,/, writers/NNS and/CC other/JJ show/NN business/NN people/NNS for/IN ``/`` coffee/NN and/CC clips/NNS in/IN the/DT pleasure/NN dome/NN ./. ''/'' ###/### Guests/NNS bring/VBP movies/NNS on/IN tape/NN ,/, and/CC show/VBP their/PRP$ favorite/JJ three-to-five/JJ minute/NN segments/NNS on/IN the/DT screen/NN that/WDT unrolls/VBZ from/IN the/DT ceiling/NN of/IN the/DT Volokhs/NNPS '/POS art-nouveau/JJ library/NN -LRB-/-LRB- ``/`` the/JJ pleasure/NN dome/NN ''/'' -RRB-/-RRB- ./. ###/### They/PRP eat/VBP ``/`` sinful/JJ and/CC sensual/JJ things/NNS ''/'' --/: and/CC explain/VBP their/PRP$ clips/NNS ./. ###/### ``/`` It/PRP 's/VBZ very/RB revealing/JJ and/CC soul/NN baring/VBG ,/, ''/'' said/VBD Ms./NNP Volokh/NNP ./. ###/### The/DT idea/NN for/IN Movieline/NNP actually/RB was/VBD dreamed/VBN up/RP by/IN an/DT old/JJ friend/NN of/IN the/DT Volokhs/NNPS ,/, Boris/NNP Krutchensky/NNP -LRB-/-LRB- who/WP has/VBZ the/DT title/NN of/IN co-publisher/NN -RRB-/-RRB- ,/, and/CC Laurie/NNP Halpern/NNP Smith/NNP ,/, now/RB the/DT magazine/NN 's/POS co-editor/NN ./. ###/### Mr./NNP Krutchensky/NNP approached/VBD Ms./NNP Volokh/NNP five/CD years/NNS ago/RB about/IN backing/VBG the/DT publication/NN ,/, which/WDT started/VBD out/RP as/IN a/DT listing/NN guide/NN ./. ###/### She/PRP was/VBD interested/JJ only/RB if/IN she/PRP could/MD guide/VB it/PRP editorially/RB as/RB well/RB ./. ###/### ``/`` Anne/VB does/VBZ n't/RB believe/VB in/IN blandness/NN ,/, ''/'' said/VBD Ms./NNP Smith/NNP ./. ###/### She/PRP wants/VBZ things/NNS to/TO be/VB exciting/JJ ./. ###/### And/CC she/PRP has/VBZ this/DT inexhaustible/JJ energy/NN ./. ###/### She/PRP 'll/MD think/VB of/IN an/DT idea/NN the/DT editorial/JJ people/NNS think/VBP is/VBZ impossible/JJ ,/, then/RB she/PRP 'll/MD have/VB us/PRP make/VB it/PRP work/VB ./. ''/'' ###/### In/IN fact/NN ,/, Ms./NNP Volokh/NNP was/VBD n't/RB just/RB a/DT rich/JJ lady/NN who/WP needed/VBD a/DT hobby/NN ./. ###/### Back/RB in/IN the/DT Soviet/NNP Union/NNP she/PRP was/VBD a/DT respected/JJ journalist/NN ,/, writing/VBG a/DT weekly/JJ column/NN about/IN the/DT national/JJ cuisine/NN for/IN Sunday/NNP Izvestia/NNP ./. ###/### Those/DT columns/NNS --/: vivid/JJ discussions/NNS of/IN the/DT cultural/JJ and/CC literary/JJ reverberations/NNS of/IN food/NN as/RB well/RB as/IN practical/JJ advice/NN on/IN how/WRB to/TO glamorize/VB dreary/JJ Sovietized/JJ meals/NNS --/: became/VBD the/DT basis/NN for/IN her/PRP$ erudite/JJ and/CC entertaining/JJ cookbook/NN ,/, ``/`` The/DT Art/NNP of/IN Russian/NNP Cuisine/NNP ,/, ''/'' brought/VBN out/RP in/IN 1983/CD by/IN Macmillan/NNP Publishing/NNP Co/NNP ./. ###/### ``/`` I/PRP do/VBP n't/RB trust/VB people/NNS who/WP do/VBP n't/RB eat/VB ,/, ''/'' said/VBD Ms./NNP Volokh/NNP ,/, though/IN she/PRP herself/PRP stopped/VBD eating/VBG lunch/NN a/DT few/JJ years/NNS ago/RB to/TO drop/VB 25/CD pounds/NNS ./. ###/### Look/VB at/IN Dostoevski/NNP and/CC Kafka/NNP ./. ###/### No/DT one/NN ever/RB eats/VBZ in/IN their/PRP$ books/NNS and/CC look/VB at/IN them/PRP ./. ###/### Tolstoy/NNP 's/POS characters/NNS eat/VBP ,/, Pushkin/NNP 's/POS ,/, Gogol/NNP 's/POS ./. ''/'' ###/### In/IN her/PRP$ cookbook/NN ,/, which/WDT Macmillan/NNP is/VBZ bringing/VBG out/RP in/IN soft/JJ cover/NN this/DT month/NN -LRB-/-LRB- with/IN the/DT blini/NNS recipe/NN revised/VBN so/IN it/PRP works/VBZ -RRB-/-RRB- ,/, she/PRP introduces/VBZ each/DT chapter/NN with/IN appropriate/JJ quotations/NNS from/IN Russian/JJ literature/NN :/: Pushkin/NNP on/IN blini/NNS ,/, Goncharov/NNP on/IN piroghi/NNS ./. ###/### In/IN life/NN ,/, she/PRP offers/VBZ practical/JJ dieting/NN advice/NN :/: ``/`` Divide/VB your/PRP$ meals/NNS into/IN important/JJ and/CC unimportant/JJ ./. ###/### In/IN a/DT great/JJ restaurant/NN ,/, do/VBP n't/RB deprive/VB yourself/PRP ./. ###/### The/DT other/JJ meals/NNS do/VBP n't/RB matter/VB ./. ''/'' ###/### Amusing/JJ as/IN she/PRP is/VBZ ,/, and/CC frivolous/JJ as/IN she/PRP can/MD seem/VB ,/, this/DT is/VBZ a/DT serious/JJ person/NN with/IN some/DT difficult/JJ memories/NNS ./. ###/### She/PRP was/VBD the/DT child/NN of/IN relative/JJ privilege/NN ./. ###/### Her/PRP$ mother/NN was/VBD a/DT translator/NN ;/: her/PRP$ father/NN was/VBD ``/`` the/DT eternal/JJ vice/NN director/NN ./. ''/'' ###/### ``/`` I/PRP emigrated/VBD to/TO wear/VB better/JJR hats/NNS ,/, do/VB better/JJR parties/NNS ,/, ''/'' she/PRP said/VBD with/IN a/DT giggle/NN ./. ###/### But/CC we/PRP should/MD n't/RB leave/VB out/RP political/JJ reasons/NNS ,/, number/NN one/CD ./. ###/### You/PRP try/VBP to/TO maintain/VB your/PRP$ dignity/NN under/IN difficult/JJ circumstances/NNS ./. ###/### One/PRP can/MD not/RB imagine/VB how/WRB you/PRP live/VBP when/WRB you/PRP live/VBP those/DT double/JJ and/CC triple/JJ lives/NNS ./. ''/'' ###/### By/IN 1973/CD ,/, after/IN their/PRP$ second/JJ child/NN was/VBD born/VBN ,/, it/PRP had/VBD become/VBN clear/JJ to/TO Ms./NNP Volokh/NNP and/CC her/PRP$ husband/NN Vladimir/NNP ,/, a/DT computer/NN scientist/NN ,/, that/IN they/PRP wanted/VBD to/TO leave/VB the/DT U.S.S.R./NNP Ms./NNP Volokh/NNP quit/VBD her/PRP job/NN ,/, to/TO remove/VB herself/PRP from/IN the/DT public/JJ eye/NN ./. ###/### The/DT wait/NN was/VBD miserable/JJ ./. ###/### Before/IN granting/VBG Ms./NNP Volokh/NNP 's/POS parents/NNS a/DT visa/NN ,/, the/DT government/NN required/VBD her/PRP$ mother/NN to/TO obtain/VB permission/NN from/IN her/PRP$ first/JJ husband/NN ,/, whom/WP she/PRP had/VBD divorced/VBN 38/CD years/NNS earlier/RBR ./. ###/### Mr./NNP Volokh/NNP was/VBD fired/VBN from/IN his/PRP$ job/NN ,/, and/CC had/VBD to/TO endure/VB hours/NNS of/IN organized/JJ verbal/JJ abuse/NN from/IN his/PRP$ co-workers/NNS ,/, accusations/NNS of/IN sabotage/NN and/CC counterrevolutionary/JJ activities/NNS ./. ###/### The/DT Volokhs/NNPS were/VBD afraid/JJ that/IN they/PRP 'd/MD end/VB up/RP like/IN a/DT friend/NN of/IN theirs/PRP who/WP 'd/VBD applied/VBN for/IN a/DT visa/NN and/CC waited/VBN for/IN 10/CD years/NNS ,/, having/VBG been/VBN demoted/VBN from/IN his/PRP$ profession/NN of/IN theoretical/JJ mathematician/NN to/TO shipping/NN clerk/NN ./. ###/### They/PRP did/VBD n't/RB ./. ###/### Their/PRP$ visa/NN came/VBD in/IN relatively/RB short/JJ order/NN ,/, and/CC they/PRP moved/VBD to/TO Los/NNP Angeles/NNP ./. ###/### Mr./NNP Volokh/NNP soon/RB found/VBD work/NN in/IN his/PRP$ field/NN ,/, but/CC Ms./NNP Volokh/NNP refused/VBD the/DT obvious/JJ and/CC available/JJ a/DT Russian/NNP who/WP spoke/VBD fluent/JJ English/NNP ./. ###/### ``/`` That/DT 's/VBZ always/RB looking/VBG back/RB ,/, ''/'' she/PRP said/VBD ./. ###/### I/PRP wanted/VBD to/TO be/VB in/IN business/NN ./. ''/'' ###/### On/IN the/DT way/NN to/TO that/DT goal/NN ,/, she/PRP received/VBD her/PRP$ first/JJ U.S./NNP paycheck/NN for/IN proofreading/VBG a/DT book/NN of/IN Polish/JJ poetry/NN ,/, attended/VBD secretarial/JJ school/NN ,/, then/RB went/VBD to/TO work/VB for/IN a/DT fund-raising/NN organization/NN ./. ###/### Soon/RB she/PRP was/VBD running/VBG the/DT office/NN ./. ###/### When/WRB her/PRP$ husband/NN and/CC son/NN founded/VBD their/PRP$ computer/NN company/NN ,/, Vesoft/NNP ,/, she/PRP worked/VBD as/IN business/NN manager/NN ,/, bookkeeper/NN and/CC publicist/NN ./. ###/### Now/RB Movieline/NNP is/VBZ located/VBN in/IN the/DT same/JJ building/NN as/IN Vesoft/NNP ./. ###/### ``/`` Things/NNS work/VBP out/RP unexpectedly/RB in/IN life/NN ,/, ''/'' said/VBD Ms./NNP Volokh/NNP ./. ###/### You/PRP never/RB know/VBP if/IN you/PRP 'll/MD be/VB chosen/VBN to/TO be/VB the/DT scapegoat/NN or/CC the/DT lucky/JJ one/CD ./. ###/### We/PRP were/VBD lucky/JJ ./. ###/### William/NNP D./NNP Forrester/NNP ,/, president/NN of/IN the/DT U.S.-U.S.S.R./NNP Trade/NNP and/CC Economic/NNP Council/NNP ,/, has/VBZ a/DT warning/NN for/IN U.S./NNP companies/NNS trying/VBG to/TO do/VB business/NN in/IN the/DT Soviet/NNP Union/NNP ./. ###/### ``/`` It/PRP 's/VBZ an/DT extremely/RB complex/JJ market/NN ,/, and/CC you/PRP have/VBP to/TO be/VB prepared/VBN to/TO make/VB a/DT big/JJ commitment/NN ,/, ''/'' Mr./NNP Forrester/NNP says/VBZ ./. ###/### We/PRP are/VBP not/RB trying/VBG to/TO encourage/VB everyone/NN ./. ''/'' ###/### Undeterred/JJ by/IN such/JJ words/NNS of/IN caution/NN ,/, corporate/JJ America/NNP is/VBZ flocking/VBG to/TO Moscow/NNP ,/, lured/VBN by/IN a/DT huge/JJ untapped/JJ market/NN and/CC Mikhail/NNP Gorbachev/NNP 's/POS attempt/NN to/TO overhaul/VB the/DT Soviet/JJ economy/NN ./. ###/### Doing/VBG business/NN with/IN the/DT Russians/NNPS ,/, once/RB the/DT pursuit/NN of/IN a/DT handful/NN of/IN hardened/JJ veterans/NNS ,/, has/VBZ become/VBN the/DT goal/NN of/IN such/JJ major/JJ companies/NNS as/IN General/NNP Motors/NNP Corp./NNP ,/, Federal/NNP Express/NNP Corp./NNP and/CC Procter/NNP &/CC Gamble/NNP Co./NNP ,/, as/RB well/RB as/IN a/DT cluster/NN of/IN smaller/JJR firms/NNS ./. ###/### Reflecting/VBG the/DT new-found/JJ interest/NN ,/, more/JJR than/IN 140/CD U.S./NNP companies/NNS are/VBP taking/VBG part/NN in/IN a/DT Moscow/NNP exhibition/NN organized/VBN by/IN Mr./NNP Forrester/NNP 's/POS trade/NN group/NN ./. ###/### But/CC while/IN U.S./NNP interest/NN may/MD be/VB big/JJ and/CC growing/VBG ,/, the/DT difficulties/NNS that/WDT have/VBP stymied/VBN deals/NNS in/IN the/DT past/NN show/VBP no/DT sign/NN of/IN abating/VBG ./. ###/### Alongside/IN the/DT old/JJ problems/NNS of/IN a/DT non-convertible/JJ currency/NN and/CC an/DT inpenetrable/JJ bureaucracy/NN ,/, Western/JJ business/NN executives/NNS must/MD now/RB grapple/VB with/IN new/JJ complexities/NNS linked/VBN to/TO perestroika/FW ,/, the/DT restructuring/NN of/IN the/DT Soviet/JJ economy/NN ./. ###/### Executives/NNS say/VBP Mr./NNP Gorbachev/NNP 's/POS moves/NNS to/TO break/VB up/RP the/DT government/NN 's/POS foreign/JJ trade/NN monopoly/NN have/VBP created/VBN uncertainties/NNS as/RB well/RB as/IN opportunities/NNS ./. ###/### Changing/VBG legislation/NN has/VBZ opened/VBN the/DT field/NN to/TO thousands/NNS of/IN inexperienced/JJ Soviet/JJ players/NNS ,/, many/DT who/WP promise/VBP more/JJR than/IN they/PRP can/MD deliver/VB ./. ###/### And/CC some/DT foreign/JJ firms/NNS are/VBP finding/VBG that/IN even/RB when/WRB they/PRP manage/VBP to/TO overcome/VB such/JJ hurdles/NNS ,/, their/PRP$ ventures/NNS now/RB have/VBP to/TO be/VB endorsed/VBN by/IN such/JJ unpredictable/JJ bodies/NNS as/IN the/DT Soviet/JJ parliament/NN and/CC the/DT governments/NNS of/IN the/DT nation/NN 's/POS republics/NNS ./. ###/### ``/`` You/PRP have/VBP to/TO go/VB out/IN to/TO all/PDT your/PRP$ constituents/NNS ,/, ''/'' says/VBZ James/NNP H./NNP Giffen/NNP ,/, who/WP is/VBZ spearheading/VBG the/DT most/RBS ambitious/JJ attempt/NN by/IN U.S./NNP firms/NNS to/TO break/VB into/IN the/DT Soviet/JJ market/NN ,/, involving/VBG investment/NN of/IN more/JJR than/IN $/$ 5/CD billion/CD in/IN some/RB two/CD dozen/NN joint/JJ ventures/NNS ./. ###/### As/IN part/NN of/IN that/DT attempt/NN ,/, by/IN the/DT American/NNP Trade/NNP Consortium/NNP ,/, Mr./NNP Giffen/NNP says/VBZ he/PRP spends/VBZ a/DT lot/NN of/IN time/NN lobbying/VBG ./. ###/### Growing/VBG public/JJ fears/NNS about/IN the/DT Soviet/JJ environment/NN is/VBZ one/CD new/JJ factor/NN affecting/VBG some/DT joint-venture/JJ plans/NNS ./. ###/### Over/IN the/DT past/JJ two/CD years/NNS ,/, Soviet/JJ ministries/NNS have/VBP been/VBN talking/VBG to/TO international/JJ firms/NNS ,/, including/VBG Occidental/NNP Petroleum/NNP Co./NNP and/CC Combustion/NNP Engineering/NNP Inc./NNP of/IN the/DT U.S./NNP ,/, Montedison/NNP S.p/NNP ./. A./NNP of/IN Italy/NNP and/CC several/JJ Japanese/JJ groups/NNS ,/, about/IN jointly/RB building/VBG and/CC operating/VBG several/JJ big/JJ petrochemical/NN plants/NNS ./. ###/### The/DT plans/NNS have/VBP come/VBN under/IN fire/NN from/IN Soviet/JJ environmentalists/NNS ,/, and/CC officials/NNS say/VBP many/JJ are/VBP likely/JJ to/TO be/VB scaled/VBN back/RP or/CC dropped/VBN ./. ###/### Whatever/WDT the/DT difficulties/NNS ,/, Mr./NNP Gorbachev/NNP remains/VBZ committed/JJ to/TO increasing/VBG foreign/JJ trade/NN ./. ###/### For/IN political/JJ as/RB well/RB as/IN economic/JJ reasons/NNS ,/, U.S./NNP companies/NNS are/VBP at/IN the/DT top/NN of/IN his/PRP$ priorities/NNS --/: a/DT point/NN he/PRP underscored/VBD by/IN spending/VBG two/CD hours/NNS walking/VBG around/IN the/DT U.S./NNP trade/NN show/NN last/JJ week/NN ./. ###/### Talking/VBG to/TO a/DT small/JJ group/NN of/IN U.S./NNP executives/NNS afterwards/RB ,/, Mr./NNP Gorbachev/NNP appeared/VBD impatient/JJ for/IN a/DT big/JJ expansion/NN in/IN U.S.-Soviet/JJ trade/NN ,/, which/WDT now/RB amounts/VBZ to/TO a/DT meager/JJ $/$ 3/CD billion/CD annually/RB ./. ###/### The/DT U.S./NNP ranks/VBZ fourth/JJ of/IN countries/NNS that/WDT have/VBP concluded/VBN joint/JJ ventures/NNS ,/, behind/IN West/NNP Germany/NNP ,/, Finland/NNP and/CC Italy/NNP ./. ###/### According/VBG to/TO several/JJ people/NNS present/RB at/IN the/DT meeting/NN ,/, Mr./NNP Gorbachev/NNP also/RB supported/VBD the/DT idea/NN of/IN concluding/VBG several/JJ commercial/JJ accords/NNS with/IN the/DT U.S./NNP ,/, possibly/RB at/IN his/PRP$ next/JJ summit/NN meeting/NN with/IN President/NNP Bush/NNP ./. ###/### Judging/VBG by/IN the/DT crush/NN at/IN the/DT exhibition/NN ,/, deprived/VBN|JJ Soviet/JJ consumers/NNS are/VBP more/RBR than/IN ready/JJ for/IN U.S./NNP products/NNS ./. ###/### Hundreds/NNS of/IN people/NNS lined/VBD up/RP every/DT day/NN at/IN the/DT Colgate-Palmolive/NNP Co./NNP stand/NN to/TO receive/VB a/DT free/JJ tube/NN of/IN toothpaste/NN ,/, a/DT commodity/NN in/IN chronically/RB short/JJ supply/NN here/RB ./. ###/### And/CC unruly/JJ crowds/NNS at/IN RJR/NNP Nabisco/NNP Inc./NNP 's/POS booth/NN almost/RB knocked/VBD over/RP a/DT glass/NN showcase/NN in/IN the/DT rush/NN to/TO get/VB a/DT free/JJ Camel/NNP cigarette/NN sticker/NN ./. ###/### Some/DT U.S./NNP products/NNS are/VBP filtering/VBG into/IN the/DT Soviet/JJ market/NN under/IN an/DT emergency/NN import/NN program/NN ./. ###/### Both/DT Colgate/NNP and/CC Procter/NNP &/CC Gamble/NNP have/VBP received/VBN big/JJ orders/NNS for/IN toothpaste/NN ,/, soap/NN and/CC detergents/NNS ./. ###/### The/DT American/NNP Trade/NNP Consortium/NNP says/VBZ it/PRP is/VBZ planning/VBG to/TO ship/VB some/RB $/$ 500/CD million/CD of/IN consumer/NN goods/NNS ,/, financed/VBN by/IN bank/NN credits/NNS ,/, in/IN the/DT first/JJ few/JJ months/NNS of/IN next/JJ year/NN ./. ###/### But/CC the/DT current/JJ Soviet/JJ purchasing/NN spree/NN may/MD be/VB a/DT one-time/JJ affair/NN ./. ###/### The/DT goal/NN of/IN most/JJS U.S./NNP firms/NNS --/: joint/JJ ventures/NNS --/: remains/VBZ elusive/JJ ./. ###/### Because/IN the/DT Soviet/JJ ruble/NN is/VBZ n't/RB convertible/JJ into/IN dollars/NNS ,/, marks/NNS and/CC other/JJ Western/JJ currencies/NNS ,/, companies/NNS that/WDT hope/VBP to/TO set/VB up/RP production/NN facilities/NNS here/RB must/MD either/RB export/VB some/DT of/IN the/DT goods/NNS to/TO earn/VB hard/JJ currency/NN or/CC find/VB Soviet/JJ goods/NNS they/PRP can/MD take/VB in/IN a/DT counter-trade/JJ transaction/NN ./. ###/### International/JJ competition/NN for/IN the/DT few/JJ Soviet/JJ goods/NNS that/WDT can/MD be/VB sold/VBN on/IN world/NN markets/NNS is/VBZ heating/VBG up/RP ,/, however/RB ./. ###/### Shelley/NNP M./NNP Zeiger/NNP ,/, an/DT entrepreneur/NN from/IN New/NNP Jersey/NNP who/WP buys/VBZ Soviet/JJ porcelain/NN and/CC ``/`` matryoshka/FW ''/'' nesting/JJ dolls/NNS for/IN export/NN to/TO the/DT U.S./NNP ,/, says/VBZ West/JJ German/JJ companies/NNS already/RB have/VBP snapped/VBN up/RP much/JJ of/IN the/DT production/NN of/IN these/DT items/NNS ./. ###/### Seeking/VBG to/TO overcome/VB the/DT currency/NN problems/NNS ,/, Mr./NNP Giffen/NNP 's/POS American/NNP Trade/NNP Consortium/NNP ,/, which/WDT comprises/VBZ Chevron/NNP Corp./NNP ,/, RJR/NNP ,/, Johnson/NNP &/CC Johnson/NNP ,/, Eastman/NNP Kodak/NNP Co./NNP ,/, and/CC Archer-Daniels-Midland/NNP Co./NNP ,/, has/VBZ concocted/VBN an/DT elaborate/JJ scheme/NN to/TO share/VB out/RP dollar/NN earnings/NNS ,/, largely/RB from/IN the/DT revenues/NNS of/IN a/DT planned/JJ Chevron/NNP oil/NN project/NN ./. ###/### Several/JJ medical/JJ concerns/NNS ,/, including/VBG Pfizer/NNP Inc./NNP ,/, Hewlett-Packard/NNP Co./NNP ,/, Colgate/NNP and/CC Abbott/NNP Laboratories/NNP intend/VBP to/TO pursue/VB a/DT similar/JJ consortium/NN approach/NN ./. ###/### ``/`` It/PRP 's/VBZ hard/JJ to/TO invest/VB capital/NN here/RB on/IN the/DT same/JJ basis/NN as/IN investing/VBG in/IN other/JJ countries/NNS ,/, ''/'' says/VBZ Dennis/NNP A./NNP Sokol/NNP ,/, president/NN of/IN Medical/NNP Service/NNP Partners/NNP Inc./NNP ,/, who/WP is/VBZ putting/VBG the/DT medical/JJ consortium/NN together/RB ./. ###/### Some/DT U.S./NNP entrepreneurs/NNS operate/VBP on/IN a/DT smaller/JJR scale/NN ./. ###/### One/CD group/NN seeks/VBZ to/TO publish/VB a/DT U.S.-Soviet/JJ medical/JJ journal/NN in/IN conjunction/NN with/IN the/DT U.S.S.R./NNP Ministry/NNP of/IN Health/NNP ./. ###/### According/VBG to/TO Richard/NNP P./NNP Mills/NNP ,/, a/DT Boston-based/JJ official/NN of/IN the/DT U.S./NNP partner/NN ,/, 10,000/CD copies/NNS of/IN the/DT quarterly/NN will/MD be/VB printed/VBN in/IN Russian/NNP from/IN next/JJ year/NN ./. ###/### It/PRP will/MD be/VB financed/VBN by/IN advertisements/NNS from/IN U.S./NNP companies/NNS and/CC by/IN simultaneous/JJ publication/NN of/IN an/DT English-language/NN journal/NN containing/VBG details/NNS of/IN Soviet/JJ medical/JJ advancements/NNS ./. ###/### ``/`` We/PRP found/VBD a/DT market/NN niche/NN ,/, ''/'' Mr./NNP Mills/NNP boasts/VBZ ./. ###/### It/PRP 's/VBZ truly/RB entrepreneurial/JJ ./. ###/### General/NNP Electric/NNP Co./NNP was/VBD given/VBN an/DT $/$ 89.6/CD million/CD Navy/NNP contract/NN for/IN nuclear/JJ propulsion/NN parts/NNS ./. ###/### Westinghouse/NNP Electric/NNP Corp./NNP also/RB won/VBD a/DT $/$ 75.5/CD million/CD Navy/NNP contract/NN for/IN nuclear/JJ propulsion/NN parts/NNS ./. ###/### Federal/NNP Data/NNP Corp./NNP was/VBD issued/VBN a/DT $/$ 14.5/CD million/CD Navy/NNP contract/NN for/IN computer/NN systems/NNS ./. ###/### American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP was/VBD awarded/VBN an/DT $/$ 11.5/CD million/CD Navy/NNP contract/NN for/IN oceanographic/JJ services/NNS ./. ###/### Cray/NNP Research/NNP Inc./NNP said/VBD it/PRP sold/VBD one/CD of/IN its/PRP$ newest/JJS and/CC largest/JJS computer/NN systems/NNS ,/, the/DT Cray/NNP ,/, to/TO the/DT United/NNP Kingdom/NNP Meteorological/NNP Office/NNP ./. ###/### The/DT system/NN is/VBZ the/DT first/JJ to/TO be/VB sold/VBN through/IN the/DT joint/JJ marketing/NN agreement/NN between/IN Cray/NNP and/CC Control/NNP Data/NNP Corp/NNP ./. ###/### The/DT supercomputer/NN ,/, which/WDT lists/VBZ for/IN $/$ 18.5/CD million/CD ,/, will/MD be/VB installed/VBN in/IN the/DT first/JJ quarter/NN of/IN 1990/CD in/IN the/DT meteorological/JJ office/NN 's/POS headquarters/NN in/IN Bracknell/NNP ,/, England/NNP ./. ###/### Shareholders/NNP of/IN Nuovo/NNP Banco/NNP Ambrosiano/NNP S.p/NNP ./. A./NNP voted/VBD to/TO accept/VB a/DT bid/NN of/IN 5,500/CD lire/NNS -LRB-/-LRB- $/$ 4.03/CD -RRB-/-RRB- a/DT share/NN by/IN France/NNP 's/POS Credit/NNP Agricole/NNP for/IN 13.32/CD %/NN of/IN the/DT bank/NN ,/, rejecting/VBG an/DT earlier/JJR ,/, equal/JJ offer/NN by/IN Italy/NNP 's/POS Assicurazioni/NNP Generali/NNP S.p/NNP ./. A/NNP ./. ###/### The/DT move/NN will/MD give/VB Nuovo/NNP Banco/NNP a/DT badly/RB needed/VBN foreign/JJ presence/NN ,/, and/CC make/VB Credit/NNP Agricole/NNP the/DT bank/NN 's/POS largest/JJS shareholder/NN ./. ###/### It/PRP also/RB opens/VBZ a/DT rift/NN in/IN the/DT bank/NN 's/POS shareholders/NNS '/POS syndicate/NN that/WDT could/MD lead/VB to/TO a/DT battle/NN for/IN control/NN of/IN the/DT concern/NN ./. ###/### Nuovo/NNP Banco/NNP will/MD become/VB Italy/NNP 's/POS biggest/JJS private-sector/JJ bank/NN when/WRB it/PRP completes/VBZ its/PRP$ scheduled/JJ merger/NN with/IN Banca/NNP Cattolica/NNP del/NNP Venetoen/NNP by/IN year/NN end/NN ./. ###/### Credit/NNP Agricole/NNP asked/VBD a/DT Milan/NNP court/NN to/TO sequester/VB the/DT Nuovo/NNP Banco/NNP shares/NNS ,/, the/DT Italian/JJ news/NN agency/NN ANSA/NNP reported/VBD ./. ###/### The/DT tribunal/NN is/VBZ scheduled/VBN to/TO rule/VB on/IN the/DT request/NN Friday/NNP ./. ###/### No/DT reason/NN for/IN the/DT request/NN was/VBD given/VBN ./. ###/### Credit/NNP Agricole/NNP officials/NNS could/MD n't/RB be/VB immediately/RB reached/VBN for/IN comment/NN ./. ###/### The/DT decision/NN to/TO accept/VB Credit/NNP Agricole/NNP 's/POS bid/NN ,/, valued/VBN at/IN 283.3/CD billion/CD lire/NN -LRB-/-LRB- $/$ 207.4/CD million/CD -RRB-/-RRB- ,/, came/VBD after/IN a/DT stormy/JJ weekend/NN meeting/NN ./. ###/### Nuovo/NNP Banco/NNP 's/POS second/JJ largest/JJS shareholder/NN ,/, the/DT Fiat/NNP S.p/NNP ./. A.-controlled/JJ investment/NN concern/NN ,/, Gemina/NNP S.p/NNP ./. A./NNP ,/, fought/VBD to/TO have/VB Generali/NNP 's/POS offer/NN approved/VBN ./. ###/### Gemina/NNP ,/, which/WDT owns/VBZ 13.26/CD %/NN of/IN Nuovo/NNP Banco/NNP ,/, abstained/VBD in/IN the/DT final/JJ vote/NN on/IN Credit/NNP Agricole/NNP ,/, which/WDT was/VBD nonetheless/RB approved/VBN by/IN a/DT majority/NN of/IN shareholders/NNS ./. ###/### The/DT linkup/NN with/IN Credit/NNP Agricole/NNP will/MD give/VB Nuovo/NNP Banco/NNP its/PRP$ first/JJ foreign/JJ presence/NN since/IN it/PRP was/VBD formed/VBN from/IN the/DT wreck/NN of/IN the/DT old/JJ Banco/NNP Ambrosiano/NNP ,/, which/WDT collapsed/VBD amid/IN scandal/NN after/IN the/DT death/NN of/IN Chairman/NNP Roberto/NNP Calvi/NNP in/IN 1982/CD ./. ###/### Since/IN then/RB ,/, the/DT bank/NN has/VBZ strengthened/VBN its/PRP$ Italian/JJ network/NN ,/, and/CC has/VBZ posted/VBN strong/JJ results/NNS ./. ###/### ``/`` The/DT shareholders/NNS felt/VBD we/PRP needed/VBD a/DT foreign/JJ presence/NN more/RBR than/IN we/PRP needed/VBD links/NNS with/IN an/DT insurance/NN company/NN ,/, ''/'' an/DT Ambrosiano/NNP spokeswoman/NN said/VBD ./. ###/### Gemina/NNP said/VBD in/IN a/DT statement/NN that/IN ``/`` it/PRP reserves/VBZ the/DT right/NN to/TO take/VB any/DT action/NN to/TO protect/VB its/PRP$ rights/NNS as/IN a/DT member/NN of/IN the/DT syndicate/NN ./. ''/'' ###/### A/DT company/NN spokeswoman/NN said/VBD the/DT company/NN had/VBD n't/RB decided/VBN what/WDT measures/NNS to/TO take/VB ,/, but/CC did/VBD n't/RB rule/VB out/RP legal/JJ action/NN ./. ###/### Generali/NNP ,/, Italy/NNP 's/POS biggest/JJS insurer/NN ,/, last/JJ month/NN offered/VBD 5,500/CD lire/NNS a/DT share/NN for/IN the/DT Nuovo/NNP Banco/NNP stake/NN held/VBN by/IN Banco/NNP Popolare/NNP di/NNP Milano/NNP ,/, the/DT bank/NN 's/POS largest/JJS shareholder/NN ,/, which/WDT announced/VBD plans/NNS to/TO sell/VB the/DT holdings/NNS earlier/RBR this/DT year/NN ./. ###/### A/DT Generali/NNP spokesman/NN declined/VBD to/TO comment/VB on/IN Nuovo/NNP Banco/NNP 's/POS rejection/NN of/IN the/DT insurer/NN 's/POS offer/NN ./. ###/### On/IN the/DT Milan/NNP stock/NN exchange/NN ,/, Nuovo/NNP Banco/NNP 's/POS shares/NNS jumped/VBD to/TO 4,830/CD lire/NNS each/DT from/IN 4,695/CD lire/NNS Friday/NNP ./. ###/### Qintex/NNP Australia/NNP Ltd./NNP ,/, a/DT media/NN and/CC resorts/NNS concern/NN controlled/VBN by/IN Australian/JJ entrepreneur/NN Christopher/NNP Skase/NNP ,/, announced/VBD a/DT plan/NN to/TO restructure/VB and/CC sell/VB assets/NNS to/TO try/VB to/TO ease/VB its/PRP$ financial/JJ problems/NNS ./. ###/### Mr./NNP Skase/NNP ,/, a/DT 41-year-old/JJ former/JJ newspaper/NN reporter/NN who/WP chairs/VBZ the/DT company/NN ,/, said/VBD in/IN a/DT statement/NN that/DT Qintex/NNP will/MD sell/VB its/PRP$ 51/CD %/NN stake/NN in/IN its/PRP$ upscale/JJ Mirage/NNP resorts/NNS in/IN Australia/NNP and/CC Hawaii/NNP as/RB well/RB as/IN three/CD Australian/JJ television/NN stations/NNS ./. ###/### The/DT sales/NNS are/VBP expected/VBN to/TO raise/VB more/JJR than/IN 600/CD million/CD Australian/JJ dollars/NNS -LRB-/-LRB- US$/$ 462.2/CD million/CD -RRB-/-RRB- ,/, Mr./NNP Skase/NNP said/VBD ./. ###/### Qintex/NNP Australia/NNP has/VBZ n't/RB disclosed/VBN its/PRP$ borrowings/NNS ,/, but/CC analysts/NNS estimate/VBP the/DT company/NN 's/POS debt/NN at/IN A$/$ 1.2/CD billion/CD ./. ###/### Mr./NNP Skase/NNP also/RB said/VBD the/DT restructuring/NN plan/NN calls/VBZ for/IN the/DT merger/NN of/IN Qintex/NNP Australia/NNP with/IN Qintex/NNP Ltd./NNP ,/, which/WDT owns/VBZ 55/CD %/NN of/IN Qintex/NNP Australia/NNP ./. ###/### He/PRP said/VBD the/DT move/NN will/MD ``/`` significantly/RB reduce/VB administrative/JJ and/CC operating/NN costs/NNS ,/, ''/'' but/CC he/PRP did/VBD n't/RB provide/VB details/NNS of/IN the/DT merger/NN ./. ###/### Company/NN officials/NNS said/VBD over/IN the/DT weekend/NN that/IN Qintex/NNP Australia/NNP 's/POS bank/NN creditors/NNS have/VBP become/VBN concerned/JJ about/IN a/DT barrage/NN of/IN bad/JJ news/NN at/IN the/DT company/NN ,/, including/VBG a/DT failed/JJ US$/$ 1.5/CD billion/CD plan/NN to/TO buy/VB Communications/NNP Co./NNP ,/, a/DT Beverly/NNP Hills/NNP ,/, Calif./NNP ,/, movie/NN and/CC television/NN production/NN concern/NN ./. ###/### Friday/NNP ,/, Qintex/NNP Entertainment/NNP Inc./NNP ,/, a/DT 43%-owned/JJ U.S./NNP affiliate/NN ,/, filed/VBD for/IN protection/NN from/IN creditor/NN lawsuits/NNS under/IN Chapter/NNP 11/CD of/IN the/DT U.S./NNP Bankruptcy/NNP Code/NNP ./. ###/### Analysts/NNS predicted/VBD that/IN the/DT move/NN would/MD further/RB shake/VB creditor/NN confidence/NN in/IN Qintex/NNP Australia/NNP and/CC force/VB it/PRP to/TO sell/VB assets/NNS ./. ###/### The/DT company/NN 's/POS latest/JJS moves/NNS were/VBD disclosed/VBN after/IN the/DT Australian/NNP Stock/NNP Exchange/NNP suspended/VBD trading/NN in/IN shares/NNS of/IN Qintex/NNP Australia/NNP and/CC Qintex/NNP Ltd./NNP because/IN the/DT companies/NNS had/VBD n't/RB answered/VBN an/DT exchange/NN inquiry/NN about/IN the/DT extent/NN of/IN their/PRP$ loans/NNS ,/, investments/NNS and/CC deposits/NNS at/IN Qintex/NNP Entertainment/NNP ./. ###/### Mr./NNP Skase/NNP 's/POS statement/NN was/VBD addressed/VBN to/TO the/DT stock/NN exchange/NN and/CC appeared/VBN to/TO be/VB a/DT response/NN to/TO the/DT inquiry/NN ./. ###/### It/PRP said/VBD Qintex/NNP Entertainment/NNP owes/VBZ Qintex/NNP Australia/NNP US$/$ 38.1/NNP million/CD in/IN loans/NNS not/RB secured/VBN by/IN specific/JJ assets/NNS ./. ###/### Qintex/NNP Australia/NNP also/RB said/VBD it/PRP has/VBZ an/DT investment/NN of/IN A$/$ 83.3/CD million/CD in/IN Qintex/NNP Entertainment/NNP shares/NNS ./. ###/### In/IN the/DT statement/NN ,/, Mr./NNP Skase/NNP said/VBD that/IN on/IN the/DT basis/NN of/IN current/JJ interest/NN rates/NNS in/IN Australia/NNP ,/, the/DT company/NN 's/POS asset/NN sales/NNS would/MD reduce/VB interest/NN expense/NN by/IN about/RB A$/$ 120/CD million/CD a/DT year/NN in/IN addition/NN to/TO eliminating/VBG certain/JJ liabilities/NNS ./. ###/### In/IN March/NNP ,/, Qintex/NNP sold/VBD 49/CD %/NN of/IN the/DT three/CD Mirage/NNP resorts/NNS to/TO Japan/NNP 's/POS Nippon/NNP Shinpan/NNP Co./NNP and/CC Mitsui/NNP &/CC Co./NNP for/IN A$/$ 433/NNP million/CD ./. ###/### Yesterday/NN 's/POS statement/NN did/VBD n't/RB say/VB whether/IN the/DT Japanese/JJ companies/NNS will/MD acquire/VB Qintex/NNP 's/POS remaining/VBG stake/NN in/IN the/DT resorts/NNS ./. ###/### Before/IN its/PRP$ shares/NNS were/VBD suspended/VBN from/IN trading/NN ,/, Qintex/NNP Australia/NNP plunged/VBD to/TO 16/CD Australian/JJ cents/NNS -LRB-/-LRB- 12/CD U.S./NNP cents/NNS -RRB-/-RRB- a/DT share/NN yesterday/NN from/IN 33/CD Australian/JJ cents/NNS Friday/NNP ./. ###/### The/DT shares/NNS traded/VBD at/IN about/RB A$/$ 1.50/NNP in/IN March/NNP ,/, when/WRB the/DT plan/NN to/TO acquire/VB was/VBD announced/VBN ./. ###/### Qintex/NNP Ltd./NNP shares/NNS sank/VBD to/TO A$/$ 1.50/NNP yesterday/NN from/IN A$/$ 3.05/NNP Friday/NNP ./. ###/### Mr./NNP Skase/NNP 's/POS statement/NN cited/VBD four/CD recent/JJ problems/NNS that/IN he/PRP said/VBD had/VBD cut/VBN group/NN cash/NN flow/NN by/IN more/JJR than/IN A$/$ 200/CD million/CD ./. ###/### They/PRP were/VBD what/WP he/PRP called/VBD an/DT ``/`` unlawful/JJ termination/NN ''/'' by/IN of/IN the/DT acquisition/NN agreement/NN with/IN Qintex/NNP ,/, high/JJ Australian/JJ interest/NN rates/NNS ,/, a/DT pilots/NNS '/POS strike/NN at/IN Australian/JJ domestic/JJ airlines/NNS that/WDT cut/VBD revenue/NN at/IN the/DT company/NN 's/POS Australian/JJ resorts/NNS and/CC delays/NNS in/IN completing/VBG a/DT sale/NN of/IN two/CD regional/JJ TV/NN stations/NNS in/IN Queensland/NNP state/NN ./. ###/### has/VBZ sued/VBN Qintex/NNP Australia/NNP for/IN breach/NN of/IN contract/NN and/CC fraud/NN over/IN the/DT collapsed/JJ acquisition/NN agreement/NN ,/, and/CC Qintex/NNP Australia/NNP has/VBZ threatened/VBN a/DT countersuit/NN ./. ###/### Qintex/NNP Australia/NNP has/VBZ n't/RB yet/RB reported/VBN results/NNS for/IN the/DT fiscal/JJ year/NN ended/VBN July/NNP 31/CD ./. ###/### In/IN his/PRP$ statement/NN ,/, Mr./NNP Skase/NNP said/VBD preliminary/JJ accounts/NNS showed/VBD that/IN group/NN profit/NN before/IN interest/NN ,/, tax/NN and/CC depreciation/NN ``/`` will/MD exceed/VB A$/$ 170/CD million/CD ./. ''/'' ###/### He/PRP gave/VBD no/DT further/JJ details/NNS ./. ###/### Shareholders/NNS '/POS funds/NNS as/IN of/IN July/NNP 31/CD were/VBD estimated/VBN at/IN more/JJR than/IN A$/$ 1/CD billion/CD ,/, Mr./NNP Skase/NNP said/VBD ,/, compared/VBN with/IN A$/$ 725/CD million/CD a/DT year/NN earlier/RBR ./. ###/### The/DT company/NN will/MD make/VB ``/`` adequate/JJ provisions/NNS ''/'' to/TO cover/VB costs/NNS of/IN the/DT dispute/NN with/IN and/CC any/DT loss/NN from/IN the/DT investment/NN in/IN Qintex/NNP Entertainment/NNP ,/, he/PRP said/VBD ./. ###/### Mr./NNP Skase/NNP also/RB disclosed/VBD a/DT disagreement/NN among/IN directors/NNS of/IN Qintex/NNP Australia/NNP over/IN certain/JJ fees/NNS claimed/VBN by/IN Qintex/NNP Group/NNP Management/NNP Services/NNP Pty./NNP ,/, a/DT management-services/JJ concern/NN in/IN which/WDT Qintex/NNP Australia/NNP executives/NNS have/VBP an/DT interest/NN ./. ###/### Qintex/NNP Australia/NNP paid/VBD the/DT management/NN company/NN A$/$ 32.6/CD million/CD in/IN the/DT latest/JJS fiscal/JJ year/NN ./. ###/### Mr./NNP Skase/NNP said/VBD most/JJS of/IN the/DT money/NN went/VBD to/TO other/JJ parties/NNS for/IN expenses/NNS such/JJ as/IN rent/NN and/CC travel/NN ,/, but/CC a/DT smaller/JJR portion/NN is/VBZ owed/VBN to/TO senior/JJ executives/NNS and/CC others/NNS for/IN management/NN services/NNS ./. ###/### Non-executive/JJ directors/NNS of/IN Qintex/NNP Australia/NNP ,/, who/WP must/MD approve/VB payments/NNS to/TO the/DT senior/JJ executives/NNS ,/, balked/VBD at/IN the/DT amount/NN ./. ###/### Two/CD of/IN the/DT directors/NNS resigned/VBD ,/, Mr./NNP Skase/NNP said/VBD ,/, so/IN the/DT payments/NNS have/VBP n't/RB yet/RB been/VBN approved/VBN ./. ###/### Chip/NN 's/POS Memory/NN Is/VBZ Here/RB Today/NN ,/, Here/RB Tomorrow/NN ###/### TWO/CD COMPANIES/NNS plan/VBP to/TO market/VB a/DT new/JJ chip/NN with/IN ceramic/JJ circuits/NNS that/IN store/VBP data/NNS even/RB when/WRB the/DT power/NN is/VBZ off/RB ./. ###/### Today/NN 's/VBZ most/RBS widely/RB used/VBN data-storing/JJ chips/NNS have/VBP ``/`` volatile/JJ ''/'' memories/NNS --/: their/PRP$ data/NNS disappear/VBP if/IN they/PRP are/VBP n't/RB fed/VBN a/DT steady/JJ diet/NN of/IN electricity/NN ,/, so/IN they/PRP need/VBP external/JJ power/NN supplies/NNS ./. ###/### National/NNP Semiconductor/NNP Corp./NNP and/CC a/DT start-up/NN named/VBN Ramtron/NNP Corp./NNP plan/VBP to/TO start/VB shipping/VBG so-called/JJ ferroelectric/JJ memories/NNS ,/, which/WDT can/MD remember/VB data/NNS for/IN at/IN least/JJS 10/CD years/NNS without/IN any/DT current/NN flowing/VBG to/TO them/PRP ./. ###/### The/DT chips/NNS use/VBP materials/NNS ,/, such/JJ as/IN lead/NN zirconate/NN titanate/NN ,/, to/TO form/VB microscopic/JJ switches/NNS that/WDT retain/VBP their/PRP$ data/NNS without/IN electricity/NN ./. ###/### Developers/NNS caution/VBP that/IN broad/JJ applications/NNS are/VBP several/JJ years/NNS away/RB because/IN the/DT technology/NN is/VBZ n't/RB fully/RB refined/VBN ./. ###/### But/CC Ramtron/NNP of/IN Colorado/NNP Springs/NNP ,/, Colo./NNP ,/, plans/VBZ to/TO start/VB shipping/VBG commercial/JJ quantities/NNS of/IN simple/JJ ferroelectric/JJ chips/NNS in/IN December/NNP ./. ###/### The/DT company/NN expects/VBZ the/DT chips/NNS eventually/RB to/TO be/VB used/VBN in/IN devices/NNS that/WDT mimic/VBP a/DT whole/JJ range/NN of/IN computer/NN memory/NN equipment/NN ,/, including/VBG floppy-disk/NN and/CC hard-disk/NN drives/NNS ./. ###/### National/NNP Semiconductor/NNP is/VBZ getting/VBG ferroelectric/JJ technology/NN from/IN Krysalis/NNP Corp./NNP in/IN Albuquerque/NNP ,/, N.M/NNP ./. ###/### National/NNP says/VBZ it/PRP agreed/VBD to/TO acquire/VB Krysalis/NNP 's/POS assets/NNS and/CC will/MD start/VB shipping/VBG commercial/JJ quantities/NNS of/IN its/PRP$ first/JJ chips/NNS ,/, including/VBG a/DT 4-kilobit/JJ memory/NN ,/, next/JJ year/NN ./. ###/### Once/IN production/NN hurdles/NNS are/VBP overcome/VBN ,/, the/DT chips/NNS could/MD take/VB over/RP a/DT significant/JJ part/NN of/IN the/DT market/NN ./. ###/### In/IN addition/NN to/TO not/RB needing/VBG an/DT outside/JJ power/NN source/NN ,/, they/PRP are/VBP potentially/RB cheaper/JJR to/TO make/VB because/IN they/PRP require/VBP fewer/JJR manufacturing/NN steps/NNS than/IN conventional/JJ chips/NNS ./. ###/### Military/JJ buyers/NNS have/VBP shown/VBN interest/NN ,/, National/JJ says/VBZ ,/, because/IN ferroelectric/JJ chips/NNS resist/VBP atomic/JJ radiation/NN ./. ###/### And/CC while/IN today/NN 's/POS non-volatile/JJ chips/NNS --/: such/JJ as/IN electronically/RB erasable/JJ programmable/JJ read-only/JJ memory/NN chips/NNS --/: ca/MD n't/RB be/VB used/VBN in/IN a/DT computer/NN 's/POS central/JJ memory/NN because/IN they/PRP ``/`` learn/VBP ''/'' data/NNS slowly/RB ,/, ferroelectric/JJ chips/NNS accept/VBP data/NNS at/IN very/RB high/JJ speeds/NNS ./. ###/### Showing/VBG Up/RP in/IN Court/NN Without/IN Being/VBG There/RB ###/### AN/DT AUSTIN/NNP ,/, Texas/NNP ,/, company/NN plans/NNS to/TO make/VB it/PRP easy/JJ for/IN you/PRP show/VB up/RP in/IN court/NN a/DT thousand/CD miles/NNS away/RB without/IN leaving/VBG town/NN ./. ###/### Witnesses/NNS often/RB must/MD travel/VB long/JJ distances/NNS to/TO give/VB face-to-face/JJ depositions/NNS before/IN lawyers/NNS and/CC court/NN reporters/NNS ./. ###/### That/DT means/VBZ huge/JJ travel/NN bills/NNS ./. ###/### And/CC telephone/NN or/CC videotape/NN depositions/NNS just/RB do/VBP n't/RB match/VB physical/JJ encounters/NNS ./. ###/### That/DT could/MD change/VB ,/, thanks/NNS to/TO lower/JJR long-distance/JJ rates/NNS and/CC cheaper/JJR electronics/NNS ./. ###/### Video/NNP Telecom/NNP Corp./NNP ,/, which/WDT markets/VBZ videoconferencing/NN systems/NNS ,/, is/VBZ working/VBG with/IN court/NN reporters/NNS to/TO wire/VB a/DT nationwide/JJ network/NN to/TO allow/VB depositions/NNS by/IN live/JJ television/NN ./. ###/### The/DT company/NN installed/VBD a/DT prototype/NN system/NN that/WDT connects/VBZ Dallas/NNP with/IN Miami/NNP over/IN digital/JJ phone/NN lines/NNS ./. ###/### And/CC it/PRP is/VBZ preparing/VBG to/TO set/VB up/RP shop/NN in/IN Chicago/NNP ,/, New/NNP York/NNP and/CC 10/CD other/JJ cities/NNS where/WRB court-reporting/JJ agencies/NNS can/MD tie/VB conference/NN rooms/NNS into/IN the/DT network/NN ./. ###/### While/IN lawyers/NNS arranged/VBD individual/JJ tie-ups/NNS before/RB ,/, the/DT formal/JJ network/NN of/IN court/NN reporters/NNS should/MD make/VB things/NNS easier/JJR and/CC cheaper/JJR ./. ###/### An/DT attorney/NN will/MD be/VB able/JJ to/TO use/VB the/DT network/NN for/IN an/DT hourly/JJ fee/NN of/IN between/IN $/$ 200/CD and/CC $/$ 400/CD ,/, depending/VBG on/IN the/DT quality/NN of/IN the/DT picture/NN ,/, to/TO take/VB depositions/NNS from/IN witnesses/NNS in/IN any/DT of/IN the/DT connected/JJ cities/NNS ./. ###/### Japanese/NNPS Reverse/VBP Tack/NN On/IN Patent/NN Protection/NN ###/### JAPAN'S/NNP MISUSE/NNP of/IN U.S./NNP patents/NNS has/VBZ been/VBN a/DT sore/JJ point/NN for/IN American/JJ chip/NN makers/NNS ./. ###/### Now/RB at/IN least/JJS one/CD Japanese/JJ company/NN is/VBZ turning/VBG the/DT courtroom/NN tables/NNS ./. ###/### Until/IN now/RB ,/, most/JJS Japanese/JJ charges/NNS have/VBP been/VBN responses/NNS to/TO suits/NNS against/IN them/PRP ./. ###/### But/CC last/JJ year/NN Hitachi/NNP Ltd./NNP surprised/VBD Japan/NNP 's/POS electronics/NN industry/NN when/WRB it/PRP accused/VBD Korea/NNP 's/POS Samsung/NNP Electronics/NNP Co./NNP of/IN using/VBG Hitachi/NNP technology/NN to/TO make/VB dynamic/JJ random-access/JJ memory/NN chips/NNS ./. ###/### A/DT settlement/NN was/VBD reached/VBN but/CC was/VBD n't/RB made/VBN public/JJ ./. -RRB-/-RRB- ###/### And/CC Hitachi/NNP went/VBD on/IN the/DT offensive/NN against/IN the/DT U.S./NNP 's/POS Motorola/NNP Inc./NNP earlier/RBR this/DT month/NN with/IN a/DT suit/NN charging/VBG that/IN Motorola/NNP 's/POS new/JJ MC88200/NNP chip/NN infringes/VBZ on/IN a/DT Hitachi/NNP patent/NN ./. ###/### Another/DT recent/JJ Hitachi/NNP suit/NN accuses/VBZ Motorola/NNP of/IN reverse/RB engineering/VBG a/DT Hitachi/NNP technology/NN --/: a/DT turnabout/NN from/IN a/DT nation/NN of/IN champion/JJ reverse/JJ engineers/NNS ./. ###/### The/DT moves/NNS illustrate/VBP the/DT more/RBR aggressive/JJ attitude/NN toward/IN patent/NN protection/NN that/IN patent/JJ experts/NNS say/VBP Japan/NNP is/VBZ starting/VBG to/TO take/VB ./. ###/### Hitachi/NNP made/VBD the/DT reverse-engineering/NN charges/NNS in/IN an/DT amendment/NN to/TO a/DT counterclaim/NN filed/VBN in/IN a/DT federal/JJ district/JJ court/NN in/IN Texas/NNP after/IN Motorola/NNP sued/VBD Hitachi/NNP for/IN patent/NN violation/NN ./. ###/### Hitachi/NNP charges/VBZ Motorola/NNP ``/`` has/VBZ engaged/VBN in/IN fraudulent/JJ and/CC inequitable/JJ conduct/NN in/IN the/DT procurement/NN of/IN certain/JJ Motorola/NNP patents/NNS ''/'' used/VBN in/IN Motorola/NNP 's/POS MC68030/NNP microprocessor/NN chip/NN ./. ###/### Translation/NN :/: Motorola/NNP appears/VBZ to/TO have/VB taken/VBN a/DT Hitachi/NNP technology/NN that/WDT is/VBZ patented/VBN in/IN the/DT U.S./NNP ,/, Hitachi/NNP says/VBZ ,/, and/CC ``/`` tried/VBD to/TO make/VB it/PRP look/VB like/IN a/DT new/JJ technology/NN ./. ''/'' ###/### Motorola/NNP either/CC denied/VBN or/CC would/MD n't/RB comment/VB on/IN the/DT various/JJ charges/NNS ./. ###/### Odds/NNS and/CC Ends/NNS ###/### COMPUTER/NN chips/NNS that/WDT simulate/VBP human/JJ vision/NN have/VBP been/VBN developed/VBN by/IN Japan/NNP 's/POS Sharp/NNP Corp/NNP ./. ###/### They/PRP mimic/VBP the/DT brain/NN by/IN ``/`` looking/VBG ''/'' at/IN an/DT image/NN ,/, extracting/VBG the/DT fundamentals/NNS --/: boundaries/NNS ,/, corners/NNS and/CC lines/NNS --/: and/CC translating/VBG them/PRP into/IN computer/NN data/NNS ./. ###/### Sharp/NNP says/VBZ the/DT set/NN of/IN chips/NNS could/MD improve/VB fax/NN machines/NNS ,/, graphics/NNS computers/NNS or/CC identification/NN systems/NNS that/WDT recognize/VBP facial/JJ features/NNS ./. ###/### An/DT N.V/NNP ./. Philips/NNP unit/NN has/VBZ created/VBN a/DT computer/NN system/NN that/WDT processes/VBZ video/NN images/NNS 3,000/CD times/NNS faster/RBR than/IN conventional/JJ systems/NNS ./. ###/### Using/VBG reduced/JJ instruction-set/NN computing/NN ,/, or/CC RISC/NNP ,/, chips/NNS made/VBN by/IN Intergraph/NNP of/IN Huntsville/NNP ,/, Ala./NNP ,/, the/DT system/NN splits/VBZ the/DT image/NN it/PRP ``/`` sees/VBZ ''/'' into/IN 20/CD digital/JJ representations/NNS ,/, each/DT processed/VBN by/IN one/CD chip/NN ./. ###/### Tandy/NNP Corp./NNP ,/, citing/VBG sluggish/JJ sales/NNS of/IN consumer-electronics/JJ goods/NNS ,/, said/VBD net/JJ income/NN dropped/VBD 3.3/CD %/NN for/IN the/DT first/JJ quarter/NN ended/VBN Sept./NNP 30/CD ./. ###/### The/DT results/NNS ,/, which/WDT represented/VBD the/DT fifth/JJ consecutive/JJ quarter/NN of/IN flat-to-lower/JJ earnings/NNS for/IN the/DT big/JJ electronics/NN retailer/NN ,/, disappointed/VBD analysts/NNS and/CC traders/NNS ./. ###/### Tandy/NNP 's/POS stock/NN fell/VBD $/$ 1.375/CD a/DT share/NN to/TO close/VB at/IN $/$ 44/CD in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ./. ###/### Net/NN for/IN the/DT quarter/NN was/VBD $/$ 62.8/CD million/CD ,/, or/CC 73/CD cents/NNS a/DT share/NN ,/, down/RB from/IN $/$ 64.9/CD million/CD ,/, or/CC 72/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. ###/### The/DT company/NN said/VBD earnings/NNS would/MD have/VB increased/VBN if/IN it/PRP had/VBD n't/RB been/VBN actively/RB repurchasing/VBG its/PRP$ shares/NNS ,/, thus/RB increasing/VBG its/PRP$ interest/NN expense/NN and/CC reducing/VBG its/PRP$ interest/NN income/NN ./. ###/### Tandy/NNP had/VBD 86.3/CD million/CD shares/NNS outstanding/JJ at/IN Sept./NNP 30/CD ,/, down/RB from/IN 90/CD million/CD a/DT year/NN earlier/RBR ./. ###/### Revenue/NN rose/VBD 5/CD %/NN to/TO $/$ 986/CD million/CD from/IN $/$ 937/CD million/CD ./. ###/### Tandy/NNP said/VBD consumer/NN electronics/NN sales/NNS at/IN its/PRP$ Radio/NNP Shack/NNP stores/NNS have/VBP been/VBN slow/JJ ,/, partly/RB because/IN of/IN a/DT lack/NN of/IN hot/JJ ,/, new/JJ products/NNS ./. ###/### ``/`` Radio/NNP Shack/NNP continues/VBZ to/TO be/VB lackluster/JJ ,/, ''/'' said/VBD Dennis/NNP Telzrow/NNP ,/, analyst/NN with/IN Eppler/NNP ,/, Guerin/NNP &/CC Turner/NNP in/IN Dallas/NNP ./. ###/### He/PRP said/VBD Tandy/NNP ``/`` has/VBZ done/VBN a/DT decent/JJ job/NN ''/'' increasing/VBG sales/NNS by/IN manufacturing/VBG computers/NNS for/IN others/NNS and/CC expanding/VBG sales/NNS of/IN its/PRP$ Grid/NNP Systems/NNP Corp./NNP subsidiary/NN ,/, which/WDT sells/VBZ computers/NNS to/TO bigger/JJR businesses/NNS ,/, but/CC ``/`` it/PRP 's/VBZ not/RB enough/NN to/TO offset/VB the/DT problems/NNS at/IN Radio/NNP Shack/NNP ./. ''/'' ###/### Sales/NNS at/IN Radio/NNP Shack/NNP stores/NNS open/JJ more/RBR than/IN a/DT year/NN grew/VBD only/RB 2/CD %/NN in/IN the/DT quarter/NN from/IN a/DT year/NN earlier/RBR ,/, he/PRP said/VBD ./. ###/### As/IN a/DT result/NN ,/, Mr./NNP Telzrow/NNP said/VBD he/PRP cut/VBD his/PRP$ fiscal/JJ 1990/CD per-share/JJ earnings/NNS estimate/NN for/IN Tandy/NNP to/TO $/$ 4.05/CD from/IN $/$ 4.20/CD ./. ###/### Tandy/NNP earned/VBD $/$ 88.8/CD million/CD ,/, or/CC $/$ 3.64/CD a/DT share/NN ,/, in/IN the/DT year/NN ended/VBN June/NNP 30/CD ./. ###/### Barry/NNP Bryant/NNP ,/, an/DT analyst/NN with/IN Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ,/, said/VBD Tandy/NNP also/RB has/VBZ suffered/VBN from/IN lethargic/JJ sales/NNS of/IN its/PRP$ computers/NNS aimed/VBN at/IN the/DT home/NN and/CC small-office/JJ market/NN ,/, which/WDT are/VBP less-advanced/JJ|JJR and/CC cheaper/JJR than/IN computers/NNS aimed/VBN at/IN the/DT corporate/JJ market/NN ./. ###/### Tandy/NNP has/VBZ added/VBN several/JJ new/JJ products/NNS to/TO that/DT line/NN ,/, including/VBG a/DT laptop/JJ computer/NN priced/VBN around/IN $/$ 1,000/CD ,/, and/CC is/VBZ focusing/VBG its/PRP$ advertising/NN on/IN the/DT easy-to-use/JJ software/NN that/WDT is/VBZ packaged/VBN with/IN its/PRP$ machines/NNS ./. ###/### Mr./NNP Bryant/NNP and/CC other/JJ analysts/NNS hope/VBP all/DT those/DT moves/NNS will/MD combine/VB to/TO help/VB Tandy/NNP 's/POS results/NNS improve/VB in/IN the/DT important/JJ Christmas/NNP quarter/NN ./. ###/### ``/`` They/PRP 've/VBP been/VBN promising/VBG 13/CD %/NN to/TO 15/CD %/NN growth/NN based/VBN on/IN the/DT strategic/JJ moves/NNS they/PRP 've/VBP made/VBN ,/, ''/'' he/PRP said/VBD ./. ###/### If/IN the/DT earnings/NNS acceleration/NN is/VBZ to/TO take/VB place/NN ,/, that/WDT should/MD be/VB the/DT quarter/NN ./. ###/### At/IN a/DT private/JJ dinner/NN Thursday/NNP ,/, Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP chief/JJ executive/NN Frederick/NNP Joseph/NNP delivered/VBD a/DT sobering/JJ message/NN about/IN the/DT junk/NN bond/NN market/NN to/TO officials/NNS of/IN Prudential/NNP Insurance/NNP Co./NNP of/IN America/NNP ./. ###/### Mr./NNP Joseph/NNP conceded/VBD the/DT junk/NN market/NN was/VBD in/IN disarray/NN ,/, according/VBG to/TO people/NNS familiar/JJ with/IN the/DT discussion/NN ./. ###/### He/PRP said/VBD Drexel/NNP --/: the/DT leading/JJ underwriter/NN of/IN high-risk/JJ junk/NN bonds/NNS --/: could/MD no/RB longer/RB afford/VB to/TO sell/VB any/DT junk/NN offerings/NNS if/IN they/PRP might/MD later/RB become/VB troubled/JJ because/IN Drexel/NNP risked/VBD losing/VBG its/PRP$ highly/RB lucrative/JJ junk/NN franchise/NN ./. ###/### The/DT dinner/NN was/VBD a/DT stark/JJ confirmation/NN that/IN 1989/CD is/VBZ the/DT worst/JJS year/NN ever/RB for/IN the/DT $/$ 200/CD billion/CD junk/NN market/NN ./. ###/### And/CC investors/NNS and/CC traders/NNS alike/RB say/VBP the/DT current/JJ turmoil/NN could/MD take/VB years/NNS to/TO resolve/VB ./. ###/### Amid/IN the/DT market/NN disorder/NN ,/, even/RB Drexel/NNP ,/, which/WDT has/VBZ the/DT widest/JJS and/CC most/RBS loyal/JJ following/NN of/IN junk/NN bond/NN investors/NNS ,/, is/VBZ pulling/VBG in/IN its/PRP$ horns/NNS ./. ###/### Although/IN the/DT big/JJ investment/NN bank/NN still/RB dominates/VBZ the/DT junk/NN market/NN ,/, Drexel/NNP has/VBZ been/VBN unable/JJ to/TO stem/VB the/DT fallout/NN from/IN growing/VBG junk/NN bond/NN defaults/NNS ,/, withdrawn/VBN new/JJ offerings/NNS ,/, redemptions/NNS by/IN shareholders/NNS in/IN junk/NN bond/NN mutual/JJ funds/NNS and/CC an/DT exodus/NN of/IN once-devoted/JJ investors/NNS ./. ###/### For/IN many/JJ money/NN managers/NNS ,/, the/DT past/JJ four/CD months/NNS have/VBP been/VBN humiliating/JJ ./. ###/### ``/`` This/DT is/VBZ the/DT worst/JJS shakeout/NN ever/RB in/IN the/DT junk/NN market/NN ,/, and/CC it/PRP could/MD take/VB years/NNS before/IN it/PRP 's/VBZ over/RB ,/, ''/'' says/VBZ Mark/NNP Bachmann/NNP ,/, a/DT senior/JJ vice/NN president/NN at/IN Standard/NNP &/CC Poor/NNP 's/POS Corp./NN ,/, a/DT credit/NN rating/NN company/NN ./. ###/### In/IN the/DT third/JJ quarter/NN ,/, for/IN example/NN ,/, junk/NN bonds/NNS --/: those/DT with/IN less/JJR than/IN an/DT investment-grade/JJ rating/NN --/: showed/VBD negative/JJ returns/NNS ,/, the/DT only/JJ major/JJ sector/NN of/IN the/DT bond/NN market/NN to/TO do/VB so/RB ./. ###/### Since/IN the/DT end/NN of/IN last/JJ year/NN ,/, junk/NN bonds/NNS have/VBP been/VBN outperformed/VBN by/IN all/DT categories/NNS of/IN investment-grade/JJ bonds/NNS ,/, including/VBG ultra-safe/JJ Treasury/NNP securities/NNS ./. ###/### The/DT junk/NN market/NN ,/, which/WDT mushroomed/VBD to/TO $/$ 200/CD billion/CD from/IN less/JJR than/IN $/$ 2/CD billion/CD at/IN the/DT start/NN of/IN the/DT decade/NN ,/, has/VBZ been/VBN declining/VBG for/IN months/NNS as/IN issuers/NNS have/VBP stumbled/VBN under/IN the/DT weight/NN of/IN hefty/JJ interest/NN payments/NNS ./. ###/### The/DT fragile/JJ market/NN received/VBD its/PRP$ biggest/JJS jolt/NN last/JJ month/NN from/IN Campeau/NNP Corp./NNP ,/, which/WDT created/VBD its/PRP$ U.S./NNP retailing/NN empire/NN with/IN more/JJR than/IN $/$ 3/CD billion/CD in/IN junk/NN financing/NN ./. ###/### Campeau/NNP developed/VBD a/DT cash/NN squeeze/NN that/WDT caused/VBD it/PRP to/TO be/VB tardy/JJ on/IN some/DT interest/NN payments/NNS and/CC to/TO put/VB its/PRP$ prestigious/JJ Bloomingdale/NNP 's/POS department/NN store/NN chain/NN up/RB for/IN sale/NN ./. ###/### At/IN that/DT point/NN ,/, the/DT junk/NN market/NN went/VBD into/IN a/DT tailspin/NN as/IN buyers/NNS disappeared/VBD and/CC investors/NNS tried/VBD to/TO sell/VB ./. ###/### In/IN an/DT interview/NN ,/, Mr./NNP Joseph/NNP says/VBZ his/PRP$ dinner/NN discussion/NN with/IN the/DT Prudential/JJ executives/NNS acknowledged/VBD problems/NNS for/IN junk/NN ./. ###/### ``/`` What/WP I/PRP thought/VBD I/PRP was/VBD saying/VBG is/VBZ that/IN the/DT market/NN is/VBZ troubled/JJ but/CC still/RB viable/JJ and/CC ,/, appropriately/RB enough/RB ,/, quite/RB quality-conscious/JJ ,/, which/WDT is/VBZ not/RB at/IN all/DT bad/JJ ,/, ''/'' he/PRP says/VBZ ./. ###/### Nobody/NN 's/VBZ been/VBN perfect/JJ in/IN their/PRP$ credit/NN judgments/NNS the/DT past/JJ couple/JJ years/NNS ,/, and/CC we/PRP 're/VBP going/VBG to/TO make/VB sure/JJ our/PRP$ default/NN rates/NNS are/VBP going/VBG to/TO be/VB in/IN the/DT acceptable/JJ parameters/NNS of/IN the/DT market/NN ./. ''/'' ###/### What/WP has/VBZ jolted/VBN many/JJ junk/NN buyers/NNS is/VBZ the/DT sudden/JJ realization/NN that/IN junk/NN bonds/NNS can/MD not/RB necessarily/RB be/VB bought/VBN and/CC sold/VBN with/IN the/DT ease/NN of/IN common/JJ stocks/NNS and/CC many/JJ investment-grade/JJ bonds/NNS ./. ###/### Unlike/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, where/WRB buyers/NNS and/CC sellers/NNS are/VBP quickly/RB matched/VBN ,/, the/DT junk/NN market/NN ,/, where/WRB risky/JJ corporate/JJ loans/NNS are/VBP traded/VBN ,/, is/VBZ sometimes/RB closed/VBN for/IN repairs/NNS ./. ###/### At/IN closely/RB held/VBN Deltec/NNP Securities/NNP Corp./NNP ,/, junk/NN bond/NN money/NN managers/NNS Amy/NNP K./NNP Minella/NNP and/CC Hannah/NNP H./NNP Strasser/NNP say/VBP the/DT problems/NNS of/IN the/DT junk/NN market/NN go/VBP deeper/RBR than/IN a/DT temporary/JJ malaise/NN ./. ###/### In/IN recent/JJ months/NNS ,/, they/PRP say/VBP ,/, there/EX has/VBZ been/VBN heavy/JJ selling/NN of/IN junk/NN bonds/NNS by/IN some/DT of/IN the/DT market/NN 's/POS traditional/JJ investors/NNS ,/, while/IN new/JJ buyers/NNS have/VBP n't/RB materialized/VBN to/TO replace/VB them/PRP ./. ###/### Wall/NNP Street/NNP securities/NNS firms/NNS ,/, ``/`` the/DT primary/JJ source/NN of/IN liquidity/NN for/IN the/DT high/JJ yield/NN market/NN ,/, ''/'' have/VBP been/VBN net/JJ sellers/NNS of/IN junk/NN bonds/NNS because/RB of/IN trading/NN losses/NNS ,/, Deltec/NNP said/VBD in/IN a/DT recent/JJ ,/, grim/JJ report/NN to/TO customers/NNS ./. ###/### Mutual/JJ funds/NNS have/VBP also/RB been/VBN net/JJ sellers/NNS of/IN junk/NN bonds/NNS as/IN junk/NN 's/VBZ relatively/RB poor/JJ performance/NN and/CC negative/JJ press/NN coverage/NN have/VBP produced/VBN ``/`` above-normal/JJ ''/'' redemptions/NNS by/IN shareholders/NNS ,/, Deltec/NNP said/VBD ./. ###/### Investors/NNS ,/, trying/VBG to/TO raise/VB cash/NN ,/, have/VBP sold/VBN ``/`` large/JJ liquid/JJ issues/NNS ''/'' such/JJ as/IN RJR/NNP Holdings/NNP Corp./NNP and/CC Kroger/NNP Co./NNP ;/: declines/NNS in/IN these/DT benchmark/JJ issues/NNS have/VBP contributed/VBN to/TO the/DT market/NN 's/POS distress/NN ./. ###/### And/CC ,/, Deltec/NNP said/VBD ,/, buying/NN has/VBZ been/VBN severely/RB reduced/VBN because/IN savings/NNS and/CC loans/NNS have/VBP been/VBN restricted/VBN in/IN their/PRP$ junk/NN purchases/NNS by/IN recently/RB passed/VBN congressional/JJ legislation/NN ./. ###/### ``/`` In/IN fact/NN ,/, savings/NNS and/CC loans/NNS were/VBD sellers/NNS of/IN high/JJ yield/NN holdings/NNS throughout/IN the/DT quarter/NN ,/, ''/'' Deltec/NNP said/VBD ./. ###/### Ms./NNP Minella/NNP and/CC Ms./NNP Strasser/NNP say/VBP they/PRP are/VBP managing/VBG their/PRP$ junk/NN portfolios/NNS defensively/RB ,/, building/VBG cash/NN and/CC selectively/RB upgrading/VBG the/DT overall/JJ quality/NN ./. ###/### Meanwhile/RB ,/, Prudential/NNP ,/, the/DT nation/NN 's/POS largest/JJS insurer/NN and/CC the/DT biggest/JJS investor/NN in/IN junk/NN bonds/NNS ,/, has/VBZ seen/VBN the/DT value/NN of/IN its/PRP$ junk/NN bond/NN portfolio/NN drop/VB to/TO $/$ 6.5/CD billion/CD from/IN $/$ 7/CD billion/CD since/IN August/NNP because/IN of/IN falling/VBG junk/NN prices/NNS ./. ###/### ``/`` We/PRP certainly/RB do/VBP have/VB a/DT lack/NN of/IN liquidity/NN here/RB ,/, and/CC it/PRP 's/VBZ something/NN to/TO be/VB concerned/VBN about/IN ,/, ''/'' says/VBZ James/NNP A./NNP Gregoire/NNP ,/, a/DT managing/NN director/NN ./. ###/### I/PRP have/VBP no/DT reason/NN to/TO think/VB things/NNS will/MD get/VB worse/JJR ,/, but/CC this/DT market/NN has/VBZ a/DT knack/NN for/IN surprising/VBG us/PRP ./. ###/### This/DT market/NN teaches/VBZ us/PRP to/TO be/VB humble/JJ ./. ''/'' ###/### The/DT junk/NN market/NN 's/POS ``/`` yield/NN hogs/NNS are/VBP learning/VBG a/DT real/RB painful/JJ lesson/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### Although/IN the/DT majority/NN of/IN junk/NN bonds/NNS outstanding/JJ show/NN no/DT signs/NNS of/IN default/NN ,/, the/DT market/NN has/VBZ downgraded/VBN many/JJ junk/NN issues/NNS as/IN if/IN they/PRP were/VBD in/IN trouble/NN ,/, says/VBZ Stuart/NNP Reese/NNP ,/, manager/NN of/IN Aetna/NNP Life/NNP &/CC Casualty/NNP Insurance/NNP Co./NNP 's/POS $/$ 17/CD billion/CD investment-grade/JJ public/JJ bond/NN portfolio/NN ./. ###/### But/CC we/PRP think/VBP the/DT risks/NNS are/VBP there/RB for/IN things/NNS getting/VBG a/DT lot/NN worse/JJR ./. ###/### And/CC the/DT risks/NNS are/VBP n't/RB appropriate/JJ for/IN us/PRP ,/, ''/'' he/PRP says/VBZ ./. ###/### The/DT big/JJ insurer/NN ,/, unlike/IN Prudential/NNP ,/, owns/VBZ only/RB about/RB $/$ 150/CD million/CD of/IN publicly/RB sold/VBN junk/NN bonds/NNS ./. ###/### The/DT string/NN of/IN big/JJ junk/NN bond/NN defaults/NNS ,/, which/WDT have/VBP been/VBN a/DT major/JJ cause/NN of/IN the/DT market/NN 's/POS problems/NNS this/DT year/NN ,/, probably/RB will/MD persist/VB ,/, some/DT analysts/NNS say/VBP ./. ###/### ``/`` If/IN anything/NN ,/, we/PRP 're/VBP going/VBG to/TO see/VB defaults/NNS increase/VB because/IN credit/NN ratings/NNS have/VBP declined/VBN ,/, ''/'' says/VBZ Paul/NNP Asquith/NNP ,/, associate/JJ professor/NN at/IN the/DT Massachusetts/NNP Institute/NNP of/IN Technology/NNP 's/POS Sloan/NNP School/NNP of/IN Management/NNP ./. ###/### Mr./NNP Asquith/NNP ,/, whose/WP$ study/NN on/IN junk/NN bond/NN defaults/NNS caused/VBD a/DT furor/NN on/IN Wall/NNP Street/NNP when/WRB it/PRP was/VBD disclosed/VBN last/JJ April/NNP ,/, says/VBZ this/DT year/NN 's/POS junk/NN bond/NN defaults/NNS already/RB show/VBP a/DT high/JJ correlation/NN with/IN his/PRP$ own/JJ findings/NNS ./. ###/### His/PRP$ study/NN showed/VBD that/IN junk/NN bonds/NNS over/IN time/NN had/VBD a/DT cumulative/JJ default/NN rate/NN of/IN 34/CD %/NN ./. ###/### One/CD indication/NN of/IN a/DT growing/VBG number/NN of/IN junk/NN defaults/NNS ,/, Mr./NNP Asquith/NNP says/VBZ ,/, is/VBZ that/DT about/IN half/NN of/IN the/DT $/$ 3/CD billion/CD of/IN corporate/JJ bonds/NNS outstanding/JJ that/WDT have/VBP been/VBN lowered/VBN to/TO a/DT default/NN rating/NN by/IN S&P/NNP this/DT year/NN are/VBP junk/NN bonds/NNS sold/VBN during/IN the/DT market/NN 's/POS big/JJ issue/NN years/NNS of/IN 1984/CD through/IN 1986/CD ./. ###/### These/DT bonds/NNS ,/, now/RB rated/VBN single-D/JJ ,/, include/VBP junk/NN offerings/NNS by/IN AP/NNP Industries/NNP ,/, Columbia/NNP Savings/NNP -LRB-/-LRB- Colorado/NNP -RRB-/-RRB- ,/, First/NNP Texas/NNP Savings/NNP Association/NNP ,/, Gilbraltar/NNP Financial/NNP Corp./NNP ,/, Integrated/NNP Resources/NNP Inc./NNP ,/, Metropolitan/NNP Broadcasting/NNP Corp./NNP ,/, Resorts/NNP International/NNP Inc./NNP ,/, Southmark/NNP Corp./NNP and/CC Vyquest/NNP Inc/NNP ./. ###/### ``/`` Obviously/RB ,/, we/PRP got/VBD a/DT lot/NN more/JJR smoke/NN than/IN fire/NN from/IN the/DT people/NNS who/WP told/VBD us/PRP the/DT market/NN was/VBD n't/RB so/RB risky/JJ ,/, ''/'' says/VBZ Bradford/NNP Cornell/NNP ,/, professor/NN of/IN finance/NN at/IN University/NNP of/IN California/NNP 's/POS Anderson/NNP Graduate/NNP School/NNP of/IN Management/NNP in/IN Los/NNP Angeles/NNP ./. ###/### Mr./NNP Cornell/NNP has/VBZ just/RB completed/VBN a/DT study/NN that/WDT finds/VBZ that/IN the/DT risks/NNS and/CC returns/NNS of/IN junk/NN bonds/NNS are/VBP less/JJR than/IN on/IN common/JJ stocks/NNS but/CC more/JJR than/IN on/IN investment-grade/JJ bonds/NNS ./. ###/### Mr./NNP Cornell/NNP says/VBZ :/: ``/`` The/DT junk/NN market/NN is/VBZ no/DT bonanza/NN as/IN Drexel/NNP claimed/VBD ,/, but/CC it/PRP also/RB is/VBZ n't/RB a/DT disaster/NN as/IN the/DT doomsayers/NNS say/VBP ./. ''/'' ###/### Despite/IN the/DT junk/NN market/NN 's/POS problems/NNS ,/, Drexel/NNP continues/VBZ to/TO enjoy/VB a/DT loyalty/NN among/IN junk/NN bond/NN investors/NNS that/IN its/PRP$ Wall/NNP Street/NNP rivals/NNS have/VBP n't/RB found/VBN ./. ###/### During/IN the/DT past/JJ three/CD weeks/NNS ,/, for/IN example/NN ,/, Drexel/NNP has/VBZ sold/VBN $/$ 1.3/CD billion/CD of/IN new/JJ junk/NN bonds/NNS for/IN Turner/NNP Broadcasting/NNP Co./NNP ,/, Uniroyal/NNP Chemical/NNP ,/, Continental/NNP Air/NNP and/CC Duff/NNP &/CC Phelps/NNP ./. ###/### Still/RB ,/, the/DT list/NN of/IN troubled/JJ Drexel/NNP bond/NN offerings/NNS dwarfs/VBZ that/DT of/IN any/DT firm/NN on/IN Wall/NNP Street/NNP ,/, as/IN does/VBZ its/PRP$ successful/JJ offerings/NNS ./. ###/### Troubled/JJ Drexel-underwritten/JJ issues/NNS include/VBP Resorts/NNP International/NNP ,/, Braniff/NNP ,/, Integrated/NNP Resources/NNP ,/, SCI/NNP TV/NN ,/, Gillette/NNP Holdings/NNP ,/, Western/NNP Electric/NNP and/CC Southmark/NNP ./. ###/### ``/`` Quality/JJ junk/NN bonds/NNS will/MD continue/VB to/TO trade/VB well/RB ,/, ''/'' says/VBZ Michael/NNP Holland/NNP ,/, chairman/NN of/IN Salomon/NNP Brothers/NNP Asset/NNP Management/NNP Inc/NNP ./. ###/### ``/`` But/CC the/DT deals/NNS that/WDT never/RB should/MD have/VB been/VBN brought/VBN have/VBP now/RB become/VBN nuclear/JJ waste/NN ./. ###/### As/IN Helen/NNP Boehm/NNP ,/, who/WP owns/VBZ an/DT art/NN porcelain/NN company/NN ,/, sipped/VBD her/PRP$ luncheon/NN cocktail/NN ,/, she/PRP reeled/VBD off/RP the/DT names/NNS of/IN a/DT few/JJ pals/NNS --/: Prince/NNP Charles/NNP ,/, Princess/NNP Diana/NNP ,/, Sarah/NNP Ferguson/NNP ,/, John/NNP Kluge/NNP ,/, Milton/NNP Petrie/NNP ./. ###/### Then/RB ,/, flashing/VBG a/DT diamond/NN ring/NN as/RB big/JJ as/IN the/DT Ritz/NNP -LRB-/-LRB- ``/`` my/JJ day/NN diamond/NN ,/, darling/NN ''/'' -RRB-/-RRB- ,/, she/PRP told/VBD her/PRP two/CD companions/NNS that/IN she/PRP is/VBZ on/IN the/DT ``/`` board/NN ''/'' of/IN the/DT Vatican/NNP Museum/NNP in/IN Rome/NNP ./. ###/### As/IN it/PRP turns/VBZ out/RP ,/, the/DT board/NN has/VBZ a/DT lot/NN of/IN important/JJ members/NNS ,/, including/VBG Winton/NNP Blount/NNP -LRB-/-LRB- former/JJ postmaster/NN general/JJ of/IN the/DT U.S./NNP -RRB-/-RRB- ,/, Mrs./NNP Henry/NNP Gaisman/NNP -LRB-/-LRB- widow/NN of/IN the/DT inventor/NN of/IN auto-strop/JJ razor/NN -RRB-/-RRB- and/CC Vincent/NNP Murphy/NNP -LRB-/-LRB- an/DT investment/NN banker/NN at/IN Merrill/NNP Lynch/NNP &/CC Co/NNP ./. -RRB-/-RRB- ###/### But/CC Mrs./NNP Boehm/NNP did/VBD n't/RB mention/VB any/DT of/IN them/PRP ./. ###/### ``/`` Helen/NNP Boehm/NNP has/VBZ a/DT way/NN with/IN names/NNS ,/, ''/'' says/VBZ James/NNP Revson/NNP ,/, a/DT gossip/NN columnist/NN for/IN Newsday/NNP -LRB-/-LRB- and/CC son/NN of/IN Joseph/NNP Revson/NNP ,/, a/DT founder/NN of/IN Revlon/NNP -RRB-/-RRB- ./. ###/### Like/IN which/WDT are/VBP droppable/JJ and/CC which/WDT are/VBP not/RB ./. ###/### With/IN the/DT fall/NN social/JJ season/NN well/RB under/IN way/NN ,/, name-droppers/NNS are/VBP out/RB in/IN force/NN ,/, trying/VBG to/TO impress/VB their/PRP$ betters/NNS and/CC sometimes/RB put/VB down/RP their/PRP$ lessers/NNS ./. ###/### But/CC the/DT truth/NN is/VBZ that/DT almost/RB everyone/NN ,/, from/IN real-estate/NN agents/NNS to/TO city/NN fathers/NNS ,/, name-drops/VBZ ;/: and/CC a/DT surprising/JJ number/NN of/IN people/NNS have/VBP an/DT ancient/JJ uncle/NN who/WP claims/VBZ he/PRP lived/VBD next/JJ door/NN to/TO the/DT cartoonist/NN who/WP did/VBD the/DT Katzenjammer/NNP Kids/NNP ./. ###/### In/IN case/NN you/PRP have/VBP forgotten/VBN ,/, his/PRP$ name/NN was/VBD Rudolph/NNP Dirks/NNP ./. -RRB-/-RRB- ###/### ``/`` Name-dropping/NN is/VBZ pervasive/JJ and/CC getting/VBG more/RBR so/RB as/IN society/NN becomes/VBZ more/RBR complex/JJ and/CC alienating/JJ ,/, ''/'' says/VBZ Herbert/NNP Freudenberger/NNP ,/, a/DT New/NNP York/NNP psychoanalyst/NN ,/, with/IN a/DT high-powered/JJ clientele/NN ./. ###/### It/PRP can/MD be/VB an/DT avenue/NN of/IN entrance/NN to/TO a/DT certain/JJ sector/NN of/IN society/NN ./. ###/### It/PRP provides/VBZ some/DT people/NNS a/DT needed/JJ sense/NN of/IN affiliation/NN and/CC can/MD help/VB open/VB up/RP a/DT conversation/NN with/IN someone/NN you/PRP do/VBP n't/RB know/VB ./. ''/'' ###/### Like/IN the/DT Long/NNP Island/NNP matron/NN in/IN the/DT theater/NN district/NN the/DT other/JJ day/NN who/WP swore/VBD to/TO a/DT stranger/NN that/IN she/PRP once/RB met/VBD Liza/NNP Minnelli/NNP ./. ###/### I/PRP was/VBD having/VBG a/DT drink/NN in/IN Sardi/NNP 's/POS ,/, when/WRB all/RB of/IN a/DT sudden/JJ I/PRP saw/VBD a/DT woman/NN 's/POS backside/NN coming/VBG up/RP the/DT steps/NNS on/IN the/DT second/JJ floor/NN and/CC she/PRP was/VBD wearing/VBG sequined/JJ slacks/NNS ./. ###/### I/PRP knew/VBD it/PRP was/VBD someone/NN important/JJ ,/, so/IN I/PRP followed/VBD her/PRP into/IN the/DT ladies/NNS room/NN and/CC sure/RB enough/RB ,/, it/PRP was/VBD Liza/NNP ./. ###/### So/IN I/PRP said/VBD ,/, `/`` Hello/UH ./. '/'' ###/### And/CC she/PRP said/VBD ,/, `/`` Hello/UH ./. '/'' ###/### Can/MD you/PRP imagine/VB ?/. ###/### Liza/NNP said/VBD hello/UH to/TO me/PRP ./. ''/'' ###/### Some/DT people/NNS must/MD drop/VB names/NNS --/: call/VB it/PRP an/DT irresistible/JJ impulse/NN ./. ###/### ``/`` They/PRP ca/MD n't/RB help/VB talking/VBG about/IN the/DT big/JJ important/JJ people/NNS they/PRP know/VBP ,/, even/RB if/IN they/PRP do/VBP n't/RB really/RB know/VB them/PRP ,/, ''/'' says/VBZ Dr./NNP Freudenberger/NNP ./. ###/### Beauregard/NNP Houston-Montgomery/NNP ,/, a/DT New/NNP York/NNP writer/NN who/WP changed/VBD his/PRP$ name/NN from/IN William/NNP Stretch/NNP in/IN 1980/CD ,/, is/VBZ an/DT inveterate/JJ name-dropper/NN ./. ###/### ``/`` I/PRP do/VBP it/PRP innately/RB and/CC pathologically/RB ,/, and/CC while/IN it/PRP may/MD occasionally/RB get/VB me/PRP into/IN trouble/NN ,/, it/PRP 's/VBZ also/RB gotten/VBN me/PRP access/NN to/TO parties/NNS and/CC society/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### Name-dropping/NN recently/RB helped/VBD Mr./NNP Houston-Montgomery/NNP crash/VB a/DT party/NN Fame/NNP magazine/NN threw/VBD for/IN 100/CD of/IN the/DT 2,809/CD people/NNS mentioned/VBN in/IN the/DT diaries/NNS of/IN the/DT late/JJ Andy/NNP Warhol/NNP ./. ###/### ``/`` I/PRP guess/VBP I/PRP might/MD have/VB asked/VBD Beauregard/NNP to/TO leave/VB ,/, but/CC he/PRP drops/VBZ so/RB many/JJ good/JJ names/NNS ,/, we/PRP decided/VBD to/TO let/VB him/PRP stay/VB ,/, ''/'' says/VBZ Steven/NNP Greenberg/NNP ,/, publisher/NN of/IN Fame/NNP ./. ###/### After/IN all/DT ,/, Warhol/NNP was/VBD the/DT ultimate/JJ namedropper/NN ,/, dropping/VBG five/CD a/DT day/NN in/IN his/PRP$ diaries/NNS ./. ###/### And/CC Beauregard/NNP was/VBD mentioned/VBN twice/RB --/: although/IN very/JJ briefly/NN and/CC in/IN passing/VBG ./. ''/'' ###/### Mr./NNP Houston-Montgomery/NNP says/VBZ that/IN at/IN the/DT party/NN he/PRP waved/VBD to/TO Malcolm/NNP Forbes/NNP ,/, publisher/NN of/IN Forbes/NNP magazine/NN -LRB-/-LRB- ``/`` We've/NN been/VBN in/IN the/DT columns/NNS together/RB ''/'' -RRB-/-RRB- ,/, Mary/NNP Boone/NNP ,/, a/DT New/NNP York/NNP art/NN dealer/NN -LRB-/-LRB- ``/`` I/PRP ``/`` I/PRP think/VBP she/PRP knows/VBZ me/PRP ,/, but/CC I/PRP 'm/VBP not/RB sure/JJ ``/`` -RRB-/-RRB- and/CC Bridget/NNP Fonda/NNP ,/, the/DT actress/NN -LRB-/-LRB- ``/`` She/NN knows/VBZ me/PRP ,/, but/CC we/PRP 're/VBP not/RB really/RB the/DT best/JJS of/IN friends/NNS ''/'' -RRB-/-RRB- ./. ###/### Mr./NNP Revson/NNP ,/, the/DT gossip/NN columnist/NN ,/, says/VBZ there/EX are/VBP people/NNS who/WP actually/RB plan/VBP whose/WP$ names/NNS they/PRP are/VBP going/VBG to/TO drop/VB before/IN attending/VBG a/DT party/NN ./. ###/### These/DT droppers/NNS do/VBP n't/RB flaunt/VB only/RB their/PRP$ friendships/NNS with/IN the/DT Trumps/NNPS ,/, Brooke/NNP Astor/NNP or/CC Georgette/NNP Mosbacher/NNP ./. ###/### ``/`` They/PRP even/RB drop/VBP semi-obscure/JJ names/NNS like/IN Wolfgang/NNP Flottl/NNP ,/, whom/WP everybody/NN these/DT days/NNS apparently/RB has/VBZ heard/VBN of/IN but/CC no/DT one/NN really/RB knows/VBZ ,/, ''/'' says/VBZ Mr./NNP Revson/NNP ./. ###/### It/PRP 's/VBZ the/DT one-upsmanship/NN of/IN name-dropping/NN that/IN counts/VBZ ./. ''/'' ###/### But/CC name-dropping/NNP has/VBZ other/JJ benefits/NNS ,/, often/RB civic/JJ ./. ###/### In/IN the/DT name/NN of/IN civic/JJ pride/NN and/CC from/IN the/DT desire/NN to/TO nullify/VB a/DT negative/JJ image/NN ,/, some/DT city/NN promoters/NNS seek/VBP to/TO link/VB their/PRP$ municipality/NN with/IN the/DT most/RBS recognizable/JJ names/NNS the/DT city/NN has/VBZ to/TO offer/VB ./. ###/### Take/VB Cleveland/NNP ./. ###/### It/PRP has/VBZ gotten/VBN a/DT bad/JJ rep/NN because/IN its/PRP$ once/RB heavily/RB polluted/JJ Cuyahoga/NNP River/NNP caught/VBD fire/NN ,/, because/IN former/JJ Mayor/NNP Ralph/NNP Perk/NNP set/VBD his/PRP$ hair/NN on/IN fire/NN with/IN an/DT acetylene/NN torch/NN and/CC because/IN its/PRP$ proposed/JJ Rock'n/NNP '/'' Roll/NNP Hall/NNP of/IN Fame/NNP was/VBD recently/RB refused/VBN an/DT urban-development/NN grant/NN ./. ###/### Some/DT people/NNS call/VBP it/PRP ``/`` The/NNP Mistake/NNP on/IN the/NNP Lake/NNP ''/'' --/: Lake/NNP Erie/NNP ,/, that/WDT is/VBZ ./. ###/### ``/`` It/PRP helps/VBZ to/TO point/VB out/RP how/WRB many/JJ important/JJ people/NNS came/VBD through/IN Cleveland/NNP on/IN their/PRP$ way/NN to/TO the/DT top/NN ,/, ''/'' says/VBZ George/NNP Miller/NNP ,/, executive/JJ director/NN of/IN the/DT New/NNP Cleveland/NNP Campaign/NNP ,/, a/DT nonprofit/JJ organization/NN devoted/VBN to/TO citing/VBG the/DT city/NN 's/POS strengths/NNS ./. ###/### Mr./NNP Miller/NNP notes/VBZ that/IN actor/NN Paul/NNP Newman/NNP 's/POS family/NN owned/VBD a/DT sporting-goods/NNS store/NN in/IN Cleveland/NNP ,/, that/IN the/DT late/JJ actress/NN Margaret/NNP Hamilton/NNP ,/, who/WP played/VBD the/DT bad/JJ witch/NN in/IN ``/`` The/DT Wizard/NNP Of/IN Oz/NNP ,/, ''/'' once/RB ran/VBD a/DT nursery/NN school/NN in/IN Cleveland/NNP and/CC that/IN comedian/NN Bob/NNP Hope/NNP 's/POS father/NN ,/, a/DT stonemason/NN ,/, once/RB worked/VBN on/IN a/DT church/NN next/JJ to/TO Severence/NNP Hall/NNP ,/, Cleveland/NNP 's/POS main/JJ concert/NN hall/NN ./. ###/### ``/`` Power/NN names/NNS like/IN that/DT do/VBP n't/RB hurt/VB the/DT city/NN 's/POS reputation/NN ,/, ''/'' Mr./NNP Miller/NNP says/VBZ ./. ###/### In/IN Hollywood/NNP ,/, an/DT average/JJ family/NN can/MD gain/VB cachet/NN from/IN moving/VBG into/IN a/DT home/NN vacated/VBN by/IN the/DT famous/JJ or/CC near/RB famous/JJ ./. ###/### ``/`` Why/WRB we/PRP even/RB just/RB sold/VBD a/DT three-bedroom/JJ house/NN in/IN Van/NNP Nuys/NNP and/CC were/VBD able/JJ to/TO keep/VB the/DT price/NN firm/JJ in/IN a/DT weak/JJ real-estate/NN market/NN by/IN noting/VBG that/IN the/DT original/JJ Lone/NNP Ranger/NNP lived/VBD there/EX ,/, ''/'' says/VBZ David/NNP Rambo/NNP ,/, a/DT sales/NNS associate/NN with/IN Jon/NNP Douglas/NNP Co./NNP ,/, a/DT Los/NNP Angeles/NNP real-estate/NN agency/NN ./. ###/### Most/JJS people/NNS ca/MD n't/RB even/RB remember/VB his/PRP$ name/NN ./. ''/'' ###/### It/PRP is/VBZ John/NNP Hart/NNP ./. -RRB-/-RRB- ###/### Mr./NNP Rambo/NNP says/VBZ that/IN a/DT 3.2-acre/JJ property/NN overlooking/VBG the/DT San/NNP Fernando/NNP Valley/NNP is/VBZ priced/VBN at/IN $/$ 4/CD million/CD because/IN the/DT late/JJ actor/NN Erroll/NNP Flynn/NNP once/RB lived/VBD there/RB ./. ###/### ``/`` If/IN Flynn/NNP had/VBD n't/RB lived/VBN there/EX ,/, the/DT property/NN might/MD have/VB been/VBN priced/VBN $/$ 1/CD million/CD lower/JJR ,/, ''/'' says/VBZ Mr./NNP Rambo/NNP ,/, noting/VBG that/IN Flynn/NNP 's/POS house/NN has/VBZ been/VBN bulldozed/VBN ,/, and/CC only/RB the/DT swimming/VBG pool/NN remains/VBZ ./. ###/### Press/NNP agents/NNS and/CC public-relations/NNS practitioners/NNS are/VBP notorious/JJ name-droppers/NNS ./. ###/### And/CC some/DT even/RB do/VBP it/PRP with/IN malice/NN aforethought/JJ ./. ###/### Len/NNP Kessler/NNP ,/, a/DT financial/JJ publicist/NN in/IN New/NNP York/NNP ,/, sometimes/RB uses/VBZ it/PRP to/TO get/VB the/DT attention/NN of/IN journalists/NNS who/WP try/VBP to/TO avoid/VB him/PRP ./. ###/### He/PRP says/VBZ that/IN when/WRB Dan/NNP Dorfman/NNP ,/, a/DT financial/JJ columnist/NN with/IN USA/NNP Today/NNP ,/, has/VBZ n't/RB returned/VBD his/PRP$ phone/NN calls/VBZ ,/, he/PRP leaves/VBZ messages/NNS with/IN Mr./NNP Dorfman/NNP 's/POS office/NN saying/VBG that/IN he/PRP has/VBZ an/DT important/JJ story/NN on/IN Donald/NNP Trump/NNP ,/, Meshulam/NNP Riklis/NNP or/CC Marvin/NNP Davis/NNP ./. ###/### He/PRP admits/VBZ he/PRP has/VBZ no/DT story/NN on/IN any/DT of/IN them/PRP on/IN these/DT occasions/NNS ./. ###/### ``/`` But/CC it/PRP does/VBZ get/VB him/PRP to/TO return/VB my/PRP$ calls/NNS ,/, and/CC it/PRP makes/VBZ me/PRP feel/VB better/RBR for/IN the/DT times/NNS he/PRP 's/VBZ given/VBN me/PRP the/DT brushoff/NN ,/, ''/'' Mr./NNP Kessler/NNP says/VBZ ./. ###/### There/EX are/VBP ,/, of/IN course/NN ,/, obvious/JJ dangers/NNS to/TO blatant/JJ ,/, unsubstantiated/JJ name-dropping/NN ./. ###/### Jeffry/NNP Thal/NNP ,/, a/DT publicity/NN agent/NN for/IN the/DT Lantz/NNP Office/NNP in/IN Los/NNP Angeles/NNP ,/, warns/VBZ that/IN dropping/VBG the/DT wrong/JJ name/NN labels/VBZ the/DT dropper/NN as/IN a/DT fake/NN and/CC a/DT fraud/NN ./. ###/### ``/`` Get/VB caught/VBN and/CC you/PRP 're/VBP dead/JJ in/IN the/DT water/NN ,/, ''/'' says/VBZ Mr./NNP Thal/NNP ./. ###/### Mr./NNP Thal/NNP says/VBZ that/IN Elizabeth/NNP Taylor/NNP ,/, a/DT client/NN ,/, ``/`` hates/VBZ being/VBG called/VBN `/`` Liz/NNP ./. '/'' ###/### If/IN directors/NNS or/CC producers/NNS phone/VBP me/PRP and/CC say/VB they/PRP know/VBP `/`` Liz/NNP ,/, '/'' I/PRP know/VBP they/PRP 've/VBP never/RB met/VBN her/PRP ./. ###/### She/PRP prefers/VBZ `/`` Elizabeth/NNP ./. '/'' ''/'' ###/### In/IN New/NNP York/NNP society/NN ,/, Pat/NNP Buckley/NNP ,/, the/DT very/RB social/JJ wife/NN of/IN author/NN William/NNP Buckley/NNP ,/, has/VBZ the/DT nicknames/NNS ``/`` Mrs./NNP Buckles/NNP ''/'' and/CC ``/`` Patsy/NNP ./. ''/'' ###/### And/CC her/PRP$ husband/NN sometimes/RB calls/VBZ her/PRP ``/`` Ducky/NNP ./. ''/'' ###/### ``/`` But/CC call/VB her/PRP `/`` Patty/NNP ,/, '/'' and/CC it/PRP 's/VBZ a/DT sure/JJ giveaway/NN you/PRP 're/VBP not/RB in/IN her/PRP$ circle/NN ,/, because/IN she/PRP does/VBZ n't/RB use/VB that/DT name/NN ,/, ''/'' says/VBZ Joan/NNP Kron/NNP ,/, editor-in-chief/NN of/IN Avenue/NNP magazine/NN ,/, a/DT monthly/JJ publication/NN sent/VBN to/TO all/PDT the/DT right/JJ names/NNS ./. ###/### John/NNP Spencer/NNP Churchill/NNP ,/, a/DT nephew/NN of/IN the/DT late/JJ Sir/NNP Winston/NNP Churchill/NNP ,/, former/JJ prime/JJ minister/NN of/IN Great/NNP Britain/NNP ,/, is/VBZ n't/RB that/RB impressed/JJ with/IN most/JJS name-droppers/NNS he/PRP meets/VBZ ./. ###/### That/DT 's/VBZ because/IN they/PRP only/RB drop/VBP ``/`` mere/JJ names/NNS ,/, ''/'' says/VBZ Mr./NNP Churchill/NNP ./. ###/### Currently/RB writing/VBG his/PRP$ memoirs/NNS ,/, Mr./NNP Churchill/NNP ,/, an/DT artist/NN ,/, tells/VBZ how/WRB tycoons/NNS such/JJ as/IN the/DT late/JJ Jean/NNP Paul/NNP Getty/NNP ,/, the/DT oil/NN billionnaire/NN ,/, were/VBD ,/, in/IN fact/NN ,/, known/VBN only/RB by/IN one/CD initial/NN ,/, their/PRP$ last/JJ ./. ###/### When/WRB you/PRP 're/VBP at/IN the/DT club/NN ,/, you/PRP ask/VBP whether/IN they/PRP 've/VBP spoken/VBN to/TO `/`` G/NNP ./. '/'' ###/### Now/RB they/PRP know/VBP who/WP you/PRP mean/VBP and/CC you/PRP know/VBP who/WP you/PRP mean/VBP ./. ###/### But/CC no/DT one/NN else/RB does/VBZ ./. ###/### Now/RB that/DT 's/VBZ name-dropping/NN ,/, if/IN you/PRP know/VBP what/WP I/PRP mean/VBP ./. ###/### Part/NN of/IN a/DT Series/NN -RCB-/-RRB- ###/### SMYRNA/NNP ,/, Ga./NNP --/: The/DT auto-dealer/NN strip/NN in/IN this/DT booming/JJ suburb/NN runs/VBZ nearly/RB five/CD miles/NNS along/IN Cobb/NNP Parkway/NNP ,/, stretching/VBG from/IN the/DT Perimeter/NNP highway/NN that/WDT circles/VBZ Atlanta/NNP to/TO the/DT ``/`` Big/NNP Chicken/NNP ,/, ''/'' a/DT pullet-roofed/JJ fast-food/NN restaurant/NN and/CC local/JJ landmark/NN ./. ###/### Twenty/CD years/NNS ago/RB ,/, in/IN the/DT infancy/NN of/IN suburban/JJ sprawl/NN ,/, just/RB a/DT handful/NN of/IN dealerships/NNS were/VBD here/RB ./. ###/### Now/RB there/EX are/VBP 23/CD ./. ###/### Alongside/IN such/JJ long-familiar/JJ names/NNS as/IN Chevrolet/NNP ,/, Ford/NNP and/CC Dodge/NNP are/VBP nameplates/NNS that/WDT did/VBD n't/RB exist/VB until/IN three/CD years/NNS ago/RB :/: Acura/NNP ,/, Sterling/NNP ,/, Hyundai/NNP ./. ###/### Under/IN construction/NN is/VBZ the/DT strip/NN 's/POS 24th/JJ showroom/NN ,/, the/DT future/JJ home/NN of/IN Lexus/NNP ,/, a/DT luxury/NN marque/NN launched/VBN by/IN Toyota/NNP Motor/NNP Corp./NNP just/RB two/CD months/NNS ago/RB ./. ###/### The/DT 1980s/CD have/VBP spawned/VBN an/DT explosion/NN of/IN consumer/NN choice/NN in/IN America/NNP ,/, in/IN everything/NN from/IN phone/NN companies/NNS to/TO colas/NNS ./. ###/### And/CC especially/RB ,/, as/IN the/DT Cobb/NNP Parkway/NNP strip/NN attests/VBZ ,/, in/IN cars/NNS ./. ###/### Americans/NNPS now/RB can/MD choose/VB among/IN 572/CD different/JJ models/NNS of/IN cars/NNS ,/, vans/NNS and/CC trucks/NNS ,/, up/RB from/IN just/RB 408/CD when/WRB the/DT decade/NN began/VBD ,/, according/VBG to/TO Automotive/NNP News/NNP ,/, a/DT trade/NN publication/NN ./. ###/### For/IN car/NN marketers/NNS ,/, it/PRP has/VBZ become/VBN a/DT much/RB tougher/JJR battle/NN to/TO keep/VB loyal/JJ customers/NNS from/IN defecting/VBG to/TO one/CD of/IN the/DT new/JJ makes/NNS on/IN the/DT block/NN ./. ###/### For/IN American/JJ car/NN buyers/NNS ,/, the/DT proliferation/NN of/IN choice/NN is/VBZ both/DT liberating/JJ and/CC confusing/JJ ./. ###/### Malcolm/NNP MacDougall/NNP ,/, vice/NN chairman/NN of/IN the/DT Jordan/NNP ,/, McGrath/NNP ,/, Case/NNP &/CC Taylor/NNP advertising/NN agency/NN in/IN New/NNP York/NNP ,/, calls/VBZ the/DT proliferation/NN ``/`` nameplate/NN mania/NN ./. ''/'' ###/### He/PRP says/VBZ the/DT number/NN of/IN automobile/NN choices/NNS is/VBZ causing/VBG stress/NN among/IN consumers/NNS today/NN ,/, and/CC that/IN people/NNS will/MD simply/RB ignore/VB new/JJ models/NNS that/WDT lack/VBP a/DT well-defined/JJ image/NN ./. ###/### ``/`` The/DT winners/NNS ,/, ''/'' he/PRP predicts/VBZ ,/, ``/`` will/MD be/VB brands/NNS from/IN car/NN makers/NNS that/WDT have/VBP traditionally/RB been/VBN associated/VBN with/IN quality/NN and/CC value/NN ./. ''/'' ###/### He/PRP says/VBZ it/PRP 's/VBZ important/JJ for/IN a/DT new/JJ make/NN to/TO be/VB as/RB distinctive/JJ as/IN possible/JJ while/IN still/RB retaining/VBG links/NNS to/TO the/DT parent/JJ company/NN 's/POS quality/JJ image/NN ./. ###/### He/PRP applauds/VBZ Toyota/NNP and/CC Nissan/NNP Motor/NNP Co./NNP for/IN creating/VBG separate/JJ divisions/NNS for/IN their/PRP$ new/JJ luxury/NN models/NNS ,/, rather/RB than/IN simply/RB adding/VBG more/JJR nameplates/NNS to/TO their/PRP$ standard/JJ car/NN lines/NNS ./. ###/### Some/DT auto/NN executives/NNS believe/VBP the/DT benefits/NNS of/IN more/JJR choice/NN outweigh/VBP the/DT drawbacks/NNS ./. ###/### ``/`` There/EX 's/POS more/JJR noise/NN out/RB there/RB ,/, and/CC the/DT consumer/NN may/MD have/VB to/TO work/VB harder/RBR to/TO cut/VB through/IN it/PRP ,/, ''/'' says/VBZ Vincent/NNP P./NNP Barabba/NNP ,/, executive/JJ director/NN of/IN market/NN research/NN and/CC planning/NN at/IN General/NNP Motors/NNP Corp/NNP ./. ###/### ``/`` But/CC the/DT reward/NN is/VBZ that/IN there/EX 's/POS less/JJR need/NN to/TO make/VB tradeoffs/NNS ''/'' in/IN choosing/VBG one/PRP 's/POS wheels/NNS ./. ###/### Jeanene/NNP Page/NNP ,/, of/IN North/NNP Salt/NNP Lake/NNP City/NNP ,/, Utah/NNP ,/, likes/VBZ the/DT broader/JJR selection/NN ./. ###/### She/PRP wants/VBZ something/NN big/JJ ,/, and/CC already/RB has/VBZ looked/VBN at/IN the/DT Chrysler/NNP New/NNP Yorker/NNP and/CC Lincoln/NNP Town/NNP Car/NNP ./. ###/### Now/RB ,/, the/DT 55-year-old/JJ car/NN shopper/NN is/VBZ zeroing/VBG in/RP on/IN a/DT full-sized/JJ van/NN ,/, figuring/VBG that/IN it/PRP 's/VBZ just/RB the/DT thing/NN to/TO haul/VB nine/CD grandchildren/NNS and/CC pull/VB a/DT boat/NN at/IN the/DT same/JJ time/NN ./. ###/### ``/`` That/DT seems/VBZ to/TO be/VB what/WP all/DT my/PRP$ friends/NNS are/VBP using/VBG to/TO take/VB the/DT grandkids/NNS to/TO the/DT lake/NN ,/, ''/'' she/PRP says/VBZ ./. ###/### Market/NN segmentation/NN in/IN cars/NNS is/VBZ n't/RB new/JJ ,/, but/CC it/PRP 's/VBZ far/RB more/RBR extensive/JJ than/IN when/WRB Alfred/NNP P./NNP Sloan/NNP Jr./NNP conceived/VBD the/DT idea/NN 50/CD years/NNS ago/RB ./. ###/### The/DT legendary/JJ GM/NNP chairman/NN declared/VBD that/DT his/PRP$ company/NN would/MD make/VB ``/`` a/DT car/NN for/IN every/DT purse/NN and/CC purpose/NN ./. ''/'' ###/### Now/RB there/EX are/VBP many/JJ cars/NNS for/IN every/DT purse/NN and/CC purpose/NN ./. ###/### Just/RB four/CD years/NNS ago/RB ,/, GM/NNP planners/NNS divided/VBD the/DT combined/JJ car/NN and/CC truck/NN market/NN into/IN seven/CD segments/NNS ./. ###/### Today/NN ,/, they/PRP identify/VBP 19/CD distinct/JJ segments/NNS for/IN cars/NNS ,/, and/CC another/DT 11/CD for/IN trucks/NNS and/CC vans/NNS ./. ###/### The/DT number/NN of/IN makes/NNS has/VBZ mushroomed/VBN because/IN the/DT U.S./NNP is/VBZ the/DT world/NN 's/POS biggest/JJS and/CC richest/JJS market/NN for/IN automobiles/NNS ;/: virtually/RB every/DT auto/NN maker/NN wants/VBZ to/TO sell/VB here/RB ./. ###/### For/IN every/DT brand/NN like/IN Renault/NNP or/CC Fiat/NNP that/WDT has/VBZ been/VBN squeezed/VBN out/RP ,/, others/NNS such/JJ as/IN Isuzu/NNP ,/, Daihatsu/NNP and/CC Mitsubishi/NNP have/VBP come/VBN in/RP ./. ###/### Detroit/NNP tries/VBZ to/TO counter/VB the/DT foreign/JJ invasion/NN with/IN new/JJ brands/NNS of/IN its/PRP$ own/JJ ./. ###/### GM/NNP launched/VBD the/DT Geo/NNP marque/NN this/DT year/NN to/TO sell/VB cars/NNS made/VBN in/IN partnership/NN with/IN foreign/JJ auto/NN makers/NNS ,/, and/CC next/JJ year/NN GM/NNP 's/POS long-awaited/JJ Saturn/NNP cars/NNS will/MD make/VB their/PRP$ debut/NN ./. ###/### Ford/NNP Motor/NNP Co./NNP created/VBD the/DT Merkur/NNP nameplate/NN in/IN 1985/CD to/TO sell/VB its/PRP$ German-made/JJ touring/NN sedans/NNS in/IN the/DT U.S/NNP ./. ###/### But/CC slow/JJ sales/NNS forced/VBD Ford/NNP to/TO kill/VB the/DT brand/NN just/RB last/JJ week/NN ./. ###/### When/WRB consumers/NNS have/VBP so/RB many/JJ choices/NNS ,/, brand/NN loyalty/NN is/VBZ much/RB harder/JJR to/TO maintain/VB ./. ###/### The/DT Wall/NNP Street/NNP Journal/NNP 's/POS ``/`` American/JJ Way/NN of/IN Buying/VBG ''/'' survey/NN found/VBD that/IN 53/CD %/NN of/IN today/NN 's/POS car/NN buyers/NNS tend/VBP to/TO switch/VB brands/NNS ./. ###/### For/IN the/DT survey/NN ,/, Peter/NNP D./NNP Hart/NNP Research/NNP Associates/NNP and/CC the/DT Roper/NNP Organization/NNP each/DT asked/VBD about/RB 2,000/CD U.S./NNP consumers/NNS about/IN their/PRP$ buying/NN habits/NNS ./. ###/### Which/WDT cars/NNS do/VBP Americans/NNP favor/VB most/RBS these/DT days/NNS ?/. ###/### It/PRP 's/VBZ hard/JJ to/TO generalize/VB ,/, but/CC age/NN seems/VBZ to/TO be/VB the/DT best/JJS predictor/NN ./. ###/### Adults/NNS under/IN age/NN 30/CD like/VBP sports/NNS cars/NNS ,/, luxury/NN cars/NNS ,/, convertibles/NNS and/CC imports/NNS far/RB more/RBR than/IN their/PRP$ elders/NNS do/VBP ./. ###/### Three/CD of/IN every/DT 10/CD buyers/NNS under/IN 30/CD would/MD prefer/VB to/TO buy/VB a/DT sports/NNS car/NN ,/, compared/VBN with/IN just/RB 16/CD %/NN of/IN adults/NNS 30/CD and/CC over/RB ,/, according/VBG to/TO the/DT Journal/NNP survey/NN ./. ###/### Young/JJ consumers/NNS prefer/VBP luxury/NN cars/NNS by/IN a/DT 37/CD %/NN to/TO 28/CD %/NN margin/NN --/: even/RB though/IN older/JJR buyers/NNS ,/, because/IN of/IN their/PRP$ incomes/NNS ,/, are/VBP more/RBR likely/JJ to/TO actually/RB purchase/VB a/DT luxury/NN car/NN ./. ###/### Perhaps/RB most/RBS striking/JJ ,/, 35/CD %/NN of/IN households/NNS headed/VBN by/IN people/NNS aged/VBN 18/CD to/TO 44/CD have/VBP at/IN least/JJS one/CD foreign/JJ car/NN ./. ###/### That/DT 's/VBZ true/JJ of/IN only/RB 14/CD %/NN of/IN households/NNS headed/VBN by/IN someone/NN 60/CD or/CC older/JJR ./. ###/### Generally/RB ,/, imports/NNS appeal/VBP most/RBS to/TO Americans/NNPS who/WP live/VBP in/IN the/DT West/NNP and/CC are/VBP well-educated/JJ ,/, affluent/JJ and/CC ,/, especially/RB ,/, young/JJ ./. ###/### ``/`` For/IN many/JJ baby/NN boomers/NNS ,/, buying/VBG a/DT domestic/JJ car/NN is/VBZ a/DT totally/RB foreign/JJ experience/NN ,/, ''/'' says/VBZ Christopher/NNP Cedergren/NNP ,/, auto-market/NN analyst/NN with/IN J.D./NNP Power/NNP &/CC Co./NNP of/IN Agoura/NNP Hills/NNP ,/, Calif/NNP ./. ###/### Such/JJ preferences/NNS persist/VBP even/RB though/IN many/JJ Americans/NNPS believe/VBP differences/NNS between/IN imported/JJ and/CC domestic/JJ cars/NNS are/VBP diminishing/VBG ./. ###/### Only/RB 58/CD %/NN of/IN Americans/NNPS now/RB believe/VBP that/IN foreign/JJ cars/NNS get/VBP better/JJR gas/NN mileage/NN than/IN domestic/JJ models/NNS ,/, the/DT Journal/NNP survey/NN found/VBD ,/, down/RB from/IN 68/CD %/NN in/IN 1987/CD ./. ###/### Some/DT 46/CD %/NN give/VBP foreign/JJ cars/NNS higher/JJR quality/NN ratings/NNS ,/, down/RB from/IN 50/CD %/NN two/CD years/NNS ago/RB ./. ###/### On/IN the/DT other/JJ hand/NN ,/, only/RB 42/CD %/NN say/VBP foreign/JJ cars/NNS are/VBP less/RBR comfortable/JJ than/IN U.S./NNP models/NNS ,/, down/RB from/IN 55/CD %/NN in/IN 1987/CD ./. ###/### People/NNS in/IN the/DT automotive/JJ business/NN disagree/VBP over/IN how/WRB susceptible/JJ younger/JJR Americans/NNPS are/VBP to/TO brand/NN switching/NN ./. ###/### ``/`` Once/RB buying/NN habits/NNS are/VBP formed/VBN ,/, they/PRP 're/VBP very/RB hard/JJ to/TO break/VB ,/, ''/'' declares/VBZ Thomas/NNP Mignanelli/NNP ,/, executive/JJ vice/NN president/NN for/IN Nissan/NNP 's/POS U.S./NNP sales/NNS operations/NNS ./. ###/### But/CC out/RB on/IN Cobb/NNP Parkway/NNP ,/, Ted/NNP Negas/NNP sees/VBZ it/PRP differently/RB ./. ###/### ``/`` The/DT competition/NN is/VBZ so/RB intense/JJ that/IN an/DT owner/NN 's/POS loyalty/NN to/TO a/DT dealership/NN or/CC a/DT car/NN is/VBZ virtually/RB nonexistent/JJ ,/, ''/'' says/VBZ Mr./NNP Negas/NNP ,/, vice/NN president/NN of/IN Ed/NNP Voyles/NNP Oldsmobile/NNP ,/, one/CD of/IN the/DT first/JJ dealerships/NNS to/TO locate/VB on/IN the/DT strip/NN ./. ###/### Thus/RB the/DT very/JJ fickleness/NN of/IN baby/NN boomers/NNS may/MD make/VB it/PRP possible/JJ to/TO win/VB them/PRP back/RP ,/, just/RB as/IN it/PRP was/VBD possible/JJ to/TO lose/VB them/PRP ./. ###/### The/DT battle/NN for/IN customer/NN loyalty/NN is/VBZ evident/JJ along/IN the/DT Cobb/NNP Parkway/NNP strip/NN ./. ###/### Ed/NNP Voyles/NNP Olds/NNP recently/RB established/VBD a/DT special/JJ section/NN in/IN the/DT service/NN department/NN for/IN owners/NNS whose/WP$ cars/NNS are/VBP less/JJR than/IN a/DT year/NN old/JJ ,/, so/IN they/PRP get/VBP quicker/JJR service/NN ./. ###/### Just/RB down/IN the/DT street/NN ,/, Chris/NNP Volvo/NNP invites/VBZ serious/JJ shoppers/NNS to/TO test-drive/VB a/DT new/JJ Volvo/NNP to/TO any/DT other/JJ dealership/NN along/IN the/DT strip/NN ,/, and/CC compare/VB the/DT cars/NNS side-by-side/RB ./. ###/### Manufacturers/NNS ,/, too/RB ,/, are/VBP stretching/VBG further/RBR to/TO lure/VB buyers/NNS ./. ###/### GM/NNP 's/POS Cadillac/NNP division/NN ,/, ignoring/VBG Detroit/NNP 's/POS long-held/JJ maxim/NN that/DT safety/NN does/VBZ n't/RB sell/VB ,/, is/VBZ airing/VBG television/NN commercials/NNS touting/VBG its/PRP$ cars/NNS '/POS safety/NN features/NNS ./. ###/### Cadillac/NNP may/MD be/VB on/IN to/TO something/NN ./. ###/### Some/RB 60/CD %/NN of/IN the/DT survey/NN respondents/NNS said/VBD they/PRP would/MD buy/VB anti-lock/JJ brakes/NNS even/RB if/IN they/PRP carry/VBP a/DT medium/JJ or/CC high/JJ price/NN tag/NN ./. ###/### More/JJR than/IN 50/CD %/NN felt/VBD the/DT same/JJ way/NN about/IN air/NN bags/NNS ./. ###/### Both/DT features/NNS appealed/VBD most/RBS to/TO buyers/NNS under/IN 45/CD ./. ###/### In/IN contrast/NN ,/, dashboard/NN computers/NNS ,/, power/NN seats/NNS and/CC turbo-charged/JJ engines/NNS had/VBD little/JJ appeal/NN ./. ###/### But/CC even/RB a/DT little/JJ appeal/NN has/VBZ a/DT lot/NN of/IN attraction/NN these/DT days/NNS ./. ###/### GM/NNP 's/POS Pontiac/NNP division/NN is/VBZ offering/VBG a/DT turbo-charged/JJ V-6/NNP engine/NN on/IN its/PRP$ Grand/NNP Prix/NNP model/NN ,/, even/RB though/IN it/PRP expects/VBZ to/TO sell/VB only/RB about/RB 4,000/CD cars/NNS equipped/VBN with/IN that/DT option/NN ./. ###/### The/DT reason/NN :/: Items/NNS with/IN narrow/JJ appeal/NN can/MD be/VB important/JJ in/IN a/DT market/NN as/RB fragmented/JJ as/IN today/NN 's/POS ./. ###/### Americans/NNPS spent/VBD more/JJR than/IN $/$ 190/CD billion/CD on/IN new/JJ cars/NNS and/CC trucks/VBZ last/JJ year/NN ,/, and/CC just/RB 1/CD %/NN of/IN that/DT market/NN exceeded/VBD Polaroid/NNP Co./NNP 's/POS sales/NNS of/IN $/$ 1.86/CD billion/CD ./. ###/### ``/`` Even/RB if/IN it/PRP 's/VBZ only/RB 1/CD %/NN ,/, ''/'' says/VBZ GM/NNP 's/POS Mr./NNP Barabba/NNP ,/, ``/`` would/MD you/PRP throw/VB away/RP sales/NNS the/DT size/NN of/IN Polaroid/NNP ?/. ''/'' ###/### American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP said/VBD it/PRP will/MD lay/VB off/RP 75/CD to/TO 85/CD technicians/NNS here/RB ,/, effective/JJ Nov./NNP 1/CD ./. ###/### The/DT workers/NNS install/VBP ,/, maintain/VBP and/CC repair/VBP its/PRP$ private/JJ branch/NN exchanges/NNS ,/, which/WDT are/VBP large/JJ intracompany/JJ telephone/NN networks/NNS ./. ###/### It/PRP 's/VBZ a/DT California/NNP crime/NN saga/NN worthy/JJ of/IN an/DT Erle/NNP Stanley/NNP Gardner/NNP title/NN :/: The/DT Case/NNP of/IN the/DT Purloined/NNP Palm/NNP Trees/NNP ./. ###/### Edward/NNP Carlson/NNP awoke/VBD one/CD morning/NN last/JJ month/NN to/TO find/VB eight/CD holes/NNS in/IN his/PRP$ front/JJ yard/NN where/WRB his/PRP$ prized/VBN miniature/JJ palms/NNS ,/, called/VBN cycads/NNS ,/, once/RB stood/VBD ./. ###/### Days/NNS later/RB ,/, the/DT thieves/NNS returned/VBD and/CC dug/VBD out/IN more/RBR ,/, this/DT time/NN adding/VBG insult/NN to/TO injury/NN ./. ###/### ``/`` The/DT second/JJ time/NN ,/, ''/'' he/PRP says/VBZ ,/, ``/`` they/PRP left/VBD the/DT shovel/NN ./. ''/'' ###/### No/DT garden-variety/NN crime/NN ,/, palm-tree/NN rustling/NN is/VBZ sprouting/VBG up/IN all/DT over/IN Southern/NNP California/NNP ,/, bringing/VBG big/JJ bucks/NNS to/TO crooks/NNS who/WP know/VB their/PRP$ botany/NN ./. ###/### Cycads/NNS ,/, the/DT most/RBS popular/JJ of/IN which/WDT is/VBZ the/DT Sago/NNP Palm/NNP ,/, are/VBP doll-sized/JJ versions/NNS of/IN California/NNP 's/POS famous/JJ long-necked/JJ palms/NNS ,/, with/IN stubby/JJ trunks/NNS and/CC fern-like/JJ fronds/NNS ./. ###/### Because/IN the/DT Sago/NNP is/VBZ relatively/RB rare/JJ and/CC grows/VBZ only/RB a/DT couple/NN of/IN inches/NNS a/DT year/NN ,/, it/PRP 's/VBZ a/DT pricey/JJ lawn/NN decoration/NN :/: A/DT two-foot/JJ tall/JJ Sago/NNP can/MD retail/VB for/IN $/$ 1,000/CD ,/, and/CC taller/JJR ones/NNS often/RB fetch/VB $/$ 3,000/CD or/CC more/JJR ./. ###/### ``/`` Evidently/RB ,/, somebody/NN has/VBZ realized/VBN it/PRP 's/POS easy/JJ money/NN to/TO steal/VB these/DT things/NNS ,/, ''/'' says/VBZ Loran/NNP Whitelock/NNP ,/, a/DT research/NN associate/NN specializing/VBG in/IN cycads/NNS at/IN the/DT Los/NNP Angeles/NNP State/NNP and/CC County/NNP Arboretum/NNP ./. ###/### Just/RB last/JJ week/NN ,/, would-be/JJ thieves/NNS damaged/VBD three/CD Sagos/NNS at/IN Mr./NNP Whitelock/NNP 's/POS home/NN in/IN the/DT Eagle/NNP Rock/NNP section/NN before/IN something/NN frightened/VBD them/PRP off/IN ,/, foiled/JJ ./. ###/### ``/`` It/PRP 's/VBZ hard/JJ to/TO think/VB someone/NN is/VBZ raping/VBG your/PRP$ garden/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### Police/NNS suspect/VB that/IN the/DT criminals/NNS ,/, who/WP dig/VB up/IN the/DT plants/NNS in/IN the/DT dead/NN of/IN night/NN ,/, are/VBP selling/VBG them/PRP to/TO nurseries/NNS or/CC landscapers/NNS ./. ###/### The/DT Sago/NNP has/VBZ become/VBN a/DT popular/JJ accent/NN in/IN tony/JJ new/JJ housing/NN tracts/NNS ,/, apparently/RB giving/VBG the/DT rustlers/NNS a/DT ready/JJ market/NN for/IN their/PRP$ filched/VBN fronds/NNS ./. ###/### Thieves/NNS are/VBP going/VBG to/TO find/VB ``/`` anybody/NN who/WP has/VBZ enough/RB bucks/VBZ to/TO plant/VB these/DT things/NNS in/IN their/PRP$ front/NN yard/NN ,/, ''/'' says/VBZ William/NNP Morrissey/NNP ,/, an/DT investigator/NN with/IN the/DT police/NN department/NN in/IN Garden/NNP Grove/NNP ,/, Calif./NNP ,/, where/WRB five/CD such/JJ thefts/NNS have/VB been/VBN reported/VBN in/IN the/DT past/JJ several/JJ weeks/NNS ./. ###/### The/DT department/NN is/VBZ advising/VBG residents/NNS to/TO plant/NN Sagos/NNS ,/, if/IN they/PRP must/MD ,/, in/IN the/DT back/JJ yard/NN and/CC telling/VBG nurseries/NNS to/TO be/VB on/IN the/DT lookout/NN for/IN anyone/NN trying/VBG to/TO palm/VB one/NN off/IN ./. ###/### But/CC for/IN those/DT Californians/NNS who/WP want/VB exotic/JJ gardens/NNS out/IN front/NN where/WRB neighbors/NNS can/MD appreciate/VB them/PRP ,/, there/EX 's/VBZ always/RB Harold/NNP Smith/NNP 's/POS approach/NN ./. ###/### After/IN three/CD Sagos/NNS were/VBD stolen/VBN from/IN his/PRP$ home/NN in/IN Garden/NNP Grove/NNP ,/, ``/`` I/PRP put/VB a/DT big/JJ iron/NN stake/NN in/IN the/DT ground/NN and/CC tied/VBD the/DT tree/NN to/TO the/DT stake/NN with/IN a/DT chain/NN ,/, ''/'' he/PRP says/VBZ proudly/RB ./. ###/### And/CC you/PRP ca/MD n't/RB cut/VB this/DT chain/NN with/IN bolt/NN cutters/NNS ./. ###/### Program/NN trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP in/IN September/NNP rose/VBD to/TO its/PRP$ highest/JJS recorded/VBN level/NN as/IN a/DT percentage/NN of/IN total/JJ monthly/JJ trading/NN volume/NN ./. ###/### September/NNP program/NN trading/NN amounted/VBD to/TO 13.8/CD %/NN of/IN average/JJ daily/JJ New/NNP York/NNP Stock/NNP Exchange/NNP volume/NN of/IN 151.8/CD million/CD shares/NNS ,/, the/DT largest/JJS percentage/NN since/IN the/DT exchange/NN began/VBD making/VBG such/JJ figures/NNS public/JJ in/IN July/NNP 1988/CD ./. ###/### A/DT daily/JJ average/NN of/IN 20.9/CD million/CD shares/NNS traded/VBN in/IN program/NN strategies/NNS in/IN September/NNP ,/, the/DT second-highest/JJ level/NN ever/RB ./. ###/### The/DT highest/JJS level/NN was/VBD in/IN June/NNP 1989/CD ,/, when/WRB a/DT daily/JJ average/NN of/IN 22.1/CD million/CD shares/NNS traded/VBD in/IN program/NN strategies/NNS ./. ###/### Average/JJ daily/JJ trading/NN volume/NN in/IN June/NNP of/IN 180.3/CD million/CD shares/NNS was/VBD considerably/RB higher/JJR than/IN in/IN September/NNP ./. ###/### Program/NN trading/NN amounted/VBD to/TO 12.3/CD %/NN of/IN average/JJ daily/JJ volume/NN in/IN June/NNP ./. ###/### The/DT Big/NNP Board/NNP says/VBZ program/NN trading/NN describes/VBZ a/DT variety/NN of/IN strategies/NNS involving/VBG the/DT purchase/NN or/CC sale/NN of/IN a/DT basket/NN of/IN 15/CD or/CC more/JJR stocks/NNS ./. ###/### The/DT most/RBS controversial/JJ of/IN these/DT is/VBZ stock-index/NN arbitrage/NN ,/, in/IN which/WDT traders/NNS buy/VBP or/CC sell/VBP baskets/NNS of/IN stocks/NNS and/CC offset/VBP the/DT position/NN with/IN an/DT opposite/JJ trade/NN in/IN stock-index/JJ futures/NNS to/TO lock/VB in/RP profits/NNS ./. ###/### It/PRP 's/VBZ the/DT most/RBS controversial/JJ form/NN of/IN program/NN trading/NN because/IN it/PRP can/MD create/VB abrupt/JJ price/NN swings/NNS in/IN the/DT stock/NN market/NN ./. ###/### Salomon/NNP Brothers/NNP Inc./NNP was/VBD the/DT top/JJ program/NN trader/NN in/IN September/NNP ,/, but/CC most/JJS of/IN the/DT firm/NN 's/POS activity/NN involved/VBD portfolio/NN trading/NN strategies/NNS other/JJ than/IN stock-index/NN arbitrage/NN ./. ###/### Overall/RB ,/, Salomon/NNP reported/VBD program/NN trading/NN volume/NN of/IN 75.2/CD million/CD shares/NNS ./. ###/### The/DT top/JJ stock-index/NN arbitrage/NN firm/NN last/JJ month/NN was/VBD Morgan/NNP Stanley/NNP &/CC Co/NNP ./. ###/### Of/IN Morgan/NNP Stanley/NNP 's/POS 66.8/CD million/CD shares/NNS in/IN program/NN trades/NNS for/IN the/DT month/NN ,/, 53.1/CD million/CD were/VBD in/IN stock-index/NN arbitrage/NN trades/NNS ./. ###/### Behind/IN second-place/JJ Morgan/NNP Stanley/NNP were/VBD Kidder/NNP ,/, Peabody/NNP &/CC Co./NNP ,/, Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP and/CC CS/NNP First/NNP Boston/NNP Inc./NNP 's/POS First/NNP Boston/NNP Corp./NNP unit/NN ./. ###/### A/DT group/NN of/IN shareholders/NNS filed/VBD suit/NN against/IN Imperial/NNP Corp./NNP of/IN America/NNP ,/, Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ,/, First/NNP Executive/NNP Corp./NNP and/CC others/NNS ,/, charging/VBG them/PRP with/IN artificially/RB inflating/VBG Imperial/NNP 's/POS stock/NN price/NN to/TO protect/VB certain/JJ major/JJ investors/NNS ./. ###/### The/DT complaint/NN ,/, filed/VBN in/IN federal/JJ district/NN court/NN ,/, accuses/VBZ Imperial/NNP and/CC other/JJ defendants/NNS of/IN issuing/VBG false/JJ and/CC misleading/JJ financial/JJ data/NNS ./. ###/### It/PRP also/RB charges/VBZ that/IN Imperial/NNP ,/, the/DT holding/NN company/NN for/IN Imperial/NNP Savings/NNP &/CC Loan/NNP ,/, experienced/VBD major/JJ losses/NNS and/CC writedowns/NNS because/IN of/IN improper/JJ assessment/NN of/IN the/DT risks/NNS of/IN junk-bond/NN investments/NNS and/CC wholesale/JJ consumer/NN loan/NN packages/NNS ./. ###/### The/DT suit/NN seeks/VBZ unspecified/JJ damages/NNS ./. ###/### Imperial/NNP is/VBZ in/IN the/DT midst/NN of/IN reducing/VBG its/PRP$ junk-bond/NN holdings/NNS and/CC getting/VBG out/IN of/IN the/DT investment/NN banking/NN business/NN in/IN order/NN to/TO return/VB to/TO traditional/JJ thrift/NN activities/NNS ./. ###/### The/DT derivative/JJ suit/NN is/VBZ similar/JJ to/TO a/DT class-action/JJ complaint/NN filed/VBN earlier/RBR this/DT year/NN ./. ###/### Imperial/NNP said/VBD in/IN a/DT statement/NN it/PRP expects/VBZ other/JJ complaints/NNS to/TO be/VB filed/VBN in/IN the/DT wake/NN of/IN the/DT original/JJ suit/NN and/CC a/DT recent/JJ article/NN in/IN Barron/NNP 's/POS magazine/NN that/WDT focused/VBD on/IN the/DT company/NN 's/POS problems/NNS ./. ###/### Although/IN an/DT Imperial/JJ spokesman/NN said/VBD the/DT company/NN had/VBD n't/RB yet/RB been/VBN served/VBN with/IN the/DT derivative/NN suit/NN ,/, he/PRP reiterated/VBD the/DT company/NN 's/POS statement/NN that/IN it/PRP would/MD vigorously/RB defend/VB itself/PRP against/IN the/DT class-action/JJ suit/NN ./. ###/### Spokesmen/NNS at/IN Drexel/NNP and/CC First/NNP Executive/NNP said/VBD the/DT companies/NNS had/VBD n't/RB yet/RB been/VBN served/VBN with/IN the/DT suit/NN ./. ###/### In/IN a/DT separate/JJ complaint/NN also/RB filed/VBN in/IN federal/JJ court/NN here/RB ,/, shareholder/NN Max/NNP Grill/NNP of/IN New/NNP York/NNP charged/VBD Imperial/NNP ,/, its/PRP$ top/JJ executives/NNS and/CC directors/NNS with/IN breach/NN of/IN fiduciary/JJ duty/NN and/CC squandering/VBG the/DT company/NN 's/POS assets/NNS ./. ###/### Imperial/NNP said/VBD it/PRP had/VBD n't/RB been/VBN served/VBN with/IN this/DT suit/NN either/RB ./. ###/### Companies/NNS listed/VBN below/RB reported/VBD 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/JJ 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 ./. ###/### Rhone-Poulenc/NNP S.A./NNP ,/, Paris/NNP ,/, said/VBD it/PRP completed/VBD the/DT purchase/NN of/IN the/DT specialty/NN chemicals/NNS operation/NN of/IN RTZ/NNP Corp./NNP ,/, a/DT British/JJ mining/NN and/CC industrial/JJ group/NN ./. ###/### Rhone-Poulenc/NNP ,/, a/DT chemical/NN and/CC pharmaceutical/JJ company/NN ,/, said/VBD RTZ/NNP Chemicals/NNP has/VBZ annual/JJ sales/NNS of/IN about/RB $/$ 900/CD million/CD ./. ###/### It/PRP did/VBD n't/RB release/VB terms/NNS of/IN the/DT transaction/NN ./. ###/### Consumer/NN spending/NN in/IN Britain/NNP 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/RB 3.8/CD %/NN from/IN a/DT year/NN ago/RB ,/, the/DT Central/NNP Statistical/NNP Office/NNP estimated/VBD Friday/NNP ./. ###/### A/DT group/NN including/VBG Gene/NNP E./NNP Phillips/NNP ,/, former/JJ chairman/NN of/IN Southmark/NNP Corp./NNP ,/, and/CC William/NNP S./NNP Friedman/NNP ,/, former/JJ vice/NN chairman/NN of/IN Southmark/NNP ,/, lowered/VBD its/PRP$ stake/NN in/IN the/DT Dallas/NNP real/JJ estate/NN concern/NN to/TO 7.7/CD %/NN ,/, according/VBG to/TO a/DT filing/NN with/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP ./. ###/### The/DT group/NN said/VBD it/PRP sold/VBD 455,410/CD Southmark/NNP common/JJ shares/NNS from/IN Sept./NNP 5/CD to/TO Oct./NNP 5/CD for/IN 18.75/CD cents/NNS to/TO 25/CD cents/NNS a/DT share/NN ./. ###/### The/DT filing/NN said/VBD the/DT group/NN continues/VBZ to/TO hold/VB 3,481,887/CD remaining/VBG shares/NNS ./. ###/### Eastman/NNP Kodak/NNP Co./NNP ,/, seeking/VBG to/TO position/VB itself/PRP in/IN the/DT potentially/RB huge/JJ high-definition/JJ television/NN market/NN ,/, unveiled/VBD a/DT converter/NN that/WDT can/MD transform/VB conventional/JJ motion-picture/NN film/NN into/IN high-definition/JJ video/NN ./. ###/### The/DT move/NN also/RB helps/VBZ the/DT Rochester/NNP ,/, N.Y./NNP ,/, photographic/JJ giant/NN ensure/VB that/IN its/PRP$ motion-picture/NN film/NN business/NN --/: for/IN which/WDT it/PRP holds/VBZ a/DT virtual/JJ monopoly/NN ,/, supplying/VBG every/DT Hollywood/NNP movie/NN company/NN --/: is/VBZ n't/RB made/VBN obsolete/JJ by/IN the/DT upstart/JJ HDTV/NNP business/NN ./. ###/### While/IN the/DT prototype/NN converter/NN is/VBZ costly/JJ ,/, it/PRP 's/VBZ being/VBG lauded/VBN by/IN the/DT infant/JJ HDTV/NN industry/NN as/IN a/DT way/NN of/IN increasing/VBG the/DT number/NN of/IN high-quality/JJ shows/NNS that/WDT can/MD be/VB seen/VBN on/IN the/DT new/JJ medium/NN ./. ###/### ``/`` The/DT industry/NN has/VBZ been/VBN waiting/VBG with/IN bated/JJ breath/NN for/IN the/DT machines/NNS to/TO come/VB along/RB ,/, ''/'' says/VBZ David/NNP Niles/NNP ,/, president/NN of/IN Eleven/CD Twenty/CD Five/CD Productions/NNP Inc./NNP ,/, a/DT New/NNP York/NNP pioneer/NN in/IN high-definition/JJ programming/NN ./. ###/### He/PRP notes/VBZ that/IN industry/NN executives/NNS have/VBP until/IN now/RB worried/VBN that/IN they/PRP would/MD face/VB a/DT severe/JJ shortage/NN of/IN programs/NNS once/IN consumers/NNS begin/VBP replacing/VBG their/PRP$ TV/NN sets/NNS with/IN HDTVs/NNS ./. ###/### Japanese/JJ electronic/JJ giants/NNS ,/, such/JJ as/IN Sony/NNP Corp./NNP and/CC Hitachi/NNP Ltd./NNP ,/, have/VBP focused/VBN almost/RB entirely/RB on/IN HDTV/NNP hardware/NN ,/, and/CC virtually/RB ignored/VBN software/NN or/CC programs/NNS shot/VBN in/IN high-definition/NN ./. ###/### And/CC only/RB a/DT handful/NN of/IN small/JJ U.S./NNP companies/NNS are/VBP engaged/VBN in/IN high-definition/JJ software/NN development/NN ./. ###/### It/PRP 's/VBZ estimated/VBN that/RB just/RB about/RB 250/CD hours/NNS of/IN HD/NNP programming/NN is/VBZ currently/RB available/JJ for/IN airing/VBG ./. ###/### Kodak/NNP says/VBZ its/PRP$ new/JJ CCD/NNP HDTV/NN converter/NN will/MD help/VB alleviate/VB the/DT problem/NN by/IN allowing/VBG programmers/NNS and/CC broadcasters/NNS to/TO convert/VB movies/NNS and/CC television/NN programs/NNS shot/VBN in/IN 35mm/CD motion-picture/NN film/NN into/IN high-definition/JJ video/NN ./. ###/### Consumers/NNS will/MD be/VB able/JJ to/TO switch/VB on/RP their/PRP$ HDTV/NN sets/NNS and/CC get/VB all/PDT the/DT viewing/NN benefits/NNS the/DT high-tech/JJ medium/NN offers/VBZ ./. ###/### Otherwise/RB ,/, they/PRP 'd/MD be/VB watching/VBG programs/NNS that/WDT are/VBP no/RB different/JJ in/IN quality/NN from/IN what/WP they/PRP currently/RB view/VBP on/IN color/JJ TVs/NNS ./. ###/### It/PRP would/MD be/VB like/IN ``/`` watching/VBG a/DT black/JJ and/CC white/JJ movie/NN on/IN a/DT color/JJ TV/NN set/NN ,/, ''/'' says/VBZ Malcolm/NNP G./NNP Saull/NNP ,/, chairman/NN of/IN the/DT film/NN and/CC video/NN department/NN at/IN the/DT Rochester/NNP Institute/NNP of/IN Technology/NNP ./. ###/### The/DT new/JJ converters/NNS are/VBP ``/`` a/DT critical/JJ link/NN between/IN film/NN and/CC the/DT television/NN domain/NN ,/, ''/'' says/VBZ Joerg/NNP D./NNP Agin/NNP ,/, vice/NN president/NN and/CC general/JJ manager/NN of/IN Kodak/NNP 's/POS Motion/NNP Picture/NNP and/CC Audiovisual/NNP Products/NNP division/NN ./. ###/### Kodak/NNP wo/MD n't/RB disclose/VB the/DT cost/NN or/CC when/WRB its/PRP$ converter/NN will/MD be/VB on/IN the/DT market/NN ,/, but/CC it/PRP 's/VBZ estimated/VBN the/DT machine/NN may/MD be/VB available/JJ within/IN two/CD years/NNS ./. ###/### A/DT similar/JJ machine/NN already/RB on/IN the/DT market/NN ,/, made/VBN by/IN Rank/NNP Sintel/NNP Ltd./NNP ,/, a/DT unit/NN of/IN Rank/NNP Organisation/NNP ,/, costs/VBZ about/RB $/$ 500,000/CD ./. ###/### And/CC the/DT potential/JJ market/NN is/VBZ tremendous/JJ ,/, industry/NN experts/NNS say/VBP ./. ###/### If/IN HDTV/NN takes/VBZ off/RP in/IN the/DT U.S./NNP ,/, there/EX will/MD be/VB demand/NN for/IN some/RB 4,000/CD to/TO 5,000/CD HDTV/NN converters/NNS ,/, known/VBN in/IN the/DT industry/NN as/IN telecines/NNS ./. ###/### Demand/NN will/MD come/VB first/RB from/IN programming/NN production/NN companies/NNS and/CC then/RB from/IN television/NN stations/NNS ./. ###/### ``/`` The/DT converter/NN is/VBZ head/NN and/CC shoulders/NNS above/IN anything/NN else/RB I/PRP 've/VBP seen/VBN ,/, ''/'' says/VBZ Richard/NNP J./NNP Stumpf/NNP ,/, vice/NN president-engineering/NN|NN and/CC development/NN at/IN MCA/NNP Inc./NNP 's/POS Universal/NNP City/NNP Studios/NNP ./. ###/### And/CC Mr./NNP Niles/NNP ,/, the/DT program/NN producer/NN ,/, contends/VBZ that/IN Kodak/NNP 's/POS move/NN is/VBZ ``/`` a/DT sound/NN marketing/NN decision/NN ./. ###/### They/PRP ca/MD n't/RB afford/VB to/TO stay/VB out/IN of/IN HDTV/NN ./. ''/'' ###/### Indeed/RB ,/, the/DT stakes/NNS are/VBP high/JJ ./. ###/### The/DT U.S./NNP electronics/NN industry/NN estimates/VBZ that/IN the/DT HDTV/NN market/NN will/MD total/VB about/RB $/$ 150/CD billion/CD over/IN the/DT next/JJ two/CD decades/NNS ,/, with/IN an/DT additional/JJ $/$ 400/CD billion/CD expected/VBN to/TO go/VB for/IN related/JJ products/NNS ./. ###/### HDTVs/NNS break/VBP down/RP images/NNS into/IN more/JJR than/IN 1,100/CD lines/NNS ,/, compared/VBN with/IN 525/CD for/IN today/NN 's/POS televisions/NNS ,/, providing/VBG considerably/RB sharper/JJR detail/NN ./. ###/### And/CC the/DT sets/NNS are/VBP wider/JJR ,/, resembling/VBG the/DT dimensions/NNS of/IN a/DT movie/NN screen/NN ./. ###/### But/CC the/DT financial/JJ rewards/NNS are/VBP n't/RB expected/VBN soon/RB ,/, nor/CC are/VBP they/PRP guaranteed/VBN ./. ###/### Experts/NNS estimate/VBP the/DT first/JJ sets/NNS of/IN HDTVs/NNS wo/MD n't/RB be/VB available/JJ for/IN another/DT five/CD to/TO 10/CD years/NNS ,/, and/CC will/MD probably/RB retail/VB for/IN more/JJR than/IN $/$ 3,000/CD each/DT in/IN today/NN 's/POS dollars/NNS ./. ###/### Some/DT critics/NNS say/VBP they/PRP wo/MD n't/RB be/VB quickly/RB embraced/VBN by/IN consumers/NNS because/IN of/IN the/DT high/JJ price/NN ./. ###/### Nevertheless/RB ,/, Kodak/NNP could/MD n't/RB risk/VB letting/VBG HDTV/NN turn/VB its/PRP$ motion-picture/NN film/NN business/NN into/IN a/DT dinosaur/NN ./. ###/### ``/`` Kodak/NNP understands/VBZ HDTV/NNP is/VBZ where/WRB everybody/NN is/VBZ going/VBG ,/, ''/'' says/VBZ RIT/NNP 's/POS Mr./NNP Spaull/NNP ./. ###/### Yet/RB another/DT political/JJ scandal/NN is/VBZ racking/VBG Japan/NNP ./. ###/### But/CC this/DT time/NN it/PRP 's/POS hurting/VBG opposition/NN as/RB well/RB as/IN ruling-party/NN members/NNS ./. ###/### And/CC as/IN it/PRP unfolds/VBZ ,/, it/PRP 's/VBZ revealing/VBG some/DT of/IN the/DT more/RBR tangled/JJ and/CC seamier/JJR aspects/NNS of/IN Japanese/JJ society/NN ./. ###/### Already/RB ,/, ruling/VBG Liberal/NNP Democratic/NNP Party/NNP demands/NNS that/IN opposition/NN members/NNS testify/VB under/IN oath/NN in/IN parliament/NN have/VBP stalled/VBN one/CD budget/NN committee/NN session/NN and/CC forced/VBN the/DT committee/NN to/TO plan/VB a/DT special/JJ two-day/JJ investigation/NN at/IN the/DT end/NN of/IN the/DT month/NN ./. ###/### But/CC the/DT scandal/NN itself/PRP is/VBZ so/RB convoluted/JJ that/IN ruling-party/NN members/NNS are/VBP divided/VBN between/IN those/DT who/WP want/VBP to/TO pursue/VB the/DT matter/NN in/IN hope/NN of/IN undermining/VBG the/DT opposition/NN and/CC those/DT who/WP favor/VBP leaving/VBG well/RB enough/RB alone/RB ./. ###/### ``/`` The/DT opposition/NN can/MD be/VB the/DT most/RBS hurt/VBN because/IN everyone/NN already/RB figures/VBZ the/DT LDP/NNP is/VBZ that/DT kind/NN of/IN beast/NN ,/, ''/'' says/VBZ Shigezo/NNP Hayasaka/NNP ,/, former/JJ aide/NN to/TO LDP/NNP kingmaker/NN Kakuei/NNP Tanaka/NNP and/CC now/RB an/DT independent/JJ analyst/NN ./. ###/### But/CC ,/, he/PRP adds/VBZ ,/, ``/`` We/PRP ca/MD n't/RB tell/VB where/WRB it/PRP will/MD go/VB at/IN all/DT because/IN we/PRP 're/VBP still/RB in/IN the/DT middle/NN of/IN it/PRP ./. ''/'' ###/### This/DT time/NN ,/, the/DT scandal/NN centers/VBZ on/IN donations/NNS made/VBN by/IN the/DT not-quite-mainstream/JJ pachinko/NN parlor/NN industry/NN ./. ###/### Pachinko/NN ,/, a/DT kind/NN of/IN pinball/NN ,/, is/VBZ Japan/NNP 's/POS favorite/JJ form/NN of/IN legal/JJ gambling/NN ./. ###/### The/DT donations/NNS so/RB far/RB appear/VBP to/TO be/VB small/JJ ,/, especially/RB compared/VBN with/IN the/DT huge/JJ sums/NNS that/WDT changed/VBD hands/NNS in/IN the/DT Recruit/NNP Co/NNP ./. influence-peddling/NN scandal/NN that/WDT plagued/VBD the/DT ruling/VBG party/NN last/JJ year/NN ./. ###/### But/CC the/DT implications/NNS could/MD be/VB great/JJ ./. ###/### Pachinko/NN is/VBZ slightly/RB on/IN the/DT shady/JJ side/NN ,/, often/RB linked/VBN to/TO the/DT lower/JJR ranks/NNS of/IN Japan/NNP 's/POS underworld/NN and/CC regularly/RB at/IN the/DT top/NN of/IN annual/JJ lists/NNS of/IN tax/NN evaders/NNS ./. ###/### Recently/RB the/DT industry/NN has/VBZ faced/VBN the/DT threat/NN of/IN new/JJ restrictions/NNS ,/, and/CC political/JJ donations/NNS may/MD have/VB been/VBN made/VBN with/IN the/DT intent/NN to/TO bribe/VB ./. ###/### Also/RB ,/, about/RB 60/CD %/NN of/IN pachinko/NN parlor/NN owners/NNS are/VBP Korean/JJ ,/, many/JJ of/IN whom/WP maintain/VBP close/JJ ties/NNS with/IN North/JJ or/CC South/JJ Korean/JJ residents/NNS '/POS organizations/NNS ,/, and/CC donations/NNS by/IN such/JJ foreign/JJ groups/NNS are/VBP illegal/JJ in/IN Japan/NNP ./. ###/### To/TO many/JJ Japanese/NNPS ,/, pachinko/NN is/VBZ benign/JJ or/CC enticingly/RB unsavory/JJ ./. ###/### Garish/JJ neon/NN pachinko/NN marquees/NNS blaze/VBP from/IN the/DT main/JJ streets/NNS and/CC narrow/JJ alleys/NNS of/IN cities/NNS and/CC towns/NNS across/IN the/DT country/NN ./. ###/### Devotees/NNS pass/VBP hours/NNS ,/, watching/VBG the/DT lights/NNS blink/VB and/CC listening/VBG to/TO the/DT metal/NN balls/NNS ping/VB ,/, as/RB much/RB to/TO gamble/VB as/IN to/TO get/VB a/DT little/JJ time/NN to/TO be/VB anonymous/JJ ,/, alone/RB with/IN their/PRP$ thoughts/NNS ./. ###/### At/IN 500/CD yen/NNS -LRB-/-LRB- $/$ 3.60/CD -RRB-/-RRB- for/IN a/DT handful/NN of/IN balls/NNS ,/, pachinko/NN is/VBZ a/DT common/JJ pastime/NN ,/, and/CC has/VBZ been/VBN since/IN it/PRP took/VBD root/NN as/IN cheap/JJ entertainment/NN in/IN the/DT years/NNS after/IN World/NNP War/NNP II/NNP ./. ###/### But/CC the/DT total/NN of/IN all/PDT those/DT pinging/VBG balls/NNS has/VBZ created/VBN an/DT industry/NN with/IN a/DT reported/JJ annual/JJ income/NN of/IN 13/CD trillion/CD yen/NN -LRB-/-LRB- almost/RB $/$ 92/CD billion/CD -RRB-/-RRB- ,/, or/CC nearly/RB the/DT size/NN of/IN Japan/NNP 's/POS vaunted/JJ automobile/NN industry/NN ./. ###/### And/CC because/IN the/DT pachinko/NN industry/NN is/VBZ regularly/RB at/IN the/DT top/NN of/IN annual/JJ lists/NNS for/IN tax/NN evasion/NN ,/, some/DT observers/NNS estimate/VBP the/DT real/JJ income/NN could/MD be/VB as/RB much/JJ as/IN 20/CD trillion/CD yen/NN ./. ###/### If/IN that/DT money/NN were/VBD being/VBG taxed/VBN ,/, it/PRP could/MD bring/VB the/DT government/NN a/DT badly/RB needed/VBN several/JJ trillion/CD yen/NN ./. ###/### In/IN 1984/CD ,/, an/DT attempt/NN was/VBD made/VBN to/TO crack/VB down/RP on/IN the/DT industry/NN with/IN tougher/JJR restrictions/NNS ./. ###/### Then/RB ,/, in/IN 1988/CD ,/, a/DT proposal/NN to/TO keep/VB better/JJR track/NN of/IN income/NN by/IN selling/VBG prepaid/JJ cards/NNS for/IN pachinko/NN was/VBD fielded/VBN in/IN parliament/NN ./. ###/### The/DT proposal/NN split/VBD the/DT industry/NN in/IN two/CD ,/, along/IN the/DT lines/NNS of/IN national/JJ origin/NN :/: North/NNP Koreans/NNPS oppose/VBP the/DT plan/NN while/IN South/NNP Koreans/NNPS ,/, Japanese/NNPS and/CC Taiwanese/NNPS accept/VBP it/PRP or/CC are/VBP neutral/JJ ./. ###/### In/IN August/NNP ,/, a/DT conservative/JJ weekly/JJ magazine/NN reported/VBD that/IN a/DT pachinko/NN industry/NN organization/NN donated/VBD money/NN to/TO Japan/NNP Socialist/NNP Party/NNP members/NNS ./. ###/### The/DT magazine/NN alleged/VBD that/IN in/IN making/VBG the/DT donations/NNS ,/, the/DT pachinko/NN industry/NN may/MD have/VB been/VBN offering/VBG bribes/NNS to/TO win/VB support/NN in/IN the/DT battle/NN against/IN prepaid/JJ cards/NNS ,/, or/CC it/PRP may/MD have/VB been/VBN laundering/VBG money/NN back/RB and/CC forth/RB between/IN the/DT JSP/NNP and/CC the/DT North/JJ Korean/JJ residents/NNS '/POS organization/NN ,/, the/DT Chosen/NNP Soren/NNP ./. ###/### The/DT Chosen/NNP Soren/NNP and/CC the/DT JSP/NNP immediately/RB denied/VBD the/DT report/NN ./. ###/### And/CC at/IN first/JJ ,/, neither/CC the/DT opposition/NN nor/CC the/DT LDP/NNP wanted/VBD to/TO pursue/VB the/DT issue/NN ./. ###/### But/CC the/DT press/NN kept/VBD it/PRP alive/JJ ;/: as/RB with/IN the/DT Recruit/NNP scandal/NN ,/, lists/NNS began/VBD circulating/VBG with/IN names/NNS of/IN people/NNS who/WP had/VBD received/VBN money/NN ./. ###/### Within/IN a/DT matter/NN of/IN weeks/NNS ,/, less-conservative/JJ magazines/NNS reported/VBD that/IN members/NNS of/IN the/DT ruling/VBG LDP/NNP had/VBD received/VBN much/RB larger/JJR donations/NNS from/IN pachinko/NN organizations/NNS ./. ###/### So/RB far/RB ,/, though/RB ,/, there/EX have/VBP been/VBN no/DT allegations/NNS that/IN the/DT contributions/NNS the/DT LDP/NNP members/NNS received/VBD amounted/VBD to/TO bribes/NNS ./. ###/### Then/RB the/DT two/CD camps/NNS upped/VBD the/DT ante/NN :/: Reports/NNS that/IN Chosen/NNP Soren/NNP had/VBD donated/VBN directly/RB to/TO JSP/NNP members/NNS were/VBD rapidly/RB countered/VBN by/IN statements/NNS that/IN the/DT South/JJ Korean/JJ residents/NNS '/POS organization/NN had/VBD long/RB been/VBN donating/VBG directly/RB to/TO LDP/NNP members/NNS ./. ###/### The/DT JSP/NNP admitted/VBD Oct./NNP 13/CD that/IN its/PRP$ members/NNS received/VBD about/RB eight/CD million/CD yen/NN from/IN the/DT pachinko/NN organization/NN ,/, and/CC charged/VBD LDP/NNP members/NNS with/IN receiving/VBG 125/CD million/CD yen/NN -LRB-/-LRB- $/$ 880,000/CD -RRB-/-RRB- and/CC other/JJ opposition/NN parties/NNS with/IN taking/VBG about/RB 2.5/CD million/CD yen/NN ./. ###/### On/IN Friday/NNP ,/, the/DT chief/JJ cabinet/NN secretary/NN announced/VBD that/IN eight/CD cabinet/NN ministers/NNS had/VBD received/VBN five/CD million/CD yen/NN from/IN the/DT industry/NN ,/, including/VBG 450,000/CD yen/NN -LRB-/-LRB- $/$ 3,175/CD -RRB-/-RRB- by/IN Prime/NNP Minister/NNP Toshiki/NNP Kaifu/NNP ./. ###/### No/DT one/NN has/VBZ alleged/VBN that/IN the/DT donations/NNS were/VBD by/IN themselves/PRP illegal/JJ ./. ###/### Direct/JJ donations/NNS from/IN either/DT of/IN the/DT residents/NNS '/POS organizations/NNS would/MD be/VB illegal/JJ because/IN the/DT groups/NNS are/VBP defined/VBN as/IN foreign/JJ ,/, but/CC both/DT groups/NNS deny/VBP making/VBG direct/JJ donations/NNS ./. ###/### They/PRP say/VBP possible/JJ some/DT of/IN their/PRP$ members/NNS may/MD be/VB donating/VBG privately/RB ./. ###/### The/DT issue/NN is/VBZ further/RB complicated/VBN because/IN although/IN the/DT organizations/NNS represent/VBP Korean/JJ residents/NNS ,/, those/DT residents/NNS were/VBD largely/RB born/VBN and/CC raised/VBN in/IN Japan/NNP and/CC many/JJ speak/VBP only/RB Japanese/NNP ./. ###/### That/IN they/PRP retain/VBP Korean/JJ citizenship/NN and/CC ties/NNS is/VBZ a/DT reflection/NN of/IN history/NN --/: their/PRP$ parents/NNS were/VBD shipped/VBN in/RP as/IN laborers/NNS during/IN the/DT decades/NNS when/WRB Japan/NNP occupied/VBD Korea/NNP before/IN World/NNP War/NNP II/NNP --/: and/CC the/DT discrimination/NN that/WDT still/RB faces/VBZ Koreans/NNPS in/IN Japanese/JJ society/NN ./. ###/### Many/JJ Japanese/NNPS think/VBP it/PRP only/RB natural/NN that/IN the/DT organizations/NNS or/CC their/PRP$ members/NNS would/MD donate/VB to/TO politicians/NNS ,/, the/DT way/NN many/JJ Japanese/NNPS do/VBP ,/, to/TO win/VB favor/NN or/CC support/NN ./. ###/### Both/DT residents/NNS '/POS organizations/NNS admit/VBP to/TO receiving/VBG some/DT funding/NN from/IN abroad/RB ./. ###/### But/CC LDP/NNP members/NNS and/CC supporters/NNS of/IN the/DT prepaid/JJ card/NN idea/NN tend/VBP to/TO speak/VB in/IN innuendo/NN about/IN the/DT JSP/NNP 's/POS alleged/JJ donations/NNS ,/, implying/VBG that/IN North/JJ Korean/JJ money/NN would/MD be/VB more/RBR suspect/JJ than/IN South/JJ Korean/JJ because/IN North/NNP Korea/NNP is/VBZ communist/JJ and/CC South/NNP Korea/NNP is/VBZ an/DT ally/NN ./. ###/### When/WRB Robert/NNP McDuffie/NNP was/VBD 14/CD ,/, he/PRP got/VBD a/DT chance/NN to/TO play/VB in/IN the/DT starting/JJ lineup/NN for/IN his/PRP$ high/JJ school/NN basketball/NN team/NN in/IN Macon/NNP ,/, Ga/NNP ./. ###/### Unfortunately/RB ,/, his/PRP$ mother/NN had/VBD tickets/NNS for/IN a/DT recital/NN by/IN Itzhak/NNP Perlman/NNP the/DT same/JJ night/NN ,/, and/CC she/PRP was/VBD adamant/JJ about/IN his/PRP$ attending/VBG ./. ###/### ``/`` I/PRP threw/VBD such/PDT a/DT fit/NN ,/, ''/'' says/VBZ Mr./NNP McDuffie/NNP ,/, who/WP had/VBD begun/VBN violin/NN studies/NNS at/IN the/DT age/NN of/IN six/CD ./. ###/### But/CC once/IN Perlman/NNP started/VBD playing/VBG ,/, I/PRP did/VBD n't/RB give/VB a/DT damn/NN about/IN basketball/NN ./. ###/### Afterwards/RB ,/, I/PRP went/VBD home/NN and/CC practiced/VBD for/IN three/CD hours/NNS ./. ''/'' ###/### Today/NN ,/, it/PRP 's/VBZ obvious/JJ that/IN the/DT brawny/JJ ,/, six-foot/JJ ,/, one-inch/JJ musician/NN made/VBD the/DT right/JJ choice/NN ./. ###/### At/IN 31/CD ,/, Mr./NNP McDuffie/NNP has/VBZ a/DT rich/JJ ,/, full-bodied/JJ tone/NN ,/, an/DT admirable/JJ rhythmic/JJ precision/NN and/CC an/DT increasingly/RB busy/JJ schedule/NN ./. ###/### He/PRP 's/VBZ currently/RB in/IN the/DT midst/NN of/IN a/DT 17-city/JJ U.S./NNP tour/NN with/IN Yehudi/NNP Menuhin/NNP and/CC the/DT Warsaw/NNP Sinfonia/NNP ,/, with/IN stops/NNS including/VBG Charleston/NNP ,/, S.C/NNP ./. -LRB-/-LRB- Oct./NNP 25/CD -RRB-/-RRB- ,/, Sarasota/NNP ,/, Fla/NNP ./. -LRB-/-LRB- Oct./NNP 28/CD -RRB-/-RRB- ,/, Tampa/NNP ,/, Fla/NNP ./. -LRB-/-LRB- Oct./NNP 29/CD -RRB-/-RRB- and/CC Miami/NNP -LRB-/-LRB- Oct./NNP 31/CD -RRB-/-RRB- ./. ###/### Later/RB this/DT season/NN he/PRP gives/VBZ a/DT recital/NN at/IN Washington/NNP 's/POS Kennedy/NNP Center/NNP ,/, and/CC appears/VBZ as/IN soloist/NN with/IN several/JJ major/JJ orchestras/NNS ./. ###/### Yet/CC Mr./NNP McDuffie/NNP 's/POS career/NN has/VBZ developed/VBN at/IN a/DT slower/JJR pace/NN than/IN those/DT of/IN some/DT of/IN his/PRP$ better/RBR known/VBN contemporaries/NNS ./. ###/### During/IN the/DT late/JJ 1970s/NNS ,/, he/PRP was/VBD part/NN of/IN a/DT musical/JJ ``/`` brat/NN pack/NN ''/'' --/: a/DT group/NN of/IN budding/JJ virtuosos/NNS who/WP studied/VBD at/IN the/DT Juilliard/NNP School/NNP with/IN the/DT noted/JJ pedagogue/NN Dorothy/NNP DeLay/NNP ./. ###/### His/PRP$ violin/NN classmates/NNS included/VBD Shlomo/NNP Mintz/NNP ,/, a/DT protege/NN of/IN Isaac/NNP Stern/NNP who/WP performed/VBD with/IN major/JJ orchestras/NNS while/IN still/RB a/DT student/NN ;/: Cho-Liang/NNP Lin/NNP ,/, who/WP joined/VBD the/DT roster/NN of/IN ICM/NNP Artists/NNP Inc./NNP at/IN the/DT age/NN of/IN 18/CD ;/: and/CC Nadja/NNP Salerno-Sonnenberg/NNP ,/, who/WP launched/VBD her/PRP$ career/NN by/IN winning/VBG the/DT 1981/CD Naumberg/NNP Competition/NNP ./. ###/### ``/`` I/PRP thought/VBD I/PRP was/VBD over/IN the/DT hill/NN at/IN 22/CD ,/, ''/'' recalls/VBZ Mr./NNP McDuffie/NNP ,/, an/DT outgoing/JJ man/NN with/IN pale/JJ blue/JJ eyes/NNS and/CC a/DT light/JJ Southern/JJ drawl/NN ./. ###/### But/CC I/PRP was/VBD n't/RB ready/JJ for/IN a/DT career/NN at/IN that/DT time/NN ./. ''/'' ###/### Young/JJ McDuffie/NNP 's/POS first/JJ violin/NN teacher/NN was/VBD Henrik/NNP Schwarzenberger/NNP ,/, a/DT Hungarian/JJ refugee/NN who/WP taught/VBD in/IN the/DT Macon/NNP public/JJ school/NN system/NN ./. ###/### ``/`` He/PRP taught/VBD me/PRP how/WRB to/TO play/VB like/IN a/DT gypsy/NN ,/, ''/'' jokes/VBZ the/DT musician/NN ./. ###/### I/PRP did/VBD n't/RB learn/VB to/TO count/VB until/IN I/PRP got/VBD to/TO Juilliard/NN ./. ''/'' ###/### After/IN studies/NNS at/IN that/DT conservatory/NN 's/POS Pre-College/NNP Division/NNP with/IN an/DT assistant/NN to/TO the/DT legendary/JJ instructor/NN Ivan/NNP Galamian/NNP ,/, he/PRP switched/VBD at/IN the/DT college/NN level/NN to/TO Miss/NNP DeLay/NNP ,/, Mr./NNP Galamian/NNP 's/POS longtime/JJ assistant/NN and/CC ,/, ultimately/RB ,/, his/PRP$ rival/NN ./. ###/### ``/`` I/PRP think/VBP I/PRP had/VBD to/TO prove/VB myself/PRP to/TO her/PRP ,/, ''/'' says/VBZ Mr./NNP McDuffie/NNP ./. ###/### But/CC she/PRP was/VBD always/RB encouraging/JJ ./. ###/### She/PRP only/RB put/VBD her/PRP$ foot/NN down/RP twice/RB ,/, ''/'' he/PRP continues/VBZ ./. ###/### In/IN my/PRP$ freshman/NN year/NN ,/, my/PRP$ roommate/NN was/VBD known/VBN as/IN a/DT party/NN animal/NN ./. ###/### She/PRP thought/VBD I/PRP was/VBD n't/RB getting/VBG my/PRP$ practicing/NN done/VBN ./. ''/'' ###/### As/IN the/DT violinist/NN tells/VBZ it/PRP ,/, his/PRP$ grandmotherly/JJ looking/VBG teacher/NN ``/`` put/VBD her/PRP$ hands/NNS on/IN her/PRP$ hips/NNS ,/, stomped/VBD her/PRP$ foot/NN and/CC said/VBD ,/, `/`` You/PRP 've/VBP just/RB got/VBN to/TO get/VB the/DT -LCB-/-LRB- expletive/NN deleted/VBN -RCB-/-RRB- out/IN of/IN there/RB ./. '/'' ''/'' ###/### The/DT second/JJ incident/NN took/VBD place/NN after/IN Mr./NNP McDuffie/NNP gave/VBD an/DT ambitious/JJ student/NN recital/NN and/CC was/VBD feeling/VBG rather/RB pleased/JJ with/IN himself/PRP ./. ###/### Miss/NNP DeLay/NNP requested/VBD that/IN he/PRP come/VB to/TO her/PRP$ studio/NN with/IN a/DT tape/NN of/IN the/DT recital/NN ./. ###/### ``/`` We/PRP listened/VBD to/TO the/DT Chausson/NNP `/`` Poeme/NNP ,/, '/'' ''/'' he/PRP recalls/VBZ ,/, ``/`` and/CC she/PRP said/VBD ,/, `/`` You/PRP hear/VBP the/DT first/JJ note/NN ,/, that/DT B-flat/NN ?/. ###/### That/DT 's/VBZ the/DT only/JJ note/NN that/WDT 's/VBZ truly/RB in/IN tune/NN ./. ./. ./. '/'' ./. ''/'' ###/### ``/`` That/DT 's/VBZ the/DT most/RBS important/JJ experience/NN I/PRP 've/VBP had/VBD with/IN any/DT teacher/NN ,/, ''/'' he/PRP says/VBZ ,/, ``/`` because/IN she/PRP taught/VBD me/PRP how/WRB to/TO listen/VB ./. ###/### Now/RB ,/, when/WRB I/PRP play/VBP with/IN orchestras/NNS ,/, the/DT musicians/NNS often/RB compliment/VBP me/PRP on/IN my/PRP$ intonation/NN ./. ''/'' ###/### It/PRP was/VBD also/RB at/IN Juilliard/NNP that/IN Mr./NNP McDuffie/NNP discovered/VBD his/PRP$ predilection/NN for/IN conservative/JJ ,/, 20th-century/JJ American/JJ composers/NNS such/JJ as/IN David/NNP Diamond/NNP and/CC Samuel/NNP Barber/NNP ./. ###/### After/IN winning/VBG a/DT school/NN competition/NN with/IN a/DT performance/NN of/IN the/DT latter/NN 's/POS ``/`` Violin/NNP Concerto/NNP ,/, ''/'' Mr./NNP McDuffie/NNP was/VBD invited/VBN to/TO play/VB the/DT work/NN for/IN the/DT composer/NN ,/, who/WP was/VBD dying/VBG of/IN cancer/NN ./. ###/### ``/`` Barber/NNP was/VBD seated/VBN by/IN the/DT fireplace/NN looking/VBG very/RB pale/JJ ,/, ''/'' recalls/VBZ the/DT violinist/NN ,/, who/WP performed/VBD the/DT work/NN with/IN a/DT piano/NN accompanist/NN at/IN the/DT composer/NN 's/POS apartment/NN ./. ###/### He/PRP did/VBD n't/RB say/VB much/JJ ,/, but/CC what/WP he/PRP said/VBD was/VBD important/JJ because/IN it/PRP 's/VBZ not/RB in/IN the/DT score/NN ./. ###/### There/EX 's/VBZ a/DT beautiful/JJ ,/, Coplandesque/JJ motif/NN --/: he/PRP 'd/MD kill/VB me/PRP if/IN he/PRP heard/VBD me/PRP say/VB that/DT --/: throughout/IN the/DT first/JJ movement/NN ./. ###/### The/DT only/JJ time/NN the/DT violin/NN has/VBZ it/PRP is/VBZ right/RB at/IN the/DT end/NN ./. ###/### It/PRP 's/VBZ written/VBN `/`` marcato/FW '/'' in/IN the/DT score/NN ,/, and/CC I/PRP played/VBD it/PRP that/DT way/NN ,/, kind/NN of/IN gigue-like/JJ ./. ###/### And/CC he/PRP yelled/VBD out/RP `/`` dolce/FW dolce/FW '/'' -LCB-/-LRB- `/`` sweet/JJ sweet/JJ '/'' -RCB-/-RRB- ./. ''/'' ###/### ``/`` So/IN we/PRP did/VBD it/PRP over/RB ,/, ''/'' he/PRP adds/VBZ ./. ###/### I/PRP played/VBD very/RB transparently/RB ,/, with/IN the/DT tip/NN of/IN the/DT bow/NN ./. ###/### If/IN a/DT conductor/NN is/VBZ sensitive/JJ enough/RB to/TO bring/VB down/RP the/DT orchestra/NN -LCB-/-LRB- volume/NN -RCB-/-RRB- at/IN that/DT point/NN ,/, it/PRP makes/VBZ the/DT piece/NN magical/JJ ./. ###/### I/PRP do/VBP n't/RB know/VB why/WRB Barber/NNP never/RB told/VBD anybody/NN else/RB ./. ###/### On/IN Isaac/NNP Stern/NNP 's/POS recording/NN it/PRP 's/VBZ very/RB biting/JJ ./. ''/'' ###/### Since/IN leaving/VBG Juilliard/NNP ,/, Mr./NNP McDuffie/NNP has/VBZ made/VBN some/DT smart/JJ moves/NNS and/CC some/DT controversial/JJ ones/NNS ./. ###/### His/PRP$ guest/JJ appearance/NN on/IN the/DT NBC/NNP soap/NN opera/NN ``/`` Another/DT World/NNP ,/, ''/'' scandalized/VBD musical/JJ elitists/NNS ./. ###/### By/IN contrast/NN ,/, he/PRP 's/VBZ won/VBN kudos/NNS for/IN his/PRP$ espousal/NN of/IN William/NNP Schuman/NNP 's/POS ``/`` Violin/NNP Concerto/NNP ,/, ''/'' which/WDT he/PRP recently/RB recorded/VBD for/IN along/RB with/IN Leonard/NNP Bernstein/NNP 's/POS engaging/JJ ``/`` Serenade/NNP for/IN Violin/NNP Solo/NNP ,/, Strings/NNP and/CC Percussion/NNP ./. ''/'' ###/### Mr./NNP McDuffie/NNP 's/POS sweet/JJ tone/NN ,/, heartfelt/JJ lyricism/NN and/CC rhythmic/JJ punch/NN make/VBP him/PRP an/DT ideal/JJ interpreter/NN of/IN both/DT works/NNS ./. ###/### Aided/VBN by/IN the/DT fluid/JJ playing/NN of/IN the/DT St./NNP Louis/NNP Symphony/NNP under/IN Leonard/NNP Slatkin/NNP 's/POS direction/NN ,/, this/DT ``/`` Serenade/NNP ''/'' really/RB swings/VBZ ./. ###/### Mr./NNP Schuman/NNP 's/POS ``/`` Violin/NNP Concerto/NNP ,/, ''/'' which/WDT sounds/VBZ more/RBR like/IN a/DT mildly/RB atonal/JJ rhapsody/NN for/IN solo/JJ violin/NN with/IN orchestral/JJ accompaniment/NN ,/, meanders/VBZ until/IN the/DT propulsive/JJ ``/`` Agitato/NNP ,/, fervente/NNP ./. ''/'' ###/### But/CC there/EX are/VBP ample/JJ rewards/NNS in/IN its/PRP$ plaintive/JJ slow/JJ sections/NNS and/CC virtuoso/JJ fireworks/NNS for/IN soloist/NN ,/, brass/NN and/CC timpani/NNS ./. ###/### At/IN Avery/NNP Fisher/NNP Hall/NNP here/RB ,/, Mr./NNP McDuffie/NNP was/VBD heard/VBN recently/RB with/IN Mr./NNP Menuhin/NNP and/CC the/DT Warsaw/NNP Sinfonia/NNP in/IN more/JJR conventional/JJ fare/NN --/: Bruch/NNP 's/POS overwrought/JJ ``/`` Violin/NNP Concerto/NNP in/IN G/NNP Minor/NNP ./. ''/'' ###/### His/PRP$ performance/NN was/VBD so/RB effusive/JJ and/CC driven/JJ that/IN the/DT phrases/NNS rarely/RB breathed/VBD ./. ###/### The/DT 35-member/JJ Sinfonia/NNP played/VBD adroitly/RB with/IN a/DT big/JJ ,/, lush/JJ sound/NN that/WDT belied/VBD its/PRP$ size/NN ./. ###/### Whatever/WDT he/PRP plays/VBZ ,/, Mr./NNP McDuffie/NNP finds/VBZ satisfaction/NN in/IN the/DT music/NN itself/PRP --/: ``/`` something/NN greater/JJR out/RB there/RB than/IN me/PRP ,/, ''/'' as/IN he/PRP puts/VBZ it/PRP during/IN an/DT interview/NN at/IN the/DT Manhattan/NNP apartment/NN he/PRP shares/VBZ with/IN wife/NN ,/, Camille/NNP ,/, a/DT literary/JJ publicist/NN ./. ###/### ``/`` A/DT normal/JJ person/NN did/VBD not/RB write/VB the/DT Beethoven/NNP `/`` Violin/NNP Concerto/NNP ,/, '/'' ''/'' he/PRP declares/VBZ ./. ###/### Even/RB when/WRB I/PRP hear/VBP it/PRP played/VBN badly/RB ,/, I/PRP 'm/VBP still/RB humbled/VBN by/IN the/DT piece/NN ./. ###/### If/IN I/PRP could/MD ever/RB feel/VB I/PRP 've/VBP contributed/VBN to/TO it/PRP in/IN some/DT way/NN ,/, then/RB all/PDT the/DT hard/JJ work/NN has/VBZ been/VBN worth/JJ it/PRP ./. ''/'' ###/### Ms./NNP Jepson/NNP is/VBZ a/DT free-lance/JJ music/NN writer/NN in/IN New/NNP York/NNP ./. ###/### Are/VBP consumers/NNS too/RB deep/RB in/IN hock/NN ?/. ###/### A/DT lot/NN of/IN observers/NNS think/VBP so/RB ,/, and/CC ,/, if/IN they/PRP 're/VBP right/JJ ,/, the/DT whole/JJ economy/NN as/RB well/RB as/IN the/DT spendthrifts/NNS among/IN us/PRP could/MD be/VB hurt/VBN ./. ###/### A/DT sudden/JJ ,/, forced/JJ cutback/NN by/IN consumers/NNS ,/, who/WP normally/RB account/VBP for/IN about/RB two-thirds/NNS of/IN economic/JJ activity/NN ,/, would/MD damp/VB the/DT economy/NN at/IN a/DT time/NN when/WRB plant-and-equipment/JJ spending/NN is/VBZ slowing/VBG and/CC deficit-racked/JJ governments/NNS ca/MD n't/RB readily/RB take/VB up/RP the/DT slack/NN ./. ###/### And/CC another/DT wave/NN of/IN bad/JJ loans/NNS would/MD further/RB batter/VB many/JJ already-shaky/JJ lending/NN institutions/NNS ./. ###/### The/DT worriers/NNS cite/VBP some/DT worrisome/JJ trends/NNS ./. ###/### During/IN the/DT almost/RB seven-year-old/JJ economic/JJ expansion/NN ,/, inflation-adjusted/JJ gross/JJ national/JJ product/NN ,/, disposable/JJ personal/JJ income/NN and/CC personal/JJ consumption/NN expenditures/NNS have/VBP risen/VBN 30/CD %/NN ,/, but/CC inflation-adjusted/JJ consumer/NN installment/NN credit/NN has/VBZ surged/VBN 66/CD %/NN ./. ###/### And/CC the/DT ratio/NN of/IN installment/JJ debt/NN to/TO disposable/JJ personal/JJ income/NN --/: personal/JJ income/NN after/IN taxes/NNS --/: has/VBZ hit/VBN a/DT high/NN of/IN about/RB 18/CD %/NN ./. ###/### However/RB ,/, these/DT figures/NNS do/VBP n't/RB seem/VB to/TO worry/VB Thomas/NNP A./NN Durkin/NNP ,/, an/DT economist/NN at/IN the/DT Federal/NNP Reserve/NNP Board/NNP ./. ###/### In/IN a/DT paper/NN presented/VBN at/IN the/DT recent/JJ annual/JJ meeting/NN of/IN the/DT National/NNP Association/NNP of/IN Business/NNP Economists/NNP in/IN San/NNP Francisco/NNP ,/, Mr./NNP Durkin/NNP comments/NNS that/IN ``/`` installment/JJ credit/NN always/RB grows/VBZ rapidly/RB in/IN cyclical/JJ advances/NNS ,/, and/CC growth/NN in/IN this/DT cycle/NN is/VBZ very/RB typical/JJ of/IN earlier/JJR experiences/NNS ./. ''/'' ###/### He/PRP adds/VBZ :/: ``/`` We/PRP are/VBP now/RB witnessing/VBG a/DT slowdown/NN which/WDT ,/, if/IN history/NN is/VBZ a/DT guide/NN ,/, could/MD persist/VB for/IN a/DT while/NN ./. ''/'' ###/### But/CC what/WP about/IN the/DT debt/NN burden/NN ?/. ###/### Mr./NNP Durkin/NNP doubts/VBZ that/IN ``/`` there/EX is/VBZ some/DT magic/JJ level/NN ''/'' at/IN which/WDT the/DT ratio/NN of/IN installment/NN debt/NN to/TO disposable/JJ income/NN ``/`` indicates/VBZ economic/JJ problems/NNS ./. ''/'' ###/### And/CC ,/, ``/`` more/RBR importantly/RB ,/, ''/'' he/PRP says/VBZ ,/, ``/`` the/DT debt/NN burden/NN measured/VBN other/JJ ways/NNS is/VBZ not/RB really/RB in/IN uncharted/JJ waters/NNS ./. ''/'' ###/### The/DT chart/NN below/RB shows/NNS why/WRB -LRB-/-LRB- see/VB accompanying/VBG illustration/NN --/: WSJ/NNP Oct./NNP 23/CD ,/, 1989/CD -RRB-/-RRB- ./. ###/### The/DT ratio/NN of/IN consumer/NN installment/NN credit/NN to/TO disposable/JJ income/NN ,/, though/IN up/RB a/DT bit/NN ,/, has/VBZ n't/RB climbed/VBN steeply/RB ,/, and/CC such/JJ debt/NN as/IN a/DT percent/NN of/IN household/NN assets/NNS is/VBZ little/RB changed/VBN ./. ###/### Moreover/RB ,/, the/DT burden/NN of/IN consumer/NN credit/NN payments/NNS relative/JJ to/TO disposable/JJ income/NN may/MD be/VB ``/`` lower/JJR in/IN this/DT cycle/NN than/IN earlier/RBR ,/, ''/'' Mr./NNP Durkin/NNP says/VBZ ./. ###/### He/PRP notes/VBZ that/IN some/DT ``/`` revolving/JJ credit-card/NN credit/NN is/VBZ actually/RB convenience/NN credit/NN ''/'' being/VBG used/VBN simply/RB as/IN a/DT handy/JJ way/NN of/IN paying/VBG bills/NNS rather/RB than/IN a/DT handy/JJ way/NN of/IN borrowing/VBG ./. ###/### In/IN addition/NN ,/, he/PRP says/VBZ ,/, ``/`` longer/JJR maturities/NNS on/IN automobile/NN and/CC other/JJ forms/NNS of/IN installment/NN credit/NN boost/VBP the/DT stock/NN of/IN debt/NN faster/RBR than/IN the/DT flow/NN of/IN repayments/NNS and/CC the/DT accompanying/JJ payment/NN burden/NN ./. ''/'' ###/### And/CC if/IN you/PRP ``/`` consider/VB the/DT changing/VBG distribution/NN of/IN credit/NN ,/, ''/'' Mr./NNP Durkin/NNP says/VBZ ,/, ``/`` much/JJ of/IN the/DT increase/NN in/IN debt/NN in/IN recent/JJ years/NNS is/VBZ due/JJ to/TO increasing/VBG credit/NN use/NN by/IN higher-income/JJ families/NNS ,/, ''/'' that/DT is/VBZ ,/, ``/`` those/DT probably/RB best/RB able/JJ to/TO handle/VB it/PRP ./. ''/'' ###/### Citing/VBG figures/NNS on/IN home-equity/JJ loans/NNS ,/, he/PRP notes/VBZ that/IN ``/`` 11/CD %/NN of/IN homeowners/NNS had/VBD home-equity/JJ credit/NN accounts/NNS ,/, but/CC the/DT proportion/NN rises/VBZ to/TO 16/CD %/NN of/IN homeowners/NNS in/IN the/DT $/$ 45,000-$60,000/CD income/NN range/NN and/CC 23/CD %/NN of/IN homeowners/NNS with/IN income/NN above/IN $/$ 60,000/CD ./. ''/'' ###/### And/CC much/JJ home-equity/JJ credit/NN is/VBZ used/VBN conservatively/RB ./. ###/### ``/`` The/DT most/RBS frequent/JJ use/NN is/VBZ home/NN improvement/NN ,/, which/WDT presumably/RB improves/VBZ the/DT value/NN of/IN the/DT property/NN ,/, ''/'' Mr./NNP Durkin/NNP says/VBZ ./. ###/### So/RB ,/, it/PRP is/VBZ n't/RB surprising/JJ that/IN consumer-credit/JJ delinquencies/NNS at/IN banks/NNS remain/VBP ,/, as/IN the/DT chart/NN shows/VBZ ,/, reassuringly/RB below/IN some/DT earlier/JJR highs/NNS -LRB-/-LRB- see/VB accompanying/VBG illustration/NN --/: WSJ/NNP Oct./NNP 23/CD ,/, 1989/CD -RRB-/-RRB- ./. ###/### A/DT severe/JJ recession/NN could/MD ,/, of/IN course/NN ,/, raise/VB delinquency/NN rates/NNS ,/, but/CC so/RB far/RB the/DT current/JJ levels/NNS of/IN consumer/NN debt/NN do/VBP n't/RB seem/VB to/TO loom/VB as/IN a/DT major/JJ threat/NN ./. ###/### In/IN fact/NN ,/, the/DT current/JJ weakness/NN in/IN auto/NN buying/NN and/CC department-store/NN sales/NNS and/CC the/DT gradual/JJ upturn/NN in/IN the/DT household/NN saving/NN rate/NN suggest/VBP that/IN consumers/NNS ,/, conservative/JJ as/IN ever/RB ,/, are/VBP already/RB clutching/VBG their/PRP$ purses/NNS a/DT bit/NN more/RBR tightly/RB ./. ###/### In/IN July/NNP ,/, consumer/NN installment/NN credit/NN outstanding/JJ fell/VBD for/IN the/DT first/JJ time/NN since/IN January/NNP 1987/CD ./. ###/### ``/`` Consumers/NNS appear/VBP unwilling/JJ to/TO add/VB to/TO their/PRP$ leverage/NN to/TO support/VB their/PRP$ spending/NN ,/, ''/'' Bruce/NNP Steinberg/NNP ,/, a/DT Merrill/NNP Lynch/NNP economist/NN ,/, says/VBZ ./. ###/### As/IN a/DT result/NN ,/, household/NN debt/NN appears/VBZ to/TO be/VB stabilizing/VBG at/IN around/IN 63/CD %/NN of/IN GNP/NNP ./. ''/'' ###/### Consumers/NNS ,/, credit/NN cards/NNS in/IN hand/NN ,/, are/VBP n't/RB running/VBG amok/RB through/IN the/DT shopping/NN malls/NNS --/: or/CC putting/VBG the/DT economy/NN at/IN any/DT great/JJ risk/NN ./. ###/### Maidenform/NNP Inc./NNP loves/VBZ to/TO be/VB intimate/JJ with/IN its/PRP$ customers/NNS ,/, but/CC not/RB with/IN the/DT rest/NN of/IN the/DT public/NN ./. ###/### The/DT 67-year-old/JJ maker/NN of/IN brassieres/NNS ,/, panties/NNS ,/, and/CC lingerie/NN enjoys/VBZ one/CD of/IN the/DT best-known/JJ brand/NN images/NNS ,/, but/CC its/PRP$ financial/JJ profile/NN is/VBZ closely/RB guarded/VBN by/IN members/NNS of/IN the/DT founding/JJ family/NN ./. ###/### ``/`` There/EX are/VBP very/RB few/JJ companies/NNS that/WDT can/MD boast/VB of/IN such/PDT a/DT close-knit/JJ group/NN ,/, ''/'' says/VBZ Robert/NNP A./NN Brawer/NNP ,/, 52/CD years/NNS old/JJ ,/, recently/RB named/VBN president/NN ,/, succeeding/VBG Beatrice/NNP Coleman/NNP ,/, his/PRP$ mother-in-law/NN ,/, who/WP remains/VBZ chairman/NN ./. ###/### ``/`` We/PRP are/VBP a/DT vanishing/VBG breed/NN ,/, ''/'' he/PRP muses/NNS ./. ###/### Mrs./NNP Coleman/NNP ,/, 73/CD ,/, who/WP declined/VBD to/TO be/VB interviewed/VBN ,/, is/VBZ the/DT Maidenform/NNP strategist/NN ./. ###/### Sales/NNS have/VBP tripled/VBN during/IN her/PRP$ 21-year/JJ tenure/NN to/TO about/RB $/$ 200/CD million/CD in/IN 1988/CD ./. ###/### Maidenform/NNP says/VBZ it/PRP is/VBZ very/RB profitable/JJ but/CC declines/VBZ to/TO provide/VB specifics/NNS ./. ###/### The/DT company/NN sells/VBZ image/NN ./. ###/### Its/PRP$ current/JJ ad/NN campaign/NN ,/, on/IN which/WDT Maidenform/NNP has/VBZ spent/VBN more/JJR than/IN $/$ 15/CD million/CD since/IN fall/NN 1987/CD ,/, does/VBZ n't/RB even/RB show/VB its/PRP$ underwear/NN products/NNS ,/, but/CC rather/RB men/NNS like/IN Christopher/NNP Reeve/NNP ,/, star/NN of/IN the/DT ``/`` Superman/NNP ''/'' movies/NNS ,/, talking/VBG about/IN their/PRP$ lingerie/NN turn-ons/NNS ./. ###/### The/DT Maidenform/NNP name/NN ``/`` is/VBZ part/NN of/IN American/JJ pop/NN culture/NN ,/, ''/'' says/VBZ Joan/NNP Sinopoli/NNP ,/, account/NN supervisor/NN of/IN the/DT campaign/NN by/IN Levine/NNP ,/, Huntley/NNP ,/, Schmidt/NNP &/CC Beaver/NNP ,/, a/DT New/NNP York/NNP ad/NN firm/NN ./. ###/### Maidenform/NNP generated/VBD such/JJ memorable/JJ campaigns/NNS as/IN ``/`` I/PRP dreamed/VBD I.../: in/IN my/PRP$ Maidenform/NNP bra/NN ,/, ''/'' and/CC ``/`` The/DT Maidenform/NNP woman/NN ./. You/PRP never/RB know/VBP where/WRB she/PRP 'll/MD turn/VB up/RP ./. ''/'' ###/### ``/`` Capitalizing/VBG on/IN the/DT brand/NN is/VBZ key/JJ ,/, ''/'' says/VBZ Mr./NNP Brawer/NNP ,/, whose/WP$ immediate/JJ plans/NNS include/VBP further/JJ international/JJ expansion/NN and/CC getting/VBG better/JJR control/NN of/IN distribution/NN outside/IN the/DT U.S/NNP ./. ###/### ``/`` The/DT intimate/JJ apparel/NN industry/NN is/VBZ perceived/VBN to/TO be/VB a/DT growth/NN industry/NN and/CC clearly/RB -LCB-/-LRB- Maidenform/NNP -RCB-/-RRB- is/VBZ a/DT force/NN to/TO be/VB reckoned/VBN with/IN ,/, ''/'' says/VBZ David/NNP S./NNP Leibowitz/NNP ,/, a/DT special/JJ situations/NNS analyst/NN at/IN American/NNP Securities/NNP Corp./NNP in/IN New/NNP York/NNP ./. ###/### Although/IN working/VBG women/NNS are/VBP ``/`` forced/VBN to/TO wear/VB the/DT uniform/NN of/IN the/DT day/NN ,/, to/TO retain/VB their/PRP$ femininity/NN they/PRP are/VBP buying/VBG better/JJR quality/NN ,/, more/RBR upscale/JJ intimate/JJ apparel/NN ,/, ''/'' he/PRP said/VBD ./. ###/### Although/IN Mr./NNP Brawer/NNP 's/POS appointment/NN as/IN president/NN was/VBD long/RB expected/VBN ,/, the/DT move/NN on/IN Sept./NNP 25/CD precipitated/VBD the/DT resignation/NN of/IN Alan/NNP Lesk/NNP as/IN senior/JJ vice/NN president/NN of/IN sales/NNS and/CC merchandising/NN ./. ###/### Three/CD days/NNS later/RB ,/, Mr./NNP Lesk/NNP was/VBD named/VBN president/NN and/CC chief/JJ executive/JJ officer/NN of/IN Olga/NNP Co./NNP ,/, a/DT competing/VBG intimate/JJ apparel/NN division/NN of/IN Warnaco/NNP Inc/NNP ./. ###/### Warnaco/NNP also/RB owns/VBZ Warners/NNS ,/, another/DT major/JJ intimate/JJ apparel/NN maker/NN ./. ###/### Mr./NNP Lesk/NNP could/MD n't/RB be/VB reached/VBN to/TO comment/VB ./. ###/### But/CC Maidenform/NNP officials/NNS say/VBP that/IN after/IN spending/VBG 24/CD years/NNS at/IN Maidenform/NNP ,/, Mr./NNP Lesk/NNP ,/, 48/CD ,/, made/VBD it/PRP clear/JJ he/PRP wanted/VBD the/DT top/JJ job/NN ./. ###/### ``/`` If/IN you/PRP want/VBP the/DT presidency/NN of/IN the/DT company/NN ,/, this/DT is/VBZ n't/RB the/DT firm/NN to/TO work/VB for/IN ,/, ''/'' says/VBZ James/NNP Mogan/NNP ,/, 45/CD ,/, who/WP was/VBD named/VBN senior/JJ vice/NN president/NN of/IN sales/NNS ,/, assuming/VBG some/DT of/IN the/DT responsibilities/NNS of/IN Mr./NNP Lesk/NNP ./. ###/### The/DT company/NN downplayed/VBD the/DT loss/NN of/IN Mr./NNP Lesk/NNP and/CC split/VBD his/PRP$ merchandising/NN responsibilities/NNS among/IN a/DT committee/NN of/IN four/CD people/NNS ./. ###/### ``/`` My/PRP$ style/NN is/VBZ less/RBR informal/JJ ,/, ''/'' Mr./NNP Brawer/NNP says/VBZ ./. ###/### Top/JJ officers/NNS insist/VBP Maidenform/NNP 's/POS greatest/JJS strength/NN is/VBZ its/PRP$ family/NN ownership/NN ./. ###/### ``/`` You/PRP ca/MD n't/RB go/VB anywhere/RB in/IN this/DT company/NN and/CC find/VB an/DT organizational/JJ chart/NN ,/, ''/'' one/PRP delights/VBZ ./. ###/### ``/`` It/PRP is/VBZ fun/NN competing/VBG as/IN a/DT private/JJ company/NN ,/, ''/'' Mr./NNP Brawer/NNP says/VBZ ./. ###/### You/PRP can/MD think/VB long/JJ range/NN ./. ''/'' ###/### Other/JJ major/JJ players/NNS in/IN intimate/JJ apparel/NN apparently/RB feel/VBP the/DT same/JJ way/NN ./. ###/### Warnaco/NNP was/VBD taken/VBN private/JJ by/IN Spectrum/NNP Group/NNP in/IN 1986/CD for/IN about/RB $/$ 487/CD million/CD ./. ###/### And/CC last/JJ year/NN ,/, Playtex/NNP Holdings/NNP Inc./NNP went/VBD private/JJ for/IN about/RB $/$ 680/CD million/CD ./. ###/### It/PRP was/VBD then/RB split/VBN into/IN Playtex/NNP Apparel/NNP Inc./NNP ,/, the/DT intimate/JJ apparel/NN division/NN ,/, and/CC Playtex/NNP Family/NNP Products/NNP Corp./NNP ,/, which/WDT makes/VBZ tampons/NNS ,/, hair-care/JJ items/NNS and/CC other/JJ products/NNS ./. ###/### Publicly/RB traded/VBN VF/NNP Corp./NNP ,/, which/WDT owns/VBZ Vanity/NNP Fair/NNP ,/, and/CC Sara/NNP Lee/NNP Corp./NNP ,/, which/WDT owns/VBZ Bali/NNP Co./NNP ,/, are/VBP also/RB strong/JJ forces/NNS in/IN intimate/JJ apparel/NN ./. ###/### Buy-out/NN offers/NNS for/IN Maidenform/NNP are/VBP n't/RB infrequent/JJ ,/, says/VBZ Executive/NNP Vice/NNP President/NNP David/NNP C./NNP Masket/NNP ,/, but/CC they/PRP are/VBP n't/RB taken/VBN very/RB seriously/RB ./. ###/### When/WRB he/PRP gets/VBZ calls/NNS ,/, ``/`` I/PRP do/VBP n't/RB even/RB have/VB to/TO consult/VB ''/'' with/IN Mrs./NNP Coleman/NNP ,/, Mr./NNP Masket/NNP says/VBZ ./. ###/### The/DT company/NN could/MD command/VB a/DT good/JJ price/NN in/IN the/DT market/NN ./. ###/### ``/`` Over/IN the/DT past/NN three/CD and/CC a/DT half/NN years/NNS ,/, apparel/NN companies/NNS ,/, many/DT of/IN whom/WP have/VBP strong/JJ brand/NN names/NNS ,/, have/VBP been/VBN bought/VBN at/IN about/RB 60/CD %/NN of/IN sales/NNS ,/, ''/'' says/VBZ Deborah/NNP Bronston/NNP ,/, Prudential-Bache/NNP Securities/NNP Inc./NNP apparel/NN analyst/NN ./. ###/### Mr./NNP Brawer/NNP ,/, along/RB with/IN Mrs./NNP Coleman/NNP and/CC her/PRP daughter/NN ,/, Elizabeth/NNP ,/, an/DT attorney/NN who/WP is/VBZ vice/RB chairman/NN ,/, are/VBP the/DT family/NN members/NNS involved/VBN in/IN the/DT operations/NNS of/IN Maidenform/NNP ,/, which/WDT employs/VBZ about/RB 5,000/CD ./. ###/### Mr./NNP Brawer/NNP 's/POS wife/NN ,/, Catherine/NNP ,/, and/CC Robert/NNP Stroup/NNP ,/, Elizabeth/NNP 's/POS husband/NN ,/, round/VBP out/IN the/DT five-member/JJ board/NN ./. ###/### Each/DT has/VBZ an/DT equal/JJ vote/NN at/IN the/DT monthly/JJ meetings/NNS ./. ###/### ``/`` We/PRP are/VBP all/RB very/RB amiable/JJ ,/, ''/'' Mr./NNP Brawer/NNP says/VBZ ./. ###/### Executives/NNS say/VBP Mrs./NNP Coleman/NNP is/VBZ very/RB involved/VBN in/IN the/DT day-to-day/JJ operations/NNS ,/, especially/RB product/NN development/NN ./. ###/### In/IN the/DT late/JJ 1960s/NNS she/PRP designed/VBD a/DT lightweight/JJ stretch/JJ bra/NN that/WDT boosted/VBD sales/NNS ./. ###/### Her/PRP$ father/NN ,/, William/NNP Rosenthal/NNP ,/, designed/VBD the/DT then-dress/JJ making/VBG company/NN 's/POS first/JJ bra/NN in/IN the/DT 1920s/NNS ,/, which/WDT he/PRP said/VBD gave/VBD women/NNS a/DT ``/`` maiden/NN form/NN ''/'' compared/VBN with/IN the/DT ``/`` boyish/JJ form/NN ''/'' they/PRP got/VBD from/IN the/DT ``/`` flat/JJ bandages/NNS ''/'' used/VBN for/IN support/NN at/IN the/DT time/NN ./. ###/### While/IN Mr./NNP Rosenthal/NNP introduced/VBD new/JJ undergarment/NN designs/NNS ,/, his/PRP$ wife/NN ,/, Ida/NNP ,/, concentrated/VBD on/IN sales/NNS and/CC other/JJ financial/JJ matters/NNS ./. ###/### The/DT name/NN Maidenform/NNP was/VBD coined/VBN by/IN a/DT third/JJ business/NN partner/NN ,/, Enid/NNP Bissett/NNP ./. ###/### The/DT company/NN has/VBZ 14/CD plants/NNS and/CC distribution/NN facilities/NNS in/IN the/DT U.S./NNP ,/, Puerto/NNP Rico/NNP ,/, other/JJ parts/NNS of/IN the/DT Caribbean/NNP and/CC Ireland/NNP ./. ###/### Maidenform/NNP products/NNS are/VBP mainly/RB sold/VBN at/IN department/NN stores/NNS ,/, but/CC the/DT company/NN has/VBZ quietly/RB opened/VBN a/DT retail/JJ store/NN of/IN its/PRP$ own/JJ in/IN Omaha/NNP ,/, Neb./NNP ,/, and/CC has/VBZ 24/CD factory/NN outlets/NNS ,/, with/IN plans/NNS to/TO add/VB more/JJR ./. ###/### Before/IN joining/VBG Maidenform/NNP in/IN 1972/CD ,/, Mr./NNP Brawer/NNP ,/, who/WP holds/VBZ a/DT doctoral/JJ degree/NN in/IN English/NNP from/IN the/DT University/NNP of/IN Chicago/NNP ,/, taught/VBD at/IN the/DT University/NNP of/IN Wisconsin/NNP ./. ###/### As/IN a/DT senior/JJ vice/NN president/NN ,/, he/PRP has/VBZ headed/VBN the/DT company/NN 's/POS designer/NN lingerie/NN division/NN ,/, Oscar/NNP de/IN la/DT Renta/NNP ,/, since/IN its/PRP$ inception/NN in/IN 1988/CD ./. ###/### To/TO maintain/VB exclusivity/NN of/IN that/DT designer/NN line/NN ,/, it/PRP is/VBZ n't/RB labeled/VBN with/IN the/DT Maidenform/NNP name/NN ./. ###/### While/IN the/DT company/NN has/VBZ always/RB been/VBN family-run/JJ ,/, Mr./NNP Brawer/NNP is/VBZ n't/RB the/DT first/JJ person/NN to/TO marry/VB into/IN the/DT family/NN and/CC subsequently/RB head/VB Maidenform/NNP ./. ###/### Mrs./NNP Coleman/NNP 's/POS husband/NN ,/, Joseph/NNP ,/, a/DT physician/NN ,/, succeeded/VBD Mrs./NNP Rosenthal/NNP as/IN president/NN and/CC served/VBD in/IN that/DT post/NN until/IN his/PRP$ death/NN in/IN 1968/CD ./. ###/### China/NNP could/MD exhaust/VB its/PRP$ foreign-exchange/NN reserves/NNS as/RB early/RB as/IN next/JJ year/NN ,/, a/DT Western/JJ government/NN report/NN says/VBZ ,/, unless/IN imports/NNS are/VBP cut/VBN drastically/RB to/TO help/VB narrow/VB the/DT balance-of-payments/JJ deficit/NN ./. ###/### According/VBG to/TO the/DT report/NN ,/, completed/VBN last/JJ month/NN ,/, if/IN China/NNP 's/POS trade/NN gap/NN continues/VBZ to/TO widen/VB at/IN the/DT pace/NN seen/VBN in/IN the/DT first/JJ seven/CD months/NNS of/IN this/DT year/NN ,/, the/DT reserves/NNS would/MD be/VB wiped/VBN out/RP either/CC in/IN 1990/CD or/CC 1991/CD ./. ###/### A/DT country/NN is/VBZ considered/VBN financially/RB healthy/JJ if/IN its/PRP$ reserves/NNS cover/VBP three/CD months/NNS of/IN its/PRP$ imports/NNS ./. ###/### The/DT $/$ 14/CD billion/CD of/IN reserves/NNS China/NNP had/VBD in/IN June/NNP would/MD cover/VB just/RB that/RB much/JJ ./. ###/### The/DT report/NN by/IN the/DT Western/JJ government/NN ,/, which/WDT declines/VBZ to/TO be/VB identified/VBN ,/, concludes/VBZ that/IN ``/`` a/DT near-term/JJ foreign-exchange/NN payment/NN problem/NN can/MD be/VB avoided/VBN only/RB if/IN import/NN growth/NN drops/VBZ to/TO below/IN 5/CD %/NN per/IN annum/NN ./. ''/'' ###/### According/VBG to/TO Chinese/JJ customs/NNS figures/NNS ,/, import/NN growth/NN has/VBZ slowed/VBN in/IN recent/JJ months/NNS ,/, dropping/VBG to/TO 16/CD %/NN in/IN July/NNP and/CC 7.1/CD %/NN in/IN August/NNP from/IN the/DT year-earlier/JJ periods/NNS ,/, compared/VBN with/IN an/DT average/JJ growth/NN rate/NN of/IN 26/CD %/NN in/IN the/DT first/JJ half/NN ./. ###/### But/CC before/IN import/NN growth/NN slowed/VBD ,/, China/NNP 's/POS buying/NN spree/NN in/IN the/DT first/JJ half/NN already/RB had/VBD taken/VBN its/PRP$ toll/NN on/IN foreign-exchange/NN reserves/NNS ./. ###/### The/DT $/$ 14/CD billion/CD level/NN in/IN June/NNP marked/VBD a/DT drop/NN from/IN $/$ 19/CD billion/CD at/IN the/DT end/NN of/IN April/NNP ./. ###/### China/NNP 's/POS last/JJ big/JJ import/NN binge/NN sent/VBD reserves/NNS tumbling/VBG to/TO $/$ 10.6/CD billion/CD in/IN June/NNP 1985/CD from/IN $/$ 16.6/CD billion/CD the/DT previous/JJ September/NNP ./. ###/### China/NNP might/MD stave/VB off/RP a/DT crisis/NN if/IN it/PRP acts/VBZ as/RB forcefully/RB as/IN it/PRP did/VBD to/TO arrest/VB the/DT 1985/CD decline/NN ,/, when/WRB Beijing/NNP slammed/VBD the/DT brakes/NNS on/IN foreign-exchange/NN spending/NN and/CC devalued/VBD the/DT currency/NN ./. ###/### But/CC this/DT time/NN ,/, China/NNP faces/VBZ a/DT more/RBR difficult/JJ battle/NN because/IN of/IN economic/JJ forces/NNS that/WDT have/VBP come/VBN into/IN play/NN since/IN the/DT Tiananmen/NNP Square/NNP killings/NNS June/NNP 4/CD ./. ###/### For/IN example/NN ,/, China/NNP 's/POS hard-currency/NN income/NN is/VBZ expected/VBN to/TO suffer/VB from/IN the/DT big/JJ drop/NN in/IN tourist/NN arrivals/NNS since/IN June/NNP 4/CD ./. ###/### Revenue/NN from/IN tourism/NN this/DT year/NN is/VBZ projected/VBN to/TO total/VB $/$ 1.3/CD billion/CD ,/, down/RB from/IN $/$ 2.2/CD billion/CD last/JJ year/NN ./. ###/### Because/IN of/IN this/DT and/CC the/DT huge/JJ trade/NN gap/NN ,/, the/DT deficit/NN in/IN China/NNP 's/POS current/JJ account/NN ,/, which/WDT measures/VBZ trade/NN in/IN goods/NNS and/CC services/NNS plus/CC certain/JJ unilateral/JJ transfers/NNS of/IN funds/NNS ,/, is/VBZ expected/VBN to/TO widen/VB sharply/RB from/IN the/DT $/$ 3.8/CD billion/CD deficit/NN last/JJ year/NN ./. ###/### The/DT Western/JJ government/NN report/NN suggests/VBZ a/DT number/NN of/IN scenarios/NNS for/IN China/NNP 's/POS current-account/JJ balance/NN ,/, two/CD of/IN which/WDT are/VBP considered/VBN most/RBS likely/RB ./. ###/### In/IN one/CD ,/, imports/NNS and/CC exports/NNS continue/VBP to/TO grow/VB at/IN the/DT respective/JJ average/JJ rates/NNS of/IN 25/CD %/NN and/CC 5/CD %/NN recorded/VBN during/IN the/DT first/JJ seven/CD months/NNS ,/, and/CC the/DT current-account/JJ deficit/NN widens/VBZ to/TO $/$ 13.1/CD billion/CD ./. ###/### In/IN 1985/CD ,/, China/NNP had/VBD a/DT record/JJ deficit/NN of/IN $/$ 11.4/CD billion/CD ./. ###/### The/DT other/JJ scenario/NN assumes/VBZ that/IN Beijing/NNP takes/VBZ effective/JJ actions/NNS to/TO curb/VB imports/NNS in/IN the/DT coming/JJ months/NNS ./. ###/### In/IN this/DT case/NN ,/, China/NNP would/MD still/RB finish/VB the/DT year/NN with/IN a/DT current-account/JJ deficit/NN of/IN $/$ 8.7/CD billion/CD ,/, based/VBN on/IN projections/NNS that/IN imports/NNS for/IN all/DT of/IN this/DT year/NN grow/VBP 20/CD %/NN and/CC exports/VBZ 10/CD %/NN ./. ###/### If/IN China/NNP were/VBD still/RB on/IN good/JJ terms/NNS with/IN foreign/JJ lenders/NNS ,/, it/PRP might/MD be/VB able/JJ to/TO stem/VB the/DT drain/NN on/IN its/PRP$ foreign-exchange/JJ reserves/NNS by/IN using/VBG some/DT loan/NN funds/NNS to/TO offset/VB the/DT current-account/JJ deficit/NN ./. ###/### But/CC since/IN June/NNP ,/, foreign/JJ bankers/NNS led/VBN by/IN international/JJ financial/JJ institutions/NNS have/VBP virtually/RB suspended/VBN their/PRP$ new/JJ loans/NNS to/TO China/NNP ./. ###/### Even/RB if/IN borrowing/NN resumes/NNS ,/, commercial/JJ bankers/NNS are/VBP n't/RB expected/VBN to/TO lend/VB as/RB much/JJ as/IN before/RB ./. ###/### In/IN addition/NN ,/, economists/NNS are/VBP forecasting/VBG a/DT slowdown/NN in/IN foreign/JJ direct/JJ investments/NNS as/IN businessmen/NNS become/VBP increasingly/RB wary/JJ of/IN China/NNP 's/POS deteriorating/VBG political/JJ and/CC economic/JJ environment/NN ./. ###/### On/IN top/NN of/IN all/PDT this/DT ,/, foreign-debt/NN repayments/NNS are/VBP expected/VBN to/TO peak/VB in/IN 1991/CD to/TO 1992/CD ./. ###/### With/IN less/JJR capital/NN coming/VBG in/RB ,/, China/NNP 's/POS balance/NN of/IN payments/NNS would/MD suffer/VB ./. ###/### The/DT Western/JJ government/NN report/NN 's/POS first/JJ scenario/NN assumes/VBZ a/DT 30/CD %/NN reduction/NN in/IN foreign/JJ borrowing/NN and/CC a/DT 5/CD %/NN contraction/NN in/IN foreign/JJ direct/JJ investment/NN ./. ###/### In/IN the/DT second/JJ ,/, foreign/JJ borrowing/NN is/VBZ projected/VBN to/TO grow/VB 10/CD %/NN and/CC investment/NN to/TO drop/VB 10/CD %/NN ./. ###/### But/CC in/IN either/DT case/NN ,/, the/DT report/NN says/VBZ ,/, China/NNP 's/POS balance/NN of/IN payments/NNS would/MD rapidly/RB dry/VB up/RP foreign/JJ reserves/NNS ,/, which/WDT are/VBP used/VBN to/TO finance/VB the/DT imbalance/NN ./. ###/### In/IN the/DT first/JJ scenario/NN ,/, the/DT reserves/NNS would/MD be/VB exhausted/VBN next/JJ year/NN ,/, and/CC in/IN the/DT second/JJ they/PRP would/MD be/VB wiped/VBN out/RP in/IN 1991/CD ./. ###/### Roche/NNP Holding/NNP AG/NNP ,/, parent/NN of/IN the/DT Swiss/JJ chemical/NN and/CC pharmaceutical/JJ group/NN ,/, said/VBD its/PRP$ group/NN sales/NNS rose/VBD 22/CD %/NN in/IN the/DT first/JJ nine/CD months/NNS of/IN the/DT year/NN to/TO 7.32/CD billion/CD francs/NNS -LRB-/-LRB- $/$ 4.51/CD billion/CD -RRB-/-RRB- ./. ###/### The/DT company/NN reported/VBD good/JJ gains/NNS in/IN all/DT of/IN its/PRP$ divisions/NNS ./. ###/### Roche/NNP also/RB said/VBD it/PRP expects/VBZ a/DT ``/`` considerable/JJ rise/NN ''/'' in/IN 1989/CD group/NN profit/NN from/IN the/DT 641.5/CD million-franc/JJ -LRB-/-LRB- $/$ 396/CD million/CD -RRB-/-RRB- net/NN in/IN 1988/CD ./. ###/### New/NNP Canaan/NNP Investments/NNP Inc./NNP said/VBD it/PRP closed/VBD the/DT acquisition/NN of/IN Carr-Lowrey/NNP Glass/NNP Co./NNP from/IN Newell/NNP Co./NNP ,/, a/DT Freeport/NNP ,/, Ill./NNP ,/, maker/NN of/IN do-it-yourself/JJ home/NN products/NNS ./. ###/### Terms/NNS were/VBD n't/RB disclosed/VBN ./. ###/### Carr-Lowrey/NNP ,/, a/DT maker/NN of/IN glass/NN bottles/NNS for/IN the/DT cosmetics/NNS and/CC toiletries/NNS industries/NNS ,/, had/VBD sales/NNS last/JJ year/NN of/IN about/RB $/$ 40/CD million/CD ./. ###/### New/NNP Canaan/NNP Investments/NNP is/VBZ a/DT closely/RB held/VBN investment/NN partnership/NN with/IN interests/NNS primarily/RB in/IN the/DT packaging/NN industry/NN ./. ###/### Ralph/NNP Brown/NNP was/VBD 31,000/CD feet/NNS over/IN Minnesota/NNP when/WRB both/DT jets/NNS on/IN his/PRP$ Falcon/NNP 20/NNP flamed/VBD out/RP ./. ###/### At/IN 18,000/CD feet/NNS ,/, he/PRP says/VBZ ,/, he/PRP and/CC his/PRP$ co-pilot/NNS ``/`` were/VBD looking/VBG for/IN an/DT interstate/JJ or/CC a/DT cornfield/NN ''/'' to/TO land/VB ./. ###/### At/IN 13,000/CD feet/NNS ,/, the/DT engines/NNS restarted/VBD ./. ###/### But/CC knowing/VBG that/IN mechanics/NNS would/MD probably/RB ground/VB him/PRP for/IN repairs/NNS ,/, Mr./NNP Brown/NNP skipped/VBD his/PRP$ stop/NN in/IN nearby/JJ Chicago/NNP and/CC set/VBD course/NN to/TO get/VB his/PRP$ load/NN --/: a/DT few/JJ hundred/CD parcels/NNS --/: to/TO the/DT Memphis/NNP package-sorting/NN hub/NN on/IN time/NN ./. ###/### Had/VBD he/PRP been/VBN a/DT little/JJ less/RBR gung-ho/JJ ,/, ``/`` I/PRP 'd/MD have/VB gotten/VBN the/DT thing/NN on/IN the/DT ground/NN and/CC headed/VBN for/IN the/DT nearest/JJS bar/NN ,/, ''/'' Mr./NNP Brown/NNP says/VBZ ./. ###/### But/CC he/PRP flies/VBZ for/IN Federal/NNP Express/NNP Corp./NNP ,/, perhaps/RB the/DT closest/JJS thing/NN in/IN corporate/JJ America/NNP to/TO the/DT Green/NNP Berets/NNPS ./. ###/### Federal/NNP 's/POS employees/NNS work/VBP long/JJ hours/NNS and/CC seem/VBP to/TO thrive/VB on/IN the/DT stress/NN of/IN racing/VBG the/DT clock/NN ./. ###/### Like/IN Mr./NNP Brown/NNP ,/, they/PRP sometimes/RB go/VBP to/TO surprising/JJ lengths/NNS to/TO meet/VB that/IN overarching/JJ corporate/JJ goal/NN :/: delivering/VBG the/DT goods/NNS on/IN time/NN ./. ###/### They/PRP are/VBP a/DT tribute/NN to/TO Federal/NNP 's/POS management/NN which/WDT ,/, since/IN the/DT company/NN 's/POS founding/NN 16/CD years/NNS ago/RB ,/, has/VBZ had/VBD its/PRP$ way/NN with/IN its/PRP$ work/NN force/NN --/: an/DT unusual/JJ feat/NN in/IN the/DT contentious/JJ transportation/NN industry/NN ./. ###/### That/DT may/MD soon/RB change/VB ./. ###/### This/DT month/NN ,/, Federal/NNP 's/POS 2,048/CD pilots/NNS ,/, including/VBG some/DT 961/CD acquired/VBN along/RB with/IN Tiger/NNP International/NNP Inc./NNP in/IN February/NNP ,/, will/MD decide/VB whether/IN to/TO elect/VB the/DT powerful/JJ Air/NNP Line/NNP Pilots/NNP Association/NNP as/IN their/PRP$ bargaining/NN agent/NN ./. ###/### The/DT election/NN ,/, which/WDT would/MD bring/VB the/DT first/JJ major/JJ union/NN to/TO Federal/NNP 's/POS U.S./NNP operations/NNS ,/, has/VBZ pitted/VBN new/JJ hires/NNS against/IN devoted/JJ veterans/NNS such/JJ as/IN Mr./NNP Brown/NNP ./. ###/### It/PRP has/VBZ also/RB rattled/VBN Federal/NNP 's/POS strongly/RB anti-union/JJ management/NN ,/, which/WDT is/VBZ already/RB contending/VBG with/IN melding/VBG far-flung/JJ operations/NNS and/CC with/IN falling/VBG profits/NNS ./. ###/### ``/`` A/DT union/NN ,/, sooner/RB or/CC later/RB ,/, has/VBZ to/TO have/VB an/DT adversary/NN ,/, and/CC it/PRP has/VBZ to/TO have/VB a/DT victory/NN ,/, ''/'' Frederick/NNP W./NNP Smith/NNP ,/, Federal/NNP 's/POS chairman/NN and/CC chief/JJ executive/NN ,/, says/VBZ with/IN disdain/NN ./. ###/### In/IN our/PRP$ formula/NN ,/, we/PRP do/VBP n't/RB have/VB any/DT losers/NNS except/IN the/DT competition/NN ./. ''/'' ###/### What/WP managers/NNS really/RB fear/VBP is/VBZ that/IN the/DT pro-union/JJ movement/NN could/MD spread/VB beyond/IN the/DT pilots/NNS ./. ###/### Under/IN federal/JJ transportation/NN law/NN ,/, a/DT government/NN mediator/NN is/VBZ attempting/VBG to/TO reconcile/VB the/DT melding/NN of/IN Tiger/NNP 's/POS job/NN classifications/NNS into/IN Federal/NNP 's/POS ./. ###/### Depending/VBG on/IN the/DT outcome/NN ,/, the/DT merged/JJ company/NN may/MD face/VB union/NN elections/NNS this/DT fall/NN among/IN airplane/NN mechanics/NNS ,/, ramp/NN workers/NNS ,/, stock/NN clerks/NNS and/CC flight/NN dispatchers/NNS ./. ###/### These/DT groups/NNS constitute/VBP up/IN to/TO 10/CD %/NN of/IN its/PRP$ work/NN force/NN ./. ###/### ``/`` Unions/NNS would/MD have/VB a/DT profound/JJ effect/NN on/IN the/DT whole/JJ culture/NN of/IN the/DT company/NN ,/, ''/'' says/VBZ Bernard/NNP La/NNP Londe/NNP ,/, a/DT professor/NN at/IN Ohio/NNP State/NNP University/NNP at/IN Columbus/NN and/CC a/DT Federal/NNP consultant/NN ./. ###/### That/DT culture/NN ,/, carefully/RB crafted/VBN by/IN Mr./NNP Smith/NNP ,/, leaves/VBZ little/JJ ,/, if/IN any/DT ,/, room/NN for/IN unions/NNS ./. ###/### Since/IN founding/VBG the/DT company/NN ,/, the/DT charismatic/JJ Vietnam/NNP vet/NN ,/, who/WP is/VBZ still/RB only/RB 46/CD years/NNS old/JJ ,/, has/VBZ fostered/VBN an/DT ethos/NN of/IN combat/NN ./. ###/### Flights/NNS are/VBP ``/`` missions/NNS ./. ''/'' ###/### Mr./NNP Smith/NNP 's/POS managers/NNS have/VBP ,/, at/IN times/NNS ,/, been/VBN called/VBN ``/`` Ho/NNP Chi/NNP Minh/NNP 's/POS Guerrillas/NNPS ./. ''/'' ###/### The/DT Bravo/NNP Zulu/NNP award/NN ,/, the/DT Navy/NNP accolade/NN for/IN a/DT ``/`` job/NN well/RB done/VBN ,/, ''/'' is/VBZ bestowed/VBN on/IN Federal/NNP 's/POS workers/NNS who/WP surpass/VBP the/DT call/NN of/IN duty/NN ./. ###/### Competitors/NNS are/VBP known/VBN as/IN the/DT ``/`` enemy/NN ./. ''/'' ###/### To/TO reinforce/VB employees/NNS '/POS dedication/NN ,/, Mr./NNP Smith/NNP pays/VBZ well/RB ./. ###/### He/PRP also/RB lets/VBZ workers/NNS vent/VB steam/NN through/IN an/DT elaborate/JJ grievance/NN procedure/NN and/CC ,/, as/IN a/DT perk/JJ ,/, fly/VB free/JJ in/IN empty/JJ cockpit/NN seats/NNS ./. ###/### He/PRP gives/VBZ pep/NN talks/NNS in/IN periodic/JJ ``/`` family/NN briefings/NNS ''/'' beamed/VBN internationally/RB on/IN ``/`` FXTV/NNP ,/, ''/'' the/DT company/NN 's/POS own/JJ television/NN network/NN ./. ###/### And/CC ,/, with/IN many/JJ of/IN his/PRP$ 70,000/CD workers/NNS ,/, Mr./NNP Smith/NNP 's/POS damn-the-torpedoes/JJ attitude/NN has/VBZ caught/VBN on/RP ./. ###/### James/NNP Cleveland/NNP ,/, a/DT courier/NN who/WP earned/VBD a/DT Bravo/NNP Zulu/NNP for/IN figuring/VBG out/RP how/WRB to/TO get/VB a/DT major/JJ customer/NN 's/POS 1,100-parcel-a-week/JJ load/NN to/TO its/PRP$ doorstep/NN by/IN 8/CD a.m./NN ,/, considers/VBZ himself/PRP far/RB more/JJ than/IN a/DT courier/NN ./. ###/### We/PRP do/VBP n't/RB just/RB hand/VB the/DT customer/NN the/DT package/NN ./. ###/### That/DT 's/VBZ just/RB the/DT beginning/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### In/IN essence/NN ,/, we/PRP run/VBP the/DT show/NN ./. ''/'' ###/### David/NNP Sanders/NNP ,/, a/DT longtime/JJ pilot/NN ,/, bristles/VBZ at/IN the/DT mere/JJ suggestion/NN that/IN a/DT union/NN might/MD tamper/VB with/IN his/PRP$ flight/NN schedule/NN ./. ###/### ``/`` This/DT is/VBZ America/NNP ,/, ''/'' he/PRP says/VBZ ./. ###/### Nobody/NN has/VBZ the/DT right/NN to/TO tell/VB me/PRP how/WRB much/RB I/PRP can/MD work/VB ./. ''/'' ###/### Such/JJ attitudes/NNS have/VBP given/VBN Federal/NNP flexibility/NN ,/, not/RB only/RB to/TO rapidly/RB implement/VB new/JJ technology/NN but/CC to/TO keep/VB its/PRP$ work/NN force/NN extraordinarily/RB lean/JJ ./. ###/### The/DT company/NN deliberately/RB understaffs/VBZ ,/, stretching/VBG employees/NNS '/POS schedules/NNS to/TO the/DT limit/NN ./. ###/### But/CC though/IN couriers/NNS work/VBP as/RB many/JJ as/IN 60/CD hours/NNS a/DT week/NN during/IN the/DT autumn/NN rush/NN ,/, they/PRP leave/VBP early/RB during/IN slack/JJ times/NNS while/IN still/RB being/VBG assured/VBN of/IN a/DT minimum/JJ paycheck/NN ./. ###/### Pilots/NNS ,/, as/IN well/RB ,/, routinely/RB fly/VBP overtime/RB to/TO ensure/VB that/IN none/NN are/VBP furloughed/VBN during/IN seasonal/JJ lows/NNS ./. ###/### The/DT operational/JJ freedom/NN has/VBZ also/RB given/VBN Federal/NNP a/DT leg/NN up/RB on/IN archrival/JJ United/NNP Parcel/NNP Service/NNP Inc./NNP ,/, the/DT nation/NN 's/POS largest/JJS employer/NN of/IN United/NNP Brotherhood/NNP of/IN Teamsters/NNPS members/NNS ./. ###/### UPS/NNP wo/MD n't/RB discuss/VB its/PRP$ labor/NN practices/NNS ,/, but/CC ,/, according/VBG to/TO Mr./NNP Cleveland/NNP ,/, a/DT former/JJ UPS/NNP employee/NN ,/, and/CC others/NNS ,/, union/NN work/NN rules/NNS prohibit/VBP UPS/NNP drivers/NNS from/IN doing/VBG more/JJR than/IN carrying/VBG packages/NNS between/IN customers/NNS and/CC their/PRP$ vans/NNS ./. ###/### Because/IN UPS/NNP drivers/NNS are/VBP n't/RB permitted/VBN to/TO load/VB their/PRP$ own/JJ vehicles/NNS at/IN the/DT depot/NN ,/, say/VBP these/DT couriers/NNS ,/, packages/NNS often/RB get/VB buried/VBN in/IN the/DT load/NN and/CC are/VBP delivered/VBN late/RB ./. ###/### Labor/NN problems/NNS are/VBP the/DT last/JJ thing/NN Mr./NNP Smith/NNP needs/VBZ right/RB now/RB ./. ###/### Although/IN the/DT Tiger/NNP acquisition/NN has/VBZ brought/VBN Federal/NNP a/DT long/JJ way/NN toward/IN becoming/VBG the/DT global/JJ player/NN it/PRP wants/VBZ to/TO be/VB ,/, it/PRP also/RB has/VBZ brought/VBN problems/NNS ./. ###/### It/PRP more/RBR than/IN doubled/VBN Federal/NNP 's/POS long-term/JJ debt/NN to/TO $/$ 1.9/CD billion/CD ,/, thrust/VBN the/DT company/NN into/IN unknown/JJ territory/NN --/: heavy/JJ cargo/NN --/: and/CC suddenly/RB expanded/VBN its/PRP$ landing/NN rights/NNS to/TO 21/CD countries/NNS from/IN four/CD ./. ###/### Federal/NNP ,/, on/IN its/PRP$ own/JJ ,/, had/VBD n't/RB been/VBN doing/VBG very/RB well/RB overseas/JJ ./. ###/### It/PRP had/VBD hemorrhaged/VBN in/IN its/PRP$ attempt/NN to/TO get/VB into/IN Asia/NNP ,/, where/WRB treaty/NN restrictions/NNS forced/VBD it/PRP to/TO fly/VB some/DT planes/NNS half-empty/JJ on/IN certain/JJ routes/NNS ./. ###/### On/IN routes/NNS to/TO South/NNP America/NNP ,/, the/DT company/NN had/VBD no/DT backup/NN jets/NNS to/TO ensure/VB delivery/NN when/WRB planes/NNS were/VBD grounded/VBN ./. ###/### In/IN Europe/NNP ,/, business/NN suffered/VBD as/IN Federal/NNP bought/VBD several/JJ local/JJ companies/NNS ,/, only/RB to/TO have/VB the/DT managers/NNS quit/VB ./. ###/### These/DT and/CC other/JJ problems/NNS squeezed/VBD Federal/NNP 's/POS profit/NN margins/NNS last/JJ year/NN to/TO 8/CD %/NN ,/, down/RB from/IN more/JJR than/IN 13/CD %/NN annually/RB in/IN the/DT first/JJ half/DT of/IN the/DT decade/NN ./. ###/### Earnings/NNS have/VBP plummeted/VBN ,/, too/RB ,/, in/IN each/DT of/IN the/DT past/JJ three/CD quarters/NNS ./. ###/### In/IN the/DT fiscal/JJ first/JJ period/NN ended/VBN Aug./NNP 31/CD ,/, profit/NN fell/VBD 54/CD %/NN to/TO $/$ 30.4/CD million/CD ,/, or/CC 58/CD cents/NNS a/DT share/NN ,/, mostly/RB because/IN of/IN the/DT Tiger/NNP merger/NN ,/, Federal/NNP says/VBZ ./. ###/### Federal/NNP 's/POS stock/NN price/NN ,/, however/RB ,/, has/VBZ held/VBN up/RP well/RB ,/, driven/VBN in/IN part/NN by/IN the/DT general/JJ run-up/NN of/IN airline/NN stocks/NNS ,/, analysts/NNS say/VBP ./. ###/### Since/IN trading/VBG as/RB low/JJ as/IN $/$ 42.25/CD a/DT share/NN in/IN May/NNP ,/, Federal/NNP 's/POS shares/NNS have/VBP rallied/VBN as/RB high/RB as/IN $/$ 57.87/CD in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ./. ###/### They/PRP closed/VBD Friday/NNP at/IN $/$ 53.25/CD ,/, down/RB 50/CD cents/NNS on/IN the/DT day/NN ./. ###/### There/EX 's/VBZ a/DT certain/JJ irony/NN in/IN the/DT fact/NN that/IN Federal/NNP Express/NNP faces/VBZ its/PRP$ first/JJ union/NN problems/NNS as/IN a/DT result/NN of/IN its/PRP$ Tiger/NNP purchase/NN ./. ###/### Tiger/NNP itself/PRP was/VBD founded/VBN by/IN a/DT band/NN of/IN gungho/JJ airmen/NNS who/WP had/VBD airlifted/VBN supplies/NNS ``/`` over/IN the/DT Hump/NNP ''/'' from/IN India/NNP to/TO China/NNP during/IN World/NNP War/NNP II/NNP ./. ###/### In/IN the/DT early/JJ 1970s/CD ,/, Mr./NNP Smith/NNP modeled/VBD his/PRP$ fledgling/JJ company/NN on/IN Tiger/NNP 's/POS innovation/NN of/IN hub-and-spoke/JJ and/CC containerized-cargo/NN operations/NNS ./. ###/### But/CC from/IN early/RB on/RB ,/, Tiger/NNP 's/POS workers/NNS unionized/VBD ,/, while/IN Federal/NNP 's/POS never/RB have/VBP ./. ###/### Federal/NNP Express/NNP officials/NNS acknowledge/VBP mistakes/NNS in/IN their/PRP$ drive/NN overseas/RB but/CC say/VBP it/PRP will/MD pay/VB off/RP eventually/RB ./. ###/### Analysts/NNS expect/VBP Federal/NNP 's/POS earnings/NNS to/TO improve/VB again/RB in/IN its/PRP$ fiscal/JJ third/JJ quarter/NN ending/VBG Feb./NNP 28/CD ,/, when/WRB the/DT company/NN should/MD begin/VB benefiting/VBG from/IN Tiger/NNP 's/POS extra/JJ flights/NNS ,/, back-up/JJ planes/NNS and/CC landing/NN rights/NNS ./. ###/### Until/IN then/RB ,/, they/PRP expect/VBP the/DT cost/NN of/IN integrating/VBG the/DT two/CD carriers/NNS to/TO continue/VB crimping/VBG profits/NNS ./. ###/### For/IN now/RB ,/, the/DT union/NN issue/NN is/VBZ the/DT most/RBS nettlesome/JJ of/IN Federal/NNP 's/POS Tiger/NNP problems/NNS ,/, management/NN believes/VBZ ./. ###/### Although/IN encouraging/VBG dialogue/NN between/IN managers/NNS and/CC workers/NNS ,/, Mr./NNP Smith/NNP does/VBZ n't/RB countenance/VB what/WP he/PRP considers/VBZ insubordination/NN ./. ###/### When/WRB a/DT large/JJ group/NN of/IN pilots/NNS once/RB signed/VBD petitions/NNS opposing/VBG work-rule/JJ and/CC compensation/NN changes/NNS ,/, he/PRP called/VBD a/DT meeting/NN in/IN a/DT company/NN hangar/NN and/CC dressed/VBD them/PRP down/RP for/IN challenging/JJ his/PRP$ authority/NN ./. ###/### He/PRP then/RB made/VBD most/JJS of/IN the/DT changes/NNS ,/, pilots/NNS say/VBP ./. ###/### That/DT sort/NN of/IN approach/NN ,/, however/RB ,/, has/VBZ n't/RB worked/VBD since/IN the/DT addition/NN of/IN Tiger/NNP ./. ###/### Its/PRP$ 6,500/CD workers/NNS ,/, who/WP had/VBD battled/VBN Tiger/NNP 's/POS management/NN for/IN years/NNS over/IN givebacks/NNS ,/, were/VBD union/NN members/NNS until/IN the/DT day/NN of/IN the/DT merger/NN ,/, when/WRB most/JJS of/IN their/PRP$ unions/NNS were/VBD automatically/RB decertified/VBN ./. ###/### Soon/RB after/IN the/DT merger/NN ,/, moreover/RB ,/, Federal/NNP 's/POS management/NN asked/VBD Tiger/NNP 's/POS pilots/NNS to/TO sign/VB an/DT agreement/NN stating/VBG that/IN they/PRP could/MD be/VB fired/VBN any/DT time/NN ,/, without/IN cause/NN or/CC notice/NN ./. ###/### When/WRB the/DT pilots/NNS refused/VBD ,/, the/DT company/NN retracted/VBD it/PRP ./. ###/### Mr./NNP Smith/NNP angered/VBD Federal/NNP 's/POS pilots/NNS ,/, too/RB ./. ###/### In/IN his/PRP$ haste/NN to/TO seal/VB the/DT deal/NN with/IN Tiger/NNP Chairman/NNP Saul/NNP Steinberg/NNP last/JJ August/NNP ,/, Mr./NNP Smith/NNP ignored/VBD a/DT promise/NN that/IN he/PRP had/VBD made/VBN to/TO his/PRP$ own/JJ pilots/NNS three/CD years/NNS ago/RB :/: that/IN any/DT fliers/NNS acquired/VBN in/IN future/JJ mergers/NNS would/MD be/VB ``/`` end-tailed/VBN ''/'' --/: put/VBN at/IN the/DT bottom/NN of/IN the/DT pilot/NN seniority/NN list/NN that/WDT determines/VBZ work/NN schedules/NNS ,/, pay/NN and/CC career/NN options/NNS ./. ###/### The/DT Tiger/NNP merger/NN agreement/NN stipulated/VBD that/IN the/DT lists/NNS be/VB combined/VBN on/IN the/DT basis/NN of/IN tenure/NN ./. ###/### Mr./NNP Smith/NNP is/VBZ trying/VBG hard/RB to/TO allay/VB the/DT anger/NN ./. ###/### And/CC even/RB some/DT pro-union/JJ pilots/NNS say/VBP his/PRP$ charisma/NN and/CC popularity/NN among/IN the/DT many/JJ former/JJ military/JJ fliers/NNS could/MD be/VB tough/JJ to/TO beat/VB ./. ###/### ``/`` A/DT lot/NN of/IN people/NNS are/VBP identifying/VBG a/DT vote/NN for/IN representation/NN as/IN a/DT vote/NN against/IN Fred/NNP Smith/NNP ,/, ''/'' says/VBZ J.X./NNP Gollich/NNP ,/, a/DT Tiger-turned-Federal/JJ pilot/NN and/CC union/NN activist/NN ./. ###/### Mr./NNP Smith/NNP and/CC other/JJ top/JJ Federal/NNP executives/NNS have/VBP met/VBN with/IN Tiger/NNP workers/NNS in/IN Los/NNP Angeles/NNP ,/, Ohio/NNP ,/, New/NNP York/NNP ,/, Alaska/NNP ,/, Asia/NNP and/CC Europe/NNP ./. ###/### Recently/RB ,/, they/PRP have/VBP appeared/VBN every/DT few/JJ weeks/NNS in/IN talk-show/NN type/NN videos/NNS ,/, countering/VBG pro-union/JJ arguments/NNS ./. ###/### In/IN one/CD video/NN ,/, Mr./NNP Smith/NNP defended/VBD his/PRP$ agreement/NN to/TO merge/VB the/DT pilot-seniority/NN lists/NNS ./. ###/### He/PRP said/VBD Mr./NNP Steinberg/NNP had/VBD insisted/VBN that/IN the/DT merger/NN talks/NNS move/VB quickly/RB ./. ###/### Regulators/NNS ,/, as/IN well/RB ,/, might/MD have/VB quashed/VBN the/DT deal/NN if/IN Tiger/NNP 's/POS pilots/NNS had/VBD n't/RB been/VBN protected/VBN ,/, he/PRP said/VBD ./. ###/### Furthermore/RB ,/, Mr./NNP Smith/NNP added/VBD ,/, ``/`` our/PRP$ contract/NN with/IN our/PRP$ pilots/NNS says/VBZ that/IN we/PRP will/MD manage/VB our/PRP$ fleet/NN operations/NNS with/IN their/PRP$ advice/NN ./. ###/### It/PRP does/VBZ n't/RB give/VB any/DT particular/JJ group/NN the/DT ability/NN to/TO veto/VB change/NN ./. ''/'' ###/### Already/RB ,/, the/DT fight/NN has/VBZ been/VBN costly/JJ ./. ###/### The/DT seniority-list/NN controversy/NN ,/, along/RB with/IN the/DT job-classification/NN dispute/NN ,/, has/VBZ been/VBN turned/VBN over/RP to/TO the/DT mediator/NN ./. ###/### Meanwhile/RB ,/, the/DT company/NN is/VBZ operating/VBG with/IN two/CD separate/JJ pilot/NN groups/NNS and/CC seniority/NN lists/NNS ,/, and/CC that/DT is/VBZ costing/VBG Federal/NNP ``/`` a/DT big/JJ number/NN ,/, ''/'' says/VBZ James/NNP Barksdale/NNP ,/, executive/JJ vice/NN president/NN and/CC chief/NN operating/NN officer/NN ./. ###/### The/DT issue/NN has/VBZ also/RB cost/VBN Federal/NNP management/NN a/DT lot/NN of/IN good/JJ will/NN among/IN its/PRP$ old/JJ pilots/NNS ./. ###/### ``/`` They/PRP were/VBD willing/JJ to/TO mistreat/VB us/PRP because/IN we/PRP had/VBD n't/RB shown/VBN any/DT moxie/NN ,/, any/DT resistance/NN ,/, ''/'' says/VBZ William/NNP Queenan/NNP ,/, a/DT DC-10/NNP pilot/NN and/CC 14-year/JJ Federal/NNP veteran/NN ./. ###/### Adds/NNP John/NNP Poag/NNP ,/, a/DT 727/NNP captain/NN and/CC past/JJ chairman/NN of/IN the/DT company-sponsored/JJ Flight/NNP Advisory/NNP Board/NNP :/: ``/`` They/PRP 've/VBP made/VBN all/PDT these/DT magnanimous/JJ gestures/NNS to/TO the/DT Flying/NNP Tiger/NNP pilots/NNS ,/, and/CC for/IN us/PRP ,/, nothing/NN ./. ''/'' ###/### Such/JJ animosity/NN could/MD prove/VB pivotal/JJ in/IN the/DT union/NN vote/NN ./. ###/### A/DT large/JJ majority/NN of/IN the/DT 961/CD former/JJ Tiger/NNP fliers/NNS support/VBP the/DT union/NN ,/, according/VBG to/TO a/DT union/NN study/NN ./. ###/### But/CC though/IN most/JJS of/IN the/DT 1,087/CD Federal/NNP pilots/NNS are/VBP believed/VBN opposed/VBN ,/, it/PRP is/VBZ unclear/JJ just/RB how/WRB much/RB their/PRP$ loyalty/NN to/TO Mr./NNP Smith/NNP has/VBZ been/VBN eroded/VBN ./. ###/### The/DT fight/NN has/VBZ turned/VBN ugly/JJ and/CC ,/, among/IN pilots/NNS at/IN least/JJS ,/, has/VBZ shattered/VBN the/DT esprit/FW de/FW corps/FW that/IN Mr./NNP Smith/NNP worked/VBD so/RB hard/RB to/TO build/VB ./. ###/### Anti-union/JJ pilots/NNS have/VBP held/VBN ballot-burning/JJ parties/NNS ./. ###/### Some/DT younger/JJR pilots/NNS say/VBP they/PRP have/VBP had/VBN to/TO endure/VB anti-union/JJ harangues/NNS by/IN senior/JJ pilots/NNS while/IN flying/VBG across/IN the/DT country/NN ./. ###/### And/CC for/IN now/RB ,/, at/IN least/JJS ,/, the/DT competition/NN is/VBZ n't/RB the/DT only/JJ enemy/NN ./. ###/### Barney/NNP Barnhardt/NNP ,/, a/DT 727/NNP captain/NN and/CC leader/NN of/IN the/DT pro-union/JJ forces/NNS ,/, said/VBD he/PRP has/VBZ received/VBN two/CD anonymous/JJ death/NN threats/NNS and/CC been/VBN challenged/VBN to/TO a/DT fight/NN with/IN tire/NN irons/NNS by/IN a/DT colleague/NN ./. ###/### ``/`` The/DT pilots/NNS are/VBP either/CC for/IN us/PRP or/CC extremely/RB against/IN us/PRP ,/, ''/'' he/PRP says/VBZ with/IN a/DT sigh/NN ./. ###/### Harsco/NNP Corp./NNP said/VBD it/PRP obtained/VBD a/DT $/$ 33.1/CD million/CD export/NN order/NN for/IN armored/JJ recovery/NN vehicles/NNS and/CC related/JJ support/NN equipment/NN ./. ###/### Harsco/NNP declined/VBD to/TO say/VB what/WP country/NN placed/VBD the/DT order/NN ./. ###/### The/DT company/NN said/VBD it/PRP received/VBD an/DT order/NN for/IN 23/CD of/IN the/DT vehicles/NNS ,/, which/WDT retrieve/VBP tanks/NNS and/CC other/JJ heavy-tracked/JJ vehicles/NNS when/WRB they/PRP break/VBP down/RP or/CC are/VBP damaged/VBN ,/, and/CC an/DT option/NN for/IN 16/CD more/JJR ./. ###/### Delivery/NN is/VBZ to/TO begin/VB in/IN early/JJ 1991/CD ./. ###/### Harsco/NNP produces/VBZ products/NNS for/IN defense/NN ,/, industrial/JJ ,/, commercial/JJ and/CC construction/NN markets/NNS ./. ###/### The/DT Senate/NNP convicted/VBD U.S./NNP District/NNP Judge/NNP Alcee/NNP Hastings/NNP of/IN Florida/NNP of/IN eight/CD impeachment/NN articles/NNS ,/, removing/VBG the/DT 53-year-old/JJ judge/NN from/IN his/PRP$ $/$ 89,500-a-year/JJ ,/, lifetime/NN job/NN ./. ###/### Mr./NNP Hastings/NNP 's/POS case/NN was/VBD particularly/RB nettlesome/JJ because/IN it/PRP marked/VBD the/DT first/JJ time/NN a/DT federal/JJ official/NN was/VBD impeached/VBN and/CC removed/VBN from/IN office/NN on/IN charges/NNS of/IN which/WDT a/DT jury/NN had/VBD acquitted/VBN him/PRP ./. ###/### In/IN 1983/CD ,/, Mr./NNP Hastings/NNP was/VBD found/VBN not/RB guilty/JJ of/IN accepting/VBG a/DT $/$ 150,000/CD bribe/NN in/IN a/DT case/NN before/IN him/PRP ,/, the/DT central/JJ charge/NN on/IN which/WDT the/DT Senate/NNP convicted/VBD him/PRP ./. ###/### He/PRP was/VBD only/RB the/DT sixth/JJ federal/JJ judge/NN ever/RB ousted/VBN from/IN office/NN after/IN an/DT impeachment/NN trial/NN ./. ###/### With/IN no/DT floor/NN debate/NN ,/, the/DT Senate/NNP on/IN Friday/NNP voted/VBD 69-26/CD to/TO convict/VB Mr./NNP Hastings/NNP of/IN perjury/NN and/CC conspiring/VBG to/TO accept/VB a/DT bribe/NN ,/, five/CD votes/NNS more/JJR than/IN needed/VBN ./. ###/### Conviction/NN on/IN any/DT single/JJ impeachment/NN article/NN was/VBD enough/JJ to/TO remove/VB Judge/NNP Hastings/NNP from/IN office/NN ./. ###/### He/PRP was/VBD found/VBN not/RB guilty/JJ of/IN three/CD charges/NNS ,/, involving/VBG accusations/NNS that/IN he/PRP had/VBN improperly/RB disclosed/VBN information/NN about/IN a/DT sensitive/JJ ,/, government/NN investigation/NN ./. ###/### The/DT Senate/NNP did/VBD n't/RB vote/VB on/IN six/CD lesser/JJR charges/NNS ./. ###/### Although/IN Mr./NNP Hastings/NNP had/VBD been/VBN acquitted/VBN by/IN a/DT jury/NN ,/, lawmakers/NNS handling/VBG the/DT prosecution/NN in/IN Congress/NNP had/VBD argued/VBN that/IN the/DT purpose/NN of/IN impeachment/NN is/VBZ n't/RB to/TO punish/VB an/DT individual/NN ./. ###/### Instead/RB ,/, they/PRP argued/VBD that/IN impeachment/NN aims/VBZ to/TO protect/VB public/JJ institutions/NNS from/IN people/NNS who/WP have/VBP abused/VBN their/PRP$ positions/NNS of/IN trust/NN ,/, irrespective/RB of/IN the/DT outcome/NN of/IN prior/JJ criminal/JJ or/CC civil/JJ cases/NNS ./. ###/### Mr./NNP Hastings/NNP faced/VBD the/DT senators/NNS and/CC sat/VBD impassively/RB during/IN the/DT first/JJ two/CD roll-call/JJ votes/NNS ,/, then/RB quickly/RB left/VBD the/DT chamber/NN ./. ###/### In/IN an/DT impromptu/JJ news/NN conference/NN on/IN the/DT Capitol/NNP steps/NNS ,/, he/PRP denounced/VBD the/DT senators/NNS '/POS action/NN ./. ###/### ``/`` Their/PRP$ opinion/NN is/VBZ devoid/JJ of/IN the/DT wisdom/NN of/IN the/DT forefathers/NNS '/POS teaching/NN regarding/VBG impeachment/NN ,/, ''/'' Mr./NNP Hastings/NNP said/VBD ./. ###/### For/IN the/DT future/NN ,/, he/PRP said/VBD he/PRP would/MD run/VB for/IN governor/NN of/IN Florida/NNP ./. ###/### Mr./NNP Hastings/NNP was/VBD appointed/VBN to/TO the/DT federal/JJ bench/NN by/IN President/NNP Carter/NNP in/IN 1979/CD and/CC was/VBD one/CD of/IN the/DT few/JJ black/JJ federal/JJ judges/NNS in/IN the/DT country/NN ./. ###/### While/IN he/PRP packed/VBD the/DT Senate/NNP gallery/NN with/IN his/PRP$ supporters/NNS during/IN some/DT of/IN the/DT impeachment/NN trial/NN ,/, most/JJS civil/JJ rights/NNS groups/NNS kept/VBD their/PRP$ distance/NN from/IN his/PRP$ case/NN ./. ###/### Following/VBG the/DT impeachment/NN conviction/NN ,/, Dr./NNP Benjamin/NNP Hooks/NNP ,/, executive/JJ director/NN of/IN the/DT National/NNP Association/NNP for/IN the/DT Advancement/NNP of/IN Colored/NNP People/NNP ,/, issued/VBD a/DT restrained/JJ statement/NN ,/, warning/VBG that/IN the/DT Hastings/NNP case/NN could/MD set/VB a/DT ``/`` dangerous/JJ precedent/NN ,/, ''/'' but/CC adding/VBG ,/, ``/`` We/PRP must/MD respect/VB the/DT considered/JJ judgment/NN of/IN the/DT Senate/NNP ./. ###/### When/WRB last/RB we/PRP left/VBD him/PRP ,/, FBI/NNP Agent/NNP Nick/NNP Mancuso/NNP had/VBD solved/VBN a/DT murder/NN mystery/NN ,/, unraveled/VBN a/DT Washington/NNP political/JJ scandal/NN ,/, and/CC racked/VBN up/RP some/DT pretty/JJ good/JJ ratings/NNS numbers/NNS in/IN the/DT miniseries/NNS ``/`` Favorite/NNP Son/NNP ./. ''/'' ###/### What/WP next/RB for/IN the/DT crusty/JJ FBI/NNP agent/NN with/IN the/DT heart/NN of/IN gold/NN ?/. ###/### A/DT spinoff/NN series/NN ,/, of/IN course/NN ./. ###/### There/EX are/VBP plenty/NN of/IN worse/JJR inspirations/NNS for/IN shows/NNS --/: and/CC most/JJS of/IN them/PRP had/VBD already/RB made/VBN the/DT fall/NN lineup/NN :/: a/DT nun/NN raising/VBG some/DT lovable/JJ orphans/NNS ./. ###/### A/DT den/NN mother/NN raising/VBG some/DT lovable/JJ teen/NN models/NNS ./. ###/### A/DT bunch/NN of/IN tans/NNS and/CC bathing/NN suits/NNS posing/VBG as/IN lovable/JJ lifeguards/NNS ./. ###/### In/IN that/DT context/NN ,/, Robert/NNP Loggia/NNP 's/POS riveting/JJ performance/NN as/IN the/DT unlovable/JJ --/: even/RB crotchety/JJ --/: veteran/JJ agent/NN seems/VBZ a/DT better/JJR franchise/NN for/IN a/DT series/NN than/IN most/JJS ./. ###/### Week/NN by/IN week/NN on/IN ``/`` Mancuso/NNP FBI/NNP ''/'' -LRB-/-LRB- NBC/NNP ,/, Fridays/NNP ,/, 10/CD p.m/RB ./. ET/NNP -RRB-/-RRB- ,/, he/PRP pokes/VBZ around/IN the/DT crime/NN styles/NNS of/IN the/DT rich/JJ ,/, famous/JJ and/CC powerful/JJ of/IN the/DT Washington/NNP scene/NN --/: a/DT loose/JJ cannon/NN on/IN deck/NN at/IN the/DT FBI/NNP ./. ###/### Over/IN the/DT first/JJ few/JJ weeks/NNS ,/, ``/`` Mancuso/NNP FBI/NNP ''/'' has/VBZ sprung/VBN straight/RB from/IN the/DT headlines/NNS ,/, which/WDT is/VBZ either/RB a/DT commendable/JJ stab/NN at/IN topicality/NN ,/, or/CC a/DT lack/NN of/IN imagination/NN ,/, or/CC both/DT ./. ###/### The/DT opening/VBG show/NN featured/VBD a/DT secretary/NN of/IN defense/NN designate/JJ accused/VBN of/IN womanizing/VBG -LRB-/-LRB- a/FW la/FW John/NNP Tower/NNP -RRB-/-RRB- ./. ###/### When/WRB his/PRP$ secretary/NN is/VBZ found/VBN floating/VBG dead/JJ in/IN the/DT pol/NN 's/POS pool/NN ,/, Mancuso/NNP is/VBZ called/VBN in/RP to/TO investigate/VB ./. ###/### Last/JJ week/NN ,/, a/DT young/JJ black/JJ girl/NN claimed/VBD she/PRP had/VBD been/VBN raped/VBN by/IN a/DT white/JJ police/NN officer/NN -LRB-/-LRB- a/FW la/FW Tawana/NNP Brawley/NNP -RRB-/-RRB- ./. ###/### In/IN this/DT week/NN 's/POS show/NN ,/, there/EX 's/VBZ an/DT unsafe/JJ nuclear/JJ weaponsmaking/NN facility/NN -LRB-/-LRB- a/FW la/FW Rocky/NNP Flats/NNP -RRB-/-RRB- ./. ###/### Along/IN the/DT way/NN ,/, we/PRP 're/VBP introduced/VBN to/TO the/DT supporting/JJ cast/NN :/: a/DT blond/JJ bombshell/NN secretary/NN -LRB-/-LRB- Randi/NNP Brazen/NNP --/: her/PRP$ real/JJ name/NN ,/, honest/JJ -RRB-/-RRB- ,/, a/DT scheming/JJ young/JJ boss/NN -LRB-/-LRB- Fredric/NNP Lehne/NNP -RRB-/-RRB- ,/, another/DT blonde/JJ bombshell/NN who/WP 's/VBZ also/RB an/DT idealistic/JJ lawyer/NN -LRB-/-LRB- Lindsay/NNP Frost/NNP -RRB-/-RRB- ,/, and/CC a/DT forensics/NNS expert/NN -LRB-/-LRB- Charles/NNP Siebert/NNP -RRB-/-RRB- ./. ###/### If/IN all/DT of/IN this/DT seems/VBZ a/DT little/JJ stale/JJ ,/, it/PRP 's/VBZ redeemed/VBN in/IN part/NN by/IN some/DT tricky/JJ plot/NN twists/NNS :/: The/DT usual/JJ suspects/NNS are/VBP found/VBN to/TO be/VB guilty/JJ ,/, then/RB not/RB guilty/JJ ,/, then/RB guilty/JJ --/: but/CC of/IN a/DT different/JJ crime/NN ./. ###/### In/IN last/JJ week/NN 's/POS rape/NN case/NN ,/, for/IN example/NN ,/, the/DT girl/NN turns/VBZ out/RP to/TO have/VB been/VBN a/DT victim/NN of/IN incest/NN ,/, and/CC the/DT biggest/JJS villains/NNS are/VBP the/DT politicians/NNS who/WP exploit/VBP the/DT case/NN ./. -RRB-/-RRB- ###/### Most/RBS of/IN all/DT though/RB ,/, the/DT show/NN is/VBZ redeemed/VBN by/IN the/DT character/NN of/IN Mancuso/NNP ./. ###/### What/WP makes/VBZ the/DT veteran/JJ FBI/NNP man/NN so/RB endearing/JJ is/VBZ his/PRP$ hard-bitten/JJ cynicism/NN --/: earned/VBN ,/, we/PRP discover/VBP ,/, when/WRB he/PRP was/VBD assigned/VBN to/TO the/DT civil/JJ rights/NNS movement/NN back/RB in/IN the/DT 1960s/NNS ./. ###/### He/PRP was/VBD n't/RB protecting/VBG the/DT Freedom/NNP Marchers/NNPS ;/: he/PRP was/VBD tailing/VBG them/PRP as/IN subversives/NNS ./. ###/### This/DT is/VBZ not/RB the/DT ``/`` Mississippi/NNP Burning/NN ''/'' scenario/NN that/WDT thrills/VBZ his/PRP$ young/JJ colleagues/NNS :/: ``/`` Kid/NN ,/, you/PRP 've/VBP been/VBN reading/VBG Classic/NNP Comics/NNPS too/RB long/JJ ,/, ''/'' Mancuso/NN says/VBZ ./. ###/### Back/RB in/IN 1964/CD ,/, the/DT FBI/NNP had/VBD five/CD black/JJ agents/NNS ./. ###/### Three/CD were/VBD chauffeurs/NNS for/IN J./NNP Edgar/NNP Hoover/NNP ,/, and/CC two/CD cleaned/VBD his/PRP$ house/NN ./. ''/'' ###/### At/IN the/DT core/NN of/IN Mr./NNP Loggia/NNP 's/POS Mancuso/NNP is/VBZ his/PRP$ world-weary/JJ truculence/NN ./. ###/### He/PRP describes/VBZ a/DT reporter/NN as/IN ``/`` Miss/NNP First/NNP Amendment/NNP ./. ''/'' ###/### He/PRP describes/VBZ a/DT drowned/JJ corpse/NN as/IN ``/`` Esther/NNP Williams/NNP ./. ''/'' ###/### And/CC when/WRB he/PRP 's/VBZ told/VBN ``/`` Try/VB a/DT little/JJ tenderness/NN ,/, ''/'' he/PRP shoots/VBZ back/RP ``/`` I/PRP 'm/VBP going/VBG home/RB to/TO try/VB a/DT little/JJ linguine/NN ./. ''/'' ###/### Yet/CC for/IN all/PDT his/PRP$ cynicism/NN ,/, he/PRP 's/VBZ at/IN heart/NN a/DT closet/NN idealist/NN ,/, a/DT softy/NN with/IN a/DT secret/JJ crush/NN on/IN truth/NN ,/, justice/NN and/CC the/DT American/NNP Way/NNP ./. ###/### He/PRP 's/VBZ the/DT kind/NN of/IN guy/NN who/WP rescues/VBZ trampled/JJ flags/NNS ./. ###/### If/IN ``/`` Mancuso/NNP FBI/NNP ''/'' has/VBZ an/DT intriguing/JJ central/JJ character/NN ,/, it/PRP also/RB has/VBZ a/DT major/JJ flaw/NN :/: It/PRP 's/VBZ wildly/RB overwritten/JJ ./. ###/### Executive/NNP Producers/NNP Steve/NNP Sohmer/NNP and/CC Jeff/NNP Bleckner/NNP -LRB-/-LRB- and/CC Ken/NNP Solarz/NNP and/CC Steve/NNP Bello/NNP -RRB-/-RRB- have/VBP revved/VBN this/DT show/NN up/RP to/TO the/DT breaking/NN point/NN ./. ###/### To/TO start/VB ,/, there/EX 's/VBZ always/RB a/DT crisis/NN --/: and/CC someone/NN always/RB worries/VBZ ,/, ``/`` What/WP if/IN the/DT press/NN gets/VBZ a/DT hold/NN of/IN this/DT ?/. ''/'' ###/### At/IN least/JJS once/RB an/DT episode/NN we/PRP see/VBP protestors/NNS marching/VBG around/RB screaming/VBG slogans/NNS ./. ###/### At/IN least/JJS once/RB Mancuso/NNP 's/POS boss/NN yells/VBZ ``/`` In/IN here/RB --/: now/RB ,/, ''/'' and/CC proceeds/VBZ to/TO dress/VB his/PRP$ investigator/NN down/RP :/: ``/`` You/PRP are/VBP a/DT dinosaur.../: a/DT hangover/NN in/IN a/DT $/$ 10/CD suit/NN ./. ###/### One/CD more/JJR word/NN and/CC you/PRP are/VBP out/IN on/IN a/DT park/NN bench/NN ,/, mister/NN ./. ''/'' ###/### Finally/RB ,/, of/IN course/NN ,/, the/DT boss/NN gives/VBZ in/RP ,/, but/CC he/PRP 's/VBZ still/RB yelling/VBG :/: ``/`` I/PRP find/VBP myself/PRP explaining/VBG anything/NN to/TO Teddy/NNP Kennedy/NNP ,/, you/PRP 'll/MD be/VB chasing/VBG stolen/JJ cars/NNS in/IN Anchorage/NNP ./. ''/'' ###/### In/IN fact/NN ,/, throughout/IN ``/`` Mancuso/NNP FBI/NNP ,/, ''/'' we/PRP do/VBP n't/RB get/VB words/NNS or/CC lines/NNS --/: we/PRP get/VBP speeches/NNS ./. ###/### Witnesses/NNS shout/VBP ,/, scream/VB ,/, pontificate/VB :/: ``.../: a/DT dream/NN that/IN the/DT planet/NN could/MD be/VB saved/VBN from/IN itself/PRP and/CC from/IN the/DT sadistic/JJ dumb/JJ creatures/NNS who/WP try/VBP to/TO tear/VB down/RP every/DT decent/JJ man/NN who/WP raises/VBZ his/PRP$ voice/NN ./. ''/'' ###/### And/CC Mancuso/NNP himself/PRP is/VBZ investigating/VBG at/IN the/DT top/NN of/IN his/PRP$ lungs/NNS :/: ``/`` How/WRB the/DT hell/NN can/MD you/PRP live/VB with/IN yourself/PRP ?/. ''/'' he/PRP erupts/VBZ at/IN a/DT politician/NN ./. ###/### You/PRP twist/VBP people/NNS 's/POS trust/NN ./. ###/### You/PRP built/VBD your/PRP$ career/NN on/IN prejudice/NN and/CC hate/NN ./. ###/### The/DT scars/NNS will/MD be/VB here/RB years/NNS after/IN the/DT polls/NNS close/VBP ./. ''/'' ###/### In/IN each/DT show/NN ,/, Mancuso/NNP gets/VBZ to/TO unleash/VB similar/JJ harangues/NNS :/: ``/`` Where/WRB the/DT hell/NN are/VBP they/PRP gon/VBG na/TO live/VB when/WRB people/NNS like/IN you/PRP turn/VBP the/DT world/NN into/IN a/DT big/JJ toxic/JJ waste/NN dump/NN ?/. ###/### You/PRP 're/VBP the/DT real/JJ criminal/JJ here.../: and/CC what/WP you/PRP did/VBD was/VBD n't/RB just/RB a/DT murder/NN --/: it/PRP was/VBD a/DT crime/NN against/IN humanity/NN ./. ''/'' ###/### And/CC ,/, at/IN least/JJS once/RB a/DT show/NN ,/, someone/NN delivers/VBZ the/DT line/NN ``/`` Get/VB off/IN that/DT soapbox/NN ./. ''/'' ###/### Now/RB that/IN 's/VBZ advice/NN the/DT writers/NNS should/MD take/VB to/TO heart/NN ./. ###/### They/PRP have/VBP a/DT series/NN with/IN a/DT good/JJ character/NN ,/, some/DT interesting/JJ ,/, even/RB occasionally/RB surprising/JJ plot/NN lines/NNS ,/, and/CC they/PRP 're/VBP ruining/VBG it/PRP ./. ###/### Why/WRB ,/, when/WRB a/DT key/JJ witness/NN disappears/VBZ ,/, does/VBZ Mancuso/NNP trash/VB her/PRP$ apartment/NN ,/, tearing/VBG down/IN drapes/NNS ,/, smashing/VBG walls/NNS ?/. ###/### It/PRP 's/VBZ a/DT bizarre/JJ and/CC totally/RB inappropriate/JJ reaction/NN ,/, all/DT to/TO add/VB more/JJR pizzazz/NN to/TO a/DT script/NN that/WDT 's/VBZ already/RB overdosing/VBG on/IN pizzazz/NN ./. ###/### That/DT 's/VBZ not/RB plot/NN ./. ###/### That/DT 's/VBZ not/RB character/NN ./. ###/### That/DT 's/VBZ hyperventilating/NN ./. ###/### There/EX is/VBZ a/DT scene/NN at/IN the/DT end/NN of/IN the/DT first/JJ week/NN 's/POS show/NN where/WRB Mancuso/NNP attends/VBZ the/DT unveiling/NN of/IN the/DT memorial/NN to/TO his/PRP$ dead/JJ partner/NN David/NNP ./. ###/### Asked/VBN to/TO say/VB a/DT few/JJ words/NNS ,/, he/PRP pulls/VBZ out/RP his/PRP$ crumpled/JJ piece/NN of/IN paper/NN and/CC tries/VBZ to/TO talk/VB ,/, but/CC he/PRP 's/VBZ too/RB choked/VBN up/RP to/TO get/VB the/DT words/NNS out/RP ./. ###/### He/PRP bangs/VBZ on/IN the/DT piece/NN of/IN paper/NN in/IN frustration/NN ,/, then/RB turns/VBZ and/CC walks/VBZ away/RB ./. ###/### It/PRP was/VBD a/DT profoundly/RB moving/JJ moment/NN for/IN series/NN television/NN ,/, and/CC Robert/NNP Loggia/NNP 's/POS acting/NN resonated/VBD in/IN the/DT silence/NN ./. ###/### There/EX 's/VBZ a/DT pretty/RB good/JJ program/NN inside/IN all/PDT the/DT noise/NN of/IN ``/`` Mancuso/NNP FBI/NNP ./. ''/'' ###/### If/IN the/DT show/NN 's/POS creators/NNS could/MD just/RB let/VB themselves/PRP be/VB quiet/JJ for/IN a/DT little/JJ ,/, they/PRP might/MD just/RB hear/VB it/PRP ./. ###/### With/IN a/DT Twist/NN of/IN the/DT Wrist/NN Boys/NNS with/IN tops/NNS ,/, and/CC Frisbee/NNP tossers/NNS ,/, And/CC P.R./NN types/NNS with/IN bees/NNS in/IN their/PRP$ bonnet/NN ,/, Have/VBP a/DT goal/NN in/IN common/JJ ,/, all/DT of/IN them/PRP try/VBP To/TO put/VB the/DT right/JJ spin/NN on/IN it/PRP ./. ###/### --/: George/NNP O./NNP Ludcke/NNP ./. ###/### Investment/NN letters/NNS now/RB abound/VBP ,/, I/PRP really/RB like/VBP to/TO read/VB them/PRP ;/: If/IN I/PRP peruse/VBP enough/NN ,/, I/PRP 've/VBP found/VBN I/PRP 've/VBP no/DT time/NN left/VBD to/TO heed/VB them/PRP ###/### --/: Bern/NNP Sharfman/NNP ./. ###/### TV/NN evangelist/NN :/: salesparson/NN ./. ###/### --/: Marguerite/NNP Whitley/NNP May/NNP ./. ###/### Texaco/NNP Inc./NNP has/VBZ purchased/VBN an/DT oil-producing/JJ company/NN in/IN Texas/NNP for/IN $/$ 476.5/CD million/CD ,/, its/PRP$ first/JJ major/JJ acquisition/NN since/IN its/PRP$ legal/JJ brawl/NN with/IN Pennzoil/NNP Co./NNP began/VBD more/JJR than/IN four/CD years/NNS ago/RB ./. ###/### The/DT White/NNP Plains/NNP ,/, N.Y./NNP ,/, oil/NN company/NN said/VBD Friday/NNP that/IN it/PRP had/VBD acquired/VBN Tana/NNP Production/NNP Corp./NNP ,/, a/DT subsidiary/NN of/IN TRT/NNP Energy/NNP Holdings/NNP Inc./NNP ,/, for/IN $/$ 95.1/CD million/CD in/IN cash/NN ,/, with/IN the/DT rest/NN to/TO be/VB paid/VBN in/IN shares/NNS of/IN a/DT new/JJ ,/, non-voting/JJ issue/NN of/IN preferred/JJ stock/NN ./. ###/### Tana/NNP ,/, which/WDT holds/VBZ properties/NNS in/IN 17/CD oil/NN and/CC gas/NN fields/NNS in/IN south/JJ Texas/NNP ,/, will/MD provide/VB Texaco/NNP with/IN mostly/RB gas/NN reserves/NNS ./. ###/### The/DT fields/NNS contain/VBP recoverable/JJ reserves/NNS of/IN 435/CD billion/CD cubic/JJ feet/NNS of/IN natural/JJ gas/NN and/CC four/CD million/CD barrels/NNS of/IN oil/NN ./. ###/### ``/`` This/DT acquisition/NN is/VBZ another/DT indication/NN of/IN Texaco/NNP 's/POS commitment/NN to/TO increase/VB the/DT company/NN 's/POS reserve/NN base/NN ,/, ''/'' said/VBD Chief/NNP Executive/NNP Officer/NNP James/NNP W./NNP Kinnear/NNP ./. ###/### Texaco/NNP has/VBZ also/RB been/VBN attempting/VBG to/TO sell/VB oil/NN properties/NNS ./. ###/### At/IN least/JJS two/CD years/NNS ago/RB ,/, the/DT company/NN put/VBD 60/CD million/CD barrels/NNS of/IN oil/NN reserves/NNS on/IN the/DT block/NN ./. ###/### They/PRP were/VBD either/CC too/RB small/JJ or/CC uneconomic/JJ to/TO maintain/VB ,/, the/DT company/NN said/VBD ./. ###/### Not/RB all/DT of/IN those/DT parcels/NNS have/VBP yet/RB been/VBN sold/VBN ./. ###/### Texaco/NNP acquired/VBD Tana/NNP before/IN it/PRP completed/VBD those/DT sales/NNS because/IN Tana/NNP 's/POS properties/NNS are/VBP high/JJ quality/NN and/CC near/IN other/JJ fields/NNS Texaco/NNP already/RB owns/VBZ ,/, a/DT company/NN spokeswoman/NN said/VBD ./. ###/### Texaco/NNP ,/, like/IN many/JJ other/JJ oil/NN companies/NNS ,/, has/VBZ been/VBN struggling/VBG to/TO replace/VB its/PRP$ falling/VBG oil/NN and/CC gas/NN reserves/NNS ./. ###/### Texaco/NNP 's/POS situation/NN had/VBD become/VBN particularly/RB complex/JJ because/IN much/JJ of/IN its/PRP$ effort/NN had/VBD for/IN years/NNS been/VBN focused/VBN on/IN its/PRP$ brawl/NN with/IN Pennzoil/NNP and/CC then/RB on/IN New/NNP York/NNP investor/NN Carl/NNP C./NNP Icahn/NNP 's/POS attempt/NN to/TO take/VB over/RP the/DT company/NN ./. ###/### Pennzoil/NNP had/VBD sued/VBN Texaco/NNP for/IN improperly/RB interfering/VBG with/IN its/PRP$ acquisition/NN of/IN a/DT portion/NN of/IN Getty/NNP Oil/NNP Co/NNP ./. ###/### Eventually/RB ,/, Texaco/NNP ,/, which/WDT was/VBD forced/VBN into/IN bankruptcy/NN proceedings/NNS by/IN that/DT litigation/NN ,/, settled/VBD its/PRP$ fight/NN with/IN Pennzoil/NNP for/IN $/$ 3/CD billion/CD in/IN 1986/CD ./. ###/### Mr./NNP Icahn/NNP ,/, who/WP played/VBD a/DT key/JJ role/NN in/IN the/DT settlement/NN and/CC attempted/VBD subsequently/RB to/TO take/VB control/NN of/IN the/DT company/NN ,/, sold/VBD his/PRP$ stake/NN in/IN Texaco/NNP just/RB last/JJ summer/NN ./. ###/### Completion/NNP of/IN Texaco/NNP 's/POS acquisition/NN of/IN Tana/NNP is/VBZ subject/JJ to/TO government/NN approval/NN under/IN the/DT Hart-Scott-Rodino/NNP Antitrust/NNP Improvements/NNP Act/NNP ./. ###/### CRI/NNP Inc./NNP said/VBD it/PRP reduced/VBD the/DT estimated/VBN cash/NN distribution/NN for/IN its/PRP$ Capital/NNP Housing/NNP and/CC Mortgage/NNP Partners/NNPS Inc./NNP trust/NN to/TO between/IN 71/CD cents/NNS and/CC 74/CD cents/NNS a/DT share/NN ,/, from/IN between/IN 75/CD cents/NNS and/CC 80/CD cents/NNS ,/, for/IN the/DT year/NN ending/VBG June/NNP 9/CD ,/, 1990/CD ./. ###/### The/DT change/NN in/IN expected/JJ cash/NN distributions/NNS from/IN the/DT Champs/NNP real/JJ estate/NN investment/NN trust/NN stems/VBZ from/IN a/DT revised/VBN estimate/NN of/IN administrative/JJ costs/NNS ,/, said/VBD Jay/NNP R./NNP Cohen/NNP ,/, Champs/NNP executive/NN vice/NN president/NN ./. ###/### CRI/NNP ,/, which/WDT sponsors/VBZ Champs/NNP ,/, is/VBZ a/DT world-wide/JJ real/JJ estate/NN investment/NN firm/NN ./. ###/### H&R/NNP BLOCK/NNP Inc./NNP had/VBD net/JJ income/NN of/IN $/$ 100.2/CD million/CD ,/, or/CC $/$ 1.90/CD a/DT share/NN ,/, in/IN the/DT fiscal/JJ year/NN ended/VBN April/NNP 30/CD ./. ###/### The/DT figure/NN was/VBD incorrectly/RB shown/VBN as/IN a/DT net/JJ loss/NN in/IN a/DT chart/NN accompanying/VBG Friday/NNP 's/POS Heard/VBN on/IN the/DT Street/NN column/NN ./. ###/### Your/PRP$ Oct./NNP 2/CD article/NN on/IN Daniel/NNP Yankelovich/NNP cited/VBD the/DT quote/NN ``/`` A/DT good/JJ name/NN is/VBZ better/JJR than/IN great/JJ riches/NNS ''/'' as/IN being/VBG from/IN Cervantes/NNP '/POS ``/`` Don/NNP Quixote/NNP ./. ''/'' ###/### Actually/RB ,/, Cervantes/NNP borrowed/VBD that/IN quote/NN from/IN a/DT writer/NN of/IN some/DT 25/CD centuries/NNS earlier/RB :/: Israel/NNP 's/POS King/NNP Solomon/NNP wrote/VBD those/DT words/NNS in/IN the/DT Book/NN of/IN Proverbs/NNS -LRB-/-LRB- 22:1/CD -RRB-/-RRB- ./. ###/### Michael/NNP E./NNP Hill/NNP ###/### Japan/NNP had/VBD an/DT unadjusted/JJ trade/NN surplus/NN of/IN $/$ 1.82/CD billion/CD for/IN the/DT first/JJ 10/CD days/NNS of/IN October/NNP ,/, down/RB from/IN $/$ 3.16/CD billion/CD a/DT year/NN earlier/RB ,/, the/DT Finance/NNP Ministry/NNP said/VBD ./. ###/### The/DT latest/JJS drop/NN shows/VBZ the/DT narrowing/NN in/IN the/DT nation/NN 's/POS trade/NN gap/NN reflected/VBN in/IN successive/JJ full/JJ monthly/JJ reports/NNS is/VBZ continuing/VBG ./. ###/### The/DT report/NN follows/VBZ five-consecutive/JJ declines/NNS in/IN full/JJ monthly/JJ figures/NNS ./. ###/### Imports/NNS rose/VBD sharply/RB in/IN the/DT period/NN ,/, to/TO $/$ 5.19/CD billion/CD from/IN $/$ 4.04/CD billion/CD a/DT year/NN earlier/RB ,/, a/DT change/NN of/IN 28/CD %/NN ./. ###/### Exports/NNS during/IN the/DT period/NN were/VBD $/$ 7.01/CD billion/CD ,/, 2.6/CD %/NN below/IN $/$ 7.20/CD billion/CD a/DT year/NN ago/RB ./. ###/### Groupe/NNP AG/NNP 's/POS chairman/NN said/VBD the/DT Belgian/JJ insurer/NN is/VBZ prepared/JJ to/TO give/VB up/RP some/DT of/IN its/PRP$ independence/NN to/TO a/DT white/JJ knight/NN if/IN necessary/JJ to/TO repel/VB a/DT raider/NN ./. ###/### Amid/IN heavy/JJ buying/NN of/IN shares/NNS in/IN Belgium/NNP 's/POS largest/JJS insurer/NN ,/, Maurice/NNP Lippens/NNP also/RB warned/VBD in/IN an/DT interview/NN that/IN a/DT white/JJ knight/NN ,/, in/IN buying/VBG out/RP a/DT raider/NN ,/, could/MD leave/VB speculators/NNS with/IN big/JJ losses/NNS on/IN their/PRP$ AG/NNP stock/NN ./. ###/### Since/IN the/DT beginning/NN of/IN the/DT year/NN ,/, the/DT stock/NN has/VBZ nearly/RB doubled/VBN ,/, giving/VBG AG/NNP a/DT market/NN value/NN of/IN about/IN 105/CD billion/CD Belgian/JJ francs/NNS -LRB-/-LRB- $/$ 2.7/CD billion/CD -RRB-/-RRB- ./. ###/### The/DT most/RBS likely/JJ white/JJ knight/NN would/MD be/VB Societe/NNP Generale/NNP de/FW Belgique/NNP S.A./NNP ,/, which/WDT already/RB owns/VBZ 18/CD %/NN of/IN AG/NNP and/CC which/WDT itself/PRP is/VBZ controlled/VBN by/IN Cie/NNP ./. Financiere/NNP de/FW Suez/NNP ,/, the/DT acquisitive/JJ French/JJ financial/JJ conglomerate/NN ./. ###/### But/CC Mr./NNP Lippens/NNP said/VBD a/DT rescue/NN also/RB could/MD involve/VB Asahi/NNP Mutual/NNP Life/NNP Insurance/NNP Co./NNP ,/, which/WDT owns/VBZ 5/CD %/NN of/IN AG/NNP ./. ###/### AG/NNP is/VBZ hardly/RB alone/RB in/IN its/PRP$ anxiety/NN ./. ###/### A/DT rambunctious/JJ shake-up/NN is/VBZ quickly/RB reshaping/VBG Europe/NNP 's/POS once-stately/JJ insurance/NN business/NN ./. ###/### Worried/JJ by/IN European/NNP Community/NNP directives/NNS that/WDT will/MD remove/VB many/JJ of/IN the/DT barriers/NNS to/TO cross-border/JJ insurance/NN services/NNS ,/, starting/VBG in/IN mid-1990/NN ,/, insurers/NNS are/VBP rushing/VBG to/TO find/VB partners/NNS and/CC preparing/VBG for/IN price/NN wars/NNS ./. ###/### In/IN West/NNP Germany/NNP and/CC the/DT Netherlands/NNPS ,/, insurers/NNS are/VBP flirting/VBG with/IN banks/NNS ./. ###/### In/IN France/NNP ,/, Suez/NNP and/CC Axa-Midi/NNP Assurances/NNPS S.A./NNP both/DT have/VBP been/VBN on/IN the/DT prowl/NN for/IN giant/JJ acquisitions/NNS ;/: Suez/NNP last/JJ month/NN acquired/VBD control/NN of/IN Groupe/NNP Victoire/NNP ,/, the/DT sixth-largest/JJ European/JJ insurance/NN company/NN ,/, after/IN a/DT takeover/NN battle/NN with/IN Cie/NNP ./. Industrielle/NNP ./. ###/### Mr./NNP Lippens/NNP said/VBD the/DT volume/NN of/IN shares/NNS changing/VBG hands/NNS has/VBZ grown/VBN significantly/RB since/IN mid-September/NNP ./. ###/### But/CC he/PRP estimated/VBD that/IN a/DT raider/NN would/MD have/VB been/VBN able/JJ to/TO amass/VB no/DT more/JJR than/IN 4/CD %/NN of/IN the/DT shares/NNS in/IN recent/JJ months/NNS ./. ###/### Aside/RB from/IN exploring/VBG plans/NNS for/IN joint/JJ ventures/NNS or/CC acquisitions/NNS ,/, Mr./NNP Lippens/NNP has/VBZ called/VBN top/JJ managers/NNS of/IN companies/NNS rumored/VBN as/IN potential/JJ raiders/NNS --/: among/IN them/PRP ,/, Axa-Midi/NNP ,/, Union/NNP des/FW Assurances/NNP de/FW Paris/NNP and/CC Suez/NNP ,/, all/DT based/VBN in/IN France/NNP ./. ###/### They/PRP have/VBP all/DT ``/`` very/RB clearly/RB stated/VBN that/IN they/PRP have/VBP not/RB acquired/VBN and/CC are/VBP not/RB acquiring/VBG shares/NNS of/IN AG/NNP ,/, ''/'' he/PRP said/VBD ./. ###/### Any/DT raider/NN would/MD find/VB it/PRP hard/JJ to/TO crack/VB AG/NNP 's/POS battlements/NNS ./. ###/### A/DT ``/`` syndicate/NN ''/'' of/IN shareholders/NNS holds/VBZ just/RB under/IN 50/CD %/NN of/IN AG/NNP ,/, Mr./NNP Lippens/NNP said/VBD ,/, and/CC members/NNS have/VBP agreed/VBN to/TO give/VB one/NN another/DT the/DT right/NN of/IN first/JJ refusal/NN should/MD they/PRP sell/VBP any/DT AG/NNP shares/NNS ./. ###/### Aside/RB from/IN Generale/NNP de/FW Belgique/NNP and/CC Asahi/NNP ,/, the/DT syndicate/NN includes/VBZ Antwerpsche/NNP Hypotheekkas/NNP ,/, a/DT Belgian/JJ savings/NN bank/NN ,/, and/CC various/JJ family/NN interests/NNS ./. ###/### A/DT Generale/NNP spokesman/NN confirmed/VBD that/IN the/DT giant/JJ Belgian/JJ holding/VBG company/NN would/MD be/VB willing/JJ to/TO raise/VB its/PRP$ stake/NN in/IN AG/NNP should/MD a/DT raider/NN seek/VB control/NN ./. ###/### Asahi/NNS officials/NNS could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. ###/### Even/RB without/IN bid/NN talk/NN ,/, this/DT year/NN 's/POS surge/NN in/IN prices/NNS for/IN Brussels/NNP real/JJ estate/NN has/VBZ excited/VBN interest/NN in/IN AG/NNP ./. ###/### The/DT company/NN says/VBZ those/DT holdings/NNS constitute/VBP the/DT third-biggest/JJ real-estate/NN portfolio/NN in/IN Belgium/NNP ./. ###/### With/IN the/DT dust/NN settling/VBG from/IN the/DT failed/VBN coup/NN attempt/NN in/IN Panama/NNP ,/, one/CD of/IN the/DT many/JJ lingering/VBG questions/NNS the/DT Bush/NNP administration/NN will/MD ponder/VB is/VBZ this/DT :/: Is/VBZ the/DT National/NNP Security/NNP Council/NNP staff/NN big/JJ enough/RB ,/, and/CC does/VBZ it/PRP have/VB enough/JJ clout/NN ,/, to/TO do/VB its/PRP$ job/NN of/IN coordinating/VBG foreign/JJ policy/NN ?/. ###/### President/NNP Bush/NNP 's/POS national/JJ security/NN adviser/NN ,/, Lt./NNP Gen./NNP Brent/NNP Scowcroft/NNP ,/, came/VBD into/IN office/NN in/IN January/NNP intent/JJ on/IN making/VBG the/DT NSC/NNP staff/NN leaner/JJR and/CC more/RBR disciplined/JJ than/IN it/PRP had/VBD been/VBN during/IN the/DT Reagan/NNP administration/NN ./. ###/### Gen./NNP Scowcroft/NNP was/VBD a/DT member/NN of/IN the/DT Tower/NNP Commission/NNP ,/, which/WDT investigated/VBD the/DT Iran-Contra/NNP affair/NN ./. ###/### He/PRP was/VBD all/RB too/RB aware/JJ of/IN how/WRB a/DT large/JJ ,/, inadequately/RB supervised/JJ NSC/NNP staff/NN had/VBD spun/VBN out/IN of/IN control/NN and/CC nearly/RB wrecked/VBD President/NNP Reagan/NNP 's/POS second/JJ term/NN ./. ###/### So/RB ,/, following/VBG both/DT the/DT style/NN he/PRP pursued/VBD as/IN President/NNP Ford/NNP 's/POS national/JJ security/NN adviser/NN and/CC the/DT recommendations/NNS of/IN the/DT Tower/NNP Commission/NNP ,/, Gen./NNP Scowcroft/NNP has/VBZ pruned/VBN the/DT NSC/NNP staff/NN and/CC tried/VBD to/TO ensure/VB that/IN it/PRP sticks/VBZ to/TO its/PRP$ assigned/JJ tasks/NNS --/: namely/RB ,/, gathering/VBG the/DT views/NNS of/IN the/DT State/NNP Department/NNP ,/, Pentagon/NNP and/CC intelligence/NN community/NN ;/: serving/VBG as/IN an/DT honest/JJ broker/NN in/IN distilling/VBG that/DT information/NN for/IN the/DT president/NN and/CC then/RB making/VBG sure/JJ presidential/JJ decisions/NNS are/VBP carried/VBN out/RB ./. ###/### The/DT Tower/NNP Commission/NNP specifically/RB said/VBD that/IN the/DT NSC/NNP staff/NN should/MD be/VB ``/`` small/JJ ''/'' and/CC warned/VBD against/IN letting/VBG ``/`` energetic/JJ self-starters/NNS ''/'' like/IN Lt./NNP Col./NNP Oliver/NNP North/NNP strike/VB out/IN on/IN their/PRP$ own/JJ rather/RB than/IN leaving/VBG the/DT day-to-day/JJ execution/NN of/IN policies/NNS to/TO the/DT State/NNP Department/NNP ,/, Pentagon/NNP or/CC Central/NNP Intelligence/NNP Agency/NNP ./. ###/### However/RB ,/, the/DT Panama/NNP episode/NN has/VBZ raised/VBN questions/NNS about/IN whether/IN the/DT NSC/NNP staff/NN is/VBZ sufficiently/RB big/JJ ,/, diverse/JJ and/CC powerful/JJ to/TO coordinate/VB U.S./NNP policy/NN on/IN tough/JJ issues/NNS ./. ###/### During/IN the/DT coup/NN attempt/NN and/CC its/PRP$ aftermath/NN ,/, NSC/NNP staffers/NNS were/VBD ``/`` stretched/VBN very/RB thin/JJ ,/, ''/'' says/VBZ one/CD senior/JJ administration/NN official/NN ./. ###/### ``/`` It/PRP 's/VBZ a/DT very/RB small/JJ shop/NN ./. ''/'' ###/### Gen./NNP Scowcroft/NNP does/VBZ n't/RB plan/VB to/TO increase/VB the/DT staff/NN right/RB now/RB ,/, but/CC is/VBZ weighing/VBG that/DT possibility/NN ,/, the/DT official/NN adds/VBZ ./. ###/### The/DT NSC/NNP staff/NN ``/`` does/VBZ n't/RB have/VB the/DT horsepower/NN that/IN I/PRP believe/VBP is/VBZ required/VBN to/TO have/VB an/DT effective/JJ interagency/NN process/NN ,/, ''/'' says/VBZ Frank/NNP Gaffney/NNP ,/, a/DT former/JJ Pentagon/NNP aide/NN who/WP now/RB runs/VBZ the/DT Center/NNP for/IN Security/NNP Policy/NNP ,/, a/DT conservative/JJ Washington/NNP think-tank/NN ./. ###/### The/DT problem/NN with/IN this/DT administration/NN ,/, I/PRP think/VBP ,/, is/VBZ that/IN by/IN design/NN it/PRP has/VBZ greatly/RB diminished/VBN ,/, both/DT in/IN a/DT physical/JJ sense/NN and/CC in/IN a/DT procedural/JJ sense/NN ,/, the/DT role/NN of/IN the/DT NSC/NNP ./. ''/'' ###/### The/DT National/NNP Security/NNP Council/NNP itself/PRP was/VBD established/VBN in/IN 1947/CD because/IN policy/NN makers/NNS sensed/VBD a/DT need/NN ,/, in/IN an/DT increasingly/RB complex/JJ world/NN ,/, for/IN a/DT formal/JJ system/NN within/IN the/DT White/NNP House/NNP to/TO make/VB sure/JJ that/IN communications/NNS flowed/VBD smoothly/RB between/IN the/DT president/NN and/CC the/DT State/NNP Department/NNP ,/, Pentagon/NNP and/CC intelligence/NN agencies/NNS ./. ###/### By/IN law/NN ,/, the/DT council/NN includes/VBZ the/DT president/NN ,/, vice/NN president/NN and/CC secretaries/NNS of/IN state/NN and/CC defense/NN ./. ###/### In/IN practice/NN ,/, the/DT director/NN of/IN central/JJ intelligence/NN and/CC chairman/NN of/IN the/DT Joint/NNP Chiefs/NNPS of/IN Staff/NNP also/RB serve/VBP as/IN unofficial/JJ members/NNS ./. ###/### But/CC the/DT size/NN ,/, shape/NN and/CC role/NN of/IN the/DT NSC/NNP staff/NN have/VBP been/VBN left/VBN for/IN each/DT president/NN and/CC his/PRP$ national/JJ security/NN adviser/NN to/TO decide/VB ./. ###/### That/DT task/NN is/VBZ one/CD of/IN Washington/NNP 's/POS perennial/JJ problems/NNS ./. ###/### In/IN the/DT Bush/NNP White/NNP House/NNP ,/, the/DT size/NN of/IN the/DT NSC/NNP 's/POS staff/NN of/IN professional/JJ officers/NNS is/VBZ down/RP to/TO about/IN 50/CD from/IN about/IN 70/CD in/IN 1987/CD ,/, administration/NN officials/NNS say/VBP ./. ###/### Administration/NN officials/NNS insist/VBP that/IN the/DT size/NN of/IN the/DT staff/NN was/VBD n't/RB a/DT problem/NN during/IN the/DT Panama/NNP crisis/NN ./. ###/### But/CC one/CD clear/JJ problem/NN during/IN the/DT coup/NN attempt/NN was/VBD that/IN the/DT NSC/NNP staffer/NN most/RBS experienced/JJ in/IN Latin/NNP America/NNP ,/, Everett/NNP Briggs/NNP ,/, was/VBD gone/VBN ./. ###/### He/PRP had/VBD just/RB resigned/VBN ,/, at/IN least/JJS in/IN part/NN because/IN of/IN a/DT feud/NN with/IN Assistant/NNP Secretary/NNP of/IN State/NNP Bernard/NNP Aronson/NNP over/IN the/DT administration/NN 's/POS policy/NN on/IN Panama/NNP and/CC support/NN for/IN Nicaragua/NNP 's/POS Contra/JJ rebels/NNS ./. ###/### The/DT absence/NN of/IN Mr./NNP Briggs/NNP underscored/VBD the/DT possible/JJ inadequacy/NN of/IN the/DT current/JJ NSC/NNP staff/NN ./. ###/### Both/DT Gen./NNP Scowcroft/NNP and/CC his/PRP$ deputy/NN ,/, Robert/NNP Gates/NNP ,/, are/VBP experts/NNS in/IN U.S.-Soviet/JJ affairs/NNS ./. ###/### Gen./NNP Scowcroft/NNP is/VBZ particularly/RB well-versed/JJ in/IN arms/NNS control/NN ,/, and/CC Mr./NNP Gates/NNP has/VBZ spent/VBN years/NNS studying/VBG Soviet/JJ politics/NNS and/CC society/NN ./. ###/### Both/DT have/VBP become/VBN confidants/NNS of/IN President/NNP Bush/NNP ./. ###/### But/CC neither/DT has/VBZ an/DT extensive/JJ background/NN in/IN Latin/NNP America/NNP ,/, the/DT Middle/NNP East/NNP or/CC Asia/NNP ./. ###/### In/IN those/DT areas/NNS ,/, the/DT role/NN of/IN NSC/NNP staffers/NNS under/IN them/PRP therefore/RB have/VBP become/VBN more/RBR important/JJ ./. ###/### Gen./NNP Scowcroft/NNP knows/VBZ as/RB well/RB as/IN anyone/NN that/IN one/CD of/IN the/DT biggest/JJS dangers/NNS he/PRP faces/VBZ is/VBZ that/IN NSC/NNP staffers/NNS working/VBG in/IN relative/JJ anonymity/NN will/MD take/VB over/RP policy-making/NN and/CC operational/JJ tasks/NNS that/WDT are/VBP best/RBS left/VBN to/TO bigger/JJR and/CC more/RBR experienced/JJ State/NNP Department/NNP and/CC Pentagon/NNP bureaus/NNS ./. ###/### But/CC just/RB as/IN every/DT previous/JJ NSC/NNP adviser/NN has/VBZ ,/, Gen./NNP Scowcroft/NNP now/RB will/MD have/VB to/TO mull/VB at/IN what/WDT point/NN the/DT NSC/NNP staff/NN becomes/VBZ too/RB lean/JJ and/CC too/RB restrained/JJ ./. ###/### Japan/NNP 's/POS wholesale/JJ prices/NNS in/IN the/DT first/JJ 10/CD days/NNS of/IN October/NNP fell/VBD 0.3/CD %/NN from/IN the/DT previous/JJ 10/CD days/NNS but/CC rose/VBD 3.3/CD %/NN from/IN a/DT year/NN ago/RB ,/, the/DT Bank/NNP of/IN Japan/NNP said/VBD ./. ###/### The/DT wholesale/JJ price/NN index/NN stood/VBD at/IN 89.6/CD -LRB-/-LRB- 1985/CD equals/VBZ 100/CD -RRB-/-RRB- ./. ###/### A/DT former/JJ Sperry/NNP Corp./NNP marketing/VBG executive/NN ,/, admitting/VBG his/PRP$ role/NN in/IN the/DT Pentagon/NNP procurement/JJ scandal/NN ,/, pleaded/VBD guilty/JJ to/TO bribery/NN and/CC conspiracy/NN charges/NNS for/IN helping/VBG funnel/VB $/$ 400,000/CD to/TO a/DT midlevel/JJ Navy/NNP acquisition/NN official/NN during/IN the/DT early/JJ 1980s/NNS ./. ###/### Frank/NNP Lavelle/NNP ,/, who/WP at/IN the/DT time/NN was/VBD the/DT marketing/VBG director/NN for/IN Sperry/NNP in/IN Clearwater/NNP ,/, Fla./NNP ,/, admitted/VBD participating/VBG in/IN a/DT scheme/NN to/TO bribe/VB Garland/NNP Tomlin/NNP ,/, the/DT Navy/NNP official/NN ./. ###/### Mr./NNP Tomlin/NNP ,/, who/WP left/VBD the/DT Navy/NNP in/IN 1985/CD ,/, pleaded/VBD guilty/RB earlier/RBR this/DT year/NN to/TO related/JJ conspiracy/NN ,/, bribery/NN and/CC tax-evasion/NN charges/NNS ./. ###/### The/DT bribery/NN scheme/NN took/VBD place/NN between/IN 1982/CD and/CC 1985/CD ,/, according/VBG to/TO documents/NNS filed/VBN by/IN prosecutors/NNS in/IN connection/NN with/IN Mr./NNP Lavelle/NNP 's/POS guilty/JJ plea/NN in/IN federal/JJ district/NN court/NN in/IN Alexandria/NNP ,/, Va/NNP ./. ###/### Sperry/NNP merged/VBD with/IN Burroughs/NNP Corp./NNP to/TO become/VB Unisys/NNP Corp./NNP in/IN late/JJ 1986/CD ./. ###/### Court/NN documents/NNS filed/VBN by/IN prosecutors/NNS indicate/VBP Mr./NNP Tomlin/NNP tried/VBD to/TO steer/VB to/TO Sperry/NNP a/DT multimillion/JJ dollar/NN contract/NN to/TO computerize/VB maintenance/NN of/IN certain/JJ Navy/NNP electronics/NNS equiment/NN ./. ###/### Mr./NNP Tomlin/NNP ,/, among/IN other/JJ things/NNS ,/, illegally/RB provided/VBD Mr./NNP Lavelle/NNP with/IN inside/JJ information/NN and/CC documents/NNS intended/VBN to/TO give/VB Sperry/NNP an/DT unfair/JJ advantage/NN in/IN the/DT competition/NN ,/, the/DT documents/NNS said/VBD ./. ###/### Sperry/NNP ultimately/RB was/VBD eliminated/VBN from/IN the/DT competition/NN without/IN receiving/VBG the/DT work/NN ./. ###/### Documents/NNS filed/VBN by/IN prosecutors/NNS also/RB indicate/VBP that/IN Mr./NNP Lavelle/NNP and/CC his/PRP$ fellow/JJ conspirators/NNS requested/VBD and/CC obtained/VBD ``/`` approval/NN of/IN the/DT scheme/NN ''/'' from/IN more-senior/JJR Sperry/NNP officials/NNS ``/`` because/IN the/DT payment/NN which/WDT -LCB-/-LRB- Mr/NNP ./. -RCB-/-RRB- Tomlin/NNP requested/VBD was/VBD so/RB large/JJ ./. ''/'' ###/### Charles/NNP Gardner/NNP ,/, a/DT former/JJ Unisys/NNP vice/NN president/NN ,/, and/CC James/NNP Neal/NNP ,/, a/DT former/JJ company/NN consultant/NN ,/, have/VBP admitted/VBN participating/VBG in/IN this/DT and/CC other/JJ bribery/NN schemes/NNS ./. ###/### Unisys/NNP has/VBZ said/VBN that/IN all/DT of/IN the/DT company/NN officials/NNS who/WP participated/VBD in/IN improper/JJ activities/NNS have/VBP left/VBN the/DT company/NN ./. ###/### Mr./NNP Lavelle/NNP faces/VBZ a/DT maximum/NN of/IN 20/CD years/NNS in/IN jail/NN and/CC a/DT $/$ 500,000/CD fine/NN ./. ###/### The/DT New/NNP York/NNP Stock/NNP Exchange/NNP said/VBD a/DT seat/NN was/VBD sold/VBN for/IN $/$ 500,000/CD ,/, unchanged/JJ from/IN the/DT sale/NN Thursday/NNP ./. ###/### Seats/NNS are/VBP quoted/VBN at/IN $/$ 430,000/CD bid/NN and/CC $/$ 525,000/CD asked/VBN ./. ###/### Bureaucrats/NNS may/MD deserve/VB their/PRP$ bad/JJ reputation/NN ,/, after/IN all/DT ./. ###/### Matthew/NNP Lesko/NNP ,/, something/NN of/IN a/DT professional/JJ defender/NN of/IN government/NN ,/, thought/VBD he/PRP had/VBD a/DT sure-fire/JJ winner/NN last/JJ summer/NN when/WRB he/PRP offered/VBD $/$ 5,000/CD for/IN the/DT best/JJS ``/`` verifiable/JJ story/NN of/IN 250/CD words/NNS or/CC less/JJR about/IN how/WRB a/DT government/NN bureaucrat/NN helped/VBD you/PRP ./. ''/'' ###/### He/PRP sent/VBD out/RP thousands/NNS of/IN news/NN releases/NNS from/IN his/PRP$ Kensington/NNP ,/, Md./NNP ,/, office/NN ./. ###/### He/PRP plugged/VBD the/DT contest/NN on/IN Larry/NNP King/NNP 's/POS radio/NN show/NN ,/, on/IN Pat/NNP Sajak/NNP 's/POS television/NN show/NN and/CC on/IN the/DT C-SPAN/NNP cable/NN television/NN network/NN ./. ###/### He/PRP talked/VBD about/IN it/PRP in/IN every/DT speech/NN he/PRP made/VBD as/IN he/PRP roamed/VBD the/DT country/NN promoting/VBG his/PRP$ books/NNS ,/, which/WDT dispense/VBP handy/JJ how-to/JJ advice/NN on/IN using/VBG government/NN information/NN for/IN fun/NN and/CC profit/NN ./. ###/### Mr./NNP Lesko/NNP figured/VBD he/PRP would/MD be/VB flooded/VBN with/IN entries/NNS by/IN now/RB ./. ###/### After/IN all/DT ,/, he/PRP says/VBZ ,/, ``/`` we/PRP 've/VBP got/VBN like/IN 15/CD million/CD bureaucrats/NNS ./. ''/'' ###/### And/CC in/IN addition/NN to/TO the/DT $/$ 5,000/CD ,/, he/PRP has/VBZ promised/VBN the/DT winner/NN a/DT ``/`` My/PRP$ Favorite/JJ Bureaucrat/NN ''/'' plaque/NN and/CC offered/VBD each/DT of/IN two/CD runners-up/NNS $/$ 500/CD ./. ###/### So/RB far/RB ,/, though/RB ,/, Mr./NNP Lesko/NNP has/VBZ received/VBN only/RB one/CD entry/NN ./. ###/### To/TO make/VB matters/NNS worse/RBR ,/, the/DT lone/JJ nomination/NN came/VBD from/IN another/DT bureaucrat/NN :/: A/DT woman/NN from/IN the/DT New/NNP York/NNP State/NNP Department/NNP of/IN Taxation/NNP and/CC Finance/NNP who/WP nominated/VBD her/PRP$ boss/NN ./. ###/### Mr./NNP Lesko/NNP ,/, who/WP is/VBZ making/VBG the/DT rules/NNS as/IN he/PRP goes/VBZ ,/, has/VBZ determined/VBN that/IN bureaucrats/NNS are/VBP eligible/JJ for/IN nomination/NN by/IN other/JJ bureaucrats/NNS ./. ###/### But/CC he/PRP says/VBZ he/PRP would/MD prefer/VB to/TO get/VB nominations/NNS from/IN rank-and-file/JJ folks/NNS ./. ###/### He/PRP admits/VBZ that/IN he/PRP has/VBZ n't/RB had/VBN much/JJ luck/NN generating/VBG free/JJ publicity/NN for/IN his/PRP$ contest/NN ./. ###/### Newspapers/NNS ,/, including/VBG this/DT one/CD ,/, have/VBP generally/RB ignored/VBN his/PRP$ news/NN releases/NNS ./. ###/### Talk/NN show/NN hosts/NNS quickly/RB change/VBP the/DT topic/NN ./. ###/### But/CC Mr./NNP Lesko/NNP 's/POS staff/NN is/VBZ beginning/VBG to/TO wonder/VB whether/IN there/EX is/VBZ n't/RB some/DT larger/JJR phenomenon/NN foiling/VBG the/DT contest/NN ./. ###/### ``/`` Is/VBZ the/DT government/NN not/RB helping/VBG anybody/NN ?/. ''/'' asks/VBZ Toni/NNP Murray/NNP ,/, an/DT assistant/NN to/TO Mr./NNP Lesko/NNP ./. ###/### Mr./NNP Lesko/NNP himself/PRP is/VBZ n't/RB yet/RB prepared/JJ to/TO accept/VB that/DT explanation/NN ./. ###/### ``/`` People/NNS hate/VBP to/TO write/VB ,/, ''/'' he/PRP says/VBZ ./. ###/### ``/`` Maybe/RB people/NNS do/VBP n't/RB believe/VB I/PRP want/VBP to/TO give/VB this/DT money/NN away/RB ./. ''/'' ###/### Maybe/RB Americans/NNPS are/VBP just/RB so/RB annoyed/JJ with/IN government/NN that/IN they/PRP are/VBP n't/RB interested/JJ in/IN admitting/VBG that/IN bureaucrats/NNS come/VBP in/IN handy/JJ once/RB in/IN a/DT while/NN ./. ###/### If/IN he/PRP sponsored/VBD a/DT contest/NN on/IN how/WRB a/DT bureaucrat/NN mishandled/VBD something/NN ,/, Mr./NNP Lesko/NNP admits/VBZ ,/, ``/`` I/PRP 'd/MD get/VB 5,000/CD entries/NNS ./. ''/'' ###/### Now/RB there/EX 's/VBZ an/DT idea/NN ./. ###/### Ford/NNP Motor/NNP Co./NNP and/CC Saab-Scania/NNP AB/NNP of/IN Sweden/NNP broke/VBD off/RP talks/NNS about/IN a/DT possible/JJ alliance/NN after/IN Ford/NNP officials/NNS 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 ./. ###/### With/IN the/DT collapse/NN of/IN the/DT talks/NNS Friday/NNP ,/, European/JJ analysts/NNS expect/VBP Ford/NNP to/TO intensify/VB its/PRP$ pursuit/NN of/IN British/JJ luxury/NN car/NN maker/NN Jaguar/NNP PLC/NNP ,/, which/WDT is/VBZ scrambling/VBG to/TO fend/VB off/RP a/DT hostile/JJ Ford/NNP bid/NN by/IN negotiating/VBG a/DT friendly/JJ alliance/NN with/IN Ford/NNP 's/POS archrival/NN ,/, General/NNP Motors/NNPS Corp/NNP ./. ###/### Saab/NNP ,/, meanwhile/RB ,/, is/VBZ left/VBN to/TO continue/VB its/PRP$ search/NN for/IN an/DT ally/NN to/TO shore/NN up/RP its/PRP$ sagging/VBG car/NN business/NN ./. ###/### Saab/NNP said/VBD last/JJ week/NN it/PRP ``/`` has/VBZ had/VBN and/CC will/MD continue/VB to/TO have/VB contacts/NNS with/IN other/JJ manufacturers/NNS ./. ''/'' ###/### Among/IN the/DT possible/JJ suitors/NNS is/VBZ Italy/NNP 's/POS Fiat/NNP S.p/NNP ./. A/NNP ,/, analysts/NNS said/VBD last/JJ week/NN ./. ###/### Ford/NNP and/CC Saab/NNP officials/NNS declined/VBD to/TO elaborate/VB publicly/RB on/IN the/DT announcement/NN Friday/NNP that/IN their/PRP$ negotiations/NNS failed/VBD to/TO yield/VB an/DT agreement/NN ``/`` that/WDT could/MD make/VB long-term/JJ business/NN sense/NN to/TO both/DT parties/NNS ./. ''/'' ###/### Individuals/NNS close/JJ to/TO the/DT Ford/NNP side/NN of/IN the/DT negotiations/NNS said/VBD late/RB last/JJ week/NN that/IN the/DT No./NN 2/CD U.S./NNP auto/NN maker/NN lost/VBD interest/NN as/IN it/PRP became/VBD clear/JJ that/IN the/DT Swedish/JJ auto/NN maker/NN 's/POS automotive/JJ operations/NNS had/VBD little/JJ to/TO offer/VB in/IN the/DT way/NN of/IN image/NN or/CC technology/NN ./. ###/### Ford/NNP originally/RB had/VBD seen/VBN a/DT Saab/NNP alliance/NN as/IN a/DT way/NN to/TO expand/VB its/PRP$ presence/NN in/IN the/DT European/JJ and/CC U.S./NNP luxury/NN car/NN markets/NNS ./. ###/### In/IN addition/NN ,/, Ford/NNP and/CC Saab/NNP had/VBD discussed/VBN a/DT possible/JJ link/NN between/IN their/PRP$ heavy/JJ truck/NN operations/NNS ./. ###/### But/CC the/DT talks/NNS on/IN a/DT heavy/JJ truck/NN alliance/NN apparently/RB did/VBD n't/RB go/VB far/RB ./. ###/### Some/DT European/JJ analysts/NNS speculated/VBD that/IN officials/NNS of/IN Saab/NNP 's/POS highly/RB profitable/JJ Scania/NNP truck/NN operation/NN balked/VBD at/IN surrendering/VBG any/DT of/IN their/PRP$ autonomy/NN ./. ###/### Meanwhile/RB ,/, Ford/NNP officials/NNS became/VBD convinced/JJ they/PRP could/MD n't/RB expect/VB to/TO recover/VB the/DT investment/NN it/PRP would/MD require/VB to/TO make/VB Saab/NNP 's/POS cars/NNS competitive/JJ in/IN the/DT increasingly/RB crowded/JJ luxury/NN market/NN ./. ###/### Saab/NNP 's/POS problems/NNS were/VBD underscored/VBN Friday/NNP when/WRB the/DT company/NN announced/VBD that/DT its/PRP$ car/NN division/NN had/VBD a/DT 1.2/CD billion/CD kronor/NNS -LRB-/-LRB- $/$ 186.1/CD million/CD -RRB-/-RRB- loss/NN during/IN the/DT first/JJ eight/CD months/NNS of/IN this/DT year/NN ,/, slightly/RB worse/JJR than/IN Saab-Scania/NNP had/VBD forecast/VBN in/IN its/PRP$ first-half/JJ report/NN last/JJ month/NN ./. ###/### Overall/RB ,/, Saab-Scania/NNP 's/POS pretax/JJ profit/NN during/IN the/DT first/JJ eight/CD months/NNS of/IN the/DT year/NN plunged/VBD 48.9/CD %/NN to/TO 1/CD billion/CD Swedish/JJ kronor/NNS -LRB-/-LRB- $/$ 155.1/CD million/CD -RRB-/-RRB- from/IN 1.96/CD billion/CD kronor/NNS -LRB-/-LRB- $/$ 303.9/CD million/CD -RRB-/-RRB- a/DT year/NN earlier/RB ./. ###/### Industry/NN analysts/NNS in/IN Europe/NNP said/VBD the/DT most/RBS likely/JJ suitor/NN for/IN Saab/NNP now/RB is/VBZ Fiat/NNP ./. ###/### Saab/NNP and/CC Fiat/NNP have/VBP worked/VBN together/RB in/IN the/DT past/NN ,/, in/IN one/CD case/NN developing/VBG jointly/RB a/DT new/JJ auto/NN chassis/NN that/WDT became/VBD the/DT foundation/NN of/IN Saab/NNP 's/POS 9000/CD model/NN ,/, Fiat/NNP 's/POS Croma/NNP and/CC Lancia/NNP 's/POS Thema/NNP ./. ###/### Last/JJ month/NN ,/, Saab-Scania/NNP Chief/NNP Executive/NNP Georg/NNP Karnsund/NNP said/VBD his/PRP$ company/NN has/VBZ had/VBN talks/NNS with/IN Fiat/NNP about/IN a/DT broader/JJR alliance/NN ./. ###/### But/CC the/DT talks/NNS yielded/VBD ``/`` nothing/NN so/RB advanced/JJ that/IN we/PRP needed/VBD to/TO make/VB a/DT public/JJ announcement/NN about/IN it/PRP ,/, ''/'' he/PRP said/VBD ./. ###/### As/IN for/IN Ford/NNP ,/, analysts/NNS expect/VBP the/DT end/NN of/IN the/DT Saab/NNP play/NN will/MD allow/VB the/DT U.S./NNP auto/NN maker/NN to/TO focus/VB its/PRP$ resources/NNS on/IN the/DT intensifying/VBG struggle/NN with/IN GM/NNP for/IN a/DT stake/NN in/IN Jaguar/NNP ./. ###/### The/DT failure/NN of/IN the/DT Saab/NNP talks/NNS ``/`` makes/VBZ it/PRP even/RB more/RBR crucial/JJ for/IN -LCB-/-LRB- Ford/NNP -RCB-/-RRB- to/TO be/VB victorious/JJ ''/'' in/IN the/DT Jaguar/NNP contest/NN ,/, said/VBD Stephen/NNP Reitman/NNP ,/, European/JJ auto/NN industry/NN analyst/NN at/IN UBS-Phillips/NNP &/CC Drew/NNP in/IN London/NNP ./. ###/### Ford/NNP faces/VBZ an/DT uphill/JJ fight/NN for/IN Jaguar/NNP ,/, however/RB ./. ###/### Jaguar/NNP executives/NNS said/VBD last/JJ week/NN they/PRP expect/VBP to/TO have/VB a/DT friendly/JJ alliance/NN with/IN GM/NNP wrapped/VBD up/RB by/IN the/DT end/NN of/IN the/DT month/NN ./. ###/### GM/NNP ,/, meanwhile/RB ,/, is/VBZ hosting/VBG a/DT delegation/NN of/IN members/NNS of/IN the/DT British/NNP Parliament/NNP who/WP are/VBP touring/VBG the/DT auto/NN maker/NN 's/POS headquarter/JJ operations/NNS in/IN Detroit/NNP ./. ###/### A/DT GM/NNP spokesman/NN said/VBD the/DT visit/NN is/VBZ n't/RB connected/JJ to/TO the/DT Jaguar/NNP situation/NN ./. ###/### But/CC Ford/NNP clearly/RB views/VBZ Jaguar/NNP as/IN a/DT prize/NN worth/JJ fighting/VBG for/IN ,/, since/IN the/DT company/NN 's/POS gilded/JJ brand/NN image/NN would/MD give/VB Ford/NNP a/DT badly/RB needed/JJ leg/NN up/RB in/IN the/DT high/JJ end/NN of/IN the/DT luxury/NN markets/NNS in/IN both/DT Europe/NNP and/CC the/DT U.S/NNP ./. ###/### Last/JJ week/NN ,/, Ford/NNP encountered/VBD a/DT setback/NN in/IN its/PRP$ effort/NN to/TO broaden/VB its/PRP$ U.S./NNP luxury/NN offerings/NNS when/WRB it/PRP was/VBD forced/VBN to/TO abandon/VB a/DT four-year-old/JJ effort/NN to/TO market/VB its/PRP$ German-built/JJ Scorpio/NNP sedan/NN in/IN the/DT U.S./NNP as/IN a/DT luxury/NN import/NN under/IN the/DT Merkur/NNP brand/NN name/NN ./. ###/### So/RB despite/IN the/DT GM-Jaguar/JJ romance/NN ,/, analysts/NNS say/VBP Ford/NNP by/IN last/JJ Friday/NNP had/VBD boosted/VBN its/PRP$ Jaguar/NNP holding/NN to/TO about/IN 11/CD %/NN of/IN the/DT luxury/NN auto/NN maker/NN 's/POS shares/NNS outstanding/JJ from/IN 10.4/CD %/NN early/RB last/JJ week/NN ./. ###/### About/IN 5.4/CD million/CD Jaguar/NNP shares/NNS changed/VBD hands/NNS in/IN active/JJ trading/NN on/IN London/NNP 's/POS stock/NN exchange/NN Friday/NNP ,/, and/CC Jaguar/NNP shares/NNS moved/VBD up/RP 19/CD pence/NN to/TO 696/CD pence/NN -LRB-/-LRB- $/$ 11/CD -RRB-/-RRB- ./. ###/### On/IN the/DT U.S./NNP over-the-counter/JJ market/NN ,/, Jaguar/NNP 's/POS American/JJ depositary/NN receipts/NNS rose/VBD 12.5/CD cents/NNS to/TO $/$ 11.125/CD ./. ###/### Joann/NNP S./NNP Lublin/NNP contributed/VBD to/TO this/DT article/NN ./. ###/### The/DT Dallas/NNP Cowboys/NNPS are/VBP looking/VBG at/IN a/DT long-yardage/JJ situation/NN ,/, struggling/VBG to/TO pull/VB ahead/RB of/IN the/DT Atlanta/NNP Falcons/NNPS ./. ###/### Up/IN in/IN his/PRP$ stadium/NN box/NN ,/, their/PRP$ new/JJ and/CC controversial/JJ owner/NN ,/, Jerral/NNP ``/`` Jerry/NNP ''/'' Jones/NNP ,/, watches/VBZ anxiously/RB as/IN the/DT team/NN bounds/VBZ up/IN to/TO the/DT scrimmage/NN line/NN ./. ###/### Mr./NNP Jones/NNP takes/VBZ heart/RB ./. ###/### There/RB in/IN the/DT center/NN of/IN the/DT pack/NN is/VBZ quarterback/NN Troy/NNP Aikman/NNP ,/, the/DT key/NN to/TO the/DT Cowboys/NNPS '/POS comeback/NN strategy/NN ./. ###/### So/RB key/JJ ,/, in/IN fact/NN ,/, that/IN Mr./NNP Jones/NNP signed/VBD him/PRP in/IN April/NNP for/IN $/$ 11.4/CD million/CD over/IN the/DT next/JJ six/CD years/NNS --/: a/DT record/NN for/IN a/DT rookie/NN ./. ###/### ``/`` He/PRP 's/VBZ a/DT genuine/JJ Wheaties-box/JJ athlete/NN ,/, ''/'' gushes/VBZ Mr./NNP Jones/NNP ./. ###/### With/IN three/CD minutes/NNS left/VBN on/IN the/DT clock/NN ,/, Mr./NNP Aikman/NNP takes/VBZ the/DT snap/NN ,/, steps/VBZ back/RB and/CC fires/VBZ a/DT 21-yard/JJ pass/NN --/: straight/RB into/IN the/DT hands/NNS of/IN an/DT Atlanta/NNP defensive/JJ back/NN ./. ###/### The/DT crowd/NN groans/VBZ ,/, Mr./NNP Jones/NNP shakes/VBZ his/PRP$ head/NN ,/, the/DT Cowboys/NNPS lose/VBP the/DT game/NN ./. ###/### A/DT few/JJ days/NNS after/IN that/DT Sept./NNP 17/CD game/NN ,/, Mr./NNP Aikman/NNP broke/VBD a/DT finger/NN ,/, sidelining/VBG him/PRP for/IN weeks/NNS ./. ###/### Ah/UH ,/, the/DT glamour/NN of/IN professional/JJ sports/NNS ./. ###/### For/IN Mr./NNP Jones/NNP ,/, losing/VBG his/PRP$ quarterback/NN temporarily/RB was/VBD just/RB the/DT latest/JJS in/IN a/DT string/NN of/IN setbacks/NNS that/WDT has/VBZ beset/VBN the/DT Dallas/NNP Cowboys/NNPS --/: and/CC ,/, this/DT year/NN ,/, much/JJ of/IN the/DT National/NNP Football/NNP League/NNP ./. ###/### Once/RB fat/JJ and/CC happy/JJ ,/, the/DT Cowboys/NNPS now/RB are/VBP losing/VBG games/NNS ,/, fans/NNS and/CC money/NN ./. ###/### Last/JJ year/NN ,/, the/DT team/NN ended/VBN up/RB $/$ 2/CD million/CD in/IN the/DT red/NN on/IN $/$ 30/CD million/CD in/IN revenue/NN ./. ###/### It/PRP has/VBZ some/DT of/IN the/DT highest/JJS costs/NNS in/IN the/DT league/NN ./. ###/### Its/PRP$ attendance/NN is/VBZ off/IN 23/CD %/NN from/IN six/CD years/NNS ago/RB ./. ###/### At/IN the/DT very/RB least/JJS ,/, Mr./NNP Jones/NNP ,/, who/WP cultivates/VBZ the/DT society/NN circuit/NN as/RB eagerly/RB as/IN his/PRP$ bench/NN ,/, can/MD take/VB comfort/NN in/IN one/CD fact/NN :/: These/DT days/NNS ,/, he/PRP is/VBZ n't/RB alone/RB ./. ###/### Nearly/RB half/PDT the/DT owners/NNS of/IN the/DT 28/CD National/NNP Football/NNP League/NNP teams/NNS are/VBP losing/VBG money/NN ,/, the/DT result/NN of/IN flat/JJ attendance/NN ,/, aging/VBG stadiums/NNS and/CC --/: more/JJR than/IN anything/NN --/: skyrocketing/VBG salaries/NNS for/IN star/NN players/NNS like/IN Mr./NNP Aikman/NNP ./. ###/### Last/JJ year/NN ,/, the/DT top/JJ 12/CD players/NNS on/IN each/DT NFL/NNP team/NN took/VBD home/RB an/DT average/NN $/$ 536,000/CD ,/, a/DT figure/NN comparable/JJ to/TO baseball/NN and/CC higher/JJR than/IN in/IN basketball/NN ./. ###/### First-round/JJ draft/NN picks/NNS have/VBP done/VBN even/RB better/RB :/: Average/JJ salaries/NNS and/CC bonuses/NNS for/IN them/PRP rose/VBD to/TO $/$ 685,000/CD this/DT year/NN ,/, up/RB 44/CD %/NN from/IN 1987/CD ./. ###/### ``/`` It/PRP 's/VBZ a/DT vicious/JJ circle/NN ,/, ''/'' says/VBZ Art/NNP Modell/NNP ,/, owner/NN of/IN the/DT Cleveland/NNP Browns/NNPS ./. ###/### ``/`` One/CD team/NN pays/VBZ so/RB much/JJ and/CC the/DT other/JJ pays/VBZ more/JJR ./. ###/### We/PRP just/RB do/VBP n't/RB have/VB that/DT kind/NN of/IN income/NN stream/NN ./. ''/'' ###/### All/PDT this/DT is/VBZ causing/VBG convulsions/NNS in/IN professional/JJ football/NN ./. ###/### Owners/NNS ,/, largely/RB complacent/JJ in/IN the/DT past/NN ,/, are/VBP now/RB almost/RB desperately/RB looking/VBG for/IN ways/NNS to/TO lower/VB costs/NNS and/CC raise/VB revenue/NN --/: embracing/VBG some/DT revolutionary/JJ ideas/NNS in/IN the/DT process/NN ./. ###/### Though/IN not/RB intentionally/RB ,/, the/DT Cowboys/NNPS '/POS Mr./NNP Jones/NNP has/VBZ come/VBN to/TO represent/VB this/DT new/JJ breed/NN of/IN owner/NN ./. ###/### Shortly/RB after/IN buying/VBG 66/CD %/NN of/IN the/DT team/NN from/IN H.R./NNP ``/`` Bum/NNP ''/'' Bright/NNP for/IN $/$ 145/CD million/CD ,/, and/CC mindful/JJ of/IN the/DT Cowboys/NNPS '/POS ragged/JJ bottom/JJ line/NN ,/, the/DT 47-year-old/JJ Mr./NNP Jones/NNP set/VBD about/IN his/PRP$ own/JJ round/NN of/IN team/NN cuts/NNS ./. ###/### First/RB ,/, he/PRP unceremoniously/RB sacked/VBD Tom/NNP Landry/NNP ,/, the/DT legendary/JJ coach/NN who/WP took/VBD the/DT Cowboys/NNPS to/TO five/CD Super/NNP Bowls/NNP and/CC 20/CD consecutive/JJ winning/JJ seasons/NNS ./. ###/### In/IN Dallas/NNP ,/, Mr./NNP Landry/NNP has/VBZ a/DT standing/NN just/RB shy/JJ of/IN sainthood/NN ./. ###/### Anti-Jones/JJ sentiment/NN flooded/VBD the/DT local/JJ press/NN :/: ``/`` A/DT crude/JJ obnoxious/JJ hick/NN ,/, ''/'' said/VBD one/CD writer/NN ;/: ``/`` a/DT real/JJ oink/UH ,/, ''/'' said/VBD another/DT ;/: ``/`` Who/WP in/IN the/DT hell/NN does/VBZ he/PRP think/VB he/PRP is/VBZ ?/. ''/'' wrote/VBD a/DT third/JJ ./. ###/### For/IN Mr./NNP Jones/NNP ,/, it/PRP was/VBD just/RB the/DT beginning/NN ./. ###/### He/PRP quickly/RB cut/VBD the/DT team/NN 's/POS bloated/JJ administrative/JJ staff/NN by/IN half/NN ,/, shut/VBD down/RP a/DT Cowboys-owned/JJ dance/NN academy/NN and/CC ,/, in/IN July/NNP ,/, announced/VBD plans/NNS to/TO sell/VB Valley/NNP Ranch/NNP ,/, the/DT team/NN 's/POS 30-acre/JJ practice/NN camp/NN and/CC the/DT most/RBS lavish/JJ training/NN facility/NN in/IN the/DT NFL/NNP ./. ###/### Mr./NNP Jones/NNP calls/VBZ the/DT ranch/NN ``/`` the/DT Pentagon/NNP of/IN Sportdom/NN ./. ''/'' ###/### It/PRP is/VBZ a/DT maze/NN of/IN halls/NNS that/WDT connects/VBZ film/NN rooms/NNS ,/, elaborate/JJ spas/NNS and/CC weight-training/NN centers/NNS that/WDT testify/VBP to/TO a/DT richer/JJR ,/, more/RBR free-spending/JJ era/NN ./. ###/### He/PRP likes/VBZ to/TO tell/VB the/DT yarn/NN of/IN how/WRB he/PRP got/VBD lost/VBN on/IN the/DT expansive/JJ ranch/NN during/IN an/DT early/JJ visit/NN ,/, took/VBD refuge/NN in/IN an/DT office/NN and/CC called/VBD the/DT front/JJ desk/NN for/IN help/NN ./. ###/### ``/`` I/PRP said/VBD ,/, `/`` Somebody/NN come/VB get/VB me/PRP ./. ###/### I/PRP 'm/VBP at/IN extension/NN 29/CD ./. '/'' ''/'' ###/### With/IN a/DT new/JJ day/NN dawning/VBG on/IN the/DT sport/NN ,/, Mr./NNP Jones/NNP does/VBZ n't/RB see/VB a/DT place/NN for/IN this/DT sort/NN of/IN luxury/NN ./. ###/### ``/`` It/PRP 's/VBZ just/RB not/RB cost/NN efficient/JJ ,/, ''/'' he/PRP says/VBZ ./. ###/### The/DT place/NN costs/VBZ nearly/RB $/$ 2/CD million/CD a/DT year/NN to/TO maintain/VB ./. ###/### When/WRB he/PRP sells/VBZ it/PRP ,/, he/PRP says/VBZ ,/, the/DT Cowboys/NNPS will/MD move/VB to/TO a/DT more/RBR practical/JJ --/: read/VB affordable/JJ --/: grass/NN practice/NN field/NN near/IN Texas/NNP Stadium/NNP ./. ###/### And/CC as/IN for/IN Tom/NNP Landry/NNP ,/, well/UH ,/, in/IN Mr./NNP Jones/NNP 's/POS mind/NN ,/, he/PRP had/VBD played/VBN out/RP his/PRP$ winning/VBG years/NNS ./. ###/### After/IN posting/VBG losing/JJ seasons/NNS in/IN each/DT of/IN the/DT last/JJ three/CD years/NNS ,/, the/DT Cowboys/NNS needed/VBD a/DT change/NN ,/, he/PRP says/VBZ ./. ###/### Football/NN has/VBZ long/RB been/VBN Mr./NNP Jones/NNP 's/POS passion/NN ,/, both/DT on/IN and/CC off/IN the/DT field/NN ./. ###/### An/DT Arkansas/NNP native/NN ,/, he/PRP started/VBD at/IN guard/NN on/IN the/DT undefeated/JJ 1964/CD University/NNP of/IN Arkansas/NNP team/NN that/WDT won/VBD a/DT national/JJ championship/NN ./. ###/### After/IN college/NN ,/, he/PRP worked/VBD at/IN his/PRP$ father/NN 's/POS insurance/NN company/NN in/IN Little/NNP Rock/NNP ,/, and/CC in/IN 1966/CD led/VBD an/DT aborted/JJ attempt/NN to/TO buy/VB the/DT San/NNP Diego/NNP Chargers/NNPS ./. ###/### Years/NNS later/RB ,/, with/IN cash/NN from/IN the/DT sale/NN of/IN the/DT insurance/NN company/NN ,/, he/PRP founded/VBD Arkoma/NNP Production/NNP Corp./NNP ,/, an/DT oil/NN and/CC gas/NN exploration/NN company/NN based/VBN in/IN Little/NNP Rock/NNP ./. ###/### So/RB it/PRP was/VBD n't/RB surprising/JJ that/IN Mr./NNP Jones/NNP returned/VBD to/TO his/PRP$ Arkansas/NNP roots/NNS when/WRB he/PRP went/VBD looking/VBG for/IN a/DT replacement/NN for/IN Mr./NNP Landry/NNP ./. ###/### He/PRP tapped/VBD Jimmy/NNP Johnson/NNP ,/, a/DT teammate/NN on/IN the/DT 1964/CD University/NNP of/IN Arkansas/NNP squad/NN and/CC the/DT head/NN coach/NN at/IN the/DT University/NNP of/IN Miami/NNP ,/, where/WRB he/PRP led/VBD the/DT Hurricanes/NNPS to/TO five/CD winning/JJ seasons/NNS and/CC a/DT national/JJ championship/NN in/IN 1987/CD ./. ###/### Whatever/WDT Mr./NNP Johnson/NNP 's/POS talents/NNS ,/, in/IN the/DT hearts/NNS and/CC minds/NNS of/IN many/JJ Dallas/NNP fans/NNS ,/, he/PRP is/VBZ no/DT Tom/NNP Landry/NNP ./. ###/### Seven/CD games/NNS -LRB-/-LRB- and/CC ,/, after/IN a/DT loss/NN to/TO the/DT Kansas/NNP City/NNP Chiefs/NNPS yesterday/NN ,/, seven/CD losses/NNS -RRB-/-RRB- into/IN the/DT season/NN ,/, the/DT ``/`` new/JJ ''/'' Cowboys/NNPS are/VBP n't/RB doing/VBG any/RB better/RBR than/IN the/DT old/JJ ./. ###/### In/IN fact/NN ,/, the/DT last/JJ time/NN they/PRP played/VBD this/DT badly/RB was/VBD in/IN 1960/CD ,/, their/PRP$ opening/JJ season/NN ./. ###/### Average/NN attendance/NN at/IN their/PRP$ games/NNS ,/, about/IN 49,000/CD last/JJ year/NN ,/, continues/VBZ flat/JJ ./. ###/### Mr./NNP Jones/NNP is/VBZ attacking/VBG the/DT problem/NN on/IN several/JJ fronts/NNS ./. ###/### He/PRP continues/VBZ to/TO reshuffle/VB the/DT team/NN ,/, trading/VBG famed/JJ running/VBG back/NN Herschel/NNP Walker/NNP to/TO the/DT Minnesota/NNP Vikings/NNPS this/DT month/NN for/IN a/DT slew/NN of/IN players/NNS and/CC future/JJ draft/NN picks/NNS ./. ###/### To/TO try/VB to/TO draw/VB more/JJR fans/NNS ,/, he/PRP has/VBZ dropped/VBN end-zone/NN ticket/NN prices/NNS from/IN $/$ 25/CD to/TO $/$ 19/CD ./. ###/### But/CC the/DT general/JJ trend/NN ,/, given/VBN rising/VBG costs/NNS in/IN the/DT league/NN ,/, has/VBZ been/VBN to/TO raise/VB prices/NNS ,/, and/CC Mr./NNP Jones/NNP is/VBZ expected/VBN to/TO eventually/RB follow/VB suit/NN ./. ###/### ``/`` It/PRP 's/VBZ simple/JJ ,/, ''/'' says/VBZ Lamar/NNP Hunt/NNP ,/, who/WP owns/VBZ the/DT Kansas/NNP City/NNP Chiefs/NNPS and/CC last/JJ year/NN raised/VBD ticket/NN prices/NNS by/IN $/$ 2.40/CD to/TO an/DT average/JJ $/$ 17/CD ./. ###/### If/IN we/PRP did/VBD n't/RB increase/VB prices/NNS ,/, we/PRP 'd/MD be/VB in/IN the/DT red/NN ./. ''/'' ###/### Mr./NNP Jones/NNP has/VBZ also/RB beefed/VBN up/RP his/PRP$ marketing/VBG staff/NN to/TO sell/VB the/DT 118/CD luxury/NN suites/NNS topping/VBG Texas/NNP Stadium/NNP -LRB-/-LRB- his/PRP$ deal/NN with/IN Bum/NNP Bright/NNP included/VBD operating/NN rights/NNS for/IN the/DT stadium/NN -RRB-/-RRB- ./. ###/### The/DT suites/NNS are/VBP air-conditioned/JJ ,/, have/VBP wet/JJ bars/NNS and/CC plush/JJ seating/NN ,/, and/CC offer/VBP a/DT clear/JJ view/NN of/IN the/DT field/NN --/: all/DT for/IN a/DT sale/NN price/NN of/IN $/$ 475,000/CD to/TO $/$ 1/CD million/CD ,/, depending/VBG on/IN their/PRP$ size/NN and/CC location/NN ./. ###/### Mr./NNP Jones/NNP has/VBZ been/VBN taking/VBG prospective/JJ suite/NN owners/NNS onto/IN the/DT field/NN during/IN practice/NN to/TO let/VB them/PRP rub/VB elbows/NNS with/IN players/NNS ,/, and/CC promises/VBZ those/DT who/WP actually/RB buy/VBP one/CD of/IN the/DT rooms/NNS an/DT insider/NN 's/POS look/NN at/IN the/DT team/NN 's/POS strategy/NN before/IN game/NN time/NN ./. ###/### The/DT sales/NNS job/NN seems/VBZ to/TO be/VB paying/VBG off/RB :/: When/WRB he/PRP bought/VBD the/DT team/NN ,/, only/RB six/CD of/IN the/DT suites/NNS had/VBD been/VBN sold/VBN ./. ###/### Today/NN ,/, 30/CD have/VBP ./. ###/### Gate/NN receipts/NNS are/VBP only/RB the/DT Cowboys/NNPS '/POS second/JJ largest/JJS source/NN of/IN cash/NN ./. ###/### The/DT biggest/JJS is/VBZ the/DT NFL/NNP 's/POS contract/NN with/IN national/JJ television/NN for/IN broadcast/NN of/IN the/DT league/NN 's/POS games/NNS ./. ###/### Last/JJ year/NN ,/, the/DT Cowboys/NNP '/POS share/NN of/IN that/DT pie/NN came/VBD to/TO $/$ 17.6/CD million/CD ./. ###/### The/DT team/NN additionally/RB earns/VBZ between/IN $/$ 2/CD million/CD and/CC $/$ 4/CD million/CD for/IN local/JJ radio/NN and/CC television/NN broadcast/NN rights/NNS ./. ###/### Mr./NNP Jones/NNP is/VBZ currently/RB trying/VBG to/TO jack/VB up/RP the/DT price/NN for/IN those/DT local/JJ rights/NNS ./. ###/### He/PRP is/VBZ also/RB trying/VBG to/TO get/VB more/JJR stations/NNS in/IN Mexico/NNP ,/, where/WRB the/DT Cowboys/NNPS have/VBP a/DT following/NN ,/, to/TO pick/VB up/RP the/DT games/NNS ./. ###/### Mr./NNP Jones/NNP ,/, whose/WP$ twangy/JJ voice/NN and/CC folksy/JJ ways/NNS belie/VBP an/DT intense/JJ businessman/NN who/WP works/VBZ 16-hour/JJ days/NNS ,/, is/VBZ resigned/VBN to/TO the/DT hefty/JJ salaries/NNS he/PRP pays/VBZ his/PRP$ players/NNS these/DT days/NNS ./. ###/### He/PRP calls/VBZ the/DT contracts/NNS ``/`` critical/JJ to/TO winning/VBG in/IN the/DT NFL/NNP ''/'' and/CC has/VBZ played/VBN his/PRP$ part/NN in/IN the/DT bidding/NN wars/NNS ./. ###/### Besides/IN signing/VBG Mr./NNP Aikman/NNP to/TO a/DT sizable/JJ contract/NN ,/, Mr./NNP Jones/NNP has/VBZ agreed/VBN to/TO pay/VB rookie/NN quarterback/NN Steve/NNP Walsh/NNP $/$ 4.1/CD million/CD over/IN the/DT next/JJ four/CD years/NNS ./. ###/### This/DT wage/NN inflation/NN is/VBZ bleeding/VBG the/DT NFL/NNP dry/JJ ,/, the/DT owners/NNS contend/VBP ./. ###/### Soon/RB ,/, only/RB large/JJ corporations/NNS will/MD be/VB able/JJ to/TO afford/VB to/TO buy/VB and/CC run/VB football/NN teams/NNS ,/, predicts/VBZ John/NNP J./NNP Veatch/NNP Jr./NNP ,/, an/DT investment/NN banker/NN with/IN Salomon/NNP Brothers/NNPS who/WP handled/VBD the/DT Cowboys/NNPS sale/NN ./. ###/### To/TO tackle/VB the/DT problem/NN ,/, NFL/NNP owners/NNS have/VBP proposed/VBN setting/VBG a/DT rookie/NN wage/NN scale/NN to/TO try/VB to/TO rein/VB in/IN salaries/NNS ./. ###/### Details/NNS of/IN the/DT plan/NN ,/, which/WDT would/MD go/VB into/IN effect/NN in/IN 1993/CD ,/, are/VBP sketchy/JJ ,/, but/CC each/DT player/NN would/MD apparently/RB be/VB paid/VBN a/DT base/JJ salary/NN keyed/VBN to/TO his/PRP$ position/NN and/CC ability/NN ./. ###/### Bonuses/NNS would/MD be/VB paid/VBN based/VBN on/IN playing/NN time/NN and/CC performance/NN ./. ###/### The/DT NFL/NNP Players/NNPS Association/NNP ,/, meanwhile/RB ,/, contends/VBZ that/IN athletes/NNS are/VBP paid/VBN a/DT wage/NN commensurate/JJ with/IN their/PRP$ ability/NN to/TO draw/VB fans/NNS ,/, and/CC that/IN some/DT owners/NNS are/VBP in/IN financial/JJ trouble/NN because/IN of/IN poor/JJ business/NN management/NN ,/, not/RB players/NNS '/POS salaries/NNS ./. ###/### The/DT owners/NNS are/VBP trying/VBG to/TO boost/VB profit/NN in/IN other/JJ ways/NNS ,/, too/RB ./. ###/### Many/JJ have/VBP launched/VBN promotions/NNS to/TO attract/VB new/JJ fans/NNS and/CC are/VBP renegotiating/VBG dated/JJ stadium/NN contracts/NNS ./. ###/### Most/JJS of/IN the/DT owners/NNS must/MD pay/VB up/IN to/TO 10/CD %/NN of/IN gross/JJ ticket/NN sales/NNS for/IN leases/NNS on/IN stadiums/NNS they/PRP say/VBP are/VBP either/RB too/RB small/JJ or/CC too/RB old/JJ ./. ###/### In/IN Chicago/NNP ,/, for/IN example/NN ,/, size/NN is/VBZ the/DT issue/NN ./. ###/### ``/`` We/PRP have/VBP the/DT worst/JJS lease/NN in/IN the/DT NFL/NNP ,/, ''/'' contends/VBZ Michael/NNP B./NNP McCaskey/NNP ,/, the/DT president/NN of/IN the/DT Chicago/NNP Bears/NNPS and/CC a/DT grandson/NN of/IN George/NNP Halas/NNP ,/, who/WP founded/VBD the/DT NFL/NNP 's/POS predecessor/NN organization/NN ./. ###/### ``/`` We/PRP 're/VBP in/IN a/DT metro/NN area/NN with/IN millions/NNS of/IN Bear/JJ fans/NNS ,/, and/CC only/RB a/DT small/JJ number/NN can/MD be/VB accommodated/VBN ./. ''/'' ###/### When/WRB the/DT lease/NN expires/VBZ in/IN 1999/CD ,/, he/PRP says/VBZ ,/, ``/`` It/PRP 's/VBZ got/VBN to/TO be/VB changed/VBN ./. ''/'' ###/### This/DT year/NN ,/, the/DT NFL/NNP also/RB imposed/VBD an/DT 80-player/JJ limit/NN on/IN teams/NNS going/VBG into/IN training/NN camp/NN ,/, down/RB from/IN 120/CD ,/, in/IN a/DT move/NN meant/VBN to/TO trim/VB payroll/NN costs/NNS ./. ###/### And/CC the/DT league/NN is/VBZ trying/VBG to/TO get/VB more/JJR for/IN its/PRP$ three-year/JJ national/JJ network/NN contract/NN ,/, which/WDT expires/VBZ after/IN this/DT season/NN ./. ###/### The/DT current/JJ contract/NN pays/VBZ the/DT NFL/NNP $/$ 1.4/CD billion/CD ./. ###/### Owners/NNS say/VBP they/PRP expect/VBP the/DT league/NN to/TO demand/VB a/DT 50/CD %/NN increase/NN ,/, despite/IN the/DT fact/NN that/WDT televised/JJ football/NN games/NNS have/VBP had/VBN lackluster/JJ ratings/NNS ./. ###/### An/DT NFL/NNP spokesman/NN also/RB says/VBZ the/DT league/NN will/MD probably/RB expand/VB its/PRP$ offerings/NNS to/TO cable/NN TV/NN companies/NNS like/IN ESPN/NNP ./. ###/### The/DT changes/NNS have/VBP n't/RB come/VBN easy/RB ./. ###/### Like/IN the/DT game/NN of/IN professional/JJ football/NN ,/, the/DT NFL/NNP organization/NN itself/PRP is/VBZ in/IN turmoil/NN ./. ###/### The/DT new/JJ breed/NN of/IN team/NN owner/NN ,/, Mr./NNP Jones/NNP included/JJ ,/, has/VBZ been/VBN fighting/VBG the/DT NFL/NNP bureaucracy/NN for/IN a/DT greater/JJR say/NN in/IN league/NN affairs/NNS ,/, and/CC the/DT battle/NN has/VBZ produced/VBN a/DT form/NN of/IN organizational/JJ gridlock/NN ./. ###/### In/IN July/NNP ,/, 11/CD NFL/NNP owners/NNS ,/, almost/RB all/DT of/IN them/PRP new/JJ ,/, blocked/VBD an/DT effort/NN to/TO install/VB Jim/NNP Finks/NNP as/IN a/DT replacement/NN for/IN retiring/VBG league/NN commissioner/NN Pete/NNP Rozelle/NNP ./. ###/### Mr./NNP Finks/NNP is/VBZ perceived/VBN by/IN some/DT owners/NNS as/IN a/DT standard-bearer/NN for/IN the/DT Old/JJ Guard/NN ./. ###/### Earlier/RBR this/DT month/NN ,/, another/DT effort/NN to/TO choose/VB a/DT commissioner/NN failed/VBD ./. ###/### The/DT owners/NNS meet/VBP again/RB tomorrow/NN ./. ###/### For/IN his/PRP$ part/NN ,/, Jerry/NNP Jones/NNP says/VBZ he/PRP 's/VBZ in/IN the/DT business/NN for/IN the/DT long/JJ haul/NN ,/, and/CC his/PRP$ work/NN style/NN seems/VBZ to/TO support/VB that/DT ./. ###/### He/PRP puts/VBZ in/IN busy/JJ six-day/JJ weeks/NNS -LRB-/-LRB- excluding/VBG game/NN days/NNS -RRB-/-RRB- ,/, and/CC on/IN one/CD recent/JJ afternoon/NN fielded/VBD questions/NNS ,/, in/IN the/DT course/NN of/IN an/DT hour/NN ,/, from/IN a/DT TV/NN producer/NN ,/, his/PRP$ luxury-suite/NN marketing/VBG manager/NN ,/, a/DT disgruntled/JJ customer/NN and/CC a/DT roomful/NN of/IN Arkansas/NNP reporters/NNS ./. ###/### To/TO keep/VB his/PRP$ schedule/NN on/IN track/NN ,/, he/PRP flies/VBZ two/CD personal/JJ secretaries/NNS in/IN from/IN Little/NNP Rock/NNP to/TO augment/VB his/PRP$ staff/NN in/IN Dallas/NNP ./. ###/### ``/`` When/WRB I/PRP made/VBD this/DT investment/NN ,/, I/PRP made/VBD it/PRP on/IN a/DT lifetime/NN basis/NN ,/, ''/'' he/PRP explains/VBZ ./. ###/### ``/`` I/PRP 'm/VBP not/RB here/RB to/TO make/VB money/NN by/IN reselling/VBG the/DT team/NN later/RB on/RB ./. ###/### While/IN the/DT Cowboys/NNPS may/MD not/RB be/VB the/DT best/JJS investment/NN now/RB ,/, I/PRP do/VBP n't/RB accept/VB they/PRP ca/MD n't/RB be/VB in/IN the/DT future/NN ./. ''/'' ###/### Besides/IN ,/, to/TO a/DT large/JJ extent/NN ,/, Mr./NNP Jones/NNP may/MD already/RB be/VB getting/VBG what/WP he/PRP wants/VBZ out/IN of/IN the/DT team/NN ,/, even/RB though/IN it/PRP keeps/VBZ losing/VBG ./. ###/### Owning/VBG the/DT Cowboys/NNPS has/VBZ bought/VBN him/PRP entree/FW to/TO a/DT glitzy/JJ life/NN that/IN drilling/VBG for/IN oil/NN in/IN Arkansas/NNP just/RB did/VBD n't/RB provide/VB ./. ###/### There/EX is/VBZ the/DT new/JJ private/JJ jet/NN ,/, the/DT platoon/NN of/IN assistants/NNS ,/, invitations/NNS to/TO the/DT best/JJS parties/NNS ,/, and/CC television/NN appearances/NNS on/IN shows/NNS such/JJ as/IN ``/`` Prime/JJ Time/NN Live/JJ ./. ''/'' ###/### A/DT few/JJ weeks/NNS ago/RB ,/, Mr./NNP Jones/NNP even/RB entertained/VBD Elizabeth/NNP Taylor/NNP in/IN his/PRP$ private/JJ suite/NN at/IN Texas/NNP Stadium/NNP ./. ###/### ``/`` You/PRP 're/VBP in/IN the/DT catbird/JJ seat/NN every/DT day/NN in/IN this/DT job/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### How/WRB interestingly/RB clever/JJ of/IN Robert/NNP Goldberg/NNP to/TO use/VB the/DT form/NN of/IN pretend/JJ advocacy/NN journalism/NN to/TO explain/VB his/PRP$ perception/NN of/IN ``/`` Days/NNS of/IN Rage/NN ''/'' in/IN his/PRP$ television/NN critique/NN -LRB-/-LRB- Leisure/NN &/CC Arts/NNS ,/, Sept/NNP 11/CD -RRB-/-RRB- ./. ###/### He/PRP chastises/VBZ Jo/NNP Franklin-Trout/NNP for/IN her/PRP$ inept/JJ presentation/NN of/IN advocacy/NN journalism/NN ,/, judging/VBG her/PRP$ project/NN as/IN ``/`` intellectually/RB slipshod/JJ ./. ''/'' ###/### Was/VBD not/RB the/DT title/NN very/RB clear/JJ ?/. ###/### One/CD example/NN he/PRP gives/VBZ :/: ``/`` She/PRP did/VBD n't/RB ask/VB ''/'' -LRB-/-LRB- why/WRB the/DT Palestinian/JJ children/NNS are/VBP soldiers/NNS throwing/VBG stones/NNS -RRB-/-RRB- ./. ###/### Really/RB now/RB ,/, did/VBD she/PRP have/VB to/TO ask/VB ?/. ###/### Were/VBD not/RB the/DT pictures/NNS and/CC happenings/NNS ,/, which/WDT have/VBP been/VBN continuing/VBG news/NN headlines/NNS ,/, answers/NNS enough/JJ ?/. ###/### Mr./NNP Goldberg/NNP contends/VBZ that/IN even/RB as/IN ``/`` propaganda/NN ''/'' the/DT film/NN fails/VBZ because/IN it/PRP presents/VBZ only/RB one/CD view/NN ./. ###/### Of/IN course/NN the/DT Palestinians/NNPS complain/VBP about/IN their/PRP$ treatment/NN ;/: of/IN course/NN the/DT Israelis/NNPS feel/VBP put/VBN upon/RP ./. ###/### But/CC his/PRP$ complaint/NN that/IN ``/`` Days/NNS of/IN Rage/NN ''/'' does/VBZ n't/RB contain/VB balanced/JJ comments/NNS from/IN Israelis/NNPS about/IN how/WRB badly/RB the/DT Palestinians/NNPS are/VBP behaving/VBG is/VBZ irrelevant/JJ ./. ###/### It/PRP 's/VBZ like/IN doing/VBG a/DT documentary/NN on/IN apartheid/NN and/CC insisting/VBG that/DT equal/JJ time/NN be/VB given/VBN to/TO how/WRB terrific/JJ white/JJ South/NNPS Africans/NNPS are/VBP ./. ###/### This/DT film/NN did/VBD emphasize/VB how/WRB long/JJ the/DT stalemate/NN has/VBZ existed/VBN by/IN tracing/VBG the/DT conflict/NN to/TO the/DT days/NNS of/IN World/NNP War/NNP I/PRP when/WRB the/DT British/NNPS tried/VBD to/TO guarantee/VB both/DT a/DT Jewish/JJ state/NN and/CC a/DT Palestinian/JJ state/NN without/IN specifying/VBG how/WRB it/PRP was/VBD to/TO be/VB done/VBN ./. ###/### Well/UH ,/, ``/`` Days/NNS of/IN Rage/NN ''/'' airing/VBG with/IN before-and-after/JJ packaging/NN ,/, and/CC after/IN repeated/JJ delays/NNS ,/, was/VBD a/DT beginning/NN ./. ###/### Every/DT issue/NN is/VBZ multisided/JJ ./. ###/### This/DT film/NN attempts/VBZ to/TO show/VB a/DT side/NN rarely/RB seen/VBN in/IN our/PRP$ media/NNS ./. ###/### Now/RB we/PRP must/MD endure/VB a/DT rash/NN of/IN critics/NNS who/WP apparently/RB wish/VBP to/TO know/VB details/NNS of/IN one/CD side/NN only/RB ./. ###/### Charlotte/NNP Carpenter/NNP Bainbridge/NNP Island/NNP ,/, Wash/NNP ./. ###/### President/NNP Bush/NNP wants/VBZ the/DT Pentagon/NNP to/TO get/VB special/JJ treatment/NN in/IN coping/VBG with/IN the/DT across-the-board/JJ spending/NN cuts/NNS that/WDT took/VBD effect/NN last/JJ week/NN ./. ###/### Mr./NNP Bush/NNP asked/VBD Congress/NNP to/TO raise/VB to/TO $/$ 6/CD billion/CD from/IN $/$ 3/CD billion/CD the/DT amount/NN of/IN money/NN Defense/NNP Secretary/NNP Dick/NNP Cheney/NNP may/MD shift/VB among/IN the/DT Pentagon/NNP 's/POS individual/JJ programs/NNS ,/, projects/NNS and/CC activities/NNS ,/, allowing/VBG him/PRP to/TO ease/VB the/DT pain/NN that/IN the/DT Gramm-Rudman/NNP budget/NN law/NN was/VBD intended/VBN to/TO inflict/VB ./. ###/### If/IN the/DT request/NN is/VBZ approved/VBN by/IN both/DT the/DT House/NNP and/CC Senate/NNP ,/, Mr./NNP Cheney/NNP would/MD need/VB only/JJ permission/NN from/IN the/DT White/NNP House/NNP Office/NNP of/IN Management/NNP and/CC Budget/NNP to/TO move/VB the/DT money/NN ,/, according/VBG to/TO Senate/NNP budget/NN analysts/NNS ./. ###/### That/DT would/MD give/VB the/DT Pentagon/NNP flexibility/NN that/IN no/DT other/JJ federal/JJ agency/NN has/VBZ ./. ###/### ``/`` It/PRP 's/VBZ simply/RB a/DT way/NN of/IN making/VBG the/DT cuts/NNS less/RBR onerous/JJ for/IN defense/NN than/IN they/PRP are/VBP for/IN domestic/JJ programs/NNS ,/, ''/'' said/VBD Chairman/NNP James/NNP Sasser/NNP -LRB-/-LRB- D./NNP ,/, Tenn/NNP ./. -RRB-/-RRB- of/IN the/DT Senate/NNP Budget/NNP Committee/NNP ,/, who/WP said/VBD he/PRP would/MD oppose/VB the/DT request/NN ./. ###/### ``/`` That/DT is/VBZ n't/RB consistent/JJ with/IN the/DT kind/NN of/IN discipline/NN that/IN Gramm-Rudman/NNP is/VBZ supposed/VBN to/TO impose/VB ,/, ''/'' he/PRP said/VBD ./. ###/### The/DT president/NN 's/POS request/NN did/VBD n't/RB indicate/VB how/WRB Mr./NNP Cheney/NNP would/MD shift/VB the/DT money/NN ./. ###/### A/DT Pentagon/NNP official/NN said/VBD the/DT request/NN was/VBD made/VBN to/TO give/VB the/DT department/NN ``/`` maximum/JJ flexibility/NN ''/'' to/TO deal/VB with/IN the/DT cuts/NNS ./. ###/### Last/JJ week/NN ,/, Budget/NNP Director/NNP Richard/NNP Darman/NNP structured/VBD the/DT $/$ 16.1/CD billion/CD spending/NN reduction/NN ,/, half/NN of/IN which/WDT must/MD come/VB from/IN defense/NN ,/, to/TO ``/`` impose/VB a/DT little/JJ bit/NN more/JJR discipline/NN ''/'' by/IN applying/VBG cuts/NNS to/TO each/DT individual/JJ program/NN ,/, project/NN or/CC activity/NN in/IN the/DT budget/NN ./. ###/### That/DT would/MD give/VB agencies/NNS ``/`` less/JJR ability.../: to/TO fudge/VB over/RP things/NNS ,/, ''/'' he/PRP told/VBD reporters/NNS ./. ###/### Under/IN the/DT deficit-reduction/NN law/NN ,/, 4.3/CD %/NN of/IN the/DT Pentagon/NNP 's/POS money/NN and/CC 5.3/CD %/NN of/IN other/JJ agencies/NNS '/POS money/NN has/VBZ been/VBN canceled/VBN ./. ###/### Lawmakers/NNS are/VBP expected/VBN to/TO try/VB to/TO restore/VB the/DT funds/NNS once/IN a/DT pending/VBG deficit-cutting/NN measure/NN has/VBZ been/VBN signed/VBN into/IN law/NN ./. ###/### Rochester/NNP Telephone/NNP Corp./NNP said/VBD it/PRP completed/VBD its/PRP$ purchase/NN of/IN Urban/NNP Telephone/NNP Corp./NNP ,/, of/IN Clintonville/NNP ,/, Wis./NNP ,/, the/DT second-largest/JJ unaffiliated/JJ independent/JJ telephone/NN company/NN in/IN that/DT state/NN ./. ###/### Rochester/NNP Telephone/NNP said/VBD the/DT acquisition/NN was/VBD made/VBN in/IN an/DT exchange/NN of/IN its/PRP$ common/JJ shares/NNS for/IN all/PDT the/DT shares/NNS of/IN Urban/NNP Telephone/NNP ,/, but/CC a/DT price/NN was/VBD n't/RB disclosed/VBN ./. ###/### Urban/NNP is/VBZ the/DT company/NN 's/POS first/JJ telephone/NN subsidiary/NN in/IN Wisconsin/NNP ./. ###/### Since/IN June/NNP ,/, Rochester/NNP Telephone/NNP signed/VBD letters/NNS of/IN intent/NN to/TO purchase/VB three/CD other/JJ Wisconsin/NNP firms/NNS ./. ###/### A/DT bill/NN that/WDT would/MD permit/VB the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP to/TO monitor/VB the/DT financial/JJ condition/NN of/IN securities/NNS firms/NNS '/POS holding/VBG companies/NNS is/VBZ facing/VBG tough/JJ opposition/NN from/IN some/DT Wall/NNP Street/NNP firms/NNS ,/, which/WDT argue/VBP that/IN the/DT legislation/NN is/VBZ unnecessary/JJ ./. ###/### The/DT legislation/NN and/CC other/JJ issues/NNS related/VBN to/TO the/DT stock/NN market/NN will/MD be/VB the/DT focus/NN of/IN hearings/NNS this/DT week/NN by/IN the/DT House/NNP Telecommunications/NNPS and/CC Finance/NNP Subcommittee/NNP and/CC the/DT Senate/NNP Securities/NNPS Subcommittee/NNP ./. ###/### Richard/NNP Breeden/NNP ,/, the/DT new/JJ chairman/NN of/IN the/DT SEC/NNP ,/, has/VBZ n't/RB taken/VBN a/DT formal/JJ position/NN on/IN the/DT bill/NN ,/, which/WDT would/MD also/RB require/VB investors/NNS to/TO disclose/VB large/JJ trades/NNS and/CC give/VB the/DT SEC/NNP additional/JJ authority/NN during/IN market/NN emergencies/NNS ./. ###/### However/RB ,/, he/PRP recently/RB told/VBD the/DT Senate/NNP Banking/NNP Committee/NNP that/IN he/PRP believes/VBZ the/DT agency/NN should/MD have/VB explicit/JJ authority/NN to/TO monitor/VB debt/NN levels/NNS at/IN holding/VBG companies/NNS and/CC affiliates/NNS of/IN broker-dealers/NNS ,/, which/WDT are/VBP frequently/RB used/VBN to/TO issue/VB bridge/JJ loans/NNS ./. ###/### The/DT bridge/JJ loans/NNS are/VBP intended/JJ to/TO provide/VB temporary/JJ financing/NN for/IN acquisitions/NNS ./. ###/### Since/IN such/JJ loans/NNS are/VBP often/RB refinanced/VBN through/IN the/DT sale/NN of/IN high-risk/JJ ,/, high-yield/JJ junk/NN bonds/NNS ,/, the/DT recent/JJ woes/NNS of/IN the/DT junk-bond/NN market/NN have/VBP renewed/VBN concerns/NNS among/IN regulators/NNS about/IN the/DT risks/NNS associated/VBN with/IN Wall/NNP Street/NNP firms/NNS issuing/VBG bridge/JJ loans/NNS ./. ###/### But/CC some/DT Wall/NNP Street/NNP executives/NNS argue/VBP that/IN such/JJ fears/NNS are/VBP unwarranted/JJ ./. ###/### In/IN a/DT July/NNP 6/CD letter/NN to/TO the/DT Senate/NNP Securities/NNPS Subcommittee/NNP ,/, First/NNP Boston/NNP Corp./NNP argued/VBD that/IN the/DT fact/NN that/IN no/DT retail/JJ brokerage/NN firm/NN failed/VBN during/IN the/DT 1987/CD market/NN crash/NN demonstrates/VBZ that/IN current/JJ rules/NNS are/VBP adequate/JJ ./. ###/### First/NNP Boston/NNP ,/, whose/WP$ holding/VBG company/NN ,/, CS/NNP First/NNP Boston/NNP Group/NNP ,/, is/VBZ one/CD of/IN the/DT larger/JJR issuers/NNS of/IN bridge/JJ loans/NNS on/IN Wall/NNP Street/NNP ,/, said/VBD it/PRP is/VBZ also/RB concerned/JJ that/IN once/IN the/DT SEC/NNP has/VBZ the/DT power/NN to/TO monitor/VB holding/VBG companies/NNS ,/, it/PRP will/MD try/VB to/TO regulate/VB their/PRP$ activities/NNS ./. ###/### ``/`` The/DT proposal/NN ,/, while/IN well-intended/JJ ,/, I/PRP think/VBP can/MD be/VB dangerously/RB misleading/JJ because/IN the/DT likely/JJ consequence/NN would/MD be/VB to/TO weaken/VB ,/, rather/RB than/IN strengthen/VB the/DT control/NN the/DT SEC/NNP has/VBZ exercised/VBN for/IN 50/CD years/NNS over/IN the/DT financial/JJ adequacy/NN and/CC viability/NN of/IN broker-dealers/NNS ,/, ''/'' Michael/NNP Raoul-Duval/NNP ,/, managing/VBG director/NN of/IN First/NNP Boston/NNP ,/, said/VBD in/IN an/DT interview/NN ./. ###/### The/DT bill/NN would/MD ``/`` divert/VB scarce/JJ resources/NNS of/IN the/DT commission/NN away/RB from/IN broker-dealers/NNS into/IN areas/NNS which/WDT simply/RB have/VBP no/DT way/NN of/IN affecting/VBG broker-dealers/NNS ,/, ''/'' Mr./NNP Raoul-Duval/NNP said/VBD ./. ###/### Sources/NNS in/IN the/DT industry/NN and/CC on/IN Capitol/NNP Hill/NNP say/VBP a/DT compromise/NN that/WDT would/MD placate/VB the/DT industry/NN while/IN addressing/VBG the/DT SEC/NNP 's/POS concerns/NNS may/MD be/VB possible/JJ ./. ###/### An/DT aide/NN to/TO the/DT Senate/NNP Securities/NNPS Subcommittee/NNP says/VBZ some/DT legislators/NNS support/VBP the/DT concept/NN of/IN risk/NN disclosure/NN ,/, but/CC adds/VBZ :/: ``/`` nobody/NN is/VBZ wedded/VBN to/TO the/DT language/NN in/IN the/DT bill/NN ./. ''/'' ###/### Edward/NNP O'Brien/NNP ,/, president/NN of/IN the/DT Securities/NNPS Industry/NNP Association/NNP ,/, said/VBD that/IN the/DT securities-industry/NN trade/NN group/NN opposes/VBZ the/DT bill/NN as/IN it/PRP is/VBZ written/VBN but/CC that/IN it/PRP is/VBZ ``/`` hopeful/JJ a/DT compromise/NN can/MD be/VB reached/VBN to/TO achieve/VB the/DT SEC/NNP 's/POS goals/NNS ./. ''/'' ###/### Mr./NNP O'Brien/NNP will/MD elaborate/VB on/IN the/DT SIA/NNP 's/POS position/NN in/IN testimony/NN before/IN the/DT House/NNP Telecommunications/NNPS and/CC Finance/NNP Subcommittee/NNP this/DT week/NN ,/, a/DT spokesman/NN said/VBD ./. ###/### This/DT letter/NN was/VBD inspired/VBN by/IN David/NNP Asman/NNP 's/POS Sept./NNP 25/CD editorial-page/JJ article/NN about/IN Fidel/NNP Castro/NNP ,/, ``/`` Man/NN in/IN the/DT Middle/NN of/IN Drug/NN Trafficking/NN ./. ''/'' ###/### I/PRP 've/VBP organized/VBN a/DT series/NN of/IN exchanges/NNS ,/, exhibitions/NNS and/CC other/JJ continuing/VBG projects/NNS between/IN Cuban/JJ and/CC American/JJ artists/NNS ./. ###/### In/IN any/DT matters/NNS between/IN us/PRP and/CC the/DT Cubans/NNPS there/EX can/MD be/VB no/DT simplicity/NN ,/, consequently/RB I/PRP 've/VBP become/VBN familiar/JJ not/RB only/RB with/IN Cuban/JJ art/NN and/CC artists/NNS ,/, but/CC also/RB with/IN Cuban/JJ bureaucrats/NNS and/CC their/PRP$ counterparts/NNS in/IN our/PRP$ own/JJ government/NN ./. ###/### Despite/IN levels/NNS of/IN obstruction/NN ,/, incompetence/NN and/CC ensuing/VBG frustration/NN of/IN mythic/JJ proportion/NN ,/, these/DT projects/NNS all/DT remain/VBP ,/, in/IN my/PRP$ mind/NN ,/, valuable/JJ and/CC well/RB worth/JJ the/DT effort/NN ./. ###/### There/EX is/VBZ a/DT simple/JJ reason/NN for/IN this/DT :/: the/DT Cuban/NNP people/NNS ./. ###/### Let/VB me/PRP immediately/RB put/VB limits/NNS to/TO whatever/WDT nostalgic/JJ notions/NNS that/WDT may/MD intimate/VB ./. ###/### Those/DT ``/`` people/NNS ''/'' to/TO whom/WP I/PRP refer/VBP are/VBP not/RB some/DT heroic/JJ ,/, indecipherable/JJ quantity/NN ;/: they/PRP are/VBP artists/NNS ,/, critics/NNS ,/, taxi/NN drivers/NNS ,/, grandmothers/NNS ,/, even/RB some/DT employees/NNS of/IN the/DT Ministry/NNP of/IN Culture/NNP ,/, all/DT of/IN whom/WP share/VBP a/DT deep/JJ belief/NN in/IN the/DT original/JJ principles/NNS of/IN the/DT Cuban/NNP Revolution/NNP ,/, spelled/VBN out/RB in/IN terms/NNS such/JJ as/IN equality/NN among/IN all/DT members/NNS of/IN the/DT society/NN ,/, reverence/NN for/IN education/NN and/CC creative/JJ expression/NN ,/, universal/JJ rights/NNS to/TO health/NN and/CC livelihood/NN ,/, housing/NN ,/, etc/FW ./. ###/### In/IN fact/NN ,/, the/DT generation/NN of/IN painters/NNS growing/VBG into/IN maturity/NN right/RB now/RB works/VBZ with/IN such/JJ profoundly/RB held/JJ humanist/JJ assumptions/NNS and/CC such/JJ passionate/JJ commitment/NN to/TO moral/JJ and/CC ethical/JJ principles/NNS that/IN it/PRP makes/VBZ Che/NNP Guevara/NNP 's/POS famous/JJ linkages/NNS of/IN art/NN idealism/NN and/CC revolution/NN seem/VBP modest/JJ ./. ###/### It/PRP is/VBZ on/IN behalf/NN of/IN these/DT people/NNS ,/, and/CC out/IN of/IN my/PRP$ real/JJ respect/NN for/IN them/PRP ,/, that/IN I/PRP am/VBP responding/VBG to/TO Mr./NNP Asman/NNP 's/POS opinions/NNS of/IN their/PRP$ country/NN ./. ###/### The/DT Ochoa/NNP trial/NN in/IN July/NNP ,/, with/IN its/PRP$ revelations/NNS of/IN deeply/RB rooted/JJ and/CC widespread/JJ corruption/NN ,/, and/CC the/DT summary/NN trial/NN and/CC execution/NN ,/, was/VBD extremely/RB disturbing/JJ to/TO everyone/NN who/WP has/VBZ ever/RB considered/VBN himself/PRP a/DT friend/NN of/IN Cuba/NNP ./. ###/### However/RB ,/, unacceptable/JJ though/IN those/DT occurrences/NNS may/MD have/VB been/VBN ,/, they/PRP still/RB provide/VBP no/DT excuse/NN for/IN wholesale/JJ departures/NNS from/IN truth/NN ./. ###/### Mr./NNP Asman/NNP should/MD make/VB distinctions/NNS among/IN Fidel/NNP ,/, the/DT army/NN and/CC the/DT Cuban/JJ people/NNS ./. ###/### They/PRP are/VBP not/RB interchangeable/JJ ,/, since/IN they/PRP are/VBP motivated/VBN to/TO act/VB based/VBN on/IN their/PRP$ own/JJ circumstances/NNS ./. ###/### It/PRP is/VBZ naivete/NN to/TO equate/VB a/DT government/NN 's/POS policies/NNS with/IN the/DT will/NN of/IN the/DT people/NNS -LRB-/-LRB- as/IN we/PRP well/RB know/VBP -RRB-/-RRB- ,/, and/CC it/PRP is/VBZ even/RB worse/JJR folly/NN to/TO merge/VB the/DT clearly/RB divergent/JJ agendas/NNS of/IN Fidel/NNP and/CC the/DT military/NN and/CC the/DT state/NN bureaucracy/NN ./. ###/### Mr./NNP Asman/NNP is/VBZ also/RB annoyed/JJ that/IN Mr./NNP Castro/NNP has/VBZ resisted/VBN collaboration/NN with/IN U.S./NNP officials/NNS ,/, even/RB though/IN by/IN his/PRP$ own/JJ account/NN that/DT collaboration/NN has/VBZ been/VBN devised/VBN essentially/RB as/IN a/DT mechanism/NN for/IN acts/NNS directly/RB hostile/JJ to/TO the/DT Cuban/JJ regime/NN ,/, such/JJ as/IN facilitating/VBG defections/NNS ./. ###/### I/PRP think/VBP it/PRP 's/VBZ a/DT little/RB disingenuous/JJ to/TO be/VB surprised/JJ that/IN Fidel/NNP does/VBZ n't/RB invite/VB the/DT U.S./NNP State/NNP Department/NNP to/TO violate/VB the/DT jurisdiction/NN of/IN the/DT Cuban/JJ government/NN over/IN its/PRP$ own/JJ territory/NN ./. ###/### We/PRP badly/RB need/VBP to/TO follow/VB fact/NN rather/RB than/IN the/DT rhetoric/NN of/IN conventional/JJ wisdom/NN ./. ###/### Without/IN this/DT basic/JJ level/NN of/IN attention/NN to/TO reality/NN ,/, our/PRP$ policies/NNS on/IN Cuba/NNP will/MD continue/VB to/TO be/VB as/RB counterproductive/JJ as/IN they/PRP have/VBP for/IN 30/CD years/NNS ./. ###/### From/IN my/PRP$ own/JJ point/NN of/IN view/NN ,/, given/VBN the/DT qualities/NNS of/IN humanity/NN ,/, creativity/NN and/CC warm/JJ spirit/NN in/IN which/WDT the/DT Cuban/JJ people/NNS excel/VBP ,/, we/PRP deny/VBP ourselves/PRP access/NN to/TO things/NNS we/PRP hold/VBP dear/RB ,/, and/CC which/WDT seem/VBP to/TO run/VB in/IN such/JJ short/JJ supply/NN these/DT days/NNS ./. ###/### There/EX is/VBZ no/DT rational/JJ justification/NN for/IN such/JJ behavior/NN ./. ###/### Rachel/NNP Weiss/NNP Brookline/NNP ,/, Mass/NNP ./. ###/### ENGRAPH/NNP INC./NNP recently/RB reported/VBD third-quarter/JJ earnings/NNS ,/, which/WDT were/VBD mistakenly/RB shown/VBN in/IN the/DT Quarterly/JJ Earnings/NNS Surprises/NNS table/NN in/IN last/JJ Tuesday/NNP 's/POS edition/NN to/TO be/VB lower/JJR than/IN the/DT average/NN of/IN analysts/NNS '/POS estimates/NNS ./. ###/### Zacks/NNP Investment/NNP Research/NNP did/VBD n't/RB adjust/VB one/CD analyst/NN 's/POS estimate/NN for/IN a/DT stock/NN split/NN ,/, which/WDT therefore/RB was/VBD artificially/RB high/JJ ./. ###/### Engraph/NNP 's/POS third-quarter/JJ net/JJ income/NN of/IN 15/CD cents/NNS a/DT share/NN actually/RB was/VBD 7/CD %/NN higher/JJR than/IN the/DT adjusted/JJ average/NN of/IN estimates/NNS ./. ###/### Investors/NNS bailed/VBD out/RB of/IN New/NNP York/NNP City/NNP bonds/NNS in/IN droves/NNS last/JJ week/NN ,/, driving/VBG prices/NNS lower/RBR and/CC boosting/VBG yields/NNS ./. ###/### One/CD bond/NN trader/NN estimated/VBD that/IN more/JJR than/IN $/$ 50/CD million/CD of/IN New/NNP York/NNP City/NNP general/JJ obligation/NN bonds/NNS were/VBD put/VBN up/IN for/IN sale/NN Friday/NNP alone/RB ./. ###/### While/IN that/DT represents/VBZ a/DT small/JJ percentage/NN of/IN the/DT city/NN 's/POS public/JJ debt/NN outstanding/JJ ,/, Friday/NNP 's/POS selling/NN followed/VBD a/DT weeklong/JJ effort/NN to/TO unload/VB the/DT bonds/NNS by/IN a/DT broad/JJ spectrum/NN of/IN institutional/JJ and/CC individual/JJ investors/NNS ./. ###/### ``/`` I/PRP 've/VBP never/RB seen/VBN so/IN many/JJ -LCB-/-LRB- New/NNP York/NNP City/NNP -RCB-/-RRB- G.O./NNP 's/NNS up/IN for/IN sale/NN ,/, ''/'' said/VBD another/DT trader/NN ./. ###/### ``/`` Every/DT broker/NN has/VBZ blocks/NNS of/IN every/DT size/NN and/CC maturity/NN ./. ''/'' ###/### Municipal/JJ bond/NN analysts/NNS said/VBD the/DT sell-off/NN was/VBD triggered/VBN by/IN concerns/NNS about/IN the/DT city/NN 's/POS financial/JJ health/NN ,/, rumors/NNS of/IN a/DT $/$ 900/CD million/CD bond/NN offering/NN coming/VBG soon/RB ,/, and/CC political/JJ uncertainty/NN ./. ###/### A/DT spokesman/NN for/IN the/DT city/NN would/MD n't/RB confirm/VB the/DT size/NN of/IN the/DT bond/NN issue/NN ,/, but/CC did/VBD say/VB that/IN a/DT general/JJ obligation/NN offering/NN is/VBZ in/IN the/DT works/NNS and/CC should/MD be/VB priced/VBN sometime/RB in/IN the/DT next/JJ two/CD weeks/NNS ,/, before/IN the/DT November/NNP mayoral/JJ election/NN ./. ###/### General/JJ obligation/NN bonds/NNS are/VBP backed/VBN by/IN the/DT city/NN 's/POS overall/JJ revenues/NNS and/CC credit/NN ./. -RRB-/-RRB- ###/### Although/IN many/JJ investors/NNS were/VBD aware/JJ that/IN a/DT bond/NN offering/NN was/VBD being/VBG scheduled/VBN ,/, many/DT expected/VBD a/DT much/RB smaller/JJR amount/NN of/IN bonds/NNS to/TO be/VB sold/VBN ./. ###/### The/DT fact/NN that/IN the/DT city/NN will/MD issue/VB such/JJ a/DT large/JJ amount/NN of/IN debt/NN was/VBD interpreted/VBN as/IN a/DT sign/NN that/IN New/NNP York/NNP 's/POS budgetary/JJ problems/NNS are/VBP more/RBR serious/JJ than/IN had/VBD been/VBN expected/VBN ./. ###/### New/NNP York/NNP ,/, one/CD of/IN the/DT nation/NN 's/POS largest/JJS issuers/NNS of/IN tax-exempt/JJ bonds/NNS ,/, sold/VBD $/$ 750/CD million/CD of/IN municipal/JJ bonds/NNS just/RB a/DT few/JJ weeks/NNS ago/RB ./. ###/### There/EX have/VBP been/VBN reports/NNS for/IN months/NNS that/IN the/DT city/NN 's/POS economy/NN is/VBZ weakening/VBG ,/, as/IN the/DT October/NNP 1987/CD stock/NN market/NN crash/NN continues/VBZ to/TO make/VB itself/PRP felt/VBN ./. ###/### The/DT recent/JJ sharp/JJ stock/NN market/NN decline/NN exacerbated/VBD those/DT concerns/NNS ./. ###/### Meanwhile/RB ,/, tax/NN revenues/NNS are/VBP falling/VBG while/IN the/DT city/NN 's/POS spending/NN needs/NNS are/VBP expanding/VBG ./. ###/### Rumors/NNS persisted/VBD last/JJ week/NN that/IN New/NNP York/NNP 's/POS credit/NN ratings/NNS --/: single-A/JJ from/IN Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP and/CC single-A-minus/JJ from/IN Standard/NNP &/CC Poor/NNP 's/POS Corp./NNP --/: are/VBP at/IN risk/NN ./. ###/### The/DT weakness/NN in/IN New/NNP York/NNP City/NNP bonds/NNS follows/VBZ a/DT warning/NN from/IN New/NNP York/NNP state/NN Comptroller/NN Edward/NNP Regan/NNP that/IN the/DT 1987/CD crash/NN seriously/RB weakened/VBD the/DT city/NN 's/POS economy/NN ./. ###/### In/IN a/DT study/NN ,/, the/DT comptroller/NN said/VBD ,/, ``/`` The/DT city/NN 's/POS glory/NN days/NNS are/VBP over/RP ./. ''/'' ###/### Mr./NNP Regan/NNP warned/VBD mayoral/JJ candidates/NNS ``/`` to/TO be/VB prepared/JJ for/IN limited/JJ options/NNS and/CC constraints/NNS on/IN service/NN increases/NNS to/TO address/VB the/DT city/NN 's/POS problems/NNS in/IN the/DT next/JJ few/JJ years/NNS ,/, due/JJ to/TO the/DT now-evident/JJ weakening/NN in/IN the/DT New/NNP York/NNP City/NNP economy/NN ./. ''/'' ###/### New/NNP York/NNP City/NNP 's/POS revised/JJ financial/JJ plan/NN ,/, due/JJ out/RB later/RB this/DT month/NN ,/, is/VBZ expected/VBN to/TO include/VB measures/NNS to/TO balance/VB the/DT city/NN 's/POS $/$ 27/CD billion/CD budget/NN ./. ###/### At/IN present/NN ,/, analysts/NNS project/VBP a/DT budget/NN gap/NN on/IN the/DT order/NN of/IN $/$ 500/CD million/CD to/TO $/$ 600/CD million/CD for/IN the/DT fiscal/JJ year/NN ending/VBG June/NNP 30/CD ,/, 1990/CD ,/, although/IN the/DT city/NN 's/POS own/JJ budget/NN analysts/NNS project/VBP a/DT narrower/JJR deficit/NN ./. ###/### Mark/NNP Page/NNP ,/, New/NNP York/NNP 's/POS deputy/NN director/NN of/IN finance/NN ,/, said/VBD that/IN investors/NNS '/POS concerns/NNS about/IN the/DT city/NN 's/POS financial/JJ health/NN are/VBP ``/`` unwarranted/JJ given/VBN our/PRP$ proven/VBN ability/NN to/TO manage/VB ourselves/PRP ./. ''/'' ###/### He/PRP charges/VBZ the/DT city/NN 's/POS critics/NNS with/IN spreading/VBG ``/`` unfounded/JJ emotional/JJ rhetoric/NN ./. ''/'' ###/### There/EX are/VBP also/RB questions/NNS about/IN whether/IN a/DT new/JJ and/CC inexperienced/JJ mayor/NN can/MD manage/VB the/DT city/NN through/IN what/WP could/MD become/VB a/DT financial/JJ crisis/NN ./. ###/### The/DT leading/VBG contender/NN for/IN the/DT mayoral/JJ office/NN ,/, Democrat/NNP David/NNP Dinkins/NNP ,/, has/VBZ been/VBN criticized/VBN recently/RB for/IN the/DT way/NN he/PRP handled/VBD his/PRP$ personal/JJ financial/JJ affairs/NNS ./. ###/### And/CC the/DT controversy/NN has/VBZ led/VBN to/TO uncertainty/NN about/IN the/DT outcome/NN of/IN the/DT election/NN ./. ###/### Until/IN last/JJ week/NN ,/, Mr./NNP Dinkins/NNP was/VBD considered/VBN a/DT shoo-in/NN ./. ###/### ``/`` The/DT market/NN can/MD adjust/VB to/TO good/JJ news/NN or/CC bad/JJ news/NN ,/, but/CC uncertainty/NN drives/VBZ people/NNS wild/RB ,/, ''/'' said/VBD Bernard/NNP B./NNP Beal/NNP ,/, chief/JJ executive/NN of/IN M.R./NNP Beal/NNP &/CC Co./NNP ,/, a/DT securities/NNS firm/NN that/WDT specializes/VBZ in/IN the/DT municipal/JJ market/NN ./. ###/### Until/IN last/JJ week/NN ,/, ``/`` Everyone/NN felt/VBD certain/JJ they/PRP knew/VBD the/DT outcome/NN of/IN the/DT election/NN ./. ###/### Now/RB ,/, there/EX have/VBP been/VBN a/DT number/NN of/IN questions/NNS raised/VBN ./. ''/'' ###/### Last/JJ week/NN ,/, yields/NNS on/IN long-term/JJ New/NNP York/NNP City/NNP general/JJ obligation/NN bonds/NNS jumped/VBD half/PDT a/DT percentage/NN point/NN ./. ###/### New/NNP York/NNP City/NNP 's/POS 6/CD %/NN bonds/NNS due/JJ 2018/CD ,/, for/IN example/NN ,/, were/VBD quoted/VBN late/JJ Friday/NNP at/IN a/DT price/NN to/TO yield/VB 7.80/CD %/NN ,/, compared/VBN with/IN 7.60/CD %/NN Thursday/NNP ./. ###/### As/IN the/DT yield/NN on/IN New/NNP York/NNP general/JJ obligation/NN bonds/NNS rose/VBD ,/, the/DT Bond/NNP Buyer/NNP 20-bond/JJ general/JJ obligation/NN index/NN ,/, the/DT mostly/RB widely/RB followed/JJ gauge/NN of/IN the/DT tax-exempt/JJ market/NN ,/, held/VBD steady/RB at/IN 7.19/CD %/NN in/IN the/DT week/NN ended/VBN Oct./NNP 19/CD ./. ###/### Qintex/NNP Australia/NNP Ltd./NNP encountered/VBD another/DT setback/NN Friday/NNP when/WRB its/PRP$ Los/NNP Angeles-based/JJ affiliate/NN ,/, Qintex/NNP Entertainment/NNP Inc./NNP ,/, filed/VBD for/IN protection/NN under/IN Chapter/NN 11/CD of/IN the/DT U.S./NNP Bankruptcy/NNP Code/NNP ./. ###/### Qintex/NNP Entertainment/NNP also/RB said/VBD David/NNP Evans/NNP ,/, its/PRP$ president/NN and/CC chief/JJ executive/NN ,/, and/CC Roger/NNP Kimmel/NNP ,/, a/DT director/NN ,/, both/DT resigned/VBD ./. ###/### Neither/DT could/MD be/VB reached/VBN for/IN comment/NN ./. ###/### Earlier/RBR this/DT month/NN ,/, Qintex/NNP Australia/NNP 's/POS $/$ 1.5/CD billion/CD agreement/NN to/TO acquire/VB Communications/NNPS Co./NNP collapsed/VBD because/IN of/IN a/DT dispute/NN over/IN a/DT $/$ 50/CD million/CD letter/NN of/IN credit/NN the/DT Australian/JJ operator/NN of/IN television/NN stations/NNS and/CC resorts/NNS was/VBD to/TO have/VB supplied/VBN as/IN security/NN in/IN the/DT transaction/NN ./. ###/### Mr./NNP Evans/NNP had/VBD been/VBN the/DT de/JJ facto/JJ head/NN of/IN for/IN months/NNS ./. ###/### Qintex/NNP Entertainment/NNP ,/, a/DT producer/NN and/CC distributor/NN of/IN television/NN programs/NNS most/RBS noted/VBN for/IN its/PRP$ co-production/NN of/IN the/DT hit/NN miniseries/NN ``/`` Lonesome/JJ Dove/NN ,/, ''/'' said/VBD it/PRP filed/VBD for/IN Chapter/NN 11/CD protection/NN after/IN Qintex/NNP Australia/NNP failed/VBD to/TO provide/VB it/PRP with/IN $/$ 5.9/CD million/CD owed/VBN to/TO MCA/NNP Inc./NNP in/IN connection/NN with/IN the/DT distribution/NN of/IN ``/`` The/DT New/JJ Leave/VB It/PRP to/TO Beaver/NNP Show/NN ./. ''/'' ###/### Qintex/NNP Entertainment/NNP is/VBZ 43/CD %/NN owned/VBN by/IN Qintex/NNP Australia/NNP and/CC said/VBD it/PRP relies/VBZ on/IN the/DT Australian/JJ company/NN for/IN funding/VBG its/PRP$ working/NN capital/NN requirements/NNS ./. ###/### After/IN the/DT announcement/NN of/IN the/DT bankruptcy/NN filing/NN ,/, Qintex/NNP Entertainment/NNP stock/NN sank/VBD $/$ 2.625/CD in/IN over-the-counter/JJ trading/NN to/TO close/VB at/IN $/$ 1.50/CD on/IN heavy/JJ volume/NN of/IN more/JJR than/IN 1.4/CD million/CD shares/NNS ./. ###/### The/DT stock/NN traded/VBD as/RB high/JJ as/IN $/$ 10/CD this/DT past/JJ summer/NN ./. ###/### Jonathan/NNP Lloyd/NNP ,/, executive/NN vice/NN president/NN and/CC chief/JJ financial/JJ officer/NN of/IN Qintex/NNP Entertainment/NNP ,/, said/VBD Qintex/NNP Entertainment/NNP was/VBD forced/VBN to/TO file/VB for/IN protection/NN to/TO avoid/VB going/VBG into/IN default/NN under/IN its/PRP$ agreement/NN with/IN MCA/NNP ./. ###/### The/DT $/$ 5.9/CD million/CD payment/NN was/VBD due/JJ Oct./NNP 1/CD and/CC the/DT deadline/NN for/IN default/NN was/VBD Oct./NNP 19/CD ./. ###/### Mr./NNP Lloyd/NNP said/VBD if/IN Qintex/NNP had/VBD defaulted/VBN it/PRP could/MD have/VB been/VBN required/VBN to/TO repay/VB $/$ 92/CD million/CD in/IN debt/NN under/IN its/PRP$ loan/NN agreements/NNS ./. ###/### MCA/NNP on/IN Friday/NNP said/VBD that/IN as/IN a/DT result/NN of/IN Qintex/NNP 's/POS failure/NN to/TO make/VB the/DT required/JJ payment/NN it/PRP was/VBD terminating/VBG the/DT distribution/NN agreement/NN on/IN ``/`` The/DT New/JJ Leave/VB It/PRP to/TO Beaver/NNP ''/'' as/RB well/RB as/IN other/JJ MCA/NNP properties/NNS ./. ###/### Qintex/NNP Australia/NNP was/VBD ``/`` saying/VBG as/RB recently/RB as/IN last/JJ weekend/NN that/IN they/PRP would/MD take/VB care/VB of/IN the/DT situation/NN ./. ###/### They/PRP continued/VBD to/TO represent/VB that/IN to/TO the/DT board/NN ,/, ''/'' said/VBD Mr./NNP Lloyd/NNP ./. ###/### ``/`` We/PRP were/VBD reassured/VBN they/PRP would/MD stand/VB behind/IN the/DT company/NN ./. ''/'' ###/### Mr./NNP Lloyd/NNP said/VBD both/DT Qintex/NNP Entertainment/NNP and/CC Qintex/NNP Australia/NNP had/VBD attempted/VBN to/TO secure/VB a/DT loan/NN that/WDT would/MD allow/VB the/DT company/NN to/TO make/VB the/DT $/$ 5.9/CD million/CD payment/NN but/CC the/DT request/NN was/VBD turned/VBN down/RB by/IN an/DT unidentified/JJ lender/NN on/IN Oct./NNP 14/CD ./. ###/### At/IN that/DT point/NN ,/, he/PRP said/VBD ,/, Qintex/NNP Australia/NNP stated/VBD it/PRP would/MD ``/`` endeavor/VB to/TO arrange/VB ''/'' the/DT financing/NN ./. ###/### However/WRB a/DT Qintex/NNP Australia/NNP spokesman/NN said/VBD his/PRP$ firm/NN had/VBD never/RB ``/`` promised/VBN or/CC guaranteed/VBN ''/'' to/TO make/VB the/DT payment/NN ./. ###/### In/IN a/DT prepared/JJ statement/NN from/IN Australia/NNP ,/, the/DT company/NN also/RB said/VBD that/IN ,/, following/VBG the/DT breakdown/NN of/IN the/DT MGM/NNP talks/NNS ,/, it/PRP ``/`` had/VBD been/VBN re-evaluating/VBG its/PRP$ position/NN as/IN a/DT significant/JJ shareholder/NN and/CC a/DT substantial/JJ creditor/NN of/IN Qintex/NNP Entertainment/NNP ''/'' and/CC had/VBD ``/`` resolved/VBN to/TO minimize/VB the/DT degree/NN of/IN further/JJ loans/NNS to/TO Qintex/NNP Entertainment/NNP in/IN excess/NN of/IN that/DT previously/RB made/VBN ./. ''/'' ###/### The/DT Qintex/NNP Australia/NNP spokesman/NN added/VBD that/DT his/PRP$ company/NN had/VBD opposed/VBN the/DT Chapter/NN 11/CD filing/NN ./. ###/### He/PRP said/VBD the/DT company/NN believed/VBD Qintex/NNP Entertainment/NNP 's/POS financial/JJ problems/NNS could/MD have/VB been/VBN resolved/VBN by/IN other/JJ means/NNS ./. ###/### The/DT report/NN of/IN the/DT bankruptcy/NN filing/NN stunned/VBD Hollywood/NNP executives/NNS and/CC investors/NNS ./. ###/### ``/`` It/PRP 's/VBZ a/DT shocker/NN ,/, ''/'' said/VBD Joseph/NNP Di/NNP Lillo/NNP ,/, chairman/NN of/IN Drake/NNP Capital/NNP Securities/NNPS ,/, a/DT brokerage/NN firm/NN that/WDT has/VBZ an/DT investment/NN in/IN Qintex/NNP Entertainment/NNP ./. ###/### Qintex/NNP Australia/NNP was/VBD ``/`` going/VBG to/TO pay/VB more/JJR than/IN $/$ 1/CD billion/CD for/IN and/CC then/RB they/PRP could/MD n't/RB come/VB up/RB with/IN the/DT far/RB smaller/JJR sum/NN of/IN $/$ 5.9/CD million/CD ./. ''/'' ###/### Qintex/NNP said/VBD Mr./NNP Evans/NNP ,/, the/DT former/JJ president/NN ,/, resigned/VBD for/IN ``/`` personal/JJ reasons/NNS ''/'' and/CC that/IN Mr./NNP Kimmel/NNP ,/, an/DT attorney/NN ,/, resigned/VBD because/IN his/PRP$ participation/NN in/IN evaluating/VBG the/DT company/NN 's/POS role/NN in/IN buying/VBG was/VBD no/RB longer/RB necessary/JJ ./. ###/### Mr./NNP Kimmel/NNP was/VBD a/DT director/NN of/IN the/DT company/NN and/CC a/DT predecessor/NN firm/NN since/IN 1980/CD ./. ###/### The/DT announcement/NN seemed/VBD to/TO further/RB damp/VB prospects/NNS that/IN talks/NNS between/IN Qintex/NNP Australia/NNP and/CC might/MD be/VB revived/VBN ./. ###/### It/PRP 's/VBZ understood/VBN that/IN recently/RB contacted/VBD Rupert/NNP Murdoch/NNP 's/POS News/NNP Corp./NNP ,/, which/WDT made/VBD two/CD failed/VBN bids/NNS for/IN the/DT movie/NN studio/NN ,/, to/TO see/VB if/IN the/DT company/NN was/VBD still/RB interested/JJ ./. ###/### However/RB ,/, ``/`` we/PRP are/VBP n't/RB currently/RB doing/VBG anything/NN ./. ###/### It/PRP is/VBZ n't/RB a/DT current/JJ topic/NN of/IN conversation/NN at/IN the/DT company/NN ,/, ''/'' said/VBD Barry/NNP Diller/NNP ,/, chairman/NN and/CC chief/JJ executive/NN officer/NN of/IN the/DT Fox/NNP Inc./NNP unit/NN of/IN News/NNP Corp/NNP ./. ###/### Financial/JJ printer/NN Bowne/NNP &/CC Co./NNP said/VBD it/PRP formed/VBD a/DT business/NN translation/NN service/NN ,/, which/WDT will/MD provide/VB legal/JJ ,/, financial/JJ and/CC other/JJ services/NNS in/IN most/JJS major/JJ languages/NNS ,/, including/VBG Japanese/NNP ,/, Chinese/NNP and/CC Russian/NNP ./. ###/### Japan/NNP 's/POS Finance/NNP Ministry/NNP strongly/RB denied/VBD playing/VBG any/DT role/NN in/IN the/DT New/NNP York/NNP stock-price/JJ free/JJ fall/NN ./. ###/### Makoto/NNP Utsumi/NNP ,/, vice/NN minister/NN for/IN international/JJ affairs/NNS ,/, said/VBD the/DT ministry/NN did/VBD n't/RB in/IN any/DT way/NN suggest/VB to/TO Japanese/JJ banks/NNS that/IN they/PRP stay/VB out/RB of/IN the/DT UAL/NNP Corp./NNP leveraged/JJ buy-out/NN ./. ###/### The/DT ministry/NN has/VBZ never/RB even/RB suggested/VBN that/IN Japanese/JJ banks/NNS be/VB cautious/JJ about/IN leveraged/JJ buy-outs/NNS in/IN general/JJ ,/, Mr./NNP Utsumi/NNP said/VBD ./. ###/### ``/`` There/EX are/VBP no/DT facts/NNS -LCB-/-LRB- behind/IN the/DT assertions/NNS -RCB-/-RRB- that/IN we/PRP sent/VBD any/DT kind/NN of/IN signal/NN ,/, ''/'' he/PRP declared/VBD in/IN an/DT interview/NN ./. ###/### The/DT comments/NNS were/VBD the/DT ministry/NN 's/POS first/RB detailed/JJ public/JJ statement/NN on/IN the/DT subject/NN ,/, and/CC reflect/VBP the/DT ministry/NN 's/POS concern/NN that/IN foreigners/NNS will/MD think/VB Japan/NNP is/VBZ using/VBG its/PRP$ tremendous/JJ financial/JJ power/NN to/TO control/VB events/NNS in/IN foreign/JJ markets/NNS ./. ###/### A/DT number/NN of/IN accounts/NNS of/IN the/DT events/NNS leading/VBG to/TO the/DT 190/CD point/NN drop/NN in/IN New/NNP York/NNP stock/NN prices/NNS on/IN Oct./NNP 13/CD accused/VBD the/DT ministry/NN of/IN pulling/VBG the/DT plug/NN on/IN the/DT UAL/NNP deal/NN for/IN one/CD reason/NN or/CC another/DT ./. ###/### Mr./NNP Utsumi/NNP said/VBD the/DT most/JJS the/DT ministry/NN had/VBD ever/RB done/VBN was/VBD ask/VB Japanese/JJ banks/NNS about/IN ``/`` the/DT status/NN of/IN their/PRP$ participation/NN ''/'' in/IN one/CD previous/JJ U.S./NNP leveraged/JJ buy-out/NN ./. ###/### The/DT ministry/NN inquired/VBD about/IN that/DT deal/NN --/: which/WDT Mr./NNP Utsumi/NNP declined/VBD to/TO identify/VB --/: because/IN the/DT large/JJ presence/NN of/IN Japanese/JJ banks/NNS in/IN the/DT deal/NN was/VBD ``/`` being/VBG strongly/RB criticized/VBN in/IN the/DT U.S./NNP Congress/NNP ''/'' and/CC it/PRP was/VBD ``/`` necessary/JJ for/IN us/PRP to/TO grasp/VB the/DT situation/NN ./. ''/'' ###/### He/PRP said/VBD the/DT inquiry/NN was/VBD n't/RB made/VBN in/IN a/DT way/NN that/IN the/DT banks/NNS could/MD have/VB interpreted/VBN as/IN either/DT encouraging/JJ or/CC discouraging/JJ participation/NN ,/, and/CC he/PRP added/VBD that/IN none/NN of/IN the/DT Japanese/JJ banks/NNS changed/VBD their/PRP$ posture/NN on/IN the/DT deal/NN as/IN a/DT result/NN of/IN the/DT inquiry/NN ./. ###/### Mr./NNP Utsumi/NNP also/RB said/VBD some/DT Japanese/JJ banks/NNS were/VBD willing/JJ to/TO participate/VB in/IN the/DT UAL/NNP financing/NN up/IN to/TO the/DT very/JJ end/NN ,/, which/WDT would/MD suggest/VB at/IN the/DT very/RB least/JJS that/IN they/PRP were/VBD n't/RB under/IN orders/NNS to/TO back/VB out/RB ./. ###/### In/IN general/JJ ,/, Mr./NNP Utsumi/NNP said/VBD ,/, Japanese/JJ banks/NNS are/VBP becoming/VBG more/RBR ``/`` independent/JJ ''/'' in/IN their/PRP$ approach/NN to/TO overseas/JJ deals/NNS ./. ###/### ``/`` Each/DT Japanese/JJ bank/NN has/VBZ its/PRP$ own/JJ judgment/NN on/IN the/DT profits/NNS and/CC risks/NNS in/IN that/DT -LCB-/-LRB- UAL/NNP -RCB-/-RRB- deal/NN ,/, ''/'' he/PRP said/VBD ./. ###/### ``/`` They/PRP are/VBP becoming/VBG more/RBR independent/JJ ./. ###/### It/PRP 's/VBZ a/DT sound/JJ phenomenon/NN ./. ''/'' ###/### Sanwa/NNP Bank/NNP Ltd./NNP is/VBZ one/CD Japanese/JJ bank/NN that/WDT decided/VBD not/RB to/TO participate/VB in/IN the/DT first/JJ UAL/NNP proposal/NN ./. ###/### A/DT Sanwa/NNP Bank/NNP spokesman/NN denied/VBD that/IN the/DT finance/NN ministry/NN played/VBD any/DT part/NN in/IN the/DT bank/NN 's/POS decision/NN ./. ###/### ``/`` We/PRP made/VBD our/PRP$ own/JJ decision/NN ,/, ''/'' he/PRP said/VBD ./. ###/### Still/RB ,/, Mr./NNP Utsumi/NNP may/MD have/VB a/DT hard/JJ time/NN convincing/VBG market/NN analysts/NNS who/WP have/VBP rightly/RB or/CC wrongly/RB believed/VBN that/IN the/DT ministry/NN played/VBD a/DT role/NN in/IN orchestrating/VBG recent/JJ moves/NNS by/IN Japanese/JJ banks/NNS ./. ###/### All/DT week/NN there/EX has/VBZ been/VBN much/JJ speculation/NN in/IN financial/JJ circles/NNS in/IN Tokyo/NNP and/CC abroad/RB about/IN the/DT ministry/NN 's/POS real/JJ position/NN ./. ###/### Bank/NN analysts/NNS say/VBP ministry/NN officials/NNS have/VBP been/VBN growing/VBG increasingly/RB concerned/JJ during/IN the/DT past/JJ few/JJ months/NNS about/IN Japanese/JJ banks/NNS getting/VBG in/IN over/IN their/PRP$ heads/NNS ./. ###/### ``/`` The/DT -LCB-/-LRB- ministry/NN -RCB-/-RRB- thinks/VBZ the/DT banks/NNS do/VBP n't/RB know/VB what/WP they/PRP are/VBP doing/VBG ,/, that/IN they/PRP have/VBP very/RB little/JJ idea/NN how/WRB to/TO cope/VB with/IN risk/NN ,/, ''/'' said/VBD one/CD foreign/JJ bank/NN analyst/NN who/WP asked/VBD not/RB to/TO be/VB identified/VBN ./. ###/### ``/`` The/DT -LCB-/-LRB- ministry/NN -RCB-/-RRB- wants/VBZ to/TO see/VB the/DT Japanese/JJ banks/NNS pull/VB in/RP their/PRP$ horns/NNS ''/'' on/IN leveraged/JJ buy-outs/NNS ,/, he/PRP added/VBD ./. ###/### Although/IN some/DT of/IN the/DT Japanese/JJ banks/NNS involved/JJ in/IN the/DT first/JJ proposed/VBN bid/NN for/IN UAL/NNP bowed/VBD out/RB because/IN they/PRP found/VBD the/DT terms/NNS unattractive/JJ ,/, observers/NNS here/RB say/VBP they/PRP have/VBP a/DT hard/JJ time/NN believing/VBG that/IN commercial/JJ considerations/NNS were/VBD the/DT only/JJ reason/NN ./. ###/### Japanese/JJ banks/NNS are/VBP under/IN ``/`` political/JJ pressure/NN ''/'' as/IN well/RB ,/, the/DT analyst/NN said/VBD ./. ###/### Moreover/RB ,/, analysts/NNS point/VBP out/RB that/IN Japanese/JJ banks/NNS have/VBP a/DT reputation/NN for/IN doing/VBG deals/NNS that/WDT are/VBP n't/RB extremely/RB profitable/JJ if/IN they/PRP offer/VBP the/DT chance/NN to/TO build/VB market/NN share/NN ,/, cement/VB an/DT important/JJ business/NN relationship/NN or/CC curry/VB favor/NN with/IN powerful/JJ bureaucrats/NNS ./. ###/### Clearly/RB ,/, some/DT financial/JJ authorities/NNS are/VBP concerned/JJ about/IN the/DT Japanese/JJ banks/NNS role/NN in/IN leveraged/JJ buy-outs/NNS ./. ###/### At/IN a/DT news/NN conference/NN this/DT week/NN ,/, Bank/NNP of/IN Japan/NNP Gov./NNP Satoshi/NNP Sumita/NNP cautioned/VBD banks/NNS to/TO take/VB a/DT ``/`` prudent/JJ ''/'' stance/NN regarding/VBG highly/RB leveraged/JJ deals/NNS ./. ###/### Despite/IN Mr./NNP Sumita/NNP 's/POS statements/NNS ,/, it/PRP is/VBZ the/DT Finance/NNP Ministry/NNP ,/, not/RB the/DT central/JJ bank/NN ,/, that/WDT makes/VBZ policy/NN decisions/NNS ./. ###/### While/IN recent/JJ events/NNS may/MD cool/VB some/DT of/IN the/DT leveraged/JJ buy-out/NN fever/NN ,/, Japanese/JJ banks/NNS are/VBP n't/RB likely/JJ to/TO walk/VB away/RB from/IN the/DT game/NN ./. ###/### Despite/IN the/DT risks/NNS ,/, the/DT deals/NNS can/MD be/VB an/DT attractive/JJ way/NN for/IN Japanese/JJ banks/NNS to/TO increase/VB their/PRP$ presence/NN in/IN the/DT U.S./NNP market/NN ,/, bank/NN analysts/NNS say/VBP ./. ###/### Flush/JJ with/IN cash/NN at/IN home/NN ,/, but/CC with/IN fewer/JJR customers/NNS to/TO lend/VB to/TO ,/, leading/VBG banks/NNS are/VBP eager/JJ to/TO expand/VB overseas/RB ./. ###/### Jumping/VBG in/RB on/IN big/JJ deals/NNS is/VBZ a/DT high/RB profile/JJ way/NN to/TO leapfrog/VB the/DT problem/NN of/IN not/RB having/VBG a/DT strong/JJ retail-banking/JJ network/NN ./. ###/### France/NNP 's/POS national/JJ tobacco/NN company/NN ,/, known/VBN for/IN making/VBG brown-tobacco/JJ cigarettes/NNS such/JJ as/IN Gauloises/NNP and/CC Gitanes/NNP ,/, is/VBZ branching/VBG out/RP ./. ###/### Concerned/JJ by/IN dipping/VBG demand/NN for/IN its/PRP$ traditional/JJ products/NNS ,/, it/PRP is/VBZ moving/VBG not/RB only/RB into/IN blonde/JJ cigarettes/NNS ,/, but/CC also/RB into/IN electronic/JJ car-parking/JJ payment/NN cards/NNS to/TO be/VB sold/VBN in/IN neighborhood/NN tobacco/NN stores/NNS ./. ###/### Brown/JJ tobacco/NN in/IN France/NNP is/VBZ a/DT more/RBR pungent/JJ ,/, stronger/JJR grade/NN than/IN the/DT lighter/JJR grade/NN ,/, or/CC blonde/JJ tobacco/NN ,/, used/VBN in/IN so-called/JJ American-style/JJ cigarettes/NNS ./. ###/### ``/`` We/PRP are/VBP n't/RB Philip/NNP Morris/NNP Cos./NNPS ,/, ''/'' says/VBZ Bertrand/NNP de/FW Galle/NNP ,/, chairman/NN of/IN government-owned/JJ Societe/NNP Nationale/NNP d'Exploitation/NNP Industrielle/NNP des/FW Tabacs/NNP &/CC Allumettes/NNP S.A./NNP ,/, known/VBN as/IN Seita/NNP ./. ###/### He/PRP says/VBZ that/IN because/IN Seita/NNP 's/POS profits/NNS are/VBP limited/VBN by/IN government-controlled/JJ cigarette/NN prices/NNS ,/, he/PRP does/VBZ n't/RB have/VB the/DT cash/NN to/TO diversify/VB as/RB heavily/RB into/IN food/NN and/CC drink/NN as/IN the/DT U.S./NNP concern/NN has/VBZ done/VBN ./. ###/### -LRB-/-LRB- Last/JJ year/NN ,/, for/IN example/NN ,/, Seita/NNP 's/POS net/JJ profit/NN soared/VBD 150/CD %/NN to/TO 461.6/CD million/CD French/JJ francs/NNS -LRB-/-LRB- $/$ 73.5/CD million/CD -RRB-/-RRB- on/IN sales/NNS of/IN FFr27.68/NN billion-a/JJ 1.7/CD %/NN profit/NN margin/NN ./. -RRB-/-RRB- ###/### Instead/RB ,/, he/PRP said/VBD in/IN an/DT interview/NN ,/, he/PRP is/VBZ looking/VBG for/IN ways/NNS to/TO exploit/VB France/NNP 's/POS network/NN of/IN 39,000/CD tobacco/NN agents/NNS ,/, most/JJS of/IN them/PRP cafes/NNS ./. ###/### While/IN Seita/NNP does/VBZ n't/RB own/VB the/DT French/JJ tabacs/NNS ,/, its/PRP$ close/JJ alliance/NN with/IN them/PRP offers/VBZ distribution/NN possibilities/NNS ./. ###/### One/CD proposal/NN is/VBZ to/TO introduce/VB a/DT new/JJ payment/NN system/NN for/IN parking/NN in/IN Paris/NNP ./. ###/### Instead/RB of/IN paying/VBG for/IN parking/NN by/IN putting/VBG money/NN in/IN the/DT existing/VBG machines/NNS ,/, which/WDT deliver/VBP little/JJ paper/NN receipts/NNS ,/, drivers/NNS would/MD be/VB able/JJ to/TO buy/VB electronic/JJ cards/NNS in/IN local/JJ tobacco/NN shops/NNS ./. ###/### Once/RB activated/VBN ,/, the/DT card/NN would/MD sit/VB in/IN the/DT car/NN 's/POS window/NN ,/, showing/VBG traffic/NN wardens/NNS how/WRB much/JJ time/NN the/DT motorist/NN could/MD remain/VB ./. ###/### When/WRB the/DT motorist/NN returned/VBD to/TO his/PRP$ car/NN he/PRP could/MD turn/VB the/DT card/NN off/RP and/CC ,/, if/IN it/PRP showed/VBD time/NN remaining/VBG ,/, save/VB it/PRP for/IN later/RB ./. ###/### Seita/NNP is/VBZ a/DT partner/NN in/IN the/DT project/NN ,/, which/WDT was/VBD developed/VBN by/IN Matra/NNP SA/NNP using/VBG Japanese/JJ technology/NN ./. ###/### Seita/NNP and/CC Matra/NNP currently/RB are/VBP negotiating/VBG with/IN city/NN officials/NNS for/IN the/DT right/NN to/TO begin/VB service/NN ./. ###/### And/CC Seita/NNP is/VBZ considering/VBG further/JJ diversification/NN ./. ###/### It/PRP wanted/VBD to/TO buy/VB RJR/NNP Nabisco/NNP Inc./NNP 's/POS French/JJ cracker/NN subsidiary/NN ,/, Belin/NNP ,/, in/IN hopes/NNS of/IN selling/VBG its/PRP$ products/NNS in/IN tobacco/NN stores/NNS ,/, but/CC lost/VBD the/DT bidding/NN to/TO food/NN group/NN BSN/NNP SA/NNP ./. ###/### It/PRP currently/RB is/VBZ considering/VBG bidding/VBG for/IN Swedish/NNP Match/NNP Co/NNP ./. ###/### And/CC it/PRP retains/VBZ an/DT interest/NN in/IN acquiring/VBG candies/NNS and/CC other/JJ articles/NNS that/WDT might/MD be/VB sold/VBN in/IN tobacco/NN shops/NNS ./. ###/### It/PRP also/RB is/VBZ trying/VBG to/TO shore/VB up/RP its/PRP$ tobacco/NN business/NN ./. ###/### Brown-tobacco/JJ cigarettes/NNS such/JJ as/IN Gauloises/NNP now/RB make/VBP up/RP just/RB 40/CD %/NN of/IN the/DT French/JJ tobacco/NN market/NN ,/, half/PDT the/DT level/NN of/IN about/IN two/CD decades/NNS ago/RB ./. ###/### While/IN Seita/NNP retains/VBZ a/DT manufacturing/NN monopoly/NN in/IN France/NNP ,/, it/PRP is/VBZ being/VBG hurt/VBN by/IN rising/VBG imports/NNS and/CC from/IN waning/VBG cigarette/NN demand/NN ./. ###/### So/RB Seita/NNP has/VBZ introduced/VBN blonde/JJ cigarettes/NNS under/IN the/DT Gauloises/NNP label/NN ,/, and/CC intends/VBZ to/TO relaunch/VB the/DT unsuccessful/JJ Gitanes/NNP Blondes/NNPS in/IN new/JJ packaging/NN ,/, similar/JJ to/TO the/DT slide-packs/NNS used/VBN by/IN brown-tobacco/JJ Gitanes/NNP ./. ###/### The/DT aim/NN ,/, says/VBZ Mr./NNP de/FW Galle/NNP ,/, is/VBZ to/TO win/VB market/NN share/NN from/IN imported/VBN cigarettes/NNS ,/, and/CC to/TO persuade/VB smokers/NNS who/WP are/VBP switching/VBG to/TO blonde/JJ cigarettes/NNS to/TO keep/VB buying/VBG French/JJ ./. ###/### When/WRB the/DT Supreme/NNP Court/NNP upheld/VBD Missouri/NNP 's/POS abortion/NN restrictions/NNS last/JJ July/NNP ,/, the/DT justices/NNS almost/RB certainly/RB did/VBD n't/RB have/VB drunk/JJ driving/NN ,/, trespassing/NN and/CC false/JJ imprisonment/NN on/IN their/PRP$ minds/NNS ./. ###/### But/CC the/DT 5-4/JJ ruling/NN may/MD have/VB had/VBN as/RB much/JJ immediate/JJ impact/NN on/IN those/DT activities/NNS --/: especially/RB trespassing/NN --/: as/IN on/IN abortion/NN rights/NNS ./. ###/### The/DT decision/NN ,/, Webster/NNP vs./FW Reproductive/NNP Health/NNP Services/NNPS ,/, illustrates/VBZ how/WRB Supreme/NNP Court/NNP rulings/NNS often/RB have/VBP a/DT ripple/JJ effect/NN ,/, spreading/VBG into/IN areas/NNS of/IN law/NN and/CC policy/NN that/WDT were/VBD n't/RB part/NN of/IN the/DT actual/JJ cases/NNS decided/VBN and/CC that/IN never/RB were/VBD contemplated/VBN by/IN the/DT justices/NNS ./. ###/### In/IN the/DT Missouri/NNP case/NN ,/, unforeseen/JJ consequences/NNS may/MD have/VB arisen/VBN because/IN the/DT high/JJ court/NN reinstated/VBD the/DT preamble/NN of/IN the/DT state/NN 's/POS 1986/CD abortion/NN law/NN ./. ###/### The/DT preamble/NN says/VBZ that/IN human/JJ life/NN begins/VBZ at/IN conception/NN and/CC that/IN unborn/JJ children/NNS have/VBP rights/NNS protected/VBN by/IN the/DT Constitution/NNP ./. ###/### Last/JJ year/NN ,/, a/DT federal/JJ appeals/NNS court/NN in/IN St./NNP Louis/NNP said/VBD the/DT preamble/NN was/VBD unconstitutional/JJ ,/, citing/VBG an/DT earlier/JJR Supreme/NNP Court/NNP ruling/NN that/IN states/NNS ca/MD n't/RB justify/VB stricter/JJR abortion/NN curbs/NNS by/IN changing/VBG the/DT definition/NN of/IN when/WRB life/NN begins/VBZ ./. ###/### But/CC the/DT Supreme/NNP Court/NNP concluded/VBD that/IN it/PRP was/VBD premature/JJ to/TO rule/VB on/IN the/DT constitutionality/NN of/IN the/DT preamble/NN because/IN the/DT definition/NN of/IN human/JJ life/NN had/VBD n't/RB yet/RB been/VBN used/VBN to/TO restrict/VB abortion/NN services/NNS ./. ###/### The/DT high/JJ court/NN majority/NN said/VBD it/PRP was/VBD up/IN to/TO the/DT state/NN courts/NNS for/IN now/RB to/TO decide/VB whether/IN the/DT definition/NN has/VBZ any/DT bearing/NN on/IN other/JJ state/NN laws/NNS ./. ###/### Already/RB ,/, local/JJ Missouri/NNP judges/NNS have/VBP relied/VBN on/IN the/DT restored/VBN preamble/NN in/IN two/CD separate/JJ cases/NNS to/TO throw/VB out/RP criminal/JJ trespass/NN charges/NNS against/IN anti-abortion/JJ demonstrators/NNS who/WP blocked/VBD access/NN to/TO Reproductive/NNP Health/NNP Services/NNPS ,/, an/DT abortion/NN clinic/NN in/IN St./NNP Louis/NNP ./. ###/### The/DT protesters/NNS said/VBD their/PRP$ actions/NNS were/VBD justified/JJ by/IN the/DT desire/NN to/TO save/VB the/DT lives/NNS of/IN unborn/JJ children/NNS ./. ###/### Under/IN a/DT 1981/CD Missouri/NNP law/NN ,/, persons/NNS accused/VBN of/IN some/DT crimes/NNS ,/, including/VBG trespassing/NN ,/, may/MD offer/VB a/DT defense/NN that/IN their/PRP$ actions/NNS were/VBD justified/JJ ``/`` as/IN an/DT emergency/NN measure/NN to/TO avoid/VB an/DT imminent/JJ public/NN or/CC private/JJ injury/NN ./. ''/'' ###/### Relying/VBG on/IN the/DT preamble/NN 's/POS statement/NN that/IN a/DT fetus/NN is/VBZ an/DT unborn/JJ child/NN ,/, the/DT two/CD St./NNP Louis/NNP County/NNP Circuit/NNP Court/NNP judges/NNS in/IN August/NNP accepted/VBD the/DT justification/NN that/IN the/DT abortion/NN clinic/NN protesters/NNS were/VBD trying/VBG to/TO save/VB lives/NNS ./. ###/### In/IN another/DT case/NN ,/, a/DT protester/NN ,/, Ann/NNP O'Brien/NNP ,/, was/VBD convicted/VBN of/IN trespass/NN before/IN the/DT Supreme/NNP Court/NNP 's/POS Webster/NNP ruling/NN ./. ###/### Last/JJ week/NN ,/, when/WRB her/PRP$ appeal/NN was/VBD argued/VBN before/IN the/DT Missouri/NNP Court/NNP of/IN Appeals/NNPS ,/, her/PRP$ lawyer/NN also/RB relied/VB on/IN the/DT preamble/NN ./. ###/### ``/`` The/DT effect/NN of/IN the/DT Supreme/NNP Court/NNP Webster/NNP opinion/NN is/VBZ that/IN it/PRP left/VBD room/NN for/IN grass/NN to/TO grow/VB in/IN the/DT cracks/NNS of/IN Roe/NNP vs./FW Wade/NNP ,/, and/CC I/PRP think/VBP this/DT is/VBZ one/CD of/IN the/DT cracks/NNS ,/, ''/'' said/VBD Mark/NNP Belz/NNP ,/, a/DT St./NNP Louis/NNP lawyer/NN who/WP represented/VBD Ms./NNP O'Brien/NNP and/CC the/DT other/JJ St./NNP Louis/NNP protesters/NNS ./. ###/### Roe/NNP vs./FW Wade/NNP was/VBD the/DT Supreme/NNP Court/NNP 's/POS 1973/CD decision/NN that/WDT recognized/VBD a/DT woman/NN 's/POS right/NN to/TO abortion/NN ./. ###/### Mario/NNP Mandina/NNP ,/, president/NN of/IN Kansas/NNP City/NNP Lawyers/NNPS for/IN Life/NNP ,/, says/VBZ that/IN if/IN abortion/NN foes/NNS succeed/VBP in/IN using/VBG the/DT preamble/NN to/TO escape/VB prosecution/NN for/IN trespass/NN ,/, ``/`` This/DT will/MD shut/VB down/RP abortion/NN in/IN Missouri/NNP ./. ###/### There/EX 's/VBZ no/DT risk/NN to/TO the/DT protesters/NNS ,/, and/CC you/PRP ca/MD n't/RB keep/VB an/DT abortion/NN clinic/NN open/JJ if/IN there/EX are/VBP 3,000/CD people/NNS standing/VBG outside/IN every/DT day/NN ./. ''/'' ###/### That/DT would/MD be/VB an/DT ironic/JJ result/NN of/IN a/DT case/NN in/IN which/WDT the/DT Supreme/NNP Court/NNP expressly/RB stopped/VBD short/RB of/IN overruling/VBG Roe/NNP vs./FW Wade/NNP ./. ###/### In/IN two/CD other/JJ cases/NNS ,/, the/DT possible/JJ consequences/NNS of/IN the/DT Supreme/NNP Court/NNP ruling/NN appear/VBP even/RB more/RBR unintended/JJ ./. ###/### In/IN one/CD ,/, the/DT lawyer/NN for/IN a/DT 20-year-old/JJ resident/NN of/IN Columbia/NNP ,/, Mo./NNP ,/, who/WP was/VBD charged/VBN with/IN drunk/JJ driving/NN ,/, argued/VBD that/DT his/PRP$ client/NN should/MD be/VB treated/VBN as/IN a/DT 21-year-old/JJ adult/NN because/IN his/PRP$ actual/JJ age/NN should/MD be/VB calculated/VBN from/IN conception/NN ,/, not/RB from/IN birth/NN ./. ###/### In/IN Missouri/NNP ,/, those/DT caught/VBN drinking/NN and/CC driving/NN between/IN the/DT ages/NNS of/IN 16/CD and/CC 21/CD may/MD have/VB their/PRP$ licenses/NNS revoked/VBN for/IN one/CD year/NN ,/, while/IN those/DT 21/CD or/CC older/JJR suffer/VBP only/RB a/DT 30-day/JJ suspension/NN ./. ###/### A/DT Boone/NNP County/NNP judge/NN rejected/VBD the/DT motion/NN ,/, but/CC Daniel/NNP Dodson/NNP ,/, a/DT Jefferson/NNP City/NNP lawyer/NN ,/, says/VBZ he/PRP has/VBZ appealed/VBN ./. ###/### And/CC in/IN a/DT case/NN filed/VBN in/IN federal/JJ court/NN in/IN August/NNP ,/, a/DT lawyer/NN is/VBZ arguing/VBG that/IN Missouri/NNP authorities/NNS are/VBP wrongfully/RB imprisoning/VBG the/DT fetus/NN of/IN a/DT pregnant/JJ woman/NN who/WP is/VBZ in/IN jail/NN for/IN theft/NN and/CC forgery/NN ./. ###/### In/IN terms/NNS of/IN sheer/JJ brutality/NN ,/, the/DT Somali/JJ regime/NN of/IN Siad/NNP Barre/NNP may/MD rank/VB as/IN No./NNP 1/CD in/IN the/DT world/NN ./. ###/### The/DT only/JJ reason/NN that/DT Somalia/NNP remains/VBZ in/IN obscurity/NN is/VBZ numbers/NNS :/: a/DT sparsely/RB populated/JJ wasteland/NN of/IN 8.5/CD million/CD people/NNS spread/VBN out/RB over/IN an/DT expanse/NN nearly/RB the/DT size/NN of/IN Texas/NNP ./. ###/### The/DT Barre/NNP dictatorship/NN simply/RB is/VBZ limited/JJ in/IN the/DT amount/NN of/IN people/NNS it/PRP can/MD torture/VB and/CC kill/VB ./. ###/### Beheading/VBG small/JJ children/NNS ,/, stabbing/VBG elderly/JJ people/NNS to/TO death/NN ,/, raping/VBG and/CC shooting/VBG women/NNS ,/, and/CC burying/VBG people/NNS alive/RB are/VBP just/RB a/DT few/JJ of/IN the/DT grisly/JJ activities/NNS that/IN the/DT Somali/JJ armed/JJ forces/NNS have/VBP been/VBN engaged/VBN in/IN over/IN the/DT past/JJ two/CD years/NNS ./. ###/### Up/IN to/TO 500,000/CD Somalis/NNPS have/VBP escaped/VBN to/TO the/DT relative/JJ safety/NN of/IN Marxist/JJ Ethiopia/NNP because/IN of/IN the/DT behavior/NN of/IN President/NNP Barre/NNP 's/POS troops/NNS ./. ###/### In/IN the/DT port/NN of/IN Berbera/NNP ,/, for/IN example/NN ,/, hundreds/NNS of/IN men/NNS of/IN the/DT rival/JJ Issak/NNP clan/NN were/VBD rounded/VBN up/RB in/IN May/NNP 1988/CD ,/, imprisoned/VBN ,/, and/CC then/RB taken/VBN out/RB at/IN night/NN in/IN groups/NNS of/IN five/CD to/TO 50/CD men/NNS to/TO be/VB executed/VBN without/IN any/DT judicial/JJ process/NN whatsoever/RB ./. ###/### Guns/NNS were/VBD never/RB used/VBN :/: Each/DT man/NN was/VBD stabbed/VBN to/TO death/NN with/IN a/DT large/JJ knife/NN ./. ###/### The/DT horrific/JJ details/NNS are/VBP only/RB now/RB emerging/VBG from/IN a/DT painstakingly/RB documented/VBN report/NN ,/, based/VBN on/IN hundreds/NNS of/IN interviews/NNS with/IN randomly/RB selected/VBN refugees/NNS ./. ###/### The/DT study/NN was/VBD done/VBN by/IN Robert/NNP Gersony/NNP ,/, a/DT consultant/NN to/TO the/DT U.S./NNP State/NNP Department/NNP who/WP has/VBZ years/NNS of/IN experience/NN in/IN investigating/VBG human-rights/JJ abuses/NNS on/IN both/DT sides/NNS of/IN the/DT left-right/JJ ideological/JJ divide/NN ./. ###/### What/WP gives/VBZ these/DT events/NNS particular/JJ significance/NN ,/, however/RB ,/, is/VBZ the/DT fact/NN that/IN they/PRP are/VBP part/NN of/IN a/DT wider/JJR drama/NN affecting/VBG the/DT strategic/JJ positions/NNS of/IN both/DT the/DT U.S./NNP and/CC the/DT Soviet/NNP Union/NNP on/IN the/DT horn/NN of/IN Africa/NNP ./. ###/### Not/RB since/IN the/DT late/JJ 1970s/NNS has/VBZ the/DT horn/NN been/VBN so/RB up/IN for/IN grabs/NNS as/IN it/PRP has/VBZ suddenly/RB become/VBN in/IN just/RB the/DT past/JJ few/JJ weeks/NNS ./. ###/### Mr./NNP Barre/NNP 's/POS rule/NN is/VBZ crumbling/VBG fast/RB ./. ###/### Mutinies/NNS wrack/VBP his/PRP$ armed/JJ forces/NNS -LRB-/-LRB- really/RB just/RB an/DT armed/JJ gang/NN -RRB-/-RRB- ,/, which/WDT control/VBP less/JJR than/IN half/PDT the/DT country/NN ./. ###/### Inflation/NN is/VBZ at/IN record/NN levels/NNS ./. ###/### Desperate/JJ ,/, he/PRP has/VBZ called/VBN in/IN the/DT Libyans/NNPS to/TO help/VB fight/VB the/DT rebels/NNS of/IN the/DT Somali/NNP National/NNP Movement/NNP in/IN the/DT north/NN ,/, which/WDT is/VBZ only/RB one/CD of/IN several/JJ groups/NNS picking/VBG away/RB at/IN the/DT regime/NN in/IN the/DT capital/NN of/IN Mogadishu/NNP ./. ###/### Seventy/CD years/NNS old/JJ and/CC a/DT self-declared/JJ ``/`` scientific/JJ socialist/NN ,/, ''/'' President/NNP Barre/NNP has/VBZ a/DT power/NN base/NN ,/, composed/VBN only/RB of/IN his/PRP$ minority/NN Mareham/NNP clan/NN ,/, that/IN according/VBG to/TO observers/NNS is/VBZ ``/`` narrowing/VBG ./. ''/'' ###/### The/DT U.S./NNP 's/POS interest/NN in/IN Somalia/NNP consists/VBZ of/IN a/DT single/JJ runway/NN at/IN the/DT port/NN of/IN Berbera/NNP ,/, which/WDT U.S./NNP military/JJ aircraft/NN have/VBP the/DT right/NN to/TO use/VB for/IN surveillance/NN of/IN the/DT Gulf/NNP of/IN Aden/NNP and/CC the/DT Indian/NNP Ocean/NNP ./. ###/### That/DT strip/NN of/IN concrete/NN is/VBZ backed/VBN up/RB by/IN a/DT few/JJ one-story/JJ ,/, air-conditioned/JJ shacks/NNS where/WRB a/DT handful/NN of/IN American/JJ nationals/NNS --/: buttressed/VBN by/IN imported/VBN food/NN ,/, cold/JJ soft/JJ drinks/NNS and/CC back/JJ issues/NNS of/IN Sports/NNPS Illustrated/NNP --/: maintain/VBP radio/NN contact/NN with/IN the/DT outside/JJ world/NN ./. ###/### In/IN the/DT past/JJ two/CD years/NNS ,/, the/DT desert/NN behind/IN them/PRP has/VBZ become/VBN a/DT land/NN of/IN mass/NN executions/NNS and/CC utter/JJ anarchy/NN ,/, where/WRB ,/, due/JJ to/TO Mr./NNP Barre/NNP 's/POS brutality/NN and/CC ineptitude/NN ,/, nobody/NN is/VBZ any/RB longer/RB in/IN control/NN ./. ###/### As/RB long/RB as/IN the/DT rival/JJ Soviet-backed/JJ regime/NN of/IN Mengistu/NNP Haile/NNP Mariam/NNP held/VBD a/DT total/JJ gridlock/NN over/IN neighboring/VBG Ethiopia/NNP ,/, the/DT U.S./NNP was/VBD forced/VBN to/TO accept/VB that/DT lonely/JJ Berbera/NNP runway/NN as/IN a/DT distant/JJ No./NN 2/CD to/TO the/DT Soviets/NNPS '/POS array/NN of/IN airfields/NNS next/IN door/NN ./. ###/### But/CC due/RB to/TO dramatic/JJ events/NNS on/IN the/DT battlefield/NN over/IN the/DT past/JJ few/JJ days/NNS and/CC weeks/NNS ,/, those/DT Soviet/JJ bases/NNS may/MD soon/RB be/VB as/RB endangered/VBN and/CC as/RB lonely/JJ as/IN the/DT American/JJ runway/NN ./. ###/### On/IN Sept./NNP 7/CD ,/, I/PRP wrote/VBD on/IN these/DT pages/NNS about/IN the/DT killing/VBG and/CC capturing/VBG of/IN 10,000/CD Ethiopian/JJ soldiers/NNS by/IN Eritrean/JJ and/CC Tigrean/JJ guerrillas/NNS ./. ###/### Recently/RB ,/, in/IN Wollo/NNP province/NN in/IN the/DT center/NN of/IN Ethiopia/NNP ,/, Tigrean/JJ forces/NNS have/VBP killed/VBN ,/, wounded/VBN and/CC captured/VBN an/DT additional/JJ 20,000/CD government/NN troops/NNS ./. ###/### -LRB-/-LRB- Think/VB what/WP these/DT numbers/NNS mean/VBP --/: considering/VBG the/DT headline/NN space/NN devoted/VBN to/TO hundreds/NNS of/IN deaths/NNS in/IN Lebanon/NNP ,/, a/DT small/JJ country/NN of/IN little/JJ strategic/JJ importance/NN -RRB-/-RRB- ###/### Tigrean/JJ armies/NNS are/VBP now/RB 200/CD miles/NNS north/RB of/IN Addis/NNP Ababa/NNP ,/, threatening/VBG the/DT town/NN of/IN Dese/NNP ,/, which/WDT would/MD cut/VB off/RP Mr./NNP Mengistu/NNP 's/POS capital/NN from/IN the/DT port/NN of/IN Assab/NNP ,/, through/IN which/WDT all/DT fuel/NN and/CC other/JJ supplies/NNS reach/VBP Addis/NNP Ababa/NNP ./. ###/### As/IN a/DT result/NN ,/, Mr./NNP Mengistu/NNP has/VBZ been/VBN forced/VBN to/TO transfer/VB thousands/NNS of/IN troops/NNS from/IN Eritrea/NNP just/RB to/TO hold/VB the/DT town/NN ,/, thereby/RB risking/VBG the/DT loss/NN of/IN even/RB more/JJR territory/NN in/IN Eritrea/NNP only/RB to/TO keep/VB the/DT Tigreans/NNPS at/IN bay/NN ./. ###/### Mr./NNP Mengistu/NNP is/VBZ in/IN an/DT increasingly/RB weak/JJ position/NN :/: Half/PDT his/PRP$ army/NN is/VBZ tied/VBN down/RB defending/VBG the/DT northern/JJ city/NN of/IN Asmara/NNP from/IN the/DT Eritreans/NNPS ./. ###/### The/DT weaker/JJR he/PRP gets/VBZ ,/, the/DT more/RBR he/PRP turns/VBZ toward/IN the/DT U.S./NNP for/IN help/NN ./. ###/### While/IN the/DT Tigreans/NNPS are/VBP communists/NNS ,/, like/IN the/DT Eritreans/NNPS they/PRP are/VBP among/IN the/DT most/RBS anti-Soviet/JJ guerrillas/NNS in/IN the/DT world/NN ,/, having/VBG suffered/VBN more/JJR than/IN a/DT decade/NN of/IN aerial/JJ bombardment/NN by/IN the/DT Soviet-supplied/JJ Mengistu/NNP air/NN force/NN ./. ###/### What/WP this/DT all/DT means/NNS in/IN shorthand/NN is/VBZ that/DT Soviet/JJ dominance/NN in/IN Ethiopia/NNP is/VBZ collapsing/VBG as/RB fast/RB as/IN President/NNP Barre/NNP 's/POS regime/NN in/IN Somalia/NNP is/VBZ ./. ###/### The/DT U.S./NNP ,/, therefore/RB ,/, has/VBZ a/DT historic/JJ opportunity/NN both/DT to/TO strike/VB a/DT blow/NN for/IN human/JJ rights/NNS in/IN Somalia/NNP and/CC to/TO undo/VB the/DT superpower/NN flip-flop/NN of/IN the/DT late/JJ 1970s/NNS on/IN the/DT Horn/NNP of/IN Africa/NNP ./. ###/### Back/RB to/TO Somalia/NN :/: The/DT State/NNP Department/NNP ,/, to/TO its/PRP$ credit/NN ,/, has/VBZ already/RB begun/VBN distancing/VBG itself/PRP from/IN Mr./NNP Barre/NNP ,/, evinced/VBN by/IN its/PRP$ decision/NN to/TO publish/VB the/DT Gersony/NNP report/NN -LRB-/-LRB- which/WDT the/DT press/NN has/VBZ ignored/VBN -RRB-/-RRB- ###/### What/WP 's/VBZ more/JJR ,/, the/DT U.S./NNP has/VBZ suspended/VBN $/$ 2.5/CD million/CD in/IN military/JJ aid/NN and/CC $/$ 1/CD million/CD in/IN economic/JJ aid/NN ./. ###/### But/CC this/DT is/VBZ not/RB enough/JJ ./. ###/### Because/IN the/DT U.S./NNP is/VBZ still/RB perceived/VBN to/TO be/VB tied/VBN to/TO Mr./NNP Barre/NNP ,/, when/WRB he/PRP goes/VBZ the/DT runway/NN could/MD go/VB too/RB ./. ###/### Considering/VBG how/WRB tenuous/JJ the/DT security/NN of/IN that/DT runway/NN is/VBZ anyway/RB ,/, the/DT better/JJR option/NN --/: both/DT morally/RB and/CC strategically/RB --/: would/MD be/VB for/IN the/DT Bush/NNP administration/NN to/TO blast/VB the/DT regime/NN publicly/RB ,/, in/IN terms/NNS clear/JJ enough/RB for/IN all/DT influential/JJ Somalis/NNPS to/TO understand/VB ./. ###/### It/PRP is/VBZ a/DT certainty/NN that/IN Mr./NNP Barre/NNP 's/POS days/NNS are/VBP numbered/VBN ./. ###/### The/DT U.S./NNP should/MD take/VB care/NN ,/, however/RB ,/, that/IN its/PRP$ own/JJ position/NN in/IN the/DT country/NN does/VBZ not/RB go/VB down/RB with/IN him/PRP ./. ###/### Nobody/NN is/VBZ sure/JJ what/WP will/MD come/VB next/JJ in/IN Somalia/NNP or/CC whom/WP the/DT successor/NN might/MD be/VB ./. ###/### But/CC as/IN one/CD expert/NN tells/VBZ me/PRP :/: ``/`` Whoever/WP it/PRP is/VBZ will/MD have/VB to/TO work/VB pretty/RB damn/RB hard/JJ to/TO be/VB worse/JJR than/IN Barre/NNP ./. ''/'' ###/### While/IN the/DT State/NNP Department/NNP positions/VBZ itself/PRP for/IN the/DT post-Barre/JJ period/NN in/IN Somalia/NNP ,/, it/PRP should/MD continue/VB to/TO back/VB former/JJ President/NNP Carter/NNP 's/POS well-intentioned/JJ role/NN as/IN a/DT mediator/NN between/IN Mr./NNP Mengistu/NNP and/CC the/DT Eritrean/JJ guerrillas/NNS in/IN Ethiopia/NNP ,/, while/IN concomitantly/RB opening/VBG up/RP channels/NNS of/IN communications/NNS with/IN the/DT Tigrean/JJ rebels/NNS through/IN neighboring/VBG Sudan/NNP ./. ###/### Ethiopian/JJ politics/NNS are/VBP the/DT most/RBS sophisticated/JJ ,/, secretive/JJ and/CC Byzantine/JJ in/IN all/DT of/IN black/JJ Africa/NNP ./. ###/### Remember/VB that/IN it/PRP took/VBD Mr./NNP Mengistu/NNP many/JJ months/NNS ,/, in/IN what/WP became/VBD known/VBN as/IN the/DT ``/`` creeping/VBG coup/NN ,/, ''/'' to/TO topple/VB Emperor/NNP Haile/NNP Selassie/NNP in/IN 1974/CD and/CC 1975/CD ./. ###/### There/EX is/VBZ simply/RB no/DT way/NN to/TO engineer/VB a/DT succession/NN covertly/RB ,/, as/IN is/VBZ sometimes/RB possible/JJ elsewhere/RB on/IN the/DT continent/NN ./. ###/### But/CC the/DT U.S./NNP has/VBZ one/CD great/JJ advantage/NN :/: The/DT Soviets/NNPS are/VBP universally/RB loathed/VBN throughout/IN Ethiopia/NN for/IN what/WP they/PRP did/VBD to/TO the/DT country/NN this/DT past/JJ decade/NN --/: famine/NN and/CC all/DT ./. ###/### It/PRP 's/VBZ not/RB just/RB in/IN Eastern/NNP Europe/NNP where/WRB the/DT march/NN of/IN events/NNS is/VBZ finally/RB on/IN the/DT U.S./NNP side/NN ,/, but/CC on/IN the/DT horn/NN of/IN Africa/NNP as/RB well/RB ./. ###/### The/DT only/JJ U.S./NNP liability/NN in/IN the/DT region/NN is/VBZ what/WP remains/VBZ of/IN the/DT link/NN to/TO Mr./NNP Barre/NNP ,/, and/CC that/DT should/MD be/VB cut/VBN fast/RB ./. ###/### Mr./NNP Kaplan/NNP ,/, author/NN of/IN ``/`` Surrender/VB or/CC Starve/VB :/: The/DT Wars/NNS Behind/IN the/DT Famine/NN ''/'' -LRB-/-LRB- Westview/NNP Press/NNP ,/, 1988/CD -RRB-/-RRB- ,/, lives/VBZ in/IN Lisbon/NNP ./. ###/### Translant/NNP Inc./NNP ,/, Rancho/NNP Cucamonga/NNP ,/, Calif./NNP ,/, got/VBD an/DT $/$ 86/CD million/CD Navy/NNP contract/NN for/IN missile-launch/JJ systems/NNS ./. ###/### General/NNP Electric/NNP Co./NNP received/VBD a/DT $/$ 30.6/CD million/CD Air/NNP Force/NNP contract/NN for/IN MX-missile/NN nose/NN cones/NNS ./. ###/### Goodyear/NNP Tire/NNP &/CC Rubber/NNP Co./NNP was/VBD awarded/VBN a/DT $/$ 19.1/CD million/CD Army/NNP contract/NN for/IN armored-vehicle/JJ parts/NNS ./. ###/### Analytic/NNP Sciences/NNPS Corp./NNP was/VBD awarded/VBN a/DT $/$ 10.1/CD million/CD Air/NNP Force/NNP contract/NN for/IN technical/JJ support/NN ./. ###/### McCormick/NNP Capital/NNP Inc./NNP said/VBD the/DT final/JJ proration/JJ factor/NN was/VBD 0.628394/CD on/IN its/PRP$ oversubscribed/JJ ,/, $/$ 3-a-share/JJ tender/NN offer/NN to/TO buy/VB back/RB as/RB many/JJ as/IN 1.1/CD million/CD of/IN its/PRP$ common/JJ shares/NNS ./. ###/### Payment/NN will/MD begin/VB ``/`` as/RB soon/RB as/IN Oct./NNP 25/CD ,/, ''/'' the/DT company/NN said/VBD ./. ###/### McCormick/NNP is/VBZ a/DT developer/NN and/CC manager/NN of/IN futures-investment/JJ limited/JJ partnerships/NNS ./. ###/### Through/IN a/DT separate/JJ agreement/NN between/IN Peter/NNP Dauchy/NNP ,/, president/NN ,/, and/CC a/DT group/NN of/IN selling/VBG shareholders/NNS ,/, the/DT company/NN said/VBD ,/, Mr./NNP Dauchy/NNP will/MD on/IN Oct./NNP 30/CD buy/VB 231,405/CD shares/NNS from/IN the/DT group/NN ,/, boosting/VBG his/PRP$ stake/NN to/TO about/IN 717,000/CD shares/NNS ,/, or/CC 50.7/CD %/NN of/IN the/DT total/NN after/IN the/DT buy-back/NN ./. ###/### Canada/NNP 's/POS consumer/NN price/NN index/NN rose/VBD a/DT seasonally/RB adjusted/JJ 0.2/CD %/NN in/IN September/NNP from/IN August/NNP ,/, Statistics/NNPS Canada/NNP ,/, a/DT federal/JJ agency/NN ,/, said/VBD ./. ###/### The/DT rise/NN followed/VBD boosts/NNS of/IN 0.1/CD %/NN in/IN August/NNP ,/, 0.7/CD %/NN in/IN July/NNP and/CC 0.6/CD %/NN in/IN June/NNP ./. ###/### OPEC/NNP 's/POS ability/NN to/TO produce/VB more/JJR petroleum/NN than/IN it/PRP can/MD sell/VB is/VBZ beginning/VBG to/TO cast/VB a/DT shadow/NN over/IN world/NN oil/NN markets/NNS ./. ###/### Output/NN from/IN the/DT Organization/NNP of/IN Petroleum/NNP Exporting/NNP Countries/NNPS is/VBZ already/RB at/IN a/DT high/JJ for/IN the/DT year/NN and/CC most/JJS member/NN nations/NNS are/VBP running/VBG flat/RB out/RB ./. ###/### But/CC industry/NN and/CC OPEC/NNP officials/NNS agree/VBP that/IN a/DT handful/NN of/IN members/NNS still/RB have/VB enough/JJ unused/JJ capacity/NN to/TO glut/VB the/DT market/NN and/CC cause/VB an/DT oil-price/NN collapse/NN a/DT few/JJ months/NNS from/IN now/RB if/IN OPEC/NNP does/VBZ n't/RB soon/RB adopt/VB a/DT new/JJ quota/NN system/NN to/TO corral/VB its/PRP$ chronic/JJ cheaters/NNS ./. ###/### As/IN a/DT result/NN ,/, the/DT effort/NN by/IN some/DT oil/NN ministers/NNS to/TO get/VB OPEC/NNP to/TO approve/VB a/DT new/JJ permanent/JJ production-sharing/JJ agreement/NN next/JJ month/NN is/VBZ taking/VBG on/IN increasing/VBG urgency/NN ./. ###/### The/DT organization/NN is/VBZ scheduled/VBN to/TO meet/VB in/IN Vienna/NNP beginning/VBG Nov./NNP 25/CD ./. ###/### So/RB far/RB this/DT year/NN ,/, rising/VBG demand/NN for/IN OPEC/NNP oil/NN and/CC production/NN restraint/NN by/IN some/DT members/NNS have/VBP kept/VBN prices/NNS firm/JJ despite/IN rampant/JJ cheating/NN by/IN others/NNS ./. ###/### But/CC that/DT could/MD change/VB if/IN demand/NN for/IN OPEC/NNP 's/POS oil/NN softens/VBZ seasonally/RB early/JJ next/JJ year/NN as/IN some/DT think/VBP may/MD happen/VB ./. ###/### OPEC/NNP is/VBZ currently/RB producing/VBG more/JJR than/IN 22/CD million/CD barrels/NNS a/DT day/NN ,/, sharply/RB above/IN its/PRP$ nominal/JJ ,/, self-imposed/JJ fourth-quarter/JJ ceiling/NN of/IN 20.5/CD million/CD ,/, according/VBG to/TO OPEC/NNP and/CC industry/NN officials/NNS at/IN an/DT oil/NN conference/NN here/RB sponsored/VBN by/IN the/DT Oil/NNP Daily/NNP and/CC the/DT International/NNP Herald/NNP Tribune/NNP ./. ###/### At/IN that/DT rate/NN ,/, a/DT majority/NN of/IN OPEC/NNP 's/POS 13/CD members/NNS have/VBP reached/VBN their/PRP$ output/NN limits/NNS ,/, they/PRP said/VBD ./. ###/### But/CC it/PRP is/VBZ estimated/VBN that/IN at/IN least/JJS three/CD million/CD barrels/NNS a/DT day/NN --/: and/CC possibly/RB as/RB much/JJ as/IN seven/CD million/CD barrels/NNS a/DT day/NN --/: of/IN spare/JJ capacity/NN still/RB exists/VBZ within/IN OPEC/NNP ./. ###/### Most/JJS is/VBZ concentrated/VBN in/IN five/CD Persian/NNP Gulf/NNP countries/NNS ,/, including/VBG his/PRP$ own/JJ ,/, Issam/NNP Al-Chalabi/NNP ,/, Iraq/NNP 's/POS oil/NN minister/NN ,/, told/VBD the/DT conference/NN Friday/NNP ./. ###/### He/PRP puts/VBZ OPEC/NNP 's/POS current/JJ capacity/NN at/IN 28/CD million/CD to/TO 29/CD million/CD barrels/NNS a/DT day/NN ./. ###/### That/DT 's/VBZ higher/JJR than/IN some/DT other/JJ estimates/NNS ./. ###/### Ali/NNP Khalifa/NNP Al-Sabah/NNP ,/, Kuwait/NNP 's/POS oil/NN minister/NN ,/, recently/RB estimated/VBD OPEC/NNP capacity/NN at/IN 25/CD million/CD barrels/NNS a/DT day/NN ./. ###/### Either/DT way/NN ,/, the/DT overhang/NN is/VBZ big/JJ enough/RB to/TO keep/VB delicately/RB balanced/JJ oil/NN markets/NNS on/IN edge/NN ./. ###/### Even/RB modest/JJ amounts/NNS of/IN additional/JJ output/NN by/IN those/DT with/IN the/DT huge/JJ extra/JJ capacity/NN and/CC reserves/NNS ,/, such/JJ as/IN Saudi/NNP Arabia/NNP and/CC Iraq/NNP ,/, could/MD upset/VB the/DT market/NN ./. ###/### The/DT Iraqi/JJ oil/NN minister/NN and/CC Saudi/JJ oil/NN minister/NN Hisham/NNP Nazer/NNP insisted/VBD in/IN their/PRP$ comments/NNS to/TO the/DT conference/NN that/IN their/PRP$ countries/NNS would/MD act/VB responsibly/RB to/TO maintain/VB a/DT stable/JJ market/NN ./. ###/### However/RB ,/, in/IN interviews/NNS later/RBR ,/, both/DT ministers/NNS stressed/VBD that/IN they/PRP expect/VBP future/JJ OPEC/NNP quotas/NNS to/TO be/VB based/VBN mainly/RB on/IN the/DT production/NN capacity/NN and/CC reserves/NNS of/IN each/DT member/NN ./. ###/### Under/IN that/DT approach/NN ,/, countries/NNS with/IN the/DT most/RBS unused/JJ oil/NN capacity/NN would/MD get/VB bigger/JJR shares/NNS of/IN any/DT future/JJ increases/NNS in/IN OPEC/NNP 's/POS production/NN ceiling/NN than/IN they/PRP would/MD under/IN the/DT current/JJ system/NN ./. ###/### ``/`` If/IN you/PRP are/VBP already/RB producing/VBG at/IN 95/CD %/NN or/CC 100/CD %/NN of/IN your/PRP$ capacity/NN ,/, what/WP 's/VBZ the/DT good/JJ to/TO be/VB told/VBN you/PRP can/MD produce/VB at/IN 105/CD %/NN of/IN capacity/NN ?/. ''/'' asked/VBD Mr./NNP Al-Chalabi/NNP ./. ###/### At/IN an/DT inconclusive/JJ Geneva/NNP meeting/NN late/JJ last/JJ month/NN ,/, OPEC/NNP 's/POS oil/NN ministers/NNS halfheartedly/RB approved/VBD another/DT increase/NN of/IN one/CD million/CD barrels/NNS a/DT day/NN in/IN their/PRP$ production/NN ceiling/NN ./. ###/### They/PRP doled/VBD it/PRP out/RP using/VBG the/DT existing/VBG formula/NN ,/, however/RB ,/, which/WDT meant/VBD that/IN even/RB those/DT countries/NNS that/WDT could/MD n't/RB produce/VB more/JJR received/VBD higher/JJR official/JJ allotments/NNS ./. ###/### The/DT main/JJ effect/NN of/IN the/DT ceiling/NN boost/NN was/VBD to/TO ``/`` legitimize/VB ''/'' some/DT of/IN the/DT overproduction/NN already/RB coming/VBG from/IN the/DT quota/NN cheaters/NNS ./. ###/### Still/RB ,/, there/EX was/VBD a/DT breakthrough/NN at/IN Geneva/NNP ./. ###/### Previously/RB ,/, no/DT OPEC/NNP member/NN had/VBD been/VBN willing/JJ to/TO accept/VB a/DT reduction/NN in/IN its/PRP$ percentage/NN share/NN of/IN the/DT group/NN 's/POS total/JJ output/NN target/NN ,/, or/CC ceiling/NN ./. ###/### But/CC the/DT concept/NN of/IN disproportionate/JJ quotas/NNS for/IN those/DT with/IN unused/JJ capacity/NN ,/, advanced/VBN there/RB in/IN an/DT Iranian/JJ proposal/NN ,/, was/VBD generally/RB endorsed/VBN by/IN the/DT ministers/NNS ./. ###/### In/IN the/DT end/NN politics/NNS got/VBD in/IN the/DT way/NN ./. ###/### Libya/NNP accepted/VBD Iran/NNP 's/POS proposal/NN only/RB so/RB long/RB as/IN it/PRP was/VBD promised/VBN production/NN parity/NN with/IN Kuwait/NNP ./. ###/### And/CC the/DT United/NNP Arab/NNP Emirates/NNPS ,/, a/DT chronic/JJ quota/NN cheater/NN ,/, refused/VBD to/TO give/VB any/DT guarantee/NN it/PRP would/MD change/VB its/PRP$ ways/NNS ./. ###/### But/CC the/DT oil/NN ministers/NNS continue/VBP to/TO study/VB the/DT plan/NN ,/, and/CC it/PRP will/MD probably/RB be/VB the/DT basis/NN for/IN discussion/NN at/IN next/JJ month/NN 's/POS meeting/NN ./. ###/### It/PRP 's/VBZ understood/VBN several/JJ compromises/NNS already/RB have/VBP been/VBN worked/VBN into/IN the/DT plan/NN ./. ###/### The/DT ceiling/NN would/MD be/VB lifted/VBN to/TO 21.5/CD million/CD barrels/NNS to/TO provide/VB Kuwait/NNP and/CC the/DT United/NNP Arab/NNP Emirates/NNP much/RB higher/JJR official/JJ quotas/NNS while/IN reducing/VBG percentage/NN shares/NNS of/IN some/DT others/NNS ./. ###/### Libya/NNP 's/POS previous/JJ conditions/NNS are/VBP no/RB longer/RB considered/VBN a/DT problem/NN ,/, although/IN the/DT United/NNP Arab/NNP Emirates/NNPS is/VBZ still/RB an/DT issue/NN ./. ###/### Saudi/NNP Arabia/NNP ,/, OPEC/NNP 's/POS kingpin/NN ,/, also/RB has/VBZ surfaced/VBN as/IN a/DT possible/JJ obstacle/NN ,/, some/DT OPEC/NNP sources/NNS said/VBD ./. ###/### Insisting/VBG on/IN a/DT 24.5/CD %/NN share/NN of/IN any/DT ceiling/NN ,/, Saudi/JJ officials/NNS have/VBP long/RB pressed/VBN for/IN the/DT pro/JJ rata/JJ distribution/NN of/IN increases/NNS to/TO all/DT members/NNS ./. ###/### In/IN Geneva/NNP ,/, however/RB ,/, they/PRP supported/VBD Iran/NNP 's/POS proposal/NN because/IN it/PRP would/MD have/VB left/VBN the/DT Saudi/JJ percentage/NN of/IN the/DT OPEC/NNP total/NN intact/JJ ,/, and/CC increased/VBD actual/JJ Saudi/JJ volume/NN to/TO nearly/RB 5.3/CD million/CD barrels/NNS daily/RB from/IN five/CD million/CD ./. ###/### Some/DT of/IN the/DT proposed/VBN modifications/NNS since/RB ,/, however/RB ,/, call/VBP on/IN Saudi/NNP Arabia/NNP to/TO ``/`` give/VB back/RB ''/'' to/TO the/DT production-sharing/JJ pool/NN a/DT token/JJ 23,000/CD barrels/NNS ./. ###/### Though/IN tiny/JJ ,/, that/DT 's/VBZ a/DT reduction/NN in/IN its/PRP$ share/NN ./. ###/### Mr./NNP Nazer/NNP ,/, the/DT Saudi/JJ oil/NN minister/NN ,/, reiterated/VBD here/RB that/IN the/DT kingdom/NN would/MD insist/VB on/IN maintaining/VBG its/PRP$ percentage/NN share/NN of/IN OPEC/NNP production/NN under/IN any/DT quota/NN revisions/NNS ./. ###/### ``/`` Under/IN any/DT circumstances/NNS ,/, Saudi/NNP Arabia/NNP should/MD get/VB more/JJR ''/'' rather/RB than/IN less/JJR ,/, Mr./NNP Nazer/NNP said/VBD ./. ###/### In/IN a/DT blow/NN to/TO France/NNP 's/POS Rafale/NNP jet/NN fighter/NN ,/, the/DT French/JJ navy/NN for/IN the/DT first/JJ time/NN publicly/RB stated/VBD its/PRP$ desire/NN to/TO buy/VB 15/CD McDonnell/NNP Douglas/NNP Corp./NNP F-18/NN Hornets/NNPS to/TO defend/VB its/PRP$ aircraft/NN carriers/NNS ./. ###/### The/DT statement/NN is/VBZ likely/JJ to/TO sharpen/VB the/DT debate/NN within/IN France/NNP 's/POS military/JJ establishment/NN over/IN the/DT Rafale/NNP ,/, which/WDT is/VBZ made/VBN by/IN Avions/NNP Marcel/NNP Dassault-Breguet/NNP Aviation/NNP SA/NNP ./. ###/### In/IN an/DT interview/NN in/IN the/DT navy/NN 's/POS official/JJ weekly/JJ magazine/NN Cols/NNP Bleus/NNP ,/, the/DT navy/NN 's/POS second-in-command/NN ,/, Adm./NNP Yves/NNP Goupil/NNP ,/, said/VBD the/DT navy/NN still/RB intends/VBZ to/TO buy/VB 86/CD Rafales/NNPS as/IN scheduled/VBN in/IN the/DT late/JJ 1990s/NNS and/CC early/RB 21st/CD century/NN ./. ###/### The/DT air/NN force/NN is/VBZ to/TO take/VB at/IN least/JJS 250/CD more/JJR ./. ###/### Adm./NNP Goupil/NNP said/VBD the/DT navy/NN ca/MD n't/RB wait/VB until/IN 1998/CD ,/, when/WRB the/DT naval/JJ Rafale/NNP becomes/VBZ available/JJ ,/, to/TO replace/VB its/PRP$ obsolete/JJ fleet/NN of/IN American-made/JJ Crusaders/NNPS ,/, used/VBN since/IN the/DT 1950s/NNS to/TO protect/VB carriers/NNS from/IN attack/NN ./. ###/### Rather/RB than/IN renovate/VB the/DT Crusaders/NNPS ,/, which/WDT Dassault/NNP is/VBZ proposing/VBG to/TO do/VB for/IN around/IN 1.8/CD billion/CD French/JJ francs/NNS -LRB-/-LRB- $/$ 286.6/CD million/CD -RRB-/-RRB- ,/, Adm./NNP Goupil/NNP said/VBD the/DT navy/NN wants/VBZ to/TO buy/VB used/JJ F-18s/NNS from/IN the/DT U.S./NNP Navy/NNP ./. ###/### Officially/RB ,/, the/DT statement/NN is/VBZ n't/RB an/DT attack/NN on/IN the/DT Rafale/NNP ./. ###/### Adm./NNP Goupil/NNP said/VBD that/IN when/WRB the/DT F-18s/NNS wear/VBP out/RP ,/, the/DT navy/NN is/VBZ prepared/JJ to/TO take/VB Rafales/NNPS to/TO replace/VB them/PRP ./. ###/### But/CC unofficially/RB ,/, senior/JJ navy/NN officials/NNS sharply/RB criticize/VBP the/DT Rafale/NNP as/IN an/DT air/NN force/NN plane/NN ill-suited/JJ to/TO carrier/NN use/NN ./. ###/### Although/IN they/PRP never/RB said/VBD so/RB publicly/RB ,/, they/PRP have/VBP made/VBN no/DT secret/NN of/IN their/PRP$ preference/NN for/IN the/DT F-18/NN on/IN operational/JJ grounds/NNS ./. ###/### Adm./NNP Goupil/NNP 's/POS comments/NNS are/VBP likely/JJ to/TO inflame/VB the/DT broader/JJR dispute/NN within/IN the/DT military/JJ establishment/NN here/RB over/IN the/DT role/NN of/IN Dassault/NNP ./. ###/### Although/IN government-controlled/JJ ,/, Dassault/NNP still/RB is/VBZ run/VBN by/IN the/DT founder/NN 's/POS son/NN ,/, Chairman/NNP Serge/NNP Dassault/NNP ,/, who/WP has/VBZ fiercely/RB protected/VBN his/PRP$ company/NN 's/POS independence/NN ./. ###/### The/DT Rafale/NNP project/NN is/VBZ the/DT result/NN of/IN France/NNP 's/POS inability/NN jointly/RB to/TO develop/VB a/DT plane/NN with/IN other/JJ countries/NNS ,/, and/CC French/JJ officials/NNS question/VBP whether/IN the/DT state/NN can/MD continue/VB paying/VBG for/IN expensive/JJ independent/JJ programs/NNS ./. ###/### So/RB far/RB ,/, Mr./NNP Dassault/NNP has/VBZ resisted/VBN pressure/NN to/TO change/VB ./. ###/### What/WP brought/VBD the/DT naval/JJ issue/NN to/TO a/DT head/NN is/VBZ that/IN the/DT Crusaders/NNPS are/VBP literally/RB falling/VBG apart/RB ,/, without/IN any/DT immediate/JJ plan/NN to/TO replace/VB them/PRP ./. ###/### Adm./NNP Goupil/NNP ,/, a/DT former/JJ Crusader/NNP squadron/NN leader/NN ,/, said/VBD that/IN the/DT last/JJ other/JJ country/NN to/TO use/VB Crusaders/NNPS ,/, the/DT Philippines/NNPS ,/, retired/VBD its/PRP$ last/JJ ones/NNS two/CD years/NNS ago/RB ./. ###/### A/DT French/JJ Crusader/NNP crash/NN a/DT few/JJ months/NNS ago/RB heightened/VBD pressure/NN for/IN new/JJ planes/NNS here/RB ./. ###/### Adm./NNP Goupil/NNP rejected/VBD Dassault/NN 's/POS proposal/NN to/TO renovate/VB the/DT Crusaders/NNPS ,/, saying/VBG the/DT cost/NN was/VBD impossible/JJ to/TO estimate/VB ./. ###/### Even/RB modernized/JJ ,/, he/PRP said/VBD ,/, the/DT Crusaders/NNPS represent/VBP an/DT obsolete/JJ and/CC dangerous/JJ protection/NN for/IN the/DT aircraft/NN carriers/NNS France/NNP has/VBZ sent/VBN to/TO meet/VB such/JJ crises/NNS as/IN the/DT wars/NNS in/IN Lebanon/NNP and/CC the/DT Persian/NNP Gulf/NNP ./. ###/### Defense/NNP Minister/NNP Jean-Pierre/NNP Chevenement/NNP told/VBD a/DT meeting/NN of/IN the/DT Anglo-American/NNP Press/NNP Association/NNP that/IN the/DT question/NN of/IN modernizing/VBG the/DT Crusaders/NNPS or/CC buying/NN used/JJ F18s/NNS is/VBZ a/DT ``/`` political/JJ ''/'' decision/NN that/IN he/PRP will/MD make/VB in/IN due/JJ time/NN ./. ###/### THE/DT SUPREME/NNP COURT/NNP ruling/NN upholding/VBG Missouri/NNP 's/POS restrictive/JJ abortion/NN law/NN was/VBD Webster/NNP vs./FW Reproductive/NNP Health/NNP Services/NNPS ./. ###/### The/DT citation/NN was/VBD misstated/VBN in/IN Friday/NNP 's/POS edition/NN ./. ###/### Spending/VBG by/IN average/JJ Japanese/JJ households/NNS in/IN August/NNP fell/VBD an/DT adjusted/JJ 1.9/CD %/NN from/IN a/DT year/NN earlier/RB ,/, the/DT Statistics/NNPS Bureau/NNP of/IN the/DT Prime/NNP Minister/NNP 's/POS Office/NN said/VBD ./. ###/### The/DT bureau/NN cited/VBD typhoons/NNS in/IN the/DT month/NN that/WDT discouraged/VBD shopping/NN and/CC leisure/NN opportunities/NNS ./. ###/### Spending/NN by/IN Japanese/JJ households/NNS averaged/VBD 290,782/CD yen/NNS -LRB-/-LRB- $/$ 2,052.10/CD -RRB-/-RRB- in/IN August/NNP ./. ###/### In/IN nominal/JJ terms/NNS it/PRP rose/VBD 0.6/CD %/NN from/IN a/DT year/NN earlier/RB before/IN adjustment/NN ./. ###/### August/NNP adjusted/JJ spending/NN by/IN wage-earning/JJ families/NNS was/VBD down/RB 0.6/CD %/NN to/TO 309,381/CD yen/NNS from/IN a/DT year/NN earlier/RB ./. ###/### The/DT real/JJ income/NN of/IN wage-earning/JJ families/NNS in/IN the/DT month/NN eased/VBD 1.2/CD %/NN to/TO 438,845/CD yen/NNS from/IN the/DT previous/JJ year/NN ./. ###/### For/IN Cathay/NNP Pacific/NNP Airways/NNPS ,/, the/DT smooth/JJ ride/NN may/MD be/VB ending/VBG ./. ###/### The/DT first/JJ signs/NNS of/IN trouble/NN came/VBD last/JJ month/NN when/WRB the/DT Hong/NNP Kong/NNP carrier/NN ,/, a/DT subsidiary/NN of/IN Swire/NNP Pacific/NNP Ltd./NNP ,/, posted/VBD a/DT 5/CD %/NN drop/NN in/IN operating/NN profit/NN for/IN the/DT first/JJ six/CD months/NNS and/CC warned/VBD that/IN margins/NNS will/MD remain/VB under/IN pressure/NN for/IN the/DT rest/NN of/IN the/DT year/NN ./. ###/### Securities/NNS analysts/NNS ,/, many/DT of/IN whom/WP scrapped/VBD their/PRP$ buy/JJ recommendations/NNS after/IN seeing/VBG Cathay/NNP 's/POS interim/JJ figures/NNS ,/, believe/VBP more/JJR jolts/NNS lie/VBP ahead/RB ./. ###/### Fuel/NN and/CC personnel/NN costs/NNS are/VBP rising/VBG ,/, and/CC tourism/NN in/IN and/CC through/IN Hong/NNP Kong/NNP remains/VBZ clouded/JJ by/IN China/NNP 's/POS turmoil/NN since/IN the/DT June/NNP 4/CD killings/NNS in/IN Beijing/NNP ./. ###/### In/IN addition/NN ,/, delivery/NN delays/NNS for/IN the/DT first/JJ two/CD of/IN as/RB many/JJ as/IN 28/CD Boeing/NNP 747-400s/NNS that/IN the/DT carrier/NN has/VBZ ordered/VBN have/VBP raised/VBN costs/NNS because/IN personnel/NNS had/VBD been/VBN hired/VBN to/TO man/VB the/DT planes/NNS ./. ###/### And/CC tough/JJ competition/NN in/IN the/DT air-freight/JJ market/NN is/VBZ cutting/VBG into/IN an/DT important/JJ sideline/NN ./. ###/### There/EX also/RB is/VBZ concern/NN that/IN once/RB Hong/NNP Kong/NNP reverts/VBZ to/TO China/NNP 's/POS sovereignty/NN in/IN 1997/CD ,/, Cathay/NNP will/MD be/VB forced/VBN to/TO play/VB second/JJ fiddle/NN to/TO China/NNP 's/POS often-disparaged/JJ flag/NN carrier/NN ,/, Civil/NNP Aviation/NNP Administration/NNP of/IN China/NNP ,/, or/CC CAAC/NNP ./. ###/### ``/`` The/DT sense/NN is/VBZ we/PRP would/MD never/RB be/VB in/IN a/DT position/NN again/RB where/WRB everything/NN works/VBZ for/IN us/PRP the/DT way/NN it/PRP did/VBD before/RB ,/, ''/'' says/VBZ Rod/NNP Eddington/NNP ,/, Cathay/NNP 's/POS commercial/JJ director/NN ./. ###/### Sarah/NNP Hall/NNP ,/, an/DT analyst/NN at/IN James/NNP Capel/NNP -LRB-/-LRB- Far/NNP East/NNP -RRB-/-RRB- Ltd./NNP ,/, says/VBZ there/EX is/VBZ n't/RB much/JJ Cathay/NNP can/MD do/VB about/IN rising/VBG costs/NNS for/IN jet/NN fuel/NN ,/, Hong/NNP Kong/NNP 's/POS tight/JJ labor/NN market/NN ,/, or/CC the/DT strengthening/NN of/IN the/DT local/JJ currency/NN ,/, which/WDT is/VBZ pegged/VBN to/TO the/DT U.S./NNP dollar/NN ./. ###/### These/DT factors/NNS are/VBP further/RBR complicated/VBN by/IN the/DT airline/NN 's/POS push/NN to/TO transform/VB itself/PRP from/IN a/DT regional/JJ carrier/NN to/TO an/DT international/JJ one/NN ,/, Ms./NNP Hall/NNP says/VBZ ./. ###/### Ms./NNP Hall/NNP expects/VBZ Cathay/NNP 's/POS profit/NN to/TO grow/VB around/IN 13/CD %/NN annually/RB this/DT year/NN and/CC next/JJ ./. ###/### In/IN 1988/CD ,/, it/PRP earned/VBD $/$ 2.82/CD billion/CD Hong/NNP Kong/NNP -LRB-/-LRB- US$/$ 361.5/CD million/CD -RRB-/-RRB- on/IN revenue/NN of/IN HK$/$ 11.79/CD billion/CD ./. ###/### Cathay/NNP is/VBZ taking/VBG several/JJ steps/NNS to/TO bolster/VB business/NN ./. ###/### One/CD step/NN is/VBZ to/TO beef/VB up/RP its/PRP$ fleet/NN ./. ###/### In/IN addition/NN to/TO aircraft/NN from/IN Boeing/NNP Co./NNP ,/, Cathay/NNP announced/VBD earlier/RBR this/DT year/NN an/DT order/NN for/IN as/RB many/JJ as/IN 20/CD Airbus/NNP A330-300s/NNS ./. ###/### The/DT expansion/NN ,/, which/WDT could/MD cost/VB as/RB much/JJ as/IN US$/$ 5.7/CD billion/CD over/IN the/DT next/JJ eight/CD years/NNS ,/, will/MD expand/VB the/DT fleet/NN to/TO about/IN 43/CD planes/NNS by/IN 1991/CD ,/, up/RB from/IN 30/CD at/IN the/DT end/NN of/IN last/JJ year/NN ,/, according/VBG to/TO Sun/NNP Hung/NNP Kai/NNP Securities/NNPS Ltd/NNP ./. ###/### The/DT fuel-efficient/JJ Airbus/NNP planes/NNS will/MD be/VB used/VBN largely/RB to/TO replace/VB Cathay/NNP 's/POS aging/VBG fleet/NN of/IN Lockheed/NNP Tristars/NNPS for/IN regional/JJ flights/NNS ,/, while/IN the/DT Boeing/NNP aircraft/NN will/MD be/VB used/VBN on/IN long-haul/JJ routes/NNS to/TO Europe/NNP and/CC North/NNP America/NNP ./. ###/### Cathay/NNP also/RB is/VBZ moving/VBG some/DT of/IN its/PRP$ labor-intensive/JJ data-processing/NN operations/NNS outside/IN Hong/NNP Kong/NNP ./. ###/### Fierce/JJ bidding/NN for/IN young/JJ employees/NNS in/IN Hong/NNP Kong/NNP is/VBZ pushing/VBG up/RP Cathay/NNP 's/POS labor/NN costs/NNS by/IN 20/CD %/NN a/DT year/NN for/IN low-level/JJ staff/NN ,/, while/IN experienced/JJ ,/, skilled/JJ employees/NNS are/VBP leaving/VBG the/DT colony/NN as/IN part/NN of/IN the/DT brain/NN drain/NN ./. ###/### Some/DT jobs/NNS already/RB have/VBP been/VBN moved/VBN to/TO Australia/NNP ,/, and/CC there/EX are/VBP plans/NNS to/TO place/VB others/NNS in/IN Canada/NNP ./. ###/### David/NNP Bell/NNP ,/, a/DT spokesman/NN for/IN the/DT airline/NN ,/, says/VBZ the/DT move/NN is/VBZ partly/RB aimed/VBN at/IN retaining/VBG existing/VBG staff/NN who/WP are/VBP leaving/VBG to/TO secure/VB foreign/JJ passports/NNS ahead/RB of/IN 1997/CD ./. ###/### Cathay/NNP is/VBZ working/VBG to/TO promote/VB Hong/NNP Kong/NNP as/IN a/DT destination/NN worth/JJ visiting/VBG on/IN its/PRP$ own/JJ merits/NNS ,/, rather/RB than/IN just/RB a/DT stopover/NN ./. ###/### Although/IN the/DT June/NNP 4/CD killings/NNS in/IN Beijing/NNP have/VBP hurt/VBN its/PRP$ China/NNP flights/NNS ,/, Cathay/NNP 's/POS other/JJ routes/NNS have/VBP retained/VBN high/JJ load/NN factors/NNS ./. ###/### Mr./NNP Eddington/NNP regards/VBZ promoting/VBG Hong/NNP Kong/NNP as/IN an/DT important/JJ part/NN of/IN attracting/VBG visitors/NNS from/IN Japan/NNP ,/, South/NNP Korea/NNP and/CC Taiwan/NNP ,/, where/WRB the/DT number/NN of/IN people/NNS looking/VBG to/TO travel/VB abroad/RB has/VBZ surged/VBN ./. ###/### There/EX also/RB has/VBZ been/VBN speculation/NN that/IN Cathay/NNP will/MD be/VB among/IN the/DT major/JJ private-sector/NN participants/NNS in/IN the/DT Hong/NNP Kong/NNP government/NN 's/POS plans/NNS to/TO build/VB a/DT new/JJ airport/NN ,/, with/IN the/DT carrier/NN possibly/RB investing/VBG in/IN its/PRP$ own/JJ terminal/NN ./. ###/### Cathay/NNP officials/NNS decline/VBP to/TO comment/VB on/IN the/DT speculation/NN ./. ###/### Mr./NNP Eddington/NNP sees/VBZ alliances/NNS with/IN other/JJ carriers/NNS --/: particularly/RB Cathay/NNP 's/POS recent/JJ link/NN with/IN AMR/NNP Corp./NNP 's/POS American/NNP Airlines/NNPS --/: as/IN an/DT important/JJ part/NN of/IN Cathay/NNP 's/POS strategy/NN ./. ###/### But/CC he/PRP emphasizes/VBZ that/IN Cathay/NNP has/VBZ n't/RB any/DT interest/NN in/IN swapping/VBG equity/NN stakes/NNS with/IN the/DT U.S./NNP carrier/NN or/CC with/IN Lufthansa/NNP ,/, the/DT West/JJ German/JJ airline/NN with/IN which/WDT it/PRP has/VBZ cooperated/VBN for/IN about/IN a/DT decade/NN ./. ###/### Analysts/NNS believe/VBP Cathay/NNP is/VBZ approached/VBN for/IN such/JJ swaps/NNS by/IN other/JJ carriers/NNS on/IN a/DT regular/JJ basis/NN ,/, particularly/RB as/IN the/DT popularity/NN of/IN share/NN exchanges/NNS has/VBZ grown/VBN among/IN European/JJ carriers/NNS ./. ###/### ``/`` We/PRP think/VBP alliances/NNS are/VBP very/RB important/JJ ,/, ''/'' Mr./NNP Eddington/NNP says/VBZ ./. ###/### ``/`` But/CC we/PRP 'd/MD rather/RB put/VB funds/NNS into/IN our/PRP$ own/JJ business/NN rather/RB than/IN someone/NN else/NN 's/POS ./. ###/### I/PRP 'm/VBP not/RB sure/JJ cross-ownership/NN would/MD necessarily/RB make/VB things/NNS smoother/JJR ./. ''/'' ###/### In/IN a/DT pattern/NN it/PRP aims/VBZ to/TO copy/VB in/IN several/JJ key/JJ U.S./NNP destinations/NNS ,/, Cathay/NNP recently/RB announced/VBD plans/NNS to/TO serve/VB San/NNP Francisco/NNP by/IN flying/VBG into/IN American/NNP Airlines/NNPS '/POS Los/NNP Angeles/NNP hub/NN and/CC routing/VBG continuing/VBG passengers/NNS onto/IN a/DT flight/NN on/IN the/DT U.S./NNP carrier/NN ./. ###/### ``/`` We/PRP 'll/MD never/RB have/VB a/DT big/JJ operation/NN in/IN the/DT U.S./NNP ,/, and/CC they/PRP 'll/MD never/RB have/VB one/NN as/RB big/JJ as/IN us/PRP in/IN the/DT Pacific/NNP ,/, ''/'' Mr./NNP Eddington/NNP says/VBZ ./. ###/### ``/`` But/CC this/DT way/NN ,/, American/NNP will/MD coordinate/VB good/JJ extensions/NNS to/TO Boston/NNP ,/, New/NNP York/NNP ,/, Chicago/NNP and/CC Dallas/NNP ./. ###/### We/PRP 'll/MD coordinate/VB on/IN this/DT end/NN to/TO places/NNS like/IN Bangkok/NNP ,/, Singapore/NNP and/CC Manila/NNP ./. ''/'' ###/### Asian/JJ traffic/NN ,/, which/WDT currently/RB accounts/VBZ for/IN 65/CD %/NN of/IN Cathay/NNP 's/POS business/NN ,/, is/VBZ expected/VBN to/TO continue/VB as/IN the/DT carrier/NN 's/POS mainstay/NN ./. ###/### Cathay/NNP has/VBZ long/RB stated/VBN its/PRP$ desire/NN to/TO double/VB its/PRP$ weekly/JJ flights/NNS into/IN China/NNP to/TO 14/CD ,/, and/CC it/PRP is/VBZ applying/VBG to/TO restart/VB long-canceled/JJ flights/NNS into/IN Vietnam/NNP ./. ###/### Further/JJ expansion/NN into/IN southern/JJ Europe/NNP is/VBZ also/RB possible/JJ ,/, says/VBZ Mr./NNP Bell/NNP ,/, the/DT spokesman/NN ./. ###/### While/IN a/DT large/JJ number/NN of/IN Hong/NNP Kong/NNP companies/NNS have/VBP reincorporated/VBN offshore/RB ahead/RB of/IN 1997/CD ,/, such/PDT a/DT move/NN is/VBZ n't/RB an/DT option/NN for/IN Cathay/NNP because/IN it/PRP would/MD jeopardize/VB its/PRP$ landing/NN rights/NNS in/IN Hong/NNP Kong/NNP ./. ###/### And/CC Mr./NNP Eddington/NNP emphatically/RB rules/VBZ out/RP a/DT move/NN to/TO London/NNP :/: ``/`` Our/PRP$ lifeblood/NN is/VBZ Hong/NNP Kong/NNP traffic/NN rights/NNS ./. ''/'' ###/### He/PRP says/VBZ the/DT airline/NN is/VBZ putting/VBG its/PRP$ faith/NN in/IN the/DT Sino-British/JJ agreement/NN on/IN Hong/NNP Kong/NNP 's/POS return/NN to/TO China/NNP ./. ###/### A/DT special/JJ section/NN dealing/VBG with/IN aviation/NN rights/NNS states/VBZ that/IN landing/VBG rights/NNS for/IN Hong/NNP Kong/NNP 's/POS airlines/NNS ,/, which/WDT include/VBP the/DT smaller/JJR Hong/NNP Kong/NNP Dragon/NNP Airlines/NNPS ,/, will/MD continue/VB to/TO be/VB negotiated/VBN by/IN Hong/NNP Kong/NNP 's/POS government/NN ./. ###/### But/CC critics/NNS fret/VBP that/IN post-1997/JJ officials/NNS ultimately/RB will/MD be/VB responsible/JJ to/TO Beijing/NNP ./. ###/### ``/`` My/PRP$ feeling/NN is/VBZ -LCB-/-LRB- Cathay/NNP does/VBZ n't/RB -RCB-/-RRB- have/VB a/DT hope/NN in/IN the/DT long/JJ run/NN ,/, ''/'' says/VBZ an/DT analyst/NN ,/, who/WP declines/VBZ to/TO be/VB identified/VBN ./. ###/### Cathay/NNP would/MD love/VB to/TO keep/VB going/VBG ,/, but/CC the/DT general/JJ sense/NN is/VBZ they/PRP 're/VBP going/VBG to/TO have/VB to/TO do/VB something/NN ./. ''/'' ###/### Mr./NNP Eddington/NNP acknowledges/VBZ that/IN the/DT carrier/NN will/MD have/VB to/TO evolve/VB and/CC adapt/VB to/TO local/JJ changes/NNS ,/, but/CC he/PRP feels/VBZ that/IN the/DT Sino-British/JJ agreement/NN is/VBZ firm/JJ ground/NN to/TO build/VB on/IN for/IN the/DT foreseeable/JJ future/NN ./. ###/### ``/`` We/PRP 're/VBP confident/JJ that/IN it/PRP protects/VBZ our/PRP$ route/NN structure/NN ,/, ''/'' he/PRP says/VBZ ,/, ``/`` and/CC our/PRP$ ability/NN to/TO grow/VB and/CC prosper/VB ./. ###/### Falcon/NNP Cable/NNP Systems/NNPS Co./NNP said/VBD it/PRP proposed/VBD an/DT amendment/NN that/WDT would/MD allow/VB it/PRP to/TO increase/VB its/PRP$ debt/NN cap/NN to/TO 65/CD %/NN of/IN the/DT company/NN 's/POS fair/JJ market/NN value/NN from/IN the/DT 40/CD %/NN currently/RB allowed/VBN ./. ###/### Falcon/NNP ,/, a/DT limited/JJ partnership/NN ,/, said/VBD it/PRP wanted/VBD the/DT increase/NN in/IN order/NN to/TO continue/VB its/PRP$ $/$ 2.15-per-unit/JJ annual/JJ payment/NN ,/, and/CC for/IN expansion/NN and/CC acquisitions/NNS ./. ###/### A/DT spokesman/NN for/IN the/DT company/NN said/VBD a/DT meeting/NN would/MD be/VB held/VBN for/IN shareholders/NNS to/TO vote/VB on/IN the/DT amendment/NN before/IN year/NN 's/POS end/NN ./. ###/### Friday/NNP ,/, October/NNP 20/CD ,/, 1989/CD ###/### The/DT key/JJ U.S./NNP and/CC foreign/JJ annual/JJ interest/NN rates/NNS below/RB 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 %/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 %/NN high/JJ ,/, 8/CD %/NN low/JJ ,/, 8/CD %/NN near/IN closing/NN bid/NN ,/, 8/CD %/NN offered/VBN ./. ###/### Reserves/NNS traded/VBD 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-/-LRB- U.S.A/NN ./. -RRB-/-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/JJ MONEY/NN :/: 9/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/NN PAPER/NNS placed/VBN directly/RB by/IN General/NNP Motors/NNPS Acceptance/NNP Corp./NNP :/: 8.50/CD %/NN 15/CD to/TO 44/CD days/NNS ;/: 8.25/CD %/NN 45/CD to/TO 72/CD days/NNS ;/: 8.375/CD %/NN 73/CD to/TO 96/CD days/NNS ;/: 8.125/CD %/NN 97/CD to/TO 119/CD days/NNS ;/: 8/CD %/NN 120/CD to/TO 149/CD days/NNS ;/: 7.875/CD %/NN 150/CD to/TO 179/CD days/NNS ;/: 7.50/CD %/NN 180/CD to/TO 270/CD days/NNS ./. ###/### COMMERCIAL/NN 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 ;/: 8.40/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/JJ 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/NN unit/NN is/VBZ $/$ 100,000/CD ./. ###/### Typical/JJ rates/NNS in/IN the/DT secondary/JJ market/NN :/: 8.55/CD %/NN one/CD month/NN ;/: 8.50/CD %/NN three/CD months/NNS ;/: 8.40/CD %/NN six/CD months/NNS ./. ###/### BANKERS/NNS ACCEPTANCES/NNS :/: 8.45/CD %/NN 30/CD days/NNS ;/: 8.33/CD %/NN 60/CD days/NNS ;/: 8.32/CD %/NN 90/CD days/NNS ;/: 8.15/CD %/NN 120/CD days/NNS ;/: 8.06/CD %/NN 150/CD days/NNS ;/: 7.96/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 %/NN to/TO 8/CD %/NN one/CD month/NN ;/: 8/CD %/NN to/TO 8/CD %/NN two/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN three/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN four/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN five/CD months/NNS ;/: 8/CD %/NN to/TO 8/CD %/NN six/CD months/NNS ./. ###/### LONDON/NNP INTERBANK/NNP OFFERED/NNP RATES/NNPS -LRB-/-LRB- LIBOR/NNP -RRB-/-RRB- :/: 8/CD %/NN one/CD month/NN ;/: 8/CD %/NN three/CD months/NNS ;/: 8/CD %/NN six/CD months/NNS ;/: 8/CD %/NN one/CD year/NN ./. ###/### The/DT average/NN of/IN interbank/NN offered/VBN 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/JJ 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-/-LRB- Freddie/NNP Mac/NNP -RRB-/-RRB- :/: Posted/VBN yields/NNS on/IN 30-year/JJ mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days./NN 9.84/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/NNPS Inc/NNP ./. ###/### FEDERAL/NNP NATIONAL/NNP MORTGAGE/NNP ASSOCIATION/NNP -LRB-/-LRB- Fannie/NNP Mae/NNP -RRB-/-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-/-LRB- priced/VBN at/IN par/NN -RRB-/-RRB- 9.78/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ;/: 8.75/CD %/NN ,/, rate/NN capped/VBD one-year/JJ adjustable/JJ rate/NN mortgages/NNS ./. ###/### Source/NN :/: Telerate/NNP Systems/NNPS Inc/NNP ./. ###/### MERRILL/NNP LYNCH/NNP READY/JJ ASSETS/NNS TRUST/NN :/: 8.52/CD %/NN ./. ###/### Annualized/JJ 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/JJ returns/NNS ./. ###/### In/IN the/DT hard-hit/JJ Marina/NNP neighborhood/NN ,/, life/NN after/IN the/DT earthquake/NN is/VBZ often/RB all/RB too/RB real/JJ ,/, but/CC sometimes/RB surreal/JJ ./. ###/### Some/DT scenes/NNS :/: --/: Saturday/NNP morning/NN ,/, a/DT resident/NN was/VBD given/VBN 15/CD minutes/NNS to/TO scurry/VB into/IN a/DT sagging/VBG building/NN and/CC reclaim/VB what/WP she/PRP could/MD of/IN her/PRP$ life/NN 's/POS possessions/NNS ###/### Saturday/NNP night/NN she/PRP dined/VBD in/IN an/DT emergency/NN shelter/NN on/IN salmon/NN steaks/NNS prepared/VBN by/IN chefs/NNS from/IN one/CD of/IN the/DT city/NN 's/POS four-star/JJ restaurants/NNS ./. ###/### --/: Mayor/NNP Art/NNP Agnos/NNP stands/VBZ in/IN the/DT glare/NN of/IN television/NN lights/NNS trying/VBG to/TO explain/VB for/IN the/DT 20th/JJ time/NN why/WRB the/DT city/NN is/VBZ severely/RB restricting/VBG access/NN to/TO badly/RB damaged/JJ structures/NNS ./. ###/### A/DT couple/NN in/IN fashionable/JJ spandex/NN warm-up/NN suits/NNS jogs/VBZ by/RB ,/, headphones/NNS jauntily/RB in/IN place/NN ,/, weaving/VBG their/PRP$ way/NN along/IN a/DT street/NN of/IN fractured/JJ and/CC fallen/JJ houses/NNS ./. ###/### At/IN a/DT nearby/JJ corner/NN ,/, they/PRP swerve/VBP perilously/RB close/RB to/TO a/DT listing/VBG apartment/NN house/NN ,/, oblivious/JJ to/TO any/DT danger/NN ./. ###/### A/DT policeman/NN shakes/VBZ his/PRP$ head/NN in/IN amazement/NN as/IN he/PRP steers/VBZ them/PRP away/RB ./. ###/### --/: A/DT young/JJ woman/NN who/WP has/VBZ been/VBN out/IN of/IN town/NN shows/VBZ up/RB at/IN the/DT Marina/NNP Middle/NNP School/NNP to/TO learn/VB that/DT her/PRP$ apartment/NN is/VBZ on/IN the/DT condemned/VBN list/NN ./. ###/### She/PRP is/VBZ told/VBN she/PRP ca/MD n't/RB enter/VB unless/IN she/PRP is/VBZ accompanied/VBN by/IN an/DT inspector/NN ./. ###/### She/PRP bursts/VBZ into/IN tears/NNS and/CC walks/VBZ away/RB ./. ###/### Nearby/RB ,/, five/CD temporary/JJ residents/NNS of/IN the/DT school/NN shelter/NN sit/VBP on/IN stools/NNS ,/, having/VBG their/PRP$ necks/NNS and/CC backs/NNS kneaded/VBN by/IN volunteer/NN masseuses/NNS ./. ###/### The/DT Marina/NNP rescue/NN center/NN offered/VBD a/DT very/RB San/JJ Franciscan/JJ response/NN to/TO the/DT disaster/NN ./. ###/### In/IN addition/NN to/TO free/JJ massages/NNS ,/, there/EX was/VBD free/JJ counseling/NN ,/, phone/NN calls/NNS and/CC a/DT free/JJ shuttle/NN bus/NN to/TO a/DT health/NN club/NN ,/, which/WDT offered/VBD up/RP its/PRP$ showers/NNS ,/, saunas/NNS and/CC hot/JJ tubs/NNS ./. ###/### The/DT cafeteria/NN offered/VBD donated/VBN croissants/NNS and/CC brie/NN for/IN breakfast/NN ,/, and/CC for/IN dinner/NN ,/, pasta/NN salad/NN and/CC chocolate/NN mousse/NN torts/NNS along/IN with/IN the/DT salmon/NN ./. ###/### ``/`` This/DT has/VBZ been/VBN a/DT 15-pound/JJ earthquake/NN for/IN me/PRP ,/, ''/'' said/VBD resident/NN Joan/NNP O'Shea/NNP ,/, who/WP works/VBZ in/IN an/DT acupuncturist/NN 's/POS office/NN ./. ###/### She/PRP and/CC some/DT friends/NNS are/VBP considering/VBG offering/VBG earthquake/NN victims/NNS free/JJ yoga/NN classes/NNS and/CC ``/`` aroma/NN therapy/NN ''/'' --/: massages/NNS with/IN scented/JJ oils/NNS ./. ###/### She/PRP finds/VBZ the/DT response/NN of/IN Marina/NNP residents/NNS --/: primarily/RB yuppies/NNS and/CC elderly/JJ people/NNS --/: to/TO the/DT devastation/NN of/IN their/PRP$ homes/NNS ``/`` incredible/JJ ./. ###/### People/NNS have/VBP been/VBN very/RB respectful/JJ of/IN each/DT other/JJ ./. ###/### I/PRP do/VBP n't/RB know/VB if/IN this/DT would/MD have/VB happened/VBN somewhere/RB else/RB ./. ''/'' ###/### Out/IN on/IN the/DT streets/NNS ,/, some/DT residents/NNS of/IN badly/RB damaged/JJ buildings/NNS were/VBD allowed/VBN a/DT 15-minute/JJ scavenger/NN hunt/NN through/IN their/PRP$ possessions/NNS ./. ###/### ``/`` It/PRP 's/VBZ so/RB weird/JJ to/TO have/VB to/TO decide/VB what/WP 's/VBZ really/RB important/JJ to/TO you/PRP ,/, ''/'' said/VBD Barbara/NNP May/NNP ./. ###/### She/PRP went/VBD first/RB for/IN personal/JJ mementos/NNS ./. ###/### In/IN post-earthquake/JJ parlance/NN ,/, her/PRP$ building/NN is/VBZ a/DT ``/`` red/NN ./. ''/'' ###/### After/IN being/VBG inspected/VBN ,/, buildings/NNS with/IN substantial/JJ damage/NN were/VBD color-coded/VBN ./. ###/### Green/NN allowed/VBD residents/NNS to/TO re-enter/VB ;/: yellow/NN allowed/VBD limited/JJ access/NN ;/: red/NN allowed/VBD residents/NNS one/CD last/JJ entry/NN to/TO gather/VB everything/NN they/PRP could/MD within/IN 15/CD minutes/NNS ./. ###/### Reds/NNS and/CC yellows/NNS went/VBD about/IN their/PRP$ business/NN with/IN a/DT kind/NN of/IN measured/JJ grimness/NN ./. ###/### Some/DT frantically/RB dumped/VBD belongings/NNS into/IN pillowcases/NNS ,/, others/NNS threw/VBD goods/NNS out/IN windows/NNS ./. ###/### It/PRP did/VBD n't/RB help/VB that/IN on/IN Saturday/NNP ,/, after/IN three/CD days/NNS of/IN sunshine/NN ,/, it/PRP rained/VBD ./. ###/### ``/`` The/DT guys/NNS are/VBP going/VBG for/IN their/PRP$ skis/NNS ,/, their/PRP$ stereos/NNS ,/, their/PRP$ personal/JJ computers/NNS ,/, ''/'' said/VBD Frank/NNP Fitzgerald/NNP ,/, who/WP helped/VBD others/NNS empty/VB their/PRP$ apartments/NNS ./. ###/### ``/`` The/DT women/NNS wanted/VBD photo/NN albums/NNS ,/, a/DT certain/JJ brooch/NN ,/, kind/RB of/RB sentimental/JJ things/NNS ./. ''/'' ###/### He/PRP showed/VBD an/DT unbroken/JJ ,/, still-ticking/JJ pocket/NN watch/NN that/IN he/PRP retrieved/VBD for/IN one/CD woman/NN ./. ###/### It/PRP belonged/VBD to/TO her/PRP$ grandfather/NN ./. ###/### Some/DT residents/NNS defied/VBD orders/NNS and/CC returned/VBD to/TO ``/`` red/JJ ''/'' buildings/NNS to/TO retrieve/VB goods/NNS ./. ###/### One/CD building/NN was/VBD upgraded/VBN to/TO red/JJ status/NN while/IN people/NNS were/VBD taking/VBG things/NNS out/RP ,/, and/CC a/DT resident/NN who/WP was/VBD n't/RB allowed/VBN to/TO go/VB back/RB inside/RB called/VBD up/IN the/DT stairs/NNS to/TO his/PRP$ girlfriend/NN ,/, telling/VBG her/PRP to/TO keep/VB sending/VBG things/NNS down/RP to/TO the/DT lobby/NN ./. ###/### A/DT policewoman/NN had/VBD to/TO be/VB called/VBN in/RB to/TO make/VB her/PRP leave/VB ;/: the/DT policewoman/NN helped/VBD carry/VB out/RP one/CD last/JJ load/NN ./. ###/### Enforcement/NN of/IN restricted-entry/JJ rules/NNS was/VBD sporadic/JJ ,/, residents/NNS said/VBD ./. ###/### One/CD man/NN trying/VBG to/TO remove/VB his/PRP$ car/NN was/VBD told/VBN by/IN officials/NNS to/TO get/VB out/RB of/IN his/PRP$ garage/NN ./. ###/### When/WRB he/PRP sneaked/VBD back/RB later/RB to/TO try/VB again/RB ,/, a/DT different/JJ policeman/NN offered/VBD to/TO help/VB him/PRP get/VB the/DT car/NN out/RP ./. ###/### The/DT Marina/NNP also/RB has/VBZ become/VBN the/DT focal/JJ point/NN of/IN city/NN efforts/NNS to/TO reunite/VB residents/NNS with/IN any/DT pets/NNS that/WDT may/MD have/VB fled/VBN or/CC become/VBN lost/VBN during/IN the/DT earthquake/NN ./. ###/### On/IN lampposts/NNS along/IN Fillmore/NNP Street/NNP ,/, a/DT major/JJ Marina/NNP artery/NN ,/, posters/NNS were/VBD offering/VBG a/DT $/$ 100/CD reward/NN for/IN a/DT cat/NN lost/VBN during/IN the/DT quake/NN ./. ###/### The/DT San/NNP Francisco/NNP Society/NNP for/IN the/DT Prevention/NNP of/IN Cruelty/NNP to/TO Animals/NNPS also/RB has/VBZ been/VBN providing/VBG medical/JJ care/NN ,/, food/NN ,/, water/NN and/CC foster/JJ homes/NNS for/IN quake-displaced/JJ animals/NNS ./. ###/### The/DT SPCA/NNP says/VBZ it/PRP has/VBZ received/VBN more/JJR than/IN 100/CD requests/NNS for/IN foster/JJ homes/NNS on/IN behalf/NN of/IN dogs/NNS and/CC cats/NNS ,/, though/IN some/DT people/NNS have/VBP sought/VBN temporary/JJ homes/NNS for/IN birds/NNS and/CC fish/NN ./. ###/### For/IN example/NN ,/, one/CD parakeet/NN owner/NN returning/VBG home/NN found/VBD that/DT her/PRP$ apartment/NN ,/, like/IN many/JJ others/NNS in/IN the/DT Marina/NNP ,/, did/VBD n't/RB have/VB heat/NN ./. ###/### ``/`` She/PRP can/MD stay/VB there/RB with/IN no/DT heat/NN ,/, but/CC for/IN a/DT parakeet/NN ,/, that/WDT can/MD be/VB deadly/JJ ,/, ''/'' says/VBZ Daralee/NNP Konowitch/NNP ,/, animalcare/JJ services/NNS manager/NN for/IN the/DT SPCA/NNP ./. ###/### A/DT warm/JJ foster/JJ home/NN has/VBZ been/VBN found/VBN ./. ###/### The/DT neighborhood/NN around/IN Alexander/NNP Haagen/NNP Co./NNP 's/POS Vermont-Slauson/NNP Shopping/NNP Center/NNP in/IN the/DT Watts/NNP section/NN of/IN Los/NNP Angeles/NNP resembles/VBZ the/DT crime-ridden/JJ ,/, deteriorating/JJ sections/NNS of/IN many/JJ inner/JJ cities/NNS and/CC certainly/RB is/VBZ n't/RB the/DT sort/NN of/IN area/NN one/PRP would/MD choose/VB to/TO visit/VB ./. ###/### But/CC turn/VB into/IN the/DT shopping/NN center/NN 's/POS parking/NN lot/NN ,/, and/CC one/PRP could/MD be/VB in/IN the/DT safe/JJ ,/, busy/JJ mall/NN of/IN a/DT prosperous/JJ suburb/NN ./. ###/### Only/RB it/PRP is/VBZ safer/JJR ,/, and/CC busier/JJR ./. ###/### Over/IN the/DT past/JJ year/NN there/EX have/VBP been/VBN only/RB one/CD burglary/NN ,/, three/CD thefts/NNS of/IN or/CC from/IN autos/NNS ,/, no/DT purse-snatchings/NNS ,/, and/CC one/CD attempted/VBN robbery/NN in/IN the/DT mall/NN ,/, which/WDT opened/VBN in/IN late/JJ 1981/CD ./. ###/### A/DT shopping/VBG center/NN of/IN similar/JJ size/NN in/IN an/DT affluent/JJ Los/NNP Angeles/NNP suburb/NN would/MD ,/, per/IN year/NN ,/, be/VB expected/VBN to/TO have/VB eight/CD burglaries/NNS ,/, 70/CD thefts/NNS of/IN or/CC from/IN autos/NNS ,/, and/CC four/CD robberies/NNS ./. ###/### The/DT Watts/NNP mall/NN has/VBZ annual/JJ sales/NNS of/IN more/JJR than/IN $/$ 350/CD per/IN leasable/JJ square/NN foot/NN ;/: the/DT figure/NN for/IN a/DT comparable/JJ suburban/JJ shopping/NN center/NN would/MD be/VB $/$ 200/CD ./. ###/### Three/CD other/JJ Haagen/NNP shopping/NN centers/NNS in/IN the/DT Watts/NNP area/NN are/VBP doing/VBG almost/RB as/RB well/RB ./. ###/### A/DT successful/JJ low-crime/JJ mall/NN in/IN a/DT high-crime/JJ area/NN violates/VBZ the/DT more/RBR typical/JJ inner-city/JJ pattern/NN ,/, in/IN which/WDT commercial/JJ areas/NNS are/VBP taken/VBN over/IN by/IN unruly/JJ youth/NN ,/, gangs/NNS ,/, and/CC the/DT criminal/JJ element/NN ,/, with/IN an/DT erosion/NN of/IN the/DT customer/NN base/NN ,/, development/NN capital/NN ,/, and/CC insurability/NN ./. ###/### Major/JJ regional/JJ and/CC national/JJ chain/NN stores/NNS are/VBP replaced/VBN by/IN mom-and-pop/JJ operations/NNS offering/VBG poorer-quality/JJR merchandise/NN at/IN higher/JJR prices/NNS ./. ###/### Along/IN with/IN the/DT exodus/NN of/IN shopping/NN opportunities/NNS is/VBZ an/DT exodus/NN of/IN the/DT jobs/NNS that/IN the/DT major/JJ chains/NNS used/VBD to/TO provide/VB to/TO community/NN residents/NNS ./. ###/### Thus/RB there/EX is/VBZ even/RB more/JJR to/TO the/DT Vermont-Slauson/NNP Center/NNP than/IN a/DT good/JJ place/NN to/TO shop/NN ./. ###/### This/DT defensible/JJ commercial/JJ zone/NN becomes/VBZ ,/, for/IN the/DT residents/NNS ,/, a/DT secure/JJ oasis/NN in/IN a/DT barren/JJ urban/JJ landscape/NN ,/, evidence/NN that/DT community/NN decay/NN is/VBZ not/RB inevitable/JJ and/CC that/IN the/DT gangs/NNS are/VBP not/RB invincible/JJ ./. ###/### The/DT center/NN improves/VBZ the/DT community/NN image/NN to/TO outsiders/NNS as/IN well/RB ,/, and/CC may/MD help/VB to/TO arrest/VB ,/, or/CC even/RB reverse/VB ,/, the/DT exodus/NN of/IN capital/NN and/CC investment/NN ./. ###/### An/DT additional/JJ benefit/NN is/VBZ the/DT creation/NN of/IN jobs/NNS ./. ###/### This/DT starts/VBZ in/IN the/DT construction/NN phase/NN through/IN the/DT use/NN of/IN minority/NN contractors/NNS and/CC local/JJ workers/NNS ./. ###/### It/PRP continues/VBZ through/IN the/DT life/NN of/IN the/DT center/NN ;/: the/DT Vermont-Slauson/NNP Center/NNP has/VBZ created/VBN 500/CD permanent/JJ private-sector/NN jobs/NNS at/IN a/DT one-time/JJ cost/NN in/IN public/JJ funds/NNS of/IN only/RB $/$ 2,500/CD per/IN job/NN ./. ###/### As/IN many/JJ of/IN these/DT jobs/NNS are/VBP filled/VBN by/IN local/JJ residents/NNS ,/, who/WP move/VBP from/IN the/DT welfare/NN rolls/NNS to/TO the/DT tax/NN rolls/NNS ,/, the/DT $/$ 2,500-per-job/JJ public/JJ investment/NN should/MD repay/VB itself/PRP in/IN a/DT few/JJ years/NNS ./. ###/### And/CC that/DT is/VBZ before/IN consideration/NN of/IN increased/VBN state/NN and/CC local/JJ revenues/NNS from/IN taxes/NNS and/CC fees/NNS on/IN sales/NNS ,/, real/JJ estate/NN ,/, licenses/NNS and/CC the/DT like/JJ ./. ###/### Profits/NNS are/VBP also/RB plowed/VBN back/RB into/IN the/DT community/NN ;/: the/DT non-profit/JJ Vermont-Slauson/NNP Economic/NNP Development/NNP Corp./NNP receives/VBZ 60/CD %/NN of/IN the/DT profits/NNS from/IN the/DT Vermont-Slauson/NNP Center/NNP and/CC uses/VBZ the/DT money/NN to/TO provide/VB moderate/JJ and/CC low-cost/JJ housing/NN in/IN the/DT community/NN --/: now/RB running/VBG into/IN the/DT hundreds/NNS of/IN units/NNS --/: as/RB well/RB as/IN commercial/JJ and/CC industrial/JJ development/NN projects/NNS ./. ###/### Bradford/NNP Crowe/NNP ,/, director/NN of/IN the/DT mayor/NN 's/POS City/NNP Economic/NNP Development/NNP Office/NNP ,/, says/VBZ :/: ``/`` There/EX is/VBZ no/DT question/NN that/IN Vermont-Slauson/NNP had/VBD a/DT halo/NN effect/NN on/IN the/DT surrounding/VBG neighborhood/NN ./. ###/### What/WP had/VBD been/VBN a/DT deteriorated/JJ area/NN with/IN nothing/NN but/CC wig/NN shops/NNS and/CC shoe/NN shops/NNS is/VBZ now/RB experiencing/VBG a/DT major/JJ upgrading/NN in/IN the/DT housing/NN and/CC commercial/JJ stock/NN ,/, thanks/NNS to/TO a/DT continuously/RB replenished/VBN source/NN of/IN revitalization/JJ capital/NN that/IN Vermont-Slauson/NNP yields/VBZ ./. ''/'' ###/### Another/DT benefit/NN is/VBZ that/IN substantial/JJ percentages/NNS of/IN the/DT proprietors/NNS in/IN these/DT centers/NNS are/VBP minority/NN businessmen/NNS and/CC women/NNS ./. ###/### In/IN the/DT Grand/NNP Boulevard/NNP Plaza/NNP developed/VBN by/IN Matanky/NNP Realty/NNP Group/NNP in/IN Chicago/NNP 's/POS Third/NNP Ward/NNP ,/, opposite/IN the/DT Robert/NNP Taylor/NNP Homes/NNPS ,/, 29/CD %/NN of/IN the/DT stores/NNS to/TO date/NN have/VBP been/VBN leased/VBN to/TO blacks/NNS and/CC 14/CD %/NN to/TO members/NNS of/IN other/JJ minority/NN groups/NNS ./. ###/### Children/NNS from/IN the/DT community/NN will/MD have/VB worthier/JJR role/NN models/NNS than/IN the/DT drug/NN kingpins/NNS ./. ###/### So/RB what/WP 's/VBZ the/DT catch/NN ?/. ###/### Primarily/RB that/IN putting/VBG one/CD of/IN these/DT inner-city/JJ deals/NNS together/RB takes/VBZ time/NN ,/, patience/NN ,/, breadth/NN of/IN vision/NN and/CC negotiating/NN skills/NNS that/IN not/RB all/DT developers/NNS possess/VBP ./. ###/### Security/NN costs/NNS are/VBP also/RB quite/RB high/JJ ./. ###/### One/CD of/IN these/DT centers/NNS can/MD involve/VB years/NNS of/IN negotiating/VBG with/IN numerous/JJ public/JJ agencies/NNS ,/, local/JJ political/JJ leaders/NNS ,/, and/CC citizen/NN groups/NNS ,/, and/CC with/IN prospective/JJ tenants/NNS and/CC sources/NNS of/IN financing/NN ./. ###/### Suburban/JJ deals/NNS are/VBP not/RB without/IN their/PRP$ delays/NNS and/CC complications/NNS --/: inner-city/JJ deals/NNS just/RB have/VBP more/JJR of/IN them/PRP ./. ###/### Security/NN at/IN a/DT typical/JJ Haagen/NNP inner-city/JJ center/NN is/VBZ impressive/JJ ,/, but/CC unobtrusive/JJ ./. ###/### The/DT entire/JJ site/NN is/VBZ enclosed/VBN by/IN a/DT 6-to-8-foot-high/JJ ornamental/JJ iron/NN fence/NN with/IN a/DT small/JJ number/NN of/IN remote-controlled/JJ gates/NNS ./. ###/### Shrubs/NNS and/CC flowers/NNS give/VBP it/PRP a/DT pleasing/NN and/CC non-fortress-like/JJ appearance/NN ./. ###/### Infrared/JJ motion/NN detectors/NNS and/CC closed-circuit/JJ TV/NN cameras/NNS monitor/VBP the/DT entire/JJ center/NN ;/: lighting/NN levels/NNS are/VBP three/CD to/TO five/CD times/NNS the/DT industry/NN standard/NN ./. ###/### The/DT security/NN command/NN post/NN ,/, camouflaged/VBN as/IN second-story/JJ retail/JJ space/NN ,/, has/VBZ its/PRP$ own/JJ ``/`` crow/NN 's/POS nest/NN ''/'' above/IN the/DT roofs/NNS of/IN the/DT other/JJ buildings/NNS ,/, with/IN a/DT panoramic/JJ view/NN of/IN the/DT entire/JJ center/NN ./. ###/### Local/JJ law/NN enforcement/NN is/VBZ present/JJ in/IN a/DT sub-station/JJ occupying/JJ space/NN donated/VBN by/IN the/DT center/NN ./. ###/### These/DT features/NNS are/VBP also/RB used/VBN in/IN Matanky/NNP Realty/NNP Group/NNP 's/POS Grand/NNP Boulevard/NNP Plaza/NNP ./. ###/### Haagen/NNP has/VBZ its/PRP$ own/JJ large/JJ security/NN force/NN of/IN well-trained/JJ and/CC well-paid/JJ personnel/NNS on/IN round-the-clock/JJ duty/NN at/IN each/DT center/NN ./. ###/### Security/NN is/VBZ 60/CD %/NN to/TO 70/CD %/NN of/IN the/DT common/JJ area/NN charges/NNS of/IN these/DT centers/NNS ,/, vs./FW an/DT industry/NN average/NN of/IN about/IN 15/CD %/NN ./. ###/### These/DT security/NN costs/NNS are/VBP kept/VBN off-budget/JJ because/IN the/DT centers/NNS '/POS site/NN acquisition/NN ,/, construction/NN ,/, and/CC financing/NN costs/NNS were/VBD reduced/VBN by/IN such/JJ programs/NNS as/IN Urban/NNP Development/NNP Action/NNP Grants/NNPS ,/, Economic/NNP Development/NNP Administration/NNP Grants/NNPS ,/, Community/NNP Development/NNP Block/NNP Grants/NNPS ,/, tax-free/JJ Industrial/NNP Development/NNP Bonds/NNPS ,/, Enterprise/NNP Zone/NNP tax/NN write-offs/NN ,/, city/NN infrastructure/NN grants/NNS ,/, and/CC tax/NN increment/NN financing/NN ./. ###/### Many/JJ of/IN these/DT programs/NNS no/RB longer/RB exist/VBP ,/, or/CC have/VB been/VBN severely/RB cut/VBN back/RB ./. ###/### However/RB ,/, since/IN these/DT centers/NNS appear/VBP to/TO pay/VB for/IN themselves/PRP ,/, there/EX is/VBZ nothing/NN to/TO prevent/VB state/NN and/CC local/JJ governments/NNS from/IN enacting/VBG legislation/NN with/IN similar/JJ provisions/NNS ./. ###/### Many/JJ states/NNS already/RB have/VB Enterprise/NN Zones/NNS and/CC legislation/NN that/WDT combines/VBZ tax/NN incentives/NNS ,/, loans/NNS ,/, and/CC grants/NNS to/TO encourage/VB investment/NN in/IN depressed/JJ areas/NNS with/IN requirements/NNS for/IN the/DT hiring/NN of/IN the/DT unemployed/JJ and/CC minorities/NNS ./. ###/### These/DT programs/NNS could/MD be/VB expanded/VBN to/TO focus/VB on/IN funds/NNS for/IN project/NN planning/NN ,/, identifying/VBG sources/NNS of/IN funds/NNS ,/, and/CC for/IN acquiring/VBG a/DT site/NN and/CC preparing/VBG it/PRP ./. ###/### Combatting/VBG crime/NN and/CC the/DT fear/NN of/IN it/PRP in/IN inner-city/JJ commercial/JJ areas/NNS should/MD give/VB Enterprise/NN Zones/NNS more/JJR success/NN than/IN most/JJS have/VBP enjoyed/VBN to/TO date/NN ./. ###/### With/IN many/JJ suburban/JJ areas/NNS basically/RB overbuilt/JJ with/IN shopping/NN centers/NNS ,/, inner-city/JJ areas/NNS may/MD represent/VB a/DT major/JJ new/JJ untapped/JJ market/NN for/IN investment/NN ./. ###/### New/JJ approaches/NNS to/TO mall/NN design/NN and/CC operation/NN make/VBP it/PRP possible/JJ to/TO tap/VB these/DT markets/NNS ./. ###/### If/IN the/DT risks/NNS and/CC rewards/NNS are/VBP reasonable/JJ ,/, developers/NNS will/MD respond/VB ./. ###/### Government/NN officials/NNS who/WP wonder/VBP how/WRB important/JJ it/PRP is/VBZ for/IN them/PRP to/TO encourage/VB development/NN in/IN high-risk/JJ areas/NNS should/MD visit/VB Vermont-Slauson/NNP and/CC Grand/NNP Boulevard/NNP Plaza/NNP and/CC decide/VB for/IN themselves/PRP ./. ###/### The/DT answer/NN will/MD be/VB obvious/JJ ./. ###/### Mr./NNP Titus/NNP is/VBZ a/DT researcher/NN at/IN the/DT Justice/NNP Department/NNP 's/POS National/NNP Institute/NNP of/IN Justice/NNP ./. ###/### ATHLONE/NNP INDUSTRIES/NNPS Inc./NNP said/VBD that/IN on/IN Dec./NNP 21/CD it/PRP will/MD redeem/VB $/$ 10/CD million/CD face/NN amount/NN of/IN its/PRP$ $/$ 59.3/CD million/CD of/IN 15.625/CD %/NN subordinated/JJ notes/NNS outstanding/JJ ,/, due/JJ June/NNP 1/CD ,/, 1991/CD ./. ###/### For/IN each/DT $/$ 1,000/CD of/IN notes/NNS ,/, the/DT maker/NN of/IN specialty/NN metals/NNS ,/, industrial/JJ fasteners/NNS and/CC consumer/NN products/NNS will/MD pay/VB $/$ 1,026.46/CD plus/CC $/$ 8.68/CD of/IN interest/NN accrued/VBN from/IN Dec./NNP 1/CD ./. ###/### The/DT company/NN will/MD notify/VB holders/NNS of/IN the/DT notes/NNS to/TO be/VB redeemed/VBN ./. ###/### Manufacturers/NNPS Hanover/NNP Trust/NNP Co./NNP is/VBZ redemption/NN agent/NN ./. ###/### One/CD company/NN recently/RB was/VBD listed/VBN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, and/CC another/DT will/MD join/VB the/DT Big/NNP Board/NNP from/IN the/DT over-the-counter/JJ market/NN this/DT week/NN ./. ###/### Putnam/NNP Investment/NNP Grade/NNP Municipal/NNP Trust/NNP ,/, Boston/NNP ,/, was/VBD listed/VBN with/IN the/DT symbol/NN PGM/NNP ./. ###/### The/DT new/JJ closed-end/JJ management/NN investment/NN company/NN trades/VBZ shares/NNS of/IN beneficial/JJ interest/NN ./. ###/### It/PRP invests/VBZ primarily/RB in/IN tax-exempt/JJ municipal/JJ securities/NNS ./. ###/### Hibernia/NNP Corp./NNP ,/, a/DT New/NNP Orleans/NNP bank/NN holding/VBG company/NN ,/, will/MD join/VB the/DT Big/NNP Board/NNP Thursday/NNP under/IN HIB/NNP ./. ###/### Three/CD companies/NNS began/VBD trading/VBG over/IN the/DT counter/NN ./. ###/### Exabyte/NNP Corp./NNP ,/, a/DT Boulder/NNP ,/, Colo./NNP ,/, maker/NN of/IN high-capacity/JJ tape/NN cartridge/NN systems/NNS used/VBN to/TO back/VB up/RP computer/NN disk/NN drives/NNS ,/, started/VBD OTC/NNP trading/VBG with/IN the/DT symbol/NN EXBT/NNP ./. ###/### Rally/NNP 's/POS Inc./NN ,/, a/DT Louisville/NNP ,/, Ky./NNP ,/, restaurant/NN franchisor/NN ,/, started/VBD trading/VBG under/IN RLLY/NNP ./. ###/### Sierra/NNP Tucson/NNP Cos./NNP ,/, Tucson/NNP ,/, Ariz./NNP ,/, started/VBD trading/VBG under/IN STSN/NNP ./. ###/### It/PRP operates/VBZ various/JJ types/NNS of/IN addiction-treatment/JJ facilities/NNS ./. ###/### Separately/RB ,/, on/IN the/DT Pacific/NNP Stock/NNP Exchange/NNP ,/, put/JJ and/CC call/JJ options/NNS on/IN the/DT common/JJ stock/NN of/IN Aldus/NNP Corp./NNP started/VBD trading/VBG ./. ###/### Aldus/NNP ,/, Seattle/NNP ,/, makes/VBZ computer/NN software/NN products/NNS ./. ###/### Options/NNS give/VBP a/DT holder/NN the/DT right/NN ,/, but/CC not/RB the/DT obligation/NN ,/, to/TO buy/VB or/CC sell/VB a/DT security/NN at/IN a/DT set/VBN price/NN within/IN a/DT set/VBN period/NN of/IN time/NN ./. ###/### Dow/NNP Chemical/NNP Co./NNP said/VBD its/PRP$ Destec/NNP Energy/NNP Inc./NNP unit/NN has/VBZ agreed/VBN to/TO buy/VB PSE/NNP Inc./NNP ,/, a/DT Houston/NNP energy/NN company/NN ,/, in/IN a/DT deal/NN valued/VBN at/IN about/IN $/$ 115/CD million/CD ./. ###/### Dow/NNP ,/, of/IN Midland/NNP ,/, Mich./NNP ,/, said/VBD its/PRP$ unit/NN will/MD begin/VB by/IN Thursday/NNP a/DT tender/NN offer/NN of/IN $/$ 12.25/CD a/DT share/NN for/IN all/DT PSE/NNP common/JJ shares/NNS outstanding/JJ ./. ###/### Among/IN other/JJ conditions/NNS ,/, the/DT offer/NN depends/VBZ on/IN the/DT Dow/NNP unit/NN acquiring/VBG at/IN least/JJS 66/CD %/NN of/IN the/DT PSE/NNP shares/NNS outstanding/JJ ,/, the/DT companies/NNS said/VBD in/IN a/DT joint/JJ statement/NN Friday/NNP ./. ###/### PSE/NNP has/VBZ about/IN 9.2/CD million/CD shares/NNS outstanding/JJ ./. ###/### The/DT company/NN said/VBD the/DT approximately/RB $/$ 115/CD million/CD acquisition/NN price/NN includes/VBZ its/PRP$ total/NN $/$ 33/CD million/CD of/IN long-term/JJ debt/NN outstanding/JJ ./. ###/### Dow/NNP said/VBD it/PRP already/RB has/VBZ agreements/NNS with/IN Albert/NNP J./NNP Smith/NNP Jr./NNP ,/, chairman/NN and/CC chief/JJ executive/NN officer/NN of/IN PSE/NNP ,/, and/CC certain/JJ other/JJ officers/NNS of/IN the/DT company/NN under/IN which/WDT Dow/NNP may/MD buy/VB about/IN 40/CD %/NN of/IN the/DT PSE/NNP common/JJ shares/NNS outstanding/JJ ./. ###/### PSE/NNP is/VBZ a/DT designer/NN and/CC operator/NN of/IN energy-cogeneration/NN facilities/NNS and/CC had/VBD 1988/CD sales/NNS of/IN $/$ 234/CD million/CD ./. ###/### The/DT company/NN is/VBZ owner/NN and/CC operator/NN ,/, or/CC an/DT equity/NN partner/NN ,/, in/IN six/CD cogeneration/NN facilities/NNS --/: two/CD in/IN Texas/NNP and/CC four/CD in/IN California/NNP ./. ###/### The/DT company/NN said/VBD recently/RB it/PRP expects/VBZ third-quarter/NN earnings/NNS will/MD be/VB in/IN range/NN from/IN $/$ 1.3/CD million/CD to/TO $/$ 1.7/CD million/CD ,/, or/CC 14/CD cents/NNS to/TO 18/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN $/$ 326,000/CD ,/, or/CC four/CD cents/NNS a/DT share/NN ,/, a/DT year/NN ago/RB ./. ###/### If/IN growth/NN regains/VBZ its/PRP$ glamour/NN among/IN investors/NNS ,/, a/DT sluggish/JJ segment/NN of/IN the/DT Nasdaq/NNP over-the-counter/JJ market/NN could/MD show/VB some/DT flash/NN ./. ###/### Some/DT stock/NN pickers/NNS already/RB are/VBP targeting/VBG the/DT OTC/NNP market/NN ,/, where/WRB ,/, they/PRP say/VBP ,/, await/VBP plenty/NN of/IN small/JJ -/: and/CC medium-sized/JJ growth/NN stocks/NNS ./. ###/### Best/JJS of/IN all/DT ,/, they/PRP add/VBP ,/, these/DT growth/NN issues/NNS ,/, unlike/IN their/PRP$ big/JJ blue-chip/JJ cousins/NNS on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, are/VBP languishing/VBG at/IN depressed/JJ prices/NNS ./. ###/### Growth/NN stocks/NNS will/MD return/VB to/TO favor/VB ,/, some/DT analysts/NNS and/CC money/NN managers/NNS think/VBP ,/, because/IN of/IN the/DT jitters/NNS caused/VBN by/IN the/DT market/NN 's/POS steep/JJ slide/NN on/IN Oct./NNP 13/CD ,/, and/CC because/RB of/IN the/DT current/JJ swell/NN of/IN disappointing/JJ earnings/NNS announcements/NNS ./. ###/### Against/IN such/JJ a/DT backdrop/NN ,/, companies/NNS with/IN proven/JJ track/NN records/NNS of/IN earnings/NNS gains/NNS of/IN 20/CD %/NN or/CC so/RB annually/RB have/VBP extra/JJ appeal/NN ./. ###/### ``/`` The/DT market/NN will/MD have/VB to/TO look/VB for/IN a/DT new/JJ theme/NN now/RB and/CC that/DT theme/NN will/MD be/VB a/DT return/NN to/TO growth/NN ,/, ''/'' declares/VBZ Mary/NNP Farrell/NNP ,/, a/DT PaineWebber/NNP analyst/NN ./. ###/### Among/IN her/PRP$ OTC/NNP picks/NNS are/VBP Oshkosh/NNP B'Gosh/NNP and/CC A&W/NNP Brands/NNPS ./. ###/### Like/IN many/JJ OTC/NNP growth/NN issues/NNS ,/, they/PRP have/VBP market/NN values/NNS --/: as/IN measured/VBN by/IN stock/NN price/NN times/CC shares/NNS outstanding/JJ --/: of/IN roughly/RB $/$ 100/CD million/CD to/TO $/$ 500/CD million/CD ./. ###/### Some/DT like/VBP to/TO specialize/VB in/IN growth/NN companies/NNS whose/WP$ shares/NNS have/VBP n't/RB traded/VBN publicly/RB very/RB long/JJ ./. ###/### These/DT are/VBP sometimes/RB dubbed/VBN ``/`` emerging/VBG ''/'' growth/NN companies/NNS ,/, though/IN they/PRP also/RB have/VBP expanding-profit/JJ track/NN records/NNS ./. ###/### While/IN many/JJ growth/NN stocks/NNS are/VBP small/JJ ,/, not/RB all/DT small/JJ stocks/NNS have/VBP earnings-growth/JJ momentum/NN ./. ###/### That/DT 's/VBZ an/DT important/JJ distinction/NN because/IN some/DT analysts/NNS and/CC brokers/NNS ,/, who/WP perennially/RB predict/VBP that/IN small/JJ stocks/NNS are/VBP about/IN to/TO outperform/VB bigger/JJR issues/NNS ,/, may/MD use/VB any/DT spurt/NN in/IN growth/NN issues/NNS to/TO help/VB them/PRP sell/VB all/DT small/JJ stocks/NNS ./. ###/### ``/`` You/PRP can/MD find/VB some/DT good/JJ ,/, quality/NN companies/NNS over/IN the/DT counter/NN ,/, ''/'' but/CC investors/NNS should/MD be/VB selective/JJ ,/, says/VBZ John/NNP Palicka/NNP ,/, chief/JJ portfolio/NN manager/NN at/IN Midco/NNP Investors/NNPS ,/, a/DT Newark/NNP ,/, N.J./NNP ,/, money/NN management/NN company/NN with/IN about/IN $/$ 900/CD million/CD invested/VBN in/IN growth/NN stocks/NNS of/IN varying/VBG sizes/NNS ./. ###/### Mr./NNP Palicka/NNP 's/POS picks/NNS from/IN the/DT OTC/NNP market/NN include/VBP Legent/NNP ,/, Mail/NNP Boxes/NNPS Etc./NNP ,/, and/CC Payco/NNP American/NNP ./. ###/### The/DT main/JJ argument/NN for/IN growth/NN stocks/NNS is/VBZ their/PRP$ usually/RB superior/JJ performance/NN in/IN a/DT slowing/VBG economy/NN ./. ###/### ``/`` If/IN the/DT market/NN refocuses/VB on/IN earnings/NNS ,/, we/PRP should/MD get/VB better/JJR valuations/NNS of/IN growth/NN stocks/NNS ,/, ''/'' says/VBZ L./NNP Keith/NNP Mullins/NNP ,/, a/DT growth-stock/JJ analyst/NN at/IN Morgan/NNP Stanley/NNP ./. ###/### Eventually/RB ,/, he/PRP believes/VBZ ,/, investors/NNS will/MD be/VB willing/JJ to/TO pay/VB higher/JJR prices/NNS for/IN companies/NNS with/IN proven/JJ track/NN records/NNS of/IN earnings/NNS growth/NN ./. ###/### In/IN anticipation/NN of/IN that/DT shift/NN ,/, he/PRP and/CC other/JJ analysts/NNS are/VBP encouraging/VBG their/PRP$ clients/NNS to/TO buy/VB such/JJ issues/NNS now/RB ./. ###/### Understandably/RB ,/, smaller/JJR growth/NN stocks/NNS have/VBP n't/RB been/VBN in/IN favor/NN recently/RB ./. ###/### The/DT average/JJ issue/NN on/IN Standard/NNP &/CC Poor/NNP 's/POS 500-stock/JJ Index/NN gained/VBD 35/CD %/NN last/JJ year/NN ,/, Ms./NNP Farrell/NNP of/IN PaineWebber/NNP says/VBZ ./. ###/### Smaller-stock/JJR earnings/NNS ,/, by/IN comparison/NN ,/, rose/VBD between/IN 15/CD %/NN and/CC 20/CD %/NN ./. ###/### In/IN addition/NN ,/, earnings/NNS growth/NN took/VBD a/DT back/JJ seat/NN to/TO cash/NN flow/NN ,/, restructuring/NN and/CC takeover/NN potential/NN ,/, and/CC breakup/NN value/NN as/IN the/DT preferred/JJ stock-picking/JJ standards/NNS for/IN much/JJ of/IN the/DT year/NN ./. ###/### Also/RB ,/, the/DT smaller/JJR growth/NN stocks/NNS are/VBP n't/RB widely/RB traded/VBN ,/, and/CC so/RB are/VBP harder/JJR to/TO buy/VB and/CC sell/VB quickly/RB than/IN blue/JJ chips/NNS ./. ###/### As/IN a/DT result/NN ,/, Morgan/NNP Stanley/NNP 's/POS Index/NN of/IN 40/CD Emerging/VBG Growth/NN Stocks/NNS --/: most/JJS of/IN which/WDT are/VBP in/IN the/DT OTC/NNP market/NN --/: is/VBZ up/RB only/RB 13/CD %/NN for/IN the/DT year/NN ,/, while/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP has/VBZ leaped/VBN 24/CD %/NN and/CC the/DT S&P/NNP 500/CD has/VBZ grown/VBN 25/CD %/NN ./. ###/### The/DT Nasdaq/NNP Composite/NNP has/VBZ gained/VBN 23/CD %/NN this/DT year/NN ,/, but/CC that/DT 's/VBZ largely/RB due/JJ to/TO the/DT 100/CD largest/JJS nonfinancial/JJ stocks/NNS ,/, which/WDT have/VBP soared/VBN 30/CD %/NN ./. ###/### Some/DT investors/NNS are/VBP skeptical/JJ of/IN growth/NN stocks/NNS because/IN investing/VBG in/IN them/PRP means/VBZ ignoring/VBG that/DT maxim/NN found/VBN in/IN the/DT fine/JJ print/NN of/IN some/DT investment/NN advertisements/NNS --/: that/IN past/JJ performance/NN is/VBZ n't/RB indicative/JJ of/IN future/JJ results/NNS ./. ###/### ``/`` People/NNS are/VBP naturally/RB suspicious/JJ of/IN them/PRP ,/, ''/'' says/VBZ Mr./NNP Mullins/NNP of/IN Morgan/NNP Stanley/NNP ./. ###/### Among/IN his/PRP$ favorites/NNS in/IN his/PRP$ firm/NN 's/POS index/NN are/VBP Legent/NNP ,/, Silicon/NNP Graphics/NNPS and/CC Novell/NNP ./. ###/### However/RB ,/, more/JJR money/NN managers/NNS are/VBP reassured/VBN that/DT profit/NN is/VBZ regaining/VBG importance/NN ./. ###/### Mark/NNP Schoeppner/NNP ,/, portfolio/NN manager/NN at/IN Pittsburgh-based/JJ Quaker/NNP Capital/NNP Management/NNP ,/, says/VBZ that/IN in/IN reaction/NN to/TO nervousness/NN about/IN debt-laden/JJ buy-out/NN transactions/NNS ,/, analysts/NNS and/CC investors/NNS now/RB appear/VBP to/TO be/VB ``/`` valuing/VBG stock/NN based/VBN on/IN future/JJ earnings/NNS as/IN opposed/VBN to/TO the/DT amount/NN of/IN debt/NN the/DT company/NN can/MD support/VB ./. ''/'' ###/### Barney/NNP Hallingby/NNP ,/, managing/VBG director/NN of/IN research/NN at/IN Hambrecht/NNP &/CC Quist/NNP ,/, also/RB believes/VBZ earnings/NNS growth/NN is/VBZ beginning/VBG to/TO play/VB a/DT greater/JJR part/NN in/IN investors/NNS '/POS buying/NN decisions/NNS ./. ###/### On/IN Friday/NNP ,/, Hambrecht/NNP &/CC Quist/NNP added/VBD St./NNP Jude/NNP Medical/NNP to/TO the/DT list/NN of/IN 20/CD stocks/NNS it/PRP strongly/RB recommends/VBZ ./. ###/### The/DT opinion/NN is/VBZ largely/RB based/VBN on/IN the/DT company/NN 's/POS earnings/NN momentum/NN ,/, Mr./NNP Hallingby/NNP says/VBZ ./. ###/### St./NNP Jude/NNP 's/POS market/NN value/NN on/IN Nasdaq/NNP exceeds/VBZ $/$ 1/CD billion/CD ,/, so/CC it/PRP is/VBZ n't/RB a/DT small/JJ stock/NN ./. ###/### The/DT medical/JJ devices/NNS maker/NN 's/POS earnings/NNS rose/VBD nearly/RB 35/CD %/NN in/IN 1987/CD from/IN 1986/CD ,/, and/CC 75/CD %/NN in/IN 1988/CD ./. ###/### Kurt/NNP Kruger/NNP ,/, who/WP follows/VBZ the/DT stock/NN for/IN Hambrecht/NNP &/CC Quist/NNP ,/, anticipates/VBZ that/IN the/DT company/NN 's/POS net/JJ income/NN will/MD grow/VB 51/CD %/NN to/TO $/$ 2.15/CD a/DT share/NN this/DT year/NN ./. ###/### St./NNP Jude/NNP finished/VBD up/IN to/TO 44/CD on/IN Friday/NNP ./. ###/### Friday/NNP 's/POS Market/NN Activity/NN ###/### The/DT Nasdaq/NNP Composite/NN Index/NN eased/VBN 0.13/CD to/TO 470.67/CD ./. ###/### The/DT composite/NN finished/VBD up/RB 0.7/CD %/NN from/IN last/JJ Friday/NNP 's/POS close/NN ./. ###/### It/PRP was/VBD a/DT busy/JJ week/NN for/IN OTC/NNP stocks/NNS ./. ###/### Friday/NNP 's/POS volume/NN totaled/VBD 158.2/CD million/CD shares/NNS ;/: the/DT daily/JJ average/NN for/IN the/DT week/NN was/VBD a/DT bustling/JJ 176.7/CD million/CD ./. ###/### Valley/NNP National/NNP lost/VBD 1/CD to/TO 17/CD on/IN volume/NN of/IN 1.9/CD million/CD shares/NNS ./. ###/### The/DT company/NN reported/VBD a/DT big/JJ third-quarter/JJ loss/NN on/IN Thursday/NNP ./. ###/### Merchants/NNPS Bank/NNP of/IN New/NNP York/NNP lost/VBD 1/CD to/TO 106/CD after/IN reporting/VBG that/IN its/PRP$ third-quarter/JJ net/JJ income/NN fell/VBD to/TO $/$ 1.62/CD a/DT share/NN from/IN last/JJ year/NN 's/POS $/$ 1.67/CD a/DT share/NN ./. ###/### Eliot/NNP Savings/NNPS Bank/NNP lost/VBD to/TO 1/CD after/IN reporting/VBG that/IN it/PRP had/VBD a/DT $/$ 4.8/CD million/CD loss/NN in/IN the/DT latest/JJS third/JJ quarter/NN mostly/RB because/IN of/IN loan-loss/JJ provisions/NNS ./. ###/### In/IN the/DT 1988/CD quarter/NN ,/, the/DT bank/NN earned/VBD $/$ 1.1/CD million/CD ./. ###/### One/CD bank/NN stock/NN was/VBD a/DT winner/NN ./. ###/### BanPonce/NNP jumped/VBD 4/CD to/TO 47/CD after/IN agreeing/VBG to/TO be/VB acquired/VBN by/IN Banco/NNP Popular/NNP de/FW Puerto/NNP Rico/NNP for/IN $/$ 56.25/CD a/DT share/NN ./. ###/### Banco/NNP Popular/NNP ,/, meanwhile/RB ,/, dropped/VBD 1/CD to/TO 21/CD ./. ###/### Sierra/NNP Tucson/NNP ,/, an/DT initial/JJ public/NN offering/NN ,/, made/VBD the/DT most/RBS active/JJ list/NN ./. ###/### The/DT company/NN 's/POS shares/NNS began/VBD trading/NN at/IN 12/CD ,/, up/IN from/IN its/PRP$ initial/JJ offering/NN price/NN of/IN 12/CD ,/, and/CC closed/VBD at/IN 13/CD ./. ###/### Sierra/NNP Tucson/NNP operates/VBZ an/DT addiction/NN treatment/NN center/NN ./. ###/### Among/IN declining/VBG issues/NNS ,/, a/DT weak/JJ earnings/NNS outlook/NN drove/VBD Groundwater/NNP Technology/NNP down/RB 6/CD to/TO 24/CD ./. ###/### The/DT company/NN said/VBD results/NNS for/IN its/PRP$ second/JJ quarter/NN ended/VBN Oct./NNP 28/CD could/MD drop/VB as/RB much/JJ as/IN 20/CD %/NN below/IN the/DT 30/CD cents/NNS a/DT share/NN reported/VBN in/IN the/DT year-earlier/JJ quarter/NN ./. ###/### Medstone/NNP International/NNP plummeted/VBD 3/CD to/TO 7/CD ./. ###/### A/DT Food/NNP and/CC Drug/NNP Administration/NNP advisory/JJ panel/NN has/VBZ asked/VBN that/IN Medstone/NNP perform/VB more/JJR studies/NNS on/IN its/PRP$ device/NN to/TO treat/VB gallstones/NNS ./. ###/### Qintex/NNP Entertainment/NNP dropped/VBD 2/CD to/TO 1/CD after/IN seeking/VBG protection/NN from/IN creditor/NN lawsuits/NNS under/IN Chapter/NN 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP for/IN itself/PRP and/CC its/PRP$ two/CD operating/NN subsidiaries/NNS ,/, Hal/NNP Roach/NNP Studios/NNPS and/CC Qintex/NNP Productions/NNPS ./. ###/### Raymond/NNP Corp./NNP lost/VBD 1/CD to/TO 10/CD after/IN it/PRP said/VBD late/JJ Thursday/NNP that/IN it/PRP will/MD take/VB a/DT $/$ 4.4/CD million/CD charge/NN in/IN its/PRP$ third/JJ quarter/NN for/IN reserves/NNS to/TO cover/VB potential/JJ charges/NNS in/IN connection/NN with/IN the/DT closing/NN and/CC sale/NN of/IN a/DT manufacturing/VBG plant/NN ./. ###/### As/IN a/DT result/NN ,/, the/DT company/NN has/VBZ suspended/VBN its/PRP$ quarterly/JJ dividend/NN ./. ###/### McCaw/NNP Cellular/NNP Communications/NNPS and/CC its/PRP$ target/NN ,/, LIN/NNP Broadcasting/NNP ,/, were/VBD active/JJ ./. ###/### LIN/NNP added/VBD to/TO 110/CD and/CC McCaw/NNP lost/VBD to/TO 41/CD ./. ###/### McCaw/NNP said/VBD it/PRP has/VBZ secured/VBN commitments/NNS from/IN three/CD banks/NNS to/TO help/VB finance/VB its/PRP$ $/$ 125-a-share/JJ bid/NN for/IN 22/CD million/CD of/IN Lin/NNP 's/POS shares/NNS ./. ###/### McCaw/NNP has/VBZ called/VBN for/IN a/DT ``/`` fair/JJ auction/NN ''/'' of/IN LIN/NNP ,/, which/WDT earlier/RB entered/VBD a/DT stock-swap/JJ merger/NN pact/NN with/IN BellSouth/NNP ./. ###/### Following/VBG the/DT release/NN of/IN the/DT company/NN 's/POS fourth-quarter/JJ earnings/NNS ,/, Apple/NNP Computer/NNP dropped/VBD to/TO 48/CD on/IN volume/NN of/IN more/JJR than/IN 2.3/CD million/CD shares/NNS ./. ###/### Apple/NNP earned/VBD $/$ 161.1/CD million/CD ,/, or/CC $/$ 1.24/CD a/DT share/NN ,/, in/IN the/DT quarter/NN ,/, including/VBG $/$ 48/CD million/CD from/IN the/DT sale/NN of/IN its/PRP$ Adobe/NNP Systems/NNPS stock/NN ./. ###/### The/DT following/JJ were/VBD among/IN Friday/NNP '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/NNPS Report/NNP :/: ###/### Chicago/NNP &/CC North/NNP Western/NNP Acquisition/NNP Corp./NNP --/: $/$ 475/CD million/CD of/IN senior/JJ subordinated/JJ resettable/JJ debentures/NNS ,/, due/JJ Oct./NNP 15/CD ,/, 2001/CD ,/, priced/VBN at/IN par/JJ to/TO yield/VB 14.75/CD %/NN ./. ###/### The/DT coupon/NN will/MD be/VB reset/VB in/IN one/CD year/NN at/IN a/DT rate/NN that/WDT will/MD give/VB the/DT issue/NN a/DT market/NN value/NN of/IN 101/CD ./. ###/### However/RB ,/, the/DT maximum/NN coupon/NN rate/NN on/IN the/DT issue/NN when/WRB it/PRP is/VBZ reset/NN can/MD only/RB be/VB 15.5/CD %/NN ./. ###/### Debenture/NN holders/NNS will/MD also/RB receive/VB the/DT equivalent/NN of/IN 10/CD %/NN of/IN the/DT common/JJ stock/NN of/IN CNW/NNP Holdings/NNPS ./. ###/### The/DT equity/NN kicker/NN is/VBZ not/RB attached/VBN to/TO the/DT offering/NN ,/, but/CC underwriters/NNS said/VBD it/PRP will/MD be/VB offered/VBN after/IN a/DT filing/NN for/IN 68,548/CD common/JJ shares/NNS of/IN CNW/NNP Holdings/NNPS is/VBZ declared/VBN effective/JJ by/IN the/DT Securities/NNPS &/CC Exchange/NNP Commission/NNP ./. ###/### The/DT issue/NN is/VBZ noncallable/JJ for/IN five/CD years/NNS and/CC has/VBZ a/DT sinking/VBG fund/NN starting/VBG in/IN 2000/CD to/TO retire/VB 50/CD %/NN of/IN the/DT issue/NN before/IN maturity/NN ./. ###/### Rated/VBN single-B-2/JJ by/IN Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP and/CC single-B-minus/JJ 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 Donaldson/NNP Lufkin/NNP &/CC Jenrette/NNP Securities/NNPS Corp/NNP ./. ###/### Tokuyama/NNP Soda/NNP Co/NNP ./. -LRB-/-LRB- Japan/NNP -RRB-/-RRB- --/: $/$ 200/CD million/CD of/IN Eurobonds/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/JJ ,/, via/IN Nomura/NNP International/NNP Ltd/NNP ./. ###/### Each/DT $/$ 5,000/CD bond/NN carries/VBZ one/CD warrant/NN ,/, exercisable/JJ from/IN Nov./NNP 28/CD ,/, 1989/CD ,/, through/IN Oct./NNP 28/CD ,/, 1993/CD ,/, to/TO buy/VB company/NN shares/NNS at/IN an/DT expected/JJ premium/NN of/IN 2/CD %/NN to/TO the/DT closing/NN share/NN price/NN when/WRB terms/NNS are/VBP fixed/VBN Oct./NNP 27/CD ./. ###/### For/IN bankers/NNS and/CC regulators/NNS ,/, Arizona/NNP is/VBZ looking/VBG more/RBR like/IN Texas/NNP every/DT day/NN ./. ###/### On/IN Friday/NNP ,/, Los/NNP Angeles-based/JJ First/NNP Interstate/NNP Bancorp/NNP said/VBD it/PRP expects/VBZ a/DT net/JJ loss/NN of/IN $/$ 16/CD million/CD for/IN the/DT third/JJ quarter/NN of/IN 1989/CD because/RB of/IN hemorrhaging/NN at/IN its/PRP$ First/NNP Interstate/NNP Bank/NNP of/IN Arizona/NNP unit/NN ./. ###/### First/NNP Interstate/NNP said/VBD the/DT unit/NN ,/, bludgeoned/VBN by/IN Arizona/NNP 's/POS worsening/VBG real-estate/NN woes/NNS ,/, will/MD have/VB a/DT $/$ 174/CD million/CD loss/NN for/IN the/DT quarter/NN ./. ###/### First/NNP Interstate/NNP took/VBD a/DT huge/JJ $/$ 350/CD million/CD provision/NN for/IN loan/NN losses/NNS at/IN the/DT Arizona/NNP bank/NN ./. ###/### It/PRP charged/VBD off/RP an/DT estimated/VBN $/$ 200/CD million/CD of/IN Arizona/NNP loans/NNS ,/, leaving/VBG the/DT unit/NN with/IN a/DT reserve/NN for/IN future/JJ losses/NNS of/IN $/$ 255/CD million/CD ,/, about/IN 61/CD %/NN of/IN its/PRP$ $/$ 416/CD million/CD of/IN troubled/JJ loans/NNS and/CC repossessed/JJ real/JJ estate/NN ./. ###/### First/NNP Interstate/NNP made/VBD the/DT move/NN under/IN pressure/NN from/IN regulators/NNS ./. ###/### The/DT action/NN capped/VBD a/DT spurt/NN of/IN grim/JJ Arizona/NNP banking/NN news/NN for/IN the/DT third/JJ quarter/NN ,/, and/CC emphatically/RB signaled/VBD that/IN Arizona/NNP is/VBZ challenging/VBG Texas/NNP 's/POS long/JJ reign/NN as/IN banking/NN 's/POS busiest/JJS graveyard/NN ./. ###/### Earlier/RBR last/JJ week/NN ,/, Valley/NNP National/NNP Corp./NNP ,/, the/DT state/NN 's/POS largest/JJS locally/RB owned/JJ banking/VBG company/NN ,/, reported/VBD a/DT $/$ 72.2/CD million/CD loss/NN and/CC suspended/VBD its/PRP$ dividend/NN ./. ###/### Pinnacle/NNP West/NNP Capital/NNP Corp./NNP ,/, which/WDT has/VBZ been/VBN wrangling/VBG with/IN regulators/NNS for/IN months/NNS over/IN what/WP to/TO do/VB about/IN Pinnacle/NNP 's/POS moribund/JJ Merabank/NNP thrift/NN unit/NN ,/, suspended/VBD its/PRP$ dividend/NN and/CC reported/VBD a/DT 91/CD %/NN plunge/NN in/IN third-quarter/JJ net/JJ income/NN ./. ###/### Security/NNP Pacific/NNP Corp./NNP said/VBD third-quarter/JJ credit/NN losses/NNS surged/VBD a/DT third/JJ to/TO $/$ 109/CD million/CD ,/, mainly/RB because/IN of/IN sour/JJ Arizona/NNP real-estate/JJ loans/NNS ./. ###/### New/NNP York-based/JJ Chase/NNP Manhattan/NNP Corp./NNP took/VBD an/DT $/$ 85/CD million/CD Arizona-related/JJ charge/NN ./. ###/### Furthermore/RB ,/, the/DT regulatory/JJ maneuvering/NN behind/IN First/NNP Interstate/NNP 's/POS loss/NN suggests/VBZ regulators/NNS have/VBP concluded/VBN that/IN lenders/NNS '/POS reserves/NNS are/VBP far/RB too/RB low/JJ to/TO absorb/VB their/PRP$ future/JJ Arizona/NNP losses/NNS and/CC are/VBP forcing/VBG bankers/NNS to/TO do/VB something/NN about/IN it/PRP ./. ###/### Examiners/NNS from/IN the/DT Office/NNP of/IN the/DT Comptroller/NNP of/IN the/DT Currency/NNP had/VBD been/VBN combing/VBG through/IN First/NNP Interstate/NNP 's/POS real-estate/NN portfolio/NN since/IN last/JJ month/NN ;/: they/PRP first/RB recommended/VBD that/IN First/NNP Interstate/NNP take/VB a/DT provision/NN that/WDT was/VBD less/JJR than/IN the/DT eventual/JJ $/$ 350/CD million/CD third-quarter/JJ hit/NN ./. ###/### When/WRB First/NNP Interstate/NNP balked/VBD ,/, arguing/VBG that/IN the/DT figure/NN was/VBD too/RB high/JJ ,/, regulators/NNS responded/VBD by/IN raising/VBG their/PRP$ recommendation/NN to/TO $/$ 350/CD million/CD ./. ###/### ``/`` At/IN that/DT point/NN ,/, -LCB-/-LRB- First/NNP Interstate/NNP -RCB-/-RRB- decided/VBD it/PRP was/VBD the/DT better/JJR part/NN of/IN valor/NN not/RB to/TO negotiate/VB further/RBR ,/, ''/'' said/VBD one/CD industry/NN official/NN close/JJ to/TO the/DT talks/NNS ./. ###/### Thomas/NNP P./NNP Marrie/NNP ,/, chief/JJ financial/JJ officer/NN ,/, would/MD n't/RB comment/VB about/IN the/DT details/NNS of/IN the/DT negotiations/NNS ./. ###/### He/PRP said/VBD the/DT provision/NN ``/`` was/VBD n't/RB forced/VBN upon/IN us/PRP ,/, but/CC the/DT regulators/NNS made/VBD it/PRP very/RB clear/JJ what/WP they/PRP thought/VBD was/VBD an/DT appropriate/JJ number/NN ./. ''/'' ###/### The/DT tough/JJ regulatory/JJ stance/NN portends/VBZ large/JJ future/JJ losses/NNS ,/, especially/RB at/IN the/DT state/NN 's/POS thrifts/NNS ./. ###/### At/IN least/JJS six/CD of/IN Arizona/NNP 's/POS 12/CD savings/NNS and/CC loan/NN institutions/NNS have/VBP either/RB been/VBN taken/VBN over/RB by/IN the/DT government/NN 's/POS conservatorship/NN program/NN or/CC are/VBP essentially/RB insolvent/JJ ;/: they/PRP are/VBP sitting/VBG on/IN enormous/JJ unrecognized/JJ losses/NNS ./. ###/### For/IN example/NN ,/, Western/NNP Savings/NNPS &/CC Loan/NNP Association/NNP ,/, which/WDT is/VBZ now/RB in/IN conservatorship/NN ,/, had/VBD tangible/JJ capital-assets/NNS minus/CC liabilities/NNS --/: of/IN a/DT negative/JJ $/$ 357.4/CD million/CD at/IN June/NNP 30/CD ./. ###/### It/PRP had/VBD a/DT $/$ 258.9/CD million/CD loss/NN in/IN the/DT second/JJ quarter/NN ./. ###/### Yet/CC it/PRP still/RB held/VBD $/$ 916.3/CD million/CD of/IN repossessed/JJ real/JJ estate/NN ,/, for/IN which/WDT it/PRP maintains/VBZ no/DT reserves/NNS whatsoever/RB ./. ###/### It/PRP also/RB had/VBD $/$ 479.7/CD million/CD of/IN past-due/JJ loans/NNS ;/: its/PRP$ level/NN of/IN reserves/NNS against/IN those/DT was/VBD n't/RB immediately/RB available/JJ ,/, though/IN it/PRP is/VBZ believed/VBN to/TO be/VB small/JJ ./. ###/### The/DT rapid/JJ deterioration/NN of/IN the/DT Arizona/NNP thrifts/NNS only/RB adds/VBZ to/TO the/DT ever-swelling/JJ cost/NN of/IN the/DT government/NN 's/POS massive/JJ thrift/NN bailout/NN ,/, officially/RB estimated/VBN at/IN about/IN $/$ 166/CD billion/CD ./. ###/### Together/RB ,/, the/DT six/CD government-controlled/JJ or/CC essentially/RB insolvent/JJ Arizona/NNP thrifts/NNS have/VBP tangible/JJ capital/NN of/IN a/DT negative/JJ $/$ 1.5/CD billion/CD ,/, foreclosed/VBN|JJ property/NN of/IN $/$ 1.8/CD billion/CD and/CC pastdue/JJ loans/NNS of/IN $/$ 1.63/CD billion/CD ./. ###/### They/PRP have/VBP no/DT reserves/NNS against/IN the/DT real/JJ estate/NN ,/, and/CC their/PRP$ reserves/NNS against/IN the/DT loans/NNS are/VBP miniscule/JJ compared/VBN with/IN the/DT levels/NNS of/IN reserves/NNS banks/NNS are/VBP moving/VBG to/TO set/VB up/RP ./. ###/### The/DT thrifts/NNS had/VBD a/DT combined/JJ loss/NN of/IN $/$ 487.8/CD million/CD in/IN the/DT second/JJ quarter/NN ./. ###/### Other/JJ lenders/NNS have/VBP been/VBN recovering/VBG only/RB 50/CD cents/NNS to/TO 60/CD cents/NNS on/IN the/DT dollar/NN on/IN foreclosed/VBN|JJ Arizona/NNP property/NN ,/, if/IN they/PRP can/MD sell/VB it/PRP at/IN all/DT ./. ###/### All/PDT this/DT havoc/NN is/VBZ the/DT result/NN of/IN one/CD of/IN the/DT worst/JJS busts/NNS in/IN Arizona/NNP 's/POS boom-and-bust/JJ history/NN ,/, compounded/VBN by/IN some/DT of/IN the/DT usual/JJ suspects/NNS in/IN 1980s/NNS banking/NN debacles/NNS :/: greed/NN ,/, fraud/NN and/CC plain/JJ bad/JJ banking/NN ./. ###/### In/IN the/DT late/JJ 1970s/NNS and/CC early/RB 1980s/NNS ,/, lenders/NNS and/CC developers/NNS poured/VBD money/NN into/IN office/NN buildings/NNS ,/, condominiums/NNS and/CC massive/JJ tracts/NNS of/IN raw/JJ desert/NN land/NN ,/, confident/JJ that/IN Arizona/NNP 's/POS population/NN would/MD grow/VB at/IN annual/JJ rates/NNS of/IN 4/CD %/NN to/TO 6/CD %/NN for/IN years/NNS to/TO come/VB ./. ###/### Now/RB ,/, annual/JJ population/NN growth/NN is/VBZ running/VBG at/IN about/IN 2/CD %/NN a/DT year/NN ,/, some/DT desert/NN tracts/NNS bought/VBD three/CD years/NNS ago/RB for/IN $/$ 90,000/CD an/DT acre/NN are/VBP being/VBG sold/VBN at/IN $/$ 25,000/CD an/DT acre/NN and/CC Phoenix/NNP has/VBZ a/DT seven-year/JJ supply/NN of/IN unoccupied/JJ office/NN space/NN ./. ###/### ``/`` It/PRP 's/VBZ horrible/JJ to/TO say/VB ,/, but/CC it/PRP 's/VBZ unfortunate/JJ that/IN earthquake/NN was/VBD n't/RB in/IN Phoenix/NNP --/: it/PRP might/MD have/VB knocked/VBN out/RP some/DT of/IN our/PRP$ empty/JJ buildings/NNS ,/, ''/'' said/VBD C.W./NNP Jackson/NNP ,/, a/DT prominent/JJ Arizona/NNP businessman/NN with/IN interests/NNS in/IN real/JJ estate/NN ,/, banking/NN and/CC many/JJ other/JJ businesses/NNS ./. ###/### Many/JJ Arizona/NNP real-estate/NN experts/NNS think/VBP the/DT worst/JJS may/MD be/VB yet/RB to/TO come/VB ./. ###/### Ralph/NNP Shattuck/NNP ,/, publisher/NN of/IN Foreclosure/NNP Update/NNP newsletter/NN ,/, said/VBD foreclosures/NNS have/VBP climbed/VBN to/TO about/IN 1,482/CD a/DT month/NN just/RB in/IN Maricopa/NNP County/NNP ,/, where/WRB Phoenix/NNP is/VBZ located/VBN ./. ###/### That/DT 's/VBZ up/RB from/IN about/IN 687/CD a/DT month/NN in/IN 1985/CD ,/, and/CC it/PRP 's/VBZ accelerating/VBG :/: So/RB far/RB this/DT month/NN ,/, foreclosures/NNS are/VBP averaging/VBG about/IN 85/CD a/DT day/NN ./. ###/### ``/`` It/PRP 's/VBZ frightening/JJ ,/, ''/'' Mr./NNP Shattuck/NNP said/VBD ./. ###/### Moreover/RB ,/, Mr./NNP Shattuck/NNP and/CC others/NNS said/VBD residential/JJ real/JJ estate/NN ,/, which/WDT had/VBD remained/VBN fairly/RB strong/JJ through/IN most/JJS of/IN the/DT downturn/NN ,/, is/VBZ beginning/VBG to/TO comprise/VB more/JJR and/CC more/JJR of/IN the/DT foreclosures/NNS ./. ###/### And/CC the/DT generally/RB frail/JJ condition/NN of/IN Arizona/NNP 's/POS lenders/NNS means/VBZ there/EX is/VBZ little/JJ capital/NN available/JJ in/IN the/DT state/NN to/TO shore/NN up/RP the/DT economy/NN and/CC slow/VB down/RP the/DT slide/NN ./. ###/### ``/`` It/PRP 's/VBZ reasonable/JJ to/TO say/VB there/EX is/VBZ not/RB a/DT solvent/JJ S&L/NN in/IN the/DT state/NN and/CC the/DT amount/NN of/IN viable/JJ bank/NN capital/NN is/VBZ very/RB low/JJ ,/, ''/'' said/VBD Mr./NNP Jackson/NNP ./. ###/### ``/`` We/PRP 're/VBP going/VBG to/TO see/VB another/DT big/JJ wave/NN of/IN failures/NNS and/CC defaults/NNS between/IN now/RB and/CC year-end/RB ./. ###/### The/DT only/JJ thing/NN a/DT lot/NN of/IN these/DT lenders/NNS can/MD get/VB out/IN of/IN their/PRP$ mouth/NN now/RB is/VBZ :/: `/`` Pay/VB me/PRP in/IN 60/CD days/NNS ./. '/'' ''/'' ###/### First/NNP Interstate/NNP had/VBD a/DT $/$ 214.4/CD million/CD loss/NN in/IN 1988/CD 's/POS third/JJ quarter/NN ,/, mainly/RB from/IN writedowns/NNS and/CC reserves/NNS connected/VBN with/IN its/PRP$ Texas/NNP operations/NNS ./. ###/### For/IN the/DT six/CD months/NNS ended/VBN June/NNP 30/CD ,/, it/PRP reported/VBD net/JJ income/NN of/IN $/$ 234.3/CD million/CD ,/, or/CC $/$ 4.83/CD a/DT share/NN ,/, including/VBG $/$ 46/CD million/CD from/IN tax/NN credits/NNS and/CC accounting/NN changes/NNS ./. ###/### The/DT bank/NN 's/POS Arizona/NNP unit/NN holds/VBZ about/IN $/$ 6/CD billion/CD of/IN First/NNP Interstate/NNP 's/POS $/$ 50/CD billion/CD of/IN assets/NNS ./. ###/### Mr./NNP Marrie/NNP said/VBD the/DT bank/NN expects/VBZ Arizona/NNP real-estate/NN prices/NNS ,/, which/WDT plummeted/VBD 40/CD %/NN over/IN the/DT last/JJ year/NN ,/, to/TO fall/VB another/DT 20/CD %/NN before/IN stabilizing/VBG ./. ###/### Some/DT in/IN Arizona/NNP think/VBP that/IN may/MD be/VB optimistic/JJ ./. ###/### First/NNP Interstate/NNP said/VBD its/PRP$ operations/NNS outside/JJ of/IN Arizona/NNP ``/`` achieved/VBD results/NNS as/IN expected/VBN for/IN the/DT quarter/NN ,/, ''/'' but/CC did/VBD n't/RB specify/VB the/DT results/NNS ./. ###/### First/NNP Interstate/NNP stock/NN closed/VBD at/IN $/$ 57.625/CD ,/, down/RB 25/CD cents/NNS ,/, in/IN composite/JJ trading/NN Friday/NNP on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ./. ###/### Since/IN its/PRP$ unsuccessful/JJ bid/NN for/IN BankAmerica/NNP Corp./NNP in/IN 1986/CD ,/, the/DT bank/NN has/VBZ undertaken/VBN a/DT major/JJ restructuring/NN in/IN an/DT effort/NN to/TO cut/VB costs/NNS and/CC boost/VB performance/NN ,/, but/CC many/JJ industry/NN officials/NNS believe/VBP it/PRP may/MD be/VB ripe/JJ for/IN a/DT takeover/NN bid/NN ,/, especially/RB with/IN interstate/JJ banking/NN set/VBN to/TO begin/VB in/IN California/NNP in/IN 1991/CD ./. ###/### Mr./NNP Marrie/NNP said/VBD the/DT problems/NNS in/IN Arizona/NNP have/VBP only/RB ``/`` increased/VBN our/PRP$ resolve/NN to/TO continue/VB to/TO make/VB our/PRP$ restructuring/NN even/RB more/RBR effective/JJ ./. ''/'' ###/### Separately/RB ,/, Standard/NNP &/CC Poor/NNP 's/POS Corp./NN lowered/VBD its/PRP$ ratings/NNS on/IN Valley/NNP National/NNP Corp./NNP 's/POS senior/JJ debt/NN to/TO double-B/JJ from/IN double-B-plus/JJ ,/, affecting/VBG about/IN $/$ 300/CD million/CD of/IN long-term/JJ debt/NN ./. ###/### S&P/NNP also/RB lowered/VBD ratings/NNS on/IN unsecured/JJ deposits/NNS and/CC issues/NNS backed/VBN by/IN a/DT letter/NN of/IN credit/NN from/IN the/DT bank/NN holding/VBG company/NN 's/POS principal/JJ unit/NN ,/, Valley/NNP National/NNP Bank/NNP of/IN Arizona/NNP ./. ###/### The/DT ratings/NNS service/NN said/VBD the/DT downgrades/NNS reflect/VBP the/DT continued/JJ slide/NN in/IN the/DT company/NN 's/POS financial/JJ condition/NN ./. ###/### A/DT spokesman/NN for/IN Phoenix/NNP ,/, Ariz.-based/JJ Valley/NNP National/NNP ,/, said/VBD the/DT concern/NN will/MD be/VB able/JJ to/TO withstand/VB the/DT current/JJ downturn/NN in/IN Arizona/NNP real/JJ estate/NN ./. ###/### Commercial/JJ paper/NN holders/NNS have/VBP reinvested/VBN their/PRP$ funds/NNS ,/, he/PRP said/VBD ,/, and/CC consumer/NN deposits/NNS have/VBP been/VBN up/RB in/IN the/DT last/JJ few/JJ days/NNS ./. ###/### Immunex/NNP Corp./NNP said/VBD its/PRP$ scientists/NNS isolated/VBD a/DT molecule/NN which/WDT may/MD hold/VB potential/JJ as/IN a/DT treatment/NN for/IN disruptions/NNS of/IN the/DT immune-system/NN ,/, ranging/VBG from/IN organ-transplant/NN rejection/NN ,/, to/TO allergies/NNS and/CC asthma/NN ./. ###/### The/DT molecule/NN is/VBZ the/DT mouse/NN version/NN of/IN a/DT protein/NN called/VBN the/DT interleukin-4/NN receptor/NN ./. ###/### IL-4/NN is/VBZ a/DT hormone/NN which/WDT directs/VBZ the/DT growth/NN and/CC function/NN of/IN white/JJ blood/NN cells/NNS involved/VBN in/IN the/DT body/NN 's/POS immune/JJ response/NN ./. ###/### The/DT IL-4/NN receptor/NN on/IN the/DT surface/NN of/IN such/JJ cells/NNS receives/VBZ the/DT hormone/NN 's/POS message/NN to/TO rally/VB the/DT body/NN 's/POS defense/NN ./. ###/### But/CC in/IN certain/JJ conditions/NNS such/JJ as/IN autoimmune/JJ diseases/NNS and/CC allergies/NNS and/CC transplant/NN rejection/NN ,/, doctors/NNS would/MD like/VB to/TO damp/VB the/DT immune/JJ response/NN so/IN such/JJ cells/NNS do/VBP n't/RB touch/VB off/RP harmful/JJ inflammatory/JJ reactions/NNS or/CC cell/NN destruction/NN ./. ###/### A/DT soluble/JJ form/NN of/IN the/DT receptor/NN might/MD turn/VB off/RP a/DT specific/JJ part/NN of/IN the/DT immune/JJ response/NN without/IN general/JJ immune/JJ suppression/NN ,/, the/DT company/NN said/VBD ./. ###/### The/DT IL-4/NN receptor/NN is/VBZ one/CD of/IN five/CD such/JJ receptors/NNS to/TO be/VB developed/VBN and/CC tested/VBN by/IN Receptech/NNP Corp./NNP ,/, a/DT spinoff/NN of/IN Immunex/NNP ,/, through/IN a/DT proposed/VBN $/$ 30/CD million/CD initial/JJ public/JJ offering/NN ./. ###/### Immunex/NNP will/MD contract/VB with/IN the/DT spinoff/NN to/TO provide/VB the/DT research/NN ,/, development/NN and/CC initial/JJ testing/NN of/IN the/DT new/JJ agents/NNS ./. ###/### Immunex/NNP will/MD have/VB the/DT option/NN to/TO buy/VB back/RB Receptech/NNP shares/NNS after/IN five/CD years/NNS ./. ###/### The/DT following/JJ issues/NNS were/VBD recently/RB filed/VBN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP :/: ###/### Heller/NNP Financial/NNP Inc./NNP ,/, an/DT indirect/JJ subsidiary/NN of/IN Fuji/NNP Bank/NNP Ltd./NNP ,/, shelf/NN offering/NN of/IN up/IN to/TO $/$ 1/CD billion/CD debt/NN securities/NNS and/CC warrants/NNS ./. ###/### Jason/NNP Overseas/NNP Ltd./NNP ,/, proposed/VBN offering/VBG of/IN five/CD million/CD common/JJ shares/NNS ,/, via/IN Smith/NNP Barney/NNP &/CC Co./NNP and/CC Mabon/NNP Nugent/NNP &/CC Co/NNP ./. ###/### MCI/NNP Communications/NNPS Corp./NNP ,/, shelf/NN offering/NN of/IN up/IN to/TO $/$ 750/CD million/CD of/IN debt/NN securities/NNS via/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS ,/, Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ,/, Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP ,/, and/CC Salomon/NNP Brothers/NNPS Inc/NNP ./. ###/### Millicom/NNP Inc./NNP ,/, offering/NN of/IN $/$ 60/CD million/CD subordinated/JJ exchangeable/JJ debentures/NNS ,/, via/IN Bear/NNP ,/, Stearns/NNPS &/CC Co./NNP Inc/NNP ./. ###/### Union/NNP Tank/NNP Car/NNP Co./NNP ,/, offering/NN of/IN $/$ 100/CD million/CD of/IN equipment/NN trust/NN certificates/NNS ,/, via/IN Salomon/NNP Brothers/NNPS ./. ###/### Conner/NNP Peripherals/NNPS Inc./NNP ,/, which/WDT has/VBZ a/DT near-monopoly/NN on/IN a/DT key/JJ part/NN used/VBN in/IN many/JJ portable/JJ computers/NNS ,/, is/VBZ on/IN target/NN to/TO surpass/VB Compaq/NNP Computer/NNP Corp./NNP as/IN the/DT fastest-growing/JJS start-up/NN manufacturing/VBG firm/NN in/IN U.S./NNP business/NN history/NN ./. ###/### Conner/NNP dominates/VBZ the/DT market/NN for/IN hard-disk/NN drives/NNS used/VBN to/TO store/NN data/NN|NNS in/IN laptop/NN computers/NNS ./. ###/### It/PRP said/VBD yesterday/NN that/IN net/JJ income/NN for/IN its/PRP$ third/JJ quarter/NN soared/VBD 72/CD %/NN to/TO $/$ 11.8/CD million/CD ,/, or/CC 28/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 6.8/CD million/CD ,/, or/CC 19/CD cents/NNS a/DT share/NN ,/, in/IN the/DT year-ago/JJ period/NN ./. ###/### Its/PRP$ revenue/NN totaled/VBD $/$ 184.4/CD million/CD ,/, an/DT increase/NN of/IN 172/CD %/NN from/IN $/$ 67.8/CD million/CD a/DT year/NN ago/RB ./. ###/### For/IN the/DT nine/CD months/NNS ,/, the/DT San/NNP Jose/NNP ,/, Calif.-based/JJ company/NN said/VBD net/JJ income/NN jumped/VBD 84/CD %/NN to/TO $/$ 26.9/CD million/CD ,/, or/CC 69/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 14.6/CD million/CD ,/, or/CC 43/CD cents/NNS a/DT share/NN ./. ###/### Revenue/NN nearly/RB tripled/VBD to/TO $/$ 479/CD million/CD ,/, from/IN $/$ 160/CD million/CD ./. ###/### Analysts/NNS expect/VBP Conner/NNP 's/POS earnings/NNS to/TO reach/VB roughly/RB $/$ 40/CD million/CD ,/, or/CC $/$ 1/CD to/TO $/$ 1.05/CD a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 650/CD million/CD ,/, for/IN 1989/CD ,/, the/DT company/NN 's/POS third/JJ full/JJ year/NN in/IN business/NN ./. ###/### That/DT 's/VBZ a/DT faster/JJR growth/NN rate/NN than/IN reported/VBN by/IN Compaq/NNP ,/, which/WDT did/VBD n't/RB post/IN similar/JJ results/NNS until/IN its/PRP$ fourth/JJ year/NN ,/, in/IN 1986/CD ./. ###/### But/CC Compaq/NNP had/VBD achieved/VBN that/DT level/NN of/IN sales/NNS faster/RBR than/IN any/DT previous/JJ manufacturing/NN start-up/NNS ./. ###/### Conner/NNP 's/POS performance/NN is/VBZ closely/RB tied/VBN to/TO the/DT burgeoning/VBG demand/NN for/IN battery-operated/JJ computers/NNS ,/, the/DT computer/NN industry/NN 's/POS fastest-growing/JJS segment/NN ./. ###/### Since/IN its/PRP$ inception/NN ,/, Conner/NNP has/VBZ both/DT benefited/VBN from/IN and/CC helped/VBN make/VB possible/JJ the/DT rapid/JJ spread/NN of/IN portable/JJ computers/NNS by/IN selling/VBG storage/NN devices/NNS that/WDT consume/VBP five/CD to/TO 10/CD times/NNS less/JJR electricity/NN than/IN drives/NNS used/VBN in/IN desktop/NN machines/NNS ./. ###/### Today/NN ,/, Conner/NNP controls/VBZ an/DT estimated/VBN 90/CD %/NN of/IN the/DT hard-disk/NN drive/NN market/NN for/IN laptop/NN computers/NNS ./. ###/### The/DT company/NN supplies/VBZ drives/NNS to/TO Compaq/NNP and/CC Zenith/NNP Data/NNP Systems/NNPS ,/, the/DT top/JJ two/CD U.S./NNP manufacturers/NNS of/IN laptops/NNS ,/, and/CC to/TO Toshiba/NNP Corp./NNP ,/, NEC/NNP Corp./NNP and/CC Sharp/NNP Corp./NNP ,/, the/DT leading/VBG Japanese/JJ laptop/NN makers/NNS ./. ###/### ``/`` They/PRP 've/VBP had/VBN this/DT field/NN to/TO themselves/PRP for/IN over/IN a/DT year/NN now/RB ,/, and/CC they/PRP 've/VBP been/VBN greatly/RB rewarded/VBN ,/, ''/'' said/VBD Bob/NNP Katsive/NNP ,/, an/DT analyst/NN at/IN Inc./NNP ,/, a/DT market/NN researcher/NN in/IN Los/NNP Altos/NNP ,/, Calif/NNP ./. ###/### In/IN the/DT coming/VBG months/NNS ,/, however/RB ,/, this/DT is/VBZ likely/JJ to/TO change/VB ./. ###/### Next/JJ month/NN ,/, Seagate/NNP Technology/NNP ,/, which/WDT is/VBZ the/DT dominant/JJ supplier/NN of/IN hard-disk/NN drives/NNS for/IN personal/JJ computers/NNS ,/, plans/VBZ to/TO introduce/VB its/PRP$ first/JJ family/NN of/IN low-power/JJ drives/NNS for/IN battery-operated/JJ computers/NNS ./. ###/### And/CC the/DT Japanese/NNPS are/VBP likely/JJ to/TO keep/VB close/RB on/IN Conner/NNP 's/POS heels/NNS ./. ###/### ``/`` They/PRP are/VBP going/VBG to/TO catch/VB up/RP ,/, ''/'' said/VBD David/NNP Claridge/NNP ,/, an/DT analyst/NN with/IN Hambrecht/NNP &/CC Quist/NNP ./. ###/### Both/DT Toshiba/NNP and/CC NEC/NNP already/RB produce/VBP hard-disk/NN drives/NNS ,/, and/CC Sony/NNP also/RB is/VBZ studying/VBG the/DT field/NN ,/, Mr./NNP Claridge/NNP said/VBD ./. ###/### But/CC Conner/NNP is/VBZ n't/RB standing/VBG still/RB ./. ###/### Yesterday/NN ,/, the/DT company/NN introduced/VBD four/CD products/NNS ,/, three/CD of/IN which/WDT are/VBP aimed/VBN at/IN a/DT hot/JJ new/JJ class/NN of/IN computers/NNS called/VBN notebooks/NNS ./. ###/### Each/DT of/IN the/DT three/CD drives/NNS uses/VBZ a/DT mere/JJ 1.5/CD watts/NNS of/IN power/NN and/CC one/CD weighs/VBZ just/JJ 5.5/CD ounces/NNS ./. ###/### ``/`` Most/JJS of/IN our/PRP$ competitors/NNS are/VBP announcing/VBG products/NNS based/VBN on/IN our/PRP$ -LRB-/-LRB- older/JJR -RRB-/-RRB- products/NNS ,/, ''/'' said/VBD Finis/NNP Conner/NNP ,/, chief/JJ executive/NN officer/NN and/CC founder/NN of/IN the/DT firm/NN that/WDT bears/VBZ his/PRP$ name/NN ./. ###/### ``/`` We/PRP continue/VBP to/TO develop/VB products/NNS faster/RBR than/IN anyone/NN else/JJ can/MD ./. ''/'' ###/### These/DT new/JJ products/NNS could/MD account/VB for/IN as/RB much/JJ as/IN 35/CD %/NN of/IN the/DT company/NN 's/POS business/NN in/IN 1990/CD ,/, Mr./NNP Conner/NNP estimated/VBD ./. ###/### ``/`` We/PRP 're/VBP not/RB afraid/JJ of/IN obsoleting/VBG some/DT of/IN our/PRP$ old/JJ stuff/NN to/TO stay/VB ahead/RB of/IN the/DT competition/NN ,/, ''/'' he/PRP said/VBD ./. ###/### Conner/NNP already/RB is/VBZ shipping/VBG its/PRP$ new/JJ drives/NNS ./. ###/### Last/JJ week/NN ,/, for/IN instance/NN ,/, Compaq/NNP introduced/VBD its/PRP$ first/JJ notebook/NN computer/NN to/TO rave/VB reviews/NNS ./. ###/### Conner/NNP is/VBZ supplying/VBG hard-disk/NN drives/NNS for/IN the/DT machine/NN ,/, which/WDT weighs/VBZ only/RB six/CD pounds/NNS and/CC fits/VBZ in/IN a/DT briefcase/NN ./. ###/### From/IN its/PRP$ inception/NN ,/, Conner/NNP has/VBZ targeted/VBN the/DT market/NN for/IN battery-operated/JJ machines/NNS ,/, building/VBG hard-disk/NN drives/NNS that/WDT are/VBP smaller/JJR and/CC use/VB far/RB less/JJR power/NN than/IN those/DT offered/VBN by/IN competitors/NNS such/JJ as/IN Seagate/NNP ./. ###/### The/DT availability/NN of/IN these/DT drives/NNS ,/, in/IN turn/NN ,/, boosted/VBD demand/NN for/IN laptop/NN computers/NNS ,/, whose/WP$ usefulness/NN had/VBD been/VBN limited/JJ because/RB of/IN lack/NN of/IN storage/NN ./. ###/### Conner/NNP also/RB makes/VBZ hard-disk/NN drives/NNS for/IN desktop/NN computers/NNS and/CC is/VBZ a/DT major/JJ supplier/NN to/TO Compaq/NNP ,/, which/WDT as/IN of/IN July/NNP owned/VBD 40/CD %/NN of/IN Conner/NNP 's/POS stock/NN ./. ###/### Sales/NNS to/TO Compaq/NNP represented/VBD 26/CD %/NN of/IN Conner/NNP 's/POS business/NN in/IN its/PRP$ third/JJ quarter/NN ,/, compared/VBN with/IN 42/CD %/NN in/IN the/DT year-ago/JJ period/NN ./. ###/### Move/VB over/RB ,/, pornographic/JJ phone/NN services/NNS :/: A/DT legal/JJ service/NN with/IN a/DT ``/`` 900/CD ''/'' number/NN has/VBZ been/VBN launched/VBN in/IN California/NNP ./. ###/### A/DT Newport/NNP Beach/NNP law/NN firm/NN started/VBD the/DT pay-as-you-go/JJ legal/JJ service/NN ,/, called/VBN Telelawyer/NNP ,/, using/VBG MCI/NNP Communication/NNP Corp./NNP 's/POS toll-tele-phone/JJ service/NN ./. ###/### Cane/NNP &/CC Associates/NNPS touts/VBZ its/PRP$ $/$ 2-a-minute/JJ service/NN as/IN the/DT ``/`` cheapest/JJS legal/JJ hour/NN you/PRP 'll/MD ever/RB find/VB ./. ''/'' ###/### Though/IN the/DT service/NN is/VBZ available/JJ only/RB in/IN California/NNP ,/, Telelawyer/NNP founder/NN Michael/NNP Cane/NNP says/VBZ he/PRP plans/VBZ to/TO franchise/VB it/PRP in/IN other/JJ states/NNS ./. ###/### He/PRP says/VBZ his/PRP$ aim/NN is/VBZ to/TO reach/VB people/NNS who/WP are/VBP bedridden/JJ ,/, have/VB no/DT access/NN to/TO transportation/NN ,/, ca/MD n't/RB find/VB a/DT lawyer/NN to/TO take/VB their/PRP$ case/NN or/CC simply/RB ca/MD n't/RB afford/VB lawyers/NNS '/POS consultation/NN fees/NNS ./. ###/### Mr./NNP Cane/NNP stresses/VBZ that/IN he/PRP is/VBZ n't/RB using/VBG the/DT telephone/NN to/TO lure/VB clients/NNS to/TO his/PRP$ doorstep/NN ./. ###/### ``/`` We/PRP will/MD only/RB deal/VB with/IN clients/NNS on/IN the/DT phone/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### We/PRP have/VBP no/DT in-office/JJ business/NN ./. ''/'' ###/### Telelawyer/NNP is/VBZ apparently/RB the/DT only/JJ telephone/NN service/NN that/WDT offers/VBZ the/DT telephone/NN equivalent/NN of/IN an/DT office/NN visit/NN ./. ###/### Local/JJ bar/NN associations/NNS in/IN some/DT states/NNS have/VBP numbers/NNS that/WDT provide/VBP free/JJ tape-recorded/JJ messages/NNS explaining/VBG certain/JJ areas/NNS of/IN the/DT law/NN ./. ###/### There/EX also/RB are/VBP ``/`` 800/CD ''/'' hotlines/NNS which/WDT refer/VBP people/NNS to/TO lawyers/NNS ,/, usually/RB personal-injury/JJ specialists/NNS ,/, for/IN in-office/JJ consultation/NN ./. ###/### When/WRB a/DT caller/NN reaches/VBZ Telelawyer/NNP by/IN dialing/VBG 900-TELELAW/NN ,/, a/DT receptionist/NN refers/VBZ the/DT call/NN to/TO one/CD of/IN six/CD attorneys/NNS ./. ###/### In/IN an/DT effort/NN to/TO determine/VB whether/IN a/DT caller/NN has/VBZ reason/NN to/TO sue/VB ,/, Cane/NNP lawyers/NNS review/VBP documents/NNS and/CC perform/VBP research/NN ,/, if/IN necessary/JJ ,/, with/IN the/DT help/NN of/IN three/CD law/NN clerks/NNS and/CC several/JJ support/NN staffers/NNS ./. ###/### There/EX is/VBZ no/DT charge/NN for/IN research/NN --/: only/RB for/IN time/NN on/IN the/DT phone/NN ./. ###/### If/IN the/DT matter/NN requires/VBZ further/JJ legal/JJ work/NN or/CC litigation/NN ,/, Mr./NNP Cane/NNP says/VBZ ,/, his/PRP$ lawyers/NNS may/MD refer/VB the/DT client/NN to/TO a/DT law/NN firm/NN ./. ###/### But/CC he/PRP says/VBZ Cane/NNP &/CC Associates/NNP does/VBZ n't/RB receive/VB referral/NN fees/NNS ./. ###/### So/RB far/RB ,/, says/VBZ Mr./NNP Cane/NNP ,/, most/JJS calls/NNS have/VBP involved/VBN landlord-tenant/JJ problems/NNS ,/, tax/NN problems/NNS ,/, divorce/NN ,/, and/CC probate/NN questions/NNS ./. ###/### The/DT firm/NN is/VBZ getting/VBG about/IN 50/CD calls/NNS a/DT day/NN ,/, and/CC the/DT average/JJ call/NN lasts/VBZ about/IN 15/CD minutes/NNS ./. ###/### Out/IN of/IN the/DT $/$ 2/CD charge/NN ,/, the/DT law/NN firm/NN pockets/VBZ about/IN $/$ 1.55/CD ./. ###/### JURY/NN CONVICTS/VBZ congressman/NN in/IN connection/NN with/IN Wedtech/NNP Corp./NNP scandal/NN ./. ###/### A/DT federal/JJ court/NN jury/NN in/IN New/NNP York/NNP found/VBD U.S./NNP Rep./NNP Robert/NNP Garcia/NNP -LRB-/-LRB- D./NNP ,/, N.Y/NNP ./. -RRB-/-RRB- and/CC his/PRP$ wife/NN ,/, Jane/NNP Lee/NNP Garcia/NNP ,/, guilty/JJ of/IN extorting/VBG $/$ 76,000/CD from/IN Wedtech/NNP in/IN return/NN for/IN official/JJ acts/NNS by/IN the/DT congressman/NN ./. ###/### 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 a/DT Wedtech/NNP officer/NN ./. ###/### The/DT jury/NN found/VBD them/PRP guilty/JJ of/IN conspiracy/NN in/IN obtaining/VBG the/DT payments/NNS ,/, some/DT of/IN which/WDT were/VBD disguised/VBN as/IN fees/NNS for/IN consulting/NN services/NNS from/IN Mrs./NNP Garcia/NNP ./. ###/### Wedtech/NNP ,/, which/WDT became/VBD embroiled/VBN in/IN political-corruption/NN cases/NNS that/WDT eventually/RB led/VBD to/TO its/PRP$ demise/NN ,/, formerly/RB was/VBD a/DT minority-owned/JJ South/NNP Bronx/NNP ,/, N.Y./NNP ,/, defense/NN contractor/NN ./. ###/### Edward/NNP J.M./NNP Little/NNP ,/, one/CD of/IN the/DT assistant/JJ U.S./NNP attorneys/NNS who/WP prosecuted/VBD the/DT case/NN ,/, said/VBD the/DT Garcia/NNP trial/NN ``/`` is/VBZ the/DT last/JJ of/IN the/DT Wedtech/NNP prosecutions/NNS ./. ''/'' ###/### Mr./NNP Little/NNP said/VBD more/JJR than/IN 20/CD people/NNS have/VBP been/VBN convicted/VBN in/IN the/DT Wedtech/NNP cases/NNS ,/, including/VBG former/JJ U.S./NNP Rep./NNP Mario/NNP Biaggi/NNP -LRB-/-LRB- D./NNP ,/, N.Y/NNP ./. -RRB-/-RRB- ./. ###/### Lawyers/NNS for/IN the/DT Garcias/NNPS said/VBD they/PRP plan/VBP to/TO appeal/VB ./. ###/### Mr./NNP Garcia/NNP ,/, who/WP represents/VBZ New/NNP York/NNP 's/POS 18th/JJ congressional/JJ district/NN ,/, which/WDT includes/VBZ the/DT Bronx/NNP ,/, said/VBD he/PRP has/VBZ n't/RB decided/VBN whether/IN he/PRP will/MD resign/VB ./. ###/### ``/`` In/IN the/DT next/JJ few/JJ weeks/NNS ,/, I/PRP will/MD be/VB consulting/VBG with/IN my/PRP$ political/JJ advisers/NNS and/CC with/IN the/DT Democratic/JJ leaders/NNS about/IN the/DT best/JJS way/NN of/IN preserving/VBG the/DT interests/NNS of/IN my/PRP$ constituents/NNS ,/, ''/'' said/VBD Mr./NNP Garcia/NNP ,/, 56/CD years/NNS old/JJ ./. ###/### Mrs./NNP Garcia/NNP ,/, 49/CD ,/, formerly/RB was/VBD a/DT member/NN of/IN Mr./NNP Garcia/NNP 's/POS congressional/JJ staff/NN ./. ###/### The/DT Garcias/NNPS were/VBD cleared/VBN of/IN four/CD other/JJ felony/NN counts/NNS ,/, involving/VBG the/DT receipt/NN of/IN bribes/NNS and/CC gratuities/NNS ./. ###/### U.S./NNP Judge/NNP Leonard/NNP B./NNP Sand/NNP set/VBD the/DT Garcias/NNPS '/POS sentencing/NN for/IN Jan./NNP 5/CD ./. ###/### FIVE/CD SHEA/NNP &/CC GOULD/NNP PARTNERS/NNS are/VBP leaving/VBG to/TO form/VB a/DT new/JJ firm/NN ./. ###/### The/DT new/JJ firm/NN ,/, Hutton/NNP Ingram/NNP Yuzek/NNP Gainen/NNP Carroll/NNP &/CC Bertolotti/NNP ,/, will/MD be/VB based/VBN in/IN New/NNP York/NNP ./. ###/### The/DT five/CD partners/NNS who/WP resigned/VBD from/IN Shea/NNP &/CC Gould/NNP late/JJ last/JJ week/NN are/VBP Tom/NNP Hutton/NNP ,/, Sam/NNP Ingram/NNP ,/, Dean/NNP Yuzek/NNP ,/, Daniel/NNP Carroll/NNP and/CC Ernest/NNP Bertolotti/NNP ./. ###/### They/PRP will/MD be/VB joined/VBN by/IN Larry/NNP Gainen/NNP ,/, who/WP resigned/VBD from/IN the/DT firm/NN of/IN LePatner/NNP ,/, Gainen/NNP &/CC Block/NNP ./. ###/### Howard/NNP Rubenstein/NNP ,/, a/DT New/NNP York/NNP publicist/NN who/WP represents/VBZ Shea/NNP &/CC Gould/NNP ,/, said/VBD ,/, ``/`` Shea/NNP &/CC Gould/NNP understands/VBZ they/PRP 're/VBP leaving/VBG because/IN they/PRP wanted/VBD a/DT different/JJ environment/NN --/: a/DT smaller/JJR firm/NN they/PRP would/MD be/VB principals/NNS of/IN ./. ''/'' ###/### Mr./NNP Rubenstein/NNP said/VBD the/DT five/CD ,/, who/WP were/VBD n't/RB on/IN Shea/NNP &/CC Gould/NNP 's/POS management/NN committee/NN ,/, ``/`` are/VBP leaving/VBG on/IN good/JJ terms/NNS ./. ''/'' ###/### He/PRP said/VBD Shea/NNP &/CC Gould/NNP held/VBD a/DT number/NN of/IN discussions/NNS with/IN the/DT five/CD partners/NNS during/IN the/DT past/JJ few/JJ weeks/NNS to/TO get/VB them/PRP to/TO stay/VB but/CC that/IN the/DT five/CD were/VBD firmly/RB committed/JJ to/TO running/VBG their/PRP$ own/JJ firm/NN ./. ###/### Hutton/NNP Ingram/NNP will/MD have/VB a/DT general/JJ corporate/JJ ,/, securities/NNS ,/, real-estate/NN and/CC litigation/NN practice/NN ,/, and/CC a/DT substantial/JJ practice/NN serving/VBG the/DT professional-design/JJ community/NN ./. ###/### DISCIPLINARY/NN PROCEEDINGS/NNS against/IN lawyers/NNS open/JJ to/TO public/NN in/IN Illinois/NNP ./. ###/### While/IN investigations/NNS into/IN lawyer/NN misconduct/NN will/MD remain/VB secret/JJ ,/, the/DT public/NN will/MD be/VB notified/VBN once/RB a/DT formal/JJ complaint/NN is/VBZ filed/VBN against/IN an/DT attorney/NN ./. ###/### The/DT actual/JJ disciplinary/JJ hearings/NNS will/MD be/VB public/JJ ./. ###/### In/IN addition/NN ,/, Illinois/NNP attorneys/NNS will/MD lose/VB the/DT right/NN to/TO sue/VB clients/NNS who/WP file/VBP malicious/JJ complaints/NNS against/IN them/PRP ./. ###/### Non-lawyers/NNS will/MD be/VB added/VBN to/TO the/DT inquiry/NN panels/NNS that/WDT look/VBP into/IN allegations/NNS of/IN misconduct/NN ./. ###/### Illinois/NNP joins/VBZ 36/CD other/JJ states/NNS that/WDT allow/VBP public/JJ participation/NN in/IN attorney-disciplinary/JJ proceedings/NNS and/CC 32/CD states/NNS that/WDT open/VBP disciplinary/JJ hearings/NNS to/TO the/DT public/NN ,/, according/VBG to/TO the/DT American/NNP Bar/NNP Association/NNP ./. ###/### One/CD vocal/JJ critic/NN of/IN the/DT changes/NNS ,/, Chicago/NNP lawyer/NN Warren/NNP Lupel/NNP ,/, says/VBZ non-lawyers/NNS should/MD n't/RB be/VB on/IN the/DT inquiry/NN panels/NNS because/IN they/PRP are/VBP unlikely/JJ to/TO appreciate/VB the/DT nuances/NNS of/IN attorney-client/JJ relationships/NNS ./. ###/### In/IN addition/NN ,/, he/PRP says/VBZ ,/, publishing/VBG the/DT names/NNS of/IN lawyers/NNS who/WP are/VBP facing/VBG charges/NNS unnecessarily/RB subjects/VBZ them/PRP to/TO public/JJ derogation/NN ./. ###/### Nevertheless/RB ,/, Mr./NNP Lupel/NNP anticipates/VBZ no/DT legal/JJ action/NN to/TO reverse/VB the/DT Illinois/NNP Supreme/NNP Court/NNP 's/POS decision/NN to/TO institute/VB the/DT changes/NNS ./. ###/### ``/`` There/EX 's/VBZ no/DT constitutional/JJ right/NN involved/VBN in/IN the/DT rule/NN change/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### ``/`` You/PRP do/VBP n't/RB have/VB a/DT right/NN to/TO practice/VB ./. ###/### You/PRP only/RB have/VBP a/DT privilege/NN to/TO practice/VB ./. ''/'' ###/### DREXEL/NNP BURNHAM/NNP LAMBERT/NNP Inc./NNP agreed/VBD to/TO pay/VB a/DT $/$ 50,000/CD fine/NN to/TO Delaware/NNP ,/, the/DT 26th/JJ state/NN to/TO settle/VB with/IN Drexel/NNP in/IN the/DT wake/NN of/IN the/DT firm/NN 's/POS guilty/JJ plea/NN to/TO federal/JJ insider-trading/NN charges/NNS ./. ###/### Drexel/NNP does/VBZ n't/RB have/VB a/DT Delaware/NNP office/NN ,/, but/CC the/DT New/NNP York/NNP firm/NN has/VBZ been/VBN negotiating/VBG settlements/NNS that/WDT would/MD allow/VB it/PRP to/TO operate/VB freely/RB nationwide/RB despite/IN its/PRP$ record/NN as/IN an/DT admitted/VBN felon/NN ./. ###/### The/DT firm/NN has/VBZ said/VBN it/PRP expects/VBZ to/TO pay/VB $/$ 11.5/CD million/CD overall/NN to/TO settle/VB with/IN states/NNS ./. ###/### Drexel/NNP pleaded/VBD guilty/JJ in/IN September/NNP to/TO six/CD felony/NN counts/NNS of/IN securities/NNS and/CC mail/NN fraud/NN ;/: it/PRP also/RB made/VBD a/DT $/$ 650/CD million/CD civil/JJ settlement/NN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP ./. ###/### Philip/NNP Morris/NNP Cos./NNP ,/, whose/WP$ Benson/NNP &/CC Hedges/NNP cigarette/NN brand/NN has/VBZ been/VBN losing/VBG market/NN share/NN ,/, has/VBZ asked/VBN at/IN least/JJS one/CD other/JJ agency/NN to/TO try/VB its/PRP$ hand/NN at/IN creative/JJ work/NN for/IN the/DT big/JJ account/NN ,/, which/WDT has/VBZ been/VBN at/IN Wells/NNP Rich/NNP Greene/NNP Inc./NNP since/IN 1966/CD ./. ###/### Executives/NNS close/JJ to/TO Philip/NNP Morris/NNP said/VBD that/IN the/DT tobacco/NN and/CC food/NN giant/NN has/VBZ asked/VBN Backer/NNP Spielvogel/NNP Bates/NNP Worldwide/NNP Inc./NNP ,/, a/DT unit/NN of/IN Saatchi/NNP &/CC Saatchi/NNP Co./NNP ,/, and/CC possibly/RB others/NNS to/TO work/VB on/IN creative/JJ ideas/NNS for/IN the/DT account/NN ./. ###/### Several/JJ executives/NNS said/VBD another/DT potential/JJ contender/NN is/VBZ WPP/NNP Group/NNP 's/POS Ogilvy/NNP &/CC Mather/NNP agency/NN ,/, which/WDT works/VBZ on/IN some/DT other/JJ Philip/NNP Morris/NNP products/NNS ./. ###/### Both/DT Philip/NNP Morris/NNP and/CC Backer/NNP Spielvogel/NNP declined/VBD to/TO comment/VB ./. ###/### A/DT spokeswoman/NN for/IN Ogilvy/NNP &/CC Mather/NNP said/VBD the/DT agency/NN does/VBZ n't/RB comment/VB on/IN ``/`` idle/JJ speculation/NN ./. ''/'' ###/### Also/RB mentioned/VBN as/IN a/DT contender/NN was/VBD TBWA/NNP Advertising/NNP ,/, but/CC the/DT company/NN denied/VBD it/PRP was/VBD participating/VBG ./. ###/### The/DT loss/NN of/IN the/DT cigarette/NN account/NN would/MD be/VB a/DT severe/JJ blow/NN to/TO Wells/NNP Rich/NNP ./. ###/### Benson/NNP &/CC Hedges/NNP has/VBZ been/VBN one/CD of/IN its/PRP$ most/RBS high-visibility/JJ campaigns/NNS ,/, as/RB well/RB as/IN one/CD of/IN its/PRP$ largest/JJS clients/NNS ./. ###/### The/DT account/NN billed/VBD almost/RB $/$ 60/CD million/CD last/JJ year/NN ,/, according/VBG to/TO Leading/VBG National/NNP Advertisers/NNPS ./. ###/### But/CC Philip/NNP Morris/NNP has/VBZ scaled/VBN back/RB ad/NN spending/NN on/IN the/DT brand/NN over/IN the/DT past/JJ year/NN ,/, industry/NN executives/NNS said/VBD ,/, and/CC it/PRP now/RB bills/VBZ about/IN $/$ 30/CD million/CD to/TO $/$ 40/CD million/CD ./. ###/### Industry/NN executives/NNS said/VBD Philip/NNP Morris/NNP had/VBD asked/VBN the/DT other/JJ agencies/NNS to/TO create/VB campaigns/NNS in/IN a/DT bid/NN to/TO stop/VB the/DT brand/NN 's/POS slipping/VBG market/NN share/NN ./. ###/### According/VBG to/TO John/NNP Maxwell/NNP ,/, an/DT analyst/NN at/IN Wheat/NNP First/JJ Securities/NNPS ,/, Richmond/NNP ,/, Va./NNP ,/, Benson/NNP &/CC Hedges/NNP has/VBZ slipped/VBN from/IN 4.7/CD %/NN of/IN the/DT cigarette/NN market/NN in/IN 1985/CD to/TO just/RB 4.1/CD %/NN after/IN the/DT second/JJ quarter/NN of/IN this/DT year/NN ./. ###/### The/DT brand/NN is/VBZ No./NN 7/CD overall/NN in/IN the/DT cigarette/NN business/NN ,/, Mr./NNP Maxwell/NNP said/VBD ./. ###/### The/DT slip/NN has/VBZ come/VBN despite/IN high-profile/JJ ads/NNS created/VBN by/IN Wells/NNP Rich/NNP ,/, including/VBG one/NN picturing/VBG a/DT young/JJ man/NN clad/VBN only/RB in/IN pajama/NN bottoms/NNS interrupting/VBG a/DT festive/JJ brunch/NN ./. ###/### That/DT ad/NN generated/VBD so/RB much/JJ publicity/NN that/IN a/DT trade/NN magazine/NN launched/VBD a/DT contest/NN for/IN its/PRP$ readers/NNS to/TO guess/VB who/WP the/DT guy/NN was/VBD and/CC what/WP he/PRP was/VBD doing/VBG ./. ###/### Wells/NNP Rich/NNP first/RB popularized/VBD the/DT Benson/NNP &/CC Hedges/NNP brand/NN more/JJR than/IN 20/CD years/NNS ago/RB with/IN ads/NNS portraying/VBG ,/, among/IN other/JJ things/NNS ,/, an/DT elevator/NN door/NN closing/VBG on/IN a/DT passenger/NN 's/POS cigarette/NN ./. ###/### The/DT brand/NN early/RB on/RB achieved/VBD an/DT upscale/JJ appeal/NN --/: a/DT trait/NN that/IN some/DT analysts/NNS believe/VBP is/VBZ partly/RB responsible/JJ for/IN its/PRP$ staid/JJ performance/NN ./. ###/### Philip/NNP Morris/NNP ,/, trying/VBG to/TO revive/VB the/DT Benson/NNP &/CC Hedges/NNP franchise/NN ,/, put/VBD the/DT account/NN up/RP for/IN review/NN in/IN 1986/CD ./. ###/### Wells/NNP Rich/NNP Greene/NNP ,/, however/RB ,/, in/IN an/DT effort/NN directed/VBN by/IN Mary/NNP Wells/NNP Lawrence/NNP ,/, emerged/VBD the/DT victor/NN of/IN the/DT review/NN and/CC retained/VBD the/DT business/NN ./. ###/### Kenneth/NNP Olshan/NNP ,/, Wells/NNP Rich/NNP 's/POS chairman/NN ,/, did/VBD n't/RB return/VB phone/NN calls/NNS seeking/VBG comment/NN ./. ###/### While/IN Wells/NNP Rich/NNP recently/RB picked/VBD up/RP Hertz/NNP Corp./NNP 's/POS $/$ 25/CD million/CD to/TO $/$ 30/CD million/CD account/NN ,/, it/PRP has/VBZ lost/VBN a/DT number/NN of/IN big/JJ accounts/NNS this/DT year/NN ,/, including/VBG the/DT $/$ 20/CD million/CD to/TO $/$ 25/CD million/CD Cadbury-Schweppes/NNP Canada/NNP Dry/NNP and/CC Sunkist/NNP accounts/NNS ,/, the/DT $/$ 18/CD million/CD Procter/NNP &/CC Gamble/NNP Co/NNP ./. Sure/NNP deodorant/NN account/NN and/CC the/DT $/$ 10/CD million/CD Lauren/NNP business/NN ./. ###/### Its/PRP$ victories/NNS include/VBP more/JJR than/IN $/$ 30/CD million/CD in/IN Sheraton/NNP Corp./NNP business/NN and/CC an/DT assignment/NN from/IN Dun/NNP &/CC Bradstreet/NNP worth/JJ $/$ 5/CD million/CD to/TO $/$ 10/CD million/CD ./. ###/### This/DT city/NN is/VBZ girding/VBG for/IN gridlock/NN today/NN as/IN hundreds/NNS of/IN thousands/NNS of/IN commuters/NNS avoid/VBP travel/NN routes/NNS ravaged/VBN by/IN last/JJ week/NN 's/POS earthquake/NN ./. ###/### Estimates/NNS of/IN damage/NN in/IN the/DT six-county/JJ San/NNP Francisco/NNP Bay/NNP area/NN neared/VBD $/$ 5/CD billion/CD ,/, excluding/VBG the/DT cost/NN of/IN repairing/VBG the/DT region/NN 's/POS transportation/NN system/NN ./. ###/### The/DT Bay/NNP Bridge/NNP ,/, the/DT main/JJ artery/NN into/IN San/NNP Francisco/NNP from/IN the/DT east/JJ ,/, will/MD be/VB closed/VBN for/IN at/IN least/JJS several/JJ weeks/NNS ./. ###/### Part/NN of/IN the/DT bridge/NN collapsed/VBD in/IN the/DT quake/NN ,/, which/WDT registered/VBD 6.9/CD on/IN the/DT Richter/NNP scale/NN ./. ###/### The/DT bridge/NN normally/RB carries/VBZ 250,000/CD commuters/NNS a/DT day/NN ./. ###/### Also/RB ,/, most/RBS of/IN the/DT ramps/NNS connecting/VBG the/DT city/NN to/TO its/PRP$ main/JJ link/NN to/TO the/DT south/NN ,/, the/DT 101/CD freeway/NN ,/, have/VBP been/VBN closed/VBN for/IN repairs/NNS ./. ###/### The/DT Bay/NNP Area/NNP Rapid/NNP Transit/NNP system/NN ,/, which/WDT runs/VBZ subway/NN trains/NNS beneath/IN the/DT bay/NN ,/, is/VBZ braced/VBN for/IN a/DT doubling/NN of/IN its/PRP$ daily/JJ regular/JJ ridership/NN to/TO 300,000/CD ./. ###/### BART/NNP has/VBZ increased/VBN service/NN to/TO 24/CD hours/NNS a/DT day/NN in/IN preparation/NN for/IN the/DT onslaught/NN ./. ###/### Most/RBS unusual/JJ will/MD be/VB water-borne/JJ commuters/NNS from/IN the/DT East/NNP Bay/NNP towns/NNS of/IN Oakland/NNP and/CC Berkeley/NNP ./. ###/### For/IN the/DT first/JJ time/NN in/IN 32/CD years/NNS ,/, ferry/NN service/NN has/VBZ been/VBN restored/VBN between/IN the/DT East/NNP Bay/NNP and/CC San/NNP Francisco/NNP ./. ###/### The/DT Red/NNP and/CC White/NNP Fleet/NNP ,/, which/WDT operates/VBZ regular/JJ commuter/NN ferry/NN service/NN to/TO and/CC from/IN Marin/NNP County/NNP ,/, and/CC tourist/NN tours/NNS of/IN the/DT bay/NN ,/, is/VBZ offering/VBG East/NNP Bay/NNP commuters/NNS a/DT chance/NN to/TO ride/VB the/DT waves/NNS for/IN the/DT price/NN of/IN $/$ 10/CD round-trip/NN ./. ###/### That/DT tariff/NN is/VBZ too/RB stiff/JJ for/IN some/DT Financial/NNP District/NNP wage/NN earners/NNS ./. ###/### ``/`` I/PRP 'll/MD stay/VB with/IN BART/NNP ,/, ''/'' said/VBD one/CD secretary/NN ,/, swallowing/VBG her/PRP$ fears/NNS about/IN using/VBG the/DT transbay/JJ tube/NN ./. ###/### Officials/NNS expect/VBP the/DT Golden/NNP Gate/NNP Bridge/NNP to/TO be/VB swamped/VBN with/IN an/DT extra/JJ load/NN of/IN commuters/NNS ,/, including/VBG East/NNP Bay/NNP residents/NNS making/VBG a/DT long/JJ detour/NN ./. ###/### ``/`` We/PRP 're/VBP anticipating/VBG quite/RB a/DT traffic/NN crunch/NN ,/, ''/'' said/VBD one/CD official/NN ./. ###/### About/IN 23,000/CD people/NNS typically/RB travel/VBP over/IN the/DT Golden/NNP Gate/NNP Bridge/NNP during/IN commute/NN hours/NNS ./. ###/### About/IN 130,000/CD vehicles/NNS cross/VBP during/IN a/DT 24-hour/JJ period/NN ./. ###/### Meetings/NNS canceled/VBN by/IN Apple/NNP Computer/NNP Inc./NNP 's/POS European/JJ sales/NNS force/NN and/CC by/IN other/JJ groups/NNS raised/VBD the/DT specter/NN of/IN empty/JJ hotel/NN rooms/NNS and/CC restaurants/NNS ./. ###/### It/PRP also/RB raised/VBD hackles/NNS of/IN the/DT city/NN 's/POS tourism/NN boosters/NNS ./. ###/### ``/`` Other/JJ cities/NNS are/VBP calling/VBG -LCB-/-LRB- groups/NNS booked/VBN here/RB for/IN tours/NNS and/CC conferences/NNS -RCB-/-RRB- and/CC --/: not/RB to/TO be/VB crass/JJ --/: stealing/VBG our/PRP$ booking/NN list/NN ,/, ''/'' said/VBD Scott/NNP Shafer/NNP ,/, a/DT spokesman/NN for/IN Mayor/NNP Art/NNP Agnos/NNP ./. ###/### City/NN officials/NNS stuck/VBN by/IN their/PRP$ estimate/NN of/IN $/$ 2/CD billion/CD in/IN damage/NN to/TO the/DT quake-shocked/JJ city/NN ./. ###/### The/DT other/JJ five/CD Bay/NNP area/NN counties/NNS have/VBP increased/VBN their/PRP$ total/JJ damage/NN estimates/NNS to/TO $/$ 2.8/CD billion/CD ./. ###/### All/DT estimates/NNS exclude/VBP highway/NN repair/NN ,/, which/WDT could/MD exceed/VB $/$ 1/CD billion/CD ./. ###/### Among/IN the/DT expensive/JJ unknowns/NNS are/VBP stretches/NNS of/IN elevated/JJ freeway/NN in/IN San/NNP Francisco/NNP that/WDT were/VBD closed/VBN because/IN of/IN quake-inflicted/JJ damage/NN ./. ###/### The/DT most/RBS worrisome/JJ stretch/NN is/VBZ 1.2/CD miles/NNS of/IN waterfront/NN highway/NN known/VBN as/IN the/DT Embarcadero/NNP Freeway/NNP ./. ###/### Until/IN it/PRP was/VBD closed/VBN Tuesday/NNP ,/, it/PRP had/VBD provided/VBN the/DT quickest/JJS series/NN of/IN exits/NNS for/IN commuters/NNS from/IN the/DT Bay/NNP Bridge/NNP heading/VBG into/IN the/DT Financial/NNP District/NNP ./. ###/### Engineers/NNS say/VBP it/PRP will/MD take/VB at/IN least/JJS eight/CD months/NNS to/TO repair/VB the/DT Embarcadero/NNP structure/NN ./. ###/### As/IN part/NN of/IN the/DT quake/NN recovery/NN effort/NN ,/, the/DT city/NN Building/NNP Department/NNP has/VBZ surveyed/VBN about/IN 3,000/CD buildings/NNS ,/, including/VBG all/DT of/IN the/DT Financial/NNP District/NNP 's/POS high-rises/NNS ./. ###/### The/DT preliminary/JJ conclusion/NN from/IN a/DT survey/NN of/IN 200/CD downtown/NN high-rises/NNS is/VBZ that/IN ``/`` we/PRP were/VBD incredibly/RB lucky/JJ ,/, ''/'' said/VBD Lawrence/NNP Kornfield/NNP ,/, San/NNP Francisco/NNP 's/POS chief/JJ building/NN inspector/NN ./. ###/### While/IN many/JJ of/IN these/DT buildings/NNS sustained/VBD heavy/JJ damage/NN ,/, little/JJ of/IN that/DT involved/VBN major/JJ structural/JJ damage/NN ./. ###/### City/NN building/NN codes/NNS require/VBP construction/NN that/WDT can/MD resist/VB temblors/NNS ./. ###/### In/IN England/NNP ,/, Martin/NNP Leach/NNP ,/, a/DT spokesman/NN for/IN Lloyd/NN 's/POS of/IN London/NNP ,/, said/VBD the/DT insurance/NN market/NN has/VBZ n't/RB yet/RB been/VBN able/JJ to/TO estimate/VB the/DT total/JJ potential/JJ claims/NNS from/IN the/DT disaster/NN ./. ###/### ``/`` The/DT extent/NN of/IN the/DT claims/NNS wo/MD n't/RB be/VB known/VBN for/IN some/DT time/NN ,/, ''/'' Mr./NNP Leach/NNP said/VBD ./. ###/### On/IN Friday/NNP ,/, during/IN a/DT visit/NN to/TO California/NNP to/TO survey/VB quake/NN damage/NN ,/, President/NNP Bush/NNP promised/VBD to/TO ``/`` meet/VB the/DT federal/JJ government/NN 's/POS obligation/NN ''/'' to/TO assist/VB relief/NN efforts/NNS ./. ###/### California/NNP officials/NNS plan/VBP to/TO ask/VB Congress/NNP for/IN $/$ 3/CD billion/CD or/CC more/JJR of/IN federal/JJ aid/NN ,/, in/IN the/DT form/NN of/IN grants/NNS and/CC low-interest/JJ loans/NNS ./. ###/### The/DT state/NN has/VBZ a/DT $/$ 1/CD billion/CD reserve/NN ,/, and/CC is/VBZ expected/VBN to/TO add/VB $/$ 1/CD billion/CD to/TO that/DT fund/NN in/IN the/DT next/JJ year/NN ./. ###/### Some/DT of/IN that/DT money/NN will/MD be/VB available/JJ for/IN highway/NN repair/NN and/CC special/JJ emergency/NN aid/NN ,/, but/CC members/NNS of/IN the/DT legislature/NN are/VBP also/RB mulling/VBG over/IN a/DT temporary/JJ state/NN gasoline/NN tax/NN to/TO raise/VB money/NN for/IN earthquake/NN relief/NN ./. ###/### However/RB ,/, state/NN initiatives/NNS restrict/VBP the/DT ability/NN of/IN the/DT legislature/NN to/TO raise/VB such/JJ taxes/NNS unless/IN the/DT voters/NNS approve/VBP in/IN a/DT statewide/JJ referendum/NN ./. ###/### G./NNP Christian/NNP Hill/NNP and/CC Ken/NNP Wells/NNP contributed/VBD to/TO this/DT article/NN ./. ###/### Bond/NNP Corp/NNP ./. Holdings/NNPS Ltd./NNP posted/VBD a/DT loss/NN for/IN fiscal/JJ 1989/CD of/IN 980.2/CD million/CD Australian/JJ dollars/NNS -LRB-/-LRB- US$/$ 762.4/CD million/CD -RRB-/-RRB- ,/, the/DT largest/JJS in/IN Australian/JJ corporate/JJ history/NN ./. ###/### That/DT loss/NN compared/VBN with/IN a/DT year-earlier/JJ profit/NN of/IN A$/$ 273.5/CD million/CD ./. ###/### In/IN preliminary/JJ ,/, unaudited/JJ results/NNS reported/VBN Friday/NNP ,/, Bond/NNP Corp./NNP also/RB posted/VBD an/DT operating/NN loss/NN of/IN A$/$ 814.1/CD million/CD for/IN the/DT year/NN ended/VBN June/NNP 30/CD ,/, compared/VBN with/IN operating/NN profit/NN of/IN A$/$ 354.7/CD million/CD a/DT year/NN earlier/RB ./. ###/### Operating/NN revenue/NN rose/VBD 69/CD %/NN to/TO A$/$ 8.48/CD billion/CD from/IN A$/$ 5.01/CD billion/CD ./. ###/### But/CC the/DT net/JJ interest/NN bill/NN jumped/VBD 85/CD %/NN to/TO A$/$ 686.7/CD million/CD from/IN A$/$ 371.1/CD million/CD ./. ###/### Bond/NNP Corp./NNP has/VBZ interests/NNS in/IN brewing/NN ,/, media/NNS and/CC communications/NNS ,/, natural/JJ resources/NNS and/CC property/NN ./. ###/### Much/JJ of/IN Bond/NNP Corp./NNP 's/POS losses/NNS stemmed/VBD from/IN one-time/JJ write-downs/NNS of/IN the/DT value/NN of/IN some/DT of/IN Bond/NNP Corp./NNP 's/POS assets/NNS and/CC those/DT of/IN its/PRP$ units/NNS ./. ###/### The/DT results/NNS included/VBD a/DT A$/$ 453.4/CD million/CD write-off/NN of/IN future/JJ income-tax/NN benefits/NNS and/CC a/DT provision/NN for/IN a/DT loss/NN of/IN A$/$ 149.5/CD million/CD on/IN the/DT sale/NN of/IN a/DT stake/NN of/IN about/IN 20/CD %/NN in/IN Lonrho/NNP PLC/NNP ./. ###/### However/RB ,/, Bond/NNP Corp./NNP said/VBD the/DT tax/NN benefits/NNS remain/VBP available/JJ and/CC might/MD be/VB used/VBN later/RBR ./. ###/### Earnings/NNS before/IN interest/NN and/CC tax/NN from/IN brewing/NN dived/VBD 50/CD %/NN to/TO A$/$ 123.8/CD million/CD from/IN A$/$ 247.3/CD million/CD ./. ###/### The/DT company/NN said/VBD the/DT general/JJ financial/JJ performance/NN of/IN its/PRP$ U.S./NNP brewing/NN operations/NNS ,/, G./NNP Heileman/NNP Brewing/NNP Co./NNP ,/, was/VBD ``/`` disappointing/JJ ,/, and/CC this/DT has/VBZ been/VBN reflected/VBN in/IN the/DT results/NNS ./. ''/'' ###/### Bond/NNP Corp./NNP 's/POS shares/NNS closed/VBD Friday/NNP before/IN news/NN of/IN the/DT results/NNS at/IN 28/CD Australian/JJ cents/NNS a/DT share/NN ,/, up/RB one/CD Australian/JJ cent/NN ./. ###/### The/DT staggering/JJ losses/NNS cap/VBP a/DT tumultuous/JJ year/NN for/IN Alan/NNP Bond/NNP and/CC his/PRP$ flagship/NN ,/, Bond/NNP Corp/NNP ./. ###/### Only/RB a/DT year/NN ago/RB ,/, the/DT chairman/NN of/IN Bond/NNP Corp./NNP ,/, who/WP controls/VBZ about/IN 58/CD %/NN of/IN the/DT company/NN ,/, appeared/VBD to/TO be/VB building/VBG a/DT war/NN chest/NN to/TO attack/VB some/DT big/JJ companies/NNS ./. ###/### Now/RB Bond/NNP Corp./NNP has/VBZ agreed/VBN to/TO sell/VB at/IN least/JJS half/PDT its/PRP$ Australian/JJ brewing/NN assets/NNS ./. ###/### It/PRP has/VBZ sold/VBN billions/NNS of/IN dollars/NNS of/IN other/JJ assets/NNS and/CC has/VBZ more/JJR on/IN the/DT block/NN ./. ###/### But/CC in/IN a/DT TV/NN interview/NN Sunday/NNP Mr./NNP Bond/NNP said/VBD ,/, ``/`` We/PRP 've/VBP taken/VBN a/DT big/JJ loss/NN ./. ###/### We/PRP 've/VBP taken/VBN it/PRP on/IN the/DT chin/NN ./. ###/### But/CC we/PRP 're/VBP out/IN there/RB and/CC we/PRP 're/VBP going/VBG to/TO stay/VB in/IN business/NN ./. ###/### Bond/NNP Corp./NNP signaled/VBD it/PRP will/MD focus/VB on/IN building/VBG its/PRP$ domestic/JJ and/CC international/JJ media/NNS and/CC communications/NNS businesses/NNS ./. ###/### It/PRP said/VBD it/PRP will/MD look/VB at/IN opportunities/NNS in/IN brewing/NN ,/, property/NN and/CC energy/NN resources/NNS to/TO the/DT extent/NN consistent/JJ with/IN the/DT dominant/JJ objective/NN of/IN manageable/JJ debt-to-assets/JJ ratios/NNS ./. ###/### The/DT result/NN ``/`` will/MD ultimately/RB be/VB a/DT very/RB different/JJ group/NN in/IN size/NN and/CC structure/NN ,/, ''/'' Bond/NNP Corp./NNP directors/NNS said/VBD in/IN a/DT statement/NN ./. ###/### Some/DT analysts/NNS contend/VBP the/DT total/JJ writeoffs/NNS should/MD have/VB been/VBN much/RB greater/JJR ,/, and/CC Bond/NNP Corp./NNP 's/POS auditors/NNS cited/VBD a/DT list/NN of/IN several/JJ assets/NNS and/CC deals/VBZ about/IN which/WDT there/EX is/VBZ ``/`` uncertainty/NN ''/'' regarding/VBG the/DT current/JJ value/NN and/CC potential/JJ impact/NN on/IN the/DT firm/NN ./. ###/### Bond/NNP Corp./NNP said/VBD the/DT acknowledged/JJ losses/NNS mean/VBP net/JJ asset/NN backing/NN is/VBZ in/IN the/DT red/NN to/TO the/DT tune/NN of/IN 53/CD Australian/JJ cents/NNS a/DT share/NN ,/, vs./FW positive/JJ asset/NN backing/NN of/IN A$/$ 1.92/CD a/DT share/NN a/DT year/NN ago/RB ./. ###/### Still/RB ,/, the/DT directors/NNS said/VBD ,/, ``/`` Having/VBG fully/RB considered/VBN all/DT aspects/NNS of/IN the/DT company/NN 's/POS state/NN of/IN affairs/NNS and/CC future/JJ cash/NN flows/NNS ,/, the/DT directors/NNS confirm/VBP absolutely/RB that/IN the/DT company/NN is/VBZ solvent/JJ ./. ''/'' ###/### Indeed/RB ,/, in/IN a/DT note/NN to/TO the/DT results/NNS ,/, directors/NNS said/VBD if/IN the/DT ``/`` true/JJ worth/NN ''/'' of/IN some/DT of/IN the/DT group/NN 's/POS assets/NNS were/VBD taken/VBN into/IN account/NN instead/RB of/IN using/VBG book/NN values/NNS ,/, the/DT negative/JJ net/NN asset/NN backing/VBG a/DT share/NN would/MD turn/VB into/IN ``/`` a/DT substantial/JJ positive/JJ ''/'' one/NN ./. ###/### The/DT Bakersfield/NNP Supermarket/NNP went/VBD out/IN of/IN business/NN last/JJ May/NNP ./. ###/### The/DT reason/NN was/VBD not/RB high/JJ interest/NN rates/NNS or/CC labor/NN costs/NNS ./. ###/### Nor/CC was/VBD there/RB a/DT shortage/NN of/IN customers/NNS in/IN the/DT area/NN ,/, the/DT residential/JJ Inwood/NNP section/NN of/IN northern/JJ Manhattan/NNP ./. ###/### The/DT business/NN closed/VBD when/WRB the/DT owner/NN was/VBD murdered/VBN by/IN robbers/NNS ./. ###/### The/DT owner/NN was/VBD Israel/NNP Ortiz/NNP ,/, a/DT 29-year-old/JJ entrepreneur/NN and/CC father/NN of/IN two/CD ./. ###/### In/IN his/PRP$ first/JJ year/NN of/IN operating/VBG the/DT store/NN he/PRP bought/VBD for/IN $/$ 220,000/CD ,/, Mr./NNP Ortiz/NNP was/VBD robbed/VBN at/IN least/RBS twice/RB at/IN gunpoint/NN ./. ###/### The/DT first/JJ time/NN he/PRP was/VBD shot/VBN in/IN the/DT hand/NN as/IN he/PRP chased/VBD the/DT robbers/NNS outside/RB ./. ###/### The/DT second/JJ time/NN he/PRP identified/VBD two/CD robbers/NNS ,/, who/WP were/VBD arrested/VBN and/CC charged/VBN ./. ###/### Two/CD weeks/NNS later/RB --/: perhaps/RB in/IN retaliation/NN --/: Mr./NNP Ortiz/NNP was/VBD shot/VBN three/CD times/NNS in/IN the/DT back/NN ,/, during/IN what/WP police/NNS classified/VBD as/IN a/DT third/JJ robbery/NN attempt/NN ./. ###/### That/DT was/VBD his/PRP$ reward/NN for/IN working/VBG until/IN 11/CD p.m./RB seven/CD days/NNS a/DT week/NN to/TO cover/VB his/PRP$ $/$ 3,000/CD a/DT month/NN rent/NN ./. ###/### For/IN providing/VBG what/WP his/PRP$ customers/NNS described/VBD as/IN very/RB personal/JJ and/CC helpful/JJ service/NN ./. ###/### For/IN creating/VBG a/DT focus/NN for/IN neighborhood/NN life/NN ./. ###/### Israel/NNP Ortiz/NNP is/VBZ only/RB one/CD of/IN the/DT thousands/NNS of/IN entrepreneurs/NNS and/CC their/PRP$ employees/NNS who/WP will/MD be/VB injured/VBN or/CC killed/VBN by/IN crime/NN this/DT year/NN ./. ###/### The/DT U.S./NNP Bureau/NNP of/IN Justice/NNP Statistics/NNPS reports/VBZ that/IN almost/RB 2/CD %/NN of/IN all/DT retail-sales/JJ workers/NNS suffer/VBP injuries/NNS from/IN crime/NN each/DT year/NN ,/, almost/RB twice/RB the/DT national/JJ average/NN and/CC about/IN four/CD times/NNS the/DT rate/NN for/IN teachers/NNS ,/, truck/NN drivers/NNS ,/, medical/JJ workers/NNS and/CC door-to-door/JJ salespeople/NN ./. ###/### Only/RB a/DT few/JJ other/JJ occupations/NNS have/VBP higher/RBR reported/JJ rates/NNS of/IN criminal/JJ injury/NN ,/, such/JJ as/IN police/NNS ,/, bartenders/NNS and/CC taxi/NN drivers/NNS ./. ###/### Yet/RB these/DT figures/NNS show/VBP only/RB the/DT most/RBS visible/JJ part/NN of/IN the/DT problem/NN ./. ###/### Recent/JJ data/NNS from/IN New/NNP York/NNP City/NNP provide/VBP more/JJR of/IN the/DT picture/NN ./. ###/### While/IN by/IN no/DT means/NN the/DT highest/JJS crime/NN community/NN in/IN the/DT country/NN ,/, New/NNP York/NNP is/VBZ a/DT prime/JJ example/NN of/IN a/DT city/NN where/WRB crime/NN strangles/VBZ small-business/NN development/NN ./. ###/### A/DT survey/NN of/IN small/JJ businesses/NNS there/RB was/VBD conducted/VBN this/DT spring/NN by/IN Interface/NNP ,/, a/DT policy/NN research/NN organization/NN ./. ###/### It/PRP gave/VBD 1,124/CD businesses/NNS a/DT questionnaire/NN and/CC analyzed/VBD 353/CD responses/NNS ./. ###/### The/DT survey/NN found/VBD that/IN over/IN a/DT three-year/JJ period/NN 22/CD %/NN of/IN the/DT firms/NNS said/VBD employees/NNS or/CC owners/NNS had/VBD been/VBN robbed/VBN on/IN their/PRP$ way/NN to/TO or/CC from/IN work/NN or/CC while/NN on/IN the/DT job/NN ./. ###/### Seventeen/CD percent/NN reported/VBD their/PRP$ customers/NNS being/VBG robbed/VBN ./. ###/### Crime/NN was/VBD the/DT reason/NN that/IN 26/CD %/NN reported/VBD difficulty/NN recruiting/VBG personnel/NNS and/CC that/DT 19/CD %/NN said/VBD they/PRP were/VBD considering/VBG moving/VBG ./. ###/### More/JJR than/IN one-third/NN of/IN the/DT responding/VBG businesses/NNS said/VBD they/PRP suffer/VBP from/IN drug/NN dealing/NN and/CC loitering/NN near/IN their/PRP$ premises/NNS ./. ###/### In/IN Brooklyn/NNP and/CC the/DT Bronx/NNP ,/, one/CD out/IN of/IN four/CD commercial/JJ firms/NNS is/VBZ burglarized/VBN each/DT year/NN ./. ###/### Industrial/JJ neighborhoods/NNS fare/VBP even/RB worse/RBR ,/, with/IN burglary/NN rates/NNS twice/JJ the/DT citywide/JJ average/NN ./. ###/### Crime/NN is/VBZ clearly/RB more/RBR deadly/JJ to/TO small-scale/JJ entrepreneurship/NN than/IN to/TO big/JJ businesses/NNS ./. ###/### Two/CD decades/NNS ago/RB ,/, the/DT Small/NNP Business/NNP Administration/NNP reported/VBD Yale/NNP Prof./NNP Albert/NNP Reiss/NNP 's/POS landmark/JJ study/NN of/IN crime/NN against/IN 2,500/CD small/JJ businesses/NNS drawn/VBN from/IN national/JJ IRS/NNP records/NNS ./. ###/### He/PRP found/VBD that/IN monetary/JJ crime/NN losses/NNS ,/, as/IN a/DT proportion/NN of/IN gross/JJ receipts/NNS ,/, were/VBD 37/CD times/NNS higher/JJR for/IN small/JJ businesses/NNS than/IN for/IN large/JJ ones/NNS ./. ###/### The/DT New/NNP York/NNP study/NN 's/POS companies/NNS averaged/VBD 27/CD employees/NNS ;/: their/PRP$ annual/JJ crime/NN losses/NNS averaged/VBD about/IN $/$ 15,000/CD ,/, with/IN an/DT additional/JJ $/$ 8,385/CD annual/JJ cost/NN in/IN security/NN --/: enough/JJ money/NN to/TO hire/VB at/IN least/JJS one/CD more/JJR worker/NN ./. ###/### The/DT costs/NNS of/IN crime/NN may/MD also/RB be/VB enough/JJ to/TO destroy/VB a/DT struggling/VBG business/NN ./. ###/### Whatever/WDT the/DT monetary/JJ crime/NN losses/NNS ,/, they/PRP may/MD not/RB be/VB nearly/RB as/RB important/JJ to/TO entrepreneurs/NNS as/IN the/DT risk/NN of/IN personal/JJ injury/NN ./. ###/### After/IN repeated/VBN gun/NN robberies/NNS ,/, some/DT entrepreneurs/NNS may/MD give/VB up/RP a/DT business/NN out/IN of/IN fear/NN for/IN their/PRP$ lives/NNS ./. ###/### One/CD Washington/NNP couple/NN recently/RB sold/VBD their/PRP$ liquor/NN store/NN after/IN 34/CD years/NNS in/IN business/NN that/WDT included/VBD four/CD robbery/NN deaths/NNS and/CC 16/CD robberies/NNS or/CC burglaries/NNS on/IN the/DT premises/NNS ./. ###/### These/DT findings/NNS illustrate/VBP the/DT vicious/JJ cycle/NN that/IN National/NNP Institute/NNP of/IN Justice/NNP Director/NNP James/NNP K./NNP Stewart/NNP calls/VBZ ``/`` crime/NN causing/VBG poverty/NN ./. ''/'' ###/### Underclass/JJ neighborhoods/NNS offer/VBP relatively/RB few/JJ employment/NN opportunities/NNS ,/, contributing/VBG to/TO the/DT poverty/NN of/IN local/JJ residents/NNS ./. ###/### Small/JJ neighborhood/NN businesses/NNS could/MD provide/VB more/JJR jobs/NNS ,/, if/IN crime/NN were/VBD not/RB so/RB harmful/JJ to/TO creating/VBG and/CC maintaining/VBG those/DT businesses/NNS ./. ###/### This/DT may/MD help/VB explain/VB why/WRB small/JJ businesses/NNS create/VBP 65/CD %/NN of/IN all/DT jobs/NNS nationally/RB ,/, but/CC only/RB 22/CD %/NN of/IN jobs/NNS in/IN a/DT crime-ridden/JJ city/NN like/IN New/NNP York/NNP ./. ###/### Bigger/JJR business/NN can/MD often/RB better/RBR afford/VB to/TO minimize/VB the/DT cost/NN of/IN crime/NN ./. ###/### The/DT New/NNP York/NNP study/NN found/VBD that/IN the/DT cost/NN of/IN security/NN measures/NNS in/IN firms/NNS with/IN fewer/JJR than/IN five/CD employees/NNS was/VBD almost/RB $/$ 1,000/CD per/IN worker/NN ,/, compared/VBN with/IN one-third/RB that/DT amount/NN for/IN firms/NNS with/IN more/JJR than/IN 10/CD employees/NNS ./. ###/### The/DT shift/NN of/IN retailing/NN to/TO large/JJ shopping/NN centers/NNS has/VBZ created/VBN even/RB greater/JJR economies/NNS of/IN scale/NN for/IN providing/VBG low-crime/JJ business/NN environments/NNS ./. ###/### Private/JJ security/NN guards/NNS and/CC moonlighting/VBG police/NNS can/MD invoke/VB the/DT law/NN of/IN trespass/NN to/TO regulate/VB access/NN to/TO these/DT quasi-public/JJ places/NNS ./. ###/### Since/IN 1984/CD ,/, in/IN fact/NN ,/, revenues/NNS of/IN the/DT 10/CD largest/JJS guard/NN companies/NNS ,/, primarily/RB serving/VBG such/JJ big/JJ businesses/NNS ,/, have/VBP increased/VBN by/IN almost/RB 62/CD %/NN ./. ###/### Few/JJ small/JJ neighborhood/NN businesses/NNS ,/, however/RB ,/, can/MD afford/VB such/JJ protection/NN ,/, even/RB in/IN collaboration/NN with/IN other/JJ local/JJ merchants/NNS ./. ###/### In/IN the/DT neighborhoods/NNS with/IN the/DT highest/JJS crime/NN rates/NNS ,/, small/JJ business/NN generally/RB relies/VBZ on/IN the/DT public/JJ police/NN force/NN for/IN protection/NN ./. ###/### This/DT creates/VBZ several/JJ problems/NNS ./. ###/### One/CD is/VBZ that/IN there/EX are/VBP not/RB enough/JJ police/NN to/TO satisfy/VB small/JJ businesses/NNS ./. ###/### The/DT number/NN one/CD proposal/NN for/IN reducing/VBG crime/NN in/IN the/DT New/NNP York/NNP survey/NN was/VBD to/TO put/VB more/JJR police/NNS on/IN foot/NN or/CC scooter/NN patrol/NN ,/, suggested/VBN by/IN more/JJR than/IN two-thirds/NNS of/IN the/DT respondents/NNS ./. ###/### Only/RB 22/CD %/NN supported/VBD private/JJ security/NN patrols/NNS funded/VBN by/IN the/DT merchants/NNS themselves/PRP ./. ###/### A/DT second/JJ problem/NN is/VBZ the/DT persistent/JJ frustration/NN of/IN false/JJ alarms/NNS ,/, which/WDT can/MD make/VB urban/JJ police/NNS less/RBR than/IN enthusiastic/JJ about/IN responding/VBG to/TO calls/NNS from/IN small/JJ businesses/NNS ./. ###/### Only/RB half/PDT the/DT New/NNP York/NNP small/JJ businesses/NNS surveyed/VBN ,/, for/IN their/PRP$ part/NN ,/, are/VBP satisfied/JJ with/IN the/DT police/NN response/NN they/PRP receive/VBP ./. ###/### Some/DT cities/NNS ,/, including/VBG New/NNP York/NNP ,/, have/VBP experimented/VBN with/IN special/JJ tax/NN districts/NNS for/IN commercial/JJ areas/NNS that/WDT provide/VBP additional/JJ patrols/NNS funded/VBN by/IN local/JJ businesses/NNS ./. ###/### But/CC this/DT raises/VBZ added/VBN cost/NN barriers/NNS to/TO urban/JJ entrepreneurship/NN ./. ###/### Another/DT solution/NN cities/NNS might/MD consider/VB is/VBZ giving/VBG special/JJ priority/NN to/TO police/NN patrols/NNS of/IN small-business/NN areas/NNS ./. ###/### For/IN cities/NNS losing/VBG business/NN to/TO suburban/JJ shopping/NN centers/NNS ,/, it/PRP may/MD be/VB a/DT wise/JJ business/NN investment/NN to/TO help/VB keep/VB those/DT jobs/NNS and/CC sales/NNS taxes/NNS within/IN city/NN limits/NNS ./. ###/### Increased/VBN patrolling/NN of/IN business/NN zones/NNS makes/VBZ sense/NN because/IN urban/JJ crime/NN is/VBZ heavily/RB concentrated/JJ in/IN such/JJ ``/`` hot/JJ spots/NNS ''/'' of/IN pedestrian/NN density/NN ./. ###/### With/IN National/NNP Institute/NNP of/IN Justice/NNP support/NN ,/, the/DT Minneapolis/NNP police/NN and/CC the/DT Crime/NNP Control/NNP Institute/NNP are/VBP currently/RB testing/VBG the/DT effects/NNS of/IN such/PDT a/DT strategy/NN ,/, comparing/VBG its/PRP$ deterrence/NN value/NN with/IN traditional/JJ random/JJ patrols/NNS ./. ###/### Small-business/NN patrols/NNS would/MD be/VB an/DT especially/RB helpful/JJ gesture/NN whenever/WRB a/DT small-business/NN person/NN is/VBZ scheduled/VBN to/TO testify/VB against/IN a/DT robbery/NN suspect/NN ./. ###/### While/IN no/DT guarantee/NN ,/, an/DT increased/VBN police/NN presence/NN might/MD even/RB deter/VB further/JJ attacks/NNS ./. ###/### It/PRP might/MD even/RB have/VB saved/VBN the/DT life/NN ,/, and/CC business/NN ,/, of/IN Israel/NNP Ortiz/NNP ./. ###/### Mr./NNP Sherman/NNP is/VBZ a/DT professor/NN of/IN criminology/NN at/IN the/DT University/NNP of/IN Maryland/NNP and/CC president/NN of/IN the/DT Crime/NNP Control/NNP Institute/NNP in/IN Washington/NNP ,/, D.C/NNP ./. ###/### ENFIELD/NNP Corp./NNP said/VBD in/IN Toronto/NNP that/IN it/PRP hopes/VBZ to/TO raise/VB 56/CD million/CD Canadian/JJ dollars/NNS -LRB-/-LRB- US$/$ 47.7/CD million/CD -RRB-/-RRB- through/IN a/DT rights/NNS offering/NN to/TO shareholders/NNS ./. ###/### Under/IN the/DT offer/NN ,/, shareholders/NNS can/MD purchase/VB one/CD Enfield/NNP share/NN at/IN C$/$ 6.27/CD for/IN each/DT five/CD shares/NNS held/VBN ./. ###/### In/IN Toronto/NNP Stock/NNP Exchange/NNP trading/NN Friday/NNP ,/, Enfield/NNP closed/VBD at/IN C$/$ 6.75/CD ,/, down/RB 37.5/CD cents/NNS ./. ###/### The/DT holding/VBG company/NN said/VBD the/DT rights/NNS offering/NN should/MD reduce/VB its/PRP$ C$/$ 171/CD million/CD debt/NN to/TO ``/`` more/RBR manageable/JJ levels/NNS ''/'' before/IN Dec./NNP 31/CD and/CC allow/VB it/PRP to/TO finance/VB future/JJ investments/NNS with/IN equity/NN capital/NN ./. ###/### At/IN last/JJ report/NN ,/, Enfield/NNP had/VBD about/IN 44.5/CD million/CD shares/NNS outstanding/JJ ./. ###/### Former/JJ U.N./NNP Ambassador/NNP Jeane/NNP Kirkpatrick/NNP ,/, in/IN a/DT CNN/NNP ``/`` Capital/NN Gang/NN ''/'' discussion/NN Oct./NNP 7/CD of/IN House/NNP action/NN on/IN federal/JJ catastrophic-illness/JJ insurance/NN :/: ###/### I/PRP think/VBP this/DT repeal/NN was/VBD kind/NN of/IN a/DT thoughtless/JJ action/NN ,/, as/IN a/DT matter/NN of/IN fact/NN ./. ###/### They/PRP will/MD have/VB to/TO revisit/VB this/DT issue/NN ,/, and/CC they/PRP 'll/MD have/VB to/TO revisit/VB it/PRP before/RB long/RB ./. ###/### Diversification/NN pays/VBZ ./. ###/### That/DT 's/VBZ a/DT fundamental/JJ lesson/NN for/IN investors/NNS ,/, but/CC its/PRP$ truth/NN was/VBD demonstrated/VBN once/RB again/RB in/IN the/DT performance/NN of/IN mutual/JJ funds/NNS during/IN and/CC after/IN the/DT stock/NN market/NN 's/POS Friday-the-13th/JJ plunge/NN ./. ###/### Stock/NN funds/NNS ,/, like/IN the/DT market/NN as/IN a/DT whole/NN ,/, generally/RB dropped/VBD more/JJR than/IN 2/CD %/NN in/IN the/DT week/NN through/IN last/JJ Thursday/NNP ,/, according/VBG to/TO figures/NNS compiled/VBN by/IN Lipper/NNP Analytical/NNP Services/NNPS Inc/NNP ./. ###/### That/DT reflects/VBZ the/DT huge/JJ drop/NN a/DT week/NN ago/RB Friday/NNP ,/, last/JJ Monday/NNP 's/POS rebound/NN and/CC the/DT dips/NNS and/CC blips/NNS that/WDT followed/VBD ./. ###/### But/CC several/JJ other/JJ types/NNS of/IN funds/NNS shielded/VBD investors/NNS from/IN the/DT worst/JJS of/IN the/DT market/NN 's/POS slide/NN ./. ###/### Funds/NNS that/WDT invest/VBP internationally/RB were/VBD the/DT top-performing/JJ stock/NN and/CC fixed-income/JJ funds/NNS ./. ###/### ``/`` More/RBR than/IN ever/RB ,/, people/NNS should/MD realize/VB they/PRP should/MD have/VB a/DT diversified/JJ portfolio/NN ,/, ''/'' said/VBD Jeremy/NNP Duffield/NNP ,/, a/DT senior/JJ vice/NN president/NN of/IN Vanguard/NNP Group/NNP ./. ###/### That/DT means/VBZ stocks/NNS ,/, bonds/NNS ,/, money/NN market/NN instruments/NNS and/CC real/JJ estate/NN ./. ''/'' ###/### One/CD week/NN 's/POS performance/NN should/MD n't/RB be/VB the/DT basis/NN for/IN any/DT investment/NN decision/NN ./. ###/### But/CC the/DT latest/JJS mutual/JJ fund/NN performance/NN figures/NNS do/VBP show/VB what/WP can/MD happen/VB when/WRB the/DT going/VBG gets/VBZ rough/JJ ./. ###/### ``/`` You/PRP want/VBP to/TO know/VB how/WRB a/DT fund/NN did/VBD when/WRB the/DT market/NN got/VBD hammered/VBN ,/, ''/'' said/VBD Kurt/NNP Brouwer/NNP ,/, an/DT investment/NN adviser/NN with/IN Brouwer/NNP &/CC Janachowski/NNP in/IN San/NNP Francisco/NNP ./. ###/### ``/`` It/PRP 's/VBZ like/IN kicking/VBG the/DT tires/NNS of/IN a/DT car/NN ./. ###/### What/WP you/PRP want/VBP to/TO know/VB is/VBZ when/WRB the/DT road/NN 's/VBZ rough/JJ ,/, when/WRB there/EX 's/VBZ snow/NN and/CC ice/NN ,/, how/WRB 's/VBZ this/DT car/NN going/VBG to/TO perform/VB ?/. ''/'' ###/### General/JJ equity/NN funds/NNS fell/VBD an/DT average/NN of/IN 2.35/CD %/NN in/IN the/DT week/NN ended/VBN Thursday/NNP ,/, compared/VBN with/IN a/DT 2.32/CD %/NN slide/NN for/IN the/DT Standard/NNP &/CC Poor/NNP 's/POS 500-stock/JJ index/NN ./. ###/### But/CC Lipper/NNP Analytical/NNP 's/POS figures/NNS show/VBP that/IN there/EX were/VBD a/DT number/NN of/IN ways/NNS investors/NNS could/MD have/VB cushioned/VBN themselves/PRP from/IN the/DT stock/NN market/NN 's/POS gyrations/NNS ./. ###/### Gold-oriented/JJ funds/NNS ,/, for/IN instance/NN ,/, which/WDT invest/VBP in/IN companies/NNS that/WDT mine/VBP and/CC process/VBP the/DT precious/JJ metal/NN ,/, posted/VBD an/DT average/JJ decline/NN of/IN 1.15/CD %/NN ./. ###/### Flexible/JJ portfolio/NN funds/NNS ,/, which/WDT allocate/VBP investments/NNS among/IN stocks/NNS ,/, bonds/NNS and/CC money-market/NN instruments/NNS and/CC other/JJ investments/NNS ,/, declined/VBD at/IN about/IN half/PDT the/DT rate/NN of/IN stock/NN funds/NNS --/: an/DT average/JJ drop/NN of/IN 1.27/CD %/NN ,/, according/VBG to/TO Lipper/NNP ./. ###/### Global/JJ allocation/NN funds/NNS take/VBP the/DT asset-allocation/JJ concept/NN one/CD step/NN further/RBR by/IN investing/VBG at/IN least/JJS 25/CD %/NN of/IN their/PRP$ portfolios/NNS outside/IN the/DT U.S/NNP ./. ###/### This/DT gives/VBZ them/PRP the/DT added/VBN benefits/NNS of/IN international/JJ diversification/NN --/: including/VBG a/DT foreign-exchange/NN boost/NN during/IN periods/NNS ,/, like/IN the/DT past/NN week/NN ,/, when/WRB the/DT dollar/NN declines/VBZ against/IN other/JJ major/JJ currencies/NNS ./. ###/### With/IN all/PDT that/DT going/VBG for/IN them/PRP ,/, global/JJ flexible/JJ portfolio/NN funds/NNS declined/VBD only/RB 1.07/CD %/NN in/IN the/DT week/NN through/IN last/JJ Thursday/NNP ./. ###/### But/CC while/IN the/DT merits/NNS of/IN diversification/NN shine/VBP through/RB when/WRB times/NNS are/VBP tough/JJ ,/, there/EX 's/VBZ also/RB a/DT price/NN to/TO pay/VB :/: A/DT diversified/JJ portfolio/NN always/RB underperforms/VBZ an/DT undiversified/JJ portfolio/NN during/IN those/DT times/NNS when/WRB the/DT investment/NN in/IN the/DT undiversified/JJ portfolio/NN is/VBZ truly/RB hot/JJ ./. ###/### And/CC Friday/NNP the/DT 13th/NN notwithstanding/IN ,/, stocks/NNS have/VBP been/VBN this/DT year/NN 's/POS hot/JJ investment/NN ./. ###/### Thus/RB ,/, even/RB including/VBG the/DT latest/JJS week/NN ,/, the/DT average/JJ general/JJ stock/NN fund/NN has/VBZ soared/VBN more/JJR than/IN 24/CD %/NN so/RB far/RB this/DT year/NN ,/, the/DT Lipper/NNP Analytical/NNP figures/NNS show/VBP ./. ###/### By/IN comparison/NN ,/, global/JJ asset/NN allocation/NN funds/NNS have/VBP turned/VBN in/IN an/DT average/JJ total/NN return/NN of/IN about/IN 19/CD %/NN ,/, while/IN domestic/JJ flexible/JJ portfolios/NNS are/VBP up/RB about/IN 17/CD %/NN ./. ###/### Fixed-income/JJ funds/NNS have/VBP returned/VBN 8.2/CD %/NN ,/, while/IN gold/JJ funds/NNS ,/, which/WDT tend/VBP to/TO be/VB volatile/JJ ,/, have/VBP risen/VBN just/RB 4.55/CD %/NN ,/, on/IN average/NN ./. ###/### ``/`` That/DT 's/VBZ the/DT problem/NN with/IN trying/VBG to/TO hedge/VB too/RB much/JJ ,/, ''/'' said/VBD Mr./NNP Brouwer/NNP ./. ###/### You/PRP do/VBP n't/RB make/VB any/DT real/JJ money/NN ./. ''/'' ###/### Over/IN the/DT last/JJ 20/CD years/NNS ,/, for/IN example/NN ,/, Mr./NNP Brouwer/NNP says/VBZ ,/, an/DT investor/NN putting/VBG $/$ 5,000/CD a/DT year/NN in/IN the/DT S&P/NNP 500/CD would/MD have/VB made/VBN nearly/RB twice/RB as/RB much/JJ than/IN if/IN it/PRP were/VBD invested/VBN in/IN Treasury/NNP bills/NNS ./. ###/### Some/DT equity/NN funds/NNS did/VBD better/RBR than/RBR others/NNS in/IN the/DT week/NN that/WDT began/VBD on/IN Friday/NNP the/DT 13th/NN ./. ###/### The/DT $/$ 4/CD million/CD Monetta/NNP Fund/NNP ,/, for/IN instance/NN ,/, was/VBD the/DT seventh/JJ top/JJ performing/VBG fund/NN for/IN the/DT week/NN ,/, with/IN a/DT 2.65/CD %/NN return/NN ./. ###/### Its/PRP$ return/NN so/RB far/RB this/DT year/NN has/VBZ been/VBN a/DT credible/JJ 21.71/CD %/NN ./. ###/### The/DT fund/NN 's/POS strategy/NN is/VBZ to/TO sell/VB when/WRB a/DT stock/NN appreciates/VBZ 30/CD %/NN over/IN its/PRP$ cost/NN ./. ###/### By/IN the/DT time/NN the/DT market/NN plummeted/VBD 10/CD days/NNS ago/RB ,/, Monetta/NNP was/VBD 55/CD %/NN in/IN cash/NN ,/, said/VBD Robert/NNP Bacarella/NNP ,/, president/NN and/CC portfolio/NN manager/NN ./. ###/### Last/JJ Monday/NNP ,/, he/PRP started/VBD ``/`` buying/VBG the/DT high-quality/JJ growth/NN companies/NNS that/IN people/NNS were/VBD throwing/VBG away/RB at/IN discount/NN prices/NNS ./. ''/'' ###/### Among/IN Mr./NNP Bacarella/NNP 's/POS picks/NNS :/: Oracle/NNP Systems/NNPS ,/, Reebok/NNP International/NNP Ltd./NNP and/CC Digital/NNP Microwave/NNP Corp/NNP ./. ###/### The/DT fund/NN 's/POS cash/NN position/NN is/VBZ now/RB about/IN 22/CD %/NN ,/, which/WDT Mr./NNP Bacarella/NNP calls/VBZ ``/`` still/RB bearish/JJ ./. ''/'' ###/### Among/IN the/DT big/JJ stock/NN funds/NNS ,/, Dreyfus/NNP Fund/NNP ,/, with/IN more/JJR than/IN $/$ 2/CD billion/CD in/IN assets/NNS ,/, had/VBD a/DT decline/NN of/IN just/RB 1.49/CD %/NN for/IN the/DT week/NN and/CC a/DT return/NN of/IN 21.42/CD %/NN for/IN the/DT year/NN ./. ###/### Howard/NNP Stein/NNP ,/, chairman/NN of/IN Dreyfus/NNP Corp./NNP ,/, said/VBD the/DT fund/NN was/VBD about/IN half/RB invested/VBN in/IN government/NN bonds/NNS on/IN Oct./NNP 13/CD ,/, and/CC about/IN 10/CD %/NN in/IN cash/NN ./. ###/### ``/`` In/IN a/DT downward/JJ market/NN ,/, bonds/NNS act/VBP better/RB ,/, ''/'' he/PRP said/VBD ./. ###/### ``/`` We/PRP still/RB think/VB there/EX 's/VBZ a/DT lot/NN of/IN unsettlement/NN in/IN this/DT market/NN ./. ###/### We/PRP believe/VBP interest/NN rates/NNS will/MD continue/VB to/TO trend/VB lower/RBR ,/, and/CC the/DT economy/NN will/MD slow/VB around/IN the/DT world/NN ./. ''/'' ###/### Many/JJ of/IN the/DT funds/NNS that/WDT did/VBD best/RBS in/IN the/DT last/JJ week/NN are/VBP heavily/RB invested/VBN overseas/RB ,/, giving/VBG them/PRP the/DT benefit/NN of/IN foreign/JJ currency/NN translations/NNS when/WRB the/DT dollar/NN is/VBZ weak/JJ ./. ###/### From/IN its/PRP$ high/JJ point/NN on/IN Thursday/NNP ,/, Oct./NNP 12/CD ,/, to/TO where/WRB it/PRP traded/VBN late/RB in/IN New/NNP York/NNP a/DT week/NN later/RB ,/, the/DT dollar/NN fell/VBD 3.6/CD %/NN against/IN the/DT West/JJ German/JJ mark/NN ,/, 3.4/CD %/NN against/IN the/DT British/JJ pound/NN and/CC 2.1/CD %/NN against/IN the/DT Japanese/JJ yen/NNS ./. ###/### Three/CD International/JJ Cash/NN Portfolios/NNS funds/NNS ,/, which/WDT invest/VBP almost/RB exclusively/RB in/IN bonds/NNS and/CC money-market/NN instruments/NNS overseas/RB ,/, were/VBD among/IN the/DT four/CD top-performing/JJ funds/NNS in/IN the/DT latest/JJS week/NN ./. ###/### Because/IN the/DT funds/NNS '/POS investments/NNS are/VBP denominated/VBN in/IN foreign/JJ currencies/NNS ,/, their/PRP$ value/NN expressed/VBN in/IN dollars/NNS goes/VBZ up/RB when/WRB those/DT currencies/NNS rise/VBP against/IN the/DT dollar/NN ./. ###/### But/CC when/WRB the/DT dollar/NN rises/VBZ against/IN major/JJ foreign/JJ currencies/NNS ,/, as/IN it/PRP did/VBD for/IN much/RB of/IN this/DT year/NN ,/, the/DT dollar/NN value/NN of/IN these/DT funds/NNS declines/VBZ ./. ###/### All/DT three/CD funds/NNS posted/VBD negative/JJ returns/NNS for/IN the/DT year/NN to/TO date/NN ./. ###/### Of/IN the/DT funds/NNS that/WDT fared/VBD the/DT worst/JJS in/IN the/DT post-Oct/NNP ./. 13/CD week/NN ,/, two/CD are/VBP heavily/RB invested/VBN in/IN airlines/NNS stocks/NNS ,/, which/WDT led/VBD the/DT market/NN slide/NN following/VBG problems/NNS with/IN financing/NN for/IN the/DT UAL/NNP Corp/NNP ./. buy-out/NN plan/NN ./. ###/### Reflecting/VBG airline/NN takeover/NN activity/NN ,/, however/RB ,/, both/DT the/DT Fidelity/NNP Select/NNP Air/NNP Transportation/NNP Portfolio/NNP and/CC the/DT National/NNP Aviation/NNP &/CC Technology/NNP fund/NN posted/VBD better-than-average/JJ returns/NNS for/IN the/DT the/DT year/NN to/TO date/NN :/: 30.09/CD %/NN for/IN the/DT Fidelity/NNP Air/NNP Transportation/NNP fund/NN and/CC a/DT whopping/JJ 47.24/CD %/NN for/IN National/NNP Aviation/NNP &/CC Technology/NNP ./. ###/### The/DT small/JJ drop/NN in/IN equity/NN funds/NNS in/IN general/JJ in/IN the/DT latest/JJS week/NN may/MD not/RB necessarily/RB be/VB a/DT good/JJ sign/NN ,/, said/VBD A./NN Michael/NNP Lipper/NNP ,/, president/NN of/IN Lipper/NNP Analytical/NNP ./. ###/### Noting/VBG that/IN equity/NN funds/NNS are/VBP up/RB nearly/RB 60/CD %/NN from/IN their/PRP$ post-crash/JJ low/NN on/IN Dec./NNP 3/CD ,/, 1987/CD ,/, he/PRP said/VBD that/IN what/WP happened/VBD last/JJ week/NN ``/`` may/MD not/RB be/VB enough/RB of/IN an/DT adjustment/NN ./. ###/### There/EX 's/VBZ either/RB more/JJR to/TO come/VB or/CC an/DT extremely/RB long/JJ period/NN of/IN dullness/NN ./. ''/'' ###/### But/CC investors/NNS do/VBP n't/RB seem/VB to/TO think/VB so/RB ./. ###/### Several/JJ big/JJ mutual/JJ fund/NN groups/NNS said/VBD last/JJ week/NN that/DT cash/NN flows/VBZ into/IN stock/NN funds/NNS were/VBD heavier/JJR than/IN usual/JJ after/IN heavy/JJ outflows/NNS on/IN the/DT 13th/NN ./. ###/### Vanguard/NNP Group/NNP said/VBD it/PRP had/VBD a/DT more/JJR than/IN $/$ 50/CD million/CD net/JJ inflow/NN into/IN its/PRP$ stock/NN funds/NNS last/JJ week/NN ./. ###/### ``/`` There/EX certainly/RB has/VBZ n't/RB been/VBN a/DT panic/NN reaction/NN ,/, ''/'' said/VBD Steven/NNP Norwitz/NNP ,/, a/DT vice/NN president/NN at/IN T./NNP Rowe/NNP Price/NNP Associates/NNPS ./. ###/### People/NNS showed/VBD some/DT staying/NN power/NN and/CC ,/, in/IN fact/NN ,/, interest/NN in/IN buying/VBG equities/NNS ./. ''/'' ###/### Source/NN :/: Lipper/NNP Analytical/NNP Services/NNPS Inc/NNP ./. ###/### Not/RB counting/VBG dividends/NNS ###/### With/IN dividends/NNS reinvested/VBN ###/### Sources/NNS :/: Lipper/NNP Analytical/NNP Services/NNPS Inc./NNP ;/: Standard/NNP &/CC Poor/NNP 's/POS Corp/NNP ./. ###/### Guardian/NNP Royal/NNP Exchange/NNP Assurance/NNP PLC/NNP ,/, a/DT major/JJ British/JJ composite/JJ insurer/NN ,/, said/VBD it/PRP is/VBZ taking/VBG a/DT stake/NN in/IN Nationwide/NNP Anglia/NNP Building/NNP Society/NNP 's/POS estate/NN agency/NN business/NN as/IN part/NN of/IN a/DT plan/NN to/TO create/VB a/DT range/NN of/IN commercial/JJ linkages/NNS in/IN the/DT U.K./NNP and/CC Europe/NNP ./. ###/### Officials/NNS declined/VBD to/TO disclose/VB the/DT value/NN of/IN the/DT transaction/NN or/CC the/DT exact/JJ stake/NN that/IN GRE/NNP will/MD hold/VB in/IN Nationwide/NNP Anglia/NNP Estate/NNP Agents/NNPS ./. ###/### But/CC the/DT companies/NNS said/VBD that/IN Nationwide/NNP Anglia/NNP Estate/NNP Agents/NNPS will/MD market/VB GRE/NNP life/NN insurance/NN ,/, pension/NN and/CC investment/NN products/NNS through/IN its/PRP$ more/JJR than/IN 1,000/CD retail/JJ outlets/NNS in/IN the/DT U.K/NNP ./. ###/### Besides/IN the/DT marketing/NN agreement/NN ,/, GRE/NNP said/VBD Nationwide/NNP Anglia/NNP has/VBZ agreed/VBN to/TO develop/VB life/NN insurance/NN products/NNS with/IN the/DT composite/JJ insurer/NN ./. ###/### Sitting/VBG at/IN the/DT bar/NN of/IN the/DT Four/NNP Seasons/NNPS restaurant/NN ,/, architect/NN William/NNP McDonough/NNP seems/VBZ oblivious/JJ to/TO the/DT glamorous/JJ clientele/NNS and/CC the/DT elegant/JJ setting/NN ./. ###/### He/PRP is/VBZ ogling/VBG the/DT curtains/NNS rippling/VBG above/IN the/DT ventilation/NN ducts/NNS ./. ###/### ``/`` Look/VB how/WRB much/JJ air/NN is/VBZ moving/VBG around/RB ''/'' he/PRP says/VBZ ./. ###/### ``/`` The/DT ventilation/NN here/RB is/VBZ great/JJ ''/'' ###/### You/PRP may/MD be/VB hearing/VBG more/JJR about/IN the/DT 38-year-old/JJ Mr./NNP McDonough/NNP and/CC his/PRP$ preoccupation/NN with/IN clean/JJ air/NN ./. ###/### After/IN years/NNS of/IN relative/JJ obscurity/NN ,/, he/PRP is/VBZ starting/VBG to/TO attract/VB notice/NN for/IN the/DT ecological/JJ as/RB well/RB as/IN the/DT aesthetic/JJ quality/NN of/IN his/PRP$ architecture/NN ./. ###/### Mr./NNP McDonough/NNP believes/VBZ that/IN the/DT well-being/NN of/IN the/DT planet/NN depends/VBZ on/IN such/JJ stratagems/NNS as/IN opening/VBG windows/NNS to/TO cut/VB indoor/JJ air/NN pollution/NN ,/, tacking/VBG down/RB carpets/NNS instead/RB of/IN using/VBG toxic/JJ glues/NNS ,/, and/CC avoiding/VBG mahogany/NN ,/, which/WDT comes/VBZ from/IN endangered/JJ rain/NN forests/NNS ./. ###/### He/PRP has/VBZ put/VBN some/DT of/IN his/PRP$ aesthetic/JJ ideas/NNS into/IN practice/NN with/IN his/PRP$ design/NN of/IN the/DT four-star/JJ Quilted/NNP Giraffe/NNP restaurant/NN --/: ``/`` architecturally/RB impeccable/JJ ,/, ''/'' Progressive/NNP Architecture/NNP magazine/NN called/VBD it/PRP --/: and/CC his/PRP$ remodeling/NN of/IN Paul/NNP Stuart/NNP ,/, the/DT Madison/NNP Avenue/NNP clothing/NN store/NN ./. ###/### He/PRP has/VBZ designed/VBN furniture/NN and/CC homes/NNS as/RB well/RB as/IN commercial/JJ and/CC office/NN space/NN ./. ###/### He/PRP is/VBZ now/RB designing/VBG a/DT Broadway/NNP stage/NN set/VBN for/IN a/DT show/NN by/IN the/DT band/NN Kid/NNP Creole/NNP and/CC the/DT Coconuts/NNPS ./. ###/### What/WP really/RB stirs/VBZ his/PRP$ muse/NN ,/, though/RB ,/, is/VBZ aerobic/JJ architecture/NN ./. ###/### Now/RB the/DT question/NN is/VBZ :/: Is/VBZ Poland/NNP ready/JJ for/IN it/PRP ?/. ###/### Mr./NNP McDonough/NNP is/VBZ about/IN to/TO tackle/VB his/PRP$ biggest/JJS clean-air/NN challenge/NN yet/RB ,/, the/DT proposed/VBN Warsaw/NNP Trade/NNP Center/NNP in/IN Poland/NNP ,/, the/DT first/RB such/JJ center/NN in/IN Eastern/NNP Europe/NNP ./. ###/### The/DT project/NN has/VBZ already/RB acquired/VBN a/DT certain/JJ New/NNP York/NNP cachet/NN ./. ###/### Bloomingdale/NNP 's/POS plans/NNS to/TO sell/VB a/DT foot-tall/JJ chocolate/NN model/NN of/IN the/DT center/NN during/IN the/DT holidays/NNS ./. ###/### Some/DT of/IN the/DT sales/NNS proceeds/NNS will/MD go/VB to/TO the/DT Design/NNP Industries/NNPS Foundation/NNP for/IN AIDS/NNP ./. ###/### A/DT cake/NN topped/VBN with/IN a/DT replica/NN of/IN the/DT center/NN will/MD be/VB auctioned/VBN at/IN an/DT AIDS/NNP benefit/NN at/IN Sotheby/NNP 's/POS in/IN December/NNP ./. ###/### If/IN Mr./NNP McDonough/NNP 's/POS plans/NNS get/VBP executed/VBN ,/, as/IN much/JJ of/IN the/DT Polish/JJ center/NN as/IN possible/JJ will/MD be/VB made/VBN from/IN aluminum/NN ,/, steel/NN and/CC glass/NN recycled/VBN from/IN Warsaw/NNP 's/POS abundant/JJ rubble/NN ./. ###/### A/DT 20-story/JJ mesh/NN spire/NN will/MD stand/VB atop/IN 50/CD stories/NNS of/IN commercial/JJ space/NN ./. ###/### Solar-powered/JJ batteries/NNS will/MD make/VB the/DT spire/NN glow/NN ./. ###/### The/DT windows/NNS will/MD open/VB ./. ###/### The/DT carpets/NNS wo/MD n't/RB be/VB glued/VBN down/RP ,/, and/CC walls/NNS will/MD be/VB coated/VBN with/IN nontoxic/JJ finishes/NNS ./. ###/### To/TO the/DT extent/NN that/IN the/DT $/$ 150/CD million/CD budget/NN will/MD allow/VB it/PRP ,/, Mr./NNP McDonough/NNP will/MD rely/VB on/IN solid/JJ wood/NN ,/, rather/RB than/IN plywood/NN or/CC particle/NN board/NN ,/, to/TO limit/VB the/DT emission/NN of/IN formaldehyde/NN ./. ###/### If/IN Mr./NNP McDonough/NNP has/VBZ his/PRP$ way/NN ,/, the/DT Poles/NNPS will/MD compensate/VB for/IN the/DT trade/NN center/NN 's/POS emissions/NNS of/IN carbon/NN dioxide/NN ,/, a/DT prime/JJ suspect/NN in/IN the/DT global/JJ atmospheric/JJ warming/NN many/JJ scientists/NNS fear/VBP ./. ###/### The/DT Poles/NNPS would/MD plant/VB a/DT 10-square-mile/JJ forest/NN somewhere/RB in/IN the/DT country/NN at/IN a/DT cost/NN of/IN $/$ 150,000/CD ,/, with/IN the/DT center/NN 's/POS developer/NN footing/VBG the/DT bill/NN ./. ###/### The/DT news/NN has/VBZ n't/RB exactly/RB moved/VBN others/NNS in/IN Mr./NNP McDonough/NNP 's/POS profession/NN to/TO become/VB architectural/JJ Johnny/NNP Appleseeds/NNPS ./. ###/### All/DT architects/NNS want/VBP to/TO be/VB aware/JJ of/IN the/DT ecological/JJ consequences/NNS of/IN their/PRP$ work/NN ,/, says/VBZ John/NNP Burgee/NNP ,/, whose/WP$ New/NNP York/NNP firm/NN is/VBZ designing/VBG the/DT redevelopment/NN of/IN Times/NNP Square/NNP ,/, ``/`` but/CC we/PRP ca/MD n't/RB all/DT carry/VB it/PRP to/TO that/DT extreme/NN ./. ''/'' ###/### Karen/NNP Nichols/NNP ,/, senior/JJ associate/NN at/IN Michael/NNP Graves/NNP 's/POS architecture/NN firm/NN in/IN Princeton/NNP ,/, N.J./NNP ,/, says/VBZ :/: ``/`` We/PRP 're/VBP really/RB at/IN the/DT mercy/NN of/IN what/WP the/DT construction/NN industry/NN can/MD and/CC will/MD do/VB readily/RB ./. ''/'' ###/### Mr./NNP McDonough/NNP responds/VBZ :/: ``/`` I/PRP 'm/VBP asking/VBG people/NNS to/TO broaden/VB their/PRP$ agendas/NNS ./. ''/'' ###/### The/DT son/NN of/IN a/DT Seagram/NNP 's/POS executive/NN who/WP was/VBD stationed/VBN in/IN many/JJ countries/NNS around/IN the/DT world/NN ,/, Mr./NNP McDonough/NNP was/VBD born/VBN in/IN Tokyo/NNP and/CC attended/VBD 19/CD schools/NNS in/IN places/NNS ranging/VBG from/IN Hong/NNP Kong/NNP to/TO Shaker/NNP Heights/NNPS ,/, Ohio/NNP ,/, before/IN entering/VBG Dartmouth/NNP College/NNP ./. ###/### He/PRP earned/VBD a/DT master/NN 's/POS degree/NN in/IN architecture/NN from/IN Yale/NNP ./. ###/### His/PRP$ interest/NN in/IN the/DT natural/JJ environment/NN dates/VBZ from/IN his/PRP$ youth/NN ./. ###/### He/PRP and/CC his/PRP$ father/NN still/RB spend/VBP time/NN each/DT summer/NN fly-fishing/NN for/IN salmon/NN in/IN Iceland/NNP ./. ###/### Living/VBG in/IN Hong/NNP Kong/NNP ,/, he/PRP says/VBZ ,/, made/VBD him/PRP sensitive/JJ to/TO the/DT limits/NNS on/IN food/NN ,/, power/NN and/CC water/NN supplies/NNS ./. ###/### At/IN his/PRP$ first/JJ school/NN in/IN the/DT U.S./NNP he/PRP was/VBD thought/VBN a/DT little/RB strange/JJ for/IN shutting/VBG off/RP open/JJ water/NN taps/NNS and/CC admonishing/VBG his/PRP$ schoolmates/NNS to/TO take/VB only/JJ brief/JJ showers/NNS ./. ###/### He/PRP and/CC a/DT Dartmouth/NNP roommate/NN established/VBD a/DT company/NN that/WDT restored/VBD three/CD hydroelectric/JJ power/NN plants/NNS in/IN Vermont/NNP ./. ###/### At/IN Yale/NNP ,/, he/PRP designed/VBD one/CD of/IN the/DT first/JJ solarheated/JJ houses/NNS to/TO be/VB built/VBN in/IN Ireland/NNP ./. ###/### Mr./NNP McDonough/NNP 's/POS first/JJ professional/JJ project/NN fully/RB to/TO reflect/VB his/PRP$ environmental/JJ ardor/NN was/VBD his/PRP$ 1986/CD design/NN for/IN the/DT headquarters/NN of/IN the/DT Environmental/NNP Defense/NNP Fund/NNP in/IN New/NNP York/NNP ./. ###/### The/DT offices/NNS took/VBD 10,000/CD square/JJ feet/NNS of/IN a/DT building/NN with/IN 14-foot/JJ ceilings/NNS and/CC big/JJ ,/, operable/JJ windows/NNS ./. ###/### Since/IN the/DT 1970s/NNS energy/NN crisis/NN ,/, some/DT efforts/NNS to/TO conserve/VB energy/NN by/IN sealing/VBG buildings/NNS have/VBP had/VBN an/DT unintended/JJ side/NN effect/NN :/: high/JJ indoor/JJ pollution/NN ./. ###/### To/TO reduce/VB it/PRP at/IN the/DT fund/NN 's/POS building/NN ,/, workers/NNS rubbed/VBD beeswax/NN instead/RB of/IN polyurethane/NN on/IN the/DT floors/NNS in/IN the/DT executive/JJ director/NN 's/POS office/NN ./. ###/### Jute/NN ,/, rather/RB than/IN a/DT synthetic/NN material/NN ,/, lies/VBZ under/IN the/DT tacked-down/JJ carpets/NNS ,/, and/CC the/DT desks/NNS are/VBP of/IN wood/NN and/CC granite/NN instead/RB of/IN plastic/NN ./. ###/### The/DT budget/NN was/VBD only/RB $/$ 400,000/CD ./. ###/### ``/`` Athens/NNP with/IN Spartan/JJ means/NNS ,/, ''/'' Mr./NNP McDonough/NNP says/VBZ ./. ###/### The/DT fund/NN 's/POS lawyers/NNS work/VBP in/IN an/DT Athenian/JJ grove/NN of/IN potted/JJ trees/NNS ./. ###/### Economists/NNS and/CC administrators/NNS sit/VBP along/IN a/DT ``/`` boulevard/NN ''/'' with/IN street/NN lamps/NNS and/CC ficus/NN trees/NNS ./. ###/### In/IN offices/NNS ,/, triphosphorous/JJ bulbs/NNS simulate/VBP daylight/NN ./. ###/### Offices/NNS with/IN outside/JJ windows/NNS have/VBP inside/JJ windows/NNS ,/, too/RB ,/, to/TO let/VB in/IN more/RBR real/JJ daylight/NN ./. ###/### ``/`` We/PRP proved/VBD a/DT healthy/JJ office/NN does/VBZ n't/RB cost/VB more/JJR ,/, ''/'' says/VBZ Frederic/NNP Krupp/NNP ,/, executive/NN director/NN of/IN the/DT fund/NN ./. ###/### It/PRP ``/`` really/RB looks/VBZ beautiful/JJ and/CC is/VBZ very/RB light/JJ ,/, ''/'' says/VBZ Ann/NNP Hornaday/NNP ,/, a/DT free-lance/JJ writer/NN who/WP has/VBZ visited/VBN the/DT office/NN for/IN lunch/NN meetings/NNS ./. ###/### But/CC ,/, she/PRP says/VBZ ,/, ``/`` I/PRP guess/VBP I/PRP did/VBD n't/RB really/RB notice/VB the/DT trees/NNS ./. ###/### Maybe/RB they/PRP were/VBD hidden/VBN by/IN all/PDT the/DT people/NNS ./. ''/'' ###/### Neither/CC the/DT Quilted/NNP Giraffe/NNP nor/CC the/DT Paul/NNP Stuart/NNP renovation/NN reflects/VBZ much/JJ of/IN Mr./NNP McDonough/NNP 's/POS environmental/JJ concern/NN ./. ###/### The/DT restaurant/NN was/VBD conceived/VBN as/IN a/DT sparkling/JJ ,/, crystalline/JJ ``/`` geode/NN ./. ''/'' ###/### It/PRP makes/VBZ extensive/JJ use/NN of/IN stainless/JJ steel/NN ,/, silver/NN and/CC aluminum/NN that/WDT sets/VBZ off/RP black/JJ granite/NN table/NN tops/NNS and/CC a/DT gray/JJ terrazzo/NN with/IN zinc-strip/JJ floors/NNS ./. ###/### To/TO more/RBR than/IN replace/VB the/DT wood/NN from/IN two/CD English/JJ oaks/NNS used/VBN for/IN paneling/NN at/IN Paul/NNP Stuart/NNP ,/, however/RB ,/, Mr./NNP McDonough/NNP and/CC friends/NNS planted/VBD 1,000/CD acorns/NNS around/IN the/DT country/NN ./. ###/### The/DT ambitious/JJ Warsaw/NNP project/NN still/RB awaits/VBZ approval/NN by/IN city/NN officials/NNS ./. ###/### Its/PRP$ developer/NN is/VBZ a/DT Polish/NNP American/NNP ,/, Sasha/NNP Muniak/NNP ./. ###/### He/PRP had/VBD worked/VBN with/IN Mr./NNP McDonough/NNP on/IN an/DT earlier/JJR project/NN and/CC recruited/VBD him/PRP as/IN architect/NN for/IN the/DT trade/NN center/NN ./. ###/### The/DT center/NN will/MD provide/VB space/NN for/IN computer/NN hardware/NN and/CC facsimile/NN and/CC other/JJ telecommunications/NN equipment/NN ,/, not/RB readily/RB accessible/JJ in/IN Poland/NNP now/RB ,/, for/IN a/DT growing/VBG number/NN of/IN Westerners/NNPS doing/VBG business/NN in/IN Eastern/NNP Europe/NNP ./. ###/### Mr./NNP McDonough/NNP thinks/VBZ of/IN the/DT center/NN as/IN the/DT ``/`` Eiffel/NNP Tower/NNP of/IN Warsaw/NNP ''/'' and/CC ``/`` a/DT symbol/NN of/IN the/DT resurgence/NN of/IN Poland/NNP ./. ''/'' ###/### If/IN any/DT nation/NN can/MD use/VB environmentally/RB benign/JJ architecture/NN ,/, it/PRP is/VBZ Poland/NNP ./. ###/### Jessica/NNP Mathews/NNP ,/, vice/NN president/NN of/IN World/NNP Resources/NNPS Institute/NNP in/IN Washington/NNP ,/, D.C./NNP ,/, says/VBZ that/IN perhaps/RB a/DT quarter/NN of/IN Poland/NNP 's/POS soil/NN is/VBZ too/RB contaminated/VBN for/IN safe/JJ farming/NN because/IN of/IN air/NN pollution/NN ./. ###/### The/DT pollution/NN is/VBZ also/RB killing/VBG forests/NNS and/CC destroying/VBG buildings/NNS that/WDT date/VBP back/RB to/TO the/DT Middle/NNP Ages/NNPS ./. ###/### The/DT future/NN of/IN the/DT forest/NN remains/VBZ uncertain/JJ ./. ###/### Mr./NNP Muniak/NNP 's/POS company/NN ,/, Balag/NNP Ltd./NNP ,/, has/VBZ agreed/VBN to/TO set/VB aside/RB the/DT money/NN to/TO plant/VB and/CC maintain/VB it/PRP ,/, but/CC discussions/NNS are/VBP still/RB going/VBG on/RB over/IN where/WRB to/TO place/VB it/PRP and/CC how/WRB to/TO ensure/VB that/IN it/PRP will/MD be/VB maintained/VBN ./. ###/### After/IN all/DT ,/, Mr./NNP Muniak/NNP says/VBZ ,/, ``/`` in/IN Poland/NNP there/EX are/VBP n't/RB too/RB many/JJ people/NNS worried/JJ about/IN the/DT environment/NN ./. ###/### They/PRP 're/VBP more/RBR worried/JJ about/IN bread/NN on/IN the/DT table/NN ./. ###/### Pittston/NNP Co./NNP 's/POS third-quarter/JJ net/JJ income/NN plunged/VBD 79/CD %/NN ,/, reflecting/VBG the/DT impact/NN of/IN a/DT prolonged/JJ and/CC bitter/JJ labor/NN strike/NN at/IN its/PRP$ coal/NN operations/NNS ./. ###/### Net/NN sank/VBD to/TO $/$ 3.1/CD million/CD ,/, or/CC eight/CD cents/NNS a/DT share/NN ,/, including/VBG $/$ 789,000/CD ,/, or/CC two/CD cents/NNS a/DT share/NN ,/, reflecting/VBG a/DT tax-loss/JJ carry-forward/NN ./. ###/### In/IN the/DT year-ago/JJ quarter/NN ,/, net/NN totaled/VBD $/$ 14.7/CD million/CD ,/, or/CC 38/CD cents/NNS a/DT share/NN ,/, including/VBG $/$ 4/CD million/CD ,/, or/CC 10/CD cents/NNS a/DT share/NN ,/, reflecting/VBG a/DT tax-loss/JJ carry-forward/NN ./. ###/### Revenue/NN slipped/VBD 0.7/CD %/NN to/TO $/$ 395.3/CD million/CD from/IN $/$ 398.3/CD million/CD ./. ###/### Pittston/NNP also/RB owns/VBZ Brink/NNP 's/POS Inc./NN ,/, the/DT security/NN service/NN ,/, and/CC Burlington/NNP Air/NNP Express/NNP ,/, the/DT air-freight/JJ concern/NN ./. ###/### In/IN addition/NN to/TO expected/JJ losses/NNS tied/VBN to/TO the/DT labor/NN strike/NN ,/, the/DT coal/NN group/NN has/VBZ spent/VBN almost/RB $/$ 20/CD million/CD since/IN the/DT strike/NN began/VBD for/IN security/NN ,/, the/DT company/NN said/VBD ./. ###/### As/IN a/DT result/NN ,/, the/DT group/NN 's/POS third-quarter/JJ loss/NN widened/VBD to/TO $/$ 9.8/CD million/CD from/IN the/DT second/JJ quarter/NN 's/POS $/$ 3.6/CD million/CD ./. ###/### Pittston/NNP continues/VBZ to/TO hire/VB replacement/NN workers/NNS ,/, the/DT company/NN said/VBD ./. ###/### Burlington/NNP 's/POS operating/NN profit/NN grew/VBD to/TO $/$ 9.2/CD million/CD from/IN $/$ 3.8/CD million/CD a/DT year/NN earlier/RB ,/, Pittston/NNP said/VBD ./. ###/### While/IN ``/`` the/DT tone/NN ''/'' of/IN domestic/JJ and/CC international/JJ air-freight/JJ markets/NNS remains/VBZ sound/JJ ,/, seasonal/JJ factors/NNS are/VBP likely/JJ to/TO hinder/VB Burlington/NNP Air/NNP from/IN matching/VBG third-quarter/JJ results/NNS in/IN the/DT fourth/JJ quarter/NN ,/, Pittston/NNP said/VBD ./. ###/### Brink/NNP 's/POS operating/NN profit/NN was/VBD about/IN flat/RB with/IN the/DT year-earlier/JJ period/NN ,/, reflecting/VBG continued/JJ pricing/NN and/CC cost/NN pressures/NNS ./. ###/### In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN Friday/NNP ,/, Pittston/NNP closed/VBD at/IN $/$ 18.50/CD a/DT share/NN ,/, down/RB 12.5/CD cents/NNS ./. ###/### Does/VBZ n't/RB anybody/NN here/RB want/VB to/TO win/VB this/DT mayor/NN 's/POS race/NN ?/. ###/### As/IN they/PRP stumble/VBP and/CC bumble/VBP toward/IN election/NN day/NN two/CD weeks/NNS from/IN tomorrow/NN ,/, both/DT Democrat/NNP David/NNP Dinkins/NNP and/CC Republican/NNP Rudolph/NNP Giuliani/NNP are/VBP in/IN trouble/NN ./. ###/### Mr./NNP Dinkins/NNP ,/, the/DT Manhattan/NNP borough/NN president/NN ,/, can/MD afford/VB more/RBR bumbling/VBG and/CC stumbling/VBG because/IN he/PRP holds/VBZ a/DT comfortable/JJ 20-point/JJ lead/NN in/IN most/JJS of/IN the/DT public-opinion/JJ polls/NNS ./. ###/### But/CC ,/, in/IN the/DT past/JJ 10/CD days/NNS ,/, he/PRP has/VBZ taken/VBN a/DT series/NN of/IN body/NN blows/NNS to/TO his/PRP$ pride/NN and/CC his/PRP$ reputation/NN that/WDT could/MD adversely/RB affect/VB his/PRP$ ability/NN to/TO govern/VB this/DT tumultuous/JJ city/NN should/MD he/PRP become/VB New/NNP York/NNP 's/POS first/JJ black/JJ mayor/NN ./. ###/### Ordinarily/RB ,/, a/DT clever/JJ opponent/NN would/MD find/VB a/DT way/NN to/TO capitalize/VB on/IN the/DT other/JJ side/NN 's/POS misfortunes/NNS ./. ###/### But/CC Mr./NNP Giuliani/NNP ,/, a/DT celebrated/JJ prosecutor/NN ,/, has/VBZ had/VBN difficulty/NN switching/VBG from/IN his/PRP$ crime-busting/JJ ,/, finger-pointing/JJ mode/NN to/TO a/DT political/JJ stance/NN that/WDT suggests/VBZ he/PRP might/MD know/VB something/NN about/IN running/VBG this/DT big/JJ ,/, troubled/JJ city/NN ./. ###/### And/CC now/RB ,/, at/IN the/DT crucial/JJ moment/NN ,/, he/PRP 's/VBZ running/VBG out/RB of/IN money/NN ./. ###/### This/DT is/VBZ the/DT nation/NN 's/POS biggest/JJS city/NN and/CC ,/, ,/, its/PRP$ mayor/NN is/VBZ the/DT nation/NN 's/POS best-known/JJS urban/JJ politician/NN ./. ###/### Democrats/NNPS hoped/VBD that/IN Mr./NNP Dinkins/NNP could/MD become/VB a/DT highly/RB visible/JJ national/JJ leader/NN ./. ###/### Republicans/NNPS figured/VBD that/IN in/IN Mr./NNP Giuliani/NNP ,/, the/DT nation/NN 's/POS best-known/JJS prosecutor/NN ,/, they/PRP had/VBD a/DT chance/NN for/IN a/DT huge/JJ upset/NN in/IN the/DT heart/NN of/IN Democratic/JJ territory/NN and/CC that/IN they/PRP would/MD pick/VB up/RP a/DT new/JJ political/JJ star/NN ./. ###/### But/CC it/PRP has/VBZ n't/RB worked/VBN out/RB that/DT way/NN ./. ###/### ``/`` Dinkins/NNP is/VBZ a/DT decent/JJ but/CC sloppy/JJ guy/NN ,/, ''/'' says/VBZ David/NNP Garth/NNP ,/, veteran/NN campaign/NN consultant/NN here/RB who/WP has/VBZ always/RB worked/VBN for/IN Mayor/NNP Edward/NNP Koch/NNP ,/, defeated/VBN by/IN Mr./NNP Dinkins/NNP in/IN the/DT Sept./NNP 12/CD Democratic/JJ primary/NN ./. ###/### The/DT alternative/NN --/: Giuliani/NNP --/: is/VBZ ghastly/JJ ./. ''/'' ###/### ``/`` I/PRP guess/VBP we/PRP 'll/MD reluctantly/RB go/VB ahead/RB and/CC do/VB it/PRP ,/, vote/VB for/IN Dinkins/NNP ,/, ''/'' says/VBZ Richard/NNP Wade/NNP ,/, a/DT politically/RB active/JJ professor/NN who/WP supported/VBD Richard/NNP Ravitch/NNP ,/, an/DT also-ran/NN in/IN the/DT Democratic/JJ primary/NN ./. ###/### There/EX 's/VBZ nothing/NN on/IN the/DT other/JJ side/NN ./. ''/'' ###/### ``/`` We/PRP 're/VBP picking/VBG up/RP steam/NN ,/, ''/'' insists/VBZ Roger/NNP Ailes/NNP ,/, Mr./NNP Giuliani/NNP 's/POS media/NNS consultant/NN ,/, whose/WP$ last/JJ big/JJ campaign/NN helped/VBD put/VBN George/NNP Bush/NNP in/IN the/DT White/NNP House/NNP ./. ###/### He/PRP adds/VBZ :/: ``/`` It/PRP just/RB has/VBZ n't/RB gotten/VBN down/IN to/TO the/DT engine/NN room/NN yet/RB ./. ''/'' ###/### But/CC the/DT steam/NN may/MD never/RB reach/VB the/DT engine/NN room/NN ./. ###/### For/IN ,/, just/RB as/IN Mr./NNP Giuliani/NNP latches/VBZ on/IN to/TO an/DT issue/NN that/WDT has/VBZ Mr./NNP Dinkins/NNP reeling/VBG ,/, his/PRP$ campaign/NN desperately/RB needs/VBZ cash/NN to/TO keep/VB Mr./NNP Ailes/NNP 's/POS commercials/NNS on/IN the/DT air/NN beyond/IN Wednesday/NNP or/CC Thursday/NNP ./. ###/### To/TO help/VB out/RB this/DT week/NN ,/, the/DT White/NNP House/NNP is/VBZ dispatching/VBG chief/NN of/IN staff/NN John/NNP Sununu/NNP and/CC three/CD Cabinet/NNP members/NNS --/: HUD/NNP 's/POS Jack/NNP Kemp/NNP ,/, Transportation/NNP 's/POS Samuel/NNP Skinner/NNP and/CC Treasury/NNP 's/POS Nicholas/NNP Brady/NNP ,/, according/VBG to/TO Peter/NNP Powers/NNP ,/, the/DT Giuliani/NNP campaign/NN manager/NN ./. ###/### For/IN Republicans/NNPS who/WP began/VBD this/DT campaign/NN with/IN such/JJ high/JJ hopes/NNS ,/, all/DT of/IN this/DT is/VBZ deeply/RB frustrating/JJ ./. ###/### Historically/NNP ,/, New/NNP York/NNP is/VBZ almost/RB always/RB in/IN trouble/NN ./. ###/### But/CC the/DT trouble/NN it/PRP faces/VBZ now/RB under/IN Democratic/JJ rule/NN seems/VBZ bigger/JJR and/CC more/RBR daunting/JJ than/IN anything/NN it/PRP has/VBZ faced/VBN in/IN the/DT past/NN ./. ###/### This/DT year/NN ,/, the/DT city/NN faces/VBZ a/DT budget/NN deficit/NN that/WDT could/MD become/VB even/RB bigger/JJR next/JJ year/NN ./. ###/### And/CC hardly/RB surprising/JJ ,/, many/JJ residents/NNS trying/VBG to/TO cope/VB with/IN the/DT city/NN 's/POS other/JJ problems/NNS are/VBP constantly/RB on/IN edge/NN ,/, one/CD ethnic/JJ group/NN scrapping/VBG with/IN another/DT ./. ###/### ``/`` People/NNS were/VBD n't/RB so/RB happy/JJ in/IN the/DT 1930s/NNS ,/, ''/'' says/VBZ Thomas/NNP Lessner/NNP ,/, another/DT local/JJ professor/NN and/CC the/DT biographer/NN of/IN the/DT legendary/JJ Fiorello/NNP LaGuardia/NNP ,/, the/DT city/NN 's/POS fusion/NN mayor/NN who/WP built/VBD a/DT coalition/NN Mr./NNP Giuliani/NNP hopes/VBZ to/TO emulate/VB ./. ###/### But/CC ,/, at/IN least/JJS ,/, back/RB then/RB they/PRP did/VBD n't/RB generally/RB direct/VB their/PRP$ anger/NN at/IN each/DT other/JJ ./. ''/'' ###/### The/DT 62-year-old/JJ Mr./NNP Dinkins/NNP ,/, an/DT ex-Marine/NN ,/, has/VBZ served/VBN as/IN the/DT city/NN clerk/NN and/CC as/IN Manhattan/NNP borough/NN president/NN ,/, a/DT job/NN with/IN limited/JJ executive/NN responsibilities/NNS -LRB-/-LRB- ``/`` I/PRP ``/`` I/PRP defy/VBP you/PRP to/TO come/VB up/RB with/IN one/CD major/JJ accomplishment/NN of/IN David/NNP Dinkins/NNP ,/, ''/'' says/VBZ Mr./NNP Giuliani/NNP ./. -RRB-/-RRB- ###/### He/PRP defeated/VBD the/DT contentious/JJ Mr./NNP Koch/NNP in/IN the/DT Democratic/JJ primary/NN partly/RB because/IN he/PRP seemed/VBD to/TO offer/VB hope/NN he/PRP could/MD heal/VB the/DT city/NN 's/POS racial/JJ and/CC ethnic/JJ wounds/NNS ./. ###/### His/PRP$ general-election/JJ campaign/NN is/VBZ almost/RB Reagan-like/JJ ,/, all/DT muted/JJ pictures/NNS and/CC comforting/JJ words/NNS ./. ###/### His/PRP$ theme/NN is/VBZ unity/NN ,/, decency/NN ,/, humanity/NN ,/, bringing/VBG New/NNP York/NNP together/RB again/RB ./. ###/### Both/DT candidates/NNS are/VBP negotiating/VBG about/IN holding/VBG debates/NNS ,/, but/CC Mr./NNP Dinkins/NNP is/VBZ widely/RB seen/VBN as/IN the/DT major/JJ obstacle/NN for/IN scheduling/VBG them/PRP ./. ###/### The/DT 45-year-old/JJ Mr./NNP Giuliani/NNP has/VBZ run/VBN a/DT negative/JJ campaign/NN to/TO pick/VB up/RP votes/NNS leaning/VBG to/TO Mr./NNP Dinkins/NNP ./. ###/### ``/`` He/PRP 's/VBZ got/VBD to/TO get/VB Dinkins/NNP 's/POS negatives/NNS up/RP ,/, ''/'' says/VBZ Lee/NNP Miringoff/NNP ,/, director/NN of/IN the/DT Marist/NNP College/NNP Institute/NNP of/IN Public/NNP Opinion/NNP ./. ###/### ``/`` But/CC our/PRP$ polls/NNS show/VBP voters/NNS do/VBP n't/RB like/VB the/DT attack/NN stuff/NN ./. ###/### Why/WRB ,/, even/RB 20/CD %/NN of/IN the/DT Republican/JJ vote/NN is/VBZ going/VBG to/TO Dinkins/NNP ./. ''/'' ###/### ``/`` It/PRP 's/VBZ assault-weapons/JJ politics/NNS ,/, ''/'' says/VBZ John/NNP Siegal/NNP ,/, Mr./NNP Dinkins/NNP 's/POS issues/NNS director/NN ,/, insisting/VBG there/EX is/VBZ a/DT strong/JJ racist/JJ undertone/NN to/TO the/DT Giuliani/NNP effort/NN ./. ###/### For/IN the/DT Giuliani/NNP forces/NNS ,/, it/PRP 's/VBZ a/DT conundrum/NN ./. ###/### On/IN the/DT one/CD hand/NN ,/, Mr./NNP Giuliani/NNP wants/VBZ to/TO cut/VB into/IN Mr./NNP Dinkins/NNP 's/POS credibility/NN ./. ###/### On/IN the/DT other/JJ ,/, he/PRP seeks/VBZ to/TO convince/VB voters/NNS he/PRP 's/VBZ the/DT new/JJ Fiorello/NNP LaGuardia/NNP --/: affable/JJ ,/, good-natured/JJ and/CC ready/JJ to/TO lead/VB New/NNP York/NNP out/IN of/IN the/DT mess/NN it/PRP 's/VBZ in/IN ###/### It/PRP has/VBZ n't/RB helped/VBN that/IN he/PRP 's/VBZ waffled/VBN on/IN abortion/NN and/CC gay/JJ rights/NNS ,/, sought/VBN the/DT support/NN of/IN both/DT the/DT Liberal/JJ and/CC Conservative/JJ parties/NNS -LRB-/-LRB- he/PRP won/VBD the/DT Liberal/JJ endorsement/NN -RRB-/-RRB- and/CC that/IN he/PRP turned/VBD to/TO comedian/NN Jackie/NNP Mason/NNP for/IN help/NN with/IN Jewish/JJ voters/NNS ./. ###/### Mr./NNP Mason/NNP left/VBD the/DT campaign/NN after/IN telling/VBG reporters/NNS Mr./NNP Dinkins/NNP is/VBZ ``/`` a/DT fancy'shvartzer/NN '/'' with/IN a/DT moustache/NN ./. ''/'' ###/### Shvartzer/NNP is/VBZ a/DT derogatory/JJ Yiddish/JJ word/NN for/IN a/DT black/JJ person/NN ./. ###/### Mr./NNP Dinkins/NNP concedes/VBZ nothing/NN in/IN his/PRP$ ability/NN to/TO stumble/VB and/CC bumble/VB ./. ###/### He/PRP can/MD match/VB Jackie/NNP Mason/NNP with/IN his/PRP$ own/JJ Robert/NNP ``/`` Sonny/NNP ''/'' Carson/NNP ,/, an/DT angry/JJ street/NN organizer/NN who/WP was/VBD convicted/VBN of/IN kidnapping/NN in/IN 1974/CD ./. ###/### The/DT Dinkins/NNP campaign/NN paid/VBD Mr./NNP Carson/NNP close/JJ to/TO $/$ 10,000/CD to/TO get/VB out/RP the/DT vote/NN on/IN primary-election/NN day/NN ./. ###/### Paper/NN work/NN on/IN how/WRB it/PRP was/VBD spent/VBN is/VBZ incomplete/JJ ./. ###/### Mr./NNP Carson/NNP has/VBZ been/VBN charged/VBN with/IN being/VBG anti-Semitic/JJ ./. ###/### Asked/VBN about/IN that/IN the/DT other/JJ day/NN ,/, he/PRP replied/VBD ,/, ``/`` Anti-Semitic/JJ ?/. ###/### I/PRP 'm/VBP anti-white/JJ ./. ''/'' ###/### More/RBR troubling/JJ for/IN Mr./NNP Dinkins/NNP is/VBZ his/PRP$ record/NN in/IN personal/JJ accounting/NN ./. ###/### It/PRP began/VBD in/IN 1973/CD ,/, when/WRB he/PRP was/VBD being/VBG considered/VBN for/IN deputy/NN mayor/NN ,/, and/CC a/DT routine/JJ check/NN unearthed/VBD the/DT extraordinary/JJ fact/NN that/IN he/PRP had/VBD n't/RB paid/VBN his/PRP$ income/NN tax/NN for/IN the/DT previous/JJ four/CD years/NNS ./. ###/### ``/`` I/PRP was/VBD always/RB going/VBG to/TO do/VB it/PRP tomorrow/NN ,/, ''/'' he/PRP explained/VBD at/IN the/DT time/NN ./. ###/### And/CC now/RB he/PRP 's/VBZ busily/RB trying/VBG to/TO explain/VB an/DT arrangement/NN in/IN which/WDT he/PRP sold/VBD stock/NN in/IN Inner/NNP City/NNP Broadcasting/NNP Co./NNP ,/, headed/VBN by/IN his/PRP$ old/JJ friend/NN and/CC patron/NN ,/, Percy/NNP Sutton/NNP ,/, to/TO his/PRP$ son/NN ,/, David/NNP Dinkins/NNP Jr./NNP ,/, for/IN $/$ 58,000/CD ./. ###/### He/PRP had/VBD valued/VBN the/DT shares/NNS at/IN more/JJR than/IN $/$ 1/CD million/CD two/CD years/NNS earlier/RB ./. ###/### He/PRP says/VBZ he/PRP sold/VBD the/DT stock/NN to/TO avoid/VB conflict-of-interest/NN problems/NNS in/IN his/PRP$ role/NN as/IN a/DT voting/VBG member/NN of/IN the/DT city/NN 's/POS Board/NNP of/IN Estimate/NNP ./. ###/### He/PRP says/VBZ his/PRP$ son/NN has/VBZ n't/RB paid/VBN for/IN the/DT shares/NNS ./. ###/### ``/`` It/PRP looks/VBZ like/IN serious/JJ tax/NN evasion/NN ,/, ''/'' says/VBZ Mr./NNP Ailes/NNP ,/, the/DT Giuliani/NNP media/NNS consultant/NN ./. ###/### ``/`` It/PRP follows/VBZ the/DT same/JJ pattern/NN as/IN his/PRP$ tax/NN returns/NNS ./. ###/### He/PRP waits/VBZ to/TO talk/VB about/IN it/PRP until/IN after/IN he/PRP gets/VBZ caught/VBN ./. ''/'' ###/### ``/`` He/PRP simply/RB has/VBZ n't/RB explained/VBN why/WRB something/NN worth/JJ a/DT million/CD dollars/NNS ended/VBD up/RB worth/JJ $/$ 58,000/CD two/CD years/NNS later/RB ,/, ''/'' says/VBZ Mr./NNP Powers/NNP ,/, the/DT Giuliani/NNP campaign/NN manager/NN ./. ###/### It/PRP 's/VBZ ludicrous/JJ for/IN him/PRP to/TO suggest/VB it/PRP 's/VBZ the/DT difference/NN between/IN the'breakup/NN '/'' value/NN of/IN the/DT shares/NNS and/CC their/PRP$ market/NN value/NN ./. ''/'' ###/### So/RB far/RB though/RB ,/, no/DT one/NN --/: not/RB even/RB former/JJ U.S./NNP attorney/NN Giuliani/NNP --/: has/VBZ been/VBN able/JJ to/TO pinpoint/VB just/RB what/WDT law/NN Mr./NNP Dinkins/NNP has/VBZ broken/VBN or/CC just/RB what/WDT tax/NN he/PRP has/VBZ evaded/VBN ./. ###/### ``/`` The/DT crime/NN goes/VBZ to/TO character/NN ,/, ''/'' says/VBZ Ron/NNP Maiorana/NNP ,/, a/DT consultant/NN to/TO the/DT Giuliani/NNP campaign/NN ./. ###/### It/PRP 's/VBZ serious/JJ stuff/NN ./. ###/### He/PRP evades/VBZ and/CC ducks/VBZ ./. ###/### He/PRP 's/VBZ had/VBN a/DT history/NN of/IN deception/NN and/CC this/DT is/VBZ the/DT latest/JJS chapter/NN ./. ''/'' ###/### ``/`` It/PRP makes/VBZ people/NNS think/VB ,/, maybe/RB this/DT guy/NN is/VBZ n't/RB so/RB squeaky/RB clean/JJ after/IN all/DT ,/, ''/'' says/VBZ Mr./NNP Garth/NNP ,/, Mayor/NNP Koch/NNP 's/POS media/NNS consultant/NN ./. ###/### The/DT result/NN may/MD turn/VB out/RB to/TO be/VB a/DT lot/RB closer/JJR than/IN people/NNS think/VBP ./. ###/### The/DT long-running/JJ scandal/NN surrounding/VBG the/DT 1982/CD collapse/NN of/IN Banco/NNP Ambrosiano/NNP was/VBD reignited/VBN by/IN the/DT arrest/NN last/JJ week/NN of/IN Rome/NNP businessman/NN Flavio/NNP Carboni/NNP on/IN fraud/NN charges/NNS ./. ###/### Rome/NNP magistrates/NNS accuse/VBP Mr./NNP Carboni/NNP and/CC several/JJ other/JJ people/NNS of/IN trying/VBG to/TO extort/VB 1.2/CD billion/CD lire/NNS -LRB-/-LRB- $/$ 880,000/CD -RRB-/-RRB- from/IN the/DT Vatican/NNP in/IN return/NN for/IN documents/NNS contained/VBN in/IN the/DT briefcase/NN of/IN Roberto/NNP Calvi/NNP ,/, the/DT Ambrosiano/NNP chairman/NN found/VBD hanged/VBN under/IN London/NNP 's/POS Blackfriar/NNP 's/POS Bridge/NNP shortly/RB before/IN the/DT bank/NN 's/POS collapse/NN ./. ###/### Banco/NNP Ambrosiano/NNP ,/, which/WDT was/VBD Italy/NNP 's/POS largest/JJS private-sector/NN bank/NN ,/, collapsed/VBD in/IN 1982/CD with/IN $/$ 1.3/CD billion/CD of/IN debts/NNS ./. ###/### Most/JJS of/IN the/DT money/NN was/VBD lent/VBN to/TO a/DT series/NN of/IN shell/JJ companies/NNS in/IN Panama/NNP and/CC Luxembourg/NNP that/WDT were/VBD owned/VBN ,/, directly/RB or/CC indirectly/RB ,/, by/IN the/DT Vatican/NNP bank/NN ./. ###/### The/DT Vatican/NNP ,/, which/WDT denies/VBZ any/DT wrongdoing/NN ,/, paid/VBD $/$ 250/CD million/CD to/TO the/DT Milan/NNP bank/NN 's/POS creditors/NNS as/IN a/DT ``/`` goodwill/NN gesture/NN ''/'' in/IN 1985/CD ./. ###/### Italian/JJ news/NN reports/NNS said/VBD Mr./NNP Carboni/NNP and/CC a/DT colleague/NN obtained/VBD 1.2/CD billion/CD lire/NNS in/IN checks/NNS from/IN a/DT Vatican/NNP official/NN ,/, Pavel/NNP Hnilica/NNP ./. ###/### Italian/JJ papers/NNS speculated/VBD the/DT briefcase/NN contained/VBD papers/NNS either/CC exonerating/VBG the/DT Vatican/NNP bank/NN from/IN blame/NN in/IN the/DT scandal/NN ,/, or/CC showing/VBG that/IN the/DT bank/NN ,/, known/VBN as/IN the/DT Istituto/NNP per/FW le/FW Opere/NNP di/FW Religione/NNP ,/, channeled/VBD funds/NNS to/TO East/JJ bloc/NN groups/NNS such/JJ as/IN Solidarity/NNP in/IN Poland/NNP ./. ###/### Neither/CC Mr./NNP Hnilica/NNP ,/, Mr./NNP Carboni/NNP nor/CC Vatican/JJ officials/NNS could/MD be/VB reached/VBN for/IN comment/NN over/IN the/DT weekend/NN ./. ###/### This/DT business/NN trust/NN company/NN said/VBD its/PRP$ board/NN elected/VBD Kieran/NNP E./NNP Burke/NNP ,/, a/DT consultant/NN to/TO Drexel/NNP Burnham/NNP Lambert/NNP Group/NNP Inc./NNP ,/, as/IN chief/JJ executive/NN officer/NN ,/, a/DT new/JJ post/NN ,/, and/CC as/IN president/NN ./. ###/### Mr./NNP Burke/NNP succeeds/VBZ Richard/NNP D./NNP Manley/NNP ,/, who/WP will/MD remain/VB as/IN a/DT consultant/NN to/TO the/DT company/NN ./. ###/### Both/DT men/NNS were/VBD unavailable/JJ to/TO comment/VB ./. ###/### The/DT company/NN also/RB named/VBN Michael/NNP E./NNP Gellert/NNP ,/, a/DT director/NN and/CC a/DT major/JJ shareholder/NN ,/, to/TO fill/VB the/DT vacant/JJ seat/NN of/IN chairman/NN ./. ###/### Britain/NNP 's/POS Serious/NNP Fraud/NNP Office/NNP said/VBD it/PRP will/MD investigate/VB the/DT circumstances/NNS surrounding/VBG alleged/JJ phantom/JJ contracts/NNS at/IN Ferranti/NNP International/NNP Signal/NNP PLC/NNP 's/POS International/NNP Signal/NNP &/CC Control/NNP unit/NN ./. ###/### The/DT investigation/NN ,/, which/WDT will/MD be/VB coordinated/VBN with/IN one/NN already/RB under/IN way/NN in/IN the/DT U.S./NNP ,/, follows/VBZ the/DT discovery/NN of/IN what/WP Ferranti/NNP has/VBZ called/VBN a/DT ``/`` serious/JJ ''/'' fraud/NN involving/VBG its/PRP$ U.S./NNP subsidiary/NN ./. ###/### International/NNP Signal/NNP &/CC Control/NNP ,/, Lancaster/NNP ,/, Pa./NNP ,/, a/DT defense-equipment/JJ manufacturer/NN ,/, was/VBD bought/VBN by/IN Ferranti/NNP in/IN 1987/CD for/IN #/# 420/CD million/CD -LRB-/-LRB- $/$ 670.3/CD million/CD -RRB-/-RRB- ./. ###/### Ferranti/NNP has/VBZ said/VBN that/IN it/PRP would/MD be/VB forced/VBN to/TO write/VB off/RP #/# 185/CD million/CD against/IN the/DT phantom/JJ contracts/NNS ,/, reducing/VBG its/PRP$ net/JJ asset/NN value/NN by/IN more/JJR than/IN half/NN ./. ###/### The/DT Serious/NNP Fraud/NNP Office/NNP ,/, a/DT division/NN of/IN London/NNP 's/POS Metropolitan/NNP Police/NNP responsible/JJ for/IN investigating/VBG financial/JJ crimes/NNS ,/, said/VBD its/PRP$ work/NN would/MD take/VB in/RP ``/`` allegations/NNS of/IN fraud/NN prior/JJ to/TO ,/, surrounding/JJ and/CC subsequent/JJ to/TO the/DT merger/NN ./. ''/'' ###/### Ferranti/NNP said/VBD that/IN it/PRP welcomes/VBZ the/DT investigation/NN and/CC that/IN it/PRP will/MD ``/`` cooperate/VB fully/RB ./. ''/'' ###/### Derek/NNP Alun-Jones/NNP ,/, Ferranti/NNP 's/POS chairman/NN ,/, has/VBZ said/VBN he/PRP hoped/VBD to/TO pursue/VB legal/JJ action/NN against/IN those/DT responsible/JJ ./. ###/### The/DT British/JJ defense/NN electronics/NNS group/NN has/VBZ said/VBD it/PRP will/MD sell/VB #/# 100/CD million/CD in/IN assets/NNS and/CC may/MD seek/VB a/DT merger/NN to/TO strengthen/VB itself/PRP in/IN the/DT wake/NN of/IN its/PRP$ troubles/NNS ./. ###/### Chicago/NNP businessmen/NNS Bertram/NNP M./NNP Lee/NNP and/CC Peter/NNP Bynoe/NNP signed/VBD a/DT new/JJ agreement/NN to/TO purchase/VB the/DT Denver/NNP Nuggets/NNPS basketball/NN team/NN ,/, but/CC not/RB as/IN principal/JJ owners/NNS ./. ###/### On/IN Saturday/NNP ,/, the/DT partners/NNS said/VBD the/DT team/NN would/MD be/VB purchased/VBN for/IN $/$ 54/CD million/CD by/IN a/DT new/JJ group/NN including/VBG Comsat/NNP Video/NNP Enterprises/NNPS Inc./NNP ,/, a/DT unit/NN of/IN Communications/NNPS Satellite/NNP Corp./NNP based/VBN here/RB ./. ###/### Comsat/NNP Video/NNP will/MD pay/VB $/$ 17/CD million/CD for/IN a/DT 62.5/CD %/NN interest/NN ,/, with/IN Messrs./NNPS Lee/NNP and/CC Bynoe/NNP putting/VBG up/RP $/$ 8/CD million/CD for/IN a/DT 37.5/CD %/NN stake/NN in/IN the/DT team/NN ./. ###/### Under/IN terms/NNS of/IN the/DT sale/NN ,/, Nuggets/NNPS owner/NN Sidney/NNP Shlenker/NNP could/MD receive/VB up/IN to/TO $/$ 11/CD million/CD in/IN additional/JJ payments/NNS from/IN the/DT franchise/NN 's/POS future/JJ earnings/NNS ./. ###/### Messrs./NNP Lee/NNP and/CC Bynoe/NNP last/JJ July/NNP announced/VBD a/DT deal/NN that/WDT would/MD have/VB made/VBN them/PRP the/DT first/JJ black/JJ principal/JJ owners/NNS of/IN a/DT major/JJ professional/JJ sports/NNS franchise/NN ./. ###/### But/CC the/DT deal/NN fell/VBD apart/RB last/JJ week/NN for/IN lack/NN of/IN financing/NN ./. ###/### Comsat/NNP Video/NNP is/VBZ headed/VBN by/IN Robert/NNP Wussler/NNP ,/, who/WP resigned/VBD his/PRP$ No./NN 2/CD executive/NN post/NN with/IN Turner/NNP Broadcasting/NNP System/NNP Inc./NNP just/RB two/CD weeks/NNS ago/RB to/TO take/VB the/DT Comsat/NNP position/NN ./. ###/### Comsat/NNP Video/NNP ,/, which/WDT distributes/VBZ pay-per-view/JJ programs/NNS to/TO hotel/NN rooms/NNS ,/, plans/VBZ to/TO add/VB Nuggets/NNPS games/NNS to/TO their/PRP$ offerings/NNS ,/, as/IN Mr./NNP Turner/NNP did/VBD successfully/RB with/IN his/PRP$ Atlanta/NNP Hawks/NNPS and/CC Braves/NNPS sports/NNS teams/NNS ./. ###/### Messrs./NNPS Lee/NNP and/CC Bynoe/NNP will/MD manage/VB the/DT Nuggets/NNPS '/POS day-today/JJ affairs/NNS ./. ###/### Royal/NNP Business/NNP Group/NNP Inc./NNP said/VBD it/PRP filed/VBD suit/NN in/IN federal/JJ court/NN here/RB charging/VBG Realist/NNP Inc./NNP and/CC its/PRP$ directors/NNS with/IN violating/VBG federal/JJ securities/NNS laws/NNS ``/`` by/IN engaging/VBG in/IN a/DT scheme/NN to/TO prevent/VB ''/'' Royal/NNP from/IN acquiring/VBG Realist/NNP ./. ###/### Royal/NNP ,/, which/WDT makes/VBZ and/CC distributes/VBZ business/NN forms/NNS ,/, owns/VBZ an/DT 8/CD %/NN stake/NN in/IN Realist/NNP ./. ###/### Royal/NNP contends/VBZ that/IN Realist/NNP failed/VBD to/TO disclose/VB material/NN information/NN ,/, including/VBG Realist/NNP 's/POS negotiations/NNS to/TO acquire/VB Ammann/NNP Laser/NNP Technik/NNP AG/NNP ,/, to/TO stockholders/NNS prior/RB to/TO Realist/NNP 's/POS June/NNP 6/CD annual/JJ meeting/NN ./. ###/### Royal/NNP 's/POS suit/NN contends/VBZ that/IN the/DT Ammann/NNP acquisition/NN was/VBD ``/`` designed/VBN to/TO entrench/VB management/NN and/CC thwart/VB Royal/NNP 's/POS offer/NN ./. ''/'' ###/### Royal/NNP withdrew/VBD its/PRP$ offer/NN to/TO buy/VB Realist/NNP ,/, a/DT maker/NN of/IN optical/JJ and/CC electronic/JJ products/NNS based/VBN in/IN Menomonee/NNP Falls/NNPS ,/, Wis./NNP ,/, for/IN $/$ 14.06/CD a/DT share/NN in/IN July/NNP after/IN Realist/NNP disclosed/VBD the/DT Ammann/NNP purchase/NN ./. ###/### The/DT suit/NN seeks/VBZ ``/`` in/IN excess/NN of/IN $/$ 350,000/CD in/IN damages/NNS ./. ''/'' ###/### A/DT Realist/NNP official/NN said/VBD the/DT company/NN had/VBD n't/RB yet/RB received/VBN the/DT full/JJ complaint/NN and/CC would/MD n't/RB have/VB a/DT response/NN until/IN it/PRP had/VBD an/DT opportunity/NN to/TO review/VB it/PRP ./. ###/### Winnebago/NNP Industries/NNPS Inc./NNP ,/, battered/VBN by/IN a/DT deepening/VBG slowdown/NN in/IN recreational/JJ vehicle/NN industry/NN sales/NNS ,/, reported/VBD a/DT widened/VBN fourth-quarter/JJ loss/NN and/CC slashed/VBD its/PRP$ dividend/NN in/IN half/NN ./. ###/### The/DT Forest/NNP City/NNP ,/, Iowa/NNP ,/, maker/NN of/IN motor/NN homes/NNS said/VBD it/PRP had/VBD a/DT loss/NN of/IN $/$ 11.3/CD million/CD ,/, or/CC 46/CD cents/NNS a/DT share/NN ,/, in/IN the/DT quarter/NN ended/VBN Aug./NNP 26/CD ./. ###/### A/DT year/NN earlier/RB ,/, the/DT company/NN had/VBD a/DT deficit/NN of/IN $/$ 1.5/CD million/CD ,/, or/CC six/CD cents/NNS a/DT share/NN ./. ###/### The/DT cut/NN in/IN the/DT dividend/NN to/TO 10/CD cents/NNS a/DT share/NN semiannually/RB ,/, from/IN 20/CD cents/NNS ,/, ``/`` would/MD indicate/VB to/TO me/PRP they/PRP do/VBP n't/RB see/VB the/DT problems/NNS being/VBG fixed/VBN real/RB quick/RB ,/, ''/'' said/VBD Frank/NNP Rolfes/NNP ,/, an/DT analyst/NN at/IN Dain/NNP Bosworth/NNP Inc./NNP in/IN Minneapolis/NNP ./. ###/### Indeed/RB ,/, Winnebago/NNP said/VBD it/PRP started/VBD ``/`` several/JJ promotional/JJ programs/NNS ''/'' to/TO spur/VB retail/JJ sales/NNS in/IN the/DT fall/NN and/CC winter/NN ./. ###/### The/DT year/NN was/VBD already/RB shaping/VBG up/RB as/IN a/DT difficult/JJ one/NN for/IN the/DT recreational/JJ vehicle/NN industry/NN ,/, which/WDT makes/VBZ products/NNS such/JJ as/IN motor/NN homes/NNS ,/, travel/NN trailers/NNS ,/, folding/JJ campers/NNS and/CC van/NN conversions/NNS ./. ###/### With/IN the/DT exception/NN of/IN van/NN conversions/NNS ,/, the/DT industry/NN has/VBZ seen/VBN a/DT decline/NN from/IN 1988/CD 's/POS robust/JJ sales/NNS ./. ###/### But/CC the/DT rate/NN of/IN the/DT decline/NN snowballed/VBD in/IN August/NNP ,/, with/IN unit/NN sales/NNS to/TO dealers/NNS for/IN the/DT month/NN down/RB 10.5/CD %/NN from/IN a/DT year/NN earlier/RB ,/, according/VBG to/TO the/DT Recreation/NNP Vehicle/NNP Industry/NNP Association/NNP ./. ###/### At/IN Winnebago/NNP ,/, sales/NNS for/IN the/DT quarter/NN fell/VBD 6/CD %/NN to/TO $/$ 89.5/CD million/CD from/IN $/$ 95.4/CD million/CD a/DT year/NN earlier/RB ./. ###/### The/DT company/NN attributed/VBD the/DT decline/NN to/TO consumers/NNS '/POS concern/NN over/IN interest/NN rates/NNS and/CC gas/NN prices/NNS --/: two/CD key/NN expenses/NNS for/IN RV/NN buyers/NNS ./. ###/### ``/`` It/PRP 's/VBZ a/DT large-ticket/JJ discretionary/JJ purchase/NN ,/, ''/'' said/VBD Robert/NNP Curran/NNP ,/, who/WP follows/VBZ the/DT industry/NN for/IN Merrill/NNP Lynch/NNP &/CC Co/NNP ./. ###/### So/RB when/WRB there/EX 's/VBZ talk/NN and/CC concern/NN about/IN the/DT economy/NN ,/, it/PRP 's/VBZ not/RB unreasonable/JJ for/IN a/DT portion/NN of/IN the/DT buying/VBG public/NN to/TO defer/VB purchases/NNS ./. ''/'' ###/### Mr./NNP Curran/NNP expects/VBZ industry/NN RV/NN sales/NNS for/IN all/DT of/IN 1989/CD to/TO fall/VB about/IN 5/CD %/NN from/IN 1988/CD ,/, when/WRB sales/NNS of/IN 427,300/CD units/NNS were/VBD the/DT highest/JJS since/IN 1978/CD ./. ###/### And/CC he/PRP said/VBD the/DT weakness/NN could/MD continue/VB in/IN the/DT first/JJ half/NN of/IN next/JJ year/NN ./. ###/### But/CC he/PRP said/VBD the/DT industry/NN has/VBZ ``/`` a/DT good/JJ decade/NN ahead/RB ,/, ''/'' particularly/RB if/IN aging/VBG baby/NN boomers/NNS fulfill/VBP the/DT industry/NN 's/POS dreams/NNS by/IN buying/VBG RVs/NNS ./. ###/### Winnebago/NNP was/VBD hit/VBN especially/RB hard/RB in/IN the/DT latest/JJS downturn/NN because/IN unit/NN sales/NNS in/IN its/PRP$ bread-and-butter/JJ motor/NN home/NN business/NN tumbled/VBD 25/CD %/NN industrywide/RB in/IN August/NNP ,/, and/CC 10.4/CD %/NN in/IN the/DT first/JJ eight/CD months/NNS of/IN the/DT year/NN ./. ###/### The/DT company/NN said/VBD it/PRP also/RB suffered/VBD in/IN the/DT quarter/NN from/IN incentive/NN programs/NNS ,/, losses/NNS from/IN discontinuing/VBG a/DT motor/NN home/NN line/NN and/CC costs/NNS of/IN developing/VBG a/DT new/JJ commercial/JJ vehicle/NN ,/, among/IN other/JJ things/NNS ./. ###/### The/DT news/NN sent/VBD Winnebago/NNP stock/NN falling/VBG 62.5/CD cents/NNS ,/, to/TO $/$ 5.25/CD ,/, in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading-a/NN 52-week/JJ low/NN ./. ###/### The/DT dividend/NN cut/NN will/MD prove/VB most/RBS costly/JJ for/IN John/NNP K./NNP Hanson/NNP ,/, Winnebago/NNP 's/POS founder/NN and/CC chairman/NN ./. ###/### Based/VBN on/IN his/PRP$ control/NN of/IN about/IN 45/CD %/NN of/IN Winnebago/NNP 's/POS 24.7/CD million/CD shares/NNS ,/, his/PRP$ annual/JJ dividend/NN income/NN would/MD be/VB cut/VBN to/TO about/IN $/$ 2.2/CD million/CD from/IN $/$ 4.4/CD million/CD ./. ###/### For/IN the/DT year/NN ,/, Winnebago/NNP had/VBD a/DT loss/NN of/IN $/$ 4.7/CD million/CD ,/, or/CC 19/CD cents/NNS a/DT share/NN ,/, following/VBG profit/NN of/IN $/$ 2.7/CD million/CD ,/, or/CC 11/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RB ./. ###/### Sales/NNS rose/VBD 2/CD %/NN to/TO $/$ 437.5/CD million/CD from/IN $/$ 430.3/CD million/CD ./. ###/### Bullish/JJ bond/NN market/NN sentiment/NN is/VBZ on/IN the/DT rise/NN again/RB ./. ###/### As/IN the/DT government/NN prepares/VBZ to/TO release/VB the/DT next/JJ batch/NN of/IN economic/JJ reports/NNS ,/, the/DT consensus/NN among/IN economists/NNS and/CC money/NN managers/NNS is/VBZ that/IN the/DT news/NN will/MD be/VB negative/JJ ./. ###/### And/CC that/DT ,/, they/PRP say/VBP ,/, will/MD be/VB good/JJ for/IN bonds/NNS ./. ###/### ``/`` Recent/JJ data/NNS have/VBP indicated/VBN somewhat/RB weaker/JJR economic/JJ activity/NN ,/, ''/'' said/VBD Elliott/NNP Platt/NNP ,/, director/NN of/IN economic/JJ research/NN at/IN Donaldson/NNP ,/, Lufkin/NNP &/CC Jenrette/NNP Securities/NNPS ./. ###/### Mr./NNP Platt/NNP is/VBZ advising/VBG clients/NNS that/IN ``/`` the/DT near-term/JJ direction/NN of/IN bond/NN prices/NNS is/VBZ likely/JJ to/TO remain/VB upward/JJ ./. ''/'' ###/### Analysts/NNS insist/VBP that/IN even/RB without/IN help/NN from/IN a/DT shaky/JJ stock/NN market/NN ,/, which/WDT provided/VBD a/DT temporary/JJ boost/NN for/IN bonds/NNS during/IN the/DT Oct./NNP 13/CD stock/NN market/NN plunge/NN ,/, bond/NN prices/NNS will/MD start/VB to/TO climb/VB on/IN the/DT prospects/NNS that/IN the/DT Federal/NNP Reserve/NNP will/MD allow/VB interest/NN rates/NNS to/TO move/VB lower/RBR in/IN the/DT coming/VBG weeks/NNS ./. ###/### That/DT would/MD be/VB comforting/JJ to/TO fixed-income/JJ investors/NNS ,/, many/DT of/IN whom/WP were/VBD badly/RB burned/JJ in/IN the/DT third/JJ quarter/NN by/IN incorrectly/RB assuming/VBG that/IN the/DT Fed/NNP would/MD ease/VB ./. ###/### Investors/NNS rushed/VBD to/TO buy/VB bonds/NNS during/IN the/DT summer/NN as/IN prices/NNS soared/VBD on/IN speculation/NN that/IN interest/NN rates/NNS would/MD continue/VB to/TO fall/VB ./. ###/### But/CC when/WRB it/PRP became/VBD clear/JJ that/IN rates/NNS had/VBD stabilized/VBN and/CC that/IN the/DT Fed/NNP 's/POS credit-easing/JJ policy/NN was/VBD on/IN hold/NN ,/, bond/NN yields/NNS jumped/VBD and/CC prices/NNS tumbled/VBD ./. ###/### Long-term/JJ bonds/NNS have/VBP performed/VBN erratically/RB this/DT year/NN ./. ###/### For/IN example/NN ,/, a/DT group/NN of/IN long-term/JJ Treasury/NNP bonds/NNS tracked/VBN by/IN Merrill/NNP Lynch/NNP &/CC Co./NNP produced/VBD a/DT total/JJ return/NN of/IN 1/CD %/NN in/IN the/DT first/JJ quarter/NN ,/, 12.45/CD %/NN in/IN the/DT second/JJ quarter/NN and/CC %/NN in/IN the/DT third/JJ quarter/NN ./. ###/### Total/JJ return/NN is/VBZ price/NN changes/NNS plus/CC interest/NN income/NN ./. ###/### Now/RB some/DT investment/NN analysts/NNS insist/VBP that/IN the/DT economic/JJ climate/NN has/VBZ turned/VBN cold/JJ and/CC gloomy/JJ ,/, and/CC they/PRP are/VBP urging/VBG clients/NNS to/TO buy/VB bonds/NNS before/IN the/DT rally/NN begins/VBZ ./. ###/### Among/IN other/JJ things/NNS ,/, economists/NNS note/VBP that/IN consumer/NN spending/NN is/VBZ slowing/VBG ,/, corporate/JJ profit/NN margins/NNS are/VBP being/VBG squeezed/VBN ,/, business/NN confidence/NN is/VBZ slipping/VBG and/CC construction/NN and/CC manufacturing/NN industries/NNS are/VBP depressed/JJ ./. ###/### At/IN the/DT same/JJ time/NN ,/, last/JJ week/NN 's/POS consumer/NN price/NN index/NN showed/VBD that/DT inflation/NN is/VBZ moderating/VBG ./. ###/### Add/VB it/PRP all/DT up/RP and/CC it/PRP means/VBZ ``/`` that/IN the/DT Fed/NNP has/VBZ a/DT little/JJ leeway/NN to/TO ease/VB its/PRP$ credit/NN policy/NN stance/NN without/IN the/DT risk/NN of/IN rekindling/VBG inflation/NN ,/, ''/'' said/VBD Norman/NNP Robertson/NNP ,/, chief/JJ economist/NN at/IN Mellon/NNP Bank/NNP Corp./NNP ,/, Pittsburgh/NNP ./. ###/### I/PRP think/VBP we/PRP will/MD see/VB a/DT federal/JJ funds/NNS rate/NN of/IN close/JJ to/TO 8/CD %/NN in/IN the/DT next/JJ two/CD weeks/NNS and/CC 8/CD %/NN by/IN year/NN end/NN ./. ''/'' ###/### The/DT federal/JJ funds/NNS rate/NN ,/, which/WDT banks/NNS charge/VBP each/DT other/JJ on/IN overnight/JJ loans/NNS ,/, is/VBZ considered/VBN an/DT early/JJ signal/NN of/IN changes/NNS in/IN the/DT Fed/NNP 's/POS credit/NN policy/NN ./. ###/### Economists/NNS generally/RB agree/VBP that/IN the/DT rate/NN was/VBD lowered/VBN by/IN the/DT Fed/NNP from/IN around/IN 9/CD %/NN ,/, where/WRB it/PRP had/VBD been/VBN since/IN July/NNP ,/, to/TO about/IN 8/CD %/NN in/IN early/JJ October/NNP on/IN the/DT heels/NNS of/IN a/DT weak/JJ employment/NN report/NN ./. ###/### Although/IN the/DT rate/NN briefly/RB drifted/VBD even/RB lower/RBR following/VBG the/DT stock/NN market/NN sell-off/NN that/WDT occurred/VBD Oct./NNP 13/CD ,/, it/PRP ended/VBD Friday/NNP at/IN about/IN 8/CD %/NN ./. ###/### James/NNP Kochan/NNP ,/, chief/JJ fixed-income/JJ strategist/NN at/IN Merrill/NNP Lynch/NNP ,/, is/VBZ touting/VBG shorter-term/JJR securities/NNS ,/, which/WDT he/PRP says/VBZ should/MD benefit/VB more/RBR quickly/RB than/IN longer-term/JJR bonds/NNS as/IN interest/NN rates/NNS fall/VBP ./. ###/### ``/`` Given/VBN our/PRP$ forecast/NN for/IN lower/JJR rates/NNS ,/, purchases/NNS made/VBN now/RB should/MD prove/VB quite/RB rewarding/JJ before/IN year/NN end/NN ,/, ''/'' he/PRP said/VBD ./. ###/### Mr./NNP Kochan/NNP also/RB likes/VBZ long-term/JJ ,/, investment-grade/JJ corporate/JJ bonds/NNS and/CC long-term/JJ Treasurys/NNPS ./. ###/### He/PRP says/VBZ these/DT bonds/NNS should/MD appreciate/VB in/IN value/NN as/IN some/DT investors/NNS ,/, reacting/VBG to/TO the/DT recent/JJ turmoil/NN in/IN the/DT stock/NN and/CC high-yield/JJ junk/NN bond/NN markets/NNS ,/, seek/VBP safer/JJR securities/NNS ./. ###/### ``/`` If/IN the/DT -LCB-/-LRB- Tennessee/NNP Valley/NNP Authority/NNP -RCB-/-RRB- sale/NN is/VBZ any/DT guide/NN ,/, there/EX appears/VBZ to/TO be/VB good/JJ demand/NN for/IN top-quality/JJ ,/, long-term/JJ paper/NN from/IN both/DT domestic/JJ and/CC overseas/JJ accounts/NNS ,/, ''/'' he/PRP said/VBD ./. ###/### TVA/NNP ,/, in/IN its/PRP$ first/JJ public/JJ debt/NN offering/NN in/IN 15/CD years/NNS ,/, sold/VBD $/$ 4/CD billion/CD of/IN long-term/JJ and/CC intermediate-term/JJ securities/NNS last/JJ week/NN ./. ###/### Strong/JJ investor/NN demand/NN prompted/VBD the/DT utility/NN to/TO boost/VB the/DT size/NN of/IN the/DT issue/NN from/IN $/$ 3/CD billion/CD ./. ###/### TVA/NNP ,/, which/WDT operates/VBZ one/CD of/IN the/DT nation/NN 's/POS largest/JJS electric/JJ power/NN systems/NNS ,/, is/VBZ a/DT corporation/NN owned/VBN by/IN the/DT federal/JJ government/NN ./. ###/### But/CC persuading/VBG investors/NNS to/TO buy/VB bonds/NNS may/MD be/VB especially/RB tough/JJ this/DT week/NN ,/, when/WRB the/DT U.S./NNP government/NN will/MD auction/VB more/JJR than/IN $/$ 30/CD billion/CD of/IN new/JJ securities/NNS ./. ###/### Today/NN ,/, the/DT Treasury/NNP Department/NNP will/MD sell/VB $/$ 15.6/CD billion/CD of/IN three-month/JJ and/CC six-month/JJ bills/NNS at/IN the/DT regular/JJ weekly/JJ auction/NN ./. ###/### Tomorrow/NN ,/, the/DT Treasury/NNP will/MD sell/VB $/$ 10/CD billion/CD of/IN two-year/JJ notes/NNS ./. ###/### Resolution/NNP Funding/NNP Corp./NNP ,/, known/VBN as/IN Refcorp/NNP ,/, a/DT division/NN of/IN a/DT new/JJ government/NN agency/NN created/VBN to/TO bail/VB out/RP the/DT nation/NN 's/POS troubled/JJ savings/NNS and/CC loan/NN associations/NNS ,/, will/MD hold/VB its/PRP$ first/JJ bond/NN auction/NN Wednesday/NNP ,/, when/WRB it/PRP will/MD sell/VB $/$ 4.5/CD billion/CD of/IN 30-year/JJ bonds/NNS ./. ###/### All/DT of/IN this/DT comes/VBZ ahead/RB of/IN the/DT government/NN 's/POS big/JJ quarterly/JJ refunding/NN of/IN the/DT federal/JJ debt/NN ,/, which/WDT takes/VBZ place/NN sometime/RB in/IN November/NNP ./. ###/### So/RB far/RB ,/, investors/NNS have/VBP n't/RB shown/VBN much/JJ appetite/NN for/IN Refcorp/NNP 's/POS initial/JJ bond/NN offering/NN ./. ###/### Roger/NNP Early/NNP ,/, a/DT portfolio/NN manager/NN at/IN Federated/NNP Investors/NNPS Corp./NNP ,/, said/VBD that/IN yields/NNS on/IN the/DT so-called/JJ bailout/NN bonds/NNS are/VBP n't/RB high/JJ enough/RB to/TO attract/VB his/PRP$ attention/NN ./. ###/### ``/`` Why/WRB should/MD I/PRP bother/VB with/IN something/NN that/WDT 's/VBZ an/DT unknown/NN for/IN a/DT very/RB small/JJ pickup/NN in/IN yield/NN ?/. ''/'' he/PRP said/VBD ./. ###/### ``/`` I/PRP 'm/VBP not/RB going/VBG to/TO jump/VB on/IN them/PRP the/DT first/JJ day/NN they/PRP come/VBP out/RB ./. ''/'' ###/### He/PRP seems/VBZ to/TO be/VB typical/JJ of/IN many/JJ professional/JJ money/NN managers/NNS ./. ###/### When/WRB the/DT size/NN of/IN the/DT Refcorp/NNP offering/NN was/VBD announced/VBN last/JJ week/NN and/CC when-issued/VBN trading/NN activity/NN began/VBD ,/, the/DT bailout/NN bonds/NNS were/VBD yielding/VBG about/IN percentage/NN point/NN more/JJR than/IN the/DT Treasury/NNP 's/POS benchmark/JJ 30-year/JJ bond/NN ./. ###/### On/IN Friday/NNP ,/, the/DT yield/NN was/VBD quoted/VBN at/IN about/IN percentage/NN point/NN higher/JJR than/IN the/DT benchmark/JJ bond/NN ,/, an/DT indication/NN of/IN weak/JJ demand/NN ./. ###/### Some/DT economists/NNS believe/VBP that/IN yields/NNS on/IN all/DT Treasury/NNP securities/NNS may/MD rise/VB this/DT week/NN as/IN the/DT market/NN struggles/VBZ to/TO absorb/VB the/DT new/JJ supply/NN ./. ###/### But/CC once/RB the/DT new/JJ securities/NNS are/VBP digested/VBN ,/, they/PRP expect/VBP investors/NNS to/TO focus/VB on/IN the/DT weak/JJ economic/JJ data/NNS ./. ###/### ``/`` The/DT supply/NN is/VBZ not/RB a/DT constraint/NN to/TO the/DT market/NN ,/, ''/'' said/VBD Samuel/NNP Kahan/NNP ,/, chief/JJ financial/JJ economist/NN at/IN Kleinwort/NNP Benson/NNP Government/NNP Securities/NNPS Inc/NNP ./. ###/### If/IN one/PRP thinks/VBZ that/IN rates/NNS are/VBP going/VBG down/RB ,/, you/PRP do/VBP n't/RB care/VB how/WRB much/JJ supply/NN is/VBZ coming/VBG ./. ''/'' ###/### Friday/NNP 's/POS Market/NN Activity/NN ###/### Most/JJS bond/NN prices/NNS fell/VBD on/IN concerns/NNS about/IN this/DT week/NN 's/POS new/JJ supply/NN and/CC disappointment/NN that/IN stock/NN prices/NNS did/VBD n't/RB stage/VB a/DT sharp/JJ decline/NN ./. ###/### Junk/NN bond/NN prices/NNS moved/VBD higher/RBR ,/, however/RB ./. ###/### In/RBR early/JJ trading/NN ,/, Treasury/NNP bonds/NNS were/VBD higher/JJR on/IN expectations/NNS that/IN a/DT surge/NN in/IN buying/NN among/IN Japanese/JJ investors/NNS would/MD continue/VB ./. ###/### Also/RB providing/VBG support/NN to/TO Treasurys/NNPS was/VBD hope/NN that/IN the/DT stock/NN market/NN might/MD see/VB declines/NNS because/RB of/IN the/DT expiration/NN of/IN some/DT stock-index/NN futures/NNS and/CC options/NNS on/IN indexes/NNS and/CC individual/JJ stocks/NNS ./. ###/### Those/DT hopes/NNS were/VBD dashed/VBN when/WRB the/DT stock/NN market/NN put/VBD in/RP a/DT relatively/RB quiet/JJ performance/NN ./. ###/### Treasury/NNP bonds/NNS ended/VBD with/IN losses/NNS of/IN as/RB much/JJ as/IN point/NN ,/, or/CC about/IN $/$ 2.50/CD for/IN each/DT $/$ 1,000/CD face/NN amount/NN ./. ###/### The/DT benchmark/JJ 30-year/JJ bond/NN ,/, which/WDT traded/VBN as/RB high/JJ as/IN 102/CD during/IN the/DT day/NN ,/, ended/VBD at/IN 101/CD ./. ###/### The/DT yield/NN on/IN the/DT benchmark/JJ bond/NN rose/VBD slightly/RB to/TO 7.98/CD %/NN from/IN 7.96/CD %/NN ./. ###/### In/IN the/DT corporate/JJ bond/NN market/NN ,/, traders/NNS said/VBD the/DT new-issue/JJ market/NN for/IN junk/NN bonds/NNS is/VBZ likely/JJ to/TO pick/VB up/RB following/VBG Chicago/NNP &/CC North/NNP Western/NNP Acquisition/NNP Corp./NNP 's/POS $/$ 475/CD million/CD junk/NN bond/NN offering/NN Friday/NNP ./. ###/### Today/NN ,/, for/IN example/NN ,/, underwriters/NNS at/IN Morgan/NNP Stanley/NNP &/CC Co./NNP said/VBD they/PRP expect/VBP to/TO price/VB a/DT $/$ 150/CD million/CD ,/, 12-year/JJ senior/JJ subordinated/JJ debenture/NN offering/NN by/IN Imo/NNP Industries/NNPS Inc/NNP ./. ###/### Traders/NNS expect/VBP the/DT issue/NN to/TO be/VB priced/VBN to/TO yield/VB 12/CD %/NN ./. ###/### Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP said/VBD that/IN a/DT $/$ 150/CD million/CD senior/JJ subordinated/JJ discount/NN debenture/NN issue/NN by/IN R.P./NNP Scherer/NNP Drugs/NNPS is/VBZ expected/VBN by/IN the/DT end/NN of/IN the/DT month/NN ./. ###/### However/RB ,/, despite/IN the/DT big/JJ new-issue/JJ calendar/NN ,/, many/JJ junk/NN bond/NN investors/NNS and/CC analysts/NNS are/VBP skeptical/JJ the/DT deals/NNS will/MD get/VB done/VBN ./. ###/### ``/`` There/EX are/VBP about/IN a/DT dozen/NN more/JJR deals/NNS coming/VBG ,/, ''/'' said/VBD Michael/NNP McNamara/NNP ,/, director/NN of/IN fixed-income/JJ research/NN at/IN Kemper/NNP Financial/NNP Services/NNPS Inc/NNP ./. ###/### If/IN they/PRP had/VBD this/DT much/JJ trouble/NN with/IN Chicago/NNP &/CC North/NNP Western/NNP ,/, they/PRP are/VBP going/VBG to/TO have/VB an/DT awful/JJ time/NN with/IN the/DT rest/NN ./. ''/'' ###/### Last/JJ week/NN ,/, underwriters/NNS were/VBD forced/VBN to/TO postpone/VB three/CD junk/NN bond/NN deals/NNS because/IN of/IN recent/JJ weakness/NN in/IN the/DT market/NN ./. ###/### And/CC pressure/NN by/IN big/JJ investors/NNS forced/VBD Donaldson/NNP Lufkin/NNP &/CC Jenrette/NNP Securities/NNPS Corp./NNP to/TO sweeten/VB Chicago/NNP &/CC North/NNP Western/NNP 's/POS $/$ 475/CD million/CD junk/NN bond/NN offering/NN ./. ###/### After/IN hours/NNS of/IN negotiating/NN that/IN stretched/VBN late/RB into/IN Thursday/NNP night/NN ,/, underwriters/NNS priced/VBD the/DT 12-year/JJ issue/NN of/IN resettable/JJ senior/JJ subordinated/JJ debentures/NNS at/IN par/NN to/TO yield/VB 14.75/CD %/NN ,/, higher/JJR than/IN the/DT 14.5/CD %/NN that/WDT had/VBD been/VBN expected/VBN ./. ###/### The/DT coupon/NN on/IN the/DT issue/NN will/MD be/VB reset/VB in/IN one/CD year/NN at/IN a/DT rate/NN that/WDT will/MD give/VB the/DT issue/NN a/DT market/NN value/NN of/IN 101/CD ./. ###/### However/RB ,/, the/DT maximum/NN coupon/NN rate/NN on/IN the/DT issue/NN when/WRB it/PRP is/VBZ reset/JJ is/VBZ 15.50/CD %/NN ./. ###/### Debenture/NN holders/NNS also/RB will/MD receive/VB the/DT equivalent/NN of/IN 10/CD %/NN of/IN the/DT common/JJ stock/NN in/IN Chicago/NNP &/CC North/NNP Western/NNP 's/POS parent/NN company/NN ./. ###/### ``/`` The/DT coupon/NN was/VBD raised/VBN to/TO induce/VB some/DT of/IN the/DT big/JJ players/NNS on/IN the/DT fence/NN to/TO come/VB in/RB ,/, ''/'' said/VBD a/DT spokesman/NN for/IN Donaldson/NNP ./. ###/### We/PRP put/VBP a/DT price/NN on/IN the/DT deal/NN that/WDT the/DT market/NN required/VBD to/TO get/VB it/PRP done/VBN ./. ''/'' ###/### The/DT spokesman/NN said/VBD the/DT issue/NN was/VBD sold/VBN out/RB and/CC met/VBD with/IN strong/JJ interest/NN abroad/RB ,/, particularly/RB from/IN Japanese/JJ investors/NNS ./. ###/### In/IN the/DT secondary/JJ ,/, or/CC resale/NN ,/, market/NN ,/, junk/NN bonds/NNS closed/VBD point/NN higher/RBR ,/, while/IN investment-grade/JJ corporate/JJ bonds/NNS fell/VBD to/TO point/NN ./. ###/### Sotheby/NNP 's/POS Inc./NNP 's/POS gamble/NN in/IN the/DT art-dealing/JJ business/NN appears/VBZ to/TO have/VB paid/VBN off/RB ./. ###/### The/DT New/NNP York/NNP arm/NN of/IN the/DT London-based/JJ auction/NN house/NN auctioned/VBD off/RP the/DT estate/NN of/IN John/NNP T./NNP Dorrance/NNP Jr./NNP ,/, the/DT Campbell/NNP 's/POS Soup/NNP Co./NNP heir/NN ,/, for/IN $/$ 131/CD million/CD last/JJ week/NN ,/, a/DT record/NN for/IN a/DT single-owner/JJ art/NN collection/NN ./. ###/### That/DT total/NN was/VBD below/IN the/DT $/$ 140/CD million/CD the/DT auction/NN house/NN estimated/VBD the/DT collection/NN might/MD sell/VB for/IN ,/, but/CC was/VBD enough/RB to/TO ensure/VB that/IN an/DT unprecedented/JJ financial/JJ arrangement/NN Sotheby/NNP 's/POS had/VBD made/VBN with/IN the/DT Dorrance/NNP family/NN proved/VBD profitable/JJ to/TO the/DT auction/NN house/NN ./. ###/### Sotheby/NNP 's/VBZ provided/VBD the/DT Dorrance/NNP family/NN a/DT guarantee/NN of/IN at/IN least/JJS $/$ 100/CD million/CD ,/, and/CC as/RB much/JJ as/IN $/$ 120/CD million/CD ,/, to/TO obtain/VB the/DT collection/NN ,/, people/NNS familiar/JJ with/IN the/DT transaction/NN said/VBD ,/, thus/RB taking/VBG a/DT greater/JJR than/IN usual/JJ financial/JJ interest/NN in/IN the/DT property/NN to/TO be/VB sold/VBN ./. ###/### The/DT Dorrance/NNP estate/NN ,/, auctioned/VBN off/RB in/IN a/DT series/NN of/IN sales/NNS held/VBN over/IN four/CD days/NNS ,/, included/VBD porcelains/NNS ,/, furniture/NN and/CC paintings/NNS ./. ###/### An/DT Henri/NNP Matisse/NNP ,/, auctioned/VBN last/JJ Wednesday/NNP ,/, fetched/VBD $/$ 12.4/CD million/CD ,/, a/DT world/NN record/NN for/IN the/DT artist/NN ./. ###/### In/IN addition/NN ,/, a/DT handful/NN of/IN paintings/NNS from/IN the/DT Dorrance/NNP collection/NN remain/VBP to/TO be/VB sold/VBN at/IN Sotheby/NNP 's/POS annual/JJ old/JJ masters/NNS paintings/NNS auction/NN in/IN January/NNP ./. ###/### The/DT Better/NNP Business/NNP Bureau/NNP of/IN San/NNP Diego/NNP and/CC the/DT state/NN Attorney/NNP General/NNP 's/POS office/NN entered/VBD into/IN a/DT settlement/NN stemming/VBG from/IN an/DT investigation/NN of/IN bureau-sponsored/JJ business/NN directories/NNS published/VBN by/IN an/DT outside/JJ firm/NN ,/, Better/NNP Book/NNP Inc/NNP ./. ###/### The/DT settlement/NN stems/VBZ from/IN charges/NNS that/IN Better/NNP Book/NNP ,/, now/RB defunct/JJ ,/, made/VBD misrepresentations/NNS in/IN selling/VBG advertising/NN for/IN the/DT directories/NNS and/CC memberships/NNS in/IN the/DT bureau/NN from/IN 1984/CD to/TO 1986/CD ./. ###/### Without/IN admitting/VBG any/DT guilt/NN ,/, the/DT bureau/NN agreed/VBD to/TO several/JJ conditions/NNS if/IN it/PRP again/RB contracts/VBZ with/IN an/DT outside/JJ firm/NN to/TO publish/VB its/PRP$ directories/NNS ./. ###/### The/DT conditions/NNS include/VBP not/RB misrepresenting/VBG how/WRB many/JJ directories/NNS will/MD be/VB distributed/VBN ,/, and/CC agreeing/VBG to/TO make/VB refunds/NNS to/TO directory/NN advertisers/NNS if/IN any/DT misrepresentations/NNS are/VBP involved/VBN in/IN the/DT sale/NN ./. ###/### The/DT Attorney/NNP General/NNP 's/POS investigation/NN was/VBD sparked/VBN by/IN lawsuits/NNS and/CC charges/NNS by/IN angry/JJ California/NNP businesspeople/NN that/IN they/PRP were/VBD swindled/VBN in/IN a/DT bureau-sponsored/JJ directory/NN project/NN contracted/VBN by/IN Better/NNP Book/NNP ./. ###/### The/DT uproar/NN led/VBD to/TO the/DT closing/NN of/IN the/DT Los/NNP Angeles/NNP Better/NNP Business/NNP Bureau/NNP in/IN late/JJ 1987/CD ./. ###/### McCaw/NNP Cellular/NNP Communications/NNPS Inc./NNP said/VBD it/PRP obtained/VBD ``/`` firm/JJ ''/'' financing/NN commitments/NNS from/IN three/CD major/JJ banks/NNS in/IN regard/NN to/TO its/PRP$ offer/NN for/IN 50.3/CD %/NN of/IN LIN/NNP Broadcasting/NNP Corp/NNP ./. ###/### Morgan/NNP Guaranty/NNP Trust/NNP ,/, Toronto-Dominion/NNP Bank/NNP and/CC Provident/NNP National/NNP Bank/NNP ,/, an/DT affiliate/NN of/IN PNC/NNP Financial/NNP Corp./NNP ,/, jointly/RB committed/VBD $/$ 1.2/CD billion/CD of/IN financing/NN ,/, subject/JJ to/TO certain/JJ conditions/NNS ,/, McCaw/NNP said/VBD ./. ###/### Further/RBR ,/, McCaw/NNP said/VBD the/DT banks/NNS expressed/VBD confidence/NN that/IN the/DT balance/NN of/IN the/DT $/$ 4.5/CD billion/CD bank/NN facility/NN will/MD be/VB committed/VBN within/IN the/DT next/JJ several/JJ weeks/NNS by/IN a/DT syndicate/NN of/IN foreign/JJ and/CC domestic/JJ banks/NNS ./. ###/### Morgan/NNP ,/, Toronto-Dominion/NNP and/CC Provident/NNP are/VBP leading/VBG that/DT syndicate/NN ./. ###/### McCaw/NNP is/VBZ offering/VBG to/TO buy/VB 22/CD million/CD shares/NNS of/IN LIN/NNP for/IN $/$ 125/CD each/DT in/IN cash/NN ,/, which/WDT would/MD result/VB in/IN McCaw/NNP owning/VBG 50.3/CD %/NN of/IN the/DT cellular-phone/NN and/CC broadcasting/NN concern/NN ./. ###/### The/DT offer/NN is/VBZ in/IN limbo/NN ,/, however/RB ,/, because/IN LIN/NNP has/VBZ agreed/VBN to/TO merge/VB its/PRP$ cellular-phone/NN businesses/NNS with/IN BellSouth/NNP Corp/NNP ./. ###/### In/IN national/JJ over-the-counter/JJ trading/NN Friday/NNP ,/, LIN/NNP shares/NNS rose/VBD 62.5/CD cents/NNS to/TO close/VB at/IN $/$ 110.625/CD ./. ###/### Beijing/NNP lawmakers/NNS have/VBP called/VBN for/IN jails/NNS to/TO be/VB built/VBN to/TO house/VB prostitutes/NNS and/CC for/IN severe/JJ punishment/NN ,/, including/VBG the/DT death/NN sentence/NN ,/, for/IN anyone/NN who/WP induces/VBZ or/CC coerces/VBZ women/NNS into/IN prostitution/NN ./. ###/### The/DT official/JJ Xinhua/NNP News/NNP Agency/NNP said/VBD the/DT municipal/JJ government/NN was/VBD discussing/VBG a/DT draft/NN bill/NN to/TO give/VB the/DT capital/NN its/PRP$ first/JJ anti-prostitution/JJ statutes/NNS ./. ###/### It/PRP quoted/VBD Liu/NNP Changyi/NNP ,/, deputy/NN director/NN of/IN the/DT Beijing/NNP Public/NNP Security/NNP Bureau/NNP ,/, as/IN saying/VBG that/IN there/EX were/VBD many/RB more/JJR people/NNS involved/VBN in/IN prostitution/NN now/RB than/IN in/IN 1985/CD ,/, when/WRB there/EX were/VBD about/IN 100/CD cases/NNS ./. ###/### Foreigners/NNS involved/VBN in/IN prostitution/NN will/MD be/VB punished/VBN according/VBG to/TO the/DT law/NN ,/, and/CC those/DT with/IN sexually/RB transmitted/JJ diseases/NNS will/MD be/VB expelled/VBN from/IN the/DT country/NN ,/, according/VBG to/TO the/DT regulations/NNS ./. ###/### The/DT Communists/NNPS nearly/RB succeeded/VBD in/IN eliminating/VBG prostitution/NN after/IN taking/VBG over/IN in/IN 1949/CD ,/, but/CC the/DT practice/NN has/VBZ returned/VBN in/IN recent/JJ years/NNS with/IN the/DT country/NN 's/POS increased/VBN exposure/NN to/TO the/DT outside/JJ world/NN ./. ###/### Japan/NNP agreed/VBD to/TO enforce/VB a/DT decision/NN by/IN an/DT international/JJ wildlife/NN conference/NN to/TO ban/VB all/DT trade/NN in/IN ivory/NN ,/, a/DT spokesman/NN for/IN the/DT Ministry/NNP of/IN International/NNP Trade/NNP and/CC Industry/NNP said/VBD ./. ###/### Earlier/RBR ,/, Japan/NNP had/VBD said/VBN it/PRP might/MD file/VB a/DT reservation/NN against/IN the/DT ivory/NN ban/NN decided/VBN by/IN ballot/NN at/IN the/DT 103-nation/JJ United/NNP Nations/NNPS Conference/NNP on/IN International/NNP Trade/NNP in/IN Endangered/NNP Species/NNP in/IN Switzerland/NNP last/JJ week/NN ./. ###/### The/DT Japanese/NNPS use/VBP 40/CD %/NN of/IN the/DT world/NN 's/POS ivory/NN ./. ###/### Italy/NNP should/MD close/VB the/DT Leaning/NNP Tower/NNP of/IN Pisa/NNP because/IN it/PRP 's/VBZ a/DT danger/NN to/TO tourists/NNS ,/, government-appointed/JJ experts/NNS said/VBD ./. ###/### ``/`` In/IN some/DT places/NNS the/DT stonework/NN is/VBZ so/RB damaged/JJ it/PRP shows/VBZ signs/NNS of/IN breaking/VBG off/RB ,/, ''/'' scientists/NNS and/CC technicians/NNS said/VBD in/IN a/DT report/NN to/TO Public/NNP Works/NNP Minister/NNP Giovanni/NNP Prandini/NNP ./. ###/### Each/DT year/NN ,/, nearly/RB a/DT million/CD people/NNS pay/VBP about/IN $/$ 3/CD to/TO make/VB the/DT spiral/NN climb/NN up/IN 294/CD steps/NNS to/TO the/DT top/NN of/IN the/DT 800-year-old/JJ marble/NN tower/NN ./. ###/### East/NNP Germany/NNP pledged/VBD to/TO reduce/VB alcohol/NN consumption/NN by/IN boosting/VBG production/NN of/IN soft/JJ drinks/NNS and/CC fruit/NN juices/NNS ./. ###/### Trade/NNP and/CC Supply/NNP Minister/NNP Gerhard/NNP Briksa/NNP said/VBD in/IN a/DT letter/NN published/VBN in/IN the/DT youth/NN daily/JJ Junge/NNP Welt/NNP that/IN the/DT rise/NN in/IN alcohol/NN consumption/NN in/IN East/NNP Germany/NNP had/VBD been/VBN halted/VBN ;/: but/CC to/TO reduce/VB it/PRP further/RBR ,/, he/PRP said/VBD ,/, production/NN and/CC supply/NN of/IN other/JJ beverages/NNS ,/, including/VBG fruit/NN juices/NNS ,/, should/MD be/VB stepped/VBN up/RB ./. ###/### He/PRP added/VBD that/IN shops/NNS will/MD have/VB to/TO continue/VB reducing/VBG their/PRP$ stocks/NNS of/IN liquor/NN and/CC avoid/VB displaying/VBG them/PRP too/RB prominently/RB in/IN the/DT window/NN ./. ###/### Hong/NNP Kong/NNP has/VBZ built/VBN a/DT detention/NN center/NN for/IN illegal/JJ immigrants/NNS from/IN China/NNP because/IN China/NNP has/VBZ refused/VBN for/IN the/DT past/JJ two/CD weeks/NNS to/TO accept/VB them/PRP back/RB ./. ###/### The/DT center/NN ,/, close/RB to/TO Hong/NNP Kong/NNP 's/POS border/NN with/IN China/NNP ,/, will/MD be/VB ready/JJ today/NN and/CC will/MD be/VB able/JJ to/TO house/VB 1,000/CD inmates/NNS ,/, Police/NNP Deputy/NNP Director/NNP Peter/NNP Wong/NNP said/VBD ./. ###/### The/DT dispute/NN started/VBD when/WRB China/NNP ,/, angry/JJ that/IN Hong/NNP Kong/NNP had/VBD allowed/VBN dissident/NN swimmer/NN Yang/NNP Yang/NNP to/TO flee/VB to/TO the/DT U.S./NNP ,/, halted/VBD the/DT usual/JJ daily/JJ transfer/NN of/IN illegal/JJ immigrants/NNS caught/VBN in/IN this/DT British/JJ colony/NN ,/, which/WDT reverts/VBZ to/TO Beijing/NNP 's/POS control/NN in/IN 1997/CD ./. ###/### Sweating/VBG under/IN the/DT glare/NN of/IN newly/RB installed/VBN television/NN lights/NNS ,/, British/JJ members/NNS of/IN Parliament/NNP demanded/VBD a/DT halt/NN to/TO the/DT experimental/JJ televising/NN of/IN debates/NNS ./. ###/### A/DT group/NN of/IN senior/JJ Conservative/JJ legislators/NNS ,/, complaining/VBG the/DT House/NNP of/IN Commons/NNPS was/VBD like/IN a/DT sauna/NN ,/, demanded/VBD that/IN the/DT experiment/NN be/VB stopped/VBN unless/IN the/DT intensity/NN of/IN the/DT lights/NNS is/VBZ reduced/VBN ./. ###/### One/CD Conservative/NN MP/NNP ,/, David/NNP Wilshire/NNP ,/, said/VBD :/: ``/`` I/PRP should/MD have/VB a/DT wonderful/JJ suntan/NN by/IN Christmas/NNP ./. ''/'' ###/### Debates/NNS are/VBP due/JJ to/TO be/VB broadcast/VBN nationally/RB starting/VBG Nov./NNP 21/CD in/IN a/DT six-month/JJ experiment/NN ./. ###/### A/DT majority/NN of/IN Japanese/JJ banks/NNS are/VBP said/VBN to/TO be/VB wary/JJ of/IN making/VBG new/JJ loans/NNS to/TO Mexico/NNP under/IN the/DT Brady/NNP plan/NN because/IN they/PRP 're/VBP uncertain/JJ the/DT Mexican/JJ economy/NN will/MD remain/VB stable/JJ ./. ###/### Instead/RB ,/, many/JJ small/JJ and/CC medium-sized/JJ banks/NNS ,/, and/CC some/DT larger/JJR ones/NNS ,/, are/VBP likely/JJ to/TO take/VB one/CD of/IN the/DT other/JJ two/CD options/NNS open/JJ to/TO them/PRP under/IN the/DT plan/NN ,/, Japanese/JJ banking/NN officials/NNS said/VBD ./. ###/### The/DT plan/NN ,/, proposed/VBN by/IN U.S./NNP Secretary/NNP of/IN State/NNP Nicholas/NNP Brady/NNP ,/, calls/VBZ for/IN banks/NNS either/CC to/TO make/VB new/JJ loans/NNS or/CC to/TO reduce/VB the/DT principle/NN on/IN existing/JJ loans/NNS or/CC to/TO cut/VB the/DT interest/NN rate/NN on/IN those/DT existing/VBG loans/NNS ./. ###/### The/DT officials/NNS said/VBD that/DT most/JJS Japanese/JJ banks/NNS prefer/VBP the/DT losses/NNS they/PRP 'd/MD suffer/VB in/IN either/DT of/IN the/DT latter/JJ options/NNS to/TO the/DT risk/NN of/IN new/JJ lending/NN ./. ###/### But/CC an/DT official/NN at/IN a/DT long-term/JJ credit/NN bank/NN explained/VBD that/IN since/IN some/DT larger/JJR banks/NNS have/VBP already/RB taken/VBN loss/NN provisions/NNS for/IN loans/NNS to/TO other/JJ Third/NNP World/NNP nations/NNS ,/, further/JJ write-offs/NNS could/MD be/VB viewed/VBN as/IN intolerable/JJ ./. ###/### ``/`` They/PRP ca/MD n't/RB take/VB the/DT hit/NN ''/'' to/TO their/PRP$ earnings/NNS ,/, he/PRP said/VBD ./. ###/### As/IN a/DT result/NN ,/, the/DT official/NN said/VBD ,/, they/PRP may/MD be/VB forced/VBN into/IN a/DT no-win/JJ situation/NN in/IN which/WDT they/PRP make/VBP risky/JJ loans/NNS that/IN they/PRP could/MD have/VB to/TO write/VB off/RB later/RB ./. ###/### A/DT poll/NN in/IN male-dominated/JJ South/NNP Korea/NNP put/VBD Margaret/NNP Thatcher/NNP first/JJ on/IN a/DT list/NN of/IN most-respected/JJS foreign/JJ leaders/NNS ./. ###/### The/DT British/JJ prime/JJ minister/NN was/VBD the/DT only/JJ woman/NN singled/VBN out/RB by/IN respondents/NNS ,/, who/WP put/VBD Soviet/JJ President/NNP Mikhail/NNP Gorbachev/NNP in/IN second/JJ place/NN ./. ###/### The/DT Soviet/JJ newspaper/NN Trud/NNP reported/VBD that/IN Mickey/NNP Mouse/NNP will/MD appear/VB in/IN a/DT Russian-language/JJ comic/JJ book/NN to/TO be/VB issued/VBN four/CD times/NNS a/DT year/NN by/IN Soviet/JJ publisher/NN Fizkultura/NNP i/FW Sport/NNP and/CC Denmark/NNP 's/POS Gutenberghus/NNP Group/NNP ./. ###/### The/DT comic/JJ book/NN will/MD cost/VB about/IN $/$ 2/CD ./. ###/### Ekco/NNP Group/NNP Inc./NNP ,/, Nashua/NNP ,/, N.H./NNP ,/, expects/VBZ to/TO report/VB that/DT net/JJ income/NN in/IN the/DT third/JJ quarter/NN ,/, ended/VBN Oct./NNP 1/CD ,/, fell/VBD 50/CD %/NN to/TO 60/CD %/NN from/IN $/$ 2.1/CD million/CD ,/, or/CC 11/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RB ./. ###/### Robert/NNP Stein/NNP ,/, president/NN and/CC chief/JJ executive/NN officer/NN ,/, attributed/VBD the/DT expected/JJ decline/NN partly/RB to/TO the/DT effects/NNS of/IN a/DT two-week/JJ strike/NN last/JJ month/NN at/IN the/DT company/NN 's/POS Masillon/NNP ,/, Ohio/NNP ,/, bakeware/NN facility/NN ./. ###/### Softer-than-expected/JJ orders/NNS in/IN early/JJ September/NNP also/RB played/VBD a/DT role/NN ,/, he/PRP said/VBD in/IN an/DT interview/NN ./. ###/### But/CC Mr./NNP Stein/NNP said/VBD he/PRP is/VBZ ``/`` reasonably/RB confident/JJ ''/'' that/IN earnings/NNS for/IN the/DT full/JJ year/NN will/MD exceed/VB the/DT $/$ 3.1/CD million/CD ,/, or/CC 17/CD cents/NNS a/DT share/NN ,/, in/IN 1988/CD ./. ###/### That/DT would/MD require/VB fourth-quarter/JJ net/NN of/IN more/JJR than/IN about/IN 22/CD cents/NNS to/TO 24/CD cents/NNS a/DT share/NN ,/, assuming/VBG that/IN Mr./NNP Stein/NNP 's/POS third-quarter/JJ estimate/NN proves/VBZ accurate/JJ ./. ###/### In/IN the/DT year-earlier/JJ fourth/JJ quarter/NN ,/, the/DT company/NN had/VBD profit/NN of/IN $/$ 2.7/CD million/CD ,/, or/CC 15/CD cents/NNS a/DT share/NN ./. ###/### Third-quarter/JJ revenue/NN is/VBZ expected/VBN to/TO be/VB $/$ 40/CD million/CD to/TO $/$ 45/CD million/CD ,/, up/RB from/IN $/$ 38.2/CD million/CD a/DT year/NN earlier/RB ,/, according/VBG to/TO Neil/NNP Gordon/NNP ,/, treasurer/NN ./. ###/### The/DT year-earlier/JJ periods/NNS do/VBP n't/RB reflect/VB results/NNS of/IN the/DT company/NN 's/POS Woodstream/NNP Corp./NNP unit/NN ,/, acquired/VBN last/JJ January/NNP ,/, but/CC include/VBP some/DT Canadian/JJ operations/NNS that/WDT were/VBD sold/VBN at/IN the/DT end/NN of/IN 1988/CD ./. ###/### August/NNP through/IN October/NNP traditionally/RB is/VBZ the/DT busiest/JJS season/NN for/IN the/DT bakeware/NN business/NN ,/, as/IN many/JJ retailers/NNS use/VBP the/DT goods/NNS as/IN autumn/NN promotional/JJ items/NNS ./. ###/### Mr./NNP Stein/NNP said/VBD some/DT retailers/NNS --/: perhaps/RB anxious/JJ about/IN minimizing/VBG inventories/NNS --/: appear/VBP to/TO have/VB held/VBN back/RB on/IN orders/NNS in/IN September/NNP but/CC have/VBP been/VBN ordering/VBG more/RBR heavily/RB in/IN October/NNP ./. ###/### Mr./NNP Stein/NNP said/VBD Woodstream/NNP is/VBZ ``/`` marginally/RB profitable/JJ ''/'' but/CC has/VBZ n't/RB performed/VBN as/RB well/RB as/IN expected/VBN ./. ###/### Woodstream/NNP 's/POS Victor-brand/JJ mousetraps/NNS and/CC other/JJ pest-control/JJ products/NNS are/VBP ``/`` doing/VBG very/RB well/RB ,/, ''/'' and/CC its/PRP$ plastic/JJ storage-case/NN products/NNS ``/`` are/VBP poised/VBN for/IN growth/NN ,/, ''/'' he/PRP said/VBD ./. ###/### But/CC the/DT unit/NN 's/POS third/JJ segment/NN ,/, wildlife/NN traps/NNS ,/, is/VBZ suffering/VBG from/IN a/DT ``/`` depressed/JJ market/NN ,/, ''/'' and/CC Ekco/NNP is/VBZ seeking/VBG to/TO sell/VB that/DT segment/NN ,/, he/PRP said/VBD ./. ###/### Mr./NNP Stein/NNP said/VBD he/PRP expects/VBZ profit/NN to/TO be/VB higher/JJR in/IN 1990/CD than/IN in/IN 1989/CD ,/, reflecting/VBG a/DT number/NN of/IN measures/NNS taken/VBN since/IN the/DT acquisition/NN of/IN Ekco/NNP Housewares/NNPS in/IN late/JJ 1987/CD ./. ###/### Prior/RB to/TO acquiring/VBG the/DT housewares/NNS business/NN ,/, the/DT company/NN was/VBD known/VBN as/IN Centronics/NNP Corp./NNP ;/: Centronics/NNP had/VBD been/VBN a/DT maker/NN of/IN computer/NN printers/NNS ,/, but/CC Mr./NNP Stein/NNP and/CC other/JJ officers/NNS decided/VBD to/TO sell/VB that/DT business/NN after/IN Japanese/JJ competitors/NNS grabbed/VBD a/DT dominant/JJ share/NN of/IN the/DT market/NN ./. -RRB-/-RRB- ###/### Mr./NNP Stein/NNP said/VBD tighter/JJR operating/NN controls/NNS have/VBP enabled/VBN Ekco/NNP to/TO reduce/VB inventory/NN levels/NNS 25/CD %/NN to/TO 30/CD %/NN ;/: improve/VB on-time/JJ delivery/NN of/IN orders/NNS to/TO about/IN 95/CD %/NN from/IN around/IN 70/CD %/NN ;/: and/CC to/TO lower/VB the/DT number/NN of/IN labor/NN hours/NNS required/VBN to/TO produce/VB a/DT unit/NN ./. ###/### By/IN moving/VBG the/DT design/NN of/IN new/JJ products/NNS in-house/JJ --/: instead/RB of/IN contracting/VBG out/RP the/DT work/NN --/: the/DT company/NN also/RB has/VBZ been/VBN able/JJ to/TO come/VB up/RB with/IN designs/NNS that/WDT can/MD be/VB manufactured/VBN more/RBR efficiently/RB ,/, he/PRP said/VBD ./. ###/### In/IN addition/NN to/TO those/DT measures/NNS ,/, the/DT company/NN spent/VBD heavily/RB earlier/RBR this/DT year/NN to/TO install/VB displays/NNS at/IN its/PRP$ customers/NNS '/POS retail/JJ outlets/NNS --/: a/DT strategy/NN that/IN Mr./NNP Stein/NNP said/VBD has/VBZ helped/VBN bolster/VB awareness/NN of/IN the/DT company/NN 's/POS brands/NNS ./. ###/### Ekco/NNP 's/POS housewares/NNS operation/NN makes/VBZ kitchen/NN tools/NNS and/CC gadgets/NNS ,/, as/RB well/RB as/IN bakeware/NN ,/, at/IN factories/NNS in/IN the/DT U.S./NNP and/CC Canada/NNP ./. ###/### The/DT main/JJ issue/NN in/IN the/DT strike/NN at/IN the/DT Ohio/NNP facility/NN was/VBD health-care/NN benefits/NNS ,/, Mr./NNP Stein/NNP said/VBD ./. ###/### The/DT strike/NN ended/VBD Oct/NNP ./. ###/### Ekco/NNP continues/VBZ to/TO seek/VB further/JJ acquisitions/NNS in/IN the/DT consumer-products/JJ industry/NN ,/, Mr./NNP Stein/NNP said/VBD ./. ###/### He/PRP indicated/VBD that/IN Ekco/NNP may/MD be/VB interested/JJ in/IN acquiring/VBG another/DT company/NN with/IN revenue/NN in/IN the/DT range/NN of/IN $/$ 75/CD million/CD to/TO $/$ 100/CD million/CD ,/, partly/RB because/IN mass/NN merchandisers/NNS increasingly/RB want/VBP to/TO rely/VB on/IN larger/JJR ,/, and/CC fewer/JJR ,/, suppliers/NNS ./. ###/### After/IN several/JJ years/NNS of/IN booming/JJ business/NN with/IN China/NNP ,/, foreign/JJ traders/NNS are/VBP bracing/VBG for/IN the/DT biggest/JJS slump/NN in/IN a/DT decade/NN ./. ###/### The/DT imposition/NN of/IN austerity/NN measures/NNS ,/, starting/VBG last/JJ October/NNP ,/, already/RB had/VBD begun/VBN to/TO pinch/VB when/WRB the/DT massacre/NN in/IN Tiananmen/NNP Square/NNP on/IN June/NNP 4/CD and/CC subsequent/JJ events/NNS tugged/VBD the/DT belt/NN far/RB tighter/RBR ./. ###/### Foreign/JJ lending/NN has/VBZ been/VBN virtually/RB suspended/VBN since/IN then/RB ,/, choking/VBG liquidity/NN and/CC hobbling/VBG many/JJ projects/NNS ./. ###/### And/CC Beijing/NNP has/VBZ pulled/VBN back/RB on/IN domestic/JJ loans/NNS and/CC subsidies/NNS ,/, leaving/VBG many/JJ domestic/JJ buyers/NNS and/CC export-oriented/JJ plants/NNS strapped/VBN for/IN cash/NN ./. ###/### Givaudan/NNP Far/NNP East/NNP Ltd./NNP ,/, a/DT Swiss/JJ concern/NN that/WDT sells/VBZ chemicals/NNS to/TO shampoo/NN and/CC soap/NN factories/NNS in/IN China/NNP ,/, typifies/VBZ the/DT problems/NNS ./. ###/### Last/JJ year/NN 's/POS retrenchment/NN dried/VBD up/RP the/DT working/NN capital/NN of/IN Chinese/JJ factories/NNS ./. ###/### The/DT company/NN 's/POS sales/NNS flattened/VBD during/IN 1989/CD 's/POS first/JJ half/NN ./. ###/### The/DT June/NNP killings/NNS magnified/VBD the/DT problems/NNS ./. ###/### In/IN Canton/NNP ,/, Givaudan/NNP 's/POS representative/JJ office/NN received/VBD no/DT orders/NNS in/IN June/NNP ./. ###/### At/IN first/RB it/PRP attributed/VBD the/DT slump/NN to/TO temporary/JJ business/NN disruptions/NNS ,/, but/CC when/WRB no/DT orders/NNS were/VBD logged/VBN in/IN August/NNP and/CC September/NNP ,/, manager/NN Donald/NNP Lai/NNP became/VBD convinced/JJ that/DT business/NN would/MD be/VB bad/JJ for/IN many/JJ months/NNS ./. ###/### ``/`` Things/NNS have/VBP grown/VBN worse/JJR since/IN June/NNP 4/CD ,/, ''/'' Mr./NNP Lai/NNP says/VBZ ./. ###/### He/PRP predicts/VBZ that/IN sales/NNS will/MD drop/VB between/IN 30/CD %/NN and/CC 40/CD %/NN from/IN last/JJ year/NN 's/POS $/$ 3/CD million/CD ./. ###/### The/DT consumer-products/JJ and/CC light-industrial/JJ sectors/NNS are/VBP bearing/VBG the/DT brunt/NN of/IN China/NNP 's/POS austerity/NN measures/NNS ,/, and/CC foreign/JJ companies/NNS such/JJ as/IN Givaudan/NNP that/WDT deal/VBP with/IN those/DT industries/NNS are/VBP being/VBG hit/VBN the/DT hardest/RBS ./. ###/### But/CC in/IN general/JJ ,/, all/DT foreign-trading/JJ companies/NNS are/VBP feeling/VBG the/DT pinch/NN ./. ###/### ``/`` The/DT import/NN pie/NN will/MD shrink/VB ,/, ''/'' says/VBZ John/NNP Kamm/NNP ,/, first/JJ vice/NN president/NN of/IN the/DT American/NNP Chamber/NNP of/IN Commerce/NNP in/IN Hong/NNP Kong/NNP and/CC a/DT China/NNP trade/NN specialist/NN ./. ###/### On/IN the/DT down/JJ side/NN ,/, sales/NNS could/MD fall/VB as/RB much/JJ as/IN 90/CD %/NN for/IN some/DT companies/NNS ;/: on/IN the/DT upper/JJ side/NN ,/, sales/NNS will/MD be/VB flat/JJ ./. ''/'' ###/### China/NNP 's/POS foreign/JJ trade/NN has/VBZ gone/VBN in/IN cycles/NNS during/IN the/DT past/JJ decade/NN ./. ###/### The/DT last/JJ time/NN that/IN traders/NNS experienced/VBD a/DT trough/NN was/VBD during/IN 1985-86/CD ,/, when/WRB Beijing/NNP imposed/VBD tough/JJ measures/NNS to/TO curb/VB imports/NNS and/CC conserve/VB foreign/JJ exchange/NN ./. ###/### The/DT current/JJ trough/NN is/VBZ expected/VBN to/TO be/VB much/RB deeper/JJR ,/, because/IN Beijing/NNP has/VBZ cut/VBN off/RP domestic/JJ funds/NNS from/IN factories/NNS for/IN the/DT first/JJ time/NN to/TO slow/VB inflation/NN ./. ###/### In/IN addition/NN ,/, the/DT suspension/NN of/IN loans/NNS and/CC export/NN credits/NNS from/IN foreign/JJ governments/NNS and/CC institutions/NNS following/VBG the/DT June/NNP killings/NNS have/VBP been/VBN a/DT big/JJ setback/NN ./. ###/### ``/`` The/DT freeze/NN on/IN new/JJ lending/NN is/VBZ dealing/VBG the/DT single/JJ biggest/JJS blow/NN to/TO trading/NN ,/, ''/'' says/VBZ Raymond/NNP Wong/NNP ,/, China/NNP manager/NN for/IN Mannesmann/NNP AG/NNP ,/, a/DT West/JJ German/JJ machinery-trading/JJ company/NN ./. ###/### Import/NN growth/NN from/IN the/DT year-earlier/JJ months/NNS slowed/VBD to/TO 16/CD %/NN in/IN July/NNP and/CC 7.1/CD %/NN in/IN August/NNP ,/, compared/VBN with/IN an/DT average/JJ growth/NN rate/NN of/IN 26/CD %/NN in/IN the/DT first/JJ half/NN ./. ###/### In/IN the/DT first/JJ eight/CD months/NNS of/IN 1989/CD ,/, imports/NNS grew/VBD 21/CD %/NN ,/, to/TO $/$ 38.32/CD billion/CD ,/, down/RB slightly/RB from/IN a/DT growth/NN rate/NN of/IN 23/CD %/NN a/DT year/NN earlier/RB ./. ###/### The/DT picture/NN for/IN China/NNP 's/POS exports/NNS is/VBZ just/RB as/RB bleak/JJ ,/, mainly/RB because/IN of/IN the/DT domestic/JJ credit/NN squeeze/NN ./. ###/### Exports/NNS in/IN the/DT first/JJ eight/CD months/NNS grew/VBD only/RB 9/CD %/NN ,/, to/TO $/$ 31.48/CD billion/CD ,/, compared/VBN with/IN a/DT growth/NN rate/NN of/IN 25/CD %/NN a/DT year/NN earlier/RB ,/, according/VBG to/TO Chinese/JJ customs/NNS figures/NNS ./. ###/### The/DT threat/NN to/TO China/NNP 's/POS balance/NN of/IN payments/NNS is/VBZ further/RBR aggravated/VBN by/IN the/DT plunge/NN in/IN its/PRP$ foreign-exchange/NN reserves/NNS ,/, excluding/VBG gold/NN holdings/NNS ./. ###/### The/DT reserves/NNS dropped/VBD for/IN the/DT first/JJ time/NN in/IN recent/JJ years/NNS ,/, to/TO $/$ 14/CD billion/CD in/IN June/NNP from/IN $/$ 19/CD billion/CD in/IN April/NNP ./. ###/### The/DT trend/NN has/VBZ prompted/VBN Beijing/NNP to/TO intensify/VB efforts/NNS to/TO curb/VB imports/NNS ./. ###/### In/IN recent/JJ weeks/NNS ,/, China/NNP 's/POS leaders/NNS have/VBP recentralized/VBN trading/NN in/IN wool/NN and/CC scores/NNS of/IN chemical/NN products/NNS and/CC commodities/NNS ./. ###/### The/DT Ministry/NNP of/IN Foreign/NNP Economic/NNP Relations/NNPS and/CC Trade/NNP set/VBD up/RP a/DT special/JJ bureau/NN last/JJ month/NN to/TO monitor/VB the/DT issue/NN of/IN import/NN and/CC export/NN licenses/NNS ./. ###/### Beijing/NNP 's/POS periodic/JJ clampdowns/NNS on/IN imports/NNS have/VBP taught/VBN many/JJ trading/NN companies/NNS that/IN the/DT best/JJS way/NN to/TO get/VB through/IN the/DT drought/NN is/VBZ by/IN helping/VBG China/NNP export/VB ./. ###/### For/IN example/NN ,/, Nissho/NNP Iwai/NNP Corp./NNP ,/, one/CD of/IN the/DT biggest/JJS Japanese/JJ trading/NN houses/NNS ,/, now/RB buys/VBZ almost/RB twice/RB as/IN many/JJ goods/NNS from/IN China/NNP as/IN it/PRP sells/VBZ to/TO that/DT country/NN ./. ###/### Three/CD years/NNS ago/RB ,/, the/DT ratio/NN was/VBD reversed/JJ ./. ###/### But/CC the/DT strategy/NN is/VBZ n't/RB helping/VBG much/RB this/DT time/NN ./. ###/### ``/`` Both/DT sectors/NNS of/IN imports/NNS and/CC exports/NNS look/VBP just/RB as/RB bad/JJ ,/, ''/'' says/VBZ Masahiko/NNP Kitamura/NNP ,/, general/JJ manager/NN of/IN Nissho/NNP Iwai/NNP 's/POS Canton/NNP office/NN ./. ###/### He/PRP expects/VBZ the/DT company/NN 's/POS trading/NN business/NN to/TO drop/VB as/RB much/JJ as/IN 40/CD %/NN this/DT year/NN ./. ###/### For/IN a/DT short/JJ time/NN after/IN June/NNP 4/CD ,/, it/PRP appeared/VBD that/IN the/DT trade/NN picture/NN would/MD remain/VB fairly/RB bright/JJ ./. ###/### Many/JJ foreign/JJ trading/VBG offices/NNS in/IN Hong/NNP Kong/NNP were/VBD swamped/VBN with/IN telexes/NNS and/CC telephone/NN calls/NNS from/IN Chinese/JJ trade/NN officials/NNS urging/VBG them/PRP not/RB to/TO sever/VB ties/NNS ./. ###/### Even/RB the/DT Bank/NNP of/IN China/NNP ,/, which/WDT normally/RB took/VBD weeks/NNS to/TO process/VB letters/NNS of/IN credit/NN ,/, was/VBD settling/VBG the/DT letters/NNS at/IN record/JJ speed/NN to/TO dispel/VB rumors/NNS about/IN the/DT bank/NN 's/POS financial/JJ health/NN ./. ###/### But/CC when/WRB foreign/JJ traders/NNS tried/VBD to/TO do/VB business/NN ,/, they/PRP discovered/VBD that/IN the/DT eagerness/NN of/IN Chinese/JJ trade/NN officials/NNS was/VBD just/RB a/DT smokescreen/NN ./. ###/### The/DT suspension/NN of/IN foreign/JJ loans/NNS has/VBZ weakened/VBN the/DT buying/NN power/NN of/IN China/NNP 's/POS national/JJ trading/VBG companies/NNS ,/, which/WDT are/VBP among/IN the/DT country/NN 's/POS biggest/JJS importers/NNS ./. ###/### Business/NN is/VBZ n't/RB any/RB better/RB on/IN the/DT provincial/JJ or/CC municipal/JJ level/NN ,/, foreign/JJ traders/NNS say/VBP ./. ###/### Shanghai/NNP Investment/NNP &/CC Trust/NNP Co./NNP ,/, known/VBN as/IN Sitco/NNP ,/, is/VBZ the/DT city/NN 's/POS main/JJ financier/NN for/IN trading/NN business/NN ./. ###/### Sitco/NNP had/VBD customarily/RB tapped/VBN the/DT Japanese/JJ bond/NN market/NN for/IN funds/NNS ,/, but/CC it/PRP ca/MD n't/RB do/VB that/DT any/RB longer/RB ./. ###/### Foreign/JJ traders/NNS say/VBP the/DT company/NN is/VBZ strapped/JJ for/IN cash/NN ./. ###/### ``/`` It/PRP has/VBZ difficulties/NNS paying/VBG its/PRP$ foreign/JJ debts/NNS ,/, ''/'' says/VBZ a/DT Hong/NNP Kong/NNP executive/NN who/WP is/VBZ familiar/JJ with/IN Sitco/NNP 's/POS business/NN ./. ###/### How/WRB can/MD it/PRP make/VB available/JJ funds/NNS for/IN purchases/NNS ?/. ''/'' ###/### Foreign/JJ traders/NNS also/RB say/VBP many/JJ of/IN China/NNP 's/POS big/JJ infrastructural/JJ projects/NNS have/VBP been/VBN canceled/VBN or/CC postponed/VBN because/RB of/IN the/DT squeeze/NN on/IN domestic/JJ and/CC foreign/JJ credit/NN ./. ###/### Albert/NNP Lee/NNP ,/, a/DT veteran/NN trader/NN who/WP specializes/VBZ in/IN machinery/NN sales/NNS ,/, estimates/VBZ that/IN as/RB many/JJ as/IN 70/CD %/NN of/IN projects/NNS that/WDT had/VBD obtained/VBN approval/NN to/TO proceed/VB have/VBP been/VBN canceled/VBN in/IN recent/JJ months/NNS ./. ###/### ``/`` There/EX are/VBP virtually/RB no/RB new/JJ projects/NNS ,/, and/CC that/DT means/VBZ no/DT new/JJ business/NN for/IN us/PRP ,/, ''/'' he/PRP says/VBZ ./. ###/### Even/RB when/WRB new/JJ lending/NN resumes/VBZ ,/, foreign/JJ exchange/NN would/MD still/RB be/VB tight/JJ because/IN Beijing/NNP will/MD likely/RB try/VB to/TO rein/VB in/RP foreign/JJ borrowing/NN ,/, which/WDT has/VBZ grown/VBN between/IN 30/CD %/NN and/CC 40/CD %/NN in/IN the/DT past/JJ few/JJ years/NNS ./. ###/### And/CC foreign/JJ creditors/NNS are/VBP likely/JJ to/TO be/VB more/RBR cautious/JJ about/IN extending/VBG new/JJ loans/NNS because/IN China/NNP is/VBZ nearing/VBG a/DT peak/NN repayment/NN period/NN as/IN many/JJ loans/NNS start/VBP falling/VBG due/JJ in/IN the/DT next/JJ two/CD to/TO five/CD years/NNS ./. ###/### Another/DT reason/NN for/IN the/DT intensity/NN of/IN the/DT trade/NN problems/NNS is/VBZ that/IN Beijing/NNP has/VBZ extended/VBN the/DT current/JJ clampdown/NN on/IN imports/NNS beyond/IN the/DT usual/JJ target/NN of/IN consumer/NN products/NNS to/TO include/VB steel/NN ,/, chemical/NN fertilizers/NNS and/CC plastics/NNS ./. ###/### These/DT have/VBP been/VBN among/IN the/DT country/NN 's/POS leading/VBG imports/NNS ,/, particularly/RB last/JJ year/NN when/WRB there/EX were/VBD shortages/NNS that/WDT led/VBD many/JJ traders/NNS to/TO buy/VB heavily/RB and/CC pay/VB dearly/RB ./. ###/### But/CC the/DT shortages/NNS also/RB spawned/VBD rampant/JJ speculation/NN and/CC spiraling/VBG prices/NNS ./. ###/### To/TO stem/VB speculation/NN ,/, Beijing/NNP imposed/VBD ceiling/NN prices/NNS that/WDT went/VBD into/IN effect/NN earlier/RBR this/DT year/NN ./. ###/### Traders/NNS who/WP had/VBD bought/VBN the/DT goods/NNS at/IN prices/NNS above/IN the/DT ceiling/NN do/VBP n't/RB want/VB to/TO take/VB a/DT loss/NN on/IN resales/NNS and/CC are/VBP holding/VBG onto/IN their/PRP$ stock/NN ./. ###/### The/DT resulting/VBG stockpiling/NN has/VBZ depressed/VBN the/DT market/NN ./. ###/### But/CC Beijing/NNP ca/MD n't/RB cut/VB back/RB on/IN such/JJ essential/JJ imports/NNS as/IN raw/JJ materials/NNS for/IN too/RB long/RB without/IN hampering/VBG the/DT country/NN 's/POS export/NN business/NN ./. ###/### Mr./NNP Kamm/NNP ,/, the/DT China/NNP trade/NN expert/NN ,/, estimates/VBZ that/IN as/RB much/JJ as/IN 50/CD %/NN of/IN Guangdong/NNP 's/POS exports/NNS is/VBZ made/VBN up/RB of/IN processed/VBN imported/VBN raw/JJ materials/NNS ./. ###/### Oil/NN Spill/NN Case/NN Shows/VBZ Liability/NN Fund/NN Flaws/NNS ###/### AN/DT UNRESOLVED/JJ two-year-old/JJ dispute/NN stemming/VBG from/IN an/DT Alaskan/JJ oil/NN spill/NN has/VBZ helped/VBN spur/VB a/DT drive/NN for/IN tougher/JJR federal/JJ laws/NNS to/TO protect/VB victims/NNS of/IN such/JJ accidents/NNS ./. ###/### The/DT class-action/JJ suit/NN highlights/VBZ shortcomings/NNS of/IN the/DT Trans-Alaska/NNP Pipeline/NNP Liability/NNP Fund/NNP ,/, which/WDT gets/VBZ its/PRP$ money/NN from/IN oil/NN companies/NNS using/VBG the/DT pipeline/NN and/CC compensates/VBZ those/DT harmed/VBN by/IN oil/NN spills/NNS ./. ###/### On/IN July/NNP 2/CD ,/, 1987/CD ,/, the/DT tanker/NN S.S./NNP Glacier/NNP Bay/NNP struck/VBD a/DT rock/NN and/CC spilled/VBD almost/RB 150,000/CD gallons/NNS of/IN oil/NN into/IN the/DT Cook/NNP Inlet/NNP ./. ###/### Commercial/JJ fishermen/NNS and/CC fish/NN processors/NNS filed/VBD suit/NN in/IN federal/JJ court/NN in/IN a/DT claim/NN that/WDT has/VBZ ballooned/VBN to/TO more/JJR than/IN $/$ 104.8/CD million/CD ./. ###/### Defendants/NNS include/VBP British/NNP Petroleum/NNP America/NNP ;/: Trinidad/NNP Corp./NNP ,/, the/DT shipper/NN ;/: and/CC the/DT pipeline/NN liability/NN fund/NN ./. ###/### The/DT fund/NN was/VBD created/VBN by/IN the/DT Trans-Alaska/NNP Pipeline/NNP Act/NNP ,/, which/WDT provides/VBZ that/IN the/DT owner/NN or/CC operator/NN of/IN a/DT vessel/NN involved/VBN in/IN an/DT oil/NN spill/NN must/MD pay/VB the/DT first/JJ $/$ 14/CD million/CD in/IN damages/NNS ./. ###/### The/DT fund/NN is/VBZ required/VBN to/TO pay/VB claims/NNS up/IN to/TO an/DT additional/JJ $/$ 86/CD million/CD ./. ###/### The/DT fund/NN 's/POS purpose/NN is/VBZ to/TO provide/VB quick/JJ and/CC adequate/JJ relief/NN ./. ###/### But/CC the/DT Glacier/NNP Bay/NNP case/NN ,/, the/DT fund/NN 's/POS first/JJ test/NN ,/, shows/VBZ how/WRB easily/RB the/DT fund/NN can/MD be/VB undermined/VBN ./. ###/### Trinidad/NNP Corp./NNP is/VBZ contesting/VBG liability/NN ./. ###/### It/PRP claims/VBZ the/DT Coast/NNP Guard/NNP failed/VBD to/TO chart/VB the/DT rock/NN and/CC refuses/VBZ to/TO pay/VB damages/NNS ./. ###/### That/DT means/VBZ the/DT fund/NN is/VBZ n't/RB obligated/VBN to/TO pay/VB anything/NN ,/, at/IN least/JJS so/RB far/RB ./. ###/### The/DT Oil/NNP Pollution/NNP Act/NNP ,/, scheduled/VBN to/TO come/VB up/RB for/IN a/DT vote/NN in/IN Congress/NNP this/DT fall/NN ,/, would/MD provide/VB that/IN if/IN claimants/NNS are/VBP n't/RB paid/VBN within/IN 90/CD days/NNS of/IN a/DT spill/NN ,/, the/DT liability/NN fund/NN would/MD compensate/VB them/PRP and/CC seek/VB reimbursement/NN from/IN the/DT owner/NN or/CC operator/NN of/IN the/DT vessel/NN ,/, says/VBZ a/DT spokesman/NN for/IN Rep./NNP George/NNP Miller/NNP -LRB-/-LRB- D./NNP ,/, Calif./NNP -RRB-/-RRB- ,/, a/DT sponsor/NN of/IN the/DT bill/NN ./. ###/### The/DT spokesman/NN says/VBZ the/DT ``/`` glitch/NN ''/'' in/IN the/DT statute/NN is/VBZ ``/`` the/DT worst/JJS kind/NN of/IN Catch-22/NN ./. ''/'' ###/### Many/JJ Law/NN School/NN Grads/NNS Find/VBP Classes/NNS Never/RB End/VB ###/### RECENT/JJ LAW/NN school/NN graduates/NNS are/VBP starting/VBG jobs/NNS with/IN law/NN firms/NNS this/DT fall/NN --/: and/CC heading/VBG back/RB to/TO class/NN ./. ###/### Bar/NN associations/NNS and/CC consultants/NNS are/VBP offering/VBG more/JJR programs/NNS to/TO teach/VB associates/NNS all/DT they/PRP need/VBP to/TO know/VB about/IN law/NN but/CC did/VBD n't/RB learn/VB in/IN law/NN school/NN ./. ###/### ``/`` Law/NN school/NN teaches/VBZ wonderful/JJ theory/NN ,/, but/CC it/PRP does/VBZ n't/RB teach/VB the/DT nuts/NNS and/CC bolts/NNS of/IN practical/JJ lawyering/NN ,/, ''/'' says/VBZ Aaron/NNP Weitz/NNP ,/, head/NN of/IN a/DT New/NNP York/NNP County/NNP Lawyers/NNP '/POS Association/NNP committee/NN that/WDT sponsors/VBZ such/PDT a/DT course/NN ./. ###/### In/IN the/DT past/NN ,/, associates/NNS learned/VBD the/DT basics/NNS from/IN senior/JJ lawyers/NNS who/WP acted/VBD as/IN mentors/NNS ./. ###/### But/CC these/DT days/NNS ,/, large/JJ firms/NNS hire/VBP as/RB many/JJ as/IN 30/CD new/JJ associates/NNS a/DT year/NN ,/, and/CC it/PRP 's/VBZ impossible/JJ to/TO personally/RB train/VB everyone/NN ,/, says/VBZ Joel/NNP Henning/NNP of/IN Hildebrandt/NNP Inc./NNP ,/, a/DT consulting/NN firm/NN that/WDT runs/VBZ training/NN classes/NNS ./. ###/### The/DT Hildebrandt/NNP course/NN enables/VBZ students/NNS to/TO brush/VB up/RB on/IN negotiation/NN skills/NNS by/IN role/NN playing/NN in/IN simulated/JJ deals/NNS ./. ###/### Students/NNS also/RB are/VBP taught/VBN to/TO return/VB clients/NNS '/POS phone/NN calls/NNS immediately/RB and/CC to/TO treat/VB the/DT support/NN staff/NN with/IN respect/NN ./. ###/### Many/JJ law/NN firms/NNS sponsor/VBP their/PRP$ own/JJ programs/NNS ./. ###/### At/IN the/DT Baltimore/NNP firm/NN of/IN Weinberg/NNP &/CC Green/NNP ,/, new/JJ corporate/JJ and/CC banking/JJ associates/NNS are/VBP required/VBN to/TO enroll/VB in/IN a/DT 20-class/JJ course/NN ./. ###/### Partners/NNS lecture/VBP on/IN how/WRB to/TO form/VB corporations/NNS ,/, draft/NN agreements/NNS and/CC defend/VB clients/NNS against/IN unwanted/JJ tender/NN offers/NNS ./. ###/### Now/RB ,/, clients/NNS know/VBP that/IN new/JJ associates/NNS have/VBP had/VBN some/DT practical/JJ training/NN before/IN working/VBG on/IN their/PRP$ cases/NNS ,/, says/VBZ James/NNP J./NNP Hanks/NNP ,/, a/DT partner/NN at/IN the/DT firm/NN ./. ###/### Los/NNP Angeles/NNP Creates/VBZ A/DT Courthouse/NN for/IN Kids/NNS ###/### THE/DT CHILDREN/NNS of/IN Los/NNP Angeles/NNP will/MD soon/RB have/VB their/PRP$ own/JJ $/$ 52/CD million/CD courthouse/NN ./. ###/### The/DT building/NN ,/, which/WDT will/MD handle/VB child/NN abuse/NN ,/, custody/NN and/CC foster/JJ care/NN cases/NNS ,/, will/MD be/VB ``/`` less/RBR formal/JJ ,/, less/RBR threatening/JJ and/CC just/RB basically/RB less/RBR grim/JJ than/IN most/JJS courthouses/NNS ,/, ''/'' says/VBZ Edmund/NNP Edelman/NNP ,/, chairman/NN of/IN the/DT Los/NNP Angeles/NNP County/NNP Board/NNP of/IN Supervisors/NNPS ./. ###/### Designs/NNS call/VBP for/IN an/DT L-shaped/JJ structure/NN with/IN a/DT playground/NN in/IN the/DT center/NN ./. ###/### There/EX will/MD be/VB recreation/NN and/CC movie/NN rooms/NNS ./. ###/### Teens/NNS will/MD be/VB able/JJ to/TO listen/VB to/TO music/NN with/IN headsets/NNS ./. ###/### Study/NN halls/NNS ,/, complete/JJ with/IN reference/NN materials/NNS ,/, will/MD be/VB available/JJ ./. ###/### And/CC there/EX will/MD be/VB a/DT nurse/NN 's/POS station/NN and/CC rooms/NNS for/IN children/NNS to/TO meet/VB with/IN social/JJ workers/NNS ./. ###/### The/DT building/NN 's/POS 25/CD courtrooms/NNS will/MD be/VB smaller/JJR ,/, says/VBZ Charlene/NNP Saunders/NNP ,/, a/DT court/NN administrator/NN ./. ###/### The/DT bench/NN will/MD be/VB lower/JJR so/IN the/DT judge/NN seems/VBZ less/RBR intimidating/JJ ,/, and/CC walls/NNS will/MD be/VB painted/VBN in/IN bright/JJ colors/NNS and/CC covered/VBN with/IN murals/NNS ./. ###/### Cases/NNS in/IN Los/NNP Angeles/NNP County/NNP involving/VBG dependent/JJ children/NNS are/VBP usually/RB heard/VBN in/IN the/DT Criminal/NNP Courts/NNPS Building/NNP ./. ###/### ``/`` We/PRP need/VBP to/TO get/VB the/DT kids/NNS away/RB from/IN the/DT criminals/NNS into/IN a/DT less/RBR traumatic/JJ environment/NN ,/, ''/'' says/VBZ Mr./NNP Edelman/NNP ./. ###/### About/IN 45,000/CD children/NNS in/IN Los/NNP Angeles/NNP County/NNP are/VBP under/IN court/NN supervision/NN ,/, Mr./NNP Edelman/NNP says/VBZ ,/, and/CC an/DT average/NN of/IN 1,500/CD new/JJ children/NNS are/VBP added/VBN each/DT month/NN ./. ###/### The/DT courthouse/NN ,/, to/TO be/VB built/VBN in/IN Monterey/NNP Park/NNP ,/, is/VBZ expected/VBN to/TO open/VB in/IN the/DT spring/NN of/IN 1992/CD ./. ###/### Law/NN Firm/NN Management/NN Can/MD Be/VB Quite/JJ Rewarding/NN ###/### IT/PRP PAYS/VBZ to/TO follow/VB a/DT management/NN career/NN path/NN --/: even/RB at/IN law/NN firms/NNS ./. ###/### That/DT 's/VBZ the/DT conclusion/NN of/IN a/DT recent/JJ study/NN of/IN large/JJ law/NN firms/NNS conducted/VBN by/IN Altman/NNP &/CC Weil/NNP Inc./NNP ,/, an/DT Ardmore/NNP ,/, Pa./NNP ,/, law/NN firm/NN consultant/NN ./. ###/### Its/PRP$ survey/NN of/IN 96/CD firms/NNS ,/, each/DT with/IN 100/CD to/TO 1,000/CD lawyers/NNS ,/, shows/VBZ that/IN managing/VBG partners/NNS earned/VBD an/DT average/NN of/IN $/$ 395,974/CD in/IN compensation/NN and/CC cash/NN benefits/NNS in/IN the/DT firms/NNS '/POS 1988/CD fiscal/JJ years/NNS ./. ###/### Managing/VBG partners/NNS who/WP responded/VBD to/TO the/DT survey/NN typically/RB spend/VBP over/IN half/PDT their/PRP$ time/NN supervising/VBG their/PRP$ firms/NNS '/POS day-to-day/JJ operations/NNS and/CC just/RB a/DT little/RB more/JJR than/IN a/DT third/NN of/IN their/PRP$ time/NN practicing/VBG law/NN ./. ###/### Partners/NNS in/IN the/DT survey/NN who/WP devote/VBP most/JJS of/IN their/PRP$ time/NN to/TO practicing/VBG law/NN earned/VBD an/DT average/NN of/IN about/IN $/$ 217,000/CD ./. ###/### Chairman/NNP Jamie/NNP Whitten/NNP -LRB-/-LRB- D./NNP ,/, Miss/NNP ./. -RRB-/-RRB- of/IN the/DT House/NNP Appropriations/NNPS Committee/NNP proposed/VBD a/DT $/$ 2.85/CD billion/CD emergency/NN funding/NN package/NN to/TO assist/VB California/NNP 's/POS recovery/NN from/IN last/JJ week/NN 's/POS earthquake/NN and/CC extend/VB further/JJR aid/NN to/TO East/JJ Coast/JJ victims/NNS of/IN Hurricane/NNP Hugo/NNP ./. ###/### The/DT sweeping/JJ measure/NN incorporates/VBZ $/$ 500/CD million/CD in/IN small-business/NN loans/NNS ,/, $/$ 1/CD billion/CD in/IN highway-construction/JJ funds/NNS and/CC $/$ 1.25/CD billion/CD divided/VBN between/IN general/JJ emergency/NN assistance/NN and/CC a/DT reserve/NN to/TO be/VB available/JJ to/TO President/NNP Bush/NNP to/TO meet/VB unanticipated/JJ costs/NNS from/IN the/DT two/CD disasters/NNS ./. ###/### The/DT funds/NNS would/MD be/VB attached/VBN to/TO a/DT stop-gap/JJ spending/NN bill/NN required/VBN to/TO keep/VB most/JJS of/IN the/DT government/NN operating/VBG past/IN Wednesday/NNP ./. ###/### The/DT measure/NN is/VBZ scheduled/VBN to/TO be/VB taken/VBN up/RB by/IN the/DT Appropriations/NNPS Committee/NNP today/NN ./. ###/### The/DT panel/NN is/VBZ expected/VBN to/TO add/VB provisions/NNS waiving/VBG restrictions/NNS on/IN the/DT use/NN of/IN federal/JJ highway/NN funds/NNS and/CC may/MD also/RB shift/VB money/NN within/IN the/DT package/NN to/TO bolster/VB the/DT share/NN for/IN the/DT Small/NNP Business/NNP Administration/NNP ./. ###/### ``/`` We/PRP will/MD support/VB it/PRP ,/, we/PRP will/MD thank/VB him/PRP ,/, and/CC we/PRP will/MD augment/VB it/PRP where/WRB appropriate/JJ ,/, ''/'' said/VBD Rep./NNP Vic/NNP Fazio/NNP -LRB-/-LRB- D./NNP ,/, Calif/NNP ./. -RRB-/-RRB- ./. ###/### Dubbed/VBN the/DT ``/`` Dire/JJ Emergency/NN Supplemental/NN to/TO Meet/VB the/DT Needs/NNS of/IN Natural/JJ Disasters/NNS of/IN National/JJ Significance/NN ,/, ''/'' the/DT measure/NN is/VBZ vintage/JJ Whitten/NNP in/IN asserting/VBG federal/JJ responsibility/NN and/CC in/IN disdaining/VBG budget/NN impediments/NNS ./. ###/### ``/`` Such/JJ other/JJ amounts/NNS will/MD be/VB made/VBN available/JJ subsequently/RB as/IN required/VBN ,/, ''/'' the/DT legislation/NN reads/VBZ ,/, and/CC the/DT new/JJ obligations/NNS ``/`` shall/MD not/RB be/VB a/DT charge/NN against/IN the/DT Budget/NNP Act/NNP ,/, Gramm-Rudman-Hollings/NNP ,/, or/CC other/JJ ceilings/NNS ./. ###/### Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP said/VBD it/PRP lowered/VBD the/DT ratings/NNS of/IN some/DT $/$ 145/CD million/CD of/IN Pinnacle/NNP debt/NN because/IN of/IN ``/`` accelerating/VBG deficiency/NN in/IN liquidity/NN ,/, ''/'' which/WDT it/PRP said/VBD was/VBD evidenced/VBN by/IN Pinnacle/NNP 's/POS elimination/NN of/IN dividend/NN payments/NNS ./. ###/### Henry/NNP Sargent/NNP Jr./NNP ,/, Pinnacle/NNP executive/NN vice/NN president/NN ,/, said/VBD the/DT action/NN ``/`` wo/MD n't/RB really/RB have/VB any/DT effect/NN on/IN us/PRP ./. ###/### We/PRP are/VBP n't/RB selling/VBG bonds/NNS right/RB now/RB ,/, and/CC I/PRP do/VBP n't/RB think/VB it/PRP will/MD affect/VB the/DT value/NN of/IN our/PRP$ existing/VBG bonds/NNS ./. ''/'' ###/### The/DT rating/NN agency/NN said/VBD it/PRP lowered/VBD the/DT ratings/NNS on/IN $/$ 75/CD million/CD of/IN the/DT holding/VBG company/NN 's/POS convertible/JJ subordinated/JJ Eurodebentures/NNS to/TO B-3/JJ from/IN B-1/JJ ./. ###/### Moody/NNP 's/POS said/VBD it/PRP also/RB lowered/VBD the/DT ratings/NNS of/IN $/$ 70/CD million/CD of/IN Pinnacle/NNP 's/POS MeraBank/NNP thrift/NN unit/NN long-term/JJ deposits/NNS to/TO B-3/JJ from/IN B-2/JJ ,/, and/CC on/IN its/PRP$ subordinated/JJ debt/NN to/TO Ca/JJ from/IN Caa/JJ ./. ###/### MeraBank/NNP 's/POS rating/NN for/IN short-term/JJ deposits/NNS remains/VBZ Not/RB Prime/JJ ./. ###/### Securities/NNS of/IN MeraBank/NNP were/VBD placed/VBN under/IN review/NN last/JJ May/MD ,/, and/CC will/MD remain/VB under/IN review/NN for/IN downgrade/NN ,/, the/DT agency/NN said/VBD ./. ###/### First/RB ,/, the/DT somewhat/RB affected/JJ idealism/NN of/IN the/DT 1960s/NNS ./. ###/### Then/RB ,/, the/DT all-too-sincere/JJ opportunism/NN of/IN the/DT 1970s/NNS and/CC 1980s/NNS ./. ###/### What/WP now/RB ?/. ###/### To/TO judge/VB from/IN novels/NNS that/WDT mirror/VBP the/DT contemporary/JJ scene/NN ,/, we/PRP 're/VBP back/RB in/IN the/DT age/NN of/IN anxiety/NN ./. ###/### Where/WRB '60s/NNS dropouts/NNS professed/VBD to/TO scorn/VB middle-class/NN life/NN and/CC ambitious/JJ yuppies/NNS hoped/VBD to/TO leave/VB it/PRP far/RB behind/RB as/IN they/PRP scaled/VBD the/DT upper/JJ reaches/NNS of/IN success/NN ,/, it/PRP now/RB seems/VBZ that/IN so/RB many/JJ people/NNS feel/VBP they/PRP 're/VBP slipping/VBG between/IN the/DT cracks/NNS ,/, that/IN middle-class/NN life/NN is/VBZ viewed/VBN with/IN nostalgia/NN or/CC outright/JJ longing/NN ./. ###/### Lisa/NNP Zeidner/NNP 's/POS third/JJ novel/NN ,/, ``/`` Limited/JJ Partnerships/NNS ''/'' -LRB-/-LRB- North/NNP Point/NNP Press/NNP ,/, 256/CD pages/NNS ,/, $/$ 18.95/CD -RRB-/-RRB- is/VBZ a/DT stylish/JJ ,/, funny/JJ and/CC thoughtful/JJ look/NN at/IN the/DT way/NN love/NN relationships/NNS are/VBP affected/JJ by/IN the/DT pressures/NNS of/IN money/NN ,/, or/CC ,/, more/RBR specifically/RB ,/, the/DT lack/NN of/IN it/PRP ./. ###/### Nora/NNP Worth/NNP and/CC Malcolm/NNP DeWitt/NNP ,/, 33/CD and/CC 39/CD respectively/RB ,/, live/VBP together/RB in/IN a/DT townhouse/NN in/IN a/DT transitional/JJ Philadelphia/NNP neighborhood/NN ./. ###/### Malcolm/NNP ,/, a/DT former/JJ film-maker/NN turned/VBD architect/NN ,/, has/VBZ just/RB seen/VBN his/PRP$ first/JJ big/JJ chance/NN at/IN a/DT lucrative/JJ commission/NN turn/VB to/TO dust/NN with/IN the/DT arrest/NN of/IN his/PRP$ shady/JJ ,/, obnoxious/JJ client/NN ,/, a/DT fly-by-night/JJ real/JJ estate/NN developer/NN ./. ###/### Nora/NNP ,/, who/WP still/RB has/VBZ artistic/JJ aspirations/NNS ,/, knows/VBZ she/PRP is/VBZ lucky/JJ to/TO be/VB working/VBG as/IN a/DT food/NN stylist/NN ,/, prepping/VBG pies/NNS ,/, burgers/NNS ,/, frosty/JJ cold/JJ drinks/NNS and/CC other/JJ comestibles/NNS to/TO look/VB as/RB appetizing/JJ as/IN possible/JJ in/IN front/NN of/IN the/DT camera/NN ./. ###/### After/IN all/DT ,/, she/PRP reasons/VBZ ,/, ``/`` there/EX were/VBD housewives/NNS with/IN Nikons/NNPS and/CC degrees/NNS from/IN cooking/NN schools/NNS in/IN France/NNP who/WP would/MD kill/VB for/IN her/PRP$ job/NN ./. ''/'' ###/### But/CC Nora/NNP and/CC Malcolm/NNP feel/VBP trapped/JJ ./. ###/### They/PRP seem/VBP to/TO be/VB having/VBG the/DT ``/`` worst/JJS of/IN both/DT worlds/NNS :/: artistic/JJ work/NN with/IN none/NN of/IN art/NN 's/POS integrity/NN and/CC no/DT control/NN over/IN the/DT finished/JJ product/NN ;/: self-employment/NN without/IN fun/NN or/CC profit/NN ./. ''/'' ###/### It/PRP 's/VBZ a/DT downbeat/NN ,/, ``/`` thirtysomething/JJ ''/'' world/NN ,/, in/IN which/WDT bright/JJ ,/, still/RB youngish/JJ people/NNS are/VBP engaged/VBN in/IN a/DT glossy/JJ version/NN of/IN day/NN labor/NN ,/, doing/VBG free-lance/JJ ,/, semi-professional/JJ work/NN that/WDT brings/VBZ little/JJ satisfaction/NN or/CC security/NN but/CC that/WDT they/PRP know/VBP they/PRP should/MD be/VB grateful/JJ to/TO do/VB ./. ###/### Uncertainty/NN dogs/VBZ every/DT aspect/NN of/IN their/PRP$ lives/NNS ./. ###/### Malcolm/NN faces/VBZ bankruptcy/NN and/CC an/DT IRS/NNP audit/NN ,/, but/CC Nora/NNP finds/VBZ an/DT extra/JJ $/$ 30,000/CD in/IN her/PRP$ bank/NN account/NN ,/, suddenly/RB increasing/VBG her/PRP$ available/JJ funds/NNS some/DT fifteenfold/RB ./. ###/### While/IN she/PRP is/VBZ wondering/VBG whether/IN to/TO live/VB it/PRP up/RB ,/, and/CC do/VB something/NN even/RB more/RBR dramatic/JJ ,/, say/VB get/VB married/VBN ,/, her/PRP$ life/NN is/VBZ further/RBR complicated/JJ by/IN the/DT reappearance/NN of/IN an/DT old/JJ flame/NN ,/, David/NNP ,/, a/DT film/NN critic/NN and/CC actor/NN who/WP always/RB seems/VBZ to/TO be/VB just/JJ on/IN the/DT brink/NN of/IN stardom/NN ./. ###/### In/IN novels/NNS of/IN an/DT earlier/JJR vintage/NN ,/, David/NNP would/MD have/VB represented/VBN excitement/NN and/CC danger/NN ;/: Malcolm/NNP ,/, placid/JJ ,/, middle-class/NN security/NN ./. ###/### The/DT irony/NN in/IN this/DT novel/NN is/VBZ that/IN neither/DT man/NN represents/VBZ a/DT ``/`` safe/JJ ''/'' middle-class/NN haven/NN :/: Nora/NNP 's/POS decision/NN is/VBZ between/IN emotional/JJ excitement/NN and/CC emotional/JJ security/NN ,/, with/IN no/DT firm/JJ economic/JJ base/NN anywhere/RB ./. ###/### The/DT characters/NNS confront/VBP a/DT world/NN in/IN which/WDT it/PRP seems/VBZ increasingly/RB difficult/JJ to/TO find/VB a/DT ``/`` middle/JJ way/NN ''/'' between/IN the/DT extremes/NNS of/IN success/NN and/CC failure/NN ,/, wealth/NN and/CC poverty/NN ./. ###/### In/IN making/VBG Malcolm/NNP and/CC Nora/NNP such/JJ wonderfully/RB representative/JJ specimens/NNS of/IN their/PRP$ class/NN and/CC generation/NN ,/, Ms./NNP Zeidner/NNP has/VBZ somewhat/RB neglected/VBN the/DT task/NN of/IN making/VBG them/PRP distinctively/RB individual/JJ characters/NNS ./. ###/### The/DT humor/NN of/IN the/DT story/NN owes/VBZ much/JJ to/TO the/DT fact/NN that/IN no/DT hearts/NNS -LRB-/-LRB- even/RB the/DT characters/NNS '/POS own/JJ -RRB-/-RRB- are/VBP likely/JJ to/TO bleed/VB for/IN the/DT plight/NN of/IN health-food/NN eaters/NNS ./. ###/### But/CC readers/NNS may/MD well/RB feel/VB the/DT pangs/NNS of/IN recognition/NN ./. ###/### In/IN any/DT case/NN ,/, the/DT foundering/JJ middle/JJ classes/NNS are/VBP n't/RB the/DT only/JJ ones/NNS in/IN trouble/NN --/: or/CC whose/WP$ troubles/NNS provide/VBP material/NN for/IN fiction/NN ./. ###/### ``/`` Rascal/NN Money/NN ''/'' -LRB-/-LRB- Contemporary/NNP Books/NNPS ,/, 412/CD pages/NNS ,/, $/$ 17.95/CD -RRB-/-RRB- ,/, a/DT novel/NN by/IN consultant/NN and/CC business/NN analyst/NN Joseph/NNP R./NNP Garber/NNP ,/, tells/VBZ the/DT story/NN of/IN an/DT innovative/JJ ,/, well-run/JJ ,/, widely/RB respected/JJ computer/NN manufacturing/VBG company/NN called/VBD PegaSys/NNP as/IN it/PRP faces/VBZ a/DT hostile/JJ takeover/NN attempt/NN by/IN AIW/NNP ,/, a/DT much/RB smaller/JJR corporation/NN that/WDT is/VBZ so/RB incompetently/RB managed/VBN as/IN to/TO constitute/VB a/DT standing/JJ joke/NN in/IN the/DT business/NN world/NN ./. ###/### Patrician/NN dynamic/JJ Scott/NNP Thatcher/NNP ,/, ,/, initially/RB finds/VBZ the/DT takeover/NN threat/NN risible/JJ ./. ###/### But/CC ,/, as/IN he/PRP and/CC his/PRP$ skilled/JJ team/NN soon/RB discover/VBP ,/, they/PRP 're/VBP up/IN against/IN two/CD factors/NNS they/PRP had/VBD n't/RB counted/VBN on/IN :/: first/LS ,/, a/DT business/NN climate/NN in/IN which/WDT a/DT failing/VBG company/NN with/IN few/JJ assets/NNS and/CC many/JJ debts/NNS can/MD borrow/VB against/IN the/DT assets/NNS of/IN the/DT successful/JJ company/NN it/PRP hopes/VBZ to/TO acquire/VB in/IN order/NN to/TO finance/VB the/DT takeover/NN ;/: second/LS ,/, that/IN standing/VBG behind/IN AIW/NNP is/VBZ a/DT sinister/JJ consortium/NN of/IN much/RB bigger/JJR ,/, shadier/JJR and/CC shrewder/JJR foreign/JJ interests/NNS secretly/RB providing/VBG the/DT money/NN and/CC muscle/NN for/IN the/DT deal/NN ./. ###/### Mr./NNP Garber/NNP manages/VBZ to/TO invest/VB this/DT tale/NN of/IN financial/JJ wars/NNS with/IN the/DT colorful/JJ characters/NNS and/CC fast-paced/JJ action/NN of/IN a/DT suspense/NN novel/NN ./. ###/### And/CC like/IN a/DT spy/NN or/CC mystery/NN story/NN ,/, this/DT novel/NN has/VBZ strong/JJ elements/NNS of/IN allegory/NN ,/, as/IN the/DT good/JJ and/CC evil/JJ forces/NNS battle/VBP it/PRP out/RP ./. ###/### Mr./NNP Garber/NNP depicts/VBZ these/DT moral/JJ qualities/NNS with/IN the/DT broad/JJ brush/NN strokes/NNS of/IN a/DT satire/NN that/WDT occasionally/RB descends/VBZ to/TO the/DT realm/NN of/IN cliched/JJ caricatures/NNS ./. ###/### Standard-issue/JJ portraits/NNS of/IN flaky/JJ Californians/NNPS ,/, snobbish/JJ homosexuals/NNS and/CC Neanderthal/JJ union/NN leaders/NNS undermine/VBP the/DT force/NN of/IN the/DT author/NN 's/POS perceptions/NNS ./. ###/### Yet/RB the/DT heavy-handedness/NN of/IN the/DT satire/NN also/RB can/MD be/VB effective/JJ in/IN a/DT book/NN like/IN this/DT :/: If/IN the/DT head/NN of/IN AIW/NNP were/VBD not/RB portrayed/VBN as/IN an/DT utterly/RB contemptible/JJ ,/, malicious/JJ dolt/NN ,/, we/PRP would/MD not/RB much/RB care/VB whether/IN his/PRP$ schemes/NNS were/VBD defeated/VBN ,/, and/CC would/MD not/RB be/VB so/RB diverted/VBN in/IN the/DT process/NN ./. ###/### Ms./NNP Rubin/NNP is/VBZ a/DT free-lance/JJ writer/NN based/VBN in/IN Los/NNP Angeles/NNP ./. ###/### High-definition/JJ television/NN promises/VBZ to/TO be/VB the/DT TV/NN of/IN tomorrow/NN ,/, so/IN it/PRP is/VBZ a/DT natural/JJ multibillion-dollar/JJ market/NN ./. ###/### Although/IN major/JJ U.S./NNP manufacturers/NNS have/VBP all/DT but/CC ceded/VBN the/DT main/JJ segment/NN of/IN that/DT future/JJ business/NN to/TO Japan/NNP ,/, not/RB everyone/NN here/RB is/VBZ ready/JJ to/TO give/VB up/RP ./. ###/### A/DT handful/NN of/IN small/JJ U.S./NNP companies/NNS are/VBP struggling/VBG to/TO develop/VB the/DT technology/NN to/TO build/VB the/DT screens/NNS for/IN the/DT thin/JJ ,/, high-quality/JJ televisions/NNS that/WDT are/VBP expected/VBN to/TO hang/VB on/IN living/JJ room/NN walls/NNS by/IN the/DT end/NN of/IN the/DT 1990s/NNS ./. ###/### With/IN only/JJ small/JJ help/NN from/IN the/DT government/NN ,/, these/DT start-up/JJ concerns/NNS are/VBP trying/VBG to/TO compete/VB with/IN the/DT Goliaths/NNPS of/IN the/DT Japanese/JJ consumer/NN electronics/NNS industry/NN ,/, which/WDT enjoy/VBP considerable/JJ backing/NN from/IN the/DT Japanese/JJ government/NN ./. ###/### Photonics/NNP Technology/NNP Inc./NNP of/IN Northwood/NNP ,/, Ohio/NNP ,/, aims/VBZ to/TO use/VB a/DT new/JJ form/NN of/IN plasma/NN technology/NN to/TO put/VB movie-quality/JJ images/NNS on/IN a/DT TV/NN display/NN that/WDT is/VBZ 40/CD inches/NNS in/IN diameter/NN but/CC only/RB a/DT few/JJ inches/NNS thick/JJ ./. ###/### Planar/NNP Systems/NNPS Inc./NNP of/IN Beaverton/NNP ,/, Ore./NNP ,/, the/DT largest/JJS of/IN these/DT firms/NNS ,/, with/IN $/$ 20/CD million/CD in/IN annual/JJ revenue/NN ,/, has/VBZ similar/JJ plans/NNS ./. ###/### It/PRP already/RB has/VBZ had/VBN success/NN in/IN electroluminescence/NN ,/, another/DT promising/JJ technology/NN adaptable/JJ for/IN high-definition/JJ television/NN ./. ###/### Two/CD other/JJ firms/NNS ,/, Ovonic/NNP Imaging/NNP Systems/NNPS Inc./NNP of/IN Troy/NNP ,/, Mich./NNP ,/, and/CC Magnascreen/NNP Corp./NNP of/IN Pittsburgh/NNP are/VBP developing/VBG a/DT variation/NN of/IN the/DT flat-panel/JJ screens/NNS called/VBN active-matrix/JJ liquid/NN crystal/NN displays/NNS ./. ###/### The/DT new/JJ technologies/NNS are/VBP intended/VBN to/TO retire/VB the/DT cathode-ray/NN tube/NN ,/, which/WDT accounts/VBZ for/IN most/JJS of/IN the/DT bulk/NN of/IN the/DT conventional/JJ TV/NN set/NN ./. ###/### Replacing/VBG the/DT cathode-ray/NN tube/NN with/IN a/DT large/JJ ,/, thin/JJ screen/NN is/VBZ the/DT key/NN to/TO the/DT creation/NN of/IN a/DT high-definition/JJ television/NN ,/, or/CC HDTV/NN ,/, which/WDT is/VBZ expected/VBN to/TO become/VB a/DT $/$ 30/CD billion/CD business/NN world-wide/JJ within/IN a/DT decade/NN ./. ###/### Large/JJ U.S./NNP companies/NNS are/VBP interested/JJ in/IN other/JJ segments/NNS of/IN the/DT HDTV/NN business/NN ,/, such/JJ as/IN signal-processing/NN and/CC broadcast/NN equipment/NN ./. ###/### But/CC except/IN for/IN Zenith/NNP Electronics/NNPS Corp./NNP and/CC International/NNP Business/NNP Machines/NNPS Corp./NNP ,/, which/WDT is/VBZ collaborating/VBG with/IN Toshiba/NNP on/IN computer/NN displays/NNS ,/, they/PRP are/VBP poorly/RB positioned/VBN to/TO exploit/VB advances/NNS in/IN large/JJ panels/NNS ./. ###/### General/NNP Electric/NNP Co./NNP recently/RB sold/VBD off/RP its/PRP$ interests/NNS in/IN liquid-crystal/JJ displays/NNS to/TO Thompson-CSF/NNP of/IN France/NNP ./. ###/### ``/`` We/PRP found/VBD the/DT market/NN not/RB developing/VBG as/IN we/PRP thought/VBD it/PRP would/MD ,/, ''/'' a/DT GE/NNP spokesman/NN says/VBZ ./. ###/### The/DT small/JJ U.S./NNP firms/NNS are/VBP persisting/VBG because/IN of/IN their/PRP$ strong/JJ positions/NNS in/IN patents/NNS ,/, and/CC because/IN the/DT prize/NN is/VBZ still/RB there/RB to/TO be/VB seized/VBN ./. ###/### ``/`` No/DT one/NN yet/RB has/VBZ shown/VBN the/DT ability/NN to/TO manufacture/VB these/DT panels/NNS ''/'' at/IN commercial/JJ costs/NNS ,/, says/VBZ Zvi/NNP Yaniv/NNP ,/, the/DT president/NN of/IN Ovonic/NNP Imaging/NNP ./. ###/### He/PRP says/VBZ he/PRP thinks/VBZ his/PRP$ company/NN is/VBZ just/RB a/DT few/JJ years/NNS from/IN doing/VBG that/DT ./. ###/### The/DT Bush/NNP administration/NN ,/, hearing/VBG conflicting/JJ advice/NN about/IN what/WP its/PRP$ role/NN in/IN HDTV/NN should/MD be/VB ,/, is/VBZ n't/RB doing/VBG much/JJ for/IN now/RB ./. ###/### The/DT only/JJ material/NN support/NN it/PRP is/VBZ extending/VBG to/TO the/DT struggling/JJ U.S./NNP industry/NN is/VBZ $/$ 30/CD million/CD in/IN awards/NNS from/IN the/DT Pentagon/NNP 's/POS Defense/NNP Advanced/NNP Research/NNP Projects/NNP Agency/NNP ./. ###/### The/DT DARPA/NNP funds/NNS are/VBP a/DT pittance/NN compared/VBN with/IN what/WP Japan/NNP and/CC other/JJ prospective/JJ competitors/NNS are/VBP spending/VBG ./. ###/### The/DT Commerce/NNP Department/NNP estimates/VBZ that/IN Japanese/JJ government/NN and/CC industry/NN spending/NN on/IN HDTV/NN research/NN is/VBZ already/RB over/IN $/$ 1/CD billion/CD ./. ###/### ``/`` Unless/IN it/PRP gets/VBZ more/JJR help/NN ,/, the/DT U.S./NNP industry/NN wo/MD n't/RB have/VB a/DT chance/NN ,/, ''/'' says/VBZ Peter/NNP Friedman/NNP ,/, Photonics/NNP 's/POS executive/NN vice/NN president/NN ./. ###/### Thus/RB far/RB ,/, almost/RB all/DT of/IN the/DT basic/JJ technology/NN relating/VBG to/TO high-definition/JJ television/NN has/VBZ come/VBN from/IN U.S./NNP laboratories/NNS ./. ###/### But/CC Peter/NNP Brody/NNP ,/, Magnascreen/NNP 's/POS president/NN ,/, says/VBZ Japanese/JJ companies/NNS are/VBP poised/VBN to/TO snatch/VB the/DT technology/NN and/CC put/VBD it/PRP to/TO commercial/JJ use/NN ,/, just/RB as/IN they/PRP did/VBD with/IN earlier/JJR U.S./NNP innovations/NNS in/IN color/NN television/NN and/CC video/NN recording/NN ./. ###/### In/IN the/DT 1970s/NNS ,/, Mr./NNP Brody/NNP helped/VBD develop/VB the/DT first/JJ display/NN panels/NNS based/VBN on/IN active-matrix/NN liquid/NN crystals/NNS at/IN Westinghouse/NNP Electric/NNP Corp./NNP 's/POS research/NN labs/NNS in/IN Pittsburgh/NNP ./. ###/### The/DT panels/NNS are/VBP like/IN oversized/JJ semiconductors/NNS surfaced/VBN with/IN a/DT million/CD or/CC more/JJR picture/NN elements/NNS ,/, each/DT contributing/VBG to/TO the/DT color/NN and/CC tone/NN of/IN a/DT TV/NN image/NN ./. ###/### In/IN 1979/CD ,/, however/RB ,/, Westinghouse/NNP abandoned/VBD the/DT project/NN along/IN with/IN its/PRP$ stake/NN in/IN advanced/JJ television/NN ./. ###/### Mr./NNP Brody/NNP left/VBD the/DT company/NN to/TO find/VB other/JJ backers/NNS ./. ###/### He/PRP has/VBZ a/DT claim/NN to/TO the/DT right/NN to/TO commercialize/VB the/DT Westinghouse/NNP patents/NNS ,/, but/CC he/PRP contends/VBZ that/IN those/DT patents/NNS are/VBP being/VBG infringed/VBN by/IN a/DT number/NN of/IN Japanese/JJ producers/NNS ./. ###/### ``/`` Most/JJS American/JJ investors/NNS have/VBP just/RB given/VBN up/RP ,/, ''/'' Mr./NNP Brody/NNP says/VBZ ./. ###/### They/PRP are/VBP n't/RB prepared/JJ to/TO compete/VB in/IN an/DT area/NN where/WRB the/DT Japanese/NNPS want/VBP to/TO enter/VB ./. ''/'' ###/### Many/JJ critics/NNS question/VBP the/DT industry/NN 's/POS need/NN for/IN federal/JJ support/NN ;/: the/DT Pentagon/NNP justifies/VBZ its/PRP$ help/NN on/IN national-security/NN grounds/NNS ./. ###/### ``/`` We/PRP do/VBP n't/RB see/VB a/DT domestic/JJ source/NN for/IN some/DT of/IN our/PRP$ -LCB-/-LRB- HDTV/NN -RCB-/-RRB- requirements/NNS ,/, and/CC that/DT 's/VBZ a/DT source/NN of/IN concern/NN ,/, ''/'' says/VBZ Michael/NNP Kelly/NNP ,/, director/NN of/IN DARPA/NNP 's/POS defense/NN manufacturing/NN office/NN ./. ###/### So/RB DARPA/NNP is/VBZ trying/VBG to/TO keep/VB the/DT industry/NN interested/JJ in/IN developing/VBG large/JJ display/NN panels/NNS by/IN doling/VBG out/RP research/NN funds/NNS ./. ###/### HDTV/NN already/RB has/VBZ some/DT military/JJ applications/NNS ,/, such/JJ as/IN creating/VBG realistic/JJ flight/NN simulations/NNS and/CC transmitting/VBG information/NN to/TO combat/NN commanders/NNS ./. ###/### The/DT Navy/NNP is/VBZ ordering/VBG displays/NNS for/IN its/PRP$ Aegis/NNP cruisers/NNS and/CC the/DT Army/NNP wants/VBZ smaller/JJR versions/NNS for/IN its/PRP$ Abrams/NNP battle/NN tanks/NNS ./. ###/### The/DT Commerce/NNP Department/NNP also/RB is/VBZ trying/VBG to/TO encourage/VB HDTV/NN because/IN of/IN the/DT benefits/NNS that/WDT could/MD spin/VB off/RB to/TO the/DT semiconductor/NN and/CC computer/NN industries/NNS ./. ###/### ``/`` It/PRP is/VBZ n't/RB just/RB yuppie/NN television/NN ,/, ''/'' argues/VBZ Jack/NNP Clifford/NNP ,/, director/NN of/IN the/DT department/NN 's/POS office/NN of/IN microelectronics/NNS and/CC instrumentation/NN ./. ###/### The/DT industry/NN will/MD create/VB industrial/JJ products/NNS such/JJ as/IN displays/NNS for/IN work/NN stations/NNS and/CC medical/JJ diagnostic/JJ equipment/NN before/IN it/PRP acquires/VBZ a/DT mass/NN consumer/NN market/NN ./. ''/'' ###/### Although/IN some/DT HDTV/NN advocates/NNS are/VBP calling/VBG for/IN other/JJ forms/NNS of/IN aid/NN ,/, such/JJ as/IN antitrust/JJ relief/NN for/IN research/NN consortia/NN ,/, the/DT small/JJ firms/NNS simply/RB would/MD prefer/VB more/JJR DARPA/NNP funds/NNS ./. ###/### Each/DT claims/VBZ to/TO possess/VB the/DT right/JJ technology/NN and/CC wants/VBZ just/RB a/DT bit/RB more/JJR money/NN to/TO make/VB it/PRP commercial/JJ ./. ###/### They/PRP also/RB want/VBP U.S./NNP trade/NN policy/NN to/TO reflect/VB the/DT Pentagon/NNP and/CC Commerce/NNP department/NN 's/POS concern/NN over/IN their/PRP$ future/NN ./. ###/### They/PRP all/DT are/VBP strongly/RB opposed/JJ to/TO a/DT petition/NN from/IN several/JJ Japanese/JJ TV/NN manufacturers/NNS ,/, including/VBG Matsushita/NNP ,/, Hitachi/NNP ,/, and/CC Toshiba/NNP ,/, to/TO exempt/VB portable/JJ color/NN TVs/NNS with/IN liquid-crystal/JJ displays/NNS from/IN anti-dumping/JJ duties/NNS that/IN the/DT U.S./NNP imposes/VBZ on/IN the/DT larger/JJR Japanese/JJ color/NN TVs/NNS ./. ###/### And/CC they/PRP want/VBP the/DT U.S./NNP to/TO help/VB them/PRP sell/VB overseas/RB ./. ###/### Planar/NNP President/NNP James/NNP Hurd/NNP says/VBZ he/PRP has/VBZ to/TO pay/VB tariffs/NNS as/RB high/JJ as/IN 15/CD %/NN to/TO sell/VB his/PRP$ display/NN panels/NNS in/IN Japan/NNP and/CC South/NNP Korea/NNP ,/, while/IN panels/NNS from/IN those/DT countries/NNS enter/VBP the/DT U.S./NNP duty-free/JJ ./. ###/### ``/`` This/DT is/VBZ n't/RB a/DT technology/NN issue/NN ,/, but/CC an/DT attitude/NN issue/NN ,/, ''/'' he/PRP says/VBZ ./. ###/### We/PRP just/RB have/VBP n't/RB learned/VBN what/WP it/PRP takes/VBZ to/TO compete/VB ./. ###/### Burmah/NNP Oil/NNP PLC/NNP ,/, a/DT British/JJ independent/JJ oil/NN and/CC specialty-chemicals/NNS marketing/NN concern/NN ,/, said/VBD SHV/NNP Holdings/NNP N.V./NNP has/VBZ built/VBN up/RP a/DT 7.5/CD %/NN stake/NN in/IN the/DT company/NN ./. ###/### The/DT holding/NN of/IN 13.6/CD million/CD shares/NNS is/VBZ up/RB from/IN a/DT 6.7/CD %/NN stake/NN that/DT Burmah/NNP announced/VBD SHV/NNP held/VBD as/IN of/IN last/JJ Monday/NNP ./. ###/### SHV/NNP ,/, of/IN the/DT Netherlands/NNP ,/, which/WDT last/JJ year/NN merged/VBD its/PRP$ North/NNP Sea/NNP oil/NN and/CC gas/NN operations/NNS with/IN those/DT of/IN Calor/NNP Group/NNP PLC/NNP and/CC which/WDT owns/VBZ 40/CD %/NN of/IN Calor/NNP ,/, was/VBD identified/VBN as/IN a/DT possible/JJ suitor/NN for/IN Burmah/NNP ./. ###/### Burmah/NNP said/VBD it/PRP had/VBD n't/RB held/VBN any/DT discussions/NNS with/IN SHV/NNP and/CC that/IN ``/`` no/DT deal/NN of/IN any/DT nature/NN is/VBZ in/IN contemplation/NN ./. ###/### The/DT top/JJ state/NN environmental/JJ official/NN in/IN Massachusetts/NNP said/VBD Clean/NNP Harbors/NNPS Inc./NNP 's/POS environmental-impact/JJ statement/NN for/IN a/DT proposed/VBN incinerator/NN in/IN Braintree/NNP was/VBD inadequate/JJ ./. ###/### The/DT official/NN ,/, John/NNP DeVillars/NNP ,/, asked/VBD Clean/NNP Harbors/NNPS for/IN more/JJR information/NN before/IN ruling/VBG on/IN a/DT permit/NN for/IN the/DT site/NN ./. ###/### Critics/NNS of/IN the/DT plan/NN ,/, including/VBG the/DT town/NN of/IN Braintree/NNP ,/, say/VBP the/DT incinerator/NN is/VBZ a/DT health/NN hazard/NN ./. ###/### Clean/NNP Harbors/NNPS ,/, based/VBN in/IN Quincy/NNP ,/, said/VBD it/PRP ``/`` will/MD proceed/VB expeditiously/RB ''/'' to/TO submit/VB the/DT data/NNS|NN requested/VBN ./. ###/### Alan/NNP McKim/NNP ,/, chief/JJ executive/NN officer/NN of/IN Clean/NNP Harbors/NNPS said/VBD he/PRP was/VBD ``/`` very/RB much/RB encouraged/JJ ''/'' by/IN the/DT official/NN 's/POS praise/NN of/IN Clean/NNP Harbors/NNPS for/IN the/DT quality/NN of/IN some/DT of/IN the/DT data/NNS in/IN the/DT report/NN ./. ###/### Citizens/NNPS &/CC Southern/NNP Corp./NNP said/VBD it/PRP signed/VBD a/DT definitive/JJ agreement/NN to/TO acquire/VB Security/NNP Pacific/NNP Corp./NNP 's/POS New/NNP York-based/JJ factoring/NN unit/NN ./. ###/### Terms/NNS of/IN the/DT bank/NN holding/NN companies/NNS '/POS agreement/NN were/VBD n't/RB disclosed/VBN ./. ###/### Factoring/NN involves/VBZ the/DT purchase/NN and/CC collection/NN of/IN another/DT company/NN 's/POS receivables/NN ./. ###/### Citizens/NNPS ,/, based/VBN in/IN Atlanta/NNP ,/, said/VBD it/PRP has/VBZ about/IN $/$ 4.6/CD billion/CD in/IN factored/JJ sales/NNS annually/RB ;/: the/DT Security/NNP Pacific/NNP unit/NN has/VBZ about/IN $/$ 1.8/CD billion/CD annually/RB ./. ###/### Security/NNP Pacific/NNP 's/POS factoring/NN business/NN works/VBZ with/IN companies/NNS in/IN the/DT apparel/NN ,/, textile/NN and/CC food/NN industries/NNS ,/, among/IN others/NNS ./. ###/### The/DT Office/NNP of/IN Thrift/NNP Supervision/NNP banned/VBD B.J./NNP Garman/NNP ,/, a/DT former/JJ director/NN of/IN the/DT failed/VBN Vision/NNP Banc/NNP Savings/NNPS Association/NNP of/IN Kingsville/NNP ,/, Texas/NNP ,/, from/IN working/VBG in/IN any/DT financial/JJ institution/NN insured/VBN by/IN the/DT government/NN ./. ###/### The/DT office/NN ,/, a/DT Treasury/NNP Department/NNP unit/NN that/WDT is/VBZ the/DT successor/NN to/TO the/DT Federal/NNP Home/NNP Loan/NNP Bank/NNP Board/NNP ,/, said/VBD this/DT was/VBD the/DT first/JJ announcement/NN of/IN an/DT enforcement/NN action/NN since/IN this/DT year/NN 's/POS thrift-bailout/NN legislation/NN ordered/VBD that/IN all/DT such/JJ actions/NNS by/IN federal/JJ banking/NN regulators/NNS be/VB made/VBN public/JJ ./. ###/### Generally/RB ,/, regulators/NNS have/VBP n't/RB announced/VBN enforcement/NN actions/NNS in/IN the/DT past/NN ./. ###/### Indeed/RB ,/, the/DT OTS/NNP said/VBD that/IN before/IN the/DT law/NN took/VBD effect/NN Aug./NNP 9/CD ,/, it/PRP banned/VBD another/DT ``/`` key/JJ Vision/NNP Banc/NNP insider/NN ''/'' from/IN insured/JJ financial/JJ institutions/NNS ./. ###/### That/DT individual/JJ was/VBD n't/RB identified/VBN ./. ###/### Vision/NNP Banc/NNP was/VBD placed/VBN in/IN government/NN conservatorship/NN in/IN March/NNP ,/, and/CC it/PRP operates/VBZ under/IN the/DT control/NN of/IN the/DT Resolution/NNP Trust/NNP Corp./NNP ,/, the/DT agency/NN created/VBN to/TO sell/VB or/CC liquidate/VB insolvent/JJ thrifts/NNS ./. ###/### The/DT OTS/NNP did/VBD n't/RB say/VB specifically/RB why/WRB the/DT action/NN was/VBD taken/VBN against/IN Ms./NNP Garman/NNP ./. ###/### However/RB ,/, it/PRP said/VBD examiners/NNS found/VBD a/DT variety/NN of/IN insider/NN dealings/NNS at/IN the/DT thrift/NN ,/, including/VBG ``/`` extraordinary/JJ loan/NN commissions/NNS ''/'' paid/VBN to/TO a/DT firm/NN associated/VBN with/IN Vision/NNP Banc/NNP officials/NNS ,/, and/CC loans/NNS diverted/VBN through/IN borrowers/NNS back/RB to/TO the/DT thrift/NN officials/NNS ./. ###/### Ms./NNP Garman/NNP could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. ###/### Arizona/NNP Instrument/NNP Corp./NNP said/VBD it/PRP expects/VBZ to/TO post/VB a/DT third-quarter/JJ net/JJ loss/NN of/IN about/IN $/$ 600,000/CD ,/, or/CC 25/CD cents/NNS to/TO 27/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN net/JJ income/NN of/IN $/$ 214,000/CD ,/, or/CC 10/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RB ./. ###/### The/DT Tempe/NNP ,/, Ariz./NNP ,/, maker/NN of/IN underground/JJ fuel-storage/NN systems/NNS said/VBD the/DT most/RBS recent/JJ period/NN was/VBD affected/VBN by/IN customers/NNS '/POS problems/NNS complying/VBG with/IN recent/JJ Environmental/NNP Protection/NNP Agency/NNP regulations/NNS ./. ###/### For/IN the/DT nine/CD months/NNS ,/, the/DT company/NN expects/VBZ to/TO post/VB a/DT net/JJ loss/NN of/IN about/IN $/$ 879,000/CD ,/, or/CC 35/CD cents/NNS to/TO 40/CD cents/NNS a/DT share/NN ,/, on/IN revenue/NN of/IN $/$ 6.5/CD million/CD ./. ###/### A/DT year/NN earlier/RB ,/, it/PRP had/VBD a/DT loss/NN of/IN $/$ 199,203/CD or/CC nine/CD cents/NNS a/DT share/NN ,/, on/IN revenue/NN of/IN $/$ 7.6/CD million/CD ./. ###/### Growth/NN is/VBZ good/JJ ./. ###/### At/IN least/JJS ,/, that/DT 's/VBZ a/DT theme/NN emerging/VBG among/IN many/JJ money/NN managers/NNS who/WP are/VBP anxious/JJ both/DT to/TO preserve/VB the/DT handsome/JJ stock-market/NN gains/NNS they/PRP have/VBP already/RB achieved/VBN this/DT year/NN and/CC to/TO catch/VB the/DT next/JJ wave/NN of/IN above-average/JJ performers/NNS ./. ###/### They/PRP are/VBP starting/VBG to/TO buy/VB growth/NN stocks/NNS ./. ###/### Remember/VB them/PRP ?/. ###/### The/DT upper/JJ echelon/NN of/IN this/DT group/NN were/VBD shares/NNS of/IN the/DT ``/`` nifty/JJ 50/CD ''/'' companies/NNS whose/WP$ profits/NNS of/IN the/DT 1960s/NNS and/CC early/RB 1970s/NNS grew/VBD steadily/RB ,/, if/IN not/RB spectacularly/RB ,/, through/IN thick/JJ and/CC thin/JJ ./. ###/### That/DT sort/NN of/IN workhorse/NN performance/NN sounds/VBZ made/VBN to/TO order/VB for/IN a/DT time/NN when/WRB corporate/JJ profits/NNS overall/RB have/VB been/VBN weakening/VBG from/IN the/DT brisk/JJ increases/NNS of/IN recent/JJ years/NNS ./. ###/### The/DT current/JJ flood/NN of/IN third-quarter/NN reports/NNS are/VBP producing/VBG many/RB more/JJR negative/JJ surprises/NNS than/IN positive/JJ ones/NNS ./. ###/### Those/DT are/VBP unwelcome/JJ trends/NNS in/IN a/DT year/NN that/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP has/VBZ risen/VBN 23/CD %/NN so/RB far/RB ,/, even/RB with/IN the/DT 190.58-point/JJ plunge/NN on/IN Oct./NNP 13/CD ;/: broader/JJR market/NN measures/NNS are/VBP in/IN the/DT same/JJ neighborhood/NN ./. ###/### The/DT question/NN for/IN investors/NNS is/VBZ ,/, how/WRB to/TO protect/VB these/DT returns/NNS and/CC yet/RB reach/VB a/DT little/RB for/IN additional/JJ gains/NNS ./. ###/### That/DT 's/VBZ the/DT path/NN of/IN reasoning/NN leading/VBG to/TO growth/NN stocks/NNS ./. ###/### ``/`` I/PRP think/VBP it/PRP is/VBZ a/DT good/JJ theme/NN for/IN what/WP looks/VBZ to/TO be/VB an/DT uncertain/JJ market/NN ,/, ''/'' says/VBZ Steven/NNP Einhorn/NNP ,/, partner/NN at/IN Goldman/NNP Sachs/NNP ./. ###/### Growth/NN stocks/NNS may/MD be/VB as/RB big/JJ as/IN Philip/NNP Morris/NNP or/CC medium-sized/JJ such/JJ as/IN Circuit/NNP City/NNP Stores/NNPS ,/, but/CC their/PRP$ common/JJ characteristic/NN is/VBZ a/DT history/NN of/IN increasing/VBG profits/NNS on/IN the/DT order/NN of/IN at/IN least/JJS 15/CD %/NN to/TO 20/CD %/NN a/DT year/NN ,/, money/NN managers/NNS say/VBP ./. ###/### ``/`` The/DT period/NN when/WRB growth/NN stocks/NNS should/MD be/VB performing/VBG well/RB is/VBZ when/WRB their/PRP$ earnings/NNS are/VBP growing/VBG at/IN a/DT superior/JJ rate/NN to/TO the/DT general/JJ level/NN of/IN corporate/JJ profits/NNS ,/, ''/'' says/VBZ Stephen/NNP Boesel/NNP ,/, president/NN of/IN T./NNP Rowe/NNP Price/NNP 's/POS Growth/NNP and/CC Income/NNP Fund/NNP ./. ###/### Growth/NN stocks/NNS also/RB are/VBP attractive/JJ in/IN periods/NNS of/IN market/NN volatility/NN ,/, which/WDT many/JJ investors/NNS and/CC analysts/NNS expect/VBP in/IN the/DT weeks/NNS ahead/RB as/IN everybody/NN tries/VBZ to/TO discern/VB where/WRB the/DT economy/NN is/VBZ heading/VBG ./. ###/### This/DT kind/NN of/IN jumpy/JJ uncertainty/NN reminds/VBZ John/NNP Calverley/NNP ,/, senior/JJ economist/NN for/IN American/NNP Express/NNP Bank/NNP ,/, of/IN the/DT 1969-72/CD period/NN ,/, when/WRB the/DT industrial/JJ average/NN rolled/VBD through/IN huge/JJ ranges/NNS and/CC investors/NNS flocked/VBD to/TO the/DT shares/NNS of/IN companies/NNS with/IN proven/JJ earnings/NNS records/NNS ,/, which/WDT became/VBD known/JJ as/IN the/DT ``/`` nifty/JJ 50/CD ./. ''/'' ###/### And/CC they/PRP will/MD again/RB ,/, say/VBP money-manager/NN proponents/NNS of/IN the/DT growth-stock/JJ theme/NN ./. ###/### Cabanne/NNP Smith/NNP ,/, president/NN of/IN a/DT money/NN management/NN company/NN bearing/VBG his/PRP$ name/NN ,/, predicts/VBZ that/IN investment/NN companies/NNS using/VBG computers/NNS to/TO identify/VB companies/NNS with/IN earnings/NNS ``/`` momentum/NN ''/'' will/MD climb/VB on/IN the/DT growth-stock/NN bandwagon/NN as/IN the/DT overall/JJ corporate/JJ earnings/NNS outlook/NN deteriorates/VBZ further/RBR ./. ###/### He/PRP also/RB thinks/VBZ foreign/JJ investors/NNS ,/, who/WP are/VBP showing/VBG signs/NNS of/IN more/RBR discriminate/JJ investing/NN ,/, will/MD join/VB the/DT pursuit/NN and/CC pump/VB up/RP prices/NNS ./. ###/### ``/`` We/PRP 're/VBP just/RB seeing/VBG the/DT beginning/NN of/IN a/DT shift/NN ,/, ''/'' Mr./NNP Smith/NNP says/VBZ ./. ###/### Mr./NNP Smith/NNP recommends/VBZ Cypress/NNP Semiconductor/NNP that/WDT is/VBZ currently/RB showing/VBG a/DT robust/JJ 63/CD %/NN earnings/NNS growth/NN rate/NN ./. ###/### Ronald/NNP Sloan/NNP ,/, executive/NN vice/NN president/NN of/IN Siebel/NNP Capital/NNP Management/NNP ,/, likes/VBZ Wellman/NNP Inc./NNP ,/, a/DT company/NN that/WDT recycles/VBZ plastic/NN into/IN synthetic/NN fibers/NNS for/IN carpeting/NN ./. ###/### Mr./NNP Sloan/NNP praises/VBZ the/DT company/NN as/IN recession/NN resistant/NN and/CC notes/NNS that/IN it/PRP has/VBZ an/DT annual/JJ earnings/NNS growth/NN rate/NN of/IN 32/CD %/NN a/DT year/NN over/IN the/DT past/JJ five/CD years/NNS ./. ###/### Wellman/NNP stock/NN closed/VBN Friday/NNP at/IN 39/CD ,/, up/RB ;/: Mr./NNP Sloan/NNP thinks/VBZ that/IN in/IN a/DT year/NN it/PRP could/MD hit/VB 60/CD ./. ###/### Others/NNS preach/VBP the/DT gospel/NN of/IN buying/VBG only/JJ blue-chip/JJ growth/NN stocks/NNS ./. ###/### Carmine/NNP Grigoli/NNP ,/, chief/JJ market/NN strategist/NN for/IN First/NNP Boston/NNP ,/, who/WP still/RB says/VBZ ,/, ``/`` We/PRP expect/VBP the/DT Dow/NNP average/NN -LCB-/-LRB- to/TO be/VB at/IN -RCB-/-RRB- 3000/CD by/IN mid-1990/NN ,/, ''/'' nonetheless/RB foresees/VBZ a/DT sluggish/JJ economy/NN in/IN the/DT meantime/NN ./. ###/### He/PRP recommends/VBZ such/JJ blue-chip/JJ growth/NN stalwarts/NNS as/IN Philip/NNP Morris/NNP ,/, PepsiCo/NNP ,/, CPC/NNP International/NNP ,/, Reebok/NNP International/NNP ,/, and/CC Limited/NNP Inc/NNP ./. ###/### All/DT have/VBP a/DT fiveyear/JJ earnings/NNS growth/NN rate/NN of/IN more/JJR than/IN 20/CD %/NN a/DT year/NN ./. ###/### Some/DT money/NN managers/NNS are/VBP pursuing/VBG growth/NN stocks/NNS at/IN the/DT expense/NN of/IN those/DT that/WDT rise/VBP and/CC fall/VBP along/IN with/IN the/DT economic/JJ cycle/NN ./. ###/### ``/`` One/CD of/IN the/DT stories/NNS of/IN the/DT fourth/JJ quarter/NN is/VBZ that/IN we/PRP will/MD get/VB an/DT unusual/JJ number/NN of/IN earnings/NNS disappointments/NNS from/IN companies/NNS sensitive/JJ to/TO the/DT economy/NN ,/, ''/'' says/VBZ Mr./NNP Boesel/NNP of/IN T./NNP Rowe/NNP Price/NNP ./. ###/### James/NNP Wright/NNP ,/, chief/JJ investment/NN officer/NN for/IN Banc/NNP One/CD Asset/NNP Management/NNP ,/, says/VBZ ,/, ``/`` We/PRP 've/VBP been/VBN selling/VBG a/DT disproportionate/JJ share/NN of/IN cyclical/JJ companies/NNS and/CC buying/VBG a/DT disproportionate/JJ share/NN of/IN high/JJ earnings/NNS stocks/NNS ./. ''/'' ###/### He/PRP recently/RB trimmed/VBD his/PRP$ portfolio/NN of/IN International/NNP Paper/NNP ,/, Dow/NNP Chemical/NNP ,/, Quantum/NNP Chemical/NNP ,/, International/NNP Business/NNP Machines/NNPS and/CC Digital/NNP Equipment/NNP ./. ###/### He/PRP is/VBZ putting/VBG money/NN in/IN Dress/NNP Barn/NNP ,/, Circuit/NNP City/NNP Stores/NNPS ,/, Bruno/NNP 's/POS ,/, and/CC Rubbermaid/NNP ./. ###/### Big/JJ cyclical/JJ companies/NNS are/VBP using/VBG ``/`` all/PDT the/DT tricks/NNS they/PRP can/MD to/TO stabilize/VB earnings/NNS ,/, ''/'' says/VBZ Mr./NNP Sloan/NNP ./. ###/### He/PRP cites/VBZ IBM/NNP ,/, which/WDT reported/VBD a/DT 30/CD %/NN earnings/NNS decline/NN in/IN the/DT third/JJ quarter/NN ,/, and/CC which/WDT last/JJ week/NN announced/VBD a/DT $/$ 1/CD billion/CD buy-back/NN of/IN its/PRP$ shares/NNS ./. ###/### ``/`` What/WP they/PRP are/VBP telling/VBG you/PRP is/VBZ that/IN they/PRP do/VBP n't/RB have/VB the/DT ability/NN to/TO generate/VB higher/JJR returns/NNS internally/RB ,/, ''/'' says/VBZ Mr./NNP Sloan/NNP ./. ###/### ``/`` When/WRB they/PRP are/VBP buying/VBG back/RB stock/NN at/IN 10/CD times/NNS earnings/NNS ,/, they/PRP are/VBP suggesting/VBG that/IN the/DT rate/NN of/IN return/NN on/IN competing/VBG internal/JJ projects/NNS is/VBZ below/IN ''/'' returns/NNS on/IN the/DT stock/NN ./. ###/### IBM/NNP says/VBZ it/PRP considers/VBZ its/PRP$ shares/NNS a/DT good/JJ investment/NN ./. ###/### But/CC not/RB all/DT strategists/NNS or/CC money/NN managers/NNS are/VBP ready/JJ to/TO throw/VB in/IN the/DT towel/NN completely/RB on/IN cyclicals/NNS ./. ###/### Growth/NN stocks/NNS may/MD underperform/VB cyclical/JJ stocks/NNS next/IN year/NN if/IN the/DT Federal/NNP Reserve/NNP begins/VBZ to/TO let/VB interest/NN rates/NNS drift/VB sufficiently/RB lower/RBR to/TO boost/VB the/DT economy/NN ./. ###/### Goldman/NNP Sachs/NNP 's/POS Mr./NNP Einhorn/NNP ,/, for/IN one/CD ,/, subscribes/VBZ to/TO that/DT scenario/NN ./. ###/### He/PRP suggests/VBZ investors/NNS think/VB about/IN buying/VBG cyclical/JJ shares/NNS in/IN the/DT weeks/NNS ahead/RB ,/, as/RB well/RB as/IN growth/NN issues/NNS ./. ###/### Friday/NNP 's/POS Market/NN Activity/NN ###/### Stock/NN prices/NNS finished/VBN about/IN unchanged/JJ Friday/NNP in/IN quiet/JJ expiration/NN trading/NN ./. ###/### Traders/NNS anticipated/VBD a/DT volatile/JJ session/NN due/JJ to/TO the/DT October/NNP expiration/NN of/IN stock-index/NN futures/NNS and/CC options/NNS ,/, and/CC options/NNS on/IN individual/JJ stocks/NNS ./. ###/### But/CC there/EX were/VBD fewer/JJR price/NN swings/NNS than/IN expected/VBN ./. ###/### Buy/JJ order/NN imbalances/NNS on/IN several/JJ big/JJ stocks/NNS were/VBD posted/VBN by/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ./. ###/### But/CC block/NN trading/NN desks/NNS and/CC money/NN managers/NNS made/VBD a/DT concerted/JJ effort/NN to/TO meet/VB the/DT imbalances/NNS with/IN stock/NN to/TO sell/VB ,/, one/CD trader/NN said/VBD ./. ###/### As/IN a/DT result/NN ,/, the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP drifted/VBD in/IN narrow/JJ ranges/NNS in/IN the/DT final/JJ hour/NN of/IN trading/NN ,/, and/CC closed/VBN 5.94/CD higher/JJR to/TO 2689.14/CD ./. ###/### New/NNP York/NNP Stock/NNP Exchange/NNP volume/NN was/VBD 164,830,000/CD ./. ###/### Advancers/NNS on/IN the/DT Big/NNP Board/NNP lagged/VBD decliners/NNS 662/CD to/TO 829/CD ./. ###/### For/IN the/DT week/NN ,/, the/DT industrial/JJ average/NN gained/VBD 119.88/CD points/NNS ,/, or/CC 4.7/CD %/NN ,/, the/DT biggest/JJS weekly/JJ point/NN advance/NN ever/RB and/CC a/DT better/JJR than/IN 50/CD %/NN rebound/NN from/IN the/DT 190.58/CD point/NN loss/NN the/DT industrial/JJ average/NN logged/VBD Oct./NNP 13/CD ./. ###/### Broader/JJR market/NN averages/NNS were/VBD little/RB changed/JJ in/IN the/DT latest/JJS session/NN ./. ###/### Standard/NNP &/CC Poor/NNP 's/POS 500-Stock/NNP Index/NNP gained/VBD 0.03/CD to/TO 347.16/CD ,/, the/DT Dow/NNP Jones/NNP Equity/NNP Market/NNP Index/NNP fell/VBD 0.02/CD to/TO 325.50/CD ,/, and/CC the/DT New/NNP York/NNP Stock/NNP Exchange/NNP Composite/NNP Index/NNP fell/VBD 0.05/CD to/TO 192.12/CD ./. ###/### Most/JJS of/IN last/JJ week/NN 's/POS surge/NN in/IN the/DT industrial/JJ average/NN came/VBD on/IN Monday/NNP ,/, when/WRB the/DT average/NN rose/VBD 88.12/CD points/NNS as/IN market/NN players/NNS snapped/VBD up/RP blue-chip/JJ issues/NNS and/CC shunned/VBD the/DT broad/JJ market/NN ./. ###/### That/DT contrast/NN was/VBD reflected/VBN in/IN the/DT smaller/JJR weekly/JJ percentage/NN gains/NNS recorded/VBN by/IN the/DT broader/JJR averages/NNS ./. ###/### The/DT S&P/NNP 500/CD rose/VBD 4/CD %/NN ,/, the/DT Dow/NNP Jones/NNP Equity/NNP Market/NNP index/NN gained/VBD 3.7/CD %/NN and/CC the/DT New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ index/NN added/VBD 3.5/CD %/NN ./. ###/### The/DT Dow/NNP Jones/NNP Transportation/NNP Average/NNP fell/VBD 32.71/CD to/TO 1230.80/CD amid/IN renewed/VBN weakness/NN in/IN the/DT airline/NN sector/NN ./. ###/### UAL/NNP skidded/VBD 21/CD to/TO 168/CD on/IN 2.2/CD million/CD shares/NNS ./. ###/### On/IN the/DT week/NN ,/, UAL/NNP was/VBD down/RB nearly/RB 40/CD %/NN ./. ###/### The/DT latest/JJS drop/NN followed/VBD a/DT decision/NN by/IN British/NNP Airways/NNPS ,/, which/WDT had/VBD supported/VBN the/DT $/$ 300-a-share/JJ buy-out/NN offer/NN for/IN UAL/NNP from/IN a/DT labor-management/JJ group/NN ,/, not/RB to/TO participate/VB in/IN any/DT revised/VBN bid/NN ./. ###/### British/NNP Airways/NNPS fell/VBD 1/CD to/TO 31/CD ./. ###/### While/IN most/JJS other/JJ airline/NN issues/NNS took/VBD their/PRP$ cue/NN from/IN UAL/NNP ,/, USAir/NNP Group/NNP rose/VBD 1/CD to/TO 43/CD on/IN 1.5/CD million/CD shares/NNS amid/IN speculation/NN about/IN a/DT possible/JJ takeover/NN proposal/NN from/IN investor/NN Marvin/NNP Davis/NNP ./. ###/### USA/NNP Today/NNP reported/VBD that/IN Mr./NNP Davis/NNP ,/, who/WP had/VBD pursued/VBN UAL/NNP before/IN dropping/VBG his/PRP$ bid/NN Wednesday/NNP ,/, has/VBZ acquired/VBN a/DT stake/NN of/IN about/IN 3/CD %/NN in/IN USAir/NNP ./. ###/### Unocal/NNP fell/VBD 1/CD to/TO 52/CD and/CC Burlington/NNP Resources/NNPS declined/VBD to/TO 45/CD ./. ###/### At/IN a/DT meeting/NN with/IN analysts/NNS ,/, British/NNP Petroleum/NNP officials/NNS dispelled/VBD speculation/NN that/IN the/DT company/NN may/MD take/VB over/IN a/DT U.S./NNP oil/NN company/NN ,/, according/VBG to/TO Dow/NNP Jones/NNP Professional/NNP Investor/NNP Report/NNP ./. ###/### Both/DT Unocal/NNP and/CC Burlington/NNP had/VBD been/VBN seen/VBN as/IN potential/JJ targets/NNS for/IN a/DT British/NNP Petroleum/NNP bid/NN ./. ###/### Paper/NNP and/CC forest-products/NNS stocks/NNS declined/VBD after/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co./NNP lowered/VBD investment/NN ratings/NNS on/IN a/DT number/NN of/IN issues/NNS in/IN the/DT two/CD sectors/NNS ,/, based/VBN on/IN a/DT forecast/NN that/IN pulp/NN prices/NNS will/MD fall/VB sharply/RB ./. ###/### International/NNP Paper/NNP dropped/VBD to/TO 51/CD ,/, Georgia-Pacific/NNP fell/VBD 1/CD to/TO 56/CD 1/CD ,/, to/TO to/TO ./. ###/### Dun/NNP &/CC Bradstreet/NNP dropped/VBD to/TO 51/CD on/IN 1.9/CD million/CD shares/NNS on/IN uncertainty/NN about/IN the/DT company/NN 's/POS earnings/NNS prospects/NNS ./. ###/### Merrill/NNP Lynch/NNP cut/VBD its/PRP$ rating/NN and/CC 1990/CD earnings/NNS estimate/NN Thursday/NNP ,/, citing/VBG weakness/NN in/IN its/PRP$ credit-rating/NN business/NN ./. ###/### Lamson/NNP &/CC Sessions/NNP ,/, which/WDT posted/VBD sharply/RB lower/JJR third-quarter/NN earnings/NNS and/CC forecast/VBD that/IN results/NNS for/IN the/DT fourth/JJ quarter/NN might/MD be/VB ``/`` near/RB break-even/JJ ,/, ''/'' fell/VBD to/TO 9/CD ./. ###/### Winnebago/NNP Industries/NNPS slid/VBD 5/CD ./. ###/### The/DT company/NN ,/, which/WDT reported/VBD that/DT its/PRP$ loss/NN for/IN the/DT fiscal/JJ quarter/NN ended/VBN Aug./NNP 26/CD widened/VBN from/IN a/DT year/NN earlier/RB ,/, cut/VB its/PRP$ semiannual/JJ dividend/NN in/IN half/NN in/IN response/NN to/TO the/DT earnings/NNS weakness/NN ./. ###/### MassMutual/NNP Corporate/NNP Investors/NNPS fell/VBD 3/CD to/TO 29/CD after/IN declaring/VBG a/DT quarterly/JJ dividend/NN of/IN 70/CD cents/NNS a/DT share/NN ,/, down/RB from/IN 95/CD cents/NNS a/DT share/NN ./. ###/### Stoneridge/NNP Resources/NNPS Inc./NNP said/VBD it/PRP will/MD begin/VB an/DT offering/NN of/IN rights/NNS equivalent/JJ to/TO 2.6/CD million/CD common/JJ shares/NNS and/CC valued/VBN at/IN $/$ 22,750,000/CD ./. ###/### The/DT Bloomfield/NNP Hills/NNPS ,/, Mich.-based/JJ real-estate/NN holding/NN company/NN said/VBD it/PRP will/MD offer/VB the/DT rights/NNS at/IN $/$ 8.75/CD a/DT share/NN to/TO shareholders/NNS of/IN record/NN on/IN Oct./NNP 26/CD ./. ###/### The/DT offering/NN is/VBZ scheduled/VBN to/TO expire/VB on/IN Nov./NNP 30/CD ./. ###/### The/DT company/NN said/VBD it/PRP will/MD use/VB the/DT proceeds/NNS of/IN the/DT offering/NN for/IN debt/NN reduction/NN and/CC general/JJ corporate/JJ purposes/NNS ,/, including/VBG acquisitions/NNS ./. ###/### Stockholders/NNP may/MD buy/VB one/CD share/NN at/IN the/DT subscription/NN price/NN for/IN every/DT four/CD shares/NNS of/IN stock/NN they/PRP own/VBP ./. ###/### Stockholders/NNP who/WP exercise/VBP all/DT their/PRP$ rights/NNS may/MD buy/VB additional/JJ shares/NNS ,/, the/DT company/NN said/VBD ./. ###/### The/DT company/NN said/VBD it/PRP has/VBZ an/DT option/NN to/TO increase/VB the/DT offering/NN by/IN up/IN to/TO 350,000/CD shares/NNS ./. ###/### The/DT following/VBG U.S./NNP Treasury/NNP ,/, corporate/JJ and/CC municipal/JJ offerings/NNS are/VBP tentatively/RB scheduled/VBN for/IN sale/NN this/DT week/NN ,/, according/VBG to/TO Dow/NNP Jones/NNP Capital/NNP Markets/NNPS Report/NNP :/: $/$ 15.6/CD billion/CD three-month/JJ and/CC six-month/JJ bills/NNS ./. ###/### $/$ 10/CD billion/CD of/IN two-year/JJ notes/NNS ./. ###/### Resolution/NNP Funding/NNP Corp./NNP to/TO sell/VB $/$ 4.5/CD billion/CD 30-year/JJ bonds/NNS ./. ###/### Aim/NNP Prime/NNP Rate/NNP Plus/NNP Fund/NNP Inc./NNP --/: 10/CD million/CD common/JJ shares/NNS ,/, via/IN PaineWebber/NNP Inc/NNP ./. ###/### Allied/NNP Capital/NNP Corp./NNP II/NNP --/: 6,500,000/CD common/JJ shares/NNS ,/, via/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc/NNP ./. ###/### American/NNP Cyanamid/NNP Co./NNP --/: 1,250,000/CD common/JJ shares/NNS ,/, via/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS ./. ###/### Associated/NNP Natural/NNP Gas/NNP Corp./NNP --/: 1,400,000/CD common/JJ shares/NNS ,/, via/IN Dillon/NNP Read/NNP &/CC Co/NNP ./. ###/### B/NNP &/CC H/NNP Crude/NNP Carriers/NNPS Ltd./NNP --/: Four/CD million/CD common/JJ shares/NNS ,/, via/IN Salomon/NNP Brothers/NNPS Inc/NNP ./. ###/### Baldwin/NNP Technology/NNP Co./NNP --/: 2,600,000/CD Class/NNP A/NNP shares/NNS ,/, via/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co/NNP ./. ###/### Blockbuster/NNP Entertainment/NNP Corp./NNP --/: $/$ 250/CD million/CD -LRB-/-LRB- face/NN amount/NN -RRB-/-RRB- Liquid/NN Yield/NN Option/NN Notes/NNS ,/, via/IN Merrill/NNP Lynch/NNP ./. ###/### Chemex/NNP Pharmaceuticals/NNPS Inc./NNP --/: 1,200,000/CD units/NNS ,/, via/IN PaineWebber/NNP ./. ###/### Immune/NNP Response/NNP Corp./NNP --/: Three/CD million/CD common/JJ shares/NNS ,/, via/IN Merrill/NNP Lynch/NNP ./. ###/### Marsam/NNP Pharmaceuticals/NNPS Inc./NNP --/: 1,300,000/CD common/JJ shares/NNS ,/, via/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP ./. ###/### RMI/NNP Titanium/NNP Co./NNP --/: 15/CD million/CD common/JJ shares/NNS ,/, via/IN Salomon/NNP Brothers/NNPS Inc/NNP ./. ###/### Tidewater/NNP Inc./NNP --/: 4,631,400/CD common/JJ shares/NNS ,/, via/IN Salomon/NNP Brothers/NNPS Inc/NNP ./. ###/### Massachusetts/NNP --/: Approximately/RB $/$ 230/CD million/CD of/IN general/JJ bonds/NNS ,/, consolidated/JJ loan/NN of/IN 1989/CD ,/, Series/NN D/NNP ,/, via/IN competitive/JJ bid/NN ./. ###/### Montgomery/NNP County/NNP ,/, Maryland/NNP --/: $/$ 75/CD million/CD of/IN general/JJ consolidated/JJ public/JJ improvement/NN bonds/NNS of/IN 1989/CD ,/, Series/NN B/NNP ,/, via/IN competitive/JJ bid/NN ./. ###/### Trinity/NNP River/NNP Authority/NNP ,/, Texas/NNP --/: $/$ 134,750,000/CD of/IN regional/JJ wastewater/NN system/NN improvement/NN revenue/NN bonds/NNS ,/, Series/NN 1989/CD ,/, via/IN competitive/JJ bid/NN ./. ###/### City/NNP and/CC County/NNP of/IN Honolulu/NNP ,/, Hawaii/NNP --/: $/$ 75/CD million/CD of/IN obligation/NN bonds/NNS ,/, 1989/CD Series/NN B/NNP ,/, due/RB 1993-2009/CD ,/, via/IN competitive/JJ bid/NN ./. ###/### Beverly/NNP Hills/NNPS --/: $/$ 110/CD million/CD of/IN civic/JJ center/NN project/NN certificates/NNS of/IN participation/NN ,/, Series/NN 1989/CD ,/, via/IN a/DT Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP group/NN ./. ###/### Broward/NNP County/NNP School/NNP District/NNP ,/, Florida/NNP --/: $/$ 185/CD million/CD of/IN school/NN district/NN general/JJ bonds/NNS ,/, via/IN a/DT First/NNP Boston/NNP Corp./NNP group/NN ./. ###/### Connecticut/NNP Housing/NNP Finance/NNP Authority/NNP --/: $/$ 132,620,000/CD of/IN housing/NN mortgage/NN revenue/NN -LRB-/-LRB- AMT/NNP and/CC non-AMT/JJ -RRB-/-RRB- bonds/NNS ,/, via/IN a/DT PaineWebber/NNP group/NN ./. ###/### Maryland/NNP Stadium/NNP Authority/NNP --/: $/$ 137,550,000/CD of/IN sports/NNS facilities/NNS lease/NN revenue/NN Alternative/NNP Minimum/NNP Tax/NNP -LRB-/-LRB- AMT/NNP -RRB-/-RRB- bonds/NNS ,/, Series/NN 1989/CD D/NNP ,/, via/IN a/DT Morgan/NNP Stanley/NNP &/CC Co./NNP group/NN ./. ###/### Michigan/NNP --/: $/$ 80/CD million/CD of/IN Michigan/NNP First/NNP general/JJ bonds/NNS ,/, including/VBG $/$ 70/CD million/CD of/IN environmental/JJ protection/NN project/NN bonds/NNS and/CC $/$ 10/CD million/CD of/IN recreation/NN project/NN bonds/NNS ,/, via/IN a/DT Shearson/NNP Lehman/NNP Hutton/NNP group/NN ./. ###/### West/NNP Virginia/NNP Parkways/NNPS Economic/NNP Development/NNP and/CC Tourism/NNP Authority/NNP --/: $/$ 143/CD million/CD of/IN parkway/NN revenue/NN bonds/NNS ,/, Series/NN 1989/CD ,/, via/IN a/DT PaineWebber/NNP group/NN ./. ###/### San/NNP Antonio/NNP ,/, Texas/NNP --/: $/$ 640/CD million/CD of/IN gas/NN and/CC electric/JJ revenue/NN refunding/VBG bonds/NNS ,/, via/IN a/DT First/NNP Boston/NNP group/NN ./. ###/### MCI/NNP COMMUNICATIONS/NNPS Corp./NNP said/VBD it/PRP filed/VBD a/DT shelf/NN registration/NN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP for/IN issuance/NN of/IN as/RB much/JJ as/IN $/$ 750/CD million/CD of/IN debt/NN securities/NNS ./. ###/### The/DT debt/NN will/MD include/VB medium-term/JJ notes/NNS sold/VBN through/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS ;/: Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ;/: Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP and/CC Salomon/NNP Brothers/NNPS Inc/NNP ./. ###/### The/DT funds/NNS will/MD be/VB used/VBN for/IN refinancing/VBG existing/VBG debt/NN of/IN the/DT Washington/NNP ,/, D.C./NNP ,/, concern/NN at/IN lower/JJR interest/NN rates/NNS and/CC for/IN other/JJ general/JJ purposes/NNS ./. ###/### The/DT effective/JJ date/NN of/IN the/DT registration/NN is/VBZ to/TO be/VB determined/VBN by/IN the/DT SEC/NNP ./. ###/### A/DT group/NN including/VBG ESL/NNP Partners/NNPS Ltd./NNP ,/, a/DT Fort/NNP Worth/NNP ,/, Texas/NNP ,/, investment/NN partnership/NN ,/, and/CC Richard/NNP E./NNP Rainwater/NNP ,/, a/DT former/JJ adviser/NN to/TO the/DT Fort/NNP Worth/NNP Bass/NNP family/NN ,/, said/VBD it/PRP reduced/VBD its/PRP$ stake/NN in/IN Anacomp/NNP Inc./NNP to/TO 3.6/CD %/NN of/IN the/DT common/JJ shares/NNS outstanding/JJ ./. ###/### In/IN a/DT filing/NN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP ,/, the/DT group/NN said/VBD it/PRP sold/VBD 1,325,900/CD Anacomp/NNP common/JJ shares/NNS from/IN Aug./NNP 31/CD to/TO last/JJ Wednesday/NNP for/IN $/$ 4.48/CD to/TO $/$ 5.84/CD a/DT share/NN ,/, resulting/VBG in/IN a/DT drop/NN in/IN its/PRP$ holdings/NNS to/TO 1,351,662/CD shares/NNS ./. ###/### No/DT reason/NN was/VBD given/VBN in/IN the/DT filing/NN for/IN the/DT sales/NNS ./. ###/### An/DT Anacomp/NNP official/NN said/VBD the/DT Indianapolis/NNP computer-services/NNS concern/NN had/VBD no/DT comment/NN on/IN the/DT group/NN 's/POS share/NN sales/NNS ./. ###/### In/IN March/NNP ,/, the/DT group/NN disclosed/VBD it/PRP held/VBD a/DT 7.2/CD %/NN stake/NN in/IN Anacomp/NNP for/IN investment/NN purposes/NNS ./. ###/### It/PRP said/VBD then/RB it/PRP had/VBD had/VBN and/CC would/MD continue/VB to/TO have/VB discussions/NNS with/IN Anacomp/NNP 's/POS management/NN concerning/VBG its/PRP$ investment/NN ./. ###/### Home/NNP Beneficial/NNP Corp./NNP ,/, Richmond/NNP ,/, Va./NNP ,/, said/VBD it/PRP contracted/VBD to/TO sell/VB its/PRP$ 50/CD %/NN interest/NN in/IN a/DT Richmond-area/JJ shopping/NN mall/NN to/TO a/DT buyer/NN that/DT was/VBD n't/RB identified/VBN ./. ###/### The/DT life-insurance/NN holding/NN company/NN said/VBD the/DT sale/NN would/MD result/VB in/IN an/DT after-tax/JJ gain/NN of/IN about/IN $/$ 32/CD million/CD ,/, or/CC $/$ 3.09/CD a/DT share/NN ,/, in/IN the/DT first/JJ quarter/NN of/IN ###/### The/DT company/NN also/RB said/VBD it/PRP will/MD adopt/VB new/JJ accounting/NN standards/NNS in/IN the/DT first/JJ quarter/NN ./. ###/### The/DT change/NN will/MD result/VB in/IN a/DT charge/NN of/IN about/IN $/$ 8.5/CD million/CD ,/, or/CC 82/CD cents/NNS a/DT share/NN ,/, because/IN of/IN an/DT increase/NN in/IN deferred/JJ income-tax/NN liability/NN ./. ###/### In/IN the/DT first/JJ quarter/NN of/IN 1988/CD ,/, the/DT company/NN earned/VBN $/$ 10/CD million/CD ,/, or/CC 94/CD cents/NNS a/DT share/NN ./. ###/### Following/VBG is/VBZ a/DT weekly/JJ listing/NN of/IN unadited/JJ net/JJ asset/NN values/NNS of/IN publicly/RB traded/JJ investment/NN fund/NN shares/NNS ,/, reported/VBN by/IN the/DT companies/NNS as/IN of/IN Friday/NNP 's/POS close/NN ./. ###/### Also/RB shown/VBN is/VBZ the/DT closing/NN listed/JJ market/NN price/NN or/CC a/DT dealer-to-dealer/JJ asked/JJ price/NN of/IN each/DT fund/NN 's/POS shares/NNS ,/, with/IN the/DT percentage/NN of/IN difference/NN ./. ###/### Closed/NNP End/NNP Bond/NNP Funds/NNPS Flexible/NNP Portfolio/NNP Funds/NNPS Specialized/NNP Equity/NNP and/CC Convertible/NNP Funds/NNPS a-Ex-dividend/NN ./. ###/### b-As/NNS of/IN Thursday/NNP 's/POS close/NN ./. ###/### c-Translated/VBN at/IN Commercial/NNP Rand/NNP exchange/NN rate/NN ./. ###/### e-In/IN Canadian/JJ dollars/NNS ./. ###/### f-As/NNS of/IN Wednesday/NNP 's/POS close/NN ./. ###/### A/DT shareholder/NN filed/VBD suit/NN ,/, seeking/VBG to/TO block/VB Unitel/NNP Video/NNP Inc./NNP 's/POS proposed/VBN plan/NN to/TO be/VB acquired/VBN by/IN a/DT new/JJ affiliate/NN of/IN closely/RB held/JJ Kenmare/NNP Capital/NNP Corp./NNP for/IN $/$ 15/CD a/DT share/NN ,/, or/CC $/$ 33.6/CD million/CD ./. ###/### The/DT suit/NN ,/, which/WDT seeks/VBZ class-action/JJ status/NN ,/, was/VBD filed/VBN in/IN Delaware/NNP Chancery/NNP Court/NNP ./. ###/### The/DT complaint/NN alleges/VBZ that/IN the/DT price/NN is/VBZ ``/`` unfair/JJ and/CC grossly/RB inadequate/JJ ''/'' and/CC that/IN the/DT defendants/NNS are/VBP seeking/VBG to/TO ensure/VB a/DT ``/`` lockup/NN ''/'' of/IN the/DT purchase/NN of/IN Unitel/NNP ,/, thereby/RB discouraging/VBG other/JJ bids/NNS ./. ###/### It/PRP seeks/VBZ unspecified/JJ money/NN damages/NNS ./. ###/### The/DT New/NNP York/NNP company/NN called/VBD the/DT lawsuit/NN without/IN merit/NN ./. ###/### Shareholders/NNS are/VBP scheduled/VBN to/TO vote/VB on/IN the/DT transaction/NN Nov/NNP ./. ###/### This/DT Toronto/NNP closed-end/JJ fund/NN cut/VBD the/DT annual/JJ dividend/NN on/IN its/PRP$ Class/NN A/NNP common/JJ shares/NNS to/TO one/CD Canadian/JJ cent/NN from/IN 10/CD Canadian/JJ cents/NNS ./. ###/### The/DT fund/NN invests/VBZ mainly/RB in/IN gold/NN and/CC silver/NN bullion/NN ./. ###/### It/PRP said/VBD the/DT reduced/VBN dividend/NN reflects/VBZ the/DT low/JJ price/NN for/IN precious/JJ metals/NNS ./. ###/### Greg/NNP Davies/NNP ,/, Central/NNP Fund/NNP 's/POS vice/NN president/NN ,/, finance/NN ,/, said/VBD losses/NNS for/IN the/DT fiscal/JJ year/NN ending/VBG Oct./NNP 31/CD could/MD be/VB as/RB high/JJ as/IN one/CD million/CD Canadian/JJ dollars/NNS -LRB-/-LRB- US$/$ 852,000/CD -RRB-/-RRB- ./. ###/### The/DT fund/NN last/RB had/VBD a/DT profit/NN in/IN 1985/CD ./. ###/### The/DT new/JJ dividend/NN rate/NN is/VBZ payable/JJ Nov./NNP 15/CD to/TO holders/NNS of/IN record/NN Oct./NNP 31/CD ./. ###/### In/IN American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN Friday/NNP ,/, Central/NNP Fund/NNP was/VBD unchanged/JJ at/IN $/$ 4.6875/CD a/DT share/NN ./. ###/### Comair/NNP Holdings/NNPS Inc./NNP said/VBD in/IN Cincinnati/NNP that/IN it/PRP bought/VBD Airline/NNP Aviation/NNP Academy/NNP ,/, a/DT pilot/NN training/NN school/NN based/VBN at/IN Sanford/NNP Regional/NNP Airport/NNP near/IN Orlando/NNP ,/, Fla/NNP ./. ###/### Comair/NNP said/VBD it/PRP paid/VBD cash/NN but/CC declined/VBD to/TO disclose/VB the/DT price/NN ./. ###/### Comair/NNP Holdings/NNPS is/VBZ the/DT parent/NN of/IN Comair/NNP Inc./NNP ,/, a/DT regional/JJ air/NN carrier/NN ./. ###/### Airline/NNP Aviation/NNP ,/, which/WDT has/VBZ annual/JJ revenue/NN of/IN $/$ 5/CD million/CD to/TO $/$ 6/CD million/CD ,/, has/VBZ great/JJ growth/NN potential/NN because/IN of/IN the/DT large/JJ number/NN of/IN U.S./NNP pilots/NNS nearing/VBG retirement/NN age/NN ,/, Comair/NNP said/VBD ./. ###/### The/DT unit/NN will/MD be/VB renamed/VBN Comair/NNP Aviation/NNP Academy/NNP and/CC will/MD continue/VB to/TO be/VB headed/VBN by/IN Scott/NNP Williams/NNP ,/, a/DT son/NN of/IN its/PRP$ founder/NN ,/, Comair/NNP said/VBD ./. ###/### The/DT collapse/NN of/IN a/DT $/$ 6.79/CD billion/CD buy-out/NN of/IN United/NNP Airlines/NNPS parent/NN UAL/NNP Corp./NNP has/VBZ handed/VBN Wall/NNP Street/NNP 's/POS takeover/NN stock/NN speculators/NNS their/PRP$ worst/JJS loss/NN ever/RB on/IN a/DT single/JJ deal/NN ./. ###/### Their/PRP$ $/$ 700/CD million-plus/JJ in/IN estimated/VBN paper/NN losses/NNS easily/RB tops/VBZ the/DT $/$ 400/CD million/CD in/IN paper/NN losses/NNS the/DT takeover/NN traders/NNS ,/, known/VBN as/IN arbitragers/NNS ,/, suffered/VBN in/IN 1982/CD when/WRB Gulf/NNP Oil/NNP Co./NNP dropped/VBD a/DT $/$ 4.8/CD billion/CD offer/NN for/IN Cities/NNPS Service/NNP Co/NNP ./. ###/### In/IN the/DT six/CD trading/NN days/NNS since/IN the/DT UAL/NNP labor-management/NN buy-out/NN group/NN failed/VBD to/TO get/VB bank/NN financing/NN ,/, culminating/VBG Friday/NNP with/IN the/DT withdrawal/NN of/IN its/PRP$ partner/NN British/NNP Airways/NNPS PLC/NNP ,/, UAL/NNP stock/NN has/VBZ plummeted/VBN by/IN 41/CD %/NN to/TO 168/CD from/IN 285/CD ./. ###/### The/DT arbs/NNS may/MD recoup/VB some/DT of/IN their/PRP$ paper/NN losses/NNS if/IN the/DT UAL/NNP deal/NN gets/VBZ patched/VBN up/RB again/RB ,/, as/IN they/PRP did/VBD in/IN 1982/CD when/WRB Occidental/NNP Petroleum/NNP Co./NNP rescued/VBD them/PRP with/IN a/DT $/$ 4/CD billion/CD takeover/NN of/IN Cities/NNPS Service/NNP ./. ###/### In/IN the/DT meantime/NN ,/, the/DT question/NN faced/VBN by/IN investors/NNS is/VBZ :/: What/WP is/VBZ UAL/NNP stock/NN worth/NN ?/. ###/### The/DT short/JJ answer/NN ,/, on/IN a/DT fundamental/JJ basis/NN ,/, is/VBZ that/IN airline/NN analysts/NNS say/VBP the/DT stock/NN is/VBZ worth/JJ somewhere/RB between/IN $/$ 135/CD and/CC $/$ 150/CD a/DT share/NN ./. ###/### That/DT 's/VBZ based/VBN on/IN a/DT multiple/NN of/IN anywhere/RB between/IN 8.5/CD to/TO 10/CD times/NNS UAL/NNP earnings/NNS ,/, which/WDT are/VBP estimated/VBN to/TO come/VB in/IN somewhere/RB around/IN $/$ 16/CD a/DT share/NN this/DT year/NN ./. ###/### Airline/NN stocks/NNS typically/RB sell/VBP at/IN a/DT discount/NN of/IN about/IN one-third/NN to/TO the/DT stock/NN market/NN 's/POS price-earnings/NNS ratio/NN --/: which/WDT is/VBZ currently/RB about/IN 13/CD times/NNS earnings/NNS ./. ###/### That/DT 's/VBZ because/IN airline/NN earnings/NNS ,/, like/IN those/DT of/IN auto/NN makers/NNS ,/, have/VBP been/VBN subject/JJ to/TO the/DT cyclical/JJ ups-and-downs/NNS of/IN the/DT economy/NN ./. ###/### That/DT analysis/NN matches/VBZ up/RB with/IN stock/NN traders/NNS '/POS reports/NNS that/IN ,/, despite/IN the/DT huge/JJ drop/NN in/IN the/DT stock/NN ,/, UAL/NNP has/VBZ n't/RB returned/VBN to/TO the/DT level/NN at/IN which/WDT it/PRP could/MD attract/VB buying/NN by/IN institutions/NNS solely/RB on/IN the/DT basis/NN of/IN earnings/NNS ./. ###/### So/CC anyone/NN buying/VBG the/DT stock/NN now/RB is/VBZ betting/VBG on/IN some/DT special/JJ transaction/NN such/JJ as/IN a/DT recapitalization/NN or/CC takeover/NN ,/, and/CC must/MD do/VB so/RB using/VBG some/DT guesswork/NN about/IN the/DT likelihood/NN of/IN such/JJ an/DT event/NN ./. ###/### One/CD analyst/NN ,/, who/WP asked/VBD not/RB to/TO be/VB identified/VBN ,/, said/VBD he/PRP believes/VBZ that/IN the/DT UAL/NNP pilots/NNS and/CC management/NN can/MD put/VB together/RB a/DT bid/NN ``/`` in/IN the/DT $/$ 225/CD area/NN ,/, ''/'' but/CC that/IN it/PRP could/MD take/VB three/CD to/TO four/CD months/NNS to/TO close/VB ./. ###/### At/IN that/DT level/NN ,/, and/CC given/VBN the/DT uncertainty/NN ,/, he/PRP believes/VBZ UAL/NNP stock/NN should/MD trade/VB closer/RBR to/TO ###/### Other/JJ observers/NNS note/VBP that/IN UAL/NNP 's/POS board/NN ,/, having/VBG accepted/VBN a/DT bid/NN of/IN $/$ 300/CD a/DT share/NN ,/, might/MD hold/VB out/RB for/IN a/DT new/JJ bid/NN much/RB closer/JJR to/TO the/DT original/NN level/NN --/: even/RB if/IN it/PRP means/VBZ that/IN the/DT management/NN goes/VBZ back/RB to/TO running/VBG the/DT company/NN for/IN a/DT while/NN and/CC lets/VBZ things/NNS return/VB to/TO normal/JJ ./. ###/### By/IN that/DT logic/NN ,/, the/DT closing/NN of/IN a/DT deal/NN could/MD be/VB much/RB further/RB away/RB than/IN three/CD to/TO four/CD months/NNS ,/, even/RB though/IN the/DT eventual/JJ price/NN might/MD be/VB higher/JJR ./. ###/### Investment/NN bankers/NNS following/VBG UAL/NNP agree/VBP that/IN the/DT strongest/JJS impetus/NN for/IN an/DT eventual/JJ deal/NN is/VBZ that/IN the/DT pilots/NNS have/VBP been/VBN attempting/VBG a/DT buy-out/NN for/IN more/JJR than/IN two/CD years/NNS ,/, and/CC are/VBP n't/RB likely/JJ to/TO stop/VB ,/, having/VBG come/VBN so/RB close/RB to/TO success/NN ./. ###/### The/DT pilots/NNS have/VBP a/DT strong/JJ financing/NN tool/NN in/IN their/PRP$ willingness/NN to/TO cut/VB their/PRP$ annual/JJ compensation/NN by/IN $/$ 200/CD million/CD ,/, and/CC to/TO commit/VB $/$ 200/CD million/CD from/IN their/PRP$ retirement/NN funds/NNS ./. ###/### On/IN Friday/NNP ,/, they/PRP also/RB persuaded/VBD the/DT UAL/NNP flight/NN attendants/NNS to/TO join/VB them/PRP ./. ###/### However/RB ,/, investment/NN bankers/NNS say/VBP that/IN banks/NNS are/VBP n't/RB likely/JJ to/TO lend/VB the/DT almost/RB $/$ 5/CD billion/CD that/DT would/MD be/VB necessary/JJ for/IN a/DT takeover/NN even/RB at/IN a/DT lower/JJR price/NN without/IN someone/NN putting/VBG up/RB a/DT hefty/JJ wad/NN of/IN cash/NN --/: probably/RB even/RB greater/JJR than/IN the/DT 17/CD %/NN in/IN cash/NN put/VBD up/RB by/IN investors/NNS in/IN the/DT leveraged/JJ takeover/NN of/IN Northwest/NNP Airlines/NNPS parent/NN NWA/NNP Corp./NNP in/IN July/NNP ./. ###/### Banks/NNS want/VBP to/TO see/VB someone/NN putting/VBG up/RP real/JJ cash/NN at/IN risk/NN ,/, that/DT is/VBZ ,/, subordinate/JJ to/TO the/DT bank/NN debt/NN in/IN any/DT deal/NN ./. ###/### That/DT way/NN ,/, they/PRP figure/VBP ,/, someone/NN else/RB has/VBZ an/DT even/RB stronger/JJR motivation/NN to/TO make/VB sure/JJ the/DT deal/NN is/VBZ going/VBG to/TO work/VB ,/, because/IN they/PRP would/MD be/VB losing/VBG their/PRP$ money/NN before/IN the/DT banks/NNS lost/VBD theirs/PRP ./. ###/### Banks/NNS also/RB want/VBP to/TO be/VB able/JJ to/TO call/VB someone/NN on/IN the/DT telephone/NN to/TO fix/VB a/DT problem/NN with/IN a/DT deal/NN that/WDT goes/VBZ bad/JJ --/: preferably/RB someone/NN other/JJ than/IN a/DT union/NN leader/NN ./. ###/### That/DT leaves/VBZ the/DT pilots/NNS still/RB in/IN need/NN of/IN cash/NN totaling/VBG around/IN $/$ 1/CD billion/CD --/: far/RB more/JJR than/IN either/DT they/PRP or/CC the/DT flight/NN attendants/NNS can/MD lay/VB their/PRP$ hands/NNS on/IN from/IN retirement/NN funds/NNS alone/RB ./. ###/### One/CD obstacle/NN to/TO the/DT pilots/NNS '/POS finding/VBG such/JJ a/DT huge/JJ amount/NN of/IN cash/NN is/VBZ their/PRP$ insistence/NN on/IN majority/NN ownership/NN ./. ###/### Investors/NNS such/JJ as/IN Marvin/NNP Davis/NNP of/IN Los/NNP Angeles/NNP who/WP have/VBP sought/VBN airline/NN ownership/NN this/DT year/NN have/VBP insisted/VBN they/PRP ,/, not/RB the/DT pilots/NNS ,/, must/MD have/VB control/NN ./. ###/### One/CD way/NN out/IN of/IN that/DT dilemma/NN could/MD be/VB a/DT partial/JJ recapitalization/NN in/IN which/WDT the/DT pilots/NNS would/MD wind/VB up/RB sharing/VBG the/DT value/NN of/IN their/PRP$ concessions/NNS with/IN public/JJ shareholders/NNS ./. ###/### The/DT pilots/NNS could/MD borrow/VB against/IN the/DT value/NN of/IN their/PRP$ concessions/NNS ,/, using/VBG the/DT proceeds/NNS to/TO buy/VB back/RB stock/NN from/IN the/DT public/NN and/CC give/VB themselves/PRP the/DT majority/NN control/NN they/PRP have/VBP been/VBN seeking/VBG ./. ###/### But/CC it/PRP is/VBZ n't/RB clear/JJ that/IN banks/NNS would/MD lend/VB sufficient/JJ money/NN to/TO deliver/VB a/DT big/JJ enough/JJ price/NN to/TO shareholders/NNS ./. ###/### The/DT lack/NN of/IN any/DT new/JJ cash/NN probably/RB would/MD still/RB leave/VB the/DT banks/NNS dissatisfied/JJ ./. ###/### In/IN advising/VBG the/DT UAL/NNP board/NN on/IN the/DT various/JJ bids/NNS for/IN the/DT airline/NN ,/, starting/VBG with/IN one/CD for/IN $/$ 240/CD a/DT share/NN from/IN Mr./NNP Davis/NNP ,/, the/DT investment/NN bank/NN of/IN First/NNP Boston/NNP came/VBD up/RB with/IN a/DT wide/JJ range/NN of/IN potential/JJ values/NNS for/IN the/DT company/NN ,/, depending/VBG on/IN appraisal/NN methods/NNS and/CC assumptions/NNS ./. ###/### Using/VBG the/DT the/DT NWA/NNP takeover/NN as/IN a/DT benchmark/NN ,/, First/NNP Boston/NNP on/IN Sept./NNP 14/CD estimated/VBD that/IN UAL/NNP was/VBD worth/JJ $/$ 250/CD to/TO $/$ 344/CD a/DT share/NN based/VBN on/IN UAL/NNP 's/POS results/NNS for/IN the/DT 12/CD months/NNS ending/VBG last/JJ June/NNP 30/CD ,/, but/CC only/RB $/$ 235/CD to/TO $/$ 266/CD based/VBN on/IN a/DT management/NN estimate/NN of/IN results/NNS for/IN 1989/CD ./. ###/### First/RB Boston/NNP 's/POS estimates/NNS had/VBD been/VBN higher/JJR before/IN management/NN supplied/VBD a/DT 1989/CD projection/NN ./. ###/### Using/VBG estimates/NNS of/IN the/DT company/NN 's/POS future/JJ earnings/NNS under/IN a/DT variety/NN of/IN scenarios/NNS ,/, First/RB Boston/NNP estimated/VBD UAL/NNP 's/POS value/NN at/IN $/$ 248/CD to/TO $/$ 287/CD a/DT share/NN if/IN its/PRP$ future/JJ labor/NN costs/NNS conform/VBP to/TO Wall/NNP Street/NNP projections/NNS ;/: $/$ 237/CD to/TO $/$ 275/CD if/IN the/DT company/NN reaches/VBZ a/DT settlement/NN with/IN pilots/NNS similar/JJ to/TO one/CD at/IN NWA/NNP ;/: $/$ 98/CD to/TO $/$ 121/CD under/IN an/DT adverse/JJ labor/NN settlement/NN ,/, and/CC $/$ 229/CD to/TO $/$ 270/CD under/IN a/DT pilot/NN contract/NN imposed/VBN by/IN the/DT company/NN following/VBG a/DT strike/NN ./. ###/### And/CC using/VBG liquidation/NN value/NN assuming/VBG the/DT sale/NN of/IN all/DT UAL/NNP assets/NNS ,/, First/NNP Boston/NNP estimated/VBD the/DT airline/NN is/VBZ worth/JJ $/$ 253/CD to/TO $/$ 303/CD a/DT share/NN ./. ###/### Unfortunately/RB ,/, all/PDT those/DT estimates/NNS came/VBD before/IN airline/NN industry/NN fundamentals/NNS deteriorated/VBN during/IN the/DT past/JJ month/NN ./. ###/### American/NNP Airlines/NNPS parent/NN AMR/NNP and/CC USAir/NNP Group/NNP ,/, both/DT subject/JJ to/TO takeover/NN efforts/NNS themselves/PRP ,/, have/VBP each/DT warned/VBN of/IN declining/VBG results/NNS ./. ###/### Some/DT analysts/NNS do/VBP n't/RB expect/VB a/DT quick/JJ revival/NN of/IN any/DT takeover/NN by/IN the/DT pilots/NNS ./. ###/### The/DT deal/NN has/VBZ ,/, as/IN one/CD takeover/NN expert/NN puts/VBZ it/PRP ,/, ``/`` so/RB many/JJ moving/VBG parts/NNS ./. ###/### I/PRP do/VBP n't/RB see/VB anybody/NN who/WP 's/VBZ sophisticated/JJ getting/VBG his/PRP$ name/NN associated/VBN with/IN this/DT mess/NN until/IN the/DT moving/VBG parts/NNS stop/VBP moving/VBG ./. ''/'' ###/### In/IN addition/NN to/TO the/DT need/NN for/IN another/DT cash/NN equity/NN investor/NN ,/, the/DT other/JJ moving/VBG parts/NNS include/VBP :/: the/DT pilots/NNS themselves/PRP ,/, who/WP can/MD scuttle/VB rival/JJ deals/NNS by/IN threatening/VBG to/TO strike/VB ;/: the/DT machinists/NNS union/NN ,/, the/DT pilots/NNS '/POS longtime/JJ rivals/NNS who/WP helped/VBD scuttle/VB the/DT pilots/NNS '/POS deal/NN ;/: and/CC regulators/NNS in/IN Washington/NNP ,/, whose/WP$ opposition/NN to/TO foreign/JJ airline/NN investment/NN helped/VBD throw/VB the/DT deal/NN into/IN doubt/NN ./. ###/### In/IN the/DT meantime/NN ,/, the/DT arbs/NNS are/VBP bleeding/VBG ./. ###/### Wall/NNP Street/NNP traders/NNS and/CC analysts/NNS estimate/VBP that/IN takeover/NN stock/NN traders/NNS own/VBP UAL/NNP stock/NN and/CC options/NNS equal/JJ to/TO as/RB many/JJ as/IN 6.5/CD million/CD shares/NNS ,/, or/CC about/IN 30/CD %/NN of/IN the/DT total/NN outstanding/JJ ./. ###/### Frank/NNP Gallagher/NNP ,/, an/DT analyst/NN with/IN Phoenix/NNP Capital/NNP Corp./NNP in/IN New/NNP York/NNP ,/, estimates/VBZ that/IN the/DT arbs/NNS paid/VBD an/DT average/NN of/IN about/IN $/$ 280/CD a/DT share/NN for/IN their/PRP$ UAL/NNP positions/NNS ./. ###/### That/DT would/MD indicate/VB that/IN the/DT arbs/NNS have/VBP paper/NN losses/NNS on/IN UAL/NNP alone/JJ totalling/VBG $/$ 725/CD million/CD ./. ###/### UAL/NNP Corp/NNP ./. -LRB-/-LRB- NYSE/NNP ;/: Symbol/NN :/: UAL/NNP -RRB-/-RRB- ###/### Business/NN :/: Airline/NN ###/### Year/NN ended/VBN Dec./NNP 31/CD ,/, 1988/CD :/: ###/### Sales/NNS :/: $/$ 8.98/CD billion/CD ###/### Net/JJ income/NN :/: $/$ 599.9/CD million/CD ;/: or/CC $/$ 20.20/CD a/DT share/NN ###/### Second/JJ quarter/NN ,/, June/NNP 30/CD ,/, 1989/CD :/: Per-share/JJ earnings/NNS :/: $/$ 6.52/CD vs./FW $/$ 5.77/CD ###/### Average/JJ daily/JJ trading/NN volume/NN :/: 881,969/CD shares/NNS ###/### Common/JJ shares/NNS outstanding/JJ :/: 21.6/CD million/CD ###/### Eastern/NNP Enterprises/NNPS ,/, bolstered/VBN by/IN improved/JJ tonnages/NNS in/IN its/PRP$ marine-shipping/JJ unit/NN ,/, had/VBD a/DT narrower/JJR third-quarter/JJ net/NN loss/NN of/IN $/$ 1.1/CD million/CD ,/, or/CC five/CD cents/NNS a/DT share/NN ./. ###/### Last/JJ year/NN ,/, Eastern/NNP had/VBD a/DT quarter/NN loss/NN of/IN $/$ 1.7/CD million/CD ,/, or/CC eight/CD cents/NNS a/DT share/NN ./. ###/### Quarter/NN revenue/NN rose/VBD 44/CD %/NN to/TO $/$ 160.1/CD million/CD from/IN $/$ 111.2/CD million/CD a/DT year/NN ago/RB ./. ###/### The/DT Weston/NNP ,/, Mass./NNP ,/, utilities/NNS and/CC marine-transport/NN concern/NN said/VBD results/NNS for/IN the/DT third/JJ quarter/NN ,/, usually/RB a/DT money-losing/JJ one/NN because/RB of/IN the/DT seasonality/NN of/IN the/DT gas/NN business/NN ,/, were/VBD also/RB aided/VBN by/IN higher/JJR gas/NN sales/NNS and/CC the/DT May/MD 1989/CD acquisition/NN of/IN Water/NNP Products/NNPS Company/NNP ./. ###/### For/IN the/DT nine/CD months/NNS ,/, Eastern/NNP had/VBD net/JJ income/NN of/IN $/$ 41.8/CD million/CD ,/, or/CC $/$ 1.80/CD a/DT share/NN ,/, up/RB 23/CD %/NN from/IN $/$ 33.9/CD million/CD or/CC $/$ 1.46/CD a/DT share/NN a/DT year/NN ago/RB ./. ###/### Revenue/NN grew/VBD 24/CD %/NN to/TO $/$ 614.5/CD million/CD from/IN $/$ 497.1/CD million/CD ./. ###/### Convex/NNP Computer/NNP Corp./NNP ,/, continuing/VBG its/PRP$ rapid/JJ growth/NN while/IN other/JJ computer/NN companies/NNS falter/VBP ,/, reported/VBD an/DT 87/CD %/NN increase/NN in/IN third-quarter/JJ net/JJ income/NN from/IN a/DT year/NN earlier/RB and/CC a/DT 50/CD %/NN increase/NN in/IN revenue/NN ./. ###/### Net/NN was/VBD $/$ 3.1/CD million/CD ,/, or/CC 16/CD cents/NNS a/DT share/NN ,/, up/RB from/IN $/$ 1.6/CD million/CD ,/, or/CC nine/CD cents/NNS a/DT share/NN ./. ###/### Revenue/NN was/VBD $/$ 41.2/CD million/CD ,/, up/RB from/IN $/$ 27.5/CD million/CD ./. ###/### For/IN the/DT nine/CD months/NNS ,/, net/NN was/VBD $/$ 7.7/CD million/CD ,/, or/CC 41/CD cents/NNS a/DT share/NN ,/, up/RB 97/CD %/NN from/IN $/$ 3.9/CD million/CD ,/, or/CC 22/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RB ./. ###/### Revenue/NN was/VBD $/$ 111.9/CD million/CD ,/, up/RB 50/CD %/NN from/IN $/$ 74.8/CD million/CD ./. ###/### Convex/NNP makes/VBZ supercomputers/NNS that/WDT sell/VBP for/IN up/IN to/TO $/$ 2/CD million/CD and/CC has/VBZ an/DT installed/JJ base/NN of/IN more/JJR than/IN 550/CD systems/NNS and/CC 340/CD customers/NNS world-wide/JJ ./. ###/### During/IN the/DT third/JJ quarter/NN ,/, it/PRP said/VBD ,/, it/PRP won/VBD several/JJ significant/JJ contracts/NNS ,/, including/VBG a/DT five-year/JJ contract/NN with/IN the/DT National/NNP Institutes/NNP of/IN Health/NNP valued/VBN at/IN an/DT estimated/VBN $/$ 8/CD million/CD ./. ###/### Earlier/RB this/DT month/NN ,/, Convex/NNP made/VBD a/DT bid/NN to/TO outflank/VB other/JJ supercomputer/NN competitors/NNS like/IN Digital/NNP Equipment/NNP Corp./NNP and/CC International/NNP Business/NNP Machines/NNPS Corp./NNP by/IN adopting/VBG an/DT open/JJ set/NN of/IN standards/NNS and/CC introducing/VBG new/JJ hardware/NN and/CC software/NN to/TO link/VB different/JJ systems/NNS ./. ###/### The/DT new/JJ products/NNS allow/VBP customers/NNS to/TO add/VB Convex/NNP machines/NNS to/TO established/JJ systems/NNS made/VBN by/IN other/JJ manufacturers/NNS ,/, which/WDT ``/`` opens/VBZ up/RP a/DT phenomenal/JJ market/NN for/IN us/PRP ,/, ''/'' said/VBD Robert/NNP J./NNP Paluck/NNP ,/, Convex/NNP 's/POS chairman/NN ,/, president/NN and/CC chief/JJ executive/NN ./. ###/### Convex/NNP also/RB recently/RB agreed/VBD to/TO use/VB Posix/NNP ,/, a/DT standard/NN for/IN the/DT computer/NN language/NN called/VBN UNIX/NNP ./. ###/### Posix/NNP is/VBZ one/CD of/IN three/CD or/CC four/CD versions/NNS of/IN UNIX/NNP ,/, but/CC it/PRP is/VBZ increasingly/RB required/VBN by/IN the/DT federal/JJ government/NN as/IN it/PRP tries/VBZ to/TO standardize/VB its/PRP$ computer/NN systems/NNS ./. ###/### Most/RBS other/JJ supercomputer/NN manufacturers/NNS have/VBP yet/RB to/TO adopt/VB the/DT Posix/NNP standard/NN ,/, Mr./NNP Paluck/NNP said/VBD ,/, adding/VBG that/IN they/PRP prefer/VBP to/TO maintain/VB proprietary/JJ systems/NNS that/WDT lock/VBP in/RP customers/NNS ./. ###/### ``/`` They/PRP want/VBP a/DT lobster/NN trap/NN --/: once/IN you/PRP get/VB in/RB ,/, you/PRP ca/MD n't/RB get/VB out/RB ,/, ''/'' he/PRP said/VBD ./. ###/### But/CC the/DT customer/NN does/VBZ n't/RB want/VB that/DT ./. ''/'' ###/### Convex/NNP closed/VBD in/IN over-the-counter/JJ trading/NN on/IN Friday/NNP at/IN $/$ 15.375/CD a/DT share/NN ,/, down/RB 12.5/CD cents/NNS ./. ###/### Troubled/JJ Saatchi/NNP &/CC Saatchi/NNP Co./NNP has/VBZ attracted/VBN offers/NNS for/IN some/DT of/IN its/PRP$ advertising/NN units/NNS ,/, with/IN potential/JJ suitors/NNS including/VBG Interpublic/NNP Group/NNP ,/, but/CC has/VBZ rejected/VBN them/PRP ,/, people/NNS familiar/JJ with/IN the/DT company/NN said/VBD ./. ###/### Industry/NN executives/NNS said/VBD Interpublic/NNP approached/VBD Saatchi/NNP in/IN August/NNP about/IN buying/VBG its/PRP$ Campbell-Mithun-Esty/NNP unit/NN ,/, but/CC was/VBD turned/VBN down/RB by/IN Chairman/NNP Maurice/NNP Saatchi/NNP ./. ###/### More/RBR recently/RB ,/, Interpublic/NNP inquired/VBD about/IN one/CD of/IN Saatchi/NNP 's/POS smaller/JJR communications/NNS companies/NNS --/: identified/VBN as/IN the/DT Rowland/NNP public/JJ relations/NNS firm/NN by/IN several/JJ industry/NN executives/NNS --/: but/CC again/RB was/VBD rebuffed/VBN ,/, they/PRP said/VBD ./. ###/### Interpublic/NNP 's/POS chairman/NN and/CC chief/JJ executive/NN officer/NN ,/, Philip/NNP Geier/NNP Jr./NNP ,/, made/VBD the/DT pitches/NNS in/IN visits/NNS to/TO Mr./NNP Saatchi/NNP in/IN London/NNP ,/, the/DT executives/NNS said/VBD ./. ###/### A/DT Saatchi/NNP spokesman/NN declined/VBD to/TO comment/VB about/IN Interpublic/NNP ./. ###/### But/CC the/DT spokesman/NN confirmed/VBD that/IN Saatchi/NNP has/VBZ received/VBN several/JJ inquiries/NNS from/IN companies/NNS interested/VBN in/IN acquiring/VBG its/PRP$ Campbell-Mithun/NNP and/CC Rowland/NNP units/NNS ./. ###/### He/PRP added/VBD ,/, ``/`` We/PRP have/VBP no/DT intention/NN of/IN selling/VBG either/CC business/NN ./. ''/'' ###/### Interpublic/NNP declined/VBD comment/NN ./. ###/### The/DT offers/NNS come/VBP as/IN Saatchi/NNP is/VBZ struggling/VBG through/IN the/DT most/RBS troubled/JJ period/NN in/IN its/PRP$ 19-year/JJ history/NN ./. ###/### Takeover/NN speculation/NN has/VBZ been/VBN rife/JJ ,/, its/PRP$ consulting/NN business/NN is/VBZ on/IN the/DT block/NN ,/, and/CC its/PRP$ largest/JJS shareholder/NN ,/, Southeastern/NNP Asset/NNP Management/NNP ,/, has/VBZ said/VBD it/PRP 's/VBZ been/VBN approached/VBN by/IN third/JJ parties/NNS regarding/VBG a/DT possible/JJ restructuring/NN ./. ###/### Analysts/NNS have/VBP continually/RB lowered/VBN their/PRP$ earnings/NNS estimates/NNS for/IN the/DT company/NN ,/, and/CC their/PRP$ outlook/NN ,/, at/IN least/JJS for/IN the/DT short/JJ term/NN ,/, is/VBZ bleak/JJ ./. ###/### In/IN the/DT midst/NN of/IN the/DT current/JJ turmoil/NN ,/, Saatchi/NNP is/VBZ attempting/VBG to/TO shore/VB up/RP its/PRP$ ad/NN businesses/NNS ./. ###/### It/PRP named/VBD a/DT new/JJ chief/JJ executive/NN officer/NN ,/, former/JJ IMS/NNP International/NNP head/NN Robert/NNP Louis-Dreyfus/NNP ./. ###/### It/PRP rebuffed/VBD an/DT offer/NN by/IN Carl/NNP Spielvogel/NNP ,/, head/NN of/IN Saatchi/NNP 's/POS Backer/NNP Spielvogel/NNP Bates/NNP unit/NN ,/, to/TO lead/VB a/DT management/NN buy-out/NN of/IN all/DT or/CC part/NN of/IN Saatchi/NNP ./. ###/### And/CC last/JJ week/NN ,/, people/NNS close/JJ to/TO Saatchi/NNP said/VBD Maurice/NNP Saatchi/NNP and/CC his/PRP$ brother/NN ,/, Charles/NNP ,/, would/MD lead/VB a/DT buy-out/NN if/IN a/DT hostile/JJ bid/NN emerged/VBD ./. ###/### But/CC Saatchi/NNP 's/POS troubles/NNS have/VBP only/RB whipped/VBN up/RP interest/NN among/IN outsiders/NNS interested/VBN in/IN picking/VBG off/RP pieces/NNS of/IN its/PRP$ ad/NN businesses/NNS ./. ###/### While/IN Saatchi/NNP 's/POS major/JJ agency/NN networks/NNS --/: Backer/NNP Spielvogel/NNP and/CC Saatchi/NNP &/CC Saatchi/NNP Advertising/NNP --/: would/MD be/VB difficult/JJ for/IN any/DT ad/NN firm/NN to/TO buy/VB because/RB of/IN potential/JJ client/NN conflicts/NNS ,/, its/PRP$ smaller/JJR businesses/NNS are/VBP quite/RB attractive/JJ ./. ###/### Campbell-Mithun-Esty/NNP ,/, for/IN example/NN ,/, has/VBZ had/VBD big/JJ problems/NNS at/IN its/PRP$ New/NNP York/NNP office/NN ,/, but/CC offers/VBZ strong/JJ offices/NNS in/IN other/JJ areas/NNS of/IN the/DT country/NN ,/, including/VBG Minneapolis/NNP and/CC Chicago/NNP ./. ###/### That/DT would/MD would/MD make/VB it/PRP appealing/JJ to/TO a/DT network/NN such/JJ as/RB Interpublic/NNP that/IN already/RB has/VBZ a/DT healthy/JJ New/NNP York/NNP presence/NN ./. ###/### While/IN there/EX would/MD be/VB some/DT client/NN conflicts/NNS ,/, they/PRP would/MD n't/RB be/VB nearly/RB as/RB onerous/JJ as/IN with/IN Saatchi/NNP 's/POS other/JJ agencies/NNS ./. -RRB-/-RRB- ###/### Campbell-Mithun/NNP also/RB would/MD be/VB a/DT sizable/JJ addition/NN to/TO an/DT agency/NN network/NN :/: It/PRP has/VBZ billings/NNS of/IN about/IN $/$ 850/CD million/CD and/CC blue-chip/JJ clients/NNS including/VBG General/NNP Mills/NNPS ,/, and/CC Dow/NNP Brands/NNPS ./. ###/### Rowland/NNP ,/, meanwhile/RB ,/, has/VBZ expanded/VBN aggressively/RB ,/, and/CC now/RB ranks/VBZ as/IN the/DT fifth-largest/JJ U.S./NNP public/JJ relations/NNS firm/NN ,/, according/VBG to/TO O'Dwyer's/NNP Directory/NNP of/IN Public/NNP Relations/NNPS Firms/NNPS ./. ###/### It/PRP would/MD be/VB attractive/JJ to/TO an/DT agency/NN such/JJ as/IN Interpublic/NNP ,/, one/CD of/IN the/DT few/JJ big/JJ agency/NN groups/NNS without/IN an/DT affiliated/JJ public/NN relations/NNS firm/NN of/IN its/PRP$ own/JJ ./. ###/### Other/JJ Saatchi/NNP units/NNS include/VBP ad/NN agency/NN McCaffrey/NNP &/CC McCall/NNP ,/, which/WDT has/VBZ the/DT Mercedes/NNP account/NN and/CC which/WDT has/VBZ been/VBN attempting/VBG to/TO buy/VB itself/PRP back/RB ;/: and/CC Howard/NNP Marlboro/NNP ,/, a/DT sports/NNS and/CC event/NN marketing/NN firm/NN ./. ###/### Despite/IN Saatchi/NNP 's/POS firm/JJ stand/NN against/IN selling/VBG its/PRP$ ad/NN units/NNS ,/, U.S./NNP analysts/NNS believe/VBP the/DT company/NN may/MD ultimately/RB sell/VB some/DT of/IN the/DT smaller/JJR units/NNS ./. ###/### Mr./NNP Louis-Dreyfus/NNP ,/, in/IN a/DT recent/JJ interview/NN ,/, said/VBD he/PRP might/MD sell/VB ``/`` a/DT marginal/JJ agency/NN or/CC office/NN ./. ''/'' ###/### Analysts/NNS believe/VBP he/PRP may/MD ultimately/RB dispose/VB of/IN some/DT of/IN the/DT non-advertising/JJ businesses/NNS ./. ###/### Prudential/NNP 's/POS Final/JJ Four/CD ###/### Prudential/NNP Insurance/NNP Co./NNP of/IN America/NNP said/VBD it/PRP selected/VBD four/CD agencies/NNS to/TO pitch/VB its/PRP$ $/$ 60/CD million/CD to/TO $/$ 70/CD million/CD account/NN ./. ###/### In/IN addition/NN to/TO Backer/NNP Spielvogel/NNP Bates/NNP ,/, a/DT Saatchi/NNP unit/NN that/WDT has/VBZ handled/VBN the/DT account/NN since/IN 1970/CD ,/, the/DT other/JJ agencies/NNS include/VBP Lowe/NNP Marschalk/NNP ,/, a/DT unit/NN of/IN the/DT Lowe/NNP Group/NNP ;/: Grey/NNP Advertising/NNP ;/: and/CC WPP/NNP Group/NNP 's/POS Scali/NNP ,/, McCabe/NNP ,/, Sloves/NNP agency/NN ./. ###/### All/DT agencies/NNS are/VBP New/NNP York-based/JJ ./. ###/### A/DT spokesman/NN for/IN the/DT insurance/NN and/CC financial/JJ services/NNS firm/NN ,/, based/VBN in/IN Newark/NNP ,/, N.J./NNP ,/, said/VBD it/PRP hopes/VBZ to/TO make/VB a/DT decision/NN within/IN three/CD to/TO four/CD months/NNS ./. ###/### Jamaica/NNP Fires/VBZ Back/RB ###/### The/DT Jamaica/NNP Tourist/NNP Board/NNP ,/, in/IN the/DT wake/NN of/IN Young/NNP &/CC Rubicam/NNP 's/POS indictment/NN on/IN charges/NNS that/IN it/PRP bribed/VBD Jamaican/JJ officials/NNS to/TO win/VB the/DT account/NN in/IN 1981/CD ,/, released/VBD a/DT scathing/JJ memo/NN blaming/VBG the/DT agency/NN for/IN the/DT embarrassing/JJ incident/NN ./. ###/### The/DT memo/NN attempts/VBZ to/TO remove/VB the/DT tourist/NN board/NN as/RB far/RB as/IN possible/RB from/IN the/DT agency/NN ,/, which/WDT pleaded/VBD innocent/JJ to/TO the/DT charges/NNS ./. ###/### Among/IN other/JJ things/NNS ,/, the/DT memo/NN contends/VBZ that/IN Young/NNP &/CC Rubicam/NNP gave/VBD false/JJ assurances/NNS that/IN the/DT investigation/NN would/MD n't/RB uncover/VB any/DT information/NN that/WDT would/MD ``/`` embarrass/VB the/DT government/NN of/IN Jamaica/NNP or/CC the/DT Jamaica/NNP Tourist/NNP Board/NNP ./. ''/'' ###/### It/PRP also/RB contends/VBZ that/IN Young/NNP &/CC Rubicam/NNP never/RB told/VBD the/DT tourist/NN board/NN about/IN its/PRP$ relationship/NN with/IN Ad/NNP Ventures/NNPS ,/, a/DT Jamaican/JJ firm/NN hired/VBN by/IN the/DT agency/NN ./. ###/### The/DT U.S./NNP indictment/NN charges/VBZ Ad/NNP Ventures/NNPS was/VBD a/DT front/NN used/VBN to/TO funnel/VB kickbacks/NNS to/TO the/DT then-minister/NN of/IN tourism/NN ./. ###/### The/DT memo/NN also/RB chastises/VBZ the/DT agency/NN for/IN the/DT timing/NN of/IN its/PRP$ announcement/NN Thursday/NNP that/IN it/PRP would/MD no/RB longer/RB handle/VB the/DT $/$ 5/CD million/CD to/TO $/$ 6/CD million/CD account/NN ./. ###/### The/DT agency/NN declined/VBD comment/NN ,/, but/CC said/VBD it/PRP will/MD continue/VB work/NN until/IN a/DT new/JJ agency/NN is/VBZ chosen/VBN ./. ###/### Ad/NN Notes/NNS ./. ###/### NEW/JJ ACCOUNT/NN :/: American/NNP Suzuki/NNP Motor/NNP Corp./NNP ,/, Brea/NNP ,/, Calif./NNP ,/, awarded/VBD its/PRP$ estimated/VBN $/$ 10/CD million/CD to/TO $/$ 30/CD million/CD account/NN to/TO ,/, Los/NNP Angeles/NNP ./. ###/### Also/RB participating/VBG in/IN the/DT finals/NNS was/VBD Los/NNP Angeles/NNP agency/NN Hakuhodo/NNP Advertising/NNP America/NNP ./. ###/### American/NNP Suzuki/NNP 's/POS previous/JJ agency/NN ,/, ,/, did/VBD n't/RB participate/VB ./. ###/### AYER/NNP TALKS/VBZ :/: N/NNP W/NNP Ayer/NNP 's/POS president/NN and/CC chief/JJ executive/NN officer/NN ,/, Jerry/NNP J./NNP Siano/NNP ,/, said/VBD the/DT agency/NN is/VBZ holding/VBG ``/`` conversations/NNS ''/'' about/IN acquiring/VBG Zwiren/NNP Collins/NNP Karo/NNP &/CC Trusk/NNP ,/, a/DT midsized/JJ Chicago/NNP agency/NN ,/, but/CC a/DT deal/NN is/VBZ n't/RB yet/RB close/JJ to/TO being/VBG completed/VBN ./. ###/### WHO'S/WP NEWS/NN :/: John/NNP Wells/NNP ,/, 47/CD ,/, former/JJ president/NN and/CC chief/JJ executive/NN of/IN N/NNP W/NNP Ayer/NNP 's/POS Chicago/NNP office/NN ,/, was/VBD named/VBN management/NN director/NN and/CC director/NN of/IN account/NN services/NNS at/IN WPP/NNP Group/NNP 's/POS J./NNP Walter/NNP Thompson/NNP agency/NN in/IN Chicago/NNP ./. ###/### Shelly/NNP Lazarus/NNP ,/, 42/CD ,/, was/VBD named/VBN president/NN and/CC chief/JJ operating/VBG officer/NN of/IN Ogilvy/NNP &/CC Mather/NNP Direct/NNP ,/, the/DT direct/JJ mail/NN division/NN of/IN WPP/NNP Group/NNP 's/POS Ogilvy/NNP &/CC Mather/NNP agency/NN ./. ###/### Grand/NNP Metropolitan/NNP PLC/NNP ,/, the/DT United/NNP Kingdom/NNP food/NN and/CC beverage/NN group/NN that/WDT owns/VBZ Pillsbury/NNP Inc./NNP of/IN the/DT U.S./NNP ,/, announced/VBD a/DT reshuffling/NN of/IN board-level/JJ executive/NN duties/NNS intended/VBN to/TO fit/VB the/DT company/NN 's/POS recent/JJ expansion/NN ./. ###/### David/NNP Nash/NNP ,/, formerly/RB group/NN finance/NN director/NN at/IN Cadbury/NNP Schweppes/NNP PLC/NNP ,/, will/MD become/VB Grand/NNP Met/NNP 's/POS first/JJ group/NN finance/NN director/NN in/IN January/NNP ./. ###/### In/IN a/DT statement/NN ,/, Grand/NNP Met/NNP said/VBD its/PRP$ recent/JJ ``/`` growth/NN and/CC wider/JJR geographic/JJ spread/NN ''/'' made/VBD it/PRP necessary/JJ to/TO create/VB the/DT new/JJ position/NN ./. ###/### The/DT company/NN also/RB reassigned/VBD several/JJ executive/NN responsibilities/NNS ./. ###/### David/NNP Tagg/NNP ,/, formerly/RB in/IN charge/NN of/IN gambling/NN operations/NNS ,/, was/VBD appointed/VBN chief/JJ executive/NN for/IN retailing/NN and/CC property/NN ./. ###/### Peter/NNP Cawdron/NNP ,/, group/NN strategy/NN development/NN director/NN ,/, and/CC Bill/NNP Shardlow/NNP ,/, group/NN personnel/NNS director/NN ,/, will/MD become/VB part/NN of/IN the/DT board/NN 's/POS management/NN committee/NN ./. ###/### David/NNP Baltimore/NNP ,/, who/WP has/VBZ just/RB been/VBN named/VBN president/NN of/IN Rockefeller/NNP University/NNP ,/, already/RB knows/VBZ what/WP it/PRP 's/VBZ like/JJ to/TO go/VB through/IN life/NN with/IN ``/`` Nobel/NNP laureate/NN ''/'' appended/VBN to/TO one/PRP 's/POS name/NN ./. ###/### He/PRP is/VBZ currently/RB experiencing/VBG what/WP it/PRP 's/VBZ like/JJ to/TO have/VB the/DT phrase/NN ,/, ``/`` under/IN investigation/NN for/IN scientific/JJ fraud/NN ,/, ''/'' also/RB attached/VBN to/TO his/PRP$ name/NN ./. ###/### The/DT Nobel/NNP committee/NN made/VBD the/DT first/JJ addition/NN ;/: John/NNP Dingell/NNP 's/POS congressional/JJ committee/NN created/VBD the/DT second/NN ./. ###/### Both/DT of/IN Dr./NNP Baltimore/NNP 's/POS public/JJ faces/NNS have/VBP been/VBN on/IN view/NN the/DT past/JJ few/JJ weeks/NNS while/IN he/PRP was/VBD under/IN consideration/NN to/TO succeed/VB Joshua/NNP Lederberg/NNP as/IN head/NN of/IN the/DT prestigious/JJ Rockefeller/NNP research/NN institution/NN ./. ###/### It/PRP came/VBD to/TO light/VB that/IN a/DT substantial/JJ number/NN of/IN Rockefeller/NNP 's/POS faculty/NN were/VBD upset/JJ over/IN or/CC even/RB opposed/VBN to/TO Dr./NNP Baltimore/NNP 's/POS impending/VBG appointment/NN ./. ###/### They/PRP were/VBD disturbed/VBN at/IN what/WP they/PRP regarded/VBD as/IN Dr./NNP Baltimore/NNP 's/POS confrontational/JJ attitude/NN toward/IN the/DT Dingell/NNP committee/NN ,/, which/WDT held/VBD hearings/NNS on/IN a/DT dispute/NN over/IN the/DT lab/NN notebooks/NNS of/IN a/DT researcher/NN who/WP had/VBD co-authored/VBN a/DT scientific/JJ paper/NN with/IN Dr./NNP Baltimore/NNP ./. ###/### Readers/NNS of/IN these/DT columns/NNS -LRB-/-LRB- ``/`` The/NNP Science/NN Police/NNS ,/, ''/'' May/MD 15/CD -RRB-/-RRB- will/MD recall/VB that/IN Dr./NNP Baltimore/NNP was/VBD merely/RB the/DT most/RBS well-known/JJ part/NN of/IN the/DT Dingell/NNP committee/NN 's/POS larger/JJR investigation/NN ,/, which/WDT touched/VBD MIT/NNP ,/, Tufts/NNP ,/, Duke/NNP ,/, the/DT National/NNP Institutes/NNPS of/IN Health/NNP and/CC elsewhere/RB ./. ###/### Rep./NNP Dingell/NNP even/RB managed/VBD to/TO enlist/VB the/DT services/NNS of/IN the/DT Secret/NNP Service/NNP in/IN his/PRP$ investigation/NN of/IN the/DT Baltimore/NNP paper/NN ./. ###/### Insofar/RB as/IN Mr./NNP Dingell/NNP has/VBZ a/DT special/JJ interest/NN in/IN NIH/NNP and/CC the/DT institutions/NNS that/WDT receive/VBP its/PRP$ funding/NN ,/, the/DT Rockefeller/NNP scientists/NNS were/VBD no/DT doubt/RB discomfited/JJ by/IN Dr./NNP Baltimore/NNP 's/POS unflattering/JJ public/JJ opinion/NN of/IN this/DT congressional/JJ patron/NN ,/, whose/WP$ behavior/NN reminded/VBD Dr./NNP Baltimore/NNP of/IN the/DT McCarthy/NNP era/NN ./. ###/### This/DT well/RB may/MD be/VB the/DT first/JJ time/NN that/IN the/DT venerable/JJ Rockefeller/NNP University/NNP has/VBZ brushed/VBN up/RB publicly/RB against/IN the/DT intimidations/NNS now/RB common/JJ in/IN American/JJ science/NN ./. ###/### John/NNP Dingell/NNP demagogues/NNS a/DT David/NNP Baltimore/NNP ,/, animal-rights/NN activists/NNS do/VBP $/$ 3.5/CD million/CD of/IN damage/NN to/TO labs/NNS at/IN the/DT U.Cal-Davis/NNP ,/, Meryl/NNP Streep/NNP decries/VBZ the/DT horrors/NNS of/IN chemistry/NN on/IN talk/NN shows/NNS ,/, Jeremy/NNP Rifkin/NNP files/VBZ lawsuits/NNS in/IN federal/JJ court/NN to/TO thwart/VB biotech/JJ experiments/NNS ,/, and/CC Dutch-elm-disease/NN researcher/NN Gary/NNP Strobel/NNP 's/POS own/JJ colleagues/NNS at/IN Montana/NNP State/NNP denounce/VBP him/PRP for/IN ``/`` violating/VBG ''/'' EPA/NNP rules/NNS ./. ###/### Scientists/NNS are/VBP mistaken/VBN who/WP still/RB think/VBP that/IN the/DT anti-science/JJ movement/NN in/IN this/DT country/NN is/VBZ n't/RB their/PRP$ concern/NN or/CC that/IN a/DT David/NNP Baltimore/NNP could/MD have/VB somehow/RB placated/VBN a/DT John/NNP Dingell/NNP ./. ###/### Mr./NNP Dingell/NNP ,/, by/IN the/DT way/NN ,/, has/VBZ decreed/VBN another/DT NIH/NNP investigation/NN of/IN the/DT Baltimore/NNP paper/NN ,/, adding/VBG to/TO several/JJ previous/JJ investigations/NNS ./. ###/### Something/NN other/JJ than/IN what/WP most/JJS scientists/NNS would/MD recognize/VB as/IN the/DT truth/NN is/VBZ being/VBG sought/VBN here/RB ./. -RRB-/-RRB- ###/### Fortunately/RB ,/, there/EX are/VBP signs/NNS that/IN increasing/VBG numbers/NNS of/IN scientists/NNS understand/VBP the/DT necessity/NN of/IN speaking/VBG out/RB ./. ###/### David/NNP Hubel/NNP ,/, a/DT Nobel/NNP laureate/NN at/IN Harvard/NNP ,/, has/VBZ taken/VBN the/DT lead/NN in/IN defending/VBG research/NN with/IN animals/NNS ,/, as/RB has/VBZ Dr./NNP Michael/NNP DeBakey/NNP ./. ###/### NASA/NNP defended/VBD itself/PRP vigorously/RB and/CC successfully/RB against/IN a/DT Rifkin/NNP suit/NN to/TO block/VB the/DT Galileo/NNP launch/NN ./. ###/### Scientists/NNS need/VBP to/TO understand/VB that/IN while/IN they/PRP tend/VBP to/TO believe/VB their/PRP$ work/NN is/VBZ primarly/RB about/IN establishing/VBG new/JJ knowledge/NN or/CC doing/VBG good/JJ ,/, today/NN it/PRP is/VBZ also/RB about/IN power/NN ./. ###/### In/IN a/DT media-linked/JJ world/NN ,/, scientists/NNS may/MD earn/VB wide/JJ praise/NN and/CC even/RB Nobels/NNPS for/IN their/PRP$ work/NN ,/, but/CC they/PRP also/RB attract/VBP the/DT attention/NN of/IN people/NNS who/WP wish/VBP to/TO gain/VB control/NN over/IN the/DT content/NN ,/, funding/NN and/CC goals/NNS of/IN that/DT work/NN ./. ###/### When/WRB a/DT David/NNP Baltimore/NNP --/: or/CC the/DT next/JJ target/NN --/: decides/VBZ it/PRP is/VBZ better/JJR to/TO stand/VB up/RB to/TO these/DT forces/NNS ,/, his/PRP$ fellow/JJ scientists/NNS would/MD do/VB well/RB to/TO recognize/VB what/WP is/VBZ fundamentally/RB at/IN stake/NN ,/, and/CC offer/VB their/PRP$ public/JJ support/NN ./. ###/### Wisconsin/NNP Toy/NNP Co./NNP said/VBD it/PRP definitively/RB agreed/VBD to/TO acquire/VB closely/RB held/JJ Everything/NNP 's/VBZ a/DT Dollar/NNP Inc./NNP of/IN Virginia/NNP Beach/NNP ,/, Va./NNP ,/, for/IN stock/NN currently/RB valued/VBN at/IN about/IN $/$ 4.7/CD million/CD ./. ###/### The/DT Milwaukee/NNP toy/NN retailer/NN said/VBD the/DT agreement/NN calls/VBZ for/IN Everything/NNP 's/VBZ a/DT Dollar/NNP holders/NNS to/TO receive/VB for/IN their/PRP$ holdings/NNS a/DT total/NN of/IN 354,600/CD newly/RB issued/VBN Wisconsin/NNP Toy/NNP shares/NNS ./. ###/### Wisconsin/NNP Toy/NNP currently/RB has/VBZ about/IN 4.7/CD million/CD shares/NNS outstanding/JJ ./. ###/### A/DT company/NN official/NN said/VBD Arthur/NNP Borie/NNP ,/, until/IN January/NNP chief/JJ operating/VBG officer/NN of/IN Pic/NNP 'N/CC Save/NNP Inc./NNP ,/, will/MD buy/VB a/DT 20/CD %/NN stake/NN in/IN the/DT new/JJ Wisconsin/NNP Toy/NNP subsidiary/NN ,/, and/CC will/MD act/VB as/IN head/NN of/IN Everything/NNP 's/VBZ a/DT Dollar/NNP ./. ###/### Wisconsin/NNP Toy/NNP has/VBZ 71/CD retail/JJ stores/NNS ,/, primarily/RB in/IN discount/NN settings/NNS ./. ###/### Everything/NNP 's/VBZ a/DT Dollar/NNP operates/VBZ 60/CD specialty-retail/JJ stores/NNS ./. ###/### While/IN welcoming/VBG Nicholas/NNP McInnes/NNP 's/POS Sept./NNP 18/CD letter/NN offering/VBG corrections/NNS to/TO your/PRP$ ``/`` World-Wide/JJ Tax/NN Revolution/NN ''/'' table/NN -LRB-/-LRB- editorial/NN page/NN ,/, Aug./NNP 29/CD -RRB-/-RRB- ,/, I/PRP am/VBP surprised/VBN that/IN he/PRP neglected/VBD other/JJ errors/NNS that/WDT ,/, for/IN some/DT of/IN us/PRP ,/, strike/VBP close/RB to/TO home/NN ./. ###/### As/IN a/DT Channel/NNP Islander/NNP ,/, I/PRP was/VBD amazed/VBN to/TO see/VB my/PRP$ birthplace/NN listed/VBN as/IN one/CD of/IN ``/`` 86/CD countries/NNS with/IN an/DT income/NN tax/NN ./. ''/'' ###/### Despite/IN a/DT history/NN of/IN heated/JJ local/JJ debate/NN on/IN the/DT topic/NN ,/, my/PRP$ passport/NN clearly/RB reads/VBZ ``/`` British/JJ citizen/NN ./. ''/'' ###/### Whether/NNP Mr./NNP McInnes/NNP 's/POS oversight/NN is/VBZ merely/RB a/DT sign/NN of/IN a/DT mainlander/NN 's/POS benign/JJ neglect/NN is/VBZ a/DT question/NN my/PRP$ fellow/JJ Channel/NNP Islanders/NNPS -LRB-/-LRB- and/CC friends/NNS on/IN the/DT Isle/NNP of/IN Man/NNP -RRB-/-RRB- will/MD continue/VB to/TO ponder/VB ./. ###/### Roland/NNP J./NNP Hawkins/NNP ,/, chairman/NN of/IN Jet/NNP Vacations/NNPS Inc./NNP ,/, was/VBD elected/VBN to/TO the/DT board/NN of/IN this/DT cruise/NN line/NN ./. ###/### The/DT board/NN expands/VBZ to/TO seven/CD members/NNS ./. ###/### ,/, under/IN OMB/NNP Director/NNP Richard/NNP Darman/NNP 's/POS formulation/NN that/IN ``/`` if/IN it/PRP looks/VBZ like/IN a/DT duck/NN ,/, walks/VBZ like/IN a/DT duck/NN and/CC quacks/NNS like/IN a/DT duck/NN ,/, it/PRP 's/VBZ a/DT duck/NN ./. ''/'' ###/### George/NNP Bush/NNP is/VBZ quite/RB clear/JJ :/: No/DT new/JJ ducks/NNS ./. ###/### But/CC what/WP about/IN all/PDT those/DT non-duck/JJ ducks/NNS flapping/VBG over/IN Washington/NNP ?/. ###/### We/PRP see/VBP a/DT whole/JJ flock/NN of/IN programs/NNS that/WDT will/MD impose/VB significant/JJ costs/NNS on/IN the/DT American/JJ economy/NN in/IN the/DT form/NN of/IN burdensome/JJ regulation/NN and/CC higher/JJR liabilities/NNS ./. ###/### Federal/JJ child/NN care/NN -LRB-/-LRB- quack/UH -RRB-/-RRB- ./. ###/### The/DT Clean/JJ Air/NN bill/NN -LRB-/-LRB- quack/UH -RRB-/-RRB- ./. ###/### The/DT disabled-workers/NNS bill/NN -LRB-/-LRB- quack/UH ,/, quack/UH -RRB-/-RRB- ./. ###/### The/DT Bush/NNP White/NNP House/NNP is/VBZ breeding/VBG non-duck/JJ ducks/NNS the/DT same/JJ way/NN the/DT Nixon/NNP White/NNP House/NNP did/VBD :/: It/PRP hops/VBZ on/IN an/DT issue/NN that/WDT is/VBZ unopposable/JJ --/: cleaner/JJR air/NN ,/, better/JJR treatment/NN of/IN the/DT disabled/JJ ,/, better/JJR child/NN care/NN ./. ###/### It/PRP comes/VBZ up/RB with/IN a/DT toned-down/JJ version/NN of/IN a/DT Democratic/JJ proposal/NN ./. ###/### The/DT bill/NN gets/VBZ signed/VBN into/IN law/NN and/CC then/RB the/DT administration/NN watches/VBZ helplessly/RB ,/, wondering/VBG where/WRB all/PDT the/DT ``/`` unexpected/JJ ''/'' costs/NNS came/VBD from/IN ./. ###/### Consider/VB ,/, for/IN instance/NN ,/, the/DT very/RB fat/JJ fowl/NN known/VBN as/IN federalized/JJ child/NN care/NN ./. ###/### The/DT President/NNP came/VBD up/RB with/IN a/DT good/JJ bill/NN ,/, but/CC now/RB may/MD end/VB up/IN signing/VBG the/DT awful/JJ bureaucratic/JJ creature/NN hatched/VBN on/IN Capitol/NNP Hill/NNP ./. ###/### It/PRP would/MD create/VB 38,000/CD local/JJ day-care/NN commissions/NNS ,/, answerable/JJ to/TO the/DT Department/NNP of/IN Health/NNP and/CC Human/NNP Services/NNPS ./. ###/### They/PRP 'd/MD determine/VB where/WRB parents/NNS could/MD store/VB their/PRP$ kids/NNS during/IN the/DT day/NN ,/, and/CC they/PRP 'd/MD regulate/VB the/DT storage/NN facilities/NNS ./. ###/### The/DT initial/JJ costs/NNS are/VBP said/VBN to/TO be/VB in/IN the/DT $/$ 2/CD billion/CD a/DT year/NN range/NN ,/, but/CC that/DT 's/VBZ only/RB the/DT beginning/NN ./. ###/### New/JJ entitlements/NNS tend/VBP to/TO grow/VB ,/, creating/VBG a/DT rationale/NN for/IN new/JJ taxes/NNS ./. ###/### The/DT administration/NN claims/VBZ that/IN its/PRP$ Clean/JJ Air/NN bill/NN will/MD cost/VB businesses/NNS between/IN $/$ 14/CD billion/CD and/CC $/$ 19/CD billion/CD annually/RB ,/, but/CC economist/NN Michael/NNP Evans/NNP estimates/VBZ that/IN the/DT costs/NNS for/IN firms/NNS will/MD actually/RB be/VB in/IN the/DT $/$ 60/CD billion/CD a/DT year/NN range/NN ./. ###/### The/DT House/NNP bill/NN also/RB distorts/VBZ economic/JJ efficiency/NN in/IN all/DT sorts/NNS of/IN perverse/JJ ways/NNS ./. ###/### For/IN example/NN ,/, the/DT administration/NN proposal/NN imposes/VBZ extremely/RB tough/JJ emissions/NNS standards/NNS on/IN new/JJ power/NN plants/NNS ./. ###/### So/CC instead/RB of/IN building/VBG more/RBR efficient/JJ modern/JJ plants/NNS ,/, utilities/NNS stick/VBP scrubbers/NNS on/IN the/DT old/JJ plants/NNS ./. ###/### The/DT money/NN spent/VBN on/IN scrubbers/NNS is/VBZ diverted/VBN from/IN planned/JJ research/NN on/IN new/JJ ,/, cleaner/JJR technology/NN ./. ###/### The/DT bill/NN also/RB imposes/VBZ the/DT California/NNP auto-emissions/NNS standards/NNS on/IN all/DT cars/NNS nationwide/RB ,/, as/IN if/IN a/DT car/NN registered/VBN in/IN Big/NNP Sky/NNP ,/, Montana/NNP ,/, needed/VBN to/TO be/VB as/RB clean/JJ as/IN one/CD driven/VBN in/IN Los/NNP Angeles/NNP ./. ###/### Proponents/NNS of/IN the/DT nationwide/JJ standards/NNS say/VBP the/DT cost/NN for/IN car/NN buyers/NNS would/MD be/VB about/IN $/$ 500/CD per/IN car/NN ./. ###/### Other/JJ analysts/NNS say/VBP that/DT estimate/NN is/VBZ low/JJ ./. ###/### Nobody/NN knows/VBZ how/WRB many/JJ billions/NNS of/IN dollars/NNS the/DT Americans/NNPS With/IN Disabilities/NNPS Act/NNP will/MD cost/VB ,/, because/IN nobody/NN knows/VBZ what/WP the/DT bill/NN entails/VBZ ./. ###/### It/PRP is/VBZ an/DT intentionally/RB vague/JJ document/NN that/WDT will/MD create/VB a/DT wave/NN of/IN litigation/NN ./. ###/### Judges/NNS will/MD write/VB the/DT real/JJ bill/NN as/IN suits/NNS roll/VBP through/IN the/DT courts/NNS ./. ###/### Lawyers/NNS will/MD benefit/VB ./. ###/### Private/JJ companies/NNS ,/, and/CC ultimately/RB their/PRP$ customers/NNS ,/, will/MD end/VB up/RB footing/VBG the/DT huge/JJ bill/NN ./. ###/### The/DT effect/NN of/IN Nixon/NNP era/NN non-duck/JJ ducks/NNS was/VBD an/DT economy/NN clogged/VBN up/RB with/IN regulations/NNS and/CC distortions/NNS ./. ###/### All/PDT this/DT was/VBD recognized/VBN and/CC documented/VBN in/IN the/DT succeeding/VBG years/NNS by/IN economists/NNS ,/, some/DT of/IN whom/WP worked/VBD in/IN the/DT Reagan/NNP administration/NN to/TO lift/VB this/DT burden/NN from/IN the/DT American/JJ people/NNS ,/, states/NNS and/CC local/JJ governments/NNS ./. ###/### Running/VBG for/IN President/NNP in/IN 1980/CD and/CC 1988/CD ,/, George/NNP Bush/NNP also/RB persuasively/RB diagnosed/VBD the/DT economic/JJ stagnation/NN of/IN the/DT 1970s/NNS ./. ###/### In/IN fact/NN ,/, during/IN last/JJ year/NN 's/POS campaign/NN ,/, the/DT entire/JJ nation/NN constantly/RB heard/VBD Mr./NNP Bush/NNP tout/VB his/PRP$ accomplishments/NNS as/IN head/NN of/IN the/DT Task/NNP Force/NNP on/IN Regulatory/NNP Relief/NNP ./. ###/### ``/`` Government/NN continues/VBZ to/TO inhibit/VB the/DT productivity/NN of/IN our/PRP$ citizenry/NN and/CC the/DT international/JJ competitiveness/NN of/IN American/JJ business/NN ,/, ''/'' the/DT vice/NN president/NN declared/VBD when/WRB he/PRP was/VBD head/NN of/IN the/DT task/NN force/NN ./. ###/### But/CC with/IN the/DT impending/JJ passage/NN of/IN these/DT new/JJ programs/NNS ,/, Mr./NNP Bush/NNP will/MD surely/RB be/VB sending/VBG many/JJ people/NNS hurtling/VBG back/RB into/IN the/DT regulatory/JJ thicket/NN that/IN he/PRP had/VBD helped/VBN cut/VB back/RB ./. ###/### By/IN 1986/CD ,/, the/DT number/NN of/IN federal/JJ regulators/NNS was/VBD down/RB to/TO about/IN 103,000/CD ./. ###/### Then/RB it/PRP turned/VBD up/RB ,/, and/CC by/IN one/CD estimate/NN the/DT number/NN will/MD be/VB up/RB to/TO about/IN 109,000/CD regulators/NNS by/IN next/JJ year/NN ./. ###/### Holding/VBG the/DT dam/NN on/IN taxes/NNS is/VBZ the/DT most/RBS important/JJ task/NN of/IN the/DT Bush/NNP presidency/NN ./. ###/### We/PRP would/MD have/VB thought/VBD by/IN now/RB ,/, though/IN ,/, that/IN there/EX was/VBD a/DT significant/JJ core/NN of/IN people/NNS involved/VBN in/IN government/NN life/NN who/WP understood/VBD that/DT direct/JJ taxation/NN is/VBZ n't/RB the/DT only/JJ way/NN to/TO slow/VB down/RB an/DT economy/NN ./. ###/### It/PRP is/VBZ merely/RB the/DT most/RBS obvious/JJ ./. ###/### What/WP is/VBZ even/RB more/RBR ironic/JJ is/VBZ that/IN all/DT over/IN the/DT world/NN nations/NNS are/VBP learning/VBG that/IN well-intentioned/JJ public/JJ programs/NNS often/RB backfire/VBP ./. ###/### But/CC while/IN they/PRP are/VBP unloading/VBG these/DT burdens/NNS ,/, the/DT United/NNP States/NNPS is/VBZ close/JJ to/TO creating/VBG three/CD more/JJR big/JJ ones/NNS ./. ###/### The/DT Bush/NNP administration/NN ought/MD to/TO be/VB setting/VBG aside/RB some/DT of/IN its/PRP$ buckshot/NN for/IN the/DT non-duck/JJ ducks/NNS ./. ###/### 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/VBP 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/JJ 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/JJ 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/NN 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/JJ improvement/NN from/IN the/DT #/# 2/CD billion/CD -LRB-/-LRB- $/$ 3.2/CD billion/CD -RRB-/-RRB- deficit/NN in/IN the/DT current/JJ account/NN reported/VBN 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/NNP &/CC Co./NNP ,/, said/VBD there/EX is/VBZ no/DT sign/NN that/IN Britain/NNP 's/POS manufacturing/VBG industry/NN is/VBZ transforming/VBG itself/PRP to/TO boost/NN 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/RB 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/JJ ./. ###/### 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./NNP 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/RB 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/RB 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/JJ 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/RB ./. ###/### 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/VBG sterling/JJ 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/RBR 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/VB hollow/JJ ./. ###/### Sterling/NN 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/RB 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/NNP ###/### The/DT dollar/NN posted/VBD gains/NNS in/IN quiet/JJ trading/NN as/IN concerns/NNS about/IN equities/NNS abated/VBD ./. ###/### 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/RBR 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/JJ eye/NN out/RP for/IN any/DT signs/NNS of/IN monetary/JJ easing/VBG 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/RB 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/RB 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/RB 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/VBN at/IN $/$ 367.30/CD an/DT ounce/NN ,/, up/RB 20/CD cents/NNS ./. ###/### Estimated/VBN volume/NN was/VBD a/DT light/JJ 2.4/CD million/CD ounces/NNS ./. ###/### In/IN early/RB 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/JJ to/TO the/DT signing/NN of/IN a/DT merger/NN agreement/NN by/IN no/RB 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/RB $/$ 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/VBP 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/VBN 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/JJS of/IN the/DT decade/NN because/IN of/IN competition/NN spurred/VBN by/IN deregulation/NN ,/, are/VBP bottoming/VBG out/RP ,/, turning/VBG upward/RB and/CC threatening/VBG to/TO fuel/VB inflation/NN ./. ###/### Trucking/NN ,/, shipping/NN 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/RP 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/RB ''/'' at/IN a/DT rate/NN ``/`` close/JJ 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/VBD recently/RB by/IN Ohio/NNP State/NNP University/NNP said/VBD they/PRP expect/VBP their/PRP$ freight-transport/NN ,/, storage/NN and/CC distribution/NN costs/NNS to/TO rise/VB about/RB 4/CD %/NN this/DT year/NN ./. ###/### Only/RB 10/CD %/NN of/IN the/DT 250/CD shippers/NNS polled/VBN expected/VBD 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/VBD 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/NNS 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/VBN 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/RB 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/JJ of/IN the/DT inefficiency/NN squeezed/VBD out/RB 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/NNP are/VBP saying/VBG `/`` the/DT party/NN 's/VBZ over/JJ ,/, '/'' ''/'' said/VBD Mr./NNP LaLonde/NNP ./. ###/### ``/`` Shippers/NNP 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/DT 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/VBP higher/JJR fuel/NN costs/NNS and/CC pay/VBP more/JJR for/IN labor/NN ./. ###/### You/PRP 'll/MD see/VB carriers/NNS try/VBP to/TO recoup/VB some/DT of/IN the/DT price/NN cutting/NN that/WDT occurred/VBD previously/RB ./. ''/'' ###/### Not/RB everyone/NN believes/VBZ that/IN the/DT good/JJ times/NNS are/VBP over/JJ 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/RB this/DT year/NN or/CC early/RB 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/VBG ,/, 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/RP against/IN another/DT as/RB much/RB 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/RB 20/CD %/NN earlier/RBR this/DT month/NN ./. ###/### And/CC Japan/NNP Air/NNP Lines/NNP said/VBD it/PRP plans/VBZ to/TO boost/VB its/PRP$ rates/NNS a/DT further/JJR 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/VB 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/JJ 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/NN 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/NNS 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/VBP to/TO raise/VB rates/NNS on/IN containers/NNS carrying/VBG U.S./NNP exports/NNS to/TO Asia/NNP about/RB 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/NN company/NN said/VBD Merrill/NNP Lynch/NNP Capital/NNP Markets/NNP 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 and/CC theme/NN park/NN ./. ###/### Bob/NNP Stone/NNP stewed/VBD 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/VBN 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/RP ,/, 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/JJ 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/RP any/DT facts/NNS needed/VBD 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/RB 20/CD minutes/NNS ./. ###/### When/WRB he/PRP was/VBD through/JJ ,/, 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/NNS 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/JJ 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/VBN employees/NNS and/CC ex-employees/NNS ,/, with/IN all/DT that/DT means/VBZ for/IN reduced/VBN legal/JJ costs/NNS and/CC better/JJR public/JJ relations/NNS ./. ###/### It/PRP helps/VBZ to/TO keep/VB out/RP unions/NNS ./. ###/### It/PRP increases/VBZ employee/NN commitment/NN to/TO the/DT company/NN ,/, with/IN all/DT that/DT means/VBZ for/IN efficiency/NN and/CC quality/NN control/NN ./. ###/### What/WP must/MD your/PRP$ management/NN team/NN do/VB to/TO establish/VB corporate/JJ due/JJ process/NN ?/. ###/### Here/RB are/VBP four/CD key/JJ steps/NNS :/: ###/### 1/LS ./. 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/JJS 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/RB 20/CD cases/NNS 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/NNS 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/NNS 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/DT means/VBZ many/JJ hundreds/NNS of/IN complaints/NNS for/IN personnel/NNS to/TO handle/VB ./. ###/### 2/LS ./. Formally/RB or/CC informally/RB ,/, train/VB 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/VB them/PRP in/IN handling/VBG 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/LS ./. Decide/VB whether/CC 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/IN 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/RB 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/NN privacy/NN ./. ###/### International/NNP Business/NNP Machines/NNP 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/LS ./. Make/VB your/PRP$ due-process/NN system/NN visible/JJ ./. ###/### It/PRP wo/MD n't/RB do/VB any/DT good/JJ 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/RP in/IN advertising/VBG their/PRP$ due-process/NN systems/NNS for/IN fear/NN of/IN encouraging/JJ cranks/NNS and/CC chronic/NN soreheads/NNS to/TO file/VB complaints/NNS ./. ###/### On/IN the/DT other/JJ hand/NN ,/, they/PRP make/VBP sure/RB 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/RP by/IN personnel/NNS specialists/NNS ./. ###/### Smith-Kline/NNP Beecham/NNP goes/VBZ further/RBR 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/RBR 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/NN operating/NN officer/NN ,/, respectively/RB ,/, sitting/VBG in/RP 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/NNP ''/'' -LRB-/-LRB- Harvard/NNP Business/NNP School/NNP Press/NNP ,/, 1989/CD -RRB-/-RRB- ./. ###/### Tokyo/NNP stocks/NNS closed/VBD higher/RBR 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/NNP shares/NNS closed/VBD moderately/RB lower/RBR 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/RB 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/RB 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/JJ Section/NNP was/VBD estimated/VBN at/IN one/CD billion/CD shares/NNS ,/, up/RB 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/VB 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/RB 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/IN ,/, 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-/-LRB- Topix/NNP -RRB-/-RRB- of/IN all/DT issues/NNS listed/VBN in/IN the/DT First/JJ Section/NNP ,/, which/WDT gained/VBD 22.78/CD points/NNS Thursday/NNP ,/, was/VBD up/RB 14.06/CD points/NNS ,/, or/CC 0.53/CD %/NN ,/, at/IN 2679.72/CD ./. ###/### The/DT Second/NNP Section/NNP index/NN ,/, which/WDT rose/VBD 15.72/CD points/NNS Thursday/NNP ,/, was/VBD up/RB 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/RB 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/VBZ 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/NN 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/RBR 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/NNS -LRB-/-LRB- $/$ 3.16/CD -RRB-/-RRB- to/TO 6,050/CD yen/NNS -LRB-/-LRB- $/$ 42.60/CD -RRB-/-RRB- ./. ###/### Kyocera/NNP advanced/VBN 80/CD yen/NNS to/TO 5,440/CD ./. ###/### Fanuc/NNP gained/VBD 100/CD to/TO 7,580/CD ./. ###/### Breweries/NNS 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/RB 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/NNP 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/RBR at/IN 2179.1/CD ,/, above/RB its/PRP$ intraday/NN low/JJ of/IN 2176.9/CD ,/, but/CC off/RB the/DT day/NN 's/VBZ high/JJ 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/NN 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/VBN to/TO generally/RB thin/JJ interest/NN ahead/RB of/IN the/DT weekend/NN and/CC this/DT week/NN 's/VBZ 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/RB it/PRP eased/VBD to/TO an/DT intraday/NN low/NN late/RB in/IN the/DT session/NN when/WRB a/DT flurry/NN of/IN program/NN selling/NN pushed/VBD Wall/NNP Street/NNP lower/RBR ./. ###/### The/DT FT/NNP 30-share/CD index/NN closed/VBD 11.0/CD points/NNS lower/RBR 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/RB 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/VB lower/RBR 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/NNP Airways/NNP 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/NNP ./. ###/### British/NNP Airways/NNP 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-/-LRB- $/$ 622/CD million/CD -RRB-/-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/RBR 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/NNP ,/, 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/NN in/IN a/DT bid/NN to/TO fend/VB off/RP the/DT hostile/NN 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/RB 5/CD ,/, 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/VBD 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/NN ,/, was/VBD boosted/VBN 2/CD to/TO 271/CD after/RB 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/RBR 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/RBR ./. ###/### Share/NN prices/NNS closed/VBD higher/RBR 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/VBG 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/VBD 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/JJ 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/RB reported/VBN 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/VBG 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-/-LRB- D./NNP ,/, Okla./NNP -RRB-/-RRB- ,/, charged/VBD 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/VB 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/VBD to/TO develop/VB ./. ''/'' ###/### Sen./NNP Boren/NNP said/VBD ,/, ``/`` It/PRP 's/VBZ time/NN to/TO stop/VB bickering/VBG 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/RB of/IN context/NN is/VBZ a/DT pretext/NN ,/, and/CC it/PRP is/VBZ unfair/JJ for/IN those/DT in/IN 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/IN 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/RB 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/VBD out/RP 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./NNS 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/RP 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/IN existed/VBD ./. ###/### Gerald/NNP F./NNP Seib/NNP contributed/VBD to/TO this/DT article/NN ./. ###/### -LRB-/-LRB- During/IN its/PRP$ centennial/JJ 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-/-RRB- ###/### MUTUAL/JJ FUNDS/NNS ARRIVED/VBD IN/IN THE/DT U.S./NNP during/IN the/DT Roaring/NNP Twenties/NNP -LRB-/-LRB- they/PRP had/VBD been/VBN in/IN Britain/NNP for/IN a/DT century/NN -RRB-/-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/CD ./. ###/### 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/VB 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/RP 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-/-LRB- and/CC reached/VBD $/$ 1/CD billion/CD in/IN assets/NNS in/IN one/CD year/NN ./. -RRB-/-RRB- ###/### Dreyfus/NNP moved/VBD to/TO the/DT $/$ 1/CD price/NN after/IN the/DT SEC/NNP set/NN 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-/-LRB- there/EX are/VBP more/JJR than/IN 54/CD million/CD accounts/NNS -RRB-/-RRB- started/VBN 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-/-LRB- The/DT companion/NN tax-exempt/JJ funds/NNS add/VBP $/$ 71/CD billion/CD ./. -RRB-/-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/NNS 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/NN 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/RB 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/RB 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/VBP a/DT majority/NN in/IN MBB/NNP ,/, but/CC their/PRP$ stake/NN will/MD fall/VB to/TO around/RB 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/NN ./. ###/### 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/NN 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/JJ underwriter/NN ./. ###/### The/DT government/NN issues/VBZ 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/JJ ,/, it/PRP could/MD serve/VB as/IN an/DT impetus/NN to/TO the/DT fixed-income/NN markets/NNS to/TO lower/VB their/PRP$ rates/NNS ,/, ''/'' he/PRP added/VBD ./. ###/### The/DT week/NN 's/POS other/JJ notable/JJ indicators/NNS include/VBP mid-October/JJ 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/NN 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/NNS 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/NN 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/RB 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 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/JJ 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/VBD 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/VB ,/, 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/RP 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/NNS 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/RB 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/JJ Industrial/NNP Equity/NNP -LRB-/-LRB- Pacific/NNP -RRB-/-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/JJ 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/JJ and/CC medical/JJ businesses/NNS ./. ###/### When/WRB Rune/NNP Andersson/NNP set/VBD out/RP 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/RP 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/RB 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/RP 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/VBD ./. ###/### On/IN Tuesday/NNP ,/, Trelleborg/NNP 's/POS directors/NNS announced/VBD plans/NNS to/TO spin/VB off/RP two/CD big/JJ divisions/NNS --/: minerals/NNS processing/NN ,/, and/CC building/NN and/CC distribution/NN --/: as/RB 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/NN -LRB-/-LRB- $/$ 386/CD million/CD -RRB-/-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-/-LRB- $/$ 4.48/CD -RRB-/-RRB- to/TO SKr205/NNS -LRB-/-LRB- $/$ 31.65/CD -RRB-/-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/JJ stigma/NN ''/'' that/WDT has/VBZ held/VBN down/RP 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/RP by/IN late/JJ founder/NN Henry/NNP Dunker/NNP controls/VBZ 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/JJ entire/NN 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/NN ./. ###/### 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/VBN 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/RBR 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/IN 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/NN 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/JJ 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/VBP 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/NN 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/VB 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/NN bid/NN ./. ###/### Some/DT analysts/NNS say/VBP Noranda/NNP would/MD prefer/VB to/TO break/VB up/RP Falconbridge/NNP ,/, and/CC that/IN the/DT Swedes/NNS --/: 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/CD 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/VBG by/IN a/DT partner/NN ,/, ''/'' Trelleborg/NNP 's/POS president/NN says/VBZ ./. ###/### 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/JJ 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/CD 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/JJ 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/JJS other/JJ businesses/NNS Trelleborg/NNP is/VBZ in/IN ./. ###/### Apple/NNP Computer/NNP Inc./NNP posted/VBD improved/VBN fiscal/JJ fourth-quarter/JJ profit/NN due/RB 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/NNP 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/NNP 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/RB 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/RB 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/NN officer/NN ,/, credited/VBD the/DT Macintosh/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/JJS of/IN 1989/CD ,/, began/VBD to/TO turn/VB up/RP 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.../: 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/RP ,/, 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/VBG 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/JJ 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/NN 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/VBD 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/JJ American/JJ sales/NNS ,/, of/IN this/DT plastics/NNS concern/NN ./. ###/### Also/RB ,/, Larry/NNP A./NNP Kushkin/NNP ,/, executive/JJ vice/NN president/NN ,/, North/JJ 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/NNP 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/JJ 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/VBN 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/JJ 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/VBG $/$ 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/VBZ ./. ###/### 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/NN 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/NNS to/TO expand/VB in/IN the/DT growing/JJ 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 regional/JJ division/NN to/TO Singapore/NNP ,/, effective/NN Oct/NNP ./. ###/### The/DT central/NN 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/NNP German/NNP chemical/NN concern/NN called/VBD the/DT moves/VBZ 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/NN ./. ###/### 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/RB $/$ 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/NN 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/VBG information/NN on/IN compact/JJ disks/NNS ./. ###/### ``/`` Please/UH 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/VBN 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/JJ 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/NN a/DT failure/NN ./. ###/### ``/`` It/PRP 's/VBZ getting/VBG harder/RB to/TO sell/VB ,/, ''/'' he/PRP mutters/NNS as/IN he/PRP leaves/VBZ the/DT room/NN ./. ###/### Indeed/UH ./. Recently/RB ,/, the/DT trust/NN failed/VBD to/TO auction/VB off/RP 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/DT her/PRP$ government/NN would/MD ``/`` get/VB out/RB 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/RP 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/RBR ,/, 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/NNP Airlines/NNP ,/, 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/RBS 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/VBG momentum/NN ,/, the/DT program/NN is/VBZ in/IN danger/NN of/IN slowing/VBG even/RB more/RBR 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/JJ 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/RP again/RB ./. ###/### Ramon/NNP Garcia/NNP ,/, the/DT Asset/NNP Trust/NNP 's/POS executive/NN 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/NN price/NN of/IN 671/CD million/CD pesos/NNS -LRB-/-LRB- $/$ 31/CD million/CD -RRB-/-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/NN 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/VBN rights/NNS ./. ###/### His/PRP$ ability/NN to/TO match/VB any/DT bid/NN has/VBZ scared/VBN off/RP 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-/-LRB- About/RB 7.5/CD %/NN of/IN Picop/NNP is/VBZ publicly/RB traded/VBN and/CC other/JJ shareholders/NNS own/VBP the/DT rest/NN of/IN the/DT equity/NN ./. -RRB-/-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/VBD 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/RB 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/NNS 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/VBN 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/NN 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/VBD by/IN the/DT criticism/NN of/IN the/DT agency/NN ./. ###/### The/DT question/NN of/IN control/NN could/MD further/RB hinder/VB long-delayed/JJ plans/NNS for/IN the/DT government/NN to/TO divest/VB itself/PRP of/IN Philippine/NNP Airlines/NNP ,/, 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/VBN ./. ###/### This/DT maker/NN of/IN electronic/JJ measuring/NN devices/NNS named/VBD 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/NN 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/VBG company/NN ,/, 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/JJ 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 ./. ###/### In/IN American/NNP Stock/NNP Exchange/NNP composite/NN 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/VBN 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 ./. ###/### 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 ./. ###/### The/DT board/NN will/MD be/VB made/VBN up/RP 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/VBG loans/NNS will/MD make/VB up/RP only/RB about/RB 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/VBZ 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/NNS 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/VBD that/DT ,/, 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/NNP 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-/-LRB- True/UH ,/, 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/PRP to/TO be/VB sanguine/JJ ./. -RRB-/-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-/-LRB- state/NN enterprises/NNS -RCB-/-RRB- currently/RB remain/VBP 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/RB it/PRP can/MD be/VB said/VBD to/TO have/VB caught/VBN the/DT ``/`` privatization/NN bug/NN ./. ''/'' ###/### The/DT bottom/JJ 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/NN 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/IN 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/NN results/NNS 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/NNP 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/NNP Airways/NNP PLC/NNP ,/, dropped/VBD out/RP ./. ###/### 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/VBD 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/VBD 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/JJ 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/IN 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/CC retain/VBP a/DT controlling/JJ 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/JJ 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/RP under/IN the/DT new/JJ plan/NN ,/, but/CC employees/NNS would/MD keep/VB more/JJR than/IN 50/CD %/NN ./. ###/### Management/NN '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/JJ 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/VBZ 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/NN 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/VBN for/IN the/DT UAL/NNP buy-out/NN ./. ###/### Also/RB late/RB 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/JJ 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/NN property/NN targeting/VBG Hispanic/JJ women/NNS ./. ###/### ``/`` La/NNP Familia/NNP de/IN Hoy/NNP ,/, ''/'' or/CC ``/`` Today/NNP '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/NN seven/CD days/NNS a/DT week/NN on/IN the/DT Spanish-language/JJ Univision/NNP network/NN ,/, a/DT unit/NN of/IN Univision/NNP Holdings/NNP Inc./NNP ,/, which/WDT is/VBZ 80%-owned/CD 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 %/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/VBD 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/JJ 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/JJ 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/NNP 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/NNP Systems/NNP shares/NNS it/PRP does/VBZ n't/RB already/RB own/VB ./. ###/### 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/RB control/VBP 3,513,072/CD Profit/NNP Systems/NNP common/JJ shares/NNS ,/, or/CC 62.42/CD %/NN ,/, the/DT filing/NN said/VBD ./. ###/### Profit/NNP Systems/NNP ,/, 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/VBD 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/VBD $/$ 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/RBR 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/NN 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/RP 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/NN 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/VBD manufactures/VBZ does/VBZ n't/RB infringe/VB on/IN a/DT patent/NN owned/VBN by/IN Advanced/NNP Cardiovascular/NNP Systems/NNP ,/, a/DT unit/NN of/IN Eli/NNP Lilly/NNP &/CC Co/NNP ./. ###/### SciMed/NNP said/VBD the/DT appeals/NNS court/NN 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/VBN said/VBD it/PRP ``/`` remains/VBZ committed/JJ ''/'' 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/RB 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/RP 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/NN 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/NNS 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/VBP as/IN the/DT London-based/JJ ad/NN giant/JJ 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/VBD for/IN Chapter/NNP 11/CD protection/NN ./. ###/### Qintex/NNP 's/POS $/$ 1.5/CD billion/CD pact/NN to/TO buy/VB collapsed/VBD recently/RB ./. ###/### Kodak/NNP entered/VBD the/DT high-definition/JJ television/NN market/NN by/IN unveiling/NN 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/RP and/CC starting/VBG to/TO rebound/VB ./. ###/### Trucking/NN ,/, shipping/NN and/CC air-freight/NN firms/NNS are/VBP all/DT planning/VBG rate/NN increases/NNS ,/, reflecting/VBG higher/JJR costs/NNS and/CC tightened/VBN 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/RB four/CD years/NNS ago/RB ./. ###/### Winnebago/NNP posted/VBD a/DT widened/VBN 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/VBZ 2689.14/CD ,/, up/RB 5.94/CD ;/: transportation/NN 1230.80/CD ,/, off/RB 32.71/CD ;/: utilities/NNS 215.48/CD ,/, up/RB 0.06/CD ./. ###/### Bonds/NNS :/: Shearson/NNP Lehman/NNP Hutton/NNP Treasury/NNP index/NN 3392.49/CD ,/, off/RB ###/### Commodities/NNS :/: Dow/NNP Jones/NNP futures/NNS index/NN 129.62/CD ,/, off/RB 0.51/CD ;/: spot/NN index/NN 131.34/CD ,/, up/RB 0.88/CD ./. ###/### Dollar/NN :/: 142.43/CD yen/NNS ,/, up/RB 0.73/CD ;/: 1.8578/CD marks/NNS ,/, up/RB 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/RB too/RB great/JJ a/DT drain/NN on/IN funds/NNS ./. ###/### The/DT company/NN paid/VBD 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/JJ 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/POS 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/NN 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/VBD 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/NNS 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/NNP ,/, 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/NNP 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/NNP 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/NN 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 ./. ###/### Year-earlier/JJ per-share/JJ results/NNS are/VBP n't/RB applicable/JJ because/IN the/DT company/NN went/VBD public/NN 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/NN and/CC expansion/NN of/IN an/DT olefins/NNS plant/NN ./. ###/### 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/NN 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/NNP 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/NN 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/JJS 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 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/VBD more/RBR 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/VBN 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/JJ military/JJ leader/NN wad/VB 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/JJ Arabian/JJ 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/NNS and/CC Christians/NNS 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/VBN Friday/NNP by/IN Bush/NNP ,/, topped/VBD $/$ 5/CD 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/VBN 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/VBP 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/JJ minor/JJ support/NN to/TO this/DT month/NN 's/POS failed/JJ 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/VBD 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/VBN 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/NNP 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/VB new/JJ reprisals/NNS ./. ###/### The/DT 49-nation/JJ organization/NN ,/, meeting/VBG in/IN Malaysia/NNP ,/, called/VBD for/IN tighter/JJR 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/VB to/TO the/DT West/NN ./. ###/### 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 ###/### The/DT of/IN ./. ###/### the/DT a/DT of/IN ./. ###/### Contel/NNP Corp./NNP said/VBD third-quarter/JJ net/JJ income/NN increased/VBD 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/JJ 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/VBD at/IN an/DT annualized/VBN rate/NN of/IN about/RB 4/CD %/NN and/CC minutes/NNS of/IN long-distance/JJ use/NN rose/VBD about/RB 12/CD %/NN ./. ###/### A/DT 10/CD %/NN gain/NN in/IN operating/NN 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/IN nobody/NN has/VBZ even/RB come/VBN up/RP 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/RB you/PRP can/MD make/VB jokes/NNS ,/, ''/'' says/VBZ an/DT East/NNP German/NNP 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/RB initially/RB thought/VBD he/PRP was/VBD when/WRB the/DT 52-year-old/JJ 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/NN policies/NNS ./. ###/### Already/RB last/JJ week/NN ,/, Mr./NNP Krenz/NNP started/VBD overhauling/VBG East/NNP Germany/NNP 's/VBZ heavily/RB censored/VBN and/CC notoriously/RB boring/VBG news/NN media/NNS ./. ###/### On/IN Thursday/NNP ,/, a/DT day/NN after/RB 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/RP 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/NN ./. ###/### ``/`` It/PRP was/VBD quite/RB a/DT shock/NN ,/, ''/'' says/VBZ a/DT 43-year-old/JJ 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/NNS Germans/NNS ,/, 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/NNS Germans/NNS ,/, 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/VBN 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/JJ pastor/NN in/IN East/NNP Berlin/NNP ./. ###/### ``/`` The/DT most/RBS important/JJ thing/NN is/VBZ that/IN he/PRP have/VB 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/WDT sets/VBZ 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/FW la/FW Gorbachev/NNP ./. ###/### He/PRP was/VBD later/RB shown/VBN on/IN television/NN ,/, fielding/VBG questions/NNS ./. ###/### At/IN one/CD point/NN ,/, he/PRP asked/VBD a/DT worker/NN whether/IN he/PRP thought/VBD East/NNS Germans/NNS 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/JJ 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/DT the/DT more/RBR remarkable/JJ in/IN that/IN 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/VB 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-/-LRB- D./NNP ,/, Ala./NNP -RRB-/-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/JJ 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/RB 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/JJ ./. ###/### 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/NNP German/NNP leader/NN must/MD move/VB quickly/RB to/TO shore/VB up/RP his/PRP$ government/NN 's/POS standing/NN ./. ###/### 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/NNP German/NNP economy/NN is/VBZ strong/RB compared/VBN with/IN other/JJ East/JJ 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/NNS Germans/NNS ,/, 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/RB right/RB now/RB ,/, ''/'' says/VBZ a/DT 30-year-old/JJ East/JJ German/JJ doctor/NN ./. ###/### ``/`` Either/NNP 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/VBG through/IN East/JJ Berlin/JJ '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/JJ sense/NN of/IN humor/NN ./. ###/### Television/NN 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/NNS Germans/NNS 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/NN 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/JJ 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/RB 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/NN meeting/NN ,/, fewer/RBR 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/VBD 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/IN 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/FW hoc/FW expert/NN committee/NN set/VBD up/RP 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/VBN 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/RP ,/, 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./NNS Fleischmann/NNP and/CC Pons/NNP said/VBD their/PRP$ experiments/NNS also/RB produced/VBD large/JJ amounts/NNS of/IN heat/NN ./. ###/### The/DT heat/NN energy/NN plus/IN 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/NN ''/'' 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/RP ''/'' and/CC produced/VBD excess/JJ heat/NN for/IN several/JJ hours/NNS before/IN dying/VBG down/RP ,/, 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/RP doing/VBG nothing/NN but/CC dissociating/VBG the/DT heavy/NN 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/JJ as/IN 10/CD or/CC 11/CD hours/NNS before/RB quieting/VBG down/RP ./. ###/### 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/RB they/PRP ``/`` perturbed/VBD ''/'' the/DT experiments/NNS by/IN raising/VBG or/CC lowering/VBG the/DT amount/NN of/IN electric/JJ current/JJ being/VBG applied/VBN ,/, or/CC switching/VBG the/DT current/NN off/RP and/CC on/RP ./. ###/### One/CD chemist/NN privately/RB suggested/VBD this/DT hinted/VBD that/IN some/DT ``/`` anomalous/JJ ''/'' chemical/JJ 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/VBZ 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/VBD 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/VB 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/CC 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/VBP to/TO be/VB negative/JJ ./. ###/### Messrs./NNS 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/NNP 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/VB a/DT neutron/NN burst/NN in/IN all/DT three/CD detectors/NNS --/: and/CC they/PRP think/VBP that/DT 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/RB detected/VBD 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/VBN 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./NNS 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/NNS this/DT year/NN have/VBP not/RB gone/VBN up/RB ,/, ''/'' 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/JJ 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/VBP us/PRP to/TO share/VB operating/NN efficiencies/NNS with/IN our/PRP$ customers/NNS ./. ''/'' ###/### Advertising/NN rates/NNS for/IN the/DT Eastern/JJ ,/, Midwest/JJ ,/, Western/JJ and/CC Southwest/JJ editions/NNS will/MD increase/VB an/DT average/NN 5.5/CD %/NN ,/, and/CC rates/NNS for/IN localized/VBN advertising/NN editions/NNS will/MD increase/VB 7.5/CD %/NN ./. ###/### Rates/NNP for/IN the/DT Wall/NNP Street/NNP Journal/NNP Reports/NNP 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 ,/, 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/NNP 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/NNP 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/JJ 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/JJ 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/JJ 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/JJ 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/RB 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/JJ sales/NNS reduced/VBD demand/NN for/IN semiconductors/NNS ./. ###/### That/IN ,/, 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/NNP '/POS defense-electronics/JJ 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/RB 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/RB 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/RB 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/IN 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/JJ miles/NNS in/IN southwest/JJ 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/JJS 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 on/IN silver/NN a/DT decade/NN ago/RB is/VBZ still/RB haunting/VBG the/DT market/NN in/IN this/DT metal/NN ./. ###/### Silver/NN ,/, now/RB trading/VBG around/RB $/$ 5/CD 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/RB $/$ 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/VBN 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/JJ production/NN and/CC scrap/NN recovery/NN and/CC encouraged/VBD silver/JJ consumers/NNS to/TO economize/VB on/IN silver/JJ 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/JJ 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/RB 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/RB 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/JJ 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/NN prices/NNS could/MD also/RB be/VB boosted/VBN by/IN strikes/NNS in/IN leading/JJ 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/VBD 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/JJ 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/RBR than/IN 100/CD million/CD ounces/NNS in/IN the/DT first/JJ half/NN of/IN the/DT 1980s/NNS ,/, 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/JJ prices/NNS into/IN a/DT higher/JJR range/NN ./. ###/### ``/`` There/EX 's/VBZ just/RB too/RB much/JJ silver/NN around/RP ,/, ''/'' 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/NN 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/JJ 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/NNP and/CC Middle/NNP Eastern/NNP investors/NNS hoard/VBP gold/NN and/CC help/VBP 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/JJR 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/JJ prices/NNS improve/VBP ,/, silver/JJ 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/JJS ./. ###/### Looking/VBG ahead/RB to/TO other/JJ commodity/NN markets/NNS this/DT week/NN :/: Livestock/NN and/CC Meats/NNS Analysts/NNS expect/VBP the/DT prices/NNS of/IN live/JJ 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/VBD 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/IN 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/CD %/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/DT 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/NN 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/VBD by/IN 5/CD %/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/NN 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/VB the/DT tone/NN for/IN trading/NN 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/RB 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/PDT 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/RB test/VB 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/JJ ./. ###/### 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/RBR 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/NNS 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/RB a/DT week/NN ./. ###/### On/IN Friday/NNP ,/, selling/NN dominated/VBD the/DT afternoon/NN ``/`` curb/NN ''/'' 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/JJ orders/NNS under/IN that/DT level/NN that/WDT were/VBD touched/VBN off/RP when/WRB the/DT contract/NN 's/POS price/NN fell/VBD below/IN it/PRP ./. ###/### That/IN brought/VBN in/IN considerable/JJ fund/NN selling/NN ,/, 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/RBR 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/RB 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/NNS ,/, 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/RP computing/NN tasks/NNS by/IN sending/VBG the/DT tasks/NNS to/TO each/DT other/JJ ./. ###/### Called/VBD Task/NNP Broker/NNP ,/, the/DT program/NN acts/VBZ 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/VBZ 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/JJ ./. ###/### 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/VBN ./. ###/### 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/VBN 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/NN 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/RBR next/JJ year/NN that/IN 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/NNP 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/VBZ it/PRP up/RP into/IN parts/NNS ,/, divvying/VBG up/RP 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/JJ 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/VB fighting/VBG ,/, ants/NNS get/VB 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/VBG 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/NNP 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/NN 's/POS Corp./NN 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/VBG that/DT 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/RB this/DT year/NN ,/, PepsiCo/NNP Inc./NNP 's/POS Taco/NNP Bell/NNP unit/NN and/CC Wendy/NN '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/WDT brought/VBD a/DT chain/NN reaction/NN in/IN the/DT industry/NN ./. ###/### The/DT situation/NN was/VBD further/RB aggravated/VBN early/RB this/DT month/NN ,/, when/WRB McDonald/NN 's/VBZ set/VBN plans/NNS to/TO heat/VB up/IN the/DT discounting/VBG by/IN offering/VBG 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/JJ ./. ###/### Now/RB ,/, two-for-one/JJ deals/NNS on/IN pizza/NN are/VBP common/JJ ;/: so/RB are/VBP 99-cent/CD specials/NNS on/IN sandwiches/NNS normally/RB priced/VBN twice/RB as/IN high/JJ ./. ###/### The/DT discounting/VBG ,/, say/VB 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/IN ./. ###/### The/DT result/NN is/VBZ that/IN some/DT franchisees/NNS are/VBP running/VBG hard/RB just/RB to/TO stay/VB even/RB ,/, laying/VBG off/RP middle/JJ managers/NNS and/CC working/VBG harder/RB to/TO make/VB less/JJR ./. ###/### Joe/NNP Mack/NNP ,/, a/DT district/NN manager/NN for/IN Cormack/NNP Enterprises/NNP Inc./NNP ,/, a/DT Burger/NNP King/NNP operator/NN in/IN Omaha/NNP ,/, Neb./NNP ,/, says/VBZ discounting/VBG is/VBZ so/RB prevalent/JJ that/IN ``/`` we/PRP have/VB to/TO serve/VB 15/CD %/NN to/TO 20/CD %/NN more/JJR customers/NNS ''/'' to/TO keep/VB sales/JJ level/NN ./. ###/### ``/`` 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/NN 's/POS Inc./NN ,/, an/DT operator/NN of/IN Arby/NN 's/POS restaurants/NNS in/IN Omaha/NN ,/, 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/VB 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/VB a/DT coupon/NN ./. ''/'' ###/### If/IN the/DT battle/NN continues/VBZ much/RB longer/JJR ,/, 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/JJS ./. ###/### ``/`` The/DT industry/NN is/VBZ overbuilt/JJ ,/, ''/'' he/PRP says/VBZ ./. ###/### ``/`` Fast-food/NN franchisers/NNS have/VB 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/VBN ,/, says/VBZ a/DT spokesman/NN for/IN Wendy/NN 's/VBZ 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/VBN ,/, 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/CD ,/, same-store/CD sales/NNS at/IN company-owned/JJ Wendy/NN 's/POS units/NNS in/IN the/DT U.S./NNP have/VB trailed/VBN year-earlier/JJ levels/NNS throughout/IN 1989/CD ,/, except/IN for/IN August/NNP ./. ###/### ``/`` McDonald/VB 's/POS has/VBZ also/RB been/VBN running/VBG negative/JJ all/DT year/NN ,/, ''/'' the/DT analyst/NN says/VBZ ./. ###/### Spokesmen/NNP 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/RBR 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/VBG programs/NNS from/IN year/NN to/TO year/NN ./. ''/'' ###/### Profit/NN margins/NNS at/IN company-owned/JJ McDonald/NN '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/CD ,/, 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/VB ./. ###/### Big/JJ franchise/NN groups/NNS ``/`` can/MD ride/VB out/IN the/DT 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/JJS 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/VBG ./. ###/### 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/VB 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/DT telephone/NN call/VB 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/NN 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/CD estimate/NN where/WRB at/IN least/JJS three/CD analysts/NNS have/VB 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/CD 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/NN 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/CD estimate/NN where/WRB at/IN least/JJS three/CD analysts/NNS have/VB 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/CD 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/NN said/VBD the/DT sale/NN is/VBZ part/NN of/IN its/PRP$ previously/RB announced/VBN plan/NN to/TO sell/VB much/JJ 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/VBG and/CC producing/VBG asphalt/NN ,/, concrete/NN ,/, 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/VBZ ,/, 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/VB 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/RB well/RB ./. ###/### ``/`` For/IN someone/NN who/WP has/VBZ everything/NN else/RB --/: Reggie/NN '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/NNP Collectibles/NNP 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/VB 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-/-LRB- Ty/NN -RCB-/-RRB- Cobbs/NNS in/IN the/DT hobby/NN ,/, and/CC awhile/RB back/RB there/EX were/VBD 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''/'' ###/### And/CC Mr./NNP Smalling/NNP does/VBZ n't/RB believe/VB they/PRP 're/VBP worth/JJ all/DT that/DT 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/VBZ 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/VBG accounts/NNS ,/, too/RB ./. ###/### Or/CC at/IN least/JJS he/PRP should/MD ./. ###/### ``/`` I/PRP assume/VB 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/NNP 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/VB plans/NNS to/TO build/VB additional/JJ lines/NNS for/IN such/JJ coated/JJ corrosion-resistant/JJ steel/NN ./. ###/### The/DT surge/NN in/IN production/NN ,/, analysts/NNS say/VB ,/, raises/VBZ questions/NNS about/IN capacity/NN outpacing/VBG demand/NN ./. ###/### They/PRP note/VB that/IN most/JJS 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 ./. ###/### ``/`` 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/NNP ./. ###/### ``/`` 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/NNP 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/VB 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/VBD off/IN to/TO employees/NNS ./. ###/### Indeed/RB ,/, USX/NNP said/VBD it/PRP expects/VBZ the/DT market/NN for/IN coated/JJ 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/VB shipments/NNS of/IN hot-dipped/JJ galvanized/JJ steel/NN increased/VBN about/RB 8/CD %/NN from/IN a/DT year/NN earlier/RB ,/, 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/VB to/TO reach/VB a/DT definitive/JJ agreement/NN establishing/VBG the/DT 50-50/CD partnership/NN by/IN the/DT end/NN of/IN the/DT year/NN ,/, with/IN construction/NN tentatively/RB slated/VBN 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/NN 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/VBG lines/NNS ./. ###/### Steelmakers/NNS have/VB also/RB been/VBN adding/VBG capacity/NN of/IN so-called/JJ electrogalvanized/VBN steel/NN ,/, which/WDT is/VBZ another/DT way/NN to/TO make/VB coated/JJ 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/JJ ?/. ###/### You/PRP just/RB call/VB your/PRP$ broker/NN and/CC say/VB ``/`` buy/VB ''/'' or/CC ``/`` sell/VB ./. ''/'' ###/### Dream/VB on/IN ./. ###/### There/EX are/VBP all/DT sorts/NNS of/IN ways/NNS to/TO give/VB buy/VB 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/VB every/DT type/NN of/IN order/NN ./. ###/### And/CC even/RB when/WRB a/DT specific/NN 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/POS 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/VBD 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/NNP Order/NNP :/: Limit/NN orders/NNS are/VBP used/VBN when/WRB investors/NNS want/VB 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/VB this/DT by/IN specifying/VBG a/DT minimum/NN price/NN at/IN which/WDT the/DT investment/NN may/MD be/VB sold/VBN or/CC the/DT maximum/NN 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/CD ./. ###/### 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/NN -LRB-/-LRB- the/DT smallest/JJS price/NN increment/NN permitted/VBN -RRB-/-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/VBD because/IN there/EX may/MD not/RB be/VB sufficient/JJ trading/VBG volume/NN to/TO permit/VB filling/VBG it/PRP at/IN the/DT specified/VBN price/NN ./. ###/### Stop/NNP 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/IN 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/NN the/DT broker/NN can/MD get/VB ./. ###/### Stop/NN 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/VB similar/JJ to/TO limit/NN orders/NNS ,/, there/EX is/VBZ a/DT difference/NN :/: Sell/VB stops/NNS 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/NNS above/IN ./. ###/### 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/IN ./. ###/### 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/VB 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/VB into/IN limit/NN orders/NNS when/WRB an/DT investment/NN trades/VBZ 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/VB that/IN the/DT trades/NNS be/VB 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/VB 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/VBZ quickly/RB enough/RB ,/, it/PRP may/MD be/VB impossible/JJ for/IN the/DT broker/NN to/TO carry/VB out/IN the/DT 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/IN they/PRP become/VB 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/VBZ 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/JJ 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/VBG options/NNS ./. ###/### ``/`` I/PRP like/VB to/TO use/VB them/PRP to/TO feel/VB out/IN the/DT 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/VBG 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/VB 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/VB 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/NN 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/JJ of/IN the/DT orders/NNS described/VBD 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/JJ 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/VBG for/IN the/DT day/NN at/IN a/DT price/NN that/WDT is/VBZ within/IN the/DT official/JJ closing/NN 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/NN orders/NNS that/WDT only/RB become/VB active/JJ during/IN the/DT closing/VBG minutes/NNS of/IN trading/VBG ./. ###/### ``/`` Day/NN 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/VB no/DT expiration/NN date/NN ./. ###/### Most/JJS brokers/NNS assume/VB 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/RB 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/VB placed/VBN ./. ###/### Investors/NNS who/WP change/VB 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/VBD 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/JJ investments/NNS ,/, there/EX 's/VBZ probably/RB no/DT starting/VBG place/NN better/RB than/IN ``/`` beta/JJ ./. ''/'' ###/### But/CC investors/NNS better/RB not/RB ignore/VB its/PRP$ limitations/NNS ,/, either/RB ./. ###/### Beta/NN is/VBZ a/DT handy/JJ gauge/NN that/WDT 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/VB ./. ###/### 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/CD index/NN ,/, is/VBZ always/RB 1.0/CD ./. ###/### So/IN a/DT stock/NN with/IN a/DT beta/NN of/IN 0.5/CD is/VBZ half/RB as/RB volatile/JJ ,/, one/CD at/IN 1.5/CD is/VBZ 50/CD %/NN more/RBR volatile/JJ ,/, and/CC so/RB on/IN ./. ###/### Cautious/JJ investors/NNS should/MD generally/RB go/VB with/IN stocks/NNS that/WDT have/VB 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/NN is/VBZ only/RB 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/JJ 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/VBZ ,/, 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/JJ 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/IN ``/`` 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/NN 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/VB 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/JJ stocks/NNS shoot/VB up/IN and/CC down/IN ,/, but/CC the/DT stocks/NNS tend/VB 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/NNP Investors/NNP to/TO eliminate/VB beta/JJ figures/NNS for/IN precious-metals/JJ 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-/-LRB- of/IN a/DT gold/JJ fund/NN -RCB-/-RRB- and/CC say/VB here/RB is/VBZ an/DT investment/NN with/IN very/RB low/JJ risk/VB ,/, ''/'' 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/RB 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/VB of/IN the/DT words/NNS ``/`` risk/NN ''/'' and/CC ``/`` investment/NN ,/, ''/'' what/WP 's/VBZ the/DT specific/NN peril/NN that/WDT comes/VBZ to/TO mind/VB ?/. ###/### Pencils/NNS down/IN ./. ###/### If/IN you/PRP 're/VBP like/IN most/JJS people/NNS ,/, you/PRP said/VBD it/PRP 's/VBZ a/DT holding/NN 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/VB 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/NN 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/VB 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/VB risk/NN mathematically/RB ,/, they/PRP usually/RB focus/VB 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/JJ goals/NNS ./. ###/### For/IN instance/NN ,/, some/DT investors/NNS have/VB 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/VB ,/, money-market/JJ funds/NNS ,/, investors/NNS may/MD not/RB be/VB earning/VBG enough/JJ investment/NN return/VB 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/NNP ./. ###/### As/IN a/DT result/NN ,/, financial/JJ advisers/NNS say/VB they/PRP take/VB several/JJ steps/NNS when/WRB evaluating/VBG the/DT riskiness/NN of/IN clients/NNS '/POS portfolios/NNS ./. ###/### They/PRP estimate/VB 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/RB the/DT return/NN will/MD vary/VB year/NN by/IN year/NN ./. ###/### They/PRP try/VB to/TO figure/VB out/IN the/DT long-term/NN results/VBZ 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/NN couple/NN at/IN age/NN 45/CD ,/, illustrate/VB several/JJ types/NNS of/IN risk/NN that/IN investors/NNS need/VB to/TO consider/VB ./. ###/### For/IN instance/NN ,/, the/DT insured/VBN municipal/JJ bonds/NNS that/WDT dominate/VB 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/VB the/DT holders/NNS to/TO a/DT lot/NN of/IN inflation/NN risk/NN and/CC interest-rate/JJ risk/NN ./. ###/### The/DT younger/JJR couple/NN 's/POS stockholdings/NNS involve/VB more/JJR risk/NN than/IN a/DT diversified/VBN 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./NN 8.8/CD %/NN ,/, as/IN calculated/VBN by/IN Seidman/NNP Financial/NNP Services/NNP ,/, 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/NN stockholdings/NNS ./. ###/### But/CC one/CD price/NN paid/VBN for/IN the/DT higher/JJR expected/VBN return/NN is/VBZ greater/JJR short-term/NN volatility/NN ,/, as/IN reflected/VBN in/IN the/DT higher/JJR standard/JJ deviation/NN that/IN Seidman/NN estimates/NNS for/IN the/DT younger/JJR couple/NN 's/POS portfolio/NN ./. ###/### -LRB-/-LRB- Here/RB 's/VBZ 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/DT 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-/-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/NN 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/NN 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/VBG plans/NNS ./. ###/### ``/`` They/PRP may/MD feel/VB emotionally/RB secure/JJ 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/NN 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/VBD :/: 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/VBD 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/NN 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/VB bond/NN returns/NNS and/CC volatility/NN have/VB moved/VBN permanently/RB closer/RB 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 income/NN ./. ###/### Portfolio/NNP A/DT :/: Retired/VBN 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/IN 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/NN are/VBP broadening/VBG their/PRP$ dislike/NN of/IN Noriega/NN to/TO include/VB other/JJ notorious/JJ Central/NNP American/NNP drug/NN runners/NNS ./. ###/### The/DT Sandinistas/NNP 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/VBG vote/NN Tuesday/NNP against/IN U.S./NNP aid/NN for/IN the/DT Nicaraguan/NNP 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/NNS ,/, 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/NN has/VBZ been/VBN democratized/VBN ,/, and/CC people/NNS want/VBP in/RP ./. ###/### 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/JJ 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/NNS seeking/VBG chronic/NN 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-/-LRB- see/VB accompanying/VBG illustration/NN --/: WSJ/NNP Oct./NNP 20/CD ,/, 1989/CD -RRB-/-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/NN 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/VBD ``/`` never/RB seen/VBN anything/NN like/IN it/PRP ./. ''/'' ###/### Concerned/VBN 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/VBG 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/JJ annual/JJ growth/NN rate/NN in/IN years/NNS ./. ###/### Disgusted/VBN ,/, I/PRP cast/VBD around/RP 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/NN 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/VBD 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/VB it/PRP ?/. ###/### Not/RB really/RB Sock/VB it/PRP away/RB in/IN long-term/JJ instruments/NNS ?/. ###/### Nonsense/NN Daily/RB living/NN 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/VBG 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/VBP paid/VBD off/RP for/IN me/PRP in/IN double-digit/JJ annual/JJ growth/NN and/CC continue/VBP 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-/-LRB- Figure/NN 3/CD -RRB-/-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/VB ,/, 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-/-LRB- Figure/NN 4/CD -RRB-/-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-/-LRB- Figure/NNP 5/CD -RRB-/-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-/-LRB- Figure/NNP 6/CD -RRB-/-RRB- ,/, where/WRB I/PRP plan/VBP to/TO offer/VB it/PRP shortly/RB ./. ###/### Expansion/NN of/IN my/PRP$ living/VBG 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/JJ 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-/-LRB- Figures/NNS 7A/NN and/CC 7B/NN -RRB-/-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/NNS and/CC beyond/IN ./. ###/### 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/JJ widespread/JJ leverage/NN ./. ###/### My/PRP$ kids/NNS '/POS college/NN education/NN looms/VBZ as/IN perhaps/RB the/DT greatest/JJS future/JJ opportunity/NN for/IN spending/VBG ,/, although/IN I/PRP 'll/MD probably/RB have/VB to/TO cash/VB in/RP 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/VBP to/TO bite/VB the/DT bullet/NN ./. ###/### So/RB go/VB out/RB there/RB and/CC eat/VB that/DT debt/NN ./. ###/### You/PRP 're/VBP right/RB there/RB in/IN the/DT mainstream/NN of/IN American/JJ business/NN ,/, building/VBG value/NN on/IN the/DT back/NN of/IN insupportable/JJ expenditures/NNS ./. ###/### Henry/NNP Kravis/NNP ,/, watch/VB out/RP ###/### 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/VBD in/IN turquoise/NN 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/RP 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/RB influence/VBP 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/NN 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/JJ of/IN them/PRP there/EX are/VBP -LRB-/-LRB- estimates/NNS range/VBP from/IN 60,000/CD to/TO 450,000/CD -RRB-/-RRB- ./. ###/### All/DT anyone/NN need/MD do/VB is/VBZ hang/VB up/RP a/DT shingle/NN and/CC start/VB planning/VBG ./. ###/### 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/VBN ,/, 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/RB 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/NN yet/RB ./. ###/### ``/`` The/DT industry/NN is/VBZ still/RB pretty/RB much/RB 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/NNP Administrators/NNP Association/NNP ./. ###/### An/DT admittedly/RB limited/VBN 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/VBD 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/RB 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/VBD ``/`` 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/RP all/DT 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/NNP Financial/NNP Planners/NNP ,/, 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/NN standards/NNS applied/VBN to/TO all/DT who/WP call/VBP themselves/PRP financial/JJ planners/NNS ./. ###/### Surveying/VBG all/DT 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/JJS 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/JJ 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/VB educational/JJ and/CC experience/NN credentials/NNS ,/, consult/VB regulators/NNS and/CC Better/NNP Business/NNP Bureaus/NNPS --/: 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/RP ./. ''/'' ###/### 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/VB 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/NNP -LRB-/-LRB- IAFP/NNP -RRB-/-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/VBN 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/RB well/RB ./. ###/### An/DT estimated/VBN 10/CD million/CD Americans/NNS 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/VBN 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/VBG others/NNS on/IN the/DT buying/VBG and/CC selling/VBG of/IN securities/NNS specifically/RB --/: have/VBP been/VBN enough/JJ to/TO swamp/VB the/DT agency/NN 's/POS capacity/NN ./. ###/### The/DT SEC/NNP has/VBZ only/RB about/RB 200/CD staffers/NNS assigned/VBN to/TO keep/VB tabs/NNS on/IN investment/NN advisers/NNS --/: about/RB 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/RB 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/RP 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/IN the/DT SEC/NNP has/VBZ proposed/VBN to/TO Congress/NNP that/IN much/JJ of/IN the/DT job/NN of/IN oversight/NN be/VB turned/VBN over/RP 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/NNP Dealers/NNP ,/, 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/NN 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/RP 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/RP ./. ###/### 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-/-LRB- Mr./NNP Gargan/NNP 's/POS views/NNS are/VBP not/RB greeted/VBN with/IN wild/JJ enthusiasm/NN over/RB 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/RP to/TO ``/`` Boris/NNP `/`` Bo/NNP '/'' Regaard/NNP ''/'' --/: to/TO every/DT newspaper/NN he/PRP could/MD think/VB of/IN ./. ###/### 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/JJ regulatory/JJ statute/NN already/RB adopted/VBN 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/VBZ 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/RP First/NNP Meridian/NNP Corp./NNP ,/, an/DT Albany/NNP financial-planning/JJ firm/NN that/WDT had/VBD invested/VBN $/$ 55/CD 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/NN 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/NN alleged/VBD ./. ###/### 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/NN alleged/VBN in/IN an/DT affidavit/NN ,/, if/IN an/DT investor/NN had/VBD access/NN to/TO cash/NN ``/`` the/DT chances/NNS of/IN being/VBG turned/VBD down/RP by/IN First/NNP Meridian/NNP were/VBD about/RB as/RB probable/JJ as/IN being/VBG rejected/VBD 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/NN ./. ###/### 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/VBD 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/VBD earlier/RB this/DT year/NN in/IN Georgia/NNP state/NN court/NN in/IN Atlanta/NNP ,/, could/MD be/VB particularly/RB embarrassing/VBG to/TO the/DT industry/NN :/: both/DT name/VBP 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/NN 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/JJ of/IN the/DT $/$ 9.7/CD million/CD put/VBD into/IN a/DT limited/VBN partnership/NN that/IN he/PRP operated/VBD and/CC promoted/VBD ,/, 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/VBD Mr./NNP Peterson/NNP commissions/NNS and/CC fees/NNS ,/, the/DT suit/NN alleges/VBZ ./. ###/### 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/VBZ 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/RP 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/RP ./. ###/### 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/VB 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/VBN 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/JJ 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/NN 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/NNP is/VBZ merely/RB a/DT mail/NN drop/NN watched/VBD over/RP 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/VB ./. ###/### 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/VBN 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/NNS 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/IN 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/VB 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/UH 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/IN Fraud/NNP ''/'' ./. ###/### How/WRB does/VBZ a/DT community/NN famous/JJ for/IN its/PRP$ high/JJ living/NN end/VB up/RP 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/JJ ./. ###/### The/DT places/NNS renowned/VBN 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/NN 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/IN ?/. ###/### Nothing/NN seems/VBZ hard/RB 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/NNS ,/, 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/NN 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/JJS 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/RP 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/JJS of/IN the/DT truly/RB big/JJ scams/NNS in/IN Orange/NNP County/NNP seem/VBP 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/WDT hooks/VBZ 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/JJ types/NNS as/IN ``/`` Newport/NNP Beach/NNP ''/'' operations/NNS ./. ###/### That/DT contrasts/VBZ 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/WDT 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/RP 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/JJS 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/JJ ,/, since/IN few/JJ ,/, if/IN any/DT ,/, customers/NNS ever/RB visit/VBP their/PRP$ offices/NNS ./. ###/### Indeed/UH ,/, 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/RB ,/, 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/VBN out/RP 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/NNS 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/VBN 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/NNP ,/, 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/JJ feet/NNS of/IN office/NN space/NN around/IN Fashion/NNP Island/NNP that/IN his/PRP$ company/NN leases/VBZ 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-/-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-/-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/VB 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/JJ 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/RB was/VBD n't/RB that/RB much/JJ to/TO learn/VB ./. ###/### Stick/VB 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/NN of/IN tuition/NN readied/VBD parents/NNS for/IN the/DT 1980s/NNS ./. ###/### Tuitions/NNS at/IN private/JJ colleges/NNS rose/VBD 154/CD %/NN in/IN the/DT 10/CD years/NNS ended/VBN 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/VBP 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/RB 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/RB 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/CD %/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/NNP 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/RP 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/PRP 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/RP ./. ###/### Help/NN 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/VB things/NNS off/RP in/IN the/DT 1990s/NNS ./. ###/### 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/NN 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/RB 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/NNS --/: including/VBG the/DT Financial/NNP Programs/NNP ,/, 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/JJ Financial/NNP Programs/NNP 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/NN keeps/VBZ up/RP through/IN college/NN ./. ###/### And/CC they/PRP can/MD further/RBR 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/VBP 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/JJ most/JJS people/NNS can/MD live/VB with/IN ./. ###/### 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/NN in/IN students/NNS '/POS own/JJ contribution/NN ,/, which/WDT reduces/VBZ most/JJS 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/DT the/DT marketing/NN prods/VBZ people/NNS into/IN putting/VBG aside/RB a/DT little/JJ 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/VBP 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/DT 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/RP with/IN the/DT broad/JJ stock/NN averages/NNS ./. ###/### He/PRP favors/VBZ either/RB an/DT all-stock/JJ fund/NN or/CC a/DT balanced/VBN 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/RP 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/VBP 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/VBG that/IN buyers/NNS can/MD time/VB things/NNS so/RB that/IN their/PRP$ bonds/NNS pay/VBP off/RP just/RB when/WRB Junior/NNP graduates/VBZ 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/VBN 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/RBR than/IN that/DT of/IN other/JJ bonds/NNS when/WRB inflation/NN and/CC interest/NN rates/NNS kick/VBP up/RP ./. ###/### 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/RB 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/VBN 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/JJ 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/RBR ./. ###/### The/DT prepaid/VBN plans/NNS may/MD be/VB a/DT good/JJ bet/NN ,/, provided/VBN the/DT guarantee/NN of/IN future/JJ tuition/NN is/VBZ secure/JJ ./. ###/### Issuing/NN 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/NNP 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/PDT 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/RB 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/VBP 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/DT 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/VBD up/RP 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/RP 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/VBG 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/RP 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/DT 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/NN :/: These/DT figures/NNS are/VBP only/JJ for/IN mandatory/JJ charges/NNS and/CC do/VBP n't/RB include/VB books/NNS ,/, transportation/NN etc/NN ./. ###/### 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/JJ 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/WDT he/PRP ``/`` live-hauled/VBD ''/'' to/TO market/NN 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/VBD 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/VBN 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/RP with/IN detailed/JJ 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/NN 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/NN 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/JJ taxes/NNS ,/, 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/JJ 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/NN 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/RB have/VBP 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/JJR persistent/JJ hiders/NNS of/IN income/NN among/IN sole/JJ proprietors/NNS of/IN businesses/NNS include/VBP used-car/JJ 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/VBP for/IN almost/RB 40/CD %/NN of/IN unreported/JJ personal/JJ income/NN ,/, the/DT IRS/NNP has/VBZ said/VBD ./. ###/### Once/IN 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/NN returns/NNS for/IN audit/NN and/CC does/VBZ n't/RB need/VB special/JJ projects/NNS for/IN them/PRP ./. ###/### San/NNS Franciscans/NNS 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/RB 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/JJ 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/IN discrepancies/NNS with/IN returns/NNS and/CC to/TO generate/VB form-letter/NN 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-/-LRB- who/WP gets/VBZ a/DT deduction/NN -RRB-/-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/NNS 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/JJS 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/VBP because/IN auditors/NNS in/IN an/DT area/NN detect/VBP some/DT pattern/NN of/IN abuse/NN among/IN ,/, say/VB ,/, 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/NN ,/, 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/JJ ./. ###/### The/DT targeted/JJ 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/RP 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/RP on/IN more/JJR than/IN one/CD return/NN --/: and/CC which/WDT dependents/NNS turn/VBP out/RP to/TO be/VB deceased/VBN ./. ###/### Impetus/NN for/IN the/DT direct-seller/NN project/NN came/VBD from/IN a/DT congressional/JJ hearing/NN 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/VBN 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/VBD ``/`` 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/NNP Selling/NNP Association/NNP ,/, a/DT trade/NN group/NN ,/, points/VBZ out/RP that/IN its/PRP$ members/NNS ,/, which/WDT include/VBP Amway/NNP Corp./NNP ,/, cooperate/VBP with/IN the/DT IRS/NNP to/TO distribute/VB tax-compliance/NN material/NN to/TO sales/JJ 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/RB 350/CD IRS/NNP agents/NNS ./. ###/### In/IN the/DT fiscal/JJ nine/CD months/NNS ended/VBN June/NNP 30/CD ,/, reports/VBZ Raymond/NNP P./NNP Keenan/NNP ,/, assistant/NN commissioner/NN for/IN collection/NN ,/, they/PRP examined/VBD about/RB 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/RB 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/VBP 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/JJ 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/NNS 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/RB 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/IN carried/VBD about/RB 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/RP 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/NN bases/NNS from/IN other/JJ New/NNP York/NNP agencies/NNS that/WDT license/VBP or/CC register/VBP 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/NNP ./. ###/### Thus/RB armed/VBN for/IN massive/JJ matching/NN of/IN documents/NNS by/IN computer/NN ,/, they/PRP single/VBP 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/RB $/$ 6.5/CD million/CD from/IN brokers/NNS so/RB far/RB and/CC recommended/VBN 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/NN 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/NN -LRB-/-LRB- ``/`` The/NNP Privileged/NNP Class/NNP ,/, ''/'' editorial/NN ,/, Sept./NNP 20/CD -RRB-/-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/VBN 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/VBN ,/, 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/NNS from/IN 40/CD %/NN to/TO 50/CD %/NN will/MD boost/VB registrants/NNS from/IN about/RB 31/CD %/NN to/TO 38/CD %/NN of/IN the/DT class/NN ./. ###/### In/IN addition/NN ,/, perhaps/RB 5/CD %/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/VBN 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/RB 19/CD %/NN of/IN admits/NNS 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/VBN primarily/RB by/IN academic/JJ criteria/NNS ./. ###/### Who/WP will/MD take/VB over/RP 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 about/RB 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/RP their/PRP$ credit-card/NN numbers/NNS to/TO a/DT caller/NN they/PRP 've/VBP never/RB heard/VBN of/IN ?/. ###/### Do/VBP they/PRP really/RB believe/VB 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/VBP an/DT oil/NN well/NN 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/IN it/PRP is/VBZ built/VBN ?/. ###/### Because/IN in/IN the/DT end/NN ,/, these/DT people/NNS always/RB wind/VBP up/RP 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/JJ 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/RP what/WP makes/VBZ a/DT person/NN tick/VB ,/, ''/'' 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/RP ,/, 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/DT a/DT little/RB 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/RP 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/RB ,/, and/CC the/DT rest/NN who/WP toil/VBP daily/RB do/VBP n't/RB want/VB to/TO miss/VB that/DT opportunity/NN when/WRB it/PRP seems/VBZ to/TO come/VB along/RP ./. ''/'' ###/### 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/VBG 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/VB 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/JJ 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/RB pleaded/VBN guilty/JJ to/TO state/NN 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/VBD ./. ###/### 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/VBP 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/JJ 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/VBG 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/VB an/DT investment/NN secret/NN --/: insulating/VBG himself/PRP from/IN being/VBG discovered/VBN and/CC keeping/VBG his/PRP$ victim/NN from/IN consulting/VBG 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/IN 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-/-LRB- Mr./NNP Blodgett/NNP ,/, who/WP was/VBD convicted/VBN in/IN Florida/NNP state/NN court/NN of/IN selling/NN 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-/-RRB- ###/### For/IN some/DT investors/NNS ,/, it/PRP 's/VBZ the/DT appearances/NNS that/WDT leave/VBP them/PRP deceived/VBN ./. ###/### ``/`` The/DT trappings/NNS of/IN success/NN go/VBP a/DT long/JJ way/NN --/: wearing/VBG the/DT right/JJ clothes/NNS ,/, doing/VBG the/DT right/JJ 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/VB 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/NN and/CC $/$ 39,000/CD in/IN another/DT ,/, says/VBZ a/DT salesman/NN ``/`` used/VBD 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/DT the/DT trappings/NNS of/IN legitimacy/NN ./. ''/'' ###/### Still/RB others/NNS are/VBP stung/VBN by/IN a/DT desire/NN to/TO do/VB both/DT well/RB and/CC good/RB ,/, 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/NNS 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/VB starving/VBG families/NNS and/CC prevent/VB the/DT disappearance/NN of/IN children/NNS ./. ###/### Psychologists/NNS say/VB 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/RP his/PRP$ own/JJ mind/NN ./. ''/'' ###/### Often/RB con/NN 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/JJ 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/NN peddler/NN from/IN Stuart-James/NNP Co./NNP in/IN Atlanta/NNP after/RB the/DT broker/NN told/VBD them/PRP he/PRP ,/, too/RB ,/, had/VBD once/RB worked/VBN with/IN Lockheed/NNP ./. ###/### The/VB 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/RB 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-/-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-/-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/JJ psychologist/NN who/WP is/VBZ now/RB an/DT investment/NN adviser/NN and/CC principal/NN 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-retirees/NNS ,/, for/IN instance/NN ,/, trying/VBG to/TO bolster/VB their/PRP$ fixed/JJ 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/IN 's/VBZ what/WP happened/VBD to/TO him/PRP ./. ###/### Mr./NNP Cortese/NNP ,/, a/DT 33-year-old/JJ Delta/NNP Air/NNP Lines/NNP 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/RP 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/RB 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/RB hitting/VBG a/DT four-year/JJ low/JJ 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/RB low/JJ was/VBD November/NNP 1985/CD ,/, when/WRB a/DT seat/NN sold/VBD 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/VBN and/CC $/$ 525,000/CD asked/VBN ./. ###/### 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/RBR ,/, most/JJS 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/JJ ,/, no/DT children/NNS ,/, and/CC employed/VBN in/IN writing/VBG stories/NNS like/IN this/DT one/CD ./. ###/### In/IN times/NNS past/NN ,/, life-insurance/NN salesmen/NNS targeted/VBD heads/NNS of/IN household/NN ,/, meaning/VBG men/NNS ,/, but/CC ours/JJ 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/VBP to/TO leave/VB behind/RB enough/JJ so/RB that/IN my/PRP$ 33-year-old/JJ husband/NN would/MD be/VB able/JJ to/TO pay/VB off/RP the/DT mortgage/NN and/CC some/DT other/JJ debts/NNS -LRB-/-LRB- though/IN not/RB ,/, I/PRP admit/VBP ,/, enough/JJ to/TO put/VB any/DT potential/JJ second/JJ wife/NN in/IN the/DT lap/NN of/IN luxury/NN -RRB-/-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/VBN 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-/-LRB- the/DT old/JJ standbys/NNS -RRB-/-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/NN benefit/NN policies/NNS ,/, and/CC on/RB 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/RP 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/NN 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/VBN at/IN the/DT same/JJ age/NN ./. ###/### But/CC ``/`` term/NN ''/'' means/VBZ just/RB that/DT ;/: 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/NN 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/RBR 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/RB sharply/RB because/IN you/PRP 're/VBP that/DT much/RB older/JJR ./. ###/### So/IN term/NN 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/RP 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/DT the/DT premiums/NNS I/PRP put/VBD in/RP 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/NN 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/JJ 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/RB right/JJ 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/RP 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/RB marketing/NN ./. ###/### And/CC the/DT Second/NNP Law/NNP ,/, unique/JJ to/TO insurance/NN ?/. ###/### If/IN I/PRP die/VBP early/RB ,/, 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/RB ,/, the/DT insurer/NN wins/VBZ ./. ###/### This/DT is/VBZ worth/JJ remembering/VBG 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/VBP 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/DT 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/NN 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/RP 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/JJS 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/RB well/RB ;/: investment/NN returns/NNS on/IN most/JJS 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/VB 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-/-LRB- you/PRP pay/VBP for/IN the/DT whole/JJ policy/NN at/IN once/RB -RRB-/-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/DT 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/JJ 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/JJ 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/NNS that/WDT show/VBP 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/VB two/CD scenarios/NNS :/: One/CD is/VBZ based/VBN on/IN interest/NN rates/NNS that/IN the/DT company/NN guarantees/VBZ -LRB-/-LRB- usually/RB 4/CD %/NN to/TO 4.5/CD %/NN -RRB-/-RRB- and/CC the/DT other/JJ 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/JJ 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/RB ?/. ###/### Not/RB likely/RB ,/, 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/VB 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/VBG 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/RB ,/, he/PRP says/VBZ ,/, premiums/NNS on/IN such/JJ variable-rate/JJ coverage/NN can/MD be/VB structured/VBN to/TO ``/`` vanish/VB ''/'' 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/VB the/DT sound/NN of/IN that/DT ./. ###/### Some/DT insurers/NNS have/VBP also/RB started/VBN offering/VBG ``/`` 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/JJ of/IN these/DT bonuses/NNS are/VBP ``/`` just/RB fantasies/NNS ,/, ''/'' because/IN most/JJS 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/JJ inspection/NN ./. ###/### Offered/VBN 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/VB 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/NNS ;/: 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/VBP 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/VB ,/, paying/VBG for/IN extended/VBN nursing-home/NN care/NN would/MD be/VB better/JJR off/RP 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/RP to/TO be/VB low-load/JJ life/NN ./. ###/### Insureres/NNS selling/VBG these/DT policies/NNS market/VBP them/PRP directly/RB to/TO the/DT public/NN 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/RB 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/JJ ,/, 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/VB it/PRP ?/. ###/### Well/RB ,/, 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/RB ./. ###/### A/DT person/NN can/MD do/VB some/DT heavy/JJ thinking/NN about/IN insurance/NN there/RB --/: and/CC shop/VB 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/RBR 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/CD 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/RB 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/NN ,/, 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/NN 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/NN 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/NN 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/NN start/VB ''/'' 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/JJ 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/JJ imports/NNS from/IN East/JJ bloc/NN countries/NNS and/CC overseas/RB ,/, 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/VBD from/IN a/DT federal/JJ savings/NNS and/CC loan/NN to/TO a/DT federal/JJ savings/NNS bank/NN and/CC changed/VBD 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/RB 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/RBR from/IN the/DT opening/NN bell/NN as/IN foreign/JJ buyers/NNS stepped/VBD in/RP ./. ###/### 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/JJ 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/RB about/RB 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/JJ arbitrage/NN buy/NN programs/NNS --/: in/IN which/WDT traders/NNS buy/VBP stock/NN against/IN offsetting/JJ positions/NNS in/IN futures/NNS to/TO lock/VB in/RP 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/JJ 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/RBR ./. ###/### 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 to/TO 100/CD ,/, for/IN example/NN ./. ###/### Last/JJ Friday/NNP ,/, takeover/NN traders/NNS spilled/VBD out/RP of/IN Hilton/NNP ,/, knocking/VBG the/DT stock/NN down/RB 21/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 to/TO 73/CD and/CC Honeywell/NNP rose/VBD 2/CD to/TO 81/CD ./. ###/### One/CD floor/NN trader/NN noted/VBD in/IN astonishment/NN that/IN nobody/NN seemed/VBD to/TO mind/VB the/DT news/NN that/IN British/NNP Airways/NNP 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/DT the/DT financing/NN required/VBN to/TO complete/VB its/PRP$ $/$ 1.6/CD billion/CD leveraged/VBN buy-out/NN of/IN American/NNP Medical/NNP International/NNP ./. ###/### ``/`` That/DT 's/VBZ put/VB 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/VBD 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 ./. ###/### 's/VBZ not/RB good/JJ ;/: the/DT market/NN is/VBZ setting/VBG up/RP 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/NN by/IN speculative/JJ traders/NNS who/WP were/VBD unwinding/VBG positions/NNS that/WDT were/VBD bets/NNS on/IN declining/JJ 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/NNS 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/JJ futures/NNS research/NN 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/VBD the/DT pace/NN for/IN blue-chip/JJ issues/NNS ./. ###/### Philip/NNP Morris/NNP added/VBD 1/CD to/TO 44/CD in/IN Big/NNP Board/NNP composite/NN trading/NN of/IN 3.7/CD million/CD shares/NNS ,/, Coca-Cola/NNP Co./NNP gained/VBD 2/CD to/TO 70/CD ,/, Merck/NNP gained/VBD 1/CD to/TO 77/CD and/CC American/NNP Telephone/NNP &/CC Telegraph/NNP advanced/VBD to/TO 43/CD on/IN 2.5/CD million/CD shares/NNS ./. ###/### American/NNP Medical/NNP jumped/VBD 1/CD to/TO 23/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 to/TO 136/CD and/CC Warner/NNP Communications/NNP tacked/VBD on/RP to/TO 63/CD ./. ###/### The/DT Delaware/NNP Supreme/NNP Court/NNP affirmed/VBD a/DT ruling/NN that/WDT barred/VBD Chris-Craft/NNP Industries/NNP from/IN voting/VBG its/PRP$ Warner/NNP preferred/VBD stock/NN as/IN a/DT separate/JJ class/NN in/IN deciding/VBG on/RP the/DT companies/NNS '/POS proposed/VBN merger/NN ./. ###/### Paramount/NNP Communications/NNP climbed/VBD 1/CD to/TO 58/CD 1/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 to/TO 60/CD 1/CD ,/, 1/CD to/TO to/TO ./. ###/### In/IN addition/NN :/: --/: Soo/NNP Line/NNP jumped/VBD 2/CD to/TO 20/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/NN gained/VBN 1/CD to/TO 27/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 ./. ###/### Its/PRP$ board/NN approved/VBD the/DT repurchase/VBD of/IN as/RB many/JJ as/IN three/CD million/CD common/JJ shares/NNS ,/, or/CC about/RB 17/CD %/NN of/IN its/PRP$ shares/NNS outstanding/JJ ./. ###/### Buying/NN interest/NN also/RB resurfaced/VBD in/IN the/DT technology/NN sector/NN ,/, including/VBG International/NNP Business/NNP Machines/NNP ,/, whose/WP$ board/NN approved/VBD a/DT $/$ 1/CD billion/CD increase/NN in/IN its/PRP$ stock/NN buy-back/JJ program/NN ./. ###/### IBM/NNP rose/VBD 2/CD to/TO 104/CD as/IN 2.2/CD million/CD shares/NNS changed/VBD hands/NNS ./. ###/### Compaq/NNP Computer/NNP soared/VBD 4/CD to/TO 111/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/IN month/NN ./. ###/### Digital/NNP Equipment/NNP gained/VBD 1/CD to/TO 89/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 to/TO 37/CD ,/, Hewlett-Packard/NNP added/VBD 1/CD to/TO 50/CD 1/CD ,/, to/TO to/TO ./. ###/### On/IN the/DT other/JJ hand/NN ,/, Symbol/NNP Technologies/NNP dropped/VBD 1/CD to/TO 18/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 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 ,/, General/NNP Re/NNP rose/VBD 3/CD to/TO 89/CD ,/, Kemper/NNP added/VBD 2/CD to/TO 48/CD ,/, AON/NNP went/VBD up/RB 1/CD to/TO 36/CD and/CC Chubb/NNP rose/VBD 1/CD to/TO 82/CD ./. ###/### Stocks/NNS of/IN major/JJ toy/NN makers/NNS rallied/VBN in/IN the/DT wake/NN of/IN strong/JJ third-quarter/JJ earnings/NNS reports/NNS ./. ###/### Mattel/NNP added/VBN 1/CD to/TO 19/CD ,/, Tonka/NNP firmed/VBD 1/CD to/TO 18/CD and/CC Lewis/NNP Galoob/NNP Toys/NNP rose/VBD to/TO 13/CD on/IN the/DT Big/NNP Board/NNP ,/, while/IN Hasbro/NNP gained/VBD 1/CD to/TO 21/CD on/IN the/DT American/NNP Stock/NNP Exchange/NNP ./. ###/### Capital/NNP Cities-ABC/NNP surged/VBD 42/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 to/TO 51/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 to/TO 11/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/NNP ,/, the/DT most/RBS active/JJ Amex/NNP issue/NN ,/, rose/VBD to/TO 12/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/RP 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/NNP jumped/VBD 3/CD to/TO 37/CD and/CC Class/NNP B/NNP rose/VBD 2/CD to/TO 37/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/NN ,/, dropped/VBD 2/CD to/TO 10/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/VBZ 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/RB short/JJ of/IN the/DT two-thirds/NNS majority/NN needed/VBD 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-/-LRB- D./NNP ,/, Wash/NNP ./. -RRB-/-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/VBG 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/DT 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/POS good/JJ news/NN and/CC bad/JJ news/NN ./. ###/### You/PRP 're/VBP probably/RB right/JJ ,/, 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/RB 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/RB 300/CD members/NNS ./. ###/### The/DT stress/NN study/NN was/VBD undertaken/VBN because/IN problems/NNS related/VBN to/TO stress/NN ``/`` 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/VBZ 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/VBN on/IN the/DT job/NN ,/, the/DT study/NN estimated/VBD that/IN each/DT affected/VBN employee/NN loses/VBZ about/RB 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/RB 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/RB ./. ###/### 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/NN ./. ###/### The/DT disorders/NNS ,/, which/WDT 20/CD years/NNS ago/RB struck/VBD middle-age/JJ and/CC older/JJR people/NNS ,/, ``/`` now/RB strike/VBP 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/IN 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/IN 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/CD %/NN of/IN those/DT in/IN 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/JJR 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/VBP to/TO decreased/VBN 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/DT stress/NN and/CC anxiety/NN have/VBP their/PRP$ positive/JJ uses/NNS ,/, ``/`` stress/NN perceived/VBN to/TO be/VB threatening/JJ 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/DT 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/VBP 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/NN Fares/NNS ,/, Spend/VB Christmas/NNP Aloft/JJ ###/### IT/PRP ISN'T/VBZ TRUE/JJ that/IN a/DT 90-year/JJ 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/JJ Christmas/NNP Day/NNP ,/, a/DT USAir/NNP Group/NNP Inc./NNP DC-9/NNP jetliner/NN flew/VBD about/RB 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/JJS 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/CD and/CC 6/CD ./. ###/### The/DT promotions/NNS --/: dubbed/VBD 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/VBP 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/NNP 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/VBG program/NN offering/VBG 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/NNP ./. ###/### ``/`` This/DT sets/VBZ things/NNS way/RB 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/VBD Trans/NNP World/NNP Airlines/NNP 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/NN Area/NN 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/JJ and/CC telephone/NN lines/NNS ,/, shot/VBD coconuts/NNS through/IN cottage/NN rooftops/NNS ,/, shattered/VBD windows/NNS and/CC uprooted/VBD 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/NNP to/TO $/$ 109/CD from/IN prices/NNS that/WDT were/VBD at/IN times/NNS double/RB that/DT before/IN the/DT storm/NN ./. ###/### The/DT fares/NNS are/VBP code-named/NNP Hugo/NNP ,/, Compassion/NNP and/CC Virgin/NNP Islands/NNP Aid/NNP ./. ###/### -LRB-/-LRB- Airlines/NNS 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-/-RRB- ###/### Some/DT hotels/NNS in/IN the/DT hurricane-stricken/JJ Caribbean/NNP promise/VBP 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/JJ 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/NN ./. ''/'' ###/### 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/VBP 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/NNP says/VBZ ,/, a/DT 108-year-old/JJ Lansing/NNP ,/, Mich./NNP ,/, woman/NN is/VBZ taking/VBG it/PRP up/RP 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/VBD 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/NNS 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/JJ 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/NNP Americans/NNP Freedom/NNP to/TO Work/NNP 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/VBN 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/POS 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/NN 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/NN 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/RB need/VBP support/NN from/IN the/DT Democrats/NNS 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/NNP on/IN the/DT committee/NN are/VBP co-sponsors/NNS of/IN my/PRP$ bill/NN ,/, it/PRP is/VBZ the/DT Democrats/NNS 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-/-LRB- R./NNP ,/, Ill/NNP ./. -RRB-/-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/IN Seventh/NNP Avenue/NNP ,/, where/WRB about/RB 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/VBN 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/VBD to/TO old-line/JJ business/NN traditions/NNS ,/, while/IN the/DT other/JJ embraced/VBD 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/NNS are/VBP being/VBG kicked/VBD around/RP ./. ''/'' ###/### 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/JJS 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/NNS discovered/VBD a/DT consumer/NN largely/RB ignored/VBN by/IN higher-priced/JJ furriers/NNS :/: the/DT younger/JJR woman/NN --/: even/RB in/IN her/PRP$ late/JJ 20s/NNS --/: 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/JJ 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/VBZ 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/JJ 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/VBD 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/CC 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/JJR hours/NNS 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/RBR ,/, 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/JJS 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/NN ,/, cherry/NN red/JJ ,/, violet/NN ,/, royal/NN blue/NN and/CC forest/NN green/NN ./. ###/### 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/RP 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/VBN furs/NNS ./. ###/### Next/JJ he/PRP will/MD be/VB testing/VBG pictured/VBN embroidery/NN -LRB-/-LRB- called/VBN kalega/NN -RRB-/-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/RBR ,/, 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/JJ side/NN of/IN a/DT Persian/JJ 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 ./. ###/### 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/VBG aggressively/RB eight/CD years/NNS ago/RB ,/, and/CC now/RB retail/JJ sales/NNS account/VBP for/IN about/RB 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/JJ door/NN of/IN retailers/NNS as/IN far/RB away/RB as/IN the/DT Midwest/JJS ./. ###/### 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/VB 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/VBP 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/VBP 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/JJ movement/NN has/VBZ n't/RB helped/VBD 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/RB suffer/VBP labor/NN shortages/NNS ./. ###/### ``/`` The/DT intensive/JJ labor/NN needed/VBN to/TO manufacture/VB furs/NNS -LCB-/-LRB- in/IN the/DT U.S/NNP ./. -RCB-/-RRB- 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/VBP 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/NNS 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/VBN 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/RP its/PRP$ cafeteria/NN Tuesday/NNP afternoon/NN after/IN testing/NN determined/VBD 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/VBG 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/JJ ./. ###/### 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/VBN 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/NNP ,/, considered/VBN 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/JJ because/IN hepatitis/NNP 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/IN ,/, 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/VBG shots/NNS of/IN gamma/NN globulin/NN ,/, which/WDT will/MD diminish/VB the/DT flu-like/JJ symptoms/NNS of/IN hepatitis/NNP A/NNP ,/, 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/IN anyone/NN who/WP has/VBZ eaten/VBN in/IN the/DT cafeteria/NN this/DT month/NN have/VB the/DT shot/NN ,/, ''/'' Mr./NNP Mattausch/NNP added/VBD ,/, ``/`` and/CC that/DT means/VBZ virtually/RB 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/JJ 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-/-LRB- as/RB well/RB as/IN other/JJ U.S./NNP news/NN publications/NNS of/IN like/JJ mind/NN -RRB-/-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/IN damaged/VBN 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/RP to/TO ``/`` sponsor/VB ''/'' 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-/-LRB- Atlanta/NNP -RRB-/-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/NNP ./. ###/### Mr./NNP Gourlay/NNP ,/, 48/CD ,/, is/VBZ manager/NN for/IN corporate/JJ manufacturing/NN operations/NNS ;/: he/PRP was/VBD assistant/JJ 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/JJ 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/RP 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/VBZ businesses/NNS '/POS expectations/NNS of/IN future/JJ 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/VB 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/JJ 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/NNS 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/RB 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/VBG 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/RP as/RB much/RB 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/RB 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-/-LRB- $/$ 16.22/CD billion/CD -RRB-/-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/VBD been/VBN appreciated/VBN ''/'' when/WRB the/DT British/JJ economy/NN was/VBD heating/VBG up/RP 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/VBD 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/RP that/IN compared/VBN with/IN the/DT U.S./NNP market/NN ,/, the/DT U.K./NNP has/VBZ far/RB fewer/RBR highly/RB leveraged/VBN junk-bond/NN financings/NNS ./. ###/### Discussing/VBG future/JJ 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 ./. ###/### 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/CD 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/NN 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/NNS will/MD have/VB these/DT machines/NNS in/IN their/PRP$ offices/NNS before/RB Americans/NNS 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/NN ,/, and/CC it/PRP is/VBZ important/JJ that/IN 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/VBP 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/NN they/PRP have/VBP lagged/VBN at/IN getting/VBG new/JJ technology/NN to/TO market/NN ./. ###/### 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/RB ''/'' 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/CC as/IN the/DT main/JJ computer/NN in/IN a/DT network/NN of/IN many/JJ terminals/NNS -LRB-/-LRB- a/DT role/NN usually/RB filled/VBN by/IN a/DT minicomputer/NN -RRB-/-RRB- ,/, as/IN a/DT technical/JJ workstation/NN or/CC as/IN a/DT very/RB fast/JJ personal/JJ computer/NN ./. ###/### ``/`` It/PRP 's/VBZ the/DT missing/JJ 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/RB $/$ 16,250/CD on/IN average/NN 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/NN ,/, 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/NNS ./. ###/### 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$ 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/NNS the/DT remaining/JJ 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/VBN 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/VBN on/IN Dec./NNP 29/CD ,/, 1988/CD ,/, increasing/VBG the/DT maximum/NN 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/NN annual/JJ level/NN of/IN earnings/NNS subject/JJ 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/RBR in/IN the/DT future/NN ./. ###/### This/DT means/VBZ that/IN the/DT maximum/NN 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/RBR 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/RB 15/CD %/NN on/IN average/NN 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/JJ pressure/NN from/IN groups/NNS of/IN buyers/NNS ,/, such/JJ as/IN hospitals/NNS ,/, to/TO hold/VB down/RP prices/NNS ./. ###/### 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/NNP ,/, N.J./NNP ,/, company/NN is/VBZ expected/VBN to/TO report/VB sales/JJ growth/NN of/IN only/JJ 5/CD %/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/NNP 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/JJ 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/JJ 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/JJ 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/JJ 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/NNP 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/RB 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/RB 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/RBS 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/RP many/JJ 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/VBG 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/VBN 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/NN for/IN the/DT quarter/NN ended/VBD 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/NN 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/DT with/IN the/DT debut/NN of/IN its/PRP$ first/JJ mainframe-class/JJ computers/NNS next/IN 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/RP ,/, 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/VB 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/VBD 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/VB ,/, 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/VBG 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/VBD 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/RB in/IN ``/`` double/JJ digits/NNS ''/'' in/IN foreign-currency/JJ terms/NNS ./. ###/### That/DT gain/NN probably/RB translated/VBN into/IN about/RB 5/CD %/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/NN 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/JJ 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/JJ 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/RB 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/VBG 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/JJ 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/NN 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/NN 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/RBR than/IN 40/CD %/NN ,/, the/DT company/NN said/VBD ./. ###/### Mr./NNP Mark/NNP attributed/VBD the/DT improvement/NN to/TO cost/NN savings/NNS achieved/VBN by/IN consolidating/VBG manufacturing/VBG 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-/-LRB- U.S/NNP ./. -RRB-/-RRB- results/NNS and/CC a/DT lot/NN more/JJR will/MD be/VB done/VBN ,/, ''/'' Mr./NNP Mark/NNP said/VBD ./. ###/### ``/`` Improving/NN 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/VBD 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/NN materials/NNS used/VBN by/IN dentists/NNS --/: all/DT contain/VBP 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/NN 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/VBN 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/JJ 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/VB to/TO 34,000/CD the/DT number/NN of/IN managers/NNS eligible/NN to/TO retire/VB with/IN immediate/JJ pension/NN payments/NNS ./. ###/### AT&T/NNP said/VBD that/IN based/VBN 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/RB one-third/JJ of/IN its/PRP$ eligible/NN 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/CD cents/NNS a/DT share/NN ./. ###/### Revenue/NN edged/VBD up/RP 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/VBD 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/VBN 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/VBN 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/VBN to/TO their/PRP$ monthly/JJ pension/NN for/IN as/RB long/JJ 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/RB one-third/JJ 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/VBD 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/JJ 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/VBN by/IN a/DT gain/NN from/IN its/PRP$ previously/RB announced/VBN 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/VBG 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/RB 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/RB 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/PRP ./. ###/### 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/NNS a/DT year/NN ,/, the/DT firm/NN estimates/VBZ ./. ###/### That/DT makes/VBZ it/PRP the/DT most/RBS active/JJ trader/NN among/IN all/DT the/DT nation/NN 's/POS investment/NN advisers/NNS ,/, according/VBG to/TO Securities/NNP 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/JJ ./. ###/### 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/JJS 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/RBR beat/VB it/PRP ./. ###/### And/CC the/DT fees/NNS investors/NNS pay/VBP for/IN indexing/NN run/VBP 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/JJS 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/NN 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/RBR 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/JJ 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/RB ,/, ''/'' 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/VB 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/JJ futures/NNS and/CC the/DT actual/JJ stocks/NNS making/VBG up/RP 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/VBP 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/NNS that/WDT mirror/VBP the/DT 500/CD ./. ###/### ``/`` There/EX is/VBZ n't/RB a/DT boatload/NN -LCB-/-LRB- of/IN big/JJ investors/NNS -RCB-/-RRB- out/RB there/RB 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 ./. ###/### 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/RB 20/CD %/NN of/IN the/DT stock/NN owned/VBN by/IN pension/NN funds/NNS ./. ###/### 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/VBP plunged/VBN to/TO almost/RB 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/RP 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/VBP 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/VBP 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/JJ 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/JJ 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/JJ futures/NNS and/CC not/RB stocks/NNS 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/JJ 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/VBP added/VBN 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/IN 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/VBP protection/NN against/IN stock/NN market/NN declines/NNS while/IN still/RB passing/VBG along/RB most/JJS gains/NNS ./. ###/### Here/RB a/DT fund/NN may/MD promise/VB to/TO pay/VB back/RB ,/, say/VB ,/, $/$ 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/RBR ./. ###/### 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-/-LRB- because/IN of/IN the/DT large/JJ number/NN of/IN stocks/NNS -RRB-/-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/VBN 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/NNS ./. ###/### 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/DT 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/NN ./. ###/### 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/VBN 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/NN ,/, 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/VBP stock/NN and/CC sell/VBP 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/RBR 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/JJ 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/RB 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/NNS a/DT month/NN earlier/RBR ./. ###/### Also/RB closely/RB watched/VBN 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/JJS 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/NN 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/NN ./. ###/### 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/VBD 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/JJ ,/, ''/'' 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/NN -LRB-/-LRB- and/CC simultaneous/JJ work/NN as/IN a/DT U.S./NNP operative/NN -RRB-/-RRB- ./. ###/### The/DT public/NN made/VBD up/RP 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/NNP 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/RB 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/VBD 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/NNS 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/NNP as/IN a/DT hidden/JJ cost/NN of/IN the/DT war/NN ./. ''/'' ###/### Unfortunately/RB ,/, this/DT problem/NN continued/VBD even/RB after/RB 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/VB 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-/-LRB- D./NNP ,/, Mass/NNP ./. -RRB-/-RRB- ###/### For/IN Vietnamese/NNS ,/, 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/RB ./. ###/### Here/RB is/VBZ how/WRB three/CD Vietnamese/NNS are/VBP coping/VBG with/IN change/NN :/: ###/### The/DT Tire/NN King/NN ###/### 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/VBD from/IN plastic/JJ 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/JJ medal/NN at/IN a/DT national/JJ exhibition/NN --/: and/CC attracted/VBD renewed/VBN attention/NN from/IN local/JJ authorities/NNS ./. ###/### District/NN police/NNS 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/VBD 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/RBR questioned/VBN to/TO determine/VB if/IN he/PRP was/VBD ``/`` a/DT real/JJ working/VBG 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/RBR 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/RB 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/RB 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/VBD 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/VBP on/IN the/DT floor/NN ./. ###/### Come/VBN 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/VBZ out/IN onto/IN the/DT street/NN ./. ###/### The/DT primitive/JJ operations/NNS also/RB burst/VBP out/IN the/DT 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/VBD him/PRP to/TO resume/VB manufacturing/VBG ,/, 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/VB 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 ./. ###/### 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/JJ 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/RB 1980s/NNS 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/NN 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/VBD 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/VBD 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/NNP ,/, 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/NN 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/NNS 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/JJ 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/NN ./. ''/'' ###/### 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/JJ Mrs./NNP Thi/NNP is/VBZ about/RB as/RB poor/JJ as/IN almost/RB 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/NN ,/, 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/JJ company/NN processes/VBZ 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/RP 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/JJ 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 and/CC casualty-insurance/JJ industry/NN ./. ###/### The/DT only/JJ securities/NNS so/RB far/RB to/TO be/VB singled/VBN out/RP 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/JJS 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/CD editorial/NN ``/`` A/DT Democratic/JJ Tax/NNP Cut/NNP ''/'' 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/JJ 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/JJ 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/RP ,/, ''/'' he/PRP said/VBD ,/, noting/VBG that/IN the/DT company/NN 's/POS backlog/NN was/VBD up/RB 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/JJ of/IN the/DT Caribbean/JJ island/NN 's/POS infrastructure/NN ./. ###/### Although/IN the/DT plant/NN itself/PRP was/VBD n't/RB damaged/VBD ,/, 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/NN channels/NNS with/IN too/RB many/JJ 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/JJ move/NN by/IN personal/JJ computer/NN manufacturers/NNS '/POS to/TO include/VB advanced/VBN graphics/NNS capabilities/NNS as/IN standard/JJ equipment/NN further/RBR 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/JJ graphics/NNS array/NN ,/, VGA/NNP ,/, graphics/NNS technology/NN from/IN the/DT old/JJ enhanced/JJ graphics/NNS adapter/NN ,/, EGA/NNP ,/, which/WDT has/VBZ a/DT lower/JJR resolution/NN standard/NN ,/, 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/JJ 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/NN expenses/NNS by/IN about/RB 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/RB 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/JJR products/NNS ,/, which/WDT include/VBP graphics/NNS ,/, communications/NNS and/CC peripheral/JJ control/NN chips/NNS ./. ###/### Graphics/NNS ,/, 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/NN ,/, which/WDT includes/VBZ computer/NN controllers/NNS and/CC 3.5-inch/JJ 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/VBD 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/NN 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 citya/NN 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/NN 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/JJ 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/DT 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/RBR 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/NN ,/, who/WP also/RB sit/VBP 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/VBD 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/NNS 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/RB 80/CD %/NN state-controlled/JJ ./. ###/### In/IN a/DT related/VBN move/NN ,/, the/DT bank/NN also/RB proposed/VBD that/IN 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/RB 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/VBD 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/RB 0.2/CD %/NN from/IN the/DT previous/JJ month/NN ,/, and/CC was/VBD up/RB 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/JJ 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/NN from/IN continuing/VBG operations/NNS was/VBD up/RB 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/VBD off/RP $/$ 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/JJ 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/NNP ,/, the/DT financial/JJ planning/NN and/CC mutual/JJ fund/NN unit/NN ,/, net/JJ 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/VBN 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/JJ 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/NNP to/TO $/$ 21.6/CD million/CD ./. ###/### Shearson/NNP Lehman/NNP Hutton/NNP Holdings/NNP Inc./NNP ,/, as/RB previously/RB reported/VBN ,/, had/VBD net/JJ 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/RB preferred/VBN stock/NN dividends/NNS ;/: it/PRP owns/VBZ about/RB 68/CD %/NN of/IN Shearson/NNP 's/POS common/NN ./. ###/### For/IN the/DT nine/CD months/NNS ,/, American/NNP Express/NNP said/VBD net/JJ 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/NN said/VBD net/JJ income/NN fell/VBD 5/CD %/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/VBD 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/IN improved/VBN results/NNS in/IN its/PRP$ financial-services/JJ sector/NN were/VBD negated/VBN by/IN increased/VBN costs/NNS in/IN its/PRP$ government/NN contract/NN business/NN ,/, lower/JJR operating/NN earnings/NNS in/IN its/PRP$ commercial-products/JJ sector/NN and/CC soft/JJ automotive/JJ markets/NNS ./. ###/### Net/JJ 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/JJ 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/VBD 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/NNS ./. ###/### 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/VBN 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/RP 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/JJ taxes/NNS and/CC is/VBZ by/IN far/RB the/DT biggest/JJS creditor/NN in/IN both/DT cases/NNS ./. ###/### The/DT tentative/NN 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/NN 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/JJ 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/VBZ 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/IN 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/JJ 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/NNS 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/VBG 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/RB $/$ 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/VBN 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/JJ 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/VBD 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/NN 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/JJ posted/VBD lower/JJR yields/NNS in/IN the/DT week/NN ended/VBD 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/VBD $/$ 2.53/CD billion/CD to/TO $/$ 116.56/CD billion/CD ,/, while/IN 96/CD broker-dealer/JJ funds/NNS increased/VBD $/$ 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/VBG 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/DT longer/RBR for/IN prices/NNS to/TO recover/VB and/CC for/IN borrowers/NNS to/TO service/VB their/PRP$ loans/NNS ./. ###/### So/IN the/DT bank/NN 's/POS board/NN decided/VBD to/TO make/VB 1.23/CD billion/CD Malaysian/JJ dollars/NNS -LRB-/-LRB- US$/$ 457/CD million/CD -RRB-/-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/RP 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/RB M$/$ 3.5/CD billion/CD to/TO prop/VB up/RP the/DT troubled/VBN 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/JJS of/IN Bank/NNP Bumiputra/NNP 's/POS nonperforming/VBG 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/NN 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/NN 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/VBN 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/VBN 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/VBD out/RP by/IN the/DT new/JJ provisions/NNS ./. ###/### Heidi/NNP Ehman/NNP might/MD have/VB stepped/VBD from/IN a/DT recruiting/NN poster/NN for/IN young/JJ Republicans/NNS ./. ###/### White/JJ ,/, 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/RBR ./. ###/### 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/JJ 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/NNS risk/NN losing/VBG not/RB only/RB the/DT governorship/NN but/CC also/RB the/DT assembly/NN next/IN 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/NNS in/IN the/DT past/NN ./. ###/### This/DT change/NN comes/VBZ less/RBR from/IN a/DT shift/NN in/IN public/JJ opinion/NN ,/, which/WDT has/VBZ n't/RB changed/VBD much/RB on/IN abortion/NN over/IN the/DT past/NN 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/JJ 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/VBD from/IN the/DT rooftops/NNS about/IN Courter.../: and/CC no/DT one/PRP would/MD have/VB heard/VBN us/PRP ./. ''/'' ###/### New/NNP Jersey/NNP is/VBZ a/DT proving/NN 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/RP 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/NNS 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/VB out/RP ,/, ''/'' 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/VB 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/VBD Democrat/NNP Florio/NNP 55/CD %/NN to/TO 29/CD %/NN over/IN Republican/NNP Courter/NNP ./. ###/### Abortion/NN 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/VB 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/VBD 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/IN satisfies/NNS 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/VBZ of/IN Mr./NNP Courter/NNP 's/POS position/NN ./. ###/### Even/RB 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/RBR 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/RBR 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/JJ 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/VB 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/CC embraced/VBD a/DT hawkish/JJ defense/NN and/CC foreign/JJ policy/NN --/: even/RB voting/VBG against/IN a/DT 1984/CD resolution/NN critical/JJ of/IN the/DT U.S./NNP mining/NN of/IN Nicaraguan/NNP 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/VBZ ,/, 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/NN 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/JJ doubling/NN 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/VB down/IN any/DT differences/NNS with/IN Mr./NNP Courter/NNP ,/, but/CC this/DT history/NN makes/VBZ it/PRP harder/RB 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/IN 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/RBR 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/NNP in/IN Spanish/NNP 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/VBG to/TO appoint/VB Hispanics/NNS 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/IN 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/VB we/PRP did/VBD ./. ''/'' ###/### Asked/VBD 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/VBD together/RB in/IN Camden/NNP ./. ###/### Details/NNP 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/VBD 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/VB a/DT network/NN of/IN political-action/JJ committees/NNS to/TO preserve/VB his/PRP$ edge/NN ./. ###/### With/IN limited/VBN 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/VB on/IN a/DT slogan/NN promising/VBG 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/VBG 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/NNS ''/'' 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/JJ 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/NN 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/JJ 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/VBP a/DT sore/JJ point/NN because/IN of/IN the/DT county/NN 's/POS past/NN 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/VBN 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/NN 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/JJ 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/NNP 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/VB 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/RB 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/RB 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/RB 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/RB the/DT stock/NN market/NN plunged/VBD more/RBR 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/RBR 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/RB 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/RP 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/RP 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/VBD up/RB 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/RBR 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/NNS 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/RP 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/IN world/NN business/NN competition/NN will/MD continue/VB to/TO restrain/VB prices/NNS ./. ###/### ``/`` The/DT bottom/JJ 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/IN 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/NNS 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/VBN 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/RB 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/RB 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/NN 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/RBR than/IN the/DT monthly/NN 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/RB watching/VBG interest/NN in/IN the/DT sport/NN plummet/VB 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/VBP built/VBN health/NN spas/NNS ,/, business/NN centers/NNS and/CC shopping/NN villages/NNS so/IN visitors/NNS have/VBP more/JJR to/TO do/VB than/IN ski/VB ./. ###/### 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/RP 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/VBP grown/VBN only/RB 3/CD %/NN a/DT year/NN on/IN average/NN ,/, 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/NN 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/RP 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/NN school/NN is/VBZ great/JJ ,/, ''/'' cries/VBZ out/RP a/DT tot/NN ,/, bundled/VBN in/IN a/DT snowsuit/NN as/IN he/PRP plows/VBZ down/RB a/DT bunny/NN slope/NN ./. ###/### ``/`` You/PRP 'll/MD never/RB know'til/VB 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/RP 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/RP 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/JJ 's/POS slopes/NNS and/CC next/JJ year/NN plan/VBP 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/RBR 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/JJ 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/VB 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/NNS skiing/VBG 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/WDT 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/VB ski/JJ equipment/NN and/CC sign/VB up/RP 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/VB 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/RB 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/VBP that/DT '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/JJS 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-/-LRB- the/DT industry/NN -RCB-/-RRB- 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-/-LRB- new/JJ skiers/NNS -RCB-/-RRB- 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/IN 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/VBD 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/NNS ,/, ''/'' so/IN I/PRP feel/VBP obliged/VBN to/TO do/VB so/RB ./. ###/### You/PRP might/MD be/VB interested/VBN to/TO know/VB that/DT baseball/NN ,/, not/RB survival/NN ,/, appeared/VBD to/TO be/VB the/DT first/JJ thought/NN of/IN most/JJS 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/VBD ,/, 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/JJ 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/JJ ,/, 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/DT 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/JJ 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/NNS and/CC asking/VBG how/WRB they/PRP ``/`` feel/VBP ''/'' about/IN one/CD calamity/NN or/CC another/DT ,/, fellow/JJ 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/VBD by/RP ,/, ''/'' 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/JJ standards/NNS sway/VB ./. ###/### A/DT man/NN said/VBD he/PRP saw/VBD the/DT upper/JJ rim/NN undulate/VBP ./. ###/### I/PRP saw/VBD neither/RB ./. ###/### Dictates/NNS of/IN good/JJ sense/NN to/TO the/DT contrary/NN 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/VB 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/RP '/'' ''/'' ###/### 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/RB ./. ###/### Electrical/JJ power/NN was/VBD out/JJ 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/VBD 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/DT longer/RBR 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/JJ ,/, 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/NN ,/, 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/JJ 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/JJ ,/, 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/RBR :/: 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/NN and/CC passed/VBD around/RP pillows/NNS and/CC blankets/NNS ./. ###/### I/PRP fell/VBD asleep/JJ on/IN the/DT lobby/NN floor/NN ,/, next/IN to/TO a/DT man/NN wearing/VBG a/DT Chicago/NNP Cubs/NNP 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 ?/. ###/### 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/NNS ./. ###/### That/IN 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/RP as/IN the/DT dullest/JJS since/IN the/DT one-sided/JJ Detroit-over-San/JJ Diego/JJ go/NN 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/RP as/RB quickly/RB as/IN possible/JJ ,/, without/IN ``/`` off/JJ ''/'' 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/NN 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/VBG for/IN a/DT leveraged/VBN buy-out/NN of/IN United/NNP Airlines/NNP 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/DT the/DT way/NN to/TO selling/VBG and/CC trading/VBG 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/VBN buy-out/NN of/IN Northwest/NNP Airlines/NNP 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/RB 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/VBP 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/RBR 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/CC 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/VBG takeovers/NNS ./. ###/### In/IN the/DT wake/NN of/IN Campeau/NNP 's/POS problems/NNS ,/, prices/NNS 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/VBG 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/VB new/JJ business/NN opportunities/NNS to/TO banks/NNS in/IN structuring/NN 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/VBG contested/VBN 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/VBD 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/VBG 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/VBP to/TO highlight/VB the/DT important/JJ new/JJ role/NN in/IN takeover/NN financing/NN being/VBG played/VBD 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/VB 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/JJ 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/VBZ 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/JJ filing/NN eventually/RB was/VBD made/VBN ,/, it/PRP did/VBD n't/RB disclose/VB the/DT group/NN 's/POS alleged/JJ 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/NN 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/JJ 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/VBN 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/NNP ,/, said/VBD higher/JJR prices/NNS for/IN galvanized/JJ and/CC cold-rolled/JJ products/NNS offset/VBD 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/NNP union/NN ./. ###/### Meanwhile/RB ,/, the/DT company/NN 's/POS service/NN center/NN segment/NN ,/, which/WDT saw/VBD operating/NN profit/NN drop/VB to/TO $/$ 11.5/CD million/CD from/IN $/$ 30.7/CD million/CD a/DT year/NN ago/RB ,/, experienced/VBD much/JJ of/IN the/DT same/JJ demand/NN and/CC cost/NN problems/NNS ,/, as/RB well/RB as/IN start-up/NN 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/IN steel/NN mill/NN bookings/NNS are/VBP up/RB 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-/-LRB- low/JJ volatility/NN -RRB-/-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/RBR ``/`` 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/DT the/DT required/VBN modern/NN 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/NNS need/VBP to/TO damp/VB quakes/NNS and/CC aftershocks/NNS ./. ###/### In/IN today/NN 's/POS markets/NNS ,/, specialists/NNS -LRB-/-LRB- on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP -RRB-/-RRB- and/CC ``/`` upstairs/NN ''/'' market/NN makers/NNS -LRB-/-LRB- in/IN the/DT over-the-counter/JJ market/NN -RRB-/-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/NN ,/, 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-/-LRB- the/DT way/NN prices/NNS are/VBP determined/VBN -RRB-/-RRB- becomes/VBZ flawed/JJ or/CC is/VBZ lost/VBN entirely/RB for/IN a/DT time/NN ./. ###/### Last/JJ Friday/NNP the/DT 13th/JJ -LRB-/-LRB- as/RB well/RB as/IN two/CD years/NNS ago/RB this/DT week/NN -RRB-/-RRB- the/DT markets/NNS became/VBD unlinked/JJ ./. ###/### When/WRB that/DT happened/VBD ,/, ``/`` seismic/JJ ''/'' tremors/NNS of/IN fear/NN --/: much/RB 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-/-LRB- buy/VB and/CC sell/VB orders/NNS at/IN various/JJ prices/NNS -RRB-/-RRB- be/VB made/VBN available/JJ to/TO all/DT ,/, not/RB just/RB to/TO market/NN 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/NN 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/JJ ,/, electronic/JJ trading/NN system/NN should/MD be/VB implemented/VBN that/DT permits/VBZ equal/JJ access/NN to/TO the/DT trading/NN arena/NN -LRB-/-LRB- and/CC the/DT information/NN that/WDT would/MD automatically/RB accompany/VB such/JJ access/NN -RRB-/-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/NN --/: the/DT ability/NN to/TO absorb/VB selling/NN 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-/-LRB- which/WDT is/VBZ micro-liquidity/NN for/IN the/DT investor/NN -RRB-/-RRB- ,/, the/DT market/NN as/IN a/DT whole/NN remains/VBZ 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-/-LRB- a/DT result/NN of/IN some/DT post-1987/JJ crash/JJ studies/NNS -RRB-/-RRB- also/RB increases/VBZ 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/NN 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-/-LRB- buy/VB and/CC sell/VB orders/NNS at/IN each/DT price/NN -RRB-/-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/NN field/NN Congress/NNP sought/VBD and/CC called/VBD a/DT ``/`` national/JJ market/NN system/NN ''/'' -LRB-/-LRB- not/RB yet/RB achieved/VBN -RRB-/-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/JJ 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/VB 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/DT is/VBZ ./. ###/### The/DT economy/NN 's/POS stutter/NN steps/NNS leave/VBP investors/NNS wondering/VBG whether/CC things/NNS are/VBP slowing/VBG down/RP or/CC speeding/VBG up/RP ./. ###/### So/RB often/RB are/VBP government/NN statistics/NNS revised/VBD that/IN they/PRP seem/VBP to/TO resemble/VB a/DT spinning/JJ weather/NN vane/NN ./. ###/### For/IN the/DT past/JJ seven/CD years/NNS ,/, investors/NNS have/VBP had/VBD 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/JJ 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/VBP --/: that/DT 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/VB 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/RBR than/IN you/PRP expect/VBP ./. ###/### When/WRB they/PRP do/VBP hit/VB ,/, they/PRP hit/VBP fast/RB ,/, ''/'' says/VBZ David/NNP A./NNP Wyss/NNP ,/, chief/JJ financial/JJ economist/NN at/IN the/DT Data/NNP Resources/NNP 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/JJ 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/RB the/DT price/NN of/IN previously/RB issued/VBN bonds/NNS ./. ###/### They/PRP are/VBP worth/JJ 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/RB ,/, 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/VBP 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/JJS 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-/-LRB- plus/CC ,/, in/IN some/DT cases/NNS ,/, a/DT sweetener/NN -RRB-/-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/DT ;/: 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/CC in/IN 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 ``/`` 5/CD %/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/RB 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/VB heavily/RB for/IN cash/NN ./. ###/### He/PRP is/VBZ n't/RB sure/RB a/DT recession/NN is/VBZ coming/VBG ,/, but/CC says/VBZ the/DT other/JJ likely/JJ alternative/NN --/: reignited/VBN inflation/NN --/: is/VBZ just/RB as/RB bad/JJ ./. ###/### ``/`` This/DT late/JJ in/IN an/DT expansion/NN ,/, ''/'' the/DT economy/NN tends/VBZ to/TO veer/VB off/RP either/CC 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/RB and/CC over/RB 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/NN a/DT double-bladed/JJ ax/NN and/CC a/DT buzz/NN saw/NN ./. ''/'' ###/### 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/JJS serious/JJ investors/NNS '/POS portfolios/NNS ./. ###/### It/PRP comes/VBZ down/RP to/TO a/DT question/NN of/IN whether/IN to/TO try/VB to/TO ``/`` time/VB ''/'' 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/CD 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/PRP 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/RB about/IN timing/NN ./. ###/### ``/`` Trying/VBG to/TO time/NN 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/RP 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/VBP to/TO be/VB right/JJ about/RB 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/NNS 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/JJ 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/RB 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/RB 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/JJ ''/'' -LRB-/-LRB- two/CD consecutive/JJ quarters/NNS of/IN declining/VBG gross/JJ national/JJ product/NN -RRB-/-RRB- ,/, much/JJ of/IN the/DT damage/NN to/TO stocks/NNS has/VBZ already/RB been/VBN done-and/CC ,/, in/IN the/DT typical/JJ case/NN ,/, the/DT recession/NN is/VBZ already/RB half/RB over/JJ ./. ###/### About/RB six/CD months/NNS before/IN a/DT recession/NN ends/VBZ ,/, 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/RB 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/NN ca/MD n't/RB reliably/RB be/VB used/VBN to/TO guide/VB investors/NNS in/IN timing/VBG 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/VBP others/NNS ``/`` during/IN a/DT recession/NN or/CC bear/NN market/NN ./. ''/'' ###/### In/IN good/JJ times/NNS ,/, he/PRP says/VBZ ,/, they/PRP lag/VBP a/DT bit/NN ,/, but/CC overall/RB 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/RBR 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/NNS of/IN small/JJ companies/NNS are/VBP ``/`` almost/RB as/RB overpriced/JJ 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/NNS of/IN small/JJ companies/NNS are/VBP selling/VBG for/IN about/RB 19/CD times/NNS cash/NN flow/NN ./. ###/### Cash/NN flow/NN ,/, basically/RB earnings/NNS plus/IN depreciation/NN ,/, is/VBZ one/CD common/JJ gauge/NN of/IN a/DT company/NN 's/POS financial/JJ health/NN ./. -RRB-/-RRB- ###/### That/IN ratio/NN is/VBZ dangerously/RB close/JJ 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-/-LRB- 7.5/CD times/NNS cash/NN flow/NN -RRB-/-RRB- that/WDT bigger/JJR companies/NNS are/VBP selling/VBG for/RP ./. ###/### 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/NN ,/, 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/VBP ,/, and/CC take/VBP 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/VB ,/, 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/NN 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/RBR than/IN others/NNS ./. ###/### The/DT following/NN shows/VBZ the/DT number/NN of/IN times/NNS 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/JJ market/NN continued/VBD to/TO count/VB casualties/NNS ,/, even/RB as/IN junk-bond/JJ 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/NN 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/NNP is/VBZ one/CD of/IN the/DT so-called/JJ good/JJ junk-bond/JJ 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/JJ 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/RB been/VBN scaled/VBN back/RB ,/, delayed/VBN or/CC dropped/VBN ./. ###/### 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/NNP '/POS junk-bond/JJ 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/JJ 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/RB of/IN market/NN conditions/NNS ./. ###/### ``/`` Everything/NN is/VBZ going/VBG through/IN firehoops/NNS right/RB now/RB ,/, and/CC -LCB-/-LRB- Chicago/NNP &/CC North/NNP Western/NNP -RCB-/-RRB- 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/JJ 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/NNP 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/JJ 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/NNP 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/NNP 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 %/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/NNP '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/CD %/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/JJ ,/, market/NN ./. ###/### Junk/NN bonds/NNS ended/VBD about/RB one-half/JJ point/NN higher/RBR 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/JJ point/NN ,/, 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/VBZ ./. ###/### That/DT raised/VBD hopes/NNS that/IN interest/NN rates/NNS will/MD continue/VB to/TO move/VB lower/RBR ./. ###/### 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/NNS 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/RBR than/IN the/DT 8/CD %/NN at/IN which/WDT it/PRP has/VBZ been/VBN hovering/VBG around/RP during/IN the/DT past/JJ week/NN ./. ###/### The/DT closely/RB watched/VBN funds/NNS rate/NN is/VBZ what/WP banks/NNS charge/VBP each/DT other/JJ 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-/-LRB- 8/CD %/NN -RCB-/-RRB- is/VBZ as/RB low/JJ as/IN they/PRP want/VBP to/TO see/VB the/DT fed/NN funds/NNS rate/NN ,/, ''/'' said/VBD Robert/NNP Chandross/NNP at/IN Lloyds/NNP Bank/NNP PLC/NNP ./. ###/### 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 to/TO yield/VB 7.955/CD %/NN ,/, compared/VBN with/IN 100/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 to/TO yield/VB 7.937/CD %/NN ,/, compared/VBN with/IN 99/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 ./. ###/### 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/RB by/IN to/TO 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 %/NN debentures/NNS traded/VBN at/IN 102/CD ,/, after/IN trading/VBG around/IN par/NN earlier/RBR this/DT week/NN ,/, and/CC RJR/NNP 's/POS 13/CD %/NN subordinated/VBN debentures/NNS of/IN 2001/CD were/VBD at/IN 101/CD after/IN trading/VBG at/IN below/IN par/NN earlier/RBR this/DT week/NN ./. ###/### Investment-grade/JJ bonds/NNS were/VBD unchanged/JJ ./. ###/### 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/NN and/CC capped/VBD upward/JJ price/NN movement/NN in/IN the/DT sector/NN ./. ###/### Traders/NNS estimated/VBD that/IN more/JJR than/IN $/$ 140/CD million/CD of/IN high-grade/JJ bonds/NNS was/VBD put/VBN up/RP 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/NN 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/JJ 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/RB 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/RB at/IN 98/CD bid/NN to/TO yield/VB about/RB 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/RP 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/VBZ 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/JJ 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/JJ manager/NN ./. ###/### Mortgage/NN securities/NNS generally/RB ended/VBD to/TO point/NN higher/RBR ,/, but/CC lagged/VBN 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/RB at/IN 109/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/RB above/JJ 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/VBP 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 ,/, up/IN 9/CD ,/, 9/CD %/NN ###/### %/NN to/TO a/DT 12-year/JJ average/NN 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/RP 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 ./. ###/### 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 %/NN bond/NN due/RB was/VBD down/RB at/IN 111/CD to/TO yield/VB 10.09/CD %/NN ,/, while/IN the/DT 11/CD %/NN notes/NNS due/JJ 1991/CD were/VBD unchanged/JJ at/IN 98/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/JJ 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/RBR at/IN 99.85/CD to/TO yield/VB 7.02/CD %/NN ./. ###/### THE/DT PANHANDLER/NN approaches/VBZ ,/, 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/VBN ;/: 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 ?/. ###/### Well/RB ,/, 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/DT their/PRP$ money/NN would/MD more/RBR likely/RB go/VB toward/IN a/DT bottle/NN of/IN Night/NNP Train/NNP Express/NNP ,/, most/JJS people/NNS have/VBP little/JJ trouble/NN saying/VBG no/UH 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/VBP little/JJ reason/NN to/TO doubt/VB that/DT 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/UH ./. ###/### In/IN fact/NN ,/, the/DT donors/NNS sometimes/RB might/MD be/VB better/RB off/RP 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/VBN 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/JJ 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/RP 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/VBZ hundreds/NNS of/IN new/JJ charities/NNS every/DT year/NN ,/, measuring/VBG them/PRP against/IN minimum/NN 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/VBZ at/IN least/JJS half/NN of/IN the/DT money/NN taken/VBN in/RP 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/RP 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/JJ attorney/NN general/NN 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/JJ 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/NN raisers/NNS and/CC most/JJS 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/NN a/DT charity/NN does/VBZ cost/VB 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/RB 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/NNP of/IN America/NNP all/DT say/VBP that/IN they/PRP spend/VBP roughly/RB 90/CD %/NN of/IN their/PRP$ income/NN on/IN programs/NNS ,/, not/RB overhead/NN ./. ###/### With/IN some/DT other/JJ charities/NNS ,/, however/RB ,/, its/PRP$ the/DT other/JJ way/NN around/RP ./. ###/### The/DT fledgling/JJ National/NNP Children/NNP '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/JJ 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/VBP wrongdoing/NN ./. ###/### The/DT charity/NN admits/VBZ spending/VBG a/DT lot/NN on/IN fund/NN raising/NN ,/, but/CC says/VBZ that/DT 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/NNS ,/, 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/RP 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/NNP '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/RB 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/NN ./. ###/### State/NN laws/NNS previously/RB used/VBN as/IN a/DT yardstick/NN minimum/NN 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/RB ,/, but/CC these/DT have/VBP 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/NN ,/, 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/RB and/CC elsewhere/RB ./. ###/### In/IN making/VBG cases/NNS ,/, the/DT authorities/NNS frequently/RB zero/VBP in/RP 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/JJS ``/`` 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/RBR ./. ###/### 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/NN ``/`` campaign/NN ''/'' may/MD be/VB the/DT fund-raising/JJ 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 ,/, '/'' ``/`` 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/JJ bullion/NN to/TO those/DT giving/VBG as/RB little/JJ as/IN $/$ 5/CD to/TO cancer/NN education/NN ./. ###/### ``/`` A/DT few/JJ boilerplate/NN warnings/NNS about/IN cancer/NN appear/VBP 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/VB 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/JJ ./. ###/### 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/RB 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/RP 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/VB 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/NNP Against/IN Drunk/NNP Driving/NNP ,/, 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/NN 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/DT 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/VB 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.``/`` f/NN this.``/`` f/NN ###/### Mr./NNP Johnson/NNP is/VBZ a/DT staf/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/NNP 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/NNP ./. ###/### 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/RBR that/IN British/NNP Airways/NNP 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/RB 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/VBD a/DT series/NN of/IN setbacks/NNS since/IN the/DT financing/VBG 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/JJ 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/VBN '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/VBG 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/VBN '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/JJ 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/NNP Airways/NNP '/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/NN 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/RP 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/VBN 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/RP 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/NNP succeeded/VBD 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-/-LRB- buy-out/NN -RCB-/-RRB- 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/NNP Airways/NNP may/MD have/VBP 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/NNP '/POS new/JJ owners/NNS to/TO restructure/NN the/DT equity/NN contribution/NN of/IN KLM/NNP Royal/NNP Dutch/NNP Airlines/NNP 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/VBG 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/VBD Mr./NNP Dubinsky/NNP ,/, the/DT union/NN chairman/NN who/WP has/VBZ led/VBN the/DT pilots/NNS '/POS 2/CD 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/NN 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/JJ 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/NN the/DT transaction/NN ./. ###/### The/DT buy-out/NN fell/VBD through/RP after/IN Citicorp/NNP and/CC Chase/NNP Manhattan/NNP Corp./NNP ,/, the/DT lead/JJ 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/RP ,/, 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/VBD 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/RB 13.8/CD %/NN from/IN a/DT year/NN ago/RB ./. ###/### Senate/NNP Democrats/NNS favoring/VBG a/DT cut/NN in/IN the/DT capital-gains/NNS tax/NN 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/NN 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-/-LRB- D./NNP ,/, Maine/NNP -RRB-/-RRB- ,/, a/DT vigorous/JJ opponent/NN of/IN the/DT capital-gains/NNS tax/NN cut/NN ,/, 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/NNS 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/NNS 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/NNS would/MD have/VB given/VBN the/DT president/NN an/DT advantage/NN ./. ###/### Having/VBG only/RB a/DT Republican/JJ measure/NN makes/VBZ the/DT task/NN harder/RBR ./. ###/### Still/RB ,/, Sen./NNP Bob/NNP Packwood/NNP -LRB-/-LRB- R./NNP ,/, Ore./NNP -RRB-/-RRB- ,/, the/DT lead/JJ sponsor/NN of/IN the/DT Republican/JJ 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/VBP 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/JJ Democrats/NNS ,/, 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/NNS '/POS decision/NN ``/`` increases/VBZ the/DT likelihood/NN that/IN a/DT capital-gains/NNS tax/NN cut/NN 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/JJ 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/NN cut/NN 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/VB the/DT tax/NN cut/NN ./. ###/### Now/RB Republican/JJ 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/JJ legislation/NN ./. ###/### To/TO help/VB lay/VB 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/NN 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/NNS plan/VBP 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-/-LRB- D./NNP ,/, Okla./NNP -RRB-/-RRB- ,/, a/DT leader/NN of/IN those/DT Democrats/NNS ./. ###/### 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/CD %/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/NN 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-/-LRB- R./NNP ,/, Del./NNP -RRB-/-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/JJ 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/RP into/IN the/DT new/JJ IRAs/NNS ,/, but/CC would/MD be/VB subject/JJ to/TO tax/NN 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/NN 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/RB 14.6/CD million/CD tons/NNS from/IN about/RB 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/RBR 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/RBR in/IN coming/JJ 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/VBG and/CC selling/VBG low-sulphur/JJ coal/NN in/IN the/DT Appalachia/NNP region/NN ./. ###/### The/DT operating/NN 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/VBZ about/RB 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/RB ./. ###/### 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/RB 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/RB 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/VBD 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/RP to/TO do/VB is/VBZ completed/VBN ./. ''/'' ###/### But/CC he/PRP cautioned/VBD that/DT Westmoreland/NNP 's/POS third/JJ quarter/NN is/VBZ typically/RB better/JJR than/IN the/DT fourth/JJ ,/, so/IN 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/IN 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/DT 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/VB 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/JJ 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/NNS ./. ###/### ``/`` 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/NN 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/VBD 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/VBZ about/RB 4,500/CD Chase/NNP workers/NNS ,/, most/JJS 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/RB 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/VBD out/RP for/IN it/PRP ./. ###/### Chase/NNP is/VBZ vacating/VBG 1.1/CD million/CD square/JJ 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/NNP ,/, likely/RB 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/VBD a/DT language/NN called/VBD Newspeak/NNP that/IN made/VBN it/PRP impossible/JJ to/TO fully/RB develop/VB a/DT heretical/JJ thought/NN --/: 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/VB --/: 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/VB 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/RB 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 ./. ###/### 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/IN 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 ./. ''/'' ###/### Another/DT much-beloved/JJ saying/VBG ,/, 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/VBZ 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/RP 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-/-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/NN ./. ###/### These/DT people/NNS used/VBD to/TO be/VB called/VBN brokers/NNS ,/, but/CC apparently/RB this/DT word/NN either/CC 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/NNP ,/, 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/JJ ,/, 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/DT the/DT new/JJ things/NNS being/VBG dreamed/VBN up/RP for/IN them/PRP to/TO peddle/VB ,/, do/VBP n't/RB feel/VB ./. ###/### ``/`` Its/PRP$ almost/RB product/NN de/FW jour/FW ,/, ''/'' grouses/VBZ one/CD account/NN executive/NN at/IN Dean/NNP Witter/NNP ./. ###/### The/DT transmogrified/VBN 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/VBN 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-/-LRB- the/DT plus/NN -RRB-/-RRB- than/IN other/JJ people/NNS ?/. ###/### Indeed/RB ,/, conservative/JJ investors/NNS ,/, many/JJ 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/JJ 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/VBN partnerships/NNS ,/, many/JJ of/IN which/WDT either/CC have/VBP 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/RBR and/CC more/RBR often/RB as/IN ``/`` direct/JJ investments/NNS ''/'' --/: with/IN all/DT 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/VBD ,/, 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/JJ 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/RB 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/DT 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/VB 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/CC ,/, even/RB though/IN some/DT of/IN the/DT companies/NNS that/WDT still/RB enjoy/VBP 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/JJ 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/VBP 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/DT 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/NN ''/'' 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/RP through/IN analysis/NN undervalued/VBN 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/NN 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/RP ./. ###/### 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/NNP of/IN Proceeds/NNP ''/'' 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/RB reported/VBN earnings/NNS -LRB-/-LRB- and/CC management/NN bonuses/NNS -RRB-/-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/CC debt/NN reduction/NN or/CC debt-service/JJ reduction/NN or/CC new/JJ loans/NNS -LRB-/-LRB- the/DT Brady/NNP Plan/NNP -RRB-/-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/RP 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/RP ./. ###/### 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/NNP ,/, 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/VBN 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 operations/NNS ``/`` well/RB above/JJ ''/'' 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/RB 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/NNP ,/, 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/NNP and/CC needed/VBD 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/JJ ,/, 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/DT ,/, Sony/NNP also/RB agreed/VBD to/TO give/VB them/PRP a/DT stake/NN in/IN Columbia/NNP 's/POS future/JJ 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/NN 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/VBN ``/`` 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/VB ,/, 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/VB 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/JJ 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/IN two/CD successful/JJ producers/NNS who/WP are/VBP n't/RB all/DT that/IN 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/NN 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/NNP ,/, 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/JJ ,/, 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/VBN 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/JJ producers/NNS ''/'' is/VBZ sniffing/VBG out/RP hot/JJ properties/NNS ,/, locking/VBG them/PRP up/RP 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/VB 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/NN and/CC producing/NN ./. ###/### With/IN 's/POS ``/`` Rainman/NNP ,/, ''/'' for/IN instance/NN ,/, Messrs./NNP Guber/NNP and/CC Peters/NNP had/VBD virtually/RB 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/JJ changes/NNS in/IN casting/NN and/CC production/NN ./. ###/### ``/`` They/PRP 're/VBP the/DT best/JJS production/NN talent/NN around/RP ,/, ''/'' 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/NNP of/IN the/DT Vanities/NNP ./. ''/'' ###/### 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/DT 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/RB 24/CD hours/NNS 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/NN 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/JJ ./. ###/### ``/`` 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/RP :/: ``/`` He/PRP has/VBZ a/DT great/JJ ability/NN to/TO hire/VB terrific/JJ people/NNS and/CC delegate/VB 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/VBP 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/RBR 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/VBD 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/NNP Born/NNP ''/'' and/CC ``/`` The/DT Main/NNP Event/NNP ./. ''/'' ###/### 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/RP ./. ''/'' ###/### Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP rub/VBP 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/VBD the/DT movie/NN ,/, bristle/VBP when/WRB Messrs./NNS Guber/NNP and/CC Peters/NNP take/VBP 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/NNS ,/, left/VBD to/TO take/VB a/DT job/NN as/IN head/NN of/IN production/NN at/IN the/DT United/NNP Artists/NNP 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/DT 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/RB head/NN of/IN production/NN at/IN News/NNP Corp./NNP 's/POS 20th/JJ 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/VB 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/NN ./. ./. ./. ./. ''/'' ###/### 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/VBN 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/VBD 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/NN helped/VBD ,/, too/RB ./. ###/### Ultimately/RB ,/, they/PRP paid/VBD more/JJR than/IN $/$ 1/CD million/CD for/IN the/DT rights/NNS ./. ###/### 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-/-RRB- ###/### It/PRP 's/VBZ hardly/RB astonishing/JJ -LRB-/-LRB- given/VBN the/DT men/NNS 's/POS track/NN record/NN -RRB-/-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/RP the/DT Warner/NNP situation/NN first/RB ./. ###/### 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/RP 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/VBZ ,/, ''/'' 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 --/: its/PRP$ about/IN whether/CC 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/NNP program/NN ,/, he/PRP rose/VBD within/IN two/CD years/NNS to/TO head/NN of/IN production/NN ,/, overseeing/VBG such/JJ films/NNS as/IN ``/`` The/DT Way/NN We/PRP Were/VBD ,/, ''/'' ``/`` Taxi/NN Driver/NN ,/, ''/'' ``/`` Tommy/NNP ''/'' and/CC ``/`` Shampoo/NNP ./. ''/'' ###/### In/IN 1976/CD ,/, he/PRP teamed/VBD up/RP with/IN record/NN producer/NN Neil/NNP Bogart/NNP in/IN Casablanca/NNP Records/NNP and/CC Filmworks/NNP --/: later/RB called/VBN Polygram/NNP Pictures/NNP --/: 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/RP 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/VBP 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/RP with/IN Sony/NNP ./. ###/### ``/`` From/IN the/DT beginning/NN ,/, -LCB-/-LRB- they/PRP -RCB-/-RRB- 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/RB ./. ###/### ``/`` 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 ./. ###/### 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/RBR ./. ###/### 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/JJ May/NNP ,/, he/PRP sold/VBD his/PRP$ 24/CD %/NN stake/NN in/IN Barris/NNP to/TO a/DT passive/NN 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/VBD 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/JJ cash/NN flow/NN ,/, 8/CD %/NN of/IN the/DT future/JJ 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/VBP been/VBN erratic/JJ ./. ###/### In/IN the/DT the/DT latest/JJS quarter/NN ,/, thanks/NNS 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/JJ of/IN lying/VBG ./. ###/### Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP claim/VBP 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/VBN 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/VBP 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 ,/, 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/RP 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/JJS of/IN the/DT 50/CD or/CC so/RB projects/NNS Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP have/VBP locked/VBN up/RP 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/VBP 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/RB 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/NNP 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/IN ./. ###/### THE/DT SALES/NNP PITCH/NNP could/MD n't/RB sound/VB better/RBR ./. ###/### First/RB ,/, there/EX 's/VBZ the/DT name/NN :/: ``/`` asset-backed/JJ securities/NNS ./. ''/'' ###/### Better/RBR than/IN all/DT those/DT offers/NNS 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/JJ --/: institutions/NNS ./. ###/### Most/JJS earn/VBP 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/JJ of/IN the/DT nation/NN 's/POS biggest/JJS institutional/JJ investors/NNS ./. ###/### Ready/JJ to/TO jump/VB ?/. ###/### Well/RB ,/, think/VB twice/RB ./. ###/### The/DT concept/NN may/MD be/VB simple/JJ :/: Take/VB a/DT bunch/NN of/IN loans/NNS ,/, tie/VB them/PRP up/RP 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/VBG ./. ###/### Skeptics/NNS say/VBP the/DT slightly/RB higher/JJR returns/NNS are/VBP n't/RB enough/JJ 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/NN that/WDT support/VBP 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/RB 4/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/VBD by/IN car/NN loans/NNS ,/, boat/NN loans/NNS and/CC recreational-vehicle/JJ 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/JJ 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/RB the/DT sun/NN sets/VBZ on/IN the/DT '80s/CD ,/, 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/VBD through/IN August/NNP of/IN this/DT year/NN ,/, up/RP 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/RP ,/, 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/NN 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/JJ by/IN Wall/NNP Street/NNP brokerage/NN firms/NNS and/CC offered/VBN to/TO investors/NNS ./. ###/### Issues/NNS typically/RB come/VB with/RP ``/`` 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/RP 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/NN 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/NN at/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNP ./. ###/### 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/VBD 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/RB 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/VBP less/RBR 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-/-LRB- 0.25/CD percentage/NN point/NN -RRB-/-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/VBG money/NN and/CC trying/VBG to/TO get/VB it/PRP back/RB again/RB ,/, then/RB that/IN 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/JJS 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/NNS 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/VBP ./. ###/### 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/NNP Investors/NNP Inc./NNP ,/, a/DT New/NNP York/NNP investment-management/JJ 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/WDT originally/RB held/VBD the/DT assets/NNS is/VBZ guaranteeing/VBG the/DT securities/NNS ./. ###/### It/PRP is/VBZ n't/RB ./. ###/### The/DT front/JJ cover/NN of/IN the/DT prospectus/NN for/IN the/DT Citibank/NNP credit-card/NN receivables/NN offering/VBG points/NNS out/JJ 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/IN 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/IN 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/VB the/DT securities/NNS ./. ###/### Nor/CC does/VBZ it/PRP cover/VB 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/NN ./. ###/### Still/RB ,/, they/PRP play/VBP a/DT crucial/JJ role/NN in/IN winning/VBG top/JJ ratings/NNS for/IN most/JJS 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/RB of/IN ,/, say/VB ,/, its/PRP$ loans/NNS to/TO Third/JJ 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/VBZ ./. ###/### 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/NNS 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/VBN between/IN Treasurys/NNPS and/CC asset-backed/JJ securities/NNS ,/, as/RB well/RB as/IN make/VB it/PRP tougher/JJR to/TO unload/VB the/DT latter/JJ ./. ###/### 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/NN --/: 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 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/JJ to/TO change/VB ./. ''/'' ###/### All/DT this/DT makes/VBZ asset-backed/JJ securities/NNS seem/VB 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/NNP 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/DT 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 ###/### As/IN of/IN August/NNP 30/CD ###/### Source/NN :/: Securities/NNP Data/NNP Co/NNP ./. ###/### IF/IN YOU/PRP FORCE/VBP financial/JJ planners/NNS to/TO sum/VB up/RP 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/VBN 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/NN ./. ###/### Nearly/RB 1,000/CD investors/NNS responded/VBN 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/VBN ./. ###/### 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/NNS ,/, bonds/NNS or/CC real/JJ estate/NN ./. ###/### For/IN example/NN ,/, about/RB 88/CD %/NN of/IN Journal/NNP readers/NNS owned/VBD stock/NN -LRB-/-LRB- down/RB slightly/RB from/IN 91/CD %/NN in/IN a/DT similar/JJ poll/NN last/JJ year/NN -RRB-/-RRB- ./. ###/### But/CC only/RB 17.5/CD %/NN said/VBD they/PRP had/VBD more/JJR than/IN half/PDT 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 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respondents/NNS -LRB-/-LRB- 47/CD %/NN -RRB-/-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/RP 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/VBD 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-/-LRB- 51/CD %/NN -RRB-/-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/DT finding/NN 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/JJS 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/VBN about/RB 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-/-LRB- about/RB 31/CD %/NN -RRB-/-RRB- and/CC investors/NNS who/WP ``/`` do/VBP n't/RB expect/VB a/DT recession/NN ''/'' -LRB-/-LRB- about/RB 15/CD %/NN -RRB-/-RRB- or/CC are/VBP ``/`` unsure/JJ if/IN and/CC when/WRB a/DT recession/NN might/MD come/VB ''/'' -LRB-/-LRB- about/RB 22/CD %/NN -RRB-/-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/VBP two/CD to/TO 10/CD stocks/NNS ,/, and/CC buy/VBP or/CC sell/VBP no/RB more/JJR than/IN three/CD times/NNS 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/RB 33/CD %/NN considered/VBD another/DT crash/NN ``/`` likely/RB ,/, ''/'' while/IN about/RB 63/CD %/NN said/VBD one/CD is/VBZ ``/`` unlikely/JJ ./. ''/'' ###/### Those/DT percentages/NNS hardly/RB changed/VBD 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/RB 60/CD %/NN of/IN them/PRP said/VBD they/PRP would/MD ``/`` ordinarily/RB ''/'' have/VB 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/JJ 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/NN issues/NNS from/IN The/DT Wall/NNP Street/NNP Journal/NNP 's/POS New/NNP York/NNP bureau/NN ./. ###/### Percent/NN of/IN respondents/NNS who/WP have/VBP more/JJR than/IN 20/CD %/NN of/IN their/PRP$ portfolio/NN in/IN these/DT investments/NNS ,/, by/IN size/NN of/IN portfolio/NN :/: the/DT next/JJ six/CD months/NNS ,/, by/IN size/NN of/IN portfolio/NN :/: ###/### How/WRB respondents/NNS rate/VBP their/PRP$ portfolio/NN 's/POS risk/NN on/IN a/DT scale/NN of/IN 10/CD to/TO 10/CD -LRB-/-LRB- 1/CD =/SYM defensive/JJ low/JJ risk/NN ,/, 10/CD =/SYM agressive/JJ high/JJ risk/NN -RRB-/-RRB- ,/, by/IN size/NN of/IN their/PRP$ investment/NN portfolio/NN :/: ###/### Respondents/NNS '/POS investments/NNS objective/NN now/RB and/CC three/CD years/NNS ago/RB ,/, by/IN size/NN of/IN their/PRP$ investment/NN portfolio/NN :/: ###/### Do/VB you/PRP plan/VB to/TO buy/VB or/CC sell/VB any/DT stock/NN in/IN the/DT next/JJ 3-6/CD months/NNS ?/. ###/### Percent/NN of/IN investment/NN portfolio/NN that/WDT consists/VBZ of/IN stocks/NNS ?/. ###/### Number/NN of/IN individual/JJ stocks/NNS owned/VBD :/: ###/### Number/NN of/IN stock/NN transactions/NNS per/IN year/NN :/: ###/### Annual/JJ rate/NN of/IN return/NN on/IN investments/NNS over/IN the/DT past/JJ five/CD years/NNS :/: ###/### Another/DT stock/NN market/NN crash/NN is/VBZ :/: ###/### Business/NN outlook/NN for/IN the/DT next/JJ 12/CD months/NNS :/: ###/### 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/RB 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/RB 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/VBZ 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/VBG assets/NNS ,/, and/CC from/IN high/JJ loan-loss/JJ provisions/NNS ./. ###/### Electronic/JJ theft/NN by/IN foreign/JJ and/CC industrial/JJ spies/NNS and/CC disgruntled/VBN 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/VBP 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/RB 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/IN theft/NN of/IN business/NN data/NNS is/VBZ ``/`` as/RB 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/JJ 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/NNP Communications/NNP and/CC Electronics/NNP Association/NNP ,/, a/DT joint/JJ industry-government/NN 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/RB 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/RB position/VB 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/RP 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/JJS 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/DT foreign/JJ firms/NNS ,/, especially/RB banks/NNS ,/, 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/JJ 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/JJ 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/NNS 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/VBD out/RP bids/NNS via/IN telex/NN for/IN an/DT oil/NN tanker/NN to/TO pick/VB up/RP 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/NNS '/POS eavesdropping/NN paid/VBD off/RP ,/, however/RB ,/, because/IN they/PRP got/VBD the/DT contract/NN ./. ###/### The/DT University/NNP of/IN Toronto/NNP stepped/VBD deeper/RBR 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-/-LRB- $/$ 21.3/CD million/CD -RRB-/-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/VBD 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/WDT 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/NN 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/VBG vaccines/NNS -LCB-/-LRB- who/WP -RCB-/-RRB- can/MD only/RB promise/VB this/DT for/IN some.../: 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 ,/, or/CC 4/CD %/NN ,/, to/TO a/DT record/NN price/NN of/IN 84/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/VBN 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/VBD up/RP 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/VBD 1.97/CD ./. ###/### Of/IN the/DT 4,346/CD issues/NNS that/IN changed/VBN 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/IN buyers/NNS had/VBD to/TO bid/VB prices/NNS up/RB 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 to/TO 42/CD ,/, Lotus/NNP Development/NNP was/VBD unchanged/JJ at/IN 32/CD ,/, Novell/NNP jumped/VBD to/TO 30/CD ,/, Ashton-Tate/NNP gained/VBD to/TO 10/CD ,/, and/CC Oracle/NNP Systems/NNP rose/VBD to/TO 25/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 ./. ###/### The/DT company/NN also/RB makes/VBZ optical/JJ character/NN recognition/NN equipment/NN ./. ###/### Caere/NNP was/VBD underwritten/NN 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 to/TO 23/CD ./. ###/### The/DT operator/NN of/IN fast-food/NN restaurants/NNS ,/, whose/WP$ shares/NNS began/VBD trading/VBG last/JJ Friday/NNP ,/, climbed/VBD 3/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/CD points/NNS to/TO 18/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/NN 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 from/IN its/PRP$ initial/JJ offering/NN price/NN to/TO close/VB at/IN 12/CD ./. ###/### The/DT offering/NN was/VBD for/IN about/RB 2.8/CD million/CD shares/NNS of/IN the/DT data/NN 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 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/NNP lost/VBD 1/CD to/TO 14/CD ./. ###/### Raymond/NNP James/NNP &/CC Associates/NNP 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/NNP advanced/VBD 1/CD to/TO 36/CD ./. ###/### East/NNP Rock/NNP Partners/NNP ,/, 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/NN 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/NN 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/RB ,/, 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 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###/### Thousands/NNS of/IN us/PRP had/VBD paid/VBN $/$ 5/CD 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/NN ,/, and/CC its/PRP$ instructions/NNS ,/, in/IN English/NNP and/CC Spanish/NNP ,/, 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/RB on/IN the/DT field/NN way/RB below/RB ,/, 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/PRP was/VBD shouting/VBG ./. ###/### No/DT one/PRP around/IN me/PRP was/VBD saying/VBG anything/NN ./. ###/### Because/IN we/PRP all/DT 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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/RP ./. ###/### But/CC for/IN a/DT few/JJ minutes/NNS there/RB ,/, relief/NN abounded/VBD ./. ###/### A/DT young/JJ mother/NN found/VBD her/PRP boy/NN ,/, who/WP had/VBD been/VBN out/RB buying/VBG a/DT hotdog/NN ./. ###/### The/DT wall/NN behind/IN me/PRP was/VBD slightly/RB deformed/VBN ,/, but/CC the/DT center/NN had/VBD held/VBN ./. ###/### And/CC most/JJS 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/RB ,/, to/TO wait/VB safely/RB on/IN terra/NN firma/NN for/IN the/DT opening/VBG pitch/NN ./. ###/### It/PRP was/VBD during/IN the/DT quiet/JJ exodus/NN down/IN 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/DT 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/RP ,/, we/PRP kept/VBD up/IN 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 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up/RP 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/RB a/DT video/JJ 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/JJ 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/VBG devils/NNS ,/, Shearson/NNP puts/VBZ all/DT the/DT blame/NN on/IN the/DT unpredictable/JJ stock/NN market/NN ./. ###/### The/DT plunge/NN made/VBD 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/WDT print/VBP their/PRP$ weekly/JJ market/NN commentaries/NNS on/IN Fridays/NNS for/IN dissemination/NN the/DT following/JJ 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/DT 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/NNS 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/JJ ,/, we/PRP decided/VBD that/DT 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/RP 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/JJ State/NNP Statistical/NNP Bureau/NNP disclosed/VBD that/DT industrial/JJ output/NN last/JJ month/NN rose/VBD 0.9/CD %/NN from/IN a/DT year/NN earlier-the/IN 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/RB ,/, ''/'' 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/JJS 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 ./. ###/### Industrial/JJ 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-/-RRB- ###/### The/DT slowdown/NN also/RB results/VBZ from/IN chronic/JJ energy/NN and/CC raw-materials/JJ 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/RP $/$ 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/NN Marxist/JJ preference/NN for/IN public/JJ ownership/NN ./. ###/### ``/`` When/WRB the/DT going/NN 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/IN recession/NN come/VBN 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/NN 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/VBG of/IN credit/NN policy/NN was/VBD the/DT decision/NN this/DT week/NN of/IN People/NNP '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/JJ 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/JJ 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/VB 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/VBN 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/JJ ,/, output/NN of/IN light/JJ 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/VB more/JJR credit/NN to/TO shopkeepers/NNS so/IN 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/RP 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/NN for/IN lower/JJR capital-gains/JJ 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/RB 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/RB 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/NN for/IN farmers/NNS ,/, a/DT tax/NN preference/NN that/WDT allows/VBZ income/NN to/TO be/VB spread/VBN out/RP 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-/-LRB- D./NNP ,/, Ark/NNP ./. -RRB-/-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/JJ 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 '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-/-LRB- D./NNP ,/, N.Y/NNP ./. -RRB-/-RRB- ./. ###/### ``/`` You/PRP 'll/MD see/VB the/DT annual/JJ unraveling/NN of/IN it/PRP ./. ''/'' ###/### ``/`` It/PRP 's/VBZ back/RP to/TO tax-give-away/JJ time/NN for/IN the/DT select/JJ few/JJ ,/, ''/'' 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/NNP 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/RB lobbyists/NNS for/IN heavy/JJ industry/NN ,/, one/CD of/IN the/DT interests/NNS hit/VBD hardest/RBS 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/IN 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-/-LRB- write-offs/NNS -RRB-/-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/NNP ./. ###/### 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/RP 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/NNP ./. ###/### In/IN the/DT House-passed/JJ tax/NN bill/NN ,/, Mr./NNP Thevenot/NNP got/VBD his/PRP$ wish/NN ;/: 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/NNP are/VBP still/RB trying/VBG to/TO get/VB theirs/JJ ./. ###/### 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/VB 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/JJS 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/JJ 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/NN from/IN President/NNP Bush/NNP ,/, has/VBZ been/VBN busy/JJ trying/VBG to/TO put/VB many/JJ of/IN these/DT same/JJ tax/NN preferences/NNS back/RB into/IN the/DT code/NN ./. ###/### It/PRP appears/VBZ likely/RB 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 '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-/-LRB- R./NNP ,/, Ohio/NNP -RRB-/-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/JJ 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/VBN 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/NN ./. ''/'' ###/### 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/JJ published/VBN novel/NN featuring/VBG private/JJ detective/NN Philip/NNP Marlowe/NNP ,/, the/DT inferior/JJ ``/`` Playback/NNP ''/'' -LRB-/-LRB- 1958/CD -RRB-/-RRB- ,/, at/IN times/NNS read/VBD 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-/-LRB- Putnam/NNP 's/POS ,/, 288/CD pages/NNS ,/, $/$ 18.95/CD -RRB-/-RRB- is/VBZ an/DT entertaining/JJ ,/, 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/CC 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-/-LRB- a.k.a/JJ ./. Palm/NNP -RRB-/-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/VBP into/IN her/PRP$ mansion/NN and/CC ca/MD n't/RB keep/VB their/PRP$ hands/NNS off/IN each/DT other/JJ ,/, even/RB in/IN front/NN of/IN the/DT 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/RP the/DT million/CD dollars/NNS she/PRP 's/VBZ settled/VBN 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/JJ 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/RP ./. ###/### 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/JJ fragment/NN than/IN anyone/NN might/MD have/VB had/VBD 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/RP 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/NN ./. ###/### 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/VBP out/IN of/IN place/NN in/IN the/DT 1950s/CD ./. ###/### A/DT little/JJ 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/RB 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/PRP gets/VBZ fed/VBN up/RP 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/NNP 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/NNP ./. ###/### And/CC they/PRP are/VBP quietly/RB linking/VBG up/RP 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/NNS take/VBP the/DT long/JJ view/NN ''./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/NNP ,/, Nikkei/NNP Home/NNP -LRB-/-LRB- no/DT relation/NN -RRB-/-RRB- ,/, and/CC Magazine/NNP House/NNP --/: applied/VBD for/IN membership/NN in/IN Magazine/NNP Publishers/NNP 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/NN 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/VBZ 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/RBR than/IN ready/JJ to/TO do/VB some/DT selling/VBG ./. ###/### 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/NNS weekly/RB from/IN media/NNS bankers/NNS on/IN whether/CC 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/NNS 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/NN 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/RB much/RB 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/NNP 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/VBD U/NNP S/NNP West/NNP 's/POS third-quarter/JJ profit/NN ./. ###/### Denver-based/JJ 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/NNP 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/NNP 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/VBD 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/NN 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/JJ 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/JJ 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/VBD 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/VBZ newly/RB formed/VBN Employee/NNP Stock/NNP Ownership/NNP Plans/NNP ./. ###/### 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/RB $/$ 1.50/CD a/DT share/NN ./. ###/### At/IN Nynex/NNP ,/, net/JJ 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/NN and/CC local/JJ taxes/NNS increased/VBD 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/NN 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/JJ 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/NNP and/CC robust/JJ non-regulated/JJ businesses/NNS ./. ###/### In/IN Big/NNP Board/NNP composite/NN trading/NN yesterday/NN ,/, Nynex/NNP common/NN closed/VBD at/IN $/$ 81.125/CD ,/, up/RB $/$ 1.625/CD ./. ###/### Southern/NNP New/NNP England/NNP Telecommunications/NNP ,/, which/WDT bolstered/VBD its/PRP$ marketing/NN efforts/NNS for/IN telephone/NN and/CC non-telephone/JJ subsidiaries/NNS ,/, reported/VBD that/DT net/JJ increased/VBD 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/VBD 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/VBD 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/JJ declined/VBD 12.6/CD %/NN ,/, primarily/RB because/IN of/IN regulatory/JJ action/NN ./. ###/### Revenue/NN was/VBD about/RB 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/NN 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/VBD 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/NNS increased/VBD 9.6/CD %/NN to/TO 807/CD million/CD and/CC minutes/NNS of/IN telephone/NN usage/NN increased/VBD to/TO 9.9/CD billion/CD ./. ###/### In/IN Big/NNP Board/NNP composite/NN trading/NN yesterday/NN ,/, Pacific/NNP Telesis/NNP common/NN closed/VBD at/IN $/$ 45.50/CD ,/, up/RB 87.5/CD cents/NNS ./. ###/### a-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-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/VBD 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/RBR depressed/VBD 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/RB 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/RB 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/NN 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/VBN prices/NNS ./. ###/### Gasoline/NN margins/NNS may/MD rebound/VB this/DT quarter/NN ,/, some/DT industry/NN officials/NNS say/VB ,/, but/CC they/PRP believe/VBP chemical/JJ 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/VBD 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/NN earnings/NNS declined/VBD by/IN one-third/JJ 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/CD million/CD ,/, ``/`` primarily/RB on/IN the/DT strength/NN of/IN higher/JJR crude/NN oil/NN prices/NNS ,/, ''/'' said/VBD Chairman/NNP Richard/NNP M./NNP Morrow/NNP ./. ###/### Amoco/NNP also/RB sharply/RB boosted/VBD natural-gas/JJ 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/JJ 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/VBD 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/NN ,/, 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/VBP tags/NNS to/TO spur/VB sales/NNS ./. ###/### Concerns/NNS about/IN the/DT stock/NN market/NN ,/, doubts/NNS 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/NN 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/JJ 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/VBG 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/NNP 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/RB apparel/NN could/MD ring/VB up/RP gains/NNS of/IN as/RB much/JJ as/IN 25/CD %/NN to/TO 30/CD %/NN ./. ###/### Troubled/VBN chains/NNS could/MD see/VB their/PRP$ sales/NNS drop/VB as/RB much/RB 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/VBP their/PRP$ stores/NNS to/TO get/VB sloppy/JJ ./. ###/### Thin/JJ merchandise/NN selections/NNS at/IN the/DT most/RBS troubled/VBN 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/NNS this/DT year/NN ,/, particularly/RB in/IN December/NNP ./. ###/### More/JJR than/IN 200/CD catalog/NN outfits/NN are/VBP promoting/VBG a/DT low-cost/JJ Federal/NNP Express/NNP service/NN that/WDT guarantees/VBZ 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/VBG 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/NNP Book/NNP catalog/NN ./. ###/### K/NNP mart/NNP Corp./NNP Chairman/NNP Joseph/NNP E./NNP Antonini/NNP summed/VBD up/RP 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/CD %/NN over/IN last/JJ year/NN 's/POS totals/NNS ,/, 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/RB 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 ./. ###/###